BusinessMirror May 14, 2024

THE Philippine economy is expected to play catch-up this year given the country’s first quarter GDP performance, according to Moody’s Analytics.

In an economic brief, Moody’s Analytics said the economy’s 5.7 percent growth was a “decent trot” in the first three months of the year and is well within its 6 to 7 percent full-year growth target.

Moody’s Analytics also expects the Bangko Sentral ng Pilipinas (BSP) to maintain key policy rates at 6.5 percent this week, but resolve to cut rates next quarter.

“The economy will play catchup in 2024 from its deep pandemic downturn. Bangko Sentral ng

Pilipinas will likely stand pat on rates this month,” Moody’s Analytics said.

“And while the inflation print for April settled within BSP’s 2 to 4 percent target range, it will likely bump around the upper limit over the next few months as dry weather hits food harvests. At the earliest, rate cuts could begin next quarter, which would ease the pressure on households,” it explained.

In the brief, Moody’s Analytics said the economy benefited from gains in January and February which were enough to compensate for the sharp rise in inflation in March.

The think tank also said “trade

was the star” of the country’s economic performance in the first quarter of 2024. Net exports turned positive given the faster rise in exports than imports.

Goods and service exports buoyed the country’s trade performance while tourist arrivals also continued to grow, recovering 72 percent of the prepandemic levels.

Moody’s Analytics also said labor market growth remained robust while remittances were able to buoy household consumption despite the slowdown to 4.6 percent.

“High borrowing costs have weighed on household budgets and private investment growth,”

Moody’s Analytics stressed.

“Government spending—always a wildcard in the Philippines—rose 1.7 percent reversing from a 1 percent drop in the prior quarter, largely due to officials’ front-loading expenditures,” it added.

Moody’s Analytics also cited the contribution of the construction sector while mining and quarrying continued its decline for the fifth straight quarter. Services remained the largest contributor to GDP -- 62 percent— and got a significant boost from accommodation and food services in the first three months of the year. Cai U. Ordinario

PHL economy to play catch-up: Moody’s Analytics BusinessMirror

‘RTL AMENDMENT SPELLS BIGGER DEBT, DEFICIT’

By Cai U. Ordinario @caiordinario

AMENDING

the Rice Trade Liberalization (RTL) law could cause the government to incur more debts and prevent it from reducing the budget deficit, according to local economists.

They aired their views as Speaker Ferdinand Martin G. Romualdez said the House of Representatives is committed to intensify efforts to expedite plenary debates and attain the approval of the bill to amend the RTL on second reading by Wednesday. (See: https:// businessmirror com.ph/2024/05/13/house-racingto-amend-rtl-to-cut-rice-prices/).

However, some economists believe that geopolitics which encouraged trade protectionism through the imposition of embargoes necessitated a shift in the country’s rice policy.

“The risk [of amending the RTL] is to create enormous liability for the government, or enlarge the government budget deficit, when NFA [National Food Authority] tries to control the market price. This is based on pre-RTL historical precedent,” Philippine Institute for Development Studies (PIDS) Senior Research Fellow Rhoelano Briones told BusinessMirror

IF malls do not innovate and make their spaces attractive for future retailers, they “risk extinction,” according to the latest report from Colliers.

In a Flash Report, Colliers said the country’s first quarter economic performance indicates that the Philippine economy is primed for growth.

This was despite the slowdown in household consumption to 4.6 percent, the slowest in 14 years, discounting the pandemic years.

(See: https:// businessmirror com.ph/2024/05/10/spending-cutbacks-to-continue-say-experts/).

“Mall developers and retailers need to ramp up space renovation

and innovation to quell extinction,” Colliers said in a brief.

“Retailers should consider locking in spaces in business districts that continue to record strong office and residential leasing activities,” it added.

Colliers said, however, that many malls are undergoing renovation and are upgrading their retail spaces to attract more consumers.

“Philippine and foreign brands continue to occupy mall space, with some retailers even making a comeback to the Manila retail landscape by locating both in stand-alone malls and transit-oriented shopping centers,” Colliers said.

TBy Joel R. San Juan @jrsanjuan1573

HE Regional Trial Court (RTC) of Quezon City has dismissed the three counts of libel cases filed against BusinessMirror publisher T. Anthony C. Cabangon by businessman Reghis Romero II over a series of columns published in the newspaper 12 years ago.  In a 22-page ruling issued by QC RTC Branch 87 Presiding Judge Louie Brian Sze, the trial court held that the prosecution failed to present evidence to prove Cabangon’s guilt for the crime of libel under Article 353 of the Revised Penal Code.  The provision mandates the prosecution to prove the presence of four elements of libel—(1) the allegation of a crime; (2) the publication of the charge; (3) identity of the person defamed; and (4) existence of malice—in order to secure a conviction.  In this case, the trial court held that the prosecution failed to establish the presence of the first and fourth elements.

careful consideration of the testimonies of the witnesses, the admitted documentary

P25.00

US denies Open RAN tech meant to dislodge Huawei

By Malou Talosig-Bartolome @maloutalosig

ATOP American diplomat denied that the new mobile communication infrastructure that they are endorsing is not aimed to dislodge Chinese telecommunications giant Huawei from the Philippine cellular network.

US State Undersecretary Richard Verma said they are pitching for the Philippines to adopt the Open Radio Access Network (RAN) Technology so that more Filipinos can have “open, interoperable, secure, reliable, and trusted” internet access in the future.

The Philippine telecommunications companies are presently using the traditional RAN Technology, where telcos are only tied to one supplier for their many components from hardware to software. For 4G cellular signal, Huawei is one of the

top suppliers for Globe and Smart.

“I don’t think it’s about any particular company. I think it’s about building more trust and competition and multiple networks that could actually bring down the cost and provide more resilience and trust and interconnectivity.

“So instead of one network controlling every facet of the operation, the idea would be to bring in multiple smaller providers that could interlink and interconnect with the network so that you don’t have to rely on one giant conglomerate to provide all of

the services,” Verma said.

The US and Japan have allotted at least US$17 million for Open RAN field trials in the Philippines and the Asia Open RAN Academy based in Manila.

John Avila, the economic and growth specialist at the US Agency for International Development (USAID), said the academy will train the next generation of Filipino network engineers on Open RAN technology.

“Network engineers are used to single networks. So now, they are trained to understand interoperable networks, where you have different parts and different systems working together,” Avila said.

He said Open RAN aligns with the vision of President Ferdinand Marcos Jr. on Digital Transformation and network modernization as the government transitions to 5G. It will also provide an opportunity for the Philippines to support the domestic industry to develop parts

or components of the Open RAN. Verma met with National Security Adviser Eduardo Año and House Speaker Martin Romualdez during his visit in Manila Friday.

Verma said the US support for the Philippines to transition to Open RAN technology is part of the effort to further improve bilateral cooperation, which he noted has been doing “remarkably well” for the past 75 years from people-to-people, to trade and geopolitical interests.

“We start at this incredibly strong foundation. It allows us to build and deliver on programs in new areas of cooperation like this [Open RAN] which may seem small, but they build on this,” he explained.

US Ambassador to Manila MaryKay Carlson denied that the Open RAN will be specifically used for military camps in the Philippines where the US soldiers will have access to.

Urgent need: Shield vs high prices

HOWEVER , University of the Philippines Professor Emeritus Epictetus Patalinghug noted that what the country needs right now is a shield against high rice prices in the international market, which NFA could provide.

Currently, Patalinghug said the RTL is no longer effective in bringing down rice prices. He said the law “kills the domestic producers” and does not “restrain profit-driven firms from raising prices.”

The NFA’s absence from the local rice market, he said, stymied the government’s ability to address nutritional deficiencies such as hunger, malnutrition and starvation.

“Different times call for different solutions. NFA has become useful today as a last-resort rice supplier to the poor, weak, vulnerable, hungry, and malnourished,” Patalinghug told this newspaper.

Briones said options open for the NFA to finance its rice purchases should it be allowed to intervene in the local rice market could come from supplemental budgets.

technology-based system to monitor rice production, supply and demand to detect shortages.

“But it is inconceivable for the traders to manipulate and raise prices because this will mean losing their consumers. Collusion in the form of cartels and monopolies is the only way that the traders can unilaterally increase prices,” Lanzona told BusinessMirror

Given this, Lanzona said the problem is institutional in nature and thus would not be addressed by the creation of a state buffer stock system to regulate prices.

Lanzona cited a need to empower local traders to compete with presumed members of cartels in order to solve the problem. This means it is not the law that should change but the implementation of the law such that “whatever the government can do will fail in comparison to what the markets can do.”

exhibits, and the records of the consolidated cases, the Court arrives at the conclusion that the Prosecution failed to adduce adequate evidence to prove the guilt of the accused beyond reasonable doubt,” the ruling stated.

The case stemmed from the columns published in three consecutive weeks in November 2012 in Business Mirror authored by the late journalist Butch del Castillo. Romero, who chairs R-II Builders Inc., claimed that he and his company became the subject of a propaganda campaign by the newspaper through del Castillo’s columns. Del Castillo’s articles , according to Romero, maliciously portrayed him as a corrupt individual in his various dealings with the government.

in connection with the Smokey Mountain Development and Reclamation Project and that he allowed the use of a portion of the property for illegal purposes, such as the illegal stockpiling of coal.

He said he was also accused in the column of illegally acquiring the erstwhile IBC-13 property in Quezon City in order to sell portions to “gullible” overseas Filipino workers (OFWs).

In Del Castillo’s November 13, 2012 column, Romero said he was made to appear that he defrauded the government of billions of pesos

Romero insisted that the November 20, 2012 column was defamatory because he was again accused by del Castillo of defrauding the

government in connection with the Smokey Mountain project.

He said del Castillo’s third column in the November 23-24, 2012 edition of the newspaper was libelous because it alleged that he has been taking advantage of the government in his dealings and that he was responsible for corrupting judges and prosecutors in Quezon City.

For his defense, Cabangon maintained that as publisher of BusinessMirror he has a standing directive to the editorial board and to all reporters, writers and columnists to see to it that all reports and articles to be published are based on documented facts .

He stressed that the subject del Castillo’s columns were not libelous or defamatory because the heart of the issues discussed therein was Romero’s contract with the government involving Manila Harbour Centre, National Housing Authority (NHA), and Home Guaranty Corporation (HGC), and the latter’s complaints against his company.

Cabangon added that the scrutiny of government contracts which involve public funds are impressed with public interest, thus, any news organization such as the BusinessMirror may report on it under the doctrine that “the public has the right to know.”

In ruling in favor of Cabangon, the trial court noted that the basis for del Castillo’s columns were public records from a trial court in Manila and from HGC, including the various letters of former Agham Partylist representative Angelo Palmones to different government agencies seeking inquiry over the stockpiling, and the privilege speech of the late senator Miriam Defensor Santiago.

The trial court noted that the author also quoted several personalities, including HGC officials, as sources of information.

“Considering the foregoing, the subject articles, far from being defamatory in nature, are but plain reports of statements made by HGC representatives and of contents found in documentary sources....Hence, the first element of the crime of libel is absent here,” the trial court declared.

As to the fourth element, the trial court held that the prosecution failed to prove the presence of malice on Cabangon’s part.

The trial court stressed that the subject articles are within the ambit of fair commentaries on matters of public interest, thus, considered “qualifiedly privileged communication.”

The trial court explained that under Article 354 of the RPC, “defamatory imputation is presumed to be malicious”but such presumption does not apply to “a private communication by any person to another in the performance of any legal, moral or social duty” and on “a fair and true report, made in good faith, without any comments or remarks....”

The RTC said the Supreme Court has already ruled that presumption of malice does not cover “fair commentaries on matters of public interest.”

“While the Court is aware that the private complainant here is not a public officer, he has, by reason of his voluntary participation in these government contracts, been inevitably thrust into the limelight,” the ruling said.

“As a result of his involvement in these matters of public interest, he cannot now prevent public scrutiny and public demand for accountability and transparency in relation to these contracts. Hence, insofar as his involvement with the government projects is concerned, the public complainant is considered a public figure,” it added.

The charges against del Castillo were dismissed by the court due to his death. Cabangon’s second co-accused, Rosauro G. Acosta, has also died.

If this budget is not enough, the government or even NFA, which is a state-run corporation attached to the Department of Agriculture, could itself borrow from various sources.

Monetary Board Member V. Bruce J. Tolentino, who was a former Agriculture Undersecretary, recommended that the House carefully study first the debates at the Philippine Senate when the RTL was being deliberated.

The Senate, Tolentino said, was thorough and this led to an “extended analysis” of the RTL and, as such, could provide sufficient basis for decisions made on possible amendments of the law.

As to the impact, he said, there was no telling how soon or how much the amendment could impact the economy or the government coffers.

“It depends on the extent of intervention. NFA has a current budget that can only procure so much either from local farmers or via imports. In order to procure more, NFA has to be provided more budget or borrow from banks. Ask the bankers if they will lend to NFA and on what terms,” Tolentino told BusinessMirror

One thing that is certain, De La Salle University economist Maria Ella Oplas said, is that the RTL review would burden further farmers and even consumers.

Oplas said the aim of reducing rice prices to P30 per kilo would entail either lower payments to farmers or a higher buying price at the expense of the public.

Unfortunately, Oplas said the only “winners” in this arrangement would be rice intermediaries who can buy cheap from farmers and then sell high to the NFA.

“So in that case, small farmers will not benefit and taxpayers will now [shoulder] the difference. I would rather that the government increase our value of money, our purchasing power instead of artificially lowering the price,” Oplas told this newspaper.

Lack of understanding

ATENEO de Manila University economist Leonardo Lanzona said the whole issue of amending the RTL reflected the lack of understanding of competition in the law.

Lanzona said while the RTL was silent on provisions for a buffer stock system, it provided support such as through the Rice Competitiveness Enhancement Fund (RCEF), which provides financial support to farmers to increase productivity and competitiveness. He said the RTL also provided for a Rice Farmers Financial Assistance Program for cash assistance to farmers during times of crises.

The law, Lanzona said, also created the Rice Crop Manager, an information and communications

Cutting tariffs IN a statement on Monday, the Foundation for Economic Freedom (FEF) said there is no reason for restoring the NFA authority to import rice and go into retail sales of rice.

It would be better, in FEF’s view, to temporarily reduce rice tariffs to 10 percent from 35 percent in order to address the high rice prices. In April 2024, rice price inflation slowed to 23.9 percent from the 24.4 percent posted in March 2024. However, it marked the fourth consecutive month that rice prices grew over 20 percent.

“FEF would like to reiterate its proposal last year to temporarily reduce the import duty on rice from 35 percent to 10 percent. If this measure is adopted, it would lower the landed cost of imported rice and exert downward pressure on its wholesale and retail prices,” FEF said in a statement.

Apart from this, FEF supported the RTL’s Implementing Rules and Regulations (IRR) which named the Philippine International Trading Corporation (PITC)—under the Department of Trade and Industry (DTI)—as the institution to import all the country’s rice requirements.

The group of economists also said the NFA should ramp up its palay procurement from local producers to create the country’s buffer stock. This is of greater importance than its previous role of stabilizing retail prices.

Any amendments to the RTL should focus on recommendations to improve the RCEF and the National Rice Program which have already undergone evaluation studies, said FEF.

“They [studies] should be able to distill lessons and insights learned from these evaluation studies, which adopted rigorous methodologies in analyzing empirical data and evidence. Only then can we have a rationale and scientific approach to addressing the challenges hounding our rice sector,” FEF said.

In 2019, lawyer Jose Manuel “Chel” Diokno noted an inordinate focus and priority to restructure the NFA through the RTL. This, Diokno said, should have been the subject of a separate law. He then warned that the NFA provision in the RTL could jeopardize not only the livelihood of some 6,000 workers but also the country’s food security goals.

He said a law usually accompanies the government’s policy decision to restructure or abolish a certain department. This is especially crucial for workers who depend on these agencies for livelihood. Diokno noted that the new law does not have provisions on what will be done to affected NFA workers and whether they will receive separation pay.

(See: https://businessmirror .com.ph/2019/02/21/ focus-on-rice-import-rules-notnfa-overhaul/).

www.businessmirror.com.ph

Marcos: Complex security issues need ‘bold response’

By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand R. Marcos, Jr.

Phas called for a “bold” response from officials of the Armed Forces of the Philippines (AFP) to the country’s “complex security challenges.”

In his speech during the oath-taking of 39 newly-promoted AFP generals and flag officers, the chief executive said the country can no longer rely on the status quo to address its new security concerns.

“The load that you feel are in fact our people’s hopes. Especially now that we are at the juncture of our history where our nation faces complex security challenges,” Marcos said.

“The response to which requires bold thinking, brave action, which, I know, you can supply in abundant amounts, as befit

your rank and you can summon from your previous experience,” he added.

Marcos, who also serves as the AFP Commander-in-Chief, made the remark amid China’s growing aggressive actions in the West Philippine Sea (WPS), which resulted in injuries to several Filipinos.

The new batch of AFP officials, he said, must face this challenge head-on and lead in protecting Filipinos against security threats.

“Expectation from the Filipinos, which we serve, and the Republic, which we defend and love, expect a lot from you. Let us not let them down,” Marcos said in Filipino.

The AFP is undergoing modernization to improve its capacity in protecting the country’s borders.

Last Monday, Marcos attended the Philippine Airforce (PAF) command conference at the Villamor Air Base in Pasay City, where

Pro-BSKE postponement congressmen ask DILG to ensure witnesses’ presence in hearings

LAWMAKERS advocating for the postponement of next year’s Barangay and Sangguniang Kabataan elections (BSKE) to 2026 have asked the Department of the Interior and Local Government (DILG) for assistance in ensuring the participation of incumbent officials in the congressional deliberations on the proposed measure.

Bicol Saro Rep. Brian Raymund Yamsuan as well as Camarines Sur Reps. Luis Raymund Villafuerte and Miguel Luis Villafuerte have requested Interior and Local Governmwent Secretary Benjamin Abalos Jr. to provide them with a comprehensive list containing the names, office addresses, email addresses, and contact numbers of incumbent barangay and SK (BSK) officials. They have jointly filed House Bill 10344,

seeking to postpone the December 1, 2025, BSK elections to October 26, 2026, and every three years thereafter.

In seeking the DILG’s assistance, the three lawmakers said that they want to reach out to the BSK officials “whose participation is relevant in pursuing this legislative measure.”

“This shall uphold the rights of the constituents to contribute to such a legislative process, promoting and protecting their participation in all aspects of government decision-making,” they said in a letter sent to Abalos dated May 8, 2024. They said in their letter that HB 10344 “intends to safeguard the fundamental rights of both the electorate and the incumbent BSK officials.”

he was briefed on the PAF activites, plans and proposed projects.

“The President gave his guidance and instructions on some of the proposed programs to further strengthen the PAF as it defends the country’s sovereignty, territory and development,” Presidential Communications Office (PCO) Secretary Cheloy V. Garafil told reporters in a Viber message.

The 39 newly promoted AFP officials are Philippine Army (PA) members Lt. Gen. Steve D. Crespillo; Maj. Gens. Arvin R. Lagamon; Edmundo G. Peralta; Allan D. Hambala; Leodevic B Guinid; Ramon P. Zagala; and Domingo B. Gobway; Brig. Gens Generals Benedict D. Balaba; Ramon P. Flores; Jose Jesus C. Luntok; and Antonio John B. Divinagracia.

Also among the newly promoted officials from the PA are Brigadier General

They argued that holding the next BSK elections as originally scheduled on December 1, 2025, would result in a shorter term for the incumbent officials, hindering their performance, diminishing their obligations to serve constituents, and reducing their accountability in exercising the power bestowed upon them by the people’s free choice.

Given that the last BSK elections were conducted in October 2023, the incumbent officials would serve for only two years if the next balloting were to proceed as planned in 2025. This truncated term, they contended, would contravene the constitutionally mandated three-year term of office for elective officials as stipulated in the 1987 Constitution and the 1991 Local Government Code.

If HB 10344 were enacted into law, it would benefit 42,001 incumbent BSK chairmen and 294,007 sitting Sangguniang Barangay and SK members.

Jovee Marie dela Cruz

Arsenio D. Sadural; Brig. Gens. Ramon Antonio E. Bello; Emilio R. Pajarillo Jr.; Jose Vladimir R. Cagara; Febie N. Lamerez; Jose Ricky A. Laniog; Romualdo Raymund B. Landingin; Mario D. Jacinto; and Samuel B. Manzano. For the Philippine Navy (PN), those promoted were Commodores Salvador Henry H. Quinto; Peter Jempsun V. de Guzman; Brig. Gen. Ivan D.R. Papera, Commodores Salvador Lavapie Jr. and Brendo J. Casaclang, Brig. Gen. Romulo D. Quemado; Commodores Lemuel E. Espartinez and Jerry Y. Garrido Jr., and Brig. Gen. Ronaldo V. Juan. The President also promoted new PAF officials, which included Maj. Gen. Jesus Nelson B. Morales; Brig. Gens. Lloyd S. Cabacuñgan, Fernando G. Ventura; Joselito T. Lopena; Thad Rufino P. Candelario; Loreto D. Pasamonte; Gleen Albert C. Laguardia; Alvin H. Hate; and Josel J. Zuñiga. Brigadier General Daniel D. Tansip of the Chaplain Service was also promoted.

Barbers asks FMJr to shave BI power to convert visas

By Jovee Marie dela Cruz @joveemarie

ASENIOR lawmaker on Monday called on President Marcos to scrap an executive order, issued during the administration of former President Joseph Estrada, that permits the Bureau of Immigration (BI) to convert tourist visas into student visas.

