BusinessMirror May 02, 2022

‘CloseNG borders, cut to Omicron risk’ subsidies GOCCsexposure rise 69% in Q1

By Cai U. Ordinario with their lovedThe ones, while government forwhich, she(P2.17 said, the economy can noFood for government to be proactive

By Bernadette D. Nicolas national billion), National this year, PhilHealth is set in

living provides in temperate regions subsidies to state-longer afford.

Authority (P1.19 billion), usually want run to relax in tropical that we doFisheries protective firms to fund operations “It is better and Philippine LOSING the country’s borders countries like the Philippines.

This preventive measures than get exUBSIDIES disbursed by not covered by the corporate Development Authority (P828 is one of the most the immediate year’s influx ofrevenues OFWs is or expected to specific posed again.

We have a lot to lose,” national government to finance million). courses of action the govern- firms be hit heavier since many of or them were Oplas said. “We do it now so to state-run programs projects.

For should March alone, ment must take to P19.3 prevent the latunable to come home for the holidays that we can open just before Christbillion in the first Receiving the biggest government corporations est Covid-19 variant, Omicron, from in December 2020. mas.

If it gets contained, we can open quarter of this year, recording subsidy among government received a total of P10.75 reaching Philippinea shores, accord“My recommendation is to protect it again.” double-digit growth from corporations during the billion, more than double ing to local economists. the borders. Dothree-month not allow people withis Ateneothe Center for Economic the previous year’s level. period P3.84 billion in theResame T he new var iant Latest is a threat, a history of travel to countries with search and Development (ACERD) data from the the National Irrigation month in 2021. e s p e c i a l l y w it h Bureau t he hol id ay s positive to enter,” Oplas (NIA) said. withAssociate Director Ser Percival of the Treasury showedcases Administration As of end-March, state-run coming up and more foreigners “We morebillion, restrictive.

[We to K. Peña-Reyes saidHealth closing the the amount of subsidies to should be P7.7 equivalent Philippine Insurance being a llowed togovernment-owned travel to the have to be] more protective borders would be effec-has and 39.9 percent in of terms the total. country’sCorporation (PhilHealth) Philippines, De La-controlled Sa lle Univerof our measures.”Trailing NIA is the tive but should still adhere to the corporations yet to receive any subsidy sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health (GOCCs) given from January National Housing Authority from the government. told BusinessMirror. a setback to some industries, (WHO). to March this year jumped with P3.2 billion,this followedOrganization Since 2014, PhilHealth The holidays usually bring in is a fair measure considering that What is needed, Peña-Reyes told of by 69 percent from last year’s

by Bases Conversion and has been the top recipient Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricP11.42 billion.

Development Authority government subsidies. For who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and @caiordinario

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w w

eigners @BNicolasBM

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n Monday, May 2,29,2022 17 17 No.No.52 204 Monday, November 2021Vol.Vol.

imposing them.its P79.99 billion to receive Previous instances when the subsidy under the P5.024country had the opportunity to imtrillion 2022 national budget. pose travel restrictions didRosalia not preNational Treasurer vent the spread Covid-19.

That was V. De Leonof told BusinessMirror mainly because the decision that no notice of cash was not madeallocation immediately, hebeen said.released has yet “Kung papatay patay [If we’re for the state health insurer. slow] and we get caught flat-footAmid the Covid-19 ed, [that’s risky] We werehad too repandemic, PhilHealth active instead of proactive before. the biggest share of subsidies We should learn that,” Peñalast year withfrom P80.98 billion Reyesorsaid. a delicate 43.8“It’s percent of thebalancing total act. We needdisbursed. to push testing and amount tracingInto2021, be properly informed GOCC subsidies of our decisions.

Blanket/shotgun dropped to P184.77 billion, approaches could have dire consethe lowest level since 2018’s quences on the economy.”

P136.65 billion.

See “Omicron,” A2

P25.00 P25.00 nationwide nationwide || 22 sections sections 20 20 pages pages ||

INFRAGOVT FACES COST HIKES, NATL BORROWINGS FOR 10 ON MOS DIP TOCRUNCH P2.75T DELAYS METALS n

Cai U. Ordinario

By By Bernadette D. Nicolas

IT

Omicron risk PHL PRODS JAPAN ON spurs revival of quarantine DEMOGRAPHIC TIE-UP rules in PHL

@caiordinario @BNicolasBM

NFRASTRUCTURE HE national projects are facing government’s cost increases gross and delays due to the borrowings as of of impending shortage end-October shrank construction materials by almost 6 percent brought by the war year-on-year to in Eastern Europe, according to local P2.75 trillion. economists.

Latest data from the Bureau the University of Asia and theofPaTreasury showed that the governcific (UA&P) economist Cid L. ment’s gross during the Terosa even borrowings thinks some projects 10-month period fellnot by 5.99 percent in the pipeline may be pursued trillion a year ago. and iffrom the P2.92 conflict between Russia With only two months left for Ukraine drags on. this year, the latest figure is already “The war in Eastern Europe will equivalent 89.6 percent its cause supplytoshortages and of price P3.07-trillion borrowing program. increases in the following construcBroken down, gross domestic bortion materials: aluminum, petrorowings from Januarysteel, to October chemical and plastics, nickel, settled at P2.23 downtold by copper, coal, andtrillion, tin,” Terosa 5.08 percent from P2.35 trillion BusinessMirror over the weekend. in 2020.

“It will raise costs of ongoing projThe of the amount was ects, butbulk it could put on hold projsourced from Fixed Rate Treasury ects in the pipeline.”

Bonds (P1.19 trillion), followed by A Bloomberg report stated metshort-term borrowings from Bangal producers in India have already ko Sentral ng Pilipinas BSPshort(P540 cut production due to aorcoal billion), Retailabout Treasury Bonds/Preage brought by the Russiamyo Bonds Ukraine war.(P463.3 billion), Retail Onshore Bonds (P80.84 bilFormerDollar dean of the University of lion).

In the same period, there was the Philippines School of Economics also a net redemption of Treasury Ramon L. Clarete told this newspaBills amounting to P43.94 billion. per that this would likely affect the Net debt redemption means country’s infrastructure projects. there were morePhi debts repaid comW hi le the lippines can pared toits theconstruction amount borrowed dursource materials ing the period. elsewhere, the government needs Meanwhile, gross foreign borto prepare to pay more for these rowings in the same period also materials. Clarete explained that contracted by 9.7 percent to P518.7 other sources may not be the most billion from last year’s P574.4 billion. competitive suppliers.

This was raised through global He added that the shortage of bonds (P146.17 billion), program certain construction materials will loansdrive (P139.98 billion), euro-dealso up prices and the search nominated bonds (P121.97 billion), for new suppliers would also ina project loan (P86.41 billion), and crease their costs. yen-denominated samurai bonds “India is anticipating a slump in (P24.19 billion).

See “Infra,” A2 See “Borrowings,” A2

By Bernadette D. Nicolas @BNicolasBM

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INANCE Secretary Carlos G. Dominguez III urged Japan to enter into a demographic partnership with the Philippines to further boost both countries’ post-pandemic economic recovery.

In a brief informal meeting with Japanese Finance Minister Shu nic hi Su zu k i on the sidelines of the World B a n k- I nte r n at ion a l Mon etary Fund Spring Meetings in Washington, DC., Domin-

guez reiterated his earlier proposal, adding that this is now more feasible with the

By Samuel P. Medenilla recent enactment of three @sam_medenilla bills economic liberalization that opened the country to NTERinvestors.

NATIONA L concerns foreign over the possible spread of the These laws are the amenmore infectious Omicron datory measures to the Pub-Covid-19 variant the govlic Service Actprompted (PSA), Foreign ernment to reimpose mandatory Investments Act (FIA), and facility-based quarantine for Retail Trade Liberalization Act all arriving in the country.

(RTLA) passengers which all relaxed the Acting Presidential spokesperrestrictions on foreign ownson Karlo Nograles announced ership in B.certain Philippine on Sunday that the Inter-Agency businesses.

Task Force theA2Management Seefor “PHL,” of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers.

To note, IATF Resolution 150A had allowed fully vaccinated the future labor force,” MBC cited non-visa travelers from Green List in a news statement released on areas to enter the country withMay 1. outInthe for facility-based the need short term, the business quarantine as long as they secure club commits to work with the negative Reverse Transcriptiongovernment to lessen the burden Polymerase ChainbyReaction (RTof rising inflation protecting or PCR) test within 72 hours prior increasing production and addressto their departure. ing supply bottlenecks.

“Except countries MBC alsofor aims to workclassified with the as ‘Red,’ the testing andbetter quarantine government to ensure work protocols for all inbound internaconditions, expand healthcare and tional security, travelersand in alldevelop ports ofunementry social shall comply with the testing and ployment insurance. quarantine protocols ‘Yellow’ “We believe these willfor help create list countries,” Nograles said, citing a strong, skilled, upwardly mobile the provision of IATF Resolution workforce, which is essential to the No. 151-A. globally-competitive, job-creating He noted which has economy weHong aspireKong, for the Philipconfirmed a case of the Omicron pines to be,” MBC said. variant, will also fall under the YelThe MBC is a private nonprofit low list countries. business association in the PhilipThefounded suspension of the rules for pines in 1981 to promote “Green List” countries will be in in the role of the business sector effect from November 28, 2021 to national development efforts.

December 15, 2021.Andrea E. San Juan

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MBC willing to work with new govt on job creation, benefits

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PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass.

The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO

HE Makati Business Club (MBC) has pledged to work with the new administration after the May 9 polls to enact policies that will accelerate job creation and improve the skills and productivity that are key to sustainable growth in workers’ incomes and benefits. programs President Duterte A 2021 as report by the Asia Develisopment expected to sign the industry Bank (ADB) noted that the development plan in2.98 early 2022. of Philippines spent percent said the PCA will (GDP) not itsRosales Gross Domestic Product stop updating its list of coconut on social services, which is signififarmers and enjoined regcantly lower than thethem globaltoaverage ister in order to reap the benefits of 12.8 percent. of the idled coconut In decades-long relation to skills, the MBC levy fund.

“We will not at 3.1 aims to work with the stop government million.

We hope that more indion education and training reforms viduals will register in our coconut to prepare Filipinos for better jobs. farmers registry,” he least said. one esti“According to at The 2.4 updating the coconut mate, millionofskilled jobs may farmers registry ifis there mandated byno be left unfilled will be Republic Act (RA) 11524 or the immediate reforms to reskill and Coconut Industryworkers Trust Fund Act. as upskill Filipino as well See “3-M farmers,” A2 improve the education system for

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND

By Jasper Emmanuel Y. Arcalas

dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law.

ORE than 3 million Rosales explained that about coconut farmers and 500,000 coconut farmers and workers are now regisworkers were added to the PCA’s tered with the government’s reg2018 list that had about 2.5 million istry, which serves as the basis coconut farmers and farm workers. for the number of people to be The PCA’s next step is to concovered by the utilization of the duct an exclusion-inclusion proP75-billion coconut levy fund. cedure by making the updated PhilippinePHL Coconut public, providMISS UNIVERSE CelesteAuthority Cortesi, the pride offarmers’ Pasay City, registry acknowledges the cheers of (PCA) Deputy Administrator Roel ing everyone the (April opportunity to the crowd after being crowned Miss Universe Philippines 2022 Saturday night 30) at the MOA M. Rosales said about 3.11 million check the veracity of the list, RoArena. The night of beauty and glamor was described as also a showcase of the creativity of Filipino coconut andhead farm worksales added. designers, led byfarmers MUP designer Albert Andrada, who famously designed the national costume ers have been registered with the “The listinwill public and coronation gown of Pia Wurtzbach when she won Miss Universe 2015.be Forposted more oninthe MUP government since it started upspaces where people can easily see coronation night, read Charlize Legaspi’s “Tota Pulchra” column in Life, page B5. TROI SANTOS @jearcalas

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them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers.

“On the other hand, if people would see names on the list and they think they are not coconut farmers or their details are incorrect, they can report it to the PCA for immediate action,” he added.

The PCA official noted that the completion of the initial list of coconut farmers registry would be just in time for the expected rollout of coconut levy-funded

Continued on A2

PESOEXCHANGE EXCHANGERATES RATESnnUSUS50.4600 52.1580 nnJAPAN JAPAN0.4374 0.3986 nnUKUK67.2329 64.9889nnHKHK6.4722 6.6474nnCHINA CHINA7.9013 7.8723nnSINGAPORE SINGAPORE36.8968 37.6131 nnAUSTRALIA AUSTRALIA36.2807 37.0374 nnEU EU56.5758 54.7763 nn SAUDI SAUDIARABIA ARABIA 13.4531 13.9062Source: Source: (April 29, 26, 2022) PESO BSPBSP (November 2021)

News

BusinessMirror

A2 Monday, May 2, 2022

For 1st time since Covid, most Labor Day job fairs held onsite

By Samuel P. Medenilla

A

@sam_medenilla

ROUND 20,000 jobseekers participated in the Labor Day Job and Business Fair of the Department of Labor and Employment (DOLE) amid the pandemic.

For the first time since the onset of the Covid-19 pandemic, most of the Labor Day Job Fairs of DOLE were held onsite.

Of the 19,730 applicants who registered for the event, 12,491 were deemed “qualified.”

Around 2,262 of the said participants were hired on the spot (HOTS), while 7,907 were nearhires or expected to be employed after passing additional requirements or interviews.

Most of the “HOTS” were for the position of production operator (170), cashier (67), various operators (45), sales associate (34), and sales clerk (28).

A total of 153,397 vacancies from 1,076 employers became available in the Labor Day Job Fairs.

One of the biggest of the job fairs was in the Kingsborough Convention Center in San Fernando, Pampanga, where DOLE held its main Labor Day celebration.

The venue also ser ved as the location for the job summit of the National Employment Recover y Strateg y (NER S) Task Force.

DOLE capped its Labor Day celebration with the inauguration of the Overseas Filipino Worker Hospital, an event graced by President Duterte.

Gringo Honasan places 10th in RPMD senatorial survey I

NDEPENDENT senatorial candidate Gregorio “Gringo” Honasan is enjoying a surge as the polls near, if his ranking 10th in the recently released RP Mission and Development Foundation Inc. (RPMD) Senatorial survey is any indication.

The survey was conducted from April 17 to 21, with 10,000 respondents interviewed face-to-face across the country.

For national percentages, the sampling error margin is +/- 1 percent.

The former senator and Department of Information and Communications Technology (DICT) Secretary II garnered a 43.2-percent voter preference, which places him squarely within the “Magic 12” at number 10.

Mark Villar (72.6 percent) sits in

1st place, followed by Antique Rep. Loren Legarda (67.1 percent), Sorsogon Governor Francis “Chiz” Escudero (61.5 percent), broadcaster Raffy Tulfo (60.3 percent), former House Speaker Alan Cayetano (53.8 percent) and Sen. Win Gatchalian (52.4 percent).

Rounding out the 7th to 12th places are Sen. Juan Miguel “Migz” Zubiri (51.7 percent), former Vice President Jejomar “Jojo” Binay (44.8 percent), film actor Robin Padilla (43.6 percent), Gringo (43.2 percent), Sen. Joel Villanueva (37.5 percent), and former Senator JV Ejercito (34.8 percent).

“We wish to thank our countrymen who continue to trust in our abilities and advocacies. This is not merely the

fruit of our tireless campaign efforts, but rather it is an affirmation that our countrymen are ready to respond to our challenge to help one another for the betterment of our country,” said Honasan, reacting to the poll results partly in Filipino.

Seeking a fifth term in the Senate after his stint as DICT Secretary, Gringo champions the need for legislation that would ensure the Filipinos’ KKK: Kalusugan, Kabuhayan at Kaligayahan.

To address Kalusugan, he plans to expand the Masustansyang Pagkain para sa Batang Pilipino Act, a law he authored in a past term, which instituted school feeding programs in public schools across the country.

For Kabuhayan, he seeks to improve the workforce’s ICT capabilities by expanding their ICT trainings to ensure their competitiveness in the global economy and by increasing internet speed in the country and providing public schools with free wifi, laptops and tablets for online learning—which he previously instituted in DICT during his term.

To safeguard Kaligayahan, Honasan wants to pass legislation aimed at making peace and order a priority, such as the National CCTV Roll-Out equipped with cameras with facial recognition and the adoption of a Self-reliant Defense Posture.

Gringo, the first independent candidate in Philippine history to win a seat in the Senate, is running for senator as an independent candidate adopted by PDP-Laban, BBM-Sara Uniteam and the Lacson-Sotto tandem.

DPWH kicks off NCR tree planting activities

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HE Department of Public Works and Highways (DPWH) is initiating a tree planting drive all over Metro Manila, five months after the launch of the Clean and Green Campaign of DPWH Secretary Roger G. Mercado.

In support of the green program, DPWH National Capital Region Director Nomer Abel P. Canlas promoted the cultivation of Caballero trees among the nine District Engineering Offices in Metro Manila, highlighting not only its environmental benefits but its way of simply making more colorful and beautiful urban communities. Caballero trees grow to about 5-12 meters, with small leaves, and red-orange flowers setting the tree aflame during the summer months.

A total of 11,662 Caballero seedlings were planted in the center island of roads in Metro Manila of which 426 were done by the North Manila DEO; 996 by South Manila DEO; 375 by Las Piñas-Muntinlupa DEO; 200 by Malabon-Navotas DEO; 500 by Metro Manila 3rd DEO; 1,340

by Metro Manila 2nd DEO; 1,850

by Quezon City 1st DEO; 2,975 by Quezon City 2nd DEO; and 3,000 by Metro Manila 1st DEO. The program aims to plant 34,110 more trees.

Metro Manila 1st DEO and Quezon City 1st DEO have started to build plant nurseries to propagate and take care Caballero seedlings, that will be planted in the center islands in the cities of Taguig, Pateros, Pasig, Marikina, Mandaluyong, and Quezon. To date, the two DEOs have propagated a total of 2,792 and 1,000 Caballero seedlings, respectively.

According to his report to Regional Director Canlas, Metro Manila 1st District Engineer Medel F. Chua said that their Office targets to cultivate a total of 5,000 seedlings, with 1,250 of which from the Regional Office are ready for transplanting to its permanent home on national roads.

Director Canlas commended the efforts of DPWH-NCR DEOs in finding ways for the continuous improvement of Metro Manila’s roadways, despite challenges in funding manpower resources.

www.businessmirror.com.ph

Infra...

Continued from A1

war would impact the country is through food and energy prices.

This, he said, means there may be limited impact on infrastructure projects.

“Since inflation is estimated around 4 percent by BSP, I do not expect cost increases since usually infra cost factors already moderate inflation,” Chua said.

“It (the impact) depends on how slow or fast the war resolves.”

The Philippine Statistics Authority (PSA) said the latest Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region (NCR) showed a rising trend in the index which began as early as August 2021.

The PSA data showed the CMWPI increased 5.3 percent in January 2022, weeks before the war in Eastern Europe began.

The CMWPI grew 5.2 percent in December 2021 and 1.2 percent in January 2021.

The CMWPI, which was only at 2.3 percent in July 2021, climbed to 4.3 percent in August; 4.6 percent in September; 4.7 percent in October; and 5.4 percent in November.

Con st r uc t ion M ater i a l s Retail Price Index (CMRPI) in NCR also showed a similar increasing trend at 3 percent in January. In December 2021, the CMRPI was at 2.7 percent while it was 1.2 percent in January 2021.

In terms of materials, wholesale prices of commodities that posted double-digit growth were Fuels and Lubricants at 26.6 percent in January 2022; Glass and Glass Products, 14.4 percent; and galvanized iron sheets at 13 percent.

For retail, groups of commodities that posted growth higher than the average were those under Miscellaneous Construction Materials posted a growth of 4.4 percent in January 2022; Tinsmithry Materials, 4.2 percent; and Plumbing Materials, 3.8 percent.

world demand for metals due to slowing down of economic growth due to the war in Eastern Europe and the possibility that it spreads to become a third world war not to mention nuclear,” Clarete told BusinessMirror.

For former Socioeconomic Planning Secretary Romulo L. Neri, another reason for an increase in infrastructure costs is the more expensive oil needed for heavy equipment.

Ner i s a id ba se d on h i s experience at the National Economic and Development Authority (Neda), the government has mechanisms to adjust costs. One of them is to declare cost overruns, the request of which would prompt agencies to seek the approval of the Investment Coordination Committee (ICC).

Neda is the secretariat of the interagency ICC. The committee is one of seven Cabinet level interagency committees of the Neda Board, the highest policy making body of the Neda which is chaired by the President.

The ICC evaluates the fiscal, monetary, and balance of payments; implications of major national projects; and recommends to the President the timetable of their implementation on a regular basis.

It also advises the President on matters related to the domestic and foreign borrowings program and submits a status of the fiscal, monetary and balance of payments implications of major national projects.

Neri said such requests could greet the next administration early in its term. “Neda is used to getting requests for project cost increases. In fact, there are too many of them.”

Chua: Food, energy prices

FOR his part, Socioeconomic Planning Secretary Karl Kendrick T. Chua said the main channel by which the Russia-Ukraine

PHL...

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Under this demographic partnership proposal, Dominguez said Japan will provide the research, technology, and resources, while the Philippines will do the marketing and manufacturing side by lending the skills of its young, talented workforce to this proposed new era of economic cooperation between the two countries.

The finance chief also expressed his gratitude to Suzuki for Japan’s support of President Duterte’s “Build, Build, Build” program and other development initiatives as well as for their donation of 3 million doses of Covid-19 vaccines.

To date, Japan remains to be the country’s top Official Development Assistance (ODA) partner, with a net loan commitment of about US$10.02 billion, and grant amount of US$181.15 million, accounting for 31.84 percent of the country’s total ODA portfolio.

Apart from Suzuki, Dominguez also separately met his fellow finance minister from Indonesia Sri Mulyani Indrawati on the sidelines of the event.

Dominguez was invited by Mulyani, the current G-20 president, as an observer in the meeting of

finance ministers and central bank governors that was also held in Washington recently.

He also discussed with Mulyani the effects of the pandemic on their respective countries, particularly on basic education, the budget deficit, and the national debt; and the impact of the protracted Russia-Ukraine conflict on the already rising costs of food and fuel.

Dominguez pointed out to Mulyani that the Philippines has been able to increase its revenue collections from so-called “sin” products by imposing higher taxes on cigarettes and implementing a tax on sugary beverages.

The Philippine government is earning US$2 million a day from imposing sugar-sweetened beverage tax, he said.

Indonesia has long been planning to impose a tax on sugary beverages.

They also discussed how the two countries have been recovering from the pandemic, but are now saddled with the negative impact of the Russia-Ukraine crisis on inflation and on their respective fiscal resources.

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Under R.A. 11641, the new department will be fully constituted after the publication of the Implementing Rules and Regulations (IRR), submission of its staffing pattern to the Department of Budget and Management, and drawing up its budget in the

General Appropriations Act for the first year of operations.

“The faster the Transition Committee complies with the requirements of the law to constitute the DMW, the sooner we deliver our promise of dedicated service to our OFWs,” the senator said.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, May 2, 2022 A3

Aboitiz eyeing LNG for Cebu in shift from coal to clean fuel

By Lenie Lectura

@llectura

A

BOITIZ Power Corp. is looking at providing liquefied natural gas (LNG) in Cebu in a few years, as part of the company’s transition plan to shift from coal to clean fuel.

“We’ve also made pronouncements that we will grow our generation portfolio without adding new coal, thus we’re also considering LNG for Naga, Cebu for 150 megawatts that will be delivered in 2026,” said Aboitiz Power President Emmanuel Rubio.

It had also declared that it would participate in the upcoming competitive bidding for the requirements of the Manila Electric Company (Meralco) using LNG. “As I’ve mentioned in the past, we’re looking at

participating in the Meralco CSP (Competitive Selection Process) that will be delivered in 2030 according to their power supply procurement plan (PSPP), and we intend to participate using LNG,” added Rubio.

The power firm’s LNG power projects with JERA Co. Inc. are “still in the early development phase,” but Rubio stressed the company intends to “eventually shift our baseload focus to gas.”

JERA had finalized its acquisition of a 25.01-percent stake in Aboitiz Power for $1.5 billion. Japan’s largest power generation firm also purchased a 1.99-percent stake from the Aboitiz family’s privately held parent company, Aboitiz & Company. In all, JERA acquired a 27-percent stake in Aboitiz Power.

Aboitiz Power and JERA earlier

identified potential areas for collaboration across multiple fonts, including a joint development of LNG-to-power projects, fuel sourcing and management of LNG, potential participation in aspects of plant operation and management, and exploration of use of new generation technologies.

Rubio said the power firm’s transition to cleaner fuel has started.

“We’re already transitioning as we have started our aggressive investments in renewable energy. While our LNG-to-power projects with JERA are in the early development phase, it’s our intention to eventually shift our baseload focus from coal to gas.”

Aboitiz Power aims to build 3,900 MW of RE projects in the next 10 years, to grow its portfolio to 9,200 MW, and to achieve a 50:50 renew-

ables and thermal capacity mix.

“We are looking forward to the completion and commercial operations of our Cayanga solar project by the end of this year. In the next few weeks, we will also be able to secure a notice to proceed for our 160MWpeak Laoag Solar project.

“All in all over the next three years, we have about 721 MW of RE projects under priority development. These are all part of our RE growth strategy over the next decade,” he said.

The 721 MW RE projects include the 212 MWp PV Sinag Power Olongapo solar; 150MWp Calatrava solar; 84MWp PV Sinag Power San Manuel solar; 75MWp SN AboitizPowerMagat floating solar; 56MWp PV Sinag Power Ramon solar; 50MWp Sinag Power Gamu solar; 44MWp AP

Renewable Tarlac solar; 40MW Hedcor Bukidnon Kibungan hydro; and10MW SN Aboitiz Power Magat BESS. The company allotted P28 billion for capital expenditures this year to complete its coal-fired power plant in Bataan, expand its renewables portfolio, and upgrade power facilities to ensure adequate supply this year. Last year, capex was P23 billion.

“At Aboitiz Power, we recognize our integral part in the commitment towards net zero emissions in the country. Through our 50/50 by 2030 strategy, we aim to achieve a balance between renewable and thermal portfolios in support of the global movement for clean energy,” said Rubio.

Last week, SN Aboitiz Power-Magat (SNAP-Magat) broke ground on its 20MW battery en-

ergy storage system (BESS) project in Ramon, Isabela.

SNAP is a joint venture between Scatec of Norway and Aboitiz Power.

The ground-breaking signals the start of the Magat BESS project’s construction phase, targeted for commercial operation in the first quarter of 2024.

SNAP took over the ownership and operations of the Magat hydropower plant on April 26, 2007 following a successful bid under the government’s privatization program. The facility, with a maximum capacity of 388 MW, underwent half-life refurbishment in 2014.

