BusinessMirror November 09, 2023

End-Oct GIR hits $101.09B, highest in 6 mos

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HE country’s gross international reserves (GIR) exceeded $100 billion as of end-October, the highest level in six months, according to the latest report of the Bangko Sentral ng Pilipinas (BSP).

The data showed the country’s GIR reached $101.09 billion at the end of October 2023, the highest since April when it reached $101.76 billion.

The GIR in October 2023 was 7.51 percent higher than the $94.03 billion in October 2022 and 3.03 percent more than the $98.12 billion in September 2023.

“The GIR level reflected mainly the National Government’s [NG]

net foreign currency deposits with the BSP, which include proceeds from its issuance of Retail Onshore Dollar Bonds 2 [RDB 2],” BSP said. “[It also includes] the upward valuation adjustments in the value of the BSP’s gold holdings due to the increase in the price of gold in the international market, and the BSP’s net foreign exchange operations and net income from its investments abroad,” it added.

The BSP’s reserve assets consist of foreign investments, gold, foreign exchange, reserve position in the IMF, and special drawing rights.

Based on the data, the BSP’s gold holdings reached $10.57 bil-

lion in October 2023. This is the highest since January 2021 when gold holdings reached $10.69 billion.

In terms of foreign investments, this reached $84.79 billion, the highest since May 2022 when this was recorded at $87.95 billion.

The BSP also said the net international reserves, which refers to the difference between the BSP’s reserve assets and reserve liabilities increased to $100.4 billion in October 2023.

This was higher by $2.3 billion from the end-September 2023 level of $98.1 billion. BSP noted that reserve liabilities are short-term foreign debt and credit and loans

from the International Monetary Fund (IMF).

“The latest GIR level represents a more-than-adequate external liquidity buffer equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income,” BSP also said of the overall GIR in October.

“Moreover, it is also about 5.9 times the country’s short-term external debt based on original maturity and 3.7 times based on residual maturity,” it added.

By convention, BSP said the GIR is viewed to be adequate if it can finance at least three months’ worth

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Thursday, November 9, 2023 Vol. 19 No. 29

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IGH power and other input costs as well as weak demand may have forced factory closures, causing almost a million Filipino workers in the manufacturing sector to lose their sources of livelihood in September, according to local economists.

On Wednesday, the Philippine Statistics Authority (PSA) reported that while the number of jobless Filipinos improved in September, the industry that recorded the largest number of jobs lost was manufacturing with 888,000 workers.

The data showed 2.26 million Filipinos were unemployed in September, some 234,000 lower than the 2.5 million recorded in September 2022. However, the September 2023 figure was 50,000 more than the 2.21 million unemployed in August 2023.

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CHILLING UNDER CLOUDS

Ecotourism is thriving, as locals eagerly embrace travel and opt for weekly staycations to alleviate the stress toll of the three-year lockdown. At the Shell petrol station in Marilaque, Boso-boso, Antipolo City, visitors can relish the sea of clouds during both sunrise and sunset. Captured in photos is the renowned Boso-boso overlook of the Sierra Madre mountain ranges, spanning 540 kilometers from Calabarzon to Cagayan Valley, making it the longest mountain range in the Philippines. Many believe that the Sierra Madre acts as a barrier against strong winds from super typhoons originating in the Pacific Ocean. The famed and expansive protected area, the Northern Sierra Madre Natural Park in Isabela, is on the tentative list for Unesco’s World Heritage status. BERNARD TESTA

PHL SLIPS 4 RUNGS IN GLOBAL With 4% dip in electronics TALENT COMPETITIVENESS exports, Seipi stays hopeful B A E. S J @andreasanjuan

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HE Philippines slipped four notches to the 84th spot from last year’s 80th ranking in the Global Talent Competitiveness Index 2023.

The GTCI index evaluates economies through four pillars which are Attract, Grow, Retain, and Enable.

According to the report, Attracting talent is viewed from two perspectives. One is to draw towards valuable external (i.e., foreign) resources, which includes both productive businesses through foreign direct invest-

ment (FDI) and the like as well as creative people through highskilled migration.

The other is an internal attraction that is focused on removing barriers to entering the talent pool for groups such as those from underprivileged backgrounds, women, and non-native people.

The country’s ranking in the Attract pillar remained at the 102nd spot.

The Growing talent pillar, the report said, has “traditionally” meant education but its definition should be “broadened” to S “PHL,” A

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@andreasanjuan

HE Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) expressed optimism that the sector’s export performance will catch up with the 4-percent decline in electronics exports in the third quarter of this year.

“As you know, we were clobbered in the first quarter and we contracted 15 percent.

Recovered in Quarter 2, the deficit was reduced to about 7 percent and Q3, 4 percent,” Seipi President Danilo C. Lachica told reporters on the sidelines of the signing of a Memorandum of Understanding (MOU) among the Department of Trade and Industry (DTI), Makati Business Club (MBC) and Unilab on Tuesday in Makati City.

For the fourth quarter of the year, Lachica said the industry is hoping to catch up with the 4-percent deficit recorded in the third quarter.

In particular, he said Seipi is banking on semiconductors and components, which is 70 percent of their exports, automotive electronics and commercial electronics.

In an e-mail sent to reporters, the Seipi chief unveiled that from January to September 2023, Philippine electronics exports amounted to $33.75 billion, 4.37 percent down from the $35.30 billion electronics export earnings recorded in the 9-month period in 2022.

Despite the 4-percent deficit in electronics exports recorded in the 9-month timeframe this year, Lachica said, “The good news is we’re looking at a very positive Q4.”

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PESO EXCHANGE RATES US 56.1380 ■ JAPAN 0.3734 ■ UK 69.0497 ■ HK 7.1795 ■ SINGAPORE 41.4486 ■ AUSTRALIA 36.1248 ■ SAUDI ARABIA 14.9649 ■ EU 60.0733 ■ KOREA 0.0431 ■ CHINA 7.7124 Source: BSP (November 8, 2023)

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Thursday, November 9, 2023

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include apprenticeships, training, and continuous education as well as experience and access to growth opportunities.

The Philippines went three notches down the Grow pillar to the 49th spot from last year’s 46th.

The Index 2023’s Retain pillar is “necessary because the more talented the person, the wider the global opportunities he or she has.”

In terms of retention, the Philippines climbed to the 92nd spot from last year’s 102nd.

The report highlighted that Switzerland, Singapore, and the United States “firmly” retain their leading positions as the world’s most talent-competitive countries.

This year, Denmark, the Netherlands, Finland, Norway, Australia, Sweden and the United Kingdom make up the rest of the Top 10.

The report gave an overview of what talent competitiveness will look like in the next 10 years. Among these considerations is that “the world of work will further transform, driven by evolving expectations from younger generations, new economic models and emerging technologies like Artificial Intelligence.”

The report said talent competition will “grow fiercer.” It noted that as uncertainties and international tensions will continue to accumulate in trade, investment, in politics and diplomacy, there will be “growing talent wars.”

Bruno Lanvin, coauthor of the report, underscored that “it is now time to look at the future.”

With this, he noted that “Talent competition will be one of the pillars of the next age of globalization. Our collective ability to make the world less unequal, and the planet more sustainable will depend heavily on our capacity to grow, attract and nurture the right talents.”

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Envoy: Palestinian spouses of Pinoys may exit Gaza, but...

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@maloutalosig

HE Israel Embassy in Manila confirmed that Israel has agreed to allow the Palestinian spouses of Filipinos in Gaza to leave Gaza Strip.

Israeli Ambassador Ilan Fluss said his Ministry of Foreign Affairs had informed him of this apparent softening of their opposition for Palestinians to join their Filipino families in exiting Gaza.

Of the 137 Filipinos in Gaza,

only 42 have decided to leave the enclave despite the airstrikes and ground offensive inflicted by Israeli Defense Forces on Hamas “terror” lairs.

Many of the Filipinos had second thoughts about leaving behind their Palestinian spouses.

The Philippine Department of Foreign Affairs had earlier said they could not make representations on behalf of the Palestinians.

Ambassador Fluss said Tel Aviv may have a change of heart, realizing the need for family “reunification” and considering the safety and welfare of Filipinos are of “high importance.”

“But we need to have a list of the Palestinian spouses and we’ll see if our security people will clear them,” Fluss told CNN Philippines.

DFA Undersecretary Eduardo de Vega said a Palestinian woman was able to join her FilipinoPalestinian husband on Tuesday

when the Rafah border crossing reopened for foreigners.

“The Palestinian wife just took her chances and the Islamic Red Cross vouched for her so she was able to join the Philippine group,” de Vega told The Source of CNN Philippines.

A total of 40 Filipinos finally got clearance from the Egyptian side of the Rafah border and were picked up by the Philippine Embassy personnel Tuesday 1030pm local time (Wednesday 4:30am Philippine time). Six Filipinos who were initially in the list of approved foreigners allowed to exit Gaza Strip decided to stay and perhaps join in the next batch.

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“So if you recall, we had a 5-percent projection for 2023. We said magiging [that will just be flat]. It’s still doable and you know, flat isn’t necessarily bad given the conditions in the new global economy, geopolitical war, trade war, recession,” Lachica pointed out.

In August 2023, the Lachica told reporters that Seipi revised its growth target for electronics exports from 5 percent to zero percent for 2023 due to ongoing geopolitical conflicts such as the trade war between the United States and China.

Lachica explained that the current geopolitical conflicts impact the supply chain, noting that these have worsened the existing domestic issues hounding local exporters in the country such as the rising cost of logistics.

“For example, [with] Russia of course we know about the fuel price increase...As it is, our logistics and power cost are already high, and now they have been exacerbated...for example in Ukraine, they supply the world’s [requirements] of neon or palladium [which are used in] power devices,” he said. Based on the data the Seipi chief provided, the $33.75-billion electronics exports earnings recorded from January to September 2023 represents a 61.89-percent share in the country’s total exports pie.

In 2022, Seipi clocked in $49.09 billion worth of export earnings, a 6.88-percent annual growth from the US$45.93 billion recorded in 2021.

MANUFACTURING SHEDS 888K JOBS IN SEPT—PSA C  A

sures [caused by] high inflation and power costs as well,” Ateneo Center for Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes told BM.

Peña-Reyes said certain external risks remain a threat to efforts

to limit electricity rates. The country’s primary energy supply comprises indigenous energy sources as well as net imported oil and coal.

Even the Bangko Sentral ng Pilipinas (BSP) identified electricity rates as one of the main threats to inflation, despite the recent inflation print that saw the increase in prices slowing to 4.9 percent in

October. Inflation in September, PSA data showed, was also at 6.1 percent.

De La Salle University economist Maria Ella Oplas told this newspaper that it is not just power but other input costs that may have pushed factories to close, leading to the job losses in the manufacturing sector in September.

“The [costs of the] factors of production [such as] power rates, raw materials, labor, etc., are high” Oplas said, partly in Filipino. “There is [also] low demand, so many closed down and workers were let go.”

UnionBank Chief Economist Ruben Carlo O. Asuncion cited the decline in orders as another possible reason for the job losses in the manufacturing sector, since most factories have already delivered their wares to various parts of the world in time for the holidays.

Asuncion also said this could mainly be observed in Christmasrelated factories. However, given the number of jobs lost in the sector, other industries may have also experienced a similar decline in jobs.

Slump may linger

UNFORTUNATELY, this slump is not expected to be resolved soon.

Oplas said it is possible that due to cost-push inflation, Filipinos’ spending is not that high because they want to be prudent with their money.

This means, any amount of holiday spending may have to come later in the year, possibly this month or in December. This spike in spending, Oplas said, could offer some respite in terms of jobs lost in the manufacturing sector, but it will be short-lived.

“There will be a sharp increase in demand in December but this will dissipate in January,” Oplas said. “The key is the government.

They must deliver the promise of investors coming in because of the Build Better More.”

The National Economic and Development Authority (Neda) also noted the large decline in manufacturing jobs but did not provide an explanation as to why there was such a large number of job losses.

In a statement, the Palace noted that September’s job losses, particularly in factories, is linked to the marginal improvement in manufacturing PMI (Purchasing Manager’s Index).

In September, the manufacturing sector’s PMI, according to Standard & Poor’s (S&P) Global Market Intelligence, recovered to 50.6 percent from 49.7 percent posted in August, signalling an improvement in the growth of the sector.

However, the sentiment of the manufacturing sector in terms of whether this growth will be sustained slipped to a 15-month low.

Only 40 percent of panelists anticipated growth in the output for 2024.

Neda Secretary Arsenio M.

Balisacan said the national government will address these issues by building the resilience of the economy.

This will be done by facilitating digitalization and promoting innovation in business, especially in MSMEs will open up more opportunities for high-quality and highpaying jobs for Filipinos.

“In the coming months, the agriculture sector will likely be adversely affected by the strong El Niño. Guided by the National Action Plan [NAP], the government will implement more programs to develop a more resilient agriculture sector. This will help minimize employment losses in the sector,” Balisacan added in a statement.

“This will be supported by expanding training and re-skilling programs for workers to meet the needs of these innovative business,” Balisacan said.

Fewer workers

BASED on PSA data, the size of the labor force shrank to 49.93 million—down by 151,000 workers from the 50.08 million posted in September 2022 and 358,000 less than the 50.29 million recorded in August 2023. This translated to a labor force participation rate of 64.1 percent in September 2023, lower than the 65.2 percent posted in September 2022 and 64.7 percent in August 2023.

National Statistician Claire Dennis S. Mapa said survey respondents identified schooling as the top reason. He said 355,000 respondents said they are not part of the labor force because they are in school.

There were also 124,000 workers who said they tried looking for jobs and couldn’t find one, so they opted out. Some 140,000 workers opted out of the labor force because they believed no jobs were available for them.

Data obtained by BusinessMirror from the PSA showed the size of the labor force in the third quarter declined to 49.04 million in 2023 from 50.2 million in 2022.

In addition, the PSA noted a drop in the labor force participation rate (LFPR) among women.

The agency reported a female LFPR of 53.4 percent in September 2023, lower than the 54.8 percent posted in the same period last year.

Household duties were among the main causes for this decrease.

Improving

OVERALL, the country’s jobless rate slowed to 4.5 percent in September 2023, according to preliminary results of the Labor Force Survey conducted by the PSA. The data showed 2.26 million Filipinos were unemployed in September. This was 234,000 lower than the 2.5 million recorded in September 2022.

However, the September 2023 figure was 50,000 more than the 2.21 million unemployed in August

2023. The jobless rate in August was also slower than September at 4.4 percent.

“The government is committed to improving the investment climate of the country to attract businesses that generate high-quality employment. We will continue to pursue enhancements to existing policies to address concerns in investments, particularly in infrastructure development in areas outside the National Capital Region,” Balisacan said.

In terms of the underemployed, the data showed an improvement in the numbers, such that the number of Filipinos looking for better additional hours of work declined on a year-on-year and month-onmonth basis.

The PSA data showed underemployed Filipinos reached 5.11 million in September 2023, or an underemployment rate of 10.7 percent.

This number was 2.21 million less than the 7.33 million underemployed in September last year when the underemployment rate was at 15.4 percent.

The data also showed a 518,000 reduction in the underemployed compared to August when there were 5.63 million Filipinos looking for additional work hours. The underemployment rate in that month was 11.7 percent.

With these, the country’s employment rate in September 2023 was estimated at 95.5 percent. This was higher than the recorded employment rate in September 2022 at 95 percent, but was slightly lower than the 95.6 percent estimate in August 2023.

However, the country’s Labor Force declined by 151,000 to 49.93 million in September 2023 from 50.08 million in the same month last year. This translated to a labor force participation rate of 64.1 percent.

Compared to August 2023, the labor force declined by 358,000 from the 50.29 million recorded during the month. The labor force participation rate was at 64.7 percent in August.

End-Oct GIR hits $101.09B, highest in 6 mos C  A

of the country’s imports of goods and payments of services and primary income.

The level of GIR, as of a particular period, is considered adequate, if it provides at least 100 percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.

Cai U. Ordinario

Thursday, November 9, 2023

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

France vows renewed support for ongoing PN modernization

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RANCE is committed to helping the ongoing modernization program of the Philippine Navy (PN), which is now in the process acquiring more modern naval craft to beef up its fleet.

This commitment was emphasized

by French Ambassador to the Philippines Marie Fontanel following her visit to PN headquarters at Naval Station Jose Andrada, Roxas Boulevard, Manila Tuesday.

“Flag Officer-in-Command Vice Admiral Toribio Adaci Jr., received Ambassador Fontanel during the courtesy call where they had exchanges on matters related to the modernization and ongoing acquisitions of the PN, potential future engagements with French firms and companies, the development of technical competence among sailors and marines, and the two nations’ increasing cooperation in the defense sector,” Navy spokesperson Captain Benjo Negranza said in a statement Wednesday.

In this regard, Adaci expressed his thanks to Fontanel for the generous support and assistance extended by the French government to the PN. “He [Adaci] also emphasized the

crucial role that France plays in helping the Philippines achieve its defense and security objectives. Lastly, he hoped for more future engagements reinforcing the ties between the two nations,” Negranza said.

Negranza added that this courtesy call highlights the deepening ties between the Philippines and France, and the promotion of shared commitment to ensuring peace, security, and prosperity in the Indo-Pacific region and beyond.

As this developed, Armed Forces of the Philippines (AFP) chief Gen. Romeo Brawner Jr. expressed his thanks to the French envoy for its vocal support for the country amid illegal actions by China in the region.

“We appreciate all the support and help that you are giving our government and our Armed Forces and we are looking forward to more engagements with you,” he added following Fontanel’s visit to AFP headquarters in Camp Aguinaldo, Quezon City, also on Tuesday.

In their meeting, the two affirmed the longstanding partnership between the Philippines and France and their common obligation to uphold and enforce international law. Rex Anthony Naval

ILO convention on ending workplace violence, harassment now a step closer to full ratification

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RESIDENT Ferdinand R. Macros Jr. approved on Wednesday the International Labor Organization (ILO) Convention 190 to prevent workplace violence and harassment.

The Presidential Communications Office (PCO) confirmed the Chief Executive made the decision after completing his review of the international convention and getting the feedback of other concerned agencies.

It noted Marcos already sent a letter to the Senate last October 13 requesting senators’ concurrence so the convention can be fully ratified.

“The ratification of the ILO C190 will fortify the Philippine government’s mandate and policy in promoting and protecting the rights of Filipino workers, locally and overseas, by pushing for a work environment with zero tolerance for violence and harassment,” Marcos said in his letter to the Senate.

He also said it helps the country achieve its key targets under the United Nations Sustainable Development Goals, particularly with respect to Goal

5 on Gender Equality and Goal 8 on Decent Work and Economic Growth.

C190 was adopted during the ILO Convention General Conference in Geneva, Switzerland in 2019 and came into force on June 25, 2021.

Its provision applies to all sectors, whether public or private, in urban and rural areas, both in the formal and informal economy, and provides a common framework to address violence and harassment, including gender-based violence, in the work place.

The Department of Labor and Employment (DOLE) started the “preparatory activities,” which includes getting the concurrence of concerned agencies, for the ratification in 2021.

Marcos said aside from DOLE, the C190 ratification was concurred by the National Economic and Development Authority, Department of Social Welfare and Development, Commission on Human Rights, Civil Service Commission, Philippine Commission on Women, and the Presidential Human Rights Committee Secretariat.

Samuel P. Medenilla

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DOST told to tap private sector support for ‘innovative’ disaster resilience tech

By Samuel P. Medenilla @sam_medenilla

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MID heightened local government unit (LGU) awareness on the need for climate change adaptation measures, President Ferdinand R. Marcos Jr. called on the Department of Science and Technology (DOST) on Wednesday to tap the private sector in the mass production of its disaster resilience technology.

The Chief Executive issued the instruction to DOST Secretary Renato U. Solidum Jr. during the Visayas Leg of the Handa Pilipinas (Prepared Philippines) at the Summit Hotel in Tacloban City.

He said such partnerships would help make DOST-developed technologies more accessible and affordable to LGUs. “There is a ready market for all of these products from our LGUs,” Marcos said.

“So, I implore everyone to maximize the use of these technologies

PRESIDENT Ferdinand R. Marcos Jr. on Wednesday, November 8, 2023, leads the commemoration of the 10th anniversary of super typhoon “Yolanda” in Tacloban City, Leyte. REY BANIQUET/NIB-PNA [and] to fast-track the widespread adoption and commercialization,” he added.

Last month, the Climate Change

Commission (CCC) reported 86 percent of LGUs nationwide have already submitted their Local Climate Change Action Plan (LCCAP).

BI nabs Chinese, Korean fugitives, prevents entry of ‘rude’ American

By Joel R. San Juan @jrsanjuan1573

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HE Bureau of Immigration (BI) announced on Wednesday the arrest of two foreign fugitives by in separate operations last Tuesday in Manila.

BI Commissioner Norman Tansingco said Chinese national Guo Shangming, 45, was arrested last during an operation in Paco, Manila.

Guo is wanted by the Luoyuan County Public Security Bureau for obtaining loans by fraudulent means.

The BI also said Guo had overstayed his visa as he arrived in the Philippines in 2020.

Also arrested in a separate operation in Intramuros, Manila was South Korean national Hyeong Jinwoo, 38.

Records from the BI showed that Hyeong was tagged as a fugitive from

justice by the Korean government with outstanding arrest warrants issued by the Suwon District Court for Fraud and Organization of Criminal Groups.

Hyeong is believed to be a member of the MinJun Pa, a voice phishing syndicate based in Metro Manila that illegally operates as a financial institution falsely offering low interest loans in exchange for upfront payment of outstanding debts and processing fees.

He was arrested for being an undesirable alien as he has been hiding in the Philippines since 2018.

The BI added that the syndicate has defrauded almost P14 million from its victims.

“Do not make the Philippines your breeding ground for your crimes...Our agency will not take a rest until all of these felons are brought to justice,” Tansingco warned.

The passports of Guo and Hyeong were revoked by Chinese and Korean authorities, putting them on the immigration list of undocumented and undesirable aliens.

Meanwhile, the BI reported that it has barred the entry of a US national to the country for his rude conduct and inputting false and profane information in the eTravel System.

The agency identified the US national as Anthony Joseph Laurence, 34 years old.

Laurence arrived at the Ninoy Aquino International Airport (Naia) Terminal 3 via an AirAsia flight from Bangkok, Thailand last Tuesday.

The BI said the passenger initially showed disdain towards the primary inspector after he was reminded to fill out the eTravel online form.

Laurence then reportedly threw his passport and his mobile phone angrily

Around 60 new technologies developed by DOST were displayed in the Handa Pilipinas exhibit.

“This exhibit aims to raise public awareness on preventable and solvable problems that we are facing today,” Solidum said.

“It aims to introduce innovations and Filipino made technologies that are ready to be maximized by its fullest potential for disaster preparedness response, and rehabilitation, and recovery,” he added.

Among the technologies cited by the President were the mobile command post, the triaging trailer tent, the collapsible toilet bowl, upgraded emergency disinfection system, fire blanket, unsinkable portaboat and water ambulance.

He said these technologies “will be of great help during relief and rescue operations.” “ These are crucial to addressing the challenges in disaster risk reduction and staying ahead of the curve in disaster management,” the President said.

to the immigration officer.

“After verifying in our system, the officer discovered that the passenger keyed in a made-up address in the Philippines, did not include his full name, and inputted profane words in his entry,” the BI said.

The eTravel System was designed to replace the paper-based arrival and departure cards in order to streamline and enhance immigration processes at international ports and is required to be filled out at least 72 hours prior to arrival.

“Such behavior is not only disrespectful but also undermines the ef f iciency of the system,” the BI chief said.

“Our agency is committed to ensuring a seamless experience to the traveling public. We expect all individuals to conduct themselves with respect and adhere to the established procedures. Any violation of these procedures will be dealt with firmly,” he added.

The American was returned to his port of origin and was placed in the BI’s blacklist permanently barring him from reentering the country.

Bishop says people still struggling to move on 10 years after ‘Yolanda’ Comelec cancels NegOr’s third legislative district special poll

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ANY people deeply affected by super typhoon Yolanda (international code name: Haiyan) 10 years ago are still struggling to move on, according to a Catholic bishop.

The journey towards full recovery “is not yet complete” despite how long ago it has been, said Bishop Crispin Varquez of the Borongan diocese in

Eastern Samar province.

“Many are still struggling to rebuild their homes, livelihood, and lives,” he said in a Catholic Bishops’ Conference of the Philippines (CBCP) News report.

Yolanda af fected the Easter n Visayas and nearby provinces with 6,000 people reported dead and leaving millions homeless.

It mostly affected impoverished coastal towns and villages on November 8, 2013. The super typhoon with the highest wind speed of 315 km/h was known as the most powerful tropical cyclone recorded.

It was a moment of “great sorrow, loss and devastation,” said Varquez.

However, he also said “it was also a time when our bonds of solidarity and

DENR exec cites need to break barriers to a circular economy

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HE world needs to overcome the barriers to establishing a “circular economy,” a key to achieving sustainable and livable cities and ultimately achieve the United Nations Sustainable Development Goals (SDG) targets, an official of the Department of Environment and Natural Resources (DENR) said.

In his keynote speech during the kick-off ceremony of the three-day International Conference on “Connecting the Dots on Circular Economy for Sustainable Development” from November 8 to 10 in Muntinlupa City, DENR Undersecretary for Policy, Planning and International Affairs Jonas R. Leones said removing these barriers that include technical knowledge, cultural barriers and lack of financial regulatory and societal support, will lead to the shift from the current linear economy to the more sustainable circular economy.

Hosting the international conference is the country’s response to calls for extensive and rigorous intellectual collaboration among researchers, experts, and policymak-

ers in connecting the dots to close the circular gap, said Leones.

“Given that many targets of SDGs push the boundaries of traditional development models, our cooperation for an evidence-based forward motion is imperative,” he added.

Waste management problem

ACCORDING to Leones, waste management remains a challenge to many countries and cities in the developing world because of the problem tied to the linear economy.

Over the last two decades, he said countries have increasingly shifted their solid waste management policies from disposal to prevention and recycling.

Yet, the official noted that the circularity gap report as of this year states that the global economy is only 7.2 percent circular —a decrease from 8.6 percent in 2022 and 9.1 percent in 2018.

“This percentage has remained the same since 2020. The decline can be attributed to

high rates of material extraction and low levels of cycling,” he pointed out.

PHL: a major waste producer

CITING a United Nations Environment Programme (UNDP) report, the Philippines was named as the third largest source of discarded waste that ends up in the ocean.

Based on the World Bank data, the Philippines recycled around 27.8 percent of the key plastic resins in 2019, and 78 percent of the material value of plastics is lost to the Philippine economy each year, he said.

“The economic model to produce goods that we are used to is the linear economic model, where resources are taken from nature to make products that are consumed and then generate wastes, which are incinerated or disposed of in dumping sites and landfills,” he said.

Circular economy model

LEONES said as opposed to the linear, a circular model looks to re-integrate resources into the

faith were tested and strengthened.”

Varquez called on the faithful to “hold each other in prayer and support,” as they commemorate the tragedy’s 10-year anniversary.

“May our collective memory of super typhoon Yolanda inspire us to be agents of healing, reconciliation, and hope in our diocese and beyond,” the bishop said. Patrick V. Miguel

urban loop—circulating rather than wasting serves to revitalize rather than deteriorate.

“The circular economy is a fundamental part of achieving the various multilateral frameworks and international agreements, including the UN Sustainable Development Goals, Paris Agreement, and the New Urban Agenda,” said Leones.

To push for a circular economy, the government has enacted the Extended Producers’ Responsibility Act or the Republic Act 11898, which is an amendment of the Solid Waste Management Act. The DENR has also prioritized the mainstreaming of research, development, and extension into its various sectors, aimed at maximizing its utility, and most especially, the uptake of science to be at work at the frontiers of our daily lives.

“Managing raw materials, resources, and wastes efficiently is crucial for building sustainable and livable cities and communities.

While the circular economy has significant links to the many targets under the 17 SDGs much still needs to be understood in the successful integration of the circular economy paradigm,” he said. Jonathan L. Mayuga

T

HE Negros Oriental special election to fill the vacant seat of an expelled congressional district representative will no longer push through on December 9, the Commission on Elections (Comelec) announced on Wednesday.

Chairman George Garcia said the poll body received House Resolution No. 154 from the House of Representatives, urging them to “reconsider its resolution for the conduct of the special election.”

The recall of an earlier resolution, according to the House, is because of “all existing circumstances and predicament” in Negros Oriental.

“Therefore, in recognition of the legislative power of Congress, the Law Department and the En Banc decided to cancel the conduct of the special election in the 3rd Legislative District of the Province of Negros Oriental, and for the Commission to discontinue its ongoing preparation for the said special election,” said Garcia in a news briefing.