Surigao del Norte Rep. Robert Ace Barbers said Executive Order 285 allows the BI to convert tourist visas to student visas.

“In today’s setting, this particular power of the BI can be abused. This arbitrary power to convert visas is the worst legalized scheme that can be used by unscrupulous personnel for monetary gain,” Barbers said.

Barbers added.

EO 285 established an inter-agency committee on foreign students, chaired by the Commission on Higher Education (CHED), comprising members from the DFA, National Bureau of Investigation (NBI), National Intelligence Coordinating Agency (NICA), and Department of Education (DepEd).

“The 16,200 student visas that the BI granted to Chinese nationals in 2023 are simply unacceptable. Nevermind if other countries grant more; we should never use that as our yardstick given our tense relationship with China,” Barbers said. The lawmaker said the Department of Foreign Affairs (DFA) should

Senate union welcomes SC decision on red-tagging

By Butch Fernandez @butchfBM

THE Senate employees union, found relief from the Supreme Court ruling that declared red-tagging, vilification, labelling, and guilt by association threaten a person’s right to life, liberty, or security, which may justify the issuance of a writ of Amparo.

To recall, the union, Sandigan ng Empleyadong Nagkakaisa sa Adhikain ng Demokratikong Organisasyon (Senado) was once tagged as part of the Communist terrorist group by the National Task Forece-End Local Communist Armed Conflict (NTF-Elcac) in 2021 along with other unions in the government like the Supreme Court Employees Association.

The two unions are affiliates of the Confederation for Unity, Recognition and

Advancement of Government Employees (Courage), the umbrella organization of public sector unions.

Senate employees admit having feared for their lives and security like other unionists, human-rights advocates, journalists, and leaders of people’s organizations who were red-tagged and became targets of harassment and extrajudicial killings.

“The recent decision of the Supreme Court on red-tagging is a slap on NTF-Elcac’s spokeswoman Lorraine Badoy’s when she claimed that the Court had ruled that there is “no such thing as red-tagging,” Senado president Rosel Eugenio, said.

The union statement noted that its president, Eugenio, was accused by Badoy of being an operative of the Communist Party of the Philippines, its military arm, the New People’s Army and its political organ, the National Democratic Front (CPP- NPA-NDF).

Badoy also reacted to the support the unions received from more Senators, including Senate Minority Leader Franklin Drilon, Sen. Anna Theresia “Risa” Hontiveros vda. de Baraquel, Sen. Leila de Lima and Sen. Francis Pangilinan who joined the call for immediate passage of Senate Bill 2121, the proposed “Act Defining and Penalizing Red-Tagging.”

“With this new development, we hope that our lawmakers will speed up the passing of the law that criminalizes red-tagging, penalizes those responsible and the abolition of the NTF-Elcac as a state machinery aimed at silencing and suppressing rights and freedom of ordinary people like ours,” Eugenio added.

Senado in it statement also urged the NTF-Elcac to stop putting the lives of ordinary people like government employees and leaders of different peoples’ organization in peril through red-tagging.

Let’s all love newspapers!

IBy: Henry J. Schumacher

LOVE newspapers and, no wonder, fell also in love with the newspaper boy, an artwork created by “Abante” (2021).

It also brought back my earlier article on “The future of newspapers in the digital age” which was inspired by a letter in a newspaper by a young author called Ronald Guzman

Jr., who outlined that news is everywhere from social media to websites, and asked but does anyone still read newspapers in this digital age aside from the so called “boomers”?

As I am a boomer and as I am reading four newspapers a day, delivered to my house, and as I am writing weekly columns in two newspapers, I am hooked to printed newspapers.

Why you should read every day?

BECAUSE it actively engages your brain. Reading is one of the healthiest hobbies for your mind. Here are two simple tips you can experiment with right away:

n Pick a book you’ll enjoy, and n Set a reading time and place for your newspaper.

The printed newspaper

delivers news, entertainment, business developments, government directives, but also lifestyle, opinions, editorials and sport. Nobody wants to miss that!!

Trust matters IN a world with so much information (and an overdose of social media), it’s essential to know which news is reliable. Newspapers are working hard to fact-check and provide accurate information. When you know you can trust a newspaper, you’ll keep coming back for more.

The practice of being aware, right now and every day DOES the daily newspaper deliver that? Of course! Readership is a classic chicken and egg situation.

I want to be positive and think that we are not seeing a decline in reading, but rather see issues with accessibility. If we have more books and newspapers readily available, readership numbers will certainly improve.

Envisioning the future, Filipinos must no longer accept information at face value. Instead, they must evaluate the credibility of sources, the robustness of evidence, and the coherence of arguments before accepting them. They must decide by carefully weighing the available options, potential outcomes, and inherent biases. And how do you achieve all this? Reading the daily newspapers you trust will be a major step in in evaluating information.

Let me add, that widespread fake news

has blurred our reality enough. Deepfakes are synthetic or falsified media using AI and machine learning technologies to make it look that someone is saying or doing something they did not actually say or do. These could be images, audio clips, or videos that have been manipulated. Let me repeat again: if you read daily trusted newspapers, you will immediately understand what’s fake. In conclusion, remember, trustworthiness is essential, and newspapers are working hard to keep it that way. Therefore, read newspaper you trust daily, delivered to your house or office, or bought from the newspaper boy shown above. I am looking forward to your response. Contact me at hjschumacher59@gmail.com

DMW ties up with Dubai-based digital firm

By Samuel P. Medenilla

T@sam_medenilla

HE Department of Migrant Workers (DMW) is now enhancing its digital services for overseas Filipino workers (OFW) by adopting a cloud-based platform.

In a statement issued last Monday, DMW Secretary Hans J. Cacdac sai he signed last week a Memorandum of Agreement (MOA) with Dubai-based Data Flow Group (DFG) to facilitate the transition from their current system.

“This partnership with Data Flow Group addresses critical limitations in our current database infrastructure by transitioning to a cloud-based platform courtesy of the generous Amazon Web Services (AWS) Cloud services donation,” the DMW chief said.

He noted the cloud-based platform will improve the storage and computing capabilities of DMW’s online systems.

Under its MOA with DFG, DMW will conduct a joint technical study and develop “advanced digital solutions to enhance the registration, monitoring, and verification processes for OFWs at no cost to the government.”

Cacdac said the digital solutions will streamline user experiences of their website, and provide robust protection to OFWs against fraudulent activities.

The agreement also includes provisions on enhanced data management, capacity building and training, and policy and program development.

Once fully implemented, DMW expects the MOA to improve its operational efficiency by aligning its services “to global best practices and addressing the evolving needs of the international migrant workforce.”

The MOA was signed at the DMW’s Mandaluyong Head Office on May 9. Aside from the Philippines, DFG also has other service contracts for document and credential verification with other countries including the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA).

DBM okays 4K new posts for DSWD’s 4Ps program

By Reine Juvierre S. Alberto

THE Department of Budget and Management (DBM) has authorized the creation of more than 4,000 additional positions to support the implementation of the Department of Social Welfare and Development’s (DSWD) Pantawid Pamilyang Pilipino Program (4PS).

Budget Secretary Amenah F. Pangandaman approved the establishment of exactly 4,265 positions as Project Development Officer II (PDO II) for the various Field Offices of DSWD, the DBM said in a statement on Monday. According to the DBM, PDO II are contractual positions created to support the existing workforce of the DSWD to better manage their workload. The goal is to have a case manager for every 300 households as an ideal caseload.

The DBM added that case managers are crucial in the successful implementation of the 4Ps at the grassroots level, since they directly interact with beneficiaries---a core function of DSWD in executing the program, the DBM added.

“Supporting the 4Ps is crucial in inclusive development, empowering families, and breaking the cycle of poverty in the Philippines. With this move, we are also generating employment opportunities, which in some

ways help stabilize our economy,” Pangandaman was quoted in the statement as saying.

The DBM has previously approved the formation of 12,637 positions in which 5,291 positions served as case managers in implementing the 4Ps.

The funds needed to finance the said 4,265 PDO II positions will be charged against the available allotment of the DSWD, the DBM noted.

In case of deficiency, the funding requirement will be sourced from the available appropriations in the 2024 General Appropriations Act, the DBM added.

The DSWD was allotted a total

of P245.043 billion for general administration and support, support to operations, and operations, including locally-funded projects, based on the 2024 General Appropriations Act (GAA).

The implementation of 4Ps has covered a total of 3,976,653 household beneficiaries across 41,676 barangays in the entire country, or 90.38 percent, of the 4.4 million target households, based on the 2023 report of the DSWD.

The 4Ps was allotted a P106.335 billion budget to support the poverty reduction and social development strategy of the national government.

Israel, PHL eye security, digitalization collab

THE government of Israel is looking into potential economic collaboration, particularly in the areas of security and digitalization, with the Philippines.

Finance Secretary Ralph G. Recto met with Israel Ambassador to Manila Ilan Fluss to discuss and identify trade and investment opportunities on May 10, 2024, the Department of Finance (DOF) said in a social media post on Monday. The two countries committed to exploring a prospective collaboration in the aspect of defense and security, in line with the Senate Bill No. 2455 or “Self Reliant Defense Posture Revitalization Act,” which was approved on third and final

reading in the Senate.

The SRDP was proposed to revitalize the defense industry, develop and strengthen allied industries, and address short, medium, and long-term needs for defense materiel.

Moreover, Fluss expressed interest in “building bridges of innovation and technology” between Israel and the Philippines, according to the DOF. Recto, for his part, accepted the possible cooperation in digitalization, specifically in enhancing the areas of tax and customs administration to promote the ease of doing business.

Together with cutting red tape and corruption, these would all lead to an improvement in the

overall revenue collection of the government, the DOF said. Israel and the Philippines are also looking into agricultural technology, flood control systems, healthcare, cybersecurity, and technologies for anti-smuggling for other potential areas for cooperation.

Furthermore, Fluss highlighted the trade cooperation of Israel and the Philippines with bilateral trade in goods between the two countries amounting to $532 million in 2023.

Fluss said trade between Israel and the Philippines would be driven by the electronics and business process outsourcing (BPO) industries this year as Israeli companies are moving into the Philippines.

In 2022, Israel ranked 34th out

DFA says to probe ‘illegal, unlawful’ activities by

By Malou Talosig-Bartolome @maloutalosig

THE Department of Foreign Affairs said it would “look into” any reports of unlawful or illegal activities conducted by foreign diplomats in the Philippines.

The DFA was deliberately silent on who it was referring to and did not provide the entire context of the statement.

“The Department of Foreign Affairs will look into any reports of illegal and unlawful activities by diplomatic officials, and undertake necessary action in line with existing laws and regulations,” it said in a statement Monday.

The vague statement came a few days after Defense Secretary Gilberto Teodoro and National Security Adviser Eduardo Ano pressed the DFA to expel the

Chinese diplomat responsible for releasing the supposed transcript of conversation with a military commander.

The transcript, published in other media outlets, seemed to show then Western Command chief

Vice Adm. Alberto Carlos striking a deal with an unnamed Chinese Embassy official on the deployment of rotation and resupply (RORE) mission to Ayungin Shoal in the West Philippine Sea. Carlos reportedly agreed that only

of 225 partners as the Philippines’s trading partner, 39th export market (out of 212 markets), and 31st import supplier (out of 205 suppliers), according to the Israel Chamber of Commerce of the Philippines (ICCP).

There are currently 14 major bilateral agreements on various sectors between the two countries.

In 1947, the Philippines was the only Asian country that supported UN Resolution 181 on the partition of Palestine and the creation of the State of Israel.

The State of Israel and the Republic of the Philippines established full diplomatic relations with the signing of the Treaty of Friendship in 1958.

Reine Juvierre S. Alberto

foreign diplomats

one civilian boat, escorted by one Philippine Coast Guard vessel, will be deployed to provide humanitarian supplies to the Filipino soldiers in the rusting World War II naval ship BRP Sierra Madre that it regards as a sentinel at Ayungin Shoal.

China’s Foreign Ministry confirmed that its embassy in Manila “released details about the relevant communication between the two sides.”

Last week, the DFA cautioned the public against “falling for false narratives.”

Likewise, it reminded the Chinese Embassy to be mindful of its obligations under international law “to respect the rules and regulations” of the Philippines and “not to interfere in the internal affairs of the State.”

On Monday, the DFA said foreign diplomats are accorded “the

necessary liberties to conduct their diplomatic duties.”

In return, they are expected to “conduct their activities with the highest standards of integrity and professionalism, in pursuit of common interests and mutually beneficial outcomes.”

The ambiguous statement from the DFA also came a few days after senior diplomatic officials from China and the Philippines met in Jakarta.

DFA Undersecretary Ma. Theresa Lazaro and China Vice Foreign Minister Sun Weidong met at the sidelines of the China-Asean Senior Officials Consultations last week.

“I met with Chinese Vice FM Sun Weidong to discuss maritime issues, with a view to enhancing regional peace and stability. I looked forward to continuing our dialogue on issues of common concern,” Lazaro posted on X.

Continued from A1

CHINESE Ministry of Foreign Affairs at the left led by Vice Minister Sun Weidong and Philippine DFA Undersecretary Ma. Theresa Lazaro met at the sidelines of the Asean-China Senior Officials’ Consultation Meeting in Jakarta last week (PHOTO CREDIT: @USECLAZARO X)

BUDGET Secretary Amenah F. Pangandaman

May 14, 2024

NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)

Notice is hereby given that the following companies/employers have filed with this Regional Office application/s for Alien Employment Permit/s:

NO. ESTABLISHMENT

1 CSCO (PHILS) CONSTRUCTION AND DEVELOPMENT CORPORATION

Area D, DSJ Bldg., Centennial Road, Tabon I, Kawit, Cavite

2 DONG-AH GEOLOGICAL ENGINEERING CO., LTD.

Unit 1, The Junction Strip Mall, Carmelray Industrial Park 1, Canlubang, City of Calamba, Laguna

3 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

4 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

5 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

6 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

7 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

8 GLARION TECHNOLOGIES CORPORATION

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

NAME OF FOREIGN NATIONAL, POSITION AND BRIEF DESCRIPTION

LIU, ZIYUAN

Procurement Manager

Brief Job Description:

Developing procurement strategies that are inventive & cost-effective. Evaluating RFP’s & Tender documents. Sourcing & engaging reliable suppliers & vendors controlling procurement budget. Building & maintaining long-term relationship w/ vendors & suppliers

BAE, JINHAN

Construction Manager

Brief Job Description:

Monitor of Compliance for construction and safety regulations

AMUGUJIN

Chinese Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

GAN, BOWEN

Chinese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

DEDY PANGGESTU

Indonesian Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

ARR CHI

Myanmari Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

EI EI PHYO AUNG

Myanmari Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

HLA MYINT

Myanmari Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

QUALIFICATION AND SALARY RANGE

Basic Qualification: In-depth knowledge of preparing & reviewing contracts, invoicing & negotiation terms. Ability to analyze contracts at all levels. Multi-tasking & Time-Mgt. skills & ability to prioritize tasks. Fluent in both oral & written both English & Mandarin language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification: With a minimum of (10) years of experience in railway constructions

Salary Range: Php 60,000 - Php 89,999

Basic Qualification:

Able to speak, read and write Chinese language

Salary Range: Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese and Indonesian language

Salary Range: Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese and Myanmari language

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Able to speak, read and write Chinese and Myanmari language

Salary Range: Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese and Myanmari language

Salary

Covelandia

GLORY (PHILIPPINES), INC. Lots 1 & 3, Block 19, Phase 3, Cavite Economic Zone, Tejeros Convention, Rosario, Cavite

15 JT INTERNATIONAL ASIA MANUFACTURING CORP.

Lots 1-10, Block 4, Phase 3, Lima Technology Center, Santiago, Malvar, Batangas

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

POURMAND, ABBAS

Integrated Work Systems (IWS) Director

Brief Job Description: Coach and lead the factory leadership team through pillar ownership and develop understanding of the integrated work systems strategy with the organization

Chinese Customer Service Representative Brief Job

TUYIRINGIRE, JOSELYNE

Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

KURNIADI

Indonesian Customer Service Representative

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

Description:

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

20 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

21 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

22 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

23 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

24 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

25 MERIT LEGEND SOLUTIONS INC.

Covelandia Road, Binakayan, Pulvorista, Kawit, Cavite

26 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th,

27 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th,

LAHPAI KHUN TONG

Myanmari Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese and Myanmari language Salary Range:

MIN THURA

Myanmari Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries Basic Qualification: Able to speak, read and write Chinese and Myanmari language

Salary Range:

NYI NYI THUREIN

Myanmari Customer Service Representative

Brief

SENG PAN

Myanmari Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

THAN HTIKE AUNG

Myanmari Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

DUONG, MINH TRIET

Vietnamese Customer Service Representative

Brief Job Description: Manage incoming calls and customer service inquiries

VONG NHUC PHUNG

Vietnamese Customer Service Representative

Brief Job Description:

Manage incoming calls and customer service inquiries

ATEMAFACK, EDMUND NIKEMASONG

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

Basic Qualification:

to speak, read and write Chinese and Myanmari language

Salary Range: Php 30,000 - Php 59,999

Basic Qualification:

Able to speak, read and write Chinese and Myanmari language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification: Able to speak, read and write Chinese and Vietnamese language

28

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna

BESEK BINTAN AYU PRADITA

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

Basic Qualification:

Able to speak, read and write Chinese and Vietnamese language

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification: Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range: Php 30,000 - Php 59,999

Qualification: Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range: Php 30,000 - Php 59,999

FOO KOK WEI

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

HNIN PWINT PHYU

29

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna

Foreign Customer Service Representative

Brief

Qualification: Computer literate and having finished at least Secondary Education

30

INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna HNIN WUTT YEE Foreign Customer Service Representative Brief Job Description:

incoming help requests from foreign end users via both telephone and work orders

31

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna

32

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna

33 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna LIANG, DA Foreign Customer Service Representative

Brief Job Description: Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

LOO YONG KEAT

34 NEW WAVE INFOTECH

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

or Indian language. Salary Range: Php 30,000 - Php 59,999

Qualification:

literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range: Php 30,000 - Php 59,999

7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna

35 NEW WAVE INFOTECH

6th, 7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna

MARIT TU AUNG

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

NAN WIN SENG

36 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna

37 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

NANG HNIN SANDI

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

38 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna NANG SENG HAN

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

NANG SU SU HLAING

39 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna

40 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

NDOE MEKONG, LIONEL WILLIAM Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

Basic Qualification:

Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range:

Php 30,000 - Php 59,999

Basic Qualification:

Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range:

Php 30,000 - Php 59,999

42

INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna PHAM THI THUY VY

Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and

43 NEW WAVE INFOTECH LIMITED PHILIPPINES, INC.

6th, 7th, 9th-12th Floor, Southwoods Office Tower 2, San Francisco, City of Biñan, Laguna THEIN LINN Foreign Customer Service Representative

Brief Job Description: Field incoming help

44 PORTAL STEELS INC. 9039 GP, Maguyam Road, Bancal, Carmona, Cavite

XIAOQIU Continuous Casting Operator

Job Description:

45 PORTAL STEELS INC.

9039 GP, Maguyam Road, Bancal, Carmona, Cavite QIN, JUNHUA Continuous

46 PORTAL STEELS INC.

9039 GP, Maguyam Road, Bancal, Carmona, Cavite

47 VCTP INC.

Lot 1, Block 5, Phase 1, Suntrust Ecotown, Sahud Ulan, Tanza, Cavite

48 VOION PACKAGING

PHILIPPINES INC.

Blk. 5, Lot 3, Ph. 3, Apolinario Mabini St., Ccmc Compound, Bldg. 1b, Lima Technology Center, San Fernando, Malvar, Batangas

LEE, CHOON SANG Accounting/Admin Manager

Brief Job Description: Primary responsible for providing strategic and operational leadership to the company

ISHIZAKI, JUMPEI Vice President

Brief Job Description: Set up the company goals and targets and spearheads the company toward achieving goals

41

6th, 7th, 9th-12th Floor, Southwoods Office Tower

2, San Francisco, City of Biñan, Laguna

OOI TECK VOON Foreign Customer Service Representative

Brief Job Description:

Field incoming help requests from foreign end users via both telephone and work orders in a courteous manner, consistent with company standards.

Basic Qualification: Computer literate and having finished at least Secondary Education and must be able to speak, write and read Chinese, Malaysian, Vietnamese, Indonesian or Indian language.

Salary Range:

Php 30,000 - Php 59,999

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE Regional Office IV-A located at 3rd and 4th Floors, Andenson Building II, Parian, Calamba City, Laguna, within 30 days after this publication.

Please inform DOLE Regional Office IV-A if you have any information on criminal offense committed by the foreign nationals.

15.

Brief

16.

17. REN, ERHONG Field Sales Consultant

Brief Job Description: The one responsible to “get the sale” using

18.

YINGJIE Field Sales Consultant

Brief

50.

Brief

51. LUO, LIN Chinese Speaking Program Designer

Brief Job Description: Collaborate

52. WANG, JUN Chinese Speaking Program Designer

Brief Job Description: Documents all aspects of software, for ongoing maintenance and revisions.

53. XIE, PENG Chinese Speaking Program Designer

Brief Job Description: Documents all aspects of software, for ongoing maintenance and revisions.

Basic

Basic

Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

Salary Range: Php 30,000 - Php 59,999

CTFJ

54. ALM, SCOTT IAIN Marketing Analyst

Brief Job Description: Conduct comprehensive market research to identify industry trends, consumer preferences, and competitive strategies.

CURRENTCORE

56. GONG, CHUANBING Acquisition And Permitting Lead Advisor

Brief Job Description: Establish effective and efficient guidelines and processes for acquisition and permitting.