In 2017, the company inaugurated the 8.5 Maris hydro, and two years later, piloted the 200kilowatt floating solar on the Magat reservoir, its first non-hydro RE project.

Comelec transparency and media servers can handle data of up to 100K precincts

By Samuel P. Medenilla @sam_medenilla

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HE Commission on Elections transparency and media servers can now simultaneously handle election data for over 100,000 clustered precincts without bogging down.

Comelec Commissioner Marlon S. Casquejo made the announcement at the weekend as he assured the public there will no longer be a repeat of the controversial "7-hour glitch" which disrupted the transfer of election results from the transparency server to the media servers during the 2019 midterm polls. That 7-hour down time sparked fears of election fraud.

The poll official said this time around, Comelec successfully conducted a comprehensive stress test to check if the transparency and media servers could process election results from 30,000 to a high as 106,000 clustered precincts.

“In the [test] we did, we were able to transmit [election results] from 100,000 to 106,000 [clustered] precincts simultaneously. It was able to pass the media server without a hitch,” Casquejo said at a press conference for a virtual walkthrough of the Comelec servers in the University of Santo Tomas (UST) in Manila on Saturday.

Contingency measures

COMELEC attributed the 7-hour glitch to the “bottle neck” between the transparency and media server due to the sheer volume of data both processed in 2019.

The incident caused significant concerns from election observers during that elections.

Casquejo noted that at that time their stress test for both servers were from 300 to 1,000 vote counting machines (VCM) only from the clustered precincts.

He said the matter could have been easily resolved with a reboot of the servers, but noted this was not immediately implemented since it required an approval of the Comelec en banc that time.

For the 2022 polls, Casquejo said

they will now allow their information technology officers to conduct such action in relation to the Comelec servers even without a Comelec en banc resolution.

“But if it involves the removal or fixing of any code, that is another matter. It will no longer be covered by the authority of our technical committees,” Casquejo said.

Quick count

BESIDES improv ing the servers’ capacity for the 2022 polls, Casquejo said they will also make the operations more transparent.

Comelec announced on Thursday that it expanded the list of parties that may access its servers, to include 10 major political parties.

This is aside from the dominant majority and dominant minority political parties, media, and citizens' arm, which were given access to the transparency server in previous elections.

“Why is it important for them? Because they can do their own quick count.... They can validate the results from their field coordinator to the transmitted results in the transparency server since they have an advance copy of the result,” Casquejo said.

“So they will know who is about to win or will be the trending outcome of the elections,” he added.

Server locations

COMELEC also disclosed for the first time the locations of the server it will use in the May 9, 2022 polls so the public could monitor for any irregularities in its operations.

1st dedicated hospital for OFWs opens doors May 2

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HE first-ever overseas Filipino workers (OFW) Hospital in San Fernando, Pampanga is set to start its operations on Monday.

The Department of Labor and Employment (DOLE) disclosed the facility will initially have a soft opening as a “polyclinic.”

It noted the facility is expected to become fully operational as a hospital by the end of June.

The 100-bed medical facility is built on a 1.5-hectare land parcel donated by the Provincial Government of Pampanga.

Bloomberry Cultural Foundation shouldered the cost for the construction of the hospital, while the Philippine Amusement and Gaming Corporation (Pagcor) paid for the facility’s medical equipment.

The new hospital is expected to primarily cater to OFWs and their dependents.

President Duterte led the inauguration of the facility on Sunday as part of the Labor Day Celebration of DOLE in Pampanga.

Samuel P. Medenilla

The main server is at the Bonifacio Global City in Taguig; back-up server in Libis in Eastwood, Quezon City; the transparency server in Sucat, Parañaque; and the media server in the UST. He said they opted to divulge the location to dispel concerns

from lawmakers and the public about possible tampering of the said servers.

“Although this [disclosure] will lead to small security risks, we are confident the PNP (Philippine National Police) are capable of securing the locations,” Casquejo said.

Comelec Information and Technology Office Roderick Ilagan said the 2022 polls will also be the first time when all the main, back-up, and transparency servers are located in data centers certified by the International Organization for Standardization (ISO).

In previous elections, he said the transparency server was located in a “makeshift data center” at the Pope Pius XII Catholic Center in Manila.

“Our worry is that there will not be enough power and cooling system [for the transparency server],” Ilagan said.

A4 Monday, May 2, 2022 • Editor: Vittorio V. Vitug

Economy BusinessMirror

‘PHL business must be ready for EU green initiatives’ impact’

By Andrea E. San Juan

A

N International Trade Centre (ITC) expert has urged the Philippines to prepare its domestic business environment and micro, small and medium enterprises (MSMEs) for the anticipated trade impacts amid the new European Union (EU) green initiatives.

Tobias Dolle of ITC stressed that it is critical that developing countries consult and coordinate with the EU on these green initiatives in order to enhance their respective domestic business environments and make them conducive to sustainable economic development, gender and diversity inclusion, and the effective participation in trade by MSMEs. Dolle was quoted in a report by the Philippine Exporters Confederation, Inc. (Philexport) on April 29.

In recent years, The EU has launched a number of broad and extensive green initiatives toward climate neutrality, all of which involve various specific regulatory initiatives. They are expected to result in major trade impacts for develop-

ing economies trading with the EU, including the Philippines.

In an online presentation, Dolle touched on three of these new initiatives, which are comprehensive, interconnected but distinct: European Green Deal, Farm to Fork Strategy, and Fit for 55 Package.

The European Green Deal, presented by the EU in December 2019, includes a set of policy initiatives meant to make the EU’s economy sustainable, more circular and climate-neutral by 2050.

“It has massive implications for businesses, leading to both changes in production and supply chain strategies around the world,” said Dolle.

The Fit for 55 strategy seeks to deliver the EU’s 2030 climate target by reducing emissions by at least 55 percent by 2030 from 1990 levels on the way to climate neutrality by 2050.

This strategy covers a wide range of proposed legislative initiatives, such as but not limited to, revising the EU regulation on land use, revising the energy efficiency directive, and revising the renew-

DILG’s study on e-sabong with Palace; Duterte to announce verdict May 2

able energy directive.

Particular initiatives under the Fit for 55 that will have a major impact on trade for businesses in developing countries in the future were highlighted by Dolle.

One of these is the EU Proposal for a Sustainable Products Regulation (EcodesignDirective), which anticipates rules to make almost all physical goods on the EU market friendlier to the environment, circular, and energy efficient throughout their whole lifecycle, from the design phase through to daily use, repurposing, and end-of-life.

Under this proposal, all regulated products will have Digital Product Passports, to make it easier to repair or recycle products and facilitate tracking of substances of concern along the supply chain.

The regulation will allow the EU to set new labeling requirements, for instance, on reparability.

The Fit for 55 Strategy was published in March 2022, and according to Dolle, a public consultation will be launched as the legislative process is now ongoing.

He said the ability of developing countries’ policymakers and private sector operators to timely, effectively, and successfully engage in the relevant fora can be improved through dedicated capacity building and technical support from development partners.

“Consultation and coordination is also vital as it will serve to attract investment and support economic recovery after the Covid-19 pandemic,” Dolle said. ��������������������������������� Other examples of specific legislative initiatives under the European Green Deal are the EU Directive on Single-Use Plastics, EU strategy for sustainable textiles, legislative proposal for substantiating green claims made by companies, and a sustainable products policy initiative including a revision of the EcodesignDirective.

Meanwhile,the EU’s Farm to Fork (F2F) Strategy, which is part of the EU Green Deal, aims to redesign current food systems to become fair, healthy and environmentally friendly. It will highlight good agricultural practices, food security, and food safety.

3-month tourism earnings exceed 2021 numbers

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

T PNA FILE PHOTO

By Samuel P. Medenilla

P

@sam_medenilla

RESIDENT Duterte said he is set to decide this week if he will still allow the continuation of “e-sabong” (online cockfighting) based on its “social cost.”

In his speech during the inauguration of the first Overseas Filipino Workers Hospital in Pampanga last Sunday, Duterte said Interior Secretary Eduardo M. Año has already completed his study on the feedback of local government units (LGU) on the implementation of e-sabong.

He said he will use it as a basis to assess if the billions of revenue earned by the government from the gambling activity is worth its social impact.

“The recommendation is on my table now. So once I return [to Manila], I will read [the report] and maybe by Monday, we will know if I will allow it to continue or not,” Duterte said.

He said he ordered the survey after hearing that in areas where there was e-sabong, gambling has become so rampant.

“Many people, including children, are already gambling. Some of them are even pawning their properties,” Duterte said.

“So I said I don’t know if this is true. I tasked secretary Año to study this and conduct a survey because he has far-reaching powers in the provinces,” he added. Despite the controversies which hounded the e-sabong, after several cockfighting enthusiasts linked to the activity went missing this year, Duterte allowed the activity to continue, saying the government needed money and e-sabong represented billions of government revenue.

The Philippine Amusement and Gaming Corporation (Pagcor) said esabong activities, which it regulates, earn the government P640 million worth of revenue per month.

Pagcor warned that even if the government will ban e-sabong, the activity will still continue, albeit illegally.

It noted it will also lead to a significant revenue loss for the government amid the pandemic, for which it continues to need billions in additional budget for the Covid response across all sectors.

During the first quarter of the year, e-sabong gave the government P1.7 billion worth of earnings, according to Pagcor.

HE Philippines was likely to have earned US$488.2 million, or some P24.5 billion, from inbound tourists who arrived from February 10 to April 26 this year.

Tourism Secretary Bernadette Romulo Puyat underscored, though, that these tourism receipts are just preliminary estimates based on last year’s average daily expenditure and average length of stay by tourists. “We’re still working on the data; our Visitor Sample Survey, which is the usual basis for our receipts, is still ongoing,” she explained.

Data from the Department of Tourism (DOT) showed the average daily expenditure at $141.73 (P6,974.57), while the average length of stay was 10.58 nights, in 2021. This puts the three-month visitor receipts this year at 188.2 percent higher than the P8.5 billion earned in the entire 2021. However, this was 80.5 percent lower than the P126 billion earned pre-pandemic, from February to April 2019.

Still, Romulo Puyat was optimistic about the tourism prospects for the rest of the year, based on current figures. “As you know, tourism is a business. All these earnings will help lift our stakeholders, who had very little income in the two years we were closed due to the pandemic. So these new numbers are very encouraging,” she said.

Foreign analysts forecast Philippine tourism to turn around this year with the country’s reopening to inbound travelers, such that it leads other Southeast Asian nations in the number of actual inbound flights booked for the second quarter of the year. (See, “Hot summer fun in PHL as flight bookings rise,” in the BusinessMirror, April 27, 2022.)

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BBM spends Labor Day with workers, Leni touts their role in progress, peace

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RESIDENTIAL frontrunner Ferdinand ‘Bongbong’ Marcos Jr. and Vice President Leni Robredo separately paid tribute to workers on Labor Day, with Marcos vowing to make labor force protection his top priority as part of post-pandemic recovery if he is elected on May 9.

Marcos faced different sectors from the workforce in a Town Hall meeting at the Quezon City headquarters of the Trade Union Congress of the Philippines (TUCP), the country’s largest alliance of labor federations with 1.2 million-strong members nationwide.

The TUCP earlier endorsed his UniTeam tandem with Mayor Sara Duterte-Carpio.

“When it comes to labor, my number one priority is to protect the labor force. We start from there, and from there things will flow; what’s important is we treat the workers well, I think the rest of all of the issues will flow from that,” said Marcos, who was greeted with cheers and applause by the workers.

During the Town Hall meeting, Marcos and the labor force tackled the problems and issues that lay siege to the sector and outlined his plans and programs to address them.

Marcos also expressed interest in making into a priority bill the Security of Tenure Act, which amends the Labor Code to further protect workers’ rights by prohibiting labor-only contracting in the private sector.

“The Security of Tenure Bill that we hope to amend and rewrite so that it can finally be passed” is something he will definitely sign, Marcos said partly in Filipino, “if I get lucky and win the election.”

While he supports the creation of a separate department for migrant workers, Marcos said all the other agencies that deal with the labor sector should be streamlined.

“The second opportunity that I think is the migrant workers (apart from the Security of Tenure Act), the Department of Migrant Workers.

That will make clear cut the duties of the Department of Migrant Workers” vis-à-vis the OWWA (Overseas Workers Welfare Administration), the Department of Labor and Em-

ployment, among others, he said.

Marcos insisted however that he will prioritize the protection of labor force for the country to recover from the pandemic and to move forward for a better economy.

“I think the best way to do is to make sure that whatever is in the law is implemented and enforced,” Marcos averred.

“Top of mind for me is how to protect the labor force because the labor force is always, among all stakeholders in business, seemingly among those who have no voice,“ he added.

Also present during the Town Hall meeting was TUCP president Raymond Mendoza.

Mendoza said there was an over whelming response from their 1.2 million-strong members to support the UniTeam tandem when they held a string of consultations with TUCP members all over the country.

Founded in 1975 by 23 labor federations, it is currently the Philippines' largest alliance of labor federations.

Most of its members come from major industries such as service, agriculture, and manufacturing from Luzon, Visayas, and Mindanao.

VP Leni

MEANWHILE, presidential candidate Leni Robredo highlighted on Labor Day the enormous contributions of workers to the economy and communities, and their role in strengthening the peace and lasting development in the country.

The vice president said the path to progress lies in promoting and protecting the welfare of workers such as just and fair compensation, protection from abuse and dismantling of “outdated and ineffective practices.”

Meanwhile, Robredo’s presidential bid received support in Batangas on Saturday with more than 280,000 Batangueños attending her rally in the province, according to organizers.

Robredo and her running mate Senator Francis “Kiko” Pangilinan barnstormed Batangas on Saturday, culminating with a grand rally at the Catalina Lake Residences in Bauan, Batangas. With a report by Rene Acosta

Sokor tourists now top 3 arrivals

THE DOT chief also said the recent projection of the private sector of 1-million in foreign tourist arrivals by the end of the year, was “highly possible,” especially now that South Koreans were already slowly climbing up to the list of the Philippines’ top tourism markets. “They’re number 3 already,” said Romulo Puyat, who recently visited Seoul to woo their citizens to visit the Philippines. Prior to the pandemic, in 2019, South Koreans topped the list of arrivals in the country, accounting for 1.98 million of the total arrivals of 8.26 million.

From February 10 to April 26, there were 325,328 total foreign tourists who arrived in the Philippines. Balikbayans (homecoming Filipinos) accounted for 40 percent of the total, or 131,534, while foreigners accounted for some 60 percent at 193,794.

Of the total foreign tourists, Americans topped the list at 67,312, followed by Canadians at 15,527; South Koreans at 14,901; Australians at 14,684; British at 13,826; Japanese at 7,590; Vietnamese at 7,060; Germans at 5,965; Singaporeans at 3,866; and Malaysians at 3,433.

The data was gathered from government’s One Health Pass registration for inbound arrivals at the international airports in Manila/Pasay, Clark in Pampanga, Subic in Zambales, Mactan in Cebu, Davao, and Panglao in Bohol.

In a webinar on revenge travel last week, Tourism Congress of the Philippines president Jose C. Clemente III said inbound arrivals could exceed 1 million by the end of 2022. (See, “Fearless forecast’ of 1-M foreign tourists by yearend,” in the BusinessMirror, April 29, 2022.)

FOR SEAFARERS

Engr.Nelson Ramirez of Maritime Union United Filipino Seafarers (left) accompanies Orophil President Tomas Orola (right) in filing an administrative case against Maritime Voluntary Arbitrators (MVAs) in an alleged mishandling of disability benefits of seafarers in connivance with ambulance chasers, resulting in the victimization of foreign ship owners and their partner agencies in the country. They denounced the manipulation at a press conference held recently at a restaurant in Manila. ROY DOMINGO

Workers mount ‘campaign sorties’ in lieu of usual May 1 march

I

NSTEAD of holding their usual anti-government protest during Labor Day, most labor groups organized campaign sorties for the candidates they are backing in the 2022 polls during the said holiday.

Members of the Nagkaisa labor coalition and Kilusang Mayo Uno (KMU) held a joint activities in Metro Manila on Sunday, which culminated at the Araneta Coliseum to support presidential candidate Leonor “Leni” G. Robredo and her running mate Francis “Kiko” N. Pangilinan.

In a statement, Nagkaisa chair and

Federation of Free Workers (FFW) president Sonny Matula opted to focus their attention on the election due to its implication on the labor sector in the coming years.

“There is too much at stake in this coming elections for workers to stay mum,” said Matula, who is part of the senatorial ticket of Robredo.

FFW Vice President Julius Cainglet said the threat of the continuation of the culture of killing and corruption in the administration of some presidential candidates prompted Nagkaisa and other labor

groups to back Robredo.

He said Nagkaisa picked Robredo due to her commitment to maintain constant communication with the labor sector.

“We know it will take time to meet our demands. There will be a transition process before we get the additional wage and end contractualization,” Cainglet said in a radio interview.

TUCP for Marcos

FOR its part, the Trade Union Congress of the Philippines (TUCP) placed its hope for better working conditions

in the candidacy of presidential bet Ferdinand “Bongbong” R. Marcos Jr. and his tandem, Sara Duterte-Carpio.

Members of TUCP, wearing red, the campaign color of Marcos, held a town hall meeting in Diliman, Quezon City, which was attended by Marcos.

TUCP President Raymond C. Mendoza said they decided to support the presidential bid of Marcos after they conducted their membership consultation.

“It was a bottom-up approach. And our members picked Marcos,” Mendoza said. Samuel P. Medenilla

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, May 2, 2022 A5

‘Elections driving demand for low-cost rice’ MFN tariff

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE upcoming elections and the government’s relief operations are driving the demand for low-cost imported rice, according to an industry group.

Multisector industr y group Philippine Rice Industry Stakeholders Movement (Prism) noted that rice imports rose in the first quarter even before the UkraineRusia war erupted.

The group said the current government “can ill afford” a repeat of the 2018 rice price crisis when the prices of palay and milled rice skyrocketed and caused inflation to acceleration.

“Panic buying and long queuing for rice can be disastrous for public image during election,” Prism said in a statement sent to the BusinessMirror.

“The election campaigns and relief operations, however, created the demand for low-priced rice in the market that can be supplied by some countries like Myanmar.”

The country’s rice imports in the first quarter surged by almost 70 percent year-on-year to 985,139.995 metric tons (MT) as importers brought in more rice in anticipation of tighter global supply and lower domestic output

THIS BusinessMirror file photo shows an assortment of commercial rice on sale at a grocery store in Antipolo City.

(Related story: https://businessmirror.com.ph /2022/04/25/ dim-outlook-fuels-phl-rice-imports-surge/).

The latest Bureau of Plant Industry (BPI) data showed rice imports during the January-to-March pe-

riod were 404,057.065 MT higher than the 581,082.93 MT recorded a year ago.

InMarchalone,about414,243.005 MT of rice entered the country.

BPI data showed that rice imports from January 1 to April 14

Social enterprise aims to open more bamboo plantations

By Andrea E. San Juan

B

AMBUHAY, a social enterprise using bamboo farming and entrepreneurship, said it is working with a Canadian firm to ramp up bamboo planting in the Philippines to meet rising demand.

Mark Sultan Gersava, Bambuhay founder and chief executive farmer, said the sector is in the level of industrialization given the “very high” demand, according to a statement released by the Philippine Exporters Confederation, Inc. (Philexport).

He said Bambuhay and the Canadian firm are stepping up 40,000 hectares of plantations of bamboo across the country. Gersava did not identify the Canadian firm.

“Actually that is just one portion of the business and the focus of this project on industrialization for a large-scale plantation and large industrialization production (is) basically in Pangasinan and in Davao Region and of course in Bukidnon. So that’s our direction,” Gersava said.

He said Bambuhay aims to establish one production facility in every region to localize the supply chain, specifically the raw materials.

“Within that, we can decrease the carbon dioxide (CO2) that we are producing because it’s all locally-made.”

Gersava is encouraging more farmers to plant bamboo to earn more income, and for indigenous communities and illegal loggers to shift to a more sustainable livelihood program.

The social enterprise estimates it has eliminated 424,000 pounds of plastic, diminished 5.6 million pounds of CO2, and reforested 542 hectares of forest.

Bambuhay’s 2030 goal is to reforest one million hectares of deforested land, and plant one billion bamboo trees.

Meanwhile, Enrique Tacbad, provincial director at Department of Trade and Industry (DTI) Zambales said the government supports businesses that take concrete steps to protect the environment through

climate-friendly investments.

Tacbad said the DTI also spearheads the revitalization of the Philippine Bamboo Industry Development Council across the country, and co-leads the regional bamboo councils along with the Department of Environment and Natural Resources (DENR).

“We recognize bamboo as a sustainable raw material, a wood substitute, and a rising industry with the help of the passionate bamboo advocates all over the country,” he said.

Most bamboo species are fast growing, but its use has not been increasing at the same pace.

Lack of investment, weak institutional framework, and limited skilled people in the bamboo craft are just some of the reasons blamed for the slow growth of the bamboo industry.

The absence of reliable raw material sources also discourages investments in bamboo processing, according to Philexport.

‘Mariculture to help PHL fishermen recover from pandemic’

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RESIDENTIAL frontrunner former Sen. Ferdinand ‘Bongbong’ Marcos Jr., will promote “mariculture” or marine farming to help fishermen recover from the pandemic when elected president in the fast approaching May 9, 2022 national polls.

Marcos announced this recently during a virtual press conference with local newsmen from Bicol and Western Visayas regions as he lay down his plans for the agriculture sector as part of his priority programs to help affected fishermen recover from the effects pandemic.

“Sa mga mangingisda naman we will develop one of the exciting areas of fisheries that I think we can develop in the Philippines which is mariculture. That is already a very big market that’s very profitable,” Marcos said.

Mariculture or marine farming is being utilized in several parts of the country particularly in Pangasinan, but it is not yet popular to many fisherfolks.

Mariculture in the Philippines refers to the culture of finfish, shellfish, seaweeds and other commodities in cages, pens, stakes and rafts in marine environment.

“We are only doing it, I think only in Pangasinan, may mariculture dun, we were producing fingerlings before in Ilocos Norte, dun namin dinadala sa Pangasinan, maganda talaga na possibilities diyan,” Marcos noted.

Marcos also said that mariculture could be very productive particularly in our country as we are surrounded with fresh waters.

“Maraming potential diyan lalonglalo na, we have more than 7,000 islands, sa palagay ko naman mayroon tayong mahahanap na bagay diyan,” Marcos averred.

He also insisted that government support is vital in the said program to sustain the productivity of our fishermen.

“But all of these new techniques have to be developed and they have to be brought up to our farmers, our fishermen, our livestock raisers,

lahat ’yan kailangan madala natin sa kanila, tapos kapag mag-start ng production, ay dapat may suporta din ang gobyerno,” said Marcos.

Marcos highlighted the need for an all-out support by the government to farmers and one of the first things he would do after he assumes office is to bring down the prices of fertilizers and provide technical and material assistance to them.

He said one of the keys to improving lives and livelihood of most Filipinos, is for the government to fully support the agriculture sector.

Marcos added that fishery sector will receive a much-needed boost under his administration by modernizing their fishing vessels and providing them with needed equipment to ensure their higher catch and safer voyage in the sea.

As part of the agriculture sector, Marcos said fishermen, as well as farmers, must have all new and best techniques and technologies.

reached 1.043 MMT. Vietnam accounted for 780,772.19 MT. Rice imports from Myanmar reached 107,888 MT, more than half of the 196,718.9 MT that the country imported from the Southeast Asian nation in 2021.

PRISM said Pakistan and India have also become a vital source of low-cost rice for the Philippines due to the reduced most favored nation (MFN) tariff rate of 35 percent, which benefits exporters from outside the Asean region.

“The important issue of extending the 35 percent MFN tariff rate for the non-ASEAN (countries) is to provide additional sources of low-priced rice from other countries like Pakistan and India,” the group said.

“For added info, broken rice is very active in global and local trading.

These two countries traditionally priced their rice lower than Vietnam and Thailand.”

BPI data showed that rice imports from Pakistan and India from January 1 to April 14 have reached 70,957.5 MT and 2,775 MT, respectively. The country’s total rice imports from Pakistan last year was only at 25,286 MT while imports from India reached 3,030.060 MT. Nonetheless, Prism, which has members across the whole rice value chain, noted that “further scrutiny” is required in extending the 35-percent MFN tariff on rice to prevent possible backlash to local rice farmers.

“The move to extend the 35 percent MFN tariff needs further

scrutiny because more cheap rice in the market will definitely create a backlash to our local farmers as well.”

Continued dialogue

PRISM said the convergence of rice imports in the first quarter of this year was a request from stakeholders of the rice industry “to manage importation” during harvest this dry season.

Importers also expect the government to suspend the issuance of sanitary and phytosanitary import clearance (SPS-IC) for rice imports, according to the group.

Prism said it will continue to hold dialogues with government agencies, such as the Department of Agriculture and the BPI for the “appropriate” volume and timing of rice import arrivals “that would benefit all stakeholders, including consumers.”

“Each individual, institution or agency in the government and private sector that is involved in the rice industry will have to make a recommendation, a decision and take a position,” it said.

“And in doing so, whether we like it or not, we cannot avoid decisions that may affect other sectors involved. The process of decision making should be a dynamic but concerted effort.”

A6

Monday, May 2, 2022

BusinessMirror

www.businessmirror.com.ph

The World BusinessMirror

Editor: Angel R. Calso

Monday, May 2, 2022

A7

Ukrainians plead for Mariupol rescue; Russian advance crawls

By Mstyslav Chernov & Yesica Fisch

K

The Associated Press

HARKIV, Ukraine—Ukrainian forces fought village by village Saturday to hold back a Russian advance through the country’s east, while the United Nations worked to broker a civilian evacuation from the last defensive stronghold in the bombed-out ruins of the port city of Mariupol.

An estimated 100,000 civilians remain in the city, and up to 1,000 are living beneath a sprawling Soviet-era steel plant, according to Ukrainian officials. Ukraine has not said how many fighters are also in the plant, the only part of Mariupol not occupied by Russian forces, but Russia put the number at about 2,000.

Russian state media outlets reported Saturday that 25 civilians had been evacuated from the Azovstal steelworks, though there was no confirmation from the UN Russia’s RIA Novosti news agency said 19 adults and six children were brought out, but gave no further details.

A top official with the Azov Regiment, the Ukrainian unit defending the plant, said 20 civilians were evacuated during a cease-fire, though it was not clear if he was referring to the same group as the Russian news reports.

“These are women and children,” Sviatoslav Palamar said in a video posted on the regiment’s Telegram channel. He also called for the evacuation of the wounded: “We don’t know why they are not taken away and their evacuation to the territory controlled

by Ukraine is not being discussed.”

