BusinessMirror March 05, 2024

South

WAYNE

THE Manila-based multilateral development bank, the Asian Development Bank (ADB), is keen to extend more support to the country’s telecom tower sector to address the infrastructure gap.

In an email to BusinessMirror

ADB Senior Investment Specialist

Aditi Bhattacharya said the country needs to have at least 60,000 more towers by 2031 to boost coverage in underserved areas.

With this, ADB and Security Bank Corporation will be cofinancing a P4.8-billion loan for iSON Tower Limited Inc. to construction, development, and operation of 800 shared telecommunication towers in underserved communities nationwide.

“Given the critical infrastructure gap, ADB is very keen to expand its support in the telecom tower sector. Subject to satisfactory completion of due diligence, ADB can consider providing financing to other tower companies that meet its internal criteria, including policy, credit, environmental and social safeguards compliance, and integrity requirements,” Bhattacharya told this newspaper. The 12-year cofinancing package will be led by

PRESIDENT Ferdinand R. Marcos, Jr. on Monday said he wants

initiatives.

In his speech during the Philippine Business Forum (PBF) organized by the Department of Trade and Industry (DTI) in Melbourne, the chief executive stressed the importance of reforms to accommodate the needs of foreign investors as they diversify their supply chains following the pandemic, and in response to ongoing “global challenges,” including climate change.

“The urgent need to diversify production locations and explore alternative materials to de-risk and minimize disruptions in supply chains has become self-evident,” Marcos said.

“Moreover, the transition to a low-carbon or net-zero

has further propelled the de-risking trend,” he added.

Marcos is in Melbourne to participate in the 2024 Association of Southeast Asian Nations (Asean)Australia Special Summit.

Legislative reforms

THE President said Congress is updating economic-related legislation to make the Philippines a top investment destination for countries, which are making the said transition.

Women enjoy less than 2/3 of men’s rights

By Cai U. Ordinario @caiordinario

WOMEN in the Philippines and in many parts of the world are not given equal work opportunities and remain far less protected from violence in the workplace, according to the World Bank. Based on the latest Women, Business, and the Law (WBL) report, the World Bank said women

enjoyed fewer than two-thirds of men’s rights, even in affluent countries. The situation of women in the workplace is worse when it comes to safety from violence and access to childcare services, the World Bank said. “When those measures are included, women on average enjoy just 64 percent of the legal protections that men do—far fewer than the previous esti -

mate of 77 percent,” the World Bank said.

Based on the data, the Philippines scored 78.8 under the initial methodology developed for the WBL. However, with the addition of safety from violence and access to childcare services, the score declines to 70.

The report now goes beyond laws and includes supportive frameworks such as processes and experts’ opinions on the law in prac -

tice or outcomes. The country’s score in the WBL declines to 54.2 when processes are taken into consideration and a score of 58.8 when outcomes are considered.

“Women have the power to turbocharge the sputtering global economy,” said Indermit Gill, Chief Economist of the World Bank Group and Senior Vice President for Development Economics.

lives of the least in society and in recognizing the best in the Filipino.”

scenario

REGIONAL DIPLOMACY Philippine Secretary of Foreign Affairs Enrique A. Manalo is welcomed by Australian Foreign Minister Penny Wong to a forum on maritime cooperation during the Asean Special Summit in Melbourne. Manalo emphasized, “The shared stewardship of the seas and oceans in the region behooves us to unite in preserving the primacy of international law.” Against the backdrop of escalating tensions in the

China Sea, he urges regional solidarity and underscores the need to ensure equitable solutions for all nations involved.

TAYLOR, ASEAN/AUSTRALIAN GOVERNMENT VIA AP

ALIW Broadcasting Corp., represented by Chairman D. Edgard A. Cabangon (third from left), joined by Sharon Tan (second from left), receives the Partners in Empowerment, Advocacy, and Commitment to Excellence (PEACE) award from Metrobank Foundation

Executive Vice President Philip Francisco Dy (second from right) and Metrobank Foundation President Aniceto Sobrepeña (most right), with GT Capital Holdings Chairman Francisco Sebastian (most left).

Australia biz forum nets PHL $1.53B worth of investments

By Andrea E. San Juan @andreasanjuan

THE Philippines secured $1.53 billion or P86 billion worth of investments from 12 business deals signed with Australia during a business forum on the sidelines of the Asean-Australia Special Summit held in Melbourne on Monday.

According to a statement released by the Presidential Communications Office (PCO), President Ferdinand R. Marcos Jr. bagged 12 business deals comprising 10 memoranda of understanding (MOUs) between Filipino and Australian business leaders and two letters of intent (LOIs) from Australian business leaders who intend to invest in the Philippines.

Among the MOUs are the development, design, construction, commissioning and funding of a Tier-3 Data Center with a capacity of 30MW-40MW in the Poro Point Freeport Zone with a land area of approximately 16 hectares; and Expansion of Next-Generation Battery Manufacturing in the Philippines.

An MOU also entails the deployment of decarbonization solutions comprising orchestration of renewable energy, storage, and e-mobility to New Clark City Stadium and other Bases Conversion and Development Authority (BCDA) sites

to reduce energy costs, reliance on grid power, improve sustainability and achieve progress on decarbonization journey, the Palace noted. A Collaborative Partnership on the Development of an Electric Transportation Framework throughout the properties associated with BCDA in the Philippines

MOU was also signed, along with the Pambansang Pabahay para sa Pilipino (4PH)/ Countryside Housing Initiatives (CHI) though the Department of Human Settlements and Urban Development (DHSUD).

Another deal sets up collection centers and a recycling facility for plastic waste in the Philippines using innovative organic recycling, synthesis of biomass and carbon utilization and material synthesis technologies from an Australian university and exports/distribution of the resulting transparent sustainable material for Australian food and beverage companies, the Palace said.

Another MOU covers the manufacturing of portable, affordable, and accessible Automated External Defibrillator (AED) solutions and Distribution of portable, affordable, and accessible Automated External Defibrillator (AED) solutions.

Meanwhile, Malacañang said the National Development Company (NDC), the Philippine’s leading state-owned enterprise investing in diverse industries, will partner with an Australian company through an MOU for the transfer of its waste-to-energy technology to the Philippines that converts biowaste to green fuel.

“The NDC aims to establish a globally recognized institute in the Philippines that would be called Southeast Asia Biosecurity Institute [SABI], focused on developing more biosecurity robust supply chains across Southeast Asia that will deliver significant economic, environmental and social benefits for the region,” the PCO statement noted.

The PCO said an LOI was sent for the Biomass Fueled (Thorium Pellets) Simple-high-Temperature Gas-cooled Power Plant (STGRY20 V) with a 40MW base load power to deliver a safe, sustainable, affordable, CO2 neutral, green base-load energy in the Philippines.

Another LOI is for the development of digital health services, with a particular focus on Artificial Intelligence and Machine Learning to improve healthcare availability in the Philippines, an expansion of

the company’s current Philippine operations providing telemedicine services to millions. This has a particular focus on tuberculosis and other respiratory illnesses.

Trade and Industry Secretary Alfredo E. Pascual said, “These agreements signify our unwavering commitment to excellence and fruitful partnerships spanning diverse sectors such as renewable energy, waste-to-energy technology, organic recycling technology, countryside housing initiatives, the establishment of data centers, manufacturing of health technology solutions, and digital health services.”

According to the Department of Trade and Industry (DTI), the bilateral trade between the Philippines and Australia breached prepandemic levels, reaching US$4.1 billion in 2023.

The Philippines recently signed “essential” policy instruments, such as the Second Protocol of the Association of Southeast Asian Nations (Asean)-Australia-New Zealand Free Trade Agreement (AANZFTA).

Apart from the two-way trade, Pascual underscored the “mutual benefits” of bilateral investment flows, with over 300 Australian firms employing 40,000 Filipino workers in various sectors.

The business forum was also attended by heads of the Department of Finance (DOF), Department of Energy (DOE), and the Philippine Economic Zone Authority (Peza).

From the private sector side, key executives from the Philippine Nickel Industry Association, Victoria International Container Terminal, and Ayala-led ACEN Corporation also presented their “keenness to capitalize on the growing economic collaboration between the Philippines and Australia during the first part of the forum’s program,” the DTI said.

Continued from A1

In 2019, the Department of Information and Communications Technology (DICT) accelerated the rollout of shared telecom towers by allowing infrastructure companies to build and manage these towers on behalf of mobile network operators.

The shared infrastructure will reduce the mobile network operators’ operational costs, allowing them to focus on providing better services to consumers.

“Expanding and enhancing telecommunications infrastructure is vital to bridge the digital divide, empower communities, and foster economic growth and development in the Philippines,” said ADB Director General for Private Sector Operations Suzanne Gaboury.

“Shared infrastructure services, like those provided by iSON Tower, will give underserved communities better access to communication, as well as to work in the digital economy, e-health services, access online education, e-government services, and to prepare for disasters.” ADB said iSON Tower is one of the independent tower companies licensed by the DICT to build and manage telecom towers.

It is a part of the iSON Group, a leading information and communication technology company and an emerging market specialist, with a presence in over 30 countries across Asia, Africa, and the Middle East.

iSON Tower is focused on providing nationwide digital shared infrastructure with a comprehensive portfolio of built-to-suit macro towers, new-gen camouflaged solutions, solar solutions, and small cells, among others.

“Ensuring reliable, quality connectivity is paramount to meeting the constantly evolving digital needs in the Philippines. As part of our dedication to bolstering telecom infrastructure across the Philippines, iSON has made significant investments since 2021,” iSON Tower Founder and Chairman Vivek Gupta said.

“And with the partnership of ADB and Security Bank Corporation, iSON is committed to strengthen the country’s telecom infrastructure landscape for 5G and beyond,” he added. Cai U. Ordinario

“Yet, all over the world, discriminatory laws and practices prevent women from working or starting businesses on an equal footing with men,” he added.

Gill said closing the gender gap could raise global gross domestic product by more than 20 percent. This means that the global growth rate will double over the next decade.

Globally, the World Bank said the report revealed a shocking implementation gap. Although laws on the books imply that women enjoy roughly two-thirds the rights of men, countries on average have established less than 40 percent of the systems needed for full implementation.

The Washington-based lender said 98 economies have enacted legislation mandating equal pay for women for work of equal value.

However, only 35 economies adopted pay-transparency measures or enforcement mechanisms to address the pay gap.

In the area of pay, women earn just 77 cents for every $1 paid to men. In 62 economies, the ages at which men and women can retire are not the same.

Women tend to live longer than men, but because they receive lower pay while they work, take time off when they have children, and retire earlier, they end up with smaller pension benefits and greater financial insecurity in old age.

The World Bank also said the world’s weakness is greatest in women’s safety—where the global

average score is just 36, meaning women enjoy barely a third of the needed legal protections against domestic violence, sexual harassment, child marriage and femicide.

While 151 economies have laws in place prohibiting sexual harassment in the workplace, only 39 economies have laws prohibiting it in public spaces preventing women from using public transportation to get to work.

Women are also facing obstacles in areas such as entrepreneurship; and only one in every five economies mandates gender-sensitive criteria for public procurement processes, meaning women are largely cut out of a $10-trillion-a-year economic opportunity.

However, the World Bank said, the Philippines is the only economy that includes gender-sensitive procurement provisions for public procurement processes.

“It is more urgent than ever to accelerate efforts to reform laws and enact public policies that empower women to work and start and grow businesses,” said Tea Trumbic, the report’s lead author.

“Today, barely half of women participate in the global workforce, compared with nearly three out of every four men. This is not just unfair—it’s wasteful. Increasing women’s economic participation is the key to amplifying their voices and shaping decisions that affect them directly. Countries simply cannot afford to sideline half of their population,” she explained.

Continued from A1

“For example, the amendments to the Public Service Act, the Foreign Investments Act, the [Retail] Trade Liberalization Act, and Renewable Energy Act, all mark a new era for strategic investments,” Marcos said.

“Coupled with streamlined business, infrastructure development, and the Comprehensive Tax Reform Program or the CREATE Act, these reforms position the Philippines as one of the fastest-growing economies in Asia,” he added.

Currently, he said Congress is already addressing the gaps and the unintended consequences of the CREATE Act on the country’s exports.

The President said laws provide business incentives such as a modified tax structure and ease of doing business.

Investment deals

MARCOS made the assurance as he urged more Australian firms to invest in the country as it positions itself to become a “regional hub for smart and sustainable manufacturing.”

“I invite esteemed Australian businesses to consider the Philippines as a reliable partner that can support your expansion and operations. Let us embark on a journey of strengthened economic ties, mutual growth, and shared success,” he said.

The country is already expanding its available renewable energy and developing its local sources for critical minerals, which are used for green technology, to make the operations of companies in the country sustainable, according to Marcos.   “The members of my econom -

The PEACE Award is presented every five years to partners who have demonstrated exceptional commitment and contributions to the foundation’s mission. This honor was conferred during the 45th Anniversary Celebration of MBFI.

“We thank the Metrobank Foundation for this recognition. Inspired by my father’s vision, we at the ALC Group are committed to improving Filipino lives, much like your foun-

ic team will provide the support needed by your businesses for investments to continuously grow and prosper. Together with you as our Strategic Partner, we can make investments happen in the Philippines,” he added.

During the PBF, the Department of Trade and Industry (DTI) announced 12 business deals worth US$1.53 billion, or P86 billion worth of investments, were signed by Philippine and Australian firms.

Automated terminal

LIKEWISE , the President said the country’s close ties with the Australian government have allowed Philippine firms such as the International Container Terminal Services Inc. (ICTSI) to invest in Australia.

ICTSI’s subsidiary, the Victoria International Container Terminal (VICT), inaugurated last Monday its fully automated container terminal.  Marcos lauded the ICTSI for this achievement, saying it proved “Filipino companies can thrive in some of the most advanced economies in the world.”

He said he expects more investment exchanges between Philippines and Australia with the signing of the comprehensive strategic partnership of both countries last year.

“Today, we inaugurated a facility, remotely, that will be here for years to come. This facility is built for the long haul, akin to the partnership of our two nations. I am confident that it will be a witness to a future to be defined by closer economic cooperation, a more dynamic and fruitful collaboration between the Philippines and Australia,” Marcos said.

dation’s goal. Through media, we aim to provide credible news and information, helping people stay informed and educated. Patuloy at palagi kaming magbabalita at maglilingkod ng tama,” Cabangon shared. Aliw Broadcasting Corporation belongs to the ALC Media Group, which includes Aliw Channel 23, DWIZ 882AM, 97.9 Home Radio FM, BusinessMirror, Philippines Graphic, Pilipino Mirror, and Cook Magazine. It was founded by the late Amb. Antonio L. Cabangon Chua and is currently chaired by D. Edgard A. Cabangon.

Editor: Vittorio V. Vitug

DFA urged to file diplomatic protest after reported ‘intrusion’ of two Chinese vessels in Benham Rise

By Jovee Marie N. Dela Cruz  @joveemarie & Rex Anthony Naval

ASENIOR lawmaker urged the Department of Foreign Affairs (DFA) to initiate a diplomatic protest against the documented appearance of two Chinese research vessels in Benham Rise or the Philippine Rise.

Expressing concern over the intrusion of Chinese survey ships into the Philippine Rise, which falls within the country’s exclusive economic zone (EEZ), Cagayan de Oro City Rep. Rufus Rodriguez emphasized the importance of consistently protesting such transgressions.

“The government should lodge a protest with Beijing every time they trespass on our territory, whether in Benham Rise or the West Philippine Sea,” he said. Rodriguez pointed out China’s evident interest in surveying the underwater Philippine Rise due to its rich marine and mineral resources.

“It seems they want to get ahead in surveying and exploring the ocean’s wealth and seabed there,” said Rodriguez.

Larger than Luzon, the Benham Rise is believed to be rich in mineral and natural gas deposits. It is also an important fishing ground for Filipinos and a marine biodiversity hotspot.

The government designated the area as a “protected food supply exclusive zone” in May 2017.

Rodriguez, a consistent critic of Chinese harassment and bullying in the West Philippine Sea, appealed to President Ferdinand R. Marcos Jr. to address Chinese intrusions both in the west and east of the Philippines with the support of the country’s allies.

He commended the President for telling the Australian parliament over the weekend that Beijing’s recent actions in the West Philippine Sea, like the deployment of Navy boats, were “worrisome.”

The President is back in Australia for the Australia-Asean summit upon the invitation of Prime Minister Anthony Albanese.

American maritime security analyst and former US Air Force official Ray Powell reported the presence of the two Chinese research ships in Benham Rise.

“As of 1 March they are loitering east of Luzon in the NE [northeast] corner of Benham [Philippine] Rise,” Powell said.

The two vessels were identified as Haiyang Dizhi Liuhao and Haiyang Dizhi Liuhao.

On Sunday, the Philippine Navy reported that the two ships had left the area but it would still conduct a verification flight.

During the Duterte administration, a Chinese research vessel, Jia Geng, intruded into the Philippine Rise at least twice.

Deep concern

SPEAKER Ferdinand Martin G. Romualdez expressed deep concern Monday over the reported presence of Chinese vessels “loitering” and conducting research activities within the Philippine Rise.

Romualdez declared that the Philippine Rise is an integral part of the nation’s territory and emphasized that any unauthorized presence or activities by foreign vessels in the area undermine the country’s sovereign rights.

“The Philippines will not compromise its territorial integrity or allow any encroachment upon its sovereign rights. Philippine Rise is unquestionably within our EZZ, and we will assert our authority to safeguard our maritime

domain,” Romualdez said.

“The Philippine Rise is a vital marine resource rich in biodiversity and potential for scientific research, as well as economic opportunities for our country. We must protect and harness its full potential for the benefit of the Filipino people,” the Speaker added.

Addressing the issue of Chinese vessels conducting research activities in the Philippine Rise without proper authorization, Romualdez emphasized the need for transparency and adherence to international laws and protocols.

“We call on all nations to respect the rights of coastal states, uphold the principles of international law, and refrain from any activities that undermine regional stability and maritime security,” he stressed.

He also expressed his confidence in the Philippine government’s commitment to safeguarding the country’s interests and ensuring the rule of law in the region.

Romualdez also reaffirmed the country’s unwavering commitment to safeguarding its territorial integrity and protecting its sovereign rights in the face of any unauthorized activities by foreign vessels within its EZZ.

“The Philippines will not back down or yield an inch of its territory. We will continue to assert our rights over the Philippine Rise and any other maritime areas that belong to us under international law,” said Romualdez.

PCG deploys BRP Gabriela Silang for Batanes, Benham Rise patrols

THE Philippine Coast Guard (PCG) deployed its offshore patrol vessel, the BRP Gabriela Silang (OPV-831), for a two-week mission to Batanes and Benham Rise starting Monday.

PCG spokesperson, Rear Admiral Armando Balilo, said the ship would patrol the vicinity waters to conduct maritime domain awareness, intensify Coast Guard presence in Northern Luzon, and monitor local fishermen.

He added that this order came directly from PCG commandant Admiral Ronnie Gil L. Gavan.

Aside from this, the BRP Gabriela Silang will also look for the reported Chinese research vessels in Benham Rise.

“We will also check the reported Chinese research vessels in Benham Rise,” Balilo said.

He added that air assets of the Coast Guard Aviation Force are on standby for possible augmentation, specifically in performing aerial surveillance.

A maritime air patrol flown by a C-295 aircraft of the Philippine Air Force (PAF) over Northern Luzon last February 24 did not reveal any sightings of intruding vessels.

“Executing the mission with a C-295 aircraft, the PAF covered key areas, including Itbayat, Sabtang, and Babuyan Islands. No significant activities or sightings were reported during the monitoring of these areas,” PAF spokesperson Col. Ma. Consuelo Castillo said in a statement.

The patrol was done in support of the Northern Luzon Command’s maritime air patrol operations in its area of jurisdiction, she added.

They’re gone?

IN a related development, a Philippine Navy (PN) official reported Monday that Chinese research vessels earlier spotted in Benham Rise have already left the country’s maritime territory as of Sunday.

In a radio broadcast interview, PN spokesperson for the West Philippine

Sea Commodore Roy Vincent Trinidad said that these ships as of Sunday morning were 800 nautical miles east of Casiguran, Aurora.

And based on their tracking, the Chinese research vessels, which left Guangzhou on February 26 were on track headed for the “southeast portion of the Pacific Ocean.”

Trinidad said there was no deviation from this track and this is why the Chinese ships were already out of the Philippine exclusive economic zone.

Earlier reports said the ships were spotted in the northeast portion of Benham Rise.

Also, Trinidad said the public has nothing to worry about as they were able to track the ships.

And under the United Nations Convention on the Law of the Sea, all ships can pass through other countries’ waters under the concept of freedom of navigation.

House committee to summon all police regional directors over illegal gambling

THE House Committee on Public Order and Safety will summon all regional directors of the Philippine National Police (PNP) for an explanation related to the reported proliferation of illicit gambling activities within their respective jurisdictions.

This after House Deputy Majority Leader Erwin Tulfo made this proposition during Monday’s hearing on House Resolution 1549, which addresses the ongoing illegal gambling operations in Cavite, Laguna, Batangas, Rizal, and Quezon.

The committee, chaired by Rep. Dan Fernandez of Sta. Rosa, Laguna, was originally focused on investigating the

situation in Calabarzon. “We’re talking about illegal gambling, Mr. Chair. I suggest that we call all…the regional [PNP] directors because gambling is too proliferated in the country,” Tulfo said. Fernandez agreed to Tulfo’s suggestion, acknowledging the need to compare the situation in Calabarzon with other regions despite the initial focus of their legislative inquiry. “We have to compare what is happening in Region 4A [Calabarzon] and what is happening in different parts of this country. For that, we will be allowing your motion that we need to invite all the regional directors, but insofar as the resolution that I

filed is concerned,” Fernandez said.

Tulfo emphasized that the involvement of local officials, including politicians, poses a significant challenge in combating illegal gambling.

“No matter how much we discuss this here, if it doesn’t stop, nothing will happen. Congress and the Senate have been investigating illegal gambling since I was young, but nothing has changed. We must take action because gambling has become severe,” he said.

Tulfo added that political will is very important in solving the problem of illegal gambling.

“If you really don’t want it, then it won’t happen if you are a mayor,”

Tulfo pointed out.   “I haven’t been a mayor or governor, but I was in the media before, and I know what’s going on. If you are a governor or a mayor, you are the father of the province or the father of the city. If you said no, then it is a no,” he said.  Moreover, Iligan Rep. Celso Regencia, a three-term Iligan City mayor, echoed Tulfo’s sentiments, emphasizing the pivotal role of local leaders in curbing illegal gambling. Regencia stressed the need for synchronization between the actions of the local government and law enforcement to effectively address this persistent problem.