57. HUANG, LINGUO Network Construction - NLZ Senior Advisor

Brief Job Description: Main domain, regional network construction team and project management. Basic Qualification: 10 years of experience in Telecommunication industry. Salary Range: Php 150,000 - Php 499,999

58. ZHAO, BINHUI Network Construction - SLZ Senior Advisor

Brief Job Description: Develop and execute strategic plans for network construction projects in the SLZ region, aligning with organizational goals and growth objectives.

Basic Qualification: Bachelor’s degree in electrical engineering, or telecommunications engineering.

Salary Range: Php

59. LING, XUDONG Network Operations Center Senior Advisor

Brief Job Description: Responsible for NOC monitoring and specialist teams work schedule and team management.

60. YANG, MINGSHUAI Technology And Innovation Senior Advisor

Brief Job Description: Lead and oversee the technology and innovation team, fostering a culture of creativity, collaboration and continuous improvement.

Basic Qualification: Bachelor’s or Master’s degree

61.

Brief

91. ZHOU,

Brief

BusinessMirror

BYEONGSU Korean Account Specialist

92.

Brief Job Description: Prepare work to be processed by gathering, sorting, organizing and recording data information.

Basic Qualification: Exceptional ability to provide technical support and resolve queries.

Salary Range: Php 60,000 - Php 89,999 HWA LUN CORPORATION

Brief

product launches.

94. LIU, XIAOJIAN Chinese Project Coordinator

Brief

95. YE, XIYANG Chinese Project Coordinator

Brief Job Description: Plan, organize, and direct the activities of a construction project, under the direction of a general manager.

Basic Qualification: Ability to work under pressure and motivation to succeed in a competitive environment. Good communication and interpersonal skills. Able to speak and communicate using Mandarin language is an advantage. Must be an aggressive salesperson.

Salary Range: Php 30,000 - Php 59,999

and

procedures. Read and interpret blueprints, drawings and specifications.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Knowledge in Microsoft applications including Word, Excel, and Outlook. Knowledge of file management, transcription, and other administrative procedures. Read and interpret blueprints, drawings and specifications.

Salary Range: Php 30,000 - Php 59,999

KOREA SME BUSINESS CENTER CORP. U-1807 18/f One San Miguel Avenue Condo., San Miguel Ave. Cor. Shaw Blvd., Ortigas Center, San Antonio, City Of Pasig

96. PARK, SAE DONG Project Manager

Brief Job Description: To coordinate people and process, to ensure that the project are delivered on time and produce desired results.

Basic Qualification: Bachelor’s degree/college graduate with at least 1 year experience in related field, and fluent in speaking and writing in English and Korean hangul languages.

Salary Range: Php 60,000 - Php 89,999

LAN TIAN ZI XUN INC. Natividad Almeda Lopez St Unit 205 2/f Zen Tower, 1111, First District, 1000, Barangay 659, Ermita, City Of Manila

97. PENG, YULIANG Chinese IT Specialist

Brief Job Description: This position requires the exercise of discretion in the application of the principles, practices and techniques related to planning and analysis, design, development and implementation, maintenance, support and management of information technology functions.

Basic Qualification: Fluent in Chinese language (writing and speaking). Salary Range: Php 30,000 - Php 59,999

MALAYAN INSURANCE CO., INC. 5/f Y Tower Ii 111 L.p. Leviste St. (alfaro), Cor. Gallardo St., Bel-air, City Of Makati

98. HAYASHI, TAIMU Japanese Desk Officer

Brief Job Description: Providing support services for insurance sales. Basic Qualification: At least college graduate.

Basic Qualification:

99. IKEDA, CHINATSU Japanese Desk Officer Brief Job Description: Providing support services for insurance sales.

CHAUHAN,

Senior

Brief

135.

137.

Brief

138.

KARUPAKULA MANJUNATHA, SATHWIK

Supervisor

Brief Job Description: Participates in training, coaching and other developmental opportunities within the assigned team members. Consistently demonstrates teamwork dynamics by leading the team effectively based on the set objective and performance output.

and Infrastructure, Media and Software of the United States.

Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Must be a graduate of any business-related course. Expertise in Health Industry, Retail and Consumer, Industrial Products, Telecommunication and Infrastructure, Media and Software of the United States. At least 4 years of relevant work experience. Salary Range: Php 60,000 - Php 89,999

MIDDE, KAUSHIK PAUL

Supervisor

Brief Job Description: Participates in training, coaching and other developmental opportunities within the assigned team members. Consistently demonstrates teamwork dynamics by leading the team effectively based on the set objective and performance output.

Basic Qualification: Must be a graduate of any business-related course. Expertise in Health Industry, Retail and Consumer, Industrial Products, Telecommunication and Infrastructure, Media and Software of the United States. At least 4 years of relevant work experience.

Salary Range: Php 30,000 - Php 59,999

SHEARWATER HEALTH ADVISORS, INC.

35th Flr. Net Park, Bonifacio Global City, Fort Bonifacio, City Of Taguig

JAYAKUMAR, LAKSHMINARAYANAN VP, Information Technology And Infrastructure

139.

Brief Job Description: Responsible for leveraging technology across the organization. Develop and execute the IT strategy, including partnering with the company’s senior leadership team to define technology requirements and solutions, to drive innovation and to ensure success and efficiency across the organization.

SHELL SHARED SERVICES (ASIA) B.V.

Basic Qualification: College graduate. With at least 10 years of workrelated experience in the same field. With current, in-depth knowledge of Information Technology and Infrastructure processes.

Salary Range: Php 500,000 and above

16/f-25/f Solaris One Bldg., 130 Dela Rosa St., San Lorenzo, City Of Makati

GONZALEZ CASTAÑO, LUISA FERNANDA

Customer Success Specialist

140.

Brief Job Description: Liaising with service partners in LSC, OTD & Credit. Accountable for a certain customer portfolio to take ownership, drive accountability, and demonstrate and communicate improvements for our customer journey. Own the end-to-end disputes process for quantity, pricing, tax and master data disputes.

SOHU EXPERT INT’L MANAGEMENT SOLUTIONS INC.

Basic Qualification: Tertiary education. Fluency in Spanish language. Experience in Customer Service. Knowledgeable in GSAP/R3 is required. Salary Range: Php 30,000 - Php 59,999

24th Floor, Yuchengco Tower 1, Rcbc Plaza, 6819, Ayala Avenue, Bel-air, City Of Makati 141. CHEN, CHUNSHAN Customer Support

166.

Brief

Israel moves deeper into Rafah City and fights Hamas militants regrouping in northern Gaza

By Wafaa Shurafa, Joseph Krauss & Samy Magdy

The Associated Press

RAFAH, Gaza Strip—The exodus of Palestinians from Gaza’s last refuge accelerated Sunday as Israeli forces pushed deeper into the southern city of Rafah. Israel also pounded the territory’s devastated north, where some Hamas militants have regrouped in areas the military said it had cleared months ago. Rafah is considered Hamas’ last stronghold. Some 300,000 of the more than 1 million civilians sheltering there have fled the city following evacuation orders from Israel, which says it must invade to dismantle Hamas and return scores of hostages taken from Israel in

the October 7 attack that sparked the war.

Neighboring Egypt issued its strongest objection yet to the Rafah offensive, saying it intends to formally join South Africa’s case at the International Court of Justice alleging Israel is committing genocide in Gaza—an accusation Israel rejects. The foreign ministry statement cited “the worsening severity and scope of the Israeli attacks against Palestinian civilians.”

United Nations human rights chief Volker Turk said in a statement that he cannot see how a full-scale invasion of Rafah can be reconciled with international humanitarian law.

US Secretary of State Antony Blinken reiterated opposition to a major military assault on Rafah, and told CBS that Israel

would “be left holding the bag on an enduring insurgency” without an exit from Gaza and postwar governance plan.

Gaza has been left without a functioning government, leading to a breakdown in public order and allowing Hamas’ armed wing to reconstitute itself even in the hardesthit areas. On Sunday, Hamas touted attacks against Israeli soldiers in Rafah and near Gaza City.

Israel has yet to offer a detailed plan for postwar governance in Gaza, saying only that it will maintain open-ended security control over the enclave of about 2.3 million Palestinians.

Internationally mediated talks over a cease-fire and hostage release appeared to be at a standstill.

Prime Minister Benjamin Netanyahu in a Memorial Day speech vowed to continue fighting until

victory in memory of those killed in the war. But in Tel Aviv, hundreds of protesters stood outside military headquarters and raised candles during a minute-long siren marking the day’s start, demanding an immediate cease-fire deal to return the hostages.

Netanyahu has rejected postwar plans proposed by the United States for the Palestinian Authority, which administers parts of the Israeli-occupied West Bank, to govern Gaza with support from Arab and Muslim countries. Those plans depend on progress toward the creation of a Palestinian state, which Israel’s government opposes.

The October 7 attack killed around 1,200 people, mostly civilians, and took another 250 hostage. Militants still hold about 100 captives and the remains of

more than 30.

Israel’s offensive has killed more than 35,000 Palestinians, mostly women and children, according to Gaza’s Health Ministry, which doesn’t distinguish between civilians and combatants in its figures. Israel says it has killed over 13,000 militants, without providing evidence.

Heavy bombardment in the north PALESTINIANS reported heavy Israeli bombardment overnight in the urban Jabaliya refugee camp and other areas in northern Gaza, which has been largely isolated by Israeli forces for months. UN officials say there is a “full-blown famine” there.

Residents said Israeli warplanes and artillery also struck the Zeitoun area east of Gaza City, where troops have battled militants for over a week. They have called on tens of thousands of people to relocate to nearby areas.

“It was a very difficult night,” said Abdel-Kareem Radwan, a 48-year-old from Jabaliya. He said they could hear intense and constant bombing since midday Saturday. “This is madness.”

First responders with the Palestinian Civil Defense said they were unable to respond to multiple calls for help from both areas, as well as from Rafah.

In central Gaza, staff at the Al Aqsa hospital in Deir al-Balah said an Israeli strike killed four people.

Rear Adm. Daniel Hagari, the top Israeli military spokesman, said forces were also operating in the northern towns of Beit Lahiya and Beit Hanoun, which were heavily bombed in the war’s opening days.

Hamas’ military wing said it shelled Israeli Special Forces east of Jabaliya and fired mortar shells at troops and vehicles entering the Rafah border crossing area.

“Hamas’ regime cannot be toppled without preparing an alternative to that regime,” columnist Ben Caspit wrote in Israel’s Maariv daily, channeling the growing frustration felt by many Israelis more than seven months into the war. “The only people who

can govern Gaza after the war are Gazans, with a lot of support and help from the outside.”

Civilians flee in the south RAFAH had been sheltering 1.3 million Palestinians, most of whom had fled fighting elsewhere. But Israel has now evacuated the eastern third of the city.

Most people are heading to the heavily damaged nearby city of Khan Younis or Muwasi, a coastal tent camp where some 450,000 people are already living in squalid conditions.

The UN has warned that a planned full-scale invasion would further cripple humanitarian operations and cause a surge in civilian deaths. The main aid entry points near Rafah are already affected. Israeli troops have captured the Gaza side of the Rafah crossing, forcing it to shut down.

A senior Egyptian official told The Associated Press that Cairo has lodged protests with Israel, the United States and European governments, saying the offensive has put its decades-old peace treaty with Israel—a cornerstone of regional stability—at high risk. The official was not authorized to brief media and spoke on condition of anonymity. US President Joe Biden has said he won’t provide offensive weapons to Israel for Rafah, and his administration says there is “reasonable” evidence that Israel had breached international law protecting civilians.

Israel rejects those allegations, saying it tries to avoid harming civilians. It blames Hamas for the high toll because the militants fight in dense, residential areas.

In the West Bank, where deadly violence has increased since the war began, the Palestinian Health Ministry said a man was shot dead by Israeli forces in Balata refugee camp in Nablus. The army said its forces responded with live fire after being shot at by militants in the camp. Krauss reported from Jerusalem and Magdy from Cairo. Associated Press writer Jack Jeffery in Jerusalem contributed.

PALESTINIANS mourn their relatives killed in the Israeli bombardments of the Gaza Strip in front of the morgue of the Al Aqsa Hospital in Deir al Balah, Gaza Strip on Sunday, May 12, 2024. AP/ABDEL KAREEM HANA

Fed warns higher interest rates may be here to stay, rate cuts unlikely this year

By Christopher Rugaber AP Economics Writer

WASHINGTON—The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year.

A major concern expressed by both Fed policymakers and some economists is that higher borrowing costs aren’t having as much of an impact as economics textbooks would suggest. Americans as a whole, for example, aren’t spending much more of their incomes on interest payments than they were a few years ago, according to government data, despite the Fed’s sharp rate increases. That means higher rates may not be doing much to limit many Americans’ spending, or cool inflation.

“What you have right now is a situation where these high rates

aren’t generating more braking power on the economy,” said Joseph Lupton, global economist at J.P. Morgan. “That would suggest that they either need to stay high for longer or maybe even higher for longer, meaning rate hikes might come into the conversation.”

Fed Chair Jerome Powell said at a press conference earlier this month that an interest rate increase was “unlikely,” but he did not fully rule it out. Powell emphasized, however, that the Fed needed to take more time to gain “greater confidence” that inflation is actually returning to the Fed’s

A fire burns down a shopping complex housing 1,400 outlets in Poland’s capital

By Vanessa Gera

The Associated Press

WARSAW, Poland—A major fire broke out Sunday morning in a vast shopping complex in the Polish capital that housed some 1,400 shops and service outlets and where many of the vendors were from Vietnam.

Huge plumes of black smoke could be seen rising over the vast area. The fire department said that more than 80% of the Marywilska 44 shopping complex burned in the Bialoleka district of Warsaw, and that the roof caved in.

Police reported no injuries, but traders were in despair at the loss of their livelihoods. The Gazeta Wyborcza daily reported that some Vietnamese vendors wanted to enter to save their goods from the complex, but were blocked by security guards.

The Association of Vietnamese Entrepreneurs in Poland said the blaze meant “great financial losses for merchants,” calling it a “terrible tragedy for thousands

of merchants and their families.”

Chemical and environmental rescue specialists were among the large numbers of rescue officials who took part in the operation. Authorities sent a text message warning Warsaw residents about the fire, and telling them to stay home with the windows closed.

Mirbud, an industrial construction company listed on the Warsaw Stock Exchange, owns the shopping center.

Warsaw police said it had begun investigating the blaze, which began at around 3:30 a.m. local time (0130 GMT), but hadn’t yet determined the cause.

The Warsaw city administration planned on Monday to discuss financial support for the small traders whose livelihoods were destroyed.

Shopping centers and large shops are usually closed on Sunday because of a ban on trade imposed by the previous government, which had close ties to the Catholic Church. However, small business owners are exempt from the ban, and many of the small shops at the center worked on Sundays.

2 percent target.

“I think the Fed’s telling you hikes are not quite as on the table as the market was expecting,” said Gennadiy Goldberg, an economist at TD Securities.

On Friday, Dallas Federal Reserve President Lorie Logan said that it is “just too early to think” about cutting rates, according to news reports. She also suggested that it is unclear whether the Fed’s rate is high enough to quell inflation. Logan is one of the 19 officials on the Fed’s interest-rate setting committee, though she does not vote on rates this year.

Higher-for-longer borrowing costs are sure to disappoint many, from Americans hoping for lower mortgage rates before buying a home, to Wall Street traders eagerly awaiting a cut, to President Joe Biden, whose reelection campaign would likely benefit from lower rates.

On Wednesday, the government will release April’s inflation report, and economists forecast it will show inflation declined slightly to 3.4 percent, from 3.5 percent in March. It has climbed from 3.1 percent in January, however, after falling sharply last year, raising concerns about whether progress in reducing inflation has stalled.

The Fed has pushed its key rate to a 23-year high of 5.3 percent in an effort to bring down inflation, which peaked at 9.1 percent in June 2022.

Yet despite those sharp increases, Americans, on average, spent just 9.8 percent of their after-tax income paying interest and principal on their debts in last year’s fourth quarter. Two years earlier— before the Fed hiked rates—they spent 9.5 percent, a historically low percentage.

Why hasn’t the figure risen by more? Millions of American homeowners refinanced their mortgages at very low rates during the past decade and a half when the Fed mostly kept its key rate at nearly zero to bolster the economy. As a result, their mortgages remain low and their finances largely unaffected by the Fed’s policies. Consumers who paid off their cars, or who took out low-rate five-year car loans before rates rose, have also felt little impact.

The average rate for a new 30year mortgage is nearly 7.1 percent, according to mortgage giant Freddie Mac. But Goldberg calculates that the average rate on all outstanding mortgages is just 3.8 percent, not much higher than 3.3 percent when the Fed began to hike rates. The gap between new rates

and the average outstanding is the highest since the 1980s.

“One of the things we hear is that maybe because so many Americans refinanced their mortgages when mortgage rates dropped during the pandemic...people are not feeling the bite of higher mortgage rates yet,” Neel Kashkari, president of the Federal Reserve’s Minneapolis branch, said last week. “If that’s true, and I think there’s some truth to that, then it may take longer” for the Fed’s rate hikes “to be fully felt by the housing market and by the economy more broadly.”

Many large corporations also locked in low rates before the Fed began hiking, further limiting the impact of higher borrowing costs.

“I think the most likely scenario is where we are right now, which is just we stay put for an extended period of time,” Kashkari said, referring to the Fed’s key rate. There are signs that higher rates are causing more financial struggles for many Americans, as delinquencies on credit cards and auto loans rise. And many younger Americans are becoming increasingly concerned that, with mortgage costs so high, they will not be able to afford a home.

Yet delinquencies are climbing from very low levels and are not

yet historically high. Pandemicera stimulus checks and rising incomes allowed many people to pay down debt in the past few years.

And Americans, in total, are carrying much less debt as a percentage of their incomes than they did during the housing bubble 15 years ago, Lupton notes.

“With consumers and businesses alike sheltered from higher interest rates thanks to pandemicera debt paydowns and refinancing, their aggregate interest burden is not yet historically elevated,” Tom Barkin, president of the Richmond Federal Reserve, said in recent comments. “To me, that suggests the full impact of higher rates is yet to come.”

Goldberg said that greater borrowing costs will eventually start to bite as more Americans throw in the towel and purchase homes, even with higher mortgage rates. In some cases, they may move for a new job or have family changes that require a move. And more companies, over time, will have to borrow at higher rates as well, as their low-interest loans mature.

“The longer we stay here, the more people can’t wait,” Goldberg said. “If the Fed can wait out consumers, that would be one way that higher for longer actually translates to Main Street.”

Putin replaces Shoigu as defense minister as he starts his 5th term

By The Associated Press

RUSSIAN President Vladimir Putin on Sunday replaced Sergei Shoigu as defense minister in a Cabinet shakeup that comes as he begins his fifth term in office.

In line with Russian law, the entire Russian Cabinet resigned Tuesday following Putin’s glittering inauguration in the Kremlin, and most members have been widely expected to keep their jobs, while Shoigu’s fate had appeared uncertain.

Putin signed a decree on Sunday appointing Shoigu as secretary of Russia’s Security Council, the Kremlin said. The appointment was announced shortly after Putin proposed Andrei Belousov to become the country’s defense minister in place of Shoigu.

The announcement of Shoigu’s new role came as 13 people were reported dead and 20 more wounded in Russia’s border city of Belgorod, where a 10-story apartment building partially collapsed after what Russian officials said was Ukrainian shelling. Ukraine hasn’t commented on the incident.

Belousov’s candidacy will need to be approved by Russia’s upper house in parliament, the Federation Council. It reported Sunday that Putin introduced proposals for other Cabinet positions as well but Shoigu is the only minister on that list who is being replaced. Several other new candidates for federal ministers were proposed Saturday by Prime Minister Mikhail Mishustin, reappointed by Putin on Friday.

Shoigu’s deputy, Timur Ivanov, was arrested last month on bribery charges and was ordered to remain in custody pending an official investigation. The arrest of Ivanov was widely interpreted as an attack on Shoigu and a possible precursor of his dismissal, despite his close personal ties with Putin.

Kremlin spokesman Dmitry Peskov said Sunday that Putin had decided to give the defense minister role to a civilian because the ministry should be “open to innovation and cutting-edge ideas.” He also said the increasing defense budget “must fit into the country’s wider economy,” and Belousov, who until recently served as the first deputy prime minister, is the right fit for the job.

Belousov, 65, held leading positions in

the finances and economic department of the prime minister’s office and the Ministry of Economic Development. In 2013, he was appointed an adviser to Putin and seven years later, in January 2020, he became first deputy prime minister.

Peskov assured that the reshuffle will not affect “the military aspect,” which “has always been the prerogative of the Chief of General Staff,” and Gen. Valery Gerasimov, who currently serves in this position, will continue his work.

Tatiana Stanovaya, a senior fellow at the Carnegie Russia Eurasia Center, said in an online commentary that Shoigu’s new appointment to Russia’s Security Council showed that the Russian leader viewed the institution as “a reservoir” for his “’former’ key figures — people who he can’t in any way let go, but doesn’t have a place for.”

Figures such as former Russian President Dmitry Medvedev have also been appointed to the security council. Medvedev has served as the body’s deputy chairman since 2020. Shoigu was appointed to the Security Council instead of Nikolai Patrushev, Putin’s long-term ally. Peskov said Sunday that Patrushev is taking on another role, and promised to reveal details in the coming days.

Shoigu has been widely seen as a key figure in Putin’s decision to send Russian troops into Ukraine. Russia had expected the operation to quickly overwhelm Ukraine’s much smaller and less-equipped army and

for Ukrainians to broadly welcome Russian troops.

