BusinessMirror March 26, 2024

By Reine Juvierre S. Alberto

THE national government’s gross borrowings for January this year plunged to over P203 billion, declining by more than half compared to a year ago due to downticks in external and domestic borrowings.

Latest data released by the Bureau of the Treasury (BTr) showed the national government’s total borrowings in January 2024 dipped to P203.151 billion, P163.712 billion lower than the P366.863-billion borrowings recorded in the same

month last year.

The decline in gross borrowings was due to the double-digit contraction in domestic borrowings, outpacing the 22-percent hike in external gross borrowings, based on Treasury data. Broken down, the bulk of the gross borrowings in January came from domestic sources at 30.34 percent while the remaining financing at 69.66 percent was borrowed externally, Treasury data indicated.

The state’s gross domestic borrowings in January decreased to P141.505 billion from P179 billion last year due to lower sales

of the Treasury bills (T-bills) and fixed-rate Treasury bonds, based on Treasury data. The state borrowed P130.000 billion through the sale of fixedrate Treasury bonds, about 19.59 percent lower than the P161.675 billion amount it generated in January last year, Treasury data showed.

The national government’s net Treasury bills reached P11.505 billion compared to the P17.625billion net redemption in the same month last year.

Meanwhile, Treasury data showed that the national government’s external gross borrowings

in January plunged by more than half to P61.646 billion, down by 67.13 percent from the P187.563 billion it recorded in the same month last year.

The dip in external gross borrowings in January was attributed to higher payments as well as the absence of global bonds compared to last year, according to Treasury’s data.

The national government recorded P84.539 billion in payments in January this year, which led to the contraction of net external borrowings to P22.893 billion.

‘AS FOOD INFLATION DIPS, 2-4% TARGET TO BE MET’

TIn its latest Market Call report, First Metro Investment Corp.-University of Asia and the Pacific (FMIC-UA&P) Capital Market Research said “Inflation should remain within the BSP target of 2 to 4 percent for the first half of H1.”  This projection is anchored on the decline in Thai rice prices,

the

tank said started to go down in February, and “ruling out more food inflation from that end.”

On the other hand, FMIC-UA&P said crude oil prices may only have “limited upside due to the tepid rebound of the Chinese economy.”

Meanwhile, the think tank noted that increased infrastructure spending is expected to drive the country’s gross domestic product (GDP) growth and employment this year.  “National government revenues and expenditures exceeded 2023 targets. The administration is poised to ramp up infrastructure spending (plus [public-private partnership] PPP projects) in 2024 to bolster GDP growth and employment,” FMIC-UA&P noted.

According to an earlier story of the BusinessMirror, inflation for all income households accelerated to 3.4 percent while the increase in the commodity prices for the Bottom 30 percent reached 4.2 percent in February 2024. (Full story here:https:// businessmirror.com.ph/2024/03/06/high-rice-pricescited-in-3-4-february-inflation/#:~:text=Inflation%20 for%20All%20Income%20Households,National%20Statistician%20Claire%20Dennis%20S.)

National Statistician Claire Dennis S. Mapa said rice

THE meeting was held at BE Grand Resort in Panglao Island, on the sidelines of an international conference last week, to discuss issues relating to the construction of the controversial Captain’s Peak Garden & Resort within Chocolate Hills at  Sagbayan town. See “Bill,” A2

DOTr chief, Miaa GM check Naia terminal for Holy Week

destinations on Monday started to flock to the Ninoy Aquino International Airport (Naia) Terminal 3 as airport authorities are expecting the heavies volume of passengers on Wednesday.

Transportation Secretary Jaime J. Bautista, together with Manila International Airport Authority (Miaa) general manager Eric Ines, inspected the domestic terminal and received feedback from some domestic passengers who noted improvements like the smooth long lines at the airline check-in counters, clean restrooms and most of all, the On-Time Performance of the airlines.  They noted how the “long waiting hours” during inspection had been shortened as a result.

Bautista and Ines saw to it that the Malasakit Help desk is in place as they proceeded to the Cebu Pacific airline check-in counters to see to the smooth flow of passengers, the operations of the x-ray scanning machines, and the lounge of

The DOT has said the resort, which has been operating since March 2018, was not accredited with the agency. The Sagbayan

Philippine Airport Ground Support Solutions Inc. (PAGSS), boarding gates, rest rooms and walkalator.

The inspection is part of the Oplan Biyaheng Ayos; Semana Santa 2024.

“The comfort rooms are all working, the overall experience of passengers at Naia Terminal 3 is good; that is what they [passengers] told me” during the inspection, Bautista said.

He said the airlines and Miaamust fully coordinate to lessen the cancellations of flights for the comfort of the air riding public.

Bautista mentioned the surot (bedbugs) and rats that were captured in social media. He said those are isolated cases and will only destroy the image of our country sa tamang paglilinis lang mawawala ang

municipal government eventually closed the resort after the Department of Environment and Natural Resources said the establishment

mga iyan.

Miaa is expecting an influx of over 1 million passengers who are gearing up for the coming Holy Week with “OPLAN Biyaheng Ayos”: as they prepare the Ninoy Aquino International Airport (NAIA) Terminals from March 24 to March 31, 2024.

Miaa General Manager Eric Ines anticipates a 15-percent increase in passenger volume during this year’s Semana Santa compared to the 926,755 passengers that passed through NAIA from Palm Sunday to Easter Sunday last year.

Ines said that before the pandemic, Naia Terminals had recorded some 1.1 million passengers (arrival and departure, international and domestic) for only eight days, from Palm Sunday to Easter Sunday. Now, in 2024, “we are expecting more than 1.1 million from Palm Sunday to Easter Sunday.”

Miaa disclosed that in the first 14 days of March 2024 alone, passenger numbers have reached 1,853,132, ranging from 128,000 to 138,000, with a daily average of 132,367. For this year’s Holy Week, passenger traffic could reach

had no environmental compliance certificate.  (See, “Controversial resort within Chocolate Hills now closed,” in the BusinessMirror , March 15, 2024.)

For her part, Frasco said the DOT wants a seat at the PAMB to be able

140,000 on a single day, or close to the prepandemic Lenten season, which recorded 1,126,501 passengers over eight days, averaging 140,812 daily.

“Our domestic operations, in particular, have been consistently surpassing prepandemic flight movement and passenger volume. We anticipate travelers taking advantage of exploring local destinations, the ease and convenience of air travel, summer airline promotions, or simply vacationing and being with family during this time,” Ines said.

He ensures adequate manpower, equipment, and optimal working conditions for amenities and key facilities, including critical airport utilities and backup systems.

MIAA also assigned key officials to oversee these help desks within all terminals, while the management group will observe a “no leave policy” during these days. Ines reminds departing passengers to allow at least 3 hours’ allowance for arriving at the airport for international travel; and two hours for domestic, so as not to miss their flight.

to recommend initiatives to further preserve in legislated protected areas in tourism destinations like Bohol.

“Since PAMB is a creation of law and DOT is not a part of PAMB, we are lobbying for legislation to amend its composition to include the DOT, so it may give its insights and guidance on sustainable tourism development for protected areas,” she said.

The PAMB, a unit of the DENR, is led by the national agency’s regional directors, where the protected areas are located. Other PAMB members also include representatives from the province, the municipal government, barangay, nongovernment organizations or local community organizations, including other government agencies involved in the management of the protected area. The unit was created in 1992 in compliance with Republic Act 7856, providing for the establishment and management of a National Integrated Protected Areas System.

Frasco also offered support to the Bohol government to encourage tourism establishments to apply for DOT accreditation “to elevate the standards of operations of tourist establishments and ensure the protection of tourists.”

1-M tourists in 2023

THE Department of the Interior and Local Government in fact issued a memorandum circular 2019-17 requiring local government units to “ensure that all PTEs [primary tourism enterprises] have complied with and have obtained DOT accreditation before operations,” the latter a requirement under Republic Act No. 9593 (Tourism Act of 2009).

The DILG reiterated the order in an advisory released in August 2022, adding that LGUs should close down the PTEs if the latter fail to

Mapa explained that rice has a huge weight on the bottom 30 percent compared to the all-income households. “The increase in rice price really has a big impact on our headline inflation and the inflation for the bottom 30 percent,” he said earlier this month, speaking partly in Filipino.

Rice has a weight of 8.87 percent in the Consumer Price Index (CPI) of All Income Households and 17.87 percent in the Index for the Bottom 30 percent of Filipino households.

In February, Mapa said rice inflation increased 23.7 percent and 26.3 percent for All Income and Bottom 30 percent households, respectively.

Exports, imports

MEANWHILE , the local think tank noted that exports are expected to grow in 2024, but imported goods will remain “elevated” and result in trade deficits similar to 2023.

Philippine Exporters Confederation Inc. (Philexport) President Sergio R. Ortiz-Luis Jr. earlier said that Philippine exports will grow this year, which will be driven by electronics, mining and service exports.

The state did not borrow through the sale of global bonds in January, but raised P163.607 billion from such tender last year, based on Treasury data.

The state’s external borrowings through project loans decreased by 6.76 percent to P5.348 billion from P5.736 billion last year.

The state’s borrowing through program loans in January posted a triple-digit increase by 208.99 percent to P56.298 billion from the P18.220 billion recorded in the previous year, based on Treasury data.

Last year, the national government’s total borrowings recorded a single-digit growth at 1.38 percent on an annual basis to P2.193 trillion due to a narrower budget deficit posted in 2023.

The country’s borrowings

“It was a deliberate and provocative move that infringed upon China’s sovereignty and maritime rights and interests and undermined peace and stability in the South China Sea. The China Coast Guard in response has implemented lawful regulation, interception, and expulsion in a reasonable and professional manner,” the Embassy said. The Embassy reiterated Beijing’s position that Ayungin Reef is part of South China Sea where China has “indisputable sovereignty.” The 2016 Arbitral Tribunal, it stressed is “illegal, null and void.”

“China urges the Philippines to immediately stop infringement and provocation and return to the right track of dialogue and consultation in real earnest to find a proper way to manage the situation so as to jointly preserve the peace and sta -

“Policy developments include the lifting of the ban on new mineral agreements and on open pit mining, provision of fiscal incentives, and streamlined processes for ease of doing business, among others,” BOI also noted.

Meanwhile, the attached agency of DTI said presentations from the Chamber of Mines of the Philippines (CoMP) and the Philippine Nickel Industry Association (PNIA) highlighted investment opportunities in three “major” copper-gold projects in the country: King-king,

According to the United Nations Conference on Trade and Development (Unctad), international trade is expected to rebound in 2024 after experiencing declines for several quarters.

“Available data for the first quarter of 2024 suggests a continued improvement in global trade, especially considering moderating global inflation and improving economic growth forecasts,” Unctad said.

The UN trade body said rising demand for environmental goods, particularly electric vehicles, is expected to “bolster” trade this year.

However, it noted the need to watch out for “geopolitical tensions and supply chain disruptions” which could persist as “pivotal factors” influencing bilateral trade trends and require “ongoing scrutiny.”

“Disruptions in shipping routes, particularly those related to security issues in the Red Sea and the Suez Canal, as well as adverse climate effects on water levels in the Panama Canal, carry the potential to escalate shipping costs, prolong voyage times and disrupt supply chains,” said the Unctad.

from the domestic debt market through the sale of Treasury bills (T-bills) and Treasury bonds (Tbonds) declined to P1.634 trillion in 2023, down by 0.54 percent from the P1.643 trillion recorded in 2022.

In terms of external borrowings, the national government borrowed a total of P559.035 billion in 2023, 6.97 percent higher than the P520.091 billion recorded in 2022, Treasury data showed.

This year, the national government targets to borrow P2.202 trillion to secure financing, based on government data.

The government’s target borrowings were anchored on a 75:25 mix, wherein 75 percent of the amount would come from the local debt market while the remaining quarter would be borrowed externally.

bility in the South China Sea,” it added.

International support for PHL AROUND 20 countries and partners have openly supported the Philippines, the DFA said.

“The DFA thanks the international community for their continued expressions of support to the Philippines and the defense of the international order based on international law,” Daza said.

Among those who openly supported the Philippines on social media were US State Department, EU Foreign Affairs and Security Policy, and the ambassadors of the United Kingdom, France, Australia, Canada, Japan, Germany, Sweden, Finland, New Zealand, South Korea, and The Netherlands. Asean has yet to make a statement as of press time.

Tampakan and Silangan.

However, the investment promotion agency told reporters in a Viber message that “Given the global nature of PDAC, no commitments have been received during the event.”

Still, BOI said several followthrough meetings are being arranged for companies seeking partnerships in mineral processing while one company expressed interest in visiting the Philippines in the third quarter of this year.  Andrea E. San Juan

Editor: Vittorio V. Vitug

Pinoys told to remain vigilant against scams

By Lorenz S. Marasigan @lorenzmarasigan

As Filipinos prepare to observe the upcoming Holy Week, cybersecurity giant Kaspersky provided Pinoys with essential tips to ensure a secure and peaceful holiday amid the digital landscape fraught with threats.

Citing data from the Philippine National Police Anti-Cybercrime Group, Kaspersky General Manager for s outheast Asia Yeo s iang Tiong said Filipinos should not let their guard down even at times of relaxation.

Between November 2023 and February 2024, the Police uncovered a staggering 178 cases of “hijack profile” incidents, with a

significant spike of 89 cases occurring just in February alone.

These incidents of identity theft reflect a troubling upward trend observed throughout 2023, where almost 3,000 cyber identity theft cases were recorded.

Identity theft, a nefarious act wherein fraudsters obtain personal details from victims, poses severe risks, including identity fraud and unauthorized access to financial accounts. This stolen data can be exploited to open new bank accounts, take over existing ones, or engage in various criminal activities.

“In 2023, we monitored 26,164,699 web threats attacks in the Philippines, which made the country 4th with the highest

PhOTO

web threats attacks globally, and when we looked at it closely, we found out that Filipinos were facing one attack per second. These numbers are a reminder of the importance of remaining vigilant at all times,” Yeo said.

To aid Filipinos in safeguarding their digital footprint during the holiday season, Yeo has issued a series of recommendations.

Firstly, they advise exercising caution, being wary of enticing offers and suspicious giveaways.

Faithful urged to make Holy Week observance litter-free

By Jonathan L. Mayuga @jonlmayuga

As millions of Filipinos gear up for the annual pilgrimage this Holy Week, a local waste and pollution watchdog called on the faithful to give Mother Earth a break from plastic pollution.

This early, Holy Week activities, especially the traditional “pabasa,” “visits to churches and pilgrimage sites, “Alay-Lakad” to Antipolo City, “ s anto Entierro,” the Easter “ s alubong” and related events, are already a cause for concern for erring litterbugs who indiscriminately discard their wastes.

“As we are invited to meditate on Jesus’ journey to the Cross and beyond, this is also an opportune time for devout Catholics to reflect on how plastic pollution caused mainly by s UPs [single-use plastics] is affecting the People and

the Planet.

We appeal to the faithful to steer away from the insidious throw-away culture that is turning our lands and oceans into dumping grounds and observe climatefriendly and s UP-free practices for the sake of our environment.

As stewards of God’s Creation, we are inviting everyone to act with compassion and urgency to save Mother Earth,” Ochie Tolentino, Zero Waste Campaigner of EcoWaste Coalition said.

The group also echoes the plea of Caritas Philippines, a member of the EcoWaste Coalition, for a more sustainable Holy Week observance. “As stewards of God’s Creation, let us reflect on the impact of our actions on the environment during this Holy Week,” said s an Carlos Bishop Gerardo Alminaza, Vice President of Caritas Philippines. “We can honor the sacred occasion by embracing practices

that lessen waste and pollution.”

In the previous years, the coalition monitored pervasive littering in some popular pilgrimage churches and sites. The most common items discarded by uncaring visitors are used plastic bags, bottles, cups and cutlery, cigarette butts, and food containers.

“We hope that, unlike the previous Holy Weeks, the pilgrims will take ‘cleanliness is next to godliness’ to heart, lessen their usage of single use plastics, and never drop any litter during their observance of the Holy Week,” Tolentino said.

Republic Act 9003 or the Ecological s olid Waste Management Act bans littering and violators can be fined from P300 to P1000 asked to perform one to 15-day community service, or be required to pay the fine as well as render community service.

Towards a s UP-free Holy Week, the Ecowaste Coalition invited the

DOE inks pact on LPG law with PNP

By Lenie Lectura @llectura

The Department of e nergy (DO e ) will be assisted by the Philippine National Police (PNP) in strictly enforcing Republic Act 11592 or the Liquefied Petroleum Gas Industry Regulation Act (LIRA) to ensure the safety of the public.

Under the Memorandum of Agreement (MOA) signed by the agencies, the PNP, through its Criminal Investigation and Detection Group (CIDG), is tasked to assist the DO e in the conduct of inspections of

LPG facilities, including retailers, refillers, and motor vehicles involved in the transportation of LPG in bulk or LPG cylinders and cartridges.

The MOA, according to DO e Secretary Raphael P.M. Lotilla, fosters collaboration and consultation between the DO e and the PNP to establish and enforce the Oplan LIRA. The PNP is further tasked with investigating potential criminal violations under the LIRA, either upon receiving a report or on its initiative. This includes conducting surveillance, entrapment, filing search warrant applications, and initiating

criminal actions against violators.

The MOA was signed by Lotilla and PNP Chief Benjamin C. Acorda.

“Recognizing the significant risk to both life and property, the government acknowledges the urgent need to ensure that all activities involving the commerce of LPG meet the highest quality and safety standards. h ence, strict monitoring and enforcement is paramount to mitigate risks associated with LPG operations and promote responsible and sustainable practices within the industry,” Lotilla said.

The passage of LIRA has prompted the

Bong Go calls for collective vigilance amid pertussis outbreak

AS

sapertussis.Angsakitnaito,lalonasamga sanggolatbata,ayhindidapatbalewalain.”

“Dapattayongmagkaisaatmagingproactivesapagpapalaganapngimpormasyon at pagtiyak na may sapat na gamot para sa lahat,” he added.

The outbreak in Quezon City, with 23 confirmed cases and several infant deaths, along with Pasig’s 17 reported cases, has prompted local governments to initiate necessary public health responses. These include mapping out vaccination efforts and assuring the public of the availability of vaccines and post-exposure prophylaxis.

Meanwhile, before the month concludes,

Iloilo City’s disaster risk reduction and management council intends to declare an outbreak of pertussis within the districts of Molo and Jaro.

The disease, caused by the Bordetella pertussis bacterium, spreads via respiratory droplets and may result in serious health issues, such as pneumonia, seizures, brain damage, and potentially fatal outcomes.

Infectious diseases expert and president of the Philippine College of Physicians, Dr. Rontgene Solante, echoed the urgency of addressing the outbreak. h e advised vulnerable groups, especially children and the elderly, to wear face masks and get vaccinated against pertussis. Solante also warned of the potential for the outbreak to spread further, particularly in densely populated areas like Metro Manila.

With this, Go has reiterated his appeal for Filipinos to voluntarily wear masks especially in public places saying, “tuladng lagi kong payo, kung hindi naman sagabal sainyo,ugaliingmagsuotnangmaskupang proteksyunanangsariliatangatingpamilya.”

