BusinessMirror March 07, 2024

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THE Bangko Sentral ng Pilipinas (BSP) said there is a need to broaden the base to increase digital transactions nationwide for the country to attain its Philippine Development Plan (PDP) targets.

In a briefing on Wednesday, BSP

Deputy Governor Mamerto E. Tangonan said digital transactions per individual are currently increasing, but more customers must be added to those making digital transactions.

Tangonan said about 10 million Filipinos are using InstaPay for digital transactions and their transactions are increasing. However, more needs to be done to

reach non-users.

“We need to broaden the base because the numbers we’re seeing is like for Instapay, there are just 10 million unique customers using it,” Tangonan said. “Given the governor’s data-driven approach, the key intervention that we need to do now is really to broaden the base and make digital payments attractive to non-users who are typically those who still don’t trust the system, those who still don’t have access, and so on,” he explained.

Under the PDP, the country needs to see the share of digital payments increase to 60 to 70 percent of total retail payment trans-

actions by 2028. For 2023, the target is to increase digital payments to 50 percent. Tangonan said while the data will be released in July, there are indications that this will be attained. These indicators include PesoNet and InstaPay breaking the record number of transactions every month. Tangonan said this has been happening for several months.

“Just by looking at those and also the growth in the cards payments, they give us confidence that the

T’S too early for the country to “declare victory” against inflation, giving the Bangko Sentral ng Pilipinas (BSP) more reason to keep monetary policy tight longer than expected.

In a briefing on Wednesday, BSP Governor Eli M. Remolona Jr. told reporters that the monetary authorities do not expect any rate cuts soon.

However, Remolona said it is also unlikely that the Monetary Board, the highest policy-making body of the BSP, will increase rates further.

“You saw the inflation number yesterday [Tuesday]. It’s well within what we thought [it] would be. So, our models are more or less right. The models and the data seem to suggest that it’s still too soon to declare victory,” Remolona said.

“We seem to be on our way [to meeting our targets]. But there’s not enough data to assure us that we will settle comfortably within our target range of 2 to 4 percent.

THE country’s economic growth last year and debtto-GDP ratio were cited by the Japanese credit rating agency as reasons for keeping the Philippine rating investment grade, according to the Bangko Sentral ng Pilipinas (BSP).

In a statement on Wednesday, BSP said the Japan Credit Rating Agency Ltd. (JCR) has kept the Philippines’s investment-grade credit rating of “A-” with a stable outlook.

BSP said the JCR noted that the country’s economic growth, underpinned by domestic demand and resilience to external shocks, helped maintain the Phil-

ippines’s rating.

“Our external payments position will continue to remain manageable, supported by sustained foreign exchange inflows from Overseas Filipino remittances, business process outsourcing revenues, foreign direct investments, and tourism receipts. In addition, the country maintained ample foreign exchange reserves,” BSP Governor Eli M. Remolona Jr. said. BSP added that JCR noted the country’s low-level external debt, accumulated foreign exchange reserves, and solid fiscal base as

By Jovee Marie N. Dela Cruz @joveemarie

THE Committee of the Whole House of Representatives on Wednesday approved Resolution of Both Houses (RBH) No. 7, which seeks to lift foreign equity limits on education, public utilities and advertising in the 1987 Constitution.

The House Committee of the Whole of the House approved RBH 7, entitled A Resolution of Both Houses of Congress Proposing Amendments to Certain Economic Provisions of the 1987 Constitution of the Republic of the Philippines, Particularly on Articles Xll, XlV, and XVl, through viva vice voting.

On the same day, the panel also approved the committee report on RBH 7.

Deputy Majority Leader and Mandaluyong City Rep. Neptali Gonzales II, who was designated majority leader of the committee, moved to terminate the hearings. He then presented a motion to approve RBH No. 7, which embodies the proposed amendments.

Shortly after, Majority Leader and Zamboanga City Rep. Manuel Jose M. Dalipe, who was presiding over the hearing, declared the resolution approved.

Gonzales said RBH 7 has been exhaustively deliberated in the previous six hearings.

50 percent [target] by 2023, would be achieved. But give us until July to confirm,” Tangonan said. Data from the Annual Poverty Indicators Survey 2022 released by the Philippine Statistics Authority (PSA) showed that 65.3 percent of families nationwide used the internet in the last six months or between January and June 2022. There were 26.942 million families nationwide in 2022. More than half or 59.7 percent of these families used the internet for buying goods and services; 27.2 percent for bills payment; 18.2 percent for banking; 11.7 percent for other transactions; and 8.8 percent for selling. Among the regions, Calabarzon had the highest percentage of www.businessmirror.com.ph Thursday, March 7, 2024 Vol. 19 No. 144 P. nationwide |  sections  pages | 7 DAYS A WEEK ‘TOO SOON’ TO DECLARE VICTORY VS. INFLATION PESO EXCHANGE RATES US 56.0020 JAPAN 0.3733 UK 71.1617 HK 7.1577 SINGAPORE 41.7147 AUSTRALIA 36.4181 SAUDI ARABIA 14.9327 EU 60.8126 KOREA 0.0419 CHINA 7.7813 Source: BSP (March 6, 2024) BusinessMirror A broader look at today’s business ROTARY CLUB OF MANILA JOURNALISM AWARDS 2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion EJAP JOURNALISM AWARDS BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018, 2019, 2020) DEPARTMENT OF SCIENCE AND TECHNOLOGY 2018 BANTOG MEDIA AWARDS JCR KEEPS PHL CREDIT RATING ON GROWTH, DEBT-GDP RATIO See “Inflation,” A Continued on A HEAT IS ON: FARMERS BATTLE RISING INFLATION AND EL NIÑO As Philippine inflation rises amid the challenges posed by El Niño, farmers in Mabitac, Laguna, carry on with their crucial tasks despite the adversities. In the face of widespread water shortages induced by El Niño, the agricultural sector faces significant hurdles, with crop production damage being highest at this period. This impact extends beyond upland and rainfed areas to lowland irrigated areas like Mabitac. After meticulously tending to newly planted palay seedlings and applying fertilizers and pesticides, farmers now turn their attention to the essential task of irrigating the farm plots using the traditional “paiinumin” method. BERNARD TESTA Wider digital transactions base needed for PDP SOUTHEAST ASIAN LEADERS CALL FOR SOUTH CHINA SEA DISPUTES TO BE RESOLVED WITHOUT THREATS OR FORCE THE WORLD »A10 See “PDP,” A House panel okays RBH 7 in bid to fast-track Cha-cha See “Cha-cha,” A By Cai U. Ordinario @caiordinario
I

JCR KEEPS PHL CREDIT RATING ON GROWTH, DEBT-GDP RATIO

To invoke Unclos, Ayungin must host civilian facilities

FORMER Supreme Court Associate Justice Antonio Carpio admitted Wednesday that the Philippine government cannot seek redress by invoking the United Nations Convention on the Law of the Sea (Unclos) in connection with the most recent incident over the Ayungin Shoal in the Spratly Islands.

At the Kapihan sa Manila Hotel media forum, Carpio stressed that the rotation and resupply missions of the Armed Forces of the Philippines to the soldiers stationed at the BRP Sierra Madre, a Philippine Navy warship that was intentionally grounded on the reef to serve as an outpost, constitutes military activity that is outside the jurisdiction of Unclos.

“In the arbitral award of July 12, 2016, the tribunal said that our ship in Ayungin Shoal, BRP Sierra

Cha-cha...

Looking ahead, he said the House is scheduled to start plenary debates on the proposed amend-

ments on Monday.

Gonzales emphasized the efficiency of the second reading, as it primarily involves sponsorship and limited member interpellation.

Gonzales expressed optimism that RBH 7 could be approved on

Madre, and our effort to resupply that ship constitute a military activity,” Carpio explained.

“Under Unclos, military activities are outside the scope of Unclos and outside the scope of compulsory arbitration because it is a military activity. That’s an exception,” he added.

Instead, the former SC justice suggested “civilian activity” in the contested part of the West Philippine Sea (WPS), which is covered by Unclos.

second reading on Wednesday next week.

Like RBH 6

RBH No. 7 is almost an exact reproduction of RBH No. 6, introduced by Senate President Juan Miguel Zubiri and Senators Loren Legarda

He said a civilian lighthouse operated by the Philippine Coast Guard (PCG) and a marine research center can be put up on Ayungin Shoal so that the Philippines can go back to the tribunal in case of aggression.

“Because at present, it’s a military activity and we cannot go to Unclos...We need to shift the activity to civilian activity so that we can go back to the tribunal...,” Carpio said.

On Tuesday, four people were reportedly injured after two China Coast Guard (CCG) vessels fired

and Juan Edgardo Angara.

The proposed House and Senate changes are on the grant of legislative franchises to and ownership of public utilities in Article Xll, the ownership of basic educational facilities in Article XlV, and advertising firms in Article XVl.

The suggested principal amendments are the insertion of the phrase, “unless otherwise provided by law,” which would empower Congress to lift or relax present economic restrictions in the nation’s basic law, and the addition of the qualifier “basic” in Article XlV.

RBH No. 7 and RBH No. 6 also restate the provision of the Constitution that Congress may propose amendments “upon a vote of threefourths of all its members.”

Members of the House of Representatives are suggesting an early plebiscite to allow the people to ratify proposed amendments to the Constitution’s restrictive economic provisions.

They stressed the need to separate the plebiscite from mid-term elections to prevent the Constitution from becoming the subject of political disputes.

Earlier, the Commission on Elections said that the poll body is ready to conduct the plebiscite on economic charter change, whether it occurs concurrently with or separately from the 2025 midterm elections. Congressional Policy and Budget Research Department (CPBRD) Deputy Secretary General Romulo Miral Jr. said that the current economic restrictions within the 1987 Constitution contribute to the use of dummies and questionable partnerships in deals, negatively impacting transparency and accountability.

Miral said the Philippines is the only country explicitly stating these restrictions in its Constitution. He said the proposed charter change not only tackles economic issues but also significantly influences governance.

In recent roundtable discussions on charter reform, resource persons at the House of Representatives advocated the removal of foreign investment and ownership restrictions in the Constitution’s economic provisions. Noted economists and experts participating in the discussions supported the idea of lifting these restrictions to increase investments, generate jobs, and boost the overall economy.

Among them were former Finance Secretary Margarito Teves, UP Economics Professor Dr. Raul Fabella, Dr. Dennis Mapa of the Philippine Statistics Author-

Inflation...

In terms of just the data, things

okay. But it’s not assured,” he also said.

Remolona said the proposal to increase minimum wages lodged at the Senate of the Philippines and the House of Representatives would be considered a supply shock to the economy.

The Senate has approved the P100 increase in wages, while the House of Representatives approved a P350 increase in wages. These proposals, Remolona said, will be considered as second round effects.

“[We are at] 3.4 percent. Our model was saying it’s going to be around 3.9 for the year. So it’s on the edge. So I can’t say that we’re going to ease [monetary policy] soon. I think it’s unlikely that we will tighten it some more. But we’ll see what the data says,” he added.

water cannons at a Philippine boat on a resupply mission to BRP Sierra Madre.

It was also reported that PCG vessel BRP Sindangan, which escorted the resupply mission, sustained minor damage after a collision with CCG vessel 21555.

This prompted the Department of Foreign Affairs to summon Chinese Embassy Deputy Chief of Mission Zhou Zhiyong to protest the recent Chinese aggression in the WPS and to demand the CCG and Chinese maritime militia to leave Ayungin Shoal immediately.

ity, and Dr. Francis Quimba of the Philippine Institute of Development Studies.

Teves emphasized that the Philippines was highly restrictive in terms of foreign capital inflow among Asean countries and globally.

Fabella supported the proposal to lift restrictions on foreign ownership in the Constitution, considering it a more credible commitment to investors compared to opening up certain sectors through legislation.

However, IBON Foundation said the proposed Charter change will only lead to more foreign investment liberalization, a policy that has hindered the nation’s development for decades, resulting in a jobs crisis for millions of Filipinos. It said an increase in foreign investment does not guarantee development.

Foreign chambers MEANWHILE, the Joint Foreign Chambers of Commerce (JFC) in the Philippines is calling upon the House of Representatives to initiate an economic charter change to unlock international trade, foster greater foreign investment, and enhance business conditions, which will mutually benefit both the Philippines and the business interests of the JFC members’ respective countries.

The group said removing economic restrictions in the 1987 Constitution would facilitate a greater inflow of foreign direct investments in the country, a laggard in Southeast Asia where global FDI has been steadily increasing.

The

Upside risks to inflation that Remolona said would affect the BSP’s decision on monetary policy include rice inflation in the domestic market and oil prices in the international market.

In February, PSA said rice inflation increased by 23.7 percent and 26.3 percent for All Income and Bottom 30 percent households, respectively. (See: https://businessmirror.com.ph/2024/03/06/high-riceprices-cited-in-3-4-february-inflation/)

National Statistician Claire Dennis S. Mapa said rice prices accounted for 49 percent or 1.6 percentage points of the inflation of all income households and 79 percent or 3.3 percentage points of the 4.2 percent inflation experienced by the poorest Filipinos.

“Rice prices are a source of upside risk. They are also what we call a salient price. Which means people tend to notice rice prices more than they notice other prices,” Remolona said. “[This] means it has an outsized effect on expectations. So we’re struggling with [this]. For now, we seem to be able to manage expectations. But rice is very popular. Locally it’s rice and then globally it’s oil,” he added.

Last month, the Monetary Board left the Target Reverse Repurchase (RRP) Rate unchanged for the second time. With the decision, the country’s key policy rate was 6.5 percent. The interest rates on the overnight deposit and lending facilities were kept at 6 percent and 7 percent, respectively.

BSP Monetary and Economic Sector In-Charge Iluminada Sicat said the monetary authorities would instead take a “more prudent monetary policy stance” given upside risks to inflation.

However, the economy’s growth is not safe from the impact of tight monetary policy. The BSP warned that the full impact of the rate hikes will be felt by the economy this year. (See: https://businessmirror.com.ph/2024/02/16/prudentamid-inflation-risk-bsp-keeps-ratesagain/)

PDP...

Continued from A

advocacy coalition
the American, Australian-New Zealand, Canadian, European, Japanese, and Korean chambers of commerce and the Philippine Association of Multinational Companies Regional Headquarters Inc., or Pamuri. Thursday, March 7, 2024 A2 News BusinessMirror www.businessmirror.com.ph Continued from A Continued from A Continued from A
JFC is a business
composed of
families who used the internet in the past six months at 84 percent. There were a total of 4.194 million families in this region. Majority or 69.9 percent used the internet to buy goods and services followed by bills payment at 37.3 percent; banking, 18 percent; selling, 8.9 percent; and a few other transactions. This was followed by the National Capital Region (NCR) or Metro Manila, where most (or 79.4 percent) of families have used the internet in the last six months. There are 3.574 million families in NCR. The data also showed 75.7 percent of these families used the Internet for buying goods and services; 45.7 percent bills payment; 42.8 percent banking; 11.4 percent other transactions; and 9.9 percent, selling. Cai U. Ordinario
look
CARPIO
ANTONIO
NEPTALI GONZALES II credit strengths.
said the country’s debtto-gross domestic product (GDP) ratio of 60 percent in 2023 is considered one
the lowest among the sovereigns rated in the A-range.
the credit rating agency also noted the robustness
the country’s foreign currency liquidity position.
JCR
of
BSP said
of
central bank indicate the country’s gross international reserves remain healthy
billion
January 2024. The figure represented a liquidity buffer equivalent to 7.7 months’ worth of imports of goods and payments of services and primary income. BSP said an investmentgrade rating indicates lower credit risk, thus allowing a country to access funding from development partners and international debt capital markets at a lower cost. This enables the government to channel funds that would have otherwise been allotted for interest payments to socially beneficial programs and projects. Cai U. Ordinario
Preliminary data from the
at $103.3
as of the end of

Rep. Barbers warns against Chinese ‘mafia’ with expertise in processing legit PHL docs

THE chairperson of the House Committee on Dangerous Drugs issued a warning Wednesday to local chief executives, the Philippine Statistics Authority (PSA), Bureau of Immigration (BI), and other concerned government agencies to remain vigilant and track down a Chinese syndicate involved in acquiring genuine Philippine passports for Chinese posing as legitimate Filipino traders using fraudulent documents.

Surigao del Norte Rep. Robert Ace Barbers revealed the illegal activities of the syndicate during the ongoing House Committee on Public Order investigations into the importation of approximately 530 kilograms of shabu, allegedly involving a Chinese named Willy Ong. Ong allegedly possessed a legitimately acquired

Philippine passport, an UMID ID card, and Land Transportation Office-issued driver’s license, all obtained through illicit means.

“We have it on record during our investigations on the 530-kilo shabu haul in Mexico, Pampanga that Willy Ong managed to secure a birth certificate indicating that he is a Filipino,” he said.

Ong’s cohorts, or the Chinese “mafia” who works for him, presumably were able to secure a Filipino birth certificate via “late registration” with certain local government units. With his forged Filipino birth certificate, Ong was able to secure a Philippine passport and other government-issued IDs, Barbers revealed. House records indicate that Willy Ong also registered his real estate company, Empire 999, with the Securities and Exchange Commission. The company engaged in significant land acquisition in Mexico, Pampanga, where

Ong and his Chinese partners built a gasoline station and four large warehouses, among other structures.

The 530 kilograms of shabu, valued at P3.6 billion, were discovered in one of Ong’s warehouses.

Despite a nationwide manhunt by NBI, BI, and the Philippine National Police, Ong and his business partners remain at large. Ong utilizes his Filipino passport and other IDs for transactions within the Philippines, while using his Chinese passport for international travel, essentially operating as a “dual FilipinoChinese citizen.”

“Ong, including his other Chinese business cohorts, have made a huge mockery of the country’s immigration, business, and other laws by acquiring governmentissued documents, illegally establishing local businesses by posing as Filipinos,” Barbers said.

The lawmaker said he received

PA contingent attends HADR meet in Japan

HE Philippine Army (PA) on Wednesday announced that it has deployed a 12man team to participate in the 3rd Japan-Philippine Humanitarian Assistance and Disaster Response (HADR) Cooperation Project.

The event, which is now ongoing in Tokyo, is scheduled from March 3 to 9, PA spokesperson Col. Louie Dema-ala said.

The PA participants are from the 525th Engineer Combat Battalion of the Combat Engineer Regiment, he added.

Dema-ala said the PA delegation, headed by 51st Engineer Brigade deputy commander Col. Jonjie C. Juguilon, updated the Japan Ground Self-Defense Force (JGSDF) on the status of the HADR equipment donated by the Japanese government in 2021.

“Highlighting its utilization during the

reports of Chinese nationals with forged Filipino identification cards engaging in extensive land acquisition in Bulacan, Palawan, Zambales, Isabela, and other parts of the country.

“Aside from perpetually bullying us on the issue of the West Philippine Sea and the continuous dumping of counterfeit drugs and other products in the Philippines, these unscrupulous Chinese nationals are now faking documents to acquire legit government-issued documents,” he added.   Barbers’ statement follows President Ferdinand R. Marcos Jr.’s strong stance that the Philippines will push back against China if the country’s sovereign rights are questioned or ignored.

Barbers said he supports the President’s position, citing persistent bullying by China on the West Philippine Sea issue during past administrations and continuing to the present.

search and retrieval operation after the 7.2-magnitude quake that hit Turkey in February 2023 and the recent HADR efforts for landslide victims at Barangay Masara, Maco, Davao De Oro in early February 2024.

The Philippine delegation also rendered a courtesy call on Maj. Gen. Norimichi Shirakawa, JGSDF’s Director General of the Policy and Programs Department,” Dema-ala said.

It can be recalled that the Philippine

Army hosted the 2023 iteration of the HADR Cooperation Project, which was participated by search, rescue and retrieval teams from the 525th Engineer Combat Battalion, 51st Engineer Brigade observers from selected PA major units as well as reservists.

The cooperation project is aimed at mutually enhancing the HADR capabilities of the PA and JGSDF on various disasters by sharing knowledge, good practices and lessons learned.

It focuses mainly on four disaster types, which include volcanic eruption, tsunami, earthquake and flood.

PHL reaffirms strategic alliance with Australia

THE Philippine government reaffirmed its strategic alliance with Australia amid escalating tensions in the West Philippine Sea (WPS) against China.

During the Asean-Australia

Special Summit, Speaker Ferdinand Martin G. Romualdez said President Ferdinand Marcos Jr. highlighted shared values and mutual interests that bind the nations together, while underscoring the importance of robust partnerships in the face of evolving geopolitical challenges.

Romualdez reiterated the Philippine government’s robust promotion of national interests, particularly in highlighting the adherence to a rules-based order and peaceful resolution of disputes in the region.

Romualdez said these efforts have significantly contributed to fostering increased engagement between Australia and memberstates of the Asean community.

“During the summit, President Marcos reaffirmed the strategic alliance between the Philippines and Australia, emphasizing the shared values and mutual interests that bind our nations together. This reaffirmation underscores the importance of fostering robust partnerships in the face of evolving geopolitical challenges,” said Romualdez, who is part of the official Philippine delegation to the summit.  “At a time of escalating tensions and provocative actions by China, President Marcos’ call for adherence to a rules-based order and peaceful resolution of disputes

is both timely and crucial. It reaffirms our nation’s commitment to promoting stability and security in the region through dialogue and cooperation,” he added.

Against the backdrop of escalating tensions and provocative actions by China, Romualdez emphasized the timeliness and significance of President Marcos’ call for adherence to a rules-based order and peaceful dispute resolution. This reaffirms the nation’s commitment to promoting stability and security in the region through dialogue and cooperation.

The recent incident in the WPS, where Chinese coast guard ships fired water cannon at a Philippine vessel on a resupply mission to Ayungin Shoal, causing injuries to crewmembers, was highlighted. Romualdez condemned the “reckless” and “illegal” actions of the Chinese Coast Guard, which also resulted in a collision between a Chinese and Philippine ship, with the latter sustaining minor structural damage.

During the “Leader’s Plenary Session” at the summit, President Marcos expressed gratitude to Australia for its unwavering support for Asean and its positive role in ensuring peace and stability in the Indo-Pacific region.

The President also thanked Australia for consistently upholding the rule of law, the 1982 United Nations Convention on the Law of the Sea (UNCLOS), and the 2016 Arbitral Award, which invalidated China’s expansive claims over the South China Sea. Jovee Marie N. Dela Cruz

A4 Editor: Vittorio V. Vitug • www.businessmirror.com.ph Thursday, March 7, 2024

PHL signs second protocol to Asean-Australia-NZ FTA

PRESIDENT Ferdinand R. Marcos Jr. pushed for the timely implementation of the upgraded protocol of the Asean-Australia-New Zealand Free Trade Agreement (AANZFTA) to sustain regional economic growth amid the projected slowdown in global trade this year.

During the leaders’ plenary session at the Asean-Australia Special Summit in Melbourne on Wednesday, Marcos said the new framework will not only promote inclusive development, but also allow its signatories to adapt to “evolving multidimensional challenges” worldwide.

“With the momentum from the CEO Forum yesterday, and AANZFTA together with the Regional Comprehensive Economic Partnership [RCEP] Agreement, we are confident that we will usher in even more robust economic cooperation within our region and provide a legal framework for a more prosperous future,” Marcos said.

He made the remark after announcing the country had recently signed the Second Protocol of the AANZFTA. The Department of Trade and Industry (DTI) signed the updated protocol last month.

As of August last year, the countries, which signed the protocol, are Australia, New Zealand, Brunei Darussalam, Indonesia, Malaysia, and Singapore.

The remaining Asean members are encouraged to expedite signing of the new protocol so it can take effect this year.

The Second Protocol introduced amendments in trade in goods, rules of origin, trade in services, and introduced new chapters on government procurement, sustainable development as well as micro, small, and medium enterprises (MSME).

Solid foundation

MARCOS said the measure would help boost the competitiveness of local MSMEs.

“The Protocol will indeed benefit micro, small, and medium enterprises in as much as it facilitates their participation in international trade by improving their access to markets and participation in the global value chains, as well as promoting the use of e-commerce,” the President said.

He said Australia’s Southeast Asia Economic Strategy to 2040 would also help boost its trade with Asean.

Through the said trade agreements, Marcos said the Philippines is eyeing new collaboration with other countries on agriculture on food security, digital economy, infrastructure, tourism, and health care.

“The economic cooperation infrastructures and web of free trade agreements that Asean and Australia have established over the years provide a solid foundation for this Strategy to flourish and to create a shared future that is peaceful and is prosperous,” Marcos said.

In its World Situation and Prospect Report for 2024, the United Nations said multiple crises, including geopolitical tension and extreme weather events can lead in the deceleration of global economic growth to 2.4 percent this year from 2.7 percent in 2023. The World Bank also made a similar forecast, citing persistent inflation in some countries and the diminished trade from China. Samuel P. Medenilla

DBM approves release of ₧200 million for poverty reduction in Bangsamoro

THE Department of Budget and Management (DBM) announced Wednesday it has approved the release of over P200 million to implement programs that alleviate poverty and empower disadvantaged individuals in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) for the first quarter of the year.

The DBM said the funds allocated to the Ministry of Social Welfare and Development (MSSD) will be spent to execute the programs for the first quarter of the year.

Budget Secretary Amenah F. Pangandaman said she authorized the issuance of the Notice of Cash Allocation (NCA) amounting to P212.77 million to the Department of Social Welfare and Development in BARMM.

“Our kababayans can be assured that we will continue to provide strong support to BARMM as we secure a future-proof and sustainable economy,” Pangandaman was quoted as saying in a statement.

The fund release was approved by the Budget chief on February 20 chargeable against DSWD’s regular budget under the fiscal year 2024 General Appropriations Act (GAA).

Based on government documents, the DSWD and DBM shall ensure the direct release of the DSWD funds allocated for BARMM, particularly to its MSSD, through the office of the Chief Minister.

The DBM said the release of cash allocation is part of the P3.22 billion funds that are directly transferred from the appropriation of the DSWD Central Office for the continued implementation of its banner programs in BARMM.

These programs include the Pantawid Pamilyang Pilipino Program, Sustainable Livelihood Program, Supplementary Feeding Program, Social Pension for Indigent Senior Citizens, and the Implementation of Republic Act (RA) No. 10868 or the Centenarians Act of 2016.

According to the latest data of the DBM, the state’s use of its cash allocation reached P4.502 trillion as of end-January 2024 or 78 percent of total NCAs to be released this year.

Of the total NCAs released, a total of P216 billion have been released to DSWD as of end-January 2024 with a balance of P27.657 billion.

The DBM defines NCAs as the disbursement authority it issues to cover the cash requirements of the operations, programs, and projects of government agencies.

“We will continue to give all the necessary aid to our brothers and sisters in Mindanao because their success is the success of every Filipino,” Pangandaman stressed.

Pangandaman, a Muslim herself, is also the co-chair of the Intergovernmental Relations Body for the National Government (IGRB), which seeks to coordinate and resolve intergovernmental relations issues between the national government and BARMM through regular consultation and negotiation.

Reine Juvierre Alberto

Go eyes enhanced livelihood support for poor as solon aids struggling sectors in Quezon province

SENATOR Christopher “Bong” Go advocated for enhanced support for the entrepreneurial sector through more livelihood development initiatives from the government as he and his Malasakit Team personally assisted struggling sectors in Lucena City, Quezon province, on Tuesday, March 5. In coordination with Governor Helen Tan, Go, and his team held the relief activity at the Quezon Convention Center in the city, where 198 residents received snacks, shirts, vitamins, masks, and balls for basketball and volleyball. There were also select recipients of a mobile phone, shoes, and a watch.