Jovee Marie N. Dela Cruz

Service charge must not be used as ‘reward’ to keep good hotel staff–DOLE

Continued from A18

On February 19, the date of effectivity of DOLE’s order, I’M Hotel said on its Facebook page, “We’re thrilled to announce that we have been implementing a “no service charge” policy across all our establishments and outlets. This is our unwavering commitment to providing you with warm hospitality and top-notch service without any additional charges.” This prompted one netizen, Christ Gaudiano, to comment, “the new policy of not collecting service charges is anti-labor,” after citing the expanded coverage of the Service Charge Law. Industry sources also intimated that for hotels which have removed their service

charge, their workaround involves the raising of their room rates or food and beverage prices in the amount the SC would have cost. The technically exempts the establishments from paying out benefits to casual and contractual employees, while still being able to reward their regular employees and managers from the higher revenues earned by the establishments.

Laguesma acknowledged that raising room rates or F&B prices in lieu of levying a service charge “is a business decision as this can affect patronage. But once they collect in the form of SC, the law requires the distribution of what was collected from the customers to their covered employees. Thus, if it’s SC that are collected and being

charged to the customers, the distribution becomes legally due. It is not an added cost to employers as the source are the hotel customers.”

Spirit of the law

HE added, the agency “is always open to listen to concerns and recommendations of all its stakeholders and constituencies,” and stressed that the revised implementing rules and regulations on the Service Charge Law “was a product of tripartite consultations, where the representatives of both labor and employers groups of the industry were part of those consulted.” He noted that Philippine Hotel Owners Association (PHOA) Executive Director Benito C. Bengzon Jr. took part in

Of bed bugs, roaches, rat: MIAA moves to rid Naia terminals of household pests

By Nonie Reyes

MANILA International Airport Authority (MIAA)

General Manager Eric Ines is not happy with the way the pest control providers and housekeepers do their jobs at the Ninoy Aquino International Airport (Naia) Terminals and he is even considering revoking their contracts.

During radio interview Monday morning, Ines said he met pest control providers and housekeeping after two separate incidents of bed bugs issues and crawling rat at Naia Terminals 2 and 3 as posted by travelers in social media.  Ines admitted there were also lapses on the part of the private concessions to clean and maintain the four terminal facilities properly.

“I saw the contracts and the terms of reference [TOR], it shows they only have eight [8] personnel [pest control] handling every terminal. So, what I am saying is this is not enough. If only we could change this,” said Ines in the radio interview.

“We are currently summarizing our demands,” he added.    He said the TOR was not from MIAA but from a private agency.

The airport management is also set to prohibit passengers from putting bags or luggage on the fourseater gang-chair at the airport.

“We don’t have to penalize the

passengers but we will strictly monitor it,” said Ines. On Monday, Ines presided over two meetings with the pest control and housekeeping units at his office.

MIAA Head Executive Assistant

Chris Noel Bendijo said earlier that Ines had ordered a review of the contracts to identify any lapses.

The food concessionaires were also reminded to maintain cleanliness and hygiene in their premises to avoid such incidents in the future.

A number of air travelers took to social media to complain about being bitten by bed bugs on the benches in the departure area of Naia Terminal 2. A few days later, another incident was reported, where passengers spotted a rat in Terminal 3. Bendijo said replacing the service provider, however, might not be a simple task since it requires a bidding process like other government procurements.

“We understand [what] the requirements are being a government entity, so it’s not going to be as simple as is to change the service provider. What we can assure you is that by Monday, we will revisit our cleaning process. What might happen is that just for the sake of compliance, what is provided may be topical. We will look at their track record to see if there were any lapses and act on their commitment moving forward,” he said.

Recto pitches PHL’s trade, biz opportunities to Aussies

Continued from A18

The amendments to the Retail Trade Liberalization Act have lowered the minimum paid-up capital requirement for foreign corporations from USD2.5 million to about USD500 thousand and streamlined the qualification requirements for foreign retailers.

The Public Service Act allows 100-percent foreign ownership in public services following its amendment, added Recto.

Moreover, the changes to the Foreign Investments Act improve the Philippines’ openness to foreign direct investments (FDIs) and liberalize the practice of professions.

To unlock the floodgate for more partnerships in clean energy investments, the Philippines is also now open to full foreign ownership of renewable energy projects.

The country’s fiscal incentives system is being refined under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) to further tailor-fit incentives and attract international enterprises to invest in strategically important projects.

“All these complement the investment and capital market reforms we are pursuing to align all of our initiatives with the best practices of major Asian peers,” Recto said.

the consultation process. “During the meeting of the National Tripartite Industrial Peace Council—a body composed of representatives from the labor and employer sectors—last December, [Bengzon] even manifested the association’s conformity to the report and recommendations of the Technical Working Group established to review the then existing IRRs. Let me stress that DOLE always values comments and suggestions from our labor and employer sectors before coming out with any issuance that might affect any of the sectors. The revisions adopted were in conformity and align with the intent and spirit of the law on service charge enacted last 2019,” said Laguesma.

The Finance chief further emphasized the Philippines’ “very young and very well-educated population,” which he said is a critical yet overlooked factor that gives them confidence in the economy’s longterm outlook.

“Our young, tech-savvy, Englishspeaking workforce complements Australia’s forward-thinking businesses and highly skilled labor force. This sweet spot provides an opportunity for the Philippines and Australia to become demographic partners,” Recto noted.

In 2023, Australia was the Philippines’ thirteenth biggest trading partner with total trade valued at USD4.1 billion, 20.6 percent higher than in 2022.

Australia also stands as the country’s 16th largest contributor of net FDIs, totaling USD5.7 million for the first 11 months of 2023.

The country also hosts more than 250 Australian companies across various sectors with over 44,000 Filipino employees.

The business forum was organized by the Department of Trade and Industry (DTI) in partnership with the Australia-Philippine Business Council (APBC), the Philippines-Australia Business Council (PABC) and the Australia-New Zealand Business Chamber (Anzcham).

Comelec: SC best arbiter of synchronized plebiscite

Continued from A18

“Majority of the justices of the SC said that the law was unconstitutional because in deciding amendatory proposals, the people must be free from consideration of extraneous matters, such as the choice of (elective) national and local officials,” Macalintal said. Full text of Macalintal’s position in Op-Ed, page A17. No less than Comelec Chairman George M. Garcia aired the same

position last month. However, despite the chairman’s remark, President Ferdinand R. Marcos, Jr. said they are still studying the possibility of a synchronized plebiscite and 2025 NLE since it will help the government save P13 billion. Comelec said it will follow the decision of the Congress, sitting as a Constitutional Assembly, when the plebiscite will be held. Samuel P. Medenilla

Economy

PHL and Cambodia agree to explore rice supply cooperation, trade, tourism tie-ups

PBy Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand R. Marcos Jr. on Monday said the country is still “exploring” the possibility of signing a new rice supply agreement and a tourism tie up with Cambodia.

Malacañang said the President raised the said matters during the recent bilateral talks with Cambodian Prime Minister Hun Manet on the sidelines of the 50th Asean-Australia Special Summit in Melbourne, Australia.

Rice stockpile

THE Palace noted Marcos wants to build up the country’s rice stockpile to secure local food supply during El Niño, which is expected to last until the second quarter of the year.

“We really need to look back and engage in terms of trade in agriculture, rice specifically. When I visited you in Cambodia

last time, that subject that we were talking about. We were preparing for this drought. It’s now happening,” Marcos told Prime Minister Hun Manet.

“We really should look into it. Something that is necessary now. That’s the lesson learned from the pandemic. We really have to be flexible in looking at our suppliers,” he added.

Marcos already requested the Cambodian government last September to ease the terms and conditions for Philippine firms in importing rice from Khmer suppliers.

He pointed out the country still needs to rely on rice imports despite improvements in its local production of the food staple.

During the weekend, the Department of Agriculture (DA) disclosed the country has sufficient rice supply for now with the arrival of 600,000 metric tons of imported rice in the last two months.

Improved connectivity BOTH leaders also discussed improving the Philippine-Cambodia air connectivity and improving trade between the two countries.

Hun said there are currently five flights from Cambodia to the Ninoy Aquino International Airport (Naia). He wants to have more available flights from Cambodia airports to other Philippine destinations like Cebu.

He is banking on the increased connectivity to increase the number of travellers as well as trade and investment between the two countries.

“I’m very much open to that. We will try to see, when I get back, which regional airports are ready to take international tourists and visitors. And I will be glad if we could increase the volume of exchange…tourism, travellers, and even business,” Marcos said.

They also tackled the issues on

Go extends assistance to Paete, Laguna indigents, pushes for support to MSMEs

SENATOR Christopher “Bong” Go’s Malaskit Team delivered relief items to Paete, Laguna, on Friday, March 1, to support its indigents. In a message, Go, an adopted son of Calabarzon, reiterated his support for Paete, known as the “Carving Capital of the Philippines,” and its local government led by Mayor Ronald Cosico.  Go highlighted the town’s significant attraction to tourists. He emphasized the importance of supporting such cultural and artistic hubs, which preserve Filipino heritage and contribute to the

local economy through tourism. Go has actively advocated for government support for local businesses, particularly micro, small, and medium enterprises (MSMEs). As one of the authors and co-sponsors of Republic Act 11960, or the One Town, One Product (OTOP) Philippines Act, he is pushing for enhanced programs to bolster local economies.

The OTOP Philippines Program is designed as a governmental stimulus to encourage the growth of MSMEs across the nation, emphasizing utilizing local resources and preserving

cultural heritage.

Bilang ‘Carving Capital of the Philippines,’ ang Paete ay may malaking potensyal hindi lamang sa turismo kundi pati na rin sa pagpapalago ng ating kultura at sining. Kaya naman tutulong ako sa inyo sa abot ng aking makakaya upang mapalago pa lalo ito,” he said.

The Malasakit Team delivered shirts for 100 residents and balls for basketball and volleyball to select recipients. The beneficiaries also received financial assistance from the government during the relief activity held at Agarao Gymnasium

improving ease of doing business as well as strengthening defense ties to address mutual security concerns.

Double taxation

WITH the expected increased trade between Philippines and Cambodia, Marcos said he wants the issue of double taxation to be finally “sorted out.”

“I just wanted to assure you that we have gone through this process with other countries before, especially around Asia. And I’m pretty confident that we’ll find a good solution,” Marcos said.

The country initiated its negotiation for a double taxation agreement with Cambodia in 2018.

The agreement aims to ensure residents of one country receiving income in another contracting state, or vice versa, will not be taxed twice for the same income, property or investment. It also contains provisions on tax relief.

in Barangay Quinale.  Go, as chairman of the Senate Committee on Health and Demography, spoke about his ongoing health initiatives to ensure accessible healthcare for all Filipinos.

Through the Malasakit Centers program initiated in 2018, Go remains focused on streamlining medical assistance to particularly poor patients nationwide.

These 159 Malasakit Centers, including those at Laguna Medical Center in Sta. Cruz and San Pablo City General Hospital have been instrumental in breaking down barriers to health-care access, ensuring that Filipinos can avail of medical services without excessive costs. According to the Department of Health, the program has helped approximately 10 million Filipinos.

Oil firms hike gas at the pump, roll back diesel, kerosene prices

OIL firms are implementing a mixed movement in pump prices starting Tuesday morning.

In separate advisories, oil companies said Monday they will hike gasoline products by P0.50 per liter, but will reduce diesel and

kerosene by P0.40 per liter and P0.35 per liter, respectively. Last week, oil companies implemented a per liter decrease in the price of gasoline, diesel, and kerosene by P0.70, P0.95 and P1.10, respectively. The year-to-date

adjustment of gasoline, diesel and kerosene stood at a net increase of P5.45/liter, P4.45/ liter and P0.40/liter, respectively. Oil firms adjust pump prices every week to reflect movements in the world oil market.

The local oil industry uses Mean of Platts

Singapore (MOPS), which is the daily average of all trading transactions between buyer and seller of petroleum products as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.

Lenie Lectura

Time management important!

By Henry J. Schumacher

ATOPIC that comes back often in conversations is time management.

How do I write this newsletter every week, while managing a business, doing market research, and communicating with business partners? Do I still have time to hang out with my friends and family? Can I share any tips around time management?

Taking control of your schedule

EXCEPT if we end up inventing time travel, we need to accept the fact that there are only 24 hours in a day. In order to achieve our goals, we need to be smart about how we allocate our time to different tasks and activities. What is urgent is often different from what is truly important. Shortterm and long-term goals do not always align. What’s expected from you and what you actually want to do are not always the same. So how do you manage your time so you can achieve what matters to you while attending to your responsibilities?

I follow three simple principles:

1 Make time for the things that matter, and not the other way around I always take a few minutes at the beginning of the week to ensure I have time for the few key goals I’m working towards. So I block time for these things.

2 Become comfortable saying “no” or “let’s do this in a few weeks .” If something is neither important, nor urgent, nor authentically aligned with what currently feels most alive, I either say no or I ask if it’s alright to chat about it at another time.

3 Manage your energy, not your time This means that instead of trying to fill your calendar with tasks to feel productive, try to keep your calendar as free as possible to allow a fluid approach to work. Move things around based on your energy levels. If you feel a spur of energy, you can decide to use the next hour to make progress on a creative project. If you feel low energy, you can reply to some unimportant emails. This is only possible if there’s enough wiggle

room in your calendar.

Those principles are at the core of how deal with our very real cognitive bottlenecks that put hard limits on how much we can achieve. And there is one tool that has been instrumental in my ability to apply these principles. I call it “timeshielding.”

How to use timeshielding to protect your time

Protect your creativity. Make room in your calendar for your curiosity attractors, the rabbit holes and the mind wandering that can lead to unexpected creative breakthroughs. Let go of outcome-based goals for a few hours every week and focus on your creative output, with no performance metric or specific result in mind, other than feeling inspired and sharing your ideas with the world.

Protect your attention Avoid multitasking. Constantly switching between tasks has a terrible effect on attention. Pick one area of focus and give it your full attention for the duration of the session. Remove distractions by putting your phone in another room and turning off notifications on your laptop.

Protect your breaks It’s easy to fill your calendar with lots of things to do, without taking the time to let your brain recharge. Spend some time alone, go take a walk, meditate—whatever rocks your boat, as long as it involves getting away from your laptop and your phone. And consider putting these breaks in your calendar!

Protect your body clock Think about the times of the day where you feel more productive. Are you more of an early bird or a night owl? If you have enough flexibility to do so, schedule your time according to your chronotype, with the most important tasks happening when you’re at your highest performance levels.

Protect your rest We tend to sacrifice rest in order to get more done. Well, that just doesn’t work. Research shows that being sleep deprived negatively affects your performance. It’s harder to focus and harder to switch between tasks when you’re tired. So set a time to close your laptop in the evening, and stick to it so you can wind down and get enough sleep.

Timeshielding can be combined with other techniques to mindfully improve your productivity. Making space for creativity, avoiding multitasking, taking breaks, aligning your work with your chronotype, and getting enough sleep—these are the most important aspects of time management if you want to achieve your long-term goals without sacrificing your mental health.

Which ones have you tried? Hit hjschumacher59@gmail.com and let me know.

Batangas holds second Kite Fest

MARCH typically marks the start of the summer season—with most schools on break, and children having fewer opportunities for active play given changing lifestyles. With this in mind, the Provincial Government of Batangas and the City of Tanauan, headed by Mayor Nelson “Sonny” P. Collantes, are collaborating with kite-flying aficionados to encourage the youth to experience and enjoy more outdoor activities, through the Batangas Kite Fest 2024.

“Batangas is one of the more popular destinations for weekend recreation. Through our Batangas Kite Fest 2024, we want to offer more options for outdoor activities that kids of all ages can participate in and enjoy,” said Batangas Gov. Hermilando Mandanas. “The province of Batangas invests in developing our youth in terms of education, sports and overall well-being, with one of the highest budgets for academic assistance, scholarships and sports development among all provinces in the country,” the governor added.

Papagayong Batangueño President Eric Basit added the Kite Fest

aims to promote kite making and flying. The art of making kite is part of the Traditional Cultural Expressions Domain under Republic Act 11904, or The Philippine Creative Industries Development Act.

“Changes in how we live today mean that our children are not able to play outdoors the way past generations did and are instead living virtually through online games, video streaming and social media. There is less opportunity for social interaction. We want to encourage our youth to try going outside and flying a kite,” said Basit.

Now on its second year, the Batangas Kite Fest is organized by the Provincial Tourism and Cultural Affairs Office of Batangas and Papagayong Batangueño— an organization of kite-flying hobbyists across the province in cooperation with the Provincial Government of Batangas, and with support from private sector partners and donors.

The first leg of the Batangas Kite Fest 2024 kicks off in Calaca City on March 3; followed by San Juan on March 10; Tanauan on March 17; and the final leg in Montemaria on March 24.

DOE says Panay electricity woes will be resolved within this month

By Lenie Lectura @llectura

THE Department of Energy (DOE) assured that the power situation in Panay would considerably improve by end of this month.

“Relief from the Panay power situation is less than a month away,” said the agency on Monday.

Within this month, the DOE said, the Panay grid will be strengthened upon the

PBBM: Modern AFP will allow PHL to tap its natural resources

By Samuel P. Medenilla @sam_medenilla

THE ongoing modernization program of Armed Forces of the Philippines (AFP) will allow the country to finally tap its natural resources within its territorial waters, including those in the West Philippine Sea (WPS), President Ferdinand R. Marcos Jr. said Monday.

In his keynote speech at the Lowy Institute in Melbourne, Australia, the President said a reliable military force is necessary so they can effectively ensure the country’s territorial integrity.

“Our forces must be able to guarantee, to the fullest extent possible, Filipino nationals, Philippine corporations, and those authorized by the Philippine Government, unimpeded and peaceful exploration and exploitation of all natural resources in areas where we have jurisdiction, including and especially our exclusive economic zone, in accordance with international law,” Marcos said.

He said the ongoing Re-Horizon 3 under the AFP Modernization

Program, which will enhance the capability of the AFP, would boost the implementation the country’s Comprehensive Archipelagic Defense Concept. Under Re-Horizon 3, the AFP will be able to have better maritime and aerial domain awareness, intelligence, connectivity as well as denial and deterrence capabilities. It will cost P2 trillion and be implemented in 10 years.

“In this regard, we are upgrading the capabilities of our Coast Guard and pursuing the modernization of our Armed Forces,” Marcos said.

“Philippine agencies, forces, and institutions are working to strengthen our capabilities,” he added.

Last year, Marcos reiterated he is determined to initiate energy exploration projects in the WPS, the part of the South China Sea (SCS) within the country’s Exclusive Economic Zone.

The said efforts are on hold due to the country’s pending discussions with Chinese authorities for a joint oil and gas exploration in the SCS, which is being claimed by China.

Despite the country’s ongoing territorial dispute with China on the WPS, Marcos reiterated the country would continue “to engage with China, bilaterally and through Asean-led mechanisms, to address our differences at sea.”

Facilitative, not restrictive: Ex-NSA chief Carlos says Charter ‘reset’ may be necessary

FThe

from generators on the island, 180 MW can be drawn from Negros to Panay through a submarine cable. The total demand for Panay Island is below 400 MW.

Currently, one of the large coal power plants, PCPC, is under regular maintenance shutdown until March 30.

The DOE emphasizes the need for generators, distribution utilities, and the system operator to continue cooperating to maintain the grid’s stability and quickly recover from any power interruption.

Last March 1, the three units of PEDC went on shutdown resulting in a partial blackout of the Panay sub-grid and some parts of Negros. Around 80 MW of the power demand of Panay was served initially by the Negros-Panay submarine cable and later by the smaller power plants on the island. By 9:53 p.m., one of the PEDC units returned online followed by another PEDC unit by 11:22 p.m.

The third PEDC unit was synchronized back to the grid last March 2.

Short-term solutions by the system operator, such as using 10-percent headroom of the large coal plants as contingency reserve, are currently in place.

Long-term solutions are in the pipeline, such as the energization of several renewable and conventional power plants and the completion of transmission projects to support the power generation projects and the growth of the load centers.

AFP joins this year’s National Women’s Month Celebration

TORMER National Security Adviser and retired UP professor Clarita Carlos voiced her support for a Constitution that is “facilitative, not restrictive.”  Carlos told the Committee of the Whole House’s fourth hearing on Resolution of Both Houses (RBH) No. 7 that a constitution should be “a living document that should reflect the political and economic conditions of our times.” She stressed that in a borderless world where conditions are constantly shifting, the Constitution should be adaptable, and a “reset” might be necessary.

“Let us build bridges, not walls, to the rest of the world,” Carlos urged, emphasizing the importance of an open and flexible approach to economic provisions.

Addressing concerns about opening up education to foreign investors, Carlos urged opponents to consider the potential benefits, particularly focusing on the outcome of “effective learning” rather than ownership issues.

RBH No. 7, authored by Senior Deputy Speaker and Pampanga 3rd District Rep. Aurelio Gonzales Jr. and other House leaders, contains the proposed economic Charter changes

pending in the House. The measure is almost an exact reproduction of RBH No. 6, introduced in the Senate by Senate President Juan Miguel Zubiri and Senators Loren Legarda and Juan Edgardo Angara.

RBH Nos. 6 and 7 are both entitled, “A Resolution of Both Houses of Congress Proposing Amendments to Certain Economic Provisions of the 1987 Constitution of the Republic of the Philippines, Particularly on Articles XII, XIV, and XVI.”

Another Committee of the Whole House resource person, Orion Perez Dumdum of Correct or Constitutional

Senate bill transferring provincial jails under BJMP gets 3rd reading approval

ABy Butch Fernandez @butchfBM

BILL transferring the control and supervision of provincial and sub-provincial jails to the Bureau of Jail Management and Penology (BJMP) in order to enhance efficiency of jails nationwide and unburden local government units hurdled third and final reading in the Senate on Monday.

Sen. Ronald “Bato” Dela Rosa, chief sponsor of the measure, said jails nationwide could have access to the expertise and national programs of the BJMP, while also liberating local government units from functions that tend to divide their attention and limited resources.

“With each provincial and subprovincial jails transferred to the BJMP, there will be no persons deprived of liberty relying on your care. They may be deprived of liberty but they should never be deprived of the basic human need to be properly looked after,” Dela Rosa said, as he thanked his colleagues for the thirdreading approval of Senate Bill 2352.

The passage of the proposed Jail Integration Act will not only

centralizes the administration of local jails across the country, but will also ensure the welfare of Persons Deprived of Liberty (PDLs), according to the senator.

“Correction and reformation take a great deal of time and expertise.