“KahitwalanaangCOVID-19, nandidiyan pa rin ang banta ng mga sakit na maaaring makahawa lalo na sa mga matatanda at

bata. hindi natin alam anong sakit ang maaarinatingmaiuwisabahay.Mabutinang mag-ingat.Nagawanatingmagsuotngmask ng higit dalawang taon noong pandemya. Konting tiis lang ito upang makasalba ng buhay ng ating kapwa,” he added.

The senator also advocated for longterm strategies to enhance the country’s preparedness and response to infectious diseases. This includes improving healthcare infrastructure, increasing public awareness campaigns on vaccination, and strengthening collaboration between government agencies, healthcare providers, and communities.

Go has particularly made a pointed appeal for the government to ramp up its vaccination efforts, noting that pertussis is included in the mandatory vaccination program.

“Mahalaganapaigtinginnatinangating drive sa pagbabakuna, lalo na sa pagtugon sapertussis.Kasamaitosaating mandatory vaccination program, at kailangan nating siguruhin na ang bawat isa, lalo na ang mga bata, ay protektado laban sa sakit na ito,” he stated.

Moreover, Go advocates for leveraging

Verifying the security of one’s connection before divulging personal information online is crucial, as is scrutinizing the address bar to confirm the legitimacy of websites.

Moreover, purchasing tickets and accommodations from reputable sources can help individuals avoid potential scams.

Yeo also emphasized the importance of password security, urging users to utilize strong passwords and enable two-factor authentication whenever possible. Additionally, he recommended employing robust security solutions like Kaspersky Premium to scan for malicious links and protect against web threats.

In addition to these general tips,

faithful to practice the following:

n Don’t use and carelessly dispose of s UPs, especially in pilgrimage sites;

n Minimize the use of plastic tarpaulins, which may contain toxic cadmium and lead, for announcing Holy Week activities;

n s egregate waste materials at its source to reuse, repair, and recycle inorganic or non-biodegradable discards, and compost organic or biodegradable materials;

n For those going out of town, remember: “Take nothing but pictures, leave nothing but footprints, kill nothing but time”;

n Observe litter-free and smoke-free conduct of the s enakulo, Alay Lakad, and other events; and

n Add an environmental dimension to the Via Crucis on Good Friday by picking up litter along the route.

government to shift focus on consumer welfare and protection, where the DO e has prioritized quality, health, safety, and environmental standards.

“The protection and safeguard of the consumers is our main priority. Together with the PNP, we will strictly enforce the LIRA with heightened monitoring and inspections of the industry,” added the energy chief.

As of end-2023, around 15,000 business establishments in the trade of LPG nationwide received a license to operate from the DO e The DO e continues to accept and process applications for the issuance of permits to qualified LPG participants to stop the proliferation of illegal establishments and prevent irregular, deceitful, and anomalous trade practices.

lessons learned from the Covid-19 pandemic to improve public health preparedness and response.

The senator filed Senate Bill No. 195 or the creation of a Center for Disease Control (CDC). If passed into law, CDC will serve as the country’s central hub for disease prevention, surveillance, and control, focusing on both infectious and non-communicable diseases.

Another key legislative measure from Go is SBN 196, which seeks to establish a Virology Science and Technology Institute is passed into law. The institute is envisioned as a center for virology that will enhance the country’s capacity to study, detect, and combat emerging and re-emerging infectious diseases.

Go stressed the significance of learning from past public health challenges, such as the COVID-19 pandemic, in dealing with current outbreaks.

“

Tulad ng ating mga natutunan sa pandemya, mahalaga ang pagkakaroon ng sapat na kaalaman, pag-iingat, at pagtutulungan ng bawat isa. Dapat tayong magpatuloy sa pagbabakuna at pagsunod sa mga rekomendasyon ng mga eksperto sa kalusugan,” he said.

“Mag-ingattayolalonangayongSemana Santa.Tandaannaangkalusuganaykatumbas ng buhay ng bawat Pilipino,”he added.

Yeo highlighted the importance of safeguarding personal data against identity theft. He advised limiting social media exposure, refraining from sharing personal information on social media platforms, and keeping systems updated by regularly installing security patches and antivirus software to mitigate vulnerabilities.

Furthermore, exercising caution when opening email attachments or visiting suspicious websites can minimize the risk of malware infections, Yeo said. He also stressed the importance of staying vigilant by monitoring credit card statements for any unauthorized charges and promptly reporting suspicious activities to financial institutions.

6 in 10 Pinoys flock to Facebook for Lent masses

SI x out of 10 Filipinos or 64.7 percent of social media users in the country are flocking to Facebook pages of Catholic Churches, particularly to Quiapo Church, to watch livestreams dedicated to the online masses for the Lenten season, according to a social listening report from Capstone-Intel Corp.

Capstone-Intel examined the online presence of Lenten season in the country as a topic of discussion and identified the behaviors of Filipino social media users about the topic from February 14, the start of Lenten season, to March 22, by utilizing all publicly accessible posts from social and nonsocial media platforms to gather the sentiments of the public about the religious observance.

It found that “Lent” garnered a 976,318.7 engagement score for its 4,556 total post count, which yielded over 4,996,295 total reaction count.

“The bulk of the engagement score and total post count were all attributed to the relevance of the observance in the country, including the livestreams that most social media users tend to react to and engage in, emphasizing the reasons behind the increased presence of the topic on the platform,” it said.

When broken down, it said

“Facebook love” accounts for 64.7 percent of the total reactions, with 3,234,315. Followed by “Facebook like” with 1,757,769 reactions (35.2 percent), “Facebook sad” with 1,631, “Facebook angry” with 962, “Facebook haha” with 851, and “Facebook wow” with 767 reactions.

“Looking at the data, the majority of ‘Facebook love’ reactions can be seen as the support of Filipino social media users regarding the accessibility of livestreams on the platform, as most of the top posts these users are interacting with are all livestreams from Quiapo Church dedicated to the observance of the Lenten season,” said Capstone-Intel.

It added that Lent received 100 percent positive mentions. This means that the article mentions about the religious observance were all angled positively.

“It is also worth noting that the religious observance received 292,425,197 social media reach, while its non-social media reach yielded over 410,906 non-social media reach.”

In terms of top posts, 47.8 percent of mentions for the topic came from Facebook, followed by TikTok with 22 percent, and x (formerly Twitter) with 17.8 percent of topic mentions.

Gatchalian to DILG: Probe

SBy Butch Fernandez @butchfBM

e NATOR Sherwin Gatchalian is pressing for a deeper probe into documents obtained by his office that raised suspicions regarding the alleged involvement of Bamban Mayor Alice Guo in activities related to the operation of the Tarlac-based Philippine offshore gaming operator (POGO). The gaming operator, now termed as Internet Gaming Licensee (IGL), was raided by authorities last March 13 due to complaints of human trafficking and serious illegal detention.

Gatchalian recalled in a statement that the first document is a Sangguniang Bayan Resolution in September 2020 containing the council’s approval of the application made by then private citizen Guo for a license to operate h ongsheng Gaming Technology Inc.

In February 2023, h ongsheng was raided, and the same compound has since been established as Zun Yuan Technology Inc., the company that was just raided this month.

Another document gathered is a list of vehicles found inside the premises of Zun Yuan Tech. Based on the verification made with the Land Transportation Office (LTO), one of the vehicles, a Ford e xpedition e L with plate number CAT 6574, is registered

under Guo’s name.

Moreover, a statement of account issued to Guo by Tarlac II e lectric Cooperative, Inc. (Tarelco II) was also found inside the premises of Zuan Yuan. The statement of account, which appears to be an electricity bill amounting to P15.111 million, covers the period between September 2023 to February 2024.

The senator said “it is imperative for the Department of the Interior and Local Government [DILG] to thoroughly investigate the potential culpability of Mayor Guo.”

“These are damning pieces of evidence that Mayor Guo might be involved in the operation of this POGO facility that is now implicated in various criminal activities,” Gatchalian added, prodding the DILG “to look closely into the matter.”

Gatchalian, a former mayor himself, said local government executives “should be working to prevent criminalities in their respective jurisdiction and should not involve themselves in dubious businesses such as the POGOs.” As presiding chairman of the Senate Committee on Ways and Means, Gatchalian has filed a resolution to conduct an inquiry, in aid of legislation, into alleged human trafficking, serious illegal detention, and physical abuse and torture in the premises of Zun Yuan in Bamban, Tarlac.

Economy

Oil firms hike prices this Holy Week

LBy Lenie Lectura @llectura

OCAL pump prices will go up this Holy Week, oil companies announced Monday. Effective Tuesday morning, gasoline prices will go up by P2.20 per liter, diesel by P1.40 per liter, and kerosene by P1.30 per liter.

Rodela I. Romero, director of the Oil Management Bureau of the Department of Energy Director, said this week’s price adjustment was attributed to international events. These include the attack of Ukraine to the major refineries and depots of Russia and the escalating tensions in the Red Sea, decrease in US crude and gasoline inventory, reduced OPEC exports, and supply and demand outlook issued by International Energy Agency and Energy Information

Administration.

“These contributed to the increase of prices tomorrow,” Romero said on Monday afternoon.

Last March 19, oil companies implemented a per liter decrease of P0.10 for diesel. On the opposite, gasoline increased by P0.10/ liter. There was no movement on the price of kerosene.

Excluding this week’s price hike, the year-to-date adjustment of diesel stands at a net increase of P3.70/liter and gasoline at P5.55/liter. On the other hand, kerosene has a net decrease of P0.25/liter in the same comparative period.

Oil firms adjust their prices every week to reflect movements in the world oil market.

The volatility of the oil markets is one of the reasons that put pressure on household finances,

according to Socioeconomic Planning Secretary Arsenio M. Balisacan. It is also being blamed, alongside rising transportation costs and electricity rates for inflation. (See https://businessmirror.com.ph/2024/03/06/ dof-prepares-vs-dry-spells-inflation-jolt/)

The inflation rate in February 2024 saw a slight uptick of 0.6 percent from the previous month but was still within the central bank’s forecast of 2.8 percent to 3.6 percent.

Food and non-alcoholic beverages inflation rose to 4.6 percent in February from 3.5 percent in January due to rice as well as flour, bread, and other bakery products while prices of vegetables decelerated in February.

Higher commodity prices were also driven by housing, water, electricity, gas and other fuels with an increase of 0.9 percent during the month compared to the 0.7 percent posted in January 2024.

It’s Holy Week 2024–Let’s agree on a short Advocacy Campaign

By Henry J. Schumacher

IN adopting the UN agenda for Sustainable Development, it is essential to free humanity from poverty, secure a healthy planet for future generations, and build peaceful, inclusive societies as a foundation for ensuring lives of dignity for all. The agenda is deliberately ambitious and needs targets to guide us. I selected six of the 17 United Nations Development Programme Sustainable Development Goals that influence people directly:

Editor: Vittorio V. Vitug • www.businessmirror.com.ph

Goal 1: No poverty “End poverty in all its forms everywhere.”

Goal 2: Zero hunger “End hunger, achieve food security and improved nutrition, and promote sustainable agriculture.”

Goal 3: Good health and well-being for people “Ensure healthy lives and promote well-being for all at all ages.”

Goal 4: Quality education “Ensure inclusive and equitable quality education and promote lifelong learning for all.”

Goal 5: Decent work and economic growth “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.”

Goal 6: Reducing inequalities “Reduce income inequalities throughout the country.”

And I ask three questions. Do you have the answers?

Question: How many families live in Metro Manila in the streets and under bridges?

Answer: More than 350,000 families in Metro Manila have no homes and live in the streets and under bridges.

Question: Why are the children of farmers in the Philippines leaving the rural areas and flock to urban areas?

Answer: Farmers remain poor; even farmers with 10 and more hectares cannot

convince their children that there is a future in farming. Consequently, the children of farmers move to the cities, hoping to find jobs there.

Question: What can the Philippine government and the private sector do to ensure access to education and the development of higher skills needed in today’s work environment?

Answer: Government and the private sector should expand the cooperation in the Technical Education and Skills Development Authority (Tesda) and the Philippines Business for Social Progress (PBSP) within the framework of Public-Private Partnership (PPP). The cooperation can assist young people to move from high school to employment, making use of dual education, apprenticeship and longerterm internships.

If you look at the answers, you will agree that there is a great need for the private sector to assist government to address the targets of sustainable development and create inclusive growth, for the benefit of the poor or the base of the pyramid.

In closing, there is definitely the need of government (national and local) to work closely with business, civil society and communities to achieve the changes needed. Holy Week 2024 is definitely a good time for our short Advocacy Campaign!

Feedback is invited; email me at hjschumacher59@gmail.com.

Palestinians describe mass arrests at Gaza’s main hospital as UN condemns Israel’s food aid blockade

By Wafaa Shurafa & Samy Magdy The Associated Press

RAFAH, Gaza Strip—Palestinians who fled an ongoing Israeli raid of Gaza’s main hospital described mass arrests and forced marches past dead bodies in interviews on Sunday, while the United Nations said Israel is now blocking its main agency helping Palestinians from sending food aid to the enclave’s devastated north.

Israel’s military says it has killed more than 170 militants and detained about 480 suspects in the raid on Shifa Hospital that began Monday, calling it a blow to Hamas and other armed groups it says had regrouped there as the war nears the six-month mark.

The fighting highlights the resilience of Palestinian armed groups in a heavily destroyed part of Gaza where Israeli troops have been forced to return after a similar raid in the war’s earliest weeks.

Kareem Ayman Hathat, who lived in a five-story building about 100 meters from the hospital, said he huddled in the kitchen for days while explosions sometimes caused the building to shake.

Early Saturday, Israeli troops stormed the building and forced dozens of residents to leave. He said men were forced to strip to their underwear and

four were detained. The rest were blindfolded and ordered to follow a tank south as blasts thundered around them.

“From time to time, the tank would fire a shell,” he told The Associated Press. “It was to terrorize us.”

Israeli jets on Sunday launched several strikes near Shifa Hospital, which largely stopped functioning following the November raid. After claiming that Hamas maintained an elaborate command center there, Israeli forces months ago exposed a single tunnel leading to a few underground rooms.

Hardly any aid has been delivered in recent weeks to northern Gaza and Gaza City, where Shifa is located. The isolated area suffered widespread devastation in the early days of Israel’s offensive launched after the October 7 Hamas attack that triggered the war.

As of Sunday, Israel has told the UN agency for Palestinian refugees it will no longer approve agency food convoys to northern Gaza, UNRWA chief Philippe Lazzarini said on social media.

“This is outrageous and makes it intentional to obstruct lifesaving assistance during a manmade famine,” he said. The agency, Gaza’s biggest humanitarian provider, is repeatedly accused by Israel of having links to Hamas. Israel’s government didn’t immediately respond.

Experts have said famine is imminent in

northern Gaza, where more than 210,000 people suffer from catastrophic hunger.

A day after standing near some of the estimated 7,000 aid trucks waiting to enter Gaza and calling the starvation a “moral outrage,” UN Secretary-General António Guterres urged an immediate humanitarian cease-fire, the release of hostages held in Gaza and Israel’s removal of “obstacles” to allow a flood of aid delivery.

“Looking at Gaza, it almost appears that the four horsemen of war, famine, conquest and death are galloping across it,” Guterres said in Egypt, adding that nothing justifies the collective punishment of Palestinians.

Gaza’s Health Ministry said that five wounded Palestinians trapped at Shifa Hospital died without food, water or medical services. The World Health Organization’s director-general, Tedros Adhanom Ghebreyesus, described conditions as “utterly inhumane.”

Jameel al-Ayoubi, among thousands sheltering at Shifa when the current raid began, said tanks and armored bulldozers plowed into the hospital courtyard, crushing ambulances and civilian vehicles. He saw tanks drive over at least four bodies of people killed in the raid.

Israel’s military said Saturday it had evacuated patients and medical staff from Shifa’s emergency department because militants “entrenched” themselves there, and set up an alternative site for seriously wounded patients.

“They left nothing intact,” he said.

next target of its ground offensive. Prime Minister Benjamin Netanyahu rejects pleas from the United States and others to avoid a major ground operation there, calling it essential for defeating Hamas.

Israeli Defense Minister Yoav Gallant said that he was traveling to the US on Sunday at Washington’s invitation, with a goal of preserving “our ability to obtain air systems and munitions” for the war and maintaining critical ties with Israel’s top ally.

The Hamas-led October 7 attack across southern Israel killed about 1,200 people, mostly civilians, and took scores hostage. Hamas still holds an estimated 100 hostages and the remains of 30 others. Most of the rest were freed in exchange for the release of some Palestinian prisoners in November. The United States, Qatar and Egypt are trying to broker another cease-fire and release.

Over the border from Gaza on Sunday, Jews celebrated their most joyful of holidays, Purim, the biblical story of how a plot to exterminate Jews in Persia was thwarted as an affirmation of Jewish survival.

Israel’s military early Sunday also stormed al-Amal and Nasser hospitals in the southern city of Khan Younis amid “very intense shelling,” the Palestinian Red Crescent Society said. Israel’s military announced operations in Khan Younis targeting Hamas infrastructure but said troops weren’t currently operating in the hospitals. It accused Hamas of using hospitals as shields.

The war has killed at least 32,226 Palestinians, according to Gaza’s Health Ministry. It doesn’t distinguish between civilians and combatants in its toll, but says women and children make up around two-thirds of the dead.

Among the latest killed were at least seven people, including three children, when an Israeli airstrike hit a house in Rafah overnight, according to health authorities. And an airstrike near Deir al-Balah late Sunday killed at least 10 members of a family including two children, according to an AP journalist who saw the bodies at a hospital.

Israel says it has killed more than 13,000 militants, without providing evidence. It blames civilian casualties on Hamas, accusing it of embedding in residential areas.

More than 80 percent of Gaza’s population of 2.3 million have fled their homes, with most seeking refuge in the southernmost city of Rafah, which Israel calls the

Abed Radwan, who lived about 200 meters (yards) from the hospital, said Israeli forces stormed all area buildings, detaining several people and forcing the rest to march south. He saw bodies in the streets and several flattened homes.

Thailand delivers humanitarian aid to war-torn Myanmar amid concerns of unequal distribution

By Jintamas Saksornchai The Associated Press

MAE SOT, Thailand—Thailand delivered its first batch of humanitarian aid to war-torn Myanmar on Monday, in what officials hope will be a continuing effort to ease the plight of millions of people displaced by fighting.

But critics charge that the aid will benefit only people in areas under the Myanmar military’s control, providing it with a propaganda boost while leaving the vast majority of displaced people in contested areas without access to assistance.

Myanmar is wracked by a nationwide armed conflict that began after the army ousted the elected government of Aung San Suu Kyi in February 2021 and suppressed widespread nonviolent protests that sought a return to democratic rule. The fighting has displaced millions of people and battered the economy.

Thailand sent ten trucks over the border from the northern province of Tak, carrying some 4,000 packages of aid to three towns in Kayin State, also known as Karen State, where it will be distributed to approximately 20,000 displaced people.

The parcels contained aid worth around 5 million baht ($138,000), mostly food, instant beverages and other basic items such as toiletries.

More than 2.8 million people in Myanmar are displaced, according to UN agencies, most by fighting that arose after the army’s takeover. They say 18.6 million people, including 6 million children, require humanitarian aid.

Carl Skau, Chief Operating Officer of the UN’s World Food Program, said earlier this month that one in four of the displaced is at risk of acute food insecurity.

The initiative for what has been called a humanitarian corridor is being carried out by

the Thai Red Cross, with funding from Thailand’s Foreign Ministry and logistical support from the army, which traditionally has played a major role in border activities.