Meanwhile, as part of an ongoing effort to alleviate the impact of the pandemic on vulnerable sectors, the government also extended sustainable livelihood grants to these beneficiaries.

In the Senate, Go is one of the authors and co-sponsors of Republic Act No. 11960, or the One Town, One Product Philippines Act. This law aims to decentralize economic opportunities by empowering each town and province to develop and promote its unique products. Doing so fosters community-led innovation and bridges the urban-rural economic divide, providing small farmers more avenues to market their produce.

A5 Thursday, March 7, 2024 www.businessmirror.com.ph
Vitug
• Editor: Vittorio V.
Economy
ESTABLISHMENT / ADDRESS No. NAME OF FOREIGN NATIONAL POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE ESTABLISHMENT / ADDRESS No. NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE BusinessMirror A6 www.businessmirror.com.ph Thursday, March 7, 2024 ESTABLISHMENT / ADDRESS No. NAME OF FOREIGN NATIONAL POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE ACCENTURE, INC. 7f Robinsons Cybergate Tower 1, Pioneer St., Barangka Ilaya, City Of Mandaluyong 1. DIPINO, ANGELO Packaged App Development Analyst with team leads of the client, understand the clients’ in required language to team lead and members. Bachelor’s degree in computer science or other both English and required o java (java ee, java se, o sap o .net o cobol o angular, knowledgeable language/framework and willing to work on working hours. 2. MAGRI, ROBERTO Packaged App Development Analyst with team leads of the client, understand the clients’ in required language to team lead and members. Bachelor’s degree in computer science or other both English and required o java (java ee, java se, o sap o .net o cobol o angular; knowledgeable language/framework and willing to work on working hours.
THADIVAKA, YESU PREMKUMAR strategy, and road map through standard process phases. Knowledgeable in which analysis requires Requires involvement in Of Parañaque ZHANG, JIANRONG Managing incoming calls and customer service inquires. Able to speak, read and write in Chinese language. PHAM QUYNH MY UYEN Managing incoming calls and customer service inquires. Able to speak, read and write in Chinese and Vietnamese languages. 6. PHAM, THI KIM ANH Managing incoming calls and customer service inquires. Able to speak, read and write in Chinese and Vietnamese languages. 7. TRUONG, MINH HIEN Managing incoming calls and customer service inquires. Able to speak, read and write in Chinese and Vietnamese languages. BOSCH SERVICE SOLUTIONS, INC. 8. LOVELY LORENZIA JACOBUS Associate Provides support to customers in processing orders. and basic to advance MS CHINA HARBOUR ENGINEERING COMPANY Manila CAO, XUGANG Bilingual Quality Inspector the vessel. With good verbal and in Mandarin and English languages. Intermediate ship works is a must. COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. City Of Taguig 10. PAUL, DARSHINI RACHEL Associate Create and maintain a central knowledge database requests, and announcements for knowledge database, Bachelor’s Degree in English or equivalent. COSTARMED, INC. 11. KIM, SOHEE Assistant Manager and analyzing. College graduate. With 12. BROPHY, JONATHAN MARTIN Director/general Manager Graduate of a degree in management and minimum of 2 years management DISPATCH SOLUTION PROFESSIONAL INC. Unit 121 Ibm Plaza Condominium, Eastwood Ave., Bagumbayan, Quezon City 13. QAIS MAJED AHMED ISMAIL the issues and needs of the company, developing plans Bachelor’s degree holder industry and with strong leadership. FLYING FUTURE SERVICES INC. ZOU, YUNZHU Mandarin Supervisor Establish and manage a budget. Can speak in Mandarin language. GAO SHOU TECHNOLOGY MANAGEMENT, INC. CHIENG NGOC TRINH language is an advantage. 16. HO TAC VA language is an advantage. 17. KHUAT MY NGOC language is an advantage. 18. LE NGUYEN NHAT KHANH language is an advantage. NGUYEN DUC DU language is an advantage. 20. PHAM NGOC THOA language is an advantage. 21. VO THI LAN language is an advantage. GEDI CONSTRUCTION DEVELOPMENT CORPORATION 22. SUN, ERPENG and a leader able to steer the company to the most interpersonal and GIGA INFORMATION TECHNOLOGY AND SOFTWARE DEVELOPMENT INC. 23. HELEN ALEXANDRA Indonesian Trainer provide technical support and resolve queries. TANTRI Will act as the point of contract for all employees, queries. provide technical support and resolve queries. HASKONING PHILIPPINES, INC. SANDOVAL PORRAS, JULIAN ANDRES Carry out site visits and desk studies, design, procure, College graduate. With
3.
ESTABLISHMENT / ADDRESS No. NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE ESTABLISHMENT / ADDRESS No. NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE ESTABLISHMENT / ADDRESS No. NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION QUALIFICATION AND SALARY RANGE BusinessMirror A7 www.businessmirror.com.ph Thursday, March 7, 2024 26. PECHOUCKOVA, JANA 27. POSWIATA, BARTOSZ PIOTR HEXACLOUD CORPORATION MEHTA, ANKIT PRADIPKUMAR INFOMERGE SERVICES INC. 29. GARCIA LOPEZ, AARON LONGOBARDI, GIORGIO JACCS FINANCE PHILIPPINES CORPORATION HARADA, KATSUSHI JAPANESE HELP DESK INC. 32. NAMAE, KENSHIRO KF NETWORK LIMITED CORP. 33. YAO, ZHILIN ZHANG, JIUGE MMPH CORPORATION SKELTON, DEAN PHILLIP MOMO GLOBAL TRADING CORP. 36. XIA, XUEYING NGC MINERAL RESOURCES CORPORATION 37. QIN, DONGMING ZHANG, JIN NIELSENIQ PHILIPPINES, INC. 39. LUO, QI ONE BORDERLINE CREATIVES INC. CHEN, DEHUA MO, XINNING PHILIPPINE FULL DEGREE COMMUNICATIONS CORP. CHEN, JING LIU, KAIWEN LIU, LIN REERACOEN PHILIPPINES INC. OKUMURA, SAORI RRA ONE GLOBAL CONSULTANCY CORP. HAN, PENGXIN RAMOS AVALOS, ROMEO ISMAEL SOJITZ G AUTO PHILIPPINES CORPORATION NUMA, MASAKI STRATEGEMVENTURES MANAGEMENT INC. MA, KIN KWONG TIAN MANSION CORPORATION ZHANG, HAIXIA TOYO CONSTRUCTION CO. LTD. ABE, SATORU JENEDY RIZKY MAWU WNS GLOBAL SERVICES PHILIPPINES, INC. ARI, TEJINDER SINGH TARSEM SINGH In the ad material of Notice of Filing of Application for Alien Employment Permits published on March 5, 2024, the name LEE SEE KEI under the company CRONYX INC., should have been read as LEN SEE KEI and not as published. Any person in the Philippines who is competent, able and willing to perform the services for which the Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. the foreign nationals.

NSC exec: Chinese ‘aggressive’ actions in WPS negate peaceful dialogue calls

CHINA’S “illegal and irresponsible” actions in the West Philippine Sea (WPS) negated its calls for peaceful dialogue and de-escalation of tension in the vital waterway, National Security Council (NSC) Assistant Director General Jonathan Malaya said Tuesday.

“China’s latest unprovoked acts of coercion and dangerous maneuvers against a legitimate and routine rotation and resupply (RORE) mission to Ayungin Shoal in the WPS, have put the lives of our people at risk and caused actual injury to Filipinos on board the supply ship (Unaizah Mae 4). The systematic and consistent manner in which the People’s Republic of China carries out these illegal and irresponsible actions completely negates any of its calls for peaceful dialogue and de-escalation of tensions in the WPS,” he added.

This is in wake of the Tuesday, March 5, incident where two Filipino ships were slightly damaged and four crew members were hurt as China Coast Guard (CCG) vessels harassed and tried to impede a RORE mission to the BRP Sierra Madre (LS-57) where a Filipino contingent is standing watch over Ayungin Shoal.

Malaya, who is also National Task Force for the West Philippine Sea spokesperson, also scored the CCG for calling its actions at sea as “reasonable, legal and professional” and claimed that a Philippine Coast Guard

(PCG) ship deliberately collided with a Chinese vessel resulting in the damage.

“This is standard Chinese disinformation and fake news. As we can see from footage of the incidents yesterday coming from third-party and independent members of the domestic and international media, the CCG conducted provocative, unilateral, illegal, and unprofessional acts that (are) unbecoming of coast guard officers and is a stain on the coast guard uniform we proudly wear. We hold the CCG responsible for their actions,” he added.

Malaya also dismissed the CCG claims that the Philippines is “untrustful, deliberately stirring up trouble, and maliciously inciting hype.”

“Let me ask them this question: Who is executing the blocking and dangerous maneuvers? Who is deploying water cannons against unarmed ships? Is hurting or causing injury to Filipino personnel professional and legitimate? Who is deliberately blocking our ships in waters where the Philippines exercises sovereign rights and jurisdiction under international law? Is it the Philippines?

No, it is China,” he added.

Malaya also maintained that the Philippines will continue to act peacefully and responsibly, consistent with international law, particularly United Nations Convention on the Law of the Sea (UNCLOS) and the legally binding 2016 Arbitral Award.

He added that peace and stability couldn’t be achieved without due regard to the legitimate, well established, and legally settled rights of others.

“If the hope of China is to weaken the Philippine resolve, they will be sorely disappointed because we will never be deterred from exercising our legal rights over our maritime zones, including Ayungin Shoal which forms part of our exclusive economic zone and continental shelf,” Malaya said.

‘Undeterred’

DESPITE the lingering danger, the Puerto Princesa, Palawan-based Western Command (WESCOM) on Wednesday reaffirmed it remains committed to protecting the country’s sovereign rights on its maritime and exclusive economic zones (EEZ).

“WESCOM will not be deterred from protecting the country’s sovereign rights over its maritime zones, including Ayungin Shoal, which forms part of our EEZ and continental shelf,” public affairs office chief Capt. Ariel Joseph Coloma, quoting WESCOM commander Vice Admiral Alberto Carlos, said.

His statement stemmed from the March 5 incident in the Ayungin Shoal where Philippine-flagged vessels involved in a RORE mission for the contingent aboard the BRP Sierra Madre (LS-57) were again harassed and impeded by the CCG and its maritime militia allies.

Coloma said that Unaizah Mae 4 (UM4) and Philippine Coast Guard (PCG) vessel BRP Sindangan (MRRV-4407) were on a regular RORE mission when they were harassed, blocked, blasted

with water, and subjected to dangerous maneuvers by CCG vessels.

“Vice Admiral Carlos was among the passengers on board UM4 who witnessed the incident firsthand and experienced the illegal and irresponsible actions carried out by the CCG,” he added.

Coloma said one CCG ship “dangerously blocked” BRP Sindangan and this resulted in a minor collision and slight damage to the PCG vessel’s hull.

“In another instance, a CCG vessel came dangerously close to UM4 initiating a minor collision with the latter. The situation escalated when the CCG vessel deployed its water cannon, shattering UM4’s windshields and destroying its CCTV camera and monitors. Tiny pieces of broken glass were also scattered all over the boat’s pilothouse posing danger to the crew,” he added.

Coloma also reported that four personnel on board UM4 sustained injuries. However, immediate medical assistance was provided by a PCG medic from BRP Sindangan.

“The four injured personnel are now safe and out of harm’s way,” he said.

Furthermore, Coloma said the WESCOM chief strongly condemned the CCG’s illegal and irresponsible actions that jeopardize human life, damage property, and compromise the safety of all involved.

US, Canada, France issue statements

THE US State Department refused to comment if the latest aggression of the CCG on Philippine vessels near Ayungin Shoal in WPS constitutes an armed attack that merits the activation of the USPhilippine Mutual Defense Treaty. “I’m not going to speculate or get out ahead of any discussions with—in this regard,” Matthew Miller, spokesman of the US State Department, said during the briefing in Washington D.C. Under the 1951 MDT, an armed

attack on Philippine armed forces, public vessels or aircraft, the US is under obligation to help the Philippines.

Miller said Manila and Washington D.C. “are in discussions” about the incident. He did not expound the extent of those discussions.

“I will just say that the United States stands with our Philippine allies in the face of these dangerous and unlawful actions,” he said.

The US State Department said the latest incident demonstrated again “a reckless disregard” by China for the “safety of Filipinos and international law.”

“By impeding the safe operation of Philippine vessels carrying provisions to Filipino service members stationed at Second Thomas Shoal, the PRC [People’s Republic of China] interfered in lawful Philippine maritime operations and in Philippine vessels’ exercise of high-speed—of high-seas freedom of navigation,” Miller said. Meanwhile, Canada and France joined the international community in condemning the recent incident in the WPS.

“The actions taken by Chinese vessels this morning at Ayungin Shoal are incompatible with the PRC’s obligations under international law. Such actions put at risk the security and stability of the Indo-Pacific region. Disputes must be resolved peacefully in accordance with UNCLOS,” Canadian ambassador David Hartman said.

French Ambassador to Manila Marie Fontanel also posted in X: “France expresses its concern over the latest incidents in the South China Sea. It calls for respect for the United Nations Convention on the Law of the Sea, and in particular for freedom of navigation, and resolutely opposes any threat or use of force contrary to international law. It reiterates its commitment to resolving disputes through dialogue.”

Rep. Daza seeks audit of P10.3-B free tuition fund

ASENIOR deputy minority leader on Wednesday called for an audit of the P10.3 billion allocated for the free tuition and living expenses of underprivileged tertiary level students enrolled in both state universities and colleges (SUC) and private higher educational institutions (HEI), as he also expressed concern about increasing dropout rates, with 60 students out of 100 successfully graduating.

This move by House Senior Deputy Minority Leader Paul Daza was prompted by complaints from the Association of Higher Education Institutions (AHEI) in Region 12 against the Commission on Higher Education (CHED) for the non-payment of student scholarships under the Unified Student Financial Assistance System for Tertiary Education (UniFAST).

UniFAST is responsible for implementing Republic Act 10931, ensuring access to sufficient and fair education for eligible Filipinos.

The P10.3 billion is part of the Higher Education Development Fund (HEDF), which is under the authority of CHED.

The fund originated from the earnings of the Philippine Amusement and Gaming Corp. (Pagcor), the Professional Regulation Commission (PRC), and travel tax.

Daza emphasized that these funds are legally earmarked and must be used exclusively for their designated purpose. He expressed concern that if the allocated amount remains unused, it will simply idle in the National Treasury.

Daza urged President Ferdinand R. Marcos Jr. to initiate a review of CHED’s performance, focusing on education standards, enrollment and graduation rates, dropout rates, and other relevant metrics.

“I am really disappointed with CHED.

The President probably should order an internal review of CHED’s performance, the attrition rate, and the dropout rate of Filipino students,” Daza said. Jovee Marie N. Dela Cruz

Citing motorcycle riders’ plea, senators back amendments to ‘Doble Plaka’ law

SENATOR Robinhood “Robin” C. Padilla joined motorcycle riders late Tuesday in backing efforts to amend the “repressive” and potentially unsafe Republic Act 11235, or Motorcycle Crime Prevention Act, locally known as the “Doble Plaka” Act.

In his interpellation of Senate Bill 2555, which seeks to amend RA 11235, Padilla—himself a motorcycle rider— said the current law does not seem to achieve its goal of stopping “riding-intandem” crimes.

“Ako po ay isa sa mga rider na umaasa na magkaroon ng pagbabago sa batas na

Pito, sapagka’t hindi ito talaga nakatulong sa anumang usapin. [I am one of the riders who are hoping for amendments to this law, which in many aspects are of no help],” he said.

Besides, the senator noted the Land Transportation Office (LTO) might not be able to implement the law properly because while some 1.4 million registered motorcycles, more than 10 million are not.

“ Kaya kung ito ang sinasabi mismo ng LTO na di nila ma- implement, siguro dapat nang baguhin ang Doble Plaka law. [If the LTO could not implement it,

change, Marcos noted, makes the country qua l ified to host the Board of the Loss and Damage Fund.

Hosting the Board in the Philippines would showcase global commitment to inclusivity, ensuring that the voices and experiences of the most affected countries are heard and considered in shaping the most urgent of g oba climate policies,” Marcos said.

Australian interventions  THE President was ab e to secure P86 billion worth of investments, which inc l udes R E waste-to-energy

perhaps it is time to amend the Doble Plaka law],” he said.

Padilla likewise pointed out a potential threat to riders if the Doble Plaka law requires them to mount plates on the front and back of their motorcycles, which are not designed to accommodate a license plate in the front.

“Meron ding issue ang ating rider sa safety ng riders. Meron din bang issue patungkol sa full force wind blast?” he asked, adding, “Tumatama yan sa mukha mo [There is also the issue of safety— there is an issue of full force wind blast that hits the rider in the face],” he said.

At the same time, Sen. Francis Tolentino, one of the authors and the sponsor of Senate Bill 2555, cited data from the Philippine National Police Highway Patrol Group showing that out of 1.412 million motorcycles registered as of October 2023, a minuscule 57 were linked to “riding-in-tandem” crimes. Tolentino also aired concerns that  the law would “negatively affect Filipinos” using their motorcycles to bring their wives to work, their children to school, and for their livelihood as delivery riders.

“Hindi sila kriminal... Hindi natin sila

dapat ituring na kriminal. [They are not criminals and should not be treated as such],” he pointed out. On top of that, he noted, the LTO suspended the implementation of the law due to a backlog of motorcycle license plates, which reached more than 10 million as of February 29 this year. At the same time, Senator JV Ejercito, another author of SB 2555, said the backlog is one reason he authored the measure.

“Kung may batas na di ma-implement, dapat siguro baguhin. Para saan pa yan [If the law cannot be implemented, it must

at least be amended. What purpose does it serve]?” Padilla noted.

Moreover, Sen. Christopher Lawrence “Bong” T. Go also endorsed passage of Senate Bill No. 2555 seeking to amend the Motorcycle Crime Prevention Act.

At their Tuesday plenary session, Go also reminded fellow senators “not to discriminate all motorcycle riders as criminals, saying true criminals don’t even use license plates.”

“Let’s instead focus on the efficient registration of motorcycles instead,” Go stressed as he enlisted to be a co-sponsor of the enabling law. Butch Fernandez

l e, fu fi ll ing career path and a pathway to the midd l e c l ass. I t’s not just money, it’s actua ll y ski ll s deve l opment

and abi l ity to serve g l oba l customers. Ligot a so noted that in India,“it is not shameful to work for a BPO company. In the Philippines, I think it’s less now but before peop e wou d still have that stigma bakit

News www.businessmirror.com.ph | Editor: Vittorio V. Vitug Thursday, March 7, 2024 A8 BusinessMirror
R E S I D E N T Ferdinand R. Marcos Jr. on Wednesday called on Austra ia to increase its investments in the country’s “green” industries to help accelerate ocal efforts to mitigate the impact of climate change. Marcos said additional investments to the country’s renewable energy (RE) will he p accelerate local efforts to s ash national carbon emissions. “We thus invite Austra ia to partner with the Philippines in our c ean, green, and renewab e energy industry and other emerging techno ogies, and introduce energy efficiency and conservation measures,” Marcos said in his country statement during the leaders’ p enary session at the Asean-Austra ia Special Summit in Melbourne. He said the Phi ippines is determined to make the transition towards sustainabi ity since it is among the countries, which are the most vulnerable to the effects of climate change. T he said experience in dea l ing with c imate
technology, organic recyc ing technology, during his recent trip to Austra ia. The Australian government also announced this week its US$1.3 billion fund to provide loans and financing to Asean member countries for their infrastructure and renewab e energy projects. “We we come Austra ia’s aim to boost clean energy, financing, and investment in Asean, as well as its support for the clean energy transition to meet climate action objectives,” Marcos said. The President a so urged Austra ia to continue its support for the Asean Centre for Biodiversity (ACB) and to integrate biodiversity conservation goals and c imate action in the Asean-Austra ia P an of Action 2025-2029. “Let us take into account the pressing need for an effective and inclusive implementation of the Kunming-Montrea Globa Biodiversity Framework, and estab ishment of its goals and targets on biodiversity conservation, climate action, ecosystems and ecosystems restoration and its management,” Marcos said. Samuel P. Medenilla
L
PBBM urges Australia to hike ‘green’ investments to PH
aspiring [for] F lipino nurses [but] we can’t produce enough. So it’s a combination of technica skills, domain skills and, and some soft skills,” the Ibpap chief added. n the same briefing, the bpap launched the “rebranding”of the industry as it saw the need to get rid of the “fundamenta misunderstanding” or to remove the stigma associated with having a career in the IT-BPM industry. Madrid said, “We need to do this rebranding because there’s still a fundamenta misunderstanding of our industry as a career. Peop e think call center lang yan.’”  He described a career within the industry as a “ ong-term, viab
mag BPO ka rather than be a proper doctor or nurse or engineer.”  Ligot said the IT-BPM industry is growing at a rate faster than the Phi ippine economy at 8 percent, whi e the economy only grows on average by 5 to 6 percent. “Despite being traditiona ll y viewed through the narrow l ens of Business Process Outsourcing (BPO), this campaign seeks to broaden the horizon, high ighting the IT-BPM sector’s role as a key collaborator with Fortune 200 companies wor l dwide,” I bpap said in a statement on Tuesday. BAC) and East Asia Business Counci l ( E ABC) when these were founded in 2002. PCC I said Concepcion “gave shape” to several advocacies under his leadership such as “stronger engagement of the business sector in international trade negotiations, business that is inclusive and responsive to the needs of its community and stakeho ders, and a community that is vigilant for democratic processes. “Joecon was such a strong presence that his passing is an incalculable oss. The PCCI is fortunate to have had him as an officer and will continue to honor his legacy and leadership,” PCC said. The group of loca franchisers also mourned his passing. The Phi ippine Franchise Association (PFA) said, “When he was DTI Secretary he initiated the ‘Yes, The F lipino Can’ movement which was one of the inspirations of many Philippine franchises to expand beyond our borders. He will be profoundly missed but also will a ways be remembered. A “business icon and industry captain,” Concepcion “contributed significant y to estab ishing the Fi ipino brand in the consciousness of the domestic and internationa l markets,” the Philippine Exporters Confederation I nc. (Phi export) said. It was from him that we also learned and adopted inc usive growth as the fulcrum of our economic deve opment,” Phi export said. Go Negosyo, a non-profit group founded by Jose Maria A. Concepcion III one of the former DTI secretary’s sons, cited his egacy as the former board chairman of R FM Corporation, one of the biggest food and beverage companies in the Phi l ippines. Go Negosyo said he led the company on a “path of diversification, venturing into animal feed milling, poultry, and ivestock, and obtaining the license from American company Swift to produce processed meats in the Philippines.” Go Negosyo said Concepcion is survived by his wife, Maria Victoria Araneta, his eight chi l dren and his 31 grandchi l dren, and his twin brother Rau l Andrea E. San Juan PRAISE HEAPED ON ‘JOECON’: DTI CHIEF, ENTREP, DEMOCRAT IBPAP chief: Strategizing on talent woes better than worrying over recession Continued from A14 The Phi l export chief, however, stressed that amid the g oba economic slowdown, the services sector wi ll he l p drive the country’s exports this year. Meanwhi e, shifting the focus internally which is to address the issue on employab e talent in the country, Madrid exp ained that “there’s way more demand than supp y,”noting a ow conversion rate of people interviewed due to “many identifiab e skills gaps depending on specific industry.”  can say it’s a combination of maybe IT type skills, data ana ysis skills. There is also a bucket where there are some fundamenta gaps and comprehension and critica thinking and then there are a so specific domain skills,”Madrid said. “Everyone’s looking for nurses, everyone’s looking for accountants. These are the two most common you know, domain skills that are missing. Apparently there are ess peop e studying accounting now. And then the whole wor d is For the Philippine Chamber of Commerce and Industry’s (PCCI) part, t is hard to find suitable words to pay tribute to this truly remarkable man a visionary known for his fiery brand of eadership and passion, and a giant among his fellows who demonstrated the ru e of inspiring others.” According to PCC Concepcion was a Charter Member of PCC serving in various capacities. I t said he was “most we ll -known” for his chairmanship of the PCC ’s Asean Committee and Phi l ippine chairmanship of the Asean Business Advisory Counci (AseanContinued from A14

House to look into sale of NFA rice to traders

THE House Committee on Agriculture and Food will open on Thursday its probe on the alleged improper disposition of National Food Authority (NFA) rice stocks.

In a news briefing, House Committee on Agriculture and Food Chairman Wilfrido Mark Enverga said, as instructed by Speaker Ferdinand Martin Romualdez, there will be no sacred cows in the upcoming probe.

“Nothing will be left untouched, nothing will be swept under the rug. Every aspect of the issue would be thoroughly investigated without fear or favor,” said Enverga, echoing the chamber’s commitment to uncovering the truth behind the reported irregularities in the sale of NFA rice stocks.

He said lawmakers’ determination to conduct a comprehensive inquiry will leave no room for any untoward influence or protection of implicated parties.

Enverga and Rep. Robert Raymund Estrella filed House

Resolution 1611, directing the Committee on Agriculture and Food to conduct an inquiry into the alleged improper disposition of NFA rice stocks to investigate the authorization of the sale of rice stocks to selected traders in violation of existing rules and procedures.

The inquiry came on February 12, 2024, when NFA Assistant Administrator for Operations Lemuel R. Pagayunan submitted a comprehensive report to the NFA Council.

The report, titled “Report on Administrator Bioco’s Improper Disposition of NFA Rice Stocks to Selected Rice Traders,” contained document citations authorizing regional managers to release specific volumes of NFA rice bags to certain traders.

Enverga said the report alleged that the rice sold to the mentioned traders, totaling 75,000 bags, was initially deemed “aging and deteriorating” stocks but was subsequently found fit for human consumption.

He also said the sale to pre-selected buyers without proper authorization from the NFA Council

is “violated rules and guidelines governing the proper disposition of NFA stocks.”

According to Enverga, the selected rice traders who bought the said stock at a price much lower than the prevailing price of P1,250 per bag have allegedly re-bagged the stocks and sold them at much higher prices.

The resolution noted that the NFA is entrusted with the efficient and effective acquisition and maintenance of rice stocks, ensuring their proper disposition before the quality deteriorates and becomes unacceptable or unsafe.

Under Republic Act 11203, the NFA is mandated to ensure food security by maintaining sufficient buffer stocks sourced solely from local farmers.

The term “buffer stock” is defined as the optimal level of rice inventory to be maintained at any given time for emergency situations and to support government disaster relief programs during natural or man-made calamities.

NFA policies AGRI Party-list Rep. Wilbert T. Lee

said he filed House Resolution No. 1625 to probe the current policies of the NFA and its implementation regarding the optimal utilization of their goods and proper disposal methods.

“There is a need to identify any gaps or loopholes in the existing policies of NFA. Kailangang linawin ang mga polisiya, tuldukan ang mga kalakaran na ugat ng katiwalian, at panagutin ang mga corrupt na dumadagdag lang sa pasanin ng taumbayan,” he said.