Instead, the conflict galvanized Ukraine to mount an intense defense, dealing the Russian army humiliating blows, including the retreat from an attempt to take the capital, Kyiv, and a counteroffensive that drove Moscow’s forces out of the Kharkiv region.

Before he was named defense minister in 2012, Shoigu spent more than 20 years directing markedly different work: In 1991, he was appointed head of the Russian Rescue Corps disaster-response agency, which eventually became the Ministry of Emergency Situations. He became highly visible in the post. The job also allowed him to be named a general even though he had no military service behind him as the rescue corps absorbed the militarized Civil Defense Troops.

Shoigu does not wield the same kind of power as Patrushev, who has long been the country’s top security official. But the position he will take — the same position that Patrushev worked to transform from a minor bureaucratic role to a place of sizable influence — will still carry some authority, according to Mark Galeotti, head of the Mayak Intelligence consultancy.

High-level security materials intended for the president’s eyes will still pass through the Security Council Secretariat, even with changes at the top. “You can’t just

institutionally turn around a bureaucracy and how it works overnight,” he said. Thousands of civilians have fled Russia’s renewed ground offensive in Ukraine’s northeast that has targeted towns and villages with a barrage of artillery and mortar shelling, officials said Sunday. The intense battles have forced at least one Ukrainian unit to withdraw in the Kharkiv region, capitulating more land to Russian forces across less defended settlements in the so-called contested gray zone along the Russian border.

By Sunday afternoon, the town of Vovchansk, among the largest in the northeast with a prewar population of 17,000, emerged as a focal point in the battle. Volodymyr Tymoshko, the head of the Kharkiv regional police, said that Russian forces were on the outskirts of the town and approaching from three directions. An Associated Press team, positioned in a nearby village, saw plumes of smoke rising from the town as Russian forces hurled shells. Evacuation teams worked nonstop throughout the day to take residents, most of whom were older, out of harm’s

Urgent action needed to address rampant sale of toxic beauty products editorial

The recent revelation that thousands of Filipinos are unknowingly using beauty products laden with mercury is an alarming and distressing issue that demands immediate attention. The presence of mercury in these cosmetics poses significant health risks, including damage to the brain, nervous system, and kidneys. Moreover, it can cause skin-related problems such as rashes, blotchy spots, and a grayish complexion. The longer and more frequently these products are used, the greater the danger to one’s health.

The EcoWaste Coalition’s exposé on the rampant sale of imported skinwhitening products containing mercury in Pasay City is deeply concerning. It is disheartening to witness such flagrant violation of regulations, as if the prohibition on mercury-laden cosmetics were inconsequential. The fact that more than 20 retail stores have been identified as selling these toxic products demonstrates the urgent need for action. (Read the BusinessMirror story: “More than 20 stores in Pasay City sell ‘mercury cosmetics,’” May 10, 2024). Mercury and its compounds are explicitly listed as prohibited ingredients in cosmetics, according to the Association of Southeast Asian Nations’ Cosmetic Directive. This directive also sets a maximum limit of one part per million for mercury as a heavy metal contaminant in cosmetics. The violation of these regulations is not only a threat to public health but also a disregard for the established standards intended to protect consumers.

The open sale of these hazardous products in Metro Manila is deeply concerning. Establishments such as Baclaran Terminal Plaza Mall, Victory Pasay Mall, Wellcome Plaza, Metro Point Mall, Two Shopping Center, Saulog-Vergara Building, Baclaran Bagong Milenyo Plaza, and even a perfume store near a popular fast-food chain are all part of this illicit trade. This widespread availability of banned cosmetic products raises significant concerns about the effectiveness of monitoring and enforcement procedures.

It is disconcerting to note that some of the prohibited cosmetics have been on the market since 2010, indicating a failure in regulatory oversight. The fact that banned cosmetics from Pakistan, China, Indonesia, and Thailand are implicated in this issue highlights the need for international cooperation and stricter border controls to prevent the smuggling of contraband cosmetics.

The responsibility to address this issue lies not only with the local government but also with national agencies such as customs, health, trade, and the police. These agencies must collaborate effectively to put an end to the unlawful trade of mercury cosmetics. It is crucial to uphold the rule of law and safeguard the health of Filipino consumers.

Concerted enforcement actions must be accompanied by a parallel advocacy campaign that challenges the normalization of skin lightening and embraces the diversity and equity of all skin tones. The promotion of self-acceptance and appreciation of natural beauty is essential to counter the societal pressure that fuels the demand for these dangerous products.

Internationally, the Minamata Convention on Mercury has already banned mercury-laden cosmetics due to their high risks. The World Health Organization has also classified mercury as one of the 10 chemicals of public health concern. WHO warns about the adverse effects of mercury-containing skinlightening products, such as skin rashes, discoloration, scarring, and reduced dermal resistance to skin disorders. Using these products repeatedly may cause harm to essential organs like the kidneys, brain, and central nervous system. It is inexcusable that this illegal trade in toxic cosmetics is being allowed to persist. Local and national authorities must take urgent, coordinated action to crack down on the smuggling and sale of these banned products. Concerted enforcement efforts to seize contraband shipments and shut down offending retailers are an essential first step.

The gravity of the situation demands immediate action. Regulatory bodies must strengthen their monitoring and enforcement efforts to remove these hazardous products from the market. Retailers found in violation of regulations should face severe penalties to deter others from engaging in this illicit trade. Additionally, it is important to launch consumer education campaigns to inform the public about the dangers of mercury-laden cosmetics and to promote safer and healthier alternatives.

814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com

IJohn Mangun

The holy grail price OUTSIDE THE BOX

N virtually every nation on earth—except in those countries where Islam is the official religion—it is “politically incorrect” and maybe against the law to make fun in any way, shape, or form of a person for the following characteristics. These include religion, race, skin color (even unrelated to race), ethnic group, country of birth, weight, height, education, intellect, speech patterns, opinions, politics, marital status, sex, gender, physical disability, and occupation among others.

Further, while not necessarily deemed politically incorrect, particularly in the Western countries, saying or writing something that might “hurt” another person’s “feelings,” “damage” their self-esteem, or “offend” them is also unacceptable. I put those words in quotation marks because like “truth” and “evil” in 2024, there is no standard definition. Everyone makes the rules up as they go along to suit their own needs.

However, individuals who are near-fanatics that everyone must adopt and believe in the future of cryptocurrencies—embodied by Bitcoin—are not a protected group yet.

I was told this past week that the price of Bitcoin will be “100K by October. Send it.” I will assume that means one BTC will trade for US$100,000 by October 2024. Here is some perspective.

February 18, 2024: “Robert Kiyosaki expects the price of Bitcoin to reach $100,000 by June this year.”

TMarch 25, 2024: “Robert Kiyosaki Predicts Bitcoin Hitting $100K by September.”

January 27, 2021: “Parabolic price movement’s last leg may send it (Bitcoin) to $100,000 by September 2021.” September 1, 2021: “Back in December, Charles Edwards, creator of Hash Ribbons, set a Bitcoin price target of between $100,000 to $200,000 for the end of 2021.” September 8, 2021: “In a new report by Standard Chartered’s cryptocurrency research unit, Bitcoin is predicted to hit $100,000 “in late 2021 or early 2022.” October 13, 2021: “Bitcoin could reach $100k as early as 2023, Jurrien Timmer, Fidelity Investments director of global macro says.”

January 5, 2022: “Matt Hougan, the chief investment officer of Bitwise Asset Management, told Bloomberg TV in December that Bitcoin could hit $100,000 in 2022.” April 14, 2022: “Bitcoin could hit $100,000

By Saritha Rai

he Beijing startup founded by technology pioneer Kai-Fu Lee is introducing its first artificial-intelligence application for consumers, a step aimed at helping China capitalize on the promising technology.

Lee’s firm, 01.AI, is launching a free productivity assistant called Wanzhi, the latest in a series of AI products it’s developing. Similar to Microsoft Corp.’s Office 365 Copilot, it helps users create spreadsheets, documents and slide presentations more quickly—though it’s mainly tailored for the Chinese market. It can interpret financial reports, take minutes for meetings and speedread books as long as Elon Musk’s 600,000-word biography to give a quick synopsis. The app works in Chinese and English.

In an interview with Bloomberg, Lee said that China needs its own ChatGPT—OpenAI’s chatbot that was released in 2022 and is banned

in the country—to accelerate interest, adoption and investment.

“For Americans, the moment happened 17 months ago,” Lee said over a Zoom call from Beijing. “China’s users didn’t have a ChatGPT moment. Until now, none of the Chinese chatbots or tools has been good enough.”

While US firms such as OpenAI, Meta Platforms Inc. and Alphabet Inc. have taken the lead in generative AI, Chinese players are pressing hard to catch up. In addition to 01.AI, tech players including Baidu Inc. and TikTok-parent ByteDance Ltd. are pouring funds into developing their own AI models and chatbot services. Beijing

The term “Holy Grail” is loosely defined as something that people want and are looking for but may be extremely difficult to find or get. Finding a cure for cancer is the holy grail of medical researchers. Sustained nuclear fusion is the holy grail of the power industry. Assets also have a Holy Grail Price. BTC has had a $100,000 HGP since it began its giant move higher in 2020.

within a year, Antoni Trenchev, CEO of crypto lending firm Nexo.”

I have no doubt the BTC could trade at $100,000 by October 2024, or by October any other year. That is not the point.

The term “Holy Grail” is loosely defined as something that people want and are looking for but may be extremely difficult to find or get. Finding a cure for cancer is the holy grail of medical researchers. Sustained nuclear fusion is the holy grail of the power industry. Assets also have a Holy Grail Price. BTC has had a $100,000 HGP since it began its giant move higher in 2020.

The HGP for gold has been $3,000 per ounce for 20 years. For Brent crude oil it is $125 per barrel. We have been talking about a PHP to USD exchange rate of 60 to 1 since 2005. I remember well the first time the Dow Jones Industrial Average first hit 1,000—after seven decades—in November 1972 and then again in 1982 when the index finally broke and held 1,000.

For the Philippine Stock Exchange Composite index, the HGP is 8,000

While US firms such as OpenAI, Meta Platforms Inc. and Alphabet Inc. have taken the lead in generative AI, Chinese players are pressing hard to catch up. In addition to 01.AI, tech players including Baidu Inc. and TikTok-parent ByteDance Ltd. are pouring funds into developing their own AI models and chatbot services. Beijing has also provided financial and policy support. Beijing bars foreign AI models in part because of its strict censorship regime, but the so-called Great Firewall also ensures that domestic players will have an enormous local market without global competition.

has also provided financial and policy support. Beijing bars foreign AI models in part because of

with now a little HGP at 7,000. But any and all of the HGPs, even for Bitcoin, is not some magic number that is just going to happen. Some specific series of events must take place that has nothing to do with hope and prayer or even interest rates/inflation. The only way the HGPs will be reached is if and when someone—many someones—is willing to buy at that price. Bitcoiners. You want BTC at $100,000? Simple and easy. All you have to do is buy my one BTC for $100,000 and your HGP will have been reached. What’s stopping you? The market, actually buyers, determines the price of everything. And as much as you love BTC, you are not willing to pay $100,000, at least not yet. You want to wait for those someones to buy at $100,000 so that you then have the option to sell to them at that price. The same is true for all of the other assets I mentioned and their HGP. Pick an issue on the PSE and the price that you would like to see that stock trade at, and I can tell you—for a fee of course—how much buying has to be made to reach that price. The PSE is relatively easy because it is a small market unlike for oil, gold, and certainly cryptocurrencies. Prices go higher only because buyers are willing to purchase at a higher price. Only when they are willing to buy at the Holy Grail Price will the HGP be reached. Your feelings and desires do not matter.

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

its strict censorship regime, but the so-called Great Firewall also ensures that domestic players will have an enormous local market without global competition. The Taiwan-born 62-year-old— who worked for Apple Inc. and Google before starting his own venture capital firm more than a decade ago—became chief executive officer at 01.AI last year. The startup reached a $1 billion valuation, or unicorn status, within eight months on the strength of an open-source AI model that outperformed Silicon Valley rivals on several key measures. In addition to Wanzhi, the firm is also introducing a bigger, proprietary large language model—the technology underpinning AI chatbots—called Yi-Large, aimed at enterprise users. Software developers will be able to use the Yi-Large model at competitive prices. Lee says the model’s application programming interface, See “AI,” A17

Ambassador Antonio L. Cabangon Chua

2005

Biden to hike tariffs on China EVs, offer solar exclusions

By Josh Wingrove, Jennifer A. Dlouhy & Eric Martin

Pr ESidEn T Joe Biden will quadruple tariffs on Chinese electric vehicles and sharply increase levies for other key industries this week, unveiling the measures at a White house event framed as a defense of a merican workers, people familiar with the matter said.

Biden will hike or add tariffs in the targeted sectors after nearly two years of review. The total tariff on Chinese e Vs will rise to 102.5 percent from 27.5 percent, the people said, speaking on condition of anonymity ahead of the announcement. Others will double or triple in targeted industries, though the scope remains unclear. Biden and his staff spent recent weeks finalizing the measures, including which items to hit and which to avoid because the inputs are needed to fuel American growth, one of the people said. The final decision was a consensus, the person said.

It’s not clear which items were spared but Biden won’t announce tariff rate reductions, two of the people said. The administration has signaled to the US solar industry that it’ll move to exclude some items, including machinery used to make solar panel components. The shift has been sought by some equipment makers who say current levies undermine Biden’s goal of wresting clean-energy supply chains from China.

The 2024 presidential race looms large over the flagship announcement: Biden is trying to crack down on China and differentiate himself from Donald Trump—whose original tariffs Biden is set to largely renew, but who is seeking widespread hikes that the current administration views as going too far.  Biden’s plan for more tariffs is mostly symbolic as China doesn’t rely on US consumers for the targeted sectors. Chinese e Vs were locked out of the US market years ago by existing tariffs, while solar firms mostly export to the US from overseas, avoiding similar curbs. China’s foreign affairs and commerce ministries didn’t immediately respond to requests for comment.

Chinese solar equipment makers slid on Monday morning despite the reported tariff exclusions. Shares of Suzhou Maxwell Technologies Co. Ltd., Shenzhen S.C New energy Technology Corp. and Zhejiang Jingsheng Mechanical & electrical Co. all lost more than 3 percent before paring some losses. e V makers such as NIO Inc., Li Auto Inc. and BYD also fell.

The Biden administration has been “focused on sectors of longstanding concern,” said Greta Peisch, a partner at law firm Wiley Rein LLP who served until January as the top trade lawyer for the US Trade Representative’s office.

“These are calculated to address particular activities and risks and avoid escalation, to maintain the relationship with China that we have” outside those key goods, she said.

The White House declined to comment on the tariffs. The autotariff quadrupling was first reported by the Wall Street Journal.

Biden will target key sectors including electric vehicles, batteries, solar cells, steel and aluminum, people have said. He has previously announced the steel and aluminum tariffs, which will increase to 25 percent on some products that have a 7.5 percent rate or no tariffs now. The e V rate aims to protect the US from a potential flood of Chinese autos that could upend the politically sensitive auto sector.

Trump’s 200%

T He announcement is the culmi-

Ease of doing business

‘EBiden’s measures are less about crushing segments of the market than heading off an anticipated increase in imports: Chinese steel, aluminum and autos make up tiny fractions of the US supply for now. The administration has warned that China is pushing to corner the market on key sectors and flood the US with subsidized goods, to destabilize its rival and power its own recovery.

nation of a review of tariffs first imposed by Trump, who mocked the announcement during a campaign rally in New Jersey on Saturday.

“He says he’s going to put a 100 percent tariff on all Chinese electric vehicles. Isn’t that nice?” Trump said. “Biden should have done this four years ago.”

He warned that Chinese companies will try to build cars in Mexico, then avoid tariffs by shipping them to the US under the US-Mexico-Canada Agreement, which Trump agreed to as president. Trump said he’d put a 200 percent tariff on Chinese-made cars in Mexico.

“I will put a 200 percent tax on every car that comes in from those plants, and they’re not going to do that,” he said. Trump has also pledged a 60 percent acrossthe-board tariff on all Chinese goods—a move Biden is stopping well short of, with allies saying it would fuel inflation.

Biden’s measures are less about crushing segments of the market than heading off an anticipated increase in imports: Chinese steel, aluminum and autos make up tiny fractions of the US supply for now. The administration has warned that China is pushing to corner the market on key sectors and flood the US with subsidized goods, to destabilize its rival and power its own recovery.

Still, the jockeying signals a bipartisan consensus—led by the two presumptive candidates for the presidency—on the threat that Chinese electric vehicles pose to the US.

It didn’t damp enthusiasm for the US debut of Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co., which rose 35 percent Friday after an expanded initial public offering that’s the biggest US listing by a Chinabased company since 2021. One of its executives downplayed the planned tariffs.

“We’re not considering shortterm headwinds. We think longterm and try to make sure in the long run we make a very, very good business case,” Chief Financial Officer Jing Yuan told Bloomberg Television on Friday. “It’s more about long-term view rather than short-term headwinds.”

The administration’s approach is consistent with its goal to target China while maintaining a relationship, Peisch said.

“It’s about being strategic, not an across-the-board escalation, but what makes sense as a response to China and support for impacted US sectors,” she said. With assistance from Annmarie Hordern, Kailey Leinz, Justin Sink, Jennifer Jacobs, Joe Mathieu and James Mayger /Bloomberg

atty. Mabel L. Buted

Tax Law for Business

aSE of doing business” is multi-faceted. it does not begin and end in enabling individuals and entities to register, establish, and start their businesses. The more important aspect is the support and help given to businesses, in the most effective and efficient ways for them to continue and grow their operations, achieve their goals, and contribute to the economy.

Over the past few years, we saw the government’s initiatives in easing the doing of business in the country in relation to taxation— both through legislations and administrative issuances. The recently enacted e ase of Paying Taxes Act (“ eOPT”) made it easier for taxpayers to comply with their tax-related obligations, including the transfer, updating, and cancellation of registrations.

Also, to recall, in 2021, the BIR relaxed some of the procedures required from taxpayers when they seek approval to adopt their own accounting system. Our tax authority simplified the requirements in the registration of computerized accounting systems and books of accounts by removing the prior requirement of system demonstration or pre-evaluation of the system before the same gets to be approved. With the revised procedures, taxpayers only need to submit the requirements for the evaluation

by the BIR and the latter will only conduct a post-evaluation check on the system.

The government went on to remove the requirement of prior application or approval of the tax exemption or incentives to which the taxpayers are already entitled pursuant to the provisions of the applicable law. In the same year, when the Corporate Recovery and Tax Incentives for enterprises (CR e AT e) Act was enacted, in tax-free mergers and transfers or exchanges of assets or properties not subject to tax, the previous requirement of a prior confirmation or tax ruling for purposes of availing the tax exemption was eliminated.

Also, early this year, the tax authority, through a circular, clarified that the retirement fund set up by the employer can enjoy the tax benefits (exemption from income tax of the retirement benefits and the income of the fund and the deductibility of the contributions), pending the ap -

The goal is for taxpayers to see that our government is their partner, and the procedures required by our government should not serve as hindrance to doing businesses. Para piliin nila ang Pilipinas.

plication with the BIR that the fund qualifies as a reasonable private benefit plan.

For registered business enterprises to avail of the VAT zero-rating on their purchases of goods and services, prior application or approval from the BIR before they can enjoy the said benefit was already dispensed with. Qualified RBes can now avail themselves of VAT-zero rating on their local purchases on the basis of the Certification of VAT-Zero Rating issued in their favor.

With eOPT, taxpayers may transfer their registrations by merely filing an update, either electronically or manually. This is a huge improvement from the previous process where the transfer of office of taxpayers needs to be approved first by the BIR district office in which the taxpayer is registered. Previously, transfer of registrations took time because a number of procedures must have to be completed. For instance, both the old and the new RDO offices need to conduct ocular inspections of the business premises before the transfer is completed.

The same is true with the cancellation of registration. Under eOPT, cancellation is effected by the mere filing for business closure or dissolution, either electronically or manual-

Here’s what the Thai Senate election is about and why it matters

By Patpicha Tanakasempipat

Thailand has kicked off the process to hold its first Senate election since a coup in 2014, after the military-appointed batch completed its five-year term on Friday.

Following a government decree on Saturday, at stake in coming weeks are 200 seats in the upper house of the Thai parliament, which for the last decade has largely served to safeguard the interests of the pro-military royalist establishment. The Senate—in its new form—won’t have the power to elect a prime minister but will broadly retain its other roles.

The upper house chamber was in the spotlight for its controversial role in Thailand’s 2023 general election, when it ultimately blocked the prime ministerial candidate of the winning reformist party from assuming power. It used an article in the 2017 military-backed constitution to do so, and later helped install Srettha Thavisin from the runner-up Pheu Thai Party as prime minister.

Here’s what you need to know about the upcoming Senate election.

How will it work?

THe new upper house will have 200 lawmakers compared with 250 members previously. The senators will be from one of the pre-determined 20 civil and professional categories, ranging from farmers to lawyers, women and ethnic minorities.

Candidates must be Thai nationals and at least 40 years old. They

Continued from A16

or API, will cost $2.50 for 1 million input tokens and $12 for 1 million output tokens—about 1 million tokens lets a developer send roughly 250 queries back and forth. That’s far less than with OpenAI’s GPT-4 Turbo, he said.

Like many Chinese companies, 01.AI stockpiled “graphics processing unit” semiconductors from Nvidia Corp. when it became apparent the US government was planning to ban the export of high-end chips, such as the H100s that are

cannot be drug addicts, bankrupt, “mentally challenged,” currently in prison or under political bans, according to Senate election rules. Members of the previous post-coup Senate and political parties are not eligible to apply.