According to Garcia, the Congress has the authority to both initiate and cancel a special election.

“The Comelec will just implement the mandate of the House of Representatives in this respect sapagkat miyembro po kasi nila ito [because the involved official is thei r member].

T h i s i n v o l v e s t h e q u e s t i o n of

membership. This should be resolved by the House of Representatives,” he explained.

The Regional Director of the Comelec office in the province, including all election officers, were directed to inform all parties, candidates, citizens arms, interest groups, suppliers and stakeholder that the poll is canceled, said Garcia.

The filing of Certificate of Candidacy (COC) was ongoing at the time the special election was cancelled.

It was initially extended until November 11.

As of Wednesday, three individuals have filed their COCs, namely, Col. Rey P. Lopez, town mayor Lenin Alviola, and the younger brother of expelled Rep. Arnolfo Teves, Pryde Henry Teves.

The position of congressional district representative was declared vacant by the House earlier in August, following the expulsion of Rep. Teves for his “disorderly conduct and continued absence.” He is also facing murder charges for his alleged involvement in the killing of Gov. Roel Degamo.

Garcia assured that Comelec has yet to spend a substantial amount of money for the preparation of the special elections, noting that the expenses have not reached millions.

Patrick V. Miguel

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Thursday, November 9, 2023

Economy

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

Co sees smooth House-Senate Govt avian flu vaccine approval to help boost Rep. bicam deliberation for 2024 budget PHL food security–poultry industry players T

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE national government’s decision to allow commercial vaccination against bird flu would help ensure the country’s food security, particularly for proteins, and deter the use of illegal vaccines, an industry expert said.

Jun Romo, president of the Philippine College of Poultry Practitioners, said the approval of the guidelines on targeted use of vaccination against avian influenza (AI) is two-fold.

First, it would contribute to protecting the local poultry industry, thereby, safeguarding the country’s protein supply. Second, it would serve as a deterrent to unauthorized vaccines circulating in the market today.

“The most pressing impetus why we pushed for the use of vaccination [was] because we really want to protect our food security, especially poultry, which is the source of cheapest protein both in eggs and meat,” Romo told the BusinessMirror.

The PCCP is the partner private organization of the Department of Agriculture (DA) in crafting and drafting the guidelines on bird flu vaccination use.

Romo explained that the PCCP pushed for the inclusion of vaccination as part of the government’s tools against bird flu when the transboundary animal disease resurged in late 2021.

He pointed out that bird flu has become “endemic” to wild birds in recent years compared to the first time that the Philippines suffered outbreaks of the disease in 2017.

“We want to protect the areas critical to our food security, especially those near to the marshlands where wild birds go. And we know that those are the same areas where the bulk of our layer population can be found,” Romo said.

Furthermore, Romo emphasized that the risk of using illegal vaccines is that it might push the bird flu virus to mutate.

Once that happens, the arrival of legitimate vaccines may not be effective enough to control the virus, he explained.

Industry players have sounded the alarm that various vaccines, claiming to be against bird flu, are readily available and accessible in e-commerce platforms like Shopee.

Romo is confident that the Philippines, in drafting the AI vaccination guidelines, benefitted from the wisdom and experiences of nearby countries that have been using vaccines to control the disease.

Gregorio San Diego, Philippine Egg Board Association (PEBA) chairman, said local poultry raisers have been forced to use smuggled vaccines, such as those sold in online platforms like Shopee, just to have a certain level of protection to their flocks.

“If you get hit by bird flu, it can wipe out all your birds and that is a huge devastation. So, poultry raisers are risking using illegal vaccines just to have a sense of protection compared to having none,” San Diego told reporters in an interview on Wednesday.

In October 2022, the PEBA joined the call for the government to allow and fast track the entry of inactivated bird flu vaccines in the country to curb the impact of the disease on the domestic layer industry. (Related story: https://businessmirror. com.ph/2022/10/24/phl-layer-industry-cites-riskfrom-aisurge-pushes-vax/) San Diego and Romo urged the Food and Drug Administration (FDA) to fast track the issuance of the special import permit for the

AI vaccines to kick start the rollout of legitimate vaccines.

Romo disclosed that the technical working group (TWG) on AI has formally endorsed three vaccine candidates to the FDA to be issued with special import permits.

He emphasized that the vaccines underwent rigorous local trials and have been used by other countries as well in their fight against bird flu.

The Philippines recently allowed the commercial use of AI vaccines in domestic poultry to help in curbing the spread of bird flu nationwide and minimize economic losses incurred by raisers. (Related story: https://businessmirror.com.ph /2023/11/08/ phl-allows-commercial-use-ofai-vaccine-for-domestic-poultry-industry/) The landmark policy decision was made after the DA published the guidelines on the targeted use of bird flu vaccines to complement the efforts against the transboundary animal disease.

The urgency of allowing the use of vaccines came about when the country faced resurgence of bird flu outbreaks in recent years at a faster rate and wider scope compared to the initial incidences in 2017.

The Philippines joined the growing number of countries worldwide that have adopted a vaccination policy to control the spread of bird flu that has killed at least 300 million of poultry globally, disrupting global supply and trade.

HE leadership of the House of R e pre s e nt at ive s on Wednesday said it sees a smooth House-Senate bicameral conference on the 2024 national budget.

House Committee on Appropriations Chairman and Ako Bicol Partylist Rep. Zaldy Co made the statement as he welcomed the reported consensus among senators to remove confidential and intelligence funds (CIF) from civilian agencies.

“This jibes with or is a vindication of the decision of the House of Representatives to realign those appropriations. With such consensus, we foresee a smooth bicameral conference on the 2024 budget,” he said.

Last Saturday, the House of Representatives officially transmitted the approved P5.768 trillion 2024 General Appropriations Bill (GAB) to the Senate.

The amended budget includes P194.5 billion in reallocated funds dedicated to enhancing national security, shielding Filipinos from global inflation, and ensuring food security.

Moreover, Co said the reported agreement of senators to strip civilian agencies of CIFs would expedite the approval of next year’s spending program.

Previously, the House realigned CIFs from civilian offices, including the Office of the Vice President and the Department of Education, to agencies responsible for national security and safeguarding the country’s territory in the West Philippine Sea (WPS).

News reports indicate that the senators’ consensus to divest civilian offices of CIF allocations was reached during a caucus earlier this week. There had been speculation that some members of the Senate were contemplating

the restoration of certain CIFs. Occ ident a l M i ndoro L one District Rep. Leody Tarriela and Deputy Majority Leader Franz Pumaren emphasized that the senators’ consensus is consistent with the prevailing public sentiment, as expressed in the recent OCTA Research survey.

Tarriela said that OCTA Research’s “Tugon ng Masa” has strengthened the notion that the House was right when it decided to realign confidential funds under the proposed P5.768 trillion national budget for 2024.

“We in the House of Representatives welcome the results of the Tugon ng Masa survey by OCTA Research. It fortified our belief that the House leadership did the right thing when it removed the confidential funds of some civilian agencies and transferred them to agencies that have a direct hand in protecting our interests in the West Philippine Sea [WPS],” Tarriela said.

“As lawmakers, we serve the people and are answerable to the people. With 57 percent of adult Filipinos agreeing with our move, it tells us that we echoed the pulse of the majority. And that’s what matters in the end, not rhetoric or propaganda,” Tarriela said.

Tarriela noted that the survey was conducted between September 30 and October 4 just as when the CIF issue was beginning to dominate public discourse. A total of 1,200 people were polled.

“We stand behind House Speaker Ferdinand Martin G. Romualdez’s intention to protect what is ours in the WPS, and we will use the full resources of the government to do this. That is the patriotic way to handle our challenges at sea,” Tarriela said Jovee Marie N. Dela Cruz

Thursday, November 9, 2023

www.businessmirror.com.ph • Editor: Jennifer A. Ng

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PHL farm output contracts in July-Sept–PSA

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE country’s agricultural production in the third quarter dipped by 0.3 percent, a reversal of the 1.6-percent growth posted a year ago, according to the Philippine Statistics Authority (PSA).

The Department of Agriculture (DA) said there are still “strong indications” that the sector could contribute positively to the economy despite the contraction in the value of farm production during the period.

PSA data indicated that the contraction in the output of crops and fisheries dragged the overall performance of the country’s farm sector.

The contractions in the two

sectors were more than enough to pull down the overall gains registered by the livestock and poultry sectors.

“As we look closely at the data more closely, we could see positive signs in the rice, corn and onion harvest, as well as in our production of tilapia and galunggong— all important food items for the Filipino masses,” Agriculture Secretary Francisco Tiu Laurel said in a statement.

A FARMER uses a hand tractor with a three-disc plow attachment developed by the Philippine Rice Research Institute. BUSINESSMIRROR FILE PHOTO

Data from the PSA showed that the value of production in agriculture and fisheries, at constant 2018 prices, during the July to September period fell to P412.412 billion from P413.622 billion a year ago.

Across all the sectors, fisheries posted the steepest decline at 6.1 percent followed by crops at

San Miguel food and beverage unit 9-mo. income hits ₧27.5B

By VG Cabuag @Villygc

S

AN Miguel Food and Beverage Inc. (SMFB) said its income in January to September grew by 4 percent to P27.5 billion from the previous year’s P26.34 billion, mainly due to the strong performance of its beer and spirits business.

Consolidated revenues, meanwhile, grew 6 percent to P276.7 billion from the previous year’s P261.54 billion.

“Despite t he const a nt ly evolving market conditions, we remain committed to delivering sustained growth and value to all our stakeholders. Our confidence is rooted in the strength of our product portfolio and operational capabilities.

More importantly, SMFB’s commitment to contributing to the nation’s food security remains as strong as ever, reflecting our dedication to playing a key role in our country’s growth and development,” Ramon S. Ang, the

company’s president and CEO of SMFB, said.

The company said its beer business, under San Miguel Brewery Inc., reported a 9-percent growth in consolidated sales to P108.3 billion, spurred by higher demand in both domestic and overseas markets.

Domestic sales climbed 9 percent to P96.3 billion due to effective marketing campaigns and expanded sales initiatives. Revenue from its international operations, meanwhile, rose 9 percent,

Cacao congress to promote local cacao, raise productivity

D

AVAO City—The conduct of the National Cacao Congress 2023 in this city on November 16-17 is seen as a great opportunity to showcase local cacao and gain insights on how to improve its production, an official said Tuesday.

Dante Muyco, chairperson of the Davao Regional Cacao Industry Council, also encouraged cacao farmers to achieve a yield of 2 kg of quality dry beans per tree,

a benchmark that will allow the Philippines to compete effectively in the global export market.

“The demand for chocolate is rising, and we target at least 2 kg per tree of dry beans. But based on our observation, the number of kilos per tree will only get at least 800 grams,” Muyco said in a press briefing here.

To address the problem, he said, cacao experts were invited to discuss the productivity and sustainability of the cacao industry in the

upcoming event. “[The] Philippines is consuming around 50,000 MT [metric tons] of cacao annually and the international demand is growing at 10 percent per year. The world needs 5 million MT per year, and we are too far yet,” Muyco said.

Davao region’s favorable climate, he said, places it in a viable position to expand production to meet the increasing demand for cacao.

0.4 percent, according to the PSA. The value of the fisheries production in the third quarter was estimated at P58.72 billion, about P3.826 billion lower than the P62.546 billion recorded last year.

The fisheries sector’s output value was the lowest since 2003, when it reached P58.146 billion.

It contributed 14 percent to the driven by robust demand from its exports, Hong Kong and South China markets.

Meanwhile, its spirits business under Ginebra San Miguel Inc. remains on track for another good year with higher sales volume in the third quarter.

Revenues grew 13 percent to P38.9 billion from the previous P34.53 billion as a result of strategic pricing and effective promotions. Its net income was up 62 percent to P5.5 billion from the previous P3.38 billion.

San Miguel Foods’ revenues reached P129.4 billion, almost flat from the previous P129.01 billion.

“Its outlook remains positive with anticipated cost benefits from declining raw material prices,” the company said.

Muyco said the region was declared Cacao Capital of the Philippines in 2021 through Republic Act 11547, highlighting its pivotal role in cacao production.

With 81 percent of the Philippines’s cacao output coming from Mindanao, local farmers must respond to the challenge by improving quality and productivity, he said.

Su m m it ac t iv it ies i nc lude plenary sessions, panel discussions, and workshops covering various aspects of cacao production, quality enhancement, and sustainability.

A highlight of the event is an exhibition showcasing 85 booths for cacao industry stakeholders to present their products and services. Philippine News Agency

Australia just had the driest October in more than two decades

A

USTRALIA, a top exporter of wheat, barley and canola, experienced the driest October in more than 20 years and the fifth driest in records going back to 1900 as an El Niño weather pattern continues to bring dry, hot conditions to the country, according to the Bureau of Meteorology.

That follows the driest September on record. Early that month, the government forecaster estimated wheat output at 25.4 million tons, or 36 percent less than a year earlier, when the crop was boosted by abundant rains. Dry weather since then may have cut expectations even further.

Harvesting of wheat and barley mostly starts in November and lasts through January. n Rainfall in October was below average for most of Australia, and the driest on record for the key growing region of Western Australia. The month’s rainfall was 65 percent below the 1961-1990 average n Soil moisture was below average

(in the lowest 30 percent of all years since 1911) for much of country, particularly in the south and east n For November 2023 to January 2024, below median rainfall is likely or very likely (60 percent to greater than 80 percent chance) for northern, western, central and southern Australia

Sheep industry in crisis

MEANWHILE, Australia’s sheep industry is in crisis, with prices near the lowest level in 16 years forcing some farmers in the country’s west to give their animals away for free to pet-food manufacturers.

Mutton prices have plunged 75 percent over the past year, according to Tim Jackson, global supply analyst at Meat & Livestock Australia. Sheep prices have also slumped, with older animals fetching an average of just A$34 ($22) in October and some reports of animals selling for less than a dollar a head, he said.

El Niño is expected to bring drier and

hotter conditions, increasing the number of animals sent for slaughter because of lack of pasture. Many abattoirs are now operating at capacity. Government plans to phase out live exports have deepened concerns about oversupply—particularly in Western Australia, which shipped almost all of the country’s live sheep last year.

“Some farmers are getting almost nothing,” said Andrew Spencer, chair of Sheep Producers Australia. Where the sheep are low quality, some farmers are being forced to give animals away for free to pet food producers, he said. “It’s been a very volatile time over the last couple of years.”

In the north of the Western Australia wheat belt, there have been reports of some farmers being forced to euthanize sheep, said Steve McGuire, vice president of WAFarmers. “In the ‘90s, we had to euthanize large numbers. That was souldestroying, we don’t want to go back to that,” he said.

This represents a dramatic decline in

fortunes for sheep producers, who less than three years ago were enjoying record lamb and mutton prices. And the market is not expected to recover until next year, said Matt Dalgleish, co-founder of agricultural consulting firm, Episode 3.

Now, all eyes are focused on whether El Niño breaks over the summer, he said, adding a move back to normal rainfall would be a “huge boost to the market.”

The crisis in the industry has sparked a wave of dissent among producers, with the top farming body launching a campaign calling for the federal government to abandon plans to ban live sheep exports to the Middle East and for the establishment of a dedicated visa pathway for agricultural workers.

On Monday, one of the country’s two major supermarket chains, Woolworths Group, announced it would slash the price of 26 Australian lamb meat products by 20 percent following criticism that retail prices hadn’t dropped fast enough.

Bloomberg News

overall agricultural and fisheries production in July to September.

Meanwhile, the value of the country’s crop production fell by P810 million to P222.692 billion from last year’s P223.502 billion, according to the PSA. The crops sector accounted for 54 percent of total farm and fisheries output of the country.

“The value of livestock production at P66.11 billion was 2.5 percent higher than last year’s same quarter level. It contributed 16.0 percent to the total value of production in agriculture and fisheries,” the PSA said on Wednesday.

The poultry sector, which had a 15.7 percent share to total agricultural production, registered a P64.89 billion worth of output, about 3 percent higher than the P63.06 billion it recorded last year.

“At current prices, the value of production in agriculture and fisheries amounted to P522.58 billion, which was 4.3 percent higher than its level in the same quarter last year,” the PSA said.

Data from the agency also showed that the country’s agricultural and fisheries output from January to September grew slightly to P1.269 trillion compared from last year’s P1.266 trillion.

The sector posted slight increases in terms of the value of output for the second consecutive year. In 2022, it grew by 0.3 percent on an annual basis.

During the nine-month period, only the value of fisheries output contracted while the production of crops, livestock and poultry posted increments, based on PSA data.

The value of fisheries production from January to September reached P172.212 billion, about 7 percent lower than the P185.247 billion recorded last year.

Figures from the agency indicated that the value of the production of crops amounted to P711.29 billion (up 0.88 percent); livestock, P191.272 billion (up 2.39 percent); and poultry, P194.376 billion (up 2.5 percent).

Report: Hidden costs of global agrifood systems worth at least $10T

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URRENT agrifood systems impose huge hidden costs on people’s health, the environment and society, equivalent to at least $10 trillion a year, according to a ground-breaking analysis by the Food and Agriculture Organization of the United Nations (FAO), covering 154 countries.

FAO said the amount represents almost 10 percent of global GDP. Accord ing to t he 2023 edition of The State of Food and Agriculture (SOFA), the biggest hidden costs (more than 70 percent) are driven by unhealthy diets, high in ultra-processed foods, fats and sugars, leading to obesity and non-communicable diseases, and causing labor productivity losses. Such losses are particularly high in high- and uppermiddle-income countries.

One fifth of the total costs a re env i ronment-re l ated , from greenhouse gas and nitrogen emissions, land-use change and water use. This is a problem that affects all countries, and the scale is probably underestimated due to data limitations.

Low-income countries are proportionately the hardest hit by hidden costs of agrifood systems, which represent more than a quarter of their GDP, as opposed to less than 12 percent in middle-income countries and less than 8 percent in high-income cou nt r ies. In low-i ncome countries, hidden costs associated with poverty and undernourishment are the most significant.

The report makes the case for more regular and detailed analysis by governments and the private sector of the hidden or ‘true’ costs of agrifood systems via true cost accounting, followed by actions to mitigate these harms.

There have been other attempts at measuring the hidden costs of agrifood systems, producing similar estimates as FAO. The new FAO report,

however, is the first to disaggregate these costs down to the national level and ensure they are comparable across cost categories and between countries.

For the first time ever, FAO will dedicate two consecutive editions of The State of Food and Agriculture to the same theme. This year’s report presents initial estimates, while next year’s will focus on indepth targeted assessments to identify the best ways to mitigate them. Governments can pull different levers to adjust agrifood systems and drive better outcomes overall. Taxes, subsidies, legislation and regulation are among them.

“In the face of escalating global challenges: food availability, food accessibility and food affordability; climate crisis; biodiversity loss; economic slowdowns and downturns; worsening poverty; and other overlapping crises, the future of our agrifood systems hinges on our willingness to appreciate all food producers, big or small, to acknowledge these true costs, and understand how we all contribute to them, and what actions we need to take.

I hope that this report will serve as a call to action for all partners—from policymakers and private-sector actors to researchers and consumers—and inspire a collective commitment to transform our ag r ifood systems for the betterment of all,” said FAO Director- Genera l Qu Dongyu.

The report urged governments to use true cost accounting to transform agrifood systems to address the climate crisis, poverty, inequality and food security.

It noted that innovations in research and data, as well as investments in data collection and capacity building, will be needed to scale the application of true cost accounting, so it can inform decision-making in “a transparent and consistent way.”

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BusinessMirror

Thursday, November 9, 2023

ESTABLISHMENT / ADDRESS

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

No.

AB LEISURE EXPONENT, INC. 5/f Sm Megamall Bldg. D, J Vargas, Wack-wack Greenhills, City Of Mandaluyong 11.

1.

2.

3.

4.

LI, XULONG Mandarin Brand Manager Brief Job Description: Maintain accurate sales record.

HAN, SHIJIE Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

WANG, LI Mandarin Operations Specialist Brief Job Description: Maintain accurate sales record.

JIN, LEI Mandarin Strategy Officer Brief Job Description: Helps companies formulate strategic plans.

Basic Qualification: Can speak Mandarin language.

Salary Range: Php 150,000 - Php 499,999

Basic Qualification: Can speak Mandarin language.

Salary Range: Php 150,000 - Php 499,999

13.

14.

SURYANTO Indonesian Customer Service Representative 15.

Brief Job Description: Planning, scheduling, conducting and coordinating assigned work. Monitoring work for compliance to applicable codes, accepted construction practices and company standards.

Basic Qualification: College graduate. With at least 2 years of work experience in a related role, preferably in an international setting.

Fluent in Spanish and English languages.

Salary Range: Php 90,000 - Php 149,999

Brief Job Description: Managing incoming calls and customer service inquiries.

DO THI YEN Vietnamese Customer Service Representative 16.

5.

Brief Job Description: Managing incoming calls and customer service inquiries.

QUALIFICATION AND SALARY RANGE

Brief Job Description: Managing incoming calls and customer service inquiries.

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

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

LIN, HUOYAN Key Accounts Specialist Consultant 6.

Brief Job Description: A key accounts specialist consultant is an individual dedicated to marketing, selling, and supporting a specific type of customer.

17.

7.

Brief Job Description: A key accounts specialist consultant is an individual dedicated to marketing, selling, and supporting a specific type of customer.

Brief Job Description: Managing incoming calls and customer service inquiries.

NGUYEN VAN PHUONG Vietnamese Customer Service Representative 18.

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

Brief Job Description: Managing incoming calls and customer service inquiries.

TRAN HUU TAI Vietnamese Customer Service Representative

Basic Qualification: Can develop strong positive relationships with executive and management contacts.

Can develop Annual revenue and sales plans for assigned location.

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

23.

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

Brief Job Description: Managing incoming calls and customer service inquiries.

TRAN MANH TUAN Vietnamese Customer Service Representative 20.

Brief Job Description: Managing incoming calls and customer service inquiries.

Brief Job Description: To lead the Enterprise & Data Center to achieve PQ sales and support PD revenue target in the assigned market segments, especially for Data Center.

LE LE Burmese Customer Service Representative 8.

Brief Job Description: Managing incoming calls and customer service inquiries.

Basic Qualification: Able to speak, read and write Chinese and Burmese languages.

21.

Brief Job Description: Managing incoming calls and customer service inquiries.

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

D’ HOOVER RESIDENCES DEVELOPMENT CORPORATION 115 Hoover St., Cor. Llyod George St., Addition Hills, City Of San Juan

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

YANG, ZILONG President/Chairman & Mandarin Finance Manager

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

Basic Qualification: Able to speak, read and write Chinese and Indonesian languages.

Brief Job Description: The President/Chairman & Mandarin Financial Manager will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long term goals.

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

DIGICHROM INC. Unit 2001-a, 2602 & 2603 20/f & 26/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

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

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

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

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

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

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

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

PAI, HAO-TSO Mandarin Speaking Customer Service Representative Brief Job Description: Manage incoming and outgoing calls, chats and emails.

NGUYEN THI HONG ANH Vietnamese Speaking Customer Service Representative Brief Job Description: Manage incoming and outgoing calls, chats and emails.

XU, XU Chinese Speaking Business Development Associate 27.

Brief Job Description: Identify and maintain new business opportunities and existing partners.

JACSEN Chinese Speaking Data Entry Clerk 28.

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

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

Brief Job Description: Gather data and capture the information into databases.

YANG, LI Chinese Speaking Data Entry Clerk 29.

Brief Job Description: Correcting errors and organizing the information in a manner that will optimize, swift and accurate capturing.

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

9.

Brief Job Description: Managing incoming calls and customer service inquiries.

ZHAO, QIUXIANG Chinese Speaking Data Entry Clerk

Basic Qualification: Able to speak, read and write Chinese and Burmese languages.

30.

ZHANG, ZHEN Commercial Manager

Salary Range: Php 30,000 - Php 59,999 22.

SAI AUNG PHYO Burmese Customer Service Representative 10.

Brief Job Description: Managing incoming calls and customer service inquiries.

Basic Qualification: Able to speak, read and write Chinese and Burmese languages.

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

Brief Job Description: Provide assistance, support and guidance on all commercial issues within the projects and ensure that commercial staff attain their maximum potential.

Basic Qualification: College graduate. With 3 years of work experience in a related field.

Brief Job Description: Entering and updating information into relevant databases.

Salary Range: Php 60,000 - Php 89,999 HE, LIRONG Chinese Speaking Graphic Designer 31.

COOPER INDUSTRIES INTERNATIONAL PHILIPPINE BRANCH U-29 Ayala Fgu Center, 6811 Ayala Avenue, Bel-air, City Of Makati

Basic Qualification: Proficient in speaking, reading and writing in Vietnamese language.

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

Basic Qualification: With relative work experience.

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

DYNAMIC STUDIO TECHNOLOGY INC. 5th To 8th/f & 10th/f Platinum Tower Building, Aseana Ave. Cor. Fuentes Street, Baclaran, City Of Parañaque

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

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

Basic Qualification: Proven experience as President/Chairman & Mandarin Financial Manager, familiarity, knowledge and awareness on machinery and heavy equipment used by company.

Demonstrable experience in developing strategic business plan.

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

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

CHINA CONSTRUCTION FRONT GENERAL DEVT. CORPORATION Unit 3001, Atlanta Center, 31 Annapolis St., Greenhills, City Of San Juan NANG NILAR OO Burmese Customer Service Representative

Basic Qualification: At least 6 years of sales experience in key market segments; top 20 key accounts in Philippines, preferably in Datacenter segment and with 3 years of management experiences; and at least 3 years of experience in Enterprise Solution selling (Critical infrastructure, Data Centre Solution).

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

ANOC99 CORPORATION 5/f To 10/f Ayala Malls Manila Bay Building D., Macapagal Blvd. Cor. Aseana Street, Tambo, City Of Parañaque TRUONG MY TRINH Vietnamese Customer Service Representative

QUALIFICATION AND SALARY RANGE

Salary Range: Php 150,000 - Php 499,999

26.

19.

LIN, XIAOZHOU Key Accounts Specialist Consultant

MEHTA, DWEEP RAJESHBHAI Enterprise & Data Center Sales Manager

25.

HONG NGOC TUYET Vietnamese Customer Service Representative

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

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

AM-PRO IMPORTS MARKETING CORP. 16e Residenza Suites, 429 Shaw Blvd., Addition Hills, City Of Mandaluyong

Basic Qualification: Can develop strong positive relationships with executive and management contacts.

Can develop Annual revenue and sales plans for assigned location.

No.

24.

ACCIONA CONSTRUCTION PHILIPPINES INC. 23/f Tower 2, The Enterprise Center Tower 2, Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati

TORRE GARCIA, ISRAEL Site Officer

Brief Job Description: Managing incoming calls and customer service inquiries.

SHANG, LUOJUN Chinese Customer Service Representative

Basic Qualification: Can speak Mandarin language.

Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Managing incoming calls and customer service inquiries.

PAN, XUE Chinese Customer Service Representative

Basic Qualification: Can speak Mandarin language.

Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Managing incoming calls and customer service inquiries.

LI, GUOQIANG Chinese Customer Service Representative 12.

ESTABLISHMENT / ADDRESS

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION HU, JING Chinese Customer Service Representative

www.businessmirror.com.ph

Brief Job Description: Keeping up to date with design and software trends. Perform retouching and manipulation of images.

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

Basic Qualification: Ability to concentrate for lengthy periods. With good verbal and written communication skills.

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

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

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

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

BusinessMirror

www.businessmirror.com.ph

ESTABLISHMENT / ADDRESS No.

32.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

CHEN, DONG Chinese Speaking HR Associate Brief Job Description: Assisting with the distribution of training material.

CHEN, YAOFA Chinese Speaking HR Associate 33.

Brief Job Description: Managing HR records including resume’, applicant logs and employee forms.

MA, THI THUY Chinese Speaking Program Designer 34.

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

SIT ZHUO JUN Chinese Speaking Program Designer 35.

Brief Job Description: Testing and deploying programs and systems.

Verify and deploy programs and systems.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Have excellent verbal and written communication skills and able to organize their work using tools.

No.

NGUYEN THI QUYNH TRAM Customer Service Vietnamese Speaking 46.

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

Basic Qualification: Excellent written and verbal communication skills. With strong organization and project management skills.

47.

Brief Job Description: Manages the execution of different marketing strategies for company.

SOHSAH, SURAIYA Marketing Executive Thai Speaking 48.

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

Basic Qualification: With experience in computer design. With good verbal and written communication.

Brief Job Description: Employee shall perform the duties such as reports on daily operations of call center activities.

LEE YEONG SIN Marketing Executive Chinese Speaking

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

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

Brief Job Description: Manages the execution of different marketing strategies for a company and developing efficient and intuitive marketing strategies.

