BusinessMirror March 19, 2024

ISRAEL LAUNCHES ANOTHER RAID ON GAZA HOSPITAL, SPARKING CRITICISM AND ENDANGERING CIVILIANS

‘Slow China recovery weakening PHL exports’ BusinessMirror

TBy Cai U. Ordinario @caiordinario

HE slow recovery of the Chinese economy is affecting the demand for Philippine exports, according to US-based think tank Moody’s Analytics.

In its latest economic brief, Moody’s Analytics said the country’s exports to China declined 16.9 percent in 2023 compared to the 16.1 percent growth in US exports to the country.

Moody’s Analytics said this pushed down China’s ranking to only the 4th largest export market for the Philippines last year.

“That was a big enough drop to rank China as the fourth largest destination for exports behind Japan and Hong Kong. The sputtering economic recovery in China continues to disappoint Filipinos,” Moody’s Analytics said.

In January 2024, data from the Philippine Statistics Authority (PSA) showed export earnings grew 9.1 percent. Moody’s Analytics said this performance ended a four-month decline in exports.

The growth, Moody’s Analytics said, was driven mainly by electronic products which accounted for 58 percent of total

export earnings.

The think tank said the growth in electronic product exports were semiconductors, electronic data processing, and automotive electronics.

“The strong export reading was encouraging given soft industrial production figures for January. It appears that exporters used inventories to fill orders,” Moody’s Analytics said.

Earlier, Trade and Industry Officer in Charge Ceferino S. Rodolfo told reporters that the department welcomed the rebound in the country’s export performance in January 2024.

Rodolfo also said the government is looking at expanding exports in other sectors such as processed food. He also said the government continues to join expositions in other countries such as those in the Middle East. He added that representatives from the DTI and members of the local industry are now in the United States to explore opportunities in health information management systems. (See: https:// businessmirror .com.ph/2024/03/13/phlexport-earnings-grow-9-1-injanuary/).

SAN Miguel Corp. plans to construct a new passenger terminal building for the Ninoy Aquino International Airport (Naia) to double the capacity of the airport, the rehabilitation and operations and maintenance deal of which it officially secured on Monday.

Hotels & Resorts’ (MHR)

Head of Distribution and Revenue Management Loleth So told the BusinessMirror , “I had 30 confirmed appointments but I met far more buyers than that, as I was moving around the [convention] halls so much. I walked around to all my appointments’ booths, so I met more business partners along the way to my appointments.”

Pricing, accessibility continuing concerns

SHE added that this was the first time for MHR to be represented at ITB Berlin,  so “most of the buyers we met were new clients.

See “Foreign,” A2

News

CREATE MORE bill gets 3rd reading vote in House

THE House of Representatives (HOR) on Monday approved on third and final reading the Corporate Recovery and Tax Incentives for Enterprises  to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

The development comes days before Congress goes on its Holy Week Break on March 23, 2024.

Albay Second district Rep.

Jose “Joey” S. Salceda lauded the progress in the passage of the new legislative measure, which aims to “correct” the Value Added Tax (VAT) regime under CREATE’s

Jabidah...

This tragic event in Philippine history is regarded as the spark that ignited the Moro revolution and served as a catalyst for the Moro people’s resistance against injustice, oppression, and discrimination,” they said.

The groups attributed the op -

Implementing Rules and Regulations (IRR), which resulted in the loss of 125,560 manufacturing jobs.

“Manufacturing is sensitive to increases in cost, being a lowmargin operation, so any undue increase in taxes in that sector also means job losses. We need

timistic outlook among the Moro population “to the steadfast leadership of Chief Minister Ahod Balawag Ebrahim.” Ebrahim is the current chairman of the Moro Islamic Liberation Front, the faction that broke away in 1981 from the Moro National Liberation Front, which was the first Moro revolutionary organization created in the aftermath of the Jabidah massacre.

However, while the massacre

to course-correct on VAT,” Salceda said in a statement issued on Monday.

Other necessary amendments in CREATE include streamlining the procedures of the Fiscal Incentive Review Board (FRIB) so it will not hinder the inflow of Foreign Direct Investments (FDI).

Salceda said the bill also aims to reduce the Corporate Income Tax (CIT) for enhanced deductions (ED) from 25 percent to 20 percent to encourage companies. He said this will encourage companies to shift from the special corporate income tax (SCIT) regime to ED instead.

The lawmaker said the country can also attract more investments through an “enhanced deduction for power cost [that] will

was largely blamed on the decision of then strongman Ferdinand Marcos Sr., the CSOs also credited his only son, now President Marcos Jr., for bringing together the two revolutionary fronts under one roof in the Bangsamoro Parliament.

“Where past administrations have failed, the Marcos administration has succeeded in bringing together all the Moro revolutionary fronts in the halls of

be more targeted towards those who need competitive power rates to create jobs.”

He said the proposed bill aims to improve the CREATE Law, which already created some 366,650 additional jobs in the economy.

“CREATE is on track to meet its 10-year job creation target of 1.4 million jobs due to lower corporate income taxes and a harmonized tax incentives regime,” Salceda said.

The ongoing amendments, he pointed out, are timely as more firms shift their manufacturing operations away from China.

“CREATE MORE is our response to these developments. And it pragmatically affirms what works with the CREATE law, while correcting other policies early,” Salceda said. Samuel P. Medenilla

the Bangsamoro Parliament to adopt to democratic processes and contend in the peaceful battle of ideas,” they said.

The CSO Secretariat clarified to BusinessMirror however, that this would not discredit the contribution of past administrations to how far the BARMM has improved so far. The negotiation with the MNLF resulted in the Organic Act of 1988 during the administration of Corazon Aquino and culminated in the final settlement in September 1996 during the Ramos administration. There was a setback though, during the Estrada administration when it launched an all-out war against the MILF and which spilled over to the Arroyo administration although the negotiations continued.

The administration of Aquino’s son, Benigno III, continued the negotiation improving the fiscal management toward the end part of the Autonomous Region in Muslim Mindanao, leading to the signing in 2014 of the framework of a final agreement. The administration of Rodrigo Duterte sped up the other requirements of the peace settlement, including the agreement to have the first threeyear transition.

In their joint statement, the CSOs were asking President Marcos Jr. for another extension, its third.

“We implore you to extend the transition period for another three years to fully implement the peace agreement. You owe this sacred duty to the millions of civilians who are already enjoying the dividends of peace,” they said.

The secretariat said however, that this request was not tied to the special mention of the President as the lone President who was able to bring the factions together in the Parliament “where past administrations have failed.”

ride to and from the terminals through a dedicated bypass from the Naia Expressway.

He vowed an improved passenger experience within six months from taking over the operations and maintenance (O&M) of the Naia, scheduled for September.

Asked about how the consortium plans to fund the P170.6billion project, Ang said he has already secured the backing of as many as seven lenders.

The funding will be led by BDO, but “five or six” other banks have chipped in their support.

The Naia Infrastructure Corp. —composed of San Miguel Holdings Corp. RMM Asian Logistics Inc., RLW Aviation Development Inc., and Incheon International Airport Corp. won the public auction for the project after offering a government share of 82.16 percent of future gross revenues.

“This project has been thought of 30 years ago, but it’s only now that we are able to implement it and we were able to do it in less than one year. The process was very fair and transparent,” Transportation Secretary Jaime J. Bautista said.

The Naia Privatization Project is a Rehabilitate-Operate-Expand-

Transfer (ROET) deal led by the DOTr and the Manila International Airport Authority (Miaa).   Under the terms of reference for the deal, the winning consortium shall provide an upfront payment of P30 billion to the government as premium and another P2 billion in annuity payments.

It is also required to remit a certain percentage of the revenues to the government. This will be the main bid parameter for the auction—the higher the proposed share of the government in the Naia’s revenues are, the better.

“It is a significant milestone in the Philippine infrastructure landscape, highlighting the government’s commitment to its Build-Better-More program. We are confident that the streamlined process this project underwent will serve as a blueprint for future Philippine PPP projects,” PPP Center Executive Director Ma. Cynthia C. Hernandez said. The concession was initially set for 15 years with an option to extend by 10 years as long as the concessionaire is “not in flagrant violation of the concession agreement.”

“This means that the government is assured a healthy income stream from the private sector operator amounting to 36 billion pesos annually to fund expanded social services in education, public health, and infrastructure,” Recto said at the signing held at Malacañan Palace.

Recto also expressed confidence that Naia is poised to become “the world’s best airport” from having a reputation as “one of the world’s worst airports.”

The rehabilitation project costing P170.6 billion is seen to improve  overall passenger experience by addressing undercapacity, congestion, and underinvestment

Although personally, since it was not my first time to attend, I also met my old clients and was able to discuss Megaworld opportunities with them as well.” MHR is the largest hospitality chain in the Philippines with some 7,700 room keys under major brands like Savoy Hotels, Richmonde Hotels, and Belmont Hotels. She added, “There was great interest in the Philippines as a destination, especially Cebu and Boracay . . . and our discussions revolved on possible new tour programs and opportunities.”

For his part, Jose C. Clemente III, president of Rajah Tours Philippines said, “The hot destinations right now is Bohol and Palawan [El Nido]. We’re also pushing Dumaguete and Siquijor. We’re also trying to open Mindanao as a cultural destination.”

He noted though that pricing, i.e., cost of flying to the Philippines and hotel room rates, continues to be a concern with foreign buyers.

“Accessibility also an issue that needs to be addressed. There must be more interconnectivity between destinations. Another concern brought up was the lack in foreign language-speaking guides. It would also add more to our bag if we had more guides in all major destinations.”

Sipalay City receives award

CLEMENTE said, “Europe continues to be a strong market for us and we foresee good revenues. About 70 percent of the companies we talked with have good potential

in Naia.

The Naia PPP project is the fastest-approved PPP proposal. It was evaluated within six weeks and was approved by the National Economic and Development Authority (Neda) Board on July 19.

The project sets the benchmark for efficiency for the government’s pipeline projects, Recto noted.

“If we act with the same dispatch on all public projects, I am confident that we can sustain the momentum of growth necessary to deliver an inclusive economy for our people,” he said.

Recto urged the SMC-led consortium to maximize Naia’s potential to reap the full benefits of the tourism industry to accelerate economic growth in the country.

The share of Tourism Direct Gross Value Added (TDGVA) to the country’s GDP in 2022 was estimat -

to eventually send clients to the Philippines.”

Margie Munsayac, vice president for sales and marketing of Bluewater Resorts, entertained 20 buyers from China, Germany, France, Poland, Hong Kong, and Malaysia.

“Majority have been supporting us prior to the pandemic and are now back in the game.” As she was part of the Bohol government delegation, she specifically promoted Bluewater Panglao, but the resorts company also has properties in  Mactan and Sumilon Island in Cebu.

She said the buyers she spoke with are  “looking for new itineraries and products which Bohol and Cebu do not lack. MICE and charter flights seem to be the trend for the Europeans.”

Meanwhile, Sipalay City’s Lakbayon Project won second place in the Green Destinations Top 100 Story Awards’ Thriving Communities Category at ITB Berlin. The project of the Sipalay City Council for Women and Sipalay City Government involved regular cleanups of Poblacion Beach and mangroves, and the establishment of a conservation area for sea turtles.

“We recognize the importance of increasing tourism numbers and revenue, but it is also essential to strike a balance by offering experiences that benefit the long-term preservation of our culture and environment,” said Nograles. “While we continue to promote our country globally, sustainability remains our guiding principle.”

ed at 6.2 percent while the tourism sector employed 11.4 percent of the total workforce, according to the Department of Finance.

The government is keen on finalizing more PPP projects in the coming months and years starting with the signing of the Naia PPP concession agreement, Recto said.

The MIAA board awarded the contract for the project to the SMCSAC Consortium last February 16. The Consortium submitted the highest bid amount and is sharing 82.16 percent of future gross revenues with the government not including the passenger service charges.

The Consortium comprises San Miguel Holdings Corp., RMM Asian Logistics Inc., RLW Aviation Development Inc., and Incheon International Airport Corp.

•

Editor: Vittorio V. Vitug

PA showcases territorial defense capabilities in ‘Battle Period 2’

THE Philippine Army (PA) showcased its territorial defense capabilities during the live-fire phase of Combined Arms Exercise (CATEX) “Katihan” held last March 15 that took place at Col. Ernesto Rabina Air Base in Capas, Tarlac. Dubbed as “Battle Period 2,” it is among the highlights of Katihan that formally started on March 8 and will end on the 18th.

“Battle Period Phase 2’s highlights include the 502nd Combined Arms Brigade’s live-fire exercise utilizing the Autonomous Truck Mounted Howitzer System [ATMOS] 155mm self-propelled guns. Moreover, the Armor Division employed the 120mm mounted mortar system and armored personnel carriers during the said exercise,” PA spokesperson Col. Louie Dema-ala said.

CATEX “Katihan” effectively tests the Army’s capability to move, maneuver, and sustain large-scale

forces during combat operations.

Some 6,000 mounted and dismounted troops from Luzon, Visayas and the Mindanao have participated in the training exercise.

“As the PA evolves its unit training in order to address the fastchanging security environment, it is paramount to conduct the CATEX. The design of the various unit training involving different warfighting functions will be integrated in order to exercise combined arms operations as the highest form of unit training involving maneuver, maneuver support, maneuver service support and reserve units,” Dema-ala noted.

He also said Katihan is anchored on PA Implementing Plan “Maragtas.”

The exercise will conclude through an after activity review at the Training and Doctrine Command’s headquarters in Camp O’Donnell, Capas, Tarlac.

Rex Anthony Naval

Teacher asked to explain scolding of students in viral TikTok video

By Claudeth Mocon-Ciriaco @claudethmc3

ASHOW cause” order was issued Monday by the Department of Education (DepEd) against a teacher who went viral on a TikTok video for apparently scolding her students.

She was given 72 hours to explain her side over the controversial video that went viral on social media over the weekend.

DepEd Assistant Secretary and Deputy Spokesperson Francis Cesar Bringas explained that the show cause order would allow the teacher to “explain her side.”

Bringas said that the DepEd is still gathering information on the detailed conversation behind the viral video uploaded by “Serendipitylover.”

The teacher was filmed shouting at her students for their alleged “arrogant behavior ” and “lack of respect.”

The teacher even uttered that her students are “trashy” and they will not achieve anything.

She also called her students unintelligent and ingrates.

Bringas assured that their future actions related to the case will be guided based on existing DepEd rules and policies.

Congress poised to pass enabling law declaring INC rite as non-working day

By Butch Fernandez @butchfBM

SENATOR Robin Padilla is prodding Malacañang and Congress to pave way for adopting a proposed non-working holiday to commemorate the Iglesia ni Cristo’s (INC) “contributions to the nation.”

“It is only fitting that a nonworking holiday be declared to give the nation the opportunity to commemorate the contributions of the Iglesia ni Cristo to the nation in the last 110 years,” Padilla stressed at a Senate hearing Monday on a proposal to declare July 27 a nonworking holiday marking the founding of the INC.

The senator acknowledged that the INC, as of now, has an international membership, including 151 with racial and ethnic backgrounds. “Ang Iglesia ni Cristo ay may internasyunal na miyembro kabilang ang 151 na racial at ethnic backgrounds,” the senator pointed out.

Padilla added: “ Mayroon po itong halos 7,000 na kongregasyon at misyon na nakagrupo sa lampas 178 ecclesiastical districts sa iba’t-ibang bansa at huriskdisyon sa buong mundo. Ang nais ng panukalang ito ay bigyan daan ang milyon milyong mga myembro ng INC upang magkaroon ng angkop na celebration at pagbabalik tanaw sa mahalagang araw na ito sa kanilang kasaysayan  [At present, INC has members worldwide, with members from 151 racial and ethnic backgrounds. It has 7,000 congregations and missions in 178 eccle -

Enraged AFP vows retribution vs terror group behind bloody Maguindanao Del Sur ambush

By Rex Anthony Naval & Samuel P. Medenilla @sam_medenilla

THE Armed Forces of the Philippines (AFP) said retribution would swiftly come to the Dawlah-Islamiya-Hassan Group who was tagged responsible for the bloody ambush that killed four soldiers in Datu Hoffer Ampatuan, Maguindanao Del Sur on Friday, March 15.

At the Malacañan Palace, President Ferdinand R. Marcos Jr. vowed to intensify the anti-terrorism government campaign in Mindanao after weekend incident.

“This despicable act only strengthens our resolve to eradicate terrorism from the region and our entire nation,” the chief executive said in a post in his social media account last Monday.

He urged the public to join the government in stopping such violent acts.

SHUN PARTISAN POLITICS

Senator

siastical districts worldwide.],” he said.

Moreover, Padilla affirmed, “This bill aims to give its members a chance to celebrate and commemorate this important date in their history.”

Addressing a hearing of the Senate Committee on Constitutional Amendments and Revision of Codes, Padilla conveyed he himself “witnessed the good deeds of INC.”

“Ako po mismo ay witness sa mga ginawang magagandang bagay ng INC...Nakita ko ang kanilang lingap di lang ito sa Pilipinas kundi sa buong mundo. Nasaksihan ko po ang para sa akin ay very godly na mga misyon ng INC. Hindi lang po sa Kristyano kundi sa mga Muslim. [I personally witnessed the good deeds of INC. I saw their godly acts worldwide, not just for Christians but also for Muslims],” the senator added.

During the hearing, Interior Department Assistant Secretary for Legal and Legislative Affairs Romeo Benitez suggested that July 27 be declared a special day where the State would also acknowledge the INC’s contributions to society.

For his part, Labor Undersecretary Felipe Ecargo Jr. suggested a balance between workers’ benefits during a holiday, and the need to maintain the country’s attractiveness to investors.

Padilla replied his committee will study Benitez and Ecargo’s inputs. He said what is important is to commemorate the patriotism and nationalism that he said is “buhay na buhay [very much alive]” in INC.

“Let this tragic event unite us in our unwavering commitment for a safer, stronger, and insurgency-free Philippines. Together, we shall prevail against these acts of violence,” Marcos said.

The slain soldiers were identified as Privates Marvin Dumaguing and Jessie James Corpuz; Private First Class Carl Araña and Cpl. Creszaldy Esperto.

“The AFP vows to hunt down the perpetrators and neutralize these ruthless killers to finally put a stop to their violent acts that disrupt peace and stability in the region. We assure the Filipinos that your Armed Forces [will be] firm on its resolve to perform our mandate of protecting the people and the state,” AFP chief Gen. Romeo Brawner Jr. said in a statement Monday.

The four troopers were returning to base after marketing chores when attacked by the terrorists around 10 a.m. at Barangay Tuayan 1. As the AFP pledged to hunt

down these terrorists, Brawner said the entire military is extending its condolences to the families and loved ones of the slain troopers.

In a separate statement, Philippine Army (PA) commander Lt. Gen. Roy Galido denounced the “ruthless ambush” against soldiers going about their peaceful business.

“The soldiers were heading back to their patrol base after buying supplies when the perpetrators ambushed them near a residential area in Barangay Tuayan 1. We are working closely with local authorities and community leaders to ensure that security measures in the area are sustained. This incident only strengthens our resolve to eradicate this terrorist group from our land once and for all,” he added. Galido said appropriate benefits and assistance would be provided to the families of the fallen soldiers to help them during this trying time.

DTI bans market sale of popular vape brand

THE Department of Trade and Industry (DTI), through the Fair Trade Enforcement Bureau (FTEB), ordered the suspension on the sale, manufacturing, import, and distribution of Flava Corporation’s vape products for allegedly violating provisions in the vape law, such as use of celebrities in endorsing or advertising vape products and the use of flavor descriptors targeting minors, among others.

Citing Executive Order No. 913 and Department Order No. 07, Series of 2006, the FTEB’s Adjudication Division issued a Preliminary Order halting the trade of Flava Corporation’s vape products, DTI reported in a statement Monday.

The Trade department said the order aims to “preserve the integrity of the subject products and to prevent the continuance of the acts complained of.”

DTI said these acts refer to Flava Corporation’s alleged violations of Republic Act (RA) No. 11900 or the

Vape Law, particularly on product communication restrictions, such as the use of flavor descriptors and celebrities.

Prior to the issuance of the Preliminary Order, DTI said the FTEB’s prosecution unit filed a formal charge against the vape firm and co-respondent Lilac Vape Shop, alleging unlawful use of celebrities in social media posts and during the December 2023 launch of their ROMIO 9500 product.

In addition, the new product line was found to use flavor descriptors that violate the law, such as taro ice cream, melon lychee, watermelon, iced chocolate, gummy bears and bubblegum.

The DTI emphasized that Section 12 of the Vape law prohibits the sale of vape products with flavor descriptors targeting minors.  These include references to fruits, candy brands, desserts, or cartoon characters. The same provision bans the use of celebrities

in endorsing or advertising vape products.

“These shall not feature a minor and/or a celebrity or contain an endorsement, implied or express, by a celebrity. Manufacturers, importers, and sellers in their product advertisements are prohibited from contracting celebrities or health professionals to promote or encourage the use of Vaporized Nicotine and Non-Nicotine Products or Novel Tobacco Products,” Section 12c of RA 11900 noted.

For his part, Trade and Industry Secretary Alfredo E. Pascual stressed that the order serves as a “strong warning” to manufacturers, importers, distributors, and retailers to not engage in illegal acts of trading illicit vapes and other violative products.

“The DTI will not shirk from its responsibility of enforcing trade, industry, and consumer protection laws to help legitimate businesses and promote consumer protection,” he stressed. Andrea San Juan

‘Freedom March’ reenacted in Bataan

THE re-enactment of the Freedom March or Death March in Bataan was concluded over the weekend with a cultural presentation depicting Filipino and American soldiers being herded into the internment camp by their Japanese captors.

Mike Villa-Real, vice president for marketing and communications of Philippine Veterans Bank (PVB), announced Friday the start of the re-enactment of the fateful march the previous day. He was attending a forum as guest of the Capampangan in Media Inc. (CAMI) at the group’s headquarters at the “Bale Balita” in Clark Freeport.

As it was in previous years, PVB, comprised mostly of veterans or descendants of veterans of World War II, was the principal sponsor.

Close to 300 Armed Forces of the Philippines reservists led the two-day commemoration march, with history buffs, adventurists, marathon runners, and members of various walking clubs making up the rest. They traced the 160-kilometer trail traveled by the sick and starving soldiers from April 4 to 17, 1942.

The re-enactment was done earlier than the actual dates of the events and in less time.

According to Villa-Real, resi -

“The PA condemns the senseless, treacherous and most heinous acts perpetrated by this terrorist group. The Army is committed to ensuring that the perpetrators face the full consequences of their actions and that justice will be served for the victims and their families,” he added.

Senator Jinggoy Estrada, for his part declared, “We must come together to condemn these acts of violence.”