Video and images from inside the plant, shared with The Associated Press by two Ukrainian women who said their husbands are among the fighters refusing to surrender there, showed unidentified men with stained bandages; others had open wounds or amputated limbs.

A skeleton medical staff was treating at least 600 wounded people, said the women, who identified their husbands as members of the Azov Regiment of Ukraine’s National Guard.

Some of the wounds were rotting with gangrene, they said.

In the video the men said that they eat just once daily and share as little as 1.5 liters (50 ounces) of water a day among four people, and that supplies inside the besieged facility are depleted.

One shirtless man appeared to be in pain as he described his wounds: two broken ribs, a punctured lung and a dislocated arm that “was hanging on the flesh.”

“I want to tell everyone who sees this: If you will not stop this here, in Ukraine, it will go further, to Europe,” he said.

AP could not independently verify the date and location of the video, which the women said was taken in the last week in the maze of corridors and bunkers beneath the plant.

The women urged that Ukrainian fighters also be evacuated alongside civilians, warning they could be tortured and executed if captured. “The lives of soldiers matter too,” Yuliia Fedusiuk told AP in Rome.

In his nightly video address late Saturday, Ukrainian President Volodymyr Zelenskyy switched into Russian to urge Russian troops not to fight in Ukraine, saying even their generals expect that thousands more of them will die.

The president accused Moscow of recruiting new soldiers “with little motivation and little combat experience” so that units gutted early in the war can be thrown back into battle.

“Every Russian soldier can still save his own life,” Zelenskyy said. “It’s better for you to survive in Russia than to perish on our land.”

In other developments: n Ukrainian Deputy Agriculture Minister Taras Vysotsky said in televised remarks that Russian forces have seized hundreds of thousands of tons of grain in territory under their control. Ukraine is a major grain producer, and the invasion has pushed up world prices and raised concerns about shortages. n A Russian rocket attack destroyed the airport runway in Odesa, Ukraine’s third-most populous city and a key Black Sea port, the Ukrainian army said. n The bodies of three men were

People sit in a bus during evacuation from Lyman, Donetsk region, eastern Ukraine on Saturday, April 30, 2022. AP Photo/Evgeniy Maloletka

found buried in a forest near the Kyiv suburb of Bucha, the head of Kyiv’s regional police force said. The men, whose bodies were found Friday, had been tortured before they were shot in the head, Andriy Nebytov wrote on Facebook. Ukrainian officials have alleged that retreating Russian troops carried out mass killings of civilians in Bucha. n Russian Foreign Minister Sergey Lavrov said in an interview that Russian and Ukrainian negotiators talk “almost every day.” However, he told Chinese state news agency Xinhua, “progress has not been easy.” n Two buses sent to evacuate residents from the eastern town of Popasna were fired upon, and contact with the organizers was lost, Mayor Nikolai Khanatov said: “We know that (the buses) reached the town and then came under fire from an enemy sabotage and reconnaissance group.”

Getting a full picture of the unfolding battle in eastern Ukraine has been difficult because airstrikes and artillery barrages have made it extremely dangerous for reporters to move around. Also, both Ukraine and Moscow-backed rebels have introduced tight restrictions on reporting from the combat zone.

But Western military analysts suggested that the offensive in the Donbas region, which includes Mariupol, was going much slower than planned. So far, Russian troops and the separatists appeared to have made only minor gains in the month since Moscow said it would focus its military strength in the east.

Numerically, Russia’s military manpower vastly exceeds Ukraine’s. In the days before the war began, Western intelligence estimated Russia had positioned near the border as many as 190,000 troops; Ukraine’s standing military totals about 200,000, spread

throughout the country.

Yet, in part because of the tenacity of the Ukrainian resistance, the US believes the Russians are “at least several days behind where they wanted to be” as they try to encircle Ukrainian troops in the east, said a senior US defense official who spoke on condition of anonymity to discuss the American military’s assessment.

With plenty of firepower still in reserve, Russia’s offensive still could intensify and overrun the Ukrainians.

Overall the Russian army has an estimated 900,000 active-duty personnel. Russia also has a much larger air force and navy.

Hundreds of millions of dollars in military assistance has flowed into Ukraine since the war began, but Russia’s vast armories mean Ukraine’s needs are nearly inexhaustible.

Mariupol officials have described dire shortages of food, water and medicine. UN humanitarian spokesman Saviano Abreu said the world organization was negotiating with authorities in Moscow and Kyiv, but he could not provide details of the ongoing evacuation effort “because of the complexity and fluidity of the operation.”

“There is, right now, ongoing, high-level engagements with all the governments, Russia and Ukraine, to make sure that you can save civilians and support the evacuation of civilians from the plant,” Abreu told AP. He would not confirm video posted on social media purportedly showing UN-marked vehicles in Mariupol.

Ukraine has blamed the failure of numerous previous evacuation attempts on continued Russian shelling. Associated Press journalists Jon Gambrell and Yuras Karmanau in Lviv, Mstyslav Chernov in Kharkiv, Yesica Fisch in Sloviansk, Lolita C. Baldor in Washington, Trisha Thompson in Rome and AP staff around the world contributed to this report.

Despite payment, investors brace for Russia to default

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EW YORK—Prices for Russian credit default swaps—insurance contracts that protect an investor against a default—plunged sharply overnight after Moscow used its precious foreign currency reserves to make a last minute debt payment on Friday.

The cost for a five-year credit default swap on Russian debt was $5.84 million to protect $10 million in debt.

That price was nearly half the one on Thursday, which at roughly $11 million for $10 million in debt protection was a signal that investors were certain of an eventual Russian default.

Russia used its foreign currency re-

serves sitting outside of the country to make the payment, backing down from the Kremlin’s earlier threats that it would use rubles to pay these obligations. In a statement, the Russia Finance Ministry did not say whether future payments would be made in rubles.

Despite the insurance contract plunge, investors remain largely convinced that Russia will eventually default on its debts for the first time since 1917. The major ratings agencies Standard & Poor’s and Moody’s have declared Russia is in “selective default” on its obligations.

Russia has been hit with extensive sanctions by the United States, the Eu-

ropean Union and others in response to its Feb. 24 invasion of Ukraine and its continuing military operation to take over Ukrainian territory.

The Credit Default Determination Committee—an industry group of 14 banks and investors that determines whether or not to pay on these swaps—said Friday that they “continue to monitor the situation” after Russia’s payment. Their next meeting is on May 3.

At the beginning of April, Russia’s finance ministry said it tried to make a $649 million payment due April 6 toward two bonds to an unnamed US bank—previously reported as JPM-

organ Chase.

At that time, tightened sanctions imposed for Russia’s invasion of Ukraine prevented the payment from being accepted, so Moscow attempted to make the debt payment in rubles.

The Kremlin, which repeatedly said it was financially able and willing to continue to pay on its debts, had argued that extraordinary events gave them the legal footing to pay in rubles, instead of dollars or euros.

Investors and rating agencies, however, disagreed and did not expect Russia to be able to convert the rubles into dollars before a 30-day grace period expired next week. AP

Egyptian officials: Militants blow up gas pipeline in Sinai

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L ARISH, Egypt—Suspected Islamic State militants blew up a natural gas pipeline Saturday in Egypt’s restive northern part of the Sinai Peninsula, causing a fire but no casualties, security officials said.

The officials said the suspected militants planted explosives under a pipeline in the town of Bir al-Abd. The expulsion sent thick flames

of fire shooting into the sky, and authorities stopped the flow of gas to extinguish the fire, according to eyewitnesses.

The officials spoke on condition of anonymity because they weren’t authorized to speak to media and the eyewitnesses asked not to be named for fear of reprisal.

No group immediately claimed

the attack, which caused no human casualties.

The Islamic State group affiliate, which is centered in Northern Sinai, however, has claimed previous attacks targeted gas pipelines between Egypt and both Jordan and Israel.

Egypt is battling an Islamic Stateled insurgency in the Sinai that intensified after the military overthrew an

elected but divisive Islamist president in 2013. The militants have carried out scores of attacks, mainly targeting security forces and Christians.

Saturday’s attack comes as the militants suffered heavy losses in recent months with Egyptian security forces, aided by armed tribesmen, who intensified their efforts to eliminate the group. AP

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A8 Monday, May 2, 2022

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Beijing shuts dine-in services for holidays to stem outbreak

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EIJING—Restaurants in Beijing have been ordered to close dinein services over the May holidays as the Chinese capital grapples with a Covid-19 outbreak.

Authorities said at a news conference Saturday that dining in restaurants has become an infection risk, citing virus transmissions between diners and staff.

Restaurants have been or-

dered to only provide takeout services from Sunday to Wednesday, during China’s Labor Day holidays.

Beijing began mass testing millions of residents earlier this week

as it scrambled to stamp out a growing Covid-19 outbreak.

The political stakes are high as the ruling Communist Party prepares for a major congress this fall at which President Xi Jinping is seeking a third fiveyear term to reassert his position as China’s unquestioned leader.

Beijing authorities reported 67 new infections on Saturday, taking the city’s total to nearly 300 since April 22.

Authorities have also ordered parks, scenic areas and entertainment venue to operate at half capacity during the holiday period. Schools have also been ordered closed.

A security guard wearing a face mask takes the temperature of visitors as they enter a public park in Beijing on Saturday, April 30, 2022, the first day of the Labor Day holiday period in China.

AP Photo/Mark Schiefelbein

Several communities in the city’s most populous Chaoyang district have been designated high-risk areas and will be subjected to mass testing on Sunday and Tuesday.

Beijing is trying to prevent a massive outbreak that could trigger a citywide lockdown like the one that has paralyzed Shanghai for more than three weeks. Millions of residents there have been under lockdown and food has run low at times, prompting heavy criticism despite government efforts to censor it.

Meanwhile, many Chinese are marking a quiet May Day holiday this year as the government’s zero-Covid approach restricts travel and enforces lockdowns in multiple cities.

All restaurants in Beijing are closed to dine-in customers from

Sunday through the end of the holiday on Wednesday, open only for takeout and delivery.

Parks and tourist attractions in the Chinese capital are limited to 50% of their capacity.

The Universal Studios theme park in Beijing, which opened last year, said it had shut down temporarily.

The pandemic situation varies across the vast nation of 1.4 billion people, but the Transport Ministry said last week that it expected 100 million trips to be taken from Saturday to Wednesday, which would be down 60% from last year. Many of those who are traveling are staying within their province as local governments discourage or restrict cross-border travel to try to keep out new infections.

China is sticking to a strict zero-Covid policy even as many

other countries are easing restrictions and seeing if they can live with the virus. Much of Shanghai—China’s largest city and finance, manufacturing and shipping hub—remains locked down, disrupting people’s lives and dealing a blow to the economy.

The major outbreak in Shanghai, where the death toll has topped 400, appears to be easing. The city recorded 7,872 new locally transmitted cases on Saturday, down from more than 20,000 a day in recent weeks.

Outside of Shanghai, only 384 new cases were found in the rest of mainland China.

Beijing, which has tallied 321 cases in the past nine days, is restricting activity to try to prevent a large outbreak and avoid a citywide lockdown similar to Shanghai. Individual buildings and housing complexes with coronavirus cases have been locked down. Visitors to many office buildings and tourist sites such as the Great Wall must show proof of a negative Covid-19 test within the previous 48 hours.

Online booking agency Ctrip said last week that people were booking travel to cities that were mostly virus-free, such as Chengdu in Sichuan province and the nearby city of Chongqing. Other popular destinations included Wuhan, where the world’s first major outbreak of Covid-19 occurred in early 2020.

About half the orders on the Ctrip platform were for travel within a province. AP

India seizes $725 million from China’s smartphone company over remittances

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E W DE L H I — I n d i a n authorities on Saturday seized $725 million from Chinese smartphone company Xiaomi, accusing it of breaking the country’s foreign exchange laws by making illegal remittances abroad, officials said.

The Enforcement Directorate, India’s financial investigation agency tweeted that it had seized the amount from Xiaomi’s local unit. The move comes after an investigation was launched by the federal agency in February over concerns of illegal remittances, local media reported.

The agency said the smartphone maker had transferred $725 million to “three foreign based entities” under the guise

of royalty payments, according to a statement quoted by the Press Trust of India. Earlier this month, the agency had also questioned Xiaomi’s global vice president, Manu Kumar Jain, at the company’s regional office in the southern city of Bengaluru, PTI reported.

The smartphone company said it complied with local laws and added that its “royalty payments and statements” were “legit and truthful.” It said it is committed to working closely with the government to clarify any misunderstandings.

“These royalty payments that Xiaomi India made were for in-licensed technologies and IPs used in our Indian version products.

It is a legitimate commercial ar-

rangement for Xiaomi India to make such royalty payments,” the statement said.

Two years ago, India banned over 100 Chinese-owned apps as tensions between the countries soared over border clashes. In June 2020, Indian and Chinese troops fought with clubs, stones and fists along a disputed section of their border, leaving 20 Indian and four Chinese soldiers dead.

Since Februar y last year, both countries have withdrawn troops from some sites, but they still maintain a presence. In March, Chinese Foreign Minister Wang Yi traveled to New Delhi to discuss expediting the disengagement of troops and the possibility of de-escalating the situation. AP

Macau gaming income falls to new low on China’s Omicron outbreaks

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acau’s gaming revenue slump deepened in April, plunging 68 percent from a year earlier to the lowest level in about 18 months as the world’s biggest gambling hub suffers from a tourist drought amid China’s Covid lockdown measures.

Gross gaming revenue dropped to about 2.68 billion patacas ($331 million), according to the Gaming Inspection and Coordination Bureau. The results were slightly lower than the median analyst estimate of a 66.5% yearon-year decline. In March, the city already reported a 56% drop in gaming revenue.

Revenue fell 27% from the previous month, and was down about 89% from pre-pandemic levels in 2019.

Key insights:

Another China holiday sea-

son—the five-day Labor Day break at the start of May—looks set to be a washout again for Macau. While Chinese holidays have traditionally been a peak season for the enclave, China’s strict Covid restrictions in Shanghai, Beijing and elsewhere are keeping visitors at home.

Despite the Covid situation in China being the worst it’s been since the pandemic first started in Wuhan in late 2019, Macau has eased some border control restrictions.

Visitors from the neighboring Guangdong province are now required to take a Covid test up to three days before entering the city, compared with two days previously, and quarantine is required only for visitors from about 30 Chinese cities now, down from 80 last month. Still, visitors will face onerous curbs trying to re-enter the mainland from Macau, likely

discouraging travel.

The easing is a positive signal showing Macau’s intention to start improving visitation, but a recovery still depends on the development of China’s outbreaks and lockdown measures, Sanford C. Bernstein analyst Vitaly Umansky wrote in a note on April 25. Meaningful easing to travel may only kick in from late 2022, ramping up through 2023, laying a path for full recovery by the following year, JPMorgan Chase & Co. analysts including DS Kim wrote in a April 23 note.

Visitation in March fell 30% from a year earlier to almost 527,000 trips, most from China, according to data from Macau’s Statistics and Census Service.

Hong Kong, just a ferry ride away, was the second-largest contributor of tourists. The city will release visitation data for April later this month. Bloomberg News

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South Korea’s exports to China drop amid fallout from Covid lockdowns

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outh Korea’s exports to China dropped in April, highlighting the impact that Covid-related lockdowns in Chinese cities are having on supply chains around the region.

Shipments to China fell 3.4% from a year earlier, compared with a 16.6% gain in March, according to a release on Sunday from the South Korean trade ministry.

Overall exports advanced 12.6% last month, while semiconductor sales increased 15.8%.

South Korea serves as a barometer of worldwide demand, with its manufacturing capability ranging

from chips to displays and refined oil. The diversity of destinations for its overseas shipments also means its trade performance is something of a heat map for global economic activity.

Demand has been softening in Europe and China since Russia’s invasion of Ukraine and as more Chinese cities go into lockdown under the country’s Covid Zero

policy. These twin risks to the global economy have further inflamed inflationary pressures and triggered renewed disruptions in supply chains.

Still, a strong recovery in the US has helped maintain momentum for South Korean exports.

Demand for technology products such as displays and semiconductors also remains resilient, allowing major exporters like Samsung Electronics Co. to report a surge in earnings.

South Korea’s heavy reliance on trade means it needs exports to hold up in order to prevent the economy from slowing further, and provide scope for the Bank of Korea to stick to its path of policy normalization. The central bank meets late this month and is

battling to rein in stronger-thanexpected inflation. It has been among the early movers in raising interest rates.

Sunday’s data also showed average daily shipments increased 15% in April from a year earlier.

Total automobile exports advanced 6.1% in April, while shipments of wireless communications devices rose 8.3%.

Overa l l ex ports to the US gained 26.4%, while those to Japan increased 6.2% and to the European Union they were up 7.4%.

Exports to the Commonwealth of Independent States fell 46.5%.

Overall imports rose 18.6%, mainly because of rising energy prices, bringing the nation’s trade balance to a deficit of $2.66 billion.

Bloomberg News

Green fix to replace Russian gas being stalled by red tape

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en-thousand euros to print binders full of documents. Years in court to defend lawsuits. Hiring local contractors to lobby small-town bureaucrats.

Energy producers say these time-consuming bottlenecks are thwarting Europe’s push to ditch Russia and be more selfreliant.

European leaders promised to scale up the continent’s renewable-power capacity while reducing imports of Russian gas, but words move faster than permits. Builders say fast-tracking the energy transition means unraveling red tape and reconciling lofty, national climate ambitions with the limited capacity of most local authorities to implement them.

“There’s only one way to accelerate the supply of electricity into the system,” said Henrik Andersen, chief executive officer of Vestas Wind Systems A/S, the world’s largest wind turbine maker. “Accelerate the permitting.”

The EU’s plans necessitate a rapid expansion of renewables, particularly onshore wind farms, which tend to be most productive during winter, the peak season for consuming gas.

The bloc wants its wind power capacity to reach at least 480 gigawatts by 2030—more than double the current level. But BloombergNEF forecasts the EU is set to reach only about two-thirds of that amount.

“The process is particularly inefficient and there’s huge room for improvement,” said Pietro Radoia, an analyst at BNEF. “It’s only getting worse.”

Russia’s biggest buyer of gas is Germany, where the government vowed to accelerate green-energy development through measures such as increasing the areas available for solar parks, expanding electric grids and adding wind farms at sea.

The 500-page package will help Germany almost double the share of renewables in gross energy consumption within a decade, Economy Minister Robert Habeck said.

“This is crucial to increase the pace of the expansion,” he said.

But the proposed legislation is far from a silver bullet, said Ron Schumann, a political adviser at the German Wind Energy Association. It’s unclear to him how the government will follow through on its promises to offer more land or nudge lo-

Monday, May 2, 2022 A9

Pelosi visits Kyiv, meets with Ukraine president

K

YIV, Ukraine—US House Speaker Nancy Pelosi has led a Congressional delegation to Kyiv to meet with Ukraine’s president before heading to Poland for talks with officials there.

Pelosi, a California Democrat and second in line to the presidency after the vice president, is the highest-ranking American leader to visit Ukraine since the start of the war, and her visit marks a major show of continuing support for the country’s struggle against Russia.

“Our delegation traveled to Kyiv to send an unmistakable and resounding message to the entire world: America stands firmly with Ukraine,” Pelosi said in a statement released Sunday.

Footage released by President Volody myr Zelensky y’s office showed Pelosi and other US legislators in Kyiv. In video later released

by Pelosi’s office, the speaker and Zelensky y both thanked each other for their support in the war.

“We’ll win and we’ll win together,” Zelenskyy said.

Pelosi added: “We are here until victory is won.”

The full Congressional delegation included Democratic Reps.

Gregory Meeks of New York who

chairs the House Foreign Affairs Committee; Adam Schiff, of California who chairs the House Intelligence Committee; Jim McGovern of Massachusetts who chairs the House Rules Committee; Jason Crow of Colorado; Barbara Lee of California; and Bill Keating of Massachusetts.

“You all are welcome,” Zelenskyy told the delegation.

Pelosi told Zelenskyy: “We believe that we are visiting you to say thank you for your fight for freedom.”

“We are on a frontier of freedom and your fight is a fight for everyone. Our commitment is to be there for you until the fight is done,” Pelosi added.

The visit wasn’t previously announced.

Pelosi said the delegation would continue its trip in southeast Poland and the capital, Warsaw, to meet with President Andrzej Duda and other senior officials. Poland has received more than 3 million refugees from Ukraine since Russia launched its war on Feb. 24.

“We look forward to thanking our Polish allies for their dedication and humanitarian efforts,” she said. AP

US firefighters battling New Mexico blaze brace for wind

O

A wind farm near Altentreptow, Germany. Photographer: Sean Gallup/Getty Images

cal officials to make faster decisions on permits.

“There are some changes that will help boost the windenergy buildup,” Schumann said. “But the legislation we have now isn’t going to solve all the issues.”

That’s because many of the speed bumps are beyond the grasp of federal ministries in Berlin. There’s already an environmental law in Germany that says authorities should decide on applications within 10 months. But that timeline rarely is adhered to by county-level decision makers, builders say.

Some inefficiencies are built into the system – such as a preference for paperwork over digital submissions. Earlier this year, EnBW Energie BadenWuerttemberg AG spent more than 10,000 euros ($10,536) to print 36,000 pages for an application to erect three wind turbines in its home state. The binders stretched the length of a conference-room table when placed side-by-side.

At that rate of almost 800 euros per megawatt of wind turbines, companies would spend about 8 million euros a year just on paperwork if the nation hits its target of adding 10 gigawatts of onshore wind capacity annually by 2030.

It now takes at least four years to get a permit approved by local authorities, a doubling since 2017, said Michael Class, head of generation portfolio

development for EnBW. And once the permit is in hand, opponents often challenge them in court. Those efforts rarely succeed but can add years to the building process, he said.

Sometimes the delay is so long the company must resubmit parts of the application because the turbines it planned to use became obsolete and were taken off the market.

Even so, critics of the inefficiencies recognize that permitting processes are in place for a reason and that officials must balance the need for more renewable energy with the concerns of the local populace.

“You don’t want to run roughshod over other interests in the vicinity,” said Olle Olsson, senior research fellow at the Stockholm Environment Institute. “The key challenge is to make these processes more efficient and more predictable.”

One remedy is to increase budgets for local authorities, Olsson said. Those workforces haven’t increased at the same pace as the demand to build wind farms, and sometimes there are only a couple of people in a small office to go through mountains of paperwork.

“Developers aren’t helping because they’re all filing for grid permits and environmental permits in areas that are already jammed,” BNEF’s Radoia said.

That’s triggering some cor-

porate creativity. As its projects work through Italy’s system, Econergy Renewable Energy Ltd. hires area contractors to visit local officials—sometimes daily—and give them a nudge, Chief Executive Officer Eyal Podhorzer said.

“I’m just talking about local experts who know the right people, who can go to the municipality and go to the office and do whatever’s necessary to promote the project,” Podhorzer said in an interview.

Some countries already are taking action. Both Spain and Portugal have cut back on environmental approvals to help streamline solar and wind development on the Iberian Peninsula.

Solar farms take only a few months to build, meaning the measures could help boost electricity supply quickly and lower energy prices that have broken records in recent months.

But that’s only if Spain speeds up the process for connecting to the grid. More than 120 gigawatts of planned solar projects—seven times the existing capacity—are waiting in line, the biggest backlog in Europe.

“Everyone is talking about less gas from Putin,” said Christoph Zipf, a spokesman at industry group Wind Europe.

“This is only going to be possible if we build homegrown energies. When permitting isn’t taking so long, you can really scale.” Bloomberg News

ver 1,000 firefighters backed by bulldozers and aircraft battled the largest active wildfire in the US, after strong winds had pushed it across some containment lines and closer to a small city in northern New Mexico.

Calmer winds on Saturday aided the firefighting effort after gusts accelerated the fire’s advance to a point on Friday when “we were watching the fire march about a mile every hour,” said Jayson Coil, a fire operations official.

Ash carried 7 miles (11 kilometers) through the air had fallen on Las Vegas, population about 13,000, and firefighters were trying to prevent the fire from getting closer, said Mike Johnson, a spokesperson with the fire management team.

But fire managers warned of windy conditions expected in the coming days, as well as impacts from smoke, and officials urged residents to remain vigilant for further possible evacuation orders.

Stewart Turner, a fire behavior analyst with the fire management team, warned Saturday of a “very serious week” ahead with the forecasted winds.

More extreme fire danger was forecast for Sunday for parts of New Mexico, Arizona, Nevada and Colorado, according to the National Weather Service.

Mapping imagery indicated the fire that has burned at least 166 homes grew in size from 103 square miles (266 square kilometers) on Friday to 152 square miles (393 square kilometers) by early Saturday, officials said. The fire was described as 30% contained during a briefing Saturday evening.

Winds in northern New Mexico gusted up to 65 mph (105 kph) Friday before subsiding as nightfall approached. By Saturday, aircraft that dump fire retardant and water could resume flights to aid ground crews and bulldozers.

The fire’s rapid growth Friday forced crews to repeatedly change positions because of threatening con-

ditions but they managed to immediately re-engage without being forced to retreat, Coil said. No injuries were reported.

The fire started April 6 when a prescribed burn set by firefighters to clear out small trees and brush that can fuel fires was declared out of control. That fire then merged with another wildfire a week ago.

With the fire’s recent growth, estimates of people forced to evacuate largely rural areas plus a subdivision near Las Vegas doubled from 1,500 to 2,000 people to between 3,000 and 4,000, said Jesus Romero, the assistant manager for San Miguel County.

Officials have said the fire has destroyed 277 structures, including at least 166 homes. No updated damage assessments were available on Saturday, Romero said.

Wildfires were also burning elsewhere in New Mexico and in Arizona.

The fires are burning unusually hot and fast for this time of year, especially in the Southwest, where experts said some timber in the region is drier than kiln-dried wood.

Wildfires have become a yearround threat in the West given changing conditions that include earlier snowmelt and rain coming later in the fall, scientist have said. The problems have been exacerbated by decades of fire suppression and poor management along with a more than 20-year megadrought that studies link to human-caused climate change.

In northern Arizona, firefighters neared full containment of a 30 square-mile (77 square-kilometer) blaze that destroyed at least 30 homes near Flagstaff and forced hundreds to evacuate. A top-level national wildfire management team turned oversight of fighting the blaze back to local firefighting forces on Friday.

National forests across Arizona announced they would impose fire restrictions starting next Thursday that limit campfires to developed recreation sites and restrict smoking to inside vehicles, other enclosed spaces and to the recreation sites. AP

A10 Monday, May 2, 2022 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Beyond the election

I

T is good that the campaigns for president will end.

It has been an ugly journey, but we are used to it after the 2016 election. Then as now there will be those whose love of their political views will be greater than their love of country, wishing ill winds to blow on the Philippines because of who is elected. And it does not even matter who the winner will eventually be.