“Sa panahon na hirap ang ating mga magsasaka sa ani dahil sa epekto ng El Niño, kailangan natin ng mamumuno sa NFA na walang bahid ng korapsyon. Kung maayos lang sana ang pamahahala ng buffer stock ng bigas, mababawasan ang pag-angkat natin nito.”

Lee urged President Ferdinand R. Marcos, Jr. to purge corrupt officials and employees of the NFA to restore public trust in the agency.

The lawmaker made the call after NFA Administrator Roderico Bioco and 138 other NFA officials and employees were suspended by the Office of the Ombudsman for

their alleged involvement in the anomalous sale of the government’s rice buffer stocks.

“Malaking kasalanan ang paglustay sa supply ng bigas, lalo pa napakamahal ng presyo ng pagkain at mga pangunahing bilihin ngayon,” he said. “In order to restore the trust of the public in the NFA, there needs to be a revamp and the first step to that is to remove all officials involved in anomalies,” he added.

Appointment AGRICULTURE Secretary Francis-

co P. Tiu Laurel Jr. said Wednesday that the NFA Council appointed Piolito Santos, NFA assistant administrator for finance and administration, as officer-in-charge (OIC) of the agency.

Santos’ appointment as NFA OIC-Administrator follows the preventive suspension imposed by the Ombudsman on Monday against 139 officials and employees in connection with the ongoing investigation into the controversial disposition of rice buffer stocks in a transaction allegedly disadvantageous to government.

DA will focus on reviving local cacao industry–Laurel

THE Department of Agriculture (DA) said it will revive the cacao industry to prop up the income of farmers who rely on the sector for their livelihood.

Data from the DA’s Registry System for Basic Sectors in Agriculture showed that there are 74,428 Filipino cacao farmers as of March 6.

“The (DA) shall focus on the revitalization of the local cacao industry, through its High Value Crops and Development Program [HVCDP] and other operating units,” Agriculture Secretary Francisco Tiu P. Laurel Jr. said in a statement.

“Some of the cacao trees are now being cut because farmers are not making much money from cacao since they do not really know how to process it after harvesting.”

The DA said the HVCDP provides cacao planting materials and farm inputs, conducts capacity-building initiatives for cacao farmers and extension workers, builds cacao technology demonstration sites, distributes farm machineries and equipment, and builds irrigation facilities.

Laurel said he and Ambassador of Israel to the Philippines Ilan Fluss visited the Filipinas Cacao Heritage Reserve last March 5.

He said he witnessed the best agricultural practices and innovation for the local cacao in the 13-hectare cacao farmland in Barangay Bunggo, Calamba, Laguna.

Since 2022, it has partnered with the Embassy of Israel in the Philippines for the provision of technical assistance. It employs a team of licensed Filipino agriculturists, foresters, agricultural

and biosystems engineers, and agri-technicians under the mentorship of Israeli experts in cacao production.

The DA said the collaboration also sparked the successful rehabilitation and revival of a 90-yearold Criollo cacao tree in Barangay

Bunggo, which local historical accounts state originated from Mexico. The tree now serves as the cacao farm’s source of planting materials.

During Laurel’s visit, both Filipino and Israeli teams demonstrated the integrated pest management

EU govts prepare for possibility of food crisis

THE combined forces of El Niño and La Niña have crippled Latin American soy output. Ukrainian and Russian grain farmers have gone to war. Indonesia has banned shipments of palm oil to Europe, while China is hungry for crops. The Mediterranean region is getting more like a desert.

The year is 2024. “Food shortage in Europe? The only question is when, but they don’t listen,” says an unidentified voice in a video broadcast. The audience sits quietly—listening.

The dramatic collision of events, of course, hasn’t yet come to pass. But over two days in central Brussels last month, some 60 European Union and government officials, food security experts, industry representatives and a few journalists gathered to confront the possibility of something barely on the radar a few years ago: a full-blown food crisis.

The group sat down in a refurbished art deco Shell building to simulate what might happen, and help design policies aimed at prevention and response. A few streets away, farmers were stepping up their protests against the European Union, disrupting supplies to supermarkets as if to sharpen the focus of the participants.

The plush co-working space was hardly a bunker or secure basement

in a warzone. But the video images of drought, floods and civil unrest to the pounding beat of ominous music created a sense of urgency.

“Expect a level of chaos,” warned Piotr Magnuszewski, a systems modeler and game designer who has worked with the United Nations. “You may be confused at times and not have enough information. There will be time travel.”

To watch one of the best-fed regions in the world stress test its food system underscores a growing level of alarm among governments over securing supplies for their populations. In the space of four years, multiple shocks have shaken up the way food is grown, distributed and consumed.

The coronavirus pandemic, Russia’s invasion of Ukraine and disruptions on key shipping routes have disturbed supply chains and sent prices soaring. Erratic and extreme weather now regularly disturbs farming. Against that backdrop, officials are no longer asking when a food crisis may arrive, but rather how many crises they can deal with at once.

And so, it’s 2025 and there are more harvest failures. They impact animal feed prices, which curbs livestock and fish production. Some ships carrying crops turn away from Europe to cater to higher bidders elsewhere.

Asia’s palm oil export limits are now reducing supplies of daily staples from margarine to bread. Allegations of corporate greed, disinformation and conspiracy theories are spreading.

“The timeliness in terms of the topic was incredibly on point,” said Katja Svensson, a senior food systems adviser to the Nordic Council of Ministers who participated in the simulation. She now wants her region to hold its own. “When it comes to movies, it’s engrossing. You really become part of it, and it has a far greater impact,” she said.

Stress testing has been a common feature in the banking industry since the financial crisis, while government officials and policymakers in the United States have done socalled wargaming from time to time, even one involving a pandemic just months before coronavirus struck.

In Europe, government-led exercises are rare, let alone one focused on food, according to Magnuszewski, science director at the Centre for Systems Solutions in Wroclaw, Poland.

Seemingly, Europe is in an enviable position. It’s one of the world’s biggest suppliers of foodstuffs from grains and dairy to pork and olive oil, with some of the lowest levels of food insecurity.

On average, just 14 percent of household spending went toward

food in 2021, compared with some 60 percent in Nigeria and 40 percent in Egypt. The Global Food Security Index regularly ranks European countries as the most secure in the world.

But there are vulnerabilities. Weather and climate events are hitting farmers regularly, costing Europe more than €50 billion ($54.3 billion) in economic losses in 2022. The cost of fertilizers and energy needed to grow crops and keep glasshouses running soared in the wake of Russia’s invasion of Ukraine.

Things unravel further later in 2025. Thieves are looting supermarkets. Police struggle to contain riots spreading in cities. People in Germany can’t find fish and meat at grocery stores. Livestock farmers are going bankrupt.

Meanwhile, the public’s focus shifts to profiteering by commodity traders. Small farms fall like dominos, while attacks on immigrants begin to become more widespread. Is the EU a sinking ship, someone asks in the video? It’s all the fault of “liberal elites,” someone else says.

Now for the solutions. Participants split into groups with each person assigned a new role, from farmer lobbyists to food worker unions. (This reporter played a representative of a trade group for oil plant producers). In circles of four

Laurel announced Santos’ designation as acting administrator during a zoom meeting with NFA employees, where he also urged over 2,000 workers of the agency to focus on their jobs and not be distracted by the ongoing Ombudsman investigation.

“The NFA is a very important government agency, especially during calamities and other disasters as well as in the lives of millions of poor Filipinos. We cannot lose heart during this challenging time for the NFA and DA family.”

Santos is career service officer who has spent four decades with the NFA and is scheduled to retire in May. He has a bachelor’s degree in Agriculture Business major in Agriculture Economics from the Isabela State University and a master’s degree in business administration and a doctorate in Organization Development and Planning from Northeastern College.

The passage of the Rice Tarrification Law in 2019 removed NFA’s rice trading function. It was limited to maintaining a national buffer stock equivalent to 300,000 metric tons of rice.

DAR ties up with SM Malls in Bicol

techniques, drip irrigation facilities, weather monitoring system, cacao breeding and grafting initiatives, composting practices, and other Israeli practices and technologies applied in the cacao farm.

The DA noted that the Philippines is one of the countries in Asia that has a competitive advantage on cacao production given its strategic location and climatic condition. The 2 million hectares of coconut farms ideal for cacao intercropping supplement the industry’s competitive advantage.

Despite its competitive advantage, the Philippine cacao production averages only 10,000 metric tons (MT) to 12,000 MT from the 20,000 to 25,000 hectares of land planted with cacao, according to an industry roadmap prepared by the DA.

or five with coffee and cookies, the groups workshopped policies from crisis management and building reserves to food provision for the most vulnerable.

Longer term, there are questions over how to curb Europe’s concerning overreliance on imports of crops like soy needed to feed its vast meat and dairy industry. So a taskforce, attended by this reporter, pushed to cut subsidies for livestock farming. Wine and crudités ended the day.

Day two started with a mindfulness session before focusing on policy proposals and any conclusions. There was little objection to the idea that diets need to shift toward healthier options and away from meat. Questions loomed over how best to manage food reserves and monitor the level of stockpiles.

Participants singled out other topics for future exercises, from food safety and bioterrorism to countering disinformation and preparation for animal-borne diseases, the latter being “a huge issue and it risks becoming even bigger,” Svensson said.

In truth, few governments in Europe are prepared for managing future food crises, according to Chris Hegadorn, a retired US diplomat who co-organized the workshop. “We’ve been living in crisis for the last three years,” said Hegadorn, adjunct professor of global food politics at Sciences Po in Paris. “There’s a lot more to be done on every level. Crises are only going to come faster and harder.” Bloomberg News

THE Department of Agrarian Reform (DAR) partnered with SM Malls in the Bicol region for an initiative dubbed the Sunday Market.

DAR said the Sunday Market aims to empower farmers and enhance their livelihoods by providing wider market access.

The agency said the Sunday Market has helped farmers establish organizations, launch community farms, develop products, and start businesses.

To address the challenge of marketing the farmer’s products, the DAR Bicol organized various marketing activities, including connecting ARBs with institutional buyers and conducting trade fairs and “tiangge.” Taking these efforts a step further, DAR Bicol partnered with SM Malls.

This collaboration grants agrarian reform beneficiary organizations (ARBOs) the opportunity to sell their products directly and produce to consumers in three SM Malls across the region. The DAR Provincial Offices (DARPO) of Camarines Sur I and II collaborated with SM City Naga, DARPO Albay partnered with SM City Legazpi, and DARPO Sorsogon connected its farmer-beneficiaries with SM City Sorsogon.

Since its launch last February 11, the Sunday Market has already yielded a total of P64,429 in sales for the ARBOs. DAR said the market is expected to grow further, with more farmer organizations joining in the coming weeks, offering consumers an even wider selection of fresh, high-quality products at affordable prices.

“This is a big accomplishment for DAR Bicol,” Regional Director Reuben Theodore C. Sindac said. “It not only exposes farmers to wider markets but also enables them to maximize their awarded lands through agro-entrepreneurship opportunities.”

Sindac also said the partnership “helps boost the morale of farmers’ organizations to believe in themselves.”

In 2023, DARPO Camarines Norte started to connect its ARBOs with SM Daet, under the SM Foundation’s Kabalikat sa Kabuhayan project.

“The DAR-SM Malls partnership is expected to have a lasting positive impact on Bicolano farming communities, empowering them to achieve greater success in expanding their livelihoods, achieving agricultural productivity, and ultimately improving their quality of life.” Jonathan L. Mayuga

A9 Thursday, March 7, 2024
www.businessmirror.com.ph • Editor:
THE PHILIPPINE NEWS AGENC Y
PHOTO
FROM

Southeast Asian leaders call for South China Sea disputes to be resolved without threats or force

MELBOURNE, Australia— Australia’s prime minister expressed concerns Wednesday over “unsafe and destabilizing behavior” in the South China Sea, citing the collision between Chinese and Philippine ships the previous day.

summit of the Association of Southeast Asian Nations that failed to explicitly call China out over a series of incidents in the disputed waters.

Instead, Asean leaders urged for disputes to be resolved through dialogue rather than threats, a day after Chinese and Philippine coast guard vessels collided near a disputed shoal in the South China Sea and four Filipino crewmembers were injured in the confrontations.

Chinese and Philippines officials traded blame for the incident. The disputed area has been site of several tense skirmishes between Chinese and Philippine coast guard ships last year.

Albanese, who co-chaired the summit with Laos Prime Minister Sonexay Siphandone, said Tuesday’s clash was concerning for Australia.

“It is dangerous and it creates risks of miscalculation, which can then lead to escalation,” he said.

Australia had backed the Philippines’ push to have the Asean

declaration adopted at the end of summit cite a 2016 arbitration ruling in The Hague, Netherlands, that invalidated Beijing’s vast territorial claims in the South China Sea, which conflict with the claims of several Asean states. China did not accept the ruling.

The Melbourne Declaration, released late Wednesday, did not mention the 2016 ruling. The summit was held in the Australian city

Biden and Trump dominate Super Tuesday races, move

closer to a November rematch

WASHINGTON—Presi-

dent Joe Biden and his predecessor, Donald Trump, romped through more than a dozen states on Super Tuesday, all but cementing a November rematch and increasing pressure on the former president’s last major rival, Nikki Haley, to leave the Republican race. Their victories from coast to coast, including the delegate-rich states of California and Texas, left little doubt about the trajectory of the race. Haley won Vermont, denying Trump a full sweep, but the former president carried other states that might have been favorable to her such as Virginia, Massachusetts and Maine, which have large swaths of moderate voters like those who have backed her in previous primaries.

The only contest Biden lost Tuesday was the Democratic caucus in American Samoa, a tiny US territory in the South Pacific Ocean. Biden was defeated by previously unknown candidate Jason Palmer, 51 votes to 40.

Not enough states will have voted until later this month for Trump or Biden to formally become their parties’ presumptive nominees. But the primary’s biggest day made their rematch a near-certainty. Both the 81-yearold Biden and the 77-year-old Trump continue to dominate their parties despite facing questions about age and neither having broad popularity across the general electorate.

Haley watched the election results in private and had no campaign events scheduled going forward. Her campaign said in a statement that the results reflected there were many Republicans “who are expressing deep concerns about Donald Trump.”

“Unity is not achieved by simply claiming ‘we’re united,’”

spokesperson Olivia Perez-Cubas said.

Trump’s Mar-a-Lago estate, meanwhile, was packed for a victory party. Among those attending were staff and supporters, including the rapper Forgiato Blow and former North Carolina Rep. Madison Cawthorn. The crowd erupted as Fox News, playing on screens around the ballroom, announced that the former president had won North Carolina’s GOP primary.

“They call it Super Tuesday for a reason,” Trump told a raucous crowd. He went on to attack Biden over the US-Mexico border and the US withdrawal from Afghanistan.

Biden didn’t give a speech but instead issued a statement warning that Tuesday’s results had left Americans with a clear choice and touting his own accomplishments after beating Trump.

“If Donald Trump returns to the White House, all of this progress is at risk,” Biden said. “He is driven by grievance and grift, focused on his own revenge and retribution, not the American people.”

While much of the focus was on the presidential race, there were also important down-ballot contests. The governor’s race took shape in North Carolina, where Republican Lt. Gov. Mark Robinson and Democratic Attorney General Josh Stein will face off in a state that both parties are fiercely contesting ahead of November.

In California, Democratic Rep. Adam Schiff and Republican Steve Garvey, a former Los Angeles Dodgers baseball player, advanced to the general election race to fill the Senate seat long held by Dianne Feinstein.

Despite Biden’s and Trump’s domination of their parties, polls make it clear that the broader electorate does not want this year’s general election to be identical to the 2020 race. A new

poll finds a majority of Americans don’t think either Biden or Trump has the necessary mental acuity for the job.

“Both of them failed, in my opinion, to unify this country,” said Brian Hadley, 66, of Raleigh, North Carolina.

The final days before Tuesday demonstrated the unique nature of this year’s campaign. Rather than barnstorming the states holding primaries, Biden and Trump held rival events last week along the US-Mexico border, each seeking to gain an advantage in the increasingly fraught immigration debate.

After the Supreme Court ruled 9-0 on Monday to restore Trump to primary ballots following attempts to ban him for his role in helping spark the Capitol riot, Trump pointed to the 91 criminal counts against him to accuse Biden of weaponizing the courts.

“Fight your fight yourself,” Trump said. “Don’t use prosecutors and judges to go after your opponent.”

Biden delivers the State of the Union address Thursday, then will campaign in the key swing states of Pennsylvania and Georgia.

The president faces low approval ratings and polls suggesting that many Americans, even a majority of Democrats, don’t want to see the 81-year-old running again. His easy Michigan primary win last week was spoiled slightly by an “uncommitted” campaign organized by activists who disapprove of the president’s handling of Israel’s war in Gaza.

Allies of the “uncommitted” movement pushed similar protest votes elsewhere, such as in Minnesota, which has a significant population of Muslims, including in its Somali American community. At least 45,000 voters in Minnesota selected “uncommitted,” which won 19% with almost all votes counted. That exceeds the 13% of voters who selected “uncommitted” in Michigan.

“Joe Biden has not done enough to earn my vote and not done

to mark 50 years since Australia became the first external Asean partner. The declaration called for peaceful resolution of disputes through legal and diplomatic processes “without resorting to the threat or use of force” in accordance with international law, including the United Nations Convention on the Law of the Sea.

enough to stop the war, stop the massacre,” said Sarah Alfaham of the Minneapolis suburb of Bloomington.

Biden also is the oldest president ever and Republicans key on any verbal slip he makes. His aides insist that skeptical voters will come around once it is clear that either Trump or Biden will be elected again in November.

Trump is now the same age Biden was during the 2020 campaign, and he has exacerbated questions about his own fitness with recent flubs, such as mistakenly suggesting he was running against Barack Obama, who left the White House in 2017.

“I would love to see the next generation move up and take leadership roles,” said Democrat Susan Steele, 71, who voted Tuesday for Biden in Portland, Maine.

Trump has already vanquished more than a dozen major Republican challengers and now faces only Haley, his former UN ambassador. She had maintained strong fundraising and notched her first primary victory over the weekend in Washington, D.C., a Democratrun city with few registered Republicans. Trump scoffed that Haley had been “crowned queen of the swamp.”

“We can do better than two 80-year-old candidates for president,” Haley said at a rally Monday in the Houston suburbs.

Trump’s victories, however dominating, have shown vulnerabilities with influential voter blocs, especially in college towns like Hanover, New Hampshire, home to Dartmouth College, or Ann Arbor, where the University of Michigan is located, as well as areas with high concentrations of independents. That includes Minnesota, a state Trump did not carry in his otherwise overwhelming Super Tuesday performance in 2016.

Barrow reported from Atlanta. Associated Press writers Steve LeBlanc in Boston; David Sharp in Portland, Maine; Gary D. Robertson in Raleigh, North Carolina; Sarah Rankin in Richmond, Virginia; Trisha Ahmed in Eden Prairie, Minnesota; and Seung Min Kim in Washington contributed to this report.

“We encourage all countries to avoid any unilateral actions that endanger peace, security and stability in the region,” it said. Albanese said compromises had to be made to find words that Asean leaders at the summit could agree on.

“There is a general recognition that we need to make sure that activity in the South China Sea alleviates any tension and doesn’t add to it,” Albanese said.

Deakin University Southeast Asia expert Damien Kingsbury said the declaration’s failure to explicitly mention China was a nod to countries that are close to Beijing — Cambodia, Laos and Myanmar — and also to Malaysia’s more conciliatory approach to the Chinese.

It’s “a veiled criticism of China, which is about as strong as consensus would allow,” Kingsbury said.

Leaders agreed at an Asean summit in Indonesia last September to accelerate a negotiation process with China with a goal of finalizing a South China Sea code of conduct within three years. Such a code would aim to prevent risky and provocative behavior.

That summit was joined by Vice President Kamala Harris,

Chinese Prime Minister Li Qiang and Russian Foreign Minister Sergey Lavrov.

Singapore Prime Minister Lee Hsien Loong, the longest serving Asean leader after Sultan of Brunei Hassanal Bolkiah, said on Tuesday that finalizing that code would take some time with difficult issues relating yet to be resolved.

The ongoing violence and humanitarian crisis in Myanmar, an Asean state where a military junta seized control in 2021, have also loomed over the summit, with the declaration saying the leaders “strongly condemn the continued acts of violence.”

Myanmar was officially excluded from the Melbourne gathering. However, neither the Australian government nor the Myanmar Embassy in Australia would comment on reports that Myanmar was still represented at the summit by Australia-based diplomat Thet Tun.

Around 200 protesters had demonstrated outside the summit on Monday against any Myanmar representative being present.

East Timorese Prime Minister Xanana Gusmão also attended the summit as an official observer after Asean agreed in principle to admit Asia’s newest country.

South Korea’s president vows not to tolerate walkouts by junior doctors

SEOUL, South Korea—South Korea’s president vowed Wednesday not to tolerate the prolonged walkouts by thousands of junior doctors, calling them “an illegal collective action” that threatens public health and shakes the country’s governing systems.

President Yoon Suk Yeol’s government was in the process of suspending the licenses of about 9,000 medical interns and residents over their joint walkouts that have impacted hospitals’ capacity to provide care.

The doctors-in-training have been on strike for more than two weeks to protest a government push to admit thousands more new students to medical schools in coming years. Officials say the enrollment plan is essential to bracing for the country’s rapidly aging population, but doctors say such an abrupt, steep increase in the number of students would eventually result in undermining the overall medical service.

“The collective action by the doctors is an act that betrays their responsibilities and shakes the basis of the liberalism and constitutionalism,” Yoon said in televised remarks at the start of a Cabinet meeting. “An illegal action that infringes upon the people’s right to life will be never be tolerated.”

Yoon’s government had repeatedly urged the striking doctors to return to work or face indictments and minimum three-month license suspensions. But most of the strikers missed a government-set Feb. 29 deadline for their return.

By South Korea’s medical law, doctors who defy orders to restart work can be punished by up to three years in prison or a 30-million-won (roughly $22,500) fine, as well as a up to one year’s suspension of their medical licenses. Those who receive prison sentences can be deprived of their licenses.

Starting from Monday, the Health Ministry began the administrative steps to suspend

the strikers’ licenses: dispatching officials to hospitals to formally confirm their absences and sending notices to the strikers about their planned suspensions. The ministry was required to give them opportunities to respond before their suspensions take effect.

Observers say the ministry will likely end up suspending strike leaders, not the whole group of the 9,000 doctors who walked off the job—a daunting administrative task that would likely take weeks or longer.

Vice Health Minister Park Minsoo told reporters Tuesday that the government plans to file complaints against strike leaders to get them to face police investigations as well. But he said officials haven’t determined when they would do so and against whom.

The striking residents and interns represent only about 6.5 percent of the country’s 140,000 doctors. But in some major hospitals, they account for about 30 percent-40 percent of the total doctors and had played the role of assisting senior doctors during surgeries and dealing with inpatients while training. Their walkouts have subsequently caused hundreds of canceled surgeries and other treatments at their hospitals and burdened South Korea’s medical service.

The public is largely opposed to the doctors’ strikes, and surveys show Yoon’s approval ratings rising over his push for the medical school enrollment plan. One poll showed that a majority of South Koreans backed the enrollment plan.

Heath officials have said the country’s handling of emergency and critical patients largely remains stable, with public hospitals extending working hours and military hospitals opening emergency rooms. But if senior doctors joined the walkouts, South Korea’s medical service would suffer a major blow.

The Korean Medical Association, which represents doctors in South Korea, has expressed its support for the striking junior doctors, but hasn’t decided whether to take part in the walkouts.

The World Thursday, March 7, 2024 Editor: Angel R. Calso • www.businessmirror.com.ph A10 BusinessMirror
MEMBERS of Asean pose for a family photo during the Association of Southeast Asian Nations, Asean-Australia Special Summit in Melbourne, Australia on Tuesday, March 5, 2024. From left, Secretary General of Asean Dr. Kao Kim Hourn, the Prime Minister of Vietnam, Pham Minh Chinh, the Prime Minister of Singapore, Lee Hsien Loong, the Prime Minister of Cambodia, Samdech Hun Manet, the Prime Minister of Malaysia, Anwar Ibrahim, the Prime Minister of Australia Anthony Albanese, the Prime Minister of Lao, Sonexay Siphandone, the Indonesian President Joko Widodo, the Sultan of Brunei, Haji Hassanal Bolkiah, the President of the Philippines, Ferdinand Marcos Jr., the Prime Minister of Thailand, Srettha Thavisin, and the Prime Minister of Timor-Leste, Xanana Gusmao. AP/HAMISH BLAIR Prime Minister Anthony Albanese’s remarks came as his country wrapped up a three-day
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Biden’s closest allies pressure White House to do more to ease civilian suffering in Gaza

WASHINGTON More of President Joe Biden’s top Senate allies are demanding that the US act directly to ease Palestinian civilian suffering in Gaza and are joining calls to cut military aid if Israeli Prime Minister Benjamin Netanyahu refuses to change course.

What had been dissent from independent Sen. Bernie Sanders and a small group of progressive Democrats has swelled in response to the soaring death toll in Gaza. Now even Biden’s closest confidant in Congress, Chris Coons, says it is time to get tougher with Netanyahu’s government on how it conducts the war.

Israel continues to enjoy bipartisan support in Congress, and the prospect of military aid being reduced is uncertain despite the clout that these more mainstream Democrats wield. But tensions could be evident Thursday as Biden speaks to Congress about the conflict in his State of the Union address.

The war in Gaza isn’t the only Mideast issue creating dissent within the party. Some Democrats are pursuing legislation to compel the administration to seek Congress’ permission to continue military strikes against the Houthis in Yemen, setting up a possible showdown over the authority to wage war. The Houthis are attacking shipping in the Red Sea in what they say is a show of support for Palestinians during the nearly five-month war in Gaza.

Still, the Senate Foreign Relations Committee and the Democratic caucus as a whole have largely held off on taking action on the US role in the Middle East conflicts. That’s despite growing concern and rising political opposition nationally, especially among Muslim and Arab American voters over the Biden administration’s support for Israel’s war in Gaza, and over Netanyahu’s perceived shrugging off of US demands to do more to spare Palestinian civilians and to allow in more aid.

Congressional Democrats are reluctant to be seen as challenging the Democratic president’s handling of the conflict, mindful that criticism could further weaken Biden in his uphill reelection campaign against former President Donald Trump.

The killings of more than 100 Palestinians last week during a rare delivery of food helped spur more Biden allies in the Senate to speak out. Israel says its forces fired warning shots amid the chaos of the aid delivery. Witnesses and medical workers told The Associated Press many of the victims were shot when Israeli forces fired into crowds of hungry people.

In the last few days alone, Coons, a senator from Biden’s home state of Delaware, called for the US to cut military aid to Israel if Netanyahu goes ahead with a threatened offensive on the southern city of Rafah without significant provisions to protect the more than 1 million civilians sheltering there. Sen. Jack Reed, head of the Senate Armed Services Committee, appealed to Biden to deploy the US Navy to get humanitarian aid to Gaza. Biden ally Sen. Tim K aine challenged the US strikes on the Houthis as unlikely to stop the Red Sea attacks. And the most senior Democrat in the Senate called for Israel to “change course.”