Officials from Thailand and Myanmar’s Kayin State attended a send-off ceremony, which was presided over by Thai Vice Foreign Minister Sihasak Phuangketkeow. Myanmar’s Red Cross will handle distribution of the aid.

Drivers from Myanmar took the trucks across the 2nd Thai-Myanmar Friendship Bridge, which crosses the Moei River on the border.

“That corridor puts humanitarian aid into the hands of the junta because it goes into the hands of the junta-controlled Myanmar Red Cross,” Tom Andrews, the UN independent human rights expert on Myanmar, said last week.

“So we know that the junta takes these resources, including humanitarian, and weaponizes them, uses them for their own military strategic advantage.

The fact of the matter is, is that the reason that humanitarian aid is in such desperate need is precisely because of the junta.”

Andrews said the areas in desperate need are “conflict areas in which the junta has absolutely no influence or control whatsoever. So those are the areas we need to focus on.”

Large areas of the country, especially frontier areas, are now contested or controlled by antimilitary resistance forces, including pro-democracy fighters allied with armed ethnic minority organizations that have been fighting for greater autonomy for decades.

Thai officials say the process of distribution will be monitored by the Asean Coordinating Centre for Humanitarian Assistance on Disaster Management to ensure it reaches people fairly and equally.

Vice Foreign Minister Sihasak said after the ceremony that the aid is expected to be delivered

Unimaginable conditions

AID groups that visited a packed Gaza hospital described an “unimaginable” situation in which large open wounds were left untreated.

An emergency medical team organized by three aid groups spent two weeks carrying out surgeries and other care at the European Gaza Hospital near Khan Younis. The southern city has seen heavy fighting between Israeli forces and Palestinian militants since the start of the year.

In a statement released Monday, the team said healthcare workers had been forced to evacuate or were unable to access the hospital. It said Israeli restrictions had led to shortages of medical supplies, including basics like gauze and plates and screws used to stabilize broken bones.

The visiting surgeons “reported large infected open wounds on patients and having to administer emergency nutritional supplies to patients as the lack of food was jeopardizing patient treatment.”

International aid officials say the entire population of the Gaza Strip—2.3 million people—is suffering from food insecurity and that famine is imminent in the hardhit north.

Samy Magdy reported from Cairo.

to the three towns the same day, and that Myanmar will send photos as proof it has been delivered.

“I would like to emphasize that this is truly humanitarian aid and not related to the politics or conflicts in Myanmar. I think, now, people should think about the interests of the Myanmar people as a priority,” he said. “Of course, if the initiative today is carried out smoothly, and meets the objectives that we set, Thailand as a neighbor will see how we can expand the help to other areas.”

The humanitarian corridor project was initiated by Thailand with support from Myanmar and other fellow members of the Association of Southeast Asian Nations during an Asean Foreign Ministers Retreat in Laos in January.

Thai Foreign Minister Parnpree BahiddhaNukara had said Asean needs to actively push to implement what it calls the Five-Points Consensus, which it agreed to just a few months after the army’s 2021 takeover.

The agreement called for an immediate end to violence, dialogue among all concerned parties, mediation by an Asean special envoy, provision of humanitarian aid through Asean channels, and a visit to Myanmar by the special envoy to meet all concerned parties.

But Myanmar’s generals, despite initially assenting to the consensus, failed to act on it, leaving Asean looking powerless.

Dulyapak Preecharush, a professor of Southeast Asia Studies at Bangkok’s Thammasat University, said the aid initiative is a good start for Thailand, which has been quiet and inactive” about Myanmar.

“The readiness of Thailand to deliver the aid is not an issue, but when the aid is delivered to Myanmar, it will face obstacles from violent fighting and different stakeholders who will have their gains and losses.”

Sihasak said Thailand hopes the aid will be distributed equally and transparently, and that the delivery of the aid will help create a “good atmosphere” that will contribute to the peace process in Myanmar.

PALESTINIANS wounded in the Israeli bombardment are brought to a hospital in Rafah, Gaza Strip on Sunday, March 24, 2024. AP/HATEM ALI

The World

4 men charged in Moscow attack, showing signs of beatings at hearing as court says 2 accept guilt

MOSCOW—Four men accused of staging the Russia concert hall attack that killed more than 130 people appeared before a Moscow court Sunday showing signs of severe beatings as they faced formal terrorism charges. One appeared to be barely conscious during the hearing.

A court statement said two of the suspects accepted their guilt in the assault after being charged in the preliminary hearing, though the men’s condition raised questions about whether they were speaking freely. There had been earlier conflicting reports in Russian media outlets that said three or all four men admitted culpability.

Moscow’s Basmanny District Court formally charged Dalerdzhon Mirzoyev, 32; Saidakrami Rachabalizoda, 30; Shamsidin Fariduni, 25; and Mukhammadsobir Faizov, 19, with committing a group terrorist attack resulting in the death of others. The offense carries a maximum sentence of life imprisonment.

The court ordered that the men, all of whom are citizens of Tajikistan, be held in pre-trial custody until May 22.

Russian media had reported that the men were tortured during interrogation by the security services, and Mirzoyev, Rachabalizoda and Fariduni showed signs of heavy bruising, including swollen faces.

Rachabalizoda also had a heavily bandaged ear. Russian media said Saturday that one of the suspects had his ear cut off during interrogation. The Associated Press couldn’t verify the report or the videos purporting to show this.

The fourth suspect, Faizov, was brought to court from a hospital in a wheelchair and sat with his eyes closed throughout the proceedings. He was attended by medics while in court, where he wore a hospital gown and trousers and was seen with multiple cuts.

Court officials said Mirzoyev and Rachabalizoda admitted guilt for the attack after being charged.

The hearing came as Russia observed a national day of mourning for the attack Friday on the suburban Crocus City Hall concert venue that killed at least 137 people.

The attack, which has been claimed by an affiliate of the Islamic State group, is the deadliest on Russian soil in years.

Russian authorities arrested the four suspected attackers Saturday, with seven more people detained on suspicion of involvement in the attack, Russian President Vladimir Putin said in an address to the nation Saturday night. He claimed they were captured while fleeing to Ukraine, something that Kyiv firmly denied.

Events at cultural institutions were

canceled Sunday, flags were lowered to halfstaff and television entertainment and advertising were suspended, according to state news agency RIA Novosti. A steady stream of people added to a makeshift memorial near the burned-out concert hall, creating a huge mound of flowers.

“People came to a concert, some people came to relax with their families, and any one of us could have been in that situation. And I want to express my condolences to all the families that were affected here and I want to pay tribute to these people,” Andrey Kondakov, one of the mourners who came to lay flowers at the memorial, told AP.

“It is a tragedy that has affected our entire country,” kindergarten employee Marina Korshunova said. “It just doesn’t even make sense that small children were affected by this event.” Three children were among the dead.

Rescuers continued to search the damaged building and the death toll rose as more bodies were found as family and friends of some of those still missing waiting for news.

Moscow’s Department of Health said Sunday it had begun identifying the bodies of those killed via DNA testing, saying the process would take at least two weeks.

Igor Pogadaev was desperately seeking any details about his wife, Yana Pogadaeva, who went to the attack concert. The last he heard from her was when she sent him two photos from the Crocus City Hall music venue.

After Pogadaev saw the reports of gunmen opening fire on concertgoers, he rushed to the site, but couldn’t find her in the numerous ambulances or among the hundreds of people who had made their way out of the venue.

“I went around, searched, I asked everyone, I showed photographs. No one saw anything, no one could say anything,” Pogadaev told AP in a video message.

He watched flames bursting out of the building as he made frantic calls to a hotline for relatives of the victims, but received no information.

As the death toll mounted Saturday, Pogodaev scoured hospitals in the Russian capital

Senior doctors in South Korea resign in support of striking medical interns

By Hyung-Jin Kim

for five weeks over the government’s push to sharply increase medical school admissions, their leader said.

The senior doctors’ action won’t likely cause an immediate worsening of hospital operations in South Korea because they have said they would continue to work even after submitting their resignations. But prospects for an early end to the medical impasse were also dim, as the doctors’ planned action comes after President Yoon Suk Yeol called for talks with doctors while suggesting a possible softening of punitive steps against the striking junior doctors.

About 12,000 interns and medical residents have faced impending suspensions of their licenses over their refusal to end their strikes, which have caused hundreds of cancelled surgeries and other treatments at their hospitals.

They oppose the government’s plan to increase the country’s medical school admission cap by twothirds, saying schools can’t handle such a steep increase in students and that it would eventually hurt South Korea’s medical services. But officials

say more doctors are urgently needed because South Korea has a rapidly aging population and its doctor-to-population ratio is one of the lowest in the developed world.

In a meeting with ruling party leader Han Dong-hoon on Sunday, representatives of medical professors and doctors at some 40 university hospitals—where the junior doctors work while training—expressed support for the striking doctors, saying the government’s recruitment plan “would collapse our country’s medical system,” Kim Chang-soo, head of the emergency committee at those universities, said Monday.

Kim called Yoon’s overture a positive step but said the current standoff between doctors and the government won’t be resolved unless the government rolls back its recruitment plan.

He said doctors at the universities were expected to stick to earlier plans to submit resignations voluntarily and cut back their working hours to 52 hours per week—the maximum weekly number of legal working hours. Observers say senior doctors have been grappling with excessive workloads after their juniors left their hospitals.

“If the government has an intention of withdrawing its plan or has an intention of considering it, we’re ready to discuss all pending issues with the government before the public,” Kim said.

After Sunday’s meeting, Han asked Yoon’s

and the Moscow region, looking for information on newly admitted patients.

His wife wasn’t among the 182 reported injured, nor on the list of 60 victims authorities had already identified, he said.

The Moscow Region’s Emergency Situations Ministry posted a video Sunday showing equipment dismantling the damaged music venue to give rescuers access.

Putin has called the attack “a bloody, barbaric terrorist act” and said Russian authorities captured the four suspects as they were trying to escape to Ukraine through a “window” prepared for them on the Ukrainian side of the border.

Russian media broadcast videos that apparently showed the detention and interrogation of the suspects, including one who told the cameras he was approached by an unidentified assistant to an Islamic preacher via a messaging app and paid to take part in the raid.

Putin didn’t mention IS in his speech to the nation, and Kyiv accused him and other Russian politicians of falsely linking Ukraine to the assault to stoke fervor for Russia’s fight in Ukraine, which recently entered its third year.

US intelligence officials said they had confirmed the IS affiliate’s claim.

“ISIS bears sole responsibility for this attack. There was no Ukrainian involvement whatsoever,” National Security Council spokeswoman Adrienne Watson said in a statement.

The US shared information with Russia in early March about a planned terrorist attack in Moscow, and issued a public warning to Americans in Russia, Watson said.

The raid was a major embarrassment for Putin and happened just days after he cemented his grip on the country for another six years in a vote that followed the harshest crackdown on dissent since the Soviet times.

Some commentators on Russian social media questioned how authorities, who have relentlessly suppressed any opposition activities and muzzled independent media, failed to prevent the attack despite the US warnings.

IS, which fought against Russia during its intervention in the Syrian civil war, has long targeted Russia. In a statement posted by the group’s Aamaq news agency, the IS Afghanistan affiliate said that it had attacked a large gathering of “Christians” in Krasnogorsk.

The group issued a new statement Saturday on Aamaq, saying the attack was carried out by four men who used automatic rifles, a pistol, knives and firebombs. It said the assailants fired at the crowd and used knives to kill some concertgoers, casting the raid as part of the Islamic State group’s ongo -

office to “flexibly handle” the issue of planned license suspensions for the striking doctors. Yoon then asked his prime minister to pursue “a flexible measure” to resolve the dispute and seek constructive consultations with doctors, according to Yoon’s office.

It’s unclear whether and how soon the government and doctors would sit down for talks and reach a breakthrough. Some observers say the government’s likely softening of punishments for the striking doctors and its pursuit of dialogue with doctors were likely related to next month’s parliamentary elections as further disruptions of hospital operations would be unhelpful for ruling party candidates.

The striking junior doctors represent less than 10 percent of South Korea’s 140,000 doctors. But in some major hospitals, they account for about 30 percent-40 percent of the doctors, assisting senior doctors during surgeries and dealing with inpatients while training.

Public surveys show that a majority of South Koreans support the government’s push to create more doctors, and critics say that doctors, one of the highest-paid professions in South Korea, worry about lower incomes due to a rise in the number of doctors.

Officials say more doctors are required to address a long-standing shortage of physicians in rural areas and in essential but low-paying specialties. But doctors say newly recruited students would also try to work in the capital region and in high-paying fields like plastic surgery and dermatology. They say the government plan would also likely result in doctors performing unnecessary treatments due to increased competition.

ing war with countries that it says are fighting against Islam.

In October 2015, a bomb planted by IS downed a Russian passenger plane over Sinai, killing all 224 people on board, most of them Russian vacationers returning from Egypt.

The group, which operates mainly in Syria and Iraq but also in Afghanistan and Africa, also has claimed responsibility for several attacks in Russia’s volatile Caucasus and other regions in past years. It recruited fighters from Russia and other parts of the former Soviet Union. AP

A SUSPECT in the Crocus City Hall attack on Friday sits in a courtroom in the Basmanny District Court, in Moscow, Russia on Sunday, March 24, 2024.

AP/ALEXANDER ZEMLIANICHENKO

Notice

4

1 BROTHER INDUSTRIES (PHILIPPINES), INC.

Lot

Ulango, City of Tanauan, Batangas

Regional

(AEP/S)

KUROYANAGI, HIROAKI

Engineering General Manager

and

SASAYAMA, KAZUYA

2 BROTHER INDUSTRIES (PHILIPPINES), INC.

Lot 1-B-2, Phase 1-B, First Philippine Industrial Park, Ulango, City of Tanauan, Batangas

NISHIDA,

3 BROTHER INDUSTRIES (PHILIPPINES), INC.

Lot 1-B-2, Phase 1-B, First Philippine Industrial Park, Ulango, City of Tanauan, Batangas

Uncovering the threat within: Safeguarding PHL national security editorial

THe recent revelation of foreigners using Philippine passports and government-issued identification cards has raised serious concerns about the security and integrity of the country’s systems. Now, a new issue has come to light, demanding urgent attention and thorough investigation: the infiltration of Chinese nationals into the Philippine Coast Guard’s Auxiliary Corps. This alarming development, dubbed “Makabagong Makapili,” must be addressed swiftly and decisively to protect the nation’s interests. (Read the BusinessMirror story: “Solon eyes probe on Chinese recruits in PHL Coast Guard,” March 25, 2024).

Surigao del Norte Rep. Robert Ace Barbers’ call for an investigation into the recruitment and admission of 36 Chinese individuals into the PCG Auxiliary Corps is a vital step towards uncovering the truth behind this troubling situation. Drawing parallels to the infamous “Makapili” of World War II, Barbers rightly emphasizes the need to identify and hold accountable those responsible for serving China’s interests within our own borders. This is not a matter to be taken lightly, as it strikes at the heart of our national security.

The timing of recruiting Chinese nationals into the PCG Auxiliary Corps is questionable, considering the ongoing territorial disputes between the Philippines and China in the West Philippine Sea. Barbers raises valid concerns about the lack of due diligence in assessing the backgrounds and intentions of these recruits. The failure to conduct proper national security clearance checks is deeply troubling, leaving us in the dark about the true nature of their affiliations and motivations.

It is imperative to ascertain the ranks given to these 36 Chinese auxiliary corps members and the potential exchange that occurred during their admission. Equally important is a comprehensive investigation into their presence, tasks, and activities while serving in the PCG. The possibility that they were privy to sensitive information and operations poses a significant threat to our national security. The gravity of this offense demands swift legal action and accountability.

Reports indicating the presence of Chinese PCG auxiliary members during routine and official patrol missions in the West Philippine Sea raise further red flags. If true, this suggests potential compromises in our operations and intelligence sharing, posing a direct threat to the safety and well-being of our citizens. Such actions cannot be tolerated, and those responsible must face the consequences of their actions.

The PCG, as the “third armed uniformed service,” holds a critical role in enforcing laws, ensuring maritime security, and safeguarding our marine environment and resources. Any compromise within its ranks directly undermines its mission and compromises the safety of our waters and the Filipino people. The PCG’s leadership must take immediate and decisive action to rectify this breach of trust and restore public confidence.

This issue also highlights the need for a comprehensive review of all government agencies and offices to ensure that no foreign spies have infiltrated our ranks. Safeguarding national security requires vigilance and a proactive approach to identifying and addressing potential threats. It is essential that our government takes this matter seriously and implements stringent measures to protect our country’s interests.

The recent revelations regarding the “Makabagong Makapili” are deeply alarming and demand urgent action. The investigation called for by Rep. Barbers must be conducted swiftly, thoroughly, and transparently. The findings should be made public to restore trust and confidence in our institutions. We cannot afford to compromise our national security or jeopardize the well-being of Filipinos. Let this be a wake-up call for all government agencies to prioritize the protection of our nation above all else.

John Mangun

IPO: Instant Profit Opportunity OUTSIDE THE BOX

HoLy Week, the celebration of the event described in the Christian religion’s New Testament, as the resurrection of Jesus of Nazareth from the dead. Philippine Stock exchange investors are perhaps looking for a similar “resurrection” of those recent issues that listed on the PSe through an IPo, Initial Public offering.

Once upon a time, “IPO” was often an abbreviation for “Instant Profit Opportunity” and everyone wanted to be on board. No better example can be found than in the “Mother of all IPOs,” Petron Corp. (PCOR), which went public in 1994, said to have attracted 500,000 shareholders.

For price performance, the one IPO I remember best was Puregold Price Club. The stock listed at P12.50 per share in September 2011. Note this. The IPO was priced at about 12.5 times the retailer’s expected earnings for the coming year. That PER was the low end of the historical Price-Earnings-Ratio for the PSE Composite Index at the time.

From P12.50, the price was up 340 percent 18 months later at P43.60. Maybe not “Instant” but definitely an “Impressive Profit Opportunity.”

However, behind every silver cloud is a dark lining. The previous year, October 2010, Cebu Air/Cebu Pacific (CEB) listed on the PSE at an

offering price of P125. The stock price rose 6.4 percent on listing day, which was the historic high.

On February 25, 2011, four months later, the stock was down 38 percent, closing at P77.30. The price did recover to its IPO price in 2016, but currently CEB is trading around P30.00.

PSE management is claiming that what the exchange needs for increased investor participation is “More IPOs,” presumably the good kind. After market hours though there is some “disappointment” that the recent batch of IPOs have not been a blessing to the Philippine equity market.

There are three factions, the Big 3, that work together to bring a private corporation to public ownership, and each has its own function and its own beneficial objectives.

The owners of the private corporation will decide to “go public” for several financial and business

purposes. They must determine a general guideline as to how much of the company they are willing to sell and for how much. The IPO shares can come from the primary shareholders who then put the proceeds in their own bank account.

Shares can come from the corporation itself with the proceeds being used for debt repayment or business development. The final IPO can be a combination of selling from both entities, the first benefiting the original owners and the second the company.

The stock exchange is looking for companies to go public as they make a listing fee, and the stockbrokers are anticipating increased commission from the subsequent trading. A good stock market has a variety of listed corporations, large and small, which ideally should represent top-notch firms from all economic sectors.