“The incident underscores the ongoing conflict and violence in the region where extremist groups continue to pose a threat to peace and stability. We must stand firm against extremism and terrorism,” he said.

“Amid these ruthless acts, I salute our AFP for their bravery and resilience in defending our countrymen even in the face of danger. Their sacrifices do not go unnoticed, and we stand by our brave men and women in the Armed Forces in this difficult time,” Estrada added.

Mixed fuel pump price adjustment this week

OIL firms will implement mixed adjustments in oil prices starting Tuesday morning.

On Monday, oil companies announced they will increase gasoline prices by P0.10 per liter and will reduce diesel prices by P0.10 per liter. Kerosene prices remain unchanged.

Most of the oil firms will implement the price adjustment at 6 a.m. Tuesday, while CleanFuel’s price reduction will take effect at 12:01 a.m. on the same day.

Director Rodela Romero of the Department of Energy (DOE) said this week’s price adjustment is attributed to the geopolitical factors such as decrease in US crude inventory, OPEC+ supply cuts and supply and demand outlook, among others.

“While the pull is due to the delayed IS Fed rate cut and global economic indicators of big economies like US, Europe, Japan, and China,” she said.

Last March 12, oil companies implemented a per liter decrease of P0.50, P0.25 and P0.30, respectively, for gasoline, diesel, and kerosene. This brought the year-to-date adjustment of gasoline and diesel at a net increase of P5.45/liter and P3.80/liter, respectively. On the other hand, the net decrease in kerosene prices, year-to-date, stood at P0.25/liter. Oil firms adjust pump prices every week to reflect movements in the world oil market.

dents along the way offered food and drinks.

“That was what people did when the prisoners of war passed by more than eight decades ago, on the sly, of course, lest the Japanese guards suspect them of being members of the resistance movement and kill them,” Villa-Real, grandson of one of the survivors, said. He pointed out that the Japanese Imperial Army overran French Indochina, Malaya, and Singapore in a day or two, but it took them a year to conquer the Philippines because of the stiff resistance offered by Filipino soldiers and guerrillas. “I wish Filipinos take as much

pride, as the Americans do, in remembering events that demonstrate their heroism and fortitude in the face of overwhelming odds,” Villa-Real said.

According to Villa-Real, he was invited some 20 years ago to join a re-enactment of the Bataan Death March in, of all places, New Mexico in the US.

“It still gave me goose bumps to see the few American survivors of the infamous death march, who came from all over the United States, being welcomed enthusiastically to the event by tens of thousands of people of all ages,” he recalled.

New Mexico was also the site of the first successful atomic bomb test.

Economy

Editor:

Better job opportunities propel higher per capita GDP for HUCs outside NCR

BBy Cai U. Ordinario @caiordinario

ETTER job opportunities paved the way for the highest per capita Gross Domestic Product (GDP) in highly urbanized cities (HUC) outside Metro Manila, according to the Philippine Statistics Authority (PSA).

Data from the results of the Provincial Product Accounts (PPA) showed the cities

of Baguio, Cagayan de Oro, Lapu-Lapu, and Iloilo had per capita GDP of above P300,000 in 2022.

National Statistician Claire Dennis S. Mapa said Filipinos in these cities may be enjoying better quality jobs and more employment opportunities.

“These are economic centers where you have higher production output [compared to the other areas within the provinces].

The HUCs are usually where you have

higher employment [in terms of number and quality], and thus, higher consumption expenditure,” Mapa told the B usiness M irror

Based on the data, the City of Baguio posted the highest per capita GDP in 2022, amounting to P420,016.

This was followed by City of Cagayan de Oro, City of Lapu-Lapu, and City of Iloilo with per capita GDP estimated at P343,936, P313,039, and P306,444, respectively.

“Moreover, the top 10 provinces and

HUCs registered per capita GDP higher than the national average of P178,751,” PSA said. Meanwhile, almost all provinces and HUCs in the Philippines grew in terms of their per capita GDP in 2022 from their levels in 2021.

Aklan recorded the fastest per capita GDP growth of 21.5 percent. This was followed by the City of Puerto Princesa, City of Tacloban, and Nueva Vizcaya, with 12.8 percent, 12.1 percent, and 12 percent an -

Developing a strategy for integrating generative AI

MCKINSEY’S study on the economic potential of Generative Artificial Intelligence (GenAI) emphasizes its ability to expand the boundaries of what artificial intelligence (AI) can achieve, particularly in driving creative processes and innovating business practices. This allows organizations to explore new, previously unattainable avenues in product design, marketing strategies, and customer experiences, fostering continuous innovation. Creativity and innovation enhancement: Using AI in these creative domains

accelerates the ideation process and introduces a level of depth and analysis that can refine and enhance the final outputs. GenAI acts as a catalyst for creative thinking, providing organizations with a powerful tool to reimagine and redefine their products and services, setting new industry standards. Ethical challenges and AI misuse: The ethical considerations surrounding GenAI are complex and related to bias, misuse, and fairness. These challenges underscore the need for a multifaceted approach to AI ethics that balances technological advancement with societal values and norms.

While the integration of Generative AI represents a new era of enhanced creativity, innovation, and knowledge management, we should consider their adoption with a broad understanding of strengths and risks. These technologies come with considerations that, if overlooked, could negatively impact organizations. Acknowledging and addressing these factors at the outset ensures that the deployment GenAI aligns with business objectives and ethical, legal, and societal standards.

Developing your GenAI strategy

LET’S examine how organizations can develop a strategy for integrating. Our strategy needs to align GenAI integration

with overarching business objectives with sufficient flexibility that can be tailored to each organization’s needs and context. It safeguards technological advancements, drives operational efficiencies and innovations, and contributes to broader strategic goals like market expansion, customer satisfaction, and competitive advantage.

Harvard Business School highlights the critical roles of talent and data in this new era, where AI, data analytics, and Internet of Things (IoT) are not just tools but foundational elements of business strategy. McKinsey’s study on disruptive technologies further emphasizes the need for leaders to be proactive in understanding and preparing for the impact of technological advances.

So, how do we identify pilots?

Criteria for selecting highimpact pilots

SELECTING high-impact pilots means focusing on measurable outcomes, which is crucial for organizations looking to integrate emerging technologies effectively.

Here’s a proposed framework to guide this process:

Alignment with Strategic Objectives: The pilot should directly contribute to the organization’s strategic goals,

nual growths, respectively.

“The top 10 provinces and HUCs recorded growths faster than the national per capita GDP growth rate of 6.2 percent,” PSA said.

The PPA of the 16 pilot regions outside the National Capital Region (NCR) covered 82 provinces and 17 HUCs from November to December 2023.

The PPA is a mechanism to compile the GDP at subnational level. In terms of their per capita, GDP, is defined as the estimated

such as improving customer experience, increasing operational efficiency, or driving innovation.

Executive sponsorship: Identify a respected and willing executive who can champion the pilot. Their support can be pivotal in gaining organizational buy-in and showcasing the pilot’s impact.

Feasibility and scalability: Assess the technical and resource feasibility of the pilot. It should be challenging yet achievable and have the potential for scaling up based on success.

Measurable outcomes: Define clear, quantifiable metrics for success. These could include metrics like improved efficiency, reduced costs, increased revenue, or enhanced customer satisfaction.

Visibility and influence: Choose visible pilots within the organization and can influence broader perceptions and attitudes towards technology adoption.

Potential for quick wins: Prioritize pilots that can deliver quick, visible results. Early successes can generate momentum and build confidence in the technology.

Risk mitigation: Consider the potential risks associated with the pilot and plan for mitigating these risks. This includes evaluating the impact of potential failures and having contingency plans.

Stakeholder engagement: Involve relevant stakeholders in the pilot selection process. Their insights can help identify areas where technology can impact the most.

Problem-solving orientation: The

average contribution of each individual to the GDP.

The compilation of PPA, PSA said, has been implemented in all regions in the Philippines as of 2023, except in the NCR, which is scheduled for pilot implementation in 2024.

By 2025, the PPA is programmed to be institutionalized in all regions, which ensures annual compilation of PPA for all provinces and HUCs in the country.

pilot should address a specific, welldefined problem or opportunity within the organization.

Data availability and quality: Ensure sufficient quality data to support the pilot, particularly for AI-driven projects.

Conclusions

THROUGHOUT this article, we’ve discussed the need to balance the innovation that technology inspires and the realities of executive decision-making. I encourage data scientists and technologists to view their work through the lens of business impact and for executives to appreciate GenAI’s capabilities and considerations.

By doing so, organizations will foster a culture of innovation and be poised to harness the ripple effects of their early successes, paving the way for widespread adoption and deep integration of these transformative technologies.

In summary, integrating GenAI into core business processes is not merely an IT upgrade: it’s a strategic imperative that demands vision, leadership, and a relentless pursuit of excellence.

Let this be a call to action: strategizing with foresight, innovating with intent, and executing with agility. The rewards are not just incremental gains but the redefinition of what’s possible in their domains. I wish you luck in developing a strategy for integrating GenAI to move ahead of your competition. Comments are welcome; email me at hjschumacher59@gmail.com.

72.

Basic

Salary

PBBM to newly promoted PNP generals: Strive for excellence until retirement

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand R. Marcos Jr. called on the Philippine National Police (PNP) to use legal procedures and new technology to sustain its significant gains in combating criminality.

During the oath-taking ceremony of star rank PNP officers in Malacañang Monday, the Chief Executive lauded the police for being able to bring down the number of crimes in 2023 to just 198,617.

This was 32 percent lower compared to the 295,382 in 2017.

The number of index crime, which includes murder, homicide, physical injury and rape, and crimes against property also dropped to 38,436 in 2023 from seven years ago. Marcos noted the reduction in crime volume during the first full year of his term was achieved by PNP without “resorting to legal shortcuts or short-circuiting the process or acts that subvert the rule of law.”

“It proves that rules that strengthen the fabric of our democracy, rules that our heroes had died for, rules that are enshrined in our Constitution, are not inconveniences in policing but are in fact integral and indispensable in serving up justice,” Marcos said.

Cyber threat

THE President also cautioned the PNP against complacency, noting that one crime committed is still one too many.

“While the statistics can be counted, and crime incidents reduced, even in their diminished state the disturbance they cause is still immeasurable,” Marcos said.

He also raised concern on the growing threat posed by cyber crimes to national security.

“All breaches in our digital correspondences and transactions are inimical to the people’s welfare and national interest,” Marcos stressed.

To combat such threats, he said his administration would continue to provide PNP access to new technology and training to obtain the necessary skills to go after online criminals.

“We cannot allow electronic pickpocketing and all forms of robberies which are the digital equivalent of bag snatching,” Marcos said.

The President made these pronouncements while addressing the 55 newly promoted PNP officers at the Palace.

He said he hopes the said officers will continue to strive for excellence until their retirement.

IP filings grow 2.5 percent to 49,832 in ’23–IPOPHL

By Andrea E. San Juan @andreasanjuan

INTELLECTUAL Property (IP) filings in 2023 rose by 2.5 percent to 49,832, owing to the increased IP awareness, capacity-building activities and heightened drive at universities and colleges to create and protect their IPs, according to the Intellectual Property Office of the Philippines (IPOPHL).

In a statement Monday, IPOPHL said applications of trademarks, patents, utility models (UM) and industrial designs (ID) from January to December 2023 reached 49,832, up 2.5 percent from 48,600 in 2022.

IPOPHL Director General Rowel S. Barba attributed the climb in filings to the “aggressive” IP awareness and capacity-building activities and heightened drive at universities and colleges to create and protect their IPs.

The IPOPHL chief said the agency conducted nearly 500 seminars and activities on IP in 2023 with 30,000 participants nationwide.

“As we have seen how IP topics in the past year spread far and wide in the public discourse and the online sphere, the importance of creating

Sen. Go extends aid to displaced Mapandan, Pangasinan workers

THROUGH the collective efforts of Senator Christopher “Bong” Go and the local government of Mapandan, Pangasinan, including Governor Ramon “Mon-mon” Guico III, Vice Governor Mark Lambino, Rep. Rachel Arenas, Mayor Karl Christian Vega, and Vice Mayor Gerald Glenn Tambaoan, among others, displaced workers received additional support and assistance during the celebration of Mapandan Festival last Friday, March 15.

The activity was held at Mapandan Central School, where 500 displaced workers were given grocery packs, meals, vitamins, and masks. There were also select recipients of bicycles, mobile phones, shoes, watches, shirts, and balls for basketball and volleyball.

Furthermore, Go expressed gratitude for the Department of Labor and Employment’s (DOLE) proactive approach and commended its efforts in providing temporary employment opportunities for displaced workers through the Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers program.

The event was also attended by Urbiztondo

Mayor Moding Operania and 3rd District Board Member Vici Ventanilla.

In an ongoing effort to improve the quality of life for Filipino workers in rural areas who are affected by crises and have few job opportunities, Go has filed Senate Bill No. (SBN) 420. This bill seeks to offer temporary work to qualified members of low-income families in rural settings through the creation of the Rural Employment Assistance Program (REAP) within DOLE. Should it be enacted, REAP’s main objective would be to provide short-term employment for those who fit certain conditions of economic hardship, poverty, displacement, or temporary joblessness.

“ Kaya asahan niyo po , senator, lalo na sa bayan ng Mapandan, hindi po namin makakalimutan itong pagbisita niyo sa amin. Muli, mula sa kapwa naming Pangasinense, welcome once again po ,” he added.  Go, who is also an adopted son of Pangasinan, also offered to help those with health needs. He encouraged them to visit the Region 1 Medical Center in Dagupan City or any of the

161 operational Malasakit Centers across the country if they may need assistance with any health-related expenses.

Go also mentioned that necessary funds were allocated to construct Super Health Centers nationwide. These centers are strategically designed to provide primary care, offer consultations, and enhance the early detection of diseases at the grassroots level.

Through the collaborative efforts of Go, fellow lawmakers, local government units, and DOH, led by Secretary Teodoro “Ted” Herbosa, sufficient funds were allocated for more than 700 Super Health Centers nationwide with 26 Super Health Centers in the province, including one in Mapandan that he visited that day for its inauguration.

Go then emphasized the significance of the enactment of RA 11959, also known as the Regional Specialty Centers Act, which he was a principal sponsor and co-author in the Senate. He underscored the importance of this legislation as a significant step forward in improving the availability of specialized medical care in all regions.

New green lane ordinance seen boosting RE, digital infra investments in N. Samar

AAs

Ocean Power Project on Capul Island, situated at the San Bernardino Strait in Northern Samar, said the BOI.

The BOI highlighted that this tidal project is the first in the Philippines and Southeast Asia. BOI also noted that according to Antonio Ver, the company’s president, the firm has already secured a Certificate of Commerciality from the Department of Energy (DOE). For BOI’s part, BOI Director Ernesto C. Delos Reyes Jr. said the project, identified as a strategic investment, is qualified to apply under EO 18. As such, BOI said the permitting applications of projects endorsed for green lanes would be “streamlined and expedited.”

“The government is pushing all clean energy projects, not only tidal projects, to apply for green lane. However, to qualify for green lane certification the project has to go thorough evaluation. This is to fast track the realization of the project,” Delos Reyes told reporters in a Viber message on Monday.

The visit of the Northern Samar LGU officials came on the heels of the signing of the memorandum of agreement (MOA) entered between BOI and the LGU earlier this year.

According to the MOA, which was obtained by the BusinessMirror from the BOI, the LGU is tasked to accomplish duties, such as providing the agency with a copy of new and updated ordinances, guidelines, rules and regulations governing the procedures and requirements in doing business in the LGU.

Based on the agreement, the LGU should also provide

an IP-conscious Philippines through education and awareness programs cannot be stressed enough,” Barba said.

Trademarks ACCORDING to IPOPHL, trademark applications inched up by 1.2 percent to 41,953 from 41,452. Resident filings, which it said accounted for 61 percent, rose by 1 percent to 25,575.

Non-resident filings meanwhile grew 7 percent.

In terms of industry, pharmaceuticals, health and cosmetics, agricultural products and services, scientific research, information and communication technology, management, communications, real estate and financial services, and textiles in clothing and accessories were the top five classes for 2023 trademark applications, IPOPHL noted.

Per industry, pharmaceuticals, health and cosmetics took up the lion’s share of 19.1 percent or 12,623 filings.  Agricultural products and services, with 11,510 (17.4 percent share); scientific research, information and communication technology, with 9,139 (13.8 percent share); management, communications, real estate and financial services, with 7,474 (11.3 percent); textiles in clothing and accessories, with 6,794 (10.3 percent).

Patents

APPLICATIONS for a patent grant, meanwhile, expanded by 2.9 percent to 4,544 from 4,418. Non-resident applications, which accounted for 84 percent, dropped by 7 percent annually. However, IPOPHL noted resident applications helped boost

overall invention applications after booking a 46 percent increase.

“Pharmaceuticals, with 2,600 applications or a 24.8 percent share, topped the fields of technology applied for last year. Trailing behind were organic fine chemistry which totaled 1,046 [10 percent share]; biotechnology, 803 [7.7 percent]; digital communication, 786 [7.5 percent]; and basic materials chemistry, 763 [7.3 percent],” IPOHL noted.

Utility models

ACCORDING to IPOPHL, utility models (UM) registered the highest annual growth rate across the board at 24 percent after climbing to 1,847 applications from 1,489 in 2022. Resident filings, which accounted for 95 percent, jumped by 23 percent. Non-resident filings also grew by 37 percent, it said.

“Bulk or 55.9 percent of UM filings were concentrated on food chemistry, which saw 659 applications. Basic materials chemistry, with 78 applications [6.6 percent share]; organic fine chemistry, with 64 [5.4 percent]; pharmaceuticals, with 46 [3.9 percent]; and other special machines, with 41 [3.5 percent] followed,” IPOPHL said.

Industrial Design or ID

MEANWHILE , the agency said ID applications went up by 19.9 percent to 1,488 from 1,241, driven by residents, which increased by 49 percent to take a 56.1 percent share in total ID filings. Non-resident filings, meanwhile, fell by 4 percent. “The top ID applications were intended for means of transport

or hoisting, with 152 applications [14.0 percent share]; packages and containers for the transport or handling of goods, with 118 [10.8 percent]; recording, communication or information retrieval equipment, with 84 [7.7 percent]; furnishing, with 83 [7.6 percent]; and articles of clothing and haberdashery, with 72 [6.6 percent],” IPOPHL noted.

Earlier, IPOPHL divulged that copyright deposits soared by 76 percent to 6,522 from 3,706.

The top type of copyrighted works registered at IPOPHL for recordal were books, pamphlets, articles, e-books, audio books, comics, novels, and other writings, with 3,432 or a 52.6 percent share.

IPOPHL said this was followed by audiovisual works and cinematographic works, totaling 1,181 (18.1 percent share); computer programs, software, games, applications, 573 (8.8 percent); musical compositions, 398 (6.1 percent); drawings, paintings, architectural works, sculpture, engraving, prints, lithography or other works of art, models or designs for works of art, 318 (4.9 percent).

Barba further noted that the improved Innovation and Technology Support Program—which enables state universities and colleges (SUC) and higher education institutions (HEI) to readily extend patent service support to researchers, inventors and innovators in their campuses—has helped boost IP applications.

Filings from the Innovation and Technology Support Offices (ITSO) reached 1,922 in 2023, a 51 percent increase from 2022, the IPOPHL chief noted.

Israel launches another raid on Gaza hospital, sparking criticism and endangering civilians

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

RAFAH, Gaza Strip—Israeli forces launched another raid on the Gaza Strip’s largest hospital early Monday, saying Hamas militants had regrouped there and had fired on them from inside the compound, where Palestinian officials say tens of thousands of people were sheltering.

The army last raided Shifa Hospital in November after claiming that Hamas maintained an elaborate command center within and beneath the facility. The military revealed a tunnel leading to a bunker, as well as weapons it said were found inside the hospital, but the evidence fell short of the earlier claims, and critics accused the army of recklessly endangering

the lives of civilians.

People sheltering in the hospital said Israeli forces backed by tanks and artillery had surrounded the medical complex early Monday and that snipers were shooting at people inside. They said the army raided a number of buildings and detained dozens of people.

“We’re trapped inside,” said Abdel-Hady Sayed, who has been

sheltering in the medical facility for over three months. “They fire at anything moving…doctors and ambulances can’t move.”

Gaza’s Health Ministry said the Israeli army was directing gun and missile fire at a building used for specialized surgeries. It said a fire broke out at the hospital’s gate.

The ministry said around 30,000 people are sheltering at

the hospital, including patients, medical staff and people who have fled their homes seeking safety.

Rear Adm. Daniel Hagari, the chief Israeli military spokesperson, said the army launched a “high-precision operation” in parts of the medical complex. He said senior Hamas militants had regrouped there and were directing attacks from the compound.

Putin hails poll victory that was preordained, after harshly suppressing opposition voices

By Emma Burrows, Dasha Litvinova & Jim Heintz

The Associated Press

PRESIDENT Vladimir Putin basked in a victory early Monday that was never in doubt, as partial election results underlined the Russian leader’s total control of the country’s political system.

After facing only token challengers and harshly suppressing opposition voices, Putin was set to extend his nearly quarter-century rule for six more years. Even with little margin for protest, Russians crowded outside polling stations at noon on Sunday, the last day of the election, apparently heeding an opposition call to express their displeasure with the president.

Putin hailed the overwhelming early results as an indication of “trust” and “hope” in him—while critics saw them as another reflection of the preordained nature of the election.

“Of course, we have lots of tasks ahead. But I want to make it clear for everyone: When we were consolidated, no one has ever managed to frighten us, to suppress our will and our self-conscience. They failed in the past and they will fail in the future,” Putin said at a meeting with volunteers after polls closed.

Any public criticism of Putin or his war in Ukraine has been stifled. Independent media have been crippled. His fiercest political foe, Alexei Navalny, died in an

Arctic prison last month, and other critics are either in jail or in exile.

Beyond the fact that voters had virtually no choice, independent monitoring of the election was extremely limited. According to Russia’s Central Election Commission, Putin had some 87 percent of the vote with over 99 percent of precincts counted.

North Korean leader Kim Jong Un and the presidents of Honduras, Nicaragua and Venezuela quickly congratulated Putin on his victory, as did the leaders of the ex-Soviet Central Asian nations of Tajikistan and Uzbekistan, while the West dismissed the vote as a sham.

British Foreign Secretary David Cameron wrote on X, formerly known as Twitter: “This is not what free and fair elections look like.”

In the tightly controlled environment, Navalny’s associates urged those unhappy with Putin or the war to go to the polls at noon on Sunday—and lines outside a number of polling stations both inside Russia and at its embassies around the world appeared to swell at that time.

Among those heeding call was Yulia Navalnaya, Navalny’s widow, who spent more than five hours in the line at the Russian Embassy in Berlin. She told reporters that she wrote her late husband’s name on her ballot.