On Monday, the election Commission will share the official timeline for receiving applications—each applicant has to pay a 2,500 baht ($68) in fees—and holding of the polls planned for June 9-26. Results are expected by July 2. The new Senate will also have a term of five years.

How democratic will the election be?

FROM 2000 until the 2014 coup, senators were either wholly or partially elected by Thai voters. Under the new system, the general public will have no role in picking the new senators.

The 2024 Senate election will use a so-called “self-selection” process for the first time. All applicants will vote among themselves—for each other within their group and across the 20 groups—at different levels from local to provincial and national. The top 10 candidates from each group will make up the new Senate.  Applicants are prohibited from

used to train leading AI services. Alibaba Group Holding Ltd., the Chinese e-commerce giant that invested in Lee’s firm, provided an additional supply of H100s, and 01.AI supplemented its needs with slightly slower and less powerful Nvidia H800 processors.

“Our models have been trained on H100s processors legally brought into China,” Lee said. “Necessity is the mother of invention, we squeeze everything we can from the compute available.”

In contrast to many global AI startups, Lee said 01.AI is nearing profitability. After training the models on Chinese and universal data

ly. With the new rule, procedures for closure are not dispensed with, such as the examination of the taxpayer. These can proceed even after the filing for closure. But the concerned taxpayer need no longer comply with the requirements for an active taxpayer, as its closure is effected upon application.

We appreciate and welcome all these kinds of initiatives. There are still many other areas where our government, especially our tax authority, needs to introduce changes. For instance, the present policies and procedures on the availment by our taxpayers of the benefits under tax treaties and of the tax-sparing rule on dividend income could be relaxed. Since the exemptions and preferential rates are already provided in the tax treaties and/or in the Tax Code, the benefits should be enjoyed with fewer hassles on the part of the taxpayers.

The goal is for taxpayers to see that our government is their partner, and the procedures required by our government should not serve as hindrance to doing businesses. Para piliin nila ang Pilipinas

The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 8403-2001 local 160.

The Senate will continue to hold crucial roles in Thailand’s legislative process, especially in the amendment of the militarybacked constitution that requires support from at least a third of senators to pass. Nearly all attempts to do so after the coup have failed due to Senate votes, despite the proposals clearing the elected lower house.

promoting themselves to the general public, including putting up posters in public places, giving media interviews, or mentioning the monarchy, according to rules published by the election Commission in late April.

And with fees at least six times the daily minimum wage, the process may exclude people who don’t have disposable income.

How involved can political parties be?

THe Senate election law states that executive leaders or those who hold formal titles in political parties are prohibited from any action that may influence the race. Wrongdoers will face up to 10 years in jail and 200,000 baht in fines.

The same ban and penalties apply to those holding political office, lawmakers in the lower house and local administrative officials. Applicants who accept help from political parties or political office holders also

sets, Lee is taking the models and apps global, and signing up domestic as well as overseas customers to boost revenue next year.

After a month-and-a-half of testing on users, Lee’s company is rolling a version of Wanzhi for PC browsers with more comprehensive features, and one for mobiles, accessible through the messaging service WeChat. He’s appearing in video tutorials on Douyin, the Chinese version of TikTok, to coach potential users.

“The year 2024 will be explosive for generative AI applications in China,” Lee said. Lee said his startup is closing the second tranche of a $250 million pre-

face punishment and will have their electoral rights revoked.

Some political and civil groups are already trying to skirt the rules. The Progressive Movement, affiliated with the opposition Move Forward Party, said it is aiming to see at least 70 independent senators from its campaign for public representation in the upper house.

Why is this election important?

THe upcoming election will determine how tight a grip the conservative establishment will be able to maintain on one of the most important political institutions in Thailand, and how resistant it will be to progressive agendas backed by a growing demographic of voters who crave change.

The Senate will continue to hold crucial roles in Thailand’s legislative process, especially in the amendment of the military-backed constitution that requires support from at least a third of senators to pass. Nearly all attempts to do so after the coup have failed due to Senate votes, despite the proposals clearing the elected lower house.

The upper house also holds the keys to appointments of independent bodies that can sway national politics, including the election Commission and the Constitutional Court. The two agencies have had an outsized role in blocking progressive reforms, especially in dissolving political parties that they deem have broken the rules. Bloomberg

Series A round in a few weeks and, by the year’s end, will start looking for investors for its Series A. The company has also streamlined its hardware and software processes to maximize efficiency and keep costs down.

“When GPT-5 comes, we will be steps behind,” Lee said, referring to OpenAI’s rumored next-generation AI model. But 01.AI is focused on making AI affordable rather than creating massive, more expensive models. “You can build a giant amazing spaceship, but can it take you from Sacramento to San Francisco?” With assistance from Amy Thomson and Seth Fiegerman /Bloomberg

NGCP AGAIN PLACES LUZON GRID UNDER YELLOW ALERT

THE Luzon grid was once again placed on yellow alert on Monday afternoon, the National Grid Corporation of the Philippines (NGCP) said.

A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement.

Luzon’s operating margin should be equivalent to 668 MW or the capacity of the largest power plant in the region, to avoid the declaration of red or yellow alerts.

The grid operator set the duration of the yellow alert from 1-5 pm and from 6-8 pm.

Early in the day, the yellow alert was supposedly from 2-4pm only but the NGCP extended the alert intervals in Luzon grid due to increased demand and deration of SLPGC Unit1 from 150MW to 90MW.

NGCP said the grid lost a supply of 2,050.5 megawatts as a total of 20 plants remain on forced outage. It said five plants have been on forced outage since 2023, another five between January and March 2024, and 10 between April and May this year.

The available capacity in Luzon is 14,640 MW while demand is estimated to peak at 13,446 MW.

The Department of Energy (DOE) said last month that the issuance of yellow alerts, and possibly red alerts, will continue as the heat index remains extremely high in most areas of the country, resulting in an increase in demand for electricity.

This year’s projected peak demand for electricity at 13,917 MW

was already breached last April 24 by 99MW.

The Energy Regulatory Commission (ERC) announced last week that it would suspend the operations of the Wholesale Electricity Spot Market (WESM) in Luzon and Visayas whenever the red alert notice is issued by the system operator in either of the grids.

A red alert status is issued by the NGCP when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement.

The first red alert for Luzon grid this year was issued last April 16. As of April 25, the Luzon grid has been placed on red alert for 20 hours and 46 minutes and on yellow alert for 57 hours and 50 minutes.

The Visayas grid was not spared from the issuance of red and yellow alerts. From January up to April 25, the red alert was in effect for 24 hours and 14 minutes. The Visayas grid was also placed on yellow alert for 46 hours and forty minutes.

“This clearly shows that the alert issuances this 2024 are significantly affecting the condition of the power system attributable to the aforementioned reasons. Data from the WESM for the periods when the high heat index was recorded and alert notices were issued show that the average prices per day increased by an average of 11 percent in Luzon and 53 percent in Visayas, which will translate to a significant impact in the consumers’ electricity bill,” the ERC had said. Lenie Lectura

Red tape, energy prices bug German companies in PHL

By Andrea E. San Juan @andreasanjuan

GERMAN firms operating in the Philippines have identified economic policy conditions, prices of energy and supply chain disruptions as the risks that could impact future economic growth, according to the Spring 2024 AHK World Business Outlook Survey conducted by the German-Philippine Chamber of Commerce and Industry (GPCCI).

According to GPCCI, economic policy conditions topped the list due to “complex regulations, frequent policy changes, and extensive bureaucracy creating an unpredictable environment.”

Another “significant” concern that businesses raised is the high energy prices which they said could impact profit margins and operational costs, particularly for energyintensive sectors like manufacturing.

“Additionally, challenges such as supply chain disruptions and infrastructure are tied for third, with both factors contributing to operational inefficiencies,” said GPCCI in a statement on Monday.  Despite these risks, the results of

the Spring 2024 survey conducted by GPCCI showed that 50 percent of German-Philippine businesses are still optimistic about their business situation.

As to company expectations, 61 percent of the responding firms are optimistic on their firms’ business development for the next 12 months.

However, to be able to capitalize on the current “economic optimism,” GPCCI Board Director and Policy and Advocacy Chairperson Marian Norbert Majer said, “it’s imperative that the Philippine government work closely with businesses to resolve these identified challenges.”

“Addressing these issues can help create a more predictable and favorable business environment and ensure that this bullish momentum translates into substantial outcomes that will help the Philippines attain its sustained economic growth,” Majer added.

Meanwhile, GPCCI divulged the “diversification” strategies that responding companies have taken towards “enhancing” the resilience of their business operations amid the risks that they mentioned such as economic policy conditions, among others.

For instance, the chamber said, “they have reported expanding their supplier networks and exploring new sales markets to mitigate the risks of future disruptions.”

However, the GPCCI also stressed that this diversification is not spared from challenges.

“The primary obstacles identified include increased legal and regulatory issues, which respondents ranked as their top concern, followed by difficulties in finding suitable suppliers or business partners, and the high costs associated with expanding business operations,” said the chamber.

On assessing their preparedness to handle international crises and geopolitical risks, the GPCCI survey

indicated that the confidence level among these firms shows room for improvement, with 55 percent or more than half of the firm noting that they are only “averagely prepared” to tackle such challenges, indicating a “moderate level of resilience,” while only 34 percent consider readiness as “good.”  With this, GPCCI Executive Director Christopher Zimmer stressed, “Our network continuously assesses the resilience of German companies’ supply chains at their international locations, aiming to significantly mitigate the risk of future disruptions, such as transport interruptions or the sudden loss of production facilities.”

“We see that our respondents in the Philippines are actively enhancing the resilience of their operations by expanding supplier networks and venturing into new markets,” Zimmer added.

The AHK World Business Outlook Spring 2024 Survey in the Philippines was initiated by GPCCI. Almost 70 companies related to German-Philippines business relations are participants.

The participating sectors are from the services (59 pecent), trade (14 percent), and the manufacturing or construction sectors (27 percent).

By Jovee Marie N. dela Cruz @joveemarie

THE chairman of the House Committee on Agriculture and Food assured the public on Monday that the bill amending the Rice Tariffication Law (RTL) bears enough safeguards to restore the authority of the National Food Authority (NFA) in stabilizing rice prices and regulating the staple food’s supply.

In a press conference, House Committee on Agriculture and Food Chairman Mark Enverga addressed Senator Cynthia Villar’s apprehensions on granting the NFA the power to directly import and sell rice, clarifying that such actions would only be taken in emergency situations.

“Before the NFA had a monopoly in terms of rice imports, they had a monopoly in terms of regulation. I would like to assure our counterparts in the Senate that this is a different scenario. In fact, their presence would be very limited—only in emergency situations, and importation is merely a last resort,” he said.

Villar, chair of the Senate Committee on Agriculture and Food, had opposed reinstating the NFA’s authority to import and sell rice, citing concerns about corruption and questioning the agency’s commitment to safeguarding the welfare of rice farmers and consumers.

While acknowledging Villar’s concerns about corruption and the NFA’s commitment to safeguarding farmers and consumers, Enverga stressed the need to trust the NFA with its technical expertise and the critical function of price stabilization.

“I think NFA is the rightful agency or administration that could handle this matter, especially the price stabilization function,” Enverga explained. “In terms of importation, their worry is usually about that. And as I’ve mentioned, importation would be the last resort, so we put in stringent safeguard measures here, and we know for a fact that the NFA Council is very powerful,”

Enverga explained. Enverga said he will brief the senators on the contents and objectives of the substitute bill amending RTL.

The substitute measure—House Bill (HB) No. 10381—not only restores the NFA’s price stabilization and supply regulation functions but also authorizes it to require registration of all grain warehouses, conduct inspections to ensure compliance with rice quality and supply standards, and mandate the maintenance of sufficient buffer stock requirements sourced from local farmers’ organizations and cooperatives.

The bill will bolster the regulatory authority of the Bureau of Plant and Industry, ensuring warehouse compliance with sanitary and phytosanitary standards.

The bill’s core focus is the continuation of the Rice Competitive Enhancement Fund (RCEF), aimed at providing a long-term solution to challenges within the rice industry.

The House plenary started deliberations on the RTL amendment bill on Monday, with approval on second reading expected by Wednesday. Meanwhile, the amendments proposed in House Bill 10381 also aim to enhance the effectiveness of the RCEF, established under the RTL, by increasing its annual appropriation from P10 billion to P15 billion and extending its period for another six years.

The proposed fund allocation will now designate 53.5 percent for farm mechanization components, 29.7 percent for seed components, 3.3 percent for training, 6 percent for rice credit assistance, 4 percent for soil, 2 percent for pest management, and 1.5 percent for the Rice Industry Development Project Management Office (PMO).

According to Committee on Agriculture and Food Vice Chairperson  Mikaela Angela Suansing, one of the bill’s authors, an average of P29 billion annually from tariff revenues is expected.

By Ada Pelonia

LOCAL rice millers belonging to the Philippine Confederation of Grains Association (Philcongrains) said the cost of producing rice must decline by more than a third to make the staple more affordable.

“If the production cost of palay falls to P8 per kilogram, then the retail price of P30 per kg is possible. It could even go down to below P30 per kilo if production cost reaches P8 per kg,” Philcongrains President Herculano Co Jr. told the BusinessMirror in a phone interview.

“Reducing production cost is possible if fertilizer costs will go down and farmers will use highyielding or hybrid seeds,” he added.

Speaker Ferdinand Martin Romualdez said the House of Representatives is keen on amending the rice tariffication law (RTL) as this could cut rice prices to as low as P30 per kg.

“By amending the RTL, we aim to bring about tangible reductions in rice prices, ensuring that Filipino consumers are not unduly burdened by high food costs,” Romualdez said.

“Lowering rice prices to less than P30 is a crucial step towards en -

suring food security and economic stability for all,” he added.

The Philippine Rice Research Institute (PhilRice), a government corporate entity attached to the Department of Agriculture (DA), said production cost dropped to P13.64 per kilo in 2023 from P15.24 per kilo in 2019.

Meanwhile, Co lauded the government’s focus on local rice production.

“Focusing on domestic rice production is essential, especially if the government wants to reduce the retail prices of the staple,” he said in a mix of English and Filipino. Co added that the distribution of

postharvest facilities such as dryers and enhancement of rice mills via the Philippine Center for Postharvest Development and Mechanization (PHilMech) will further boost output.

“PhilMech’s initiative to improve

According

Editor: Jennifer A. Ng

Batangas is a strategic site for $800-M terminal–ICSTI

By Lorenz S. Marasigan @lorenzmarasigan

InternatIonal Container terminal Services Inc. (ICtSI) said on Monday it plans to construct a new $800-million international container terminal in Bauan, Batangas.

The company plans to begin building the new terminal by the first quarter of 2025.

With the first berth anticipated to be operational by the end of 2027, the terminal is poised to become the second-largest container facility in the country, following the Manila International Container Terminal (MICT) at the Port of Manila.

Upon completion, the terminal will boast up to 900 meters of quay and at least 8 ship-to-shore gantry cranes. With an estimated capacity exceeding 2 million twenty-foot equivalent units (TEUs) per annum, the facility is primed to be “a catalyst

for economic growth across Southern Luzon, creating jobs and accelerating regional development.”

“The new terminal represents a significant leap forward for Southern Luzon. We are building a world-class facility that will unlock a wave of economic benefits for the region and the country. It will create new employment opportunities, improve the quality of life for our host communities and the industries located around the terminal, and solidify Southern Luzon’s position as a key player in global trade,” ICTSI EVP Christian R. Gonzalez said.

Gonzalez added that central to the terminal’s strategic advantage is its connectivity. Thanks to direct access to Southern Luzon’s expressways, facilitated by key infrastructure projects, such as the Bauan-San Pascual-Batangas-Star tollway diversion road, the terminal is poised to become the “most efficiently connected” maritime facility in Luzon.

Gonzales noted that the terminal’s strategic location positions it as the premier international gateway for shippers within the Calabarzon region, whose local output—pegged at P3.1 trillion—accounts for 15 percent of the nation’s total GDP and per capita Household Final Consumption Expenditure. Calabarzon, one of the country’s fastest-growing regions, recorded a 5.2-percent growth rate last year.

The company reported last May 6 that it recorded $209.88 million in net income attributable to equity holders, higher than the $154.61 million it posted the year prior. Revenue from port operations

reached $637.65 million or 11 percent higher than the $572.25 million in 2023, as its ports handled 3.09 million twenty-foot equivalent units (TEUs), flat versus last year.

“Our international portfolio performed exceptionally well, and the group continues to benefit from geographic diversification spanning 19 countries which has enabled us to deliver growth, despite regional economic headwinds,” ICTSI Chairman Enrique K. Razon said in a statement.

“Our balance sheet is robust and cash generation has been very strong, with free cash flow up 46 percent during the quarter further reinforcing our ability to invest and capitalize on growth opportunities.”

Consolidated cash operating expenses in the first quarter was 6 percent higher at $172.48 million compared to $163.14 million for the same period in 2023 due to government-mandated and contracted salary rate adjustments, various repairs and maintenance of port equipment, and unfavorable foreign exchange effect.

SPNEC posts net income in Q1

By VG Cabuag @villygc

SP New Energy Corp. (SPNEC)

said it recorded a net income of P156 million in the first quarter and an attributable net income of P47.5 million, a reversal of the P24.57-million loss it recorded in the same period last year.

As of March, the company said its collections amounted to P207.4 million and that it earned interest from its various bank accounts and time deposits totaling P96.6 million.

“During the same period, the

‘Clark airport traffic levels still rising’

LIPAD Corp. painted an optimistic outlook for the future of Clark International Airport, projecting a return to pre-pandemic traffic levels as early as 2025.

During the One Clark Forum organized by the Bases Conversion and Development Authority (BCDA) and the Economic Journalists Association of the Philippines (Ejap), Lipad President Noel Manankil said traffic at the airport continues to rise with the gateway handling about 2 million passengers in 2023.

“This year we are looking at anywhere from 2.4 million passengers to 2.7 million passengers and we are reviewing our traffic projections with Changi,” he said, referring to airport operator and partner Singapore Changi Airport.

Its intentional passenger traffic recovered by 76 percent to 1.36 million passengers in 2023, while domestic traffic was at 640,381 passengers, representing a 29-percent recovery from 2019. The Clark International Airport has a design capacity of 8 million passengers per annum. However, it currently is only operating half of its capacity at 4 million, as demand for air travel still recovers. Lorenz S. Marasigan

By Lenie Lectura @llectura

LOPEz-LED Energy Development Corp. (EDC) has secured the green light to proceed with its planned issuance of up to P10 billion in Asean Green Bonds.

group made loan and interest payments for P153.1 million, lease payments for P4.5 million, paid for additional deposits for land acquisition amounting to P189.3 million, incurred construction costs for P15.1 million and operating expenses for P104.3 million,” the company said. Solar Philippines Calatagan Corp., the company’s unit, purchased an additional 50 units of inverters amounting to P10 million to increase the generation of the plant, it said. The numbers reflect the growth resulting from the Manila Electric Co.’s (Meralco) investment in SPNEC.

The company is still constructing the P200-billion Terra Solar project.

In December last year, MGen Renewable Energy (MGreen) completed its P15.9- billion investment resulting in a 50.5-percent voting interest in SPNEC. In January, MGreen also acquired 2.17 billion shares of SPNEC from Solar Philippines Power Project Holdings Inc. for P2.5 billion.

MGreen is a wholly owned subsidiary of Meralco Powergen Corp., a wholly owned subsidiary of Meralco, the country’s largest power distributor whose parent firm is businessman Manuel V. Pangilinan’s Metro

Pacific Investments Corp.

Solar Philippines, founded by businessman Leandro Leviste, continues to own 18.99 billion shares of SPNEC, with other shareholders and the public owning the remaining shares.

SPNEC’s Terra Solar has been referred to as the world’s largest solar project, which is targeted to begin operations by 2026.

Terra Solar’s developments in Nueva Ecija and Bulacan will consist of 3,500 megawatts of solar panels and 4,000 megawatt-hours of battery storage.

Extension of Meralco franchise pushed

By Jovee Marie N. Dela Cruz @andreasanjuan

Ex TENDING the franchise of the Manila Electric Co. (Meralco) for another 25 years has economic advantages, House Committee on Ways and Means Chairman Joey Salceda said Monday. Salceda previously introduced House Bill (HB) 9793, advocating for a 25-year extension to the existing franchise of the power distribution behemoth.

“The case for renewing Meralco’s franchise is plain and simple: it has complied with the conditions of the franchise law and it is good for the economy and the consumer,” Salceda said in a statement.

Meralco’s current franchise, as stipulated in Republic Act (RA) 9209, remains valid until 2028, serving consumers in Metro Manila, Calabarzon, Pampanga, and Bulacan.

Salceda highlighted Meralco’s “superior service” compared to other major electric cooperatives and distribution utilities (ECDUs), noting that the average consumer experiences minimal outages annually.

“If all ECDUs performed like Meralco, the economy would create an additional P201 billion in gross value added annually due to avoided outages.”

He further commended Meralco for its robust financial standing,

Businessmirror file photo

enabling it to secure power supply agreements (PSAs) in compliance with competitive selection rules.

Salceda also lauded Meralco for maintaining low system loss charges, a result of significant investments totaling P220 billion over the past two decades to enhance electric service.

“As a testament to Meralco’s effectiveness as a service provider, at least 29 municipalities and cities and at least four provinces outside the franchise area have formally expressed interest to be served by Meralco.”

The bill also seeks to expand the scope of the company’s operations, a provision absent in its existing franchise, RA 9209, which was signed into law in June 2003.