As such, they should be delegated to agencies whose primary function has always been the rehabilitation of Persons Deprived of Liberty or PDLs,” Dela Rosa said in his manifestation after the third reading approval of SB 2352.

“When there is a unified, integrated way of dealing with PDLs, then we can also set a unified and integrated vision for them. This somehow gives them the message: the entire government is looking after you,” he stressed.

Dela Rosa, who was once appointed as director-general of the Bureau of Corrections, also emphasized that the bill would benefit local jails in terms of the national programs, as well as the expertise and world-class standards of the BJMP.

The proposed law will likewise ease the burden of the local government units (LGU), the senator said, reiterating this will liberate them from functions that tend to

divide their attention and limited resources, particularly the activities and responsibilities that may very well be performed by the BJMP.

“While delegation is perhaps the truest form of trustworthiness, it should not reach a point that it becomes more of a burden, rather than a noble duty. Our laws have always acknowledged and recognized local authority and their ability to address community concerns. However, it is our belief that special circumstances require special attention and dedication,” Dela Rosa said.

“We maintain our conviction that, whenever necessary, whenever possible, we must take a more holistic approach to our government programs,” he further emphasized.

As the Senate approved the bill, Dela Rosa reminded the BJMP leadership of implementing the measure properly, given that the proposed law centered on the trust and confidence in their jail management expertise.

Apart from Dela Rosa, Senate President Juan Miguel Zubiri, Majority Leader Joel Villanueva, Senator Ramon Revilla Jr., and Senator Joseph Victor Ejercito were named authors of SB 2352.

‘Global superpowers should not see the world as arena for competition’

AMID widening geopolitical polarities, President Ferdinand R. Marcos Jr. on Monday called for a resilient global governance structure led by “middle powers” to facilitate international peace.

“At the international level, building such resilience entails continued engagement and active leadership by middle powers that have the capacity to reach across political and ideological lines, forge genuine consensus, and lead credible efforts towards decisive multilateral solutions,” Marcos said

in his keynote address at the Lowy Institute in Melbourne, Australia.

The Asean, he said, is an example of such a structure.

Likewise he said “great powers” should not treat the world as “an arena for their competition.”

“The pursuit of the great powers’ respective strategic goals must never come at the expense of the interests of smaller states, nor of regional and international peace,” Marcos said.

Four-point framework HE proposed a four-point

framework to ensure that global consensus will “uphold human dignity and promote peace.”

The framework includes rules-based order; predictable and stable criteria; credible legal regime that guarantees a just and equitable access by all states to the global commons; and galvanize effective international action to confront challenges.

Marcos stressed the importance of “structure” to address growing international rivalries, uncertainties posed by transformative technologies

Reform and Rectification for Economic Competitiveness and Transformation Movement, cited the benefits of opening education to foreign investors.

He said it would be cheaper for Filipino students to obtain high-quality foreign education if foreign universities were allowed to establish wholly owned campuses in the Philippines.

Dumdum, who has lived in Singapore as an overseas Filipino worker for more than 20 years, said there are several foreign universities operating in Singapore.

He said Malaysia has at least 10, while Vietnam has five, including one

American university.

Eduardo Araral, a Filipino teaching at the National University of Singapore, also addressed the committee, presenting the findings of his study on why Vietnam attracts more foreign investments than the Philippines. Araral cited factors, such as Vietnam’s 50 percent cheaper electricity, lower corporate tax, and highly competitive workforce. Vietnam has attracted a lot of foreign investors in electronics, including Samsung, which accounts for 28 percent of the country’s economy, he said.  Jovee Marie N. Dela Cruz

By Claudeth Mocon-Ciriaco @claudethmc3

THE Metropolitan Manila Development Authority (MMDA) on Monday reported that is developed basic designs for rainwater catchment system for Metro Manila local government units (LGU) to address adverse effects of El Niño, which would likely persist until May.

“We will distribute these designs to the 17 Metro Manila LGUs in support of the water mitigation measures that they will come up with in their respective cities and municipality, depending on the needs in their areas,” MMDA Acting Chairman Romando Artes said.

Two of the MMDA-designed catchment systems were already installed at a pocket park in Tripa de Gallina October last year where a rainwater-harvesting tank was installed for public toilet use.

The other tank, meanwhile, was installed in a pocket garden/ greenhouse where the rainwater is being used to water plants.

In an approved resolution, the Metro Manila Council laid down several measures in a bid to lessen the effects of the phenomenon, including but not limited to rainwater harvesting/ establishment of catchment areas, reduction in the use of water in the maintenance of golf courses and in car washing, recycling of wastewater or gray water for watering plants and car washing, fixing leaks in water pipes, and development of water filtration systems.

and climate change, as well as persistent inequalities.

Nuclear stockpile

THIS is also apparent, he said, in the “alarming reversal of the nuclear stockpile” by some countries. He called on the People’s Republic of China and the United States to take the lead in limiting any nuclear arms build-up. “These nuclear risks demonstrate the need for greater power— for great powers to manage their strategic competition in a responsible manner,” Marcos said.

In San Juan, Mayor Francis Zamora said the city government is set to conduct an inter-barangay water catchment system contest to raise awareness and educate their residents on how to reuse and recycle rainwater.

Malabon Mayor Jeannie Sandoval, for her part, said that they will craft an ordinance adapting the resolution and will put up water catchment areas in their barangays.

Artes also allayed public fears of water shortage. Quoting the Metropolitan Waterworks and Sewerage System (MWSS), the MMDA chief said there would be no water rationing and water interruptions for this month as sufficient water volume has been allotted to water concessionaires.

However, the MMDA chairman said assurance of enough water supply doesn’t mean wasting water resources.

“We need to continuously and consistently save water so that in the coming months, during summer, we will still have a steady supply of it,” he said.

The Metro Manila Disaster Risk Reduction and Management Council, responsible for carrying out the implementation of actions and measures pertaining to all aspects of disaster risk reduction and management in the NCR, is set to meet with City Disaster Risk Reduction Management officers in Metro Manila to further discuss the specific El Niño mitigation measures for each cities.

Such cooperation can also translate to economic to economic engagement, Asean-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP), according to Marcos.

“At the heart of regional economic progress lies economic interdependence. As nations engage in mutually beneficial trade and investment, they become stakeholders in each other’s success,” Marcos said. Samuel P. Medenilla

The World

Newly enlarged NATO starts drill in Finland, Norway and Sweden in defense of Nordic turf

By Jari Tanner The Associated Press

HELSINKI—NATO will kick off an exercise on Monday to defend its newly expanded Nordic territory when more than 20,000 soldiers from 13 nations take part in drills lasting nearly two weeks in the northern regions of Finland, Norway and Sweden.

With over 4,000 Finnish soldiers taking part, the Norway-led Nordic Response 2024 represents the NATO newcomer’s largest ever participation in a foreign exercise, according to Finland’s military.

“For the first time, Finland will participate as a NATO member nation in exercising collective defense of the alliance’s regions,” the Finnish Defense Forces said in a statement.

Finland, which shares a 1,340-kilometer (830-mile) border with Russia, joined NATO in April 2023 in a historic move following decades of military non-alignment. With its bid now ratified by all NATO members, neighboring Sweden is currently finalizing formalities to enter the military alliance as its 32nd member—most likely in March.

Both Sweden and Finland had developed strong ties with NATO after the end of the Cold War, but

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

maritime surveillance aircraft and helicopters, according to the Norwegian military.

The combined joint training will focus on the defense and protection of the Nordic region, Norwegian military officials said.

ONE of three Swedish Air Force JAS 39 Gripen fighter aircraft takes off from the Blekinge Wing F17, based in Kallinge southern Sweden for a base in Sardinia to join the Nato-led operation in Libya, on April 2, 2011. As Sweden joins NATO, it bids a final farewell to more than two centuries of neutrality. AP/SCANPIX/PATRIC

public opinion remained firmly against full membership until Russia’s invasion of Ukraine.

Nonalignment was seen as the best way to avoid tensions with Russia, their powerful neighbor in the Baltic Sea region. But the Russian aggression caused a dramatic shift in public opinion in both countries, and they applied jointly for NATO membership in May 2022.

For years, the biannual NATO drill, which has been conducted in the Arctic extremes of northern Norway, was called “Cold Response.”

However, “thanks to the NATO expansion with Finland and eventually Sweden, we are now expanding

the exercise to a Nordic Response,” the Norwegian Armed Forces said on its website. This year, the drill is hosted equally by Finland, Norway and Sweden.

The participating nations in the exercise that runs through March 15 are Belgium, Britain, Canada, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the United States.

Roughly half of the participating troops will drill on land. The rest will train at sea, with over 50 participating submarines, frigates, corvettes, aircraft carriers, and various amphibious vessels, and in the air with more than 100 fighter jets, transport aircraft,

Woman clutching an infant found in the rubble of Ukraine building after Russian drone strike

By Susie Blann & Joanna Kozlowska The Associated Press

KYIV, Ukraine—President Volodymyr

Zelenskyy urged Western allies to boost Ukraine’s air defenses after a Russian drone strike destroyed an apartment block in the southern port city of Odesa and killed at least 11 people. Officials on Sunday said the bodies of a boy—and a young woman clutching an infant—were pulled from Saturday’s rubble.

“The mother tried to cover the 8-monthold child with her own (body). She tried to save them. They were found in a firm embrace,” said a Telegram post published on the interior ministry’s official channel.

Separately, the governor of the Odesa region, Oleh Kiper, said the other child was 10.

On Saturday, Ukrainian authorities said another baby was among those killed after falling debris from an Iranian-made drone hit the building—one of eight Russian drones reported by officials. Later that day, Zelenskyy said a second child aged 2 had also died.

“Delays in the delivery of weapons to Ukraine, as well as air defense to protect our people, unfortunately result in such losses,” Zelenskyy wrote on X, formerly known as Twitter.

More people may still be trapped, the Odesa branch of Ukraine’s main emergency service said on Facebook. Kiper said rescue workers continued to comb through the site.

Elsewhere in Ukraine, regional authorities reported that a 58-year-old man died under rubble after Russian forces overnight shelled his village in the southern Kherson

South Korea takes

By Hyung-Jin Kim The Associated Press

Sprovince. Another civilian man, 38, was killed in a Russian artillery strike in the neighboring Zaporizhzhia region, local Gov. Ivan Fedorov said.

On Sunday afternoon, Donetsk regional Gov. Vadim Filashkin said a Russian airstrike on the eastern town of Kurakhove wounded 16 people and damaged 15 high-rise apartment blocks.

Reports of explosions at an oil depot in Crimea

IN Russian-occupied Crimea, loud explosions were heard near an oil depot in the early hours Sunday, according to a local pro-Kyiv Telegram news channel. Kremlininstalled officials in the territory said a nearby stretch of highway was closed for about eight hours.

Videos shared with pro-Ukrainian channel Crimean Wind showed explosions lighting up the sky, followed by booms. The channel said they were taken by residents

near Feodosia, a coastal town in northeastern Crimea. It was not immediately possible to verify the circumstances in which the videos were shot.

An anti-Russian, Crimean Tatar-led underground group claimed that the blasts destroyed a pipeline, causing “colossal” damage.

The group, Atesh—which means “fire” in Crimean Tatar—did not directly claim responsibility for the strike and said it had learned about its consequences from informers among Russian-appointed officials.

Authorities in Kyiv did not immediately acknowledge the claims.

Traffic was halted early Sunday along a four-lane Russian federal highway near Feodosia, according to an adviser to Crimea’s Kremlin-installed leader. The Telegram post by Oleg Kryuchkov gave no reasons for the move.

More than eight hours later, Crimea’s local transport minister reported that traffic had partially resumed. A bridge that connects

“We need to be able to fight back and stop anyone who tries to challenge our borders, values and democracy,” said Brigadier Tron Strand from the Royal Norwegian Air Force, Commander of the Norwegian Air Operations Center, in a statement. “With the current security situation in Europe, the exercise is extremely relevant and more important than ever before,” he added.

“The High North represents an important and strategically located area for NATO” and the Nordic Response 2024 exercise “increases Nordic preparedness and the capability to conduct large-scale joint operations in challenging weather and climate,” NATO said on its website.

Finland’s new president, Alexander Stubb, will inspect the drill together with Norwegian Prime Minister Jonas Gahr Støre in northern Norway on March 7. It’s the first foreign trip for Stubb since he was sworn in as Finland’s new head of state and its supreme military commander on March 1.

Crimea to Russian territory was also closed to traffic for about two hours early Sunday.

Russia’s defense ministry did not comment on the reports but claimed that 38 Ukrainian drones were intercepted overnight into Sunday over the peninsula.

China’s Ukraine envoy holds talks in Moscow

IN Moscow, China’s special envoy on Ukraine held talks on Saturday evening with senior Russian diplomats in the first leg of a European trip that will also take him to Brussels, Poland, Germany and France, Chinese and Russian state media reported.

China’s foreign ministry said Special Representative Li Hui and Russian Deputy Foreign Minister Mikhail Galuzin agreed that negotiations are the only way to end the fighting in Ukraine.

Li’s trip, the second since May, comes as Kyiv seeks Beijing’s participation in peace talks that Switzerland is trying to organize. China claims it is neutral in Russia’s war on Ukraine but maintains close ties with Moscow, with frequent state visits and joint military drills.

On Sunday, Turkish Foreign Minister Hakan Fidan said it was time to start discussing a cease-fire between Moscow and Kyiv, claiming that “both sides have now reached the limits of the results they can achieve through war.”

Speaking at a news conference, Fidan said that such a move would not mean recognizing Russia’s occupation of parts of Ukraine.

“We believe that it is time to separate the issues of recognition of the occupation and sovereignty from the cease-fire issue,” he said.

Kozlowska reported from London. Associated Press writers Simina Mistreanu in Taipei, Taiwan and Cinar Kiper in Antalya, Turkey contributed.

steps to suspend licenses of doctors after they refuse to end walkouts

EOUL, South Korea—South Korea’s government began steps Monday to suspend the medical licenses of thousands of striking junior doctors, days after they missed a government-set deadline to end their joint walkouts, which have severely impacted hospital operations.

Nearly 9,000 medical interns and resi -

of canceled surgeries and other treatments and threatened to burden the country’s medical service.

On Monday, officials were sent to dozens of hospitals to formally confirm the absence of the striking doctors as the government began steps to suspend their licenses for at least three months, Vice Health Minister Park Min-soo told a briefing. Park said authorities will later notify the striking doctors of their expected license suspensions and give them a chance to respond. He suggested the license suspensions would take weeks to go into effect.

“Despite repeated appeals by the govern -

ment and other parts of society, the number of trainee doctors returning to work is very insignificant. Starting from today, we begin the execution of law with the on-site inspection,” Park said.

Park again repeated the government’s call for the doctors to end their walkouts.

“We again strongly urge them to return to patients by not ignoring the pains of patients hovering between life and death—and their families,” he said.

South Korea’s government earlier ordered the striking doctors to return to work by February 29. South Korea’s medical law allows the government to make such back-

US, South Korea begin large military drills to boost readiness against North’s threats

SEOUL, South Korea—South Korea and the United States began large annual military exercises Monday to bolster their readiness against North Korean nuclear threats after the North raised animosities with an extension of missile tests and belligerent rhetoric earlier this year.

The South Korean and US forces began a computer-simulated command post training called the Freedom Shield exercise and a variety of field exercises for an 11-day run, the South Korean Defense Ministry said.

North Korea had no immediate response to the major annual drills it regards as a rehearsal for invasion. The North has staged provocative weapons tests in the past in reaction to its adversaries’ joint drills.

South Korea’s military said last week that it would conduct 48 field exercises with the US forces this spring, twice the number conducted last year, and that they would involve live-firing, bombing, air assault and missile interception drills. Since early 2022, North Korea has conducted more than 100 rounds of missile tests to modernize its arsenal as talks with the United States and South Korea have been stalled for an extended period. In response, the United States and South Korea

have expanded their training exercises and increased the deployment of powerful US military assets such as aircraft carriers and long-range nuclear-capable bombers.

This year, North Korea carried out six rounds of missile tests and barrage of artillery firing drills. Its leader Kim Jong Un also said North Korea would scrap its long-standing goal of peaceful unification with South Korea and take a more aggressive military posture along the disputed sea boundary with South Korea. He also vowed to “annihilate” South Korea and the United States if provoked, a threat that he had previously issued.

The North Korean steps raised worries that it might make provocations along the tense Korean sea and land borders. But experts say the prospect for a full-blown attack by North Korea is dim as the North knows its military is outmatched by US and South Korean forces.

North Korea’s moves to raise tensions are likely related to upcoming elections planned by its rivals: the US presidential election in November and South Korea’s parliament election in April. North Korea believes an advanced nuclear arsenal will increase its leverage in future diplomacy and it can win concessions like the easing of international sanctions, experts say.

Malaysia PM resists US pressure and says Malaysians don’t have problem with China

By Rod Mcguirk The Associated Press

MELBOURNE, Australia—Malaysia’s prime minister on Monday spoke up in defense of ties with China and complained over alleged pressure by the United States and its allies on regional nations to take sides in the West’s strategic rivalries with Beijing.

to-work orders to doctors when it sees grave risks to public health. Anyone who refuses to follow such orders can be punished with a suspension of his or her license for up to one year, and three years in prison or a 30 million won (roughly $22,500) fine.

Last month, the South Korean government announced it would raise the country’s medical school enrollment cap by 2,000 starting next year, from the current 3,058. Officials said it’s urgent to have more doctors to deal with a fast-aging population and resolve a shortage of physicians in rural areas and essential yet low-paying specialties like pediatrics and emergency departments.

Prime Minister Anwar Ibrahim’s remarks came during the Association of Southeast Asian Nations summit in the Australian city of Melbourne, where Anwar is one of nine Asian leaders attending the gathering.

“Right now, China seems to be the leading investor into Malaysia,” said Anwar and insisted that Malaysians “do not have a problem with China.”

“We are an independent nation, we are fiercely independent, we do not want to be dictated by any force,” Anwar said.

“So while we remain...an important friend to the United States and Europe and here in Australia, they should not preclude us from being friendly to one of our important neighbors, precisely China,” he said, speaking at a joint news conference

with Australian Prime Minister Anthony Albanese, a staunch US ally.

“If they have problems with China, they should not impose it upon us. We do not have a problem with China,” Anwar told reporters.

Anwar and Albanese announced several new bilateral agreements between Australia and Malaysia on cybersecurity, technology, clean energy, sports and education.

When asked about the term “Chinaphobia” that he first used in an interview last month with Financial Times, Anwar said he was responding to criticisms of Malaysia for “giving additional focus to China,” its largest trading partner.

The Philippines, an Asean member, urged regional neighbors on Monday to stand together more strongly in upholding the rule of law in the South China Sea, where China is forcefully pursuing territorial claims in conflict with other nations.

During a visit to the Philippines in November, Vice President Kamala Harris also urged countries to stand up for territorial integrity and freedom of navigation in the South China Sea, and said Washington would press an international campaign against “irresponsible behavior” in the disputed waters.

SODERSTROM

China seeks ways to revive economy, salvage property market as annual congress convenes

By Dake Kang & Elaine Kurtenbach The Associated Press

BEIJING—It’s clear that China’s efforts to build confidence in its slowing economy will top the agenda of this week’s meeting of its ceremonial national legislature.

What remains unclear is how the ruling Communist Party can navigate toward stronger, sustained growth as China’s workforce is aging, relations with Washington are fraught, and housing construction—a main driver of the economy—is in crisis.

Hopes for a strong, consumerled recovery after severe anti-virus controls ended in late 2022 have not been fulfilled. Local governments are mired in trillions of dollars of debt and direct investment by foreign companies in China fell by about 80 percent last year.

As more than 5,000 leaders from across China gather in Beijing for the year’s biggest political events, the mood on the streets and in financial markets remains glum.

That’s in contrast to official messaging as the country marks 75 years from the People’s Republic founding in 1949.

“We are confident of consolidating and enhancing the recovering and growing trend of the economy,” the party newspaper People’s Daily wrote in a commentary Saturday.

“We are fully capable of turning pressure into a driving force, accumulating and turning advantages into victorious trends and steering the advance of the great ship of the economy while braving wind and waves,” it added.

For videographer Wang Tao, the question is what the leadership will do about jobs. At 41, he’s struggling to find work in a labor market where companies tend not to hire anyone over 35.

“At first I thought it was difficult only for older people like me, but later I found out that many young people…are having a hard time finding work,” Wang said. “The general employment situation is grave.”

The congress endorses decisions already made by top leaders, providing a platform to publicize government plans and instruct officials on what they should do back home.

China’s most powerful leader in decades, Xi Jinping, will preside. He has installed loyalists in top posts to strengthen the party’s control over the economy and society. Xi, 70, is in his third five-year term as party general secretary and may hold that post for life.

Premier Li Qiang is expected to announce an official economic growth target when the National People’s Congress convenes Tuesday in Beijing’s ornate Great Hall of the People. State media suggest it will be about 5 percent, on par with last year’s 5.2 percent growth.

Many economists are forecasting much slower growth of 4 percent or less. In 2022, it dipped to

3 percent, the second-lowest level since at least the 1970s.

Li’s annual work report will include plans for “promoting high-quality development and advancing Chinese modernization,” the official Xinhua News Agency reported.

Many in China are hoping that will mean more government spending, said Logan Wright of the Rhodium Group, an independent research firm.

“Everyone will be watching for whether there is significant fiscal stimulus on offer,” Wright said. But spending alone won’t suffice. “The time to solve the short-term problems and prevent them from becoming long-term problems is now. So what is the plan?” Wright said.

The downturn in the property market followed a crackdown on excess borrowing by real estate developers. Dozens since have defaulted on their debts. The largest, Country Garden, faces liquidation proceedings. Another, China Evergrande, is being liquidated with more than $300 billion in debt.

Plunging tax revenues from property sales are also weighing

Prime minister’s rival visits US, signaling wide cracks in Israel’s wartime leadership

By Tia Goldenberg, Wafaa Shurafa & Samy Magdy

TEL

The

centrist political rival who joined Netanyahu’s wartime Cabinet following Hamas’ October 7 attack, comes as friction between the US and Netanyahu is rising over how to alleviate the suffering of Palestinians in Gaza and what the postwar plan for the enclave should look like.

An official from Netanyahu’s far-right Likud party said Gantz’s trip was planned without authorization from the Israeli leader. The official, who spoke on condition of anonymity, said Netanyahu had a “tough talk” with Gantz and told him the country has “just one prime minister.”

Gantz is scheduled to meet on Monday with US Vice President Kamala Harris and national security adviser Jake Sullivan and on Tuesday with Secretary of State Antony Blinken, according to his National Unity Party. A second Israeli official speaking on condition of anonymity said Gantz’s visit is intended to strengthen ties with the US, bolster support for Israel’s war and push for the release of Israeli hostages.