DO, TRUONG GIANG Marketing Executive Vietnamese Speaking 49.

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

Brief Job Description: Manages the execution of different marketing strategies for company.

DOAN THI KIM YEN Marketing Executive Vietnamese Speaking 50.

FIBERHOME PHILS., INC. 20/f Nex Tower, 6786 Ayala Ave., San Lorenzo, City Of Makati

Brief Job Description: Manages the execution of different marketing strategies for company.

Thursday, November 9, 2023

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: 21 yrs. old and above with customer service experience.

No.

58.

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

Basic Qualification: 21 yrs. old and above with marketing executive experience.

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

59.

36.

Brief Job Description: Recommend optimal transformation modes, routing, equipment, or frequency.

Basic Qualification: Proven experience as Logistic Manager.

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

TO HUYNH TRANG Marketing Executive Vietnamese Speaking 51.

60.

37.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

KIM, SANGKWON Business Development Korean Speaking 38.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

LEE, SOL Business Development Korean Speaking 39.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

LEE, SUBIN Business Development Korean Speaking 40.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

PARK, HAEMIN Business Development Korean Speaking 41.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

YOU, CHANGYEON Business Development Korean Speaking 42.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

Basic Qualification: 21 yrs. old and above with business development experience.

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

VU, VAN DUAN Marketing Executive Vietnamese Speaking 52.

61.

Basic Qualification: 21 yrs. old and above with marketing executive experience.

Basic Qualification: 21 yrs. old and above with business development experience.

ANAND, ABHISHEK Operations Leader 53.

Brief Job Description: Deliver strategy and operational plans from the planning process against the strategic decision of the company.

Basic Qualification: 21 yrs. old and above with customer service experience.

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

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

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

Basic Qualification: 21 yrs. old and above with business development experience.

ZHAO, XUEWEI Project Manager 54.

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

Basic Qualification: 21 yrs. old and above with business development experience.

Brief Job Description: Define project scope. Create a construction estimate based on a material takeoff. Create and manage construction project budget.

Basic Qualification: College graduate. With at least 2 years of work experience in a similar role.

64.

65.

FERNANDEZ HERMAN Business Consultant 66.

67.

55.

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

Brief Job Description: Responsible for listening to, understanding, and translating spoken or written statements from one language to another.

43.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

Basic Qualification: 21 yrs. old and above with business development experience.

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

68.

44.

Brief Job Description: Contacting potential clients to establish rapport and arrange meetings.

DINH TRAN NGUYEN LOC Customer Service Vietnamese Speaking 45.

Brief Job Description: Employee shall perform the duties such as reports on a daily operations of call center activities.

Basic Qualification: 21 years old and above with business development experience.

INVECH TREASURE PROCESSING CORPORATION 2nd, 3rd, 4th & 5th Floor Building E, Six West Campus, Le Grand Avenue, Mckinley Hill, Fort Bonifacio, City Of Taguig

HENDRIK CHANDRA Indonesian Customer Support Representative 56.

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

Basic Qualification: 21 yrs. old and above with customer service experience.

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

Basic Qualification: Able to speak and write in Malay and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Mandarin and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Mandarin and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Mandarin and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Vietnamese and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Vietnamese and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Vietnamese and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Vietnamese and at least college level with related BPO experience.

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

Brief Job Description: Organize and execute assigned business projects on behalf of Indonesian clients (recruiting, payroll, promotional campaigns etc.) according to client’s requirements.

Basic Qualification: Fluent in Indonesian and English languages.

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

Basic Qualification: Fluent in Indonesian and English languages.

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

Basic Qualification: Fluent in Indonesian and English languages.

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

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower, C4 Rd. Edsa Ext., Barangay 76, Pasay City

DING, JING Chinese Customer Service Representative 69.

PHAM HOANG TUAN ANH Business Development Vietnamese Speaking

Brief Job Description: Organize and execute assigned business projects on behalf of Indonesian clients (recruiting, payroll, promotional campaigns etc.) according to client’s requirements.

RICKY Business Consultant

Salary Range: Php 30,000 - Php 59,999 NGUYEN, TRUNG BAO ANH Business Development Vietnamese Speaking

Brief Job Description: Organize and execute assigned business projects on behalf of Indonesian clients (recruiting, payroll, promotional campaigns etc.) according to client’s requirements.

MARVIN TANJUNG Business Consultant

INFINI CONSULTANCY GROUP INC. Rm 2a 2/f Ma Daniel Bldg., 470 San Andres Cor. M H Del Pilar Sts., Barangay 701, Malate, City Of Manila

WU, AZHA Admin Officer - Mandarin Translator

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

QUALIFICATION AND SALARY RANGE

LUCKY365 CONSULTING LIMITED CORP. U/18a 18f 18/f Trafalgar Plaza, 105 H.v. Dela Costa St., Bel-air, City Of Makati

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

Basic Qualification: 21 yrs. old and above with business development experience.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

PHUNG TRI HIEU Vietnamese Customer Support Representative

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

Basic Qualification: Fluent in speaking, writing and reading in Chinese language (Mandarin, Fukien and Cantonese dialects), at least college graduate, and 2-3 years of work experience or fresh graduates.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN, THI HUYEN Vietnamese Customer Support Representative

Basic Qualification: College graduate.

Post graduate degree equivalent to MBA.

GOLDEN OCEAN CONSTRUCTION SERVICES INC. 1715 G/f Amd Tower F., Agoncillo Street, Barangay 694, Malate, City Of Manila

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

NGUYEN THI NGOC BICH Vietnamese Customer Support Representative

Basic Qualification: 21 yrs. old and above with marketing executive experience.

Salary Range: Php 150,000 - Php 499,999

Brief Job Description: Experts at their product, and their primary duty is to resolve customer issues quickly and efficiently.

NGUYEN DAC TUAN Vietnamese Customer Support Representative

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

GENPACT SERVICES LLC 5f Genpact Bldg., Cyberzone Northgate, Alabang, City Of Muntinlupa

Basic Qualification: 21 yrs. old and above with business development experience.

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

Brief Job Description: Manages the execution of different marketing strategies for a company and developing efficient and intuitive marketing strategies.

Brief Job Description: Experts at their product, and their primary duty is to resolve customer issues quickly and efficiently.

WU, DANRONG Mandarin Customer Support Specialist

63.

GAMMA INTERACTIVE INC. 21/f Alphaland Makati Place, 7232 Ayala Ave. Cor. Malugay St., Bel-air, City Of Makati

BAEK, HYOWON Business Development Korean Speaking

Brief Job Description: Employee shall perform the duties such as reports on daily operations of call center activities.

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

WANG, BANGLONG Mandarin Customer Support Specialist

Basic Qualification: 21 yrs. old and above with marketing executive experience.

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

Brief Job Description: Experts at their product, and their primary duty is to resolve customer issues quickly and efficiently.

WANG, YONGE Mandarin Customer Support Representative

Basic Qualification: 21 yrs. old and above with marketing executive experience.

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

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

YONG JIA SOON Malaysian Customer Support Specialist

62.

CHENG, SHUANG Logistic Manager

Brief Job Description: Supports customers by providing helpful information, answering questions, and responding to complaints.

SUSI ARYANTI Indonesian Customer Support Specialist 57.

Brief Job Description: Experts at their product, and their primary duty is to resolve customer issues quickly and efficiently.

A7

Basic Qualification: Able to speak and write in Indonesian and at least college level with related BPO experience.

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

Basic Qualification: Able to speak and write in Indonesian and at least college level with related BPO experience.

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

Brief Job Description: Managing incoming calls and customer service inquiries.

LI, HUAN Chinese Customer Service Representative 70.

Brief Job Description: Managing incoming calls and customer service inquiries.

LIU, ZUNJIANG Chinese Customer Service Representative 71.

Brief Job Description: Managing incoming calls and customer service inquiries.

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 language.

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

BusinessMirror

Thursday, November 9, 2023

A6 A8

ESTABLISHMENT / ADDRESS No.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION WU, LIJIAO Chinese Customer Service Representative

72.

Brief Job Description: Managing incoming calls and customer service inquiries.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

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

FAN, CHAOFU Chinese Construction Technician

Salary Range: Php 30,000 - Php 59,999 85.

XU, KELONG Chinese Customer Service Representative 73.

Brief Job Description: Managing incoming calls and customer service inquiries.

XU, TIANDONG Chinese Customer Service Representative 74.

Brief Job Description: Managing incoming calls and customer service inquiries.

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

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

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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

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

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

Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

LI, SIPING Chinese Construction Technician

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

ONE BORDERLINE CREATIVES INC. Unit 11-ij3, 11/f Burgundy Corporate Tower, 252 Sen. Gil Puyat Ave., Pio Del Pilar, City Of Makati

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

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

75.

Brief Job Description: Maintain accurate sales record.

Basic Qualification: Can speak Mandarin language.

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

ORIENTAL COFFEE ALLIANCE, INC. 2203 High Street Corporate South Plaza Tower 1, 9th Ave. Cor. 26th Street, Fort Bonifacio, City Of Taguig

76.

TAKAHASHI, RYOSUKE President And Managing Director

Basic Qualification: Confidential employee.

Brief Job Description: Manage and formulate the overall strategic direction of the corporation.

Salary Range: Php 150,000 - Php 499,999

LI, WEIDONG Chinese Construction Technician

87.

LIAO, DENGJIAN Chinese Construction Technician

88.

77.

Brief Job Description: Liaising with Chinese guests and customers to resolve light complexity issues via phone and email on various topics. Providing accurate, valid, and complete information by using the right tools, methods, and processes.

Basic Qualification: Proficient in Mandarin language (written and spoken). College graduate. Proficient in using the English language.

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

LIN, GUOCHAO Chinese Construction Technician

89.

78.

79.

Brief Job Description: Manage large amount of incoming phone calls.

NGUYEN HAI LY Vietnamese Customer Service Representative Brief Job Description: Manage large amount of incoming phone calls.

Basic Qualification: Foreign language speaking.

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

80.

81.

Brief Job Description: Manage large amount of incoming phone calls.

PHAN THI QUYEN Vietnamese Customer Service Representative Brief Job Description: Manage large amount of incoming phone calls.

Basic Qualification: Foreign language speaking.

MA, XUEQIN Chinese Construction Technician

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

Basic Qualification: Foreign language speaking.

82.

Brief Job Description: Manage large amount of incoming phone calls.

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

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

Basic Qualification: Foreign language speaking.

ZHAO, FUQIANG Chinese Construction Technician

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

Basic Qualification: Foreign language speaking.

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

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

83.

Brief Job Description: Analyzes and maintains customer satisfaction reports.

Basic Qualification: A native speaker of Bahasa Indonesia and fluent in English language (spoken and written).

Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

ZHU, ZHIQIANG Chinese Construction Technician

92.

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

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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

SPARVA INCORPORATED 7/f Insular Life Bldg., 6781 Ayala Ave., Cor. Paseo De Roxas, Bel-air, City Of Makati

YONG SEK MOI Head Of Department - Business Operations 84.

Brief Job Description: Resolve issues and give information when appropriate to solve issues effectively and promptly.

Basic Qualification: Fluency in English and Mandarin languages is essential.

TEDAGUA PHILIPPINES, INC. Penthouse 312 Marajo Tower 26th Street Corner 4th Avenue, Bonifacio Global City, Fort Bonifacio, City Of Taguig

Salary Range: Php 500,000 and above

MONTOJO BAILLO, MIGUEL ANGEL Administration And Finance Manager 93.

STC BUILDERS AND DEVELOPMENT CORP. 15th Floor, Ramon Magsaysay Center, 1680 Roxas Boulevard, Barangay 699, Malate, City Of Manila

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

QUALIFICATION AND SALARY RANGE

WIKITECH SERVICES INC. 10/f Alphaland Corporate Tower, 7232 Ayala Avenue Ext. Corner Malugay St., Bel-air, City Of Makati

LI, YU Mandarin Technical Support Specialist 94.

Brief Job Description: Monitoring and maintaining computer systems and networks.

ALICIA FEBRRIN Bilingual Finance Officer 95.

Basic Qualification: Can speak Mandarin language.

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

Brief Job Description: Control the administration and finance of the project.

Basic Qualification: Degree in business administration and fluent in English and Spanish languages.

Salary Range: Php 90,000 - Php 149,999

Basic Qualification: Excellent in bilingual languages.

Brief Job Description: Coordinate financial record-keeping and oversee the development.

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

IRVAN KOSINI Bilingual Marketing Staff 96.

97.

98.

Basic Qualification: Proficient in bilingual languages.

Brief Job Description: Providing details to clients relative to services being offered.

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

Basic Qualification: Excellent in bilingual languages.

APRI CANRY Bilingual Support Service Brief Job Description: Provide support services and resolves the issues.

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

Basic Qualification: Excellent in bilingual languages.

SIMSON, PUNYADA Bilingual Support Service Brief Job Description: Provide support services and resolves the issues.

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

VALENTINO ROSSI Indonesian Language Research Analyst 99.

Basic Qualification: Excellent in Indonesian language.

Brief Job Description: Conduct research on products and services as specified.

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

DEDI KURNIAWAN Indonesian Language Research Analyst 100.

Basic Qualification: Excellent in Indonesian language.

Brief Job Description: Conduct research on products and services as specified.

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

I GEDE PRAMMUDYA HARTANTYO Indonesian Language Research Analyst 101.

Basic Qualification: Excellent in Indonesian language.

Brief Job Description: Conduct research on products and services as specified.

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

MUHAMAD ALFAYETH Indonesian Language Research Analyst 102.

Basic Qualification: Excellent in Indonesian language.

Brief Job Description: Conduct research on products and services as specified.

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

RAYNALDO EXSAN Indonesian Language Research Analyst 103.

Basic Qualification: Excellent in Indonesian language.

Brief Job Description: Conduct research on products and services as specified.

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

WENDY WIJAYA Indonesian Language Research Analyst 104.

Basic Qualification: Excellent in Indonesian language.

Brief Job Description: Conduct research on products and services as specified.

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

ZHENGBANG CROP PROTECTION (PHILIPPINE) INC. Unit 2509 Prestige Tower, F. Ortigas Jr. Road, Ortigas Center, San Antonio, City Of Pasig

WANG, YICONG Mandarin Marketing Manager 105.

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

RUNNINGMAN CORPORATION 8/f Techzone Bldg., 213 Sen. Gil Puyat Ave., San Antonio, City Of Makati

HERYANTO Senior Indonesian-language Customer Service Support Staff

Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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

91.

VONG SAU DENH Vietnamese Customer Service Representative

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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

90.

NGUYEN THI HUYEN Vietnamese Customer Service Representative

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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

RIDGE OUTSOURCING SERVICES INC. 46/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati

WANG, SI Chinese Customer Service Representative

Brief Job Description: Manage and supervise facility development and image enhancement projects. Coordinate logistics and communication between clients, vendors, and stakeholders. Follow all state and safety requirements to implement good safety conditions at the work site.

Basic Qualification: Able to speak and communicate using Mandarin language is an advantage. Able to explain problems simply and clearly. Proficient in MS Office. Able to follow health and safety regulations. Excellent mathematical and problem-solving skills.

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

PHILIPPINES E-SKY COMMUNICATION INC. Unit E-1905a East Tower, Psec Exchange Road, Ortigas Center, San Antonio, City Of Pasig

PI, WEIHUI Mandarin Speaking Customer Service

No.

WISHLAND SOFTWARE TECHNOLOGY INC. 28/f Techzone Condo Corp., 213 Buendia Ave., San Antonio, City Of Makati

86.

WANG, CUI Mandarin Operations Specialist

www.businessmirror.com.ph

Brief Job Description: Conduct market research to understand the public interest and undermine the marketability of products and services.

Basic Qualification: Proven experience as Mandarin Marketing Manager.

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

ZTE PHILIPPINES INC. Unit 29 Fort Legend Tower, 3rd Avenue Corner 31st, Bonifacio Global City, Fort Bonifacio, City Of Taguig

LIAN, ZHAOJUN Terminal Sales Manager

106.

Brief Job Description: Responsible for the ZTE terminal business in the Philippines. Philippines channel development, market planning, team management and customer relationship maintenance. Philippine operator terminal demand response. ZTE brand promotion in the Philippines.

Basic Qualification: Can speak, write and type in Mandarin language.

With technical skills.

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

*Date Generated: Nov 8, 2023 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 National Capital Region located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication.

Please inform DOLE National Capital Region if you have any information on criminal offense committed by the foreign nationals.

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

The World BusinessMirror

Thursday, November 9, 2023

A9

Top G-7 diplomats announce unified stance on Israel-Hamas war after intensive meetings

By Matthew Lee, Foster Klug & Mari Yamaguchi

T

The Associated Press

OKYO—Top diplomats from the Group of Seven leading industrial democracies announced a unified stance on the Israel-Hamas war on Wednesday after intensive meetings in Tokyo, condemning Hamas, supporting Israel’s right to self-defense and calling for “humanitarian pauses” to speed aid to desperate civilians in the Gaza Strip.

In a statement following two days of talks, the nations sought to balance unequivocal criticism of Hamas’ attacks against Israel and “the need for urgent action” to help civilians in the besieged Palestinian enclave.

“All parties must allow unimpeded humanitarian support for civilians, including food, water, medical care, fuel and shelter, and access for humanitarian workers,” said the statement, hammered out

by US Secretary of State Antony Blinken and foreign ministers from Britain, Canada, France, Germany, Japan and Italy. “We support humanitarian pauses and corridors to facilitate urgently needed assistance, civilian movement and the release of hostages.”

The G-7 meeting was, in part, an attempt to contain the worsening humanitarian crisis while also keeping broader differences

on Gaza from deepening.

The ministers noted that the G-7 is “working intensively to prevent the conflict from escalating further and spreading more widely,” and also using sanctions and other measures “to deny Hamas the ability to raise and use funds to carry out atrocities.” They also condemned “the rise in extremist settler violence committed against Palestinians,” which they said is “unacceptable, undermines security in the West Bank, and threatens prospects for a lasting peace.”

As the diplomats met in downtown Tokyo, a UN agency said that thousands of Palestinians in Gaza are fleeing south on foot with only what they can carry after running out of food and water in the north. Israel said its troops were battling Hamas militants deep inside Gaza City, which was

FROM left to right, British Foreign Minister James Cleverly, German Foreign Minister Annalena Baerbock, US Secretary of State Antony Blinken, Japanese Foreign Minister Yoko Kamikawa, High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell, front, Canadian Foreign Minister Melanie Joly, Italian Foreign Minister Antonio Tajani, front, and French Foreign Minister Catherine Colonna pose for a photo at the beginning of the session 1 of the G-7 Foreign Ministers’ meeting at the Foreign Ministry’s Iikura guesthouse in Tokyo on Wednesday, November 8, 2023. TOSHIFUMI KITAMURA/POOL PHOTO VIA AP

home to some 650,000 people before the war and where the Israel military says Hamas has its central command and a vast labyrinth of tunnels. The growing numbers making their way south point to an increasingly desperate situation in and around Gaza’s largest city, which has come under heavy Israeli bombardment.

The month-long conf lict in Gaza, which followed Hamas’ October 7 attack in Israel in which militants killed more than 1,400 people, mostly civilians, and captured 242, topped the agenda in Tokyo. But the G-7 envoys also dealt with a flurry of other crises, including Russia’s war in Ukraine, North Korea’s nuclear and missile programs and China’s growing aggression in territorial disputes with its neighbors. There has also been a push for cooperation to

Thousands of Palestinians flee on foot as Israel’s troops battle Hamas in Gaza

By Najib Jobain & Samy Magdy The Associated Press

K

HAN YOUNIS, Gaza Strip—Thousands of Palestinians are fleeing south on foot with only what they can carry after running out of food and water in the north, a UN agency said Wednesday, as Israel said its troops were battling Hamas militants deep inside Gaza City.

Over 70% of Gaza’s population of 2.3 million have already fled their homes, but the growing numbers making their way south point to an increasingly desperate situation in and around Gaza’s largest city, which has come under heavy Israeli bombardment.

The war triggered by Hamas’ October 7 assault inside Israel has entered a second month, with an increasingly dire humanitarian situation inside the besieged Palestinian enclave and no end in sight.

Israel has said its war to end Hamas’ rule and crush its military capabilities will be long and difficult, and that it will maintain some form of control over the coastal enclave indefinitely. Support for the war remains strong inside Israel, where the focus has been on the plight of the more than 240 hostages held by Hamas and other militant groups.

About 15,000 people fled northern Gaza on Tuesday, triple the number that left Monday, according to the UN Office for the Coordination of Humanitarian Affairs. They are using Gaza’s main north-south highway during a daily four-hour window announced

by Israel.

Those fleeing include children, the elderly and people with disabilities, and most walked with minimal belongings, the UN agency said. Some say they had to cross Israeli checkpoints, where they saw people being arrested, while others held their hands in the air and raised white flags while passing Israeli tanks.

Residents reported loud explosions overnight into Wednesday across Gaza City

A WOMAN carries a white flag to prevent being shot, as Palestinians flee Gaza City to the southern Gaza Strip on Salah al-Din street in Bureij on Tuesday, November 7, 2023. AP/MOHAMMED DAHMAN

and in its Shati refugee camp, which houses Palestinian families who fled or were driven out of what is now Israel during the 1948 war surrounding its establishment.

“The bombings were heavy and close,” said Mohamed Abed, who lives in Gaza City’s Sheikh Radwan neighborhood. He said residents panicked when they heard the news late Tuesday that Israeli ground forces were fighting deep inside the city.

The Israeli military said it killed one of Hamas’ leading developers of rockets and other weapons, without saying where he was killed. Hamas has denied that Israeli troops have made any significant gains or entered Gaza City. It was not possible to independently confirm battlefield claims from either side.

Israel is focusing its operations on Gaza City, which was home to some 650,000 people before the war and where the military says Hamas has its central command and a vast labyrinth of tunnels.

Hundreds of thousands have heeded Israeli orders to flee the north in recent weeks, even though Israel also routinely strikes what it says are militant targets in the south, often killing civilians.

Tens of thousands of Palestinians remain in the north, many sheltering at hospitals or UN schools. The north has been without running water for weeks, and the UN agency said the last functioning bakeries shut

down on Tuesday for lack of fuel, water and flour. Hospitals running low on supplies are per forming surgeries—including amputations—without anesthesia, it said.

Majed Haroun, who lives in Gaza City, said women and children go door to door asking for food, while those in shelters rely on local donations. “They should allow aid for those children,” he said.

The situation is little better in the south, where hundreds of thousands of displaced people are packed into UN-run schools and other facilities. At one packed shelter, 600 people must share a single toilet, according to the UN office.

A month of relentless bombardment in Gaza since the Hamas attack has killed more than 10,300 Palestinians—two-thirds of them women and minors, according to the Health Ministry in the Hamas-run territory, whose figures have largely held up under scrutiny after previous wars. More than 2,300 are believed to have been buried by strikes that in some cases have demolished entire city blocks.

In the October 7 incursion, Hamas militants killed over 1,400 people, mostly civilians, and captured 242, including men, women, children and older adults. Israel says 30 of its soldiers have been killed in Gaza since the ground offensive began, and Palestinian militants have continued to fire rockets into Israel on a daily basis.

The death toll on both sides is without

combat pandemics, synthetic opioids, and threats from the misuse of artificial intelligence.

Since before Russia’s invasion of Ukraine, the G-7 has held together in defense of the international order that originally emerged after the destruction of World War II. Despite some fraying around the edges, the group has preserved a unified front in condemning and opposing Russia’s invasion.

“Our steadfast commitment to supporting Ukraine’s fight for its independence, sovereignty, and territorial integrity will never waver,” the statement said. It also condemned “Russia’s irresponsible nuclear rhetoric” and demanded Moscow “cease its aggression.”

The ministers said they “remain seriously concerned about the situation in the East and South China precedent in decades of Israeli-Palestinian violence.

Israeli officials say thousands of Palestinian militants have been killed, and blame civilian deaths on Hamas because it operates in residential areas. Gaza’s Health Ministry does not distinguish between civilians and combatants.

Prime Minister Benjamin Netanyahu said this week that Israel would maintain “overall security responsibility” in Gaza for an “indefinite period” after defeating Hamas.

Israel’s main ally, the United States, is opposed to any reoccupation of the territory, from which Israel removed soldiers and settlers in 2005.

The US has suggested that a revitalized Palestinian Authority could govern Gaza. But the internationally recognized PA, whose forces were driven out of Gaza by Hamas 16 years ago, says it would only do so as part of a solution to the conflict that creates a Palestinian state in Gaza, the West Bank and east Jerusalem—territories Israel seized in the 1967 Mideast war.

Israel’s government was staunchly opposed to Palestinian statehood even before the October 7 attack. Along with Egypt, it has maintained a crippling blockade on Gaza since Hamas seized power in 2007.

Hundreds of trucks carrying aid have been allowed to enter Gaza from Egypt since October 21. But humanitarian workers say the aid is far short of mounting needs. Egypt’s Rafah crossing has also opened to allow hundreds of foreign passport holders and medical patients to leave Gaza.

The war has stoked wider tensions, with Israel and Lebanon’s Hezbollah militant group trading fire along the border. More than 160 Palestinians have been killed in the Israeli-occupied West Bank since the war began, mainly during violent protests and gunbattles with Israeli forces during arrest raids.

Some 250,000 Israelis have been forced to evacuate from communities along the borders with Gaza and Lebanon.

Magdy reported from Cairo. Associated Press writer Amy Teibel in Jerusalem contributed to this report.

Seas, strongly opposing any unilateral attempts to change the status quo by force or coercion.”

Japanese Foreign Minister Yoko Kamikawa raised worries about North Korea, according to a Japanese government readout. The G-7 foreign ministers “strongly condemned North Korea’s repeated ballistic missile launches as well as arms transfers from North Korea to Russia, which directly violate relevant U.N. Security Council resolutions.”

Prime Minister Fumio Kishida earlier said that “the unity of G-7 is needed more than ever with the situation in Israel and Palestine, the situation in Ukraine, and the challenges in the IndoPacific region.”

German Foreign Minister Annalena Baerbock said that “as G-7 countries, we are making clear that Israel has the right and the duty to protect its population and its people in the framework of international law.” She said that she has been discussing with many partners “how we can finally get humanitarian cease-fires off the ground, in terms of time and also geographically.”

Blinken has been pushing to significantly expand the amount of humanitarian aid being sent to Gaza, getting Israel to agree to “pauses” in its military operation to allow that assistance to get in and more civilians to get out, a beginning in planning for a postconflict governance and security structure in the territory and to prevent the war from spreading.

Blinken earlier described these efforts as “a work in progress” and acknowledged deep divisions over

the pause concept. Israel remains unconvinced and Arab and Muslim nations are demanding an immediate full cease-fire, something the United States opposes. There has also been resistance to discussing Gaza’s future, with the Arab states insisting that the immediate humanitarian crisis must be addressed first.

There have been some small cracks in the G-7 over Gaza, which has inflamed international public opinion. Democracies are not immune from intense passions that have manifested themselves in massive pro-Palestinian and anti-Israel demonstrations in G-7 capitals and elsewhere.

Last month in the UN Security Council, France voted in favor of a resolution calling for a humanitarian truce in Gaza that was vetoed by the United States because it didn’t go far enough in condemning Hamas’ attack on Israel, which ignited the war. Britain abstained in that vote.

Several days later in the UN General Assembly, a non-binding US-Canadian resolution that would have condemned Hamas failed, while a separate resolution calling for an immediate cease-fire overwhelmingly passed. The US voted against the second resolution while France voted in favor.

Britain, Canada, Germany, Italy and Japan all abstained.

Blinken arrived in Tokyo from Turkey, the last stop on a four-day whirlwind tour of the Middle East that began with visits to Israel, Jordan, the West Bank, Cyprus and Iraq. From Japan, he will travel to South Korea and then on to India.

Nato members freeze Cold War-era security treaty after Russia pulls out

By Lorne Cook & Harriet Morris The Associated Press

B

RUSSELS—Nato member countries that signed a key Cold War-era security treaty froze their participation in the pact on Tuesday just hours after Russia pulled out, raising fresh questions about the future of arms control agreements in Europe.

Many of Nato’s 31 allies are parties to the Treaty of Conventional Armed Forces in Europe, which was aimed at preventing Cold War rivals from massing forces at or near their mutual borders. The CFE was signed in November 1990 as the Soviet bloc was crumbling but was not fully ratified until two years later.

Nato said that Tuesday’s action by its sigNatory members was required because “a situation whereby Allied State Parties abide by the Treaty, while Russia does not, would be unsustainable.”

Earlier in the day, Moscow said it had finalized its withdrawal from the treaty.