“The grantee shall also be authorized to extend service to any adjacent or nearby city, municipality,

barangay or province, whenever such service is requested by its residents or inhabitants, through their Local Government Units, pursuant to a referendum called for that purpose in accordance with law or as otherwise directed by a court of competent jurisdiction,” read HB 9793.

Last February, Meralco reported an increase of 34 percent in its net income to P38 billion in 2023 from P28.4 billion in 2022 due to the strong growth in energy sales and higher earnings from its power generation businesses.

The utility firm also recorded a higher consolidated core net income of P37.1 billion in 2023, from P27.1 billion in 2022. Meralco said 64 percent of its CCNI came from its power distribution business while 26 percent accounted for its power generation business under Meralco PowerGen Corp.

First Gen Corp., the parent firm of EDC, said Monday the Securities and Exchange Commission (SEC) has issued a certificate of permit to offer securities for sale authorizing EDC’s second tranche of the fixed rate Asean green bonds which consists of 3-year bonds due in 2027, 5-year bonds due in 2029, and 7-year bonds due in 2031 for a total of P6 billion, with an oversubscription option of up to P4 billion.

The proceeds are earmarked for EDC’s power projects.

The second tranche is part of the shelf registration of EDC’s fixed rate Asean green bonds totaling P15 billion.

Earlier, the Philippine Rating Services Corp. (PhilRatings) has assigned the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, to EDC’s proposed green bonds.

PhilRatings has likewise maintained the Issue Credit Rating of PRS Aaa, with a Stable Outlook, for EDC’s outstanding P5 billion FixedRate ASEAN Green Bonds issued in June 2021.

EDC’s installed capacity has reached 1,463 megawatts. This is roughly one-fifth of the country’s

installed capacity from renewable sources.

Geothermal power plants comprise 80 percent of EDC’s portfolio. The company has a total installed capacity of 1,169 MW from geothermal, accounting for 60 percent of the country’s installed geothermal capacity.

Parent firm FGen, meanwhile, has 3,668MW of installed capacity in its portfolio , which accounts for 20 percent of the country’s gross power generation.

The green bonds are priced at the lowest end of the range of 6.7478 percent, 6.8873 percent and 7.0626 percent for the 3-year, 5-year and 7-year series, respectively.

The offer period is set on May 13 to 17, 2024.

BDO Capital & Investment Corp. and BPI Capital Corp. have been mandated to act as joint issue managers.

EDC President Jerome Cainglet said the green bonds will partially fund the company’s geothermal and battery expansion projects.

“This second tranche Asean green bonds will support the growth and resiliency of our renewable energy portfolio as we serve the growing economy’s increasing energy needs while pursuing the country’s decarbonization and net zero journey. This will be part of the P60-billion capital investment program that EDC is undertaking for its drilling operations program over the next three years and its renewable energy growth initiatives,” added Cainglet.

photo from www.energy.com.ph

Banking&Finance

BTr raises ₧2B more from debt paper auction

By Reine Juvierre Alberto

THE Bureau of the Treasury

(BTr) exceeded its full programmed amount from the tender of Treasury bills (T-bills) on Monday as investors’ asking yields for the short-term debt papers further eased.

Overcoming cognitive biases in money matters

IMAGINE you’re browsing online for a new pair of shoes. You come across a stylish pair that catches your eye, and without hesitation, you add them to your cart. As you proceed to checkout, you notice a flashing banner proclaiming a limited-time discount on a different pair of shoes—ones you hadn’t even considered before. Suddenly, you’re torn. You had your heart set on the first pair, but the allure of a discount is hard to resist. Could you be falling prey to the anchoring effect? It’s that sneaky tendency to latch onto the first piece of information we encounter, influencing our subsequent decisions. If so, get ready, because we’re about to dive into how our minds shape our spending habits and discover strategies to overcome these biases like a seasoned pro. Understanding cognitive biases in personal finance OUR journey begins with a deeper understanding of cognitive biases or those subtle mental shortcuts that influence our financial decisions in ways we may not even realize. Let’s explore some of the most common biases and their impact on our money matters:

Anchoring effect: The price we pay EVER been swayed by the first price you see, whether it’s in the store or on the stock market ticker? That’s the anchoring effect at play. It’s like that initial figure sets the tone for all subsequent decisions, even if it might not reflect the true value. By recognizing this tendency, we can take a step back, reassess, and ensure that we’re making choices based on solid financial reasoning rather than arbitrary starting points.

Loss aversion: The fear of letting go LET’S talk about our reluctance to let go of failing investments, simply because we’ve already poured time, money, and energy into them. This is what psychologists call the sunk cost fallacy. It’s like throwing good money after bad, driven by an emotional attachment to past investments. But here’s the truth bomb: sometimes, cutting our losses is the smartest move we can make to safeguard our financial well-being. The illusion of control: Navigating confidence CONFIDENCE can be a double-edged sword in the world of finance. Sure, it’s great to have faith in our abilities, but too much confidence can lead to risky decision-making. Let’s not forget that the markets can be unpredictable, and no amount of self-assurance can change that. By staying grounded and acknowledging the limits of our control, we can make more prudent financial choices.

Framing effects: Words matter EVER notice how the same financial information can sound drastically dif -

billion each from the 91-day tenor and 182-day T-bills, and generated P7 billion from the 364-day government securities, according to the Treasury.

“With its decision, the Committee raised a total of P17.0 billion compared to the P15.0 billion initial offer,” read a statement the BTr issued after the auction last Monday.

The total amount tendered per tenor was P21.412 billion for the 91day, P19.910 billion for the 182-day, and P18.519 billion for the 364-day T-bills. The Treasury said the auction was four times oversubscribed, with total demands reaching P59.8 billion across the board

For the 91-day T-bills, investors’

average yield inched down to 5.727 percent, versus the previous tender’s 5.780 percent. Bids for the 91-day Tbills declined, ranging from 5.698 percent to 5.755 percent. The 182-day T-bills saw its yield averaging down to 5.893 percent compared to last auction’s 5.930 percent. The government security rates were between 5.873 percent and 5.910 percent.

Investors’ average rate for the 364day T-bills, meanwhile, was at 6.037 percent with a yield range of 6.000 percent to 6.045 percent. T-bills’ yields averaged 6.056 percent in the Treasury’s previous tender last May 6.

The Treasury added the average rates of the T-bills ended lower from

the previous auction and prevailing secondary market benchmark rates.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the “softer” local gross domestic product, inflation, employment, manufacturing and exports/ trade data recently released could lead to more dovish signals from local monetary authorities to cut local policy rates. The Monetary Board is set to convene on May 16, 2024, for a policy-setting meeting.

“T-bills auction yields continued to ease after global crude oil prices lingered among 2-month lows and also among 2-year lows after IsraelIran tensions subsided for more than three weeks already or since April 20 that could help veer U.S. and local inflation towards central bank targets and eventually justify rate cuts,” Ricafort added. For the month of May, the Treasury aims to raise as much as P60 billion from the sale of T-bills. It is also targeting to raise P150 billion from the sale of Treasury bonds, with the combined sale totaling P210 billion. The state also aims to borrow, following a 75:25 mix in favor of domestic sources, a total of P1.853 trillion from the domestic market through the sale of T-bills and Tbonds this year, based on state budget documents.

Home Credit sells ₧60B worth of financed goods

By Roderick Abad @rodrik_28 Contributor

EXECUTIVES of payment system operator HC Consumer

Finance Philippines Inc. revealed on Monday the firm was able to sell last year financed goods worth P60 billion, which they consider “record breaking.”

“It [is] truly humbling for us that a lot of our customers trusted us in bringing home products that we believe help improve their lives,” Home Credit PHL Chief Sales Officer (CSO) Puneet Suneja said during an event the firm organized last Monday in Taguig City.

ferent depending on how it’s presented? That’s the power of framing effects. It’s like the language used to describe an investment can subtly influence our perceptions of its value and risk. By tuning into these linguistic nuances, we can avoid being swayed by flashy rhetoric and focus on the cold, hard facts.

Availability heuristic: When recent events rule the roost OUR minds have a knack for latching onto vivid or recent experiences and using them as shortcuts to guide our decisions. But in the world of finance, this availability heuristic can lead us astray. It’s like our brains have a highlight reel of memorable events that overshadow statistical probabilities. By taking a step back and looking at the bigger picture, we can make more rational financial choices.

Practical tips for money mastery ARMED with this newfound understanding of cognitive biases, how can we harness this knowledge to become better stewards of our finances? Here are a few tips to get you started:

n Diversify your information diet. Seek out diverse perspectives and challenge your own assumptions about money.

n Question the status quo. Don’t blindly accept the first price or piece of information you encounter. Take a critical look and consider alternatives.

n Embrace change. Recognize when it’s time to cut your losses and pivot to a new financial strategy.

n Stay humble. Confidence is great, but humility is essential. Acknowledge the uncertainty of the financial markets and approach decisions with a healthy dose of skepticism.

n Mind your language. Pay attention to how financial information is framed and strive to make decisions based on objective analysis rather than persuasive rhetoric.

n Think long-term. Resist the urge to let recent events dictate your financial decisions. Keep your eye on the horizon and make choices that align with your long-term goals.

In conclusion, understanding and overcoming cognitive biases in personal finance is crucial for making sound financial decisions. By recognizing these biases and implementing practical strategies, we can take control of our financial future and achieve greater financial well-being. So, let’s embrace this journey of self-awareness and empowerment, knowing that financial success is within our reach.

Janice Sabitsana is a registered financial planner of RFP Philippines. The views she expressed in this column do not necessarily reflect those of the BusinessMirror To learn more about financial planning, attend the 107th RFP program this May 2024. Please e-mail info@rfp.ph or visit https:// www.rfp.ph for details.

According to Suneja, half or P30

billion of the total sales was accounted for by mobile phones, bringing their overall sold units to 12.5 million over the last decade.

“So we’re bringing in the smartphones revolution that started in 2018, I believe, to every customer out there for us,” he noted.

Brand-wise, one in every five mobile phone units sold was iPhone, generating a total of P6 billion last year.

“I think, we might have done close to 200,000 units or so. Two years back, we were [only] selling 10 percent of what we did in 2023,” Suneja said. He added that, for the first time, this communication gadget from Apple Inc., which is known to be “very expensive,” has outper-

BIR vows to continue war vs illicit vape, cigarettes

formed Android phones that Home Credit customers usually preferred.

“[So] we’re [now] making iPhones [attainable] for everyone.”

Starting with financing just four products in 2013—phones, televisions (TVs), refrigerators and laptops—Home Credit now sells in installment 80 plus commodities and continuously expanding.

Apart from mobile phones, its top financed products for the last 10 years include TVs at 1.2 million sold units, computers at 900,000, and airconditioners at 500,000.

The latter has been selling like hot cakes for over a month with the launch of its zero percent interest promo.

May

BUREAU of Internal Revenue (BIR)

Commissioner Romeo D. Lumagui

Jr. has ordered all BIR officials to continue exerting all efforts in fighting against illicit vape and cigarette traders, whether the same be sold online or through brick-and-mortar stores. This order comes after the May 8 meeting of the Private Sector Advisory Council-Agriculture Sector Group in Malacañang, where President Ferdinand R. Marcos Jr. was present.

Illicit vape and cigarette, whether sold online or through ordinary stores, is tax evasion, read a statement issued by the BIR.

“It is criminal in nature. The nationwide forces of the BIR have their orders to continue raiding and filing criminal cases against any individual or business that is involved in the illicit vape and cigarette trade,” Lumagui was quoted in the statement as saying. “We have warned you as early as 2022. We have raided and filed criminal cases as early as 2022. Register your business and pay your taxes. You are destroying an industry that provides millions of jobs to Filipinos.”

Lumagui has been consistent in his drive against illicit vape and cigarettes since 2022, according to the BIR.

The BIR said its personnel raided vape warehouses in Manila in November 2022; a P1.2 billion criminal case was filed in December 2022. The BIR won this case earlier this year, and warrants of arrest have been issued. The BIR also conducted, for the first time in its history, a nationwide raid against illicit cigarettes in January last year. A P1.8-billion criminal case was filed in May 2023 as a result of this nationwide raid. Another set of nationwide raids against illicit cigarettes was conducted in July 2023.

For all these efforts, Lumagui was awarded by the National Tobacco Administration for leading the fight against illicit tobacco products in August 2023. After this award, the raids and criminal cases against these illicit traders continued. In November last year, the BIR raided illicit cigarette traders and smugglers in Davao that had P252 million in tax liabilities.

In March, the BIR raided a warehouse in Laguna with illicit Flava vape products. Another set of illicit vape warehouses in Manila and Rizal were also raided by the BIR in the same month. Three large warehouses in Cavite with illicit cigarettes were also raided in the same month, with an estimated P5.4 billion in tax liability.

Although the BIR has been active in raids and the filing of criminal cases against illicit vape and cigarette traders, it is also improving its services and monitoring capabilities. Internal revenue stamps on vape products will be mandatory by June 1 of this year. This will complement its enforcement activities.

Mula 2022, wala nang tigil ang BIR sa pag-raid at pag-sampa ng kaso laban sa illegal na vape at sigarilyo. Matagal niyo nang alam na mali ang ginagawa niyo. Ang mga may hawak at may aktwal na kontrol sa mga illegal na vape at sigarilyo ay kasama sa sasampahan ng mga kasong kriminal at administratibo Maaaring umabot ng hanggang sampung ulit ang mga penalty na ipapataw sa mga makakasuhan. Sinisira niyo ang isang industriya na nagbibigay trabaho sa milyon-milyong Pilipino. Pwede kayo magregister at magbayad ng tamang buwis. Para sa mga gumagawa ng tama, asahan niyo na tutulungan po kayo ng BIR. Para sa mga ayaw sumunod, hindi kayo titigilan ng BIR kahit online o sa mga tindahan pa kayo nagbebenta,” Lumagui said.

“We’ve put more than 1,000 aircons every day in Filipino homes since we started this summer campaign in March this year. Hopefully, [it provides] some relief from the extreme heat that we’re experiencing this year,” the CSO said. Suneja attributed their record performance this year to a decade of groundbreaking achievements. Since its inception, the company has served over 10 million Filipinos and having 15,000 partner shops across 75 provinces and 137 cities nationwide.

“With Home Credit, shop anytime, anywhere, or anything from the most trusted brands and retail stores in the country,” he said.

Bangsamoro region set to adopt Islamic finance

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

DAVAO CITY—The Bangsamoro region is poised to implement the collateral and interest-free financial and banking transactions and put this region in the Islamic global financing map, its legislators said.

“Once BTA Bill 286, or the proposed Bangsamoro Revenue Code, is enacted, the Barmm is set to implement Islamic financing,” the Bangsamoro legislators told a public forum in Cagayan de Oro City last week.

Adapting Islamic finance would make the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) “more competitive in the market,” said Paisalin Tago, deputy speaker of the Bangsamoro Transition Authority (BTA), the interim Parliament of the Barmm.

He said though, that the shift to Islamic finance would need educating Barmm’s predominantly Muslim population about Shariah and Islamic finance.

Lawyer Ubaida Pacasem, also a member of Parliament and who heads the Ministry of Finance, Budget, and Management Minister, said the proposed code would standardize Islamic financial contracts and transactions, “ensuring their economic equivalence with their conventional counterparts.”

The enactment of the proposed code “is expected to create a level playing field for Islamic finance products and services,” he said, “as it also promotes a sustainable Islamic finance industry as well as an open, equitable, and competitive financial system within Barmm.”

Islamic finance would be implemented as the main content of the Bangsamoro Revenue Code, one the two remaining priority codes that are yet to

be enacted by the Barmm midway into the second transition period.

The BTA Ways and Means Committee team handling the consultation of the revenue code held a two-day forum in Cagayan de Oro City, for stakeholders in Northern Mindanao.

The revenue code includes institutionalizing hisbah to manage Shariah in the economy, taxation based on excess wealth, and incorporating zakat into the revenue code. Hisbah was explained by Mindanao State University-Marawi Shari’ah Center Director Anwar Radiamoda as an Islamic duty that emphasizes managing economic affairs in accordance with Islamic principles.

“Islamic finance promotes satisfaction for Muslims and enables them to fulfill their obligations to Allah and society,” Radiamoda said.

In an economic brief released by the Ministry of Finance and Budget and Management, Islamic finance prohibits riba (interest), which differs substantially from traditional banking and investment practices, the Bangsamoro Information Office said.

It said Islamic finance “encourages equity, social justice, and economic participation through profit and risk-sharing mechanisms, aiming to prevent exploitation and ensure that financial transactions positively impact society.”

Lawyer Saniarah Diangca, a legal expert from D’Firm Diangca Law and Taxation Consultancy, “emphasized the need to address potential overlaps in the functions of the BIR and the Bangsamoro Revenue Office, which is mandated to assess and collect all taxes, fees, and charges, as well as to account for all revenues collected.”

Tago, who chairs the committee, said it has scheduled another forum in Davao City next week with resource persons from Region 12.

13, 2024, photo shows Bureau of internal Revenue Commissioner Romeo D. Lumagui Jr. at a warehouse

Art BusinessMirror

Benilde Open announces selected proposals, lines up exhibit

AN initiative of the De La Salle-College of Saint Benilde (DLS-CSB) that grants creatives and students the opportunity to bring their unfinished concepts to life, the Benilde Open Design + Art unveiled last week its set of selected proposals.

The Benilde Open garnered 324 proposals from creative industry practitioners and Benilde students.

Out of the hundreds, 10 were selected for the “Benilde Open” category, each receiving a grant of P300,000. In addition, one special entry received full funding from a private donor in the same amount. Meanwhile, 17 student proposals have been chosen for the “Best of Benilde” category. The students receive full curatorial support.

All shortlisted and selected proposals for both categories were made by a committee of distinguished practitioners from various local and international creative industries sectors. The group includes Dr. Jonathan Gander, head of the School of Creative Industries, LASALLE College of the Arts, University of Arts Singapore; Alexie Glass-Kantor, curator and executive director of Artspace, Sydney; Mara Hermano, vice president for Institutional Research and Planning in Boston College; Paul Pfeiffer, internationally acclaimed multidisciplinary artist; Erwin Romulo, multi-awarded writer, editor, music producer and composer, and creative consultant;

and Pauline Suaco-Juan, former executive director of CITEM (Center for International Trade Expositions and Missions) Philippines. Here are the 10 selected proposals for the “Benilde Open” category:

■ ‘Tropikalye’ by Nice Buenaventura and Costantino Zicarelli. An online index of photographs and text, this project highlights the accidental intersections of contemporary Philippine aesthetics and the everyday from the vantage point of the street.

■ ‘Nightingales’ by RJ Fernandez. The filmmaker engages and collaborates with three Filipino nurses from East Sussex through an observational documentary video that shows their daily life, as well their horticultural activities as they learn to grow food in a community garden. The nurses will be given technical training in video documentation and given 10 to 12 days to document their daily life.

RIGODON, Imelda Cajipe Endaya’s inaugural exhibition at the Silverlens Manila gallery, is on view until May 25. Rigodon bursts with color, rhythm, and vigor. A renowned feminist, activist and community organizer, Endaya is hailed for her large-scale paintings and mixed media works, as well as her strongly socio-political themes centering the plight of Filipino women throughout history. Yet, not many people know that in the early years of her career, she created vivid abstract prints. “Almost always I was burdened with guilt at doing abstracts,” Endaya declared in 1987. Today, these abstracts from the mid-1970s reveal a side of the artist that she wants the public to see—one that embraces play, experimentation, and joy.

The works in the exhibition belong to the artist’s decades-long search for Filipino identity. The eponymous work Rigodon (1974) is named after a traditional court dance performed in the Philippines since the Spanish colonial era. It involves precise, elegant movements. Yet, filled with bold, intuitive strokes, Endaya’s Rigodon seems to subtly break free from the dance’s original rigidity—capturing how Filipinos took the traditions imposed on us, imbued it with vibrancy, and made it our own.

■ ‘Stakeholding: Chapter 1, A Developing Tabletop Game’ by Lyra Garcellano. The game explores the various features of the contemporary art and culture world, taking off from philosophical queries such as: How do we design a new art world? How can we chart our journey? How can we be mobile in that path? What do we do when we collide with other worlds/communities? Do we occupy and conquer or do we cooperate and collaborate?

■ ‘RE-MOVE: Unraveling truths behind the spectacle of indigenous exposition through the contemporary performance lens’ by Aaron Kaiser Garcia. The project aims to highlight how colonial infrastructures remove cultural artifacts from our indigenous communities; and in response to this removal, hopes to recreate, reimagine and “remove” our bodies to shine a light on this spectacle of indigenous exposition and exploitation.

■ ‘Exploring the Use of Philippine Silk in Tausug Pisyabit Weaving’ by Rambie Lim. Through research and experimentation on how to adapt traditional weaving and dying techniques, the designer proposes to bridge the gap between suppliers, dyers and weavers to bring about the renaissance of traditional Tausug textiles by working with weavers from Padirna Sanaani of Parang, Sulu, CONTINUED ON B5

preparation will slow you down. Preparation will turn the tables in your favor and help you recognize what’s important to those you need support from to join your team. Rely on your intelligence and charm to win. ★★★

VIRGO (Aug. 23-Sept. 22): A change may be necessary, but first, you must gather the data and consider your options. Knowledge is powerful, and putting everything in place before you make your pitch is essential to drum up support. ★★★

LIBRA (Sept. 23-Oct. 22): Participation will lead to insight, personal growth and a sense of what you want to pursue. Don’t let laziness set in when punctuality and putting muscle behind your plans will encourage healthy financial and physical opportunities. ★★★★

SCORPIO (Oct. 23-Nov. 21): Unusual people, places and pastimes will capture your attention. Be sure to take advantage of the chance to try something new or to meet people who can offer you a unique perspective on something that can add value to what you have to offer. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Domestic problems will surface if you ignore what’s happening in your backyard. By keeping a close watch over what the people in your life are up to, you’ll avoid being broadsided by an unexpected incident.