Asked whether she had a message for Putin, Navalnaya replied: “Please stop asking for messages from me or from somebody for Mr. Putin. There could be no ne -

gotiations and nothing with Mr. Putin, because he’s a killer, he’s a gangster.”

But Putin brushed off the effectiveness of the apparent protest.

“There were calls to come vote at noon. And this was supposed to be a manifestation of opposition. Well, if there were calls to come vote, then...I praise this,” he said at a news conference after polls closed.

Unusually, Putin referenced Navalny by name for the first time ever at the news conference.

Some Russians waiting to vote in Moscow and St. Petersburg told The Associated Press that they were taking part in the protest, but it wasn’t possible to confirm whether all of those in line were doing so.

A voter in Moscow, who identified himself only as Vadim, said he hoped for change, but added that “unfortunately, it’s unlikely.” Like others, he didn’t give his full name because of security concerns.

Meanwhile, supporters of Navalny streamed to his grave in Moscow, some bringing ballots with his name written on them.

Meduza, Russia’s biggest independent news outlet, published photos of ballots it received from their readers, with “killer” inscribed on one and “The Hague awaits you” on another. The latter refers to an arrest warrant for Putin on war crimes charges from the International Criminal Court.

Some people told the AP that they were happy to vote

Haiti plunged into chaos: Gang violence triggers widespread looting of aid supplies, govt facilities

GUATEMALA CITY—As Haiti once again spirals into chaos with another wave of gang violence, a number of government and aid agencies reported Saturday that their facilities and aid supplies have been looted.

Gangs have raged through Haiti in recent weeks, attacking key institutions and shutting down the main international airport. The chaos has pushed many Haitians to the brink

of famine and left many more in increasingly desperate conditions.

On Saturday, UNICEF said one of its containers containing “essential items for maternal, neonatal, and child survival, including resuscitators and related equipment” were looted in the capital of Port-au-Prince’s main port, which was breached by gangs last week. “Looting of supplies that are essential

for life saving support for children must end immediately and humanitarian access must remain safe,” Bruno Maes, UNICEF representative in Haiti, said in a statement.

The aid agency said the looting and overall violence has further cut some of the country’s most vulnerable from basic supplies, coming “at a critical moment when children need them the most.”

That same day, the Guatemala’s Foreign

for Putin—unsurprising in a country where state TV airs a drumbeat of praise for the Russian leader and voicing any other opinion is risky.

Dmitry Sergienko, who cast his ballot in Moscow, said, “I am happy with everything and want everything to continue as it is now.”

Voting took place over three days at polling stations across the vast country, in illegally annexed regions of Ukraine and online.

Several people were arrested, including in Moscow and St. Petersburg, after they tried to start fires or set off explosives at polling stations while others were detained for throwing green antiseptic or ink into ballot boxes.

Stanislav Andreychuk, cochair of the Golos independent election watchdog, said Russians were searched when entering polling stations, there were attempts to check filled-out ballots before they were cast, and one report said police demanded a ballot box be opened to remove a ballot.

That left little room for people to express themselves. Still, huge lines formed around noon outside diplomatic missions in London, Berlin, Paris and other cities with large Russian communities, many of whom left home after Putin’s invasion of Ukraine.

“If we have some option to protest I think it’s important to utilize any opportunity,” said 23-year-old Tatiana, who was voting in the Estonian capital of Tallinn and said she came to take part in the protest.

Ministry said that the offices of its honorary consul in Haiti was ransacked, but didn’t give any details of damage or thefts, nor did it say who was responsible.

The ministry said only “paperwork and documentation of the last four or five years had been previously transferred” to the Guatemala Embassy for Haiti, which is located in the neighboring Dominican Republic.

Chaos is nothing new to Haiti, but the recent upheaval has been particularly brutal. The violence has left Haiti’s government in a state of turmoil and prompted Prime Minister Ariel Henry to pledge that he will resign, a key demand of the gangs. AP

The army released a grainy aerial video of what it said were militants firing on its forces from inside the hospital, as well as video of a rocket-propelled grenade striking an armored vehicle. It said its forces had detained around 80 people in the raid.

Hagari said the patients and medical staff could remain in the medical complex and that a safe passage was available for civilians who want to leave.

Israel accuses Hamas of using hospitals and other civilian facilities to shield its fighters, and the Israeli military has raided several hospitals since the start of the war, which was triggered by Hamas’ October 7 attack into southern Israel.

Most of Gaza’s medical facilities have been forced to shut down for lack of fuel and medical supplies, even as scores of people are killed and wounded each day in Israeli strikes. Israel’s offensive has driven most of Gaza’s 2.3 million people from their homes and the UN says a quarter of the population is starving.

The Gaza Health Ministry said at least 31,645 Palestinians have been killed in the war. The ministry doesn’t differentiate between civilians and combatants in its count, but says women and children make up two-thirds of the dead.

Palestinian militants killed some 1,200 people in the surprise attack out of Gaza that triggered the war and took another 250 people hostage. Hamas is still believed to be holding about 100 captives, as well as the remains of 30 others, after most of the rest were freed during a cease-fire last year in exchange for the release of Palestinians imprisoned by Israel.

The United States, Qatar and Egypt have spent weeks trying to broker another cease-fire and hostage release, but the gulf between the two sides remains wide, with Hamas demanding guarantees for an end to the war and Israel vowing to continue the offensive until it dismantles the militant group. Magdy reported from Cairo and Goldenberg from Tel Aviv, Israel.

N. Korea fires short-range

ballistic missiles, raising regional tensions

By Hyung-Jin Kim & Mari Yamaguchi The Associated Press

SEOUL, South Korea—North Korea fired multiple short-range ballistic missiles toward its eastern waters Monday morning, its neighbors said, days after the end of the South Korean-US military drills that the North views as an invasion rehearsal.

The launches—North Korea’s first known missile testing activities in about a month—came as US Secretary of State Antony Blinken was in Seoul for a conference. Outside experts earlier predicted North Korea would extend its run of missile tests and intensify its warlike rhetoric ahead of the US presidential election in November to boost its leverage in future diplomacy.

Japan’s Defense Ministry said North Korea fired three missiles, two together at 7:44 a.m. and the other about 37 minutes later. Japanese Prime Minister Fumio Kishida told a parliamentary session that the North Korean missiles landed in the waters between the Korean Peninsula and Japan, all outside of Japan’s exclusive economic zone, and that no damage or injuries have been reported.

Kishida denounced North Korea’s repeated ballistic missile tests as acts “that threaten the peace and safety of Japan, the region and the international society.” He said Japan strongly protested against North Korea over its testing activities, saying they violated U.N. Security Council resolutions that ban the North from engaging in any ballistic activities.

South Korea’s military said it also detected “several” suspected short-range ballistic launches by North Korea on Monday morning. The Joint Chiefs of Staff called the launches “clear provocation” that threaten peace on the Korean Peninsula. It said South Korea will maintain readiness to repel any provocation by North Korea, based on its solid military alliance with the United States.

According to Japanese and South Korean assessments, the North Korean missiles fired from its capital region traveled a distance of 300-350 kilometers (about 185-220 miles) and reached a maximum altitude of 50 kilometers (about 30 miles). Observers say the missiles’ flight distances indicate they are weapons targeting major facilities in South Korea, such as its military headquarters in the central region.

The US State Department condemned the launches, saying they pose a threat to the North’s neighbors and undermine regional security. A State Department statement said the US commitment to the defense of South Korea and Japan remain “ironclad.”

The US stations a total of 80,000 troops in South Korea and Japan, the backbone of its military presence in the Asia-Pacific region.

During the South Korea-US military drills that ended Thursday, North Korean leader Kim Jong Un guided a series of military training exercises involving tanks, artillery guns and paratroopers and called for greater war fighting capabilities. The 11-day South Korean-US drills involved a computersimulated command post training and 48 kinds of field exercises, twice the number conducted last year.

The North didn’t perform any missile tests during its rivals’ training, however. Its missile tests are considered much bigger provocations as North Korea has been pushing hard to mount nuclear warheads on its missiles targeting the US mainland and its allies. Many experts say North Korea already has nuclear-armed missiles capable of reaching all of South Korea and Japan, but it has yet to have functioning long-range missiles that can strike the US mainland.

Before Monday’s launches, North Korea last carried out missile tests in mid-February by firing cruise missiles into the sea.

Animosities on the Korean Peninsula remain high in the wake of North Korea’s barrage of missile tests since 2022. Many of the tests involved nuclear-capable missiles designed to attack South Korea and the mainland US. The US and South Korean forces have responded by expanding their training exercises and trilateral drills involving Japan.

Experts say North Korea likely believes a bigger weapons arsenal would increase its leverage in future diplomacy with the United States. They say North Korea would want to win extensive sanctions relief while maintaining its nuclear weapons.

Worries about North Korean military moves have deepened since Kim vowed in a speech in January to rewrite the constitution to eliminate the country’s long-standing goal of seeking peaceful unification of the Korean Peninsula and to cement South Korea as its “invariable principal enemy.” He said the new charter must specify North Korea would annex and subjugate the South if another war broke out.

Observers say North Korea may launch limited provocations along its tense border with South Korea. But they say the prospects for a full-scale attack by North Korea are dim as it would know its military is outmatched by the US and South Korean forces.

Yamaguchi reported from Tokyo. Associated Press writer Yuri Kageyama in Tokyo contributed to this report.

China’s economy shows signs of improvement, but property sector remains weak in early 2024

By Zen Soo AP Business Writer

HONG KONG—China’s manufacturing and investment improved in the first two months of the year, while weakness in the property sector weighed on the economy, the National Bureau of Statistics said Monday.

The report said industrial output rose 7 percent from a year earlier in January-February, better than analysts had forecast. Spending on factories and equipment, known as fixed-asset investments, rose 4.2 percent.

The real estate sector remained sluggish, with investment in real estate falling 9 percent in January-February compared to the same period a year earlier.

The property market is “still in a state of adjustment and transition” but policies outlined at China’s annual legislative session earlier this month

will promote “stable and healthy development,” National Bureau of Statistics spokesperson Liu Aihua told reporters.

During the National People’s Congress meetings, China’s leaders pledged to refine property sector policies, including increasing financing to developers and building more affordable housing.

The signs of strength followed various moves by authorities to boost growth. The statistics bureau said retail sales climbed 5.5 percent and consumer prices rose for the first time since August. The consumer price index was up 0.7 percent in February after months of falling prices.

“Industrial production was a sizable beat, supported by strong exports in the month, while fixed assets investments on the other hand, were likely supported by a state-driven push early this year,” said Louise Loo of Oxford Economics in a note.

She said consumer spending

was “buoyed temporarily” by spending related to the Lunar New Year holidays, the biggest festival of the year, and that without added government spending it would be difficult to keep up strong growth.

Beijing has set an economic growth target of about 5 percent for 2024, which experts say may be challenging to reach.

“We expect economic momentum to improve further in the near-term given the tailwind from policy stimulus. But this recovery may prove short-lived due to the economy’s underlying structural challenges,” said Zichun Huang, a China economist with Capital Economics.

The recovery of the world’s second-largest economy following the shocks of the pandemic has been hindered by various factors, one of the largest being a downturn in the real estate industry after authorities moved to curb excess borrowing by property

European Union announces $8 billion aid package for Egypt amid migrant concerns

By Samy Magdy The Associated Press

CAIRO—The European Union on Sunday announced a 7.4 billioneuro ($8 billion) aid package for cash-strapped Egypt as concerns mount that economic pressure and conflicts in neighboring countries could drive more migrants to European shores.

The deal, which drew criticism from rights groups over Egypt’s human rights record, was signed Sunday afternoon in Cairo by Egyptian President Abdel Fattah el-Sissi and European Commission President Ursula von der Leyen. The ceremony was attended by leaders of Belgium, Italy, Austria, Cyprus and Greece.

“Your visit today represented a very important milestone in the relations between Egypt and the European Union,” el-Sissi told visiting European leaders. He said the deal has achieved a “paradigm shift in our partnership.”

The aid package includes both grants and loans over the next three years for the Arab world’s most populous country, according to the EU’s mission in Cairo. Most of the funds—5 billion euros ($5.4 billion)— are macro-financial assistance, according to a document from the EU mission in Egypt.

The mission said the two sides have promoted their cooperation to the level of a “strategic and comprehensive partnership,” paving the way for expanding Egypt-EU cooperation in various economic and noneconomic areas.

“The European Union recognizes Egypt as a reliable partner and its unique and vital geostrategic role as

a pillar of security, moderation and peace in the Mediterranean, Near East and African region,” a joint statement said after the summit.

Italy’s Prime Minister Giorgia Meloni, whose country played a major role in achieving the deal, lauded it as “historic.”

“This initiative shows our willingness to strengthen and encourage a new structural method of cooperation between the two sides of the Mediterranean,” she told the Egyptian-EU summit in Cairo.

The deal, known as the Joint Declaration, aims among other things to promote “democracy, fundamental freedoms, human rights, and gender equality,” according to the European Commission. Both sides will also deepen their cooperation to address challenges related to migration and terrorism.

The EU will provide assistance to Egypt’s government to fortify its borders, especially with Libya, a major transit point for migrants fleeing poverty and conflicts in Africa and the Middle East. The 27-nation bloc will also support the government in hosting Sudanese who have fled nearly a year of fighting between rival generals in their country. Egypt received more than 460,000 Sudanese since April last year.

The deal comes amid growing concerns that Israel’s looming ground offensive on Gaza’s southernmost town of Rafah could force hundreds of thousands of people to break into Egypt’s Sinai Peninsula. The Israel-Hamas war, now in its sixth month, has pushed more than 1 million people to Rafah.

Egypt says there are 9 million

migrants in the country, including about 480,000 who are registered refugees and asylum-seekers with the UN refugee agency. Many of those migrants have established their own businesses, while others work in the huge informal economy as street vendors and house cleaners.

For decades, Egypt has been a refuge for migrants from sub-Saharan Africa trying to escape war or poverty. Egypt is a destination and a haven for some, because it’s the closest and easiest country for them to reach. For others, it’s a point of transit before attempting the dangerous Mediterranean Sea crossing to Europe.

While the Egyptian coast has not been a major launching pad for human traffickers sending overcrowded boats across the Mediterranean to Europe, Egypt faces migratory pressures from the region, with the added looming threat that the Israel-Hamas war could spill across its borders.

The deal would inject muchneeded funds into the Egyptian economy, which has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia’s full-scale invasion of Ukraine, and most recently, the Israel-Hamas war in Gaza.

Egypt reached a deal with the International Monetary Fund earlier this month to increase a bailout loan to $8 billion, up from $3 billion, after marathon negotiations. The deal with the IMF was combined with economic reforms that included the flotation of the Egyptian pound and a sharp raising of the main interest rate.

South Sudan takes drastic action: Schools shut down amid devastating heat wave

By Deng Machol

They

The

to

Resident Peter Garang, who lives in the capital, Juba, welcomed the decision. He said “schools should be connected to the electricity grid” to enable the installation of air conditioners.

South Sudan, one of the world’s youngest nations, is particularly vulnerable

developers.

Huang said that the correction in property construction is “still in its early stages.”

Another area for concern is employment. While the official urban unemployment rate was 5.2 percent according to the latest data, but 14.6 percent of young Chinese 16-24 years old were jobless.

That’s an improvement from 14.9 percent in December and nearly 20 percent in June, but still highlights persisting difficulties young Chinese face in finding jobs following the pandemic and a crackdown on technology companies that hurt investment in private businesses. The jobless figure for youths does not include students.

China usually releases economic data monthly, but data for the first two months of the year are combined to avoid distortions from the weeklong Lunar New Year holidays, when many businesses and factories are closed.

The EU deal follows the template of those recently signed with Tunisia and Mauritania that pledged funds in return for fortifying their borders. Both Tunisia and Mauritania are key points of departure for migrants crossing the Mediterranean and a stretch of the Atlantic to Italy and Spain, respectively, and they too were criticized for alleged abuses against migrants.

The package drew criticism from international rights groups over Egypt’s human rights record. Amnesty International urged European leaders not to be complicit with human rights violations taking place in Egypt.

“EU leaders must ensure that the Egyptian authorities adopt clear benchmarks for human rights,” said Eve Geddie, Amnesty International’s head of the European institutions office. Geddie pointed to Egypt’s restrictions on media and freedom of expression and a crackdown on civil society.

Questioned about the morality of such deals earlier this week in Brussels, European Commission spokesperson Eric Mamer acknowledged there were issues in all these countries, but defended the partnerships nonetheless.

“Yes, we know the criticism related to human rights in those countries and it is obvious that this is an issue,” he told reporters.

“Does that mean we should break off all relations? Would that lead to an improvement in the situation? Or should we try to find a way to work with those countries to improve the situation on the ground both for local populations and for migrants coming to those countries?” he said.

The Associated Press writers Renata Brito in Barcelona, Spain, and Lorne Cook in Brussels, contributed to this report.

to climate change with heat waves common but rarely exceeding 40°C (104°F). Civil conflict has plagued the east African country that also suffered from drought and flooding, making living conditions difficult for residents.

The World Food Program in its latest country brief said South Sudan “continues to face a dire humanitarian crisis” due to violence, economic instability, climate change and an influx of people fleeing the conflict in neighboring Sudan. It also stated that 818,000 vulnerable people were given food and cash-based transfers in January.

Robert F. Kennedy Jr.’s presidential bid surges amid major-party disenchantment

By Jonathan J. Cooper The Associated Press

THE lack of excitement many Americans feel about a presidential rematch has heightened interest in alternatives to the major-party candidates, none more so than Robert F. Kennedy Jr., whose famous name has helped him build buzz for his independent bid.

Kennedy is a huge longshot to win Electoral College votes, much less the presidency. But his campaign events have drawn large crowds of supporters and people interested in his message. He plans to announce his vice presidential nominee later this month in Oakland, California, and is stoking expectations that he might pick New York Jets quarterback Aaron Rodgers or former Minnesota Gov. Jesse Ventura. Here is a look at his campaign and what he’s stood for:

Who is RFK Jr.?

KENNEDY, 70, is a member of perhaps the nation’s most famous political dynasty. His uncle was President John F. Kennedy. His father served as attorney general and a US senator before seeking the Democratic nomination for president. Both were assassinated.

RFK Jr. built a reputation of his own as an activist, author and lawyer who fought for environmental causes such as clean water.

More recently, his activism has veered into conspiracies and contradicted scientific consensus, most infamously on vaccines. Some members of his family have publicly criticized his views.

Kennedy founded Waterkeeper Alliance, which works to secure clean water, and Children’s Health Defense, an anti-vaccine group that saw its reach grow rapidly during the pandemic.

Children’s Health Defense has a lawsuit pending against a number of news organizations, among them The Associated Press, accusing them of violating antitrust laws by taking action to identify misinformation, including about Covid-19 and Covid-19 vaccines. Kennedy took leave from the group when he announced his run for president but is listed as one of its attorneys in the lawsuit.

He’s married to actress Cheryl Hines.

What does Kennedy’s campaign look like?

KENNEDY’S need to collect thousands of signatures to get on the ballot has taken him to places that rarely see presidential candidates, including Hawaii, Wyoming and West Virginia.

At events in Phoenix and Las Vegas, hundreds of supporters queued up outside hours before he was scheduled to arrive. He attracts a legion of fans, many of whom have listened extensively to Kennedy’s interviews on podcasts or YouTube videos.

In Nevada, massive graphics and photos were projected on three walls as upbeat music played. Drinks and merchandise were for sale.

Kennedy speaks in a quiet, strained voice, sometimes haltingly, the result of a neurological condition called spasmodic dysphonia.

What does he talk about?

KENNEDY frames himself as a truth teller with a track record of fighting for the middle class against powerful interests. He points to lawsuits he’s won against corporate behemoths such as Monsanto and DuPont.

“I can fix this country,” he said in Las Vegas in February. “All these agencies that intimidate normal politicians, I’ve sued every one of them.... When you sue these agencies, you get a Ph.D. in corporate capture and how to unravel it.” Corporate capture refers to private interests using their influence to control government decision-making, as when they help draft legislation.

Kennedy has been critical of US support for Ukraine and supportive of Israel’s war against Hamas. He wants to reduce military and health care spending because of the impact on budget deficits, and combat rising housing costs so young people can afford to buy homes.

Kennedy has found a loyal following among people distrustful of institutions and those who believe the government has been captured by corporations, especially

pharmaceutical companies. He hasn’t shied away from his controversial views on health care and vaccines. He wants to dismantle the public health bureaucracy, saying he’d immediately tell the National Institutes of Health to refocus research away from infectious diseases and vaccines and toward chronic diseases.

Kennedy insists he is not anti-vaccine and claims he has never told the public to avoid vaccination. But he has repeatedly made his opposition to vaccines clear. He said on a podcast “there’s no vaccine that is safe and effective” and has urged people to resist CDC guidelines on when kids should get vaccinated.

While there are rare instances when people have severe reactions to vaccines, the billions of doses administered globally provide real-world evidence that they are safe. The World Health Organization says vaccines prevent as many as 5 million deaths each year.

Can he win?

THE United States has a long history of rejecting independent or third party presidential candidates. In fact, the last president to win without a party’s backing was George Washington, and he did it before there were political parties.

The last third-party candidate to make it to the White House was Abraham Lincoln with the newly formed Republican Party.

The last third-party candidate to pull more than single digits in the popular vote was Ross Perot, a businessman who won 19 percent in 1992 and 8 percent in 1996. But he won zero electoral votes.

And while the independent share of the electorate is growing, it is still dwarfed by voters who consistently support Republican or Democratic candidates, even if they identify as independent.

In other words, the odds are long.

Kennedy’s case for optimism hinges on his relatively strong showing in a few national polls. Polls during the 2016 presidential campaign regularly put libertarian Gary Johnson’s support in the high single or low double digits, but he ultimately received only about 3 percent of the vote nationwide. Horse-race polls are also notoriously unreliable this far out from an election, and many Americans don’t know who Kennedy is. A February AP-NORC poll found, for instance, that 29 percent of Americans don’t know enough about Kennedy to have a view about him.

Some of the people who say they’d support him may also be reacting to his famous last name rather than his actual pitch as a candidate. A CNN/SSRS poll conducted last spring found that 20 percent of people who said they would consider supporting Kennedy for the Democratic nomination— for which he was running at the time—said that their support was related to his last name and Kennedy family connections. Only 12 percent said it was because of support for his views and policies. But for any of that to matter, he has to get on the ballot.

How does he get on the ballot?

FORGET getting elected; merely running for president is an arduous process, especially for candidates like Kennedy who don’t belong to a party. Every state has different rules, requiring an army of lawyers to make sure everything is done right. Most states require thousands of signatures.