The long-expected move, which the Kremlin blamed in part on Nato’s continued expansion closer to Russia’s borders, came after lawmakers in Moscow approved a bill proposed by President Vladimir Putin denouncing the CFE. US National Security Adviser Jake Sullivan said suspending the obligations by Washington and its allies will strengthen Nato’s “deterrence and defense capacity by removing restrictions that impact planning, deployments, and exercises—restrictions that no longer bind Russia after Moscow’s withdrawal.”

Russia’s actions “further demonstrates Moscow’s continued disregard for arms control,” he added.

The German Foreign Ministry underscored that Berlin and its allies are not pulling out of the treaty. “In the case of a fundamental change in Russia’s behavior, a renewed implementation of the CFE remains possible,” it said.

The ministry said Germany intends to stick to the national limits for weapons systems in the treaty. It criticized Moscow’s withdrawal, saying that “Russia is destroying another pillar of our European security and arms control architecture.”

“Securing a balanced conventional potential of forces in Europe cannot be realized without the involvement of Russia,” it added.

The treaty was one of a number of major arms control treaties involving Russia and the US that has been crippled in recent years.

Last week, Putin signed a bill revoking Russia’s ratification of the Comprehensive Nuclear Test Ban Treaty, a move that he said was needed to establish parity with the United States.

In February, with US-Russia tensions running high over Ukraine, Moscow suspended its participation in the New START Treaty, the last arms control pact that remains between the two countries.

Both countries also pulled out of the 1987 Intermediate-range Nuclear Forces Treaty in 2019, blaming each other for violations.

The INF Treaty, which was signed by US President Ronald Reagan and Soviet leader Mikhail Gorbachev, banned the production, testing and deployment of land-based cruise and ballistic missiles with a range of 500 to 5,500 kilometers (310 to 3,410 miles).

William Alberque, director of Strategy, Technology and Arms Control at The International Institute for Strategic Studies, expressed concern that another arms control treaty is under threat.

“What is needed right now is more transparency, more risk reduction, more what we would call guardrails on competition,” he said. “We basically need to manage the competition so that it doesn’t spiral into crippling arms races.”

Morris reported from Tallinn, Estonia. Dasha Litvinova in Tallinn and Geir Moulson in Berlin contributed.

A10 Thursday, November 9, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

It’s best for PHL to cancel railway deals with China

T

he Department of Transportation (DOTr) announced on Monday that the government would no longer pursue Chinese funding for three railway projects amid China’s aggression in the West Philippine Sea. China grossly failed to hold its end of the deal when it promised to fund these railway projects based on executive agreements between Manila and Beijing. As a former cabinet official said, it is best to cancel the deal instead of keeping it in suspended animation.

Transportation Secretary Jaime Bautista said official development assistance (ODA) from Japan, South Korea, and India, as well as through partnerships with the private sector, will finance the completion of the Philippine National Railways (PNR) South Long-Haul Project, the Mindanao Railway Project, and the Subic-Clark Railway Project.

President Marcos has previously identified the PNR South Long-Haul Project as a priority of his administration. Also known as the PNR Bicol, this is a 560-kilometer rail system consisting of 35 stations, and will run from Manila through Laguna, Quezon, and Camarines Sur to Albay, with an extension line in Sorsogon.

The rail system’s passenger trains will be designed to run at a speed of 120 kilometers per hour to 160 kph, and its freight trains designed to run at 80 kph to 100 kph, reducing travel time between Manila and Legazpi City, Albay from the current 14 hours to 18 hours to just six hours in its regular commuter trains and four hours and 30 minutes in its express trains.

Much touted by the Duterte administration, the Mindanao Railway Project was originally planned to be constructed in 10 phases, with a total of 2,278 kilometers of track to be built for the system. Phase 1 was supposed to be partially opened between Panabo and Carmen, Davao del Norte in 2022, and full operations were planned by 2024. Unfortunately, China, which was expected to fund 80 to 85 percent of the project, totally forgot its commitment.

The Subic-Clark Railway Project, which was envisioned to catapult Central Luzon as the next global destination of industrial investments in the country, was supposed to begin construction by the first half of 2020. However, like the other China-funded railway projects, it got zero funding from Beijing.

The Marcos administration’s decision to drop the Chinese loans amid Beijing’s bullying in the South China Sea may yet prove to be a blessing in disguise for the Philippines. As US President Joe Biden recently said, China is engaged in “debt-trap diplomacy,” and it is better to avoid loans that Beijing offers.

Pundits said China’s predatory practice is done by deliberately ensnaring developing countries in burdensome loans that the recipient will struggle to repay.

By leveraging the debt, Beijing is able to force concessions from the debtor country, such as the acquisition of critical assets and natural resources, and expand the reach of China’s military and navy. Experts cautioned developing countries to avoid Chinese financing or risk falling victim to Beijing’s nefarious design.

Earlier, Senators Grace Poe and Sherwin Gatchalian urged President Marcos to seek other sources of financing for the three railway projects. “While appearing attractive, the loans are not exactly that benevolent as they come with hefty interest rates and other strings that could be detrimental to the country in the long term,” Poe said, noting that Chinese banks had kept the Philippine government “in suspended animation” with delays in the country’s loan applications.

Rates through the China-based lending agency Asian Infrastructure Investment Bank were “significantly higher” compared to funding from Japan or South Korean ODAs, Gatchalian said.

“The withdrawal of the official development assistance from China for the railway projects should not derail the implementation of our infrastructure programs,” Poe added.

“We’re working with some other countries for ODAs, we’re exploring these, but we can’t give any details yet,” Bautista said.

On top of ODAs, private sector partners are being sought, and they may serve as contractors similar to the ongoing North-South Commuter Railway and Metro Manila Subway.

There’s a lesson we can learn from China’s decision to abandon its commitment to finance the three railway projects. And we can’t improve on BusinessMirror columnist John Mangun’s intellectual depth and insight: “China is being a total jackass to the Philippines, and we must be extremely cautious.

Looking to other economic and financing partners makes critical good sense.”

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Thomas M. Orbos

STREET TALK

T

he barangays are our smallest unit of government and yet for a lot of Filipinos they represent the real face of governance, providing frontline services and basic government assistance on the ground. And after the fanfare and fiesta atmosphere of the elections last week, real work begins in all of these 42,000 plus barangays across the country. During the pandemic, the barangays proved their worth as they handled tirelessly, without much fanfare and budget, the needed government services at that time—quarantine control and checkpoints, food distribution and vaccination, among others.

Among urban barangays, or those located in cities and highly urbanized municipalities, one area of government service that the barangays can work well, but is not being given due emphasis, would be their role in traffic and transport management. People leave their homes in their barangays for work, school or for any activity, and return back after. Solving traffic and our transport problems at the first and last mile of any journey would greatly help in solving the huge problems that we have right now on these two areas.

The Local Government Code (RA 7160), in fact, provides the basis for such intervention at the ground level.

Barangay administrations generally function to promote the health and safety, preserve comfort and convenience of their inhabitants. Sound

transport and smooth, stress-free traffic in their localities definitely fall under these functions.

How then can barangays be effective and contribute to the total traffic and transport efforts? Here are some suggestions, a lot of them not original ideas, definitely practical but for some reason, remain still to be implemented.

A pedestrian-first environment.

Encourage light mobility such as bicycles and personal e-scooters; and providing adequate pedestrian and bike lanes. Also included would be the conversion of certain streets or on certain days as car-free zones where walkable activities are encouraged.

Barangay land use and routing plan. Develop a barangay land use and a local transport routing plan, similar to the municipal/city public

transport plan (LPTRP) with particular emphasis on identifying and constantly updating routing schemes, location of transport terminals with particular focus on tricycles—the public transport of barangays.

Parking space management. This includes implementing a one-side parking rule, time bound parking, mandatory no parking during peak hours; as well as converting empty lots into parking spaces. Consider building a three-story car park rather than just an auditorium or basketball court. Car parks generate revenues as well. Or bring in the private sector to build them on a joint venture basis.

Obstruction free roads. What makes most of our secondary roads unpassable are the obstructions, including sidewalk vendors, junked vehicles, or even barangay buildings built on public roads. These should all be demolished or taken out.

Barangay Traffic Patrol. A barangay traffic enforcement team can be given adequate traffic enforcement training by government agencies such as the MMDA, LTO or HPG, and can even be deputized to issue traffic violation tickets. Coordination and enlistment of personnel from local establishments (schools, hospitals, church, stores, homeowners’ associations, etc.) as force multipliers to the barangay traffic efforts will definitely be needed.

Encouraging community transport. Residents, especially from the so-called bedroom communities, almost always have common times to leave/return to their homes and even share common general destinations

Worried about war? Don’t be

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Solving traffic on the barangay level

John Mangun

OUTSIDE THE BOX

T

he war continues...in the House of Representatives.

However, there seem to be some panic about a potential war pitting China against the United States. First, let us turn our attention to the other wars in progress.

The war in Ukraine is in the final stages with Russia having achieved its goals through a successful strategy. The goal was to secure a relatively impenetrable fortress wall stretching from Kherson and Crimea eastward to Kharkiv in the north to stop any possible ground attack on Crimea and Russia. Who controls Crimea at least stalemates the Black Sea and the Sea of Azov, which now is completely encircled by Russian territory.

The strategy was to move as far

westward towards Kyiv to scare NATO so as the European Union and the US would throw billions of dollars into the war effort with the Ukraine throwing away countless lives of its fighting age men. Putin had to go far enough to get Nato to invest treasure but not too far for the West to invest “blood.” It was a gamble and it worked.

Russia’s border is secure. The West cannot attack Russia with ground forces and have any chance of vic-

tory without using tactical nuclear weapons. The domestic political tide has turned and there will not be any body bags filled with European or American soldiers. The military use of drones is interesting, but you cannot occupy territory with even “killer” flying package-delivery robots.

For all its bravado, Poland is turning away from the conflict. First it halted all imports of Ukraine grain.

In September, its prime minister, formerly Kyiv’s closest and most vocal ally, said it would “no longer transfer weapons to Ukraine.”

The current war between Hamas and Israel is best described for both sides by Hosea 8:7: “For they have sown the wind, and they shall reap the whirlwind.” Israel knew there was always the potential of an October 7 style attack. What the goal was for Hamas and what they expected to gain is incomprehensible. But here we are.

I wrote on October 10, “The events in the Middle East mark a defining point between ‘before’ and ‘after.’

such as schools, employment, etc. A car-pooling scheme among residents, encouraged and planned by the barangays, can definitely help not just in lessening vehicles on both the local and major roads when you sum it all up, but also help in reducing gas and transport expenses of the residents, not to mention the resulting camaraderie because of their time spent on the road together.

Enlisting technology and datadriven traffic management planning.

This includes having simple but functioning traffic signalization system for the barangays, well-studied street lighting and CCTV systems that help as well in crime prevention. Enlisting technology to dissect travel habits of residents, transients such as food deliveries, and public transport can also aid in coming out with a cohesive transport plan and a pro-active traffic response program.

There is a global trend right now in modern urban planning called 15-minute cities, where sustainability is attained by having all the necessary travel to one’s needs like school, work, basic necessities, done within 15 minutes from where you live. In our local milieu, the 15-minute city is our barangay. We may not have all that we need in our barangays but resolving traffic and transport problems in our communities will greatly help our national efforts on these areas. As they say, the journey of a thousand miles begins with one step. And in our case, that first step would be our barangays.

The author may be reached at thomas_orbos@ sloan.mit.edu

There is no going back to the way it was before.” If this event was not part of The Plan by the “Illuminati” or perhaps a James Bond antagonist like SPECTRE, maybe it should be.

Forget for a moment about “the war” itself. This military action has changed the region for the next five years at least, even assuming military action is contained where it is today. What this has done is damage all the proposed and underconstruction oil/natural gas pipeline projects in the area directly affecting—in no particular order—Saudi Arabia, Greece, Türkiye, Syria, Iran, Iraq, Jordan, UAE, Bahrain, Kuwait, and Oman. Indirectly, end users US and all of Europe, and of course the “money-guy” China.

This is definitely a “What Comes Next” situation. But the more immediate focus is the US/China Asia Challenge Cup. Citizens prefer not to have loved ones come home in body bags. However, some nations are more desenSee “Mangun” A11

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War, inflation and hints of optimism dominate Bloomberg New Economy Forum

By Malcolm Scott, Rebecca Choong Wilkins & Chanyaporn Chanjaroen

W

ar, geopolitical tension and inflation were among the litany of risks identified by political and business leaders speaking at the Bloomberg New Economy Forum in Singapore on Wednesday.

The world is facing a “moment of danger” with wars in Ukraine and Gaza and “tripwires” that could trigger conflict in Taiwan and the South China Sea, Singapore Foreign Minister Vivian Balakrishnan said as the three-day event got underway. “I’m very uncomfortable.”

But beyond the sprawling risks, there were glimmers of optimism that some of the tensions gripping the globe could abate. Speaking days before US President Joe Biden is expected to meet Chinese leader Xi Jinping for key talks on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco, Chinese Vice President Han Zheng said recent high-level meetings send a positive signal for the world.

“Pragmatism is surfacing,” Khalid Al-Falih, Saudi Arabia’s minister of investment, said of the increasing exchanges between the US and China.

Al-Falih said Saudi Arabia’s talks on normalizing ties with Israel remain on the table but have always been “contingent on a pathway to a peaceful resolution of the Palestinian question.”

“Obviously the setback over the last month has clarified why Saudi Arabia was so adamant that resolution of the Palestinian conflict has to be part of a broader normalization in the Middle East,” Al-Falih said on a panel moderated by Stephanie Flanders.

In coming days, Saudi Arabia will convene separate summits with Arab nations, African countries and Islamic nations. In the short term, the objective of these three summits and other gatherings, under the leadership of Saudi Arabia, is to drive toward peaceful resolution of the conflict, Al-Falih said.

“What’s beyond it is an imperative for countries in the Middle East to work toward prosperity of the people and the economy,” he said.

Israel has four almost contradictory tasks in the ongoing IsraelHamas war, said Tom Nides, a former US Ambassador to Israel and Wall Street veteran. They include removing Hamas from Gaza, essential for the security of both Israel and the wider region; finding the hostages likely held in tunnels under Gaza; keeping Iran-backed Hezbollah out of the conflict; and protecting innocent lives.

“Israel’s got a very tough road here in the next 30 days and beyond,” said Nides, who stepped down last month as vice chairman at Wells Fargo & Co. to focus on the Middle

Mangun . . .

continued from A10

sitized. I do not believe even with patriotic fervor gunned up China is one of those.

We talk how China has never invaded a neighbor, not remembering the 152,000—and probably more— Chinese deaths during the Korean War to push South Korea off the peninsula. For comparison, the US has lost about 100,000 in all of its post-World War 2 wars.

The question then is what does China gain from a war with the US over Taiwan/what does it lose? Simple risk/reward.

Beijing potentially gets the island after Taiwan’s $1.6 trillion PPP economy is utterly destroyed, 23 million totally very annoyed Taiwanese, probably $500 a barrel oil, and Kim Jong Un as its only friend. And that is if China “wins” the war.

The logic is that if Putin attacked Ukraine, why wouldn’t Xi go for Taiwan? For both Russia and China, “The War” is supposedly an issue of

East. Hamas is designated as a terrorist organization by the US and the European Union.

‘Glimmers of hope’

Getting past immediate challenges will be crucial, Singapore’s Balakrishnan said.

“If we get a world that’s caught up in a war and distracted in ultimate strategic dead-ends, it’s going to be a world which is unstable, hyperinflationary, disrupted and war will be defining feature,” he said. “Now, if we can avoid that, take a deep breath, and somehow get through the next six months to a year, avoiding that disaster, then actually I see glimmers of hope.”

On the investment front, thawing US-China ties could give beatendown Chinese equities an opportunity for gains, according to the chief investment officer of Templeton Global Equity Investments.

A Xi-Biden meeting “could provide a temporary floor in China equities,” Manraj Sekhon said in a Bloomberg Television interview on the sidelines of the NEF. Portfolio diversification is a top priority for Franklin Templeton as markets cope with high interest rates and sticky inflation, President and CEO Jennifer Johnson said. China is one region that global investors still shouldn’t ignore and Franklin Templeton’s emerging market team is definitely buying back into the country, she said. “This is just a great price.”

For John Waldron, president and chief operating officer of Goldman Sachs Group Inc., inflation remains the single-biggest risk to the global economic outlook.

“I think inflation is far and way my biggest concern,” Waldron said.

“We have spent a lot of time at our firm worrying about a longer-run implication towards inflation, and how they will probably create a lower growth environment.”

Lim Chow Kiat, CEO at GIC Pte, sees that as a chance to buy. Markets haven’t seen the current yield on 10year Treasury inflation protected securities of around 2.5 percent for “a long time,” Lim said on a panel at the forum. “That’s very attractive I would say and that is actually great competition for other asset classes.”

Noel Quinn, CEO of HSBC Holdings Plc, also pointed to the global economy’s struggle with high inflation and interest rates. With assistance from Adam Haigh, Philip J. Heijmans and Clarissa Batino/Bloomberg

“Sovereignty and Security.” But that “S&S” makes good domestic headlines and makes the leader seem an ideology-crazed enemy, which neither Putin or Xi are.

Further, China militarily owns the South China Sea, which makes the US lose any home-court advantage and the “referees” are on the other team’s payroll. Virtually every bit of analysis like “Beijing could attack Taiwan by 2024” comes from a US warmongering Neocon. Those people are the Philippines’ and the world’s most dangerous enemy.

China is being a total jackass to the Philippines, and we must be extremely cautious. Looking to other economic and financing partners makes critical good sense. But to tailor our economic and foreign policy based on the belief that China will go to war with the US is not smart and potentially dangerous.

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.

Opinion BusinessMirror

Thursday, November 9, 2023 A11

Chasing options income risks ‘grave error,’ former AQR quant warns

By Lu Wang and Isabelle Lee

A

big story of investing in 2023 has been the craze for exchange-traded funds that marry equity exposure to streams of income wrung from the options market. More than $20 billion has flowed to them—mostly from retail traders—in the neverending search for yield.

Alas, the latest research suggests buying the funds for the express purpose of pocketing the extra money is a mistake, with gains eaten up by losses connected to the very options that traders were counting on to buttress returns.

In a new paper, quant veteran Roni Israelov, the chief investment officer of Boston-based financial services firm NDVR, says one version of the trade has bled money since 1999, with performance worsening over the past decade.

“I call this a Devil’s Bargain,” said Israelov, a former principal at AQR Capital Management. “People are giving up return in order to get income, which I believe is questionable.”

His work casts a sober eye on the frenzy for funds like the JPMorgan Equity Premium Income ETF (ticker JEPI) and the Global X Nasdaq 100 Covered Call ETF (QYLD), which sell options to augment stock portfolios.

After many of them beat the market handily in 2022, derivative-income ETFs have seen their assets surge 70 percent to about $60 billion this year, by one estimate.

Here’s how the strategies work: Managers pick a portfolio of stocks, then sell options against them, sending the proceeds to shareholders. On its website describing JEPI, JPMorgan refers to money harvested from the sale of options as “monthly distributable income,” while Global X says the process “historically produces higher yield in periods of volatility.”

While far from a wholesale rebuke of ETFs keyed to the technique, Israelov’s paper essentially argues that the extra income is a mirage, with the cost of settling the contracts consistently offsetting the money received selling them. The paper unpacks various scenarios in which hypothetical options trades targeting yields of 6 percent and up have lost between

0.5 percent and 1.4 percent a year.

Yield is a concept in finance that seems simple but gets more complicated when examined closely. Stocks pay dividends, and are touted by brokers for their cash-generating qualities. But rarely is it mentioned that a stock’s price falls when the dividend is paid. With ETFs purporting to find extra money selling options, Israelov is making a related point: there’s no free lunch. A payout that looks “extra” usually comes at a price.

His beef isn’t so much with how the funds perform as it is with what investors believe they are getting when they buy one. He concedes that owning portfolios of stocks has historically been a money-making trade, and it’s possible for the strategies to offer attractive returns at reduced risk to the right customer.

Nevertheless, “some investors might be attracted to covered calls for the wrong reason, seeking income rather than equity and volatility risk premia,” he wrote. They might also have “optimistic return assumptions guided by stated and delivered derivative yield,” according to Israelov.

Rohan Reddy, head of research at Global X, says the analysis may be misleading given its conclusion is based only on the options leg of the trade, leaving out the stocks. He also questions whether the study’s time period, one where stocks experienced a strong upward trajectory, has led to a false impression that the strategy doesn’t work.

“The term ‘Devil’s Bargain’ is an inappropriate hyperbole to simply describe that selling a covered call is a trade-off of upside participation for premium income,” Reddy said. “At the end of the day, investors are not necessarily utilizing covered calls to outperform broader markets or as a gateway for upside participation,” he added. “The main benefit is ‘bird in hand’ income through the form of

premiums.”

A JPMorgan spokesperson declined to comment on JEPI’s strategy.

Last year, when stocks plunged, JEPI beat the S&P 500 by more than 10 percentage points and QYLD was ahead of the Nasdaq 100 by a similar amount. While their performance has lagged this year amid the market advance, money kept pouring in.

Israelov, in the interview, emphasized that the study is not intended as a criticism of funds such as JEPI and QYLD. Those strategies are valid for investors willing to give up some upside in stock holdings in exchange for lower volatility. What he’s cautioning against is using them as a simplistic way just to earn income.

In the paper titled “A ‘Devil’s Bargain’: When Generating Income Undermines Investment Returns,” Israelov and colleague David Nze Ndong stress the distinction between immediate income and longerterm returns. Generating income is only the first step of an option transaction that also binds investors to an obligation—one that can end up offsetting any initial benefit, they say.

The danger, Israelov says, particularly pertains to individual investors who see the word “income” in a fund’s name and envisage bumper profits.

Unlike Treasury bonds whose coupon income is part of guaranteed money if held to maturity, harvesting yield from options is more nuanced.

To demonstrate the downside, the NDVR study focused on one strategy that sold out-of-the-money S&P 500 calls on a monthly basis and held them until expiration. (A call contract gives the buyer the right to purchase the underlying security at a specific price, or strike, up until a defined expiration date.) It designed trades targeting an annualized income yield ranging from 1.2 percent to 18 percent, and modeled their historic performance based on actual pricing data.

Since 1999, the model has lost money almost across the entire target-yield spectrum because, on average, those call contracts were settled at higher prices than they were sold for. That means the seller needed to pay the differences to close the trades, resulting in losses.

“Many investors may have been conditioned to believe that a portfolio’s income is sustainable over the long term without drawing down their principal,” the researchers wrote. “If an investor carries over such beliefs to covered call strategies, they might find themselves in trouble.”

Derivative-income funds are booming as investors crave steady returns at a time when the Federal Reserve’s battle against inflation has made both stock and bond performance less reliable. There have been almost 40 such products launched this year and a handful plan to debut soon, data compiled by Strategas Securities show.

To be sure, there are many ways to harvest yield from derivatives trading, and many work just fine if deployed at the right time and at the right price. What the NDVR paper highlights is the risk of counting on the income as a reliable source of returns.

In the simplest form, selling a call option amounts to a wager that the underlying asset will stay below the strike price. When stocks show a tendency to go up, call sellers naturally have the odds stacked against them.

Israelov noted that the firm’s model has seen performance deteriorate in the past decade, in part due to an unusually robust market rally. Since 2011, a trade targeting a 6 percent annual income yield is down 3.1 percent a year, compared with a 0.5 percent decline over the study’s entire history.

He also observed that higher income-seeking strategies tended to suffer more losses. That’s partly because option-pricing mechanism is such that all else equal, in order to generate more income, the strike price must be set closer to the underlying security’s current levels.

The closer the strike, the more likely the contract goes in the money and turns against the seller.

“Many appear to be enamored by the strategy’s ability to deliver high derivative income,” Israelov said. “To the extent people associate high derivative income with high expected total returns, they have made a grave error.” Bloomberg

WeWork saga cost Masayoshi Son $11.5 billion and his credibility

By Min Jeong Lee

W

eWork Inc.’s bankruptcy filing caps a years-long saga that revealed breathtaking flaws in the investment style of Japanese billionaire Masayoshi Son, damaging his professional reputation far beyond the money he lost.

Son overrode his lieutenants’ objections and handed WeWork founder Adam Neumann billions of dollars from both SoftBank Group Corp. and the Vision Fund, lifting the co-working office space’s valuation to an astronomical $47 billion in early 2019. Just months later, investors balked at the deep losses and conflicts of interest WeWork’s IPO filings revealed.

WeWork’s subsequent nosedive is costing SoftBank more than the estimated $11.5 billion in equity losses and another $2.2 billion in debt still on the line. WeWork’s very public decline, along with the Vision Fund’s record loss of $32 billion last year, battered Son’s standing as a shrewd investor who scored one of venture capital’s legendary wins through an early bet on Chinese e-commerce leader Alibaba Group Holding Ltd. “You can recover from mistakes, but how do you recover from the perception that you don’t know what you’re doing?” said Aswath Damodaran, a professor at New York University’s Stern School of Business. “His actions say, ‘I am arrogant.’”

Son’s experience of emerging from the dot-com bust with a few winners like Alibaba may have compromised his judgment, Damodaran said.

“Before WeWork, the perception was that SoftBank was an incredibly

careful, clever, visionary organization under Son,” he said. “But I think success sometimes goes to people’s heads. The fact that they were successful might’ve made them a little too convinced that they knew more than everybody else. And therein lies the seeds for the eventual fall.”

WeWork will continue operating in bankruptcy as it tries to shore up its finances. SoftBank and existing creditors agreed to a restructuring deal that will slash more than $3 billion of its debt.

“We believe that today’s restructuring support agreement represents the appropriate action for WeWork to reorganize its business and emerge from Chapter 11 proceedings,” a spokesperson for the Japanese investor said by e-mail. “SoftBank will continue to act in the best long-term interests of our investors.”

Son set up SoftBank’s Vision Fund in 2017 to be the world’s biggest technology investor and proceeded to pour more than $140 billion into hundreds of startups. His tendency to bid up valuations and give founders more money than they asked for earned him recriminations from Silicon Valley rivals.

Son himself credited his decisions to gut instinct, citing the sparkle in a founder’s eyes or inspiration akin to the Force in Star Wars. But that trust in his own intuition may have made

Son unwilling to heed red flags, opposition from his advisers and even qualms raised by Neumann himself, according to former officials from both SoftBank and WeWork.

“I fell in love with WeWork,” Son told shareholders in June, adding that some on his board warned him his faith was misguided. Son had encouraged Neumann to think bigger, he acknowledged. “I may be more at fault than Adam, for telling him to be more aggressive.”

Even after WeWork had to pull its planned IPO in 2019, SoftBank stepped up with a $9.5 billion rescue package. Son defended his decision in a presentation that included a “hypothetical” path to profitability for WeWork.

The impact of Son’s infatuation with WeWork and other startups was magnified by the initial $60 billion committed by the Saudi and Abu Dhabi wealth funds to the first Vision Fund. Son’s determination to mint unicorns at breakneck speed by pushing startups to scale up inflated valuations around the world, as rivals such as Tiger Global Management and Sequoia Capital were pressured to match the Vision Fund’s big checks. It only took a few years for such values to come crashing down when spending failed to translate into sales, profits and IPOs. “It is not just the investment losses that are important but the story behind it,” said Kirk Boodry, an analyst at Astris Advisory. “The massive cash infusion drove the artificial high valuation and hubris that preceded the eventual crash.”

SoftBank’s Vision Fund segment is expected to have earned a profit

in the September quarter, but performance remains poor. SoftBank has lost billions of dollars on bets on companies such as Chinese ridehailing app Didi Global Inc., while Katerra Inc., OneWeb Ltd., and Zume Pizza Inc. have filed for bankruptcy or shut down operations.

The mounting losses prompted Son to all but halt investment activity last year, cut Vision Fund jobs and adopt stricter due diligence. Son also stopped leading earnings calls.

That restraint, along with chip designer unit Arm Holdings Plc.’s $4.9 billion Nasdaq IPO in September, now gives the early backer of artificial intelligence the cash to go back on the offensive again.

“The bankruptcy just puts a cap on the downside for Vision Fund 1 and for Vision Fund 2,” Astris Advisory’s Boodry said, adding that interest has now shifted to what Son will invest in next. “People are less worried about the losses in the portfolio.”

NYU’s Damodaran is not convinced. Only one person calls the shots at SoftBank, roughly 30 percent owned by the billionaire, and Son’s investing style is unlikely to change, he said.

SoftBank is often said to apply a venture capitalist’s mindset to latestage investing. But venture capital is supposed to consist of small bets, and the Vision Fund was “SoftBank on steroids,” said Damodaran. “It’s meant to be small and he made it huge.”