CAPRICORN (Dec. 22-Jan. 19): Don’t let the little things get to you. Step out and enjoy a change of pace, scenery or lifestyle. What you discover will encourage you to revisit aspects of your life that are holding you back or bringing you down. ★★

AQUARIUS (Jan. 20-Feb. 18): Pay attention to detail, what others say and do, and your direction and choices. Refrain from letting what others decide mislead or misguide you. Do your research and consider the emotional travel and educational time it will take to get where you want to go. ★★★

PISCES (Feb. 19-March 20): Embrace the moment and command attention. Shrug

Show BusinessMirror

gMA Regional TV heats up summer with back-to-back surprises

THe summer fever is on and gMA network—thru its regional arm gMA Regional TV—set April ablaze by bringing the hottest network stars to headline the biggest festivals across the regions. up north, this year’s celebration of the Mango-Bamboo Festival was made extra special as balladeer Christian Bautista serenaded the candidates of Miss San Carlos City 2024 on April 12. it was truly a night of elegance as Sparkle artist Ysabel ortega sat as one of the judges during the coronation night at San Carlos City Public Auditorium, San Carlos City, Pangasinan.

Adding fun and excitement to the sweet celebration of the Mango-Bamboo Festival on April 15 at San Carlos City Public Auditorium were Shining Inheritance stars Kyline Alcantara, Kate Valdez, Roxie Smith, and Michael Sager and lilet Matias: Attorney-at-law actors Jason Abalos and eA guzman. Meanwhile, Chef JR Royol of Farm to Table brought some cooking inspiration to the Pangasinenses with his special participation at the Ponsia: The Pangasinan Culinary Challenge for Pistay Dayat 2024 on April 13 at Provincial Training and Development Center ii lingayen, Pangasinan. The celebration of Pistay Dayat 2024 on April 20 was made even more remarkable through the surprises and performances of Sparkle star Kelvin Miranda, Asawa ng Asawa Ko cast Jasmine Curtis-Smith, Joem Bascon and Martin del Rosario, and Abot-Kamay na Pangarap stars Jillian Ward, Jeff Moses and Pinky Amador. Making the evening even livelier was Vaness del Moral, host of the Kapuso Fiesta at Capitol Beach Park, lingayen, Pangasinan. Further making the Pistay Dayat Festival memorable was Makiling star Derrick Monsterio, who serenaded the candidates and audiences during the limgas na Pangasinan Coronation night on April 26 at Capitol Plaza, lingayen Pangasinan. it was a night of ethereal beauty and elegance as Miss universe 2023 Michelle Dee sat as one of the judges of the pageant. Showcasing his exceptional hosting skills was 24 Oras “game Changer” segment host Martin Javier.

Sparkle stars Andrea Torres and Kaloy Tingcungco, and Abot-Kamay na Pangarap star Richard Yap, bannered the Kapuso Fiesta on April 17 at Tarlac City Plazuela, Tarlac in celebration of Tarlac City’s Charter Anniversary. The event was made even more spectacular and one-of-a-kind as they were joined by Lilet Matias: Attorney-at-Law stars Jason Abalos, Zonia Mejia, and Joaquin Domagoso. Hosting the event was gMA artist Chariz Solomon.

The fun-filled April did not stop there as Carla Abellana, Paul Salas, Mikee quintos, Carlo San Juan and larkin Castor, together with gMA host Boobay, shared love and laughter with their fans during the Kapuso Fiesta on April 21 at the Capitol ViP grandstand, Cabarroguis, quirino in celebration of the Motorino Festival.

gMA stars Katrina Halili, Royce Cabrera, Mikee quintos and Radson Flores likewise spread their radiating positive energy to their fans in Western Visayas as they bannered the Kapuso Fiesta in celebration of the Pagbanaag Festival on April 28 at the Pagbana-ag People’s Activity Center, Hinoba-an negros occidental.

gMA network, through Regional TV, continues to visit various regions across the country to show our love and appreciation to all loyal Kapuso viewers. We hope that through these efforts, we are able to strengthen our connection with our viewers, giving everyone opportunities to meet and greet their favorite Kapuso artists and personalities,” says senior vice president and head of gMA integrated news, Regional TV, and Synergy oliver Victor B. Amoroso.

Magnanimous moms

AnGEL AQUInO and Sunshine Cruz are two celebrity moms who continue to inspire with their natural grace, effortless femininity and admirable resiliency.

Cruz shared that she is on an acting hiatus to focus on herself and her three lovely daughters. “As I grow older, I realize that there are certainly many more important things than my career. Don’t get me wrong, I value my being an actor, I want to continue to improve as an actor, but when you are a single mom you make a lot of realizations about yourself, and about life in general.”

She added, “That’s why I chose to be on a showbiz break at the moment. I’ve turned down a number of really tempting offers and very good roles because these would require me to be out of town for many weeks, and I cannot afford to do these locked-in work at this stage of my life.”

Cruz’s three daughters are growing up so fast, and she wants to be physically present to be with them.

“Time passes so quickly and before you know it, your children will be having their own lives away from you, to explore the world on their own, and eventually to start their own families. I’d love to spend more time with them while I am able to.”

The 47-year-old mom also said that she values her mental health. “There should always be a balance. That is why I chose to keep myself healthy by working out regularly. I’m lucky to have good genes but I should not be campante because a woman’s body is complicated in itself. I also have to make sure I always choose peace of mind.”

Cruz was recently launched as the new face of Thiocell Gluthatione Lozenges (the same brand that Heart Evangelista endorsed four years ago) and she shared with us her beauty regimen.

“I have very basic skin care. I wash my face as frequently as I can. I use sunscreen, especially when work requires me to be outdoors. I make sure I

discoloration. But more importantly, I eat well and I sleep long hours so I can truly recharge.”

Cruz, who has failed liasions with her husband actor Cesar Montano and more recently with businessman Macky Mathay, refused to talk about the current state of her love life, especially that she is rumored to be the lady love of a high profile and controversial businessman. “There’s so much to talk about being a woman, of beauty and self-love, don’t you think?” she teasingly said.

ANGEL ON A HIGHER DIMENSION

UnLIKE Cruz who has decided to take a leave from acting, Angel Aquino told us that she is grateful that she continues to get good projects, like the new Dreamscape TV series High Street

“I have to work. I’m a single parent and I cannot not work. Aside from being mom to my two daughters,

happy that everyone’s okay with the setup that we have.” She added, “Mother’s Day shouldn’t be just one special Sunday. I think it should be celebrated every chance we have with our mothers and with our children. Just their mere presence is a gift, just spending time with them is a privilege not many will have.”

Aquino turned 50 early this year and she said she looks forward to nurturing the woman in her in this new decade of her life. “Everything starts from loving oneself. And as one grows older, I feel that we learn, we explore, and we make more discoveries about ourselves and our many capacities as human beings. That in this vast universe of ours, there is a huge vacuum to fill when it comes to being good, being kind, being fair, being true, so we continue to strive to be the best we can be so we can be happier and also be a channel of happiness for others.” n

AllegeD RuSHDie ATTACKeR, AWAiTing TRiAl in neW YoRK, CoulD STill FACe FeDeRAl CHARgeS, lAWYeR SAYS

MAYVILLE, new York—The lawyer for the man charged with stabbing author Salman Rushdie is in talks with county and federal prosecutors to try to resolve existing charges of attempted murder without a trial—as well as potential terrorism-related charges that could still be coming, he said on Friday.

Hadi Matar, 26, has been held without bail since his 2022 arrest, immediately after allegedly attacking the internationally acclaimed writer in front of a stunned audience he was about to address at the Chautauqua Institution in western n was blinded in one eye, and moderator Henry Reese also was wounded.

Matar pleaded not guilty to assault and attempted murder after being indicted by a Chautauqua County grand jury shortly after the attack.

The US Justice Department continues to consider separate federal charges against Matar, though none have yet been filed, according to public defender nathaniel Barone, who said he is in contact with

federal prosecutors. If Matar agrees to plead guilty in the state and a potential federal case, Barone said, he would want a shorter state prison sentence in return, something Chautauqua County District Attorney Jason Schmidt is unwilling to consider. Barone said Matar faces up to 25 years in prison if convicted of attempted murder, and he has proposed a maximum of 20 years instead—otherwise, “there’s no carrot to plead here.” Schmidt said he would not sign off on less than the maximum, given the nature of the crime, regardless of whether the Justice Department brings a case. “It’s not just Salman Rushdie,” he said.

“It’s freedom of speech. It’s the fact that this occurred in front of thousands of people and it was recorded, and it’s also a recognition that some people should be held to the top charge.”

Rushdie, 76, spent years in hiding after the Ayatollah Khomeini issued a fatwa, or edict, in 1989 calling for his death due to his novel The Satanic Verses which some Muslims consider blasphemous. AP

Continued from B4

and Ruhina Muhaimer of Maimbung, Unraveling Baguio’s Inner Tapestry: A Psychogeographical Exploration Through Sensory Encounters’ by Gabe Mercado. Through unscripted walks, a team of artists and explorers with experience in psychogeography, sound art, photography, performance, knitting, design, architecture and poetry will deconstruct dominant tourist narratives and engage participants in a critical and embodied understanding of the Baguio’s multifaceted identity. ‘Maria, Maria’ by Lala Monserrat in collaboration with Russ Ligtas, Geric Cruz and Jazel Kristin. A conversation between resident artists of Casa San Miguel Center for the Arts in the coastal town of San Antonio, Zambales and

a spirited group of young locals of the LGBTQ community residing in Barangay San Miguel, the project lends itself to the fostering of collaborative work and collective care for artists and the public. The project creates a safe space within the intersections of art, community engagement and cultural mapping through performance, photography, film and sculpture.

n ‘Cosmic Garden’ by Issay Rodriguez. The project establishes an empathic connection between human perception and the creative interpretation of data. By merging art and technology, the artist seeks to inspire curiosity and explore innovative solutions that foster positive impacts.

n Developing Puppetry in the Philippines’ by Mikayla Teodoro. Aiming to introduce new puppetry arts, the project aspires to turn the country into a puppetry

hub in Southeast Asia. Advanced mechanisms in puppetry are explored and local puppet makers trained to create complex puppet joints.

n ‘CURIOUS: Spotlight on Filipino Sign Language (FSL) Literature’ by Michael Vea. The project focus on integrating FSL Literature within the landscape of Philippine literary arts through a pioneering creative signing workshop and an exhibition featuring works from five Deaf literary fellows.

Special mention was given to Baluy Manghagdaway: A Functional Installation Art Created in Collaboration with the Umayamnon Community of Barangay Mandahican, Lambagan and Mandaing Municipality of Cabanglasan by Errol P. Balcos. The visual artist advocates for the rights of corn gleaners through functional public art. Must public art such as installations be situated in parks in urban areas? If indeed

installations can be exhibited in remote areas such as corn farms, can they be made functional and livable for the Umayamnon? Can it be replicated among other communities of gleaners in Bukidnon?

The Benilde Open was launched in celebration of the 35th anniversary of the DLS-CSB, and in synergy with De La Salle University and the Embassy of Switzerland. The pioneering initiative called on students and creatives— from artists to architects, from textile designers to fashion designers, and everyone in between—to submit proposals that would help bring their dream projects into reality.

The selected proposals will be exhibited at several spaces in De La Salle College of Saint BenildeDesign + Arts Campus, Museum of Contemporary Art and Design (MCAD) Manila and Hub for Innovation from May 23 to June 30. n

(left)

SPARKle stars Andrea Torres and Kaloy Tingcungco, Abot-Kamay na Pangarap star Richard Yap, and gMA host Chariz Solomon at Tarlac City Plazuela, Tarlac.

ASAwA ng Asawa Ko cast Jasmine Curtis-Smith, Joem Bascon and Martin del Rosario last April 20 at lingayen, Pangasinan.

SAlMAn RuSHDie

Extr E m E h E at thr E at E ns wat E r,

pow E r supply nationwid E

water and power companies started implementing their contingency plans to ensure water security in response to the water and power supply shortage due to el Niño.

In a recent virtual briefing convened by the Philippine Disaster Resilience Foundation (PDRF) for its private sector partners, experts from the water and power sectors shared their plans and strategies for addressing these challenges and what to expect in their service amid El Niño and the onset of La Niña.

Manila Water’s initiatives include strict enforcement of allocation protocols, deployment of mobile treatment plants, and continuous monitoring of dam levels. Maynilad, on the other hand, emphasizes innovation with a new treatment plant in Paranaque, while Aboitiz Infra Capital leverages technology with its Smart Water Network to optimize operations and conserve resources.

In preparation for the more severe impact of El Niño outside Manila, Manila Water Ventures Philippines has activated its business continuity plans and is exploring other water sources to ensure the sustainability of water supply and optimize its network operations.

Intense hot weather also affects the power supply. Last April, the National Grid Corporation of the Philippines issued Red and Yellow alerts, indicating insufficient power supply to meet the demand, resulting in rotating brownouts. The unavailability of many power plants is worsening the situation.

Under the Department of Energy (DOE) guidance, the energy sector is also taking proactive measures to address the El Niño

impact, particularly in energy security, one of the key concerns of Task Force El Niño.

With a focus on securing energy facilities and minimizing economic losses due to power outages, DOE calls for collaborative efforts between the public and private sectors in the following areas: implement energy efficiency and conservation measures, subscribe to the interruptible load program, adopt on-site renewable energy and install backup power sources, and educate employees on energy-saving behaviors.

According to the Department of Science and Technology Philippine Atmospheric, Geophysical and Astronomical Services Administration (DOST PAGASA) El Niño Southern Oscillation (ENSO) Alert and Warning System, the presence of both El Niño and La Niña phenomena is observed and expected to persist over the next consecutive overlapping three-month seasons with high certainty.

“We have an ongoing El Niño, but we have already issued a La Niña Watch last March 7 since we have observed the development of La Niña,” DOST PAGASA Climate Monitoring and Prediction Section Officer-in-Charge Rusy Abastillas said.

Albeit weakening, Abastillas said that El Niño and its impact are expected to continue until May and then transition to ENSO-neutral by the April-May-June

BPI head Office wins big at 2024 MUsE Design awards

head office provides a safe working environment that promotes productivity, innovation, and employee well-being.

“BPI and a edas s ingapore worked together to create an office space that enhances collaboration, stimulates creativity, and attracts and retains top talents in the country. The new office reflects the Bank’s commitment to supporting employee

Okada Manila, Coast Guard serve 648 Talim Island Residents in Medical, Dental Mission

OThe day-long event offered a range of services including medical consultations, surgical operations such as circumcision, dental extractions and treatments, optical check-ups with the distribution of free reading glasses, and a supply of medicines. These services were made accessible to the island’s residents, who face challenges in reaching traditional medical facilities due to their geographical isolation.

season. “From June-August to NovemberJanuary, there is already increasing probability for La Niña in the June-July-August season,” she added.

Abastillas also highlighted the implications of these climate patterns, emphasizing historical trends and their foreseeable impact on rainfall patterns and tropical cyclone occurrences.

PAGASA forecasts show that although El Niño is expected to end in June, more than 60 provinces will likely receive belownormal rainfall conditions. By October, when the impact of La Niña is felt, most parts of the country are expected to receive above-normal rainfall conditions. Abastillas explained that historically, pre-developing La Niña is “characterized by below-normal rainfall; therefore, the possibility of a slight delay on the onset of the rainy season is likely with combined effects of the ongoing El Niño.”

One of the effects of El Niño is the decrease in the number of tropical cyclones. Last year, there were only 11 tropical cyclones compared to the average of 19-20 annually. This year, 13-16 tropical cyclones are expected, which is still below average.

Given the challenges posed by El Niño, PDRF calls on its private sector partners to coordinate with national and local governments to strengthen its response strategies and mitigate risks. Additionally, as the nation braces for the potential transition to La Niña, PDRF emphasized the importance of informed decision-making and collective action in preparing for the evolving climate conditions.

“It’s against that backdrop that we hold this briefing today. Our hope is that we will gain a genuine understanding of the issues that confront us and that we act and prepare for short-term struggles and our long-term concerns,” said PDRF President Rene Meily.

satisfaction and engagement,” said TG Limcaco, BPI President and CEO.

For this year, the I aa selected a jury panel consisting of esteemed professionals who come from prestigious organizations within the creative and design industries, including Fizza s hah, Executive Creative Director at Grey Pakistan; a lexandre de Mello Collares, Creative a rt Director at Ogilvy a ustralia; Felipe Paganoti, a rt Director at VMLY&R s ão Paulo; a ugusto Correia, Creative Director at s aatchi & s aatchi ME a ; and Tiago do Vale, s enior a rchitect at Tiago do Vale a rchitects, to name a few.

The MU s E a wards is known for utilizing industry-relevant standards in judging entries and maintaining impartiality through blind judging method. a ccording to I aa , this approach evaluates entries independently, without comparing them to other submissions, ensuring that each winning work is recognized solely based on its own merits.

“I would like to thank the BPI and aedas s ingapore teams for their hard work, innovation, and creativity. This recognition will inspire the Bank to continuously provide a working space that encourages employees to do more to be able to serve more clients to the best of their abilities,” Limcaoco added.

Committed to providing the best workplace for its people, BPI transferred various head office units, formerly located in ayala North Exchange, Insular Life, and Makati s tock Exchange, to the new head office in ayala Triangle Gardens Tower 2 in mid-2023.

Earlier this year, the new BPI h ead Office also received the s ilver award for ‘Best Workplace Design’ at the 2023 Design Excellence a wards. s uch recognitions further cement BPI’s position as an employer of choice among Philippine financial institutions.

a total of 153 volunteers participated in the mission, including members from Okada Manila s ecurity and s afety Division, the Philippine Coast Guard, Philippine Coast Guard a uxiliary, medical and dental doctors from DZR h Operation Tulong and h arley Davidson Group, and local officials from Barangay s ubay. The Okada Manila Team was led by Jay Ian Capuz and Ramil a lejo, and received strong support from local leaders such as Vice Mayor Gil F. Pandac and Barangay s ubay Chairman Fernando Ditablan a nore s r. The Coast Guard a uxiliary 107th s quadron was under the capable direction of a UX Capt. Cesar Bredes, with

PhL’s Leading finance app GCash celebrates International Girls in ICT Day

GCash , the Philippines’ leading finance app and largest cashless ecosystem, celebrated International Girls in ICT Day with a series of initiatives where women in tech are recognized. With this year’s theme centered on leadership, GCash recognizes the impact women have not only for the industry but the community as a whole.

“There can be no true financial inclusion without the contributions of women,” said GCash President and CEO Martha s azon. “Over half of GCash users are female, and if we want to keep boosting the digital finance capabilities of the Philippines, we need more women in tech.”

GCash leads the way in welcoming and celebrating women in tech. More than 47 percent of GCash’s workforce are female, well above the industry average of 28.8 percent. This continued to grow in 2023 as GCash welcomed 31 percent more women in its tech-related teams from software development to technology research, and product innovations.

a s a FinTech led by women for women, GCash recognizes its role to be a catalyst for inclusion and empowerment. It provides accessible financial tools to sectors that were formerly excluded, the majority of which are women. GCash paves the way to enable them to support their livelihood, access loans, and take control of their finances.

GCash collaborates with various communities to enable more women to join the science, technology, engineering, and math ( s TEM) fields. The company has partnered with organizations such as Connected Women, which has helped more women access remote work opportunities and training for in-demand

Commodore a rnaldo Lim leading the Philippine Coast Guard efforts. Byron Yip, President and COO of Okada Manila, emphasized the organization’s dedication to its corporate social responsibility goals, stating, “Our mission goes beyond business—it is about serving our men, women, and children, especially in remote areas where basic facilities are scarce. This initiative is proof of our commitment to reaching out and making a difference in the lives of the communities we serve.”

Meanwhile, Chief s ecurity Officer Debold s inas highlighted the involvement of team members who are also part of 107th s quadron PCG a , “Our

skills globally. Just recently, GCash renewed its partnership with Connected Women to launch a purely online training, Elevate G a IL (Generative a rtificial Intelligence Learning).

This International Girls in ICT Day, GCash is offering more opportunities to women by extending its expertise through mentoring sessions via external partners. In today’s event organized by the International Telecommunication Union (ITU) and Department of Information and Communications Technology (DICT), GCash’s Chief Data Officer s ara Venturina and Chief Risk Officer Ingrid Beroña will be sharing their journeys and insights on Data and a I, as well as Cybersecurity, respectively, to students at the Far Eastern University.

GCash also regularly organizes GTalks, a platform that engages stakeholders on advocacies important to the company. Its upcoming GTalks in May will put a spotlight on how women can thrive in the tech industry. Through the partnership with the University of the Philippines Diliman, GCash hopes to encourage more female students to find their calling in s TEM.

Through the International Girls in ICT Day, GCash underscores the importance of empowering women in technology, especially in a nation where most digital wallet users are women. GCash is proud of its role in championing this cause, one women leader at a time.

“Technology is ever-changing and evolving,” s azon said. “We at GCash envision a future where the tech industry has also evolved for women to thrive, which is one of the keys to financial inclusion and economic progress.”

participation is an extension of our commitment to enhancing our team’s social awareness and

its constituents. The success of this event underscores the powerful impact of collaborative efforts between corporate entities and government agencies in addressing community health needs.

IN the photo are Architect Eric Magno (left), Aedas Singapore Principal, and Carlo Poblete (right), BPI Facilities Services and Management Head.