A pro-Kennedy super PAC is helping pay for Kennedy’s ballot access work in several states. His allies have created a political party to ease the process in some states by getting recognized as a party and making Kennedy its nominee. He has been approved for the ballot in Utah. His campaign and super PAC say he’s collected enough signatures to qualify in several other states, including the battlegrounds of Arizona, Georgia and Nevada, though election officials in those states have not yet affirmed his candidacy. Kennedy has also said he’s talked with officials from the Libertarian Party, though it’s not clear what a tie-up between the two might look like.

The Associated Press writer Ali Swenson in New York contributed to this report.

editorial

UNDP exposes growing divide among nations, urges global solidarity

The United Nations Development Program’s recent warning about the drifting apart of nations in terms of development should serve as a wake-up call to the world. While some countries are bouncing back from the Covid-19 pandemic, the poorest nations are being left behind, with their conditions deteriorating further. This alarming trend not only highlights the urgent need for global solidarity, but it also exposes the deep-rooted inequalities and concentration of economic wealth that plague our world today. (Read the story in BusinessMirror, “Growing inequalities and deteriorating conditions: UN warns of drifting apart in global development,” March 16, 2024).

For the past two decades, the gap between rich and poor countries had been narrowing, giving hope for a more equitable future. However, the UN report’s findings indicate a reversal of this progress, signaling a dangerous trajectory where development is unfolding in an unequal and incomplete manner. This disparity not only increases vulnerability and misery but also perpetuates poverty and widens the chasm of inequality.

The report also sheds light on the concentration of economic wealth in a few countries, with a significant portion of global trade and the stock market value dominated by just three tech giants. Such concentration further exacerbates the imbalances, leaving the majority of nations struggling to catch up. This stark reality highlights the urgent need for systemic changes to ensure a more equitable distribution of resources and opportunities.

To compound the issue, the report identifies an emerging “democracy paradox.” While the majority of people worldwide endorse democracy, an increasing number express support for leaders who undermine its foundations. This erosion of democratic values threatens the collective action needed to tackle global challenges effectively. Instead of joining forces to address issues like climate change, pandemics, and the digital revolution, nations are becoming more divided, fostering frustration and polarization.

The rise of populism, which is often rooted in anti-elite sentiment and hostility towards international cooperation, further deepens societal divisions and hampers progress, according to the UN report. It is crucial to recognize that the challenges of the 21st century demand collaboration and unity rather than isolation and discord. The report reminds us that solving problems like climate change, pandemics, and cybercrime requires diplomacy, cooperation, and the ability to bridge divides.

In light of these concerning developments, it is imperative that we take action to reverse these trends and build a more inclusive and sustainable future. First and foremost, there must be increased investment in global public goods that benefit all people, such as climate stabilization and the development of new technologies. Additionally, reforms to the global financial system are necessary to ensure that low-income countries can access the resources they need to thrive.

The UNDP stressed that addressing extreme inequality is of paramount importance. When inequality reaches extreme levels, it erodes the political willingness to cooperate and undermines the foundations of progress. Governments and international organizations must prioritize policies that reduce inequality, promote social mobility, and ensure equal access to education, healthcare, and economic opportunities.

The UNDP said there is a pressing need for global leaders to dial down the rhetoric of division, misperceptions, and misinformation. These factors have been weaponized to turn people against each other, hindering progress and cooperation. It is essential to foster an environment of understanding, empathy, and collaboration that promotes dialogue and bridges the gaps between different societies and nations.

The UN Development Program’s report should serve as a clarion call for action. As we navigate the challenges of the 21st century, we must confront the growing inequalities and deteriorating conditions head-on. It is incumbent upon governments, international organizations, civil society, and individuals to work together to create a more just and equitable world. Only by addressing these pressing issues can we hope to build a future where all nations, regardless of their wealth or resources, can thrive and prosper.

Why aren’t we like the NYSE?

TJohn Mangun

OUTSIDE THE BOX

raDiNg the stock market is what i have been doing for a living for more than a decade. My sons join in this venture and although we have other business interests, the “stkmkt” is our focus. and yet i am forced to answer questions even from them such as “Why is the US stock market going up and ours isn’t?” The answer is simple: “This is the Philippines.”

That comment is not made with any sarcasm or “Onli in da Pilipins” nonsense. It is an acknowledgement that every country is unique with its own culture, ethos, and habits. There are some universal truths that transcend borders, religion, race, and ethnicity. All fathers want their children to have an easier and better life than the previous generation. All mothers are protective about the dangers that the outside world can hold.

But beyond those simplistic commonalities, each nation is distinctive as is also the Philippines. However, the Philippines has its own character in that it is both “East and West.”

Dmitri Trenin was the director of the Carnegie Moscow Center, a Russian think tank. He was also a colonel in the Russian military intelligence, serving 21 years before

joining Carnegie in 1994. He commented that “contemporary Russia is neither the East, nor the West, neither Europe, nor Asia.” Rather, it is possible to “speak confidently about the civilizational uniqueness of Russia.” I think that you can say the same about the Philippines. An English-speaking westerner knows that they are in a foreign country when landing in Japan, Thailand, or any country in South America or Africa. In Manila, the American asks why the Big Mac tastes differently here than in Chicago? Maybe the balikbayan Pinoy in Daly City says the same thing about the “Champ” at their local Jollibee.

“Why are the other markets going up and ours isn’t?” Because the forces that move the stock market here aren’t the same as in the US,

Tokyo, or Frankfurt. For example: The quadrupling of Japan’s Nikkei 225 index in the mid1980s was the result of the banks/ insurance firms, corporations, and property developers buying each other’s shares, loaning each other money, and supporting each other’s goods and services, which then increased the stock prices.

Corp A borrows from Bank B to buy the IPO stock of Prop C, which then borrows from Bank D to build a high-rise that is rented to Corp E. The financial Merry-Go-Round is filled with happy music and bright lights until it isn’t. That will not happen in the Philippines because we are already too closely connected by blood, marriage, affinity, or family history to take the risk. Further, there are not any “White guys” standing to bail out the “Brown-skinned brothers.” The IMF “saved” Thailand and South Korea, but that was “one-off.” When the Global Debt Crisis hit in 2008, Tokyo said no to the American bail out funding. The total Philippine bank exposure to the Lehman crash was $30 million, small petty cash. As one local bank president said, “We do not invest in things we do not understand.”

The PSE is not interest rate sensitive as is the New York Stock Exchange. NYSE-February 2024: “Margin debt is up 9.5 percent yearover-year.” We do not buy stocks with

borrowed money regardless of the interest rate. For January 2024, retail stock accounts have $703 million in margin debt from buying shares, the 20th highest in history. By comparison, total retail credit card debt is $1.13 trillion.

Local companies have funding options, even in times of high interest rates, rather than bank borrowing.

In the past six months: “Jollibee to raise up to P8B from preferred share sale.” “The SEC has cleared the offering of up to P5 billion worth of preferred shares by Cebu Landmasters Inc.” “SMC raises P34 billion from preferred share sale.” “Century Properties to sell P5B worth of preferred shares.”

We know that a high local interest rate is to protect the value of the peso and that is important.

The PSE has a long-term abhorrence of two factors, neither of which is interest rates. Historically, traders dislike a trend of increasing inflation. Currently, we are extremely cautious on that issue, watching and waiting the data. “Political noise” is constant but must not go from “annoying” to “serious.” Hereto, we are watching and waiting.

The PSE is not the NYSE and will not trade the same way.

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.

Putin warns Russia won’t be stopped after record election win

aDefiaNT Vladimir Putin said russia won’t be stopped from pursuing its goals after he swept to a record victory in a presidential election whose outcome was pre-determined.

“No matter how much anybody wanted to suppress us, our will, our consciousness, nobody in history has ever succeeded, they have not succeeded now and they will never succeed,” Putin told supporters in Moscow late Sunday. All the major “and in some areas grandiose plans” that he set out before the election “will certainly be achieved,” he said.

Putin spoke after preliminary results showed him with 87.2 percent support in the election that ended Sunday, giving him another six years as president to step up his war in Ukraine and conflict with the West. The outcome far exceeded his previous record of 77 percent in 2018 elections.

Long lines formed at noon outside some polling stations, including in Moscow and St. Petersburg, after allies of opposition leader Alexey Navalny, who died last month in an Arctic prison camp, called on people to protest Putin’s election by turning up at that time. Their presence represented a sign of defiance amid the harshest Kremlin crackdown on

dissent in decades.

Russia’s longest-serving leader since Soviet dictator Josef Stalin, Putin, 71, is extending his nearly quarter-century rule into a fifth term at a time when his troops are on the offensive in Ukraine. Russia is pressing its advantage in the third year of the invasion, which has become Europe’s biggest conflict since World War II as Ukraine struggles to supply its forces with munitions amid delays in military aid from its US and European allies. Any direct conflict between Russia and the US-led Nato alliance would be “one step away from a full-scale third world war,” Putin said Sunday.

Putin is “addicted to power and is doing everything he can to rule forever,” Ukrainian President Volodymyr Zelenskyy said in a video address. “There is no evil he will not commit to prolong his personal power. And there is no one in the world who is safe from this.”

Turnout from three days of voting was put at 74.2 percent. That’s

the highest since Boris Yeltsin became president in 1991 after the Soviet Union’s collapse, and well above the 67.5 percent turnout recorded in 2018. At least six Russian regions claimed turnout was above 90 percent.

Three other candidates from parties loyal to the Kremlin offered no serious competition in the tightly controlled election. Communist Nikolai Kharitonov took 4.2 percent, Vladislav Davankov from the New People, a party created in 2020, was on 4 percent and Leonid Slutsky, leader of the ultranationalist Liberal Democratic Party of Russia, trailed with 3.2 percent, according to Central Election Commission data.

Putin said the election protests had no effect and people who spoiled ballot papers should face investigation and criminal punishment.

He confirmed to reporters at a news conference that he’d agreed to swap Navalny for unidentified people held in Western jails days before the anti-Kremlin critic’s death, on condition that he never returned to Russia.

“That’s life,” Putin said, calling Navalny’s death a “sad event” and referring to him by name for the first time in years.

The election outcome “gives

Putin every chance to implement any, even the toughest, scenarios in Ukraine,” said Pavel Danilin, head of the Moscow-based Center for Political Analysis, which advises the Kremlin. The “historically high result is a guarantee that the majority of the population supports Putin,” he said.

The Kremlin secured the result through “electoral manipulation and fraud,” said Maria Snegovaya, senior fellow with the Europe, Russia, and Eurasia Program at the Washington-based Center for Strategic and International Studies. The goal was to show Russian society is united behind Putin’s “long-term fight against not just Ukraine but the West and the liberal international order more broadly.”

An emboldened Putin is preparing for a long confrontation with the West, according to five people with knowledge of the situation, asking not to be identified because the matter is sensitive.

The Kremlin is putting the squeeze on countries such as Moldova, the Baltic states and those in the Caucasus region in the name of protecting Russian minorities. European leaders have warned openly See “Putin,” A13

Hedge fund veteran pitches first-ever emissions risk transfers

By Natasha White

AVETERAn of alternative investment management has started pitching a new type of securitization he says would allow banks to cut the carbon footprint of their balance sheets.

Andrew hohns, a former managing director at hedge fund Mariner Investment Group who now runs Newmarket Capital, says he’s currently in talks with a number of banks to construct such novel transfers.

For banks, repackaging and transferring the credit risk from their loan books to less-regulated private fund managers is nothing new. The appeal for investors on the other side of such deals is that they get double-digit returns, while banks get capital relief, freeing them up to do more business.  Newmarket, a Philadelphia-based alternative asset manager that specializes in structured credit, is now pitching a similar mechanism for banks to repackage and transfer their so-called financed emissions, which represent the greenhouse gas pollution linked to their lending and investment activities. Banks that channel a lot of capital into the fossil fuel industry, for example, would have big financed emissions. The idea is to “transfer the credit risk, but at the same time transfer the so-called emissions risk to a third-party investor outside of the banking system, such as ourselves,” hohns said. Such structured products would be the latest in a string of innovations that includes everything from debt-for-nature swaps to novel use of carbon offsets, as the wizards of high finance experiment with new instruments to tackle climate risk. Applying a risk-transfer model to carbon emissions remains experimental, in large part because it’s hard to assign monetary values to such risk and because no rules exist to guide such a construction.

Meanwhile, banks face growing pressure from regulators to slash their financed emissions. In Europe, where ESG regulations are more advanced than in other jurisdictions, the main industry watchdog has already put lenders on notice.

The European Banking Authority said in October it is revising the framework that sets industry-wide capital requirements—known as Pillar 1—to incorporate environmental and social risks. The EBA says the change means that banks will need to review the ESG default and loss probabilities in their portfolios, as well as the risk weights that go into determining how much capital they set aside for each client account.

With so-called emissions-weighted risk transfers, banks can use “the same kind of mental models that have been built up on the regulatory capital side to reasonably state that they’ve reduced the emissions intensity of their portfolio,” hohns said.

The global standard-setter for financed emissions reporting, the Partnership for Carbon Accounting Financials, doesn’t offer guidance for such securitizations. CDP, a nonprofit that advises public and private entities on how to measure and report their carbon footprint, said such transfers don’t address the wider challenge of reducing emissions in absolute terms.

An emissions-weighted risk transfer “is not innovation, this is engineering,” said Amir Sokolowski, director of climate at CDP. “The purpose of this financial engineering instrument seems to be to cut the link between emissions and risk,” but the result could be to “threaten

Putin. . .

Continued from A12

Opinion

BusinessMirror

EOPT: On value added taxes

ISuch structured products would be the latest in a string of innovations that includes everything from debt-for-nature swaps to novel use of carbon offsets, as the wizards of high finance experiment with new instruments to tackle climate risk.

both direct action and the steer of sustainable finance,” he said.

The financial appeal of such instruments, however, has attracted the attention of other structured credit specialists besides Newmarket Capital. Ryan Dunfield, chief executive of SAF Group, a Canadian private credit investor, says he’s also had talks with banks about taking on their emissions risk. Like hohns, he declined to name the banks because those talks remain private.

Dunfield said demand for such instruments rests primarily on the regulatory landscape. “Ultimately it’s going to be regulators saying we’re going to increase your capital density, and the economics will actually drive [banks] to start hitting those transactions,” he said.

Structures that SAF has discussed with banks include a so-called black carbon pool, Dunfield said. The idea is to create a vehicle into which banks can “move all their emissions-intensive financings,” he said. SAF would then seek to match those with carbon offsets, he added. Appetite for transferring credit risk, meanwhile, is growing among banks. Deals for synthetic risk transfers reached about $20 billion last year, as banks lowered their exposure on some $200 billion in loans; that’s roughly double the level transferred to third parties a decade ago, hohns estimates.

While European banks like Banco Santander SA, Barclays Plc and Societe Generale SA, as well as Canadian lenders including Bank of Montreal, Royal Bank of Canada and The Bank of Nova Scotia have been the biggest users of synthetic risk transfers in previous years, Wall Street is fast catching up.

BlackRock Inc. has said that the market has the potential to grow at around 35 percent a year, as the instruments gain acceptance and tougher capital rules take hold. Meanwhile, investing giants including Ares Management Corp., KKR & Co. and Blackstone Inc. are also devoting resources to exploring such deals. As an add-on, the capital relief achieved through emissionsweighted risk transfers would free up banks to channel more funds into green projects, hohns said.

Newmarket Capital already classifies two types of synthetic risk transfer as impact deals. The first is structured around a green underlying asset, such as a renewable energy project. The other is structured around an underlying asset that’s not green, but for which the bank has pledged to put the freed-up capital toward environmental or social projects.

“Conventional forms of energy are likely going to continue to require financing for the better part of the next century, they represent good credit risk and are important tools for human flourishing,” hohns said. “We’ll continue to invest.” With assistance from Laura Benitez, Esteban Duarte and Frances Schwartzkopff/ Bloomberg

atty. Jomel n. Manaig

Tax Law for Business

n January 2024, taxpayers in the Philippines were greeted with a significant law seeking to improve tax administration and compliance. This law, of course, is the Ease of Paying Taxes (EoPT) Act. Following the effectivity of the law, draft revenue regulations (RR) have been circulated for comments from the public. For our short analysis, we will focus on some rules being proposed in relation to value added tax (VAT).

First—The express shift from cash basis to accrual basis finally removes the difference in the treatment of output taxes for sales of goods and sales of services. Finally, a consistent metric is applied. While an argument may be made for opting to use cash basis as the standard basis for VAT, the accrual basis is the natural outcome of choosing the invoice as proof of the sale over the official receipt. Since the BIR is mandated to implement what is in the law, it is bound to acknowledge the consistent application of the accrual basis.

Second—The draft RR provides

that the filing of VAT returns and payment of the corresponding VAT shall be made electronically. Manual filing and payment may be made only if the electronic platforms are unavailable. This seems inconsistent with the provisions of the EOPT where the filing of a tax return and the payment of the tax may be done “electronically or manually.” In other words, the EOPT did not provide any preference for electronic modes over manual. There should be a choice on whether to apply one or the other and not to employ one as an alternative only

if the other is unavailable.

Third—For sales of services that were already billed but uncollected at the time of the effectivity of the RR, taxpayers are being required to declare the corresponding output VAT in the immediate taxable quarter following the effectivity of the RR. however, applying this to sale of services that were made prior to the effectivity of the EOPT and still uncollected at the time of effectivity of the RR may come with complications since it may appear as if the law is being applied retroactively.

Fourth—No output tax credit shall be allowed for outstanding receivables from sale of goods on account prior to the effectivity of the RR. This limitation seems unfair. On one hand, the BIR is imposing output VAT on sales even prior to the effectivity of the RR. On the other, it is refusing to allow taxpayers to claim output tax credits on uncollected receivables relating also on sales prior to the effectivity of the RR. No one should have his cake and it eat too.

Fifth—The draft RR provides that in case the COA subsequently disallows a BIR-approved refund, only the taxpayer shall be liable for the disal-

lowed amount. To be fair, this is a reflection of the provision in the EOPT and not something inserted out of the blue by the BIR in the draft RR. Nonetheless, this provision seems to be unfair to taxpayers who take solace in a favorable decision of the BIR. It brings unease and the lack of finality on government dealings, something that is very much undesirable in business. These few observations are not exclusive to yours truly. In our recent free webinar wherein we discussed, among others, the EOPT and the draft RRs, some attendees expressed similar concerns and even posed questions highlighting the same issues. Perhaps we can provide more clarity in future webinars should changes be made in the draft RRs.

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

Cherry blossoms are blooming early from Tokyo to Washington

By Shoko Oda, Zahra Hirji & Brian K Sullivan

IconIc cherry trees in Japan and the US are blossoming earlier as climate change brings warmer temperatures, upending a fixture of the spring calendar in major cities.

No country is more associated with blossoming cherry trees, or sakura, than Japan, and tourists from overseas often try to time their visits to see the delicate pink petals. The average date at which they start to bloom has moved up 1.2 days per decade since 1953, said Daisuke Sasano, a climate risk management officer at the Japan Meteorological Agency.

Between 1961 and 1990, cherry trees in Tokyo started blooming on March 29 on average. Between 1991 and 2020 that date moved up to March 24, Sasano said.

Last year, the sakura in Tokyo were the first to bloom in all of Japan, on March 14. That was unusual, since they typically bloom first in the southern part of the country and later in the north along what the JMA calls the “cherry blossom front.”

“The fact that Tokyo recorded the earliest start date is due to global warming, compounded with urbanization,” Sasano said, referring to the urban heat island effect, which causes cities to trap heat. Tokyo has warmed 3C over the past century.

Another forecaster, the Japan Weather Association, predicts Tokyo’s cherry blossoms this year will start blooming on March 21. The world saw warmer-than-normal temperatures this winter, with January 2024 being the hottest January on record. There’s a correlation between warmer temperatures and earlier starts to springtime blooms, said Theresa Crimmins, director of the USA National Phenology Network, which tracks seasonal changes.

“Spring is most definitely starting earlier than when you were a kid —there is no doubt about that,” said Crimmins, who is also an associate professor in phenology at the University of Arizona. “Many, many studies show clear trends toward warmer temperatures and earlier starts to springtime activity over the longer term.”

Sakura flowers are greeted with much excitement in Japan. People gather in groups to have picnics, a centuries-old custom known as hanami. A study by an academic at Kansai University estimated the economic impact of the flowers last year to be 616 billion yen ($4.1 billion).

Private weather data providers are also making a business out of predicting when the flowers will bloom.

If rising temperatures cause the flowers to bloom earlier or shorten their full-bloom phase, cities that capitalize on the cherry blossoms could be impacted, said Sasano. “That results in a shorter time available for enjoying the cherry blossoms, which may impact tourist destinations where the flowers are considered as important resources.”

Yet earlier blooming isn’t a given as winter temperatures rise. Cherry trees need exposure to a “sufficient chill” to get them to wake up when spring warmth arrives, Crimmins said. “If we start to experience warmer winters, it is possible that the trees will not achieve their necessary chill. When this happens, we tend to see delayed flowering, reduced flower and fruit production, and generally ‘confused’ trees,” she said in an email. Although not a risk this year, it could be in the future.

Thousands of miles from Tokyo, in Washington, DC, nearly 4,000 cherry trees—the oldest of them gifted by Japan and planted in the US capital in 1912—are also a major tourist attraction. For roughly a month each spring the city holds the National Cherry Blossom Festival, which is “an economic engine,” the DC Chamber of Commerce said in an email. Each year, the festi-

val draws an estimated 1.5 million people from across the globe and generates more than $100 million in visitor spending.

The Yoshino-variety cherry trees planted around the Tidal Basin near Washington’s National Mall are the focal point for most visitors. The US National Park Service tracks when these trees reach “peak bloom,” or when 70 percent of the blossoms are in full bloom. Peak bloom has shifted earlier— about seven days since 1921, according to government data. Based on roughly a century of data, the average peak bloom date is April 4. This year, the Park Service predicts peak bloom will arrive particularly early, between March 23 and March 26.

On top of the trees feeling the brunt of warmer spring weather, rising water levels in the adjacent Potomac River—an effect of climate change—combined with crumbling sea walls and subsidence have led to the roots of some being inundated with water. Soon the iconic cherry trees will be impacted by a climate resilience project. The Park Service will remove more than 150 of them, and roughly the same number of other kinds of trees, from around the Tidal Basin and West Potomac Park in a multiyear effort to fix the sea walls. The agency is planning to plant 455 new trees, including 274 cherry trees, when it’s finished. Bloomberg

TSMC bulls ignore Buffett’s warning for bet on coming AI age

By John Cheng & Betty Hou

ThE frenzy over artificial intelligence is trumping geopolitical concerns over Taiwan Semiconductor Manufacturing Co., with its record stock rally powering ahead.

Foreign investors have boosted ownership of the stock to a two-year high, backing claims by TSMC that AI will be its biggest growth driver this year. The company has more than a 90 percent share in manufacturing advanced semiconductors used for AI, according to Pictet Asset Management.