The underwriter, usually a bank or its securities subsidiary, is tasked with putting the deal together including all regulatory requirements. But more importantly, the underwriter must “sell” the IPO shares and is responsible in most cases for pricing the IPO shares. Not too high so that the public will participate and not too low to get the owners the most for their share selling.

You would think that these three would naturally work closely together to bring a successful IPO to the market and beyond. But the reality is that once the company goes public and all three have received their piece of the proceeds, most of the time it is only the “fourth faction” of the

IPO—you the public investor—that genuinely cares what happens to the price in the months and years after the listing day.

Corporate management will talk about how they are doing everything they can to “increase shareholder value.” Besides, the current share price is ultimately determined by the market.

The stock exchange will remind us that their job is to run a transparent and honest stock marketplace. Besides, the current share price is ultimately determined by the market.

The underwriter will show that they did thorough due diligence on the company and the pricing was based on what they saw as corporate “fair value.” Besides, the current share price is ultimately determined by the market.

If everyone did their job effectively and in good faith, why is the performance of the last 14 IPOs so dismal? Maybe, for example, it is because one issue came to market with an effective Price-Earnings-Ratio of 70. Another keeps getting suspended from trading for violation of the public ownership percentage. At least three others are deploying the IPO proceeds for other purposes and investments than originally stated in their listing prospectus.

Could IPO now mean “Imaginary Profit Obsession”?

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.

China uses surprise data announcements to counter economic gloom

CHINeSe officials are using a new strategy to help shape a positive narrative on their nation’s slowdown: Making early disclosures on flattering economic news in a bid to boost markets.

The latest example came Thursday, when Vice Finance Minister Liao Min highlighted bright spots in the budget data at a press briefing in Beijing. His comments beat the monthly statement, which normally provides that information, without commentary, by one hour.

“We believe this will have a positive impact on facilitating the economy’s recovery,” Liao said, spotlighting the fastest execution of budget spending for January and February in nearly five years. He downplayed less rosy numbers that might have gotten investors’ attention, explaining falling revenue was distorted by base effects.

Premier Li Qiang kicked off the trend back in January by giving early confirmation China had met its 2023 growth goal at a major forum in

Switzerland. His reveal came one day before the official figures were due, and allowed China’s No. 2 leader to trumpet Beijing’s ability to hit that target without using major stimulus.

Later that month, central bank governor Pan Gongsheng took the rare step of personally announcing a cut to banks’ reserve requirements, 12 days before the trim took effect. That move sparked rallies in Chinese stocks and bonds. This month, Commerce Minister Wang Wentao unveiled a surprise soar in export numbers at a high-profile briefing one day before the data was due.

“This suggests that economic officials are feeling a degree of political heat,” said Christopher Beddor, deputy China research director at Gavekal Dragonomics, of the spate in early releases. The “strange reveals” have one message in common, he added: “Either things are better than expected, or officials are taking steps to make it better.”

The new strategy follows a call from top leaders to amplify bullish views about the economy at a December meeting. China’s postpandemic recovery disappointed last year, partly due to geopolitical tensions and dented investor confidence after years of Covid curbs and policy swings.

In line with that call to create positive news narratives around the economy, Xuan Changneng, a deputy governor of the People’s Bank of Chi-

The change in operating mode signals officials are stepping up efforts to boost confidence in China’s economy, as a property crisis and weak domestic demand drag on sentiment at home. Foreign investors have described having “promise fatigue” over Beijing’s pledges to improve the business environment for them.

na, on Thursday repeated a pledge by his boss earlier this month that there is still room to lower the reserve ratio requirement.

His comments spurred a brief uptick in Chinese shares. Overall, however, the early reveals’ impact on the market has been muted, as investors take time to assess the signals, according to Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc.

“The teachers are underlining the key points,” he added. “But it will take investors time and patience to verify how important the messages are.”

Government agencies have previously been accused of trying to bury negative data, including by temporarily suspending the release of some indicators and changing how they’re calculated. Such abrupt moves have only fanned investor fears about the ruling Communist Party’s increasingly opaque policymaking.

The National Bureau of Statistics

See “China,” A17

Russia mourns victims as Moscow attack deaths rise to 137 r

ussia held a national day of mourning after the terrorist attack that killed at least 137 people in Moscow, as officials continue to suggest a ukrainian role in the massacre claimed by islamic state.

Russians lined up Sunday to donate blood, and many added flowers and candles to a makeshift shrine outside the Crocus City Hall on the edge of Moscow. President Vladimir Putin lit a candle for the victims in a church at his state residence west of the capital, according to the Kremlin.

Two of the four suspects admitted their guilt on Sunday, according to the Moscow court’s Telegram. The court ordered that all four be detained till May 22.

People gathered in memory of the victims across Russia amid heightened security at major airports and railway stations, while television channels canceled entertainment shows. Authorities said they’ve identified 68 bodies and investigations continue at the crime scene.

Putin said in a televised address on Saturday that security services had captured four suspects who he said were trying to flee to Ukraine. While he didn’t directly accuse Ukrainian authorities of involvement in the attack, Putin said a “window” had been prepared for the men to cross the border, without offering evidence.

Ukrainian officials, including President Volodymyr Zelenskyy in a Saturday video address and Foreign Minister Dmytro Kuleba, have denied any role and called the attack a false-flag operation by the Kremlin.

“Their only goal is to motivate more Russians to die in their senseless and criminal war against Ukraine,” Kuleba said in a post on X, formerly Twitter.

Islamic State claimed responsibility in a Telegram message and later posted a photograph of four men it said had carried out the assault.

Overnight it published a video of the four assailants shooting at people in the concert hall and one of them killing a person with a knife.

Friday’s attack was the biggest single loss of life from terrorism in Moscow since Chechen separatists took hostages in 2002 at the NordOst Theater. At least 170 people including dozens of attackers died during a botched rescue mission.

Friday’s assault took place less than a week after Putin cemented his grip on Russia by claiming a fifth term with 87 percent of the vote in the presidential election.

The US said Islamic State was solely responsible for Friday’s attack, dismissing suggestions of Ukrainian involvement. “ISIS is a common terrorist enemy that must be defeated everywhere,” said White House press secretary Karine Jean-Pierre.

National Security Council spokeswoman Adrienne Watson reiterated on Saturday that the US shared information with Russia in early March about a planned terrorist attack in Moscow. She pointed again to an unusual public warning posted by the US embassy in Moscow on March 7 which cited “reports that extremists have imminent plans to target large gatherings in Moscow,” including concerts.

Putin dismissed those warnings when he met on Tuesday with senior FSB officers. “All this resembles outright blackmail and the intention to intimidate and destabilize our society,” the president said.     Russian Foreign Ministry spokeswoman Maria Zakharova hit back at

Opinion

Tuesday,

Proposed reforms in real property valuation

athe US on Sunday. “Until the investigation into the terrorist attack in Crocus is completed, any phrase from Washington justifying Kyiv should be considered as evidence,” she said on her Telegram channel.  Amid concerns Putin could use the attack as justification to order a new mass mobilization for his invasion of Ukraine, UK Chancellor of the exchequer Jeremy Hunt accused the Russian leader of creating a “smokescreen of propaganda.”

“We have very little confidence in anything the Russian government says,” Hunt said in an interview on Sky News.

Putin on Saturday said authorities had detained all those directly involved in the “barbaric” assault by gunmen, who turned automatic weapons against people attending a rock concert. He vowed to hunt down anyone responsible for ordering and organizing the incursion.

The president spoke after the Federal Security Service announced its agents had detained the suspects in Russia’s Bryansk region, which borders both Ukraine and Russian ally Belarus. The men planned to cross into Ukraine where they “had contacts,” the Interfax news service reported, citing a statement by the service known as the FSB that gave no further detail.

FSB Director Alexander Bortnikov reported to Putin that a total of 11 people had been detained, including the four suspects.

Fire ripped through the massive venue during Friday’s assault after explosions were heard, leading to a partial collapse of the roof. In addition to the deaths some 180 people were injured, Ria Novosti reported on Sunday, citing regional health authorities.

Islamist groups have targeted Russia in the past citing what they call anti-Muslim policies by the Kremlin. The seizure of a school in Beslan in the south of the country led to more than 330 fatalities, many of them children, in 2004. In 2010, twin suicide attacks in Moscow subway stations killed at least 40, while a suicide bombing killed 16, including the attacker, in the St. Petersburg subway in 2017. The FSB said earlier this month it had prevented an attack on a Moscow synagogue by what it called an Afghan branch of Islamic State, Interfax reported.

Moscow and much of Russia has been largely insulated from the direct effects of Putin’s February 2022 invasion of Ukraine.

Kremlin forces launched an air barrage against Ukraine Sunday, including a missile that briefly crossed into Polish airspace, and have stepped up missile strikes against Ukrainian cities and infrastructure in recent weeks. On Friday, Russia unleashed the biggest missile and drone assault on Ukraine so far this year.

At the same time, Ukraine has mounted a campaign of attacks inside Russia even as its troops struggling on the front line amid delays in vital military aid from the US and other allies. Drones have hit factories and oil refineries, while attackers in border regions have staged raids. With assistance from Omar Tamo, Andrey Biryukov and Eduard Gismatullin /Bloomberg

atty. rodel C. unciano

Tax Law for Business

nother piece of tax legislation that is in the pipeline is the real Property Valuation and assessment reform act (rPVara). this proposed legislation seeks to reform the real property valuation and assessment system in the Philippines.

Valuation of real property in the Philippines has always been an issue not only in the assessment and payment of real property taxes. It is also an issue in the assessment and payment of internal revenue taxes on transactions involving real property, the valuation of which, pursuant to the 1997 Tax Code, is based on the fair market value of the property as determined by the Commissioner of Internal Revenue, or the fair market value as shown in the schedule of values of the provincial and city assessors. This is apparently because of the lack of clear guidelines and methodologies in the determination of the fair market value of real property currently in place.

Under the 1997 Tax Code, as amended, the Commissioner of Internal Revenue is authorized to determine the fair market value of real properties in a particular zone or area, upon consultation with competent appraisers, both from the private and public sectors. On the other hand, under the Local Government Code of 1991, provincial and

city assessors across the country are mandated to prepare a schedule of fair market values of real properties situated in their respective jurisdictions, for enactment by ordinance of the sanggunian concerned.

Senate Bill No. 2386, which was just recently approved by the Senate, aims to adopt a single real property valuation system for real properties for various transactions by all government agencies and for the assessment of real property-related taxes. The bill seeks to establish a uniform basis for the determination of real property-related taxes for both the national and local governments. The bill seeks to separate the function of valuation of real properties from the functions of tax policy formulation and administration of the taxes due. The Bureau of Local Government Finance (BLGF) of the Department of Finance (DOF) shall be the primary agency to lead the implementation of the provisions of the proposed law. It shall develop, adopt, and maintain valuation standards, regulations, and specifications for real property

appraisal used for taxation and other purposes. The BLGF shall develop, adopt, maintain, and implement uniform valuation standards that shall be used by all appraisers and assessors in the local government units and other concerned parties or agencies that conduct valuation in the appraisal or valuation of lands, buildings, machinery, and other real properties for taxation and other purposes.

For valuation purposes, all real properties, whether taxable or exempt, shall be valued or appraised based on prevailing market values in the locality where the property is situated, in conformity with the valuation standards. The provincial assessors, together with the municipal assessors, and the city assessors, shall prepare a Schedule of Market Values (SMVs) for the different classes of real property situated within their respective territorial jurisdictions, pursuant to the valuation standards, rules, regulations, and other specifications set by the DOF. The Secretary of Finance shall approve the SMV in accordance with the latest Philippine Valuation Standards. All provincial assessors, together with the municipal assessors and the city assessors, shall update their respective SMVs and conduct general revision of property assessments and classifications not earlier than three years.

Another important feature of the bill is the establishment of a comprehensive and up-to-date electronic database of all real property transactions. All provinces, cities, and municipalities, in coordination with

the BLGF, are envisioned to automate their real property tax administration operations, such as in the setting-up of tax mapping technology, maintenance of software-enabled valuation systems, and computerize records management. The BLGF shall develop and maintain an up-todate electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declarations as well as on the cost of construction or renovation of buildings and other structures, and on prices of plant, machinery, and equipment.

Notably, under the bill, the BLGF plays a vital role in its implementation. Once the bill is enacted into law, I am hopeful that the BLGF, in coordination with other concerned agencies, will be able to promote the development and maintenance of a just, equitable, impartial, and nationally consistent real property valuation system based on internationally accepted valuation standards, concepts, principles, and practices, consistent with the objective set to be achieved.

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw.com. ph), a member-firm of WTS Global. 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 rodel.unciano@bdblaw.com.ph or call 84032001 local 380.

Gucci’s China shock reverberates across the luxury landscape

By Jennifer Creery, Shirley Zhao & Andy Hoffman

Fears of a slowdown among Chinese shoppers have dogged the luxury industry for the better part of a year. Last week the scale of the problem hit home for one of fashion’s biggest but most exposed brands, Gucci.

French group Kering SA saw $9 billion wiped off its market value after warning that sales of the Italian label’s products in China have slumped this quarter. The slowdown is also starting to show up in other corners of the luxury industry.

A separate report showed Swiss watch exports to the country—a leading destination for high-end timepieces—tumbled last month. Analysts, meanwhile, are predicting China’s luxury demand will cool further this year.

The spate of sobering news provides the latest evidence that an anticipated surge in spending by well-heeled Chinese freed from the world’s strictest Covid lockdowns is failing to materialize. While some luxury companies are managing the fallout better than others, the rest could be forced to rethink how they do business in China—starting with Kering.

“I haven’t bought any Gucci bags myself for years,” said Wu Xiaofang, a 34-year-old banker living in Shanghai who was once so enamored with the brand she bought three bags during a trip to Italy in 2016. “The new designs are bad.”

Wu is among a generation of Chinese luxury shoppers that has grown more selective about where to spend its cash. Rising unemployment and a property downturn have hurt consumer confidence, while deflationary pressures are fueling concern about growth in one of the world’s largest consumer markets.

and more subdued fashions will resonate with Chinese customers, as they’ve only recently appeared in stores.

Yet some shoppers may find them less distinctive than before, said fashion consultant Mark Liu, and too similar in style to the likes of Valentino, Prada and Celine. Kering said early ready-to-wear products from the latest Ancora collection by De Sarno have been well received.

Gucci has long been one of the most volatile of the major luxury brands, its fortunes rising and falling based on buzz around designers like Michele and a predecessor, Tom Ford. That makes Kering highly vulnerable to shifts in taste, especially as the Italian brand accounts for about half of its sales and more than twothirds of profit.

Gucci “seemed to have turned itself into a streetwear brand for a while, then tried to shift back to a high-end brand,” said Wu. “Now I don’t know who it wants to target.”

Plunging shares

KeRING stunned investors with its March 19 announcement that Gucci sales have fallen nearly 20 percent this quarter, led by the Asia-Pacific region. The share price fell the most in three decades.

ing a new figurehead with a proven track record would be welcome in our view, as it may enable faster pace of change and new external ideas.”

Kering didn’t respond to a request for comment.

The slowdown in China is affecting brands aside from Gucci as well, if not as dramatically. While top luxury houses such as Rolex, Hermes, Chanel and Louis Vuitton saw double-digit growth in 2023 in Hong Kong—a popular destination for Chinese shoppers—those sales slowed as early as October, said a person familiar with the matter, with second-hand prices for premium watches plunging 40 percent in January from the year before.

Few luxury goods are more exposed to changes in Chinese consumer sentiment than Swiss watches. exports to China plunged by 25 percent in February from the year before, the Federation of the Swiss Watch Industry said last week, while shipments to Hong Kong dropped by 19 percent. Together, exports to those two destinations surpass the US, the biggest single market for Swiss timepieces.

“There is a slowdown,” said Nick Hayek, the chief executive officer of Swatch Group AG, whose brands include Omega and Tissot. China accounted for a third of the company’s sales in 2023. Shoppers in China and Hong Kong are visiting Swatch Group brand stores but they’re more hesitant to pull the trigger on a major purchase, the CeO said. “They have the money, but they are more critical on when to spend and how to spend it.”

there this year is forecast to slow to the mid-single-digits, compared with 12 percent in 2023, according to a report from Bain & Co., a consulting firm. But that growth will be driven by high-net-worth individuals, or those with investable assets of more than 10 million yuan ($1.4 million).

Some luxury labels have bucked the slowing trend. Prada SpA, which owns the brand Miu Miu, saw retail sales rise 32 percent in the Asia-Pacific region, excluding Japan, in the fourth quarter. e arlier this month, Andrea Guerra, the Italian group’s C eO, said he was satisfied with trends in January and February. Hermes International SCA also saw double-digit growth rates in the fourth quarter.

In uncertain times, Chinese consumers tend to prefer luxury items that are more likely to maintain their value over time, said Bruno Lannes, a co-author of the Bain report. That’s why brands with those products fared better than those rolling out seasonal goods, he said.

American cosmetics giant e stee Lauder Cos., which owns labels including La Mer and Tom Ford, is continuing to bet big on China because of its long-term growth prospects and to avoid ceding ground to local upstarts. The volatility will eventually ease as the expansion of the Chinese middle class keeps pushing per capita consumption higher over time. “That trend is not changing,” C eO Fabrizio Freda said at a UBS conference in New York this month.

China. . .

Continued from A16

halted the publication of monthly numbers for industrial profits for several months in 2022 when the figure was declining. After the youth jobless rate hit a record high in June, officials paused publishing that data for months before bringing it back with a rosier number that excluded students.

Another tweak to that high-profile data set came this month: It will no longer be released at the NBS’ monthly press briefing, as has been the norm in recent years. Instead, it will now be published to an online database at an unspecified time. Officials didn’t give an explanation for the change in operations. Bloomberg

The bar to entice Chinese shoppers has therefore risen. Gucci has seen a significant drop in Chinese online sales in recent months—including from its official website and e-commerce platform on Tmall, said a person familiar with the situation who asked not to be identified discussing confidential matters.

Sabato De Sarno, who became Gucci’s creative director last year, has adopted a more minimalist aesthetic than the flamboyant designs of his predecessor, Alessandro Michele. It’s too soon to say whether his sleeker

The group started taking action to boost its struggling label two years ago when it named a new fashion head for Gucci in China and Hong Kong. Gucci then parted ways with Michele and hired De Sarno, a lesser-known designer from Valentino. Next, Kering replaced Marco Bizzarri, who’d headed Gucci for about eight years, with Jean-Francois Palus, a longtime lieutenant of Pinault. More changes could be needed to reassure investors.

“Despite Kering’s insistence that Jean-Francois Palus is the right interim CeO for Gucci, the market does not agree,” wrote RBC Capital Markets analyst Piral Dadhania in a note Friday. “With financial performance deteriorating, the case for appoint-

Representatives for Rolex and Chanel declined to comment, while LVMH and Hermes didn’t immediately respond to requests for comment.

Slowing growth

T He ills aren’t limited to China. After a recent two-week trip to Asia, HSBC luxury analysts led by erwan Rambourg said in a note Friday that the demand situation in China is “proving tough.” But disappointment also came from lackluster trends in Hong Kong, Macau and Singapore as Chinese tourists, although coming in greater numbers, don’t seem to be spending much, they wrote.