Editor: Angel R. Calso

Norway’s rise to power: How one giant company became Europe’s gas lifeline

By Priscila Azevedo Rocha & Kari Lundgren

WHEN the world’s top gas traders met in late April at a canal-side hotel on the outskirts of Amsterdam, the atmosphere was business-as-usual: coffee, croissants and wrangling over deals for the upcoming winter. Then came news of a leak at Europe’s biggest liquefied natural gas plant, located above the Arctic Circle in Norway.

The problem—discovered during a planned test of the facility’s safety systems—was quickly repaired, but not before it caused a momentary spike in the price of natural gas. Back in the Netherlands, it served as an uncomfortable reminder of the power of a single company, Equinor ASA.

In the more than two years since Russia invaded Ukraine, sending energy prices soaring, the Norwegian oil and gas giant has quietly picked up the crown that once belonged to Russia’s Gazprom PJSC. Norway now supplies 30 percent of the bloc’s gas; Gazprom provided about 35 percent of all Europe’s gas before the war. And of the more than 109 billion cubic meters of natural gas Norway exported to Europe last year—enough to power Germany until 2026—roughly two-thirds was marketed and sold by Equinor.

So long as the bloc continues to depend heavily on fossil fuels, Norwegian hydrocarbons will be essential to keeping the lights on in Europe.

Equinor’s visibility “dramatically changed with reduced flows from Russia,” said Irene Rummelhoff, the company’s head of midstream, marketing and processing. “There was a point in time where

[Europe] almost took us for granted. That is no longer the case.”

The company’s new prominence has also raised questions about whether European leaders are, once again, putting their countries at risk by relying too heavily on a single supplier. Although Norway is perceived as a steady trading partner with a long and consistent history of delivering energy to Europe, extended outages and its handling of maintenance challenges, both of which affect energy prices, have had ripple effects across the continent.

Part of the company’s good fortune has to do with a broader shift in Europe’s relationship to fossil fuels, Thina Margrethe Saltvedt, chief analyst for sustainable finance at Nordea Bank Abp, said in an interview.

Five years ago, “there was a lot of talk about the green transition and how we were starting to see the oil and gas industry sunset,” she said. “Then Covid happened, then the war in Ukraine, and now you simply don’t see it anymore. The focus has turned to energy security.”

The notion that gas won’t disappear anytime soon, a view strongly endorsed by the gas industry, has thrust Norway to the center of

the conversation around securing Europe’s energy resources. German Economy Minister Robert Habeck—who is also in charge of climate policy in the region’s biggest economy—made an official visit to Oslo in early January 2023. Commission President Ursula von der Leyen travelled two months later to Norway’s Troll natural gas field, which provides 10 percent of the continent’s supplies.

EU energy czar Kadri Simson has also visited Norway twice in the past two years. Speaking at an event in the Norwegian capital in March, Simson told a hall filled with the country’s oil and gas elite that “the EU continues to count on Norway as a partner for conventional sources,” and offered her appreciation for its help during the energy crisis.

Because Norway’s gas prices are higher than Russia’s, there was some fuming after Russian exports shrank about Norway benefiting at Europe’s expense. But criticism abated as governments and traders accepted the new market conditions. The non-EU member has never been shy about the importance it places on gas—Norway has long advocated that gas should place a central role in the bloc’s green transition—and now it is finding more willing counter -

parts. In late April, German Chancellor Olaf Scholz thanked Norway for enabling his country to become independent of Russian gas “within just a few months,” and praised it as “the perfect partner” for securing Germany and Europe’s supply.

Norway’s new role as gas purveyor to Europe has been very profitable—gas exports hit a record high of 1.4 trillion kroner ($130 billion) in 2022—but it has also cast a question mark over Norway’s green future. While the country has become a leader in initiatives like the transition to electric vehicles, the recent surge in demand for gas has had the effect of redirecting financial resources and talent back into the oil and gas sector. Organizations such as Greenpeace have expressed concern that Europe’s embrace of Norwegian gas could come at the expense of the broader green transition.

And for traders, going all in on Equinor brings a different set of problems.

Equinor’s growing relevance in Europe came into sharp focus last summer, when the company announced that maintenance at some of its biggest gas facilities was being extended. Within minutes, gas prices rose almost 20 percent.

The response was especially intense, as traders had mostly been betting that prices would slump. Sluggish demand and the fact that the region’s gas inventories would be full by the end of the summer had led them to think that Europe had finally gotten over the worst of the energy crisis. Unusually hot weather on the continent, which normally increases energy use, amplified concern.

The unplanned outages severely reduced Norway’s exports for a few weeks and prompted trading desks across the continent to weigh the “Equinor maintenance effect” more heavily in their models. As the price of gas became even more exposed to the company’s status, traders started to pay closer attention to the daily messages sent out by another Norwegian company, Gassco AS, about changes to maintenance schedules across the country.

Within Equinor, there are “information barriers and procedures to ensure compliance with regulations so that all market participants can access market sensitive information at the same time,” a company spokesman said, adding that Gassco acts as a “neutral and independent system operator.”

Traders were already on alert for surprise outages. Until the end of 2021, Gazprom had mostly been a reliable supplier—a big reason why gas prices stayed stable over the last decade. When interruptions suddenly started to happen more frequently, prices spiked, triggering the energy crisis.

What nobody knew back then is that reducing gas flows was part of the run-up to Putin’s invasion of Ukraine. Around November, traders started to account for the loss of Russian supply in their pricing models.

Europe is on a far better footing than it was a year ago, but circumstances remain volatile. Any threat to fuel supply can roil markets, and that, in turn, can have downstream effects: persistent price

swings in the natural gas market can encourage industrial companies to limit their fuel usage and push household bills higher. “Norway is expected to meet more of Europe’s gas needs this summer as its facilities bounce back from the extensive maintenance seen last year,” BloombergNEF’s Nnenna Amobi wrote in a note on May 1. “But,” she added, “unplanned outages could yet curtail flows and send prices upward.”

At the same time, natural gas supplies from Norway may reach a new record this year. Equinor has been working to increase its capacity, and to reduce bottlenecks by streamlining maintenance work. The mantra within the country’s government – often repeated by energy minister Terje Aasland – is that Norway will be a “stable and long-term supplier of energy” for decades to come.

It remains to be seen whether that will pan out. With a new wave of LNG from the US and Qatar coming online in the next few years, “the importance of Equinor and Norway’s gas to Europe is going to eventually decline,” said Christopher Kuplent, Bank of America Corp.’s head of European energy research, noting that Norway will “find it hard to organically grow its gas production and therefore export substantially more.” The new projects will, he added, “make it, at least on paper, a little more comfortable for the European gas consumer to negotiate prices down.”

Moreover, said Equinor’s Rummelhoff, a jump in the volumes of liquefied natural gas being imported to Europe recently has already helped “normalize the market.” For now, focus within Equinor is on keeping things running as smoothly as possible. “Do we feel under pressure? We’ve always felt that,” remarked Kjetil Hove, the company’s head of production in Norway. With assistance from Petra Sorge, Ewa Krukowska, John Ainger, Anna Shiryaevskaya and Olga Tanas/ Bloomberg

Indian opposition parties forge unlikely alliance to challenge Modi’s juggernaut

By Swati Gupta & Ashutosh Joshi

IN a series of meetings last year, India’s opposition parties discussed what for many was increasingly a matter of survival.

Prime Minister Narendra Modi’s electoral juggernaut had battered them in two consecutive national elections, and they needed to fight back.

Over 20 parties stitched together an alliance they hoped would pose a credible challenge to Modi by shedding ideological differences, pooling resources, adroitly sharing seats, and not stealing each other’s votes.

It also meant the largest party in the group, the Indian National Congress, who won just 52 seats in parliament out of 543 in 2019, would have to take a backseat to regional parties in their strongholds or where they have a more popular candidate.

After initial hiccups with seat sharing and a deflating loss in state elections last year, there has been progress. They’ve successfully divided up seats in some key states and the Congress is contesting the fewest constituencies it has in its storied history, which Yamini Aiyar, a political scientist, says is recognition within the party that

“they’re not the front runner and the alliance partner plays a more important role.”

Aiyar, who till recently was president of the Center for Policy Research, a New Delhi-based think tank, says “the Congress has often pushed back on it, but finally it has in some ways gotten over its own arrogance and is willing to be a second player when needed.” Congress and the alliance face a formidable opponent. Modi’s Bharatiya Janata Party has an enviable ground game. Its coffers are deep. Modi remains one of the world’s most popular leaders. The economy has grown strongly, and in its decade in power, his government has effectively delivered on welfare programs.

But interviews with analysts, opposition party workers and voters signal it may not all be smooth sailing for Modi and the BJP. Modi’s ambitious seat target, his dominant role in the party, the lack of an over-arching emotive issue, the rising cost of living and rampant unemployment are all seen as challenges. On the other hand, the Congress’s messaging on effectively distributing wealth appears to have traction among voters. While expected to easily win according most pre-election polls, in an interview with an Indian broad -

caster Friday, Modi acknowledged that he faces more of a challenge this time around. Voter turnout has been down in the election’s first three phases, and Indian markets appear jittery.

Take the city of Aurangabad— some 340 km (211.27 miles) east of Mumbai, India’s financial capital— as a test case for the opposition’s chances. It is a dusty, arid town in India’s wealthiest state, Maharashtra, plagued by water shortages and home to 1.6 million people, about a third of whom are from the country’s Muslim minority.

The city has long been a bastion of the hardline, Hindu majoritarian Shiv Sena party. The party split two years ago, and a faction, the Shiv Sena (UBT), is now aligned with the Congress. Another has remained allied with the BJP.

Three weeks ago, around 5000 people showed up to the inauguration of the alliance candidate’s campaign office. Chandrakant Khaire is a member of that hardline Hindu party but on hand were members not just from his own party but also from the Congress and other alliance members—all former rivals.

Local leaders described the moment as a sign of changing times.

“People came with passion to the event,” said Pathan Imran Khan, a member of another key regional

party. “It was a show of strength for the alliance.”

Khaire has a strong track record, having won the seat four times in a row, but narrowly lost to a candidate from a small, primarily Muslim party last time around.

Just ten days before the city was scheduled to head to the polls, at Khaire’s modest home, dozens of local politicians waited patiently in an outer office, sipping sweetened tea. Khaire, 72, arrived in a crisp white kurta and orange vest, his forehead anointed with sandalwood paste. His office is covered in religious imagery and he first paid homage to a photograph of his party’s late founder—a hardline Hindu nationalist—before launching into a strategy session with three Congress leaders on how to lobby—and win over—the city’s Muslims.

The alliance is hoping they can win by retaining Khaire’s Hindu base while picking up Muslim votes and those disillusioned with the BJP.

For Khaire, there is a broader message for voters—the opposition’s fears of democratic erosion under Modi’s decade in power.

“This election is about the future of this country,” said Khaire. “If the BJP wins, this country will be over, the Muslim society will be over, and we will all go to

jail,” alluding to the opposition’s allegations that many of its leaders are being targeted by federal investigative agencies for alleged corruption and money laundering.

Not everyone is convinced.

Kailash Bhodse, a 45-year-old plumber, says Modi’s programs have provided him a home and a monthly cash handout. He doubts any entreaties will change his mind. “I don’t think of the opposition, only of Modi,” said Bhodse.

The opposition faces a sterner challenge in neighboring Jalna, a largely rural constituency. The BJP crushed the Congress there in 2019, with its candidate winning nearly 58% of the votes cast.

The Congress is once again contesting the seat, with the alliance supporting its candidate, Kalyan Kale, a former legislator.

On his campaign car, Kale sports not just the Congress’ flag but also of two other major alliance partners. He admits that he initially wanted to contest from Aurangabad but the party decided to hand that to Khaire, who stands a better chance at winning. “There is sacrifice in an alliance,” Kale says.

Statewide, the Congress is contesting 18 seats and the Shiv Sena (UBT), 21. A third alliance partner is contesting the remaining 9 seats.

Kale’s campaign touches on inflation and limited government support for farmers—all local issues for families here—but ones the Congress has championed, and constitute a possible area of weakness for the BJP, with the farming sector consistently lagging behind the overall economy.

“Farmers should get minimum support prices for cotton, onion,” Kale said, as he took a break from the grueling campaign schedule to eat lunch under the shade of mango trees, with temperatures hovering near the 42C (107.6F) mark.  Kale’s comments are echoed by Sunita Tangde. She lives in the village of Dawarwadi, where Kale made his next campaign stop of the day.   Tangde, in her mid-30s, complains that her family’s farm is running at a loss. But she hadn’t decided who she would vote for, except that it would only be for the party that guaranteed help on the region’s issues. “Otherwise, there is no vote this year,” she said. Others like Digambre Jitangre, a 35-year-old farmer, says he voted for the BJP in the last two elections. But, will switch to the Congress this time, as he questioned Modi’s increasingly dominant role in the party and the government. Bloomberg News

EQUINOR’S natural gas facility in Karsto, Norway, in April 2023. CARINA JOHANSEN/BLOOMBERG

Black-and-white double standard?

Sports

FOR much of the past two years, Caitlin Clark has been the centerpiece of the

Clark is a skilled hardcourt savant from Iowa. Bird was a skilled hardcourt savant from Indiana State. And like Bird, Clark has captivated audiences and brought unmatched attention to women’s basketball with an ability to score from every corner of the court. Neither Bird nor Clark were the first great white male or female pro basketball players. Jerry West is the actual National Basketball Association (NBA) logo and before Clark, the long list of talented white Women’s NBA (WNBA) players included Sue Bird and Breanna Stewart.

be elevated by a heated rivalry, particularly when race is involved. Clark’s rise has come with an on-

court bravado that made her mustwatch TV as she led the Hawkeyes to back-to-back NCAA championship game appearances. When Bird led the Sycamores to the title game in 1979, he squared off against Magic Johnson in one of the most-watched games in NCAA tourney history. At Iowa, Clark’s on-court rival in the NCAA Tournament was former LSU star Angel Reese. Then she took on women’s juggernaut South Carolina and coach Dawn Staley. The matchups created the kind of made-for-social media moments that captivated audiences, regardless of gender.

The matchups also led to ongoing discussions about how race plays a factor in the treatment afforded to Clark, a white woman from “America’s Heartland,” as compared to Black counterparts like Reese.

Clark has said she and Reese are just pieces of a larger movement.

“I would say me and Angel have always been great competitors,” Clark said prior to Iowa’s Elite Eight matchup with

Meneses credits teamwork to Creamline’s success

CREAMLINE added more meaning to the word dynasty after running away with the All-Filipino Conference crown in a jampacked Smart Araneta Coliseum on Sunday night for its eighth Premier Volleyball League (PVL) championship trophy.

Cool Smashers head coach Sherwin Meneses simplified terms that describes their continuing success in the league—teamwork.

“It’s teamwork…that’s why we’re winning,” Meneses told BusinessMirror on Monday, the day after Creamline survived sister team Choco Mucho’s gallant stand for a 20-25, 25-20, 22-25, 25-22, 15-11 win in a match that lasted two and a half hours and witnessed by 23,162 relentlessly screaming fans.

Creamline also worked hard in Game 1 where they staved off Choco Mucho in four sets, 24-26, 25-20, 25-21, 25-16.

Meneses took from Thai coach Tai Bundit in 2021 and didn’t disappoint the Rebisco franchise as the former Adamson University

standout now has five titles to his name—four All-Filipino and one Invitational Conference.

“This conference was harder than the others but the trust among the players prevailed,” said Meneses, who thanked the Rebisco management for the trust. “The five-setter tested our composures and our system.”

He’s one of the more composed coaches in the league and he wanted to remain just that—stay in the shadows of his superstar players.

“Exposure? Not necessarily. That’s fine as long as we’re winning, and the players are happy,” he said.

It was an extra long day at the Big Dome on Sunday with the battle for the bronze medal having gone five sets with Chery Tiggo prevailing over Petro Gazz, 16-25, 11-25, 25-13, 25-22, 18-16, to level their own best-of-three series.

But with Creamline sweeping the Finals, the Angels—led by conference Most Valuable Player Brooke van Sickle—clinched third place after the tiebreak.

Forum on pool, floorball

to extend longer?

Dadagdagan pa namin [Let’s add more]…9, 10 or 11? Forever!” said Creamline’s Jema Galanza as she addressed thousands of their fans during the victory celebration on Sunday night.

When Tots Carlos faltered and Alyssa Valdez faced resistance, Galanza relentlessly challenge Choco Mucho’s formidable defense with her array of shots.

Her 20-point contribution was a testament to her unwavering resolve as she was supported by Bernadette Pons, Pangs Panaga and Carlos, who each showcased their own brand of excellence.

But it wasn’t just Galanza’s offensive prowess that shone and her defensive acumen was equally impressive.

Teaming up with Pons, she anchored Creamline’s defense with 16 excellent receptions.

“It’s truly an overwhelming feeling because we never expected to make it to the finals…but here we are, champions once again,” Galanza said. Josef Ramos

game on Tuesday night when Indiana plays Connecticut.

“I think new fans, or maybe returning fans to women’s college basketball, have been drawn in. In part because of Clark. But also, you know, because of the LSU-Iowa rivalry,” said Victoria Jackson, a sports historian and clinical associate professor of history at Arizona State University.

“There are basketball reasons,” Jackson said, “but also there are racial reasons for why Clark has been able to kind of break off into a completely different stratosphere from players that came before her.”

Because of the perceived doublestandard, nearly everything involving Clark gets questioned:

n Clark’s first preseason game was streamed, but Reese’s was not.

n Clark gets an endorsement deal. Other established Black stars not so much.

n If Reese talks trash, it’s viewed as unsportsmanlike. If Clark does it, she’s being competitive.

n Reese received some backlash for going to the Met Gala before a game, raising questions would there have been same type of scrutiny if Clark had graced the red carpet. Wilson, who signed with Gatorade last week

THE Creamline Cool Smashers put an

Great week for Meralco coach Trillo, but Bolts take on Gin Kings in semis

By Josef Ramos

IT’S family time for the meantime for Meralco coach Luigi Trillo who woke up with a big smile on Monday morning.

“Great morning,” Trillo told BusinessMirror from La Salle-Zobel in Alabang where he attended his 16-year-old son Miguel moving up exercise to Grade 11. Not only was Trillo proud of his son but he’s overcome one worry in the

Basketball Association Philippine Cup—a 10081 quarterfinals win for a two-game of the

with the NLEX

on Sunday at the

The break for daddy chores came

when

and the Bolts

Young talents take spotlight as JPGT unfolds

ANTICIPATION crackles as young golfers tee off Tuesday for the kickoff leg of the 14-stage Junior Philippine Golf Tour (JPGT) set at the hilly terrain of the Greg Norman-designed Splendido Taal in Laurel, Batangas.

A total of 62 hopefuls in three age categories are vying in 18-hole tournaments—21 contenders in the 15 to 18 boys division that will be played four rounds and the 8 to 10 and 11 to 14 categories over 36 and 54 holes respectively.

Leading the charge in the premier division is Patrick Tambalque, a standout from last year’s grand finals of the inaugural JPGT Series, alongside a formidable lineup including Zachary Villaroman and Gabriel Handog.

At stake are coveted spots in the Philippine Junior Match Play Championship at The Country Club in October. In the girls’ division, Korean Ji Won Lee headlines the contenders that include Rafa Anciano and Chloe Rada.

Javie Bautista expressed enthusiasm for the tour experience provided by the JPGT.

“I’m very excited about JPGT because of the unique tour experience it offers junior golfers.

I anticipate that participating in JPGT events

will cultivate a balance of competitiveness and enjoyment among us young golfers,” said Bautista, one of the contenders in the boys’ 11-14 class that also features Junior World-bound Vito Sarines, John Gomez and Jacob Casuga.

Adding to the thrill are rising talents like Enzo Corpus, Iñigo Camposano and Race Manhit, one of the youngest players who will be relying on his short game to make an impact.

Only 11, he’s eager to take on competitors in the 13-14 bracket, expressing confidence in his ability to put up a strong fight.

“I’m excited but prepared to go head-to-head with those in the 13-14 division,” said Manhit on the eve of the tournament organized by the Pilipinas Golf Tournaments Inc.. Maurysse Abalos, Casedy Cuenca, Lily Agamata, Teresa Tambunting and Tyra Garingalao will dispute the girls’ 8 to 10 championship, while Ryuji Suzuki, Kevin Tecson, Jose Luis Espinosa and Michael Ray Hortel II gear up for a showdown in the boys’ side in the youngest category of the event sponsored by the

“That win [over San Miguel Beer]was very pivotal because if we lost that one, we could have ended up facing the top two teams— San Miguel Beer or Ginebra— with twice-to-beat bonus in the quarterfinals,” Trillo said.

“I think the players just played a great game that time,” added Trillo, whose no alien to the grind for having coached Alaska to the Commissioner’s Cup crown in 2013. Next up for the Bolts are the Gin Kings in a best-of-seven semifinal series starting Friday and Trillo knows he’s got a lot of homework to do.

to rest their tired bodies after going undefeated in their last five games they highlighted by dealing San Miguel Beer its only loss, 95-92, in the eliminations. Meralco went 6-5 won-lost to be No. 3 in the quarterfinals. Trillo said that victory over San Miguel Beer charged the Bolts to play harder.

“It’s always hard facing Ginebra because they always find ways to win,” Trillo said. “They’re a great mix of veterans and young guys.” The No. 2 seed Ginebra used its twice-to-beat bonus in disposing of Magnolia, 99-77, also last Saturday.

“It’s going to be a battle,” Ginebra coach Tim Cone said. “With SMB losing their last two games, Meralco is the hottest team entering the playoffs, and they already beat us up in the eliminations.”