The turnaround last year—the stock had plunged 27 percent in 2022 —came after Warren Buffett sold his $5 billion TSMC holdings, citing geo-

political tensions as the reason given its location. Adding to the concerns, the self-governing island elected a US-friendly president Lai Ching-te, putting in power a man Beijing has described as an “instigator of war.”

“While geopolitics have historically been perceived as a risk for the sector, the strategic nature of these products and the desire to build local supply chains means that arguably geopolitics has become a tailwind for the space,” said Bernard Ahkong, coCIO at UBS O’Connor Global MultiStrategy Alpha. “We are still at the earlier stages of this upcycle in semiconductors.”

The core concern about TSMC centers on its high concentration of chipmaking in Taiwan. The island produces the majority of the world’s

advanced logic semiconductors, and any military escalations across the strait with China would be a heavy blow to the global supply chain.  Other than its dominance in advanced chips, it also has a more than 50 percent share of the overall foundry market, according to Pictet. That puts the company well on track to meet or exceed its long-term targets of 15 percent to 20 percent growth, said Anjali Bastianpillai, a senior client portfolio manager at Pictet.

The chipmaker’s revenue rose 9.4 percent in the first two months, as demand from rising AI activities accelerated, offsetting slowing iPhone sales. TSMC’s shares more than doubled from an October 2022 low, partly buoyed by gains in key cus-

tomer Nvidia Corp. Addressing the market concerns, the company is making progress in diversifying operation bases. TSMC has announced a plan to build a second fabrication plant in Japan, while its Kumamoto factory will begin production this year. The chipmaker is also building two advanced facilities in Arizona and one factory in Germany.

“Despite the geopolitical concerns, TSMC is a fundamental building block to gain exposure to AI and the broader recovery in semiconductors given the lack of companies with comparable quality in this space within emerging markets,” said Gary Tan, a portfolio manager at Allspring Intrinsic Emerging Markets Equity. Bloomberg

shield domestic businesses. Trade with China is booming as Russia reorients its economy away from markets in Europe.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 380. about the risks of a Russian attack on a Nato member state, and fear the US may abandon them if Donald Trump regains the presidency in November.

Russia’s economy has largely weathered the shock of unprecedented international sanctions since Putin began the February 2022 invasion, thanks to a continuing flow of energy revenue and a massive injection of government spending to support the defense industry and

The election allowed the Kremlin to demonstrate Putin’s support in the country to Russia’s elites, according to Nikolay Petrov, a visit -

ing fellow at the Berlin-based SWP think tank. “The most important thing for the Kremlin is that Putin is left with the feeling of a beautiful image and a real victory,” however deceptive, he said. Russia organized voting in occupied areas of Ukraine and claimed

turnout far exceeded 80 percent, even as millions of people have fled the regions since the invasion. The foreign ministry in Kyiv said the “pseudo-elections” were illegal.  Ukraine waged an intensified campaign of drone attacks aimed at key Russian infrastructure in-

cluding oil refineries in the weeks leading up to the election that continued over the weekend. Authorities briefly restricted operations at three of Moscow’s airports on Sunday after a drone was downed near the Domodedovo area of the capital. Bloomberg

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SENATE OKS BULACAN SPECIAL ECOZONE ON THIRD READING

By Butch Fernandez @butchfBM

FTER lengthy interpellation on its avowed economic benefits and the possible environmental risks, the Senate approved on third and final reading Monday Senate Bill No. 2572 calling for the creation of the Bulacan Special Economic Zone and Freeport (BuZ). Sen. Grace Poe, Committee on Economic Affairs chairperson and sponsor of the measure, thanked her

colleagues for giving the ecozone their stamp of approval, and heaved a sigh of relief after successfully defending the measure.She said SBN 2572 was crafted to balance economic growth and environmental protection, and ensure greater representation for local government units covered by the proposed ecozone. “It will spur investments, create more jobs and will be a model, not just here in the Philippines, but all over Asia...With this measure, the Bulakenyos and the rest of the country can expect a world-class economic zone that we can be proud of,” Poe said.

Majority Leader Joel Villanueva, her cosponsor of the measure, hailed the third-reading passage of the bill.

“As a true-blooded Bulakeño, we wholeheartedly support the approval on Third Reading of Senate Bill No. 2572 or the Bulacan Special Economic Zone and Freeport Act. We thank and congratulate the Sponsor, Senator Grace Poe, for her diligence and hard work in pushing for this game-changing measure.

We also thank our colleagues for their expertise and valuable inputs to make this bill even more responsive to the needs of our constituents,” said Villanueva.

The creation of the Bulacan EcoZone or BuZ is “groundbreaking,” he stressed, as it could “generate up to 1.2 million jobs for our

people and bring in P37.84 billion to P130.9 billion of investments.”

He also placed on record a number of times that concerned local government units were consulted and that they indeed support the creation of the BuZ. This is in addition to the expression of support already given by the Region 3 Regional Development Council.

“In the measure that this august chamber just approved, the Province of Bulacan and concerned LGUs will be properly consulted, as emphasized by the Sponsor during our deliberations.”

He thanked Poe “for agreeing with our proposal to increase the LGU representation in the Board of Directors of the Bulacan Special Economic Zone and Freeport Authority or BEZA, and for accepting our amendments to promote the protection of environment and improved management of natural resources in the BuZ, as well as to ensure the transfer of technology and skills to Filipino workers through the implementation of an understudy and skills development program.”

He thanked Poe as well for agreeing to add enough safeguards in the measure “to guarantee that the creation and operations of the BuZ will be within the framework of the Constitution, the Local Government Code, and national development plans, policies, and goals.”

“Ginoong Pangulo, sa atin pong cosponsorship speech para sa panukalang ito, atin pong ibinahagi ang ating paniniwala na marami pang maihahandog at napakalaki pa ang potensyal ng lalawigan ng Bulacan upang higit pang makapag-ambag sa ating pambansang kaunlaran [in our cosponsorship speech for this bill, we shared our belief that it would expand the potential for growth of our province and contribute to national progress]. The passage of this measure is a step towards achieving this hope and vision,” Villanueva said.

56 years after Jabidah massacre, Bangsamoro brimming with hope

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—Half a century after the massacre in Corrigidor Island of Moro recruits that sparked a genocidal war in Mindanao in the 1970’s, the Bangsamoro (literally Moro Nation) is in a fascinating juncture of its journey, civil society organizations (CSOs) commemorating the incident would say.

“Fifty-six years following the Jabidah massacre, today [March 18] marks a notably optimistic juncture for the Moro people, brimming with hope and a positive outlook towards the future,” the 132 groups said in a joint statement released to news organizations on Monday.

Citing improved economic indicators in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the CSOs said the region’s ongoing political transition “has afforded the Bangsamoro people the much-needed respite for it to flourish and develop.”

The Philippine Statistics Authority (PSA) said the BARMM economy “is growing with Gross Regional Domestic Product reaching up to 7.5 percent in 2021 and 6.6 percent in 2022.”

“BARMM also ranks 10th in terms of economic growth rate.

PBBM upbeat Naia rehab to boost growth, tourism

By Samuel P. Medenilla @sam_medenilla &Reine Juvierre S. Alberto

T

HE envisioned modernization of the premier aviation gateway NAIA, made possible by a P170billion contract signed with a private consortium on Monday, will help address its capacity issues and poor facilities, which damaged the country’s reputation to international travelers, President Ferdinand Marcos Jr. said Monday.“The gateway that should be the red carpet to our country has become a dirty rug that unfairly defines a visitor’s first impression, which we all know is extremely important for all of those who are tourists, who are travelers, who…for any reason have come into the Philippines,” the President said.

He noted decades of “bureaucratic inertia, political turbulence, and legal wranglings” in the improvement of the Ninoy Aquino

International Airport have cost the economy greatly.   For his part, Finance Secretary Ralph G. Recto said that as the Philippines anticipates a postpandemic tourism resurgence, improvements at Naia will yield numerous economic benefits.

On Monday, the Department of Transportation (DOTr) and the Manila International Airport Authority (MIAA) signed the Concession Agreement with the SMC-SAP & Company Consortium for the

NAIA Public-Private Partnership (PPP) project.

The chief executive said the project to be implemented by the consortium, led by San Miguel Holdings Corporation (SMC), will benefit commuters and almost double the current 35 million annual passenger capacity of NAIA to 62 million passengers per year.

Once completed, the project will also raise the hourly air traffic of NAIA from 40 to 42 to 48.

“So, let us we roll up our sleeves, let us be reminded that the bottom line of the Manila International Airport’s resurgence is not what it will bring to the coffers of our government but the comfort it will bring to its passengers,” Marcos said during the signing ceremony of the PPP in Malacañang last Monday.

Government benefits

MARCOS Jr. said the PPP will also provide the government over P1 trillion revenue during its 15-year duration.

The payment includes a P30 billion upfront payment, P2 billion annuity payment and 82.16 percent gross revenue share.

“This is more than 15 times the amount remitted by the Manila International Airport Authority

[Miaa] to the national government since 2010,” Marcos said.  Department of Transportation (DOTr) Secretary Jaime J. Bautista said the initiative will help draw more investments in the country’s transportation sector.

“The Naia privatization sends a strong message to the international business community on the viability of the government’s infrastructure projects. We have turned to international financial institutions, foreign government and private business organizations for funding support due to limited fiscal space,” Bautista said.

Next: Bohol-Panglao

AFTER Naia, he said the next airport expected to undergo modernization is the Bohol-Panglao international airport.

“The [unsolicited] proposal [for modernization] is now subjected to the mandatory Swiss challenge,” Bautista said.

Recto said the PPP deal is expected to generate around P900 billion in revenues for the national government in the course of its entire concession period, which is 15 years with a provision for extension of another 10 years.

The BARMM’s poverty incidence decreased from 52.6 percent in 2018 to 29.9 percent in 2019, indicating a rise in disposable income level. This robust economic growth is undeniably one of the visible accomplishments of BARMM during the transition period,” they added.

The groups said these were the fruit of the struggle of the Bangsamoro after that massacre of young Tausug recruits for a supposed infiltration mission in Sabah, Malaysia, which the Philippines has a territorial claim.

“Fifty-six years from that fateful day in Corregidor Island, the Bangsamoro people are still in the process of rebuilding from the ashes of war and violence.

It took two major peace agreements to resolve the root causes of the armed conflict and address the legitimate grievances of the Moro people vis-à-vis the Philippine government, namely, the Final Peace Agreement with the Moro National Liberation Front in 1996 and the Comprehensive Agreement on the Bangsamor with the Moro Islamic Liberation Front in 2014.

‘ONE CAME BACK’ As the nation recalled the 67th anniversary of the tragic presidential plane crash (March 17,1957) that killed President Ramon Magsaysay, his family collaborated with the University of Sto. Tomas in launching the book, “One Came Back: The

Magsaysay Tragedy” by

BIR seeks executive session on PCSO case

THE Bureau of Internal Revenue (BIR) was urged by a lawmaker to reveal the “top taxpayers” who are winners of the Philippine Charity Sweepstakes Office (PCSO) lotto games after it sparked controversies about whether the games are being manipulated.

Sen. Raffy Tulfo presided over the Games and Amusement Subcommittee hearing to tackle Senate Resolution No. (SRN) 253 or The Integrity and Trustworthiness of the PCSO Lotto Games and the SRN 466 or the Prize Fund Tax Remitted by the PCSO. At Monday’s hearing, Tulfo said that similar to the list of Top Taxpayers that the BIR releases, the revenue-generating agency should also disclose the names of the lotto winners who have paid taxes.

Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, lotto winners of more than P10,000 are subjected to 20-percent tax.

“The public has the right to know if there are lotto winners and if the winners are paying taxes or if the lotto winners are even real winners,” Tulfo stressed, speaking mostly in Filipino. The senator said that it doesn’t have to be the names of the winners and the amount they won but just to prove that these are the lotto winners who took home hundreds of millions of pesos.

“[The] multiple winners [who won] amounting to millions, are they paying taxes? So that the public will know that all of the winners of huge amount of prizes in PCSO are paying taxes,” Tulfo went on.

Ralbert Tibayan of the Legal and Legislative Division of the BIR said that all records that are filed with the bureau are bound by Section 270 of the National Internal Revenue Code or the Tax Code.

Tibayan said the BIR is ready to conduct an executive session and that they already have the documents requested.

“There are multiple wins for the year 2023, so we summarized it. We also discovered something so we are ready to submit those in an executive session,” the BIR official said in a mix of English and Filipino.

When asked by Tulfo about his opinion on divulging the names of lotto winners who paid their taxes, Tibayan said that if it is a policy, then the BIR will enforce it.

Tulfo responded that according to

his lawyers, there is no law that states PCSO winners cannot be revealed.   “Pag-aralan namin [We’ll study], Mr. Chair, on how we’ll go about that,” Tibayan said.

Last week, the PCSO denied Tulfo’s allegations that a single bettor won 20 times in lotto games, saying that the reported prize claims are made by one person from the agency’s digit games that only have minor prizes.

“For Digit Games such as 2D, 3D, 4D, and 6D, PCSO lotto outlet agents or representatives of the winners can collect the winnings on their behalf. Since they are just minor prizes, a winner can ask someone he trusts to claim the prize for him/her through the so-called ‘paki-claim,’” the PCSO clarified. Reine Juvierre S.Alberto

Ramon Magsaysay; UST Prefect of Libraries Fr. Angel Aparicio; Julia Mata, Mike Mata

Catherine De Leon-Book Launching Overall Lead; and Francis Mata. ROY DOMINGO

Editor: Jennifer A. Ng

Ratio begins search for oil, gas in East Palawan basin

By Lenie Lectura @llectura

IsraelI company ratio Petroleum ltd. (ratio), the operator of Petroleum service Contract (sC) No. 76, is set to conduct a petroleum seismic survey at the east Palawan basin, the Department of energy (DOe) said Monday.

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East Palawan,” the agency said.

The 3D seismic survey, which will kick off this month and will take 35 days, covers approximately 1,500

3D seismic data. The results from the survey will further de-risk prospects and unlock the hydrocarbon potential of East Palawan Basin, according to the DOE.

Ratio has tapped Shearwater GeoServices to deploy its seismic survey vessel, SW Thuridur, to acquire 3D seismic data over an area in the SC 76 block located about 150 km east of Puerto Princesa, Palawan.

The comprehensive 3D seismic survey will employ a state-of-theart technology and methodologies to acquire a high-resolution imaging of the subsurface geology.

The Philippines has experienced a significant gap in seismic survey activity over the past eight years. The DOE said Ratio’s work commitment to conduct the seismic survey aligns with the current administra-

tion’s support to bolster the nation’s energy security, unlock the Basin’s untapped resources, and stimulate the exploration and development of oil and gas in the country.

The DOE approved the seismic survey as part of Ratio’s work commitments for SC 76 and has the support of the local government of Palawan and all concerned government agencies, such as the Maritime Industry Authority, National Security Council, Philippine Coast Guard, Philippine Ports Authority, Department of National Defense, Department of Environment and Natural Resources, Bureau of Fisheries and Aquatic Resources, Bureau of Customs, Bureau of Immigration, Bureau of Quarantine and the Palawan Council for Sustainable Development.

Converge income hits ₧9.1B in 2023

CBy VG Cabuag @villygc

ON v ERGE Information and Communications Technology Solutions Inc., a pureplay fixed broadband operator, said its income for 2023 rose 22 percent to P9.1 billion from the previous year’s P7.4 billion on the expansion of its subscriber base.

Revenues grew by 5 percent last year to P35.4 billion from P33.7 billion in the previous year as its residential business went up to P30.3 billion.

It registered an all-time-high quarterly gross adds of 29,844 and 38,810, for its post-paid and pre-paid lines, respectively.

Converge said it increased its residential subscriber base by 79,766 net adds in the fourth quarter.

Enterprise revenues rose by 20 percent in 2023 to P5.1 billion from P4.3 billion in the previous year, owing to the double-digit growth across all enterprise sub-segments.

Excluding non-monthly recur -

ring revenues, small and medium enterprise segment grew as much as 35 percent from the previous year.

Enterprises and corporate segments went up by 13 percent, yearon-year while wholesale expanded by 14 percent.

Due to upcoming international subsea cable payments, the inclusion of capital outlays for data centers, and delays in supplier invoices earmarked for 2023 payment, the company said it will spend P17 billion to P19 billion in capital expenditures this year, up from last year’s P9 billion.

A P3 billion worth of capex was carried over this year due to late invoices received from submarine cable contractors and delays in construction for some assets.

The company said it is aiming to increase its consolidated revenues by 7 percent to 8 percent this year which will be supported by improvements in its residential and enterprise businesses.

Return on invested capital this year will settle between 15 percent

and 16 percent, from last year’s 16.3 percent.

“We want to leverage our respective existing facilities through this resource sharing agreement to bring us closer to our goal of empowering every Filipino home with quality broadband connectivity. Our collaboration will allow us to reach more customers and deliver a better service with increased resiliency,” Converge CEO and co-founder Dennis Anthony H. Uy said.

“What we’re seeing is a changing of the guard in the industry and this comes as no surprise given our hard-earned investments into our fiber network. In the end, service excellence through innovation and technology ruled the day,” Converge president and Co-Founder Grace Y. Uy added.

For its residential business, the company said it is targeting to further expand its sales partner coverage across the nation, and grow brand awareness by leveraging on omni-channel marketing.

‘IT-BPM will drive office occupancy in 2024’

THE information technologybusiness process management (IT-BPM) industry will continue to drive occupancy rate in the Philippine office market this year, according to a top executive of a commercial and industrial real estate service company.

Based on the 2024 Philippine Property Market Outlook report, tenancy levels in Metro Manila improved by more than 4 percentage points to 83.9 percent in the fourth quarter of 2023 from the previous year’s 79.7 percent.

“Major CBDs [central business districts] such as BGC [Bonifacio Global City], Makati and Ortigas proved to be the most resilient,” Prime Philippines Founder and CEO Jettson Yu said in a recent media briefing held at their office in Ortigas.

According to the report, the highest occupancy was recorded in BGC where 89.8 percent of the 2.6 million square meters (sq m) of office space were taken up, followed by Ortigas at 85.4 percent of 2.67 million-sq m office stock, and Makati at 85.2 percent of 3.4 million-sq m office inventory.

Rental rates in these areas,

San Miguel no longer pursuing Parex—Ang

By Lorenz S. Marasigan @lorenzmarasigan

SAN Miguel Corp. (SMC) has dropped its plan to build the Pasig River Expressway (Parex), a multibillion-peso project that would have spanned 19.4 kilometers along the river’s banks.

Ramon S. Ang, the company’s president, said the diversified conglomerate has decided against pursuing the project.

“I am the kind of businessman that when I see that our countrymen do not like the project, I won’t continue with it,” he said in a press briefing on Monday.

In 2021, SMC signed a supplemental toll operations agreement with the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH) for the construction of the P81.53-billion Parex. The supplemental agreement would have given SMC a 30-year franchise to build and operate the 19.4-kilometer Parex along the Pasig River banks within 36 months, connecting the eastern and western parts of the metropolis.

Parex entailed the construction of a 19.40-kilometer, sixlane elevated expressway along the banks of the river. The expressway will have started from Radial Road 10 (R10) in the City of Manila and will have ended at a connection to the South East Metro Manila Expressway, otherwise known as Circumferential Road 6 (C6). It was seen to reduce travel time from Manila to Rizal to just 15 minutes.

It is aimed to provide an alternative and faster access to the country’s largest business districts—Makati, Ortigas, and BGC. Parex would have generated 200,000 direct and indirect jobs during its construction phase and throughout operations.

However, as “many people opposed it,” SMC decided to let go of the project.

Ang quipped that he sounded like a politician, but noted that the company is “listening to the public opinion.”

“We are very sensitive to the opinion of the public. If the public thinks that it is not good for the public welfare, we will not pursue it.”

though, are still below “pre-pandemic levels” by a median of around “20 percent to 30 percent.”

Other office markets outside these key CBDs, however, continue to be “slowly picking up,” according to Yu. What pulled down the office sector’s performance is the Bay Area, which recorded an occupancy rate of only 69.9 percent at the time of the review.

“[It] continues to be the most challenged [as] there are still spaces vacated by POGOs [Philippine offshore gaming operators] that are waiting for occupiers.”

Alabang was another area that recorded an occupancy rate of less than 80 percent. In the fourth quarter of 2023, occupancy rate in the area stood at 76.7 percent.

With the resumption of faceto-face work setup, office tenants now have an opportunity to demand for more locations, thus, resulting in a better occupancy rate this year.

“So we’re seeing by 2024, this will continue to slightly improve, maybe around 84 percent or 85 percent, because there are new supplies coming into the market,” said Yu.

According to Prime Philippines’ study, Metro Manila recorded 12.6 million sq m of office spaces recorded in 2023, up 3.3 percent compared with the 2022 figure.

Around 175,000 sq m of office stock was added to the aggregate inventory in the metropolis on the back of completed office developments by major players last year.

Other notable projects in the pipeline, such as the One vertis Plaza in Quezon City, Cyberpark 3 in Araneta City, and 387 Filinvest in Makati are projected to bring the overall supply to about 13 million sq m by 2024 and 2025.

Yu expects the primary tenant for the existing and upcoming office stocks would still be the IT-BPM sector, which is expected to grow by 7 percent this year.

“Some BPO [business process outsourcing] firms are bringing people back to work. And there’s also a lot of resistance still from people who’ve been working from home for a long time,” he said.

For instance, in niche markets such as Iloilo, Bacolod, Davao, Pampanga and certain key provinces, he sees a demand for “work from home” to “walk from home.” Roderick L. Abad

Banking&Finance

Favorable rates mark auction of debt papers

By Reine Juvierre Alberto

AS favorable rates continued for the second straight week, the national government successfully raised its full programmed amount for the tender of Treasury bills (T-bills) last Monday.

Invest like Warren Buffet

Npersonal finance

b. Focus on fundamentals. If you’re a value investor, you will always look at a company’s earnings, assets and cash flow. Reviewing the financial statement of a company will give us a picture of what’s happening inside and even allow us to check the long term effect of effective management to the company.

Now if you are still thinking of starting your first investment before you can apply these principles, you need to start with the following steps:

a. Set clear financial goals. Determine the reason or purpose of why you would like to invest. Are you saving for your retirement, first house purchase, child’s education or future travel goals?

auction committee raised P5 billion each from 91-day T-bills, 182-day tenor, and 364-day government securities.

For the 91-day T-bills, investors’ average yield slightly increased to 5.744 percent, versus the previous tender’s 5.722 percent. Bids for the 91-day T-bills inched down, ranging from 5.680 percent to 5.800 percent.