Some brands may be forced to find ways to reduce their reliance on China. Growth in luxury sales

Some luxury brands, however, are reconsidering their Asia strategy to look beyond China for future growth, said Angelito Perez Tan, Jr., co-founder and CeO of RTG Group Asia, which operates businesses including a luxury consultancy. India, Southeast Asia and the Middle east are seen as having great potential in the longer term, he said.

executives have looked at it more holistically in terms that there’s more to Asia than just China,” said Tan. “Luxury brands in general have realized that some of them were too reliant on the Chinese consumer. They realized that they can’t put all their eggs into one basket anymore.” With assistance from Angelina Rascouet, Daniela Wei, Jeannette Neumann and Gina Turner/ Bloomberg

OVERSEAS VOTERS SEEN TO HIT 3M AS INTERNET VOTING DRAWS INTEREST

Wthe increasing public interest in internet voting, which officials plan to pilot abroad during the 2025 polls, the Commission on Elections expects the number of overseas voters will rise to 3 million next year.

At a press conference for the signing of a Memorandum of Agreement (MOA) for Overseas Registration and Voting for 2025 National and Local Election (NLE) on Monday, Comelec Chairman George M. Garcia reported there are currently 1.697 million overseas voters.

Of these, 600,000 are deactivated. Another 600,000 or 40.5 percent have cast their votes in the 2022 polls.

“There are about 10 to 15 million Filipinos abroad, but we are sad that only 1.697 million of them have registered to vote for the 2022 elections,” Garcia said.

“Now that we announced the internet voting with your help, we hope to increase the number of voters abroad. The Commission on Elections will be happy if it reaches at least 3 million,”he added.

Information campaign

THE Comelec chief said they will ramp up their information drive later this year to increase the number of overseas voters before the deadline of the ongoing voters registration on September 30, 2024.

He said they signed a MOA with the Overseas Workers Welfare Administration (OWWA), Rotary International District 3810, and the Associated Marine Officers’and Seamen’s Union of the Philippines (Amosup) to increase the number of registered Filipino overseas voters.

Based on their latest data, Garcia said 1,105,000 overseas voters have availed themselvesof the ongoing voter’s registration.

“We affirm: A vote not cast, is a voice not heard. And therefore for everybody to be heard, the first step will be the registration

[process],” he said.

Third mode

GARCIA said they decided to implement internet voting next year as the third mode of overseas voting—aside from in-person or via mai—to make it more convenient for Filipinos abroad to cast their votes.

Under the proposed internet voting, registered Filipino voters may register their digital devices such as their mobile phones, tablet, or laptops so they can cast their votes through a Direct Recording Electronic (DRE) or touch screen scheme.

Garcia said the mode will be particularly beneficial for Filipino seafarers sailing on international waters.

Comelec is set to conduct its next bidding for its P465-million Online Voting and Counting System (OVCS) contract next month.

Legal issues

THE poll chief maintained Comelec can implement the internet voting under Republic Act (RA) 9369 or the Automated Election System Act.

Citing the result of their legal study on the matter, Garcia said RA 9360 does not prohibit them from venturing to new voting modes aside from in-person and mail voting.

“But it is indicated in the said provision that Comelec may venture to other modes of voting as long as it reports to Congress on the process it is doing for the third voting mode,” Garcia said.

However, he said they hope no one will question their push for internet voting before the Supreme Court so they can push through with its implementation.

Garcia made the remark after it was raised during a Senate hearing that Congress may have to pass the necessary law before internet voting can be implemented by Comelec. Samuel P. Medenilla

BOI touts PHL ‘hub’ image in int’l mining convention in Canada

THE Board of Investments (BOI) has pitched the Philippines’s “strategic positioning” as a regional hub for innovation- and sustainability-driven industries, particularly in the green metals and mineral processing sector at a mining convention in Toronto, Canada.

“With its strategic location and abundant human and natural resources, the country aims to emerge as the preferred destination for priority sectors such as electric vehicles [EVs], smart manufacturing, semiconductors and electronics, green metals, high-tech agriculture, renewable energy [RE], and data centers/telecoms,” the BOI said in a statement on Monday.

During a roundtable discussion on the sidelines of the Prospectors & Developers Association of Canada (PDAC) 2024 conference, the world’s “premier” mineral exploration and mining convention, the Philippine business delegation presented to 10 companies and highlighted the “critical role” of minerals in the global energy transition, underscoring the country’s “rich endowment of mineral resources.”

PHL, China swap protests on RORE mission in WPS

By Malou Talosig-Bartolome @maloutalosig

THE Department of Foreign Affairs has conveyed its “strongest protest” to China for the water cannoning by China Coast Guard and maritime militia on the Philippine boat carrying food supplies to Philippine troops in Ayungin Shoal last Saturday.

The Chinese Embassy in Manila also counter-protested what it calls “illegal intrusion” of the Philippine rotation and resupply mission (RORE) vessels to Ayungin Shoal  (Chinese name: Ren’ai Jiao). Meanwhile, 20 countries have expressed their support to the Philippine government and the need to follow the international rulesbased order.

Philippine protest

THE Philippine protests were conveyed Monday three times—the highest of which was at the vice-

ministerial level.

DFA Undersecretary for Bilateral Relations and Asean Affairs

Ma. Theresa P. Lazaro called Chinese Vice Foreign Minister Chen Xiaodong morning to protest the “aggressive actions” by the CCG on the rotation and resupply mission by the Armed Forces.

Early in the morning, in Manila, DFA Deputy Assistant Secretary Raphael Hermoso summoned Charge d’affaires, a.i. of the Chinese Embassy, Zhou Zhiyong, and handed over the protest note via demarche.

In Beijing, the Philippine Embassy also lodged the same demarche to the Chinese Foreign Ministry.

Asked to comment on the warning by the Chinese Foreign Ministry to “prepare to bear all potential consequences,” DFA spokesperson Ma. Teresita Daza replied, “The Philippines will not be deterred by threats or hostility, from exercising  its legal rights over its maritime zones, including Ayungin Shoal, which forms part of the Philippine EEZ and continental shelf.”

In a statement, Daza said the demarches demanded China to leave Ayungin Shoal and the Philippine exclusive economic zone “immediately.”

“In these demarches, the Philippines stressed, among others, that China has no right to be in Ayungin Shoal, a low-tide elevation that lies within the Philippines’ exclusive economic zone and continental shelf in accordance with the 1982 Unclos and as affirmed by the 2016 Arbitral Award,” Daza said in a statement.

The DFA urged China “to take the correct track” by following the international law and respecting the “legitimate rights” of the Philippines and other states. Beijing

should also “cease and desist from its continued violation of international law” which includes the 1982 United Nations Convention on the Law of the Sea and the 2016 Arbitral Award.

Daza said China’s “aggressive actions contradict and put to waste” the Asean-China efforts to promote practical activities to foster peace and cooperation in the region.”

“The Philippines has made sincere efforts to implement the instruction of President Marcos and President Xi to lower tensions. China’s aggressive actions call into question its sincerity in lowering the tensions and promoting peace and stability in the South China Sea,” she said.

Chinese protest

THE Chinese Embassy accused the Philippine vessels of “attempting to transport construction materials” to beached Philippine Navy ship BRP Sierra Madre which is hosting Filipino soldiers in Ayungin Shoal.

China also questioned the timing of the RORE mission, which was only 18 days after the last resupply.

See “PHL,” A2

With approximately 9 million hectares of mineral potential, BOI told the firms, “The country boasts large deposits of copper, nickel, iron, chromite, cobalt, gold, and rare earth elements.”

For her part, BOI Executive Director for Industry Development Services (IDS) Ma. Corazon

Halili-Dichosa said the country’s intention right now is to have its minerals processed locally to supply local industry needs or export higher-value materials.

“Let me stress that we remain committed to supporting the global energy transition but with the clearer goal of getting more economic value from our minerals. Please join us and together, let’s make it happen in the Philippines,” HaliliDichosa said.

Meanwhile, to augment its support of investments and business growth, the government has implemented measures to create a “conducive” environment for industry players and emphasized its commitment to market-based promotion strategies and partnerships with international stakeholders – this, in order to enhance the country’s role in the global supply chain for critical minerals, the BOI said.

The BOI said the 10 firms to which the Philippine business delegation presented are a mix of Canadian, American and Australian from mining, mineral processing, battery materials, consultancy and academe sectors.

Editor: Jennifer A. Ng

Meralco sees higher Q1 sales

By Lenie Lectura @llectura

The Manila electric Co. (Meralco) likely registered a 9-percent increase in electricity sales volume in the first quarter from the same period a year ago, a company official said on Monday.

“Though we are still not done with March yet, (it) seems we are tracking around a 9 percent increase, first quarter of 2024 versus first quarter of 2023, mainly driven by the residential and commercial segments. Industrial is also showing signs

of recovery though a bit modest,” said Meralco Chief Commercial Officer and First Vice President Ferdinand Geluz.

He said residential sales volume went up due to the impact of El Niño, which prompted households to use

cooling appliances more often.

“El Niño warm temperature is a driver as well as technically recovering almost full face-to-face class and work arrangements drive social activities too.”

Moreover, Meralco benefitted from an additional billing day brought about by a leap year.

At end-2023, Meralco’s consolidated energy sales volume improved by 4 percent, to 51,044 gigawatt hours (GWh) from 48,916 GWh the previous year.

Last January, Geluz said Meralco could end 2024 a 4.5-percent growth in sales volume.

The company ended 2023 with a customer count of at 7.8 million, up from 7.6 million in 2022.

Meralco is the country’s largest

electric power distribution firm. Its franchise area includes Metro Manila, Rizal, Cavite, parts of Bulacan, Pampanga, Batangas, Laguna, and Quezon.

Last month, the firm reported an increase of 34 percent in its net income to P38 billion in 2023 from P28.4 billion in 2022 mainly brought about by strong growth in energy sales and higher earnings from its power generation businesses.

The utility firm also recorded a higher consolidated core net income (CCNI) at P37.1 billion in 2023 from P27.1 billion. Meralco said 64 percent of its CCNI came from its power distribution business while 26 percent accounted for its power generation business under Meralco PowerGen Corp.

But First, Coffee to open 150 stores this year

Bu T First, Coffee (BFC), a coffee shop which was launched during the pandemic in the Philippines, said it aims to open 150 more stores this year.

“Around a hundred more for this year—a mix of corporate and franchise branches. For the franchising, we’re targeting 100 for the franchise and hopefully for the corporate around 50,” Anna Magalona, CEO

of But First, Coffee, told reporters in a recent interview.

Magalona said the coffee shop now has 148 branches nationwide. With the firm’s goal to double its number of branches this year, she said the company also aims to double the jobs it will provide. “In our corporate head office, there are around 200 employees.

But in terms of But First, Coffee as a brand, 500 to 700 jobs na.”

Magalona added, “I think it (number of employees) will double. Because currently there are around 150 branches.”

She said BFC started in 2020 or during the height of the pandemic by establishing its online presence, which initially propelled the business. She noted that growth was eventually driven by franchising.

“We joined groups online where we promoted our products. We also maximized Facebook communities. That’s what helped us in terms of growing our business,” Magalona said. “Apart from that, sa franchising talaga since we have franchisees all around the country. We are already in Mindanao, Visayas, we have already tapped those areas.” Andrea E. San Juan

Globe to subscribers: Be wary of spoofing

GLOBE Telecom Inc. cautioned its subscribers on Monday, urging them to exercise vigilance amid a surge in spoof messages designed to deceive customers into divulging sensitive information.

There has been a recent onslaught of fraudulent text campaigns orchestrated by scammers exploiting the company’s ongoing promotional initiatives.

According to Globe, reports have flooded in from customers who have fallen victim to deceptive text messages impersonating Globe’s official sender ID, enticing recipients to click on dubious links purportedly offering rewards redemption opportunities. Darius Delgado, Vice President and Head of Consumer Mobile Business at Globe, emphasized the gravity of the situation, warning customers against engaging with any text messages containing links purportedly from Globe.

“Any text message containing a link from supposed sender ID ‘Globe’ is a fraudulent message done via spoofing. Globe will never send an official advisory with links. Do not fall for enticing offers in these scam messages,” he said. Spoofing is a technique where scammers manipulate caller ID information to mimic legitimate sources.

In this case, bad actors are spoofing

customers, exploiting Globe’s ongoing campaign urging customers to redeem their rewards before the expiration date on March 31.

Malicious links, if clicked, could lead to the compromise of personal data, including sensitive financial information such as credit card details.

“Globe Rewards points may only be redeemed via the GlobeOne app. We’d like to encourage our customers to use this official platform, as this is the only place where they can claim rewards,” Delgado said.

The telecommunications provider shed light on the sophisticated nature of spoofed messages, which circumvent traditional spam filters by leveraging illegal equipment like the international mobile subscriber identity catcher or fake cell towers. These devices intercept mobile users within a limited radius, enabling fraudsters to send SMS from spoofed or impersonated numbers undetected. Despite Globe’s stringent measures to combat SMS scams, including barring person-to-person messages with links from its network, the telco still “observed a rise in spoofing and other forms of text scams.” Anton Bonifacio, Globe’s chief information security officer, said the company will continue to enhance its security measures to protect its customers and its network.

Lorenz S. Marasigan

Tax on ‘labo,’ ‘sando’ bags to hit ₧33B–DOF

By Reine Juvierre Alberto

THE proposed excise tax on plastic bags will be a “win-win” situation for the Philippines as it will not just reduce pollution, but the country will also stand to gain about P33 billion, according to the Department of Finance (DOF).

In a presentation to stakeholders, the DOF said its proposal to impose an excise tax on single-use plastics (SUPs) will generate P31.52 billion in estimated revenues from 2025 to 2028. The DOF noted that all incremental revenues shall be earmarked for

the solid waste management program in municipalities of the Department of Environment and Natural Resources (DENR).

“The proposed measure seeks to curb the high volume of mismanaged plastics in the country and serves as the Philippines’ contribution to the

What is the anchoring effect?

THE anchoring effect is a cognitive bias where our decision-making is influenced by the first piece of information we receive, which serves as an “anchor” for our subsequent judgments.

Even if the initial information is irrelevant or arbitrary, it can significantly sway our perceptions and choices. To better understand the anchoring effect, let’s explore a few examples:

Example 1: Buying a car. Imagine you’re in the market to buy a second-hand car and come across one priced at P500,000. Regardless of the car model, the first listed price of P500,000 becomes your anchor. As you continue researching and evaluating other cars, you may subconsciously compare their prices to the initial anchor.

As a result, you may be more inclined to view a P700,000 car as expensive, even though it might be reasonably priced compared to the market standards of that particular car model.

The initial anchor of P500,000 influences your perception and decision-making throughout the car-buying process.

Example 2: Negotiating a salary. Suppose you’re in a salary negotiation for a new job, and the employer starts by offering a relatively low pay of P12,000. This initial offer becomes your anchor. Even if you had initially aimed for a higher salary, the anchor of P12,000 might influence your perception of what is acceptable.

As a result, you might settle for a salary that’s, say… P16,000, which is higher, yes, but it still falls below your initial expectations. The anchor provided by the employer shapes your perception of what is reasonable and acceptable in the negotiation process.

Example 3: Buying a house.

Suppose you’re in the market to buy a new home and come across a property listed for P6,000,000. This initial listing price becomes your anchor. As you continue exploring other properties, you might unconsciously compare their prices to the anchor of P6,000,000. If you find a similar house for P5,000,000, you may perceive it as a great deal because it’s significantly lower than the anchor price. However, you did not fully consider other relevant factors, such as the property’s features, its location, the terms and conditions of the seller, or the market trends.

Now that we understand how the anchoring effect can impact our financial decisions, let’s discuss strategies for dealing with it effectively.

global movement of reducing pollution and adopting more sustainable practices while raising revenues to spur economic growth,” the DOF said.

Under the DOF’s proposal, a weight-based rate wherein P100 per kilo excise tax on SUP bags will be imposed with a 4 percent annual indexation starting the third year of implementation or in 2026.

The tax will apply to secondarylevel plastics made of synthetic or semi-synthetic organic polymer, commonly known as “ice,” “ labo,” or sando” bags with or without handles, used as packaging for goods or products.

Negative externalities

THE DOF estimated that the use of plastic “ labo” bags will decline by 24.7 percent while “sando” bags use will also decrease by 26.1 percent.

peRsoNal fiNaNce

1. Gather multiple reference points. To counteract the anchoring effect, gather multiple reference points and perspectives before making a decision.

Research comparable prices, salary ranges, or financial benchmarks to establish a more comprehensive view. By expanding your knowledge and your sample size or database, you can mitigate the influence of a single anchor and make more informed choices.

2. Set clear goals and priorities. Establishing your financial goals and priorities in advance can help you resist being anchored by external information.

For instance, in our salary negotiation example, even before the meeting, you could have decided that your goal is to have at least a P25,000 salary. When you clearly understand what you want to achieve, you can evaluate options based on their alignment with your objectives rather than being swayed solely by initial anchors.

3. Take time for reflection. When faced with an anchor, take a step back and allow time for reflection. Avoid making impulsive decisions based solely on the initial information. You can reevaluate the situation with a more transparent and rational mindset by giving yourself a cooling-off period.

4. Seek external input. Engaging with trusted advisors, mentors, or experts can provide valuable insights and perspectives. They can help challenge and provide alternative anchors, allowing you to consider a broader range of possibilities and make more balanced decisions.

In conclusion, the anchoring effect is a cognitive bias that can significantly impact our financial decision-making. However, by gathering multiple reference points, setting clear goals, taking time for reflection, and seeking external input, we can mitigate the influence of anchors and make more informed choices.

Fitz Villafuerte is registered financial planner of RFP Philippines. His views in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about personal-financial planning, attend the 107th RFP program this May 2024. To inquire, e-mail info@rfp.ph or text at 0917-9689774.

Prices per piece of “ labo” bags will be increased to P0.82 from the current price per piece of P0.47, while sando” bags will go up to P0.91 from P0.51 if the DOF’s proposed tax on SUPs will be implemented.

According to the DOF, the Philippines has one of the cheapest tax rates per bag at P0.40. The United Kingdom taxes P326 per bag, Ireland at P12, Virginia, USA, at P3; and, Denmark at P1.

“When a good has some negative externalities, meaning the consumption or use of a product causes some social cost, we try to regulate that through taxation. In the case of single-use plastic, the social cost is mismanaged waste, which is related to climate change,” Fiscal Policy and Monitoring Group (FPMG) Officerin-Charge Undersecretary Karlo Fermin S. Adriano explained. Adriano underscored in the pre -

THE state successfully reached its target of borrowing P60 billion this month from the domestic market through the tender of Treasury bills (T-bills) as average auction yields continued to ease week-on-week.

The Bureau of the Treasury (BTr) on Monday fully awarded its P15 billion programmed auction of threetenor bills after the average auction yields corrected slightly lower for the third straight week.

According to the Treasury, the auction committee raised P5 billion each from 91-day T-bills, 182-day tenor, and 364-day government securities. The auction was 3.4 times oversubscribed, attracting P50.5 billion in total tenders. The bids were higher than the previous week’s P47.245 billion demand, data from the Treasury showed.

Average auction yields are all lower than prevailing secondary market benchmarks, the Treasury added.

For the 91-day T-bills, investors’ average yield decreased to 5.710 percent, versus the previous tender’s 5.744 percent. Bids for the 91-day Tbills inched down, ranging from 5.660 percent to 5.775 percent.