“By having tens of billions, hundreds of billions of dollars behind you, you make every overreach you do even bigger,” he said. “That might explain how you make mistakes as big as WeWork.” Bloomberg

A12 Thursday, November 9, 2023

PALACE: BETTER JOB QUALITY, STATUS FOR WOMEN NEEDED

By Samuel P. Medenilla @sam_medenilla

E

VEN with the recent improvements in local labor indicators, Malacañang said more work still needs to be done to improve the job quality and conditions, especially for women.

Citing the assessment of the National Economic and Development Authority (Neda) on the September round of the Labor Force Survey (LFS), the Presidential Communications Office (PCO) observed a decline in the labor force participation of women.

From 54.8 percent in September 2022, the female labor force participation rate declined to 53.4 percent in the same month this year.

Neda noted that among the main causes by the female respondents for leaving the workforce was household duties.

A similar trend was also observed for male workers, whose labor force participation rate dropped to 74.7 percent last September from 75.5 percent in the same period last year.

The total number of the countr y’s workforce last September was 49.3 million, which is down from 50.08 year-on-year.

Neda Secretary Arsenio

M. Balisacan proposed the adoption of alternative work ar rangements like par ttime work or work-fromhome to provide opportunities for those who want to work part-time.

Other indicators in the September round of the LFS showed improvements.

Employment rate rose to 95.5 percent, which is equivalent to 47.67 million workers, from 95 percent in the same month in 2022.

Unemployment and underemployment rates also slowed down to 4.5 percent and 10.7 percent, respectively.

Last year, the unemployment rate was at 5 percent, while underemployment was 15.4 percent.

Balisacan said the figures can further improve as the government continues to attract investments and accelerate infrastructure development outside of the National Capital Region.

He also said the government’s efforts to digitalize micro, small, and medium enterprises will help boost their productivity and allow them to hire more workers.

PCO assured the Marcos administration will push for the said measures to provide “better job quality for the country’s labor force and further reduce underemployment.”

Transport, electricity, oil seen to keep prices high

D

By Cai U. Ordinario

@caiordinario

ESPITE the slowdown in the inflation print in October, the Bangko Sentral ng Pilipinas (BSP) believes commodity prices will remain elevated until 2025.

The BSP said in a statement that inflation in the medium term will be driven by the higher impact of transport charges as well as electricity rates, oil prices, and higher-thanexpected minimum wage adjustment in areas outside Metro Manila.

Other factors that could raise inflation include the non-extension of Executive Order No. 10, which lowers tariffs for key commodities and the additional effect of a strong El Niño episode on food prices and utility rates, the BSP said.

“The inflation path in the coming months is still seen to remain elevated, with the 2024 central forecast shifting closer to the upper end of the inflation target range, indicating persistent price pressures.

Inflation expectations have also risen further, highlighting the risk of second-round effects,” BSP said.

“The risks to the inflation outlook continue to be skewed significantly to the upside for 2023 to 2025.”

Nonetheless, the central bank said the latest inflation print and the third quarter economic performance that will be announced Thursday (Nov. 9, 2023), will be considered in the next policy meeting of the Monetary Board.

“The Monetary Board deems it necessary to keep monetary policy settings sufficiently tight until inflation expectations are better anchored and a sustained downtrend in inflation becomes evident,” the BSP said.

The BSP noted that it remains prepared to undertake further monetary policy action to prevent supply-side pressures on prices from leading to additional secondround effects and dislodging inflation expectations.

It will continue to assess the data as they become available and determine the appropriate policy to bring inflation back within target range without further delay, in keeping

with its price stability mandate.

“The BSP is prepared to undertake follow-through monetary policy action as necessary to prevent supply-side pressures on prices from leading to additional secondround effects and dislodging inflation expectations,” it also said in a separate statement.

Earlier, slower inflation may be good news for some but this may also indicate weaker demand, thus, lower economic growth, according to local economists.

On Tuesday, the Philippine Statistics Authority (PSA) reported that inflation slowed to 4.9 percent in October. This is the slowest rate recorded since April 2022 when inflation was at the same rate. (Full story: https://businessmirror. com.ph/2023/11/07/inflationslows-to-4-9-in-october/) The inf lation rate was also below expectations of most analysts, including the Bangko Sentral ng Pilipinas (BSP) which projected inflation to average 5.1 to 5.9 percent in October. (Full story: https://businessmirror.com.ph/2023/11/02/bspnow-projects-october-inflationat-5-1-5-9/) Ateneo de Manila University (ADMU) economist Leonardo Lanzona told BusinessMirror on the sidelines of the Philippine Economic Society (PES) Annual Meet-

ing and Conference on Tuesday that slower inflation could also mean slower demand necessary to prop up economic growth.

Lanzona said if he were to choose between an economy that had high inflation but fast economic growth and one that has low inflation but slow GDP growth, he would choose the former.

“Essentially you can explain lower inf lation because of the slowing down of the economy. But that may not necessarily be a good development because that would mean lesser job opportunities and in general income generation [will be low]. So you might have lower inflation [but] you’re not really better off,” Lanzona explained.

Meanwhi le, Socioeconomic Planning Secretary Arsenio M. Balisacan also told reporters on the sidelines of the same event on Tuesday that inflation may have also eased due to base effects, but qualified this later.

It may be noted that inflation was at 7.7 percent in October 2022. At that time, rice prices shot up to 17.9 percent, whereas it has since slowed to 13.2 percent in October 2023.

Balisacan said these significant declines in prices cannot be explained by mere base effects alone.

He said there was a real reduction in prices that led to slower inflation in October.

Health benefits, not fat pay, more vital to Gen Z

By Anne P. dela Cruz

C

OMPA NIES planning to hire Generation Z, or those born in the late 1990s to early 2000, take heed. They give more importance to holistic wellness and health benefits over big paychecks.

Those were the findings of the latest wellness index survey that local HMO PhilCare conducted titled “Philippine Workplace: The Rise of Gen Z.” The study is the fifth and latest in the company’s groundbreaking series of nationwide health and wellness studies that started in 2015. “ This time PhilCare put the spot l ight on Fi l ipi no Gen Z or Zoomers who account for a chunk of the Philippine workforce. The study probed their psyche, to discern their workrelated inclinations and help make the workplace a healthier, more responsive environment,” s a id Jaeger Ta nco, Ph i lC a re President and CEO. The study covered 400 respondents of an online survey conducted in August 2023. The respondents were aged between 15 to 26. It covered 17 regions, with the most number of respondents coming from Southern Luzon and Bicol. Most of the respondents were female while 43 percent of the respondents were college graduates or higher.

The study revealed that Gen Z’s inclination towards health benefits and convenient commutes does not overshadow their pursuit of finding a fulfilling job. Gen Zs rank job satisfaction third in their work priorities, meaning they actively seek jobs that offer a harmonious blend of personal and professional fulfillment.

“Zoomers are not just looking for jobs. They are seeking a meaningful career that resonates with

their personal and professional goals,” said PhilCare Wellness Index lead researcher Dr. Fernando Paragas.

“Their approach to work is holistic, valuing health, convenience and job satisfaction along-side financial compensation. T his generation isn’t just working to live; they are working to thrive,” he noted.

Zoomers, Dr. Paragas noted, are responsible for themselves and not for anyone else. He added that if they had their minds set on pursuing something, it will be difficult to change their minds.

“Zoomers want a work-life balance. They want to work and have side jobs as well. This generation is into entrepreneurship, so different from the mindset of the earlier generations who were taught to look for jobs after graduation,” Paragas said.

It is also worthy to note that Zoomers are very conscious of the environment but prefer to stay on the sidelines when it comes to politics.

Monico Jacob, PhilCare Chairman of the Board, pointed out that it is the nuanced balance between monetary incentives and other benefits that truly sets Gen Z apart. “ Zoomers are prag mat ic.

T hey understand t he importance of stable income but they are not willing to sacrifice their health, convenience or satisfaction purely for financial gains,” Jacob said.

As the voices of Gen Zs grow louder in boardrooms and office spaces, employers and organizations must adapt, he said.

“In essence, we’re on the cusp of a new work era where holistic considerations take precedence, where health benefits might outweigh a slight pay bump and where a convenient commute might just seal the deal,” he said.

DIM JOBS PICTURE Joseph, 53, ekes out a living through occasional work at a junk shop in Manila. The latest Labor Force Survey from the Philippine Statistics Authority (PSA) revealed an increase in the number of Filipinos without jobs or livelihoods in September, coinciding with a decline in labor force participants during that period. NONIE REYES

GMA unfazed by ouster, says loyal to Martin

By Jovee Marie N. dela Cruz @joveemarie

D

ESPITE her removal as deputy speaker, Pampanga Rep. Gloria Macapagal-Arroyo on Wednesday said she will remain “true to her word” to President Ferdinand Marcos Jr., that ”I will continue to support his preferred man for House Speaker, and that is Speaker Martin Romualdez.”

The leadership of the House of Representatives has decided to relieve Deputy Speakers Gloria Macapagal-Arroyo and Isidro Ungab of their leadership roles after they were unable to sign House Resolution 1414, which upholds the integ-

rity and honor of the chamber and expresses appreciation, solidarity, and support for the leadership of Romualdez.

Isabela Rep. Tonypet Albano and Lanao del Sur Rep. Yasser Alonto Balindong replaced Ungab and Arroyo, respectively.

“Some people told me that I was stripped of the ‘Deputy Speaker’ title because I did not sign House Resolution No. 1414 which expresses support for the leadership of Speaker Martin Romualdez. I was abroad when the resolution was signed, so I was unable to sign it,” she explained.

“In any case, that resolution does not contain anything new for me,

because I have always supported his leadership as Speaker,” Arroyo added.

Arroyo said her loyalty to Romualdez is resolute.

“First, from the time that I learned that President Ferdinand Marcos, Jr. ‘s preference for Speaker was, and is, then Congressman Martin Romualdez, I took the position that I will support him as Speaker.

I had advised the President of this in writing,” she said.

“Second, I have never taken or supported any action to remove Speaker Romualdez from his position. In fact, I have publicly stated that I have given up any plans to aspire for the Speakership again, in this and any future Congress that I

would have the honor to be a part of,” she added. The former president also refuted reports once more that she was preparing to remove Romualdez from office.

“There is always intrigue in politics, often petty. If some intriguers were able to convince Speaker Romualdez of the falsehood that I do not support his leadership in the House, then there is nothing I can do. Having made myself clear, I think we should now move on to more pressing national concerns,” she added.

For his part, Ungab has already accepted the House leadership’s decision to relieve him of his role as deputy speaker.

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, November 9, 2023

B1

ICTSI 9-mo. profit hits $484.5M Ayala Land income

I

By Lorenz S. Marasigan

@lorenzmarasigan

nternational Container Terminal Services Inc. (ICTSI) recorded a 4-percent year-on-year increase in profits to $484.54 million in January to September mainly due to robust revenues from its port operations.

The company’s revenue from port operations also rose by 7 percent to $1.76 billion from to $1.64 billion in the previous year, as it handled 9.45 million twenty-foot equivalent units (TEUs) during the said period.

“These excellent results were delivered against some very strong prior year comparatives,” ICTSI Chairman Enrique K. Razon said.

Consolidated cash operating expenses grew by 12 percent to $489.14 million, while financing charges and other expenses saw a marginal increase of one percent to $132.68 million.

Despite a tough macro-economic and geopolitical landscape, Razon remains optimistic.

“L ook i ng a head , wh i le we

continue to expect a challenging macroeconomic and geopolitical environment, we remain confident in the resilience of ICTSI’s diverse portfolio. Our strategy as an independent port operator supported by our cost and operational discipline means we are well-positioned for the rest of the year, as well as over the longer term,” he said.

ICTSI’s capital expenditures for the nine-month period stood at $233.58 million, with a total of approximately $400 million projected for the full year of 2023.

These investments are allocated for expansions in Mexico, Australia, the Philippines, and the Democratic Republic of Congo, among others, and for equipment acquisitions and capital maintenance requirements.

The company reported last March

that its net income in 2022 rose by 44 percent to $618.46 million, from the previous year’s $428.57 million due to higher operating income.

ICSTI’s revenue from port operations went up by 20 percent to $2.24 billion from $1.87 billion recorded a year ago.

It handled consolidated volume of 12,216,190 twenty-foot equivalent units (TEUs) in 2022, 9 percent more than the 11,163,473 TEUs handled in the same period in 2021.

“The increase in volume was primarily due to consolidation of Manila North Harbour Port Inc. in Manila, Philippines starting September 2022; volume growth and improvement in trade activities as economies continue to recover from the impact of the Covid-19 pandemic and lockdown restrictions; and new shipping lines and services at certain terminals,” the company said.

ERC cuts NGCP proposed revenues by 52%

T

he Energy Regulatory Commission (ERC) has slashed by 52.7 percent the proposed revenues of the National Grid Corporation of the Philippines (NGCP) for the first phase of the fourth regulatory period (4th RP) 2016-2022.

In an order dated September 13, 2023, which was released to the public on Wednesday, the ERC has determined the total allowable rev-

enues for Phase 1, covering the period 2016 to 2020, of the 4th RP to be P183.491 billion, or an average of P36.7 billion annually.

This amount is significantly lower than NGCP’s claims of P387.803 billion for Phase 1, or an annual average of P77.56 billion which, the ERC said, was higher than the interim Maximum Annual Revenue (iMAR) of P51.47 billion for 2020 initially

granted by ERC to NGCP in a previous March 2022 issuance.

The ERC said the 4th RP is “distinct and unique” because it covers a past period, thus requiring evaluation of historical data on NGCP’s expenditures and performance.

The regular rate-reset process is usually a forward-looking exercise that requires the regulated entity to submit forecasted expenditures

and proposed projects over a 5-year regulatory period.

Considering, however, the nonoccurrence of the rate-reset for NGCP since the lapse of the 3rd RP 20112015, the current ERC is constrained to evaluate for the 4th RP whether the costs already incurred by NGCP for the previous years were prudent, reasonable, and economically efficient. Lenie Lectura

up 38% in Jan-Sept

P

roperty developer Ayala Land Inc. said its income in January to September rose 38 percent P18.39 billion from the previous year’s P13.34 billion, driven by the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges.

Consolidated revenues reached P98.9 billion, 15 percent higher from the previous year’s P86.31 billion.

For the third quarter, its income rose 33 percent to P7 billion from the previous year ’s P5.26 billion.

Revenues, meanwhile, were lower to P32.9 billion from the previous year’s P32.97 billion.

“The strong performance of our various business lines in the first nine months of 2023 is a testament to the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges. This positive trend, guided by our new focus on quality, people, sustainability, and growth, will enable us to strengthen our diversified portfolio and further enhance earnings,” company president and CEO Anna Ma. Margarita Bautista-Dy. “We will continue to focus on high-value market opportunities and meeting our operating targets to sustain our momentum for the year.”

During the period, the company

grew its property development revenues by 4 percent to P57.2 billion from higher residential completion, stable bookings and office unit sales. Residential revenues went up by 4 percent to P47.5 billion, while office-for-sale revenues registered a 31 percent growth to P2.8 billion.

Meanwhile, revenues from commercial and industrial lots totaled P6.9 billion, down by 8 percent from year.

Residential sales reservations rose 11 percent to P85.9 billion.

Third-quarter sales reached P27.6 billion, adding to the P58.3 billion sales generated in the first half.

The in-demand projects during the period were Alveo’s Park East Place in Bonifacio Global City in Taguig, AyalaLand Premier’s Ciela in Carmona, Cavite, Arcilo in Nuvali, Laguna and Parklinks South Tower in Quezon City and Avida Towers Makati Southpoint.

Ayala Land launched 5 new projects in the in the third quarter with a combined value of P4.4 billion. These were AyalaLand Premier’s Ayala Greenfield Estates Parkside Terraces Tranche 2, Andacillo Tranche 5 and Lanewood Hills Phase 3 Batch 3, Avida’s first mid-rise condominium offering in Nuvali, Solara Park Storeys and Amaia’s Scapes Cabuyao Sector 4.

These developments bring Ayala Land’s total launches to 11 projects valued at P36.3 billion. VG Cabuag

B2

Companies BusinessMirror

Thursday, November 9, 2023

Higher expenses slash D&L income in Jan-Sept—exec

C

By VG Cabuag

@villygc

hemical manufacturer D&L Industries Inc. on Wednesday said its 9-month income fell 29 percent to P1.79 billion from the previous year’s P2.54 billion, partly because of the challenging business environment and the lingering effects of high inflation.

The company said incremental expenses related to the commercial operations of its new Batangas plant also dented its income in January to September.

Excluding the Batangas plant, which started operations in the third quarter, the rate of decline would have been slower at 11 percent to P2.35 billion from the previous year’s P2.63 billion.

Company president Alvin Lao

said the company managed to grow its income by 11 percent to P866 million in the third quarter, excluding the Batangas plant, compared with the second quarter's P778 million.

This was mainly driven by a rebound in high margin specialty products and commodity volumes which were up 11 percent and 23 percent quarter-on-quarter, respectively.

“So just a couple of different per-

spectives to look at it. Things are not as negative as they look, in a way,” Lao said.

“We see the near-term weakness in earnings masking the potential of the new plant. At the same time, we see an opportunity with the concurrent weakness in share price for long-term and value investors like us. The family, through Jadel Holdings, continues to buy shares of the company as what you’d see in our recent disclosures.”

He said the new Batangas plant will allow the company to explore opportunities that were previously beyond its existing capabilities.

“With the new plant, we will open new markets, expand our range of higher value-added products, and deepen innovations that will further push our boundaries. We are profoundly inspired by its potential and we are steadfast in our commitment to see it to fruition.”

D&L targets export sales to account for at least 50 percent of total revenues in the long-term.

For food ingredients, the im-

provement mainly came from better margins given the normalization of commodity prices after a period of volatility and a pickup in high margin products’ volume as the food industry continued to recover.

For specialty plastics, the normalization of semiconductor supply globally has prompted a bounceback in the demand for engineered polymers used for automotive applications.

Meanwhile, Lao said the company sees strong growth potential in the government’s plan to increase the coco-biodiesel blend by 50 percent to 3 percent from the current 2 percent.

D&L, through its subsidiary Chemrez, is a big player in the biodiesel industry. Benefits of a higher biodiesel blend include lower pollution, import substitution, value adding of coconut oil, and mileage improvement.

“So for us, that’s going to be positive for volumes and margins for the industry in general.”

PAL may ground jets due to engine issue

F

lag carrier Philippine Airlines (PAL) may have to ground two more jets that generally serve Australian destinations due to the potential powdered metal issue on planes with new engines, its president said on Wednesday.

PAL President Stanley K. Ng said its engine suppliers have yet to “check all the engines that (may) have that powdered metal issue. But I think they can give an answer in the first quarter of next year.”

Pratt & Whitney has ordered the inspection on 1,200 engines of Airbus A320 new engine option (NEO) due to potential contaminated powdered metal.

The material is commonly used to create superalloys that enhance resistance to extreme engine heat.

“With the powdered metal issue, additional two may be grounded,” Ng said, noting that these planes usually serve the Brisbane and Perth markets. “With grounding, we might have to reduce the frequency.”

Currently, PAL has grounded four of its eight Airbus jets that were affected by the global supply chain issue on NEO planes.

Pratt & Whitney, which supplies engines to Airbus, has been struggling to support its airline customers with enough spare parts and engines due after it “suffered durability problems.”

PAL and other airlines in the world that ordered the same make and model of the planes were forced to ground their planes because of this issue. Lorenz S. Marasigan

MUTUAL FUNDS

November 8, 2023

NAV One Year Three Year Five Year Y-T-D

per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 199.7 -1.18% -2.39% -3.61% -1.81% -4.23% ATRAM Alpha Opportunity Fund, Inc. -a 1.407 10.15% 7.44% 0.48% 0.99% 4.67% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7478 -1.29% -2.2% -5.85% -3.46% -5.74% Climbs Share Capital Equity Investment Fund Corp. -a 0.664 -0.32% -3.79% -4.92% n.a -5.05% First Metro Consumer Fund, Inc. -a 0.6068 -4.17% -5.49% -5.02% n.a -6.44% First Metro Save and Learn Equity Fund, Inc. -a 4.4027 -1.76% -1.64% -2.22% -1.45% -5.32% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.656 -2.81% -3.27% n.a n.a -6.43% MBG Equity Investment Fund, Inc. -a 84.57 10.72% -1.48% -4.96% n.a 12.29% PAMI Equity Index Fund, Inc. -a 40.7068 -1.73% -2.33% -2.62% n.a -5.75% Philam Strategic Growth Fund, Inc. -a 423.81 -1.46% -2.84% -2.69% -1.78% -4.63% Philequity Dividend Yield Fund, Inc. -a 1.1561 -0.7% 1.98% -0.71% n.a -1.62% Philequity Fund, Inc. -a 32.0596 -0.14% -0.23% -1.68% 0.16% -3.71% Philequity MSCI Philippine Index Fund, Inc. -a 0.8129 -0.5% -1.74% n.a n.a -4.23% Philequity PSE Index Fund, Inc. -a 4.2802 -0.69% -1.4% -1.75% 0.08% -4.79% Philippine Stock Index Fund Corp. -a 712.17 -0.8% -1.57% -1.82% -0.06% -4.91% Soldivo Strategic Growth Fund, Inc. -a 0.6412 0.16% -1.56% -4.69% n.a -4.88% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1824 -1.59% -2.06% -3.84% -1.72% -5.66% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8077 -1.15% -1.89% -2.14% n.a -5.19% United Fund, Inc. -a 2.9761 -0.58% -1.25% -2.16% -0.75% -3.81% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0026 -1.26% n.a n.a n.a -5.07% COL Strategic Growth Equity Unitized Mutual Fund, Inc. -a,20.9946 n.a n.a n.a n.a n.a Philequity Alpha One Fund, Inc. -a 0.9765 -1.03% -0.8% n.a n.a -6.68% Philippine Stock Index Fund Corp. -a 864.37 -0.96% n.a n.a n.a -4.97% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c96.6524 -0.22% -1.23% -1.52% n.a -4.42% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.8072 2.59% -10.3% -3.23% -1.87% -5.26% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5288 10.3% -0.35% 4.81% n.a 7.36% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4241 -4.84% -3.64% -2.35% -2.39% -4.08% ATRAM Philippine Balanced Fund, Inc. -a 2.08 2.87% -1.18% -0.59% -0.47% -1.2% First Metro Save and Learn Balanced Fund, Inc. -a 2.407 -1.4% -1.52% -0.22% -1.61% -3.93% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1845 -2.38% -1.15% n.a n.a -4.65% NCM Mutual Fund of the Phils., Inc. -a 1.8685 0.72% -0.72% 0.89% 0.37% -0.98% PAMI Horizon Fund, Inc. -a 3.3954 0.74% -2.33% 0.1% -0.59% -1.3% Philam Fund, Inc. -a 14.8898 -0.23% -2.99% -0.45% -0.87% -1.65% Solidaritas Fund, Inc. -a 1.9655 0.6% -0.84% -0.37% 0.42% -1.06% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2591 0.67% -1.65% -1.56% -1.03% -2.12% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8555 0.64% 0.56% -0.94% n.a -2.66% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9087 2.47% -2.56% n.a n.a -0.71% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8021 0.19% -3.69% n.a n.a -4.01% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7827 -0.55% -3.81% n.a n.a -4.84% Primarily invested in foreign currency securities (shares) Cocolife Dollar Fund Builder, Inc. -a $0.03159 1.84% -6.9% -1.84% -0.11% -2.5% PAMI Asia Balanced Fund, Inc. -b $0.874 8.3% -6.5% -1.52% -1.56% 4.05% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9653 6.26% -1.96% 2.46% 2.36% 3.1% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9679 2.97% -4.67% -0.41% n.a -0.38% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 387.29 3.09% 1.64% 2.53% 2.05% 2.45% ATRAM Corporate Bond Fund, Inc. -a 1.8957 1.51% 0.03% 0.51% -0.14% 1.11% Cocolife Fixed Income Fund, Inc. -a 3.2809 2.15% 0.77% 2.13% 3.68% 2.24% Ekklesia Mutual Fund, Inc. -a 2.2266 3.57% -0.89% 0.97% 0.97% 1.89% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.4043 0.88% -0.54% 1.67% 0.94% 0.55% Philam Bond Fund, Inc. -a 4.1504 0.6% -3.46% 1.76% 0.22% 0.25% Philam Managed Income Fund, Inc. -a 1.3572 3.07% 1.12% 2.93% 1.65% 2.86% Philequity Peso Bond Fund, Inc. -a 3.9563 3.38% -0.06% 2.7% 1.15% 2.26% Soldivo Bond Fund, Inc. -a 1.0391 3.12% 0.14% 3.5% n.a 2.21% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2219 3.7% 0.49% 3.31% 1.61% 2.42% Sun Life Prosperity GS Fund, Inc. -a 1.7242 2.77% -0.29% 2.55% 1.03% 1.68% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $490.04 2.81% 0.64% 1.89% 2.41% 2.07% ALFM Euro Bond Fund, Inc. -a Є211.5 1.77% -0.98% -0.15% 0.71% 0.87% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0135 3.1% -6.69% -2% -0.16% 0.41% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0241 1.69% -3.11% -0.57% n.a 1.69% PAMI Global Bond Fund, Inc -b $0.8331 -0.11% -8.53% -3.97% -3.4% -7.43% Philam Dollar Bond Fund, Inc. -a $2.1617 4.36% -5% 0.3% 1.27% -0.84% Philequity Dollar Income Fund, Inc. -a $0.0606984 2.1% -0.66% 1.31% 1.55% 1.67% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.5946 1.07% -6.98% -2.02% -0.21% -4.66% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.14 2.37% 1.7% 2.53% 2% 2.17% First Metro Save and Learn Money Market Fund, Inc. -a 1.1028 3.08% 1.77% n.a n.a 2.72% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3695 2.67% 1.93% 2.46% 1.96% 2.32% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.91 3.89% n.a n.a n.a 3.42% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0909 2.17% 1.25% 1.49% n.a 2.03% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.2853 -6.71% n.a n.a n.a -3.27% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3599 9.99% 9.54% n.a n.a 10.37% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9582 n.a n.a n.a n.a n.a Primarily invested in foreign currency securities (Units) ALFM Global Multi-Asset Income Fund, Inc. -a $0.7586 -2.46% -7.23% n.a n.a -3.97%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. 1 - Renaming was approved by the SEC last July 8, 2021 (formerly, Sun Life Prosperity Money Market Fund, Inc.).

2 - Adjusted due to stock dividend issuance last November 25, 2022.

3 - Re-classified into a Index Fund starting December 5, 2019 (formerly an Equity Fund) 4 - Renaming was approved by the SEC last October 14, 2021 (formerly, First Metro Consumer Fund on MSCI Phils. IMI, Inc.).

5 - Launch date is October 4, 2022.

6 - Launch date is August 22, 2023.

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

pifa. com.ph to see the latest NAVPS/NAVPU.”