The Coconuts Manila headline says it all: “Upper-class uproar: Marcos and Robredo supporters engage in a chant showdown in posh Power Plant Mall.” Ayala Malls in Makati City issued an advisory that “promotional activities of any nature, such as merchandise distribution, flyering, congregating, and loud chanting, are not allowed in the mall premises.”

What a disgrace.

Fortunately, President Duterte carried much political capital and a considerable high approval rating throughout his term, which mitigated some of the vitriol.

It is also time for the politicians, the pundits, and the people to begin thinking about the future in the new time of post-pandemic and the new geo-political world. The Russian invasion of Ukraine is only one of the situations that every nation is facing economically, politically, and even socially.

There is nothing that stirs the people’s hearts and heats their blood more than hearing the dogs of war howling in the distance and drums signaling the call to battle. Especially if it comes from the other side of the planet.

However, the current military/financial war is only the tip of the proverbial iceberg geo-politically and geo-economically.

The US economy, both in terms of inflation and growth, is in trouble and has made no sustainable recovery since the nominal ending period of the pandemic despite billions in direct financial aid to its citizens and to businesses. Both inflation and gross domestic product growth bottomed out in May/2nd quarter 2020. The most recent figures show “Real Economic Growth” (nominal GDP increase minus inflation) at negative 5 percent.

The timing could not be any worse, particularly as the congressional election will take place this coming November. And everything is all politics everywhere these days.

We are entering a new “Cold War”—and often not so cold—period.

Regardless of all the complaining at the time, President Duterte’s pivot towards China—as Obama was supposedly pivoting towards Asia—was almost prophetic. It has provided flexibility for the nation in these perilous times. And no matter who is declared the new president, adaptability will be critical for the next six years.

This is a time when just as you think you have it all figured out, everything changes. Sanction Russia for their actions in Ukraine?

Not so fast. Reports are circulating that Biden is practically begging Germany not to ban buying Russian oil until after the US mid-term elections because oil prices will skyrocket. So, what should the Philippines prepare for? Hard to say.

Putin could not move on Ukraine when Crimea was annexed because Russia needed the critical natural gas pipelines that go through Ukraine. Trump stopped the Russia alternative Nord Stream 2 gas facility through sanctions. Biden lifted those sanctions, and the pipeline was completed. Then Putin, who no longer needed Ukraine, invaded. Could an increase in crude oil prices have been anticipated by the Philippine government and preparations been made?

Too many people and pundits think that post-Covid, we can return to the good old days, maybe 2010 or even back to 1990.

Perhaps they were not that “good” and the world has moved way beyond those times.

Since 2005

BusinessMirror A broader look at today’s business

Prioritizing our workers Atty. Jose Ferdinand M. Rojas II

RISING SUN

L

abor Day greetings to all Filipino workers. The whole nation gives tribute to you for your contributions to our economy and nation building. It is only fitting that we continue to promote workers’ rights and take concrete action to improve their plight and welfare.

In the early 1900s, Filipino workers, most of them manual laborers, used to work for up to 12 hours per day and for up to 7 days per week.

Through the Union Obrera Democratica Filipina, the first modern trade union federation in the country, 36 labor unions gathered together to hold a congress in the name of workers’ rights. That was May 1, 1913.

Because of the efforts of union members and the united labor force,

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ning the household. There is very little time left to rest or to spend on hobbies.

And so more than 100 years after that labor union congress, we commemorate Labor Day by honoring the Filipino worker and appreciating his or her sacrifices for family and nation. We also continue to ask the government to approve labor demands such as an increased minimum wage rate and the termination of contractualization (“endo”).

Sen. Ping Lacson, an independent presidential candidate, said that based on the current prices of basic commodities, the daily minimum

The integrity of the surveys

✝ Ambassador Antonio L. Cabangon Chua Publisher

we are now required to work eight hours per day, five days a week. The rest of the hours in the day (16) are meant to be spent on rest and recreation.

In today’s fast-paced world of work, we are spending plenty of time on overtime, stuck in traffic, or preparing to go to the office or to meetings. Aside from that, those with children or dependent relatives spend their non-working hours taking care of their loved ones or run-

We should always be for the protection and welfare of our Filipino workers. Valid requests should not be ignored by the Department of Labor and Employment and the national government. Successful and fulfilled workers mean a successful and fulfilled nation.

C

an surveys be manipulated, tweaked or bought? Such a question, given the importance of surveys or political opinion polls in our electoral processes, needs to be brought out in open discussion and maybe later for serious consideration for the government to regulate or at least ensure the total integrity of a mechanism that apparently can dictate a country’s future.

Sometime early this year, I had a conversation with a friend who was part of a campaign team for a senatorial candidate. He said that he was approached by someone who offered information that can lead to influencing the conduct of such surveys. Based on what was told to him, political opinion polling companies, especially the reputable ones and not those with sketchy names that sprout only during elections, can stand on the integrity of their methodology and the reputation of those who conduct such surveys. The problem, however, lies with the third party pollsters who are the ones contracted by these reputable companies to do the actual face-to-face polling on ground. The offer made to my friend apparently by these third party contractors or

those related to them, was leaking the information on the location where the survey will be conducted, a good two weeks before such an exercise will happen. With this advance information, one can seed that particular place with all the posters and other election paraphernalia as well as conduct sorties and other political activities to increase a candidate’s awareness and local constituent affinity in that area. Considering that there are more than 40,000 barangays in the country, such an information is invaluable.

There were no follow up discussions after that. I am not even sure of the veracity of that story. From where I stand, such a proposal is one of the many incredulous money making schemes that sprout during an election period, similar to the many

In truth, surveys and opinion polls should only serve as a guide, nothing more. When it becomes clear that they become the main tool or weapon to shape people’s minds without the necessary check and balance, then the need to safeguard their integrity must then be in place. stories on how the automated electoral machines can be tampered with beforehand to give undue advantage to a candidate, or the sudden appearances of many organizations with more than 10 million members that “offer” their support to the various candidates. But still, it is our responsibility—not just government’s—to ensure that opinion polls and surveys do not tread on the integrity of our electoral exercises.

In other countries, governments do recognize the significance of surveys and opinion polls, which has led to measures aimed to prevent its misuse. In France and other EU countries, publishing of poll results are disallowed for a certain period before their elections. A similar guideline is also observed in England with a need for the polling company to explain in detail their findings beyond just reporting it. And in Montenegro, there is a proposal to totally ban polling during their elections.

Moving on to our shores, several

wage of a Filipino worker in Metro Manila should be from P652 to P700, instead of just P537 to P547, which is what they are getting currently.

With the increase of petroleum products recently, mainly caused by the Ukraine crisis, the cost of basic goods has also gone up. Workers’ salaries must increase alongside these hikes, he said, otherwise, many families will not survive on the meager wages being paid at the moment.

The Trade Union Congress of the Philippines, the country’s largest group of workers, continues to push for an end to “endo,” saying that “the majority of existing jobs and new jobs are contractual jobs.” Furthermore, TUCP maintains that it is because of anti-union policies that these “endo jobs” have proliferated.

We should always be for the protection and welfare of our Filipino workers. Valid requests should not be ignored by the Department of Labor and Employment and the national government. Successful and fulfilled workers mean a successful and fulfilled nation.

measures can be implemented, not for the present electoral exercise but for the next one. Some suggestions: A need to have a self-regulating and policing industry association of polling companies, similar to the advertising industry, with their own set of standards and guidelines.

A need for polling companies to reveal their third party contracted pollsters and their credentials.

A need for academic institutions to provide the proper audit and ratings for such companies, and they should also come out with capacity building courses for the industry.

A need for a government body, maybe the Commission on Elections, to come out with clear guidelines on the usage of such surveys without curtailing on the freedom on information for the public but equally preventing the undue influence of surveys on the outcome of the electoral process as well.

For now, we can only rely on our good discernment on the validity of such surveys and opinion polls.

In truth, surveys and opinion polls should only serve as a guide, nothing more. When it becomes clear that they become the main tool or weapon to shape people’s minds without the necessary check and balance, then the need to safeguard their integrity must then be in place.

The author may be reached via: thomas_orbos@ sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Tax financing a bankrupt state

Authority in crowdsourcing

destroy a person.

Following a similar gameplan, the campaign team of Ferdinand Marcos Jr. (BBM) gradually created an army of Facebook personalities and bloggers worldwide. There is evidence that accounts controlled previously by the Duterte camp have been “converted” for the BBM camp.

Due to this massive control of information shared online, a large majority of Filipinos who are Facebook or TikTok addicts have been lured to believe in the return of the Marcos magic. In its attempt to neutralize the effects of such online propaganda, the campaign team of VP Leni Robredo has resorted to physical crowdsourcing of talents to attract large crowds during “pink rallies.”

Celebrities have supposedly lent their “star power” for free claiming that they are doing this not only for Leni but also for the country.

Religious leaders, athletes, professionals, and business owners have publicly endorsed one candidate over the other. To a large extent, this crowdsourcing strategy appears to work as I see some of my friends who, for the longest time remained apolitical, have gone out to actively campaign against one candidate.

I recently asked some residents in Tanay, Rizal who I met while on a mountain hike, why they are voting for one candidate and not the other.

Like many others, they cited various “authorities” like their father or their church leader or “tradition” such as voting for a townmate or supporting the obvious winner. People oftentimes reflect whatever they see or hear on social media, especially in those entertaining channels online with the funny memes or sound effects that keep their audience glued to their programs. In my many informal interactions with voters around the country, I am not surprised that most BBM supporters usually end up saying, “basta BBM kami, sir”

whenever I share what I know about each presidential candidate. Current survey results presumably reflect how these social media accounts and channels have given the impression that there is a groundswell of organic support for BBM. Crowdsourcing works effectively if the messaging style and format appeals to the crowd and, most importantly, the authority of the one asking for support.

Success of any crowdsourcing activity depends on the “authority” making the call. Whenever there are crowds, the speaking authority will ultimately solicit support, assistance, or endorsement. Much of the success (and catastrophe) of the crowd workers hinges on the authenticity and reliability of the authority.

Crowds, however, become nothing more than bullies when driven by the confusion emanating from the ignorance of God’s divine Word.

In the Bible, Matthew 22:29 tells us about the supposed authorities at that time—the Sadducees, “You are in error because you do not know the Scriptures or the power of God.” Truly, many can be misled by wrong information.

I was recently invited to speak in a voters’ education program initiated by a business owner in QC. One resource person shared some materials available online from the Parish Pastoral Council for Responsible Voting (PPCRV). From the four attributes of good leaders (MAKADIYOS, MAKATO, MAKABAYAN, MAKAKALIKASAN) I merely emphasized the first one, as our Almighty God is the one and only authority when it comes to crowdsourcing. Short of endorsing one candidate over the other, I simply asked the audience to keep on praying for guidance until they enter the voting precinct. I urged the audience to stop listening to the various authorities and speakers, myself included. I told them to just vote who among the candidates reflect a genuine following and connection to our Almighty God. While most candidates can publicly declare their “God-fearing” attributes during campaigns and interviews, how they live their lives will be the best evidence of whether they are truly a follower of Jesus Christ.

In Biblical history, we have seen how building the ancient Hebrew tabernacle was accomplished through crowdsourcing, as described in Exodus 25:1-9, thus: The Lord said to Moses, “Tell the Israelites to bring me an offering. You are to receive the offering for me from everyone whose heart prompts them to give. These are

the offerings you are to receive from them: gold, silver and bronze; blue, purple and scarlet yarn and fine linen; goat hair; ram skins dyed red and another type of durable leather; acacia wood; olive oil for the light; spices for the anointing oil and for the fragrant incense; and onyx stones and other gems to be mounted on the ephod and breastpiece. Then have them make a sanctuary for me, and I will dwell among them. Make this tabernacle and all its furnishings exactly like the pattern I will show you.” In this example, God crowdsourced the materials and labor from His own sanctuary. Nothing was compulsory about it. The offering of materials and labor was to be gathered “from all whose hearts prompt them to give.” The product was a sacred space that was put together by the large group of people who served their God. Through it all, we have seen how crowdsourcing is largely dependent on the authority making the appeal vis-à-vis how the public view themselves in connection to that call. Human authorities are merely conduits to carry out what is good and true to the people around them. Like a garden hose, the water that flows through us is not ours. It comes from the spigot and flows through. Our task as “human hoses” is to direct that water towards the living beings that need it to sustain their life. We are not the water (or authority), but we are mere vessels to bring the water to others.

Indeed, there is power in the crowd. Knowing that everything that is good comes from the One authority who is our Heavenly Father (James 1:17), then Jesus followers can be credible vessels of truth to others.

If only what is good and truthful is channeled through us, then this country ought to be in good shape, post elections, regardless of the results. If only what is kind and positive is being replicated from one person to another, then we can boldly say that a better future for the Filipino awaits because a crowd of people too large to count followed the voice of the One true authority.

1972-1974 during the early years of martial law, have generated endless and intense debates on what are “legitimate independent job contracting” and “prohibited labor-only contracting.” Around one-third of labor cases in the country revolve around the issue of what is “permissible” and what is “prohibited” job contracting.

These articles of the Labor Code have encouraged the proliferation through the years of manpower agencies, including “cooperative manpower agencies,” that are supposedly engaged in undertaking jobs and activities contracted out by principal employers. The problem is that many of the jobs and activities being “farmed out” by the principal employers are jobs and activities that are not only regular and necessary in the business of the principal employers but are also jobs and activities that are being undertaken right within the work/business premises owned by the principal employers.

This situation has given rise to what the trade unions describe as widespread “labor contractualization” and numerous labor abuses. A series of Department Orders—from DO 10 under President Fidel Ramos to DO 174 under President Duterte —have failed to contain the labor contractualization virus, including its endo variant.

But will the above proposals (repeal of Articles 106-109) make it extremely expensive for Philippine

industry to hire labor and compete globally? The following, very quickly, are some realities: One, the use of third-party manpower agencies/cooperative manpower agencies does not necessarily cheapen a principal’s labor budget.

The contracting principal employers have to allocate at least 10 percent more for every employee hired by the agency to cover the latter’s own “business operations,” including the agency’s budget for the expenses of every employee such as minimum wage, training cost, supervision, etc.

Second, there is reason to believe that the failure of the Philippines to scale up the industrial ladder through higher investments on skills and professional upgrading is due precisely to the obsession of some employers to focus on having the cheapest labor made possible through the resort to labor contracting via third-party manpower agencies. Cheap labor does not necessarily translate to productive, creative and technology-adaptive labor, which is a must under Industry Revolution IV. Look how our BPO sector, which is less reliant on third-party manpower agencies, is succeeding, and look how our manufacturing (both the export and domestic sub-sectors), which is heavily focused on labor cost-cutting, has been floundering.

But where will the manpower/ cooperative manpower agencies go?

They still have a role to play in the

labor market, that is, as intermediaries, e.g., as recruiters/screeners/testers, pre-employment trainors/skills developers (being done in the BPO sector), deployment consultants, personnel evaluators, etc.

As to the swings in the labor and employment market due to market uncertainties, the Labor Code provides very clear provisions stating that employers are not required to keep more workers than what is needed due to the introduction of “labor-saving devices,” redundancy, business reversals and so on.

By the way, the above “repeal” proposal does not cover the “normal” subcontracting of work by firms/principals to outside firms/ subcontractors who do work/activities outside the principal’s business premises and which are distinctly different from the usual business of the principal.

The point of this article is how to address labor contractualization in a more decisive manner. The way forward is to follow what the Constitution (Section 3, Article XIII) says: all workers are entitled to just, equal and humane treatment.

Articles 106-109 of the Labor Code and the accompanying rise of the endo/contractualization system have subverted this charter’s mandate. It is high time for the institutionalization of a progressive labor policy regime.

Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Eighth part

T

he Bureau of Internal Revenue(BIR) has this mantra that it should only collect the right amount of taxes, nothing more, nothing less. Is this the kind of outcome that results from the tax audits conducted by the BIR? Unfortunately, this is not the case for a large number of audit cases. Based on anecdotes and my personal experience as a consultant for my taxpayer clients, some tax audit cases result in the BIR either enforcing the collection of delinquent tax obligations or assessing deficiency taxes that taxpayers believe are arbitrary and not compliant with tax laws and rules. I have heard and encountered cases where taxpayers were assessed taxes after a BIR audit that exorbitantly exceeds the capital or assets of the business several times over!

It is apparent that when taxpayers are satisfied with the tax audit process that they encountered and they accept the resulting findings of the BIR regarding their tax liabilities, the tax revenues from this source will readily come faster and in the desired numbers. These can result in increases in tax collections that can contribute to financing the growing needs of government whether in a bankrupt or fragile state. Furthermore, another positive impact of this is that the leakages from tax collections arising from bribery of tax agents by taxpayers and the extortion of corrupt BIR examiners can be curtailed or minimized.

There are several means for taxpayers to avoid these problems with BIR audits. One approach is for the taxpayers to institute internal preventive measures to avoid tax problems during BIR audits. An effective way is for them to comply diligently with the tax rules and pay correctly (or to the best extent possible) their taxes. These can include the hiring of competent and knowledgeable tax and accounting staff; regular training for tax updates of these staff; engaging the

tax professionals to undertake a tax compliance assessment of existing tax practices, and consultations with these professionals on complicated issues affecting the company.

Taxpayers should promote ethical practices in engaging with the BIR examiners. They should avoid the temptation of offering bribes or accommodating the extortion attempts of BIR examiners to reduce their arbitrary tax assessments. It is good to remember that “evil begets evil” when such anomalous practices prevail in the taxpayers’ dealings with the BIR. Taxpayers who engaged in these encounters with the BIR have confirmed that they have become perennial victims of BIR audits practically every year. As we say in the vernacular, “Naging suki na sila ng BIR.” There are also institutional or structural solutions to these problematic BIR-taxpayer audit issues.

These measures are to be instituted by the BIR and other government agencies, with the assistance of taxpayers, advocacy groups, and tax professionals.

This will be discussed in next week’s column.

To be continued Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979.

This column accepts articles from the business and academic community for consideration for publication. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

C

rowdsourcing is a modern name for a phenomenon that has existed ever since there have been crowds of people.

The term, devised in 2005 by two editors of Wired magazine, refers to the basic concept of placing an open call to the public, usually via the Internet, in looking for new ideas, goods or services, or carrying out some big or complex project.

Crowdsourcing is a double-edged sword. It has been used to spread the good and the bad. Take the case of Instagram and TikTok sensation, Jimmy Darts (Jimmy Kellogg in real life), who fundraises online and shares these cash and gifts with strangers.

In most of his videos, Darts meets random people in a public space and engages them in a game or asks from them some spare change. Those who interact with Jimmy are ultimately rewarded. Due to its increasing popularity, Darts’ video series has turned into a television show. More importantly, the series shows how crowdsourcing, legitimately coming from volunteers, can multiply kindness and spread generosity.

On the other hand, in the 2016 national elections, then candidate Duterte handily won the presidency by dominating the political conversation online via crowdsourcing! He was considered the “undisputed king of Facebook conversations,” as per one Facebook report, as Duterte was the subject of 64 percent of all Philippine election-related conversations.

Unfortunately, Duterte soon weaponized Facebook perhaps knowing that the number of smartphones outnumber Filipinos and that 97 percent of Filipinos who are online have Facebook accounts. Online accounts, some of which are controlled by paid trolls, virtually attacked the opposition and journalists who have spoken against the Duterte administration. In some governmentcontrolled or influenced sites, this process called “patriotic trolling,” involves the use of harassment and character assassination meant to go viral. The Duterte online success manifested how crowdsourcing, although much of them were paid, can multiply anger and spread hate.

The fact that Senator Leila de Lima performs poorly in recent surveys is hands down the undisputable proof of how social media can be used to

Ending the endless debate on ‘endo’ Dr. Rene E. Ofreneo

LABOREM EXERCENS

I

N 2016, presidential aspirant Rodrigo Duterte made a grand promise to the country’s trade unions: “labor contractualization” to end within weeks of his presidency. Today, six years after assuming office in Malacañang, the Duterte promise remains unfulfilled.

Can the next president do better? The two poll leaders, Bongbong Marcos and Leni Robredo, have taken a pro-trade union stand and have promised to end “labor hiring abuses.” Their position is not new.

They have been reiterating this position since 2016 during the vice presidential contest. Should Bongbong or Leni get elected, how will their administration put an end to the endless policy debate on labor contractualization?

Incidentally, the two are joined by a few running for national positions at the executive and legislative branch levels. All have become populist and have aligned themselves with the trade unions’ demand for an end to “labor contractualization.”

The problem, however, is how exactly can the contractualization virus be contained policy-wise. Malacañang failed to shepherd the passage of an

Monday, May 2, 2022 A11

acceptable “Security of Tenure” bill in the last two Congresses. The President himself vetoed a much-debated SOT bill on the ground that the proposed law, which “corrects” labor abuses, unduly restricts employers’ ability to achieve business flexibility, especially in the outsourcing of certain activities deemed legit.

For this writer, a just and win-win approach to the issue of labor abuses arising from labor contractualization is possible under a transformative reform-minded government.

The following are some key reform measures: First, formally declare the “endo” system illegal. As generally understood by labor and HR practitioners, an “endo” refers to a person hired on a limited period, at less than six months, to prevent this employee from acquiring automatically a regular or permanent

status after passing the maximum six-month probationary testing provided under the Labor Code. The endos are described by many as the “5-5-5 workers,” packed like sardines in restricted work places with restricted rights. The endo system is perpetuated by employers who do direct hiring as well as by manpower agencies contracted by the principal employers to provide workers that, on paper, belong to the manpower agencies even if these workers are doing work needed by these principal employers.

Labor abuses under the endo system are widespread and well-known.

They include the non-regularization of the workers, avoidance of troublesome union organizers and nonpayment of mandated labor benefits such as the 13th month pay, annual leaves, health benefits, social security benefits and so on. Business-wise, the primary incentive for a company in resorting to the endo system is labor cost reduction. On the other hand, endo workers, particularly those who are hired and re-hired as “endos forever” face an uncertain, unstable and insecure future.

Second, repeal/abolish Articles 106-109 of the Labor Code and replace them with clearer laws on the hiring of employees and the duties/obligations of employers and employees in an employer-employee relationship. Articles 106-109, written in

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

A12 Monday, May 2, 2022

LANDBANK’S Q1 INCOME UP 141% ON INTEREST, GAIN IN UCPB DEAL

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TATE-RUN Land Bank of the Philippines grew 141 percent in the first quarter on the back of higher interest income and the one-time gain from its acquisition of United Coconut Planters Bank (UCPB).

LandBank reported a net income of P13.2 billion in the first three months of the year compared to its net income in the same three-month period in 2021 of P5.48 billion. “[This is] attributed to higher interest income from loans and investments, as well as one-time gains from the merger with the United Coconut Planters Bank [UCPB],” LandBank said.

The higher net income translates to a return on equity of 14.27 percent, which is well above the industry average of 9.08 percent as of end-December 2021.

“LandBank ’s income expansion runs parallel with the country’s strong economic resurgence. We will build on this growth trajectory to continue assisting key development sectors and contribute to our collective

recovery, to drive our broader thrust of serving the nation,” LandBank CEO Cecilia Borromeo said.

LandBank’s asset growth hit 16 percent to P2.792 trillion as of end-March 2022.

The bank attributed the increase in assets to the merger, with UCPB contributing P291.83 billion additional assets. Major asset accounts, including loans and investments, likewise increased in double-digits.

T he bank also booked a 12-percent growth in capital year-on-year to P218.36 billion from P194.59 billion, mainly due to the record net income in 2021.

“LandBank’s sound financial position furthered its capacity to provide financial and support services to the agriculture sector and other development industries,” the bank said.

As of end-March 2022, LandBank’s total outstanding loans to its priority sectors reached P822.01 billion, of which P236.86 billion was channeled to support the agriculture sector.

Bianca Cuaresma

Even sans restrictions, quick rebound unlikely in tourism

T

By Cai U. Ordinario

@caiordinario

HE Philippine tourism sector is not yet expected to make a huge comeback despite the lifting of restrictions, according to economists from the Asian Development Bank (ADB).

In an Asian Development Blog, ADB Economic Research and Regional Cooperation Department (ERCD) trade economist Jules Hugot and Economic Researcher and Data Analyst Reizle Platitas said the country remains dependent on tourists from China and other Asian countries.

Travel restrictions in these countries have remained, including go-

ing on quarantine when tourists return from their travels abroad.

“Even after lifting quarantine requirements, other destinations are likely to struggle as they largely depend on tourists from the People’s Republic of China and other large Asian economies that still enforce quarantines upon return,” Hugot and Platitas said.

Data from the Department of

Tourism (DOT) showed that in 2019, pre-pandemic, tourists from China reached 1.74 million, the second highest number of Philippine visitors. Korea ranked first with a total of 1.99 tourists visiting the country in 2019.

The January to May 2021 data showed tourists from the United States topped the arrivals in that year, accounting for 8,614 tourists.

This was followed by Japan, China, and India with a total of 5,362, 2,851, and 1,836 tourists, respectively.

Hugot and Platitas said the Philippines, however, is not alone in this plight. Other countries such as several Pacific island countries, Cambodia, Indonesia, Malaysia, Singapore, and Vietnam also face the same constraints.

“The last two years have shown that removing mandatory quarantines upon arrival is key to reviving tourism. And this is only possible

where domestic vaccination rates are sufficiently high to protect the population,” the authors said.

“But this is not enough: there will be no full recovery in the region until all major regional economies relax restrictions for outbound travelers returning home,” they added.

Last month, data from UK-based technology firm Travelport showed that in the first quarter of 2022, the Philippines and Thailand account for over half or 51 percent of all international flight bookings to Southeast Asia.

Travelport said the Philippines has become the top travel destination country in Southeast Asia as the national government moved to reopen its borders to tourists ahead of other countries in the region.

The top 10 travel destinations in the region included Manila as well as Angeles and Mabalacat. Manila was ranked first while Angeles and Mabalacat were ranked 10th.

Tesdaman wants DMW set up quickly as ‘orders’ confuse agencies, OFW

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ALLING for a “fast but orderly transition,” Senator Joel Villanueva pressed concerned Duterte administration officials to frontload setting up the new Department of Migrant Workers (DMW) even as Senate Minority Leader Franklin Drilon prodded President Duterte to step into the breach.

“It is about time that the President intervenes and resolves the conflict created by the DMW appointment of Abdullah Mamao,” stressed Drilon, voicing concern that “to allow this situation to continue is detrimental to the interest of the labor sector and the OFWs.” Mama-o should not have been appointed “secretary” of a nonexistent agency, but a member of the Transition Team tasked to set it up, Drilon said, adding that at least two key orders issued by Mama-o have caused confusion at a time that labor markets are reopening and OFW deployment is seen to ramp up.