The 182-day T-bills saw its yield averaging at 5.880 percent compared to last auction’s 5.916 percent. The government security rates were between 5.850 percent and 5.900 percent.

Investors’ average rate for the 364-day T-bills, meanwhile, was at 5.982 percent with a yield range of 5.950 percent to 5.997 percent. Tbills’ yields averaged 6.033 percent in the Treasury’s previous tender last March 18.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said T-bills average auction yield corrected slightly lower for the third straight week after some dovish signals from local monetary authorities since last week on possible local policy rate cuts and possible further

sentation that the tax measure does not single out the plastic industry since the government has already been implementing this strategy on goods such as tobacco, alcohol and automobiles to curb consumption and mitigate social costs.

Risk of loss

THE Philippines is the third largest contributor of mismanaged plastic entering the ocean each year with 750,000 metric tons, according to the World Bank.

The world’s largest multilateral creditor identified that mixed waste collection, inadequate infrastructure, limited public funds and lack of recycling capacity are the challenges that lead to the difficulty in managing solid waste in the country.

The World Bank added that the country’s vulnerability to climate

cut in banks’ reserve requirement ratio (RRR). “T-bill average auction yields continued to be slightly lower weekon-week after some relief on the markets due to the (US Federal Reserve) Fed’s reiteration on March 20, 2024 rate-setting meeting/decision on the possibility of [three] Fed rate cuts (-0.25 each for a total of -0.75) for 2024, consistent view since the Fed’s pivot towards Fed rate cuts since December 13, 2023, as supported and justified by easing headline inflation towards central bank targets,” Ricafort said.

The RCBC executive also noted the T-bill average auction yields are again slightly lower versus the comparable short-term BVAL yields as of March 22, 2024.

The PHP BVAL yield for 3 months is at 5.77 percent, the 6-month at 5.92 percent, and the 1-year is at 6.06 percent.

However, T-bill average auction

change puts the Philippines at risk of losing 13.6 percent of its economic output by 2040 if not addressed.

Through the DOF’s proposed excise tax on plastic bags, the country will contribute to the global movement of reducing plastic pollution and adopting more sustainable practices.

The DOF said it targets the passage of the tax measure by 2025. The writing of the guidelines for Extended Producer Responsibility (EPR) is ongoing to come up with a draft joint administrative order for the approval of the DOF and DENR secretaries.

“It is the government’s duty to raise awareness on the impact of non-recyclable plastics and the irreversible effects of climate change. I believe this is where strong policy intervention is needed,” Finance Secretary Ralph G. Recto said.

SEC asks NTC to block Binance’s operations in PHL NG hits P60B target March borrowing as yields ease

By VG Cabuag @villygc

THE Securities and Exchange Commission (SEC) has asked the regulator of telecommunication services in the country to block the online presence of Binance Holdings Ltd. in the Philippines.

In its en banc meeting, the SEC approved the filing of a formal request with the National Telecommunications Commission for assistance in blocking the website and other web pages used by Binance, which was found to have offered an investment and trading platform without the necessary license from the agency.

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net income in calendar year 2023. It is higher than the usual 50 percent remittance “pursuant to the request of Finance Secretary Ralph G. Recto to Pagcor to advance an additional 25 percent dividend to fund government expenditures.”

“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chairman Emilio B. Aquino said in the letter-request addressed to the NTC.

Binance defines itself as a facility for trading financial instruments and offers investment products—including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings.

Touted as the largest cryptocur -

rency website in the world, Binance currently has an average daily trading volume of $65 billion covering more than 402 cryptocurrencies, with a membership of over 183 million, according to its website. The group has been actively employing promotional campaigns on social media to attract Filipinos to engage in investment and trading activities using its platforms. An app version is also downloadable on Google Playstore and the Apple App Store.

Binance, however, has neither secured a license from the SEC to solicit investments from the public nor

The statement quoted Pagcor Chairman and CEO Alejandro H. Tengco as saying the state gaming firm’s robust earnings from gaming operations enabled it to book P79.37 billion in gross revenues and net earnings of P6.13 billion in 2023 as dividend base, paving the way for a higher dividend rate declaration.

“Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, and this epitomizes not just financial success but our unwavering com -

mitment to national development,”

Tengco said.

The dividend declaration consists of P3.06 billion or 50 percent of Pagcor’s 2023 net earnings plus an advanced 25 percent or P1.53 billion, which may be applied to future

yields are further below the comparable Bangko Sentral ng Pilipinas’ (BSP) short-term interest rates, Ricafort noted.

The overnight policy rate is at 6.50 percent while the overnight average auction rate is at 6.501 percent.

Meanwhile, BSP’s 28-day and 56-day securities average auction yields are at 6.7 percent levels while BSP’s 7-day and 14-day Term Deposit Auction Facility (TDF) average auction yields are at near 6.6 percent levels.

Next month, the Treasury aims to raise as much as P75 billion from the sale of T-bills. It is also targeting to raise P195 billion in April from the combined sale of T-bills and Treasury bonds. 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.

Reine Juvierre Alberto

to create or operate an exchange for the buying and selling of securities, as required by Republic Act 8799, or The Securities Regulation Code.

The SEC warned the public against investing in and using Binance, as well as started studying the possible blocking of Binance’s website and other online presence in the Philippines, as early as November 2023. Considering the size and volume of Binance’s operations, however, the SEC ensured that the investing public would have enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms.

dividend remittances.

The dividend check was received by Deputy National Treasurer Eduardo Anthony G. Mariño III during simple ceremonies at the new Pagcor Executive Office in Pasay City.

Mariño said the higher remittance from Pagcor would help set in motion the administration’s socioeconomic agenda as the country is coming from a challenging year where it found difficulty achieving growth targets due to inflation.

“Every peso of this latest remittance from Pagcor is directly translatable to additional expenditure which can help accelerate growth. This would certainly empower the national government in initiating transformative change this year,” he explained.

The remittance by government owned and controlled corporations or GOCCs of at least 50 percent of their net earnings to the National Government is mandated under Republic Act 7656, otherwise known as the Dividends Law.

fitz Gerard Villafuerte

This March 24, 2024, shows (right) Philippine Amusement and Gaming Corp. Chairman and CEO Alejandro h. Tengco (right) handing over a facsimile check to Deputy National Treasurer Eduardo Anthony G. Mariño iii during a dividend turnover ceremony at the new Pagcor Corporate Office in Pasay City. CREDIT: PhIlIPPInE AmusEmEnT AnD GAm nG

Women artists thrive, shatter societal pressures in ‘Breaking the Glass Canvas’

NINE female artists at different points in their careers converge in a powerful group exhibition championing women in visual arts.

In celebration of Women’s Month, emerging, established, and veteran female artists lend their talents and voices in the latest installment of Conrad Manila Gallery C’s Of Art and Wine Series, titled Breaking the Glass Canvas.

with Nes Jardin, the exhibit “encapsulates the spirit of empowerment” as it shares stories of resilience and triumph of women.

“[The exhibition] stands as a testament to the power of women in the art world,” said Latosa, who’s also part of the show as a participating artist. “With a diverse range of styles, techniques, and perspectives, these talented artists inspire the future generation to dream big and dismantle the glass ceiling, or, in this case, the invisible glass canvas.”

Latosa presents in the show her signature depiction of waves, reflecting her affinity with nature as an environmental advocate. The San Pedro, Laguna native dedicates her pieces to herself as a woman, her sister, and mother, while sharing advice to those navigating male-dominated industries.

“Build a foundation based on passion first,” Latosa said. “In pursuing art or any endeavor, genuine passion becomes your unwavering source of motivation. With passion as your guide, neither money nor fame will hinder the joy you find in your craft.”

Part of the fold as well is respected female artist Lydia Velasco. Renowned for her evocative pieces that celebrate the femininity of the Filipina, the octogenarian has seen it all in her 30 years in the art scene, and more in her past life as an accomplished advertising practitioner.

“Even from the start, nilalaban [ko] na ang karapatan ng pagkababae,” Velasco said. For Breaking the Glass Canvas, Velasco presents four works dated 2023, featuring her inimitable portrayal of the Filipina replete with native elements.

Rounding out the star-studded, all-female showcase are Meneline Wong MD, Addie Cukingan, Anita del Rosario, Celeste Lecaroz, Flor Baradi, Helena, and Irish Galon.

“As we showcase the unparalleled talent of these visionary female artists,” according to Conrad Manila General Manager Fabio Berto, “we reaffirm [our] commitment to fostering diversity and inclusivity within the realm of art and culture.”

Of Art and Wine: Breaking the Glass Canvas is on view at Gallery C in Conrad Manila, Pasay City. B4

According to Lara Latosa, who co-curated the show

Artist Ginny Guanco explores mysteries of women

unveils feminine power, its captivating mystery, and the beautiful nuances of womanhood in her third solo show, aptly titled Her World From the tender age of 8, Guanco’s artistic journey found its roots in a fascination with the female form. Sketching silhouettes of women in fashionable dresses and crafting expressive profiles, her early dedication and focus in childhood paved the way for her formal training in Fine Arts at the University of Sto. Tomas. Further studies in the US in painting and watercolor added greater depth to her artistic repertoire. However, it was under the tutelage of the late Salvacion Lim Higgins, legendary fashion designer and cofounder of Slim’s Fashion & Art School, when Ginny honed her creative eye and refined her sketching skills, laying down the expert groundwork for her artistic voice.

One can still see the distinct touch and personality of

Guanco through her works—joyful colors, intricate designs, and thoughtful details. All these signature elements persist in her experimental use of oil pastel. watercolor, acrylic, brush pens and Sharpie pens. However, one can more deeply appreciate the evolution of her style, which now boasts a newfound confidence, freedom and power—certainly the rewards of her courageous introspection over the years. Her World was recently unveiled at the Gateway Gallery Studio in Araneta City coinciding with Women’s month. “Women empowerment has always been a recurring theme in my exhibits. When you express power, people often confuse this with being dominant and domineering. However, women are able to convey this power, while also retaining their femininity and inner strength. She knows what she wants and she knows what she’s capable of doing,” says Ginny. For commissioned portraits and bespoke hand-painted pouches and bags, you may send inquiries to Art by Ginny on Facebook or @artbyginnyg in Instagram.

CELEBRITIES BORN ON THIS

DAY: Keira Knightley, 39; Kenny Chesney, 56; Martin Short, 74; Steven Tyler, 76.

HAPPY BIRTHDAY: Communicate with passion in your voice and facts to back your claims. Be precise, accurate and thoughtful this year; you will alleviate misunderstandings. Go about your business and take care of details that can make or break how far you get and the changes you can make. Opportunity is present, but taking ownership of what you want is up to you. Your numbers are 6, 10, 19, 27, 31, 42, 46.

ARIES (March 21-April 19): Don’t rush. Accuracy and preparation are encouraged if you want to go the distance and achieve your goal. Less talk and more action will help you maintain the surprise element that intrigues those you want to impress. ★★★

TAURUS (April 20-May 20): Consider what others expect of you and prepare to deliver. Work alone until you are happy with the results. Keeping your progress to yourself will protect against outside interference. Enjoy the creative process, set high standards and raise expectations. ★★★

GEMINI (May 21-June 20): Keep your finger on the pulse, be aware of what’s happening and don’t believe everything you hear. Research, verify and hold others accountable to maintain a stellar reputation and good standing with institutions and authority figures. ★★★★★

CANCER (June 21-July 22): Immerse yourself in what you are doing. Time spent explaining or conversing with someone will make you anxious and insecure about what you want to achieve. You’ll gain ground and satisfaction through completion and presentation. ★★

LEO (July 23-Aug. 22): Stick close to home and address personal business. Stay updated with the latest information regarding your community, professional changes and environmental warnings. Refuse to let the decisions and changes others initiate tempt you into being a follower. Take the most fulfilling path. ★★★★

VIRGO (Aug. 23-Sept. 22): Listen, learn and incorporate what you discover into your life. A change is overdue and will help point you in an appropriate direction to excel. A lifestyle change will help you see relationships differently. ★★★

LIBRA (Sept. 23-Oct. 22): Put home, family and relationships first. Be a good listener, and it will lead to better decisions. What you put out will return, so be kind, generous and helpful. A contract, medical issue or financial investment will take a positive turn that improves your life. ★★★

SCORPIO (Oct. 23-Nov. 21): Emotions will spike and influence your reaction in the heat of the moment. Shake off any anxiety and replace it with common sense, facts and whatever it takes to redirect your energy into creative and innovative plans. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Conflicts will arise if you let someone interfere in your life. Redefine what makes you happy and how to structure your every move to ensure you reach your destination. Take better care of your physical well-being and reputation. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Pay attention to where the money goes, and you’ll discover how to lower your overhead. A change at home will allow you to entertain a new and exciting lifestyle. Something you have to offer will lead to financial security. Partnerships and romance are in the stars. ★★

AQUARIUS (Jan. 20-Feb. 18): Pour your energy into your skills, updates and finding what makes you happy. Revamp your longterm plans and select a place or project that feels compatible. Stop bending to someone else’s needs and pursue what will satisfy you. Gratitude comes from choosing what makes you happy. ★★★★★

PISCES (Feb. 19-March 20): Choose the route with the highest return. Don’t test bureaucratic matters; just deal with them and press forward. You’ll find your bliss by following that small voice within. Don’t stifle your dreams when manifesting them is the road to inner peace. ★★★

BIRTHDAY BABY: You are playful, suggestive and helpful. You are quick-witted and proactive.

today’s puzzle:

By Pan Pylas The Associated Press

lONDON—Kate, the Princess of Wales, and her husband, Prince William, are said to be “extremely moved” by the public’s warmth and support following her shocking cancer announcement as tributes continued to pour in Sunday from around the world.

After weeks of frenzied speculation on social media about her health and well-being, Kate said in a candid video message on Friday that she is undergoing chemotherapy for cancer following major abdominal surgery. the 42-year-old princess said the cancer discovery was a “huge shock” and she was now in the early stages of preventative chemotherapy.

“The prince and princess are both enormously touched by the kind messages from people here in the UK, across the Commonwealth and around the world in response to Her Royal Highness’ message,” a spokesperson for Kensington Palace said. “They are extremely moved by the public’s warmth and support and are grateful for the understanding of their request for privacy at this time.”

there has been a global outpouring of support, including from US President Joe Biden, and King Charles III who is also undergoing treatment for cancer, which was found after he was undertaking treatment for an enlarged prostate. Neither Kate nor the king have revealed what type of cancer they have or the stage at which it was being treated.

Charles’ nephew, Peter Phillips, said the king is “frustrated” that his recovery is taking longer than “he would want it to,” but that he was in “good spirits” and “pushing” his staff to be able to return to his duties after beginning his treatment for cancer last month.

“I think ultimately he’s hugely frustrated,” Phillips, the son of Charles’s sister Princess Anne, told Sky News Australia. “He’s frustrated that he can’t get on and do everything that he wants to be able to do. But he is very pragmatic, he understands that there’s a period of time that he really needs to focus on himself.”

People continued to flock on Sunday to the royal’s main london residence, Kensington Palace, as well as to Windsor Castle, where they spend most of their time, to show support for the princess, with many leaving flowers.

Until Friday, officials had only said Kate’s surgery in January was successful and recuperation would keep the princess away from public duties until April. This has sparked a flurry of rumor-mongering

about the “missing” future queen, compounded after Kate acknowledged that she altered an official photo released to mark Mother’s Day in the UK earlier this month. the photo, meant to reassure the public, triggered a backlash after The Associated Press and other news agencies retracted it over manipulation concerns. Even a video published last week by The Sun and tMZ that appeared to show Kate and William shopping near their home didn’t dispel the negative coverage. Criticism of those jumping to sometimeoutlandish conclusions continued to be voiced over the weekend.

Paddy Harverson, previously the official

spokesman of Kate and the Prince of Wales, said that the speculation and pressure around Kate’s health and whereabouts before her video statement was “the worst I’ve ever seen.”

However, he said he thought Kate would have revealed her cancer diagnosis exactly as she had, regardless of what was being speculated. “I’m absolutely convinced that if we hadn’t had all the madness and social media, if we hadn’t had the sort of the Mother’s Day photo mistake, they would have still done it like this,” he told the BBC. “They would have still waited till this last Friday when the schools are breaking up to make the announcement.” n

Martin, Moira gush over new career milestones

Still the undisputed concert king of the Philippine music circuit, Martin Nievera recently renewed his contract with Vicor Music and strengthened his professional ties with the Viva Entertainment conglomerate.

Many decades ago, when Nievera decided to pack his bags in the United States to try out the music scene in the Philippines where his late father was based, Viva honcho Vic del Rosario, who co-owned the Vicor music label with Orly ilacad, met with Nievera and signed him up right away which led to the singer’s very first album, titled Take 1. Nievera’s first big hit “Be My Lady” was part of that album and it immediately catapulted the then young singer to the big league. Not many know that “Be My Lady” was not originally sung by Nievera. When Nievera won as interpreter of Alvina Sy’s “Pain” at the 6th MetroPop Music Festival, “Be My Lady,” composed by Vehnee Saturno and interpreted by Pedrito Montaire, was a losing finalist in the same competition. But Vicor music producer Chito Ilagan liked the song so much so he approached Saturno if the label can include the song in Nievera’s debut album, and the rest was history.

With the recent renewal of partnership, Vicor Music has picked the immortal heartbreak song “Tell Me,” composed by Louie Ocampo and Allan Ayque and originally interpreted by Joey Albert, to be Nievera’s next single. “It will be just the first of many songs that we will release this year. Vicor and Viva

grow old with them!” gushed Nievera.

MOIRA FEELS AND LOOKS GREAT iN demand singer-songwriter Moira de la torre has a lot to be happy about these days. She recently scored an endorsement deal with BonaVita Philippines to be the brand ambassador of their latest coffee mix drink, BonaSlim.

“We followed Moira’s personal journey and we were truly inspired by it. like our product, Moira knew that real transformation comes from within and nothing truly rewarding can come in just an instant. Moira exemplifies the endorser that we have visualized and with her many achievements as a creative content maker, she will definitely bring the BonaSlim brand to higher grounds,” shared

his entire family during the launch of De la torre as celebrity endorser. For her part, De la torre is proud of this milestone partnership with the brand. “I am happy to be the face of the brand. My journey was not easy, and i was bashed for many things, including the type of body i once had. i tried to explore a lot of shortcut solutions but to no avail. it’s good that i realized that true change comes from within, that it takes focus, discipline and determination to start that change. And most importantly, to love oneself first.” She added, “ I was drawn to the brand’s tagline that looking good starts with feeling good. that’s why when this endorsement deal was sealed, i was truly happy!” De la Torre even composed a new jingle for BonaSlim.

ARTISTS E xpLORE IDENTIT y, INDIvIDuALIT y, AND cREATIvIT y IN MONTh-LONG ARTS FEST

THE month-long Youth Arts Zone (YAZ) festival enjoined young talents to utilize their flair and skills in exploration, rediscovery and resurgence of what it means to be an artist in the post-pandemic landscape. Themed “Artventure,” the event aimed to foster a new era of creative expression through a series of presentations, discussions and collaborative activities featuring the internationally acclaimed and award-winning performing groups under the Culture and Arts Unit (CAU) of the De La Salle-College of Saint Benilde (DLS-CSB).

During the launch, the ensemble of Coro San Benildo showcased their vocal abilities and encouraged aspiring singers to take part in their endeavors in a recital titled Tanghal: Coromantiko.