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

November 8, 2023

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL MANULIFE SUN LIFE

8,900 534,950,756 74,756 90,563,602 716,720 2,234,432 82,108,731 840 1,166,636 3,360 2,934,360 14,609,212 1,134,122 116,850 5,195 39,250

-8,900 81,872,313 7,995,112 -112,330 282,315 17,078,002.50 -274,508 -1,740,960 -5,469,104.50 -143,432.50 12,750

INDUSTRIAL ACEN CORP 5.29 5.3 5.43 5.43 5.27 5.3 11,097,000 58,920,987 ALSONS CONS 0.54 0.59 0.56 0.56 0.55 0.55 700,000 385,400 ALTERNERGY HLDG 0.87 0.9 0.88 0.9 0.86 0.88 3,982,000 3,532,950 ABOITIZ POWER 36.25 36.3 36.4 36.4 36.1 36.3 1,108,600 40,238,035 RASLAG 1.23 1.25 1.22 1.25 1.21 1.25 387,000 471,550 BASIC ENERGY 0.19 0.193 0.189 0.193 0.189 0.193 3,310,000 625,900 FIRST GEN 18.1 18.46 18.06 18.5 18.06 18.1 44,100 806,652 FIRST PHIL HLDG 60.3 61.8 61.6 61.8 60.25 60.3 3,540 215,861 MERALCO 370.4 372 364.4 372 362 372 183,180 67,735,508 MANILA WATER 17.1 17.12 17.2 17.2 17.04 17.12 263,800 4,515,608 PETRON 3.25 3.26 3.25 3.26 3.22 3.26 382,000 1,241,640 PETROENERGY 4.3 4.84 4.89 4.89 4.89 4.89 2,000 9,780 PHX PETROLEUM 5.13 5.99 5.99 5.99 5.99 5.99 1,000 5,990 REPOWER ENERGY 7.04 7.25 7.25 7.4 6.9 7.28 176,500 1,276,766 SYNERGY GRID 7.32 7.37 7.26 7.32 7.22 7.32 217,700 1,578,727 SHELL PILIPINAS 12.8 12.84 12.9 12.9 12.8 12.84 17,000 218,876 SPC POWER 7.6 7.9 7.6 7.9 7.6 7.9 9,600 75,240 AGRINURTURE 2.02 2.05 2.03 2.06 2 2.05 2,502,000 5,093,670 CENTURY FOOD 28.8 29 28.65 29 28.45 29 1,356,700 38,982,130 DEL MONTE 7.7 7.75 7.7 7.7 7.7 7.7 4,500 34,650 DNL INDUS 6.26 6.3 6.45 6.45 6.25 6.3 2,046,100 12,901,774 EMPERADOR 20.75 20.8 20.75 20.8 20.65 20.8 2,241,300 46,576,420 SMC FOODANDBEV 50.15 50.75 50.75 50.85 50 50.75 87,260 4,397,330 FIGARO COFFEE 0.66 0.67 0.68 0.68 0.66 0.67 4,652,000 3,094,470 FRUITAS HLDG 1.08 1.09 1.08 1.09 1.08 1.09 1,470,000 1,592,450 GINEBRA 168.6 170 168.5 171 168.5 170 24,570 4,172,873 JOLLIBEE 218 219.8 211.8 219.8 211.4 219.8 2,781,740 593,021,256 KEEPERS HLDG 1.42 1.43 1.38 1.42 1.38 1.42 796,000 1,126,470 MACAY HLDG 6.8 7.25 7.25 7.25 7.25 7.25 3,000 21,750 MAXS GROUP 3.95 3.98 4 4 3.94 3.98 227,000 899,760 MONDE NISSIN 7.9 7.94 7.86 7.95 7.83 7.9 4,483,900 35,400,372 SHAKEYS PIZZA 9.4 9.5 9.3 9.4 9.3 9.4 718,500 6,749,504 ROXAS AND CO 0.48 0.5 0.48 0.5 0.48 0.5 33,000 16,075 RFM CORP 2.98 3.07 3 3 2.98 3 642,000 1,925,830 ROXAS HLDG 0.59 0.65 0.62 0.69 0.59 0.59 121,000 73,290 SWIFT FOODS 0.053 0.061 0.054 0.054 0.054 0.054 10,000 540 UNIV ROBINA 112.3 112.7 113.2 113.3 111.5 112.7 1,081,700 121,939,493 VITARICH 0.51 0.52 0.52 0.52 0.51 0.51 78,000 39,790 VICTORIAS 3.43 3.64 3.43 3.43 3.43 3.43 6,000 20,580 CEMEX HLDG 0.82 0.84 0.84 0.84 0.82 0.84 364,000 305,660 EC VULCAN CORP 0.82 0.83 0.82 0.84 0.82 0.82 1,073,000 880,300 EEI CORP 5.42 5.49 5.48 5.57 5.42 5.49 96,600 529,856 MEGAWIDE 3.11 3.15 3.19 3.19 3.1 3.15 188,000 595,610 PHINMA 19.4 20.35 19.5 19.5 19.5 19.5 23,800 464,100 CROWN ASIA 1.58 1.6 1.58 1.6 1.58 1.6 61,000 97,260 EUROMED 0.81 0.86 0.87 0.87 0.8 0.8 16,000 13,850 MABUHAY VINYL 5.6 5.76 5.78 5.78 5.6 5.76 3,700 21,340 PRYCE CORP 5.2 5.21 5.3 5.3 5.21 5.21 195,000 1,016,670 CONCEPCION 14.38 14.98 14.96 14.98 14.38 14.98 1,300 19,334 GREENERGY 0.3 0.305 0.3 0.31 0.295 0.305 21,350,000 6,454,950 INTEGRATED MICR 3.44 3.49 3.41 3.49 3.41 3.43 8,000 27,540 IONICS 1.22 1.23 1.22 1.26 1.22 1.23 86,000 106,430 PANASONIC 4.61 4.87 4.7 4.88 4.54 4.87 17,000 80,620 SFA SEMICON 2.17 2.19 2.19 2.19 2.17 2.19 326,000 712,940 CIRTEK HLDG 1.77 1.78 1.79 1.82 1.76 1.77 166,000 294,070

-8,297,437 165,000 -1,630,510 -28,076,370.00 -508,410 -284,054.00 -31,523 13,769,556 -3,587,978 -113,700 -1,470 -442,280 -47,500 18,183,315 -26,950 -614,889 -5,042,195 -2,840,527 35,380 154,450 1,085,298 57,453,336 1,300.00 -789,300 -32,157,919 -863,045 -99,000 -61,337,249 166,300 9,400 -6,320 -2,876 -438,000 -37,380

HOLDING & FRIMS

ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT KEPPEL HLDG A LOPEZ HLDG LT GROUP PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP

44.5 134.1 7.02 104 30.35 9.1 53.1 8.4 18.4 55.8 23.4 75.1 60.35 2.84 883.5 2,550

1.06 622.5 47 10.7 10.9 0.47 4.6 9.16 538 37.8 5.21 4.38 8.84 2.88 0.93 816.5 102.6

45.4 134.5 7.45 104.3 30.4 9.18 53.2 8.6 18.54 56 23.7 75.2 60.8 2.85 1,039 2,650

1.08 623.5 47.6 10.74 11 0.5 4.7 9.17 539.5 38.2 5.4 4.55 8.85 2.96 0.95 819 103

44.5 132.2 7.48 104 30.4 8.85 52.75 8.4 18.4 56 23.4 75.05 60.45 2.85 1,039 2,650

1.07 623 46.9 10.74 10.9 0.47 4.75 9.25 545 37.6 6 4.4 8.78 2.9 0.95 829 104

44.5 134.5 7.5 104.4 30.4 9.18 53.4 8.4 18.62 56 23.4 75.45 60.95 2.85 1,039 2,650

1.1 624 47.6 10.74 11 0.47 4.75 9.25 550 38.2 6 4.4 8.87 2.96 0.95 829 104

44.5 132 7.3 102.3 30.35 8.85 52.5 8.4 18.4 56 23.4 75.05 60.35 2.85 1,039 2,550

1.07 615 46.5 10.54 10.84 0.47 4.55 9.12 535 36.95 5.21 4.38 8.78 2.9 0.95 814 102.2

44.5 134.5 7.31 104.3 30.4 9.18 53.2 8.4 18.54 56 23.4 75.2 60.4 2.85 1,039 2,550

1.08 623.5 47.6 10.7 11 0.47 4.6 9.17 538 38.2 5.22 4.38 8.85 2.96 0.95 819 103

200 4,010,530 10,200 873,600 23,600 250,200 1,548,340 100 62,900 60 125,400 194,370 18,700 41,000 5 15

1,646,000 103,710 478,000 534,500 46,300 10,000 21,446,000 2,900,400 189,920 919,300 39,800 14,000 2,672,200 126,000 7,000 257,640 26,000

1,776,430 64,478,665 22,577,305 5,717,406 504,340 4,700 98,233,620 26,636,781 102,457,325 34,961,365 209,800 61,450 23,619,492 370,930 6,650 211,016,825 2,672,914

PROPERTY AYALA LAND 29.15 29.2 28.05 29.15 27.7 29.15 9,755,800 281,393,655 AYALA LAND LOG 1.7 1.71 1.72 1.72 1.67 1.71 233,000 394,490 ALTUS PROP 8.93 9.19 8.91 8.91 8.91 8.91 100 891 ARANETA PROP 1.04 1.06 1.05 1.08 1.01 1.07 2,146,000 2,247,930 AREIT RT 33.2 33.3 33.25 33.4 33 33.3 131,400 4,371,005 A BROWN 0.7 0.71 0.7 0.7 0.7 0.7 49,000 34,300 CITYLAND DEVT 0.72 0.73 0.74 0.74 0.72 0.73 2,071,000 1,511,780 CROWN EQUITIES 0.067 0.072 0.066 0.072 0.066 0.072 160,000 10,730 CEB LANDMASTERS 2.54 2.55 2.52 2.55 2.52 2.55 39,000 98,600 CENTURY PROP 0.305 0.31 0.31 0.31 0.31 0.31 90,000 27,900 CITICORE RT 2.53 2.54 2.54 2.54 2.52 2.53 2,706,000 6,827,280 DOUBLEDRAGON 6.96 6.97 6.95 6.97 6.81 6.97 80,900 556,137 DDMP RT 1.23 1.24 1.26 1.26 1.23 1.24 903,000 1,121,540 DM WENCESLAO 6.3 6.31 6.31 6.31 6.31 6.31 4,500 28,395 EMPIRE EAST 0.143 0.145 0.14 0.146 0.14 0.143 5,630,000 804,430 EVER GOTESCO 0.285 0.295 0.29 0.295 0.29 0.295 1,250,000 363,100 FILINVEST RT 2.98 2.99 2.99 3 2.99 2.99 838,000 2,506,620 FILINVEST LAND 0.6 0.61 0.6 0.62 0.59 0.61 6,845,000 4,110,680 GLOBAL ESTATE 0.76 0.82 0.76 0.76 0.76 0.76 132,000 100,320 8990 HLDG 8.52 8.91 8.93 8.94 8.93 8.94 200 1,787 PHIL INFRADEV 0.47 0.48 0.485 0.485 0.48 0.48 140,000 67,600 CITY AND LAND 0.79 0.8 0.78 0.78 0.78 0.78 16,000 12,480 MEGAWORLD 1.97 1.98 1.99 1.99 1.96 1.97 2,264,000 4,459,180 MRC ALLIED 1.66 1.67 1.84 1.85 1.54 1.66 1,592,000 2,727,820 MREIT RT 12.2 12.28 12.2 12.26 12.18 12.2 2,084,800 25,445,820 PREMIERE RT 1.51 1.52 1.51 1.52 1.51 1.51 18,000 27,330 PRIMEX CORP 2.51 2.79 2.75 2.75 2.75 2.75 2,000 5,500 RL COMM RT 4.85 4.87 4.84 4.87 4.84 4.85 803,000 3,895,110 ROBINSONS LAND 14.18 14.22 14.12 14.26 14.06 14.18 631,500 8,948,676 PHIL REALTY 0.153 0.164 0.15 0.165 0.15 0.165 580,000 93,000 ROCKWELL 1.32 1.35 1.33 1.33 1.32 1.32 6,000 7,940 SHANG PROP 3.5 3.51 3.51 3.51 3.5 3.51 33,000 115,600 STA LUCIA LAND 3.06 3.27 3.05 3.05 3.05 3.05 5,000 15,250 SM PRIME HLDG 30.75 30.9 31.1 31.35 30.5 30.9 6,307,100 195,032,980 VISTA LAND 1.61 1.63 1.63 1.63 1.6 1.62 43,000 69,470 VISTAREIT RT 1.67 1.69 1.68 1.68 1.67 1.67 160,000 268,350

SERVICES ABS CBN 3.58 3.65 3.65 3.65 3.59 3.6 320,000 1,157,540 GMA NETWORK 8.29 8.3 8.3 8.3 8.27 8.3 91,200 756,123 MANILA BULLETIN 0.22 0.246 0.22 0.22 0.22 0.22 30,000 6,600 MLA BRDCASTING 5.97 8.5 8.5 8.5 8.5 8.5 1,000 8,500 GLOBE TELECOM 1,773 1,775 1,775 1,787 1,770 1,775 42,010 74,592,515 PLDT 1,229 1,230 1,244 1,244 1,201 1,230 37,705 46,363,905 APOLLO GLOBAL 0.015 0.016 0.016 0.016 0.015 0.016 107,600,000 1,615,000 CONVERGE 8.9 8.97 9 9.07 8.82 8.9 2,111,700 18,807,410 DFNN INC 3.09 3.1 3.1 3.1 3.1 3.1 107,000 331,700 DITO CME HLDG 2.84 2.85 2.91 2.95 2.85 2.85 3,843,000 11,113,720 NOW CORP 1.35 1.36 1.37 1.39 1.35 1.36 306,000 415,690 TRANSPACIFIC BR 0.135 0.142 0.138 0.138 0.132 0.135 1,260,000 169,930 ASIAN TERMINALS 15.4 15.78 15.8 15.8 15.5 15.5 6,500 100,810 CHELSEA 1.29 1.33 1.33 1.33 1.28 1.33 226,000 297,540 CEBU AIR 32.35 32.5 32.2 32.5 32.05 32.5 203,100 6,559,990 INTL CONTAINER 209.2 209.4 210 210 208.2 209.4 517,300 108,190,568 LORENZO SHIPPNG 0.56 0.67 0.56 0.56 0.55 0.55 62,000 34,530 MACROASIA 3.95 3.99 3.99 3.99 3.95 3.95 52,000 206,880 PAL HLDG 5.21 5.29 5.19 5.19 5.19 5.19 32,800 170,232 HARBOR STAR 0.78 0.8 0.78 0.8 0.78 0.8 3,000 2,360 CENTRO ESCOLAR 7.7 9.04 9 9 8 8 22,200 182,420 STI HLDG 0.445 0.45 0.445 0.45 0.44 0.45 6,060,000 2,715,150 BELLE CORP 1.16 1.17 1.17 1.18 1.16 1.17 145,000 169,790 BLOOMBERRY 9.41 9.44 9.6 9.63 9.33 9.44 3,007,600 28,340,225 PACIFIC ONLINE 3.34 3.37 2.93 3.38 2.9 3.38 1,039,000 3,266,870 PH RESORTS GRP 0.9 0.91 0.87 0.9 0.87 0.9 1,202,000 1,066,890 PREMIUM LEISURE 0.61 0.62 0.6 0.62 0.6 0.61 8,736,000 5,357,470 DIGIPLUS 6.97 6.98 6.98 7 6.9 6.98 945,500 6,600,899 PHILWEB 1.75 1.78 1.79 1.79 1.75 1.78 42,000 73,570 ALLDAY 0.167 0.175 0.172 0.175 0.167 0.175 2,150,000 365,260 ALLHOME 1.44 1.46 1.46 1.47 1.42 1.44 3,503,000 5,049,440 METRO RETAIL 1.16 1.2 1.2 1.2 1.2 1.2 1,000 1,200 PUREGOLD 28 28.25 28 28.5 27.85 28.25 85,000 2,396,670 ROBINSONS RTL 38.85 38.9 40.15 40.2 38.7 38.85 1,548,900 60,490,490 SSI GROUP 2.79 2.8 2.76 2.84 2.73 2.8 989,000 2,769,600 UPSON INTL CORP 1.61 1.68 1.64 1.84 1.61 1.68 217,000 361,380 WILCON DEPOT 20 20.1 20.1 20.5 20 20 4,162,100 83,391,305 APC GROUP 0.228 0.243 0.244 0.244 0.227 0.243 40,000 9,410 MEDILINES 0.38 0.385 0.375 0.385 0.375 0.385 90,000 34,400 PRMIERE HORIZON 0.183 0.185 0.187 0.187 0.183 0.183 210,000 39,120

MINING & OIL ATOK 4.88 5.05 4.85 5 4.85 5 69,000 342,190 APEX MINING 2.58 2.6 2.64 2.64 2.56 2.6 3,995,000 10,356,920 ATLAS MINING 3.03 3.14 3.11 3.11 2.98 3.07 1,039,000 3,121,920 BENGUET A 4.98 4.99 5.08 5.09 4.97 4.99 354,000 1,766,480 BENGUET B 5.04 5.06 4.91 5.06 4.91 5.06 45,000 221,400 FERRONICKEL 2.45 2.48 2.49 2.49 2.44 2.45 326,000 799,230 GEOGRACE 0.034 0.036 0.035 0.035 0.034 0.034 1,000,000 34,200 LEPANTO A 0.088 0.089 0.088 0.088 0.088 0.088 700,000 61,600 LEPANTO B 0.085 0.091 0.085 0.085 0.085 0.085 10,000 850 MANILA MINING A 0.0046 0.0048 0.0047 0.0047 0.0047 0.0047 10,000,000 47,000 MARCVENTURES 1.1 1.11 1.1 1.14 1.1 1.1 394,000 436,800 NIHAO 0.56 0.6 0.56 0.56 0.56 0.56 20,000 11,200 NICKEL ASIA 5.39 5.45 5.49 5.49 5.38 5.45 405,700 2,197,441 PX MINING 2.78 2.85 2.78 2.85 2.77 2.85 362,000 1,025,320 SEMIRARA MINING 29.65 29.7 30.1 30.1 29.65 29.65 804,100 23,932,705 UNITED PARAGON 0.0043 0.0048 0.0043 0.0043 0.0043 0.0043 4,000,000 17,200 ENEX ENERGY 5.61 5.98 5.56 5.98 5.56 5.98 1,100 6,536 ORNTL PETROL A 0.0084 0.0086 0.0084 0.0084 0.0084 0.0084 1,000,000 8,400 PXP ENERGY 3.38 3.48 3.42 3.44 3.34 3.44 171,000 582,550

PREFFERED ACEN PREF A 1,030 1,040 1,010 1,040 1,010 1,040 105 106,200 ACEN PREF B 1,039 1,046 1,044 1,046 1,044 1,046 220 229,880 AC PREF AR 2,480 2,498 2,490 2,490 2,490 2,490 40 99,600 ALCO PREF C 92.5 101.1 101.1 101.1 101.1 101.1 250 25,275 AC PREF B2R 487 490 490 490 490 490 100 49,000 CEB PREF 31.4 31.5 32 32 31.5 31.5 59,400 1,875,950 DD PREF 89.65 90 90.95 90.95 89.7 90 3,080 277,291 EEI PREF B 88 94.95 94.5 94.95 94.5 94.95 700 66,195 JFC PREF A 931 958.5 931 931 931 931 20 18,620 JFC PREF B 915 925 915 915 915 915 60 54,900 MWIDE PREF 2B 93 93.95 93 93 93 93 530 49,290 MWIDE PREF 4 90 93 90 93 90 93 500 45,030 PNX PREF 4 261 275 275 275 275 275 1,020 280,500 PCOR PREF 3A 968.5 970 970 970 970 970 340 329,800 PCOR PREF 3B 981 1,032 981 981 981 981 60 58,860 PCOR PREF 4A 999 1,000 1,000 1,000 1,000 1,000 50 50,000 PCOR PREF 4C 995 1,002 999 1,002 999 1,002 500 500,940 SMC PREF 2F 73 73.3 73.45 73.45 73 73.3 2,100 153,952.50 SMC PREF 2I 72.5 72.9 72.9 72.9 72.7 72.7 1,600 116,440 SMC PREF 2J 66.1 68.85 66.1 68.95 66.1 68.95 19,030 1,275,068.50 SMC PREF 2K 65.55 67 65.5 66.95 65.5 66.95 600 39,445 TECH PREF B2D 48.6 48.95 48.95 49 48.95 48.95 3,200 156,715

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.26 7.81

3.7 3.26 3.26 3.23 3.26 88,000 8.1 8.1 8.1 8.1 8.1 6,000

0.335

0.37

-

-

-

-

-

-21,400 10,280,370 9,768,685 3,139,050 21,720 -425,190 -4,187,732 -36,599,400 13,519,785 30,790 -3,700,207 6,650 -102,866,640 -50,671 159,059,880 5,100 -1,410,350 1,495,760 -5,427,580.00 34,684 -39,700 18,930 -53,850 -1,942,630 -1,484,270 -29,930 -609,000 6,060 -1,557,060 1,792,864 24,570 17,058,760 -8,020 -83,620 7,489,090 22,519,840 30,000 3,384,941 37,200 -237,700 67,500 4,650 -422,675 28,300,052 4,152 13,100 5,850 -18,738,503 16,500 33,620 1,015,666 -4,216,420 -1,361,980 -40,182,680 -2,249,350.00 -213,610 9,954,100 1,639,560 14,950 -412,320 -850 11,200 -842,979 611,360 -4,916,910 556 -125,280 -1,749,230 49,290 43,740 -

286,850 48,600

-286,850.00 -10,530

-

-

SMALL, MEDIUM & EMERGING

0.45 0.475 0.45 0.47 1,030,000 478,850 0.76 0.76 0.75 0.76 102,000 76,670 0.85 0.9 0.85 0.9 760,000 659,000 0.73 0.73 0.73 0.73 3,000 2,190 0.058 0.058 0.055 0.055 940,000 52,680 15,400 1.08 1.08 1.06 1.06 267,000 285,140 0.225 0.225 0.225 0.225 640,000 144,000 -

EXHANGE TRADE FUNDS

96.9 96.9 96.4 96.8 5,070 489,919 43,505

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

FIRST METRO ETF

0.46 0.76 0.86 0.7 0.056 1.06 0.224 96.6

0.47 0.78 0.9 0.73 0.064 1.07 0.24 96.8

www.news.businessmirror@gmail.com

Banking&Finance

Banks lend ₧12B to help Globe refinance debts

By Lorenz S. Marasigan @lorenzmarasigan

G

LOBE Telecom Inc. (PSE: GLO) announced having raised P12 billion from three separate loan facilities with different local banks, proceeds of which will be used to refinance debt, fund its capital, and pay for other corporate requirements.

In a disclosure to the Philippine Stock Exchange (PSE), the telecommunications company said it has signed a P3-billion loan facility with the Bank of the Philippine Islands, a P5-billion facility with China Banking Corp. and P4 billion with Robinsons Bank Corp.

“The loans shall be used to finance the company’s capital expenditures (capex), debt refinancing and/or general corporate requirements,” the disclosure read.

GLO is spending roughly $1.3 billion (or about P73.8 billion) in capex this year, lower than the $1.9 billion (or about P107.9 billion) in 2022. The listed firm is further reducing its capex to $1 billion (or about P56.8 billion) in 2024.

As of the first three quarters of 2023, GLO has invested P54 billion in capex, lower by 27 percent than the similar period of 2022.

“This effort to reduce its capex spending is in line with [the firm’s] focus on capital efficiency and optimization,” the disclosure read. “Bulk of this amount or 91 percent was allocated for the data requirements to ensure that customers will be able to access the best digital solutions and connectivity anytime.”

GLO saw its profits dwindle by almost a third to P19.36 billion in the first nine months of the year from

P26.50 billion the year prior, despite posting all-time high consolidated service revenues no thanks to higher depreciation costs and a non-operate charge versus last year.

It closed the period ending September with all-time high consolidated revenues of P121.1 billion, up by 3 percent from a year prior “despite the extended macroeconomic headwinds faced by the industry.”

Cybersecurity with SECB

MEA NW HILE, Securit y Bank Corp. (PSE: SECB) announced last Wednesday its executives signed a Memorandum of Understanding with GLO executives “that aims to further boost cybersecurity initiatives to address the rising volume and complexity of financial crimes in the country.”

In a statement issued last Wednesday, SECB said the agreement aims to enhance the joint capability of the two entities “to fight financial crime and identity theft and to work together in fraud investigations.”

According to the lender, the 2-year agreement will enable GLO and SECB “to share data for fraud prevention and investigation.”

“Partnering with banks and financial institutions has greatly enhanced our fraud prevention, detection, and investigation efforts, leading to better customer protection,” GLO Chief Privacy Officer Irish Salandanan-Almeida was quoted in the statement as saying. Salandanan-Almeida added that in the first half of the year, her firm has seen a 46 percent year-on-year decline in the volume of bank-related scam and spam messages blocked in GLO’s network, “indicating that our efforts are making headway.”

Angel investors remain bullish on PHL startups

By Rizal Raoul S. Reyes @brownindio

D

espite the herculean challenges it is facing, the Philippines remains an attractive market for angel investors because of the country’s young, well-educated and technology-savvy population.

“It is inspiring to witness the emergence of numerous new Filipino startups in the industry,” a statement issued by Kickstart Ventures Inc. read. “This burgeoning opportunity has attracted significant interest from investors, with 20 venture capitalists in the same room during the ‘XenConnect’ event, a scenario unimaginable just a few short years ago.”

According to the “Philippine Venture Capital Report 2023,” the funds raised by Philippine startups last year was at $1.1 billion, the second year in a row that it reached the billionth mark.

Meanwhile, unicorn startup Xendit Philippines Inc. reaffirmed its commitment to grow the local startup industry by holding recently an in-person networking event cited

by Kickstart. The event aimed to give Philippines-based startups a platform to reach industry-leading venture capitalists (VC).

The “XenConnect” event brought together a total of 20 local and regional VC representatives and 35 startups that underwent rigid screening. The people behind these startups met with and issued their respective pitch to the VC assigned to them. The event closed with a networking session opened to the public.

Empowerment

XENDIT Philippines Managing Director Yang Yang Zhang said they hope “to empower every startup’s journey to success” and, hence, organized the event.

“Staging this event for the first time in the Philippines allowed us to honor our startup roots, while paying it forward by connecting top-tier funding to the immense talent pool in the Philippines.”

Zhang noted that the diversity

of participants “and their collective passion to effect positive change inspire all of us at Xendit to keep growing and innovating as well.”

“At the end of the day, I’m looking for a founder that is willing to do anything it takes to drive success and, of course, if they’re operating in a large market, that’ll also help,” Jun Wakabayashi from Taiwan-based VC AppWorks said. “But at these early stages, the most important thing is that you have conviction, resolution, velocity, and speed.”

He explained his approach to investments is anchored heavily on building a relationship with the founder, “driven by a sense of trust that can only be built over a period of time.” “It takes multiple interactions and discussions on what is needed and how [we] can assist, before they get to the due diligence stage,” Wakabayashi added.

Co-creation

ACCORDING to Zhang, the startups that joined XenConnect were a healthy mix of Filipino-founded ones and expat-run ventures.

“MedsGo,” for instance, was born out of the need of its Russian founder to obtain stocks of medicated eye drops. Upon discovering it wasn’t a sole problem by foreigners, he created a platform—a pharmacy marketplace aggregator—that aims to improve access to medicines, with a vision of eventually becoming the principal e-commerce provider of medical items and healthcare essentials in the country.

Filipino startup “kard.ph,” meanwhile, started by “tech-ing up” traditional wet markets (palengke) by enabling them to accept debit and credit card payments through a web-based application. The company targets businesses that do not normally have a website or point-of-sale terminal to make transacting more convenient for both the merchant and the customer.

Despite varying backgrounds or the industry that they serve or plan to serve, Zhang said these startups found common ground in their passion “for co-creating a better future” for the Philippines.

BusinessMirror

Editor: Dennis D. Estopace • Thursday, November 9, 2023

B3

‘Compliance report’ on 25% cap in MIF sought from GFIs

T

By Butch Fernandez

@butchfBM

HE Senate has asked the Department of Finance (DOF) and relevant agencies to submit a report confirming their compliance with the rule setting a cap on the equity infusion of development banks— the Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP)—into the Maharlika Investment Fund (MIF).

Sen. Juan Edgardo M. Angara gave the assurance that the DOF committed to render a report in response to concerns raised by Deputy Minority Leader Risa Hontiveros, who interpellated Angara on the 2024 budget, particularly the issue of MIF funding and the multibillionpeso confidential and intelligence funds (CIF).

“They will do that,” Angara replied to Hontiveros, when she asked if the Senate could ask the LBP, DBP and the DOF “to submit a report demonstrating their compliance with this 25-percent limitation, even after they have conveyed their P75-billion equity to the Maharlika corporation.”

Hontiveros was alluding to concerns that in making their one-time equity contribution for MIF’s seed funding recently, the two state-run development banks might have breached the 25-percent limits, and may, therefore, need equity infusion also.

‘Law is clear’

Meanwhile, Angara replied in the negative when asked about the possibility of having the two banks deliver, on installment basis, their promised infusion into the MIF seed fund. Hontiveros said allowing the installment payment for 2024 would

In this November 8, 2023, photo, Deputy Minority Leader Risa Hontiveros speaks during the deliberation on the proposed P5.768 trillion national budget for 2024. Hontiveros interpellated Sen. Juan Edgardo M. Angara on the 2024 budget, particularly the issue of MIF funding and the multibillionpeso confidential and intelligence funds. CREDIT: Voltaire F. Domingo/Senate PRIB

ensure that the banks would not be forced to reduce funding for their original clients, i.e., the farmers and small businesses.

“The P75 billion is the initial funding so according to [national] Treasurer Lea [de Leon], now with the Monetary Board, that the law provides [the initial fund] must be provided immediately,” Angara explained to Hontiveros, by way of explaining why the infusion cannot be done on installment basis.

“I’ve been told it’s not possible because the law is clear,” Angara added.

Last Tuesday, public advocacy group Foundation for Economic Freedom (FEF) issued a statement proposing that the two state-run banks’ contributions to the MIF be on a staggered, rather than lumpsum, basis.