In a separate statement, Sen. Vi l l a nueva, pr inc ipa l aut hor of the DMW Law, urged the Transition Committee to promptly “take the next steps to fully constitute it in an orderly but expedient manner,” as he conveyed the urgent need of OFWs caught in the turf war of officials.

Villanueva, who chairs the Senate Committee on Labor, Employment, and Human Resources Development, prodded the Transition Committee to aim for a speedy and orderly turnover of functions to the DMW during the transition period, while making sure that there are no interruptions to OFW services. He warned that “confusion and delays during this period will be at the cost of the livelihoods of our migrant workers.”

This as the lawmaker lamented that “the brewing chaos was caused by two actions of Secretary Mamao, whom President Duterte appointed in March to the yet-to-beconstituted DMW.” Drilon branded as “illegal” recent acts taken by Duterte’s former adviser, who, he recalled, has since been rebuffed by the key agencies involved in the Transition Committee, notable the Departments of Labor and Employment, and of

Foreign Affairs.

Mama-o’s most recent controversial move was to order the lifting of the deployment ban on new hires for workers in Saudi Arabia, contradicting a policy laid down by Labor Secretary Silvestre Bello III. Drilon said Bello was right in announcing that the ban remains in place, and directed relevant agencies, such as the Philippine Overseas Employment Administration (POEA), to follow DOLE’s, not Mama-o’s, guidance.

Mama-o earlier directed offices that will be folded in under a DMW to immediately turn over their personnel and assets to his office, causing confusion at the DOLE and DFA units affected by the protest.

Other stakeholders in the migrant worker sector denounced the confusion caused by this order, which Malacañang, through the office of the Executive Secretary, halted.

Drilon, who served as Executive Secretary, as well as Justice and Labor Secretary, had noted that while the DMW has not been fully constituted, it is the Transition Committee provided for in the law, which must be moving, not Mama-o.

Villanueva for his part reminded the DMW to “refrain from issuing orders or directives on deployment bans before the department is fully constituted,” recalling that Republic Act No. 11641, or the Department of Migrant Workers Act, requires the DMW Secretary to consult with the Advisory Board on Migration and Development and the DFA Secretary before it decides any ban on the deployment of migrant workers, which can only be undertaken when the DMW is fully operational.

Confusing directives, especially on deployment bans, make OFWs vulnerable to illegal recruiters and fixers, Villanueva said. “The transition period compounds a very delicate time for our migrant workers,” he noted, adding that “not only will a new administration impact this important sector, but global events such as the pandemic and the Russia-Ukraine conflict have far-reaching effects.”

See “Tesdaman,” A2

SEE YOU AT THE MOVIES As Metro Manila and Rizal

continually observe Alert Level 1 until May 15, more establishments open at malls. Moviegoers at SM Cinema San Mateo began to return to watch movies starting Sunday, May 1, 2022. NONOY LACZA

DTI: Preps for SpaceX PHL biz ongoing

By Andrea E. San Juan

S

PACEX is setting up a business entity that will provide internet service through low earth orbit (LEO) satellites in the Philippines, according to the Department of Trade and Industry (DTI).

In a recent meeting with SpaceX Government Affairs Senior Manager Rebecca Hunter, Trade Secretary Ramon Lopez affirmed the Philippine government’s support for the establishment of SpaceX in the country.

For her part, Hunter laid out the updates on the progress of their investment that will make the Philippines the first location of SpaceX in Southeast Asia.

Hunter said the company has started the process of registration and securing permits from the respective government agencies.

SpaceX also acknowledged the government’s “phenomenal” assistance throughout the process of its establishment and communicated its plans to

continuously grow while ensuring alignment with government priorities, not just commercial priorities.

SpaceX first met with the Philippine government in April 2021 to tackle its investment plans and has since been in close coordination with the Board of Investments (BOI), Philippine Trade and Investment Center (PTIC)-New York, and other government agencies to process the issuance of the necessary permits and certificates.

Trade Secretary Lopez, for his part, detailed the reforms and other measures undertaken by the Duterte administration to attract foreign investors in industries that have been liberalized to allow more foreign players in the country.

During the meeting, the trade chief discussed more details of the Public Service Act (PSA), which according to him, enabled the company to register as a 100-percent foreign-owned business. Lopez added that DTI assisted in following up its

pending applications.

German-Philippine Chamber of Commerce and Industry (GPCCI)’s Executive Director Christopher Zimmer, who witnessed President Duterte’s signing of Republic Act 11659 or the Public Service Act last March 21, lauded Duterte for signing the game-changing law, that he said “shall break major economic barriers in the country, and will be beneficial for…economic recovery.”

RA 11659 seeks to ease or lift restrictions on foreign investments in public services by amending the 85-year-old public service law, distinguishing definitions between “public utilities” and “public services,” as it will repeal provisions that limit foreign participation in certain economic activities.

According to the German chamber, amendments will attract global players to help modernize Philippine public services, which include telecommunications, shipping, air carriers, railways, and

subways. Increased competition, it added, is seen to generate higher quality of service and competitive pricing for consumers.

Meanwhile, Board of Investments (BOI) Managing Head and DTI Undersecretary Ceferino Rodolfo provided information on the incentives under Corporate Recovery and Tax Incentives for Enterprises (CREATE), including information on the benefits of BOI registration.

Lopez and Rodolfo were also joined by National Economic and Development Authority (Neda) Undersecretary Rosemarie Edillon, Philippine Trade and Investment Center-Washington, DC (PTIC-WDC) Commercial Counselor Kenneth Yap, and Philippine Trade and Investment Center-New York (PTIC-NY) Commercial Consul Benedict Uy to address the concerns of SpaceX and assure them of sustained government support to investors and political stability amid the May 9 election.

Companies

Editor: Jennifer A. Ng

Monday, May 2, 2022

B1

‘Residential segment to get boost from PHL recovery’

P

roperty developers should continue their landbanking initiatives as the revival in economic activity will pave the way for the recovery of the residential sector, according to Colliers Philippines.

“We encourage residential developers to continue their landbanking initiatives within and outside Metro Manila, improve amenities especially for end-users that are still working from home, continue offering attractive payment schemes and complete projects as scheduled,” Joey Roi Bondoc, associate director of Colliers, said during a recent online briefing.

He also urged tenants who are planning to rent condominium units to take advantage of discounted lease rates in major business districts, such as the Makati commercial business district (CBD), Ortigas Center, and the Bay Area.

In its latest report, Colliers said average rents dropped by 0.2 percent in the first quarter, slower than the

1.6 percent decline a year ago.

“We expect rents to pick up by the second half as office leasing activities recover.” In 2021, Colliers said CBDs accounted for 45 percent of total office space deals.

“We project vacancy easing to 17.2 percent in 2022. The return of more employees to their traditional offices should anchor the residential leasing recovery in Metro Manila.”

According to Colliers, the return of more employees to their respective offices should boost residential leasing demand in CBDs. To capitalize on the projected rise in demand, Bondoc urged developers with a substantial number of ready-for-occupancy units located in these CBDs to offer attractive leasing terms to tenants to

achieve optimal levels of occupancy.

Bondoc also urged developers to explore fringe areas viable for residential development.

In 2021, Bondoc noted strong pre-sales in submarkets including the Caloocan-MalabonNavotas-Valenzuela corridor, Alabang-Las Piñas, and Manila North. These areas accounted for 82 percent of aggregate take-up for affordable-to-midincome projects in 2021.

“Developers should also look into parcels of developable land in Makati CBD and Bay area,” the report read.

“Furthermore, Lamudi observed demand for condominiums in major CBDs have increased after Metro Manila de-escalated to Alert Level Lamudi noted that in Q1 2022, leads for residential rents in Makati increased by 40 percent quarter-onquarter.”

To distinguish themselves from the competitors, Bondoc said developers must tap green technologies.

These include natural lighting, optimized air quality and rainwater catchment facilities.

“We also encourage developers to adopt sustainable features with the inclusion of green spaces such

as vertical gardens in their upcoming project.”

Global real estate services firm Jones Lang LaSalle (JLL) Philippines revealed in its latest study that homebuyers now prefer functional property features, such as allocations for a home office and study area and health- and wellness-related amenities.

With restrictions easing up, JLL said Filipinos are not only eager to explore the outdoors once more but are also seriously considering living close to it.

“Optimism in the market abounds especially with more economic sectors opening up. We now see more businesses encouraging their employees to return on site. This, coupled with the return of more foreign employees should have a positive impact on residential leasing,” Bondoc said.

“Hence, we are projecting a gradual recovery in rents and prices which should extend beyond 2022. Business and consumer confidence should spillover to the pre-selling market.

Hence, we project a recovery which should start by the second half of 2022.” Rizal Raoul Reyes

Pepsi PHL aims to accelerate growth

By VG Cabuag @villygc

B

ottler Pepsi-Cola Products Philippines Inc., the exclusive manufacturer of PepsiCo beverages in the country, said it is focused on sustaining its growth momentum this year following the easing of quarantine restrictions.

“As the government continues to ease pandemic restrictions, we are seeing a recovery in consumer spending. Social and economic activities are slowly restarting normal operations.

Etiqa PHL ties up with Igloo

U

NIFIED insurer Etiqa Philippines has partnered with insurtech company Igloo to launch gadget insurance plans that seek to consumers from the considerable costs of damaged mobile devices.

Considering that mobile phone users in the country are projected to reach almost 90 million by 2025, their new offerings, namely, Cracked Screen Protection and Electronics Protection Plans aim to shield users from both expense and anxiety.

As of 2021, the 82.3 million people nationwide using their mobile phones are prone to the top two common causesof damage: dropping them on the ground, or unknowingly letting them fall from their pocket.

“The work from home and home school setup during the pandemic has allowed many to realize that gadgets are more than just status symbols. These devices have become a ‘new normal’ necessity for people to continue with their education, careers, businesses, and other activities,” Etiqa Philippines President and Chief Executive Officer Rico Bautista told reporters during their recent signing of Memorandum of Agreement. Roderick L. Abad

This has helped boost our sales in the first quarter of 2022,” said Frederick D. Ong, company president and CEO. The company said it continues to introduce new products that address the lifestyle needs of active individuals. In January, it launched the Gatorade No Sugar, highlighted by a new TV commercial, which the company said is an option to the brand.

“It is the same sports drink that helps with the hydration process, minus the sugar and with minimal calories,” Ong said.

As outdoor activities resume un-

der Alert Level 1, demand for energy drinks also rose. The company said it noted that the consumption of its energy drink continues to enjoy an uptick. “It remains one of our more in-demand products to date,” he said. Sting is also enjoying visibility across social media platforms, with new brand endorsers.

To hit more targets this year, the company implemented various brand initiatives to meet growing consumer demand and help strengthen the business of its partner distributors.

The company is optimistic that it

will sustain this growth momentum throughout the year.

Ong said one way to help maintain economic recovery is to ensure that its workforce is fully vaccinated and boosted. The company said it is nearing its employee booster shot target of at least 90 percent.

“Every year, we are dedicated to drive sustainable and profitable growth. We do this by providing a wide range of quality beverages to our consumers. These are all in line with our vision to be the leading beverage company in the Philippines.”

Broadcasting Co. and Oriental Petroleum and Minerals Corp. B shares.

Top losers were Roxas and Co. Inc., Atlas Consolidated Mining and Development Corp., Ferronoux Holdings Inc., Vitarich Corp., Philippine Bank of Communications and iPeople, Inc.

the possibility of a further escalation of the Russia-Ukraine war, and their implications on the local economy may also dampen sentiment.”

Support price for the main index is now seen at 6,600 points while resistance is seen at the 7,000 to 7,100-point range.

This week

Stock picks

STOCK-MARKET OUTLOOK Last week

Share prices slid last week with the main index falling to 6,700-point level, as investors cashed in on their gains after the Bangko Sentral ng Pilipinas (BSP) indicated that it may start raising rates soon due to rising inflation.

The benchmark Philippine Stock Exchange index shed 267.34 points to close at 6,731.25 points.

The main index started the week strong, but prices fell as the week progressed, with Friday seeing the biggest decline at 178.20 points or 2.6 percent.

Analysts said risk-off sentiment took over as investors turned cautious on news that the central bank may raise its rates earlier than June as prices of basic commodities continued to soar mainly because of the war in Ukraine.

Daily average trading for the week was still low at P5.11 billion. Foreign investors were net sellers at P1.46 billion.

All other sub-indices ended in the red, led by the broader All Shares index that fell 116.46 points to close at 3,605.14 points, the Financials index lost 77.52 to 1,607.85, the Industrial index dropped 243.69 to 9,181.43, the Holding Firms index shed 216.63 to 6,341.57, the Property index declined 156.93 to 3,056.13, the Services index was down 74.97 to 1,882.12 and the Mining and Oil index plunged 1,134.99 to 11,524.76.

For the week, losers edged gainers 167 to 56 and 28 shares were unchanged.

Top gainers for the week were Mabuhay Holdings Corp., Citystate Savings Bank Inc., Easycall Communications Philippines Inc., Primex Corp., Manila

Share prices may continue to fall this week as the upcoming meeting of the United States Federal Reserve on May 3 and 4 will be the focus of most investors.

Broker 2TradeAsia said the possible 50-basis point rate hike has likely been priced in by the investors, but the BSP may have to catch up in some way.

The policy-making Monetary Board will meet on May 19.

The government will also announce the April inflation rate this week and the country’s GDP next week.

The release of reports on first quarter earnings will continue this week. Seven large firms will announce their performance.

“For next week the market may still move with a downward bias as it contends with a lot of headwinds both onshore and offshore. Onshore, concerns over rising inflation and consequently, the possibility of an earlier rate hike by the BSP may continue to weigh on sentiment.

Adding to these is the resurfacing worries over a possible resurgence of Covid-19 cases here in the Philippines,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

“Offshore, the weakening of China’s economy amid their Covid-19 situation,

Broker Regina Capital Development Corp. advised to sell on rallies on the stock of Manila Electric Co. (MER) after the stock has been bucking the index downward trend the past few days. It managed to post a four-session winning streak with technical readings still tipping the scale towards sell signs, the broker said.

“All things considered, we expect MER to be able to sustain this uptrend, at least until it challenges once again its resistance at P364. Nonetheless, those who were able to pick some up at the bottom last week should start top-slicing, since MER’s average share price volatility is starting to pick up as well.”

Meralco’s shares closed last week at P352.40 apiece.

Meanwhile, it advised to take profits on the stock of Emperador Inc. as its rally is starting to lose steam.

“Indicators, while all still on buy signs, are starting to show weaker buying pressure and momentum. At this point, investors should consider taking profits. EMP is already trading precariously above all its major moving averages. A correction or a pullback before hitting the P20 resistance is very much warranted.”

Emperador shares were last traded at P19.50 apiece. VG Cabuag

Ex-finance chief, Singtel CEO join Ayala board

A

yala Corp. said former Finance Secretary Cesar V. Purisima and former Singtel Group CEO Chua Sock Koong have joined its board of directors following their election at the company’s annual stockholders meeting last Friday.

Purisima and Chua take the seats of outgoing directors Keiichi Matsunaga and Antonio Jose U. Periquet, who had been part of the Ayala board since April 2017 and September 2010, respectively.

Purisima served as the country’s finance chief and chair of the economic development cluster of the President’s Cabinet from 2010 to 2016. Under his leadership, the Philippines received its first investment-grade ratings.

He also served as Chairman and Country Managing Partner of the Philippines’ largest professional services firm, SGV & Co. Chua is currently senior advi-

sor at Singtel, Asia’s leading communications technology group, where she also served as group CEO for 13 years until December 2020. She is currently the Deputy Chairman of Singapore’s Public Service Commission and a member of the Council of Presidential Advisers and the Research, Innovation and Enterprise Council.

In his message to the stockholders, Ayala Chairman Jaime Augusto Zobel de Ayala said, “We always strive to achieve sufficient diversity of thinking across our board representation and have worked to create a proper combination of knowledge, experience, and expertise to guide management. With an increasing demand for companies to adhere to new ESG standards, we understand the need to always focus on revisiting our board composition and allowing transitions to take place at appropriate moments.”

B2

Companies BusinessMirror

Monday, May 2, 2022

New app aims to accelerate financial inclusion in PHL

T

By Lorenz S. Marasigan

@lorenzmarasigan

he rebranding of PayMaya to Maya is seen as a “leap forward” to a new era in finance, as the app now houses “everything and a bank,” according to executives of the Filipino financial technology (fintech) unicorn.

PayMaya President and Maya Bank Co-Founder Shailesh Baidwan said the group’s rebrand to Maya consolidates the financial services that Filipinos need for the new normal. From its roots as an e-wallet, the Maya app now houses facilities for crypto trading as well as digital banking.

“Over the past years, PayMaya has evolved to adapt to the everchanging market needs of consumers and enterprises. We are leaping forward with a new experience by building the country’s all-inone money platform under Maya. And today, we are introducing our new Maya app that combines the best of e-wallet, crypto, and

digital banking,” he said.

For his part, Orlando B. Vea, PayMaya founder and CEO and Maya Bank Co-founder and Board Director, said the app, touted as “everything and a bank” will “revolutionize” the way Pinoys manage their finances.

“We are unleashing the power of financial technology to benefit all Filipinos. We are here to democratize digital financial services as you have never seen before,” he said.

All businesses under PayMaya are now branded with Maya, including its enterprise payments solutions vertical Maya Business (formerly PayMaya Business) as well as on-ground agents Maya Center (formerly Smart Padala).

The Maya app also houses the banking services of PayMaya, which received its digital bank license just a few months ago.

“The Maya brand represents the next stage of financial services in the Philippines. With Maya, we will accelerate financial inclusion in the country as we provide more Filipinos with meaningful products and services that will improve their access to savings and productive capital,” said Angelo Madrid, Maya Bank President.

Maya Bank offers financial tools such as savings, credit, as well as micro-investments.

“The experience of our customers is at the center of what we do, and we want them to have a personalized, secure, and convenient experience in managing their money. From now on, the Maya app is the only app anyone would need to save, spend, grow, and master their money,” Baidwan said.

Voyager Innovations Inc., the parent company of PayMaya and Maya Bank, recently closed its latest funding series to raise $210 million, bringing its valuation to nearly $1.4 billion.

mutual funds

April 29, 2022 NAV

One Year Three Year Five Year

Y-T-D

per share Return*

Return

Stock Funds ALFM Growth Fund, Inc. -a

221.3

6.38%

-5.54%

-3.82%

ATRAM Alpha Opportunity Fund, Inc. -a

1.4812

17.28%

-2.45%

-0.28%

-11%

7.5%

-9.37%

-6.31%

-5.4%

-7.55% n.a.

-2.79% -11.43%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.063

Climbs Share Capital Equity Investment Fund Corp. -a 0.7354 0.71%

-5.06%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6828 0.44%

-7.66% n.a.

First Metro Save and Learn Equity Fund,Inc. -a 4.9846

9.2%

-3.06%

-1.35%

-3.82%

First Metro Save and Learn Philippine Index Fund, Inc. -a

0.7429

13.14%

-5.25%

-4.79%

-12.63% n.a.

-10.62%

MBG Equity Investment Fund, Inc. -a

84.4

-11.76%

PAMI Equity Index Fund, Inc. -a

45.5094

6.81%

-4.29%

-2.34%

Philam Strategic Growth Fund, Inc. -a

475.13

6.2%

-4.33%

-2.49%

-5.1%

Philequity Dividend Yield Fund, Inc. -a

1.3502

23.97%

1.08%

1.01%

-0.45%

Philequity Fund, Inc. -a

35.0409

9.67%

-3.13%

-1.02%

-4.25%

0.9011

8.88%

-4.58% n.a.

-4.28%

Philequity PSE Index Fund Inc. -a

4.7159

8.05%

-3.55%

-1.67%

-4.94%

Philippine Stock Index Fund Corp. -a

784.45

7.45%

-3.66%

-1.76%

-5.32%

Soldivo Strategic Growth Fund, Inc. -a

0.7061

6.97%

-8.81%

-4.61%

-6.18%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5405

6.92%

-6.41%

-3.05%

-6.22%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a

0.8934

7.12%

-3.97%

-2%

6.8%

-4.16%

-0.75%

-4.59%

Philequity MSCI Philippine Index Fund, Inc. -a

United Fund, Inc. -a

3.2794

-5.16%

-5.44%

-5.41%

Primarily invested in Peso securities (units) Philequity Alpha One Fund, Inc. -a

1.1487

Philippine Stock Index Fund Corp. -a

956.98 n.a. n.a. n.a. n.a.

12.42% n.a. n.a.

-1.2%

Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

105.849

8.05%

-3.39%

-1.32%

-5.05%

Primarily invested in foreign currency securities (shares) $0.9428

-26.26%

-2.87%

-0.03%

-16.31%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.5747

ATRAM AsiaPlus Equity Fund, Inc. -b

-11.64%

6.68%

7.02%

-14.72%

Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a

1.5844

-2.82%

-2.65%

-2.11%

-6.36%

ATRAM Philippine Balanced Fund, Inc. -a

2.1891

1.94%

-1.8%

-1.3%

-4.05%

4.97%

-0.16%

0.39%

-2.69%

First Metro Save and Learn Balanced Fund Inc. -a 2.6185

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.2036

8.59% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a

1.9573

3.35%

0.73%

0.76%

-2.95%

PAMI Horizon Fund, Inc. -a

3.6117

1.98%

-0.54%

-0.48%

-4.07%

Philam Fund, Inc. -a

16.1776

1.9%

-0.81%

-0.56%

-3.97%

Solidaritas Fund, Inc. -a

2.0585

3.52%

-1.28%

-0.67%

-2.97%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4842 3.42%

-3.24%

-1.32%

-4.47%

Sun Life Prosperity Dynamic Fund, Inc. -a

-2.33%

-0.81%

-4.28%

0.9134

9.94%

-2.58%

Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9371

-2.15%

-2.01% n.a.

-5.32%

Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8849

2.37%

-3.8% n.a.

-6.31%

Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.8748

3.2%

-4.11% n.a.

-6.33%

Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a

$0.034

-10.62%

-1.96%

-0.86%

PAMI Asia Balanced Fund, Inc. -b

$0.9543

-16.89%

-1.28%

0.16%

-10.38% -10.57%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1977 -11.07%

4.05%

4.74%

-12.59%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,2 $1.0665 -10.62%

0.51%

1.44%

-11.02%

Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a

373.31

0.67%

2.37%

2.41%

ATRAM Corporate Bond Fund, Inc. -a

1.8872

-1.23%

0.05%

0.08%

0.13%

Cocolife Fixed Income Fund, Inc. -a

3.2421

0.64%

2.41%

3.57%

-0.06%

Ekklesia Mutual Fund Inc. -a

2.201

-2.55%

0.63%

1.03%

-2.24%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4163 -0.59% Philam Bond Fund, Inc. -a

-0.26%

2.31%

1.76%

-0.4%

4.2662

-4.36%

1.88%

1.06%

-2.94%

Philam Managed Income Fund, Inc. -a

1.3163

-0.15%

3.21%

2.79%

-0.21%

Philequity Peso Bond Fund, Inc. -a

3.9146

-1.13%

2.74%

2.42%

-1.29%

Soldivo Bond Fund, Inc. -a

1.0126

-1.24%

3.3%

1.85%

-1.52%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1581

-0.79%

3.05%

2.97%

-0.92%

Sun Life Prosperity GS Fund, Inc. -a

-1.39%

2.3%

2.29%

-1.06%

1.7123

Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a

$482.47

-0.15%

2.02%

1.98%

-1.45%

ALFM Euro Bond Fund, Inc. -a

Є214.2

-2.53%

-0.28%

0.35%

-2.64%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0805

-8.06%

-2.55%

-0.68%

-10.25%

-0.8%

-0.24%

-5.38%

-3.01%

-10.32%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0246 -4.65% PAMI Global Bond Fund, Inc -b

$0.9172

-12.98%

-4.77%

$2.2626

-8.64%

0.05%

0.52%

-9.7%

$0.0610264

-2.6%

1.6%

1.38%

-2.03%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.8056 -10.29%

-1.94%

-1.07%

-12.22%

Philam Dollar Bond Fund, Inc. -a Philequity Dollar Income Fund Inc. -a

Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a

131.67

1.31%

2.42%

2.53%

First Metro Save and Learn Money Market Fund, Inc. -a

1.0615

1.03%

1.71% n.a.

Sun Life Prosperity Peso Starter Fund, Inc. -a,1 1.3222

1.52%

2.29%

2.5%

0.37% 0.36%

0.5%

Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0626

0.58%

1.24% n.a.

0.19%

Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund Inc. -a

44.6573 n.a. n.a. n.a. n.a.

Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a

1.25

0.51% n.a. n.a.