The 182-day T-bills saw its yield averaging at 5.916 percent compared to last auction’s 5.966 percent. The government security rates were between 5.855 percent and 5.980 percent.

Investors’ average rate for the 364-day T-bills, meanwhile, was at 6.033 percent with a yield range of

THE Philippines has emerged as the primary target for financial phishing in the region in 2023, according to the latest report from AO Kaspersky Lab. Financial phishing, a form of cybercrime that targets individuals and businesses by masquerading as trusted entities to obtain sensitive information, has seen a concerning rise in the region, according to the Russian cybersecurity firm.

Based on Kaspersky’s data, the cybersecurity giant detected 163,279 attempts in the Philippines last year,

6.023 percent to 6.043 percent. Tbills’ yields averaged 6.087 percent in the Treasury’s previous tender last March 11.

The auction was 3.2 times oversubscribed, attracting P47.2 billion in total tenders, the Treasury said.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the lower average auction yields are similar to the slight week-on-week declines in the comparable short-term PHP BVAL yields.

“It is interesting to note that Tbill average auction yields are now slightly lower [versus the] comparable short-term BVAL yields as of March 15, 2024,” Ricafort said.

followed by Malaysia, Indonesia, and Vietnam. Thailand and Singapore had the least number of threats at 25,227 attempts and 9,502 attempts, respectively.

Kaspersky’s anti-phishing technologies detected nearly half a million attempts across Southeast Asia last year, with the majority focusing on finance-related matters such as e-commerce, banking, and payment systems.

Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky, highlighted the effectiveness of phishing techniques in infiltrat-

The PHP BVAL yield for 91 day is at 5.77 percent, the 182-tenor T-bills are at 5.96 percent, 364-day T-bills at 5.974 percent.

However, the RCBC executive said T-bills average auction yields are “further below” the comparable Bangko Sentral ng Pilipinas (BSP) short-term interest rates.

The overnight policy rate is at 6.50 percent while the overnight average auction rate is at 6.5018 percent. The BSP’s 28-day and 56day securities average auction yields are at 6.7 percent levels while the central bank’s 7-day and 14-day Term Deposit Auction Facility average auction yields are at near 6.6 percent levels.

ing business networks, citing the challenge it poses in distinguishing between legitimate and fraudulent communications.

“The rise of generative AI helps cybercriminals to make phishing messages or scam resources more convincing. As a result, it becomes challenging for people to distinguish between a scam and a legitimate communication. That’s why the role of robust security solutions increases,” Yeo added. Yeo emphasized the role of human error in exacerbating cybersecurity risks, noting that employee secu-

Ricafort added that markets would be anticipating the upcoming US Federal Reserve (Fed) ratesetting meeting and decision as well as the updated Fed dot-plot as source of new market leads on March 20.

The Treasury aims to raise as much as P60 billion in March from the sale of T-bills. It is also targeting to raise P180 billion in March from the combined sale of T-bills and Treasury bonds (T-bonds).

risk tolerance as this may change depending on your life season. For example, if you are married or if you have kids that are dependent to you, you need to balance out the risk that you are taking and your immediate responsibilities.

c. Staying disciplined and avoiding market noise. Stick to your long term strategy and avoid being emotional at times that the market is volatile, remember that investing is a long term journey and short term fluctuations are part of the process.

3. Value investing. This involves buying and trading stocks that are trading below intrinsic value. This approach are both popularized by Benjamin Graham and Warren Buffet, here are some key principles that we can learn from them.

a. Margin of safety. Value investors are always looking out for margin of safety, which means buying a stock if it significantly fall below its intrinsic value. This provides cushion against potential losses if the stock price were to decline.

b. Create a budget. Before investing, make sure that you are budgeting your cash inflow and outflow, we only recommend investing a portion of your excess money to ensure that there’s balance between your daily needs and your future needs without compromising either of the two. c. Start small. Consider that all big investments start with a small amount, if you do this consistently, it will become significant in the long run and will have a long term effect to your next generation.

d. Seek professional advice. Consider consulting a banking, insurance or financial service professional to guide you if you are really taking this seriously. They can help you on which specific platform will suit you and they can give you a roadmap to avoid confusion on which step you will take.

To wrap up this column, I would like to share a lesson that I’ve learned in my 11 years of working and hearing stories of people. Investing is not just about getting rich quick but it’s about having discipline in your finances. It’s learning to live on less than we make, because even if we have good income and if our expenses exceed the former, we will always feel that we are in lack. The goal isn’t more money, it is living in your terms.

Karlo Biglang-awa is a registered financial planner of RFP Philippines. The views he expressed herein do not necessarily reflect those of the BusinessMirror. To learn more about financial planning, attend the 107th RFP program this May 2024. Please e-mail info@rfp.ph or visit rfp.ph for details.

DPC (Link.BizPortal) to facilitate seamless online payment transactions for both government and private entities, a statement by the staterun lender read.

LandBank President and CEO Lynette V. Ortiz and BOC Commission-

er Bienvenido Y. Rubio led the signing of the Memorandum of Agreement to formalize the partnership. Present as witnesses from the BOC were Deputy Commissioners Clarence S. Dizon, Michael C. Fermin, and Kriden F. Balgomera, alongside LandBank senior officials Executive Vice President Leila C. Martin and Senior Vice President Marilou L. Villafranca.

“We at LandBank hope that our digital solutions and our Link.Biz platform will be able to accelerate collections. So we are doing our part as well for the efficient collection of government dues, and we are very

THE Rotary Club of Makati (RCM) honored Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. with the “Youth Leadership Role Model” award last March 15. This recognition was bestowed upon Lumagui during the club’s 58th Charter Anniversary celebration and the “Paing Hechanova Youth Leadership Awards Night,” read a statement issued by the BIR last Monday.

The RCM commended Lumagui for “his outstanding leadership at the BIR, where he has played a pivotal role in driving the agency to unprecedented success in tax revenues,” the statement read. “Under his leadership, the BIR has implemented proactive strategies and campaigns against tax evaders, resulting in impressive revenue growth for the government.”

According to the statement, “youth leaders from all over the Philippines were celebrated during the said event.”

“As a highlight, Lumagui was presented as a role model for Filipino youth leaders. The club encouraged other Filipino youth leaders to emulate the acts done by Lumagui during his tenure as the head of the BIR.”

At the event, Lumagui credited his belief in the “Rotary Four Way Test,” which he said he has “applied diligently since joining Rotary in 2014 at the invitation of his friend, Past President David Ackerman.” The BIR chief “expressed his gratitude for

much looking forward to this partnership,” Ortiz was quoted in the statement as saying.

As an online payment option, the LandBank’s DPC will eliminate the need for clients to physically visit LandBank servicing branches to pay for their dues to the BOC. The payment portal is also expected to enhance the operational efficiency of the BOC, reduce bureaucratic red tape, and improve overall service delivery.

According to the bank, Rubio emphasized that the partnership “underscores both entities’ shared dedication to embracing digitaliza-

the recognition, stating that it serves as a moral boost for him to continue working hard for the betterment of the country.”

“Whether in public service or in private practice, the youth can always have a lasting impact on society. I am grateful that my service as the Commissioner of the BIR shows that the youth can handle and improve public institutions, much like how our national heroes, during their youth, started and won a revolution,” Lumagui said in his acceptance speech.

“Receiving the ‘Youth Leadership Role Model’ award highlights the fact that Lumagui is the youngest BIR Commissioner in history,” the statement read. “He was appointed Commissioner of the BIR in November 2022. Since then, he has launched projects that are firsts in BIR history, such as the ‘Run After Fake Transactions’ program, nationwide raids against illicit trade and ISO certifications, thereby cementing his legacy as a BIR Commissioner.”

“Ang gantimpala po na ito ay nagpapatunay na ang ginagawa po natin sa BIR ay nagsisilbing magandang ehemplo para sa kabataan,” Lumagui said. The award was presented by Past District Governor Isidro “Sid” G. Garcia and handed over by President Senen “Bing” L. Matoto. The ceremony was attended by Rotary dignitaries from the ten districts that covers some 900 clubs in the Philippines, as well as visiting Rotarians from South Korea and Taiwan.

tion, process optimization, and enhancing the business environment’s user-friendliness.”

“Through [the] Link.BizPortal, we are not only facilitating smoother transactions, but also fostering greater transparency and accountability. As we embark on this new chapter, let us continue to strive for greater efficiency in our operations,” the BOC chief added.

The integration of the LandBank’s DPC will complement the BOC’s existing payment systems, PAS6 and E2M, to provide a more comprehensive and user-friendly online payment experience.

PHILIPPINE Amusement and Gaming

Corp. (Pagcor) Chairman and CEO Alejandro H. Tengco led on Monday, March 18, the inauguration of two newly-completed multi-purpose centers in the towns of San Manuel and Victoria in the province of Tarlac.

Tengco said the state gaming agency provided a total of P100 million for both of the two-story projects.

“Naglaan ang Pagcor ng limampung milyong piso para sa bawat multi-purpose center sa bayan ng San Manuel at Victoria; mayroon itong iba’t ibang pasilidad gaya ng kusina, storage areas para sa relief goods, toilet at shower rooms, lactating rooms at maluwag na activity area para sa iba’t ibang gawain,” he said. The Pagcor chief said that because the Philippines is very vulnerable to climate change, “typhoons, floods and earthquakes are common occurrences that we must always be prepared for.”

rity violations can be as damaging as external hacking. He stressed the importance of employee education, skills development, and overall strengthening of a company’s ability to detect and respond to cyberattacks as crucial measures in mitigating such threats.

“Tools to help safeguard against human error are a vital step forward, but they can’t exclude employee education, skills development, and overall strengthening of the company’s ability to detect and respond to cyberattacks,” Yeo said.

Lorenz Marasigan

Based on state budget documents, the national government aims to borrow a total of P2.46 trillion, P253 billion higher than the P2.207 trillion gross borrowing plan in 2022. Rotary

However, Tengco stressed that while the buildings are primarily designed as temporary shelters during emergencies, the structures can be used for various socio-civic activities, too.

“During the height of the pandemic, when the project was rolled out, there was a high demand for quarantine and evacuation facilities. But now, there is more sense to call these as multi-purpose centers rather than just evacuation facilities,” the Pagcor Chairman said. “You may use this facility as your social hall, events area, and livelihood training center. You may also use this building to generate revenues for the local government.”

During the event, Tengco also introduced Pagcor’s upcoming

flagship programs which include school buildings for public schools, e-learning centers, community wellness centers, and socio civic centers nationwide.

“These upcoming flagship projects are designed to create lasting impact on the lives of ordinary Filipinos,” he said. “These are just some of our nation-building efforts because as you are all aware, Pagcor is the third largest revenue contributor to the national coffers.”

“With our limited resources, we cannot afford to fund all programs that will be beneficial to the people of Tarlac. But because of Pagcor’s help, we have this new multi-purpose facility which will serve not only the locals of Victoria but also those from neighboring towns,” said Board Member Harmes Sembrano of the 2nd District of Tarlac.

Pagcor has thus far completed and inaugurated 38 multi-purpose buildings in different parts of the country while 34 others are still under construction.

Karlo Biglang-awa

This March 18, 2024, photo shows Philippine Amusement and Gaming Corp. Chairman and CEO Alejandro h. Tengco (left) shakes hands with Victoria Municipal Mayor Rex C. Villa Agustin during the inauguration of the multi-purpose facility constructed by the state gaming agency in Victoria, Tarlac.

CREDIT: PhIlIPPInE AmusEmEnT AnD GAmInG CoRP

Pepe Delfin, Clarence Chun, Demi Padua take center stage at Art in the Park

TWO non-figurative artists and a multimedia graphic artist bannered the special exhibitions at Art in the Park 2024, held over the weekend at its de facto home, Jaime Velasquez Park in Makati City.

The organizers of the annual al fresco art showcase handpicked abstractionists Pepe Delfin and Clarence Chun, along with mixed media artist Demi Padua, to headline the special exhibition lineup this year on

Sunday, March 17. It was the fair’s 18th edition overall, as Art in the Park 2024 lived up yet again to its namesake premise, turning a Sunday stroll outside into an affordable art hunt with pieces none over P70,000. The capped price point gives every art afficionado, including beginner art collectors, a decent shot at scoring valuable artworks.

Padua, for one, is widely regarded as one of the country’s most sought-after contemporary artists today with his multi-layered style. His striking portraits come alive with abstract and figurative elements

Meanwhile, Delfin approaches abstraction with geometric shapes, squiggles and lines. She thoughtfully places each element to visually narrate her musings of people and life itself. Thus, seen in her pieces is a wide range of emotions expressed through vibrant hues and structured compositions.

Lastly, Chun primarily engages in abstraction to create narratives centered on his connections

Metropolitan Museum of Manila spotlights permanent collection

HISTORIES and Horizons: The Metropolitan Museum of Manila Permanent Art Collection highlights the museum’s collection of contemporary works, which includes paintings, sculptures, drawings, prints, assemblages, some photographs and a couple of video art. This exhibit looks at histories, not as a concluded past but as interpretations of events that occurred in the past that continue to influence the present. The narratives and discourses are many and multilayered, hence histories rather than a singular history. In examining histories, we are also steered toward horizons of what are becoming imminent and apparent, of notions of limits and, at the same time, potentials.

Also, Annie Cabigting: When we look at art... features 65 photorealistic paintings of people looking at art. The exhibition starts at the Groundspace and occupies the entirety of the

second floor galleries. In the series of paintings on show, Cabigting investigates the ways art is experienced, reenacting your perspective as a viewer appreciating art with other viewers. It will be on view until April 13, 2024.

and relationships. Such is relayed in his constant portrayal of water, having spent his childhood surrounded by it in Leyte, and again as an adult residing in Hawaii. Art in the Park 2024 featured over 60 exhibitors representing galleries, art collectives, independent art spaces, and student groups. Complementing the vibrance of the art presented at the fair was a broad selection of food and drinks from several concessionaires. Music formed part of the festivities as well, with performances from Any Name’s Okay and Soulful Mood.

Art in the Park is organized by Philippine Art Events Inc. for the benefit of the Museum Foundation of the Philippines with support from Globe Platinum and Bank of The Philippine Islands, and with partners MACEA, Barangay Bel Air, and the Museum Foundation of the Philippines.

More information is available at www.artinthepark. ph and the fair’s social-media accounts, www.facebook/ artinthepark and @artintheparkph on Instagram. ■

THE University of the Philippines Alumni Association (UPAA) has announced the deadline of April 1, 2024 for the submission of nominations to the UPAA Distinguished Alumni Awards 2024. UPAA president Robert Aranton invites sectors and groups to identify UP alumni nominees who are everyday heroes or unsung achievers making a difference through their quiet work in obscure areas of the country or foreign territories.

The UPAA grants the awards to UP alumni who have demonstrated exceptional achievements in their chosen fields of endeavor and have given outstanding contributions that bring about significant benefits to society and distinct honor to the University. Recognition is given to those with accomplishments that impact the communities in which they are, or have been active in, whether on the local, national, or international level.

The categories for nominations are: UPAA Most Distinguished Alumna and/or Alumnus Award, Lifetime Distinguished Achievement Awards, Distinguished Alumni Awards, Distinguished Service Awards, and Multigenerational UP Alumni Family Awards.

Nomination forms are available via the UPAA Secretariat at Ang Bahay ng Alumni, Magsaysay Avenue, UP Diliman, Quezon City. Contact 7910-6390 or 7587-8722; or via e-mail upaa.awards2024@ gmail.com.

The awards ceremony will be held at Ang Bahay ng Alumni, UP Diliman Campus, Quezon City on August 17, at 4 pm.

CELEBRITIES BORN ON THIS

DAY: AJ Lee, 37; Bruce Willis, 69; Glenn Close, 77; Ursula Andress, 88.

HAPPY BIRTHDAY: Dream, believe and make it happen. Let your imagination take you on a tour of possibilities. Explore your options, implement safety measures and start a new adventure. Get back to the activities you know and love, plan to enjoy more and stop laboring over what you can’t change. Don’t limit what you can do; embrace life, love and happiness. Your numbers are 9, 14, 20, 26, 34, 38, 42.

ARIES (March 21-April 19): Keep your plans and secrets to yourself. The less you let others know, the easier it will be to reach your target. Check out what interests you and consider turning it into a lucrative pastime. Let the child within give birth to new beginnings. ★★

TAURUS (April 20-May 20): Settle in and make your home environment functional, and you’ll save time and money. Consider how you can improve your appearance, health and emotional well-being. Set out on a journey to discover what makes you happy, and implement the life you want to live. ★★★★

GEMINI (May 21-June 20): Connect with people who spark your imagination and encourage and support your efforts. A short trip, reunion or catch up with someone you love and respect will help you gain perspective regarding what you’ve accomplished and what’s next on your agenda. ★★★

CANCER (June 21-July 22): Don’t sit back; do whatever it takes to excel. Be inventive, take the initiative and strive to be the best. Be the one to bring about change and set trends. Step into the spotlight and embrace being the center of attention. ★★★★★

LEO (July 23-Aug. 22): Learn something that helps you improve your life. Choosing a lifestyle and occupation that makes you happy will benefit your emotional well-being. It’s never too late to start anew and to find your bliss. A physical change will start your desire for internal change. ★★★

VIRGO (Aug. 23-Sept. 22): Be receptive to change, and you’ll find a positive path forward. An open mind will lead to unexpected opportunities and a chance to close one door while opening another. Regret is a waste of time; fill your day with research and discovering what’s next. ★★★

LIBRA (Sept. 23-Oct. 22): Put your energy to good use. Take care of unfinished business; it will give you the boost you need to start something new and exciting. Pay attention to where your money goes. It will help to put a budget in place. ★★★★

SCORPIO (Oct. 23-Nov. 21): Listen, but only buy into plans that feel right for you. Revisit your lifestyle and consider what you find limiting. You must address issues directly for change to have a positive effect. Sign up for a course that offers insight into an intriguing lifestyle. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Withholding feelings will result in a misunderstanding. Share your intentions and voice what’s important to you, and you’ll find out where you stand and what you must do to keep the peace. ★★★

CAPRICORN (Dec. 22-Jan. 19): Your actions matter. Don’t promise something you cannot deliver. A change at home can make the difference between happiness and regret. Be clear about what you need and are willing to give in return.

AQUARIUS (Jan. 20-Feb. 18): Observation will be revealing. Focus on how others respond to your gestures and requests. Discussing shared expenses or possessions will offer insight into what lies ahead. Keep an open mind and be receptive to suggestions. ★★★

PISCES (Feb. 19-March 20): Replenish what you’ve depleted emotionally, physically and financially. Nurture what’s meaningful to you, and you’ll feel the difference in attitude and how you utilize your skills and time. Speed things up and put your energy where it brings the highest return. ★★★★★

BIRTHDAY BABY: You are intuitive, visual and entertaining. You are dynamic and helpful.

Solution to today’s puzzle:

PoPe Acknowledges criticism And he Alth issues but sAys in his new memoir he hAs no Pl Ans to retire VATiCAN CiTY—Pope Francis says he has no plans to resign and isn’t suffering from any health problems that would require doing so, saying in a new memoir he still has “many projects to bring to fruition.”

Francis, 87, made the comments in an autobiography, Life: My Story Through History, which is being published on Tuesday, the 11th anniversary of his installation as pope. extensive excerpts were published Thursday in the italian daily Corriere della Sera. in the memoir, written with italian journalist Fabio Marchese Ragona, Francis traces key moments of his life and their intersection with world events (world war ii, Argentina’s military dictatorship and Vatican intrigue) and how they together inform his priorities as pope. significantly, he addresses recurring speculation about his health problems, criticism from conservatives and what both may mean for the future of his pontificate. such questions have always surrounded the papacy but the prospect of a papal resignation only became a reality with the late Pope Benedict XVi’s historic 2013 retirement. Francis, who had part of one lung removed as a young man, has been battling bronchitis, the flu and a cold on and off this winter and for the past two weeks has asked an aide to read most of his speeches. He had a chunk of his large intestine removed in 2021 and was hospitalized twice last year, including once to remove intestinal scar tissue from previous surgeries to address diverticulosis, or bulges in his intestinal wall. in his memoir, he stressed that the papacy is a job for life but that “if a serious physical impediment” occurs, he has already penned a letter of resignation that is being held in the secretariat of state. “But this is, i repeat, a distant possibility, because i truly do not have any cause serious enough to make me think of resigning,” he said. “some people may have hoped that sooner or later, perhaps after a stay in the hospital, i might make an announcement of that kind, but there is no risk of it: Thanks be to God, i enjoy good health, and as i have said, there are many projects to bring to fruition, God willing.”

Francis acknowledged that critics inside the Vatican and out have accused him of destroying the papacy and have tried to block the reforms that he was mandated by cardinals to enact as a result of his 2013 election.

“There was a strong desire to change things, to abandon certain attitudes, which, sadly, have proved difficult to eradicate,” he said. “Needless to say, there are always some who wish to put the brakes on reform, who want things always to stay as they were during the days of pope kings.” in the memoir, Francis doubled down on his recent decision to allow Catholic priests to bless same-sex couples and denied that the criticism that erupted could split the church. Africa’s bishops as a whole, as well as individual conservative bishops around the world, have said they would not follow the new directive. AP

Senior actors are happy that they are appreciated

NOW that production work is in full swing again after a few years of the pandemic nightmare, we are glad that some of our senior actors are still very active doing what they love and do best.

Catching one of the more recent episodes of Batang Quiapo, we were happy to see Tommy Abuel playing an important supporting character in the series, pitting talent with actors from different generations. Now 81, Abuel remains one of the most respected veteran actors in the industry.

We still remember his many unforgettable characters in Danny Zialcita movies in the 1980s and for the past decade, Abuel was never without work on TV. He had a good role in the long-running Ang Probinsyano which prompted producer, director and actor Coco Martin to give him another wonderful role in Batang Quiapo

We learned that viewers love the entry of the inimitable Tessie Tomas in Batang Quiapo, a fitting follow-up to her much talked-about performance in the high-rating series Dirty Linen. Now 73, Tomas said she is enjoying her work on TV so much, and she is thankful to have been handpicked by Coco Martin.

“I am very happy that Coco gives work to senior actors like me, and we are more inspired to work knowing that we are appreciated,” Tomas enthused. In Batang Quiapo, Tomas shares the spotlight with esteemed actors who are all senior citizens, like Charo Santos (68), Jaime Fabregas (74), Christopher de Leon (67), Joonee Gamboa (87), Joel Lamangan (71), and Lou Veloso (74). Gamboa said in an interview that he likes to exercise and found joy in biking and walking. “I also watch my food intake and I read a lot to sharpen my mind.”

Dexter Doria, who will be celebrating her diamond year in April, told us recently that she is happily surprised that her Tyang Susan characater in the undisputed GMA afternoon block ratings winner Abot Kamay na Pangarap continues to draw in more viewership. “Everywhere I go, they call out ‘Tyang

career as an actor and I’m loving it!”