The FEF explained that the lump sum contributions of DBP and LBP will be charged against capital “in their balance sheets and constrain their ability to extend loans.” (Full story online: https://businessmirror.com.ph/2023/11/08/statelenders-stake-in-mif-should-bestaggered-fef/)

minded “the good sponsor himself [Angara] introduced a provision in the Maharlika Bill stating that the contributions of LBP and DBP to the equity and to the projects of the Maharlika [Investment] Corp. should not exceed 25 percent of the net worth of these banks.”

She wanted to know “if we might need to infuse equity into DBP and LandBank because of the possibility that this 25-percent limitation might already have been breached when DBP and LandBank wrote P75-billion worth of checks” for the MIC? Angara, however, added, “I’m told the answer is no because the contribution in percentage terms of the two terms is 3 and 4 percent, respectively, still far from the 25 percent threshold that we included in the Maharlika law.”

Hontiveros welcomed the assurance that “we need not infuse equity because allegedly, we are way below the 25 percent limit,” however, she added, “we would like to impose the burden of proof not on the sponsor [Angara] but on the DoF, the LBP and the DBP.” Hence, her request for the compliance report.

Burden of proof

Fitch and Cuunjieng

IN stressing the need to comply with the 25-percent cap, Hontiveros re-

ANGARA also played down the impact of warnings by credit-rating

firm Fitch Ratings Inc. and investment banker Stephen Cuunjieng “that the consequence of the transfer P75 billion in DBP and LBP capital is a reduction of about P600 billion in the ability to lend of these two banks,” given that the P50 billion from LBP and P25 billion from DBP will be charged against the capital of these two banks.

Angara recalled that during the deliberations [on the MIF law], “I was reminded by [National] Treasurer Lea, [that] Landbank said that they had P1.3 trillion in investible funds and DBP had P850 billion in investible funds. I think the P75 billion that the law requires of them is on the prudent side.” Then National Treasurer Rosalia de Leon is now with the Monetary Board.

Angara categorically replied, “None, your honor,” when Hontiveros pressed on: “Nothing to worry about the warnings of Fitch and Cuunjieng?”

Meanwhile, Angara allayed worries that either DBP or LBP will not only need to refuse for example, renewable energies and agrarian reform, emancipation borrowers, or that one or both of these banks will have to give notice to some of their existing borrowers that they should just bring their business to other banks.

Credit registry cites role of debt in business growth

By Cai U. Ordinario

@caiordinario

R

UNNING a debt-free company is good but it may also cause aspiring and established entrepreneurs to miss out on opportunities to expand their business and record higher profits, according to the country’s sole public credit registry.

A statement issued by the Credit Information Corp. quoted CIC President and CEO Ben Joshua A. Baltazar as saying that credit is essential in allowing businesses to grow and develop. Avoiding debt may not also bode well for the economy’s growth as firms are limited in their ability to expand. Baltazar noted how the continuing misconception on credit, how it is often associated with financial mismanagement or instability, proves to be disadvantageous for the economy and the country’s financial

system as some financially capable individuals avoid credit altogether.

“While being debt-free is all well and good, by not taking advantage of credit, aspiring and established entrepreneurs are missing the opportunity to venture into business or further expand their capital for bigger profits and growth.

As for individuals, they may be missing out on a much earlier expansion of their assets through acquiring real estate properties for passive income. All these missed opportunities could have also helped stimulate economic activity,” Baltazar said.

He said this part of the many reasons financial literacy is crucial to the economy. He said this rings true especially this week with the celebration of the 2023 Economic and Financial Literacy (EFL) week, which has the theme “Bayanihanomics: Sama-samang Pakikilahok para

briefs

➜ SSS joins Laoag fair

LAOAG CITY, ILOCOS NORTE—The Social Security System (SSS) announced its Laoag Branch personnel participated in the launching of the “Bagong Pilipinas Serbisyo Fair” at the Mariano Marcos State University. “SSS Laoag is one with the national government in providing quality, fast and reliable services to our stakeholders and members. During the twoday fair, we set up our very own mobile service, the SSS eWheels, wherein we assisted our members and employers in using our online and mobile services,” SSS Laoag Branch Head Richard M. Raralio was quoted in a statement the SSS issued last Wednesday.

“Most of our members came to our booth to verify their contribution and loan records so we introduced to them the convenience of having a My.SSS account and SSS mobile app,” Raralio added. SSS Laoag served 294 members with 302 transactions during the 2-day event.

sa Matibay na Ekonomiya” [collective participation for a resilient economy].

The term “bayanihanomics” is a portmanteau of “Bayanihan” (solidarity) and “economics.” The term depicts the goal of promoting collaboration geared towards inclusive economic growth and development, as in the Philippine Development Plan 2023-2038.

“Financial literacy empowers individuals with more confidence in handling and managing their financial health which nurtures positive financial behaviors and decisions, helping them become more financially resilient. It also has the potential to drive economic growth and improve Filipinos’ financial resistance in recovering from financial shocks and in navigating through challenging economic conditions,” Baltazar said.

In line with the 2023 EFL Week, the CIC will conduct its 8th CIC Academy

➜ PDIC feted for best practices

The Association of Government Internal Auditors Inc. (AGIA) recognized the Philippine Deposit Insurance Corp. (PDIC) for its exceptional contribution in implementing innovations and/or best practices in internal auditing in the government owned and controlled corporation (GOCC) sector, particularly in Internal Control Assessment (ICA) during AGIA’s 64th Annual National Convention cum Seminar held last month in Malay, Aklan, a statement by the PDIC read. The PDIC said it was the sole awardee for the best innovations/ practices in Internal Auditing. The PDIC was recognized following the evaluation of its entry on the ICA Rating which was submitted in July 2023 to the AGIA’s Search for Internal Audit Service (IAS) with Best Innovations and Best Practices in Internal Auditing. Entries were evaluated based on relevance/significance in internal auditing, contribution to agency operations, and sustainability.

webinar series on November 22, and a special webinar session for Neda employees – to discuss the role of credit and the country’s credit registry in the national development agenda, which they may incorporate in the implementation of Neda’s programs and other initiatives.

“While credit is a powerful financial tool that empowers MSMEs and individuals to unlock opportunities to achieve their aspirations, key to reaping its benefits is good financial management and responsible borrowing,” the PCEO concluded.

In a bid to address the stigma around credit and in pursuit of its mandate, CIC conducts free financial literacy webinars under CIC Academy, its nationwide educational flagship program. This year alone, over 8,000 participants from all over the country have joined the CIC Academy webinar sessions.

➜ SSS officials lead RACE op

THE Social Security System announced recently that its President and CEO Rolando L. Macasaet and Social Security Commissioner representing the Employers’ Group Robert Joseph M. De Claro led a recent Run After Contribution Evaders operation in Taguig City. The two officials, the SSS statement read, urged the owners of a pharmacy and a household appliances retail store to settle their contribution delinquencies. The two establishments were among the six delinquent employers who received notices of violation from the SSS for failing to remit the contributions of its workers and non-production of records. The employers incurred P3.4 million in unpaid workers’ contributions and penalties. Employers have only 15 days to coordinate with the SSS Bicutan-Sun Valley Branch and settle their contribution delinquencies to avoid filing of civil, criminal, and administrative cases against them for violating Republic Act 11199 (Social Security Act of 2018).

Health&Fitness BusinessMirror

B4 Thursday, November 9, 2023

Challenges

Clean eating, sleep, recovery, exercise are keys to clean, healthy living–expert

APART from underspending in health, the study noted challenges in implementing the Universal Health Care (UHC) Act, where the government aspires to increase public spending to facilitate equitable healthcare access for all Filipinos. The authors said the implementation of the UHC Act should not only be confined to a health sector agenda alone but also part and parcel of the country’s policy to improve economic productivity.

“While the UHC Act provides the legal framework, critical components of the law have yet to be implemented, including mobilization of health resources and reforms,” they added.

The authors emphasized that the type of spending is as critical as the level of public expenditure. Thus, they suggested investing in cost-effective health interventions and improving the country’s primary and preventive care, which is more efficient and effective in enhancing health outcomes than curative or hospital-based care.

In addition, the authors said physical health infrastructures must be financed and supported to encourage businesses and provide workers with needed equipment, tools, and technology to be more productive.

tigmatization of mental health issues has been a major reason why a lot of Filipinos are experiencing an alarmingly high level of stress, according to a leading visionary and stress management expert.

Dr. Donielle Wilson pointed out in an email interview with the BusinessMirror that the situation resulted in people experiencing symptoms of stress, such as anxiety and feeling isolated which has been exacerbated by the dearth of medical providers to assist them in their mental health needs.

“There is also the fact that a high percentage of Filipinos work the night shift in business process outsourcing [BPO] centers. And I find that Filipinos tend to work long hours and sleep a few hours,” she pointed out.

Dr. Wilson is a health visionary, researcher, bestselling author and international speaker. Through her research and clinical experience, she developed her Stress Recovery Protocol, which takes stress management to the next level by utilizing epigenetics to individualize the optimization of cortisol, adrenaline and neurotransmitters.

She has a doctorate degree in naturopathic medicine from Bastyr University where she also completed her residency. She is also a certified midwife, a certified nutrition specialist and has degrees in both nutrition and science.

Improve PHL health system

with bigger budget, more investments–study

By Rizal Raoul s. Reyes | Contributor

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he prevalence of medical and dental missions, which regularly attract a big number of people in Metro Manila and the provinces, is an indication that there is a lot to be done in improving the health system of the country.

“It is an indictment of our government.

It means that our health system is horrible.

But in fairness to the government, the Philippine Health Corp. (PhilHealth) and the Universal Health Care Act are movements in the right direction,” said Dr. Samuel Ang, Director General of the Chinese General Hospital and Medical Center in a one-on-one interview at the sidelines of the free medical and dental mission undertaken with volunteer doctors, dentists, nurses and staff of Federation of Filipino Chinese Chambers of Commerce and Industry, Inc (FFCCCII) and Chinese General Hospital.

Underspending in health DESPITE the increase in health investing, the Philippine health system, sad to say, is still in the doldrums manifested by the slow progress and poor health outcomes.

According to a study released by state think tank Philippine Institute for Development Studies [PIDS] titled “Public Health and Labor Policy,” researchers Charlotte Justine Diokno-Sicat, Valerie Gilbert Ulep, Robert Hector Palomar, Ricxie Maddawin, and Mark Gerald Ruiz cited “chronic underinvestment as the primary cause of the health sector’s lackluster growth.”

Further, the study pointed out that the Philippines spent only half of the amount of what middle-income countries and its Association of Southeast Asian Nations counterparts on public spending on health, which accounted for about 1.5 percent of the gross domestic product (GDP). Philippine public health spending was principally lower than that of Thailand, Vietnam, Singapore, and Malaysia, which spent four times more.

“Philippine GDP has rapidly increased in

recent years, but the country experienced only modest improvements in health outcomes compared with its neighboring countries,” the authors said.

Increase productivity THE authors recommended boosting investments in the health sector. They added this will not only drive the Philippines’ economic activity and growth but also increase workers’ productivity.

“Government spending in the health sector is worth increasing with respect to further improving productivity, especially for the employed,” the authors said.

“A 1 percent increase in public health spending per capita may be related to an increase of about 15.1 percent to 17.9 percent in labor productivity in five years,” they added.

The authors pointed out that it this is consistent with the theory in health economics that higher investments or spending in health may be related to better productivity.

The authors urged the government to build better health policies that would benefit the country’s labor force and eventually help the economy to accelerate.

The authors stressed the importance of continued investments in human capital and education and other key areas to stimulate economic growth while improving the population’s well-being.

Editor: Anne Ruth Dela Cruz

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Staff turnover

Psoriasis PHL advocates for inclusive, quality, and accessible health care

By Candy P. Dalizon

Contributor

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soriasis Philippines (PsorPhil), an advocacy and support group for individuals with psoriatic diseases in the Philippines, recently marked World Psoriasis Day by advocating for inclusivity, quality, and access to healthcare. The organization stressed that everyone with psoriasis deserves access to the care and support they deserve.

World Psoriasis Day has been celebrated on October 29th for more than a decade, and is now observed in over 70 countries including the Philippines. The theme of World Psoriasis Day 2023 is “Access for All.” The global leader in fighting psoriatic disease, IFPA or the International Federation of Psoriasis Associations, explained that the theme highlighted that people with psoriatic disease must have affordable access to the right treatment at the right time.

“Health is a basic human right. And WHO’s call for health for all resounds with a powerful message that is deeply personal for all of us. Our community has long fought for recognition, understanding, and

access to the best care possible. Now it’s our time to make sure these principles are just not words on paper but a reality in our lives,” said Josef De Guzman, founder of PsorPhil.

“Psoriasis is more than skin deep; it can affect every aspect of our lives. The burden is not just physical but also emotional, psychological, and financial.

The pain, the itch, and the judgment we endure are not to be taken lightly. We deserve access to treatments, healthcare, and support that will allow us to live our lives to the fullest,” added De Guzman.

For PsorPhil, this year’s World Psoriasis Day theme, “Access for All,” is a beacon of hope, guiding them towards a future where psoriatics are included in the universal health coverage. PsorPhil represents the interests of 1 to 2 million Filipinos believed to be suffering in silence with psoriasis.

According to the World Health Organization (WHO), psoriasis, categorized as a noncommunicable disease (NCD), is a chronic, painful, disfiguring and disabling disease. It is a lifelong skin condition that negatively impacts on patients’ quality of life.

Psoriasis is associated with a number of comor-

bidities. Psoriasis skin lesions cause itching, stinging, and pain. Some people with psoriasis may develop chronic, inflammatory arthritis (psoriatic arthritis), which can lead to joint deformities and impairment.

Network launch In a related development, PsorPhil has launched the Generalized Pustular Psoriasis (GPP) Network.

This groundbreaking initiative focuses on individuals battling GPP, an exceedingly rare and severe form of psoriasis that can be life-threatening. The project provides a holistic approach to caring for GPP patients through patient-powered support, research, and education.

GPP is a rare and severe autoimmune inflammatory disorder, causing widespread, painful, and pus-filled blisters (pustules) on the skin, often surrounded by inflamed, red skin.

Given the potential for life-threatening complications and its significant impact on overall wellbeing, early detection and timely intervention are of paramount importance.

Dr. Bryan Ko Guevara, a speaker at the GPP

Network launch, highlighted the importance of consulting a board-certified dermatologist for GPP or psoriasis, as misdiagnosis can happen. He emphasized the significance of early treatment and advised against self-medication. Dr. Guevara is board-certified in both dermatology and dermatopathology. He is a fellow of the Philippine Dermatological Society (PDS) and the Dermatopathology Society of the Philippines.

The other speakers were Dr. Antonio C. Sison, the first and only board certified Psychiatrist and Dermatologist in the Philippines, who talked about “The Skin tells a story: Patients and families sharing their journey with GPP,” and Dr. Ronaldo Q. De Vera from the Philippine Rheumatology Association who discussed psoriatic arthritis.

The launch event, held on October 25 in Quezon City, brought together GPP patients from across the Philippines who bravely shared their personal struggles, creating a deeply moving and unforgettable moment. The event was a hybrid gathering, with many patients joining via Zoom to facilitate their participation.

Early detection, societal support needed to combat cerebral palsy in the PHL

By Rory Visco | Contributor

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OST people already complain about pain and other forms of discomfort whenever they move their muscles, particularly the feet or to some, even their hands.

More so if the individual has cerebral palsy.

The Cerebral Palsy Alliance Research Foundation (CPARF) estimates that about 18 million people worldwide have this condition, while the Centers for Disease Control and Prevention (CDC) of the US found one in every four cases of cerebral palsy for every 1,000 live births.

Based on available data, about one to two percent of the population in the Philippines have cerebral palsy.

What is cerebral palsy?

THE CDC says cerebral palsy or CP “is a group of disorders that affect a person’s ability to move and maintain balance and posture, and is the most common motor disability in childhood. Cerebral means having to do with the brain, while palsy means weakness or problems with using the muscles. CP is caused by abnormal brain development or damage to the developing brain that affects a person’s ability to control his or her muscles.”

The CDC, a major component of the US Department of Health and Human Services, noted four types of cerebral palsy, mainly spastic cerebral palsy, which is the most common as it affects about 80 percent of people with CP, whose muscles are seen as stiff and movements become awkward. There are different types of spastic CP as well, depending on the body part that is affected, like spastic diplegia/diparesis, where muscle stiffness mainly affects the legs; spastic hemiplegia/hemiparesis, which affects only one side of the body; and spastic quadriplegia/quadripa-

resis, said to be the most severe as it affects all four limbs, the trunk, and the face. Those with this type of CP, according to the CDC, usually cannot walk and possess other developmental disabilities like intellectual disability, seizures, or problems with vision, hearing, or speech.

Those with Dyskinetic CP, on the other hand, have problems controlling the movement of their hands, arms, feet, and legs, making it difficult to sit and walk.

Meanwhile, Ataxic CP is about problems on balance and coordination, and Mixed CP, the most common type is spastic-dyskinetic, is one whose symptoms are of more than one type of CP. Here in the Philippines, the Philippine Pediatric Society said there are about 2,993 cases of unspecified cerebral palsy cases, 426 of whom are spastic quadriplegics, 59 spastic diplegics, 33 dyskinetics, 10 are ataxics, and 190 were categorized as “others” although many may not be reported yet.

Factors that cause CP and its effects THERE are several factors that lead to CP prevalence in the country, mainly due to lack of access to sufficient healthcare and support. Poor nutrition is also one, where malnutrition during pregnancy lead to brain damage in the fetus developing inside the body, thereby posing CP risks. Lack of prenatal care is also another factor since majority of women in the Philippines hardly receive prenatal care, which may also lead to birth complications or even injuries.

The effects of CP on the body also varies depending on the severity and type, like difficulty with movement and coordination, muscle stiffness and tightness, speech and language and intellectual difficulties, plus other social and emotional challenges, particularly for children who try to deal with their condition.

It is also essential that those with CP, despite their

condition, should still be fully integrated into the mainstream of society, and should receive substantive medical care, physical therapy, and other support services for the management of their condition and more importantly, improve their quality of life.

In a recent session online, Cerebral Palsied Association of the Philippines, Inc. (CPAP) President Charito Corazon Manglapus, said societal stigma has also forced some people with CP not to reveal their true condition, and said that CPAP is determined to reverse this somewhat prevailing perception.

However, she pointed out the value of early intervention, combined with occupational therapy and special education, can enhance learning capacities based on individual functional levels of people diagnosed with CP.

Possible treatment modes UNFORTUNATELY, CP is incurable according to the National Institute of Neurological Disorders and Stroke (NINDS) of the US, but certain treatments can help improve the capabilities of those with CP, particularly children. Although there is no standard therapy, consultations with specialists like a pediatric neurologist, developmental pediatrician, ophthalmologist, or otologist, can help in providing an accurate diagnosis and development of a specific treatment plan.

There are also forms of therapies like physical, occupational, recreational, speech and language, and treatments for those who drool or have difficulty eating since they have little control over the muscles that cause movement in the jaw, mouth and tongue.

Other treatments may involve medication, surgery, and the provision of assistive devices.

Societal support ONE of those that consistently provide support to

raising awareness and information about CP is SM Cares, the corporate social responsibility arm of SM Supermalls. Last month, the group partnered with the Cerebral Palsy Epilepsy Family Awareness Support Group.PH Inc. in celebration of World Cerebral Palsy Day. The group conducted a Hip Awareness workshop and physical check-up session at the SM Mall of Asia Arena Annex Building in Pasay City.

The workshop aimed to orient, help, and guide parents of children with cerebral palsy and epilepsy on hip dysplasia, a congenital complication where the hip joint bones do not fit together properly. This condition makes affected children more prone to hip dislocation, which, in turn, affects their mobility and self-sufficiency.

“If you have an unlimited number of ‘whys’ regarding what we are currently experiencing, it’s even more crucial that we engage in continuous contemplation about how and what we can do to ensure a better life and a beautiful future for our children,” said Cerebral Palsy Epilepsy Family Awareness Support Group.PH Inc. President and Founder, Jessa Marmol.

For his part, SM Supermalls’ Senior Vice President for Operations and Director for SM Cares Program on Persons with Disabilities, Engr. Bien Mateo, said the event “marks a significant moment for us, not only because it’s the second year for us to host such an important event, but it also represents SM Supermalls’ ongoing commitment to raising awareness and providing support to our friends with cerebral palsy.”

SM Cares is all about ‘Supporting Communities.’

In the spirit of social inclusion, we find ways to make our malls accessible and our frontliners assistive to individuals with cerebral palsy, as well as the families who care for them. We always will be a mall for all where no one gets left behind, and we hope that everyone will be able to enjoy the same fun and leisure in our malls,” Mateo added.

IN AN article published by the Agence France Press, the International Labour Organisation (ILO) noted in its research that staff turnover in the country’s BPO industry “averaged about 30 percent annually, compared with less than 10 percent in other sectors,” according to senior ILO researcher Jon Messenger.

The ILO urged governments as well as companies to promote and protect the health and safety of BPO staff specially those working in the night shift. Moreover, the United Nations-affiliated organization called on call center operators to redesign work processes so that the staff could enjoy more autonomy at work.

The ILO study covered the BPO industry of India, the Philippines, Brazil and Argentina.

Dr. Wilson also urged Filipinos to adopt clean and healthy eating, stressing that people can start eating healthy at any point in life. Nevertheless, she said eating healthy during childhood helps them to be on the right track. “However a person can choose to shift their diet any day. Fast food options definitely make it too easy to choose processed foods over healthy foods. A person needs to prioritize health and make intentional choices,” she explained.

“Clean eating is eating in a way that supports health and doesn’t negatively affect health. That includes getting adequate macro and micronutrients in balanced meals at consistent intervals through the day. To eat clean, I suggest avoiding sugar [refined sugar], dairy [from cow milk], gluten, processed foods, preservatives and fillers, fried foods, and artificial sweeteners,” Wilson added.

Adequate sleep SHE underscored the importance of having adequate sleep from 7.5 to nine hours of sleep, preferably starting at 10 pm. In some cases where older adults are more likely to have sleep issues, Wilson recommends following sleep hygiene suggestions: clean eating, stress recovery and appropriate exercise. She added people should also address nutrient deficiencies, hormone imbalances, digestive issues including gut microbiome imbalances.

Dr. Wilson said managing various types of stress causes disruptions, imbalances, deficiencies, and depletions is quite important for one’s health. “When we address all of the effects of stress in our body, mind and spirit, we experience recovery and resilience,” she said.

Wilson said pursuing an active lifestyle should also be an important part of mitigating stress. In her book, “Master Your Stress Reset Your Health,” she reviewed different exercise options.

“It’s important to choose one that is of interest to you, and that matches your body and your Stress Type.

It could be anything from walking, to yoga, to pilates, HIT, strength training, and more,” she said.

Best-selling book HEALTHY living advocate Healthy Options recently invited Wilson to Manila and Cebu to talk about her best-selling book, “Master Your Stress. Reset Your Health.”

Through the science of epigenetics, Wilson showed to the audience the connectedness of cortisol, adrenaline, and neurotransmitters, and how people can balance these through her C.A.R.E. program: Clean eating, Adequate sleep, Recovery, and Exercise.

“It’s not about being ‘stress-free’—that’s impossible.

It’s about learning to give yourself and your body what it needs in order to be healthy in spite of the stress.”

Rizal Raoul S. Reyes

Parentlife BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos • Thursday, November 9, 2023

B5

Zeroing in on keeping our key organs healthy: Part I Sponsored kids of World Vision Philippines had the opportunity to tour the Philippine Coast Guard (PCG) Vessel and meet Coast Guard Rear Admiral Armand Balilo.

PHOTO BY KEVIN MCCUTCHEON ON UNSPLASH

Coast Guard Rear Admiral Armand Balilo inspires World Vision kids to pursue their dreams

HAVING a good role model to look up to is an important factor in a child’s development. A role model can provide motivation, inspiration and support, and kids may even pick-up positive habits and values that they can carry with them for a lifetime.

That was the inspiration behind the recently concluded Philippine Coast Guard (PCG) Vessel Tour in the Port Area of Manila City where the sponsored kids of World Vision Philippines had the opportunity to meet one of its highranking officers, Rear Admiral Armand Balilo.

Once a sponsored child of World Vision Philippines, Rear Admiral Balilo currently stands as the PCG’s spokesman and was responsible for organizing the vessel tour of BRP (Barko ng Republika ng Pilipinas) Teresa Magbanua with a goal of “inspiring patriotism and civic action” among the youth.

But getting to the position he is in now wasn’t always easy, as he admitted that he also experienced poverty when he was growing up. “Ako rin dumaan doon,” he recounted. “Pero ang kahirapan, naging motivation ko. Sabi ko magsisikap ako and hopefully pagdating ng panahon, I will succeed and maitataas ko level ng buhay ko.” As a teen, he had dreams of becoming part of the Philippine military. When an opportunity presented itself, he eventually entered the Navy where he managed to move up, eventually earning the rank of a Rear Admiral.

From his experience, he advised the World Vision youth to study hard and never give up in order to achieve their dreams: “Meron kayong opportunity para mag-aral at merong konting tulong na binibigay sa inyo na kahit papaano ay makakaraos kayo sa pag-aaral. Basta magsipag lang, wag magsawang mangarap at samahan ng hard work at darating din ang panahon na makakamit din ang mga pangarap n’yo.”

Anyone can become a child sponsor through World Vision Philippines for as low as P25 a day or P750 per month.

Through this amount, the sponsor can help provide lifechanging essentials for kids such as education, health and nutrition, values formation and child protection.

To sponsor a child, more information is availablle at www. worldvision.org.ph/sponsor-child or www.worldvision.org.ph.

Have java-cool holidays with Seattle’s Best Coffee

THE holiday season is in full swing and at this time of year, having a cup of your favorite cold drink is a perfect idea. And Seattle’s Best Coffee is already getting us in the festive mood as it highlights the well-loved Javakula beverage, this time coming up with the Premium Festive Javakula Collection featuring flavors that will make you feel like Christmas is in every cup.

Available in all Seattle’s Best Coffee stores nationwide, the holiday collection delights us with the comeback of the crowd favorite, Chocolate Lush Javakula, made with Reese’s, plus two new festive variants: the Cinnamon Dolce Javakula, and the French Vanilla Javakula.

First introduced in 2021, the Chocolate Lush Javakula made with Reese’s is back by popular demand. Now, customers can once again indulge in this espresso-based iced blended beverage that mixes the wonderful flavors of chocolate and nuts thanks to its highlight ingredient: Reese’s peanut butter chocolate. It’s made even more indulgent as it is topped with chocolate whipped cream and Reese’s peanut butter cup chunks.

Christmas is not complete without the taste and smell of cinnamon. Seattle’s Best Coffee incorporates this nostalgic flavor into the Cinnamon Dolce Javakula.

So enjoy a sip of this ice-blended beverage with rich cinnamon flavor blended with espresso, and made even more special with caramel, and dark chocolate sauce on top of chocolate whipped cream.

Finally, you can treat yourself with the enticingly sweet and decadent flavor of the French Vanilla Javakula, which combines all the ingredients many of us love: French vanilla, espresso, and white chocolate. Each cup will give you that extra rich flavor bringing the holiday close to your heart.

Families can stay cool with these festive flavors from the Premium Festive Javaula Collection available for dine-in, take-out, pick-up, and delivery through Facebook Messenger, GrabFood and foodpanda.

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N a recent column, I discussed general tips on how we can self-care our body and mind. This week, I thought it would be good to go on a deeper dive on caring for our body.

How important is properly caring for our physical health? The answer varies per person. Some people care for their health based on genetic history of diseases. Others are more holistic and looks after nutrition, sleep and physical exercise. I have never put as much energy in learning about this topic. Like many, we only start focusing on this when we reach closer to mid-life.

After losing very dear people to me in the recent years, I realized I must learn more preventive measures to care for my family and the people around me who I love. I have always been grateful to be blessed with my husband and best friend who never ceases to remind me to drink more water, engage in physical activity, or eat better. I also found this practical, up-to-date and comprehensive guide on where, how and especially why we need to start caring for each organ in our body from the publication Prevention, titled The Guide to Aging Slower, Your Body’s Complete Owner’s Manual.

From this resource, I learned that caring for our health needs to be done for key organs. These key organs included our heart, brain, lungs, skeleton, stomach, uterus, liver and skin. Below are some of the key points I learned from it:

HEART

OUR heart is a hollow muscular organ that expands and contracts to move blood through the arteries and veins. It handles a lot in a day. It purrs during a hug, picks up its pace on a power walk, and keeps a steady beat when you’re working and sleeping. According to Nieca Goldberg, MD, medical director of Atria New York: “If people could look in the mirror and see inside their arteries, my job would be a lot easier,” she says.