-9.61%

Primarily invested in foreign currency securities (units) ALFM Global Multi-Asset Income Fund Inc. -a

$0.8811

-11.89% n.a. n.a. -9.16% a - NAVPS as of the previous

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs

BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG IREMIT NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

302,686,719 2,751,476 198,181,999 1,995,560 8,213 5,036,927 182,684,644.50 96,280 3,390,322 6,876 1,159 118,000 46,733,063 4,944,319.50 9,700 151,540 79,260 20,840 208,760 233,480 153,000

-8,819,685 1,984,090 -60,151,842.50 -194,925 -1,579,593 -93,270,785 198,196.00 -4,974,845 -1,473,717.50 8,500 12,750

INDUSTRIAL AC ENERGY 7.22 7.28 8.04 8.08 7.22 7.22 35,487,600 268,419,866 ALSONS CONS 0.99 1.01 0.99 0.99 0.99 0.99 78,000 77,220 ABOITIZ POWER 32.05 32.15 32.5 32.9 31.35 32.15 2,170,300 69,353,140 BASIC ENERGY 0.375 0.38 0.385 0.39 0.38 0.38 3,720,000 1,418,850 FIRST GEN 23.3 23.45 23.95 23.95 23.3 23.3 1,278,700 29,926,740 FIRST PHIL HLDG 69.95 70 70.15 70.15 69.95 69.95 6,000 419,966.50 MERALCO 349 352.4 357.8 359.8 347 352.4 308,550 108,814,320 18.3 18.4 19 19.1 18.22 18.4 2,765,100 51,112,558 MANILA WATER 3.19 3.2 3.25 3.26 3.2 3.2 828,000 2,657,620 PETRON 4.56 5 4.89 4.89 4.89 4.89 2,000 9,780 PETROENERGY PHX PETROLEUM 9.91 10.2 10.18 10.2 10.18 10.2 26,000 265,180 12.4 12.44 12.56 12.56 12.38 12.44 964,200 12,018,998 SYNERGY GRID 16.72 17.2 17.48 17.48 16.46 17.2 209,800 3,529,358 PILIPINAS SHELL SPC POWER 14 14.1 14.1 14.16 14 14 207,000 2,907,762 SOLAR PH 1.56 1.57 1.62 1.62 1.54 1.57 85,374,000 133,948,540 VIVANT 14.06 16.72 16.7 16.7 16.7 16.7 6,000 100,200 AGRINURTURE 4.51 4.57 4.57 4.64 4.51 4.59 625,000 2,887,290 AXELUM 2.49 2.65 2.5 2.65 2.49 2.65 433,000 1,142,830 CNTRL AZUCARERA 12 12.78 12.02 12.02 12 12 10,000 120,054 CENTURY FOOD 21.95 22.5 22 22.5 21.95 22.5 586,700 13,094,000 14.24 14.26 14.24 14.24 14.24 14.24 11,300 160,912 DEL MONTE DNL INDUS 6.98 7.15 7.09 7.15 6.92 7.15 3,553,000 24,981,963 19.5 19.52 19.52 19.6 19.4 19.5 2,348,900 45,747,232 EMPERADOR 60.65 62.25 61.7 62 60.3 62 51,130 3,140,606 SMC FOODANDBEV 0.52 0.53 0.53 0.53 0.52 0.52 1,643,000 859,630 FIGARO COFFEE 0.56 0.58 0.56 0.58 0.56 0.58 12,000 6,740 ALLIANCE SELECT FRUITAS HLDG 1.04 1.06 1.06 1.09 1.04 1.07 1,230,000 1,293,950 GINEBRA 104.6 107.7 106.1 108.8 106.1 108.8 23,090 2,498,430 JOLLIBEE 215 218 220.8 222 215 215 504,060 109,338,566 KEEPERS HLDG 1.22 1.23 1.24 1.25 1.22 1.23 1,975,000 2,431,950 MAXS GROUP 6.01 6.05 6.28 6.28 6 6 131,200 787,949 MONDE NISSIN 12.96 12.98 13.3 13.3 12.9 12.98 4,538,900 59,072,766 SHAKEYS PIZZA 7.79 7.8 7.81 8.22 7.8 7.8 299,300 2,336,934 0.5 0.54 0.55 0.56 0.5 0.5 1,954,000 1,002,940 ROXAS AND CO 4.21 4.28 4.22 4.22 4.22 4.22 1,000 4,220 RFM CORP ROXAS HLDG 1.09 1.25 1.22 1.22 1.08 1.08 26,000 30,440 SWIFT FOODS 0.1 0.104 0.1 0.1 0.1 0.1 260,000 26,000 102.5 103.8 106.1 108.4 102.5 102.5 2,520,110 261,839,525 UNIV ROBINA 0.59 0.62 0.62 0.63 0.58 0.58 545,000 323,530 VITARICH CEMEX HLDG 0.8 0.81 0.8 0.82 0.8 0.8 625,000 504,590 EAGLE CEMENT 12.52 12.56 12.78 12.78 12.5 12.5 21,600 272,100 EEI CORP 4.33 4.37 4.47 4.47 4.32 4.37 221,000 964,720 HOLCIM 5.51 5.6 5.55 5.65 5.5 5.5 21,700 120,385 MEGAWIDE 5 5.05 5.03 5.06 5 5 152,400 764,867 PHINMA 19.8 19.9 19.9 19.9 19.8 19.9 6,700 133,070 0.75 0.78 0.78 0.78 0.77 0.78 102,000 79,350 TKC METALS VULCAN INDL 0.91 0.93 0.93 0.95 0.89 0.91 1,315,000 1,201,170 CROWN ASIA 1.79 1.83 1.82 1.82 1.82 1.82 35,000 63,700 EUROMED 1.02 1.12 1.02 1.02 1.01 1.01 10,000 10,110 4.3 4.4 4.41 4.42 4.41 4.42 3,000 13,240 MABUHAY VINYL PRYCE CORP 5.6 5.63 5.63 5.63 5.63 5.63 6,700 37,721 CONCEPCION 19.2 19.88 19.98 19.98 19.98 19.98 500 9,990 GREENERGY 1.52 1.55 1.55 1.56 1.51 1.55 14,200,000 21,985,380 INTEGRATED MICR 7.04 7.05 7.3 7.38 7.02 7.05 328,900 2,356,812 IONICS 0.69 0.7 0.7 0.7 0.7 0.7 10,000 7,000 PANASONIC 6.22 6.32 6.32 6.32 6.32 6.32 400 2,528 SFA SEMICON 1.06 1.15 1.12 1.15 1.12 1.15 31,000 35,390 CIRTEK HLDG 2.95 2.98 3.02 3.03 2.95 2.95 512,000 1,522,680

-55,879,329.00 3,003,095 -22,750 11,155,270.00 -144,150 -60,670,642 -12,045,620 -1,693,510 -254,980.00 -570,932 -2,328,304 28,112 -18,076,970 420,650 3,600 5,185,550 -16,491,387 -5,392,876 -556,390 2,650 -24,840 2,369,285 -57,137,960 -141,650 9,000 565,178 -992,780 22,740 -16,000 -82,902,647 -174,740 -128,434 8,800 -54,355 15,090 -1,980 -10,110 4,389,800 -517,263 -15,050.00

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER

6,183,730.00 -38,266,350 -40,534,430.50 -8,956,468 787,410 -2,600 137,570 6,003,771 -17,206,730 -40,400,736 -579,950 -3,222,016 -138,892,890 -86,418,975 -3,312,877 11,104

HOLDING & FRIMS

130 12.2 94.9 26.7 6.81 8.05 51.1 8.3 18.8 57 90.1 19.46 103 73 1.94 3.62 2.23 0.81 0.64 202 2,510

1.15 736.5 50.6 11.74 9.2 0.89 0.5 0.51 4.9 8.2 7 504 55.7 0.51 2.92 8.52 3.8 1.21 2.9 0.86 840 106.2 110

130.5 12.22 95.5 26.8 8 8.06 52 8.8 18.98 57.3 115.9 20 104 75.55 2.1 3.68 2.39 0.84 0.71 209.6 2,550

1.16 737.5 51.6 11.82 9.21 0.91 0.51 0.52 4.92 8.32 7.12 509 56.35 0.54 2.98 8.56 3.84 1.24 3 0.89 851.5 106.3 116

1.16 737 54.45 12.08 9.2 0.95 0.54 0.52 4.83 8.34 7 510 57.2 0.54 2.93 8.78 3.85 1.24 3 0.89 858 106.9 114

132.6 12.22 96.95 26.95 8.4 8.19 53.45 8.3 19.08 57.3 115.9 20 105 76.85 1.94 3.72 2.29 0.85 0.68 212.8 2,550

1.17 745 54.45 12.12 9.21 0.95 0.54 0.52 4.92 8.35 7.01 515 57.8 0.54 2.93 8.8 3.85 1.24 3 0.89 860 107 116

130 12.2 94.1 26.7 8 8.05 51 8.3 18.74 57.3 115.9 20 103 73 1.94 3.68 2.2 0.82 0.68 201.4 2,550

1.16 730 50.6 11.7 9.1 0.91 0.51 0.51 4.83 8.18 7 504 55.5 0.54 2.92 8.52 3.8 1.21 3 0.89 824 104 110.1

130 12.2 94.9 26.8 8 8.06 51.1 8.3 18.98 57.3 115.9 20 103 73 1.94 3.68 2.2 0.82 0.68 210 2,550

1.16 737.5 50.6 11.82 9.2 0.91 0.51 0.51 4.9 8.32 7 504 55.7 0.54 2.92 8.52 3.8 1.21 3 0.89 851.5 106.3 116

2,322,460 225,400 2,081,750 74,400 1,000 623,600 3,526,360 11,600 179,300 120 10 5,900 451,890 65,950 5,000 41,000 35,000 25,000 307,000 1,140 60

6,091,000 282,260 1,413,840 2,259,200 87,900 9,000 2,291,000 581,000 587,000 3,906,000 15,700 112,010 2,300,100 4,000 298,000 4,004,800 50,375,000 75,000 20,000 21,000 1,191,260 170,000 3,740

7,081,600 208,048,850 72,591,954 26,801,634 805,825 8,460 1,170,750 297,120 2,873,200 32,316,385 109,906 56,601,975 128,729,483 2,160 871,950 34,402,664 192,528,360 90,980 60,000 18,690 1,012,341,845 18,018,572 423,806

MINING & OIL ATOK 5.41 5.88 5.5 5.88 5.5 5.88 39,300 220,315 APEX MINING 1.52 1.54 1.53 1.57 1.52 1.52 1,080,000 1,656,860 ATLAS MINING 6 6.07 6.25 6.25 6 6 1,365,900 8,309,384 BENGUET A 7 7.28 7 7.3 7 7.28 35,600 253,358 BENGUET B 6.97 7.39 7 7.1 6.97 6.97 107,900 754,643 COAL ASIA HLDG 0.241 0.249 0.241 0.241 0.241 0.241 30,000 7,230 2.61 2.62 2.65 2.67 2.6 2.61 2,830,000 7,438,000 FERRONICKEL 0.178 0.194 0.178 0.178 0.178 0.178 90,000 16,020 GEOGRACE 0.139 0.14 0.139 0.14 0.139 0.14 1,090,000 151,540 LEPANTO A LEPANTO B 0.137 0.14 0.14 0.14 0.137 0.137 4,700,000 653,630 0.0098 0.01 0.0097 0.01 0.0097 0.01 2,200,000 21,950 MANILA MINING A MANILA MINING B 0.0096 0.01 0.0096 0.0096 0.0096 0.0096 300,000 2,880 MARCVENTURES 1.56 1.57 1.6 1.6 1.55 1.56 592,000 926,130 NIHAO 0.91 0.94 0.94 0.96 0.91 0.91 250,000 229,070 NICKEL ASIA 7.65 7.69 7.9 7.99 7.49 7.69 6,220,900 47,605,685 ORNTL PENINSULA 0.91 0.92 0.9 0.9 0.9 0.9 21,000 18,900 PX MINING 4.98 4.99 5.02 5.09 4.98 4.98 1,427,700 7,152,031 SEMIRARA MINING 27.4 27.5 27.2 27.95 27 27.5 2,944,700 80,785,170 ACE ENEXOR 16.92 17 17.1 17.44 16.8 17 111,500 1,912,800 0.011 0.012 0.011 0.012 0.011 0.011 32,200,000 382,900 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 2,500,000 30,200 PHILODRILL 0.0091 0.0093 0.0091 0.0091 0.0091 0.0091 3,000,000 27,300 PXP ENERGY 4.68 4.7 4.67 4.73 4.67 4.68 54,000 253,150

PREFFERED HOUSE PREF A 100 101 101 101 100 100 3,740 374,058 AC PREF B1 502 519.5 519.5 519.5 519.5 519.5 30 15,585 ALCO PREF D 512 513 513 513 513 513 400 205,200 AC PREF B2R 502 509 502 509 502 509 230 115,670 CEB PREF 43.6 45.2 45.3 45.3 45.3 45.3 6,200 280,860 DD PREF 99.5 99.8 99.8 99.8 99.6 99.6 3,150 313,770 JFC PREF A 972 999.5 980 980 980 980 20 19,600 972 999 999 999 999 999 420 419,580 JFC PREF B MWIDE PREF 4 97.65 99.9 99.9 99.9 99.9 99.9 170 16,983 PNX PREF 3B 100.1 101 101 101 100 101 170 17,150 PNX PREF 4 980 989 989 989 980 989 120 117,970 PCOR PREF 3A 1,056 1,070 1,056 1,070 1,056 1,070 325 343,440 1,085 1,117 1,119 1,119 1,085 1,117 240 263,220 PCOR PREF 3B SMC PREF 2H 75.1 76 75.6 75.6 75.6 75.6 3,000 226,800 SMC PREF 2I 78.05 79.5 77.95 80 77.95 79.5 349,390 27,763,286.50 SMC PREF 2K 75.2 75.7 75.2 75.2 75.2 75.2 200 15,040 TECH PREF B2D 54.5 55 54.5 54.5 54.5 54.5 4,000 218,000

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.24 12.6 12.12 12.24 12.12 12.24 64,900 792,576 GMA HLDG PDR 12.78 12.9 12.76 12.9 12.76 12.9 131,700 1,683,740

WARRANTS TECH WARRANT 0.58 0.59 0.64 0.64 0.58 0.59 549,000 328,610

-323,117,885 -215,480 -84,609,655 2,720 -3,057,530 -42,162 -349,400 -731,120 -1,696,229 -3,652,380 -21,012 39,280 -12,966,910 -16,535,188 -1,608,000 -1,833,012 -14,536,844 -65,050 -169,767,770.00 4,950 276,090 -107,491,600 -53,357,940 -428,000 -11,976,080 -40,880 2,745,020 173,400.00 -757,050 -1,366,195 -15,389,304 -256,122.00 -5,472 3,600 4,265,732 -11,200 -851,950 -170,970 1,882,200 142,432 -107,739,040 -12,987,716.50 24,660 3,271,980.00 -15,269,870 -27,460 -51,730 15,210 577,547 -624,093 3,891,780 7,120 -653,630 -20,530 7,733,333 79,875 -11,514,015 -159,772 14,040 -50,200 -227,040 -277,914 -115,020 -

SMALL & MEDIUM ENTERPRISES

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

EXHANGE TRADE FUNDS

2 - Adjusted due to stock dividend issuance last November 25, 2021.

132.6 12.2 96.95 26.8 8.4 8.19 53 8.3 19.08 57.3 115.9 20 105 76.85 1.94 3.72 2.29 0.85 0.68 212.8 2,550

PROPERTY ARTHALAND CORP 0.55 0.58 0.57 0.58 0.57 0.58 50,000 28,600 AYALA LAND 32.05 32.2 33.7 33.75 32.05 32.05 21,257,500 694,321,135 AYALA LAND LOG 4.48 4.5 4.6 4.6 4.3 4.48 875,000 3,890,220 ARANETA PROP 1.06 1.07 1.06 1.06 1.06 1.06 5,000 5,300 AREIT RT 39.65 39.7 40.4 40.45 39.7 39.7 2,437,800 96,970,875 A BROWN 0.82 0.88 0.89 0.89 0.88 0.88 51,000 45,380 CITYLAND DEVT 0.71 0.74 0.71 0.73 0.71 0.73 176,000 127,980 0.094 0.098 0.098 0.099 0.098 0.099 1,240,000 121,650 CROWN EQUITIES CEB LANDMASTERS 2.78 2.79 2.77 2.81 2.75 2.79 235,000 650,920 0.4 0.41 0.41 0.41 0.4 0.4 50,000 20,100 CENTURY PROP CITICORE RT 2.56 2.57 2.59 2.6 2.56 2.56 8,616,000 22,123,310 8.25 8.3 8.5 8.5 8.3 8.3 194,000 1,633,516 DOUBLEDRAGON 1.45 1.47 1.49 1.49 1.45 1.45 4,171,000 6,151,070 DDMP RT DM WENCESLAO 6.88 6.9 6.9 6.9 6.88 6.88 28,500 196,320 EMPIRE EAST 0.221 0.228 0.228 0.228 0.22 0.22 380,000 85,360 EVER GOTESCO 0.246 0.249 0.243 0.249 0.243 0.249 3,300,000 815,110 FILINVEST RT 7.31 7.36 7.4 7.4 7.3 7.31 2,552,900 18,757,652 FILINVEST LAND 1.05 1.06 1.06 1.08 1.05 1.05 4,026,000 4,262,280 GLOBAL ESTATE 0.88 0.91 0.88 0.88 0.88 0.88 70,000 61,600 8990 HLDG 13.7 13.8 13.8 13.86 13.26 13.8 190,600 2,590,050 634.5 674 674 674 674 674 10 6,740 GOLDEN MV PHIL INFRADEV 0.89 0.94 0.93 0.98 0.89 0.89 709,000 676,510 0.84 0.89 0.92 0.93 0.88 0.9 149,000 135,140 CITY AND LAND MEGAWORLD 2.85 2.86 2.88 2.88 2.82 2.86 8,109,000 23,105,360 0.215 0.216 0.222 0.223 0.216 0.216 3,570,000 788,150 MRC ALLIED MREIT RT 17.46 17.5 17.52 17.6 17.46 17.5 2,289,400 40,105,824 PHIL ESTATES 0.405 0.415 0.4 0.41 0.4 0.41 460,000 185,950 PRIMEX CORP 2.66 2.69 2.62 2.73 2.52 2.69 1,352,000 3,588,610 RL COMM RT 7.23 7.3 7.3 7.35 7.19 7.3 2,780,000 20,222,442 ROBINSONS LAND 19.12 19.2 19.6 19.76 19.04 19.12 1,453,300 28,029,218 ROCKWELL 1.4 1.41 1.41 1.41 1.41 1.41 10,000 14,100 SHANG PROP 2.5 2.59 2.51 2.6 2.48 2.6 31,000 77,650 STA LUCIA LAND 2.78 2.8 2.78 2.78 2.77 2.78 17,000 47,220 35 35.1 36.35 36.35 34.55 35 15,954,400 558,355,755 SM PRIME HLDG 3.16 3.29 3.29 3.29 3.18 3.29 8,000 25,660 VISTAMALLS SUNTRUST HOME 0.99 1 1.01 1.04 0.99 1.04 369,000 367,800 2.58 2.6 2.6 2.61 2.58 2.58 1,167,000 3,027,860 VISTA LAND

SERVICES ABS CBN 12.7 12.88 12.98 12.98 12.52 12.6 377,200 4,772,144 GMA NETWORK 13.32 13.34 13.3 13.42 13.3 13.32 1,186,500 15,845,740 GLOBE TELECOM 2,270 2,330 2,420 2,420 2,270 2,270 74,875 173,248,980 PLDT 1,866 1,890 1,948 1,948 1,866 1,866 129,960 247,297,530 APOLLO GLOBAL 0.042 0.043 0.044 0.044 0.042 0.043 249,700,000 10,785,700 CONVERGE 28.4 28.8 28.55 28.8 27 28.8 15,404,500 427,987,960 DFNN INC 2.8 2.92 2.75 2.98 2.75 2.92 391,000 1,116,180 4.82 4.83 4.89 4.91 4.8 4.82 5,759,000 27,991,300 DITO CME HLDG 1.36 1.37 1.4 1.45 1.36 1.37 4,750,000 6,611,910 NOW CORP 0.31 0.315 0.31 0.315 0.31 0.315 5,660,000 1,774,700 TRANSPACIFIC BR 2GO GROUP 7 7.25 7.57 7.57 6.8 7 159,300 1,119,517 13.8 14.08 13.66 14.08 13.66 14.08 87,900 1,234,136 ASIAN TERMINALS CHELSEA 1.47 1.5 1.47 1.5 1.47 1.5 53,000 78,510 CEBU AIR 44.1 44.4 46 46 44.1 44.1 181,500 8,131,220 INTL CONTAINER 215 215.6 220 223 212.2 215.6 1,789,230 387,163,304 MACROASIA 5.2 5.21 5.22 5.3 5.2 5.21 411,600 2,154,134 METROALLIANCE A 0.92 0.99 0.92 1 0.92 1 11,000 10,200 METROALLIANCE B 0.96 1.3 0.99 0.99 0.99 0.99 8,000 7,920 PAL HLDG 6.08 6.09 6.2 6.2 6.08 6.08 19,100 116,736 HARBOR STAR 0.64 0.65 0.65 0.65 0.65 0.65 125,000 81,250 1.71 1.75 1.75 1.75 1.75 1.75 2,000 3,500 DISCOVERY WORLD GRAND PLAZA 11.02 13.98 14.06 14.06 14.06 14.06 100 1,406 CENTRO ESCOLAR 6.61 6.85 6.85 6.85 6.85 6.85 200 1,370 IPEOPLE 6.71 7.99 6.71 6.71 6.71 6.71 400 2,684 STI HLDG 0.345 0.35 0.36 0.36 0.345 0.345 790,000 276,450 1.26 1.29 1.27 1.27 1.26 1.26 14,000 17,650 BELLE CORP BLOOMBERRY 6.05 6.06 6.17 6.17 6.06 6.06 4,096,500 24,934,703 PACIFIC ONLINE 1.37 1.4 1.39 1.4 1.39 1.4 33,000 45,980 LEISURE AND RES 1.24 1.27 1.24 1.27 1.24 1.27 3,091,000 3,893,930 PH RESORTS GRP 0.95 0.98 0.98 0.98 0.96 0.98 126,000 121,160 PREMIUM LEISURE 0.475 0.485 0.475 0.485 0.47 0.485 59,270,000 28,292,350 PHILWEB 2.25 2.26 2.3 2.3 2.26 2.26 321,000 731,010 ALLDAY 0.435 0.445 0.445 0.445 0.435 0.445 7,550,000 3,327,350 7.75 7.91 7.78 8.09 7.78 7.91 189,900 1,492,972 ALLHOME 1.43 1.44 1.43 1.44 1.43 1.43 1,276,000 1,824,690 METRO RETAIL PUREGOLD 32.5 33 33.55 33.6 32.25 33 5,544,000 181,048,380 53.5 54.4 54.7 55.1 53.5 53.5 462,850 25,069,923 ROBINSONS RTL 65 66.5 65 65 64.8 65 150,400 9,775,960 PHIL SEVEN CORP 1.14 1.16 1.15 1.17 1.12 1.15 4,833,000 5,544,960 SSI GROUP WILCON DEPOT 27.8 28 28.5 28.5 27.6 28 1,814,400 50,633,775 IPM HLDG 6.85 7 6.8 6.85 6.8 6.85 13,000 88,550 MEDILINES 0.74 0.76 0.77 0.77 0.75 0.75 868,000 656,870 PRMIERE HORIZON 0.5 0.51 0.52 0.53 0.5 0.51 4,041,000 2,030,900

ALTUS PROP CTS GLOBAL HAUS TALK ITALPINAS MERRYMART XURPAS

banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

April 29, 2022

FIRST METRO ETF

16.2 1 1.11 0.86 1.69 0.315

103.6

16.66 1.02 1.14 0.88 1.7 0.32 104

16.66 1.07 1.14 0.91 1.71 0.32

16.66 1.08 1.14 0.91 1.71 0.32

16.16 1 1.14 0.88 1.69 0.315

16.66 1 1.14 0.88 1.69 0.315

800 32,218,000 7,000 424,000 1,282,000 120,000

13,126 33,386,110 7,980 378,600 2,179,060 38,050

-6,464 230,050 5,700 27,000 -171,600 -

106 106 103.6 103.6 52,090 5,455,854 477,442

www.businessmirror.com.ph

Banking&Finance

RCBC pushes ramp-up as Q1 digital revenues triple

Y

UCHENGCO-LED Rizal Commercial Banking Corp. said its revenues from its three digital platforms tripled in the first quarter of the year as the bank said it continues to push for wider financial inclusion and digital acceleration in the country.

With 69 percent of its user base located across all 81 provinces in the country, RCBC’s financial technology brand DiskarTech registered over P4.18 billion in gross transaction value as of end-March this year, more than nine times to previous year’s values, it said.

This was generally driven by highvolume transactions across different services offered in the app which also noted a 265-percent increase from last year, the bank said.

“The sustained exponential growth of RCBC’s DiskarTech this quarter is only indicative that Filipinos are now getting more comfortable with digital financial transactions. We’re delighted that through DiskarTech, we are able to contribute to the Bangko Sentral ng Pilipinas’ national goal of onboarding 70 percent of adult Filipinos into the formal financial system and converting at least 50 percent of financial transactions to digital,” Eugene S. Acevedo, RCBC president and CEO, said.

Among the key transactions done through the application include partner deposits, which remain to be the largest contributor to the app’s overall growth, registering 1,137 percent and 308 percent in both transaction value and volume, respectively. DiskarTech’s deposit size stands at over P106 million, more than double from last year.

These cash-in and cash-out transactions are being done in over 45,000

touch-points nationwide that include 7-Eleven, Bayad Center, DigiPay, Panalo Express, Sendah Direct, rural banks, pawnshops, drugstores, and money service business, among others.

DiskarTech partner deposits are also projected to surge in the next quarters as the app further expands its cash-in points across the country through its partnership with Smart Padala, the company said.

Fund transfers via InstaPay had a steady increase as of end-March. Outgoing transfers to other banks and ewallets increased by more than 10 times and four times, respectively in value and volume, respectively.

Incoming transfers also increased by 84 percent and 31 percent in both transaction value and volume, respectively.

More DiskarTech users also availed of its telemedicine service this quarter with a recorded 1,821-percent increase in transaction count, which also accounted for a 98-percent increase in the service’s transaction value.

Users’ uptake of the app’s telemedicine feature is a strong indication that more Filipinos now see the value of digital-based medical consultation packages as compared to the ones offered in hospitals and clinics, the bank said.

Bills payment transactions done through the app also continued on an uptrend with a 183-percent and 80-percent increase in both value and volume, respectively.

Meanwhile, RCBC’s primary mobile banking app RCBC Digital, registered a 31-percent increase in total throughput volume for its mobile and web channels, generating a value of over P34 billion, a 51percent increase from last year. VG Cabuag

The quick brown fox ju mp over the lazy dog.

BusinessMirror

Editor: Dennis D. Estopace • Monday, May 2, 2022

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Solon hopes new bill’s signing will deter use of money mules

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By Jovee Marie N. dela Cruz

@joveemarie

S the Philippines has emerged as one of the countries at highest risk of web threats, a senior lawmaker said local regulators and lawmen will be better armed with more powers in flushing out cybercriminals involved in phishing and other online scams.

According to Luis Raymund Villafuerte, the expected signing into law of a congressional bill on more protection for financial consumers “couldn’t have come at a more appropriate time than now when the Philippines, in a report by cybersecurity and anti-virus provider Kaspersky Security Network [KSN], has been tagged as one of the countries most targeted by web threats.”

Local banks have also been telling their clients to avoid giving access to their accounts to third parties, given that this act—known as money muling—is a crime punishable under the Anti-Money Laundering Act as it enables cybercriminals to use these

bank accounts to transfer funds from illegal sources, said Villafuerte in a statement at the weekend.

Fraudsters and scammers offer P1,000 to P5,000 to buy or use the legitimate bank accounts of people that they then use to launder money, the lawmaker added.

Villafuerte is the co-author of the congressional enrolled bill now awaiting President Duterte’s signature that imposes penalties against money muling and phishing or any other social engineering schemes.

He said cybercriminals have flourished under the pandemic as social distancing protocols have dramatically increased the volume

of online transactions to avoid faceto-face interactions.

For Villafuerte, “Covid-19 has presented new opportunities for cybercriminal exploitation, including remote work, virtual crime and persistent threats.”

Although banks have increased their efforts to address cybercrimes, and consumers have also become increasingly vigilant against such offenses, Villafuerte said the Philippines still has no law against the use of financial accounts as accessory to financial crimes.

“Worse, there is no punishment that can deter these criminal actions,” said Villafuerte, an advocate of the country’s digital switch even prior to the 2020 outbreak of the coronavirus pandemic.