In Egypt, talks were underway to broker

a cease-fire before the Muslim holy month of Ramadan begins next week.

Israel did not send a delegation because it is waiting for answers from Hamas on two questions, according to a third Israeli government official who spoke on condition of anonymity. Israeli media reported that the government is waiting to learn which hostages are alive and how many Palestinian prisoners Hamas seeks in exchange for each.

All three Israeli officials spoke anonymously because they weren’t authorized to discuss the disputes with the media.

The US began airdrops of aid into Gaza on Saturday, after dozens of Palestinians rushing to grab food from an Israel-organized convoy were killed last week. The airdrops circumvented an aid delivery system hobbled by Israeli restrictions, logistical issues and fighting in Gaza. Aid officials say airdrops are far less effective than deliveries by truck.

US priorities in the region have increasingly been hampered by Netanyahu’s Cabinet, which is dominated by ultranationalists. Gantz’s more moderate party at times acts as a counterweight.

Netanyahu’s popularity has dropped since the war broke out, according to most opinion polls. Many Israelis hold him responsible for failing to stop the October 7 cross-border raid by Hamas, which killed 1,200 people, mostly civilians, and took roughly 250 people as hostages into Gaza, including women, children and older adults, according to Israeli authorities.

More than 30,000 Palestinians have been killed since the war began, around two-thirds of them women and children,

according to Gaza’s Health Ministry, which does not distinguish between civilians and fighters. Around 80 percent of the population of 2.3 million have fled their homes, and U.N. agencies say hundreds of thousands are on the brink of famine.

Israelis critical of Netanyahu say his decision-making has been tainted by political considerations, a charge he denies. The criticism is particularly focused on plans for postwar Gaza. Netanyahu wants Israel to maintain open-ended security control over Gaza, with Palestinians running civilian affairs.

The US wants to see progress on the creation of a Palestinian state, envisioning a revamped Palestinian leadership running Gaza with an eye toward eventual statehood.

That vision is opposed by Netanyahu and the hardliners in his government. Another top Cabinet official from Gantz’s party has questioned the handling of the war and the strategy for freeing the hostages.

Netanyahu’s government, Israel’s most conservative and religious ever, has also been rattled by a court-ordered deadline for a new bill to broaden military enlistment of ultra-Orthodox Jews. Many of them are exempted from military service so they can pursue religious studies. Hundreds of Israeli soldiers have been killed since October 7, and the military is looking to fill its ranks.

Gantz has remained vague about his view of Palestinian statehood. Polls show he would earn enough support to become prime minister if a vote were held today.

A visit to the US, if met with progress on the hostage front, could further boost

on the financial system. To encourage more property lending, the central bank has cut its fiveyear prime loan rate. Many cities have relaxed controls on property deals imposed earlier to cool price bubbles, and some 6,000 property projects have been green-lighted for lending.

“The property market has been such a significant source of China’s growth and now it has gone into reverse,” Wright said, though he noted there are signs the market is stabilizing. “If you look at how China is responding to this, it is indicative of a more severe slowdown than what the official data would suggest.”

The problems deepened with shocks from the pandemic, when anti-virus controls led some cities into weekslong shutdowns and factories ended up with huge backlogs. Now, instead of soaring prices, China is trying to fend off a potentially debilitating cycle of deflation, or chronically falling prices.

Exports, another main driver of growth, dropped in 2023 for the first time in seven years, even as the US economy defied forecasts

Gantz’s support.

Israel and Hamas are negotiating over a possible new cease-fire and hostage release deal. Vice President Harris said on Sunday it is now up to Hamas to agree to it. “Given the immense scale of suffering in Gaza, there must be an immediate cease-fire for at least the next six weeks, which is what is currently on the table,” Harris said.

Israelis, deeply traumatized by Hamas’ attack, have broadly backed the war effort as an act of self-defense, even as global opposition to the fighting has increased.

But a growing number are expressing their dismay with Netanyahu. Some 10,000 people protested late Saturday to call for early elections, according to Israeli media. Such protests have grown in recent weeks, but remain much smaller than last year’s demonstrations against the government’s judicial overhaul plan.

If the political rifts grow and Gantz quits the government, the floodgates will open to broader protests by a public that was already unhappy with the government when Hamas struck, said Reuven Hazan, a professor of political science at Hebrew University in Jerusalem.

At least 12 people were killed, including five women and two children, in an Israeli strike on Sunday that hit a house in the Nuseirat refugee camp in central Gaza, according to an Associated Press journalist at Al-Aqsa Hospital in Deir al-Balah. And two Israeli strikes southwest of Deir al-Balah killed at least five people and destroyed an aid truck, according to witnesses and staff at the hospital.

Shurafa reported from Rafah, Gaza Strip and Magdy from Cairo. Associated Press writers Melanie Lidman in Jerusalem, and Aamer Madhani and Seung Min Kim in Washington, contributed to this report.

that it would fall into recession.

Despite official indications that China’s yearslong anti-monopoly and data security crackdowns on technology companies have ended, entrepreneurs are jittery. Many small businesses complain they cannot collect on bills owed to them, and bankruptcies have soared.

Meanwhile, global companies have been shifting investments to countries like India and Vietnam to minimize risks from China-US political tensions and the party’s tighter domestic controls, in some cases raiding the Chinese offices of foreign businesses.

“The system is not that transparent and the lack of transparency creates a lot of uncertainty,” said James Zimmerman, a lawyer and former head of the American Chamber of Commerce in Beijing. That’s particularly true when it comes to issues of national security, he said, where just conducting research for due diligence can land people in jail.

Xi’s talks with President Joe Biden and US business leaders at a regional summit in San Francisco in September conveyed the message that “China is open for business,” Zimmerman said, “but there was nothing in there in his presentation that got to specifics about what reform and what type of changes are going to happen, you know, to give people the comfort level.”

These challenges come at a time of transition.

China’s workforce has been shrinking for over a decade, putting pressure on an economy that still relies on labor-intensive industries. With housing prices falling and stocks prices limping along, even middle-class families are scrimping rather than spending.

“Spending power is worse than before, probably because

we didn’t make money during the pandemic,” said Jiang Yingjie, a salesperson in Beijing.

One strategy would be to shift more national wealth into workers’ pockets, says Michael Pettis, a leading expert on the Chinese economy and professor at Beijing University.

“The problem in China has been the same problem for the last 10 years ... and that is that domestic demand driven by consumption is very weak,” he said. Meanwhile, excess investment in construction is yielding diminishing returns.

“So this year is really a year in which they try to figure those imbalances out. They want to raise consumption. But it’s very hard to do that because that involves a major redistribution of income,” Pettis said.

Worries that China may try to export its way out of its troubles are already raising alarm in the US and Europe, as Chinese banks step up lending to manufacturers of electric vehicles, solar panels and many other industrial products. The issue already features highly in talks between Beijing and Washington.

“If you manufacture more and more and you don’t consume it, then you need trade surpluses to absorb it,” Pettis said.

Some Chinese localities are trying another approach, creating affordable housing programs that invest in unoccupied apartments. Such a move can counter growing inequality and free up more income for spending.

“I think it has to be a combination of short and longer-term measures,” said Louis Kuijs, AsiaPacific chief economist at S&P Global. “I think anything that can be done to pump momentum into the economy will be helpful.”

The Associated Press video producer Wayne Zhang contributed to this story.

Supreme Court to decide Monday whether Trump can be barred from the 2024 ballot

By Mark Sherman The Associated Press

WASHINGTON—Former President Donald Trump could learn Monday whether the Supreme Court will let him appear on this year’s ballot as the leading Republican presidential candidate tries to close in on his party’s nomination.

The justices are expected to decide at least one case Monday, with signs strongly pointing to resolution of the case from Colorado that threatens to kick Trump off some state ballots because of his efforts to overturn his election loss in 2020. Any opinions will post on the court’s website beginning just after 10 a.m. EST.

Trump is challenging a groundbreaking decision by the Colorado Supreme Court that said he is disqualified from being president again and ineligible for the state’s primary, which is Tuesday.

The resolution of the case on Monday, a day before Super Tuesday contests in 16 states, would remove uncertainty about whether votes for Trump will ultimately count. Both sides had requested fast work by the court, which heard arguments less than a month ago, on February 8.

The justices seemed poised then to rule in Trump’s favor.

The Colorado court was the first to invoke a post-Civil War constitutional provision aimed at preventing those who “engaged in insurrection” from holding office. Trump also has since been barred from primary ballot in Illinois and Maine, though both decisions, along with Colorado’s, are on hold pending the outcome of the Supreme Court case.

The Supreme Court has until now never ruled on the provision, Section 3 of the 14th amendment.

The court indicated Sunday there will be at least one case decided Monday, adhering to its custom of not saying which one. But it also departed from its usual practice in some respects, heightening the expectation that it’s the Trump ballot case that will be handed down.

Except for when the end of the term approaches in late June, the court almost always issues decisions on days when the justices are scheduled to take the bench.

But the next scheduled court day isn’t until March 15. And apart from during the coronavirus pandemic when the court was closed, the justices almost always read summaries of their opinions in the courtroom.

They won’t be there Monday.

Separately, the justices last week agreed to hear arguments in late April over whether Trump can be criminally prosecuted on election interference charges, including his role in the January 6, 2021, attack on the US Capitol. The court’s decision to step into the politically charged case, also with little in the way of precedent to guide it, calls into question whether Trump will stand trial before the November election.

The former president faces 91 criminal charges in four prosecutions. Of those, the only one with a trial date that seems on track to hold is his state case in New York, where he’s charged with falsifying business records in connection with hush money payments to a porn actor. That case is set for trial on March 25, and the judge has signaled his determination to press ahead.

A YOUNG couple walks by a construction site near office buildings in the Central Business District in Beijing

• Editor: Angel R. Calso

PHL secures Guinness World Record for ‘Most Variety of Pork Dishes’

THe National Federation of Hog Farmers has achieved a momentous feat by securing the Guinness World Record for the “Most Variety of Pork Dishes on Display” at the Hog Festival 2024 held in Quezon City on Friday. This accomplishment not only highlights the Filipino people’s love for pork but also showcases the country’s rich gastronomic heritage. (Read the BusinessMirror story: “PHL sets new Guinness World Record for ‘Most Variety of Pork Dishes on Display,’” March 2, 2024).

The achievement is even more significant considering the stringent criteria set by Guinness. With an initial submission of 340 pork dishes, the final count of 313 approved dishes is a testament to the meticulousness of the adjudication process. The organizers and participants should be commended for their dedication and commitment to meeting the requirements. The minimum benchmark of 300 dishes was surpassed, firmly establishing the Philippines as the record holder.

Guinness official adjudicator Sonia Ushirogochi’s presence at the event added prestige to the occasion. Her words of encouragement and support for the participants reinforced the significance of their endeavor. The acknowledgment from a globally recognized authority such as Guinness serves as a validation of the talent and passion of Filipino chefs, cooks, and hog farmers.

The array of dishes presented during the festival exemplified the country’s diverse culinary landscape. While favorites like lechon (roast pig) and pork barbecue showcased the beloved local flavors, the inclusion of regional dishes and international cuisine demonstrated the country’s openness to culinary influences from around the world. The fusion of traditional and contemporary dishes reflects not only the creativity of Filipinos but also our ability to adapt and evolve.

The recognition is not only a cause for celebration but also an opportunity for the Philippines to capitalize on its culinary prowess. It would do well for the Department of Tourism to leverage this achievement to lure more foreign visitors by promoting the country as a food destination. The world-class culinary talents showcased at the Hog Festival can attract food enthusiasts from across the globe, who will be eager to explore the diverse flavors the Philippines has to offer.

Moreover, this achievement serves as an inspiration for aspiring chefs and culinary students. It underscores the potential for innovation and creativity within the culinary field, encouraging them to push boundaries and explore new horizons. By nurturing and supporting emerging talent, the Philippines can continue to elevate its standing as a culinary powerhouse.

As we celebrate this momentous achievement, it is essential to recognize the efforts of all those involved. The National Federation of Hog Farmers, the organizers of the Hog Festival, the participating chefs, and the Filipino community at large have all contributed to this remarkable feat. Their passion, dedication, and commitment to excellence have brought pride and honor to the nation.

The Guinness World Record for the “Most Variety of Pork Dishes on Display” is a testament to the Philippines’ rich culinary heritage, its skilled chefs, and the vibrant food culture that permeates the country. It serves as a reminder of the power of food to bring people together, celebrate diversity, and create lasting memories.

This achievement not only brings national pride but also opens doors for the Philippines to further promote its culinary prowess, attract food enthusiasts, and inspire the next generation of culinary professionals. The organizers of the event deserve commendation for their successful demonstration of how the Hog Festival can effectively serve as a platform to highlight the immense talent of Filipino chefs, the exceptional quality of local ingredients, and the unmistakable flavors that define the uniqueness of Filipino cuisine.

PSE and the SWOTs

John Mangun

OUTSIDE THE BOX

‘SWOT (Strengths, Weaknesses, Opportunities, Threats)

analysis is a method for identifying and analyzing internal strengths/weaknesses and opportunities/threats that shape current and future operations.”

Back in the Good Old Days when the PSEi was at 3,000 in January 2010 heading up to a high of 9,000 (January 2018), it was a different stock market. The economy experienced growth at a relatively stable average of 5 percent. The inflation rate was volatile as Brent crude oil started this period at the $70 level, moved as high as $125 and then down to touch $35 in 2016 and closing 2018 at $54. Stock market issues then were generally classified as the “Blue Chips,” “Second Liners,” “Basura Stocks” and the occasional “Rocket-Chip.” The volume measured in pesos was at least double what we trade now. October 2013: “The Philippine Stock Exchange has formally

launched its online trading platform through brokerage firm BA Securities Online.” Stock market Gurus and the ‘jockeys’ were making a lot of money, and all was right with the world at least as far as the PSE was concerned.

But all good things must come to an end. The Gurus moved on to other markets, including Bitcoin, and some even launched their own cryptocurrencies. Some of the jockeys moved on to the great trading floor in the sky.

Where is the PSE today? Let’s SWOT the PSE.Strengths. The PSE trading is simple. The only way to make capital gain profits is to buy low and sell high. But other exchanges have short-selling, wide

Threats. Aside from total thermonuclear war, the looming threat is what Congress does about the minimum wage increase. I spoke to several listed companies that employ several hundred to several thousand minimum wage employees. One person summed up the situation this way: “An immediate P100 increase would be a disaster. A P350 increase would be the end of the Philippine economy. We cannot cut other costs or raise prices fast and high enough to avoid a decrease of 20 to 30 percent in 2024 profits.” Another said that they have already identified the 20 percent marginally profitable retail stores that they would shut.

spread margin trading, options and stock market futures, several traded indexes, active secondary government/corporate bond trading, and Contract For Differences for underlying issues. As a founding member of the “Society of PSE Shinobis,” nothing would please our members more than to have these trading vehicles available. However,

Australia, Southeast Asia push to bolster ties in China’s shadow

By Ben Westcott & Philip J. Heijmans

IT was not long ago Southeast Asia saw Australia’s foreign policy as being too closely hitched to that of the US. But a gathering of regional leaders in Melbourne this week shows how Canberra wants to carve its own path.

The leaders of every Association of Southeast Asian Nations member, bar Myanmar, will be in Australia for a three-day summit beginning Monday to commemorate 50 years of relations between Australia and the regional bloc.

The meeting follows a concerted effort by Australia’s center-left Labor government to boost ties with Asean.

Prior to that, Australia was largely seen by the mostly non-aligned region as following Washington’s lead as relations with Beijing deteriorated. And while Canberra has heeded US calls to adopt a more proactive approach in Southeast Asia, it has also begun to show that Australia intends to become a reliable partner in its own right.

Rahman Yacoob, a research fellow in the Southeast Asia Program at the Lowy Institute, echoed those sentiments.

“One of the Philippines’ advisers actually told me, ‘Australia don’t have a foreign policy. It’s the foreign policy of the US,’” he said. “But under the

new government, there’s a change of perspective.”

Under Prime Minister Anthony Albanese and Foreign Minister Penny Wong, Australia has sought to reposition itself as a middle power exerting influence in Southeast Asia and the Indo Pacific, as China’s rise scrambles the region’s geopolitics. Albanese said in a speech in Singapore last year that “when Australia looks north, we don’t see a void for others to impose their will.”

That rhetoric has been backed by action. Albanese visited Vietnam in early 2023, as the countries look to sign a comprehensive strategic partnership agreement, before heading to the Philippines later in the year for the first visit by a sitting Australian prime minister in two decades.

Shortly before the start of the summit in Melbourne, Philippines President Ferdinand Marcos Jr. was invited to address Australia’s parliament, just the fourth Southeast Asian leader to be given that honor.

The shift in Australia’s foreign policy comes amid growing strategic uncertainty in the region, as a result of China’s rapid military expansion and questions over the future of US engagement under a potential return of President Donald Trump.

During his visit, Australia and the Philippines signed a pact on maritime cooperation, a key issue for a nation that’s constantly jostling with China over territorial rights in the South China Sea.

Any deals that may be reached during the Australia-Asean summit are expected to be modest, but observers say the gathering will advance already growing ties across a range of sectors from intelligence sharing to trade and maritime cooperation.

The shift in Australia’s foreign policy comes amid growing strategic uncertainty in the region, as a result of China’s rapid military expansion and questions over the future of US engagement under a potential return of President Donald Trump.

Bilahari Kausikan, Singapore’s former permanent secretary for foreign affairs, said improving relations with Australia was also something

the average retail investor who ventured into our world would have his or her financial heart cut out and never know why.

A further strength, unlike in more “advanced” markets, the government has no interest—so far—in using the stock market for political purposes by manipulating monetary policy to influence stock market prices.

Weaknesses. PSE Inc. has little understanding or perhaps a feasible plan to increase the investor base and activity. Yes, lower government taxes is nice but relatively insignificant at 0.615 percent of the value of the transaction. However, I made a small quick trade the other day, netting a P7,068.51 profit and gave the government P752.76 or 11 percent of my profit. The extra P600 profit based on current tax change consideration in Congress would have been nice. But to say, “We can increase our transaction volume more than 6.33x” is fantasy. However, lower the tax and let’s find out.

Further, planning to attract additional investors with more public offerings and more REITs (Real Estate Investment Trusts) is a little embarrassing. The average price performance of the last 14

See “Mangun,” A17

of a “hedge” for Southeast Asian nations.

“For America, if the presidential election takes an untoward turn there will be new uncertainty, but Australia is there,” he said. While Australia has made strategic gains in the region, there’s still work to be done. In a survey last year asking Southeast Asians which country Asean should seek to hedge against the uncertainties of the USChina rivalry, just 9.3 percent identified Australia. That’s compared to 42.9 percent for the European Union and 26.6 percent for Japan.

An area of contention between Australia and Southeast Asia has been blunted, according to Huong

Le Thu, deputy director of the Asia Program at the Crisis Group.

Indonesia and Malaysia in particular were sharply critical of the Aukus nuclear submarine agreement between Australia, the UK and US shortly after it was announced in September 2021. They were concerned over the potential threat from increased militarization and possible nuclear proliferation in the region.

But Huong said strong communication from Australia had mitigated concerns over the fleet of nuclear powered submarines that are likely to be deployed next decade. Bloomberg

Hamas sends team to Cairo as Israel seeks hostages’ status

By Gwen Ackerman & Fadwa Hodali

HAmAS said a delegation is traveling to cairo to outline the group’s position on talks aimed at reaching a temporary cease-fire in Gaza—even amid reports it’s refused to give Israel the names of which hostages taken in October are still alive.

A senior Israeli official, speaking anonymously, said Israel won’t send a high-level delegation to Egypt unless Hamas provides answers to specific questions. While the official didn’t elaborate, reports have said that among other things, Israel seeks details on the wellbeing of its hostages.

Channel 12 and the Times of Israel reported that talks were breaking down before they even started.

The Israeli TV station said that Qatar told Israel that there is presently no way forward.

Talks would be held Sunday and Monday, Hamas official Osama Hamdan said earlier in a statement issued by the media center of Hamas, which rules Gaza and is considered a terrorist organization by the US and European Union.

Progress toward a pause in fighting has been stalled for weeks as Israeli Prime Minister Benjamin Netanyahu bristled at Hamas conditions he termed “delusional.”

Separately on Sunday, Israel’s Kann News, citing a US source it didn’t identify, reported that Amos Hochstein, a special envoy often used by President Joe Biden for Israeli and Lebanese matters, plans to travel to Beirut on Monday for talks.

US officials said Saturday that Israel has essentially agreed to a sixweek cease-fire if Hamas commits to handing over hostages categorized as vulnerable, including women, the ill or injured, and the elderly. The agreement could take effect immediately if Hamas agrees to their release, the officials added.

More than 130 hostages are still believed to be held in Gaza, about 30 of whom are believed to be dead. The fighting began on October 7 when Hamas militants infiltrated southern Israel and killed some 1,200 people as well as capturing scores of Israelis and taking them to Gaza.

Since then, more than 30,000 Palestinians have been killed under heavy Israeli air and ground bombardment, according to the Hamas Health Ministry.

Israel is seeking information on how many hostages are still alive, according to reports on Saturday. A Hamas leader who wasn’t identified told the UK-based Qatari Al-Araby Al-Jadeed on Sunday that the details would only be delivered for “a big price,” according to the Times of Israel.

A senior Hamas official told AFP that a truce would only be secured if Israel accepts its demands, which include the return of the hundreds

Continued from A16

IPOs including REITs is a negative 21 percent with only four of the 14 above IPO price. The big winner is Repower Energy Development Corp. at 36 percent higher, and the biggest loser is LFM Properties Corp. down 53 percent.

Of the eight REITs, only three are higher with AREIT, Inc. up 56 percent including dividends and Filinvest REIT Corp. losing 41 percent including their dividends. If you bought them all equally, you would have made 2.7 percent on your investment. Opportunities. Now it gets interesting aside from good company earnings performance. From the company majority owners taking an “I only care about corporate performance, not the stock price,” now with pressure from large shareholders, some presidents and CEOs are reaching out for “help” getting their stock price higher. I am sure

Evolution of tax filings

Oof thousands of Palestinians to their homes in northern Gaza, and an increase of humanitarian aid.

38,000 meals

THE US, in a joint endeavor with Jordan, airdropped some 38,000 meals along the coast of Gaza Saturday afternoon. The officials said the six-week pause Israel had agreed to would allow a rush of humanitarian aid and would also kick off a second phase of negotiations to extend the cease-fire in the almost five-monthold war.

The US plans more airdrops as it pushes for ways to get more aid into Gaza, partly to eliminate any incentive by gangs and criminal groups to seize the supplies and auction off what is sent it.