“Israel needs to understand that the casualties they’ve inflicted on the people of Gaza the devastation they have caused cannot continue,” Patty Murray of Washington, the senate pro tempore, said in a blistering speech on the chamber floor. “It is not in line with American interests, nor does it make Israel safer.”

Continuing US military support for Israel at current levels “becomes untenable when Israel demonstrates they are unwilling to listen to us,” Coons told cable networks after the killings during the failed aid distribution.

The National Security Council pointed to Biden’s own warnings about the looming Rafah offensive and support for a possible sea route to deliver aid. It did not answer questions about whether the administration has altered its opposition to cutting military aid to Israel or to seeking Congress’ permission for its strikes on the Houthis.

Lawmakers have sent at least a half-dozen letters to the administration calling for changes in the conduct of the war since the start of the year. The administration said this week it is actively exploring one possibility, pushed by Reed, to open a sea route for humanitarian aid. The US began airdrops to Gaza civilians last week, getting around Israeli restrictions blocking much of the aid delivery by land.

Biden’s allies in Congress are trying to drive home the message that Netanyahu’s conduct of the war is not in US interests, Sen. Elizabeth Warren, a Massachusetts Democrat, said. Biden and top aides have appealed privately and publicly to Israel for more precision in airstrikes and drone attacks, which have been killing whole families in crowded neighborhoods. Netanyahu also has publicly ruled out the US goal of eventual Palestinian statehood.

“The conversations between senators and the White House are vigorous and frank” regarding the war and Netanyahu, Warren told the AP. “We would not be serving our president to do otherwise.”

The Senate Foreign Relations Committee has not marked up legislation related to the region since the war began. And only this past week did the panel hold hearings on the growing Middle East conflicts. Two congressional aides, who spoke to The Associated Press on the condition of anonymity to discuss private meetings, said the chairman, Democratic Sen. Ben Cardin of Maryland, told the committee late last year that no legislation related to the Middle East would move until the war in Gaza is over.

Another congressional aide familiar with the discussions said that in the aftermath of the Hamas attack on October 7 that set off the war, Cardin urged caution on taking any immediate legislative action that would negatively affect the Israeli effort on the ground.

In a statement to the AP, Eric Harris, a spokesperson for the committee, did not directly respond to a question about the lack of legislative action but said the “committee continues to be actively engaged in conducting oversight on Middle East policy, including the ongoing conflict in Gaza, the humanitarian crisis, and efforts to free hostages abducted by Hamas including American hostages.”

The committee cited classified bipartisan briefings it had held, meetings with heads of state and other influential figures, and other key policy advocacy by Cardin, including his leadership in getting Jacob Lew confirmed as US ambassador to Israel.

Meanwhile, on the other side of the Capitol, the House Foreign Affairs Committee has sent over bipartisan bills on the Middle East, including many that would target Iranian officials over Iran’s support to Hamas, the Houthis and other armed groups that have stepped up attacks on US and other targets.

Back on the Senate side, notably, it was a subcommittee of the Foreign Relations Committee, rather than the full committee, that summoned two senior Biden administration officials to answer questions about the strikes to try to quell Houthi attacks on international shipping routes.

Sen. Chris Murphy, a Connecticut Democrat, who led the session, said later he was working to gather support from other senators for legislation to compel the administration to seek congressional approval to continue the strikes, in line with his reading of the War Powers Act.

K aine, a V irginia Democrat, suggested only an end to the fighting in Gaza was likely to calm the region.

“US involvement in another war in the Middle East would reflect that we’ve learned virtually nothing over the last 25 years,” K aine said of the US strikes targeting Houthis.

“This is the kind of a thing that can lead us to slip or slide into a war.”

Egypt says Gaza cease-fire talks fail with Ramadan just days away

CAIRO—Three days of negotiations with Hamas over a cease-fire in Gaza and the release of Israeli hostages failed to achieve a breakthrough Tuesday, Egyptian officials said, less than a week before the start of the Muslim holy month of Ramadan, the informal deadline for a deal.

The nearly five months of fighting left much of Gaza in ruins and created a worsening humanitarian catastrophe, with many, especially in the devastated northern region, scrambling for food to survive.

“We must get more aid into Gaza,” US President Joe Biden said Tuesday. “There’s no excuse. None.”

Aid groups have said it has become nearly impossible to deliver supplies within most of Gaza because of the difficulty of coordinating with the Israeli military, the ongoing hostilities and the breakdown of public order.

The United States, Qatar and Egypt have spent weeks trying to broker an agreement in which Hamas would release up to 40 hostages in return for a six-week cease-fire, the release of some Palestinian prisoners and an major influx of aid to the isolated territory.

Two Egyptian officials said that the latest round of discussions ended on Tuesday. They said Hamas presented a proposal that mediators would discuss with Israel in the coming days. One of the officials said that mediators would meet Wednesday with the Hamas delegation, which didn’t leave Cairo.

Hamas has refused to release all of the estimated 100 hostages it holds, and the remains of around 30 more, unless Israel ends its offensive, withdraws from Gaza and releases a large number of Palestinian prisoners, including senior militants serving life sentences.

US officials have said that they are skeptical that Hamas actually wants a deal, because the group has balked at a number of what the US and others believe are legitimate requests, including giving the names of hostages to be released.

“It is on Hamas to make decisions about whether it is prepared to engage,” US Secretary of State Antony Blinken said Tuesday.

“We have an opportunity for an immediate cease-fire that can bring hostages home, that can dramatically increase the amount of humanitarian aid getting in to Palestinians who so desperately need it, and can set the conditions for an enduring resolution,” Blinken said.

Senior Hamas official Osama Hamdan said Tuesday that his group demands a permanent cease-fire, rather than a six-week pause, and a “complete withdrawal” of Israeli forces.

“The security and safety of our people will be achieved only by a permanent cease-fire, the end of the aggression and the withdrawal from every inch of the Gaza Strip,” Hamdan told reporters in Beirut.

Israeli Prime Minister Benjamin Netanyahu has publicly rejected Hamas’ demands and repeatedly vowed to continue the war until Hamas is dismantled and all the hostages are returned. Israel didn’t send a delegation to the latest round of talks.

Israel was still waiting for Hamas to hand over a list of hostages who are alive as well as the hostage-to-prisoner ratio it seeks in any release deal, an Israeli official said. It wasn’t clear if that information was included in the latest proposal.

The Israeli and Egyptian officials spoke on condition of anonymity because they weren’t authorized to brief the media on the negotiations.

When asked whether Hamas has a list of the surviving hostages, Hamdan said that the matter wasn’t relevant to the talks and accused Israel of using it as an excuse to avoid engaging in the negotiations.

Benny Gantz, a member of Netanyahu’s War Cabinet and his main political rival, met with senior US officials in Washington on a visit that drew a rebuke from the prime minister, the latest sign

of a growing rift within Israel’s leadership.

Mediators had hoped to broker an agreement before Ramadan, the month of dawn-to-dusk fasting that often sees heightened Israeli-Palestinian tensions linked to access to a major holy site in Jerusalem. Ramadan is expected to begin around March 10, depending on the sighting of the moon.

“The negotiations are sensitive. I can’t say there is optimism or pessimism, but we haven’t yet reached a point at which we can achieve a cease-fire,” Egyptian Foreign Minister Sameh Shoukry said Monday.

The war began with a Hamas attack on southern Israel on Oct. 7 in which Palestinian militants killed around 1,200 people and took about 250 hostages. More than 100 of them were released during a weeklong cease-fire in November.

The attack sparked an Israeli invasion of the enclave of 2.3 million people that Gaza’s Health Ministry says has killed more than 30,000 Palestinians. Aid groups say the fighting has displaced most of the territory’s population and pushed a quarter of the population to the brink of famine.

The UN children’s agency said Monday that at least 10 children have reportedly died in isolated northern Gaza because of dehydration and malnutrition.

“There are likely more children fighting for their lives somewhere in one of Gaza’s few remaining hospitals, and likely even more children in the north unable to obtain care at all,” Adele Khodr, the UNICEF regional director for the Middle East and North Africa, said in a statement.

“These tragic and horrific deaths are man-made, predictable and entirely preventable,”

Facebook, Instagram, Messenger and Threads login issues resolved after widespread outage

By the Associated Press

ATECHNICAL issue caused widespread login issues for a few hours across Meta’s Facebook, Instagram, Threads and Messenger platforms on Tuesday. Andy Stone, Meta’s head communications, acknowledged the issues on X, formerly known as Twitter, and said the company “resolved the issue as quickly as possible for everyone who was impacted, and we apologize for any inconvenience.”

Users reported being locked out of their Facebook accounts and feeds on the platform as well as Threads and Instagram were

not refreshing. WhatsApp, which is also owned by Meta, appeared unaffected.

and Infrastruc-

Agency told re-

she added.

The Gaza Health Ministry said Sunday that 15 children have starved to death at the Kamal Adwan Hospital in northern Gaza and another six were at risk of dying from malnutrition and dehydration. It wasn’t clear if the children had underlying medical conditions that increased their vulnerability.

Northern Gaza, the first target of Israel’s offensive, has suffered mass devastation. The World Food Program recently suspended aid shipments to the north, citing a security breakdown. An attempt by the Israeli military to bring in aid ended in tragedy last week when more than 100 Palestinians were fatally shot by Israeli forces or trampled to death in a melee.

The United States and Jordan airdropped 36,800 meals over northern Gaza on Tuesday, the second US airdrop since Saturday.

Up to 300,000 Palestinians are believed to remain in northern Gaza after Israel ordered the evacuation of the entire region, including Gaza City, in October. Many have been reduced to eating animal fodder to survive. The UN says that one in six children under age 2 in the north suffer from acute malnutrition.

Israel is still carrying out strikes in all parts of Gaza. Gaza’s Health Ministry said that 97 people had been killed over the last 24 hours, bringing the overall Palestinian death toll to 30,631. The ministry doesn’t differentiate between civilians and combatants in its figures, but says women and children make up around twothirds of the total casualties.

Tia Goldenberg reported from Tel Aviv, Israel, and Wafaa Shurafa from Rafah, Gaza Strip. Abby Sewell in Beirut, and Matthew Lee and Aamer Madhani in Washington, contributed to this report.

election nexus nor any specific malicious cyberactivity nexus to the outage.”

The outage comes just ahead of Thursday’s deadline for Big Tech companies to comply with the European Union’s new Digital Markets Act. To comply, Meta is making changes, like allowing users to separate their Facebook and Instagram accounts so personal information can’t be combined to target them with online ads. It’s not clear whether the outage is connected to any preparations Meta might be carrying out for the DMA.

In 2021, Facebook, Instagram and WhatsApp were down for hours, an outage the company said was a result of faulty changes on routers that coordinate network traffic between its data centers. The next year, WhatsApp had another brief outage.

www.businessmirror.com.ph BusinessMirror Thursday, March 7, 2024 A11
MOURNERS carry the body of Amr al-Najjar, 11, draped in the Hamas flag, during his funeral in the West Bank village of Burin, near Nablus on Tuesday, March 5, 2024. Palestinian media reports that he was shot during an Israeli military incursion into the village of Burin. The Israeli military says they opened fire in the village and are aware of reports of a minor being killed. According to the Palestinian Red Crescent emergency service, the child suffered a gunshot to the head before dying of his wounds. AP/MAJDI MOHAMMED
with the US Cybersecurity
ture Security
porters
of
A senior official
Tuesday that the agency was “not aware
any specific
THE Facebook logo is seen on a cell phone in Boston, USA on October 14, 2022. Users of Meta’s Facebook, Instagram, Threads and Messenger platforms are experiencing login issues in what appears to be a widespread outage. AP/MICHAEL DW YER

Taylor Swift’s exclusive concert deal: A prelude to diplomatic discord?

THE exclusive concert deal between Taylor Swift and Singapore has sparked controversy and potential tensions among members of the Association of Southeast Asian Nations (Asean).

While Singapore’s Prime Minister Lee Hsien Loong defended the deal, asserting its benefits for his country’s tourism industry, concerns have been raised about the implications for regional relations.

move was strategic rather than malicious.

Yet, the exclusive nature of the agreement has raised concerns about its potential impact on Asean unity. Thailand’s Prime Minister Srettha Thavisin expressed interest in pursuing a similar deal had he been aware of the opportunity. However Thailand’s government has taken a more diplomatic stance, praising Singapore’s ingenuity and using it as a learning experience to improve their own incentive packages for international events. Thailand’s government responded appropriately in this situation.

As the BusinessMirror’s senior diplomatic correspondent Malou Talosig-Bartolome writes in her column in this issue’s Envoys & Expats Section on B7, a member of the House of Representatives was mistaken in believing that Singapore’s acquisition of the exclusive Eras Tour’s Southeast Asia deal violated the Asean principle of consensusbased relations and solidarity.

She argued: “We should accept defeat if another countr y was smarter and more creative (and richer) than us to offer an exclusive concert deal with one of the best singer-artists of this generation. This should ser ve as a lesson for us, for lawmakers, and for our tourism officials that the next time an opportunity like a Taylor Swift concert presents itself, the Philippines should be prepared to offer a counter deal.”

However, there remains apprehension regarding potential nationalist sentiments among Swift’s fans in other Asean member countries. If the exclusive deal is perceived as favoritism towards Singapore, it may inadvertently foster resentment and strain diplomatic relations within the region. Asean, with its 655 million population, is a diverse community, and it is crucial for member nations to maintain harmonious ties. The success of this arrangement will depend on the response of neighboring nations. If they view Singapore’s exclusive deal as an opportunity to enhance their own attractiveness as event venues, it could pave the way for healthy competition and encourage innovation in the region’s entertainment industr y. On the other hand, if it triggers a sense of exclusion and breeds nationalistic sentiments, it may undermine the spirit of cooperation that Asean strives to foster

Taylor Swift, as a global icon, wields immense influence, and her actions can inadvertently impact diplomatic relations. W hile it is understandable that she and her representatives seek lucrative opportunities, they should also be aware of the potential consequences on a larger scale. Swift’s team has yet to comment on the matter but it is essential for them to consider the broader implications of such exclusive deals.

In the end, the success or failure of this exclusive concert deal rests on the response of Asean member nations and their abi ity to view it as an opportunity for growth rather than an affront. It is crucial for all parties involved, including Swift, Singapore, and neighboring nations, to ensure that the spirit of cooperation and unity within Asean remains intact.

As the Asean summit continues to address critical regional issues, it is essential that discussions not be overshadowed by a concert deal. The focus should remain on finding collective solutions and fostering cooperation to tackle the significant challenges facing the region, such as the humanitarian crisis in Myanmar and tensions in the South China Sea. Concerts can provide entertainment and boost economies, but they should not come at the expense of regional unity and diplomacy.

‘Wiio’s laws’ and foreign portfolio investment

TJohn Mangun

OUTSIDE THE BOX

HE Internet is the greatest technology for communication and dissemination of knowledge in human history. As with any advancement, technological or otherwise, there is always a disreputable and corrupt underbelly.

The “Dark Web” provides a drug, arms, and human trafficking chamber for the “Scum of the Internet.”

In a similar fashion, Social Media in all of its manifestations provides a venue for the “Dumb of the Internet.”

W hile misattributed to American author Mark Twain, social media was accurately described 200 years ago in variants of “a lie can travel halfway around the world before the truth can get its shoes on.” A lie is merely some sort as falsehood as enumerated in “Hanlon’s razor ” that we should “never attribute to malice that which is adequately explained by stupidity (and ignorance).” Case in point. Bi lyona r yo.com, w it h whic h I have no disagreement whatsoever writes, “Foreign investors pull back: Phi l ippi nes sees net outflow of $247.3 million.” Further “Net foreign investment outflows, dubbed

“ hot money,” amounted to $75.83 million...as stock market investors opted to w ithdraw some profits.” Concise, precise, and factual. However, before the electronic ink was dr y, perhaps with clear political agenda intent (?), came “OMG. Look at all the FDI the Philippines is losing.” The “lie” of the dumb was fly ing supercharged around local social media.

We are all born ignorant. But you have to deliberately work hard in this age of speed-of-light information to remain that way. There are two types of “foreign investment” and the definition of each is understandable to anyone with the ability to read English “Foreign por tfol io investment (FPI) refers to the purchase of securities and other financial assets by investors from another countr y. Examples of foreign portfolio invest-

We are all born ignorant. But you have to deliberately work hard in this age of speed-of-light information to remain that way. There are two types of “foreign investment” and the definition of each is understandable to anyone with the ability to read English.

countr y in a business located in another country. Some common investments include establishing a subsidiar y in another countr y, acquiring or merging with an existing local company, or starting a joint venture partnership with a local company.” W hat is so difficult about that?

Are we supposed to conclude that 1) A person is too lazy to learn and know what they are talking about? or 2) A person does not care if they do not know what they are talking about?

Regarding this “ hot money” outflow, Bilyonar yo also wrote: “This trend indicates profit-taking by investors who placed their money in Philippine stocks, bonds, and government securities.” “Hot money” investments must consider several factors. One is obviously profit.

By the end Februar y, SM Investments Cor p. and BPI were both up 16 percent year-to-date. Ayala Land and BDO were 18 percent higher Further, while relatively flat, the PHP/USD now has a slight negative bias. The question then is not why foreign hot money” is exiting the PSE, but why were they here at all considering the Dow Jones has been hitting historic highs all year long?

Foreign i nvestment i n higher y ield i ng Phi l ippi ne gove r nment debt made sense coming into 2024.

But with the US economy giving the Federal Reser ve no reason to lower US interest rates any time soon, more sensible is to be in US Treasur y debt denominated in US dollars.

To those that are hyper-concerned that this outflow of hot money” bodes ill for the economy/stock market, I am reminded of this. A woman once told me, “John, it is not always all the time about YOU.”

I suggest you tr y to find information in the Bangkok Post, The Jakarta Post, or The Sun Malaysia for a stor y on their “ hot money” portfolio investment. However, the Báo VietNamNet did do a hot money” stor y in 2015.

On its best day, portfolio investment is like the relative that stays in your guest room and puts money up, and maybe a little more, for the additional expenses. On its worst day, it is that feral cat that eats your

See “Mangun,” A

AMD hits US roadblock in selling AI chip tailored for China

By Jane Lanhee Lee & Mackenzie Hawkins

US officials have told Advanced Micro Devices Inc. that the artificial intelligence chip it tailored for the Chinese market is too powerful to sell without a license, ensnaring another American semiconductor company in Washington’s crackdown on exports of advanced technologies.

AMD

The US has been working to limit Chinese access to cutting-edge semiconductors that can develop AI models—and the tools used to manufacture those chips— out of fear that Beijing will gain a military edge. President Joe Biden’s administration unveiled an initial set of export controls in 2022 and strengthened them last October to include more technology and curb sales to intermediary nations that might undermine the ban.

But

ave sa id t hey h ave stockpiled enough powerful chips from Nvidia—the types that are now subject to US controls—to advance their chatbots’ capabilities for another year or two.

Meanw hi le, S h enz h en-based Huawei Technologies Co. is developing its own AI semiconductors and chipmak ing capabi lity that cou ld eventually help Chinese companies fill the gap created by the US ban. Bloomberg

www.news.businessmirror@gmail.com Thursday, March 7, 2024 Editor: Angel R. Calso Opinion BusinessMirror A12
editorial
The Asean summit in Melbourne, originally intended to address critical issues such as Myanmar’s humanitarian crisis and conflicts in the South China Sea, took an unexpected turn when Prime Minister Lee found himself facing questions about the Swift deal. Swift’s Eras Tour, which reportedly sur passed $1 billion in revenue last year, has proven to be a significant economic force, attracting tourism and boosting local economies. However the exclusive nature of the Singapore deal has left some Asean neighbors feeling left out and deprived of the potential benefits. Prime Minister Lee confirmed that Swift received “certain incentives” in exchange for making Singapore her only Southeast Asian destination on her tour W hile the cost of the deal remains undisclosed, it was reportedly funded from a government fund aimed at rebuilding tourism after the disruptions caused by the Covid-19 pandemic. Lee also hinted that if Singapore had not secured the deal, a neighboring countr y might have done so, implying that the
hoped to gain a green light from the Commerce Department to sell the AI processor to Chinese customers since it performs at a lower level than what the company sells outside of China, according to people familiar with the situation, who asked not to be identified because the matter is private. But US officials told AMD it must still obtain a license from Commerce’s Bureau of Industr y and Security in order to sell it, the people said. AMD didn’t have a comment and it’s unclear whether the company is seeking a license. The Bureau of Industr y and Security declined to comment. AMD shares were down 2.2 percent as markets opened in New York on Tuesday. Cal i for n i a rival Nv id i a Cor p. h as also been cont i nu ally downg r ad i ng its power f u l AI c hips dest i ned for C hi na i n an attempt to pass mu ster w it h US off ic i als— and t he ir ever -t ig hten i ng rest rict ions on c hips—as Washi ngton seeks to const r a i n one of its biggest geopol it ical rivals. The US has been working to limit Chinese access to cutting-edge semiconductors that can develop AI models—and the tools used to manufacture those chips—out of fear that Beijing will gain a milita r y edge. President Joe Biden’s administration unveiled an initial set of export controls in 2022 and strengthened them last October to include more technology and curb sales to intermediar y nations that might undermine the ban. The tighter controls restricted the sale of a processor that Nvidia had designed specifically for China—in compliance w ith the initial 2022 version of t he expor t ru les. T he company has since developed new customized, less-powerful products for the Chinese market to align with BusinessMirror A broader look at today’s business Publisher Editor in Chief Associate Editor News Editor Senior Editors Online Editor Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila Ambassador Antonio L. Cabangon Chua Founder Since 2005 MEMBER OF ments include stocks, bonds, mutual funds, exchange traded funds, American depositar y receipts (ADRs), and global depositar y receipts.” “Foreign direct investment (FDI) refers to investments made by an individual or firm from one
had
the 2023 restrictions, and Commerce Secretar y
that
looking into the specifics of those components. T he 2022 US ban prevented both Nv id i a and AMD f rom sell ing t heir most power f u l AI c hips to C hina, forc ing t hem to f ind worka rou nds. Nv i d i a i mmed i ately r esponded w it h a reduced-per for mance mod if ied model, whereas AMD h asn’t publ icly d i sc u ssed its effor ts to develop a new AI processor for t he cou nt r y. AMD h ad less of a foot hold i n t he C hi nese AI c hip i ndu st r y t h an Nv id i a, whic h h ad a la rge sh a re of t h at ma rket prior to t he ban. W hen t he rest ri ct ions took effect i n 2022, AMD sa id it d idn’t expect to be materi ally affected by t he ru les.
Gina Raimondo has said
she is
is now going after the AI chip market more aggressively. In December, it launched a new MI300 lineup that will challenge processors f rom Nv id i a. T he C hina-ta i lored product h as been referred to as MI309, according to the people. It’s not clear which Chinese customer was tr ying to buy the AMD AI chips. That factor could influence whether the company is able to secure a license, should the chipmaker choose to move for ward. Leading Chinese tech firms, including Tencent Holdings Ltd. and Ba idu Inc., h
AMD

CThe countr y’s No. 2 official annou nced C hi na wou ld ma i nta i n last year’s growth goal as the annual parliamentar y session opened on Tuesday. That was a clear signal Beijing wants to put a floor under the economy’s slowdown, marking only the second year in a decade that Beijing didn’t lower its main economic target. The last time was 2018, when dealing with the start of a US trade war W hile Li told delegates support was needed on “all fronts,” his annual report to the legislature didn’t offer much fiscal firepower: it kept the government’s deficit stable, and lacked aggressive moves to boost consumption or new policies to solve the real estate crisis. The Asian nation’s slide into its longest streak of falling prices since the 1990s wasn’t directly addressed.

“This is a target without a plan,” said Alicia Garcia Herrero, Natixis SA’s chief Asia-Pacific economist. “It shows they’re not understanding the seriousness of the situation. How are you going to support consumption?

Wages have been falling. There’s deflation. W hat are you going to do?”

Beijing appears to be betting on a rebound in private sector and household confidence. President Xi Jinping told a gathering of parliamentar y delegates from Jiangsu province— known for its large private sector to support privately owned firms and “boost the confidence of the whole society in development,” the official Xinhua news agency reported Tuesday.

A press conference with senior officials on Wednesday could fill in some of the gaps. Central bank Governor Pan Gongsheng will brief journalists, alongside Commerce and Finance ministr y chiefs and the new top securities regulator But Beijing canceled the premier’s annual press brief i ng—end i ng a t hree-decade tradition.

W hile China’s $18 trillion economy has been decelerating for more than a decade, the decline has become steeper in the last two years, with average growth only slightly above 4 percent.

T h at slowdown h as coinc ided with X i ’s push to put technological self-sufficiency and national security on an equal footing with economic expansion. Major stimulus is off limits, as the leadership doesn’t want to use the property market to boost growth and wants to control the levels of local government debt.

This year’s growth target is “pretty aggressive,” due to the higher base of comparison with 2023, said Li Daokui a professor at Tsinghua University in Beijing who advised the government on its goals.

W hi le projects high l ighted on Tuesday such as renovating aging city districts w ill boost domestic demand, officials need to go further, Li said. “I say this openly to the premier, China needs more aggressive policies to promote consumption,” he said in an inter view with Bloomberg Television.

Jobs target WITH off icial measures show ing youth unemployment remains high, the government signaled a sense of urgency by setting its highest-ever

urban job creation target of more than 12 million for this year—but without detailing any new policies to achieve that.

China’s No. 2 official reiterated a pledge made by X i to encourage consumption by supporting households to trade in old vehicles, electronic products and other big-ticket items, a program that Goldman Sachs Group Inc. estimates could add 0.6 percentage points to GDP this year Li also announced a small boost to basic state pensions.

The premier directed officials to re-orient growth toward “new productive forces,” a slogan introduced by X i that often refers to high-tech industries. That phrase is adding to concerns that China’s policy will focus on expanding the supply side of the economy while domestic demand is weak, leading to deflation and international trade tensions.

“Developing new productive forces does not mean neglecting or abandoning traditional industries. We must prevent herds and bubbles, and we must not all follow one model,” X inhua quoted X i as saying.

The premier’s report also called for reducing overcapacity in some sectors, without giving specifics.

Beijing said that the central government will regularly issue longterm sovereign bonds to support infrastructure spending - continuing a rebalancing of debt from the local to the national level that began last year Officials remain conser vative, though with a 1 trillion yuan ($139 bi llion) issuance target this year that’s the same size as a similar issuance last year

The broad fiscal deficit—a figure that accounts for multiple ways the government is funding its spending —will remain the same as in 2023 according to estimates by BNP Paribas SA. The budget implies total fiscal spending will grow just 1 percent in 2024, according to economists at Nomura Holdings Inc.

Policymakers appear sensitive to overseas worries about debt sustainability after Moody’s Investors Service cut its outlook for Chinese sovereign bonds to negative in December

T he deficit target w ill “send a positive signal to the outside world,” said Huang Shouhong, director of the State Council’s research office, who was involved in the government’s plan. The budget reser ves the policy room for dealing with potential risks and challenges,” he added at a briefing.

Beijing could add more stimulus later after officials showed unusual fiscal flexibility by making a rare mid-year budget revision in 2023

Tools that don’t count toward the government’s deficit, such as central bank funding for infrastructure and housing projects, are another option for enhancing support to the economy.