The young thespians of Dulaang Filipino spearheaded a series of lectures to bring to light the various cultural principles, advocacies and experiences of the new generation in “Art Ammo.”

Motivated by the goal to champion shadowplay as a Filipino art form, the Karilyo visual arts team held an immersive pocket performance inspired by classic crafts television shows. The sequel, titled Medyas Adventures: Ang Pagbabalik ni Kapitan Katapatan, it followed the sock puppet superhero and his sidekick in their quest to save Mother Earth. In FLEX: Reborn, movers from the Saint Benilde Romançon Dance Co. (SBRDC)-Contemporary spotlighted the rich heritage of Filipino festivals in their selfchoreographed pieces. The members of SBRDC-Hip Hop likewise uplifted the community to connect and channel their inner artists in the Art Jam concert.

To depict the capacity of the current generation to uphold the truth, the participating students likewise encapsulated their diverse narratives in a striking tableau of dance and art in a digital campaign, dubbed “Young People Power [YPP]”.

GMA FEATuRES SpEcIAL pROGRAMMING SchEDuLE FOR hOLy WEEK

IN observance of Holy Week, GMA Network presents its special programming schedule this Maundy Thursday (March 28), Good Friday (March 29) and Black Saturday (March 30).

Maundy Thursday opens with the biographical religious drama Magdalena at 6 am. Following it is a lineup of animated movies: Rise of the Guardians at 7:30 am, Stuart Little 3 at 9 am, and Lassie at 10:30 am.

The comedy-drama Marley & Me then airs at 12 noon, followed by animated and adventure movies The Adventures of Tintin at 2 pm; and The Hobbit: An Unexpected Journey at 3 pm. The award-winning documentary program The Atom Araullo Specials comes in at 5:30 pm.

Afterward, tune in to GMA’s flagship newscast 24 Oras at 6:30 pm, the Hollywood classic retelling of the Biblical story of Moses in The Ten Commandments at 7 pm, and Reporter’s Notebook at 11 pm.

On Good Friday, Jesus airs at 6 am, while the religious program Power to Unite starts at 7:30 am. Kids can look forward to Adventures of Tom Thumb and Thumbelina at 8 am, Anastasia: Once Upon a Time at 9 am, and Jumanji at 10:30 am. Recall Jesus’ seven last words from the Sto. Domingo Church via Siete Palabras at 12 noon, to be followed by Women of the Bible at 2 pm. Catch The Hobbit: The Desolation of Smaug at 3 pm and CBN Asia’s blocktime at 5:30 pm.

GMA’s flagship newscast 24 Oras again airs at 6:30 pm, followed by drama Tanging

MARTIN NIEVERA (left) and Moira de la Torre (right)

MERALCO TO SUPPORT MORE ASPIRING FEMALE ELECTRICAL ENGINEERS THROUGH FINANCIAL GRANTS

THE Manila Electric Co. (Meralco), through its corporate social responsibility arm, One Meralco Foundation (OMF), has committed to support more aspiring female electrical engineers as part of its unwavering dedication to empower women in the energy industry.

This year, the power distributor will provide financial grants to 22 female

pursue their dreams of becoming professional electrical engineers. This brings the total number of electri -

cal engineering students Meralco supported to 40 from the initial 18 scholars that the company sponsored in 2022 under its “MpowHER” scholarship program.

“MpowHER is an important initiative under Meralco’s Diversity and Inclusion program. This is well aligned with the company’s thrust to provide more opportunities and support the professional advancement of women in the energy industry. With this program, Meralco hopes to inspire more women to not just pursue their passion but invest in their personal growth,” Meralco Senior Vice President and Chief Supply Chain Officer Maria Luisa V. Alvendia said.

The new batch of junior students are from Batangas State University, Nueva Ecija University of Science and Technology, Polytechnic University of the Philippines, University of the Philippines in Diliman and in Los Baños. They were selected through an assessment of their scholastic performance and a panel interview. They will receive financial assistance to cover education-related expenses such as allowances for food, transportation, internet connectivity, and books. Stipends for their review and board examination in the final years of studies will also be provided by Meralco. Meralco Chief Corporate Social Responsibility Officer and President of OMF, Jeffrey O. Tarayao, said the financial grants would help empower women to achieve their full potential in line with Meralco’s efforts to increase female representation

in the predominantly male-dominated energy industry.

“Investing in the education of women enables them to take charge of their future, as well as opens them up to opportunities to contribute to a more inclusive energy industry,” he said.

All scholars included in the program will be invited for an internship in Meralco and have the chance to explore career opportunities with the power distributor once they finish their studies.

First launched in 2022, MpowHER is part of #Mbrace—Meralco’s overarching diversity and inclusion program that is aligned with the United Nations’ Sustainable Development Goal 5 on Gender Equality and UN SDG 10 on Reduced Inequalities.

to

NGO calls for nominations for Awards for Promoting PHL-China Understanding

THE Association for Philippines-China Understanding (APCU) and the Embassy of the People’s Republic of China in the Republic of the Philippines have jointly announced the call for nominations for Awards for Promoting Philippines-China Understanding (APPCU) 2024.

APCU is the pioneer and the leading non-government organization (NGO) in the Philippines in promoting people-topeople diplomacy, bilateral understanding, and friendship between the Philippines and China.

According to APCU Chairman Raul Lambino the Award for Promoting Philippines-China Understanding (APPCU) 2024 is given to “Filipino citizens with praiseworthy work in fostering amity, friendship, and mutual understanding between the Philippines and China.”

Mbring to life two stars who embody the spirit of defiance and optimism, inspiring Filipinos to break free from limitations and embrace new possibilities in an increasingly digital world.

Ever since the start of a creative partnership in 2023, Maya has been supportive of Liza’s brave and bold life moves. Liza recently starred in her first Hollywood film, “Lisa Frankenstein,” alongside young Hollywood stars Kathryn Newton and Cole Sprouse, receiving rave reviews from the biggest critics. As she shines in the global scene, Maya is powering her with a sexy black Maya card that enables her with seamless payment transactions whenever she is in California or other global travel destinations.

Liza shares, “The past year has been quite a journey and I’d like to thank Maya especially for believing in me and my dreams. I personally love using my Maya card to pay, whether I’m traveling for work or leisure. It’s just hassle-free and accepted anywhere!”

Nominations may come from all sectors—academia, business, arts, media, government and beyond. The selection criteria will focus on the nominee’s work’s impact on bridging the people-to-people, cultural, and understanding gap between the Filipino and Chinese communities.

APCU will be accepting Nominations until April 15, 2024. Disqualified are current officials of APCU and incumbent public officials.

The APPCU recognizes individuals whose work has significantly contributed to the cross-cultural dialogue and collaborative ventures and strengthened friendships between the two nations. Nominees should be distinguished by their achievements in enhancing bilateral relations, mutual understanding, and friendship between the Philippines through cultural, educational, economic, or other collaborative initiatives.

Nomination forms and guidelines are available at APPCU’s official website at https://apcu.org.ph/programs-projects/ award-for-promoting-philippines-chinaunderstanding-appcu/, or you can email us to request the forms, relevant information related to the nomination process or if you have inquiries at appcu@apcu.org.ph

The winners will be recognized and celebrated in a ceremony that highlights their contributions to deepening PhilippineChina relations and friendship.

APCU President and Award Committee

Chair Sixto Benedicto said “Let us honor the bridges of understanding that have brought our two nations closer.”

For more information on the nomination process and guidelines, please visit www.apcu.org.ph/appcu . For inquiry, contact the APPCU Secretariat at appcu@ apcu.org.ph

As the newest endorser of Maya, Dolly De Leon adds more depth and undeniable charm. Known for her notable, award-winning performances, Dolly has become an influential figure in both the local and international film community. Her expanding horizons also means a busy schedule that sees her jetting off to film locations. Dolly takes full control over these changes by getting banked with Maya.

“I use Maya because I hate going to a bank branch, especially with my busy schedule, to fill out forms for a simple transaction when I can do all of that on my phone. And just like Liza, I use my Maya card to pay for everything, especially when I’m traveling to various places for work. It

really does let me do things with my money, my bank, my way,” Dolly said.

Maya’s short film features Liza and Dolly’s acting chops alongside fun and unique references to iconic Hollywood films and pop culture. From Assassin Liza to Kaiju Dolly, every scene in the film brings fun and excitement as it shows why Maya is as easy as a wallet and as safe as a bank.

Pepe Torres, Maya’s Chief Marketing Officer, expresses his enthusiasm, saying, “We’re thrilled to have both Liza and Dolly pushing boundaries of payments and banking with Maya, as you’ve seen

Fitflop re-sets brand presentation, brings science, engineering to new audiences worldwide

FITFLOP announced a brand relaunch to power their next stage of growth in the UK and internationally. Spring 2024 campaign; Smart Moves comes with a new look and feel for the brand across all creative direction including color palettes, silhouettes and brand logos. With smart engineering at the forefront, FitFlop’s elevated positioning injects new energy into the brand which first launched to market in 2007. Founded by entrepreneur and businesswoman Marcia Kilgore, FitFlop was launched as a science-led footwear brand and now has a presence in 73 countries, with 145 FitFlop concept stores located in regions across the world.

The brand is taking a leap forward, bringing its unique story to life through a contemporary, elevated approach. The Spring 2024 campaign “Smart Moves” aims to target a younger audience whilst maintaining pioneering technology which benefits users’ daily lives by maximising energy, achieving more and feeling better.

“As a growing brand with huge global ambitions we are relentlessly focused on our consumers – from existing wearers who already love the brand to welcoming new consumers who may be discovering us for the first time. We are excited and extremely proud to launch this new brand look; it represents a transformative step forward in FitFlop’s journey in line with our mission to become the most intelligent footwear company in the world,” said Gianni Georgiades, Chief Executive Officer.

In April 2023, FitFlop secured a new fiveyear $30 million revolving credit facility from independent lender AURELIUS Finance Company to support its long-term growth ambitions. With innovative and unexpected design partnerships being unveiled in early 2024 cementing the start of the brand’s refresh strategy.

Earlier this year, FitFlop began to roll out focus on international expansion as part of their global retail programme in

key strategic markets. This was cemented by the opening of its largest retail space in the Middle East to date, in Abu Dhabi, building on the existing standalone FitFlop stores across the world. The brand plans for further international growth this year, taking its world-class science and technology focusing on bio-mechanic engineered footwear to more consumers across the globe, with a long-term vision to be the world’s most intelligent everyday footwear company.

“This bold step forward will play a key role in realising FitFlop’s opportunity to drive forward. While the entire category has fallen into a sea of sameness, FitFlop is once again doing things differently. Through celebrating the effects of an approach rooted in biomechanics and ergonomic design, we’re not only elevating the brand but providing a gateway to introduce the profound benefits of our products to a new generation of ambitious, smart consumers, said Phil Borthwick, Chief Marketing Officer.

AP investigation bares abusive labor conditions in India’s shrimp industry

By Martha Mendoza, Mahesh Kumar & Piyush Nagpal

The Associated Press

SAN FRANCISCO—Noriko Kuwabara was excited to try a new recipe she’d seen on social media for crispy shrimp spring rolls, so she and her husband headed to Costco’s frozen foods aisle. But when she grabbed a bag of farm-raised shrimp from the freezer and saw “Product of India,” she wrinkled her nose.

“I actually try to avoid shrimp from India,” said Kuwabara, an artist. “I hear some bad things about how it’s grown there.”

She sighed and tossed the bag in her cart anyway.

Kuwabara’s dilemma is one an increasing number of American consumers face: With shrimp the leading seafood eaten in the United States, the largest supplier in this country is India, where the industry struggles with labor and environmental problems.

The Associated Press traveled in February to the state of Andhra Pradesh in southeast India to document working conditions in the booming industry, after obtaining an advance copy of an investigation released Wednesday by the Chicagobased Corporate Accountability Lab, a human rights legal group, that found workers face “dangerous and abusive conditions.”

AP journalists obtained access to shrimp hatcheries, growing ponds, peeling sheds and warehouses, and interviewed workers, supervisors and union organizers.

India became America’s leading shrimp supplier, accounting for about 40 percent of the shrimp consumed in the US, in part because media reports including an AP investigation exposed modern day slavery in the Thai seafood industry. AP’s 2015 reporting led to the freedom of some 2,000 enslaved fishermen and prompted calls for bans of Thai shrimp, which had been dominating the market.

In India, residents told the AP newly dug hatcheries and ponds had contaminated neighboring communities’ water and soil, making it nearly impossible to grow crops, especially rice they depend on for food.

From the ponds, trucks hauled the shrimp to peeling sheds. In one shed, dozens of women, some barefoot, stood on narrow wooden benches enduring 10-hour shifts peeling shrimp covered in crushed ice. Barehanded or wearing filthy, torn gloves, the women twisted off the heads, pulled off the legs and pried off the shells, making it possible for American cooks to simply tear open a bag and toss the shrimp in a skillet.

From India, the shrimp travels by the ton, frozen in shipping containers, to the US, more than 8,000 miles away. It is nearly impossible to tell where a specific shrimp ends up, and whether a US-bound shipment has a connection to abusive labor practices. And Indian shrimp is regularly sold in major US stores such as Walmart, Target and Sam’s Club and supermarkets like Kroger and Safeway.

The major corporations that responded to AP’s queries said they deplore human rights violations and environmental damage and would investigate.

“If we learn that serious issues may be present in a supplier facility, whether through allegations made or audits, we deploy Walmart investigators to gather facts through on-site visits to facilities or through other means,” Walmart, the world’s largest retailer, said in a statement. “As such, we are looking into the allegations raised by the Associated Press.”

Pradeep Sivaraman, secretary of India’s Marine Products Export Development Authority, a government agency, traveled to the US this month to represent his country’s shrimp industry on the bustling floor of the Seafood Expo North America in Boston. A chef at India’s booth sauteed a sizzling shrimp curry in front of a case filled with frozen shrimp. Before ending a brief interview, Sivaraman said India is committed to providing quality shrimp to US buyers. He refused to answer questions about labor and environmental problems.

Brutal conditions

ERUGULA BABY, 51, widowed and destitute, sold her gold jewelry—her only savings—and then took out loan after loan in her rural Indian village as her son lay dying of liver disease. Her debt topped $8,500 and her son didn’t survive. Today she’s raising her granddaughters and trying to repay the loans, help her daughter-in-law get an education and, on a good day, eat a small amount of rice. She said she works in brutal conditions, peeling, cutting and grading shrimp in a factory for less than $4 a day, which is $2 less than minimum wage.

“The working conditions are tough,” she said, wiping away tears with the corner of her red sari. “Standing for long hours in the cold while peeling and cutting shrimp takes a toll on my body.”

Baby and other workers said they pay recruiters about 25 cents a day out of their salaries just to set foot inside the processing shed. Transportation in company buses is also deducted from some workers’ salaries, along with the cost of lunch from company canteens. Many workers have no contracts, and no recourse if they are hurt on the job.

Another peeler, Penupothula Ratnam, said she suffers back pain all the time from the arduous work, for which she’s paid about $3 a day.

“It’s not enough for our living,” she said, breaking into tears. Rarely does she get a day off, she said.

Many people in India struggle to survive amid endemic poverty, debt and unemployment. The women AP spoke with said this work, despite the oppressive conditions, is their only chance to avoid starvation. The economic drivers go beyond shrimp, and beyond India, to issues of globalization and Western power.

Desperately poor women told AP they weren’t paid overtime as mandated by law, in addition to not being paid India’s minimum wage. Some said they were locked inside guarded hostels when they weren’t peeling shrimp. The work was unsanitary to the point that workers’ hands were infected, and they lacked safety and hygiene protection required under Indian law. And it doesn’t meet US legal food safety standards required for all seafood imports.

Dr. Sushmitha Meda, a dermatologist at a nearby government hospital in the city of Kakinada, said she treats four to five shrimp peelers every day. Some have nail fungus, caused by small cracks that allow germs to cause infections. Other women have fingers or even their entire hands darkening with frostbite. Meda said that sometimes she has to amputate.

It’s a preventable problem, she said. Cotton gloves covered with latex gloves can protect peelers’ hands, but few can afford a $3 box of gloves.

The Corporate Accountability Lab said American importers may never encounter desperate and abused shrimp peelers, because large Indian exporters invite auditors into their own stateof-the-art facilities and use them as a “showcase to foreign buyers.”

In contrast, “auditors are unlikely to audit peeling sheds,” the report said.

And while the larger corporate

processing facilities appear to meet hygiene and labor standards, CAL said, there are hidden abuses at the onsite hostels where shrimp peelers are housed. CAL found workers living in “overcrowded and often unsanitary conditions under the careful surveillance of company guards,” only allowed off the premises once a month.

“No one can enter, no one can leave without permission,” labor organizer Chekkala Rajkumar, district secretary for the Centre of Indian Trade Unions, told AP about the large facilities in his region. He compared them to British colonial penal colonies. “Anyone talking about the working conditions is kicked out. It’s not a worker friendly atmosphere.” He said pregnant women sometimes miscarry because of the arduous work.

Working with bare hands

AT one tin-roofed processing shed, AP journalists observed dozens of women working in unsanitary and dangerous conditions. The shrimp, pulled from outdoor ponds in barrels, were swished around by hand in grimy water. Once rinsed, they were dumped onto ice-covered tables, where women stood, peeling them one shrimp at a time. Many handled shrimp with bare hands. Some women had bandages on injured fingers. Some women’s long hair dangled into the shrimp.

The shrimp at this facility were later loaded in large plastic crates into a truck with the brand “NEKKANTI” painted in large letters. Managers at the small shed said Nekkanti Sea Foods and other major brands often outsource the labor-intensive peeling and deveining work to keep down costs.

Nekkanti, however, says all its shrimp is processed in a handful of massive company-owned processing facilities approved by the US Food and Drug Administration. A marketing video produced by Nekkanti, which is projecting $150 million in revenues this year, shows shrimp peelers in a spotless room, with shiny tables, and workers wearing gloves, head coverings, face masks, rubber boots and waterproof aprons.

John Ducar, an advisor to the board of Nekkanti Sea Foods, said the company had nothing to do with the peeling shed that AP visited and said their branded truck was there only because it was being leased to another company. He provided a document that said Nekkanti was paid $3,600 for the fourmonth lease of a truck with the license number the AP observed.

“It appears that you observed the operations of an entirely separate company,” he said.

The company named in the document did not respond to a request for comment.

Though Nekkanti had no connection to the shed or the shipment observed by the AP, Ducar said, the company will work to improve conditions

at neighboring shrimp sheds and is reconsidering leasing its trucks. US trade records show Nekkanti shipped more than 726 US tons of farmed shrimp from India to the US in the past year, according to ImportGenius trade data. Records show shipments went to major American seafood distributors including AJC International Inc., Eastern Fish, CenSea, Jetro Cash & Carry Enterprises, King & Prince Seafood, Red Chamber Co. and Rich Products Corp. Those companies, in turn, sell Indian shrimp under popular brand names including Costar, Good & Gather, Great Value and Mrs. Friday’s at supermarkets, box stores and restaurants across the US.

Importers that responded to requests for comment about possible labor abuses said they would investigate, with some suspending business in the meantime.

“We at Rich Products treat these allegations with the utmost seriousness,” said the owners of frozen SeaPak brand shrimp. “We are always fully prepared to investigate any allegations and take decisive corrective measures in response to any substantiated claims.”