We also love senior actors Lui Manansala, Pen Medina and Mads Nicolas who are all highly respected in the industry.

Recently, the true Queen of Philippine Movies Gloria Romero celebrated her 90th birthday and her friends all came to be part of her milestone. We last saw her in the weekly show Daig Kayo ng Lola Ko on the GMA Channel, and she once told us that she missed working because acting was her life.

And since we are on the subject of senior citizens, the Expanded Centenarian Act (Republic Act 11982) was recently signed by President Bongbong Marcos Jr.

In the original Centenarian Act ( Republic Act 10868) of 2016, elderly citizens who reach the age of 100 are given a cash gift by the government. And Sen. Bong Revilla enacted what is more popularly known as the Revilla Law which allows senior citizens to

citizen in a few years time, championing the plight of our senior citizens has always been one his his priorities. “We are all aware that not many of our lolos and lolas live long enough to reach a hundred years old, so why do we have to wait that long to give them some rewards in order to make them happy?”

He added, “It was a promise I made early on and I am just glad that I was able to fulfill that promise within my term of office. I am just so elated that the President signed the Expanded Centenarian Act on February 26.”

We also learned that Revilla is also pushing of the enactment of the Abo’t Kayang Gamot, Bitamina at Gatas para sa Malusog na Senior Citizen Act, which aims to expand the 20 percent discount and exemption from the Value Added Tax (VAT) to include vitamins, supplements, herbal products, and formulated milk.

GMA delivers the ‘Best Time ever’ to viewers

TV viewers get to experience the best time ever just by tuning in to the well-loved programs of GMA Network.

With its new campaign, “Basta’t Sama-Sama... Best Time Ever,” GMA Entertainment Group encourages the audience to indulge in their favorite comfort shows together with their families and friends.

High-rating programs Family Feud and Fast Talk with Boy Abunda have been consistent in bringing good vibes, blessings, and meaningful conversations every single day.

Meanwhile, Amazing Earth takes viewers on unique and thrilling adventures every Friday night. And of course, the weekend habit of audiences will not be complete without Pepito Manaloto, I-Bilib, Bubble Gang and The Boobay and Tekla Show. Making this roster even more fun and extraordinary is the upcoming Running Man Philippines Season 2.

From its successful first season, Running Man Philippines returns with its winter edition this 2024!

Shot entirely once again in South Korea, runners Glaiza de Castro, Miguel Tanfelix, Kokoy de Santos, Lexi Gonzales, Angel Guardian, Buboy Villar and Mikael Daez are up for bigger and crazier challenges in extremely cold weather.

Who will be their special guests in this all-new exciting season? And who will be the next ultimate runner of Running Man Philippines? Find out soon.

But before that, join Dingdong Dantes in the anniversary celebration of GMA’s top-rating game show Family Feud beginning March 18.

All set to spice up the anniversary week special is the cast of Running Man Philippines comprising Kokoy, Angel, Lexi, and Miguel. Together, they will try to outwit the team of the controversial couple Ricci Rivero and Leren Mae Bautista. Moreover, the Paner Family, led by Tina Paner, will be up against the Palad Family headed by Donita Rose.

The excitement continues as the sizzling ladies of Sparkle 10—Rabiya Mateo, Faith Da Silva,Lianne Valentin, and Ashley Ortega—go head-to-head with

the former cast of Walang Tulugan, featuring Ken Chan, Buboy Villar, Yasser Marta and Jak Roberto.

Completing the intense anniversary week of Family Feud is the special appearance of Marian Rivera, as she extends her all-out support to her costars in My Guardian Alien. Team Guardian is composed of Gabby Eigenmann, Caitlyn Stave, Josh Ford and Arnold Reyes. Playing for Team Alien, on the other hand, are Kiray Celis, Tart Carlos, Christian Antolin and Sean Lucas.

Finally, as the GMA Entertainment Group launches its “Best Time Ever” campaign, it is also relaunching a better and brand-new version of I-Bilib. Hosted by Chris Tiu and Shaira Diaz, the program will explore more real-life situations that can be answered by science. Moreover, the show will cover a wider range of topics that kids and the kids-at-heart are curious about—anything and everything under the sun and even beyond.

More information is available at www.gmanetwork. com.

This is certainly good news for all our senior citizen friends in and out of the entertainment industry. n

second man charged in connection with 2005 theft of ruby slippers worn in ‘The wizard of oz’

sT. PAUl, Minnesota—A second man has been charged in connection with the 2005 theft of a pair of ruby slippers that Judy Garland wore in The Wizard of Oz, according to an indictment made public on sunday.

Jerry Hal saliterman, 76, of Crystal, Minnesota, was charged with theft of a major artwork and witness tampering. He did not enter a plea when he made his first appearance Friday in Us District Court in st. Paul.

The slippers, adorned with sequins and glass beads, were stolen from the Judy Garland Museum in the late actor’s hometown of Grand Rapids, Minnesota, nearly 20 years ago and their whereabouts remained a mystery until the FBi recovered them in 2018.

The indictment says that from August 2005 to July 2018 saliterman “received, concealed, and disposed of an object of cultural heritage”—specifically, “an authentic pair of ‘ruby slippers’ worn by Judy Garland in the 1939 movie The Wizard of Oz.” The indictment says saliterman knew they were stolen, and that he threatened to release a sex tape of a woman and “take her down with him” if she didn’t keep her mouth shut about the slippers.

saliterman was in a wheelchair and on supplemental oxygen during his Friday court appearance. His oxygen machine hummed throughout the hearing and he bounced his knee nervously during breaks in the proceedings. He responded with “yes,” when Us Magistrate Judge elizabeth Cowan wright asked whether he understood the charges against him, but he said nothing about the allegations.

The case was not openly discussed in court. The magistrate ordered Friday that the indictment be unsealed, but it did not become publicly available until sunday. AP

CloCkwise: Gloria Romero, Tommy Abuel, Dexter Doria, Tessie Tomas, Joonee Gamboa, Bong Revilla.

EASTWOOD CITY BECOMES NEW HOME OF REPERTORY PHILIPPINES

MEGAWORLD Lifestyle Malls and Repertory Philippines have entered into a strategic partnership that will set the stage for the emergence of a dynamic new home for the country’s foremost theater company in Eastwood City, the entertainment capital of the Philippines.

This groundbreaking partnership, solidified through an official contract signing conducted last March 12, 2024 at the Eastwood Richmonde Hotel in Eastwood City, signifies a monumental stride forward for both entities. Led by Graham Coates, the First Vice President and Head of Megaworld Lifestyle Malls, and Mindy Perez-Rubio, the President of Repertory Philippines, this collaboration heralds a new era of cultural and entertainment enrichment in the heart of Metro Manila.

The brand-new theater will rise on the 4th floor of Eastwood Citywalk and has a total space spanning 1,400 square meters. It features a contemporary classic design and an expansive mezzanine

and common area.

The main theater boasts a seating capacity of 500, providing an intimate yet spacious setting for patrons to enjoy the spectacular performances and theater productions that Repertory Philippines is renowned for.

The new performing space is set to open its doors in October 2024 with the inaugural show, “Jepoy and the Magic Circle,” a Repertory Philippines and Repertory Theater for Young Audiences original production that is sure to captivate audiences and set the stage for an exciting new chapter of the famed theater company.

“We are very honored to give Repertory Philippines its new home in Eastwood City through this landmark partnership. More than signifying our commitment to offering diverse cultural experiences to our valued patrons and communities, this new theater symbolizes our shared vision of creating a vibrant cultural hub that puts the spotlight on the world-class talents of Filipinos,

Megaworld, 4 hotels join forces for ‘Swim Out’ warm-up event

N

Ifosters creativity and inspires the next generation of playwrights and theater performers,” shared Megaworld Lifestyle Malls head Graham Coates.

The arrival of Repertory Philippines is a big boost to Eastwood City as it further solidifies its status as a leading entertainment and lifestyle hub in the country, and a hotbed and thriving hub for up-and-coming Filipino artists and performers. The collaboration also aims to foster a thriving arts community, attracting artists and theater enthusiasts from across the metro.

The new location of Repertory Philippines, meanwhile, gives theater-goers access to Eastwood City’s diverse array of global brands, retail stores, chef-driven restaurants and new immersive experiences for all ages.

Ticket prices and show schedule will be announced soon through Repertory Philippines’ social media accounts and website.

Megaworld Lifestyle Malls is the retail and commercial development arm of Megaworld Corporation, one of the Philippines’ largest real estate companies. As the country’s premier developer of lifestyle destinations with exceptional designs, offerings and experiences, its mission is to make happiness and meaningful connections a lifestyle for its communities.

There are currently 20 Megaworld Lifestyle Malls across the country including: Eastwood Mall, Eastwood Citywalk, Lucky Chinatown, Uptown Bonifacio, Forbes Town, Venice Grand Canal, Newport Mall at Newport World Resorts, Southwoods Mall, Festive Walk Iloilo, Three Central Mall, Paseo Center, San Lorenzo Place Mall, Arcovia City, California Garden Square, The Clubhouse at Temple Drive, Greenhouse at Village Square Alabang, Alabang West Parade, Twin Lakes Shopping Village, Mactan Alfresco and Newcoast Beachwalk.

For the latest information, visit https:// megaworld-lifestylemalls.com/ or follow Megaworld Lifestyle Malls on social media: Facebook (https://www.facebook.com/megaworldlifestylemalls), Twitter (@MegaworldMalls), Instagram (@MegaworldLifestyleMalls), and TikTok (@ megaworldlifestylemalls).

the achievement

n Delicious meal to refuel post-swim

Registration for the Swim Out event opened on March 16 and can be done via the official Facebook pages of Savoy Hotel Mactan Newtown or Belmont Hotel Mactan. Alternatively, participants can register in person at either Savoy Hotel Mactan Newtown or Belmont Hotel Mactan for a registration fee of P1,500.

“We are thrilled to introduce the Swim Out event in collaboration with Megaworld, The Mactan Newtown, and Mactan Alfresco,” said Catherine Sison, Events and Promotions Manager of Savoy Hotel Mactan Newtown. “We aim to provide participants with an unparalleled swimming experience that not only prepares them for the IronMan 70.3 but also allows them to enjoy the beauty of Mactan Newtown Beach. With exciting inclusions and a supportive atmosphere, Swim Out promises to be a highlight for athletes and spectators alike.”

Don’t miss your chance to be part of Swim Out and kickstart your IronMan 70.3 journey in style. For more information and updates, follow Savoy Hotel Mactan Newtown and Belmont Hotel Mactan on Facebook.

For more information about Swim Out, you may contact us at +63 917 103 6568 or +63 917 866 9534.

You may also follow us on our social media pages (Facebook, Instagram, YouTube) at Savoy Hotel Mactan Newtown | Facebook / @savoymactannewtown / Savoy Hotel Mactan Newtown or at Belmont Hotel Mactan | Facebook/@belmontmactannewtown/ Belmont Hotel Mactan.

PHLOX2024: Conquering the Uncharted Jungle with a Spirit of Camaraderie

LAST February 21, 2024, 14 competitor teams from all over the Philippines immediately battled it out on Day 1 of the Petron Philippine Overland Expedition 2024 (PHLOX), each tasked to complete four timed stages designed to test their technical driving and recovery skills. After a brief respite in the afternoon, three timed segments made from natural tracks were staged the following day, Feb. 22 in Submarine Bay, Masanga Point in General Nakar, Quezon.

After completing the Day 2 stages, competitors were given the go signal (and 40 hours) to cross the jungles of General Nakar from Masanga Point to

Dingalan, Aurora, approximately 50 kilometers away. The first team to complete the challenge was Team Siga 4x4 from Nueva Ecija, followed by Team Ironman Pampanga, with the Binangonan Eagles Off-road Team as the third to complete the jungle crossing. Throughout the whole day of February 23, and just before dawn of the 24th, competitor teams slowly emerged from the jungle one-by-one enroute to the campsite/checkpoint. Unfortunately, four teams failed to complete the crossing on time due to critical damages to some of their vehicles. The final three timed stages were then conducted in Dingalan, Aurora on February 24; this time along

the riverbed beside the campsite during the last day of the competition.

In the end, it was just a difference of 12 points that separated the winning team from the second placer.

Bringing home the honors as PHLOX 2024 Champions along with P500,000 in cash prize, Team MYTTires x FredGarage x GibaPH (119) rose victorious, led by drivers Jassoren Flores, Kap. Jess Mendoza, and Niko Soria, and ably assisted by co-drivers Carl Sabariaga, Joel Reyes, Fred Garcia, and support crew Jayson Mendoza.

Finishing 2nd with a total score of 958 points was Team Ironman Pampanga who received P200,000 in cash prize, and Team Siga 4x4 from Nueva Ecija in 3rd

Emirates cabin crew share tips, tricks to help Pinoys make the most of their trip

FOR Filipinos who are planning to go on a solo vacation this year, Emirates has curated special tips and tricks to help customers embrace the sheer thrill, freedom, and adventure of traveling alone.

Solo travel has been steadily gaining ground post pandemic. In a 2023 survey conducted by Solo Travel World in the United States, 68 percent of participants identified themselves as independent travelers.

Even among Filipinos, solo travel continues to grow. A post-pandemic report published by travel accommodation platform Airbnb in August 2023 revealed that solo travel in 2022 grew by 185 percent year-on-year compared to 2021. The report also revealed that private room bookings in 2022 grew by 200 percent.

Solo travel offers a unique opportunity to explore the world on your own terms, without having to accommodate the whims and wants of travel companions. Whether you’re a seasoned solo traveler or planning your first independent trip, Emirates’ multicultural cabin crew will transform the way you perceive travel.

On booking hotels…

ALESSANDRA PIPER from the UK, who has been flying with Emirates for over nine years shares her hacks: “I make it a point to go on at least two solo trips a year. Always book hotels with a flexible booking policy, as you may decide to stay longer in some places at the spur of the moment. The flexible policy will ensure you do not get stuck with cancellation fees.”

On gastronomy…

EABHA SLOYAN from Ireland channeled her inner foodie: “Food markets are absolutely fabulous. In my most recent trip I visited the famous Tsukiji Market in Tokyo. Spending the evening in the market and bingeing on lots of sushi was a culinary adventure I could only dream of. The energy, fresh food and exquisite flavors made it an unforgettable experience. It’s a place could go back to again and again.”

On safety and local culture…

SHAMISO GUVAVA , from the UK, who has been with Emirates for over a year: “My cabin crew training changed my outlook of a solo trip. It taught me vigilance and attentiveness. Safety is of utmost importance. My training also equipped me with the confidence to communicate with people from diverse backgrounds and take guidance from locals and fellow travelers.”

with a total score of 852 points, receiving P100,000 in cash prize.

In the end, though the jungles of General Nakar did live up to its reputation as one of the most difficult trails in the country, it was the reputation of the Filipino off-roader whose unofficial motto of “walang iwanan” was what prevailed, as the spirit of friendship and camaraderie saw several competitors going the extra mile not just for their team mates but for their fellow competitors as well.

Most notable was Jassoren “Sonjay” Flores of Team 119 who, after completing the crossing, went back to the dreaded mud pit thrice to help other competitor teams cross going to the checkpoint/ campsite. Another notable mention was Team

On exploring… IRFAN HUSEINOVIC , a Bosnian, who has been at Emirates for over a year: “My trick is to walk everywhere as it makes it easier to navigate and explore the city at your own pace. My longest solo vacation was in Malta when I spent 25 days on the beautiful island. It was an incredible trip filled with self-discovery, adventure, and unbelievable experiences. From exploring ancient ruins to soaking up the sun on breath-taking beaches, every moment was magical.”

Micaela Olivieri, an Argentinian cabin crew member with Emirates for over two years, listed her top three must-dos: “First things first, always take care of yourself and your personal belongings. When walking in a crowded area, ensure your bag is in front of you rather than behind. Secondly, be situationally aware of the culture and respect it. Lastly, always trust your intuition and use your past experiences for guidance.”

Alessandra Piper: “The best thing I’ve learned so far: don’t be glued to your phone! Keep it in a secure place so you aren’t tempted to keep checking it. Look around, take in the sights and enjoy the view!”

Emirates, the world’s largest international airline, has over 21,500 multicultural cabin crew members and flies to over 140 destinations with a fleet of more than 260 aircraft. The airline trains its crew in safety, security, medical emergencies, hospitality, and service to delight customers from over 200 nationalities.

Emirates offers its cabin crew a range of benefits including competitive salary and medical benefits, accommodation, annual leave, annual leave tickets and deeply discounted flight tickets for themselves—to solo travel to their hearts’ content—and for their family and friends so that they can travel together too.

For those who want to combine solo travel with flying as a career, Emirates is actively recruiting cabin crew from around the world. Its recruitment team are hosting open days and assessments in more than 460 cities across six continents. Aspiring Emirates cabin crew can check out www. emiratesgroupcareers.com/cabin-crew regularly for more details and open day schedules in their city or country.

Emirates operates 25 weekly flights from Manila, Cebu, and Clark to Dubai, connecting Filipino travelers to over 140 destinations in 76 countries and territories across Africa, the Americas, Asia, Europe, the Middle East, and the Pacific from its global hub in Dubai. Book your flight today by visiting https://www.emirates.com/ph/english/book/.

GenSan x CDO who, because of a logistical dilemma, decided to return to General Nakar via the reverse route, and by doing so, helped rescue and recover another participant vehicle they encountered on their way back.

As the dust settled, and the winners declared, PHLOX 2024 was a triumph for the Filipino off-road racing community.

The Petron Philippine Overland Expedition is co-organized by Mototesto Overland Equipment and All Traction Performance, made possible with the support of Petron Corporation, in association with Motolite, and technical partner Gears Banawe, the local distributor of ARB 4x4 Accessories, Bushranger, Second Air.

Macron’s flawed plan to shield France from Marine Le Pen and the far right

By William Horobin & Ania Nussbaum

TIMOTHÉE HOUSSIN

spends his Friday nights dashing between towns and villages in Normandy attending as many local celebrations and events as possible. Smartly dressed in suit and tie, the French politician is seeking to cement his place in the district he won by fewer than 500 votes in 2022.

The 35-year-old is proud of what he’s achieved so far, helping constituents navigate state bureaucracy and championing their concerns in the National Assembly over a lack of doctors in the Eure region. But Housssin, a representative of Marine Le Pen’s National Rally party, believes he is on a mission that goes beyond regional borders.

Lire en français

NATIONAL Rally, the reborn version of the National Front, is best known for its history of far-right nativism and far-out economic policies on the margins of French politics. Regions like the Eure— which until 2022 had traditionally backed centrist parties—have become critical battlegrounds in National Rally’s efforts to establish itself in the mainstream of the country’s politics. And lay the groundwork for Le Pen, who came second in the last two run-off elections, to go one better in 2027 and win the presidency.

“People are seeing there are hundreds of elected National Rally officials making proposals, voting, behaving correctly and not being at all scary,” Houssin says in his office in the small town of Les Andelys. “That’s what will help us advance.”

Even three years from a vote, the prospect of a Le Pen presidency is coming into sharp focus as polls show National Rally building momentum for a large victory in June’s European elections—seen by some, including Houssin, as a dry-run of the 2027 race. At the same time, President Emmanuel Macron, who cannot stand for a third consecutive term, is struggling to push initiatives through a divided parliament in which Le Pen’s party has, for the first time, a substantial foothold.

“Our objective is to win in 2027,” says Houssin, “so we have to show we are able to keep scoring highly.”

A far-right presidency would be the ultimate failure for Macron, ending a decade in power that began when he swept aside traditional left and right-wing parties in the 2017 election, and reshaped the country’s political landscape into a duel with Le Pen. For France it would be a transformational moment, handing control of Europe’s second largest economy—with an immigrant population of 10.3 percent of the total—to a once marginal, xenophobic political movement that has advocated loosening ties with the European Union and, before the 2022 invasion of Ukraine, building closer relations with Russia.

Macron has reacted to such a prospect with a government re -

shuffle, attempts to tack right on immigration and promises of reforms to boost middle class incomes. Some supporters argue he needs to be more direct. According to one official, the government must urgently do more to improve the situation for blue-collar workers who have drifted to Le Pen, to keep her from office in 2027.

Critics argue that Macron has helped legitimize the party and normalize its leader. “He said that he was going to be the anti-Le Pen candidate,” says Marta Lorimer, fellow at the European Institute at the London School of Economics and Political Science who researches the far right. “All he has done is essentially suggest that Le Pen is the only possible alternative to him, which is a terrible message to be sending.”

The attempt to rehabilitate Le Pen

THE daughter of far-right firebrand Jean-Marie Le Pen—who came second in the 2002 presidential race—has toned down the party rhetoric and dropped radical ideas like leaving the euro, although she still has ambitions to gradually turn the EU into a looser alliance of sovereign nations. She denies Macron’s accusation that the plan would sever relations with Germany and amount to a French version of Brexit.

The growing momentum behind a Le Pen presidency could add impetus to a far-right trend gaining traction across the continent: Giorgia Meloni’s anti-immigration platform won Italy’s election in 2022, the Alternative for Germany party (AfD) has cemented itself in domestic politics in the past decade and Geert Wilders is negotiating to head the next government of the Netherlands. In Portugal on Sunday the farright Chega party quadrupled its seats in parliament with a strong performance in national elections.

The National Rally leader has already made three failed attempts to become French president, but a steady increase in support has brought her closer each time. In 2022, she took 41.5 percent in the second round and led her party to a record 89 seats in legislative elections. Not only did that reinforce her place in the mainstream of French politics, but it also helped deprive Macron of an absolute majority in the National Assembly.

As important in understanding this turnaround, says Erwan Lestrohan, research director at polling institute Odoxa, is that the share of French people who reject her outright has fallen significantly over the past decade. “Seeing someone from a party with far-

right connotations systematically on the podium says a lot about the gentrification of National Rally,” adds Lestrohan.

Securing enough votes to win a second round is still a big ask in a country where a broad centrist bloc of voters has often coalesced to block Le Pen’s path in a presidential runoff. But since the 2022 defeat, the National Rally leader has continued to attract support with new lawmakers like Houssin and the 28-year-old party chief, Jordan Bardella—who she has said would be her prime minister—giving the party a younger, more professional profile.

She’s also been careful to pick popular causes to back, like the broad opposition to Macron’s pension reform in 2023 or the recent farmer protests over EU regulations and low incomes. Keen to exploit anger over the impact of stubbornly high inflation on France’s poorest, she’s also sought to foster economic credibility, recently writing a column for business daily Les Echos in which she cited Pierre Moscovici, the head of the state audit court and a former Socialist finance minister, to warn about rising levels of public debt under Macron.