W hi le actual spend ing shou ld end up being more forcef u l than the budget indicates, “ it’s important we see the gover nment add more housing suppor t measures,” sa id Jing Liu chief China economist at HSBC Holdings Plc. “But we don’t know yet where policymakers are in their decision process ” With assistance from Zheping Huang, Fran Wang and Lucille Liu /Bloomberg

Hostage crisis poses dilemma for Israel and offers a path to victory for Hamas

OVER the last five months, Israel has killed thousands of Hamas fighters, destroyed dozens of their tunnels and wreaked unprecedented destruction on the Gaza Strip.

But it still faces a dilemma that was clear from the start of the war and will ultimately determine its outcome: It can either tr y to annihilate Hamas, which would mean almost certain death for the estimated 100 hostages still held in Gaza, or it can cut a deal that would allow the militants to claim a historic victor y.

Either outcome wou ld be excruciat ing for Israel is. Eit her wou ld likely seal an ignominious end for Prime Minister Benjamin Netanya hu’s long pol it ical ca reer And either might be seen as acceptable by Hamas, whic h valori zes ma rty rdom.

Netanyahu at least in public, denies there is any such dilemma. He has vowed to destroy Hamas and recover all the hostages, either through rescue missions or cease-fire agreements, saying victor y could come in a matter of weeks.”

As long as t he wa r rages, he can avoid early elections that polls strongly suggest would remove him from power But it seems inevitable that at some point a choice will have to be made between the hostages and militar y victor y.

Hamas, meanwhile, appears to be in no hurr y to reach a temporar y cease-fire ahead of the Muslim holy month of Ramadan, which begins next week, or to delay an expected Israeli operation in Rafah the southern city where half of Gaza’s population has sought refuge.

Hamas leader Yehya Sinwar, the alleged mastermind of the October 7 attack against Israel, has reason to believe that as long as he holds the hostages, he can eventually end the war on his terms.

Sinwar’s bloody gamble IN over two decades spent inside Israeli prisons, Sinwar reportedly learned fluent Hebrew and studied Israeli society, and he identified a chink in the armor of his militarily superior adversar y. He learned that Israel cannot tolerate its people, especially soldiers, being held captive, and will go to extraordinar y lengths to bring them home. Sinwar himself was among over 1,000 Palestinian prisoners released in exchange for a single captive soldier in 2011.

For Sinwar the mass killings on October 7 might have been a horrific sideshow to the main operation, which was to drag large numbers of hostages into a vast labyrinth of tunnels beneath Gaza, where Israel would be unable to rescue them, and where they could ser ve as human shields for Hamas leaders.

Once that was accomplished, he had a powerful bargaining chip that could be traded for large numbers of Palestinian prisoners, including top leaders ser ving life sentences, and an end to the Israeli onslaught that Hamas had anticipated. No amo u nt of 2,000-po u nd bombs could overcome the strategy’s brutal logic.

Israeli officials say the tunnels stretch for hundreds of kilometers (miles) and some are several stories underground, guarded by blast doors and booby traps. Even if Israel locates Hamas leaders, any operation would mean almost certain death for the hostages that likely surround them.

“The objectives are quite contradictor y,” said Amos Harel, a longtime militar y correspondent for Israel’s

Gother macroeconomic drivers during that time.

“The velocity and the speed was ver y sudden, ver y fast,” said James Steel, an analyst at HSBC. “It didn’t

seem to have a smoking gun.”

The rising risk of a stock market correct ion—flagged by weak US manufacturing data on Friday—may have persuaded some investors to move out of equities and into gold, said Ole Hansen, commodity strategist at Saxo Bank A /S. W hile the timing of the Fed’s pivot remains uncertain, signs that it is getting closer have supported gold since mid-Februar y. Swaps markets show a 64 percent chance of a rate cut in June, a higher probability than early last month Lower borrowing costs are typically positive for the precious metal, which doesn’t offer any interest.

The recently rally has also highlighted an increasing disconnect between spot prices and outflows from bu ll ion-backed exc h ange t r aded funds. Holdings in SPDR Gold Shares,

IHaaretz newspaper “Of course, you can say it will take a year to defeat Hamas, and we’re moving ahead on that, but the problem is that nobody can ensure that the hostages will remain alive.”

He added that even if Israel somehow kills Sinwar and other top leaders, others would move up the ranks and replace them, as has happened in the past. “Israel will have a really hard time winning this,” Harel said.

Israel has successfully rescued three hostages since the start of the war, all of whom were aboveground, and Hamas says several others were killed in airstrikes or failed rescue operations. More than 100 hostages were released in a cease-fire deal in exchange for Palestinians imprisoned by Israel.

Netanyahu says militar y pressure will eventually bring about the release of the roughly 100 hostages, and the remains of 30 others, still held by Hamas.

But in candid remarks in Januar y, Gadi Eisenkot, Israel’s former top general and a member of Netanyahu’s War Cabinet, said anyone suggesting the remaining hostages could be freed without a cease-fire deal was spreading illusions.”

It’s hard to imagine Hamas releasing its most valuable human shields for a temporar y cease-fire, only to see Israel resume its attempt to annihilate the group, and Hamas has rejected the idea of its leaders surrendering and going into exile.

For Sinwar, it’s better to stay underground with the hostages and see if his bet pays off.

How does this end?

NETANYAHU’S government is under mounting pressure from families of the hostages, who fear time is running out, and the wider public, which views the return of captives as a sacred obligation.

President Joe Biden, Israel’s most

important ally, is at risk of losing reelection in November in part because of Democratic div isions over the war T he humanitarian catastrophe in Gaza has sparked worldwide outrage. The war threatens to ignite other fronts across the Middle East.

There’s a Hamas proposal on the table in which the hostages come back alive.

It calls for the phased release of all of the captives in return for Israel’s gradual withdrawal from Gaza, a long-term cease-fire and reconstruction. Israel would also release hundreds of prisoners, including top Palestinian political leaders and militants convicted of killing civilians.

Hamas would almost certainly remain in control of Gaza and might even hold victory parades. With time, it could recruit new fighters, rebuild tunnels and replenish its arsenals.

It would be an extremely costly victor y, with over 30,000 Palestinians killed and the total destruction of much of Gaza. Palestinians would have different opinions on whether it was all worth it.

A rare wartime poll last year found rising support for Hamas, with over 40 percent of Palestinians in the occupied West Bank and Gaza backing the group. That support would only grow if Hamas succeeds in lifting the longstanding blockade on Gaza, said Tahani Mustafa, senior Palestine analyst at the Crisis Group, an international think tank.

“If this is able to bring some serious concessions that can make life just marginally better then I think not only will this bolster support for Hamas, but it could also bolster support for armed resistance more broadly.”

Netanyahu has rejected Hamas’ proposal as “delusional,” but there is no sign the militant group is backing away from its core demands. Associated Press writer Julia Frankel in Jerusalem contributed to this report.

the world’s largest such ETF, fell by 0.3 percent on Monday, taking the total to the lowest level since July 2019, according to data compiled by Bloomberg.

Those outflows have partly been offset by persistent central bank demand for the precious metal, which helped keep prices elevated even as real interest rates spiked last year Physical demand from gold bars and coins also absorbed the gold that left ETFs. Bullion was also supported over the Lunar New Year as Chinese consumers sought a hedge against turmoil the countr y’s stock market and property sector

In the first months of this year, gold’s role as a haven asset is being underlined by elevated geopolitical risks, with attacks on shipping in the Red Sea showing escalating Middle East tensions. China’s economic woes and the US presidential election at the end of the year make it a potentially volatile mix.

“Speculation over a Fed rates pivot and continued geopolitical tensions keep gold shining,” said Ewa Manthey, commodities strategist at ING

Groep. “We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election.”

Still, bu llion has f ur ther to go to reach its inflation-adjusted peaks set more than a decade ago. Gold has risen more than 600 percent since the tur n of the millennium, though adjusted for inflation it rema ins below t he high of $850 touc hed in Januar y 1980, which wou ld be equivalent to more than $3,000 in today’s dollars.

Gold’s rally to a new all-time high occurred when bitcoin also surged to a record. While there are arguments that some investors seek safety in both assets, it’s too soon to tell whether bitcoin’s a safe haven or not,” said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.

Spot gold was trading 0.8 percent higher at $2,131.63 an ounce as of 1:16 p.m. on Tuesday in New York. The Bloomberg Dollar Spot Index was lower Silver, platinum and palladium fell. Bloomberg

Thursday, March 7, 2024 Opinion A13 BusinessMirror www.news.businessmirror@gmail.com
HINA set a bullish target of around 5 percent growth this year as top leaders try to boost confidence in the world’s second-largest economy. But for some analysts, Premier Li Qiang’s lack of details on how to get there was out of step with the nation’s deep challenges. By Yvonne Yue Li and Jack Ryan
OLD touched an all-time high as fund buying combined with speculation over a Federal Reserve pivot and geopolitical and financial risks underpinned a rally in the precious metal.
bullish 5% growth goal seen as ‘target without a plan’
China’s
Fed pivot cat’s food and then tries to get little Fifi pregnant. “Wiio’s laws” are obser vations made by Finish Professor Osmo Antero Wiio in 1978. In summar y: “The more we communicate, the faster misunderstandings propagate” and “If a message can be inter preted in several ways, it will be inter preted in a manner that maximizes the damage.” E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc. Bullion rose as much as 1.3 percent to $2,141.79 an ounce before paring gains, with Tuesday’s high topping the previous record of $2,135.39 set three months ago. Gold has risen more than 4 percent since Thursday, fueled by expectations for monetary easing, geopolitical tensions and the risk of an equity markets pullback. Macro funds and momentum buying by commodity trading advisors contributed to the gain, according to TD Securities commodity strategist Ryan McKay. The scale of the move sur prised some market watchers, particularly since there hasn’t been a significant change in expectations for the Fed’s easing pivot or
Gold climbs to record as momentum builds on bets over
Mangun . . . continued from A By Rakesh Sharma
NDIA’S state-run oil refiners are shying away from contracted Russian crude supply as the once-booming trade becomes much harder under tighter enforcement of US sanctions. The biggest state-owned refiner Indian Oil Cor p. will likely reduce the amount of crude received under so-called term supply, while Bharat Petroleum Cor p. and Hindustan Petroleum Cor p. have decided against making firm commitments to take contracted oil next financial year, six people familiar with the matter said, asking not to identified because the information is private. The three refiners had been in talks with Russia’s Rosneft PJSC to secure about 500,000 barrels a day— equivalent to a third of India’s daily imports—to tr y and reduce reliance on one-off purchases that can often be more expensive. The lukewarm response to a suggested contract clause that would address supply disruptions added to the caution from Indian refiners, the people said. Indian Oil has an existing longterm deal with Rosneft, but contracted supply would have been a first for HPCL and BPCL. Russi a is st i ll t he biggest suppl ier to Ind i a, but t here a re signs refiners are buy ing more from other producers, includ ing Saud i A rabi a. T he state-owned compan ies a re also seek ing contracted crude f rom t he Middle East and West Af rica, but t he deals a re l i kely to be more expensive t h an Ru ssi an oi l, t he people sa id. State ref iners are expected to meet 40 percent of their crude needs in the financial year starting April 1 through one-off purchases, or spot deals, meaning big volumes of oil from Russia could still flow to India, four of the people said. Last yea r Ind i an Oi l entered into a series of deals with Rosneft, Sakhalin-1 LLC and Gazprom Neft PJSC to take 24.5 million tons, or 492,000 barrels a day, for the year ending March 31, two of the people said. That compares with a pre-war contract with Rosneft in 2021 to take 2 million tons over a year Bloomberg
cautious on contracted Russian oil as US sanctions bite
India

A14 Thursday, March 7, 2024

HE Supreme Court has unanimously rejected the consolidated petitions filed by several groups and individuals seeking a temporary restraining order  to  enjoin the Philippine Amusement and Gaming Corporation (Pagcor) from implementing the rules and regulations for Philippine Offshore Gaming Operations (RRPOGO) approved by its board in 2016

interests in t he enforcement of t he RR-POGO.

T he RR-POGO outl ines t he procedure for t he l icensing, accred itat ion, and reg ist rat ion of offshore gaming operators, offshore gaming agents, and ot her au x i l ia r y ser v ice prov iders.

T he pet it ioners also fa i led to show t hat t hey have susta ined or a re in danger of susta ining d irect injur y as a resu lt of its implementat ion.

iew.

T he SC also noted t hat t he pet it ioners have no legal stand ing to f i le t he pet it ion since t hey have not shown any d irect and personal

T he SC poi nted out t h at t he pa r t ies w it h more d irect and personal i nterest i n t he i ssue a re t he offs hore gam i ng ope r ator s and

ot her au x i l i a ries; however, none of t hem joi ned as pet it ioners i n t he pet it ions.

“Veri ly, t he supposed t ranscendental i mpor tance of t he quest ions ra i sed i n t he case was not su ff ic iently establ i shed,” t he SC sa id.

“W it h rega rd to t heir prayer for t he issu ance of a tempora r y rest ra ining order and /or w rit of prel im ina r y injunct ion, pet it ioners fa i led to show t hat t here was an invasion of a clea r material and substant ial right, or an urgent and pa ramou nt necessity to prevent se ri o u s damage. Conse qu ently, t heir prayer for t he issu ance of a tempora r y rest ra ining order and / or w rit of prel imina r y injunct ion is denied,” it added.

In t he consol idated pet it ions, t he petitioners arg ued t hat t he RRPOGO is unconst it ut ional because Pagcor has no aut hority to operate and reg u late onl i ne or offshore gam ing operat ions.

T hus, t hey pleaded w it h SC to st ri ke down t he RR-POGO for be i ng u nconst i t u t i onal and to per manently enjoin Pagcor f rom implement ing its prov isions.

Pagcor is a gover nment-owned and -cont rolled cor porat ion i n i-

t ially created by President ial Decree (P.D.) No. 1067-A

THE Department of Trade and Industr y and the business community on Wednesday led the country in paying tribute to former DTI Secretar y Jose S. Concepcion Jr who they said helped re-establish ” democracy and free enterprise, among others, during his leadership.

In separate statements issued on Wednesday, business g roups mour ned t he passing of Concepc ion who d ied at t he age of 92 on Wednesday. He ser ved as t he DTI secreta r y under t he adm inist ration of for mer President Corazon

ippine soc iety. His legacy w i ll forever inspire f ut ure gene r at ions towa rd foste ri ng a t hriv ing and pro-Fi l ipino nat ion,” DTI Secreta r y Alf redo E. Pasc u al sa id in a statement on Wednesday.

Describing Concepc ion as a “stalwar t” of entrepreneurship and business advocacy, the current chief of the DTI said, “His v isionar y leadership and dedication have left an indelible mark on the Philippine economic landscape.”

T he Trade depa r tment sa id DTI flags w i ll be at half mast to honor Concepc ion.

As a leader of National Citizens’ Movement for Free Elections (Namfrel) and former Trade chief, the Makati Business Club (MBC), said in its statement on Wednesday that Concepcion helped re-establish democracy and free enterprise as Trade and Industr y secretar y from 1986 to 1991.”

“We express our condolences to his w ife Maria Victoria A. Concepcion and his fami ly, includ ing President i al Adv i ser Jose Ma. Concepc ion III,” t he bu s i ness g roup also noted.

Tmove their operations to countries like the Philippines and India.

“So as long as we rema in costcompet it ive, as long as we have t he employable talent, I really don’t see, you know, any major t hreat in t he nea r to med ium ter m, I wou ld rat her foc us on t he talent c h allenge,” t he Ibpap head added.

Explaining the impact of a recession on t he outsourc ing indust r y, Dom i n ic Vi ncent L igot, Head of Research and A r tif icial Intelligence (AI) for Ibpap, sa id, “Usu ally, i f t here’s a fea r of a recession, outsourc ing [is fast-t racked] because t hey can flatten cost.”

“So if you ’ re a big company or you re a major healt hca re prov ider, if t here’s an inflat ion or recession t hreat, t he more you want to send jobs, [to f ur t her] flatten,” L igot sa id, pa r tly in Fi l ipino.

Mad rid also emph asi zed t h at “Ever yt hing can be offshored be-

cause now, t hrough technology and remote work, we can do anyt hing f rom anywhere.” Wit h t his, he sa id, “And so we’re no longer l im ited by t he physical env ironment. If you t hink about it, you know, if t he inter net is work ing properly, we can act u ally do ever yt hing f rom it.” In relat ion to h av i ng prope r inter net connect ion, Ligot t hinks gover nment shou ld add ress issues on inf rast ruct ure reg u lat ion, saying, “We need to f i x t hat because t hat’s a d irect input to IT-BPM.” T his is in cont rast to t he potent ial impact of a recession on t he count r y’s expor t of goods. Phi lexpor t President Serg io R. Or t i z-Luis Jr ea rl ier told t his paper t hat t he countr y’s exports “definitely w ill be affected,” add ing t hat t he organizat ion of local expor ters, however, st i ll cannot gauge to what extent t he count r y’s outbound shipments wou ld be impacted by t he economic slowdown in Japan and t he risk of recession in Europe.

By Andrea E. San Juan @andreasanjuan
HE Phi l ippi ne outsourc i ng indust r y is unfazed by t he specter of recession hovering over ric h count ries, accord ing to t he IT and Business Process Association of the Philippines (Ibpap). Ibpap President Jack Mad rid sa id he wou ld rat her foc us on add ressing t he talent c hallenge in t he count r y, whic h he sa id is “w it hin our cont rol.” “W hat cou ld t hreaten t hat [indust r y outlook]? Well you know, I g uess not ever yt hing is w it hin our cont rol, aside f rom t he talent issue. I t hink, you know, obv iously global econom ic headw inds cou ld be a factor but it’s f u nny...t here have been yea rs when recession in Nor t h America act u ally resu lts in more jobs being offshored to t he Phi l ippines so sometimes t heir loss is our ga in,” Mad rid sa id at Ibpap’s Indust r y Rebrand Launc h on Tuesday night in Tag uig C ity. Madrid added that “cost optimization” is a huge factor that companies take into account when they decide to
In a 15-page dec ision penned by Associate Justice Jhosep Lopez, the Cour t en banc held t hat t he pet it ioners—Union for Nat ional Development and Good Gover nance Phi l ippi nes (Un i lad), Ant i-Trapo Movement of t he Phi l ippines Inc. and lawyer Jovenc io Evangel ista —fa i led to obser ve t he doct rine of hierarchy of cour ts and to establ ish t he t ranscendental impor tance of t he issues ra ised in t he case to wa rrant jud ic ial rev
PRAISE HEAPED ON ‘JOECON’: DTI CHIEF, ENTREP, DEMOCRAT
on Janu a r y 1, 1967. Pagcor was tasked to implement t he State’s pol icy of cent ral i zing and integ rating all games of chance to be controlled, administered, and super v ised by t he gover nment and to establ ish and operate clubs and casinos, spor ts, gam ing pools and ot hers for amusement and recreat ion, includ ing games of c hance, whic h may be allowed w it hin t he Phi l ippines. On July 11, 1983, PD 1869 was issued consolidating and amending other presidential decrees related to the franchise and powers of Pagcor On June 20, 2007, Republ ic Act No. 9487 was enacted into law, amend ing Sect ion 10 of P.D. No. 1869 w it h respect to t he nat ure and ter m of Pagcor’s f ranc hise. T he law gave Pagcor t he aut hority not only to operate but also to l icense gambl ing casinos, gaming clubs, and ot her sim i la r recreat ion and amusement places, w it h t he except ion of ja i-ala i T he law also required Pagcor to obta in t he consent of t he local gover nment unit t hat has territorial jurisd ict ion over t he a rea where it c hooses to operate in. Ibpap chief: Strategizing on talent woes better than worrying over recession SC upholds Pagcor power to enforce rules on POGO Continued on A Continued on A SEAWEED SWITCHEROO In Cavite, fisherman Rolando adjusts to the scarcity of catches caused by the El Niño phenomenon, opting for seaweed gathering over traditional fishing. Emerging gracefully like a synchronized swimming routine, one of his legs breaks the surface as he gathers seaweeds. His daily routine in Cavite’s coastal waters resembles a coordinated aquatic spectacle, providing both sustenance and relief from the sweltering El Niño heat. NONIE REYES C. Aquino. “T he whole DTI organi zat ion extends sincere condolences to Joecon’s fam i ly and f riends, acknowledg ing his enduring impact on Phi l
CONCEPCION: Democracy icon to economic builder. PHOTO FROM MAKATI BUSINESS CLUB
JOE

CONGLOMERATE DMCI Holdings Inc. said its income fell 20 percent to P24.9 billion last year from the P31.1 billion it recorded in 2022.

Cthe company has allocated some P140 billion in capital expenditures (capex) this year similar to last year’s budget. Some P41 billion w ill go to power f ir ms Mani la Electric Co. and Global Business Power Cor p. Tolls roads operator Met ro Pac i f ic Tollways

Cor p. (MP TC) w i ll get P28 bi ll ion, whi le West zone concessiona ire Mayn i lad Water Ser v ices Inc. w i ll receive P31.4 bi ll ion based on its rate rebasing plan. “It’s a combination of loans and some of us being able to get the values of our existing assets, and dividends,” Revilla said.

Among the company’s core businesses, power had the largest contribution at P15.2 billion or 62 percent of net operating income last year while toll roads and water contributed P5.8 billion and P4.4 billion, respectively.

Core net income was up 38 percent to P19.5 billion from P14.2 billion in 2022, the company said.

“All of our core business segments performed consistently well in 2023 Meralco’s power generation business

HELL

Core net income declined by 20 percent to P24.7 billion from P31.2 billion, which excludes a 2022 nonrecurring loss of P93 million mostly from the asset write-down of two gas turbines under Southwest Luzon Power Generation Cor p. and a net non-recurring gain of P46 million mostly attributable to gain on sale of land by DMCIHomes last year

For t he four t h qu a r ter alone, DMCIHold ings recorded a consol idated net income of P4.7 bi ll ion, a 36-percent inc rease f rom P3.5 bi ll ion last yea r due to higher revenues and better prof it ma rg ins. Consequently, consol idated core ea r n ings ju mped by 30 percent to P4.6 bi ll ion f rom P3.6 bi ll ion. Consol idated revenues rose by 8 percent to P30.4 bi ll ion f rom P28. 3 bi ll ion on higher coal expor ts.

Sem ir a r a M i n i ng and Powe r Cor p.’s contribution declined by 30 percent to P15.8 billion from P22.7 billion on the combined effect of all-

DMCIHomes cont ributed P4.6 bi llion in core ear nings, a 2- percent inc rease f rom P4.5 bi ll ion because of better sell ing prices and higher income f rom rental and for feit ure fees.

Aff i l i ate Mayn i lad Water Serv ices Inc., t he West zone concessiona ire, cont ributed P2.1 bi ll ion, a 42-percent hi ke f rom P1.5 bi ll ion on accou nt of higher water product ion, bi lled volu me and adjusted ta riff. Cont ribut ion f rom DMCI Power went up by 29 percent to P959 m i ll ion f rom P742 m i ll ion on higher

PLDTInc. has secured a P1-billion green loan facility from HSBC Philippines which the company will use to bankroll its network expansion.

is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline. Traffic on our toll roads under MPTC is rising by double digits and Maynilad is benefiting from the catch-up of delayed tariff increases,” MPIC Chairman, President and CEO Manuel V. Pangilinan said.

“We are working hard to make 2024 another banner year for MPIC and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead.”

Revenues for Me r alco rose 4 percent to a record P443.6 bi ll ion, reflect ing increased pass-t hrough c h a rges and g rowt h i n volu mes sold. Repor ted net income rose 34

percent to P38 bi ll ion. For MPTC, toll Revenues grew 19 percent to P27.2 billion due to a combination of toll rate increases and traffic growth in the Philippines and Indonesia.

Core net income, however, increased by only 2 percent to P5.8 billion as revenue growth was tempered by the higher concession amortization on newly opened roads and financing cost of the acquisition of Cikampek Elevated Road or Japex, in Indonesia.

Revenues of Mayni lad, meanwhile, grew 19 percent to P27.3 billion on a 2-percent growth in billed volume and higher effective tariffs.

Core net income rose 51 percent to P9.1 billion due to lower operating costs resulting from the extension of the concession period. VG Cabuag

This is HSBC’s first green loan facility to a Philippine-based teco.

According to a disclosure to the stock exchange, the amount w i ll “partially fund the ongoing nationwide modernization and expansion of its fiber network supporting internet deliver y platforms such as fiber fixed broadband, mobile data ser vices, and carrier-grade WiFi.”

“The availability of sustainable financing facilities will help PLDT’s commitment to ensuring long-term profitability by doing business responsibly. We are pleased to start this journey with HSBC and anticipate further expanding our sustainable financing portfolio with other sustainability projects,” PLDT CFO Danny Yu said.

Yu said the intended use of the loan is in line with the Green Loan

Principles, specifically focusing on achieving energy efficiency.

Fiber cables, based on studies, generate less heat and eliminate the need for cooling systems, resulting in minimal energy loss.

T he PLDTGroup is c urrently implementing its decarbonization roadmap, which aims o reduce Scope 1 and Scope 2 greenhouse gas emissions by 40 percent by 2030, building on a 2019 baseline.

PLDT’s first-ever Green Loan facility is affirmation that our efforts to pursue the twin-goals of energy efficiency and reduced carbon emissions are appreciated and supported by the financial community. We are thankful to HSBC for helping PLDT carr y out our commitment of stewardship of the planet for the next generation,” PLDT Chief Sustainability Officer Melissa Vergel De Dios said.

As of end-December 2023, PLDT said it has over 1.1 million cable kilometers of fiber infrastructure.

PLDT is set to announce its 2023 full year financial results on Thursday.