The need for food is rising throughout Gaza, and is particularly urgent in the north, US officials said, adding that possibilities for further delivery may also be conducted with commercial ships or US government vessels. The goal is to maximize aid delivery by land, sea and air, they said.

Deadly stampede

A ID delivery led to a tragedy last week in an incident that involved Israeli troops opening fire near a food convoy bringing in aid, and the subsequent deaths and injuries of scores of Palestinians.

Witnesses have said that Israeli troops fired on Palestinians rushing to pull food off the convoy, which Israel has repeatedly denied.

An initial review found that the majority of those killed or injured were caught in a “stampede” after soldiers started to retreat, Israeli army spokesperson Rear Admiral Daniel Hagari said in a broadcast video on Sunday.

Troops did open fire on a number of looters that approached and posed an “immediate threat,” he said, adding that the inquiry would continue.

The US has been working to get a deal to end the fighting between Israel and Hamas by the Muslim holiday of Ramadan, scheduled to begin around March 10. Talks are ongoing in Doha, US officials said on Saturday.

Negotiations became deadlocked about a month ago, one of the officials said, and the US has ramped up its engagement with Israelis from the week of February 19 to reach a framework similar to the one that’s now on the table, one official said. With assistance from Alisa Odenheimer /Bloomberg

there is no truth to the rumor that certain companies are guaranteeing against any loss if friendly investors buy the price up. Threats. Aside from total thermonuclear war, the looming threat is what Congress does about the minimum wage increase. I spoke to several listed companies that employ several hundred to several thousand minimum wage employees. One person summed up the situation this way: “An immediate P100 increase would be a disaster. A P350 increase would be the end of the Philippine economy. We cannot cut other costs or raise prices fast and high enough to avoid a decrease of 20 to 30 percent in 2024 profits.” Another said that they have already identified the 20 percent marginally profitable retail stores that they would shut. 2024: The Year Of Uncertainty.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis provided by AAA Southeast Equities Inc.

atty. Mabel L. Buted

Tax Law for Business

ne of the principles of a sound tax system is administrative feasibility. It means that tax laws should be capable of being effectively administered and enforced with the least inconvenience to the taxpayer (GR 193007, July 19, 2011). The taxes to be paid must be simple and clear and the tax system should allow taxpayers to conveniently file their tax returns and pay their taxes.

Through the years, in keeping with this standard, our government continues to pursue measures to simplify the manner and the process in the filing and payment of taxes, and in the submission of tax information returns and other reportorial requirements. The most recent of which is the simplified tax payment process under the Ease of Paying Taxes Act (EOPT).

The BIR’s drive to improve and adapt is apparent in the EOPT law. For more than a decade now as a tax lawyer, I have witnessed how the BIR’s tax filing and payment system has evolved.

In 2012, the BIR started introducing electronic filing of tax returns. Manual filers were given the chance to innovate with the introduction of the eBIRForms package. The filing software was developed primarily to aid taxpayers who are not registered with the Electronic Filing and

Payment System (eFPS) (non-EFPS filers) in preparing their tax returns by providing them with a facility where they can directly encode and validate the data indicated in the tax returns and submit these directly to the BIR system. Few years later, the use of the package was mandated to certain type of taxpayers (e.g., taxpayers who are filing for “no payment return”) to lessen the long queues at BIR’s offices during tax filings. The BIR also made possible the electronic payment of taxes even if the tax returns are filed only using the eBIRForms. Online payment is not limited to eFPS-registered taxpayers anymore. Compliance in the submission of the required attachments to the tax returns was also simplified. In 2014, the submission of all alphabetical lists of payees whose income payments were subjected to withholding taxes was made online. Previously,

Now, under the EOPT, tax filing and payment were made even easier with the “file and pay anywhere” rule. The rule permits the taxpayers to file their returns and pay their taxes, either electronically or manually, at any authorized agent bank, revenue office, or authorized tax software provider.

withholding agents who are nonEFPS filers were allowed to submit the alphalists in floppy diskettes/ CDs. In 2018, the submission of the alphalists of payees, which used to be monthly, was streamlined by requiring the filing on a quarterly basis. In 2019, in the case of top withholding agents, the preparation of the semestral list of regular/local suppliers of goods and services was discontinued for being superfluous. In year 2020, at the height of the Covid-19 pandemic, the BIR introduced the Electronic Audited Financial Statements (eAFS) application system that enabled the taxpayers to submit their filed Income Tax Returns (ITR), Audited Financial Statements (AFS) and other required attachments to the ITRs online.

Also, just last year, taxpayers were no longer required to prepare and file their VAT returns every month as the filing and payment of VAT was already made on a quarterly basis.

Now, under the EOPT, tax filing and payment were made even easier with the “file and pay anywhere” rule.

The rule permits the taxpayers to file their returns and pay their taxes, either electronically or manually, at any authorized agent bank, revenue office, or authorized tax software provider. It must be emphasized that the law allows either electronic or manual filing and payment of taxes. The law does not mandate that only one method is followed. Also, taxpayers are no longer required to pay their taxes only at the BIR revenue office where they are registered or at a bank authorized by the revenue district office where they are registered. They cannot be penalized for having filed and paid their taxes at the wrong venue.

I trust that with the new law, taxpayers will be able to appreciate that it is easy to comply with their tax obligations. The government must also not stop finding ways to make taxpayers at ease in paying their taxes. The goal must be for taxpayers not to be intimidated with the complexity in filling up tax returns and the computation of exemptions, deductions, and liabilities that come with it.

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm 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 mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.

Opec+ extends oil cuts, with Russia bolstering its effort

By Fiona MacDonald, Grant Smith & Salma El Wardany

Opec+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.

The curbs—which on paper total roughly 2 million barrels a day—will remain in place until the end of June, according to statements from members such as Saudi Arabia, which accounts for half of the pledged reduction. Russia promised to strengthen its role by focusing more on cuts to production than exports.

Traders and analysts had widely expected the extension, seeing it as necessary to offset a seasonal lull in world fuel consumption and soaring production from several of Opec+’s rivals, most notably US shale drillers. An uncertain economic outlook in China is adding to the need for caution.

Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping. While that offers some relief for consumers after years of rampant inflation, prices may be a little low for many in the Organization of Petroleum Exporting Countries and its partners.

Riyadh needs a crude above $90 a barrel as it spends billions on an economic transformation that spans futuristic cities and sports tournaments, according to Fitch Ratings. Its largest partner in the alliance, Russia, also seeks revenue to continue

By Atty. Romulo B. Macalintal

WITH all due respect to President Marcos, his position to hold plebiscite to amend the constitution alongside the 2025 national and local elections (NLE) is not tenable or of doubtful constitutionality.

Section 4, Article XVII of the 1987 Constitution mandates that the ratification of any amendment to or revision thereof shall be done “in a plebiscite.” Said provision does not say that the ratification shall be done “in an election,” nor in an “election and plebiscite.”

In other words, any such amendment or revision should be submitted for the people’s ratification in a plebiscite “independently of the election of public officials” following the opinions of the majority of the justices of the Supreme Court (SC) in the November 1967 consoli-

waging war on Ukraine.  These latest output curbs, which deepen reductions made last year, will be “returned gradually subject to market conditions” after the second quarter, the countries said on state-run media. Russia—which has a unique exemption to split its curbs between production and exports of crude oil and refined products— will put greater emphasis on cuts to crude production during the coming quarter, Deputy Prime Minister Alexander Novak said. That promise may offer some satisfaction to Riyadh. Saudi Energy Minister Prince Abdulaziz bin Salman expressed disappointment last year that Moscow hadn’t agreed cut production, which more directly impacts global market balances than changes to exports.

In April, Russia’s cut will comprise 350,000 barrels a day of output and 121,000 barrels a day from exports.

dated cases of Gonzales vs Comelec and Philconsa vs Comelec. Involved in these cases was the constitutionality of RA 4913 insofar as it provides that proposed amendments to the 1935 constitution could be submitted to the people together with the regular election then scheduled in November 1967. Majority of the justices of the SC said that the law was unconstitutional “because in deciding amendatory proposals, the people must be free from consideration of extraneous matters, such as the choice of (elective) national and local officials.” In the sterling words of the well-revered Filipino jurist, Justice Jose B.L. Reyes, the framers of the 1935 Constitution “could have only meant that any amendments thereto should be debated, considered and voted upon at an election wherein the people could devote undivided attention to the subject.”

Majority of the justices voted that

Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping. While that offers some relief for consumers after years of rampant inflation, prices may be a little low for many in the Organization of Petroleum Exporting Countries and its partners.

In May, it will be 400,000 barrels a day of production and 71,000 of exports, while in June the curbs will come from production only.

Still, Russia and others in the group haven’t so far delivered fully on their commitments.

Moscow only recently fully implemented the production cutbacks it promised to make almost a year ago. In January, the nation reduced its exports of crude oil as agreed by roughly 300,000 barrels a day, but promised curbs to shipments of refined fuels were less clear.

Iraq and Kazakhstan collectively pumped several hundred thousand barrels a day above their quotas in January, but promised to improve compliance and even compensate for any initial overproduction.

The group’s decision to extend

R.A. 4913 was unconstitutional; but for lack of concurrence of eight justices, the constitutionality of the law was upheld. At that time, the SC was composed of a Chief Justice and 10 associate justices. Under the 1935 Constitution, at least two-thirds vote of all the members of the SC or eight justices were needed to declare a law unconstitutional. Only six justices voted for its unconstitutionality, hence, the minority of justices upheld its validity.

Due to lack of the required votes, the SC ruled that since Section 1, Article XV of the 1935 Constitution provides that “such amendments shall be valid when approved by a majority of the votes cast at an election”, it follows that the ratification could be done together with the general election then scheduled in November 1967. The SC ruled that the “election” referred to in said section was not a “special election” in that the ratification of the proposed

its curbs for the second quarter may have been widely expected, but Opec+ will likely face a tougher choice at its next scheduled meeting on June 1, when ministers will set policy for the second half of the year.

Forecasts from the International Energy Agency in Paris suggest that, with growth in global oil demand slowing and new supply from the Americas soaring, Opec+ will need to persevere with its cuts all year.

“You don’t want to bring barrels back in too early,” Saad Rahim, chief economist of commodity trading giant Trafigura Group, told Bloomberg television last week. It’s unclear whether all members would be willing to subscribe to that policy. While Saudi Arabia has often urged the need for caution, its neighbor the United Arab Emirates has been keen to make use of recent investments in new production capacity. Some forecasters believe that won’t be a problem, as strengthening demand will allow the group to relax its curbs and add more barrels later in the year.

There has been “an improvement in overall market fundamentals,” said Paul Horsnell, head of commodities research at Standard Chartered Bank Plc. “Opec could increase output” without flooding world inventories. With assistance from Ben Bartenstein and Nayla Razzouk /Bloomberg

amendments could be held alongside a general election.

But now, under Section 4, Article XVII of the 1987 Constitution, it was made clear that the ratification of any proposed amendment shall be “by a majority of the votes cast in a plebiscite.” In here, the word “election” under the 1935 Constitution was changed to “plebiscite” apparently to make it clear that such ratification should be done only through a plebiscite, independent or separate from any national and/or local elections.

Thus, Comelec Chairman George Erwin Garcia was correct when he previously said that “such plebiscite cannot be done together with the May 2025 midterm elections (as it) requires a separate and single plebiscite so that the people can focus on whether they should allow such amendment or not.”

Atty. Romulo B. Macalintal is an election lawyer.

Recto pitches PHL’s trade, biz opportunities to Aussies

By Reine Juvierre S. Alberto

FINANCE Secretary

Ralph G. Recto on Monday sought out potential Australian investors to take advantage of the wide range of trade and investment opportunities in the Philippines.

During the Philippine Business Forum in Melbourne, Australia, Recto told around 100 Australian business and investment leaders and government officials that they will be teaming up with the “fastest- growing economy in Asia.”

“We have rolled out the red carpet and reserved the best seat for you to join us in shaping our blockbuster growth story. This is an exciting opportunity that Australian investors should certainly not miss out on,” he said.

Recto highlighted the Department of Finance’s (DOF) strategies to help drive growth through investments under the Growth-Enhancing Actions and Resolutions (GEARs).

The strategy will improve the regulatory regime, reduce business costs, and address constraints to welcome investors to achieve investments-led growth.

The Finance chief also underscored the enactment of the Public-Private Partnership Code, which he said “is a resounding testament to our commitment to fostering stronger collaboration with the private sector.”

The PPP Code, Recto said, leverages over three decades of experience with the Build-Operate-Transfer Law and integrates practices to streamline processes, reduce transaction costs, and enhance the ease of doing business for PPPs. There are currently 185 big-ticket

infrastructure projects worth about P9 trillion (about USD 163 billion), awaiting PPP investments under the Build Better More Program.

The projects include the power, physical connectivity, rural development, water resources, digitalization, sustainable initiatives, and healthcare sectors.

“We have taken great care to ensure the economic returns on our major projects, choose the most highly concessional financing available, and diversify our sources of project funding,” Recto said.

Recto also told Australian investors to explore potential ventures within the country’s first sovereign wealth fund or the Maharlika Investment Fund.

“It provides an opportunity for private-sector engagement in financing our big-ticket infrastructure projects,” he said.

Meanwhile, following the recent implementation of the Philippines’ liberalization laws, the country is also open to expanded investment opportunities in telecommunications, transportation, banking, mining, and energy sectors. See “Recto,” A3

By Ma. Stella F. Arnaldo @akosistellaBM

Special to the BusinessMirror

THE Department of Labor and Employment (DOLE) remains open to recommendations from the hospitality industry on Republic Act 11360, the Service Charge Law, even as it stressed that said levy should not be used as an incentive to retain competent employees.

In a Viber message, Labor Secretary Bienvenido Laguesma told the BusinessMirror , “The service charge (SC) is not intended for the purpose of retaining or rewarding good and efficient employees. It is designed as a social protection measure intended to augment and complement income of rank and file workers. Hotels and the hospitality industry should devise an incentive scheme to reward employees for purposes of retention and good work and not rely on the SC as a reward and retention scheme.”

The DOLE chief made the com -

ment after grumblings from the hospitality industry reached him on the difficulty of retaining good managers and competent regular employees especially with the agency’s Department Order 2422024 ordering the inclusion of casual, contractual, and agencyhired employees in the SC distribution.  (See, “Hotels, restaurants now required to distribute service charge to contractuals, agency-hires,” in the BusinessMirror , March 4, 2024.)

Industry sources estimated a regular employee in a hotel takes home P40,000 to P80,000 a month from his share of the SC, on top of his basic salary. With more workers being able to get a share from the SC collected by a hotel or restaurant, stakeholders believe this will result in reducing a regular employee’s take-home pay by 30-40 percent.

No SC is anti-labor?

ONE workaround solution some hotels have begun implementing is to remove their service charge.

Continued on A3

THE Commission on Elections on Monday called on parties who oppose the synchronized conduct of a plebiscite on the proposed charter change with the 2025 polls, to raise the matter before the Supreme Court.

Comelec spokesperson John Rex C. Laudiangco said this will finally settle the issue of constitutionality of the said scenario.

“As with any other situation, any person may question such acts before the Supreme Court,” Laudiangco said in a statement.

The poll official issued the pronouncement when sought for comment on the view of veteran election lawyer Romulo B. Macalintal that it is unconstitutional to schedule the plebiscite to change the 1987 Constitution with the 2025 National and Local Elections (NLE).

Macalintal cited the SC ruling on the consolidated cases of Gonzales v. Comelec and Philconsa v. Comelec, where the High Court declared Republic Act (RA) 4913, which amended the 1935 Constitution, as unconstitutional.

Continued on A3

By VG Cabuag @villygc

BloomBerry resorts Corp., the gaming firm of billionaire enrique K. razon Jr., said its net income last year surged 85 percent to P9.5 billion from the P5.1 billion recorded in 2022, on higher revenues of Solaire resorts and Casino.

The company said Solaire’s gross gaming revenues last year rose 16 percent to P58.29 billion from the previous year’s P50.12 billion.

bloomberry’s consolidated net revenue in 2023 reached P48.4 billion, representing an increase of 24 percent from P38.9 billion in 2022. Consolidated net revenue in the fourth quarter was P11.9 billion, higher by 3 percent compared to the same period in 2022, the company said.

“We have high hopes for 2024,

MBy Lenie Lectura @llectura

eRA lCo PowerGen Corp. (MGen) and Therma NatGas Power Inc. (TNGP) formed a joint venture company to pursue their investment in two gas power plants of San Miguel Global Power Holdings Corp. (SMGP).

MGen is the power generation arm of the Manila electric Co. while TNGP is a wholly-owned subsidiary of Aboitiz Power Corp. (AP) through Therma Power Inc. (TPI). An investment agreement between the two power firms was signed to acquire equity interest in Chromite Gas Holdings (CGHI).

especially as we open our second integrated resort in the thriving metropolis of Quezon City. The construction of Solaire Resort North is almost complete, and we plan to launch late in May of this year.

Solaire Resort North will massively enhance our luxury gaming and entertainment portfolio and solidify our standing as the leading integrated resort developer and operator in the Philippines,” Razon said.

Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in

MGen will acquire a 60-percent interest in CGHI while TNGP will acquire the balance of 40 percent.

CGHI, the joint venture firm, intends to invest in the 1,278 megawatt (MW) Ilijan power plant and a new 1,320MW combined cycle power facility that is currently under construction.

Together with SMGP, CHGI will invest in the liquefied natural gas ( l NG) import and regasification terminal owned by l inseed Field Power Corp., a unit of Atlantic Gulf & Pacific. This will be used to receive, store and process lNG fuel for the two power plants, thus fully integrating the local energy sector into the global natural gas supply chain.

reached P616.4 billion, P51.2 billion, and P356.7 billion, representing year-over-year increases of 28 percent, 35 percent, and 16 percent, respectively. All segments benefited from strong domestic demand and further improvements in international visitation.

VIP, mass table and electronic gaming machines revenues amounted to P19.5 billion, P18.2 billion and P20.6 billion, representing yearover-year growth of 18 percent, 8 percent and 22 percent, respectively.

Total gaming revenues recovered to 97 percent of the 2019 level, propelled mainly by the largely domestic mass table games and electronic gaming machine ( eGM) segments, which on a combined basis, increased to more than double of the 2019 level.

In the fourth quarter, total gross gaming revenue at Solaire reached P13.8 billion, lower by 6 percent yearon-year. VIP, mass tables and eGM revenues were P4.4 billion, P4.1 billion, and P5.4 billion, representing year-over-year declines of 7 percent,

The Ilijan power plant resumed its operations last year, while the new power facility under excellent energy Resources Inc. is expected to start operations by the end of 2024.

The JV firm was announced Sunday following the $3.3-billion power deal forged among MGen, TNGP, and SMGP.

This unprecedented move will also steer the country towards a cleaner, more sustainable future in line with the Marcos administration’s push for more natural gas in the country’s energy mix.

AboitizPower President emannuel Rubio said Monday that its unit acquired a minority stake in the integrated lNG facility in batangas,

8 percent and 4 percent, respectively.

Solaire Korea’s Jeju Sun recorded a GGR of P31 million for the year. Gaming revenue in 2023 was a reversal of a loss of P8.5 million covering the october 3 to December 31, 2022 period.

The company reported consolidated non-gaming revenues of P8.7 billion for 2023, an increase of 30 percent from the P6.7 billion generated in the previous year. Nongaming revenues hit 107 percent of their 2019 values. In the fourth quarter, consolidated non-gaming revenue was P2.3 billion, higher by 4 percent compared with the same quarter in 2022.

At Solaire, non-gaming revenue for the year went up by 25 percent year-on-year to P8.3 billion. Hotel occupancy in 2023 was 79.8 percent, compared to 53.7 percent in 2022.

At Solaire Korea, non-gaming revenue in 2023 increased to P357.3 million from P48.7 million in 2022.

Net income in the fourth quarter rose by 11 percent year-on-year to P1.3 billion.

and regenerative future,” said eDC Corporate Communications head Frances l . Ariola. Lenie Lectura

which is set to eventually deliver 2,500MW from a new 1,320MW combined cycle power facility and Ilijan, which has a nameplate capacity of 1,200MW and historically accounts for 10 percent to 12 percent of luzon’s net dependable power. “In an energy transition characterized mostly by the influx of variable renewable energy, the inclusion of lNG plants supports our pragmatic approach. As a transition fuel, lNG will complement the variabilities of solar and wind power generation, helping maintain the stability of the aggregate supply and the whole power system,” said Rubio.

Continued on B2

Decathlon opens new store in Cebu

By Andrea E. San Juan @andreasanjuan

GlobA l sports retail brand Decathlon said it opened a new store in Cebu City, its first store outside Mega Manila.

The French sports brand said the store, a 3,000 sqm sports retail zone located at SM City Cebu, is its 10th store in the Philippines. This is also Decathlon’s 6th store in partnership with SM.

Hans Iff, President of Decathlon Philippines, described Cebu as the “perfect starting line” for the sports retail brand outside Mega Manila, recognizing the city’s “active” residents and the combination of urban playgrounds and nature destinations.

“We are excited to launch not only a new store, but a key milestone for us in making sports accessible to more and more Filipinos,” Iff said in a statement.

“In Decathlon we always go where the sport lovers are, and Cebu is the perfect starting line for us, with its blend of urban playgrounds and nature destinations, and of course its active and dynamic residents. We look forward to welcoming all sport lovers and sparking the wonders of sport within each one.”

For her part, Hathaipat Theintangpiriya, store leader for Cebu and

city leader for Visayas and Mindanao, said the brand wants to go beyond targeting the city’s existing sports enthusiasts as it aims to offer the brand’s wide range of products for over 70 sports in its Cebu store.

“We are happy to be in Cebu, a home for outdoor, water, and multisport activities, and a popular local and international tourist hub. our goal is to be where the sport passionates are, but we also recognize that

we are so much more than sport—we exist to unlock the love of sport in everyone,” she said.

“We look forward to having everyone discover our best-value sports products at an accessible price, and welcome everyone in SM City Cebu.”

Theintangpiriya said Decathlon will continue to grow in the Visayas region as more stores are expected to rise within the region in the coming years.

By Lorenz S. Marasigan @lorenzmarasigan

Globe Telecom Inc. on Monday said it has completed major enhancements to its SIM registration channels, fortifying its commitment to customer identity protection initiatives.

Darius Delgado, Head of Globe’s Consumer Mobile b usiness, said Globe has implemented advanced encryption protocols to bolster the security of data transmitted during the registration process.

This crucial step ensures a secure environment for customers providing personal information, he said.