The French president has attacked her over Ukraine, saying that Le Pen would side with Vladimir Putin, Russia’s president. She’s responded by casting herself as a defender of peace, slamming Macron’s recent suggestion that Europe could send troops into the Ukraine conflict and highlighting how his stance has isolated France on the international stage, after allies including Germany and the US publicly ruled out such a scenario. Le Pen has also sought to distance herself from the antisemitic past of her movement, strongly affirming support for Israel after the attacks by Hamas on October 7.

Adélaïde Zulfikarpasic, head of polling company BVA Xsight, says that qualitative surveys of voters show that over a long period Le Pen has almost de-toxified the party’s image and addressed perceived weaknesses on issues like the economy. “There is a feeling that she has progressed to have a command of the issues, and that in any case, she’s the only option that’s not been tried so let’s go, there’s nothing to lose,” Zulfikarpasic says of voter attitudes.

A February 17 poll by Ipsos for La Tribune Dimanche asked voters who should replace Macron. Le Pen came second only to Édouard Philippe, a former prime minister under Macron, with 32 percent of respondents saying they’d be satisfied if she were elected.

Macron—often dismissed by political opponents as a “president for the rich”—has no obvious successor in a party built in his own image. That has triggered speculation about who is best placed to take on Le Pen in 2027 ranging

from Philippe, now mayor of the port city of Le Havre, to Prime Minister Gabriel Attal. Some have even suggested Christine Lagarde, president of the European Central Bank, as a possible outside candidate. Asked in a television interview in January if she would return to French government as part of Macron’s cabinet reshuffle, Lagarde said she would be honored to serve her country again, but was committed to the ECB, where her term ends in 2027.   Behind closed doors, senior officials acknowledge a Le Pen victory is more likely than ever if Macron cannot turn the tide soon, with one saying that she’d win an election if it was held tomorrow.  Polls have shown National Rally on course to trounce Macron’s Renaissance list of candidates by at least a 10-point margin in the EU elections, with an Ipsos’ survey, published on Monday, showing a 13-point gap. If that comes true, it would be a seismic shift from 2019 when the Macron coalition trailed by less than a percentage point.

Le Pen cast a shadow over a downbeat campaign launch event on Saturday, where Macron’s party sought to depict the European elections as an existential fight against the far-right leader, warning that the outcome could be decisive for Ukraine’s fight against Russia.

“There are times in politics which see major shifts, which announce the end of an era, of a cycle, of a system,” Le Pen told supporters in Marseille at the launch of her party’s EU election campaign on March 3. “My friends, these are the times we live in.”

‘Decisive political moment’

IN recent months, the president has played every card in what resembled a frantic reset. He’s fired his government to bring in the popular 34-year-old Attal as prime minister, a move that one Macron adviser described as a way to counter the appeal of Bardella, ahead of the EU polls. He has also borrowed a slogan from rightwing politicians to describe his shift in stance on immigration, security and education as an approach that will ensure “France remains France.”

The strategy, according to a person familiar with the political shift, is to directly challenge National Rally on its traditional campaign themes—some of which Macron has previously tried to shy away from—to appeal to voters who feel they are not being listened to on issues such as immigration. But it has been criticized by some on the left as further legitimizing the far right.

Macron’s efforts around immigration have largely backfired. Le Pen was able to claim an “ideological victory” in December as an immigration bill only passed parliament after the government toughened measures to curtail migrant rights,

securing the support of opposition lawmakers including those from National Rally. The episode drove a wedge through Macron’s centrist alliance in parliament, culminating in the resignation of his left-leaning health minister.

The constitutional court then struck down large swathes of the plan the French president had negotiated. While Macron has argued that immigration should be controlled in cooperation with EU partners, Bardella used derogatory language for migrants to cast the June elections as a referendum on “migratory submersion.”

All of this is happening against a backdrop of economic success. Growth during Macron’s stay at the Elysee Palace has outstripped Germany, Italy and the UK, according to government statistics, and unemployment briefly touched a 40-year low of 7.1 percent at the end of 2022. Paris has become a haven for banks looking for a post-Brexit hub in Europe and the country has cemented its global dominance in luxury goods with four of the largest companies in the sector calling it home.

Still, many voters are struggling to see how the government’s pro-business approach translates into improvements in their lives. In 2023 Macron’s attempt to boost the numbers in employment by raising the retirement age sparked months of protests, inflicting lasting damage on his approval ratings.

The president’s calculation is that by continuing to push his reforms, even when they are unpopular, he will expose Le Pen’s absence of a clear economic program, according to one senior official.

Le Pen’s lack of clear policy commitments has actually made it harder for Macron to strike a damaging blow against her. National Rally’s official website has yet to update Le Pen’s 2022 manifesto under the banner of the party’s political project. It promises a referendum to stop “uncontrolled immigration,” cuts to sales tax on core consumer products, and a reduction in the minimum retirement age to 60. Macron’s camp has dismissed such ideas as unaffordable, but accepts that they have popular appeal.

“We are at an absolutely decisive political moment,” Finance Minister Bruno Le Maire tells Bloomberg. “It’s now that things must be decided, because it takes two years to complete reforms. It’s better to start straight away.”

‘They surf on fear’

THE Eure borders the northwest of the greater Paris region. It is unremarkable in many ways with living standards by income and population density hovering close to national averages. Unemployment and poverty rates are slightly lower than elsewhere in France as a whole, as is its share of university educated adults. And there’s a smaller than average ratio between the incomes of the richest and poorest among the Eure’s population of 600,000.

Yet it stands out as a harbinger of how Macron’s efforts to Le Pen-proof France are failing. In 2017, the area lent its support to En Marche!—the political movement created a year earlier by Macron—which bulldozed through the country’s political landscape. Centrists under his banner took a clean sweep of the five Eure seats in the

National Assembly, displacing locally rooted politicians from the mainstream parties.

By 2022 it stood out for a different reason: National Rally candidates took four of the seats in the assembly elections with the Socialist Party’s Philippe Brun taking the other.

National Rally’s success is partly explained by towns like Les Andelys, which voted 54.5 percent for Le Pen in the 2022 presidential runoff. According to Mayor Frédéric Duché, an ally of Édouard Philippe, the party’s breakthrough was triggered by discontent among voters who felt like victims, rather than beneficiaries, of government policies designed to attract big business.

“Society is changing fast, too fast,” Duché says. “It’s not a National Rally town here; it’s people expressing their exasperation with the system through National Rally.”

In January, the town’s century-old glass factory Holophane closed, at the cost of 200 jobs. The government loaned the company money to buy it time to find a new owner but a savior never materialized.

Houssin, who believes he wouldn’t have won his seat had the incumbent been more engaged locally, blamed the national government for failing to protect Holophane from surging power prices or help it adapt to the demands of the modern automobile market, its main customer. “In terms of industry,” Houssin told the National Assembly, “Les Andelys needs new projects, and France needs new policies.”

Recent industrial developments in the Eure include a Hermès luxury goods workshop—a halfhour drive west from Les Andelys on the outskirts of Louviers—and a €350 million investment by the pharmaceutical group GSK Plc at a factory near Evreux.

“My friends, how can we be stronger in times of crisis? Firstly, we mustn’t listen to declinists,” Duché told local officials and residents gathered for a New Year speech in January in a line that seemed aimed at Houssin. “They surf on fear without ever making any proposals.”

In Louviers, Brun, the sole remaining non-National Rally lawmaker in the Eure’s five districts, points to the withdrawal of the state as a critical factor in the success of Le Pen’s party with the closure of public services and a lack of doctors that has made the area one of France’s so-called “medical deserts”. He blames the pro-Macron lawmakers who preceded him and his own fractious leftist group in parliament for being too far removed from everyday concerns.

“There is clearly anger,” Brun told a class of 14- and 15-year-olds as he toured his district. “My duty as the one who resisted National Rally is to show people they are right to believe in politics and democracy and we can find solutions together.”

When asked what will happen in 2027, Duché, Les Andelys mayor, says he remains a “cheerful pessimist.”

“When something doesn’t happen the cheerful pessimist is happy,” says Duché who expects the European elections to be a “boucherie,” or bloodbath for Macron. “And when it does happen, he says ‘I told you so’.” With assistance from Jody Megson and Michael Ovaska/Bloomberg

FARMERS line up their tractors at a meeting point before driving to a blockade, at Allainville on January 26. CYRIL MARCILHACY/BLOOMBERG

Tams tap Sean Chambers as head coach

HARDLY a contender last season, Kristoffer Arevalo seeks to make his mark early this year.

By Aldrin Quinto

W

HILE there is plenty of talk about veterans battling rising stars in a PGT turf war, national golfer Kristoffer Arevalo simply shrugs it off.“Old guns and young guns, it’s all going to be the same,” said Arevalo, noting that while established tour players lead the way in the Philippine domestic series, a number of the younger players have vast experience in

F

AR Eastern University has tapped Sean Chambers as head coach for the Season 87 University Athletic Association of the Philippines men’s basketball tournament, the Tamaraws athletic department said on Monday.The 59-year-old Chambers, six-

time PBA champion with Alaska and Best Import of the 1996 Governors’ Cup, replaces Dennis Miranda.

The Tamaraws placed seventh last season with three wins and 11 losses.

“The FEU Athletics is pleased to announce the appointment of Sean Chambers as Head Coach of the FEU Tamaraws men’s basketball team,” the statement said.

Miranda, meanwhile, has been appointed head of the FEU basketball program from high school to collegiate level.

Kristoffer Arevalo has eyes on the bigger picture as PGT resumes

international play. Jhonnel Ababa overcame Philippines-based Dutchman in a playoff at Apo last week, after four-time PGT top money-earner Tony Lascuna ruled the rich TCC Invitational in Laguna. National strokeplay champion and Philippine team member in numerous tournaments, Arevalo acknowledges that the grizzled players on the pro circuit have things figured out but the young star says he has a plan.

“On the Tour, it’s quite hard, there’s a lot of things to think about. So I’m trying to simplify things that I need to bring on the course,”

Angelo Que, Lloyd Go add depth to star-studded PGT field at Palos Verdes

T

HE ICTSI Palos Verdes Championship unfolds today at the Rancho Palos Verdes Golf and Country Club in Davao, featuring a formidable roster led by Apo Golf Classic winner Jhonnel Ababa and bolstered by the return of seasoned Angelo Que, along with Lloyd Go, Sean Ramos and Gab Manotoc.The multi-titled Que aims to break his long title spell on the Philippine Golf Tour after several overseas campaigns, including in the International Series Macau last week. Meanwhile, Go, Ramos and Manotoc are back from stints in an Asian Development Tour event in Vietnam, adding depth to the star-studded field.

The 72-hole championship boasts a prize purse of P2 million and showcases the country’s top players, including several foreign contenders who earned their spots through the recent PGT Q-School. With Rancho Palos Verdes offering a different challenge compared to the

P

ONTE VEDRA BEACH, Florida— Already the best in the world, Scottie Scheffler added another layer to his legend Sunday. He became the first player to win back-to-back in 50 years of The Players Championship by matching the biggest comeback and the lowest closing round by a winner.Scheffler holed out for eagle from the fourth fairway and had four birdies in a five-hole stretch around the turn, sending him to an 8-under 64 and a one-shot victory that wasn’t decided until the final putt.

Xander Schauffele, Brian Harman and Wyndham Clark all had a chance to force a playoff with a birdie on the daunting 18th

The right thing

tight Apo layout, expect the competitors to adopt varied strategies to tackle the course and contend for the title.

Ababa, fresh from his dramatic playoff victory over Guido van der Valk, seeks to carry his momentum into this event. However, he faces tough competition from van der Valk, Tony Lascuña and Jay Bayron, who are all determined to bounce back from nearmisses at Apo.

Young talents like Ryan Monsalve and Kristoffer Arevalo are also tipped to figure prominently in the title chase with the former showing promise with a strong fifth-place effort anchored on a closing 70, and the latter seeking redemption after a disappointing final round of 81.

“I need to set my pace right, set my motivations right. If it all connects, maybe I’ll get a win,” said Arevalo, who led in the third round but faltered and tumbled to joint 13th.

Aidric Chan is also out make things happen, raring to atone for his

hole at the TPC Sawgrass. Clark had the last shot, a putt just inside 18 feet that dipped into the cup on the left side and came out on the right side, leaving him stunned as he placed his hand over his mouth.

Scheffler, who started the final round five shots behind, finished at 20-under 268 and collected $4.5 million from the $25 million purse, the largest in golf. This was no ordinary week. He struggled to take the club back early in his second round because of a neck issue and battled to a 69. He looked to be out of it Saturday afternoon until finishing with three straight birdies.

And then he delivered a masterpiece

WHEN the news broke last March 8 that Manasquan High School went to a New Jersey court to overturn a wrongful decision that led to their missing out on the state basketball championship game to Camden, it went viral.

True enough, Manasquan did win that game when a lastsecond follow-up shot went in that the referees validated. Then not surprisingly, huddled to validate the call, then shockingly overturned it. The officials later realized their error, but they already awarded the win to Camden.

Videos from the audience supported Manasquan’s win but since the officials had already left the court, the decision stood prompting Manasquan school officials to take this matter to the appellate court.

The court, perhaps in their good sense, said that judges refrain from matters of sports and that a football referee would also not be calling a baseball match and so forth. This begs the following questions—what lengths would we go to get a win, and given the opportunity to rectify a situation, why can’t the situation be rectified?

Let’s tackle the first—the lengths where a school would go to get a win. I’m not referring to the win-at-all-costsmentality where schools utilize money to attract the best players or even cheat. Yes, that was a jab I had to sneak in.

I believe that Manasquan High School officials did the right thing by taking this to court. They do have to try. Had

ANGELO QUE looks to end a winless run.

37th-place effort at Apo following a top performance in the Q-School.

Foreign challengers such as Gwon Minwook, Collin Wheeler, Toru Nakajima, Min Hyeo Yu, Ozeki Kakeru, and last year’s Q-School topnotcher Hyun Ho Rho, are poised to challenge the local favorites, adding an extra layer of excitement to the tournament organized by Pilipinas Golf Tournaments Inc. and supported by Kampfortis Golf.

on the Players Stadium Course. His 64 matched the lowest final round by a Players champion, last done by Davis Love III in 2003, and he tied Justin Leonard (1998) with his five-shot comeback.

ASIAN TOUR

MACAU, China—John Catlin closed with a 5-under 65 and beat David Puig of Spain with a birdie on the second playoff hole to capture the International Series Macau on the Asian Tour, the American’s first victory in nearly three years.

Arevalo told the BusinessMirror.

Pleased to make waves at Apo last week where he held the lead before ending up in 13th spot, Arevalo gears up for the Palos Verdes Championship with a relaxed attitude. The 72-hole championship begins on Tuesday.

“I’m in the middle of trying to win and beat most of the old guns, but I don’t really mind if they beat me because as far as I know, golf never ends. But a win on the Philippine Golf

Chambers also reunites with former Alaska teammate Johnny Abarrientos, who is one of the deputy coaches for the Tamaraws. The other assistant coaches are former head coach Bert Flores and Vic Pablo.

“After a successful playing career in the PBA, Coach Sean is excited to return to the Philippines, his second home and brings with him a wealth of experience with a career dedicated to education, coaching, and mentoring the youth.”

Chambers lands a head coaching spot at FEU three years after being linked to the Adamson Falcons program.

“Over the years, I’ve closely observed the evolution and spirit of Philippine collegiate

Tour will be a big boost as he eyes the big tours. “For me it’s more of how much I can learn from each of the tournaments,” says Arevalo, adding that his ultimate goal is to play in the PGA Tour.

“I’m trying to take as much as I can grab, all the experience that I need to get on that stage,” said the 23-year-old Arevalo.

Hardy felt on the PGT Tour last season, Arevalo is determined to make an impact this time.

“There’s a lot to prove, a lot to master,” said Arevalo. “If I win this season one of three tournaments, I’ll be happy.”

‘One-armed Mamba’ Kat Tan glad to be part of WNBA event at Reyes gym

K

AT TAN continues to do what she loves while trying to inspire others with the help of the WNBA and AXA Her Court.Tan, who lost her left arm in an accident in 1996, joined 29 other women including former National University player Christiana Dimaunahan in a basketball and fitness event at the NBA Community Court at the Reyes Gym.  “Do whatever you love, do whatever make you happy just like me playing basketball with one arm. If I can do it, so definitely anyone can do it,” the 37-year-old paraathlete, a graduate of multi-media arts at College of Saint Benilde, told BusinessMirror in an interview.

the court ruled in their favor, it would have opened not a can but a truckload of concerns that would put Pandora’s Box to shame. At least they exhausted what was available to them after game officials denied them.

For many students in high school sports, the state championship could possibly be the last time some of them will play sports or get an opportunity to win a championship that will be something to remember. As you go higher up the sports pyramid, it gets smaller and smaller because now, it involves foreign students for college, and come the pros, a finite number of slots available.

For some—although it has greatly changed—high school sports is perhaps the last true bastion of amateurism where one plays for the love of the game and to give glory to their alma mater.

So, the school has to try.

Now, why can’t these situations be rectified? Yes, I understand that the local tournament does not use instant replay or video technology. Yes, I understand that the rules state that the final decision must be awarded within the confines of the playing venue prior to the game officials leaving.

Pure and simple, the game and tournament officials botched it. They did admit to it. Granted it was contentious even while at the venue, they should have exhausted every means to get to the bottom of it while inside the playing venue.

We see this play out even in professional sports— especially in the English Premier League where even with the benefit of video technology and multiple angles, they still make the wrong decision.

SCOTTIE SCHEFFLER picks up $4.5 million for his ninth win worldwide, pushing him over $50 million for his career.

“You always just have to put your heart into it, and always believe in your own capabilities so people will also believe in you.”

The event featured basketball drills, while experts also discussed health and nutrition.

“The NBA and the WNBA have always a commitment towards the women’s sports. Even the early as 2014, we’ve been bringing WNBA legends here for our junior NBA,” said NBA Philippines Global Marketing Partnerships Senior Director Mae Dichupa.

“As an organization, we really look towards grassroots, we always provide opportunities for women and girls,” she added. Josef T. Ramos

KAT Tan continues to inspire.

For example, the failure to call a penalty against Manchester City in their game against Liverpool last weekend had massive repercussions that shook up the top three slots of the ongoing title race.

The failure of the race official to place Max Verstappen in his proper position after a race stoppage caused not only Lewis Hamilton to lose the race, but also the driver’s championship. Hamilton and Mercedes, his race team, have not been the same since.

I have no idea how the game officials arrived at that decision or even this Manasquan-Camden result. They should have gathered the coaches of each team to come to the correct decision.

The correct decision.

Hmmn. There is that third question that is perhaps the most crucial—why can’t people, schools, or even entities do the right thing?

I have seen a bunch of videos where the frontrunner in a marathon is literally feet away from the finish line and then collapses due to cramps. The runner right behind is agonized because this is an opportunity to win. And cramping is part of racing as is hydration and proper cardio.

But it’s great to see them help the fallen runner to cross the finish line.

If you want something specific, how about when Dutch football powerhouse Ajax scored a goal while the opposing team had a player down who was truly injured. In the succeeding play, they allowed the opposing team to score as a means to reset the match.

basketball, witnessing the remarkable growth and development of young players,” Chambers said.

“I believe there is ample opportunity for me to contribute to their journey towards reaching their fullest potential on and off the court. I’m profoundly grateful and humbled by the opportunity to return to the Philippines as head coach of the FEU Tamaraws.

“It is an honor to collaborate with FEU management and coaching staff, in our collective mission to reignite the winning culture at FEU,” said Chambers.

Flores confirmed the appointment to BusinessMirror , saying the presence of Chambers would benefit the school in the long run in terms of experience and recruitment abroad.

“His experience in the triangle system of coach Tim [Cone] and leadership will be a great contribution to us,” Flores said.

Ella Paglalunan bags U-18, U-12 titles in Lucena

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LLA MHAE PAGLALUNAN and Avegail Joy Ansay dominated the girls’ category while France Dilao took the spotlight in the boys’ division of the Iñigo Resorts Center National Junior Tennis Championships in Lucena City over the weekend.Paglalunan survived a three-setter against Cielo Gonzales in the quarterfinal round, disposed of Jasmine Sardona in the semis, then upended top seed Isabel Ataiza, 6-3, 6-0, to claim the 12-andunder trophy.

The star from Cavite sustained her fine form in the 18-and-U class and beat No. 1 Ave Maria Policarpio, 6-4, 6-0, in the semis then thwarted second ranked Ayl Gonzaga, 6-4, 6-3, to complete a rare two-title sweep in the Group 3 tournament presented by Dunlop.

Ansay, hailing from Sta. Rosa, Laguna, mirrored Paglalunan’s success by also achieving a two-title feat. She toppled top seed Sandra Bautista, 6-0, 2-6, 10-8, in the 16-and-U finals then repeated over her doubles partner from Bacoor, Cavite, 6-1, 6-4, to rule the premier class of the week-long tournament sponsored by Iñigos Resorts.

Dilao scored a “twinkill” in the boys’ side, beating Aljhon Rombawa, 6-4, 7-5, in the 16-and-U championship, then subdued brother Frank, 6-4, 6-7(5), 107, to annex the 18-and-under trophy.

Other winners were Rombawa, who snared the boys’ 14-and-U title with a 6-2, 6-1 victory over Bien Tulop; Quezon City’s Marcus Go, who clipped sibling Matthew Go, 6-0, 6-0, for the boys’ 12-and-U crown; and Yuan Andrei Torrente, who trounced Jacob Dizon, 4-1, 4-1, in the 10-and-U unisex finals of the competition sanctioned by Philta, PPS-NTC and UTR and supported by Philta Regional vice president R-4A Gary Alcala and Slazenger. After the Holy Week break, the series sponsored by Palawan Pawnshop resumes in Olongapo City for the Mayor Rolen Paulino Junior Cup from April 4-8.

In doubles, Sophia Moreno and Clair Guardo shocked Ansay and Bautista, 8-4, while the Dilao brothers smothered Yuri Aparte and Iñigo Arquiza, 8-2, for the 18-and-U title; Gonzaga and Jasmine Sardona whipped Ataiza and Micaiah Cena, 8-2, and Nicolas Andal and Rafa Monte also posted the same scoreline over Prince Cuenza and Dean Palaroan for the 14-and-U trophies.

corrected a referee who wrongfully awarded a penalty to his side. Or when West Ham United forward Paulo Di Canio opted not to shoot at an empty Everton net when its goalkeeper fell injured. Yes, West Ham needed the points for that win but think about this—the Hammers finished ninth in the league that season. Who remembers that? Di Canio’s act of sportsmanship is still remembered. That leads me back to the Manasquan-Camden game. As Manasquan went to court, it prompted Camden’s legal counsel to

AFTER a 3-11 season, FEU expects a big lift from Sean Chambers. FROM SEAN CHAMBERS FB PAGE

Josef T. Ramos