BusinessMirror Editor: Jennifer A. Ng Companies B1 Thursday, March 7, 2024 Sharp coal correction pulls down ’23 income of DMCI MPIC reports strong financial results
builds more cell sites to boost coverage ‘LRT-1 Cavite extension is 97% done’ LIGHT Rail Manila Corp. (LRMC) sa id on Wednesday t h at 97 percent of the LRT-1 Cavite Extension Phase 1 has been completed, prompting a ranking official to say that the company is bullish about meeting its target opening in the fourth quarter LRMC President and CEO Juan F. Alfonso expressed optimism about the project’s advancements. “We are optimistic about the progress achieved in the LRT-1 Cavite Extension Phase 1 project. This significant milestone is a testament to the perseverance and dedication of our team and our contractors, all working together to make this project come to life connecting countless residents in the south of Metro Manila and nearby provinces.” The civil and system works are rapidly advancing to ensure a “smooth and timely opening,” he added. The progress of the five new stations is notable, with Redemptorist Station at 93 3 percent, MIA Station at 93.5 percent, Asia World Station at 83 percent, Ninoy Aquino Station at 88 percent, and Dr Santos Station at 94.1 percent. Lorenz S. Marasigan PLDT bags green loan from HSBC
unveils new charging stations “We saw sh a r p correct ions in commod ity and energy prices in 2023 but because our businesses d id ver y well in ter ms of product ion and sales volu me, we managed to prevent a severe decl ine in our prof itabi l ity,” DMCI Cha ir man and President Isid ro A. Consu nji sa id. Average Newcastle and Indonesian coal index 4 prices dropped by 64 percent and 26 percent, respectively, while Philippine freight on board nickel price (for 1.3 percent Ni) declined by 30 percent. Average effective spot settlement price for all grids across the Philippines went down by 18 percent, the company said. Consol idated revenues d ropped by 14 percent to P122.8 bi ll ion f rom P142.6 bi ll ion t he prior yea r due to nor mal i z i ng coal, n ickel and elect ric ity prices, alongside a slowdown in const ruct ion and real estate act iv it ies, and an inc rease in revenue reversals stemm ing f rom t he cancellat ion of real estate sales. T he company
contributions from the real estate, off-grid energy and water ut i l ity businesses muted t he impact of lower cont ribut ions f rom t he integ rated energy, n ickel and const ruct ion subsid i a ries.
Globe
Shell
sa id
time high coal shipments and electricity sales amid stabilizing prices.
g ross generat ion and elect ric ity d ispatc h D.M. Cons u nji Inc., t he const ruct ion f ir m, recorded a 2- percent d rop in net income to P573 m i ll ion f rom P587 m i ll ion due to lower project accompl ishments on fewer ongoing projects. DMCI M i n i ng cont ri b u t i on plu nged by 49 percent to P655 m i llion from P1.3 billion on lower nickel prices and higher shipping costs.
ONGLOMERATE Met r o Pac if ic Investments Cor p. (MPIC) said its attributable net income last year surged 90 percent to P19.91 billion from the previous year’s P10.49 billion. T he company, whic h del i sted from the stock market last year, said operating revenues rose 20 percent to P61.32 billion from the previous year’s P50.88 billion. June Cher yl A. Cabal-Revilla, the company’s CFO, chief sustainability officer and chief risk officer said
S
Pilipinas Cor p. (SHLPH) recently launched electric vehicle charging stations (EVCS) at three mall locations in partnership with Ortigas Land Cor p. Shell Head of E-Mobility and Innovations Jolo Valdez said the oil firm ended last year with over 25 charge points across eight locations.
are looking at introducing more chargers this 2024 with more industr y partners.” Two of its EV charging stations are powered by renewable energy (RE). Valdez said these are in SLEX Mamplasan thru Shell Energy Philippines and a destination charger in partnership with NEO located at Seven|NEO in Bonifacio Global City. Its se r v ice stat ion along t he Ta rlac-Pangasi nan-La Un ion Expressway is partially powered with renewable thru on-site solar facilities. Valdez also said its Shell Mobility station located in the North Luzon Expressway in Tabang, Bulacan is also 100 percent powered by RE. “We have approximately 150 other mobility stations powered with on-site solar technologies.” In November 2023 SHLPH formally included EVCS in its business. Valdez said the company will continue to look for opportunities to expand its EVCS business. “Shell Pilipinas will have a demand and partnership approach to grow our charging station footprint. We will grow where there is strong customer demand at pace with society.” The Department of Energy (DOE), SHLPH and Shell Energy Philippines (SEPH) signed a tripartite agreement on the deployment of EVCS. Under t he 3 -yea r ag reement, SHLPH committed to deploy Shell Recharge EVCS powered by RE from SEPH, the retail electricity supplier (RES) of Shell companies in t he countr y. The memorandum of agreement is anchored on the goals and targets of the Philippine Energy Plan 20202040 for the transition towards clean energy fuels and technologies. It will also provide the support infrastructure for the 10-percent target penetration rate of EVs for road transport by 2040.
“We
LOBETelecom Inc. on Wednesday sa i d i t expanded i ts netwo r k i n 202 3 add i ng 1,217 new cell s ites and u pg r aded 6,975 ex i st i ng mob i le s ites to 4G LTE tec h nology. As ide f rom t hese, Globe sa id it act i vated 894 new 5G s ites i n response to “c urrent ma rket dynami cs,” offe ri ng i mp roved b rows i ng expe rience for c u stome r s seek i ng faste r and mo r e eff i c i ent connect i v ity. Mo r eove r, t h e company deployed ove r 199,000 f ibe r -to-t hehome (FTTH) l i nes to max i m i ze t he u se of ex i st i ng f ibe r i nventor y and cater to t he “ u nderser ved prepa id f i be r ma r ket.” “O ur p riorit ies rema i n cons i stent and foc u sed on del i ve ri ng networ k b ui lds and opt i m i z i ng netwo r k se r v i ces ac r oss all r eg ions and te rritories to expand and st r engt h en o ur cove r age ac ross t he cou nt r y. T hese days, connect i v ity i s l i fe-enabl i ng, and Globe cons i stently b ui lds u p its networ k to ens ure t h at no one i s left be hi nd,” sa id Joel Ag u st i n, SV P and Head of Networ k, Plann i ng, and Eng i nee ri ng at Globe. Last yea r Globe spent $1. 3 b i ll ion i n cap ital expend it ures, maj ority or 91 pe rcent of w hi c h was allotted to boost data i nf r ast ru ct ure to add ress t he i nc reasi ng demand for data connect i v ity t h at surged duri ng t he pandem ic’s d i g ital s hi ft. After f rontload i ng network development i n recent yea r s, Globe h as t ri mmed its capex i n 2024 to $1 b i ll ion f rom $1. 3 b i ll ion i n 202 3 T h ese cost-c u tt i ng meas ures a re expected to cont i nu e i nto 2025, w it h t he company ta rget i ng a capex below $1 b i ll ion. Globe expects its revenu es to cont i nu e g row i ng by “low to m ids i ngle d i g i t” t hi s yea r, almost si m i la r to its per for mance i n 2023 du e to econom i c headw i nds. In 202 3 Globe saw its p rof its dw i ndle by 29 pe rcent to P 24.58 bi ll ion f rom P3 4.61 bi ll ion, due to hig her deprec i at ion expenses coupled w it h non-ope r at i ng c h a r ges t h at f u lly offset t he t hree-percent i nc rease i n revenu es. Globe’s top line stood at P162.33 bi ll ion, a new record high f rom P157.98 bi ll ion as its mobi le and cor porate data businesses as well as non-telco ser v ices posted robust g rowt h.” Lorenz S. Marasigan BUSINESSM RROR FILE PHOTO BUSINESSM RROR FILE PHOTO By VG Cabuag @villygc

(FTAA). In addition, the DOF proposed earlier the imposition of a

With the proposed refined priority tax measures t hroug h t he RMFR, the DOF expects the state to ea r n P37.52 b i ll ion i n revenues if HB 8937 is enacted. (See: https: // businessmirror.com.

ph / 2022 /0 8/ 24 / bill-sees-gov tearning-% e2 %8 2 % a 7 3 7- 5 2bfrom-new-mining-fiscal-regime/)

‘Unstable environment’

ACCORDING to the DOF, Adriano met with members of the following:

AChamber of Mines of the Philippines (COMP); advocacy group Bantay Kita Inc.; Philippine Nickel Industr y Association (PNIA); and, governmentrun organization Philippine Extractive Industries Transparency Initiative (PH-EITI). Representatives from the Bureau of Internal Revenue (BIR) and the National Tax Research Center (NTRC) also attended the briefing, according to the DOF.

The DOF said those who attended the meeting expressed support for their proposal, even giving inputs to remedy the “unstable policy environment.”

Finance Secretar y Ralph G. Recto said the Philippines’s mining potential remains untapped despite beginning the discussions to rationalize the countr y’s mining fiscal regime in 2012. Recto said that with the proposal, the nation will finally receive its rightful share of mining revenues to fund the countr y’s development goals. “We are always willing to work with stakeholders to improve our proposals. I trust that Congress will also throw their support behind this long-overdue reform. The passage of this reform will establish a predictable and stable policy environment that is conducive to investments,” Recto added.

Legislative agenda

LAST year the Lower House approved with amendments, HB 8937, “seeking to enhance the fiscal regime for the mining industr y.” “T he bill wou ld amend and create sections in Republic Act 8424 or the ‘National Internal Revenue Code of 1997,’ as amended. Salient features of HB 8937 include: increasing the gover nment’s equ al sh a re of nat ur al reso urce ext r act ion; implement ing a rat ional i zed f iscal reg ime for large-scale metallic mining and, promot ing accou ntabi l ity and openness in t he h andl ing of resources produced f rom ext ract ive indust ries,” read a statement by t he House of Representat ives dated September 18, 2023

According to Congress, the bill also imposes a 3 -percent royalty fee on large-scale metallic mining operations w ith mineral reser vations. Under HB 8937, small-scale metallic mining companies would be subject to one-tenth of one percent of gross output of the mineral products extracted. The measure is principally authored by Albay Rep. Joey Sarte Salceda, Nueva Ecija Rep. Mikaela Angela B. Suansing and Camarines Sur Rep. Luis Raymund F. Villafuerte, among others.

Aside from the RMFR, the DOF’s legislative agenda includes the following: imposing a value-added tax on digital ser vice providers; the imposition of excise tax on single-use plastics; Package 4 of the Comprehensive Tax Reform Program; and, the reform on the motor vehicle users’ charge.

TT hi s i s t h anks to t he “Asean

Nex us” platfor m t h at, accord ing to the Bangko Sentral ng Pilipinas (BSP), may be “ready-for ser vice” by July 2026.

In a briefing last Wednesday, BSP Governor Eli M. Remolona Jr the platform will allow cross-border payments between and among countries with fast-payments systems—like the countr y’s InstaPay—for a fraction of the cost.

“Once it’s in place, once it’s operational, we’re hoping that remittances can be sent to the Philippines ver y

cheaply. Without going to correspondent banks, the money from dollars can be changed into pesos and back into ringgit within the platform. To me, it’s a ver y promising platform for c ross-border payments,” Remolona said. Remolona said, however, the platform’s reach will be limited to countries with fast-payment systems such as members of the Association of Southeast Asian Nations (Asean) like Malaysia, Indonesia and Singapore. Countries like India and Brazil, who also have fast payments sys-

Ato enable them to work in Singapore.

The Institute of Singapore Chartered Accountants (ISCA) and the Phi l ippi ne Inst it ute of Cer t i f ied Public Accountants (Picpa) signed a Memorandum of Understanding in the citystate Tuesday.

“T his MOU is a collaborat ion to t r a i n aspiri ng C h a r tered Accou ntants and suppor t t he professional development of accountants in Phi l ippines t hrough ISCA’s cer -

DIGITAL payment fo r t h e miscellaneous fees charged by the Bureau of Customs (BOC) will soon be possible through the online portal of the Landbank of the Philippines (LandBank). In a statement, the BOC said it signed a Memorandum of Agreement (MOA) with LandBank for the use of the latter’s Link.BizPortal which will facilitate the digital payment of the bureau’s miscellaneous fees.

“T hrough Landbank’s Link.BizPortal, we are not only facilitating smoother transactions but also fostering greater transparency and accountability,” Commissioner Bienvenido Y. Rubio was quoted in the statement as saying.

T he por tal can accommodate small and la rge-value payments

t if icat ion prog rams suc h as susta i nabi l ity and for joi nt topical workshops and sem i na rs,” Fann Kor ISCA c hief exec ut ive off icer told BusinessMirror Kor said the trainings can help eligible Filipino accountants to become a member of ISCA. ISCA membership require completion of the Singapore CA Qualification program, developed in Singapore and aligned with international standards.

“Once membe r s hip pat hways are established between both bodies, there will be enhanced recognition for accounting professionals in Philippines and Singapore,” she said.

and allows real-time debit from the payor’s account and batch credit to the merchant’s account. It can also generate and issue online payment confirmations via email and other f u nct ions t h at w i ll i mprove t he transaction experience of stakeholders, the bureau added. In its efforts toward digital transformation, the bureau said that the use of a digital payment system will further increase its operational efficiency, cut down bureaucratic red tape, and improve the overall deliver y of ser vice.

By adopting LandBank’s portal, the BOC said it seeks to expedite payment procedures, reduce delays and provide a more convenient and userfriendly experience for stakeholders.

Deputy Commissioner of Revenue

land expressed these central banks’ expectations the RPC will benefit micro-sized, small-scale, and med ium-sized enter prises (MSMEs).

The Asean central banks added they expect the RPC to be a significant contributor to accelerating regional economic recover y and promoting inclusive growth

The RPC is also expected to facilitate the participation of MSMEs in international markets. The cooperation will include a number of modalities, including QR codes and fast payment.

The implementation of cross-border payment connectivity ser ves to support and facilitate cross-border trade, investment, financial deepen i ng, rem ittance, touri sm, and other economic activities, as well as a more inclusive financial ecosystem in the region.

The payment connectivity initiative could be expanded to include other countries in the region and potentially other partner countries outside the region.

with

At present, Filipino accountants can already work and provide accountancy ser vices in Singapore, and vice versa for Singaporeans, if they are registered as ASEAN Chartered Professional Accountants. However, public accountants require domestic licensing to practice in the other jurisdictions. Thus, the MOU does not cover this.

Nonetheless, the MOU will create opportunities for accountants from both countries to participate in exchanges and business networking, as well as leverage upskilling and professional development opportunities. ISCA is also taking advantage of

Collection Monitoring Group Atty. Clarence S. Dizon, Acting Deputy Commissioner of Internal Administration Group Michael C. Fermin and Officer-in-Charge of the Management Information Systems and Technology Group K riden F. Balgomera witnessed the ceremonial signing.

Meanwhile, LandBank’s President and Chief Executive Officer Lynette V. Ortiz extended their support to the BOC and expressed its intention to do their part in “serving the nation.”

According to the BOC, this partnership marks a “collective effort in the continuous pursuit to enhance, digitize, and simplify government services in accordance with one of President Ferdinand Marcos Jr.’s eight-point socioeconomic agendas to improve bureaucratic efficiency, prioritize digita-

Singapore’s foothold in the Philippines, being one of the top sources of foreign direct investments and a major trading of the Philippines. There are 1,430 accounting firms, 42,000 active accountants and more than 1 million business enter prises in the Philippines.

“It’s an exc it i ng t i me for t he p r act i ce of acco u ntancy i n t h e Phi l ippi nes. T hi s ag reement w i ll open more oppor t u n it ies to Fi l ipi no C PAs to pr act ice t he ir profession i n i nter nat ional ma rkets, i nclud i ng Si ngapore and ot her i nter nat ional territories,” Randy B. Blanza, PIC PA nat ional president and lawyer sa id.

lization, harmonize, and standardize governmental processes.”

Recently, the BOC announced it collected P70.601 billion in revenues for Februar y this year on the back of enhanced strategies and technological advancements which enabled the agency to optimize its procedures and trade facilitation efforts.

T he Cu stoms bureau’s Februar y collections exceeded its target of P66.207 billion and generated a surplus of 6.64 percent or P4.393 billion, based on its preliminar y report.

The BOC has earned a total of P143.93 bi ll ion i n t he f irst two months of the year with a 2024 revenue target pegged at P1 trillion, higher by 15 to 20 percent than it collected last year according to Commissioner Rubio. Reine Juvierre Alberto

BusinessMirror Editor: Dennis D. Estopace Thursday, March 7, 2024 B3 www.news.businessmirror@gmail.com Banking&Finance BSP to make remittance cost cheaper via Asean pay setup By Cai U. Ordinario @caiordinario
WO years from now, Overseas Filipino Workers (OFWs) and their families may be able to enjoy a cheaper way to send and receive remittances. tems, can be added to the platform. However countries like the United States or those in the European Union who do not have fast payment systems, cannot join. “The nice thing about this platform is it’s completely scalable. It’s decidedly scalable from the beginning so that anybody else who has a fast payment system can just attach themselves to this platform,” Remolona said. “This is an international effort, by the way. So we’re being helped by the Bank of International Settlements (BIS) to develop this. It will be two years’ wait,” the central bank governor added. Last year, the BSP and five other central banks in Southeast Asia signed the Regional Payment Connect iv ity (R PC) cooperat ion t hat will allow cross-border payments to become more seamless. A joint statement by the BSP the Bank Indonesia, the Bank Negara Malaysia, the Monetar y Authority of Singapore and the Bank
Thai-
of
DOF eyes 4-tier royalty on income from mining
By Reine Juvierre Alberto THE Department of Finance (DOF) is proposing the imposition of a 4-tier margin-based royalty ranging from 1.5 percent to 5 percent on income from mining operations outside of mineral reser vations. According to the DOF, the proposal was raised during a briefing on priority tax measures by Fiscal Policy and Monitoring Group (FPMG) Officer-in-Charge Undersecretar y Karlo Fermin S. Adriano for miners, mining stakeholders and members of civil society groups. According to the DOF, its proposed “Rationalization of the Mining Fiscal Regime” (RMFR) policy would simplify the tax system, ensure the government’s fair share in mining revenues and establish good governance in the mining industr y. “This is just the first step. We can be a major player in this global economy in terms of mineral production. We just have to realize it with the right policies,” Adriano was quoted as saying during the briefing last Wednesday. Under the DOF’s proposal, the 4-t ier ma rg i n-based royalty w i ll make it simpler for investors and the Bureau of Internal Revenue (BIR) to compute the corresponding tax rates as compared to the 8-tier structure proposed by House Bill (HB) 8937. Priority tax TWO years ago, the DOF expressed that the imposition of a royalty rate of up to 5 percent applicable to all large-scale mining operations will generate an incremental revenue of about P5 billion. In light of the sudden increases in the world prices of metal, the DOF is also proposing a 4-tier marginbased windfall profits tax rate ranging from 1.5 percent to 10 percent on income from mining operations. According to the DOF, mines
government
government
SSS calls on members to avoid fines via ‘Cono Loan’ SG eyes Filipino accountants via deal
PHL group BOC taps Landbank hub for digital transactions
operating within a mineral reser vation are taxed under the current regime. Mining obligations var y depending on the mining agreement, which can be undertaken via the Mineral Production Sharing Agreement and Financial or Technical Assistance Agreement
minimum
share when the basic
share is less than 60 percent of the net mining revenue, saying that this is only applicable to FTAAs.
N official of the Social Security System (SSS) is calling on SSS members with unpaid shor t-term loans to avail of the state-run pension manager ’s loan condonation program to waive the penalties of their unpaid loans. To help private employees availing of the state pension fund regain their good standing with the SSS and once again avail of its loans, SSS said the penalties of its members with pastdue loans are now condoned through its “Consolidation of Past Due ShortTerm Member Loans with Condonation Penalty,” or “Conso Loan.” “We listen to the clamor of our members and one of which is to offer a condonation program for those who have past-due loans,” SSS Executive Vice President for Investments Sector R izaldy T. Capulong said. Capulong explained that under the SSS’s “Conso Loan” program, the principal and interest of a member’s past-due short-term member loans will be combined by the SSS into one consolidated loan. Upon full payment of the consolidated loan, all unpaid penalties shall be consolidated and condoned or waived. Members who are qualified to avail of the program are those with outstanding loan obligations in their salar y, calamity, emergency, and restructured loans, including the Salar y Loan Early Renewal Program (SLERP), Capulong added. Those interested in availing of the program must have a past-due short-term member loan at the time of their application, have not been granted any final benefit such as permanent total disability or retirement, have not been disqualified due to fraud committed against the SSS, and have an active My.SSS account. Members may submit their application for the “Conso Loan” program online through their My.SSS account. A one-time payment of the consolidated loan within 30 calendar days after receiv ing the approval notice may be paid by the member or they may also choose to pay through installment. Under the installment scheme, members must pay a down payment equivalent to at least 10 percent of the consolidated loan within 30 calendar days after receiving the approval notice. The remaining balance may be paid for up to 60 months, wherein the length of the installment term depends on the amount of the unpaid loan, Capulong added. However, if the member fails to meet the payment terms based on the consolidated loan agreement, SSS will deduct the outstanding balance of the consolidated loan from the short-term benefits, such as sickness, maternity, or partial disability benefit claims. The final benefits, such as permanent total disability, death and retirement w ill also be deducted, as authorized by the Social Security Commission (SSC). The outstanding balance of the consolidated loan may also be deducted from the death benefit of the members’ beneficiaries or the actual final benefit claims. “We want to persuade our members with unpaid loans to grab this opportunity to pay their past-due loans without penalties through an easy payment scheme. We launched this program as a relief to aid our members who find it challenging to fulfill their loan obligations with the SSS. This offer is available while the program lasts,” Capulong was quoted in a statement as saying. By Malou Talosig-Bartolome
CCOUNTING groups in the Philippines and Singapore have joined hands to train thousands of Filipino accountants
MALLER c r yptoc urrenc i es a re starting to pull ahead of recordsetting Bitcoin as traders bet the tokens are next in line to test all-time peaks. An index tracking the bottom half of the largest 100 digital assets is up about 60 percent over the past month beating the 56 percent advance in Bitcoin. During the same period, the overall value of tokens jumped by more than $800 bilion, according to data tracker CoinGecko Market obser vers contend there are growing such signs of speculators rotating away from the largest digital asset into smaller rivals that have lagged in the Bitcoin-led cr ypto recover y that began last year “Our desk has been seeing strong flows and more excitement on non-Bitcoin assets recently,” said David Lawant, head of research at cr ypto prime broker FalconX. At one point five times as much investment was flow ing into Bitcoin compared with second-ranked Ether but that has dropped to two times, he said. Bitcoin dominance COINS like Ether remain some way off hitting all-time highs, a reflection of the intense focus on Bitcoin amid the launch of landmark US exchange-traded funds for the token as well as an upcoming reduction in its supply growth “Bitcoin’s market dominance typically tops out in the weeks following an all-time high breakout,” Vetle Lunde, a senior analyst at K33 Research, wrote in a note. He added that ramped-up bets on altcoins are a typical feature of an “all gas, no brakes stage of the market.” Frothy wagers on Bitcoin have washed across the derivatives sector evidenced by metrics such as elevated costs for perpetual futures and unprecedented levels of open interest or outstanding contracts at Chicago-based CME Group’s Bitcoin futures market. Bloomberg News Cryptocurrencies’ $800-billion rally widens beyond record-setting Bitcoin

Health& Fitness

CCORDING to the 2021 Expanded National Nutrition Survey (ENNS) of the Food and Nutrition Research Institute (FNRI), about one in every five or 21.6 percent of infants and young children from zero to 23 months old in the Philippines suffer from stunting.

be worked out when it comes to dealing with hunger and malnutrition, which are big contributory factors to stunting.

What is “stunting?”

THE World Health Organization (WHO) said “low height-for-age” or “stunting,” is the “result of chronic or recurrent undernutrition, usually associated with poor socioeconomic conditions, poor maternal health and nutrition, frequent illness, and /or inappropriate infant and young child feeding and care in early life. Stunting holds children back from reaching their physical and cognitive potential.”

Act 11148 or the “First 1,000 Days Law” which was enacted in November 2018. The law calls for the “scaling up the national and local health and nutrition programs through a strengthened integrated strategy for maternal, neonatal, child health and nutrition in the first 1,000 days of life,” the first 1,000 days being the period from a child’s conception to the second birthday, but so much still needs to

milk provides, and other foods and liquids are necessary to meet these needs.”

The survey also showed that children three to five years old and living in rural areas suffer greatly from stunting at 29 percent compared to 23 percent for those residing in urban areas. Gender-wise, the female preschoolers suffer more of stunting compared to the male ones, and those living in poor families suffered the most from stunting compared to children living with rich families.

Groups committed to fight stunting

THE Department of Social Welfare and Development (DSWD), through Secretary Rex Gatchalian, said that the administration of President Ferdinand Marcos Jr. is committed to fight stunting in the country. He pointed to the DSWD’s proposal to introduce a First 1,000 Days (F1KD) Grant in the Pantawid Pamilyang Pilipino Program or “4Ps,” a grant designed to motivate families within the 4Ps framework, particularly those with pregnant women and young children under two years old, to seek health services and be able to afford nutritious food.

Going back to the EENS, it revealed that among the 21.6 percent of infants and young children from zero to 23 months old in the Philippines suffering from stunting, the condition is more prevalent in the 12 to 23-month-old or one to two-year-old age bracket compared to the six to 11 months old. The FNRI said this can be attributed to the transitioning phase to complementary feeding, “when a child’s nutritional and energy needs start to exceed what the breast-

CERVICAL cancer is a type of cancer affecting the cervix. It is considered a preventable disease and is curable when detected early.

However, the Department of Health (DOH) said it remains the second most common type of cancer among Filipino women ages 15 to 44 years old.

To create awareness of the urgent issue of cervical cancer, Women Workers for Health Empowerment Network (WHEN), launched “Stronger Together than Cancer: A Cervical Cancer Elimination in the Workplace” campaign last March 3, 2024.

The launch was in partnership with Jhpiego through its Centralized Laboratory Model for HPV Screening (CLAMS) Project, Quezon City Health Department, Department of Health, Department of Labor and Employment (DOLE), and partners, and took place at the Bantayog ng mga Bayani in Quezon City.

Aligned campaign

THIS initiative aligns with DOLE’s work-

place cancer prevention guidelines and contributes to DOH’s national cancer control program, focusing on improving screening coverage and providing CCErelated information and services in the workplace.

Dr. Julie Caguiat, WHEN Convenor, emphasized that this campaign is a significant milestone for our community.

“By collaborating with different community partners and women workers, we aim to create a healthier workplace and contribute to the broader effort of eliminating cervical cancer. Prevention starts by empowering women to take charge of their health, and together, we can make a difference,” she said.

“The Stronger Together than Cancer campaign will popularize women-led and worker-led initiatives for improved sexual and reproductive health outcomes, safer and healthier workplaces, and provide crucial information and services to women workers facing access challenges,” added Caguiat.

SBy John Eiron R. Francisco

LEEPASIL, one of leading food supplements for sleep and stress relief in the Philippines recently celebrated its 18th year in the market with a new look and broader visions.

The brand, which has been trusted by millions of Filipinos since 2004, recently underwent a packaging redesign and a brand positioning relaunch. The new packaging features a streamlined and contemporary appearance that reflects the brand’s premium quality and innovation.

“I saw its growth from the way it was before.

Sleepasil has been the leading food supplement in the country and right now we’re on our way

back there,” Sleepasil Associate Brand Manager Alex Bravo told B USINESS M IRROR The new brand positioning, on the other hand, highlights the unique benefits of Sleepasil beyond melatonin. “Sleepasil is more than just melatonin. It is also made of chamomile, valerian root, and lemon balm, which are natural ingredients that help you relax, feel less anxious, and get ready for the next day,” Bravo said.

Uplifting, motivational BRA V O, who has been with the company for almost six years, said Sleepasil is designed to be more uplifting and motivational, striving to empower consumers to exceed their potential.

Learning of this development, the “Malusog at Matalinong Bata Coalition” (MMB Coalition), an alliance of advocacy groups, academics, and nutrition advocates committed to fighting stunting in the Philippines through policy reforms, welcomes the DSWD’s pronouncements on policies against stunting in the Philippines, and commends the Chief Executive’s efforts “to intensify the fight against stunting among the poor.”

“We laud the department’s initiative to advocate for the implementation of an F1KD Grant. Our dialogues with various stakeholders indicate a current lack of incentive

Transformative journey

JACQ RUIZ, WHEN Spokesperson, remarked, “Today marks the beginning of a transformative journey as WHEN joins hands with women to create empowered communities. Through collective efforts, we strive to enhance health empowerment for women workers, ensuring they have the tools and knowledge to protect themselves and their communities.”

The launch also conducted a comprehensive free screening event using the newest technology of HPV DNA through self-collection with the support of Roche. This momentous event introduced HPV DNA testing as a secondary prevention strategy, aiming to simplify cervical cancer screening for women.