Villafuerte said Filipinos are to benefit soon from this congressional measure that aims to empower the Bangko Sentral ng Pilipinas (BSP) and the rest of the banking community to better protect financial consumers against phishing and other online scams.

“We are hopeful that President Duterte will sign this measure into law as it aims to regulate the use of bank accounts and electronic wallets and consider certain illegal financial acts related to their use as a form of economic sabotage and a heinous

crime if done on a large scale,” Villafuerte said.

In January, reports from the Teachers Dignity Coalition (TDC) claimed that about 20 to 40 teachers lost between P26,000 and P121,000 each from their allegedly “hacked” LandBank accounts, but the lender claimed that its systems were safe and secure and that these teachers had actually fallen prey to a phishing scheme.

Also last January, three Filipinos and a Nigerian were indicted by the DOJ for the hacking attack that victimized in early December about 700 bank customers who reportedly lost as much as P50,000 each through unauthorized transfers from their bank accounts.

Villafuerte said the bill prohibits the opening of a bank account, an e-wallet account or other financial account under a fictitious name or using the identity or identification documents of another to receive or transfer or withdraw proceeds derived from crimes or offenses.

The measure also seeks to penalize any person performing any phishing or social engineering schemes by slapping a term of life imprisonment and a fine of P1 million to P5 million on those found guilty of cyber offenses that constitute economic sabotage.

B4 Monday, May 2, 2022

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Why do teens engage in self-harm?

Clinical psychologists explain how to help teens reduce their emotional distress

By Kevin Kuehn & Kevin King, University of Washington

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The Conversation

MOTIONS are tricky things.

They allow for humans to fall in love, wage war and, as it turns out, engage in self-harm.

It is hard to imagine an era in which young adults were more distressed than today. Recent Centers for Disease Control and Prevention data indicates that more than 40 percent of high school students reported they felt persistently sad or hopeless over the past year. In the same survey, about 20 percent reported that they seriously considered suicide. Worldwide, approximately 17 percent of youths ages 12-18 intentionally injure themselves each year.

By all accounts, young people are experiencing a seemingly unprecedented level of emotional distress.

Humans tend to behave in a way to seek pleasure and avoid pain. Why then would some intentionally hurt themselves? In a new meta-analysis, a summary of research studies that we and our colleagues published in the journal Nature Human Behavior, we reported that people felt better immediately after they self-injured or thought about suicide.

We are a doctoral candidate in clinical psychology at the University of Washington, researching why youths and young adults self-injure, and a clinical psychologist studying young adult substance use.

Our research suggests that this reduction in emotional distress following acts of self-harm and suicidal thoughts likely maintains these types of thoughts and behaviors.

In his book About Behaviorism, the preeminent psychologist B.F. Skinner coined the term “reinforcement” to explain why behaviors are more likely to occur if that same behavior previously resulted in a desired outcome. Over the past 20 years, leading theories have hypothesized that self-injury operated in the same manner.

That is, if someone experienced relief from emotional suffering after they injured themselves, they would be more likely to repeat the behavior in the future.

Self-injury is difficult to research. Until the last decade, most researchers asked people to reflect on what they were thinking or feeling when they were self-injuring, but those episodes could have been months or even years ago. We humans, though, are remarkably bad at accurately reporting on our own behaviors, especially when we try to explain why things happened. It’s especially challenging for researchers to get a clear timeline of events, which makes it difficult to pinpoint how someone was feeling immediately before or after they self-injured.

Recently, researchers have tried to fill those gaps by making use of the ubiquity of cellphones. In those studies researchers asked participants to complete brief surveys about how they’re feeling multiple times per day over their cellphones as they go about living their lives.

Our meta-analysis analyzed 38 such survey-based studies, with data contributed from researchers around the US and Europe, involving 1,644 participants. In all the studies, participants rated the intensity of their emotions and indicated whether they had thought about self-injury in the past few hours.

We found that the participants reported higher levels of distress right before they self-harmed or thought about suicide, and reported significantly reduced levels of distress immediately following. Together, this suggests that relief from distressing emotion acts as a powerful reinforcer, likely

Illustration by 愚木混株 Cdd20/Pixabay

The challenges with studying self-harm

increasing the probability that people continue to experience self-injurious thoughts and behaviors. It also implies that treatments should focus on how to help people replace self-injury with alternative ways of relieving stress.

Since roughly 40 percent of people who attempt suicide do not receive mental health services, we think it is important to share strategies for helping individuals at risk of self-harm talk about their emotions and to offer resources for finding professional help.

Strategies for discussing self-harm

Teens who self-injure and/or think about suicide are a heterogenous group— people are unique, after all. However, our finding suggests that self-harm serves an important function for youth: to help regulate emotions.

It is essential that teens experiencing self-injurious thoughts and behaviors find adults and/or peers to whom they feel connected. The previously mentioned CDC survey showed that youths who felt connected were much less likely to contemplate or attempt suicide than those who did not feel connected. Thus, ensuring that teens feel cared about and supported or that they “belong” at home and school may be one way to protect against self-injury.

We’ve found in our clinical work with youths who self-injure that it’s important to balance validating their emotions—in other words, acknowledging

and accurately understanding their feelings—while not responding to selfinjury in ways likely to inadvertently reinforce it. If, for example, teens felt as if the only way they received support or validation were to self-harm, then it would be important to ensure that validation is provided when they are not self-harming.

make sense given what you know about the person. For example, you could ask, “Are there times when you’ve had experiences similar to now?” You could say something like, “I could totally see how you would feel afraid about failing this test, since you studied hard for the last one but didn’t do as well as you wanted.”

Here are some key ways to validate and show support:

n Acknowledge how the feelings make sense in the present: Would other people

n Pay attention: We all know what it feels like to speak with someone who is not paying attention or is looking at their phone. Make eye contact and show you’re interested in what the person is feeling. n Reflect back: Summarize what the person is saying to demonstrate that you are listening and taking in the information. You could say something like, “Let me make sure I understand…” and then paraphrase what you’re hearing. n Try to read their thoughts: Imagine yourself in the person’s shoes or guess what they may be feeling, even if they haven’t said it directly. You could say something like, “I imagine you must be feeling like nobody understands what you’re going through.” If the teen says you’re wrong, give up on being right and try again later. n Validate based on prior events: Show that you understand how the feelings

in that exact same situation have the same feelings? For example, “Anyone would feel afraid.” This communicates to the other person that there isn’t anything wrong with the way they’re thinking and feeling. You won’t be able to validate everything; for instance, you shouldn’t validate that self-injuring is an effective response to distress. However, you can validate that self-injuring is understandable because it can provide temporary emotional relief even if it causes problems in the long run.

n Be “radically genuine”: Be authentic and try to show the other person you respect them and care about them. Treat them as a person of equal status who has important expertise about how to help solve the problem of their self-harm.

Extending a helping hand

It’s important for people to know that help is available. The National Suicide Prevention Lifeline (800-273-8255) is free for anyone experiencing emotional

distress. Now Matters Now is another free resource that offers coping strategies to manage self-harm and suicidal thoughts from individuals with lived experience.

Prior research has shown that certain behavioral interventions, such as cognitive behavioral therapy—an approach that focuses on the interplay among thoughts, emotions and behaviors— or dialectical behavioral therapy—a comprehensive treatment package that teaches mindfulness, emotion regulation, distress tolerance and interpersonal coping skills—are effective at reducing self-injurious thoughts and behaviors.

Both treatments are designed to provide individuals with skills for recognizing their emotions as well as changing their feelings without self-injuring.

Find a cognitive behavioral therapist

Find a therapist who provides dialectical behavioral therapy, ideally a therapist who has been certified by the DBTLinehan Board of Certification who has demonstrated the knowledge and ability to deliver DBT with adherence to the manual.

This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/why-doteens-engage-in-self-harm-clinical-psychologists-explain-how-to-help-teensreduce-their-emotional-distress-181419.

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BusinessMirror

Editor: Gerard S. Ramos

• Monday, May 2, 2022

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Bellissima! Celeste Cortesi is Miss Universe Philippines 2022 UNIQUELY BEAUTIFUL

First Runner-Up Annabelle Mae McDonnell (Misamis Oriental); Miss Universe Philippines Tourism 2022 Michelle Daniela Dee (Makati); Miss Universe Philippines 2022 Silvia Celeste Cortesi (Pasay); Miss Universe Philippines Charity 2022 Pauline Amelinckx (Bohol); Second RunnerUp Maria Katrina Llegado (Taguig).

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HERE was an event years back when Catriona Gray, still the reigning Miss Universe Philippines, was photographed with Miss Universe winners Iris Mittenaere of France (2016), Pia Wurtzbach of the Philippines (2015) and Demi-Leigh Nel-Peters of South Africa (2017).

That scenario was repeated Saturday night, when the half-Italian Silvia Celeste Rabimbi Cortesi, just proclaimed Miss Universe Philippines 2022, proudly posed with Pia, Iris and Demi-Leigh plus the current queen, Harnaaz Sandhu of India.

As herstory would have it, Catriona eventually joined that exclusive sisterhood. Will Celeste have a similar destiny?

Consider another parallelism: Before she became a Binibini, Catriona was Miss World Philippines 2016.

(The rare feat of winning two prestigious national titles was achieved first by Carlene Aguilar, who was Miss Philippines Earth 2001 before she was crowned Binibining Pilipinas-World 2005.) Celeste, meanwhile, was Miss Earth Philippines 2018 and finished at Top 8 at the international finals.

Celeste was declared the Best in Swimsuit, an award previously won by Rabiya Mateo in 2020 and Beatrice Luigi Gomez in 2021 before both were crowned winners.

Battle of Crossover Queens CELESTE, 24, representing Pasay, bested two other crossover queens: Miss Taguig Maria Katrina Llegado, 24, who was Reina HispanoAmericana Filipinas 2019 and 5th Runner-up at Reina Hispanoamericana 2019, and Miss Makati Michelle Daniela Marquez Dee, 26, who was Miss World Philippines 2019 and Top 12 at the world finals.

Michelle was declared Miss Universe Philippines Tourism while Katrina finished as fourth runner-up.

The beautiful Belgian-Boholana Pauline Amelinckx, 26, is the new Miss Universe Philippines Charity, a notch above her third-runner-up finish in 2020.

The first runner-up is Misamis Oriental’s Annabelle Mae McDonnell, 21, who is also the reigning Miss Kuyamis. The third edition’s coronation night used the theme “Uniquely Beautiful” to celebrate Filipina womanhood.

It was held at the Mall of Asia Arena in Bay City, Pasay City. The 31 candidates that remained after Miss Benguet’s withdrawal were trimmed to 16, including Aklan’s Jona Sweett, Ilocos Sur’s Jewel Alexandria Palacat, Iloilo City’s Dorothy Marie Gemillan, Laguna’s Sonja Jeyn Tanyag, Nueva Vizcaya’s Gillian

PHOTOS BY TROI SANTOS

Katherine De Mesa and Palawan’s Angelica Lopez.

The Top 10 included Albay’s Julia Eugénie Augustias Saubier, Baguio’s Ghenesis Latugat, Cebu City’s Chantal Elise Legaspi Schmidt, Cebu Province’s Lou Dominique Piczon and Iloilo Province’s Vanessa Ann Caro. I thought Albay and Cebu City were the most engaging subjects at the Top 10 casual-interview round, and Bohol gave my favorite answer at the final round. Pauline was asked: What is that one lifechanging decision that you’ve made, and what was its impact on your life?

“The life-changing decision that I’ve made is to join Miss Universe Philippines again, despite being bashed before for my body, being doubted by people. I found strength in myself. And this story can be a testament for other people to draw strength from, too. That a second chance can be just as sweet, and you can still achieve your ultimate a second time around.”

However, it was Celeste’s sincere reply that clinched her the Jewelmer crown named “La Mer en Majesté,” or “The Sea in Majesty” made of South Sea pearls. She was asked: If you could stop time for a day, how would you spend it?

“If I could stop time, I would spend it with my family, especially my mother. It’s been two years since I spent time with my family because they live in Italy, and I came here in the Philippines just by myself. If I had a chance to spend one day, I would definitely be with my mom, and I would just tell her how much I love her and I miss her. ” MaBuhay ang Malikhaing Pinoy!

SPECIAL disclosure: I got my invitation to watch “the most beautiful night in the Philippines” because of Albert Andrada, the Miss Universe Philippines head of designers who famously designed Pia’s national costume and coronation gown.

It was as much a night of beauty and glamour

as it was a showcase of the creativity of the Filipino designers. It is the advocacy of Miss Universe Philippines national director Shamcey Supsup Lee, who is running for Congress under the Arte party-list, to uplift the neglected design, manufacturing and textile industries.

Serving as hosts, Pia wore splendid designs by Gladi Echavarre and Atsuko Kudo, Louis Pangilinan, Jaggy Glarino, and Mark Bumgarner, while Iris wore a tantalizing Michael Cinco terno dress. As a judge, Harnaaz was ravishing in a Mark Bumgarner.

The Best National Costume award went to Albay’s Julia Saubier, who wore a modern take on Haliya, the Bicolana Goddess of Moon, in moonlight blue created

by Erjohn de la Serna.

Annabelle was in Jermaine Nabong, Katrina in Pablo Mendez III, and Celeste in a Val Taguba.

Michelle in Francis Libiran was adjudged the Best In Gown.

Libiran also created Beatrice Luigi’s androgynous tuxedo in wool brocade during her first appearance, which turned emotional. She will become one of the all-time great beauty queens we’ve ever had. Her message after her Miss Universe 2021 stint still rings heartwarming: “I hope I made you all proud!

This was the best experience in my life!

It’s an honor and a blessing to represent the Philippines and the LGBTQIA+ community, in raising my advocacy and breaking the barriers and stereotypes.

Gihigugma ko ang akong nasud nga Pilipinas and everything I do from this day on will be for you.

I am Beatrice Luigi Gomez.

Your Miss Universe 2021—Top 5 Finalist” May the celestial beings be as kind to our new queen, Silvia Celeste Cortesi. n

Products that can help you get through this heat and humidity

SUMMER skin care is always challenging because your skin and hair really take a beating from the heat and humidity, and the need to wear masks doesn’t help. Sunscreen is, of course, important and there are a variety of choices with broad spectrum protection that will really help your skin.

Taking oral supplements will also help your body fight free radicals. Vitamin E strengthens the immune system and keeps the hair and skin healthy. Myra E, which has 400 IU of pure vitamin E (Alpha Tocopherol), is one of the most popular brands in the market. It helps protect cells from damage that can be caused by stress, pollution and other environmental stressors so the skin looks healthy and glowing from within.

The brand recently introduced former Miss Universe Catriona Gray as its new ambassador. The multi-hyphenate said she’s been taking Myra E for 10 years now, and this is probably one of the reasons why she has what people like to call a “baby face.”

“I find music that really allows me to relax, or I can be with my dogs—it’s really those simple things that are really achievable for me that have given me that positive

FILIPINO brand Pili Ani recently released a line of lip balms enriched with Pili and Elemi Oils PHOTO BY JULIANA MAXINE VASQUEZ

headspace,” said Catriona when asked what she does to deal with stress.

Anyway, one of the things I’ve learned from beauty

experts is that if you’ve cleansed thoroughly the night before, there’s no need to use a cleanser in the morning. Unless you have incredibly oily skin, rinsing your face with water is okay.

After that, you can apply a day cream and a sunscreen.

For the past two months, I’ve been using the Shiseido Essential Energy Hydrating Day Cream after I wash in the morning. Yes, I still wash with a very mild cleanser because my skin is very oily.

After washing, I apply Shiseido Ultimune, then the day cream which has broad spectrum SPF20. I still apply sunscreen after that, especially when I have to go out.

The cream has a light and airy texture, and has a mild fragrance. It’s also very easy to apply and spread on the skin.

The cream has the brand’s exclusive Hyaluronic Acid Red and ginseng root extract, which is for energizing the skin.

Shiseido Essential Energy Hydrating Day Cream promises to keep skin hydrated for 24 hours. Shiseido recommends pairing the Essential Energy Hydrating Cream (for night) and the Essential Energy Hydrating Day Cream with its Ultimune Power Infusing Concentrate Serum.

I love the refillable sustainable packaging, which aims to help reduce the amount of plastic waste used by 81 percent.

Because I have super dry lips, I’ve been using the Nyx Butter Gloss, which is very moisturizing and not tacky at all.

Meanwhile, Filipino brand Pili Ani recently released the Moisturizing Lip Butter with Pili and Elemi Oils which promises to make lips smoother in three days. The texture of this is, as expected, soft and buttery. The lip balm comes in Mint, Barely Red, Barely There, Choclat and Berry.

If you want to try the products, along with Pili Ani’s popular face oils, they have the Lip & Face Set, which includes two full-size lip balms and 3ml bottles of the Ageless Concentrate and Self-care Night Recovery Oil, for P900 on their web site (bit.ly/3vrLJCe).

A COLLABORATION OF ENERGY, POETRY AND POSITIVITY

GLOBAL fashion brand Longchamp has announced Longchamp & André, a collaboration with the Parisian graffiti artist André Saraiva, whose jaunty Mr. A character—with his winking eye and toothy grin—spreads humour and happiness wherever he pops up, be that on the walls of the French capital, or countless other cities around the world.

It is a collaboration that seemed destined to happen; an encounter written in the stars—or, more precisely, on a door, as Longchamp creative director Sophie Delafontaine explains: “Years ago, one of our first Paris showrooms was a rented space near Place de la Concorde. When we moved in, we discovered André had been there before us—because right there, on the back of a door, was Mr. A. You could say that was our first meeting. We eventually left the showroom, but we kept the door!”

André, for his part, was well aware of Longchamp’s Le Pliage, a design he admires for its “simplicity and practicality which transcend time and fashion trends.”

He was therefore keen to accept Longchamp’s invitation to become the latest artist to turn the iconic foldable bag into a canvas for creativity. With a few bold strokes of his pen, André transformed four formats of Le Pliage—all in recycled nylon—into three variations of Mr. A and one of his companions, Mrs. A, who bats her eyelashes and blows a kiss. “The designs are typical André: full of energy, poetry and positivity,” says Delafontaine. “Everyone knows that Le Pliage is a favorite canvas for artists, but this is the first time it has actually become a character!”

The colors nod to André’s pop palette. “I’m in my pink and blue period,” quips the artist about his choice of candy pink and sky blue, adding that he particularly loves to work with pink because “it’s the only color that marries with all the others.” The range is completed by graphic black and a particularly vibrant take on Longchamp’s signature green.

A special request from André was to create a leather version of its Le Pliage travel bag that he could take with him on his frequent trips around the world. Accordingly, Longchamp selected a natural calf leather that will acquire a beautiful patina over time, while André revisited the Longchamp racehorse medallion in his own inimitable style.

“The new medallion is a true combination of André and Longchamp,” says Delafontaine, pointing out that the circular medallion has long featured on the zip pull of Le Pliage, while the circle is the basis of André’s best-known characters. “I can draw perfect circles with my eyes closed,” smiles the artist.

B6 Monday, May 2, 2022

The SM Store and SMFI donate over 300,000 pairs of shoes to Caritas Philippines and DSWD

IMAGE SOURCE: UNSPLASH

Upscale condo rentals in CBDs flex double-digit demand growth

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S many professionals gear for a shift from fully remote to on-site and hybrid work, demand for residential rentals in Metro Manila CBDs have increased tremendously. From the fourth quarter of 2021 to the first quarter of 2022 alone, Lamudi data showed that condo rentals across Makati, Pasig and Taguig have flexed double-digit growths in leads.

Mid-cost condominium units for rent priced PHP15,000 to PHP60,000 continued to contribute the most leads in the aforementioned CBDs. However, Lamudi data revealed that potential property renters were increasingly interested in upscale rentals as higher price segments attracted significant upticks in leads across the CBDs.

In Makati, leads for condo rentals priced between PHP60,000 to PHP100,000 increased by almost 90 percent quarteron-quarter (q-o-q), the largest spike out of all other price segments in 1Q 2022.

This may be attributed to increasing interest in larger personal space following the pandemic, as the majority of leads for listings under this price segment went to 2-bedroom followed by 3-bedroom units.

The largest share of leads for Makati condo rentals still belonged to the affordable segment in 1Q 2022, with condos priced at PHP15,000 to PHP30,000 composing most leads.

In Pasig, the PHP15,000 to PHP30,000 segment composed the largest share of leads and exhibited the highest q-o-q

growth in leads with a 46 percent increase from 4Q 2021 to 1Q 2022. This was followed by the PHP100,000 to PHP200,000 price segment, which garnered 42 percent more leads q-o-q in 1Q 2022. The most searched sub-categories for condominiums for rent in Pasig overall were 2-bedroom units followed by 1-bedroom units.

Leads for condominium units in Taguig increased by over 60 percent q-o-q in 1Q 2022, with the PHP30,000 to PHP60,000 price segment attracting the highest number of leads. However, potential Taguig condo renters showed growing demand for upscale rentals as leads for the PHP200,000 to PHP500,000 price band doubled from 4Q 2021 to 1Q 2022, possibly driven by interest from returning expats and investors following amendments to the Retail Trade Liberalization Act. The most popular condominium rental subcategories for property seekers within Metro Manila were 1-bedroom followed by 2-bedroom units. On the other hand, seekers outside Metro Manila in cities such as Angeles, Bacoor, Baguio, Calamba, Cebu City, and Lipa sent more inquiries for smaller condominium units in Metro Manila such as studios followed by 1-bedroom units.

Property seekers from these cities who are looking at CBDs mostly belonged to the 25 to 34 year old age bracket and were likely renting for work, requiring a smaller space.

To learn more about the latest residential real estate trends in CBDs, visit lamudi.com.ph.

Foodpanda launches first get-together event, treat pandapro members to an exciting night out

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OODPANDA has been flipping the script this summer and giving everyone the chance to live out their ultimate cool dreams with #pandaproClub, where all the promises of fun (without hurting your wallet) happens.

Since foodpanda’s pandapro subscription launch in 2020, members have been receiving endless surprises, each more elevated than the previous. This year, pandapro launches its newest benefit, dine-in.

On April 26, foodpanda held its most-awaited event yet at pandapro dine-in vendor, TED-BGC, where influencers and select pandapro members were treated to an exclusive night out courtesy of foodpanda dine-in.

Guests had the chance to go around the venue, build magical connections and bond over their mutual love for food while dining in style-one, of the many perks of the membership. foodpanda’s dine-in program is exclusively available to all pandapro members. All subscribers are entitled to a flat discount on the total bill value in partner restaurants, which in most cases is about 25 percent off, for all regular menu items and is applicable on both food and drinks.

Redemption is very simple and can be done in 5 easy steps: Open your app and ensure you’re subscribed to pandapro. Click on the ‘dine-in’ tile.

Search and select the restaurant where you’re dining in.

Sumptuous food prepared by The European Diner in Uptown Mall, BGC.

Confirm with the restaurant staff before you swipe to redeem your offer and order. And enjoy your discounted meal!

In the coming months, foodpanda aims to enrich every dine-in experience, not just by providing amazing discounts at our great restaurant partners but also by hosting more exclusive events for our pandapro Club subscribers to take part in.

Ways to make hybrid learning a success in 2022

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HE past two years have created thousands of experts in online l e a r n i n g , a mo n g s t u d e nt s , teachers, and parents. However, many have not yet mastered a new art: hybrid learning, which is different from both fully-online and fully-offline learning.

Hybrid learning is still a work-inprogress, but learning doesn’t have to be. As we approach a new year with new demands for hybrid learning, it’s important to look ahead to what hybrid might require.

The most effective laptops for a hybrid environment are versatile and emphasize engagement while limiting distractions. This is a critical point when we consider three-quarters of educators find their students struggle with losing concentration during sessions, while over half of students report distractions in their home environments.

Here are four key qualities to look out for when you’re looking to upgrade: Flexibility that fits your learning style.To limit distractions, try a convertible

design like the Lenovo ThinkPad C13 Yoga Chromebook. The detachable screen and touchscreen are perfect for students who want to vary up the ways and locations in which they look at a screen, engage more tactilely with their learning or exercise options when taking notes.

Pet-proof and transport-proof durability. The hybrid era also means that devices are transported more frequently, not only between rooms, but from school to home. To make sure your device has the durability to support you in your daily learning and teaching, pay attention to the results of tests like MIL-SPEC, which companies use as a standard measure of durability, ruggedness and reliability. The test can serve as an indicator that devices like the Lenovo ThinkPad X1 Extreme and ThinkPad L13 Yoga can hold up to a range of conditions including humidity, vibration and a variety of temperatures.

Weight and battery life that keep up with the hybrid life. The frequent transport requirements of a hybrid environment also

make light weight and a long battery life more important. A lightweight device like the Lenovo ThinkPad X12 detachable serves the role of both a laptop and a tablet, with a pen that enables users to take notes or sketch as they need. It also has a good battery life, freeing users from carrying around a charger at all times.

The right combination of software and hardware. Education needs can change fast. According to the Lenovo-Microsoft Education Technology Study 2021, 86 percent of educators and 66 percent of students expect to further increase their spending on learning technology in the upcoming year to ensure they are up to speed.

The Windows 11 operating system comes pre-installed on all Lenovo devices. It operates well both online and offline, can support both current and future digital school content and resources, and provides unlimited cloud storage for education. This way, educators and students can worry less about tech support and focus more on learning.

Children beneficiaries show off their new shoes. More than 100,000 pairs of shoes were gifted by The SM Store and SM Foundation to Caritas Philippines communities nationwide.

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HE SM Store and SM Foundation Inc. (SMFI) partnered with Caritas Philippines to distribute more than 100,000 new pairs of shoes to the Social Action Centers of Caritas in Baguio, Tarlac, Zambales, Malolos, Lipa, San Pablo, Lucena, and Puerto Princesa in Luzon; Bacolod and Iloilo in the Visayas.

Recipients include indigent families, farmers, laborers, persons with disabilities, and children.

Some are also Covid-19 community frontliners and survivors of Typhoon Odette.

The SM Group and Caritas Philippines have been long-time partners on various social development programs from education to health, and relief operations.

Earlier this year, more than 225,000 pairs of shoes were distributed in SM’s host communities nationwide, where the recipients are composed of indigent and vulnerable children identified by the Department of Social Welfare and Development (DSWD). Some of these areas include Isabela, Nueva Ecija, Pampanga, La Union, Dagupan, Tarlac, Laguna, Zamboanga, Davao, and General Santos.

“Shoes are essential, they help protect our

feet. But not everyone has access to a decent pair of shoes. Through the Share Shoes Program of The SM Store and SM Foundation, we are able to distribute shoes to people who need them most,” said Rose Siaco, Vice President of The SM Store.