Damaging the environment

ALONGSIDE a busy highway last month, men pulled nets of shrimp from shrimp ponds that had been dug into fields and mangroves, destroying critical ecosystems. Local villagers said the growing industry hasn’t just brought abusive working conditions, it’s also damaging their environment.

The massive, murky ponds and their toxic algae, chemicals and sewage have made it impossible to grow crops and poisoned their water, they said. Investigators from CAL say antibiotic use is widespread to control disease outbreaks. Antibiotic use in shrimp farming and other agriculture can lead to rising drug-resistant infections, a growing problem in the US.

“Essentially, we feel lost,” said Areti Vasu, a farmer who said he was badly beaten and jailed during failed protests that sought to stop the development of a 57-acre shrimp processing and cold storage plant adjacent to his rice fields. “Our lives, our land, our farming pride, fresh air, and clean water—everything is lost. We are destined to live here in disgrace.”

Jonnalagaruvu village vice president Koyya Sampath Rao initially helped build the massive facility, ignoring warnings from environmentalists.

“Sadly their predictions came true,” he said. “Our water streams are now polluted, farmland is turning barren, yields are shrinking, and the night air is thick with pollutants.”

Official complaints about a lack of environmental impact studies and coastal regulation violations have usually been dismissed by Indian authorities.

Among the trucks being loaded with the shrimp at a pond in the village

was one with a large sign: “Wellcome KingWhite.” In the past year Wellcome shipped 3,800 tons of shrimp to the US, according to ImportGenius trade data. The records show these include distributors Great American Seafood Imports Co., Pacific Coral Seafood and Ore-Cal.

Sysco, the nation’s largest food distributor, has imported in the past from both Nekkanti and Wellcome. A spokesperson said they stopped doing business with Wellcome in 2022 after the Indian firm “refused to allow us to conduct a required social responsibility audit in their facility.” Wellcome did not respond to requests for comment.

The Sysco spokesperson said the company suspended receipt of any products from Nekkanti after AP’s query this month, and would immediately begin an investigation.

Sysco “will continue to hold all its suppliers to the highest standards of labor and human rights,” the company said in a statement.

Consumers want US-produced food

MOST American consumers say they would rather buy US-produced food.

But with only 5 percent of shrimp sold in the US caught there, shrimp from the US can be harder to locate and considerably more costly.

In the 1970s, the US led the world in shrimp production. Shrimp was considered a delicacy. Diners were served expensive shrimp cocktails with less than a dozen shellfish harvested off the East, West and Gulf coasts.

Over the next two decades, the use of inexpensive shrimp-farming technologies soared in Asia, and imports flooded the market. Today in the US, where more than 5 pounds of shrimp per person is eaten per year, consumers expect all-you-can-eat shrimp buffets and $10 frozen bags at their markets.

There are a number of systems failing to prevent shrimp that is produced by forced labor or causes environmental damage from arriving on Americans’ dinner tables.

For one, there is plenty of shrimp in the Gulf of Mexico, but US fishing communities have stricter, and more costly, labor and environmental standards than their Asian counterparts.

Last year officials in the region sought financial relief, asking for state and federal declarations of a fishery disaster because they cannot compete with cheap imports that make up 95 percent of the market.

The request is pending. If approved, boat owners typically receive checks for a few thousand dollars, well below their losses.

“The many small, family-owned commercial shrimping businesses in Louisiana are facing an unprecedented risk of collapse due to the devastating impacts that large volumes of imported shrimp are having on domestic shrimp dockside prices,” said then-Gov. John Bel Edwards last fall.

US Customs and Border protection is responsible for blocking imports of products produced with forced labor, and in recent years has prohibited imports of some cotton from China, gold from Democratic Republic of Congo, and sugar from the Dominican Republic. No products have been prohibited from India.

Eric Choy, executive director of CBP’s office of trade, said CBP does investigate allegations of abuse.

“You’d hope that there was a magic button that you can push and then everything created by forced labor is prohibited from entering, but it’s a much harder task,” he said. “It does require us to follow the trail.”

Last year, the FDA refused entry of 51 shrimp shipments citing antibiotics; 37 of those were shrimp exported

from India.

The departments of Labor and Commerce haven’t taken significant action, despite U.S. shrimpers’ complaints of unfair trade.

“For too long India has engaged in unfair trade practices causing economic damage to our domestic shrimp industry,” said Trey Pearson, president of the American Shrimp Processors Association.

US firms rely on industry organizations and auditors to make sure their shrimp imports are raised and processed in a safe, legal and environmentally responsible way.

The National Fisheries Institute, America’s largest seafood trade association, works with seafood importers to improve working and environmental conditions in shrimp farming.

“Any labor abuses in the value chain are abhorrent and they need to be addressed immediately,” said NFI chief strategy officer Gavin Gibbons.

The Global Seafood Alliance’s Best Aquaculture Practice stamp of approval is on almost all Indian imports, certifying the supply chain meets their high standards.

“We take these matters very seriously,” the organization said in an emailed statement.

CAL said the Best Aquaculture Practice certifications are often performative.

“Despite strong standards on paper, implementation is often weak,” said the report.

Shrimp will grow in a lab?

FISHERMAN and author Paul Greenberg said he sees a future where the shrimp Americans eat is neither wild caught nor farmed: it will grow in a lab. He said the science is underway to develop those products, and because shrimp isn’t flaky like fish, it should be an easier seafood to produce with living cells.

In the meantime, he’s been trying out vegan shrimp, “the shrimp that never died.” The texture is good, he said, and the sweetness impressive.

Human rights advocates say cost cutting from US supermarkets, restaurants and wholesalers squeeze producers to provide cheaper shrimp without addressing labor and environmental conditions.

CAL says Indian companies need to pay living wages and abide by labor, health, safety and environmental laws.

In addition, the organization says US companies need to ensure that the price they pay for shrimp is enough for Indian exporters to treat workers equitably. And, they say, both the Indian and US governments need to enforce existing laws.

“The presence of widespread labor abuses and environmental destruction in the Indian shrimp sector is undeniable,” said Allie Brudney, a CAL senior staff attorney. “US restaurants and grocery stores need to purge these unethical practices from their supply chains.”

Ecologist Marla Valentine, who heads non-profit Oceana’s illegal fishing and transparency campaign, said consumers can help.

“You can use your dollar to make a difference,” she said. “When this isn’t a lucrative business anymore, it will stop.”

It has worked in the past, she said.

“Thailand has been called out for labor abuses many times, particularly regarding shrimp, and we are seeing the seafood industry and the Thai government really try to make some of those changes,” she said. “They are answering the market power, so it shows that change can happen.”

Mendoza reported from San Francisco and Boston. Kumar and Nagpal reported from Kakinada, India.

A WORKER peels shrimp in a tin-roofed processing shed in the hamlet of Tallarevu, in Kakinada district, in the Indian state of Andhra Pradesh on February 11, 2024. Dr. Sushmitha Meda, a dermatologist at a nearby government hospital in the city of Kakinada, said she treats four to five shrimp peelers every day for frostbite and infection. It’s a preventable problem, she said. Cotton gloves covered with latex gloves can protect peelers’ hands, but few can afford a $3 box of gloves. AP/MAHESH KUMAR A.

Marcial on Paris Olympics plan:

EBy Josef T. Ramos

UMIR MARCIAL’s camp is confident they have things figured out in the bid for Olympic gold.

It’s all a matter of Marcial mastering the most fundamental weapon in boxing.

“Eumir has the power already, he got boxing skills and footwork plus speed, but he really needs to develop his jabs heading into the Olympics,” DJ Zamora said. “If he develops his jabs, he’ll be absolutely a complete fighter not only known for his power but also in overall skills.”

Marcial, bronze medalist in the Tokyo Olympics three years ago, says he understands the game plan for the Paris Games set July 26 to Aug. 11.

“Coach Kay [Koroma] has emphasized that I have to focus on developing and throwing a lot of jabs now that I’ll be fighting in the Olympics for the second time,” Marcial said.

“It’s not necessary to knock out my opponent most of the time but I must learn how to fight defensively too or to counter,” he added. “Because jab can give you a win in boxing. So I have to sharpen it during my training for the Olympics.”

Marcial, undefeated in five pro fights with three knockouts,

will return to the US next month for a five-month training under USA Boxing coach Koroma and Filipino assistant DJ Zamora. The 28-year-old Marcial tries to top a field of 17 fighters in the light heavyweight division headed by Cuba’s back-to-back Olympics gold medalist Arlen Lopez and Brazil’s Wanderley Pereira. They took the top two spots in the 2023 Pan American Games. Nurbek Oralbay of Kazakhstan, gold medalist in the 2018 World Youth Championships, is also in the field along with Turkey’s Kaan Aykutsun, Uzbekistan’s Turabek Khabibullaev, Pylyp Akilov of Hungary, who through the first world Olympic qualification in Bustos, Italy recently.

Others seeing action are 2023 European games qualifiers Salvatore Cavallaro of Italy, Oleksandr Khyzhniak of Ukraine, Croatia’s Gabrijel Veocic and Azerbaijan’s Murad Allahverdiyev, as well as Egypt’s Abdelrahman Oraby, Callum Peters of Australia and China’s Toqtarbek Tanatqan. Marcial is coming off an impressive fourth-round knockout win against Thailand’s Thoedsak Sinam in his homecoming light heavyweight bout on Saturday at the Ninoy Aquino Stadium.

Editor: Jun Lomibao

Creamline braces for tough fight vs Cignal in ‘cuaresma’ showdown

CREAMLINE braces for another tough challenge from Cignal at the resumption of the Premier Volleyball League All-Filipino Conference at the PhilSports Arena in Pasig City on Tuesday.

Expect an intense battle in the Holy Tuesday clash between powerhouse teams as they enter the crucial phase of the single-round preliminaries where every match is important.

At 5-1 won-lost, Creamline is tied with Choco Mucho and PLDT at the top with the Cool Smashers targeting the solo spot with a victory over the HD Spikers.

But Cignal, alone at fourth with a 4-1 card, is also out to score another win and force a three-way tie at the helm.

The highly anticipated main game at 6 p.m. promises an exciting showdown, despite the solemnity of the Holy Week, as fans brace for a noholds-barred contest between two of the league’s strongest clubs. The two other matches are also expected to be thrilling with Petro Gazz facing Capital1 at 2 p.m. with the Angels hoping to bounce back from a recent defeat.

Chery Tiggo and Nxled, meanwhile, try to solidify their positions as they tangle in the 4 p.m. game.

While the Crossovers are riding a winning momentum, the Chameleons are eager to make a statement after a challenging start to the season.

But Nxled coach Takayuki Minowa expects his wards to put up a strong performance with Ivy Lacsina also out to bounce back from a two-point showing in the Chameleons’ three-set loss to sister team Akari Chargers last week.

Still, focus will be on the CreamlineCignal encounter with both teams coming off shutout victories following similar 0-3 defeats.

The Cool Smashers, whose stirring 19-game roll, including the 15 matches they swept on their way to the Second All-Filipino Conference crown last year, was snapped by the Crossovers last March 16, will again be led by Tots Carlos, Jema Galanza, Alyssa Valdez, Michele Gumabao, Bernadette Pons and Pangs Panaga.

But the HD Spikers also boast of a robust roster, featuring Vanie Gandler, Ces Molina, Riri Meneses, Jovelyn Gonzaga, Roselyn Doria and Chin Basas.

Young

INNEAPOLIS—All

MSteph Curry could do was watch from the Golden State bench during a takeover led by Minnesota’s subs early in the fourth quarter.

The Warriors have slipped into a precarious position for the postseason and they’re having a hard time finding their footing in this unfamiliar spot.

Starting a five-games-in-eightdays trip, coach Steve Kerr exercised caution with his 10-time All-Star point guard by extending the 36-year-old’s rest period well into the fourth quarter.

The Timberwolves, coincidentally or not, had a plus-12 advantage during his last absence of the game on Sunday.

By the time Curry checked back in with 6:54 to go, the Warriors trailed by eight points and they fell, 114-110, to the Wolves, their sixth loss in their last nine games.

In a 12-point loss at home to Indiana on Friday, Curry played 35 minutes.

“We’ve got great players out there, so we can’t expect to just ride Steph game after game after game. These

last few weeks have been really tough on him. We’ve put the burden of this franchise on his shoulders for 15 years. We can’t expect him to play 35 minutes,” Kerr said. “If you want to say that him playing 30 minutes instead of 32 is the difference in a win and a loss, I totally disagree with that. We’re trying to win the game. We’re trying to keep him fresh too.”

Curry acknowledged some mild surprise by his slightly extended stay on the bench, but he also seemed to realize the bigger picture Kerr was alluding to.

“I played the whole fourth quarter against Indiana—that didn’t work out. This didn’t work out. So we’ve got to find somewhere in the middle,” Curry said with a slight smile.

The Warriors (36-34) are just one game ahead of surging Houston for 10th place in the Western Conference and a spot in the play-in tournament. “The situation will define itself pretty clearly, and it is kind of in real time,” Curry said. “Every game matters. We’re inching closer to the other end of the standings that we never thought we’d be in, so nobody’s going to wave the white flag and say you’re mailing it in. If that means playing more minutes, then I’ll be

ready to do that.”

This has been a trying season on and off the court for the Warriors, who dealt with two suspensions for sparkplug Draymond Green and then the sudden death of assistant coach Dejan Milojević. They seem awfully far away from their fourth National Basketball Association (NBA) title in eight years that they won in 2022.

“In order to win you have to build good habits,” Green said. “I don’t think we have great habits.”

Utah guard Kris Dunn, meanwhile, was suspended two games and Houston’s Jabari Smith Jr. was banned a game Sunday by the NBA after their fight a night earlier. The two were away from the ball when they began grabbing and shoving each other Saturday with 11:55 remaining in the second quarter of the Rockets’ 147-119 victory in Houston.

The NBA penalized Dunn for initiating the altercation and throwing a punch in giving him the lengthier punishment. Dunn will sit out a home game Monday against Dallas and Wednesday against San Antonio. Smith will miss Houston’s home game against Portland on Monday. AP

Rombawa, Diaz triumph big time in Escudero tilt

ALJHON ROMBAWA  was unstoppable force at home in winning two boys’ titles while Bacoor’s Jana Diaz dominated the girls’ division in the Don Arsenio Escudero, Sr. National Juniors Tennis Championships at the Aera Tennis Club in San Pablo City over the weekend.

Rombawa fashioned out contrasting wins in the Group 2 tournament presented by Dunlop— he outsteadied Rafa Monte de Ramos, 4-6, 6-4, 12-10, in the 14-and-under finals and overwhelmed last week’s two-division winner, France Dilao, 6-3, 6-1, to top the premier class.

Diaz also delivered an outstanding performance by drubbing Joy Ansay, 6-1, 6-1, in the 16-andunder final and crushed doubles partner Chloe Mercado, 6-3, 6-1, for the 18-and-under trophy to share MVP honors with Rombawa in the tournament aimed at discovering and nurturing talents from across the countryside.

The circuit will resume April 4 to 8 for the Mayor Rolen

Top-seeded

Paulino Jr. Cup, a Group I event at the Olongapo Tennis Club—for details, contact event organizer Bobby Mangunay at 0915-4046464. The other winners in the event— part of the nationwide circuit sponsored by Palawan Pawnshop president and CEO Bobby Castro and sanctioned by the Philippine Tennis Association, Palawan Pawnshop NTC and the Universal Tennis Ranking and supported by Slazenger—were Ariel Bais City’s Cabaral, Quezon Citrys’ Marcus Go, Muntinlupa City’s Ave Maria Policarpio and General Trias’s Ella Paglalunan and Raven Licayan.

Cabaral routed France Dilao, 6-3, 6-1, for the boys’ 18-and-under

championship; Go routed sibling Mattias Go, 6-0, 6-2, in the boys’ 12-and-under final; Policarpio foiled Paglalunan, 6-3, 6-3, for the girls’ 14-and-under crown; Paglalunan upset Lilith Rufino, 6-2, 6-3, in the girls’ 12-and-under final; and Licayan held off Jacob Dizon, 5-3, 4-2, to claim the 10-and-under unisex trophy.

In doubles, the Diaz-Mercado pair smothered the Rocel Ravino-Cristella Llamera tandem, 8-0; while Rombawa and Jeff Jimenez clobbered Ariel Cabaral and Al Licayan, 8-2, for the 18-and-under titles. Ave Maria Policarpio and Stella Maris Policarpio pocketed the girls’ 14-and-under crown with an 8-4 victory over Dania Bulanadi and Vania Parawan, while Nicholas Andal and de Ramos won the boys’ plum with an 8-1 romp over Jan Cuenza and Bien Tulop.

Licayan and Terrence Batallones bagged the 10-and-under unisex crown with an 8-6 victory over Dizon and Maximus Calingasan.

JANA DIAZ (second from left) and Aljhon Rombawa hold their trophies as they pose with (from left) Aera Tennis Club’s Neil Calaca and Ares Escudero.

Buhain backs women in sports

ERIC BUHAIN—the former swimming champion now a legislator from Batangas—expressed full support to a proposed House bill that recognizes women in sports and aims for the establishment of sports facilities for the country’s extensive grassroots sports development program.

“It’s interesting because, as a former athlete, I feel these measures would give every Filipino athlete importance,” said the former Olympian who represents Batangas’s First District and vice chairs the House Youth and Sports Committee.

A Philippine Sports Hall-of-Famer,

Buhain asserted that it is an honor to give importance and recognition to outstanding Filipino athletes like him who aspired

Passing mark for pro tennis anew in 2023

LONDON—The number of suspicious tennis matches around the world went down for the second consecutive year, and there were none at any of the four Grand Slam tournaments in 2023, according to an annual review by the International Tennis Integrity Agency (ITIA) released Friday.

The ITIA received 101 match alerts—which aren’t proof of matchfixing but an indication “something inappropriate may have occurred,” the agency said—in 2023, down from 109 in 2022 and 113 in 2021.

In addition to no such alerts at the Australian Open, French Open, Wimbledon or the US Open, the ITIA reported none from any 500- or 1000-level events on the Women’s Tennis Association or Association of Tennis Professionals tours.

There were 41 people sanctioned in 2023 under the Tennis Anti-Corruption Program, including nine who received lifetime bans from the sport, the ITIA said.

At least 16 of those punished last year, four of whom were suspended for life, were investigated in connection with a match-fixing syndicate in Belgium. They were linked to the criminal case of Grigor Sargsyan, the leader of the syndicate.

Jennie Price, chair of the Tennis Integrity Supervisory Board, called that “the most complex corruption case tennis has ever encountered” in Friday’s review from the ITIA.

A total of more than 7,200 doping tests were administered in tennis last season, including in- and out-of-competition and blood or urine. Thirteen people were sanctioned last year, although not all were because of tests that took place in 2023.

The most prominent names on the ITIA’s list of those sanctions were two-time Grand Slam champion Simona Halep, for a positive test later determined to have been caused by a tainted supplement, and Jenson Brooksby, for missing drug tests. Both had their original penalties reduced. AP

THE number of suspicious tennis matches decreased in 2023 and there were none at Grand Slam tournaments. AP

EUMIR FELIX MARCIAL: I’ll bring all the jabs I can pack to Paris. COURTESY WENDELL ALINEA

STEPHEN CURRY and the Golden State Warriors are in danger of missing the play-in.