With this development, Globe is now using live photo capture technology, which prevents the use of stock or pre-existing photos during the registration process.

To counter the submission of fraudulent documents, Globe leverages the o ptical Character Recognition ( o CR) technology. This system matches text entries on the SIM registration form with the data on the user’s uploaded ID, reducing the likelihood of fake or doctored documents slipping through.

Moreover, Globe has taken proactive measures by limiting the number of ID submission retries. This precautionary step is designed to thwart random or repeated attempts to register with fictitious documents.

“We continue to invest in and enhance our tools to deliver a more secure and effective validation process to proactively deter and detect fraudsters. It’s a continuous journey for us to keep on protecting our customers,” Delgado said.

He added that Globe has undertaken a comprehensive post-validation initiative.

With an ambitious goal to complete the validation of the remaining 40 million records within the year,

the company has already successfully validated 11 million registrations.

The SIM Registration Act, which mandates the registration of all SIMs, aims to shield consumers from illegal activities such as scams, smishing, and other forms of mobile phone and online fraud.

l ast month, Globe said it expects its revenues to continue growing by “low to mid-single digit” this year.

ernest Cu, the company’s president, said on Wednesday Globe has a “more positive” outlook for 2024, “as inflation continues to abate.”

Historically, inflation causes consumer wallets to shrink, making telco services one of the first to be reduced in terms of allocation.

In 2023, Globe saw its profits dwindling by 29 percent to P24.58 billion from P34.61 billion, due to higher depreciation expenses coupled with non-operating charges that fully offset the three-percent increase in revenues.

Globe’s top line stood at P162.33 billion, a new record high, from P157.98 billion as its mobile and corporate data businesses as well as non-telco services posted “robust growth.”

of the five business segments, fixed line voice posted a 20-percent decline in revenues and home broadband recorded a seven-percent drop. The three others mobile, corporate data, and non-telco services, grew by 5 percent, 7 percent, and 18 percent, respectively.

MAy NIl AD Water Services Inc. on Monday reported the completion of its P208-million pipe replacement project in Sampaloc, Manila.

The project is expected to improve water pressure and reduce water losses in the area, Maynilad said in a statement.

The project involved the replacement of around one kilometer of old, leaky primary lines along Maria Clara and Quiricada Streets that had varying diameter sizes ranging from 600 millimeters to 750 mm.

With this project’s completion, water pressure in six Sampaloc barangays went up to as high as 16 pounds per square inch (psi) from 7 psi, benefitting more than 40,200 residents. At a 16-psi pressure, water supply can reach the third storey of a structure without the aid of a booster pump.

The project also enabled Maynilad to recover around 3 million liters per day (MlD) of potable water that was previously lost through pipe leaks. This 3 MlD supply is enough

to meet the water requirements of over 21,000 customers.

“The water we were able to recover from this project adds to the available supply that we distribute to our customers, thus helping to augment water supply this el Niño season. We aim to fast-track similar pipe replacement activities in other areas of our concession so we can further boost water recovery,” said Maynilad President and Ceo Ramoncito S. Fernandez.

Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. It is a concessionaire of the Metropolitan Waterworks and Sewerage System for the West Zone of the Greater Manila Area, which is composed of the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, l as Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; the cities of Cavite, bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite Province. Jonathan L. Mayuga

Photo from www.globe.com.Ph

Photo from the facebook Page of Decathlon PhiliPPines

Banking&Finance

After a year, BIR wins tax evasion case at DOJ

TBy Reine Juvierre Alberto & Joel R. San Juan @jrsanjuan1573

HE Bureau of Internal Revenue (BIR) announced it won a case it filed last year before the Department of Justice (DOJ) against the corporate officers and accountant of Buildforce Trading Inc. (BTI).

The criminal case was made by the BIR under its enforcement program “Run After Fake Transactions,” or “Raft” program “to curb tax leakages and increase the government’s revenue collections,” a statement issued by the tax collector read.

The bureau filed the case against the corporation in March last year following a December 2022 raid at a condominium unit in Quezon City. BTI, along with three other cor -

porations all owned by Filipinos, were accused by the BIR of engaging in fake transactions, a practice that the agency said costs the government at least P25.5 billion in lost revenues (See: https://businessmirror.com.ph/2023/03/17/ bir-files-tax-evasion-case-vsghost-companies-in-fake-transactions/).

BIR Commissioner Romeo D. Lumagui Jr. earlier said that the mo -

Examining the envelope budgeting system

ONE of the characteristics of a healthy financial life is good budgeting. It is not enough that spending is lower than income. It is not enough that expenses are clearly identified. Spending must also be strategic. A budget translates priorities into effective allocations.

A popular budgeting system is the envelope budgeting system. This has been popularized by renowned personal finance advocate Dave Ramsey. In this light, it is worthwhile to review the envelope budgeting system, its advantages and its disadvantages.

The envelope budgeting system involves the use of different envelopes to represent different categories of spending. The common budgeting horizon is monthly. Color-coding is common across envelopes. There would be envelopes for financial goals, needs and wants. Once income arrives, money is then placed in each envelope for spending. While the original version of the envelope budgeting system involved physical envelopes, the advent of the modern technology has ushered in variants in the form of digital envelopes.

There are generally three steps involved in the envelope budgeting system. The first step is to determine the budget for each spending category. Financial goals must be ahead of needs and wants. The second step is to assign envelopes for each spending category. The last step is to ensure that actual spending is limited by the amount of money in each envelope. For the model to work, financial discipline is key. Interenvelope spending transfers will defeat the purpose of the envelope budgeting system. Execution is key.

The envelope budgeting system has a host of advantages. One advantage is simplicity. It is not like rocket science since the concept is quite easy to grasp. It is simple enough to hopefully encourage young people to start budgeting early. Good habits formed in younger years can lead to great benefits as people develop. It is simple enough to target a wide portion of the population and thus it can be seen as a tool to further democratize the application of personal finance. The visual element of envelopes drives learning.

The envelope budgeting system helps promote effective management. By adopting the

dus involves registered companies issuing receipts to another company for a non-existent product or service in order for the latter to avail of tax deductions.

The national government’s possible losses due to this malpractice could reach about P100 billion, according to Lumagui.

“Just this February, we won criminal cases before the DOJ against the ‘ghost receipts’ syndicate. [In] the first day of March, we won another criminal case against the syndicate. This syndicate ends now. The culture of using ‘ghost receipts’ ends now,” the BIR chief was quoted in a statement as saying.

Criminal cases

ACCORDING to the BIR, it also filed criminal cases against BTI executives before the Regional Trial Court (RTC) and Metropolitan Trial Court (MTC) of Quezon City.

According to the DOJ, BTI will be charged before the Quezon City RTC with one count each of attempt to

system, an individual commits to having accountability with respect to money decisions taken. It helps drive discipline because of the spending limit marked by each envelope. By determining a plan and monitoring it with actual figures, an individual is able to have a more purposeful approach in life. As execution of the system happens, the individual will be able to assess what to continue, stop or start doing in terms of spending.

The envelope budgeting system helps avoid cumbersome debt. Reckless spending habits can be avoided. Expenditures that are not part of the envelope categories are avoided. Impulse purchases can be avoided. Overspending can be avoided due to the scarce amounts of money in each envelope. Having lots of debt in life can lead to a lot of stress caused by payments on principal and interest. Having lots of debt can lead to many bad ramifications including the possibility of being in a debt trap for a prolonged period of time.

The envelope budgeting system though has its share of criticisms. One criticism is the perceived lack of flexibility. There may be cases when fortuitous events happen and strict adherence to the envelope budgeting system may not manage these events well. Another criticism is the perceived inconvenience. One has to devote time in putting up budgets, spending categories and monitoring mechanisms. Another criticism is possible security risk since physical envelopes can be prone to issues like damage and theft.

While the envelope budgeting system is not perfect, it is still a great tool for financial management. The strategic nature of the envelope budgeting system makes people take greater control of their financial situation. As more Filipinos take charge of their finances, the Philippines becomes more financially-well.

Genesis Kelly S. Lontoc is a registered financial planner of RFP Philippines. His views in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about personalfinancial planning, attend the 106th RFP program this March 2024. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

evade or defeat tax and willful failure to supply correct and accurate information in Income Tax Return and four counts of willful failure to supply correct and accurate information in Quarterly VAT Returns against the corporation and its 2 corporate officers. Meanwhile, one count of making false entries, records or reports was filed before the MTC against the public accountant. The charge of attempt to evade and defeat tax against the accountant, however, was dismissed.

The cases stemmed from the investigation conducted by the National Bureau of Investigation (NBI), which revealed that BTI produced fictitious receipts and invoices.

Justice Secretary Jesus Crispin

C. Remulla welcomed the filing of charges against BTI and assured the public that the crackdown against tax evading firms will continue with the filing of more cases.

“We cannot simply tolerate tax evaders. The filing of cases is a

THE Philippine Guarantee Corp. (Philguarantee) and Esquire Financing Inc. (EFI) sealed a partnership with a ceremonial signing agreement on February 15 to accelerate and increase financing for small entrepreneurs and businesses.

The event was led by Philguarantee President and CEO Alberto E. Pascual and Senior Vice President Celso R. Gutierrez, along with EFI Chairman and CEO Rajan Uttamchandani and President and COO Navin Uttamchandani.

The Philguarantee Board approved a P1-billion credit guarantee facility for EFI, a money service business, acknowledging the pivotal role of small businesses in driving the Philippine economy forward.

on Audit (COA) opinion for calendar years 2021 or 2022 and based on the annual audit report posted on the COA website.

Sarcena said the “Seal of Good Financial Housekeeping,” formerly the “Seal of Good Housekeeping,” is a component of the “Seal of Good Local Governance.”

“This is part of the Financial Administration—one of the ten governance areas under the “Seal of Good Local Governance”—which focuses on financial accountability and transparency. Passing the ‘Good Financial Housekeeping’ is one of the requirements when a local government unit wants to avail of a loan from a government financing institution,” Sarcena said.

welcome development in our fight against tax evasion. More cases are expected to be filed in the coming days,” Remulla said.

Other cases

THE panel of prosecutors recommended further investigation against the ghost/fly-by-night corporations and their buyer companies claiming false purchases and expenses using fictitious BIR sales invoice receipts for possible violations of the other penal laws under the National Internal Revenue Code (NIRC) of 1997, as amended and of the Revised Penal Code and other penal laws. Seven criminal cases were filed before the Courts for violations of Sections 254 (Attempt to Evade or Defeat Tax) and 255 (Failure to File Return, Supply Correct and Accurate Information, Pay Tax Withhold and Remit Tax and Refund Excess Taxes Withheld on Compensation) in relation to Sections 253(d) and 256 (Penal Liability of Corporations)

This Thursday, February 15, 2024, photo shows (from left) Philippine Guarantee Corp. senior VicePresident isabelo G. Gumaru (Legal services Group), sVP Celso R. Gutierrez (Priority sectors Guarantee Group, President and CEO Alberto E. Pascual, Esquire Financing inc. Chairman and CEO Rajan Uttamchandani and EFi President and COO Navin Uttamchandani. CREDIT: PhIlIPPInE GuaRanTEE CoRP

During the event, Pascual said that Philguarantee is mandated to promote the mobilization of private funds to support small

and medium-sized enterprises, read the statement by the government-owned and –controlled corporation. He underscored that

Meanwhile, the city is deploying more than 8,000 safety and security personnel for its Araw ng Dabaw celebration, which would last for three weeks. This city was declared a charter city on March 1, 1937.

“The number of security personnel to be deployed starting March 1 until March 17 is 7,050 integrated security personnel. And if you will count from March 1 until the last day of March, with those accredited events and private ones that also need deployment, we will have a total of 8,415 personnel,” said Angel B. Sumagaysay, head of the City Public Safety and Security Office (PSSO).

Sumagaysay, a retired police officer, said the bulk of the deployment is for the “Parada Dabawenyo” and the “Mutya ng Dabaw.” Events with special permits held within March were given security deployment, he added.

“We also included events [requiring a] special mayor’s permit and events that gather a large number of people, which also oblige us to add more personnel),” he added.

Sumagaysay said the staff of the PSSO and the City Tourism Operations Office to prepare for the events. As a member of the “Araw ng Dabaw” executive committee, the PSSO will also be providing updates on security matters during their meetings, he added.

The security restrictions also implemented in the past include the prohibition of carrying backpacks and big bags, laser lights and firearms. Bomb jokes are also disallowed. Sumagaysay said they would also ensure a “no littering” policy is followed. Bringing sharp objects, drinking alcoholic beverages and smoking in public places are also prohibited.

Denizens of Davao City are also advised not to bring infants and small children during any event and are also advised to take off their jackets and sunglasses upon going through inspection areas.

and violation of Section 257(A)(2) (Making False Report in the Audited Financial Statements) of the NIRC (as amended).

The BIR has turned to the courts in the implementation of its Raft program. It has filed 14 criminal cases against corporate officers and accountants of Decarich Supertrade Inc. and Redington Corp. for selling “ghost” receipts (See: https://businessmirror.com.ph/2024/02/16/ bir-files-criminal-cases-vsghosts/).

Currently, the BIR has filed criminal cases against three corporations while still awaiting the DOJ’s decision for the case of Crazykitchen Foodtrade Corp.

According to the BIR, the government is losing an estimated P17.63 billion in total tax deficiency income tax and P7.91 billion in total tax deficiency value-added tax for taxable years 2019 to 2021, inclusive of surcharges and interests, due to these companies’ alleged fraudulent tax schemes.

small businesses constitute the backbone of the Philippine economy, fostering innovation, job creation and community growth. For its part, Philguarantee, as a state guarantee institution, is committed to promote and facilitate access as well as supplementing credit, to achieve its development financing objectives, to include the expansion and growth of small businesses in the country, the GOCC’s statement read. It added that Philguarantee is “looking forward to strengthening its partnerships with other non-bank financial groups, similar to EFI, and various channels with the end in view of MSME [micro-scale, small-sized and medium-sized enterprise] development.”

THE national government successfully raised its full programmed amount from the tender of Treasury bills (T-bills) even with the slight increase in auction yields for the eleventh straight week.

The Bureau of the Treasury (BTr) on Monday made a full award of its P15-billion programmed auction of three-tenor T-bills.

According to the Treasury, the auction was 2.5 times oversubscribed, attracting P36.9 billion in total tenders. This prompted the Auction Committee to “raise the full program of P15 billion for the auction” the Treasury said in a statement on Monday after the auction.

Auction results showed that the 364-day T-bills received the most bids with a total offer of P14.160 billion followed by the 182-day T-bills at P13.310 billion total bids.

The 91-day T-bills fetched a total offer of P9.428 billion from investors.

The average rate for the 91day T-bills settled at 5.778 percent with a range of 5.750 percent to 5.799 percent.

The 182-day T-bills saw its yield averaging at 5.995 percent.

The government security rates were between 5.989 percent and 6.000 percent.

Investors’ average rate for the 364-day T-bills, meanwhile, was at 6.100 percent with a yield range of 6.089 percent to 6.125 percent.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort noted that

the T-bills’ average auction yields were “mostly slightly higher” a day before the latest local inflation data that is expected to slightly pick up due to easing high base/denominator effects.

Ricafort explained that Tbills auction yield increased “after the continued slight week-on-week increase in most of the comparable short-term PHP BVAL yields after the latest new record highs [retail treasury bonds] RTBs issuance at P584.86 billion.”

The RCBC executive added the increase is an “offsetting positive factor that could lead to more peso funds/supply/liquidity into the financial system and could support demand for government securities and other investments.”

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

The national government plans to borrow a total of P1.853 trillion from the domestic market through the sale of T-bills and T-bonds.

The Treasury will tender a total of P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds this year.

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

PErsOnal FinanCE

Genesis Kelly s. lontoc

B4 Art BusinessMirror ACROSS 1 Weekend comedy show, familiarly 4 Singer Ronstadt 9 Carpet style popular in the 1970s 13 Uncle, in Mexico 14 Jeered from the bleachers 15 Princess’s crown 16 Kitchen pest 17 Large type of a small crustacean (In this answer, unscramble letters 2-8) 19 Greek salad cheese 21 Lyft competitor 22 Reuben bread 23 Major headline material (...letters 3-10) 28 Raggedy Ann, e.g. 29 New Age icon Chopra 32 Little rascal 35 “Voila!” 37 St. Louis skyline feature 38 Unwelcome one (...letters 5-11) 43 Lawyer Clooney 44 Soothing succulent 45 Yang’s opposite 46 Some nonprofit supporters

GEOMETRIC skylines have primarily defined the art of Patrick Esmao. Using acrylic, threads, and his background as a draftsman, the interdisciplinary artist shot to fame with artworks characterized by painstaking precision and unbounded imagination of structural figures.

In his ongoing sixth solo exhibition, titled Threads of Time, Esmao decided to deviate from his signature subjects, venturing into a new style, exploring new sites. The artist embraces abstraction in an engaging presentation of structural allusions instead of depictions. While the buildings and other objects appear deconstructed, the artworks remain to be vintage Esmao, proving that he can build without having to show.

“A simple change in the shape of a subject can really create and transform a whole new set of images,” Esmao said of his new show, on view until March 11 at Galerie Joaquin Rockwell. “As a creative, I wanted to experiment on something new.”

Experimentation, after all, is how it all began for Esmao’s trademark cityscapes. An Industrial Education-Major in Drafting graduate from the University of Rizal System with experience in teaching and drafting, Esmao learned to approach his passion, art, with the keen attention to detail of a teacher and the fastidiousness of a draftsman.

He tried his hand at all forms of paintings: landscapes, nudes, and more. However, being the perfectionist that he is, Esmao wanted to stand out and experimented with various styles. His goal was to have something that would capture the attention of the audience in a split second and sustain it for much longer. Esmao’s search lasted more than a decade, before he ended up with the simple yet dynamic combination of acrylic and thread.

carefully and thoughtfully woven in with machinelevel accuracy, adding extra dimension and character to his paintings.

While preparing for his new show, Esmao decided to give his art a new spin. He had no idea what or how. He just knew that he would steer clear of cityscapes to present something totally new to the audience. Eventually, an idea landed on him while he was deep in the pages of the 1950 book of Austrian-born art historian E.H. Gombrich, The Story of Art, considered a seminal survey of the history of art from ancient times to the modern era.

When Esmao was reading the chapter on bygone civilizations, he visualized stone tablets, Egyptian tombs, and temples in Athens. This was it, he thought, and pursued the theme in his new solo.

Thus, in Threads of Time, there are no modern buildings, no skyscrapers. Taking their places are abstract, deconstructed images of ancient structures and landscapes, as the colors pay homage to their references. This, we see as the artist takes us to the desert in Boulders and Golden Barrels and Golden Hour, where the sun shines bright and the cactus stand tall in warm tones. There are pensive pieces as well that present window views of trees, like the squarely titled View from a Window (Boojum Tree)

Esmao offers 28 total pieces in his newest solo, each one a reflection of his journey. The title Threads of Time may, in large part, refer to the artist’s medium of choice and various periods tackled in the show, but it also speaks about his story of stringing pieces

Dune...

CONTINUED FROM B5

• 49 Sicilian volcano 51 Being authentic (...letters 6-13) 57 “Exit full screen” key 59 Smiley ___ 60 Colt’s mother 61 Takes a different form, or a hint to this puzzle’s scrambled 4-, 5-, 9- and 3-sided figures 66 Chai or oolong 67 ___ bear (Arctic predator) 68 See eye to eye 69 ___ and outs 70 Scream 71 Yours, in times of yore 72 Show of affection for mom? DOWN 1 Employees 2 Joe Montana, from 1979-1992 3 State-run game of chance 4 JFK’s successor 5 Payment promise 6 Oscar recognition, informally 7 Fix, as code 8 Photoshop producer 9 Madam’s counterpart

HAPPY BIRTHDAY: Look, observe and act. What you do will make a difference. Set your sights high and be relentless in getting things done this year. Refuse to let temptation sidetrack you. It’s OK to change your mind, reinvent yourself or change direction if you do so with heart and integrity. The universe is waiting; make your mark and see what happens. Your destiny lies within. Your numbers are 8, 15, 23, 28, 32, 36, 44.

ARIES (March 21-April 19): The suggestions you offer may not fly initially, but if you are patient and polite, your words will gain value, and someone with insight will recognize what you bring to the table. Self-improvement will boost your morale and lead to compliments and opportunities. ★★

galeriejoaquinrockwell@gmail.com Joaquin on Facebook and follow @galeriejoaquin on Instagram. ■

The first Dune opened under complicated conditions in October 2021. It was one of the last films of Warner Bros.’ divisive plan to simultaneously debut its major movies in theaters and on its streaming platform. And yet it still earned over $40 million in its first weekend and went on to gross over $400 million worldwide. “Denis Villeneuve is up there with Christopher Nolan as a filmmaker whose name alone inspires people to go to the movie theater,” said Paul Dergarabedian, the senior media analyst for comScore. Warner Bros. is one of those studios that will be back in short order with another big film, in Godzilla x Kong at the end of March, followed by Furiosa in May, the Beetlejuice sequel in September and the Joker sequel in October.

“This is our year,” Goldstein said. “Exhibitors are fighting for their lives but we can be clever and collaborative with them to keep our business relevant to audiences.” AP

TAURUS (April 20-May 20): Expand your interests, learn something new and keep up with the times. How you master your skills to accommodate what’s trending will help you stay on top of your game. Keep your private and professional lives ★★★★★

GEMINI (May 21-June 20): What you want to achieve will require more than intellect. Doing work yourself will ensure success. Expect someone you think you can count on to let you down. Don’t believe everything you hear. Get what you want in

CANCER (June 21-July 22): You’ll make gains if you give your all. Rely on your track record, what works for you, and your ability to persuade others to do and see things your way. Don’t hold back; promote and present what you want to offer.