From May 15 to July 31, shoppers can also Share Shoes by donating their SMAC points. Accumulated points will be used to purchase new shoes for the children of World Vision. Participating cards include SM Advantage Card (SMAC), SMAC Prestige, and BDO SMAC. To donate just log in to www.smac.ph, click Transfer Points, enter shareshoes@smac.ph, and encode the number of points you wish to donate.

The SM Store corporate social responsibility programs Share Your Extras, Share Shoes, Donate A Book, and Share A Toy are implemented in partnership with its customers and SM Foundation with a shared mission of bringing cheers to communities. All branches of The SM Store house coin boxes for UNICEF, Tahanang Walang Hagdanan, Good Neighbors Philippines, and World Vision.

For more updates and ways to donate, visit www.thesmstore.com and follow its social media pages @thesmstore on Facebook and Instagram.

Foreign Chambers share insights, enthusiasm during the Calabarzon Business Conference 2022

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HE Calabarzon Business Conference 2022 with the theme “Calabarzon: Strengthening its Leadership as Manufacturing and Industrial Hub of the Philippines” held online on April 28, 2022. This very special conference, part of the “Regional Development Series”, is organized by the exhibition and conference experts Olacon & Globallink in partnership with the Italian Chamber of Commerce in the Philippines, the Philippine Chamber of Commerce and Industry-South Luzon, the French Chamber of Commerce, Dutch Chamber of Commerce, Spanish Chamber of Commerce, German Chamber of Commerce, Nordic Chamber of Commerce and Advantage Austria.

This event aims to feature business and investment opportunities that are available within the Calabarzon region. It is also envisioned to further connect to other parts of the world as a manufacturing and logistic hub for global corporations and investors. Keynote speakers of the event were NEDA Region IV-A Regional Director Luis Banua; the Philippine Chamber of Commerce and Industry-South Luzon, Area Vice President Sallie Lacson; Regional Governor Romeo Race; Asian Development Bank Vice President for Finance and Risk Management Ms. Roberta Casali; Science Park of the Philippines, Inc. President Richard Osmond;

Italpinas Chairman/ CEO Romolo Nati; Financial Executives Institute of the Philippines President Michael Arcatomy H. Guarin; Havitas Developments Corporation Chairman & co-Founder Alejandro Mañalac; and Bright Night Power Country Head, Philippines Michael Yamazoe.

Calabarzon region is known as the industrial powerhouse of the Philippines. Part of Calabarzon are the provinces of Cavite, Laguna, Batangas, Quezon and Rizal. This region has a big supply base of semiprocessed industrial raw materials and industrial components coming from its 31 world-class industrial estatesandeconomiczones(ecozones).Majorautomotive assemblers in the Philippines are located in this region, particularly in the province of Laguna which is also called “the Detroit City of the Philippines’’.

Calabarzon has a huge number of human resources available for the manufacturing and services industries. Furthermore, this region will continue to be the hub of manufacturing, eservices, and logistics in the Asia-Pacific Region that is significant to the global economy.

BusinessMirror is one of the featured media partners during the event.

For more information, check the event’s FB page of Focus Philippines: https://www.facebook. com/events/1437074486713232.

Choose nail care products fit for the beach season

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UMMER is in full swing, and everybody wants to go out and face the sun. Aside from keeping our skin and hair from the damaging sun, we also need to keep our nails healthy and beautiful during the beach season.

Our nails empower us. Whether we go full blast on color or go polish-free or probably in love with nude shades, our nails provide us with confidence and the feeling that we can rule the world. We may be doing this for fun, self-love, or just routine maintenance, but we all know that well-kept and healthy nails are worth the investment, especially during the summer season, where our nails require nourishment and hydration.

With that in mind, we made a fantastic discovery—the superstar in nail care—CND’s award-winning cuticle oil dubbed as SOLAROIL™. It is known to drive nutrients deeper to the nail bed, creating more robust, healthier nails and hydrated cuticle area. This world-renowned beauty oil is infused with jojoba oil and vitamin E, making it an excellent fit to keep your nails and surrounding skin hydrated at all time. This wonderful product is available at all Nail Addik by Creative Nails branches in the metro.

Exposure to the sun can cause vertical ridges in our nails, which become more evident as we all age.

CND takes charge of the situation with its highly effective treatment called RESCUERXX™ which

repairs damaged nails with the power of Keratin protein and moisturizing jojoba oil. Grab this clinically tested nail treatment in selected Cait & Ping Nail Salon located at BF Homes Paranaque.

Just before we end our list, we want to give you a lovely addition to your beach tote, and that is CND’s Almond Hydrating Lotion that works as a silky-smooth hand and body lotion that quickly absorbs into the skin, leaving a soft, satin feel and a light almond fragrance. This is the perfect moisture product for the season as it contains a whipped blend of jojoba oil and vitamin E. And so, before going out to strike that sexy pose under the sun, don’t forget to stuff your beach bag with CND’s nail care essentials.

These products are also available online via Lazada, Shope e , Z a lor a , and from its official website newsummitcolors.

Marketing BusinessMirror

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Monday, May 2, 2022 B7

Overcoming hurdles to creativity I

N last week’s column, we talked about a simple ideation process, broken down into five stages:

n Prepare— Research the problem or

issue.

n Incubate— Organize research findings, immerse yourself in them, then leave them be for a while. n Illuminate— Put your ideas down on

paper.

PR Matters

By Abigail Ho-Torres

n Verify— Make sure that your current idea is the best approach to the issue; discard that idea and move on to the next one if it is not. Refine your idea for presentation to concerned stakeholders, once you decide on the best course of action. n Practice­— Go through the process again for other issues or problems.

Even with these simple and straightforward steps though, we can still hit creativity roadblocks. To prevent our idea well from drying up, there are a few things we need to consider and practice, including chucking existing mindsets and behaviors out the window.

According to the Digital Marketing Institute, one of the biggest creativity barriers is fear of failure. This is especially true for ideas that have never been tried before in a particular setting—in your company, for example. Will this fly or flop? Will my colleagues and bosses think I am weird for even proposing this? Will I get mocked for this idea behind my back? For some people (or most people?), fear of failure trumps the desire to put new ideas out there, even if those ideas could potentially reap exponential gains for the organization if implemented well.

Another obstacle to creative thinking is being hung up on old ideas and ways of doing things. “We have always done it this way” – isn’t that a familiar line? Maybe it is not you yourself who think this, but the organization that you’re in and the people on top who have the most say in running it.

Some people and organizations just choose to act like dinosaurs, unfortunately. This is an all-too-real idea killer.

One other barrier is something called “functional fixedness.” In psychology, this is defined as a cognitive bias that limits a person’s ability to see beyond the usual purpose for an object. For example, you need to spread jam on bread but all you have is a teaspoon. Functional fixedness prevents you from seeing the spoon as something that you can use to spread the jam as it is traditionally used to stir liquids for drinking or scooping small amounts of food. In problem-solving terms, you may miss some solutions when they are not the usual way of solving particular problems.

Now that you know what the barriers are, let’s explore some ways to overcome them.

1. Challenge your biases and preconceptions

Look at problems from various angles.

Assume that your understanding of the problem is correct, and also assume that it is wrong. Think about how a third party

Brand & Business: STI College wins at the Huawei ICT competition Asia Pacific Regionals

MANILA, PHILIPPINES—The Department of Energy (DOE) recently conducted a tabletop exercise as part of updating the National Energy Contingency Plan (NECP) for the magnitude 7.2 earthquake or “The Big One.” As part of the Department’s initiative in a whole nation’s ap-

proach to the Energy sector, DOE, in partnership with the Philippine Disaster Resilience Foundation (PDRF), Program Management Office for the Earthquake Resiliency of the Greater Metro Manila Area (PMO-ERG), Office of the President, Office of the Civil Defense (OCD), and the Philippine Institute of Volcanology and Seismology (PHIVOLCS), gathered together various energy stakeholders from the power and oil sectors and other concerned government agencies to test and improve the protocols and response arrangements of the energy sector in a worst-case scenario of an M7.2 earthquake that may strike in GMMA. The exercise was designed and led by

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Creativity obstacles

will view the problem. Doing this will likely change your point of view, and allow you to explore the nature of your problem from perspectives other than yours. In turn, solutions you did not think of before may come up. And one of those solutions might just be the solution to your issue.

2. Alter your thought process

You approach problems a particular way— that is your thought process, or how your ideas come out, triggered by the previous idea, in a sequence. Be familiar with your thought process: are you analytical, instinctual, or intuitive? Try to figure out how others think, too.

Choose a person whose thought process you are familiar with and try to apply that line of thinking to your idea generation.

For example, if you are highly analytical, choose someone who is typically intuitive in their approach to solving problems. Think: how will this person approach the issue?

This can generate new ideas for you. This will also allow you to come up with various scenarios about how your ideas could be received by different stakeholders, and prepare the appropriate responses prior to your presentation.

3. Avoid functional fixedness

Many things can be used for purposes other their traditional use. The same goes for solutions to problems. Take a step back and think about non-traditional approaches

the PDRF Operations Team.

“Pursuant to Depar tment Circular No. DC2018-01-0001, the energy sector has organized itself through the Task Force on Energy Resiliency [TFER] to respond to any disaster event. We recognize that power and fuel are part of the basic needs necessary to immediately recover in the event of such disaster. With the threat of a magnitude 7.2 earthquake in the GMMA, we must be proactive in developing plans and policies to ensure availability of energy supply. And to have a whole government approach, the DOE’s partnership with the private sector plays a very significant role in crafting the National Energy Contingency Plan

to solving your specific issue. Try not to get bogged down by the thought that this was the only way it was solved in the past, so this must be the only solution.

Consider a toddler that won’t eat vegetables. Some people believe that you can solve this by forcing your child to eat those veggies at all costs—you are the parent after all. The traditional solution then is using authority or force. On the flipside, some parents have resorted to more creative ways to solve this problem, like cutting veggies up into various shapes that toddlers can play with or mincing veggies and integrating them with various food that toddlers like. Crunchy lumpiang shanghai, for example. There is usually more than one way to solve a problem. Try to find those other sways.

4. Change your daily routine

Believe it or not, having the same routine 24 hours a day, seven days a week, 365 days a year can pull down your creativity quotient. Try shaking things up a bit. Change workspaces every other day, maybe—from your office to the conference room to the coffee shop to the office garden. Or alter your usual task accomplishment order— answer all e-mails first thing in the morning today, do the same thing after lunch tomorrow.

Little changes can go a long way in the long run, as these breaks on your routine can prevent your mind from settling too

[NECP]. This allows the Department to have a broader perspective when it comes to anticipating possible scenarios and formulating operational concepts to attain a unified goal,” said Energy Secretary Alfonso G. Cusi.

“The threat of a Magnitude 7.2 earthquake emanating from the West Valley Fault is ever-present based on scientific studies. Such event poses a huge risk to lives, properties, and financial resources of the Greater Metro Manila Area. It is, therefore, imperative to reduce the risks associated with this anticipated event and enhance our capacities to resist, withstand, respond, cope, and recover from its impact. We have to take collective mitigation and

much into a rhythm that you already forget how to think creatively. Once a new routine works for you, stick to it for a while until you feel your creativity slip. Then change things up again.

5. Take creative risks

Let your wild ideas out into the wild. Try not to let failure or ridicule scare you. Like how the Digital Marketing Institute put it: “It takes courage to be the first person to think of an idea or a new solution. You can’t be sure if it will work, or be accepted, or even if people will find it ridiculous. Nevertheless, the ability to take risks goes hand in hand with innovation and problem solving.

So be brave, put your ideas out there, and keep looking at new ways of doing things and of overcoming barriers to creativity.”

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Advocacy and Marketing of Maynilad Water Services Inc. She spent more than a decade as a business journalist before making the leap to the corporate world.

We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com

preparatory as a Nation. The Energy Sector plays a vital role in this endeavor and should be made robust in order to ensure speedy recovery of the Philippines’ economy,” said PMO-ERG Assistant Secretary Ramon Santiago.

“PDRF and the private sector work closely with DOE in quake drills and simulations and in the restoration of power after emergencies such as Supertyphoon Odette last December and other storms, volcanic eruptions, and earthquakes around the country.

That collaboration is a global example of how the public and the private sector can work together in good times and bad,” said PDRF President Butch Meily.

As the first sector to hold this

kind of exercise, the Department aims to craft a harmonized multi-sectoral disaster response and recovery plan and measures from various energy stakeholders in preparation for the possible effects and impacts of “The Big One.” This activity, supported by the United States Agency for International Development, will be the basis of the Department Circular that will institutionalize the adoption of the NECP for “The Big One,” which includes the response protocols and arrangements as well as the necessary disaster preparedness and rehabilitation measures that could mitigate and reduce the impact in the energy sector.

Sports BusinessMirror

Chinese ace stuns world No. 2 opponent in Asian tourney

B8

| Monday, May 2, 2022 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BALDWIN ESCAPES W SANCTION

WANG ZHIYI gains precious world ranking points.

By Josef Ramos

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ATENEO Head Coach Tab Baldwin criticism of referees didn’t go unnoticed.

POC thanks ITF, ATF for allowing PHL bets to play in Vietnam SEAG

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HE Philippine Olympic Committee (POC) thanked the world and continental governing bodies for tennis for allowing Filipino athletes to compete in the Vietnam 31st Southeast Asian Games despite the suspension of the Philippine Tennis Association (Philta).

“The POC is extending its gratitude to the ITF [International Tennis Federation] and ATF [Asian Tennis Federation] for allowing our players to see action in the SEA Games,” said POC President Rep. Abraham “Bambol” Tolentino, who was informed of the two bodies’ approval to let Filipino players compete in Hanoi over the weekend.

The ITF suspended the Philta for two years for its failure to elect members of its board who are truly representative of the entire country. The POC followed suit and also suspended the national sports association.

ATF Executive Director Manpreet Kandhari, according to Tolentino, relayed the confirmation which both the POC and Vietnamese organizers of the SEA Games received.

HE University Athletic Association of the Philippines (UAAP) spared Ateneo Head Coach Tab Baldwin of any sanction despite his criticism on the three referees who supervised the Blue Eagles’ game against the Far Eastern University (FEU) last Thursday.

“I don’t think at this point we need to sanction him [Baldwin],” UAAP Executive Director Rebo Saguisag told a press conference held in between games at the Mall of Asia Arena on Sunday. “Some may consider it derogatory so it is still up for discussion.”

“What is important is that it won’t happen again. I think I’m just a libertarian,” Saguisag added.

Ateneo beat FEU, 70-53, in that game to go unblemished in 13 matches, but still Baldwin took a swipe at the referees during the post-game interview.

“The three guys in grey shirts should get eye surgery like him due to the missed or bad calls during the game,” said Baldwin, referring to referees Ricor Bauron, Jaymar Talledo and Joemar Gorom.

“I’ll take care of our team. I don’t know who’s going to take care of them,” Baldwin added.

Basketball commissioner Tonichi Pujante called Baldwin’s remarks as “unnecessary and derogatory,” adding that the league” has been doing everything to improve officiating by coordinating with teams to lessen the missed or bad calls.”

“We man up and admit mistakes,” Pujante said in a statement. “It is as if I am not doing my job and for which I take offense. Allow me to counter and say that he focuses on his team task, and leave the referees to me.”

Pujante said that ridiculing the game officiating publicly “would do no good but it only casts doubt on the integrity of the league.”

“There are proper channels to air grievances and we’ve had healthy and constructive interactions with the post-game reviews with most of the teams,” the commissioner added.

Saguisag was asked if it was a warning to the former national Coach Baldwin, Saguisag said “yes,” and encouraged all coaches to address their complaints to proper channels and “not to antagonize and alienate things.”

“It’s better to address it to the respective channels because there are some mechanisms to improve things, be more productive in a sense, and we’re doing it for the longest time when I was serving as a three-year commissioner,” Saguisag said.

Baldwin shunned reacting lengthily to the issue.

“I don’t have a reaction to that. I’m in game preparation,” he said a few hours before the Blue Eagles played the University of the Philippines Fighting Maroons on Sunday.

FEU, meanwhile, routed University of Santo Tomas, 109-65, to secure at least a playoff berth with a 7-7 record eliminations record, while Adamson University defeated University of the East, 65-53, to complete its season with a 6-8 record.

The Red Warriors went winless in 14 games.

WOMEN’S VOLLEYBALL ACTION RETURNS THURSDAY VOLLEYBALL coaches lessened their expectation but expressed excitement over the Season 84 women’s volleyball action that returns on Thursday without the men’s and juniors’ divisions also at the MOA. University of Santo Tomas and Far Eastern University clash in the opener at 10 a.m., followed by the National University-Adamson University match at 12 noon and defending champion Ateneo facing De La Salle at 4 p.m.

University of the Philippines will collide with University of the East at 7 p.m.

“We are thankful for your patience. I remember when we were in a basketball press conference, we told you that we’re going to start the elimination of women’s volleyball before the basketball elimination ends,” UAAP league President Emmanuel Calanog said. “We’re very happy and excited that UAAP women’s volleyball is back.”

Only three matches were played in Season 82 prior to the lockdowns in March 2020.

“We’re excited to play again after two and a half years,” said Ateneo coach Oliver Almadro, saying they had to train in a bubble most of the time and had little time for face-toface practice.

“It’s already been two years and we’re nervous, I hope nobody gets injured,” DE La Salle assistant coach Noel Orcollo told the hybrid news conference.

“We are excited and hopefully our players will perform well,” FEU coach George Pascua said.

UST coach Kungfu Reyes said: “We’ve maximized the online training so we have a short time to prepare, but we’re excited to play.”

ORLD No. 16 Wang Zhiyi of China fashioned a threeset upset of world No. 2 Akane Yamaguchi of Japan, 15-21, 21-13, 21-19, to capture her first women’s singles title at the Smart Badminton Asia Team Championships 2022 on Sunday at the Muntinlupa City Sports Complex.

Wang gained 12,000 points for Badminton World Federation World Rankings, while Yamaguchi received 10,200. Semifinalists An Seyoung of Korea and PV Sindhu of India took 8,400 points.

The 2019 champion Yamaguchi tried to rescue her reign with four consecutive points to cut the deficit to 11-17 in the third and deciding game. Yamaguchi eventually forced a deadlock at 19 with Wang committing an error on a drop attempt.

Wang snagged the title from the

SAN BEDA IN 15TH F4 STINT

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AN BEDA University reasserted its mastery of College of Saint Benilde, 63-57, to secure its 15th consecutive Final Four appearance in the National Collegiate Athletic Association seniors’ basketball tournament at the Filoil Flying V Centre on Sunday.

The Red Lions quelled the Blazers last-ditch rally in the payoff period to claim the No. 3 semifinals ranking.

Up next for San Beda is a Final Four date with twice-to-beat Mapua on Sunday. The Cardinals booked the outright Final Four slot as the No. 2 team by virtue of their 68-54 elimination round conquest of the Red Lions.

James Kwekuteye scored 17 points, including eight in the fourth quarter, to go with four rebounds to lead San Beda.

The Filipino-Canadian guard, however, left in the final 1:31 with a left ankle injury after he got fouled by AJ Benson.

Yukien Andrada also shone for the Red Lions with 11 points, including

Acabo foils Padilla in 18-under final of Liloy net tourney

Cebu Chooks tops Asia Pacific Super Quest

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EBU Chooks outdueled Sansar MMC Energy in a thrilling finale, 17-15, to rule the Chooks-to-Go International Basketball Federation (Fiba) 3x3 Asia Pacific Super Quest on Saturday night at the Ayala Malls Solenad Activity Center in Santa Rosa, Laguna.

The Philippines’ top-ranked 3x3 player Mac Tallo led the assault with eight points, none bigger than his two-pointer from the left corner that changed the game’s complexion as it gave his side the 15-14 advantage.

The 28-year-old Cebuano hit the dagger with 1:16 left that settled the final count as the opposition could not find the mark.

Cebu and its Mongolian counterparts are headed to the Chooks-to-Go FIBA 3x3 World Tour Manila Masters set May 28 and 29

Kai NBA draft watch IN 52 days by the time you read this column, basketballloving Filipinos will be watching the annual National Basketball Association (NBA) draft that will take place at the Barclays Center in New York City.

This 2022 draft will be the league’s 76th edition.

Everyone will be glued to see if Kai Sotto will be drafted by any NBA team. Any round of the draft will do and be hailed as a major victory for Philippine basketball. For Kai

at SM Megamall.

Mike Harry Nzesseu provided seven points, while tireless workhorse Zach Huang chipped in two points that also netted them $10,000 by lording over the Level 8 FIBA 3x3 tournament.

Cebu Chooks became the first Philippine team in a long while to win a gold medal in the FIBA 3x3 Pro Circuit—since the all-pro Manila West defeated Doha to conquer the World Tour Manila Masters in 2014.

Enkhbaatar Onolbaatar finished with nine points to lead Sansar, which couldn’t solve the Cebu puzzle as they lost to the same team in the pool stage.

Anand Ariunbold backed him up with four points, while Sukhbat Batzorig and Gansukh Avarzed scored one each in the defeat.

Sansar brought home $5,000.

himself, this is where he will see if he can fulfill a lifelong dream to play in the world’s best basketball league and at the same time, make history as the first homegrown Filipino to be drafted.

It is difficult to speculate how he will do or who will even possibly select Sotto given the playoffs are still ongoing and the list of hopefuls isn’t done. As of this writing, there are 284 applicants.

However, there will only be 58 picks.

Dreams will be fulfilled at some point while others will see their road to the association a little harder.

Of course, not getting drafted doesn’t mean one doesn’t have a chance. There are many undrafted players who became stars in the NBA. There’s JJ Barea who became a pivotal player for the Dallas Mavericks and their 2011 title run.

Avery Johnson won a championship at the starting point guard of the 1999 NBA champions, San Antonio Spurs.

Brad Miller became a solid player for the Indiana Pacers and a two-time All-Star for the Sacramento Kings.

Spanish star Jose Calderon retired as the Toronto Raptors’ all-time assists leader.

Fred Van Fleet made history for signing the richest contract ever for an undrafted player in 2020 after his

Japanese with two straight points off a smash and a forced error.

“I was excited to get the championship,” Wang said through an interpreter. “It’s incredible and unimaginable because no one thought that I will win the title, including myself.”

“Yamaguchi is a very tough opponent so I had to adjust my mentality to go through some tough decisions in the match,” the 22-year-old native of Shashi, Jingzhou, added.

Yamaguchi earlier stamped her class and took the set advantage, capitalizing on Wang’s errors late in the frame.

The 24-year-old needed to catch up in that second set but slightly injured her left knee in an attempt to save the ball.

Wang also took advantage of her opponent’s errors and found her own shots to send the match into a deciding set.

CEBU Chooks is the first Philippine team in a long while to win a gold medal in the international 3x3 pro circuit. stellar role with the 2019 champions, Toronto.

Udonis Haslem was a three-time champion for the Miami Heat and is credited with helping establish the culture that Pat Riley and Erik Spoelstra envisioned for the club.

Bruce Bowen is another undrafted and three-time NBA champion w2ith the San Antonio Spurs.

There’s New York Knicks’ John Starks, Phoenix’s Connie Hawkins, and Detroit’s Ben Wallace. If those names and their achievements are unfamiliar then you don’t know NBA basketball.

So it is possible.

Kai will have an opportunity to attract some attention when he attends the NBA Draft Combine from May 16 to 22 in Chicago, Illinois.

Incidentally, the NBA Draft lottery will be on the 17th of May, a day after the draft combine begins.

I for one am super excited.

When Kai made the decision to forego school and his University Athletic Association of the Philippines career, I wholeheartedly supported this.

One does not get this opportunity all the time. To ask him to stay is selfish.

Look, if he doesn’t have the tools to make it then I can

three triples, and four rebounds.

San Beda was ahead, 57-43, when Saint Benilde made a 12-3 run capped by a Will Gozum putback to cut the deficit to 55-60 with 17.8 seconds.

The Blazers, however, ran out of time, as the Red Lions sealed the victory after Ralph Penuela went 3-of-4 from the stripe in the final 16.3 seconds.

Saint Benilde, which last made the Final Four in 2002, will face either University of Perpetual Help System Dalta or Arellano University for the remaining berth on Wednesday. The survivor will face defending champion Letran, which has the twice-to-beat bonus for finishing No. 1 in the short eliminations.

Robi Nayve went 1-of-8 from the field to finish with 10 points for the Blazers while Joshua Marcos added nine points and eight rebounds. Will Gozum could only muster 4-of-19 shooting for an eight-point outing with 11 rebounds.

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J ACABO got back at Ma. Judyann Padilla, 6-4, 4-6, 12-10, to rule the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) national age group tennis tournament at the Liloy Tennis Club in Zamboanga del Norte over the weekend.

Acabo came through with clutch baseline hits in the decider to pull off the victory in the girls’ 18-under division as the rising Zamboanga Sibugay star rebounded from her 7-5, 4-6, 3-10 defeat to the Ozamiz City ace in last week’s stop in Labason.

Padilla, who swept the 16-under and 18-under titles in Dipolog and Labason, earlier trounced Acabo in the 16-under finals, scoring an easy 6-2, 6-0 rout but the latter came out strong in their 18-under duel to split the top two titles in the circuit put up by Palawan Pawnshop president and CEO Bobby Castro.

Thomas Gabuat, meanwhile, kept his win run going in the boys’ side of the Group 2 tournament presented by Dunlop, toppling Mark Barrios, 6-3, 6-3, and dispatching Cyril Paster, 6-1, 6-2, in the 18- and 16-U finals, respectively.

Sindangan’s Marlyn Mesiona likewise extended her reign in girls’ 14-under play, beating Stephanie Omos, 6-0, 6-1, for her fourth title romp following her victories in Dipolog, Sindangan and Labason, while Dipolog’s Pete Bandala survived Rastan Baje, 7-6(1), 7-5, to snatch the boys’ 14-under trophy for the second straight week.

understand a fool’s dream. But fool’s dream this is not.

Risks? I don’t think there are any.

If he doesn’t make it there, he could play in Europe, Japan, or stay with the Australian league. Or, he can play in the Philippine Basketball Association. Kai will find a home somewhere.

Being drafted and signed means other Filipinos will get the lookover.

I thought that for Ray Parks’s goal of making it to the NBA, he made a mistake with going to National University and should have instead gone on to Georgia Tech.

If the NBA is your goal, then put yourself on the path to that. The UAAP is not the path to the NBA. The Australian National Basketball League has increasingly become a pathway to the NBA. Aside from Australians Chris Antsey, Andrew Gaze, Josh Green and Josh Giddey to name a very few who have cracked NBA teams, there have been Americans LaMelo Ball, RJ Hampton and Justinian Jessup who played first in the NBL before making the NBA jump.

And Sotto’s meager stats aside, he has tremendous upside (and yes, he does need to bulk up).

The Kai Sotto NBA Draft Watch is about to reach fever pitch.