“Since 2021, Jhpiego has worked closely with DOH, local government health offices, the private sector, and civil society organizations, introducing innovative approaches like HPV DNA testing through self-collection. Regular cervical cancer screening is not just a health measure; it is an act of empowerment

“The more inspirational side of things is that hindi lang ito melatonin [this is not just melatonin], this is actually helping you be more than what you can be. Because when you have a good night’s sleep, you can do more, you can achieve more, you can live more,” he added.

Meanwhile, one of the Sleepasil Category Managers Isa told B USINESS M IRROR the company’s impressive 18-year tenure in the market, emphasized the trust earned from consumers that has sustained its longevity in the industry. She humorously referenced Sleepasil’s transformation as akin to receiving a visit from a “fairy godmother,” alluding to the magical rejuvenation of the brand.

Isa shared the meticulous redesign process, which involved transitioning from the old packaging to the smooth and modern design now available in leading drug stores across the Philippines and various online e-commerce platforms.

In

to report births of newborns and infants, as this would merely increase the required health and nutrition conditions to be met, without any additional financial assistance for the declared dependents,” the MMB Coalition said in a statement.

The group said that by introducing a dedicated grant for the crucial first 1,000 days, “we anticipate a rise in the registration of children under two years old within the program, as the grant would provide a tangible incentive to help beneficiary households afford healthcare for pregnancies, newborns, and infants.”

Gatchalian added that the President’s social financial assistance programs, being provided to the poorest of the poor, are protected from the impact of inflation.

“We back the indexation of financial grants to inflation. We contend that this approach stands as one of the most strategic measures to empower impoverished families to enhance their dietary intake with meat, fresh eggs, and vegetables, thereby ensuring a well-rounded diet and better nutritional sources,” the coalition emphasized.

The group also pointed out that aside from being a health crisis, stunting is also a socioeconomic challenge that is closely linked to poverty. They said that confronting stunting “is an essential measure towards disrupting the persistent cycle of intergenerational poverty in our nation.”

“We are encouraged by these positive strides from the DSWD and remain optimistic that the community will join in supporting the initiatives to combat and ultimately eliminate stunting in the Philippines. We are convinced that such efforts are critical to laying the groundwork for a flourishing future for our nation’s youth.”

THE Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the research-based pharmaceutical sector in the country, is strongly advocating the creation of a Circle of Care that will not only support cancer patients in their journey but their carers as well.

Dr. Diana Edralin, PHAP President and General Manager of Roche, emphasized the need to treat cancer patients holistically because the disease is not only affecting the patient physically, but mentally and emotionally as well.

“Treating a person as a whole is a marathon, not a sprint. It will not end tomorrow; in fact, we do not know when it will end. We need inspiration and support to continue with that journey. We need to pay attention to what is needed beyond medicines and we also need to nourish the mind, body and spirit,” she said.

Dr. Edralin was one of the panelists in the discussion titled “Creating a Circle of Hope: Supporting Everyone on the Cancer Journey.” It was part of the Philippine National Cancer Summit 2024 which was held last February 29 to March 1, 2024 at the Novotel Hotel. The theme of the summit was “Advancing Integrated Cancer Care Systems for the Filipino.

The other panelists were Dr. Necy Juat of the Philippine Society of Medical Oncology; Dr. Jun Ruiz, a gastroenterologist at The Medical City; Kathe Koran “Nikoy” De Guzman, Spokesperson of ICANSERVE Foundation Inc; and Carmen Auste, CEO of the Cancer Warriors Foundation. The panel discussion was sponsored by PHAP with the support of Teodoro Padilla, PHAP Executive Director.

Strokes of hope

THE PHAP president also introduced Roche’s “Strokes of Hope” advocacy which “support health and wellness activities of patients, survivors and caregivers through a meaningful art workshop that will help them express their inner thoughts and emotions and will enable them to explore positive outlets through art.”

“This creative process will support our patients’ growth, increase insight, decrease stress, heal trauma and improve interpersonal relationships; therefore achieving a sense of fulfillment that will give them more hop as they fight cancer,” read the description of the program.

and self-care. By taking charge of your health, you contribute to the well-being of your community and future generations. This aligns with WHO’s strategy to eliminate cervical cancer globally by 2030,” said Dr. Ingrid Magnata, Jhpiego Country Program Manager.   “Jhpiego is committed to promoting women’s health globally. The Cervical Cancer Elimination in the Workplace Campaign is a testament to that commitment. Together with our partners, we aim to create a workplace where every woman’s health is a priority,” she added.

The DOH reminded the following measures can help reduce the risk of having cervical cancer:

Having only one sexual partner; Delaying the first sexual intercourse; Consistent and correct use of barrier contraceptives, like condoms during sexual intercourse; Vaccination of anti-cervical cancer vaccine (HPV vaccine); and Adopting a healthy lifestyle, especially stopping cigarette smoking.

The discussion also highlighted the need to look after the carer. Auste defined a caregiver as someone who is paid to look after a patient. A carer, on the other hand, is a family member, a neighbor or a friend who is tasked to look after the patient without any pay involved.

According to Auste, the patient groups are drawing up the provisions of a Carer Law that will extend much needed support to them. These provisions will include a paid carer’s leave which will allow them to go on leave with pay and transportation and travel discounts for carers who need to accompany their loved ones to their check-ups.

“It is also important that carers be given health cards because as they look after their patients, they forget to look after themselves and eventually, they end up being sick as well. There should also be provisions to prevent discrimination in the workplace for carers. The fact that carers have to look after a sick loved one should not hinder their chances of being promoted or from availing of training programs,” Auste added.

Capacitating carers

DR. Edralin added that there is also a need to capacitate carers because not everyone is trained to care for patients who are chronically ill. She pointed out that PHAP has partnered with the Department of Health to come up with Healthy Pilipinas which provides reliable information for patients and carers.

“Pharmaceutical companies are also pushing for the institutionalization of patient navigation so that those who are diagnosed with cancer will know where or what to do,” she said.

Dr. Edralin also reiterated the need for community support, for patients to connect with support groups and even use digital platforms to keep connected. It is also important to have an outlet where patients, carers and even doctors and allied medical professional can express their emotions and frustrations.

“Art therapy is a good way to relieve depression.

Strokes of Hope is the reminder of the day that you fell down but you know you survived. Art can be in different forms and the pharmaceutical industry is here to partner with you because ultimately, the person approach, the community approach, will complement what you have been doing and we will continue to listen to see how we can support your further,” she said.

To build a circle of hope, Dr. Edralin said this can be done by “bringing all this passion and energy together.”

While the journey will not be an easy one, Dr. Edralin said at the end of the day, “we need each other and we need to bring all our efforts together because this is the only way that this can be sustainable.”

“A person approach means that we have to continue to stay connected as human beings. Medicine is the art, the paint brush is the human connections,” she said.

BusinessMirror Thursday, March 7, 2024 B4
addition to the aesthetic overhaul, she outlined the strategic motive behind the rebranding effort, “we also want to reposition or relaunch the brand positioning of Sleepasil.” “We really want to differentiate Sleepasil and we want it to stand out for what it is unique for,” she added. Commitment reaffirmed THROUGH these initiatives, Sleepasil aims to not only revitalize its image but also reaffirm its commitment to providing consumers with a premium sleep aid solution that stands out in terms of quality, effectiveness, and distinctiveness. Furthermore, alongside the consumption of Sleepasil, personal tips from the company’s executive shared on how to get a better sleep, such as dimming the lights, keeping the room cool, and avoiding gadgets before bedtime. It is recommended to take Sleepasil an hour prior to sleeping for optimal effectiveness, emphasizing its efficacy in aiding relaxation and promoting restful sleep. “Because of the other active ingredients, you’re getting not just a melatonin supplement but also a stress relief supplement. So, in just one product, you are already getting multiple benefits that you don’t have to outsource from other stand-alone supplements,” she concluded. PHAP calls for creation of Circle of Care, Carers’ Law COMBATTING POVERTY IS KEY IN FIGHT VS. STUNTING IN PHL SLEEPASIL Beyond Melatonin—A new era of sleep and stress relief begins CAMPAIGN TO ELIMINATE CERVICAL CANCER IN THE WORKPLACE LAUNCHED The same survey also showed that stunting is prevalent among preschool children, affecting 26.6 percent of children aged three to five years old. It was also noted that stunting by age two can be permanent, irreversible or can be fatal. The World Bank, a global financial institution, also noted that “stunting in the first 1,000 days is associated with poorer performance in school, both because malnutrition affects brain development and also because malnourished children are more likely to get sick and miss school.” Among East Asian and Pacific region countries, the Philippines ranks as the fifth highest in terms of the number of stunted children. Speaking of the first 1,000 days of children, there is a law, Republic

www.businessmirror.com.ph

Bhave always been important to me ever since I could remember. I always received so much love from my family and become the most important day to spend with my immediate family. Maybe due to our volatile family room.

rosewater in your hands?” I was surprised and had my palms.

poetry. It also reminds me of the deepest pains I snapshot of the summation of my passions and my

to immerse and commit myself to discover that

will pave the way for you to share it and transcend it. sakopo me in what was supposed to be a simple year of pre-

Jude (because I cried in front of the principal). It was mother told me they feared that the smarts in our sakopo happily and as if it was the most important lesson in my life. I also art activity that my teacher showed me. I ended that in www.mycsart.com. parent education today. I have truly been blessed with my true family mentors who have patiently believed and supported inspiration to so many.

University of Colorado Anschutz Medical Campus

“YOU don’t count your children until the measles has passed.”

Dr. Samuel Katz, one of the pioneers of the first measles vaccine in the late 1950s to early 1960s, regularly heard this tragic statement from parents in countries where the measles vaccine was not yet available, because they were so accustomed to losing their children to measles.

I am a pediatrician and preventive medicine physician, and I have anxiously watched measles cases rise worldwide while vaccination rates have dropped since the early days of the Covid-19 pandemic due to disruptions in vaccine access and the spread of vaccine misinformation.

In 2022 alone, there were over 9 million measles cases and 136,000 deaths worldwide, an 18 percent and 43 percent increase from the year before, respectively. The World Health Organization warned that over half the world’s countries are at high risk of measles outbreaks this year.

The US is no exception. The country is on track to have one of the worst measles years since 2019, when Americans experienced the largest measles outbreak in 30 years. As of mid-February 2024, at least 15 states have reported measles cases and multiple ongoing, uncontained outbreaks. While this measles crisis unfolds, US measles vaccination rates are at the lowest levels in 10 years. Prominent figures like the Florida surgeon general are responding to local outbreaks in ways that run counter to science and public health recommendations.

The spread of misinformation and disinformation from anti-vaccine activists online further promotes misguided ideas that measles is not a serious health threat and measles vaccination is not essential.

However, the evidence is clear: Measles is extremely dangerous for everyone, and especially for young children, pregnant people and people with compromised immune

systems. But simple and effective tools are available to prevent it.

MEASLES IS A SERIOUS ILLNESS

MEASLES is one of the most deadly infectious diseases in human history. Before a vaccine became available in 1963, around 30 million people were infected with measles and 2.6 million people died from the disease every year worldwide. In the US, measles was responsible for an estimated 3 million to 4 million infections. Among reported cases, there were 48,000 hospitalizations, 1,000 cases of encephalitis, or brain swelling, and 500 deaths every year.

Measles is also one of the most contagious infectious diseases. According to the Centers for Disease Control and Prevention, up to 9 out of 10 people exposed to an infected person will become infected if they don’t have protection from vaccines. The measles virus can stay in the air and infect others for up to two hours after a contagious person has left the room. Measles can also hide in an unknowing victim for one to two weeks and sometimes up to 21 days before symptoms begin. Infected people can spread measles for up to four days before they develop its characteristic rash, and up to four days after.

The initial symptoms of measles are similar to those of many other common viral illnesses in the US: fever, cough, runny nose and red eyes. Several days after symptoms begin, characteristic tiny white spots develop inside the mouth, and a facial rash spreads to the rest of the body.

While most people’s symptoms improve, one in five unvaccinated children will be hospitalized, one out of every 1,000 will develop brain swelling that can lead to brain damage, and up to three of every 1,000 will die. For unvaccinated people who are pregnant, measles infection can lead to miscarriage, stillbirth, premature birth and low birth weight. The risk of severe complications from measles persists even after a person appears to be fully recovered.

In rare cases, people can experience a brain disease called subacute sclerosing panencephalitis that develops seven to 10 years after infection and leads to memory loss, involuntary movements, seizures, blindness and eventually death.

Beyond these individual health effects, the financial cost to society for containing measles outbreaks is significant. For example, a 2019 measles outbreak in Washington state is estimated to have cost $3.4 million. Necessary efforts to control measles outbreaks pull millions of dollars’ worth of critical resources away from other essential public health functions such as ensuring food safety, preventing injuries and chronic diseases, and responding to disasters.

VACCINES PROTECT AGAINST MEASLES

WHY put communities at risk and allow these societal costs from measles when effective and safe tools are available to protect everyone? Measles vaccines have been so effective,

B5
Editor: Gerard S. Ramos • Thursday, March 7, 2024
Parentlife BusinessMirror
FROM left: Meagan and I at the 2024 Bahrain F1 Racing Circuit; my sister Joan at my post-birthday celebraCon; Meagan and I celebrating my birthday at The Avenues Mall in Bahrain; my family at my post-birthday celebration.
providing lifelong protection to over 97 percent of people who receive two vaccine doses, that they are victims of their own success. Initial widespread measles vaccination had reduced measles cases by 99 percent compared to before the vaccine was available, and consequently, most people in the US are unaware of the seriousness of this disease. Despite the success of highly effective vaccination programs in the US, anyone can still come into contact with measles in their community. Measles is most often brought into the US by unvaccinated American travelers returning home and sometimes from foreign visitors. For people traveling out of the country, the threat of measles exposure is even greater, with widespread outbreaks occurring in many travel destinations. Public health leaders who embrace and promote vaccination and follow simple, proven infectious disease containment measures can help prevent measles disease spread. Every single preventable illness, complication, hospitalization or death from measles is one too many. THE CONVERSATION Rosewater in my hands MEASLES IS ONE OF THE DEADLIEST AND MOST CONTAGIOUS INFECTIOUS DISEASES—AND ONE OF THE MOST EASILY PREVENTABLE PHOTO BY KRISTINE WOOK ON UNSPLASH YOUNG CREATORS DEVELOP 3D SIMULATION GAME ON BASIC FIRE SAFETY AND PROTECTION IN commemoration of the Fire Prevention Month this irresponsibly. educational platform for the youth. they inspect and place protection systems within the to be more accessible compared to related recent build their portfolio of small interactive mobile FIRE City creators Hanz Tristan Sy, Dylan Geoffrey Galimpin, Justin Ferdinand Jacobe, and Jonathan Carl Cruz of Benilde Interactive Entertainment and Multimedia Computing (IEMC).

MEGAN YOUNG, MIKAEL DAEZ SHARE HOW THEY USED GCASH GLOBAL PAY IN JAPAN

IF Japan is on your travel bucket list for 2024 or you’re planning to go anywhere abroad this year, GCash makes traveling much easier with GCash Global Pay, proving you can officially go cashless and travel without the usual worries and hassles.

Take a cue from Megan Young and Mikael Daez and their recent adventure in Japan, where they traveled cashless through their favorite places in Tokyo. They share some of their tips, discoveries, and advice on using GCash abroad and why it’s the most important and best companion for any newbie or seasoned traveler :

Scan to pay with GCash for fast, easy transactions

THROUGH GCash Global Pay, in partnership with Alipay+, you can now pay in stores with your GCash wallet by scanning a QR code for hassle-free, contactless payments.

“One of the most common inconveniences when traveling to a foreign country is familiarizing yourself with the currency, and this is usually what leads to delays or misunderstandings and even the risk of overpaying. When you pay with GCash, you ensure that you always

pay the right amount. Also, GCash is securely linked to your wallet, so you don’t have to deal with cash and the different currencies, which is a great help especially for first-time travelers to Japan or any other country,” explained Mikael.

When you enter any retail store, shopping mall, or convenience store, just look for the Alipay+ sign at the checkout to check if GCash is accepted as a payment method. Then pay with your GCash app by scanning the QR code or generating your own code for the merchant to scan.

“We’ve gotten used to scanning to pay locally, but it’s really nice to now be able to pay with GCash when we visited some of our favorite places like Glico and BIC Camera, or when we checked out the new Gigo flagship,” adds Megan. Aside from more accessibility and convenience in making payments, using GCash abroad opportunities to enjoy special promos and discounts.

No data? Use the newest GCash Card— accepted worldwide IN case your phone dies or in areas where you can’t get a data connection, or in merchant stores where

digitalize wealth management business

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in Singapore and Hong K ong, which have been offering such a service for a number of years already,

The Purple Farm: A Place for Your Milestone Celebrations

NESTLED in the heart of Dinalupihan, Bataan, The Purple Farm stands as a tranquil haven, merely a two to three-hour drive from the bustling city of Metro Manila. Renowned for its oasis-like ambiance amidst rural landscapes, this hidden gem offers an escape for people yearning to disconnect from the city’s hustle and bustle.

The Purple Farm isn’t just a destination; it’s a retreat and an epitome of relaxation and luxury. From impeccable service and a peaceful ambiance to delectable meals and comfortable accommodations, every aspect contributes to a refreshing experience. Multiple pools that invite guests for a refreshing dip, while the game cabana, fully equipped with darts, board games, table tennis, and billiards, adds an extra layer of enjoyment. Whether you seek a solo retreat, a change of scenery from your work routine or a rejuvenating stay with your loved ones, The Purple Farm caters

only cards are accepted, you can pay with the newest GCash Card. The GCash Card, which is also linked to your GCash wallet, lets you make secure payments with a simple tap. Unlike credit cards, which often come with additional fees, the GCash card guarantees a fast, seamless transaction with no surprise charges.

“I’d been hearing about the new GCash Card and was so excited when received mine to try out in Japan.

One of the reasons I think the card is such a big help for travelers is that it covers all the possibilities and shows that we can all use GCash abroad. You can scan to pay and if that’s not possible, there’s still the option to pay with the GCash Card,” shared Megan.

“It was really easy checking out with the GCash Card in the convenience stores we would visit and when we would dine in restaurants,” adds Mikael.

Using GCash abroad also lets you avoid high fees at international forex

Upon arriving in

GCash

GCash

Say

and are highly regulated, according to Avaloq Commercial Head for Asia Pacific, the Middle East and Africa Gery Dachlan.

“When it comes to this market, there is also obviously still some way to go in terms of the regulators. Clearly, it’s on the bank’s journey in terms of offering new products and services. And that will obviously spur the regulators to ensure that they have the right risk controls in place,” he underscored.

Recognizing the need for a digital shift, Security Bank has laid out a three-year technology roadmap.Part of which is the new partnership aimed at helping the digitalization of its wealth management business with the Avaloq Core Platform that is capable to standardize workflows and enable the offering of a full spectrum of bespoke investment advisory services and products to high net worth and affluent clients. With its high straight-through processing (STP) and service accuracy rates for payments, securities and fund processing, the bank can focus more resources on providing personalized service, creating new innovative offerings, and expanding into new markets and client segments.

Also included is the roll out of Avaloq’s Relationship Manager (RM) Workplace solution to beef up Security Bank’s front office. With it, relationship managers will have full overview of client profiles and portfolios, ensuring more targeted communication and simpler transaction management to bolster productivity and foster closer customer relationships. Also, they can offer tailored investment advisory services to a bigger, more diverse clientele. Fully customizable, this solution is seamlessly integrated with the Avaloq Core Platform.

to diverse preferences. Beyond personal getaways, the resort becomes an ideal venue for milestone celebrations, accommodating everything from family celebrations to company outings. It is a tailored escape for every occasion.

Handling numerous milestone celebrations is no small deed, yet The Purple Farm excels. From rooms to venue preparation and ensuring celebrants’ satisfaction, the staff achieved a seamless service resulting to memorable festivities. Despite the challenges, guests consistently praise the resort’s warm and attentive service.

The Purple Farm offers three different event rental options Hera for indoor celebrations, Hiraya for outdoor celebrations, and Hiwaga, a combination of indoor and outdoor venues. Despite limitations on guest capacity, the commitment of the staff guarantees the success of every event.

There are various scenic locations within The Purple Farm. There is the gazebo, the main restaurant, the seminar hall, and the open grounds around the resort, that set the stage for unforgettable events. From christenings to weddings, team building to retreats, The Purple Farm provides the canvas for creating lasting memories with every angle around the area being picturesque.

When the sun sets, embracing the twilight glow, The Purple Farm transforms into a magical place for events. The resort lights up, creating a surreal ambiance for guests. A combination of great service, delectable food, and the embrace of nature concludes an experience that defines relaxation and bliss.

To explore more of The Purple Farm and to plan your next vacation or milestone celebration, visit their social media accounts on Instagram, Facebook, and TikTok at @ThePurpleFarmPH. Your journey to relaxation and memorable moments awaits in this rural retreat.

Tokyo’s GLOBIS University opens Manila hub, offers Pre-MBA Program

GLOBIS University, Japan’s largest business school, officially launched its sixth hub, GLOBIS Manila, Inc. with a seminar held at The Peninsula Manila in Makati City. Spearheaded by GLOBIS University Founder and President, Yoshito Hori, the event not only unveiled the institution›s commitment to the Philippine market but also introduced their Pre-MBA Program which is now accepting enrollees for its April 2024 term.

Highlighting the theme “Revolutionizing Business Education in the Technovate Era,” Hori emphasized GLOBIS› innovative use of technology, particularly AI, in delivering world-class business education. He shared insights into the unique offerings of GLOBIS, setting the stage for Filipino students eager to embark on their educational journey with the institution.

Starting April 2024, GLOBIS Manila will offer aspiring business professionals the opportunity to participate in the English Pre-MBA Program, particularly the essential course called Critical Thinking, which provides students with essential business mindset and skills tailored for success in today’s competitive global landscape. GLOBIS Manila students will join GLOBIS› esteemed international network, gaining access to exclusive seminars and events spanning GLOBIS’ global branches.

In welcoming the Philippines as a key market, Hori remarked, “The launch of GLOBIS Manila signifies a pivotal moment in our global expansion strategy. We are excited to bring our innovative Pre-MBA Program to professionals in the Philippines, empowering them with the skills and knowledge to excel in today›s dynamic business environment.”

Highlighting the Philippines as a high-potential market for GLOBIS MBA, with the largest nonJapanese cohort enrolled in the English program and the highest rate of student referrals, Hiro emphasized the strength of the Filipino community in promoting GLOBIS› mission and value proposition to a broader audience.

The Pre-MBA Program serves as a stepping stone for students to familiarize themselves with fundamental business concepts from the GLOBIS MBA curriculum, paving the way for further academic pursuits in Tokyo, Japan or online. Earned credits from the Pre-MBA Program are transferable to GLOBIS University›s MBA degree programs, offering a flexible and seamless transition for aspiring business leaders.

Nica Magnaye, President of GLOBIS Manila, shares, «As a proud alumna of the GLOBIS MBA Program, I am excited to see our vision of fostering excellence in business education come to life in the Philippines. We aim to provide aspiring business leaders with GLOBIS’s unique ecosystem of people, capital, and knowledge, while also fostering our vibrant Filipino community dedicated to driving positive change.”

Founded in 1992, GLOBIS has established itself as the largest business school in Japan, with a global presence spanning the USA, Europe, China, Singapore, Thailand, and now, the Philippines. The launch of GLOBIS Manila reaffirms the institution›s commitment to delivering quality education worldwide.

For more information on GLOBIS Manila’s preMBA Program and consultation with admissions advisors, please contact imba-info@globis.ac.jp. To apply, visit https://glob.is/3TcfxP0

Setting the Bar Higher for the Philippine Dental Industry

ADISTINGUISHED den tist practicing in Makati City is taking the dental industry to greater heights. It is no other than Dr. Jonas John S. Apostol, CEO and Chief Dentist of Apostol Dental Cosmetic Center.

In a remarkable feat of academic and professional excellence, Dr. Apostol has etched his name in history by acquiring a Master’s degree in Esthetic Dentistry from the internationally acclaimed Goethe Frankfurt University in Germany. This notable achievement makes him the trailblazer and the sole Filipino to receive such a prestigious accolade in the field of esthetic dentistry.

Dr. Apostol’s pioneering accomplishment symbolizes a significant milestone not only in his career but also in the landscape of dental aesthetics in the Philippines, truly bringing pride to his country. By securing this degree,

Dr. Apostol has distinguished himself as an authority in esthetic dentistry, marking a pivotal moment as the first dentist within the country to both specialize and practice in this domain. His success is a testament to his unwavering commitment, unparalleled skill, and the pursuit of excellence in enhancing dental aesthetics. This historic achievement does not only celebrate his personal dedication but also sets a new benchmark for future generations of dentists aspiring to specialize in esthetic dentistry.

Dr. Apostol’s journey reflects a harmonious balance between achieving professional grandeur and demonstrating humility towards this unique accomplishment. His role as a pioneer in integrating esthetic dentistry practices in the Philippines serves as an inspirational beacon for aspiring dental aestheticians, showcasing the profound impact of ambition coupled with hard work in the realm of dental science.

While Dr. Apostol’s professional achievements undoubtedly position him among the world’s best, it is his compassionate spirit and

genuine generosity that truly set him apart. His philanthropic efforts, including providing free smile makeovers to the less fortunate, conducting dental mis sions in remote regions of the Philippines for over a decade, and supporting underprivileged students in their pursuit of higher education, showcase his unwavering commitment to making a meaningful impact in the lives of others.

Dr. Apostol embodies a rare blend of glamour, humility, and success, epitomizing a worldclass standard in dentistry while retaining a profoundly compassionate and altruistic heart.

Apostol Dental Cosmetic Center is situated in the heart of Makati. It aims to make clients feel confidently beautiful with a smile. It was established in 2010 and ever since, it has provided quality and top-notch dental care from simple to complex treatments suitable to all its patients. V isit Apostol Dental at Ground Floor Electra House Building, Esteban St., Legaspi V illage, Makati City 129.

B6 Thursday, March 7, 2024 www.businessmirror.com.ph
local
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goodbye to stressful travels in 2024 and experience the ease of secure, contactless payments in just a few taps on your phone with GCash Global Pay. To learn more about this incredible travel companion, visit new.gcash.com/ services/pay-qr/global-pay.
GLOBIS Manila President Nica Magnaye and GLOBIS University Founder and President Yoshito Hori discuss the expansion of GLOBIS in the Philippines, highlighting its significance in the global education landscape.
Security Bank partners with Avaloq solutions to
MID the need for digital transformation within private banks and wealth management in the country at present, Security Bank Corp. has partnered with Avaloq to digitalize further its operations while meeting the expectations and enhancing the experience of customers. “So while the Philippine economy continues to grow, we expect the wealth management proposition to outpace that. What we need from here is not just a scale of adding more people. We have an advantage now to create ourselves an opportunity where we use technology to face those demands of the clients,” Security Bank Financial Markets Head Arnold Bengco told reporters in an interview during their recent signing of agreement in Makati City.
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IN the photo are, from left, Avaloq Commercial Head for Asia Pacific, the Middle East and Africa Gery Dachlan, Security Bank Financial Markets Head Arnold Bengco, and Security Bank Executive Vice President and Head of Enterprise Technology & Operations Lucose Eralil.