LEO (July 23-Aug. 22): Examine relationships. Adjusting how you divvy your time will allow you to take the path that stimulates you most. Don’t feel obligated to put someone else’s needs ahead of yours. If you’re happy, you’ll be more inclined to bring joy to others. ★★★

VIRGO (Aug. 23-Sept. 22): Initiate the changes you want to make without hesitation. It will be at your expense if you stop to accommodate someone else. Take a rain check, offer an alternative or promise to return once you’ve handled pressing matters. Put your needs first. ★★★★★

LIBRA (Sept. 23-Oct. 22): Let your ideas flow into your work and you’ll reapPut your head down and don’t look up until you complete what you are doing. Concentration and determination will help you outmaneuver any challenge you face. Be good to yourself and refuse to let anyone interfere with ★★

SCORPIO (Oct. 23-Nov. 21): Pay attention and don’t act prematurely. Gather facts, evaluate your situation and recognize the best place to channel your energy. Don’t let anger take over when intuitive tactics and knowledge are your passages to success. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Keep an open mind, but don’t let anyone push you in the wrong direction. Being able to say no will empower you to take charge and do what’s best for you. Worry less about what others think and more about looking out for your best interests. ★★★

CAPRICORN (Dec. 22-Jan. 19): Make changes that help you build equity. You’ll discover you have more to work with than anticipated. Sell off what you don’t need and invest in yourself and your quality of life. Leave nothing to chance or in someone else’s hands. ★★★

AQUARIUS (Jan. 20-Feb. 18): Dial it down a notch and give yourself a chance to breathe. If you act in haste, you’ll have a mess to clean up and questions to answer. Research and relying on experts will help you avoid taking on more than you can handle. ★★★

PISCES (Feb. 19-March 20): Rely on yourself and lend a helping hand, and you’ll open a door that leads to opportunities. Voice your opinion; your words will resonate with someone who will become instrumental in your journey forward. ★★★★

You

reliable,

innovative

and

10 Musical set in 1960s Baltimore 11 West Point’s military branch 12 Stare with an open mouth 15 One-fifth of 15 18 Transmit 20 Bait ___ switch 24 Yellow Brick Road dog 25 Scheme 26 Alan of Marriage Story 27 Tucker (out) 30 Beginning of a play 31 Genghis ___ 32 Apple tablet 33 Office note 34 Practical joke that victims pick up? 36 Actress Gasteyer 39 ___ gin fizz 40 Name hidden in “whole grain” 41 Formal denial 42 Man with manners 47 Direct (to) 48 Health resorts 50 Pitcher’s prized limb 52 Defunct Apple messaging app 53 Whinny

54 Wipe out, in slang 55 Smoothie King Center in New Orleans, e.g. 56 Last but not ___ 57 Annual sports award 58 Heel, but not an ankle 62 Friend 63 Part of TGIF: Abbr. 64 Jack’s value in blackjack 65 “What did I tell you?”

today’s puzzle:

Solution to

Gordon

CANADIAN teenage actor Gordon Cormier has been a hot topic for some time now since he landed the lead role in Netflix’s Avatar, The Last Airbender He breathes life to the character of Aang, a young kid who discovers that he is the Avatar who has to master his power over the four elements to save the world with the help of some friends.

“Water. earth. Fire. Air. Long ago, the four nations lived together in harmony. Then everything changed when the Fire nation attacked. only the Avatar, master of all four elements, could stop them.But when the world needed him most, he vanished.” These words were heard during the first episode of Avatar, which is based on this animated series that came out almost two decades ago, even before Cormier was born.

When he was 11, Cormier recalled being asked to submit a self tape, which led to three callbacks and a few chemistry tests.

“Then we just didn’t hear from them, and even learned that they opened Aang again so we thought maybe they weren’t interested. We even sent an email asking for an update. Then after two months, we got a call. i was asked to go to another chemistry test. i had no clue, they did not tell me anything. Then i was called in for a meeting, and when I finally learned that I was playing Aang after they searched for him everywhere in the world, I was just dumbfounded and cried tears of joy after it started to sink in. It’s pretty cool” he shared.

Now 14, the rising star is in the thick of promotions for the much talked-about Avatar series, which started

streaming on Netflix only two weeks ago. Cormier came to Manila for a short visit to promote, and even spent time with some of his relatives.

“I was just so happy that despite the cramped schedules and the very limited days, i had the chance to be with my relatives in Manila. They spent a night in the hotel and it was just wonderful reconnecting since the last time i was in Manila was many, many years ago, maybe seven.” Cormier’s mom Genalyn Diez is originally from Laguna before she married and settled in vancouver. Prior to Avatar, Cormier was a regular boy growing up who’d do acting on the side. His weightiest role before he landed the big one was his character in The Stand, a post-apocalyptic fantasy adapted from Stephen King’s popular novel with the same title. He also had important roles in A Christmas Miracle

and the sci-fi series Lost in Space during his early years a child actor.

Now that he is getting the feel of things and embracing the essence of being an actor, he said during his live interview on The Today Show that he would wish to do an Adam Sandler or Jim Carrey type of a comedy project.

Now that he is back in school, Cormier shared that “it’s kinda weird that people are getting photos with me. i always tell them, ‘Hey dude, we’re friends. we’re at school!’”

Life might be back to some kind of normalcy these days for Grdon Cormier, but he is sure that he will be ready for the next big things that will unravel. “Life is full of surprises, so until the next big project comes along, let’s see—i’m still very young. But one thing is for sure: i’m ready!” n

February 27 declared as GMA Network day in New York

contributions to the Filipino community in New York State and throughout the United States, February 27 was declared GMA Network day in the Great State of New York. the proclamation was bestowed by the Office of New York State Assemblymember Steven raga. in ceremonies at the New York State Assembly in Albany, New York, Assemblymember raga lauded GMA international and Joseph t. Francia, GMA first vice president and head of international operations, while the assembly was in legislative session. witnessing the ceremonies were members of the New York State Assembly led by the presiding officer Jeffrion l. Aubrey and deputy speaker Philip ramos and members of the Filipino-American Communities.

Movie theaters were looking for a savior and Dune: Part Two is delivering on the promise. Armed with sandworms, big screen spectacle and the star power of Timothée Chalamet, Denis villeneuve ‘s science fiction epic stormed the North American box office this weekend earning $81.5 million in ticket sales,

recognizing GMA international’s significant role in advancing Filipino interests and culture within American society, Assemblymember raga said, “As we prepare to celebrate these achievements in the upcoming New York State Assembly legislative session, it is a reminder of the powerful role media plays in connecting and uplifting our community, no matter where we are in the world. this honoring is a testament to the positive influence of GMA Pinoy t V on Filipinos everywhere.”

Assemblymember raga, in turn, acknowledged Francia’s strong commitment to Global Pinoys: “i am deeply honored to recognize Mr. Joseph Francia for his remarkable contributions through GMA Pinoy t V, which has significantly impacted

according to studio estimates on Sunday.

internationally, it earned $97 million, bringing its global debut to $178.5 million.

“Denis made a really extraordinary and special film and its been really exciting to see people respond,” said Mary Parent, a producer on both films and chairman of worldwide production at Legendary. “it was made for the big screen and it feels like it’s being received as a cinematic event.”

It’s the first major hit of 2024, and one that was sorely needed by exhibitors. Although there have been holdovers from December that have continued to earn, like Warner Bros.’ Wonka Chalamet) and Sony’s romantic comedy You, the box office is in a bit of a drought.

In the first two months of 2024, no films have crossed $100 million domestically. The highest earning movies have been The Beekeeper, Bob Marley:

the global Filipino community. His visionary leadership and commitment to showcasing the richness of our culture and the talent of Filipinos worldwide deserve our utmost respect and admiration. it’s a privilege to be part of this historic moment, and to honor someone who has so profoundly shaped the narrative of the Filipino diaspora.”

Francia warmly welcomed the proclamations as these reinforce the long-standing mission of GMA international to champion Global Pinoys and celebrate their achievements around the world.

these came at an opportune time, especially in the US, where GMA international remains steadfast in its commitment to promoting Filipino representation and

inclusivity while fostering an empowered community in American mainstream society. we at GMA Network are grateful for these recognitions by the New York State Assembly through the diligent efforts of Assemblymember Steven raga,” said Francia.

“we also thank our carriers and distributors who partner with us to give us platforms that allow us to be part of the daily lives of our subscribers and viewers. through GMA Pinoy t V, GMA life t V, and GMA News t V, we have platforms on-air, online and on the ground, to encourage community engagement, inform and entertain the Filipino diaspora and their circle of family and friends, and advocate for even greater representation for the Global Pinoy. we share these with the Filipino-American community, especially the vibrant Filipino community in Albany that gave us a warm welcome on this cold winter day. Maraming salamat at mabuhay, mga Kapuso.” Joining Francia in receiving the proclamations were Arman david (president, Philippine independence day Council inc.), Nora Galleros (executive director, immediate past president, PidCi), Joyce Andres david (vice president, PidCi), robert dumaual (New York-based Community Advocate), and Mary Ann Kapunan (leader, FilCom Albany).

“GMA has been a part of the Filipinos for ages with the incredible amount of work, energy and resources they have poured over for the promotion of the Filipino cause,” said Sol Jasper Kapunan, founding president of Kalayaan 1521 Council inc. (a New York nonprofit corporation).

“On a similar note, the work of Mr. Joseph Francia in leading this organization through the years is nothing but outstanding, keeping the Filipinos well-informed, well-connected, and most of all grounded to the realities happening in our motherland, as well as the different activities, initiatives, innovations and efforts of the different Filipino Communities around the globe.”

GMA Pinoy t V started pre-launch operations in the US 20 years ago and was first introduced to the US and the global market in 2005.

www.gmanetwork.com.

leahy, chief of staff of Assemblymember raga; roberto dumaual; Mary Ann Gozon-Kapunan (cofounder of Kalayaan 1521); Cecille Castillonweinstein, PrO of Kalayaan 1521 inc.; Arman david, president of PidCi; Nora Galleros, executive director of PidCi Glenn Mar Fordan tosoc, infection preventionist/ epidemiologist of the Bureau of Health Services, with wife Claire of Albany Medical Center; and leaders and members of the Filipino-American community of Albany, New York.

YOUNG star Gordon Cormier in character as the Avatar in the Netflix series (left), and in regular clothes in real life.

tiMOtHee

CITICORE Renewable Energy Corporation (CREC) started the year strong with a ceremonial groundbreaking for its new 69 megawatt-peak (MWp) (gross installed capacity) solar power plant project located in Barangay Eustaquio Lopez, Silay City, Negros Occidental, its second in the province.

The event was held on February 20, 2024 and attended by key government stakeholders, including Silay City Mayor Joedith Gallego, local government heads, and representatives from national government agencies.

The power plant, named Citicore Solar Negros Occidental 2, currently covers a land area of 69 hectares, and has a future expansion plan to a total gross installed capacity of 100MWp. Commercial operation is expected by 2024, as part of CREC’s deliverables for the government’s Green Energy Auction Program (GEAP) 2.

Just as the Philippines is seen as a “bright spot” in Southeast Asia for renewable energy

Informa

A“We are thrilled to unveil the game-changing platform for the automotive industry that will congregate top industry leaders, buyers, and sellers to connect and unlock new growth opportunities,” said APVE Deputy Event Director Alwin Seow. Informa Markets, the organizer of the APVE 2024, is committed to utilizing its trade show expertise to make this event an advanced networking, exhibition, and knowledge-sharing platform that would redefine

Pueblo de Oro keys in on Batangas’ growth; breaks ground for residential project in Lipa

BATANGAS,

impressive economic turnaround postpandemic, surging from a decline of -14.4 percent in 2020 to a growth rate of 12.5 percent in 2021.

Since then, this Southern Luzon province has emerged as a key gateway to trade and progress with infrastructures such as the Batangas International Port and Batangas City International Container

and

foreign sources take place. Batangas also possesses a diverse economic landscape which contributes to the province’s

Economic zones in Batangas City, Lipa City, and Sto. Tomas City provide not only globally

outputs but also investment interests for both local and international investors. Beyond the economic potential of Batangas, the province’s tourism sector is also seen as a driving factor to boost the province further. In an interview

automotive standards.

“Explore new partnerships through networking opportunities, discover the latest trends and developments, and find cutting-edge products and solutions during the three-day APVE 2024,” said Rungphech “Rose” Chitanuwat, Informa Markets General Manager in the Philippines.

“APVE is open for exhibitors, trade buyers, businesses, and consumers not just from the automotive sector but also from related industries like mining, construction, logistics, transportation, and agriculture,” she added. APVE 2024 will be the largest in the Philippines to focus on auto parts and vehicles, amid impressive growth of domestic annual vehicle sales in the post-pandemic period.

Based on the joint report of the Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi), overall vehicle sales in the country grew by 21.9 percent in 2023 to a record high of 429,807 units, exceeding the industry’s annual sales target and even the prepandemic sales levels. For comparison, annual vehicle sales posted was 369,941 units in 2019, 223,793 in 2020, 268,488 in 2021, and 352,596 in 2022.

Thus, there is a logically growing demand for planned servicing and maintenance activities to possibly extend the lifespan of new and ageing vehicles. APVE intends to be an ideal B2B setup to equip businesses (and even consumers) in properly maintaining their fleet.

For inquiries about APVE 2024, visit its website at www.apvexpo.com or contact Belle Tamayo (email: Belle.Tamayo@informa.com; landline: +63 2 8581 1932). For exhibition and sponsorship, contact Yves Caisip (email: Yves.Caisip@informa. com; landline: +63 2 8581 1919; mobile: +63 923 824 8477).

in November last year, Batangas Governor Hermilando Mandanas highlighted the province’s star attractions such as the Verde Island Passage, Taal Volcano, and Taal Basilica. Focus on industries like commercial fishing and communications technology is also seen to be big contributors to the province’s advancement.

The real estate sector of Batangas is also experiencing an upswing with real estate companies developing residential areas for people who want to own property in the province. Road expansions and improvements in transportation as well as mobility make Batangas a sought-after location for real estate investments.

With locations in Lipa,

The

Pueblo

province of Batangas for 2024.

(RE), CREC President and CEO Oliver Tan believes Negros Occidental can further develop with the entry of more RE projects, not only addressing urgent environmental concerns, but also bringing substantial socio-economic gains while enhancing energy access, security, and self-sufficiency.

“We support Negros Occidental, its steps towards the renewable energy transition. With the completion of this project, we will not only be able to augment the power generation needs of Negros Occidental and the Visayas grid, but also contribute to the growth of the province,” said Tan.

The company’s first plant in the province, Citicore Solar Negros Occidental, was commissioned in 2016 and has an installed capacity of 25MWp. Upon completion of the project, CREC’s facilities in the province will have a combined installed generation capacity of 94MWp.

The company has set a goal to contribute approximately 1GW of ready-to-build solar energy

Team

Kramer

capacity per year for the next five years in line with the Department of Energy’s (DOE) Philippine Energy Plan which targets to achieve a 35 percent RE share in the power generation mix by 2030 and 50 percent by 2040.

CREC Chairman Edgar Saavedra highlighted the urgency to build more RE capacities in line with the national government’s plan. “Our vision is to power a First-World Philippines, and CREC is committed to helping our government achieve its vision for clean energy,” said Saavedra

Citicore Solar Negros Occidental 2 is part of CREC’s projects in the company pipeline. It is also part of the 792MW worth of renewable energy capacities awarded to the company during the government’s 2023 Green Energy Auction Program.

“With more projects in the pipeline, CREC is committed to working with the DOE and local governments as we transition to more renewable sources of energy for the Visayas and our country,” Saavedra stated.

Joins MR.DIY

in Celebrating 500th Store Milestone in Panglao, Bohol

MR.DIY Philippines marked a historic milestone with the grand opening of its 500th store in Panglao, Bohol last February 16, 2024. Joining the celebration were MR.DIY Philippines’ celebrity endorsers Doug and Cheska of Team Kramer.

The grand reveal, a momentous occasion, witnessed Doug and Cheska Kramer, alongside Ms. Roselle Andaya, CEO of MR.DIY Philippines, pressing the button to officially inaugurate the new MR.DIY Panglao, Bohol store. The grand opening featured Hudyaka dancers of Panglao, Bohol raising the Mural Painted roll-up, followed by a vibrant local festive celebration with mob dancers showcasing the brand’s jingle.

In a joint statement, Doug and Cheska Kramer expressed their joy and gratitude, saying, “We’re so happy we are here in Bohol and most especially to be able to open the 500th store here and be part of this milestone. Congratulations MR.DIY Philippines management, Grabe the growth and we are just so honored to be part of this family.”

The Media Round Table, led by MR.DIY Philippines CEO Ms. Roselle Andaya, and Mr. Charles Salecina, MR.DIY Philippines Deputy Head for Marketing featured Doug and Cheska Kramer, MR.DIY Philippines Celebrity Endorsers. Local media had the opportunity to engage with the panelists, gaining insights into the couple’s journey as celebrity endorsers.

Responding to questions about their experience, the couple emphasized MR.DIY’s commitment to convenience, quality, and affordability. They highlighted the brand’s strategic expansion efforts, ensuring each store positively contributes to the community it serves.

Reflecting on their participation in Sinulog 2024, the Kramers shared their memorable experience being part of the MR.DIY Float Parade, connecting with the local community in a vibrant celebration. They also praised MR.DIY for being embraced by the people during such cultural events.

Acknowledging MR.DIY’s Acts of Kindness Campaign, Cheska expressed her happiness and pride, stating, “We are so happy and so proud to be part of a company that has the initiative to give back to the community.”

The event also included the announcement

of winners from the MR.DIY Holi-DIY, where the Kramers revealed the fortunate recipient of a Jetour X-70 Travel.

Following the discussion, a motorcade commenced from the MR.DIY store, featuring the float from the Sinulog Grand Float Parade, alongside Doug and Cheska Kramer, Tuktuk Toda Riders of Panglao, JCI Chocolate Hills, Francisco Dagohoy Eagles Club, and Brgy. Bil-isan Hudyaka Dancers, symbolizing unity and celebration.

As MR.DIY Philippines continues to expand, the brand remains committed to its core values of quality, affordability, and community engagement, with Doug and Cheska Kramer standing as proud ambassadors of these principles.

To know more about MR.DIY’s Milestones, head to MR.DIY’s official website at www.mrdiy.com/ ph or follow /mrdiyPH on Facebook, and @mrdiy. philippines on Instagram and TikTok. You can also check out MR.DIY’s stores nationwide here: https:// www.mrdiy.com/ph/storelocator.

Learn to play the piano at Sunshine Place

LEARNING piano helps build connections between the hand muscles and brain, a great way to stay mentally fit. Playing the piano contributes to the development of neural connections, enhancing mood, memory, and cognitive clarity. Even a brief exposure to musical training can yield lasting benefits for the brain. For youngsters, piano playing fosters discipline, patience, and enhances academic skills. It also develops coordination and motor skills, involving the movement of hands, arms, and feet, and may even promote ambidexterity. Learning the musical patterns can help a child develop mnemonic methods, improving their memory skills. Additionally, through the musical learning process, both young and adult players acquire social skills and boost their self-confidence.

Learn to play the piano every Saturday afternoon (by appointment) at Sunshine Place with Jan Karlo Montemayor. Montemayor is a graduate of Sta. Isabel College Conservatory of Music - Major in Music Education, Piano Emphasis. The course on piano playing will tackle basic music concepts / theory, note and sight reading, ear training, proper hand and finger position, chords, and classical / pop music pieces. The instructor will align his teaching style to the student’s personality and preferences to make each lesson more fun, and full of learnings. The course will be offered in six, eight, and ten sessions. A session will run for an hour.

For more details please contact T. (632) 8564144 / 856-4162,M. (+63917) 515-5656 or email: hello@sunshineplaceph.com.

IN the photo are, from left, Rungphech “Rose” Chitanuwat, Country General Manager, Informa Markets in the Philippines; Elvin Raymond Garcia, Supervising Investment Specialist-Heavy Industries Division, Philippine Board of Investment (BOI); Agustus Chua, Secretary General, Philippine Automotive Traders Association; Honorary President Alberto Aquilino, Philippine Automotive Traders Association; Neil Stephen Lopez, Assistant Executive Director, Electric Vehicle Association of the Philippines (EVAP); and Alwin Seow, Event Director, Informa Markets in the Philippines.

At the groundbreaking of Pueblo de Oro Courtyards Lipa were, from left, PDO senior manager for operations

Jeanette Ferreria, PDO president and chief operating officer Prim Nolido, Lipa City Mayor Eric Africa, Brgy. Balintawak chairman Lito Pagcaliwangan, and PDO senior vice president and general manager for Luzon Leonardo Dayao, Jr.

MR.DIY Philippines CEO Roselle Andaya, alongside Doug and Cheska Kramer, jointly pressed the button to inaugurate the opening of the 500th Store in Panglao, Bohol.

Wall Street turbocharges Bitcoin’s wild, risky rally and rakes in cash

By Olga Kharif, Isabelle Lee, Emily Graffeo & Emily Nicolle

TO Jamie Dimon, it’s no better than a “pet rock.” To the late Charlie Munger, longtime lieutenant to Warren Buffett, it’s “massively stupid.” And to US Senator Elizabeth Warren, it’s a great tool if you’re a terrorist, drug dealer or fraudster.

Perhaps. But here’s something else about Bitcoin: It’s not going away anytime soon. And what was once almost universal resistance to it on Wall Street is disappearing day by day.

As the cryptocurrency skyrocketed in recent weeks back to lofty levels that had shocked the old guard years earlier—first $40,000, then $50,000, then, just days later, $60,000—it became clear to many pundits that the underlying demand from people young and old, rich and poor, is simply too robust and steady to allow Bitcoin to collapse as the cornerstone of an asset class. Not even the rapid rise in US interest rates—long seen as a potential death knell for Bitcoin—was enough to curb the enthusiasm for long. “Doesn’t matter what Jamie Dimon or Elizabeth Warren, his good buddy, said,” Michael Novogratz, the billionaire founder and chief executive officer of Galaxy Digital Holdings Ltd. and one of Bitcoin’s most long-standing supporters, said in an interview. “A lot of people believe there’s value here.”

This relentless demand has created an urgent dilemma for the investing industry. The legacy titans can continue to shun the famously volatile and scandal-prone asset even when it’s served in the new regulatory-friendly ETF wrapper. This is the approach that Vanguard, an uber-conservative shop, is taking. Or they can give their

clients what they want, regardless of the long list of risks. Bank of America’s Merrill Lynch and Wells Fargo & Co. are among the latest firms taking that route, giving some brokerage clients access to new Bitcoin exchangetraded funds while stopping short of allowing their advisers to recommend them.

“Wall Street will embrace whatever will raise them money so that doesn’t let you know whether it’s good or bad,” said Michael Rosen, chief investment officer at multiasset investment firm Angeles Investments, adding that he believes faith in cryptocurrencies like Bitcoin borders on the delusional. What’s not a delusion is the money at stake. The 10 spotBitcoin ETFs that are now trading in the US have seen about $8 billion in net inflows, with funds managed by investing giants Fidelity and BlackRock taking the lion’s share. BlackRock’s iShares Bitcoin Trust alone has accumulated $10 billion in just seven weeks— the fastest an ETF has ever hit that milestone and a feat, which the first gold ETF took more than two years to accomplish after it was launched in 2004, according to Bloomberg Intelligence.

All that new ETF cash needs to find Bitcoin to buy in a market famous for “hodlers” who are happy to hold tight to it and watch the numbers go up. Of course everyone has a price, and the sudden demand has recharged the retail traders in the crypto market it -

self. As the price went higher and higher, a surge in activity caused a spate of outages on Wednesday and temporary displays of $0 balances for some users of Coinbase, the largest US crypto exchange. Yet the massive crypto rally inspired by the fresh cash also threatens to magnify the risks inherent in the asset class—risks that blueblood investment firms are now a party, too, as well, at least reputationally.

For one thing, Jimmy Su, chief security officer at Binance, warns that the bullish sentiment could cause an upswing in “rug pulls”—a type of scam in which a developer hypes up a crypto project to attract money only to then disappear with the funds. An equally important— albeit more mundane—concern is simple market risk for Bitcoin. As the self-described “degen” traders chase the rally, they are loading up on borrowed funds to help max out trading profits after such leverage all but dried up with the demise of crypto lenders like Celsius almost two years ago. Aggregate open interest in Bitcoin derivatives, which can be leveraged up to 100 times, has risen nearly 90 percent since October on centralized exchanges to reach the highest level since the beginning of 2022, when the last crypto bull run collapsed, per CCData. Crypto exchanges Binance, OKX and Bybit are all seeing a jump in open interest to levels not seen since the peak of 2021 bull market, according to CCData. The loan book at Ledn, which lends out money safeguarded by Bitcoin collateral,

has returned to levels last seen before the FTX exchange collapsed in late 2022, said Mauricio Di Bartolomeo, co-founder of Ledn. As a result, many expect that a reversal of at least some of the recent rally is a question of when, not if. CME Group’s digital asset products are experiencing record volumes as Wall Street investors seek traditional routes for hedging their risk.

‘Prepared to lose everything’

THE traders with leveraged, highly risky positions in cryptos should realize there will be an inevitable correction,” said Campbell Harvey, a finance professor at Duke University who studies digital-asset markets. “With leverage, you need to be prepared to lose everything.”

Only time will tell how prepared the owners of the new ETFs are for a potential downturn in an asset class that—with no revenue stream or practical large-scale financial functionality—makes it inherently volatile and susceptible to shifts in sentiment. Yet regardless if the next major milestone for Bitcoin is $70,000 or $50,000, many believe the opening of the ETF floodgates has changed the game forever— both in the traditional financial market and the crypto world.

“It’s completely legitimized it,” said Stephane Ouellette, chief executive of digital-asset platform

FRNT Financial. “Now when you talk to hedge funds, they’ll say ‘I was always scared to put Bitcoin in my list of tradeable assets and vehicles, but now BlackRock’s there,

no problem.’ It’s a ‘get with the times’ kinda thing,” he said, adding that the buzz was so strong during Wednesday’s rally that he couldn’t leave his desk because of all the phone calls and instant messages he was receiving.

The air of legitimacy that the new ETFs provide sets this crypto bull market apart from prior boomand-bust crypto cycles, which were driven by risk-embracing speculators and products that ended up collapsing all around them: crypto loans that sometimes turned out to not be backed by anything, and, prior to that, initial-coin-offering fundraising by startups that issued tokens but in many cases never actually produced a product.

Many individual investors buying the ETFs and driving this rally are different, too. Bitcoin is seeing “a new army of buyers,” Novogratz said on Bloomberg Television on Thursday. “This is a big, big deal because it’s the first time since I’ve been involved—which is, you know, 11 years—where Baby Boomers and older people have an easy way to buy crypto,” he added in a separate interview.

Of course, hope and hype have long been among the main drivers of crypto bull-market runs. These days, the hope is that this new class of crypto recruits is just the beginning, as financial advisers and money managers steer more deep-pocketed clients— not just wealthy individuals, but also institutional investors and sovereign wealth funds—into a suddenly investable asset class.

“I think Wall Street is only about 10 percent of the way there, given the traditional financial institutions are loath and slow to change,” said Edward Chin, co-founder of Parataxis Capital, whose clients include pension funds. “Given the massive revenue opportunity on the asset management side for Wall Street, I imagine every large player will eventually have to develop a crypto-asset investment strategy or product, if for no other reason than that the demand from their clients will mean that not having something available will mean losses in market share and revenue.” Still, it’s hard not

to notice an abundance of irony in crypto’s latest era—and wonder what it all means for the future of the asset class. For one thing, it’s happening while Sam BankmanFried is awaiting to find out how much time he will spend in prison following his conviction on fraud charges related to the implosion of his FTX empire. His former rival Changpeng Zhao is also due to be sentenced next month after pleading guilty to charges including violating anti-money-laundering laws at the Binance exchange he once ran. Then there’s the irony that this bull market is owed almost entirely to Securities and Exchange Commission Chairman Gary Gensler. He had formerly played the role of the crypto industry’s leading antagonist, due to the SEC’s barrage of enforcement actions against crypto companies and years-long refusal to approve spot-Bitcoin ETFs, before he finally capitulated and provided the swing vote needed for the SEC to approve the funds in January.

What Would Satoshi Think?

AND perhaps the biggest irony of all: The spectacular renewal of the digital-asset market is a result of the Gensler-blessed marriage of the traditional financial industry and crypto. After all, when Bitcoin was conceived by anonymous creator Satoshi Nakamoto in 2008, the original cryptocurrency was supposed to provide an alternative to a financial system dominated by Wall Street and governments.

“The whole idea was for Bitcoin to be an alternative to the mainstream finance system, free of centralized regulation, etc.,” said Michael O’Riordan, founding partner of Blackwater, an ETF consulting firm. “With Bitcoin ETFs, the opposite has happened. Satoshi would be turning in his grave.”

Indeed, there’s even an irony embedded in that remark: It’s more than 15 years later, and still no one is exactly sure who Satoshi is, or whether they have passed away. For better or worse, however, Satoshi’s invention is alive and well.  With assistance from Muyao Shen, Yueqi Yang, Katherine Doherty and David Papadopoulos/Bloomberg

Young Hong Kongers who defied Xi Jinping are partying in China

By Bloomberg News

IN 2019, Leung joined a Hong Kong movement to boycott Chinese-owned restaurants like many protesters opposing President Xi Jinping’s encroachment of the former British colony. Now she and her peers regularly go out of their way to the neighboring mainland city of Shenzhen for cheap food and massages.

“Hong Kong used to have freedom,” said Leung, who asked to use only her last name because she joined what authorities deem as illegal protests. “Now it’s lost all that. So why wouldn’t I go to mainland China, where at least things are cheaper?”

Xi’s efforts to crush dissent in Hong Kong have weakened its distinct identity from China and instilled a new sense of political apathy. In the wake of the crackdown, many disillusioned residents left for democracies such as the UK, where more than 180,000 Hong Kongers have applied for a visa that provides a pathway to citizenship since 2021. For those who stayed, some have set aside their ideals and embraced a new cross-border lifestyle they once rejected.

Travel to the mainland has been made more compelling by new infrastruc -

ture that cut travel times in half between the cities, a booming array of entertainment choices and low prices further driven down by China’s longest deflation streak since the Asian financial crisis. In February, Hong Kongers’ trips to Shenzhen hit a new high for that month since records began in 1984, packing the city’s subway trains and filling a new Costco Wholesale Corp. store. That’s a boon for Xi’s efforts to integrate Hong Kong with Shenzhen and nearby cities into a region called the Greater Bay Area, which Beijing hopes will challenge the Silicon Valley in terms of innovation and economic output.

“It will certainly be viewed as an improvement of the Greater Bay Area integration,” said Dongshu Liu, an assistant professor specializing in Chinese politics at the City University of Hong Kong.

But he added the integration could raise questions about the city’s identity: “If Hong Kong is moving closer with mainland China and becomes another mainland Chinese city, then what is the unique value of Hong Kong?”

Stephen Roach, the former Morgan Stanley Asia Ltd. chair who caused a heated debate last month arguing “Hong Kong is over,” said the city risks playing second fiddle to Shenzhen in Xi’s plan.

“Hong Kong is at risk of getting marginalized,” Roach told Bloomberg TV. “It still has the talent, the institutional heritage, the rule of law, and you hope that all of that remains enduring features of Hong Kong in the years ahead. But many are asking questions about those very attributes.”

The Shenzhen frenzy dovetails with Hong Kong residents’ growing willingness to work and live in mainland China. A survey of people under 40 in the city by the Hong Kong-Guangdong Youth Association conducted last year found 66 percent of them are now open to employment across the border, tripling from 22 percent in 2020.

The increasing connectedness is changing the business landscape and social fabric of both cities, creating new winners and losers.

Cantonese-speaking travelers from Hong Kong now crowd Shenzhen shopping malls every weekend. Locals in the mainland city lament long lines at spicy fish and dim sum joints.

On holidays, Hong Kong shoppers account for as much as half of all customers at Link CentralWalk, a stylish mall next to Shenzhen’s high-speed railway station that’s a 20-minute ride from Hong Kong, said

a company spokesperson. About one in three moviegoers at a cinema in that same area come from Hong Kong, Now TV reported.

“Shenzhen is cheaper and has everything,” said Kit, who works in the restaurant industry in Hong Kong and goes to Shenzhen to sing karaoke with friends. Like most others interviewed in the mainland city, Kit requested to use only part of his name for privacy reasons. “Hong Kong is my home but it’s too expensive.”

It’s a stunning reversal from just 10 years ago, when a surge in mainland Chinese tourists in Hong Kong spurred raucous demonstrations and complaints of overcrowding.

This is all happening while mainland tourism to Hong Kong has failed to recover from pre-pandemic levels, prompting calls from some politicians and economists in the city to levy a tax on departing Hong Kongers to protect local retailers and restaurants. More than 1.2 million mainland residents came to Hong Kong over their eight-day New Year holiday starting February 10, down from 1.4 million during 2019’s weeklong break.

“Hong Kong’s economy is suffering this way,” said Junhua Zhang, senior associate of the European Institute for Asian Studies.

The growing integration of Hong Kong opens a new market for Shenzhen businesses at the expense of the Asian financial hub, he said. “That is the dark side of the Greater Bay Area scheme. The trend is in favor of mainland China.”

Tourists from Hong Kong are set to spend as much as HK$84 billion ($10.7 billion) in Shenzhen and the rest of Guangdong province this year, according to an estimate by Gary Ng, senior economist at Natixis SA. That’s about 14 percent of Hong Kong’s revenue from retail sales, catering services and hospitality. For Shenzhen, the more affluent travelers pouring in provide a much needed lifeline after a pandemic slump. In a work report in January, the city’s government called the cross-border shopping trend a “new bright spot,” contributing to the city’s 7.8 percent retail growth last year to an all-time high of 1.05 trillion yuan ($146 billion).

Hong Kong leader John Lee, who has pushed to accelerate the city’s integration in the Greater Bay Area, has described the shopping trend as a win-win situation for both cities. His office declined to comment but referred to remarks he made on Feb. 23 about plans to attract more

mainland tourists. Newly completed infrastructure projects have brought the two cities closer together. At the peak of the recent Lunar New Year travel season on February 12, one in four Hong Kong residents who went to the mainland and Macau by land or sea did so taking high-speed trains or using a new $15 billion Hong Kong-Zhuhai-Macao Bridge. Growing demand may bolster the government’s case for a new cross-border railway linking northwestern Hong Kong to Shenzhen’s Qianhai economic zone. Shenzhen seems to have something for every Hong Konger. Once a fishing village, the tech hub is dotted with massive modern malls, bustling night markets and hip cultural parks preserved from old factory buildings. Warehouse-style supermarkets like Walmart Inc.’s Sam’s Club retail stores are a magnet to residents from Hong Kong, where average monthly rent in prime shopping districts is almost eight times as expensive as in Shenzhen’s.

With assistance from Shirley Zhao, Allen K Wan, Zheping Huang, Rachel Yeo, Venus Feng, Jinshan Hong and Aria Chen/ Bloomberg

A BITCOIN statue at a plaza in Ilopango, El Salvador on Wednesday, February 28, 2024. CAMILO FREEDMAN/BLOOMBERG

Victoria Sports cycling team in harness

AOchoa envisions to benefit the country’s cyclists.

“VSPC is a team for the Filipino,” Ochoa said. “Our dream is to elevate Philippine cycling to the highest level possible and this could be achieved by giving our riders an opportunity to compete and experience the level of competition in more international races.”

Besides the PhilCycling’s National Championships, the team will also compete in the Tour de Taiwan, Volta Limburg Classic (Netherlands), Belgrade Banjaluka (Serbia), Vuelta Asturias (Spain), GP. Intl Beiras Serra De Estralla (Portugal) Jelajah Cycling

Top amateurs, pros chase spots in PGT Q-School

FSeries Surakarta (Indonesia), Tour of Hellas (Greece), Tour of Estonia, Tour of Malopolska (Poland), Aziz Shusha (Azerbaijan), Sibiu Cycling Tour (Romania), Tour De Banyuwangi Ijen (Indonesia), Prueba VillafrancaOrdiziako Klasika and Circuito De Getxo-Memorial Hermanos Otxoa (Spain) and the Tour D’ Indonesia.

Ochoa said he expects an easier trek this year as compared to last year.

“Last year’s formula was not easy. But we need to earn experiences from the European riders, staff and races,” Ochoa said. “Transfer of technology is important to us if we want to elevate the level of the sports here at home.”

Portuguese rider Jose Jaoa Mendes is a holdover from last year’s VSPC.

He will join Brazilian Nicolas Sessler, Spanish Edgar Nieto, now a Dagupan City resident, and Dutch Jeroen Meijers in reinforcing the squad that has former Spanish cyclist Hector Carretero as Sports Director.

The local riders are Landerson Nebres, Marcelo Felipe, Ean Cajucom, Alexis Pagara, Ismael Grospe, Daniel Ven Carino, Edison Corbadora, Miguel Andrei Obmerga, Nichol Pareja, Kenneth Maramba and Ochoa.

MANILA Southwoods rode a hot start to overcome a fivepoint deficit and cruise to a 13-point victory in the 75th Philippine Airlines

Men’s Regular Invitational at the Pueblo de Oro Golf and Country Club on Monday in Cagayan de Oro City.

“I have to give it to our young guys for playing well today,” said Southwoods captain Thirdy Escano who steered the Carmona-based squad to its ninth championship.

Fifteen-year-old Shinichi Suzuki, an imposing sight at six-foot-two, used his length and all-around play to shoot a six-under-par 66 for 42 points.

“This is one of my best rounds. Not only did I do it for myself but also for the team,” said Suzuki who admitted feeling the pressure on the eve of the final round.“I would also like to pay tribute to our captain who gave a motivational speech last night.”

It marked the first time Manila

However,

Editor:

It’s Southwoods with a flourish!

Southwoods came from behind to win the championship.

“This is what makes the victory sweet,” Escano said. “Even when we fell behind by 13 points after the first round, I knew that we could come back.”

Southwoods made its move at Del Monte Golf Club in Manolo Fortich, Bukidnon, where it shot 107 and 115 to reduce Eastridge’s lead to five through the efforts of pro-bound Aidric Chan, Ryan Monsalve, and Lanz Uy.

“I thought we would at least tie Eastridge after the third round. Were it not for Jhondie Quibol’s 43 points, we would have seized the lead,” Escano said.

Southwoods closed with a threeunder-par 111, drawing 36 points from Masaichi Otake and 33 from Miko Granada.

Eastridge, which trailed by five at the turn, managed to move within two points on the 13th hole but that

was the closest it got as Southwoods finished strong.

Suzuki, playing in the final flight, hit a 58-degree wedge from 102 yards to just inches off the 18th hole for his seventh birdie.

“I wanted to finish in style. I saw the big crowd watching,” he said.

Eastridge settled for second place anew after a poor final-round output of 93 points for 416 total.

Ronel Taga-an was Eastridge’s top scorer with 32 points. Eastridge drew 31 points from veteran Gary Sales and 30 from either Jeffren Lumbo or Chris John Remata.

Del Monte, the first-day leader, pooled 101 points to take the third spot with 410 while South Pacific Davao brought up the rear with 354.

Cebu Country Club regained the Founders division, beating Del Monte Team 2 by 11 points.

With Bayani Garcia and Jon Joseph Alvarez firing 35 points, CCC closed with 101 points for 391

points. The other scorer was Harvey Sytiongsa who carded 31 points.

Del Monte drew 35 from Simon Wahing, 33 from Keith Pagalan, and 31 from Mark Ivan Parilla to secure second place with 380, five points ahead of Valley.

Canlubang missed a podium finish by one point with 374 points.

The other division winners were Zamboanga Golf in the Aviator and San Juanico Golf Park & Country Club in the Sportswriters class.

The 75th staging of the PAL Interclub is supported by diamond sponsors Mastercard and Asian Journal. Platinum sponsors include Airbus, Primax Broadcasting Network and Araw Hospitality while gold sponsors are Tanduay and Asia Brewery.

Joining the event as silver sponsors are ABS-CBN Global, Radio Mindanao Network and Philippine National Bank. Visa is a minor sponsor while Must Glow is joining as a donor.

EJ in Glasgow: Spirit’s willing but his body isn’t in indoor worlds

EBy Josef Ramos

RNEST JOHN “EJ” OBIENA competed sick and landed ninth Sunday in the World Indoor Athletics Championships in Glasgow where the pole vault phenom himself, Armand Duplantis, defended his title in a far from easy evening.

“He [Obiena] was sick, coughing, runny nose, feeling off and sweating,” said Obiena’s confidante Jim Lafferty who watched the top Filipino athlete compete. “He got fever and most would pull out of the competition but that’s not EJ, he went for it.”

The world No. 2 Obiena was off from the start and missed 5.65 meters in his first attempt but cleared the height in his next jump He went straight for 5.85m and failed twice and attempted 5.95m and failed thus sourly ending his indoor season.

“EJ is ready to move on, recover and get back to outdoor training,” said Lafferty, who flew in from Dubai. “He will be preparing for the Paris Olympics.”

Physiotherapist Antonio Guglietta concurred that Obiena was sick but refused to make his ward’s condition an alibi.

“He had a bit of sore throat and a slight fever, but I don’t want to blame this,” he said. “It was a bad day. I’m sure EJ together with [Vitaly] Petrov will immediately find a solution.”

“It’s better to be sick here and now than in Paris,” he added.

Obiena entered the worlds fresh from gold medal-winning stints in Croatia and Berlin the past two weeks.

Duplantis, according to World Athjletics, cleared a world-leading 6.05m before having a go at setting his sixth world record height of 6.24m.

It was no easy night for the world and Olympic champion, who looked headed to a shock exit after failing missing 5.85m twice.

“This was the hardest I have ever worked,” Duplantis told World Athletics.

Duplantis’s 6.05m was 15 cms over American Sam Kendricks’s silver medal-clinching jump of 5.90m and 23 cms better that Greece’s Emmanouil Karalis whose 5.85m earned him a ticket to Paris where the men’s pole vault qualifying standard stands at 5.82m.

World No. 3 Christopher Nielsen of the US finished fourth and world No. 4 Kurtis Marschall of Australia was fifth on identical 5.75m efforts.

France’s Thibaut Collet, Belgium’s Ben Broeders and The Netherlands’ Meno Vloon made 5.65m just like Obina but occupied sixth to eighth places with lesser attempts.

Chinnie’s spike Farm Fresh’s Chinnie Arroyo is challenged at the net by Capital1’s Sydney Mae Niegos during the Premiere Volleyball League All-Filipino Conference elimination match last Thursday at the PhilSports Arena in Pasig City which the Foxies won, 25-16, 25-17, 25-16. Farm Fresh resumes its drive against Akari at 6 p.m. Tuesday, with Capital1 taking on Strong Group at 4 p.m. also at the Pasig City facility.

Cua again wields broom in Bansalan

DHEA CUA continued to flaunt her exceptional skills in the Davao region swing of the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) junior tennis circuit with another sweep of the girls’ 16- and 18-and-under categories in the Governor Yvonne Cagas Championships at the Bansalan Tennis Club in Davao del Sur last Sunday.

The third-ranked Cua, 16, scuttled No. 2 Camille Clar, 6-1, 6-1, in the semifinals of the lower half of the draw then drubbed top seed Aika Salahuddin, 6-4, 6-0, to rule her agegroup division.

The Kidapawan City find then repeated against Clar, 6-0, 6-0, in the semifinals of the 18-and-under class then held off doubles partner Sanschena Francisco, 6-0, 7-5, to reassert her dominance in the Group 3 tournament presented by Dunlop.

The twin victories added to her recent successes in the Governor Edwin Jubahib Cup in Davao del Norte and the Mayor Josef Fortich Cagas in Digos City over the past

three weeks, further strengthening her confidence as the PPS-PEPP circuit, sponsored by Palawan Pawnshop president and CEO Bobby Castro, moves to Kidapawan City starting Thursday.

For details, contact event organizer Bobby Mangunay at 09154046464.

Digos City’s Stephen Fuertes mirrored Cua’s achievements in the boys’ side, overpowering Iñigo Barrios twice with identical 6-1, 6-3 score to clinch the 16- and 18-and-under trophies and earn him the MVP honors anew alongside Cua. Fuerters also topped the two age categories at home.

The other winners in the weeklong event, sanctioned by the Philippine Tennis Association and Universal Tennis Rating and supported by Slazenger, the PPS National Tennis Championships and the local government unit, were Princess Placa from Digos City, and Midsayap, Cotabato’s Krelz Jan Gecosala (14-and-under); Justine Zaia Gumbao from Sultan Kudarat and Mlang, Cotabato’s Kresthan Belacas (12-and-under); and Francis Dimzon from Davao de Oro (10-andunder unisex).

Placa rapped Francine Wong, 6-2, 6-2; Gecosala clipped Wayne Bondoc, 6-1, 6-1; Gumbao upended top seed Wong, 6-4, 6-1; Belacas wore down Francis Florida, 6-1, 5-7, 10-7; and Dimzon stunned No. 1 Daneea Sinsuat, 5-3, 4-1.

Turkey’s Ersu Sasma made 5.50m and Poland’s Piotr Lisek had no mark to complete the 11-man competition.

Obiena had his worse jump last year at 5.60m at the Zurich Diamond League, an outdoor event, which was staged just weeks after his silver championships

said Dan Bartel, Garmin Vice President of Global Consumer Sales.

THE victorious Manila Southwoods team—Miko Granada, Zack Castro, Shin Suzuki, Masa Otake, Thirdy Escano and Jerome Deliararte. ROY DOMINGO

ERNEST JOHN “EJ” OBIENA competes sick and could only finish ninth in Glasgow.

DHEA CUA (left) and Stephen Fuertes (right) with Bansalan Tennis Club’s Chesterton Mainar.

MEMBERS of the Victoria Sports Pro Cycling are presented to the media in elaborate ceremonies over the weekend at the Victoria Sports Tower along Edsa in Quezon City.