Envoys&Expats

A

MBASSADOR Kazuhiko Koshikawa of Japan led a groundbreaking rite that marked the establishment of a monument honoring the late president Elpidio Quirino.knowledg ing the unfor tunate histor y that preceded the har monious bilateral relationship between Japan and the Philippines. He noted that the Japanese “must keep in m i nd t h at t he Fi l ipi no spirit of forg iveness has been instrumental in overcoming past tragedies, and building [the] strong relationship we enjoy now.”

Q uiri no’s s i gn i f i cant cont ribut ions to fosteri ng st rong t ies between both countries were underscored duri ng t he ceremony. According to a statement from the Japanese embassy, his statesmanship and act of forg iveness towards Japanese prisoners of war (POWs) “laid the foundation for the except ional bi lateral relat ionship t hat thrives today.”

AMBASSADOR Kazuhiko Koshikawa (right) and Mayor Rozanno Biazon

In July 2023 the embassy also commemorated the 70th anniversar y of the Presidential Pardon for Japanese POWs” at Quirino’s memorial in the Libingan ng mga Bayani Since 2016, a monument of the late president has stood at Hibiya Park

in Tokyo. Japan continues to show its respect toward Quirino’s achievements in Japanese society, and its impact on Japan-Philippines relations. The ceremony “ensured that his contributions will be remembered for years to come,” said the embassy.

THE Philippines and the United States governments opened the National Virtual Training Center (NVTC) that will enhance the training of public-health personnel, veterinar y-health workers, and first responders in tackling biological and chemical threats.

Des i gned, const ru cted, and equipped t hrough f u nd i ng f rom the US Defense Threat Reduction Agency’s (DTRA) “Biological Threat Reduct ion Prog ram (BTR P)” and “C hem ical Sec urity El i m i nat ion (CSE) Program,” the NVTC is a multimi ll ion dolla r advanced tra ining and practical laborator y facility in Silang, Cavite that will increase the quantity and quality of training programs that cover multiple disciplines of chemical, biological, radiological, and nuclear security. Through the NVTC, the Philippines will enhance its capacity to

train current and future generations of laborator y specialists and first responders in detecting and preventing threats arising from weapons of mass destruction (WMDs).

ing in biosafety and biosecurity at a laborator y classroom. It also has] a virtual reality room equipped with headsets to provide an opportunity to train virtually on a chemical security curriculum,” Program Manager Corey Erff of DTRA

The

R

EPRESENTATIVE Joey Salceda of Albay is in my list of most respected economists in the countr y. He can explain complex macroeconomic policies to reporters without batting an eyelash As the province’s former governor, he instituted the “zero-casualty” policy in disaster preparedness and resilience that the national government later emu lated. His leg islative accomplishments include the “TRAIN,” “CREATE,” and “Free College Tuition” laws.This is why I was a bit disappointed after I read his press release about pop icon Taylor Swift’s exclusive concert contract in Singapore: “House Ways and Means Chair Joey Sar te Salceda [Albay, Second District] requested the Department of Foreign Affairs to send a note verbale to the Singaporean Embassy [and] request an explanation for the alleged exclusiv ity ter ms in the g rant g iven by the Singapore Tourism Board [STB] and the Ministr y of Cu lture, Community and Youth to AEG Presents—the production company that presented the concer t of inter national pop star Taylor Sw ift.”

His press release read: “Salceda said that the alleged terms, which supposedly prevented AEG f rom bringing the concert in other Southeast Asian countries—if true— isn’t what good neighbors do.’”

Seriously? Can we look at our own shortcomings first before asking the island-state why it outsmarted us? After the pandemic, the easiest and fastest way to economic recover y is through tourism. For more than two years, people were deprived of travel, so their natural tendency is to go out and spend lost quality time with families and friends.

Exclusivity/Confidentiality

LET’S take a look at the monies involved first: Can the Department of Tourism afford to offer Swift’s concert producers a similar exclusive deal?

Rep u bl i c of Ko r ea (Sout h Korea) recently donated 750 met ri c tons of ri ce to t he Phi l i pp i nes t h at we re s u bse qu ently del i ve red to t he reg ions of Easte r n V i sayas, Davao and Soccsksa r gen affected by typhoons and ea r t hqu akes.Feb ru a r y 28, t he Korean gove r nment sent t h e goods to t h e Nat i onal Food A u t h o ri ty (NFA) as a g r ant a id u nde r t he T ie r - 3 prog r am of t he “Asean Plu s T hr ee Eme r gency R i ce Rese r ve (A P TERR).” “T he ri ce ass i stance coi nc ides w it h t he 75t h [ann i ve r sa r y of t he d iplomat ic relat ions between Korea and t he Phi l i pp i nes t hi s yea r, mak i ng ] t h e ass i stance all t h e more mean i ngf u l,” accord i ng to t he for me r ’s embassy. On Feb ru a r y 28, t he NFA held a h andove r ce remony at Calbayog C ity, Weste r n Sama r i n t he p resence of Adm i n i st r ator Rode ri co B ioco, off i c i als f rom Depa r tment of Soc i al Welfa re and Development, as well as Depa r tment of Ag ri c u lt ure, w it h M i n i ste r and Cons u l-Gene r al Sang Se u ng-Man of t h e Ko r ean Embassy i n t h e Phi l i pp i nes. B ioco exp ressed hi s g r at it u de to Korea’s rice ass i stance t h at w i ll p rov ide rel ief to t he d i saste r -affected people. For hi s pa r t, Sang poi nted out t h at “as ag ric u lt ure i s pa r t i c u la r ly v u lne r able to t he cl imate c ri s i s t h at h as been wor seni ng recently, Korea w i ll st rengt hen b i late r al coope r at ion i n t hi s a rea,” and sa id t h at hi s cou nt r y w i ll cont i n u e to cont ri b u te to tackl i ng food-sec urity c h allenges of t he Phi l i pp i nes. CONSUL-GENERAL and Deputy Minister of Mission Sang Seung-Man

How much budget did the House of Representatives give the Tourism Department (DOT)? In 2023 it’s P3.573 billion, or $63 million. How muc h d id t he Si ngapore government pay Swift’s team in exchange for the exclusive right to hold a concert in Southeast Asia? If Thai

Prime Minister Srettha Thavisin’s information was correct, the exclusivity deal was worth over $3 million, or P168 million.

At a glance, with that big of a budget, the Philippines can offer a counter deal. But remember, 2023 was also a banner year for basketball as countr y-host of the FIBA Basketball World Cup. The DOT must have spent millions for tourism-related activities for FIBA, as well as with the new “Love the Philippines” campaign and “Bisita, Be My Guest” or “BBM Guest” program.

W hen I checked on the budget allocated by the Singaporean government to the STB in 2023 an audit report said it got a grant worth SG$314 million, or about P13 billion. So definitely, it can afford to offer an exclusivity deal.

(According to Bloomberg, there has been some online speculation as to the size of the grant, said Edwin Tong who is the minister for c u lt ure, commu n ity and yout h to the parliament: “It is not accurate and not anywhere as high as spec u lated, but due to bu si ness confidentiality reasons, we cannot reveal the specific size of the grant or the cond itions of the g rant.”)

Advance info

IT still begs another question on whether the DOT knew beforehand that the four-time Grammy winner was scheduled to have a worldwide concert prior to its announcement in November 2022.

Salceda thinks that by snagging that exclusive Eras Tour’s Southeast Asia deal, Singapore v iolated the Asean principle of consensus-based relations and solidarity.

Mr Congressman, in journalistic parlance, this is a classic case of “getting scooped.”

We should accept defeat if another countr y was smarter and more creative (and richer) than us to offer an exclusive concert deal with one of the best singer-artists of this generation. This should ser ve as a lesson for us, for lawmakers, and for our tourism officials that the next time an opportunity like a Taylor Swift concert presents itself, the Philippines should be prepared to offer a counter deal.

Better yet, we should create our own oppor tunities ourselves. We should not show our children that we are sore losers in this competitive world, even if our neighbor professes “solidarity.”

RATIFICATION DOCUMENT DEPOSITED Labor Undersecretary for Labor Relations, Policy, and International Affairs Atty. Benedicto Ernesto R. Bitonio Jr. (left) formally handed over to International Labour Organization deputy director-general Celeste Drake (right) the ILO Convention 190 on “Violence and Harassment in the Work place” ratification instrument of the Philippines during the Deposit Ceremony of the Instrument of Ratification held on February 20 at the ILO Headquarters in Geneva, Switzerland. The first international treaty to recognize the right of every person to a world of work free from violence and harassment, ILO C190 was ratified by President Ferdinand R. Marcos Jr. in October 2023 and received Senate concurrence in December of the same year, following the unanimous support of chamber members. ILO

said. Undersecretar y Serafin Barretto Jr of the Department of the Interior and Local Government (DILG), Director-General Ricardo De Leon of the National Intelligence Coordinating Agency, Philippine Public Safety College (PPSC) president Ferdinando Sevilla, and representatives from Department of Health, Department of Agriculture, Department of Environment and Natural Resources, Office of the President, and University of the Philippines attended the NVTC’s inauguration on Februar y 21. The DILG and PPSC will oversee the NVTC’s operations, which will be open for use by all government departments, as well as academic and industr y partners. DTRA’s BTR P and CSE prog rams a re work ing w it h Phi l ippine gover nment agenc ies to develop an operat ional f ramework t h at w i ll ensure t he fac i l ity promotes longter m, susta inable t hreat reduct ion effor ts. Thursday, March 7, 2024 envoys.expats.bm@gmail.com B7
“T his facility w ill house a lecture hall for [training sessions on practical biological diagnostics in a classroom setting, hands-on learnBusinessMirror
Japan leads groundbreaking rite for monument honoring late president US, PHL inaugurate center for biological, chemical security threat response training
South Korea ships rice to disasterafflicted regions in Visayas, Mindanao
Proposed by Ang Pinoy @ Hapon United Foundation Inc., the marker is earmarked as a fitting tribute to the late president’s notable leadership, humanity, and historical foresight in shaping mutual ties of Japan and the Philippines. The ceremony, held on Februar y 29 beside the Memorial for Peace (Osawa Shrine) at the New Bilibid Prison Reser vation Area in Muntinlupa City, was graced Mayor Rozanno B. Biazon of the City Government of Muntinlupa, Chief Inspector Marlon Mangubat of the Bureau of Corrections, Pres. Elpidio Quirino Foundation trustee Socorro Alicia Rastrollo Quirino and chair person Takeshi Asanuma. In his address, Koshikawa em-
Taiwan brings humanitarian aid to flood-, landslide-stricken areas in Southern PHL
Eras Tour, and all about being ‘scooped’
ph as i zed t he i mpor tance of ac-
OFFICIALS of Teco and Meco during the ceremonial check handover. ON Februar y 27, the Taiwanese government announced a donation of $200,000 to the Philippine government as a response to flooding and landslides in the Davao Region, which have resulted in the tragic deaths of more than 20 Filipinos and displaced thousands since early last month On behalf of the people and government of Taiwan, Representative Wallace Chow of the Taipei Economic and Cultural Office (Teco) in the Philippines conveyed his deep condolences to Chairman and Resident Representative Silvestre H. Bello III of the Manila Economic and Cultural Office (Meco). Chow handed over the said relief fund to Bello to support the Department of Social Welfare and Development (DSWD) in its continuous provision of essential supplies, medical assistance, and other forms of support to help affected families rebuild their homes and return to their normal lives. “Taiwan’s helping hand to Filipino brothers and sisters in the Davao Region during their time of dire need symbolizes [our] profound spirit of solidarity and friendship ,” the Teco official said during the ceremony. “With [our] goodwill to help and the resilient Filipino spirit, we are confident that brighter days lie ahead.” The Taiwan government and Teco in the Philippines will continue to closely monitor developments and maintain contact with relevant Philippine government agencies to provide necessary assistance in a timely manner according to a statement from the economic and cultural office.
DEPUTY Director Patrick Becker (fourth from right) joins Undersecretary Serafin Barretto Jr. (fourth from left), Director-General Ricardo De Leon (third from left), and PPSC president Ferdinando Sevilla (second from left) at the ribbon-cutting of the new National Virtual Training Center in Silang, Cavite on February 21.
T
HE
On
My editor in chief has one piece of good advice whenever I sulk after getting scooped: “Don’t get mad. Get even!

IT’S back to the drawing board for Ernest John “EJ”

Bruno Fernandes de Barros in the men’s super lightweight category where he will face Jordan’s Zeyad Eashash, who beat Shokhobzhon Shukurov of Tajikistan via split decision. “Ronald Jr. won a tight one and did just enough to get the nod of the judges,” Manalo said. “He needs to put in more work for his next bout.”

Like Farajrdo, Chavez needs three more victories to earn an Olympic berth. Scheduled to fight later on Wednesday were Hergie Bacyadan against Brazil’s Viviane Pereira in women’s middleweight and John Marvin against Iran’s Amiri Pouria in men’s heavyweight.

Obiena who had a so-called bad hair day at the world indoor championships last Sunday in Glasgow where he finished a miserable ninth place with a poor jump of 5.65 meters.

Ten Filipinos are in Italy with only women’s lightweight Riza Pasuit missing out the opportunity following her unanimous decision loss Monday to Krisandy Rios of Venezuela.

Tokyo Olympics silver medalists Nesthy Petecio stayed in contention with a first-round knockout of Andela Brankovic of Serbia in women’s featherweight and Carlo Paalam, who beat Andray Bonilla of Mexico in a men’s featherweight clash. Also in the hunt are men’s flyweight Rogen Ladon ands women’s flyweight Aira Villegas and bantamweight Claudine Veloso. Josef Ramos

THE Netherlands’s Mariska Wildenberg and Turkey’s Ilhan Aykurt displayed awe-inspiring prowess to dominate the final leg of the International Container Terminal Services Inc. (ICTSI) Philippine Kiteboarding Tour at the Aqua Resort off Bulabog Beach in Boracay Island over the weekend.

Wildenberg, a prominent qualifier for this year’s Worlds and Europeans, and Aykurt captivated both spectators and judges with their remarkable tricks, spins and flips as the dynamic duo clinched the top honors in the Freestyle event, marking the conclusion of an exhilarating Season 9 that unfolded across premier kiteboarding venues in the country.

Wildenberg continued to make waves by dominating the women’s side of the Masters division, while Stefan Vance claimed the top spot in the men’s category. The duo also reigned supreme in the Foil Racing class, displaying their expertise and dominance in various kiteboarding disciplines.

Local talent Dilbert Bayog and Triina Trei of Estonia, on the other hand, flashed their aerial prowess in the Hangtime category, staying airborne for remarkable durations. Bayog secured victory with an impressive 6.44 seconds, while Trei took the ladies’ crown with a gravitydefying 5.5 seconds.

The event drew kiteboarding athletes from the US, China, Europe and the Middle East, further emphasizing its global appeal.

In the Novice division, Jessica Field of the US and Jerry Cerrera emerged as the Twin Tip Racing champions, displaying promising potential, while Warren Vance took the Grand Masters title and Doque delos Santos triumphed in the Masters category of the

ERNEST JOHN “EJ”

OBIENA is one of 117 athletes from all over the world who will be joining Team Visa for Paris 2024.

Dutch, Turkish bets rule final leg of ICTSI kiteboarding in Boracay

event sponsored by ICTSI in support to Philippine Kiteboarding Association’s (PKA) commitment to nurturing Filipino talent for the international stage.

“We are happy to host again the PKA on its ninth season and thankful for considering Boracay Island as its final venue,” Mayor Frolibar Bautista said. “The municipality of Malay supports such events to promote Boracay Island as the country’s top sports tourism destination.”

PKA president Jay Ortiz expressed satisfaction with the tournament’s success and thanked the winners, participants, sponsors and hosts. With legs in Siquijor Island, Cagbalete Island in Mauban, Quezon, and Sta. Fe, Bantayan in Cebu, and finally Boracay, the Tour solidified its status as the longestrunning kiteboarding tour in Asia, contributing to the sport’s growth and popularity.

The PKA Tour Season 9 Boracay leg was supported by the Malay Tourism Office, Hyde Kites and Wings, ICT Cloverleaf Trading, The Lazy Dog Bed and Breakfast, Lemoni Café, Dinibeach Bar and Restaurant, Valhalla Bar and Restaurant, Gwapitos, One Island Food Trade, Locally, Epic Boracay, Happy Bongalow, Greenyard Kite Center, Mandala Spa, Tirta Spa; Salaver Clinic, Nature Spring, Jandi Skincare, Solara Boracay, Villa Caemilla, Babos Boracay, Cathy’s Bistro, Back Beach Burgers, Giwajib Korean Restaurant, Currentstyl, Kape Drip, Spoonfull Confections, Bulabar, Indiga Tattoo, Double Dragon Apparel, Alcobendas-Garcia Dental Clinic, Able Designs, Boracay Water Sports Association and Diamond Water Sports and Panay Cable Television.

“We’ll return to the drawing board and let’s see what adjustments we need to do,” the 28-year-old Obiena— the world No. 2 and Asian record holder—told BusinessMirror on Wednesday. His performance in Glasgow was a far cry from the 5.83m he cleared in winning gold at the Memorial Josip Gasparac and the 5.93m in ruling the ISTAF Berlin in Germany days before the world indoors.

“Not good enough because I didn’t get the big one. But that’s life, we have to move on,” Obiena said. “Coach Vitaly [Petrov] and I will talk about our next move and how we’ll train and prepare for

the Olympics.”

Obiena is of only four Filipinos who have qualified for Paris—the others are boxer Eumir Felix Marcial and gymnasts Carlos Yulo and Aleah Finnegan—after clearing the standard in July last year in Stockholm.

He got silver at the worlds in Budapest last August and won gold at the 19th Asian Games in Hangzhou last October. But he cracked in Glasgow, where Armand Duplantis continued his reign in men’s pole vault with a season-leading 6.05m

“If there’s a theme with this indoor season for me, it was a gamble,” Obiena also told a virtual news conference arranged by Visa, the Paris Olympics and Paralympics 2024 worldwide payment technology partner. “No excuse for my performance and I take full responsibility in placing ninth.”

He added: “I went to the field and I knew going into the field I could win and this is why I decided to take part, but things didn’t go the way I wanted it to go and there are always variables—if I could turn back time, I would.”

before Paris,” he said. “But the focus, of course, is always the main goal—Paris Olympics 2024.”

Visa, meanwhile, has Obiena on the list of 117 athletes from all over the world who will be joining Team Visa for Paris 2024—he is a recipient of the Paris Olympics Athlete Sponsorship and, at 18, was the first Filipino to receive the scholarship from the World Athletics.

Visa aims to empower athletes and has supported sports globally and locally, having been an official partner of the Olympic Games since 1986.

In the previous Olympic Games, Visa in the Philippines sponsored top gymnast Carlos Yulo.

“Visa has always been committed to supporting Filipinos, not just in enhancing the payments and money movement ecosystem, but also in supporting our countrymen who have shone and carried our national pride in sports,” said Jeff Navarro, Visa Country Manager for the Philippines.

SBG hails Senate Lady Defenders S

ENATOR Christopher Lawrence “Bong” Go sponsored Resolution No. 934 commending and congratulating the members of the Senate Lady Defenders team for winning the silver medal in the UNTV Volleyball League.

During Wednesday’s plenary session, the Senate unanimously adopted the resolution which was also authored by Go, a sports enthusiast himself.

Obiena holds a personal best 6.0 meters and already cleared 5.95m twice.

“The outdoor season begins in May 18 and I guess I’ll be competing in four tournaments

sonal best y cleared on I’ ll be rnaments

2024,” Navarro said. “ His efforts to he lp h is fe llow Fi l ipinos in n ation-building are sta nds w ith journe y

“We are very proud of EJ Obiena’s world-class achievements and believe that he will shine in this coming Paris 2024,” Navarro said. “His efforts to help his fellow Filipinos in nation-building through sports are commendable and Visa stands with him on that journey through the Olympics.”

“The Senate Lady Defenders exhibited exemplary performance and teamwork while competing against teams representing government agencies throughout the tournament,” Go said.

KURESH SAMANODI took control with a bogey-free 70 as erstwhile co-leader Ozeki Kakeru faltered with a 77 and local amateur standout Aidric Chan made a strong push for one of the 30 spots up for grabs in the Philippine Golf Tour (PGT) Q-School in Davao City Wednesday.

In a topsy-turvy second round, Samanodi displayed composure and precision and birdied Nos. 2 and 10 for a pair of 35s at the South Pacific Golf and Leisure Estates course.

Despite falling short of the eagle-boosted 69 from the first round, the 30-year-old from Cotabato claimed a one-stroke lead with a five-under 139, surpassing amateur Drew Proctor of the US.

“I played better today although the greens are difficult to read,” said Samanodi, acknowledging the difficulty of reading the greens, despite missing a few birdie opportunities, including a four-footer on No. 17.

“But despite the missed birdies, I still got pars,” he added. “I am so confident with my game plan and I’ll just keep on doing that. Just hope to play much better in the last two rounds.”

Proctor, who narrowly missed the first-round honors due to a double bogey on No. 18, endured a roller-coaster round that featured six birdies against four bogeys but ended up with a second straight 70 for solo second at 140.

Chan, meanwhile, mounted a late charge, gaining strokes on Nos. 16 and 17 to turn a one-over card into a oneunder 71, propelling the former Junior World champion to solo third at 143.

In contrast, American Collin

after 70

Samanodi ahead by 1 shot after 70

Wheeler surrendered a twounder card with bogeys on Nos. 13 and 16, finishing with consecutive 72s for fourth at 144, while Korean amateur Min Hyeok Yu fought back from a 74 with a 71 spiked by three birdies in the first seven holes for a 145.

Kakeru, who also gunned down an eagle to match Samanodi’s 69 Tuesday, settled for a two-birdie round but faltered with a double bogey and five bogeys, including three straight from No. 14. His 77 dropped him to a share of sixth at 146 with Joseph Labajo, who recovered from an opening 76 with a 70.

twoon ng or rom y three n nned settled for altered with a geys, 14. His 77 of sixth at 146 o recovered h a 70.

Japanese Kei Matsuoka struggled with a 75 and fell to eighth at 147.

Kristoffer Arevalo also bounced back strong from a 79 with an impressive 69, including four birdies in a six-hole stretch from No. 7. He stormed past a slew of rivals to seize solo ninth at 148 while Ramil Bisera carded a 71 for a share of 10th at 149 with Korean Gwon Minwook and former two-time Q-School topnotcher Toru Nakajima of Japan.

Minwook struggled with a 76 while Nakajima shot a 73. The Top 60 and ties from the 107-player starting field advanced to the final 36 holes where the Top 30 will gain Category 6 status in this year’s PGT organized by Pilipinas Golf Tournaments, Inc.  Those outside the Top 30 will be placed in Category 7. The 10-leg circuit will start at the Apo Golf and Country Club next week.

Among the Filipinos who stayed in the hunt for the coveted PGT spots

“The remarkable silver medal win of the Senate team, with the support of all the staff and personnel rallying behind them, has brought pride and

ggg tournament ,” Go said of of honor to the esteemed institution,” Go added in his resolution.

were Emilio Panimdim Jr. and amateur Michael Uy, who pooled 150s after 73 and 75, respectively, Randy Garalde and Carlos Packing, who matched 76s, and Edmar Salvador Jr. (79) for 151s, Paul Echavez (72), Allan Remata (76), and amateur Lanz Uy (76), who all assembled 152s, and Brent Sumampong, who had a 153 after a 76.

Tieing for 59th at 162 are Johvanie Abaño (78), GJ Katigbak (84), Koreans Chang Hoi Kim (83) and Minwoo Kim (78), amateur Marc Lu (83) and Jonas Magcalayo (84).

Among those who missed the cut were John Kier Abdon (79-163), Korean Gyuhyun Lim (80-162) and Aussie Peter Stojanovski (80-163), Leonard Lofranco (83-164), Nico Evangelista (79-165), Anthony Fernando (87-167), and Australian Nathan Park (83-167).

“In light of the Women’s Month this March, we celebrate the triumph of these women who exhibited exemplary performance in the UNTV tournament,” Go said in his sponsorship speech.

In of the Women’s Month this March, we celebrate the of women exemplar y speech

Creamline, Cignal eye share of lead

CKURESH SAMANODI goes bogey free on Wednesday. adj pre in f see 12PLD sup Vic

share of lead

REAMLINE and Cignal hope to exploit their advantage in manpower as they shoot for their third straight victory for a share of the with idle Choco Mucho in the Premier Volleyball League All-Filipino Conference prelims at the PhilSports Arena in Pasig City Thursday. Ranged against a pair of winless rivals, the Cool Smashers and the HD Spikers set out in their respective 4 p.m. and 6 p.m. matches—against Galeries Tower and Nxled, respectively—the prohibitive favorites although the unpredictable nature of each team leaves room for potential reversals. Despite dropping their first two matches, the Highrisers and Chameleons are determined to turn things around. The Galeries faces the formidable Creamline side, requiring a significant boost to halt the defending champions’ early surge in the season-opening conference of the league organized by Sports Vision.

REAMLINE and to their in shoot for their third victor y for a share of the LeagueAll-Filipino Conference

The Chameleons, on the other hand, are coming off a week-long rest and are aiming to present a tough challenge for the HD Spikers.

Between Galeries and Nxled, however, the Chameleons are seen as having a favorable chance to surprise the HD Spikers.

Coach Taka Minowa and his team are expected to have made the necessary adjustments against their rivals, who previously drubbed the Akari Chargers in four and swept the Highrisers.

Ivy Lacsina, a key player for Nxled, seeks improvement following her 12-point performance against the PLDT High Speed Hitters. She will be supported by players such as Camille

Victoria, Krich Macaslang, Lycha Ebon and Kamille Cal.

Cignal coach Shaq delos Santos, on the other hand, expresses confidence in his team’s ability to extend their win run behind Ces Molina, Vanie Gandler, Roselyn Doria, Jovelyn Gonzaga, Riri Meneses and Chin Basas, alongside top playmaker Gel Cayuna and defense specialist Dawn Catindig.

HEAD coach Taka Minowa and the Chameleons are ready for the HD Spikers.

Sports BusinessMirror B8 THURSDAY, MARCH 7, 2024 mirror_sports@yahoo.com.ph Editor: Jun Lomibao EJ: Back to drawing board Nine PHL boxers stay in the hunt in Paris qualifier
ARK ASHELY FAJARDO knocked out Portugal’s Albertino Monteiro in the third round of their men’s light welterweight preliminary fight to keep aloft the country’s hopes of fielding more boxers to the Paris Olympics in the first World Olympic Qualifying Tournament at the Maria Piantanida Sports Arena in Busto Arsizio, Italy. Fajardo unleashed a killer right hook in knocking out Monteiro with 43 seconds to go in the round on Wednesday and arrange a showdown against Colombia’s Jose Manuel Viafara Fory—who advanced by beating Italy’s Gianluigi Malanga—on Thursday. Fajardo needs three more victories for a podium finish—the minimum required for a boxer to make it to Paris. “We know Fajardo, he has that power and he was able to set up that hook for the KO,” said Marcus Jan Manalo, secretarygeneral of the Association of Boxing Alliances in the Philippines. “It’s a good confidence booster for him as the competition becomes tougher in the next rounds.” Ronald Chavez Jr. also advanced via a 3-2 split decision win over Cape Verde’s
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WOMEN’S freestyle champion Mariska Wildenberg (center) with runner-up Estonia’s Triina Trei (left) and third placer Cyril Dacudao.
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