And because we can’t, heart disease is the No.1 killer of women. It shares what we can do with our nutrition to care for our heart.

Snack smarter with healthy fats. Bypass the junk food drawer and nibble on smarter choices instead.

Unlike sugary treats, foods that contain healthy fats like omega-3s and omega-6s can help you feel satisfied and help out your heart. The examples provided are: n Olive toss. Mix 10 jumbo ones with a handful of grape tomatoes. n Hummus with veggies. n Veggies with a sprinkle of paprika. n Homemade sweet potato chips. Slice them thin, toss with olive oil, and roast. n Avocado dip. Mash half an avocado and eat it with red pepper strips. n PB throwback: smear peanut butter onto a

banana or celery sticks. n Eat chocolate to chill out. Over the years, research has found that the delicious dark variety of chocolate may help improve heart health, and now science is saying it may give your ticker extra protection during stressful events. According to a study in the Journal of the American College of Nutrition, just a single serving of 85% dark chocolate buffered the effects of rising blood pressure and heart rate when healthy women were undergoing mental stress. But the key here is a single serving, not an entire box. n Explore the Mediterranean. According to a 2020 long-term study of more than 70,000 people in JAMA Internal Medicine, those who diligently followed the Mediterranean diet were consistently associated with a lower risk for cardiovascular disease. This includes more fresh fruits and vegetables and whole grains, as well as choosing to consume fish, eggs and poultry rather than red meat, and dining on only moderate portions of dairy.

BRAIN

OUR brain is made of soft nervous tissue that functions as the central command station for sensations, intellect, and nervous system activity. As much as you want it to run at its peak performance, cognitive function can decline with age, impacting your memory, focus, processing speed, and concentration. But that’s not a foregone conclusion.

Research suggests that you can keep your brain sharp throughout your life, a concept known as

neuroplasticity. “Age-related cognitive decline slows down this plasticity,” says neuro-ophthalmology researcher Mithu Storoni, PhD. “But you can slow this decline by forcing the brain back into ‘grow’ mode.”

You don’t have to make seismic changes to stimulate this growth.

It shares how we can fuel our mind. It suggests blueberries, fish and olive oil because all these contain nutritional benefits shown to improve cognitive function and potentially lower your risk of developing Alzheimer’s disease or age-related dementia. It also helps if you cook more at home: when you prepare your own meals, you have greater control over what is going into your body. It also suggests avoiding unhealthy fats. Those with saturated and trans fats are believed to damage your cardiovascular system and therefore, your brain health. That means less red meat, butter, margarine, pastries and other sweets, and fried or fast foods.

It also shares that “one study found that people who ate one or two servings of leafy greens daily had the cognitive abilities of someone 11 years younger than people who ate none. Among greens, rainbow chard is a jazzy way to perk up a plate. And delicious peppery arugula is a nutritional standout: it is very high in nitrates, compounds that increase blood flow to the brain by dilating blood vessels (arugula also lowers your blood pressure).

“If your brain isn’t getting enough blood flow, it’s not getting enough oxygen, which can result in cell death,” says Jennifer McDaniel, a spokesman for the Academy of Nutrition and Dietetics. n

PTSD expert explains how to protect your kids from overexposure to war images

By Arash Javanbakht Wayne State University The past few years have been filled with a seemingly endless stream of painful stories and images coming from across the globe, including the loss of more than 3 million people to the Covid-19 pandemic and the widespread trauma inflicted by the Russian invasion of Ukraine.

Now, in late October 2023, the tragic loss of thousands of innocent civilian lives in Israel and Palestine is dominating headlines and consuming the world’s attention. With each passing day of the ongoing war in Gaza and the gruesome news that it brings, many of us find ourselves checking the news the minute we wake up and last thing before going to bed.

By now, most of us have seen unforgettable images and videos of dead bodies, burned cars and destroyed blocks of buildings, repeatedly. This exposure is often unintentional. For instance, as we are scrolling through Twitter, Facebook or Instagram posts, we might come across a post conveying a very raw and painful story about the suffering of citizens in Israel and Gaza.

The tension and unease has even leaked into the US Jewish and Muslim communities. And in mid-

October, a Palestinian child in the US was stabbed to death because of his family heritage.

I am a trauma psychiatrist and researcher who works with refugees, first responders and survivors of torture and human trafficking. In my work, I hear detailed stories of suffering from my patients that are painful to be privy to and that can have a negative impact on me and my colleagues.

Through these experiences and my training, I have learned ways to protect myself from too much emotional impact while staying informed and helping my patients. In my recent book, Afraid: Understanding the Purpose of Fear and Harnessing the Power of Anxiety, I have explained in detail how media and politics have heightened our anxieties and have outlined ways we can reduce the impact.

How to protect children

CHILDREN often get exposed to such news and images, which could have negative effects on them.

For younger children, repeated exposure to the news or to disturbing images might create an illusion that the event keeps repeating, or that they are happening nearby.

Here are some tips for limiting the impact on children: n Be mindful to not express overly charged

negative emotions in front of children, who learn how safe or dangerous the world around them is largely from adults. n Limit children's exposure based on their age. n When children are exposed to scary or upsetting news, talk to them about it in an age-appropriate way and explain what is happening in understandable language. n Remind children that they are safe. For younger children, it might be important to remind them that these sad events are not happening where they live. n Do not avoid their questions, but rather use them as an age-appropriate educational opportunity. n If needed, seek professional help.

We grown-ups can also reduce the negative impact on ourselves through helping others, especially those affected by these calamities.

When I feel affected by the traumatic experiences of my patients, remembering that the end goal is helping them and reducing their suffering helps me process my feelings. Sadness, anxiety, anger and frustration can be channeled into actions such as contributing to fundraising activities, volunteering to help the victims and activism to persuade politicians to do what is right. This can even be a family activity that teaches children a mature and altruistic response to others' suffering. THE CONVERSATION

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Thursday, November 9, 2023

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BDO FOUNDATION RECOGNIZED FOR FINANCIAL INCLUSION INITIATIVES For its efforts to collaborate with the government and contribute to nation-building through the implementation of financial inclusion initiatives, BDO Foundation received recognition from the Bangko Sentral ng Pilipinas (BSP) at the 2023 Outstanding BSP Stakeholders Appreciation Ceremonies. BDO Foundation president Mario Deriquito (center) accepted a certificate of appreciation from BSP governor Dr. Eli Remolona Jr. and BSP deputy governor Bernadette RomuloPuyat at the event held at the BSP Complex in Manila. The corporate social responsibility arm of BDO Unibank was lauded for its 10 partnership projects with BSP aimed at uplifting the economic well-being and improving the financial literacy of Filipinos. In partnership with BSP and several government agencies, the foundation currently implements financial education programs for public school students, teachers and nonteaching personnel, overseas Filipino workers, civil servants, police and military personnel, firefighters, fishers, farmers, micro-, small and medium-sized enterprises, and technicalvocational students. The ongoing programs support BSP’s National Strategy for Financial Inclusion.

Home Credit makes the holiday season merrier with Marian Rivera, 0% holiday deals

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OME Credit Philippines, the countr y’s leading consumer finance company, officially introduces celebrated actress Marian Rivera as its latest brand ambassador to welcome a merrier holiday season.

Widely recognized for her iconic roles in television series and movies, Marian has made a mark as a multifaceted talent. She is also a successful entrepreneur, a renowned model, a talented dancer, an excellent TV host and a TikTok star.

While she takes on various roles in her career, Rivera is unwavering in her dedication as a mother of two and a wife, always prioritizing her family’s needs to provide them with the life they truly deserve—a trait perfect fit for the brand as she embodies the aspirations of every Filipino.

“Marian R ivera represents the

nature of Filipinos—being able to provide their loved ones and even themselves with the life they desire. As we welcome her to our Home Credit family, we are confident that her values will resonate with our customers. Together with Marian Rivera, we look forward to making this holiday season truly special for Filipinos,” Shiela Paul, Home Credit’s Chief Marketing Officer, said.

Alongside the introduction of its newest brand ambassador, Home Credit also unveils a range of holiday offers for the Filipinos to pursue their personal and family goals with confidence this holiday season.

Among these deals include the back-for-a-limited-time promo, The Great 0% Festival, which offers 0% interest rate offer on various installment payment options, ranging from six to 18 months. Available

through Home Credit partner stores or Shoppingmall.ph, this offer covers a variety of lifestyle and tech products, including mobile phones, laptops, appliances, furniture, and more, allowing users to realize their goals and make this holiday season unforgettable for themselves and their loved ones.

“As the country’s trusted partner ‘Para Sa Life,’ we want to enable our users to turn their personal and family goals into reality this holiday season. Our 0% interest rate offer on various lifestyle and tech products are not just financial services but relevant tools for the Filipinos to achieve the lifestyle they aspire for themselves and their families, especially during this festive time of the year. We hope that celebrating the holidays is a time when dreams are fulfilled and aspirations are realized,” Paul concluded.

To know more about the latest updates from Home Credit Philippines, visit its official website, www.homecredit.ph. You may also follow its official Facebook, Instagram, and TikTok accounts. Customers are also encouraged to download the My Home Credit App on Google Play to learn more about the latest promos and see what’s new in the Marketplace.

Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).

Villar to new barangay, youth leaders: Serve your people well

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AS Piñas Rep. Camille Villar called on the newlyelected barangay and Sanggunian Kabataan officials to buckle down to work and deliver on their campaign pledges.

She added that “the tasks before them are broad and diverse, and they have limited time to make a significant impact in their communities and on the lives of their constituents.”

“It is time for our new barangay officials and young leaders to show their ability to serve the people. I pray for their success and at the same time I call on them to remain faithful to their duties and not to be consumed by the corrupt and selfish system,” she said.

“I wish all of our new barangay and youth leaders the best of luck. I hope that you all remain as enthusiastic and determined about the challenges ahead of you as you were when you sought your people’s support,” she added.

LAS Piñas Rep. Camille Villar exercised her civic duty during the Barangay and Sangunian Kabataan Elections (BSKE) and cast her vote at Las Piñas City National Science High School.

TOP collector Jake Horiondo, a junk shop owner from Basco, proudly shows all his collected bottles for the BOTEful Batanes program.

BOTEful Batanes: Where Every Bottle Counts; Ginebra para sa Kalikasan

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XPANDING its BOTEful Philippines program after successful activations in various areas, Ginebra San Miguel, Inc. (GSMI), the spirits business of San Miguel Corporation, has made its mark in Batanes.

Known as “BOTEful Batanes,” this second-hand bottle retrieval project, conducted in collaboration with the San Miguel Foundation and the local government of Batanes, yielded impressive results.

Approximately 20,000 used bottles were collected within a week from the municipalities of Basco, Mahatao, Ivana, and Uyugan.

This initiative underscores GSMI’s steadfast commitment to sustainability and responsible business practices.

Batanes Governor Marilou Cayco expressed appreciation, acknowledging the positive impact of the program on the province’s persistent waste challenge.

“Batanes is thankful to Ginebra San Miguel for pushing through with the program despite the challenges posed by the pandemic and natural calamities over the past four years. The program is beneficial to the province since GSMI has collected such large volumes, which greatly helps us reduce waste.”

The exchange of retrieved bottles for sacks of rice bought from the local community reflects GSMI’s “circular economy” approach, where environmental responsibility is combined with community support.

As a leader in the Philippine liquor market, GSMI recognizes its role in environmental preservation and community empowerment.

“BOTEful Batanes serves as a testament to Ginebra San Miguel’s enduring advocacy of ‘sustainability’ and ‘circular economy’ principles, championing these causes long before these concepts gained

widespread recognition,” said GSMI General Manager Noli Macalalag.

Inspired by the success of BOTEful Batanes, GSMI has now extended the program to areas previously out of its reach of the usual operations, such as the Visayas region.

Launched in 2017, the BOTEful Philippines program aims to raise awareness about GSMI’s commitment to second-hand bottle retrieval and instill a recycling culture in day-to-day activities in the communities. To date, the program has successfully retrieved around 80,000 bottles, a proof of the company’s dedication to environmentally responsible operations.

Lewisito Leonillo, National Logistics Manager, explained that bottle retrieval is an integral part of GSMI’s operations. “GSMI’s nationwide bottle retrieval system is our version of circular economy—which is based on the reuse of materials. To truly make an environmental impact, bottle retrieval must keep pace with our growing sales and requires the collaborative efforts of everyone involved, including the communities where we operate.”

With BOTEful Batanes, every bottle counts, as every bottle contributes significantly to the preventing solid waste accumulation, conserving natural resources, and reducing greenhouse gas emissions associated with new bottle production.

Ginebra San Miguel Inc. (GSMI), the maker of the world’s leading gin Ginebra San Miguel, firmly believes that giving value to its shareholders includes upholding its commitment to good corporate citizenship by making a positive environmental impact in the communities it serves. This approach ensures efficient resource utilization to meet present needs while safeguarding resources for the future.

Get Hundreds of Offers in Dubai this Winter with My Emirates Pass

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MIR ATES recently announced the return of its popular My Emirates Winter Pass. Starting from November 1, 2023, to March 31, 2024, My Emirates Winter Pass enables customers to use their boarding pass to enjoy exclusive discounts at restaurants, luxury spas, big-name stores, private pools and beaches, and more across Dubai and the United Arab Emirates (UAE).

Emirates customers flying to or through Dubai can simply show their boarding pass and a valid form of identification to unlock incredible offers to some of the biggest family attractions for less, including At The Top Burj Khalifa, Aquaventure waterparks at Atlantis The Palm, IMG Worlds of Adventure, Dubia Parks & Resorts, City Sightseeing, and much more.

If you checked in online and downloaded your mobile boarding pass to the Emirates App or Wallet, remember to screenshot it to present at participating venues as it will disappear from your apps once you’ve landed.

With glorious weather and hundreds of incredible offers this season, it’s the best time to be in Dubai. Whether it’s catching up on major sporting events like the upcoming DP World Tour Championship this November and the world-renowned Dubai Shopping Festival in December, there is something for every traveler when visiting Dubai this winter season. From sun-soaked beaches and heritage activities to top rated hospitality and leisure facilities, Dubai offers a variety of world-class experiences.

Visit during the Dubai Shopping Festival to enjoy even more offers and discounts.

From December 8, 2023 to January 14, 2024, Dubai’s shopping and family entertainment extravaganza is back. Make the most of your Emirates baggage allowance to bring home designer deals. While you’re there, use your Emirates boarding pass to enjoy exclusive offers at restaurants, spas, pools, family attractions and more.

Dubai offers an abundance of choice for anyone looking to experience some winter sun. Ranging from serene moments of relaxation by the pool to delightful family experiences at indoor theme parks and water parks, whatever your preference, there’s always something to do in Dubai.

Members of Emirates’ award-winning loyalty program, Skywards, can earn Miles on everyday spends at retail outlets in the UAE during their stay, and redeem these Miles for reward tickets, upgrades, as well as tickets for concerts and sports events.

Emirates offers flights to more than 130 destinations around the world, across six continents and currently operates 25 flights per week from the Manila, Cebu, and Clark to Dubai.

For more information, visit emirates.com.

Tickets can be purchased on emirates.com, Emirates call centre and retail offices, via travel agents or through online travel agents.

Envoys&Expats BusinessMirror

envoys.expats.bm@gmail.com

Thursday, November 9, 2023

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GPCCI forum with DOTr chief highlights local transpo sector potential for German businesses

GPCCI’s Dr. Christian Scheld (from left), Tore Henriksen, Tristan Arwen Loveres, the German Embassy’s Dr. David Klebs, DOTr chief Jaime Bautista, GPCCI’s Christopher Zimmer, Ambassador Dr. Andreas Pfaffernoschke, Lufthansa Technik Phils.’ Elmar Lutter, GPCCI’s Marie Antoinette Mariano and Stefan Schmitz DEPARTMENT OF TRANSPORTATION

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HE German-Philippine Chamber of Commerce and Industry (GPCCI) presented possibilities in the local transportation front and infrastructure upgrading, among others, in a recent gathering.

The GPCCI Luncheon Forum on October 26, organized with Lufthansa Technik Phils. and featured Secretary Jaime Bautista, centered on potential partner-

ships between the Philippines and Germany, with focus on the Department of Transportation’s (DOTr) vision and plans for transforming the sector—including

easing the conduct of businesses, and enabling further growth.

Ambassador Dr. Andreas Pfaffernoschke, as well as GPCCI’s president Stefan Schmitz, executive director Christopher Zimmer, and its board of directors led other key officials in the gathering.

“We’re also pushing for nonspecific thematic initiatives that are all-encompassing across the different sectors,” said Bautista.

“Included in the existing 20 thematic initiatives are reducing logistics cost, creating transport jobs, transport safety and security, carbon neutrality, disaster re-

silience, gender equality, [as well as disability and social inclusion, among others. Other critical ones we now regard as advocacies are digitalization, electric vehicles, institutional strengthening and rightsizing, plus] more.”

The event also staged a panel discussion w ith the DOTr chief and Lufthansa Technik Phils. president and CEO Elmar Lutter. They tackled potential partnership opportunities with German-Philippine businesses and participants’ queries on the transportation sector, its plans, and possibilities for growth and collaboration.

Zimmer confirmed that “with all the plans and prospects of the current administration for the Philippine transportation landscape, we see immense opportunities for German business to tap into and contribute to positive economic impact to the overall mobility of goods and services in [this] country.”

The forum concluded with an invitation from Bautista for German businesses and government to explore the DOTr’s projects and initiatives, then promoted the possibility of public-private partnerships aimed at improving and growing the Philippines’s transportation system and sector.

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between the two, various economic managers of the Philippine government were able to participate in the 39th Joint Meeting of the JapanPhilippines Economic Cooperation Committee which was held in Tokyo in 2015.

In 1974, Jose established a battery component-manufacturing company in the Philippines and expanded his business into the fields of automobiles and electronics. The awardee has greatly contributed to the business development of the local automotive sector by engaging several Japanese manufacturers that provided a stable supply of locally produced car components, parts and assemblies to Filipino

and Japanese-owned automobile and homegrown manufacturing companies.

By 2010, he had served a total of five terms as president of the Laguna Technopark Association Inc., where many Japanese firms are located.

In 2012, he was appointed president of Philippine Parts Maker Association (PPMA), where he has been instrumental in the development of the local manufacturing industry.

He had actively promoted Japanese businesses’ stable operations, especially during the onslaught of the pandemic, by spearheading the vaccination programs for officials

Y daughter’s favorite dish is spaghetti and luckily, that’s one that I know how

JOSE

and staff of locator-companies.

The Embassy of Japan has relayed its government’s sincere congratulations to Jose, as the latter appreciates his significant contributions to forging stronger ties with the Philippines.

New equipment from Australia, UNDP prop up Pagasa’s hazard and risk-mapping capabilities

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HE United Nations Development Programme (UNDP) in the Philippines and the Australian Embassy handed over ground survey and office equipment to the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa) to support the generation of severe wind and storm-surge hazard and risk maps, as well as localized climate data for provinces.

As part of the Australian government-supported “Strengthening Institutions and Empowering Localities against Disasters and Climate Change (SHIELD)” program, one survey-grade drone, one high-end rangefinder, four high-end desktop computers, one high-end laptop computer, 10 tablet computers, and several other ground-survey equipment were provided to support Pagasa’s climate and disaster-resilience initiatives.

Present during the handover ceremony were Undersecretary Maridon Sahagun and Assistant Secretary Rodolfo Calzado Jr. of the Department of Science and Technology (DOST), Pagasa OIC Dr. Nathaniel T. Servando, and Philippine Institute of Volcanology and Seismology director Teresito Bacolcol. Resident

PAGASA OIC Dr. Nathaniel T. Servando (from left), DOST undersecretary Maridon Sahagun, UNDP Phils. resident representative Selva Ramachandran, Australian Embassy Counsellor for Development Thanh Le PSM, and SHIELD Programme Manager Maria Victoria de Guzman

Representative Dr. Selva Ramachandran of UNDP Phils., together with Counsellor for Development Thanh Le PSM of the Australian Embassy, also attended.

Sahagun highlighted the need for generating accurate scientific information and data for local resilience through multistakeholder action: “The heart and soul of the SHIELD Programme is collaboration, wherein its outputs will play a pivotal role in supporting local resilience planning, unlocking funding opportunities, and shaping policies for resilience at both national and

local levels.”

In his message, Dr. Ramachandran cited UNDP and Pagasa’s long-standing partnership, as he expressed his anticipation for deeper collaboration between the two institutions: “The cooperative, innovative, and resilience-fostering mentality is embodied through ‘SHIELD...’ Today’s handover is a demonstration of that collaborative spirit.”

For his part, Le reiterated the Australian government’s commitment to assist the Philippines in reinforcing its climate and disaster

AMBASSADOR Marco Clemente and Publisher T. Anthony Cabangon-Chua during the former’s courtesy visit at the BusinessMirror head office on November 7. GIL ROY DOMINGO

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Japan’s 2023 Autumn Conferment of Decoration given to Fil. entrepreneur N November 3, the Japanese government announced the conferment of the “Order of the Rising Sun, Gold Rays with Neck Ribbon” on Egmidio Cesar S. Jose in recognition of his contributions in boosting the bilateral economic ties of Japan and the Philippines.

Jose was appointed chair of the Philippine-Japan Economic Cooperation Committee Inc. for two years from 2014, and has been deeply involved in organizing the collaboration between the business communities of both countries through his corporate linkages.

Through his efforts in solidifying two-way trade and investments

Of sugar on spaghetti, and all that’s nice about opera: Italian diplomat is a true promoter of culture, the arts

resilience: “We are proud to support Pagasa and highlight the role of science and technology as the foundation for effective and responsive climate action. Australia will continue to be a friend and partner to the Philippines [in addressing] these shared challenges.”

The Australian government has allocated AU$18 million for “SHIELD” to assist the Philippine government in enhancing institutional and community resilience to climate change and natural hazards. The handover activity bolsters one of the program’s main goals: to generate more accurate, timely, and relevant scientific data and information on local hazards, risks, and vulnerabilities.

UNDP Phils is implementing it together with consortium partners UN-Habitat, National Resilience Council, Philippine Business for Social Progress, and the Consortium of Bangsamoro Civil Society, in coordination with the Department of the Interior and Local Government, DOST, and the Office of Civil Defense in 11 of the country’s most vulnerable provinces to disaster and climate-change impacts, as well as in Metro Manila and the Bangsamoro Region.

to make.

But my version has more tomatoes, with herbs and vegetables in it. She likes those from quick-serve restaurants, but my recipe is also on her list.

That’s why it struck a chord with me when Italian ambassador Marco Clemente remarked about his country’s beloved pasta dish during his courtesy call with BusinessMirror editors and reporters last Tuesday.

“If you like spaghetti, please… don’t add sugar,” Clemente insisted.

He likewise talked about operas, and how the culture has faded on the Filipino psyche. But the spaghetti talk buzzed me from slumber.

“Uh-oh... I mix sugar on my daughter’s spaghetti…” I said to myself.

Then, editor Mike Policarpio followed through: “So what do you think about Filipino spaghetti?”

The Italian envoy smiled, and carefully thought of an appropriate answer. Mike saved him from the awkward pause: “I asked, because when [another European ambassador] overheard my query to an Italian diplomatic officer during an event, he interjected the local kind was an ‘abomination!’”

Clemente’s eyes grew big. With a big sigh, he retorted: “I wouldn't say abomination. But yeah, we shouldn’t put sugar on spaghetti.”

Everyone in the room laughed. Of course, the Filipino kind is sweet, and I dare say we love it!

“It’s like having your adobo, and we put tomato sauce in it…” the envoy tried his best to explain.

Opera vs. TikTok

THEN, he brought back the conversation to another Italian signature: the operas.

The ambassador likened the original Italian spaghetti recipe to appreciating the musical masterpieces.

His country happened to be their birthplace, and the 400 years of the said cultural heritage is something to brag about and promote.

But the closest thing Filipinos generally have encountered in opera is through the classic zarzuelas, which Spanish colonial masters introduced. But ask a millennial or “GenZ” about such, and they would probably mention it as a brand of a web browser. Some baby boomers would have probably remembered Luciano Pavarotti who made a headline-grabbing performance in Manila some years back.

Last year, when the Italian Embassy and the Cultural Center of the Philippines hosted the opera “Turandot”

by Giacomo Puccini, Clemente shared that Vice President Sara Duterte watched the show and brought kids from Tondo who “loved it.”

But lo and behold…there was no mention about it in the media.

He was absolutely baffled, and lamented: “How come? The vice president was there, the opera was shown at the Cultural Center of the Philippines—the bastion of [local culture, and there were the kids] from Tondo.”

Well, it was not surprising for me.

Operas are often viewed as something “elitist” here in the country.

And sitting while watching anything for 180 minutes is sheer torture.

But the 64-year old diplomat, who hails from Rome, said he won’t stop trying. He shared his plans about hosting a one-week opera festival to mark Puccini’s centennial anniversary of passing.

It is going to be a hard pitch to reintroduce opera to Filipinos, whose demographic is now one of the youngest in Asia. Clemente conceded the youth now has the attention span of a goldfish, and watches more TikTok posts.

Appreciating opera

THE ambassador believes that the way to appreciate opera is to prepare the audience first about the storyline before bringing them inside the theater. This, he said, is what the embassy did with the Tondo children last year.

“Opera requires [focus for three hours. And our kids are losing attention nowadays with social media. But if you bring them] to an opera, they will love it; they will be focused. You can only do it if you introduce them first to the storyline,” he advised.

It may take another generation to appreciate the classics like operas and poetry. He hopes media organizations like BusinessMirror can help promote culture by putting up pages for theater, opera and poetry.

Our publisher, T. Anthony Cabangon-Chua, suggested: “Maybe you can put up a newspaper when you retire, and start a cultural page.”

Clemente then realized: “I might end up being bankrupt in two months,” which again drew collective laughter from the editors and reporters.

Just like spaghetti, how do we make opera delightful for Filipinos?

Maybe then, it would sound just as sweet.

Wemby’s learning–fast–in NBA H S

By Tim Reynolds The Associated Press

ERE’S some of what San Antonio’s Victor Wembanyama has experienced so far in the National Basketball Association (NBA): Scoring 38 points in a game, playing in a back-to-back for the first time, being part of two 40-point losses, wasting a huge lead and losing, overcoming a huge deficit and winning.

It’s been an education.

And by all accounts, the French rookie who stands nearly 7-foot-4 is passing the tests.

Wembanyama’s numbers so far—19.4 points, 8.4 rebounds and 2.6 blocks per game. The last player to have such averages over the first seven games of his career was Shaquille O’Neal in 1992. Back then, the consensus was O’Neal was one of a kind. The refrains are familiar today.

“We’ve never seen anything like this,” Indiana coach Rick Carlisle said.

It’s a different game now, but it’s hard to argue what Carlisle is saying when factoring in the insideoutside game that Wembanyama possesses. There’s never been a rookie who averaged so many points and rebounds along with one 3-pointer made per game. Larry Bird was the closest—it’s a small sample size, but Wembanyama is making nearly two 3s per contest so far.

The league is raving about the kid who goes by Wemby, and has been from the moment he got drafted—long before that night, really. That hasn’t changed, nor has Wembanyama’s humble approach.

“Every night is a challenge,” Wembanyama said. “I’ve still got a lot to prove to my teammates and my coach.”

His coach might disagree.

Gregg Popovich—the Hall of Famer, the winningest coach in NBA history and someone who just happened to sign a five-year extension shortly after Wembanyama came to the Spurs— makes no effort to downplay his new star’s enormous potential.

“The first thing I would say is that his parents did a very good job,” Popovich said. “He’s one of

the most mature 19-year-olds I’ve ever been around. His character is incredible. His view of the world is mature. He understands who he is, he feels comfortable in his own skin.

He knows that all the hype that has been pretty thick, everywhere, is something to be ignored. He realizes he has work to do. Talent is talent, but he’s going to channel that and figure out exactly what his game should be.”

The lessons have come fast and furious in the first two weeks.

Actually, go back a little.

Preseason games are largely forgettable in the NBA, but Wembanyama made the Spurs’ exhibitions must-see TV. They were spectacles; Golden State guard Stephen Curry—who is only about a foot shorter than Wembanyama— added to the circus of it all by trying to jump center in the Warriors’ exhibition against the Spurs.

Shockingly, Wembanyama won that tip, but that night was a reminder of the spotlight that will shine every time San Antonio plays for the foreseeable future.

“The guy’s going to be great,” said Los Angeles Lakers star LeBron James, who entered the league with great fanfare as the highly touted No. 1 pick in 2003—and watched Wembanyama deal with the same otherworldly expectations 20 years later. “He’s already damn good right now and I think every game, every opportunity he’s on the floor, he’s going to continue to get better and better and see the nuances of the game and ways he can play and ways he can exploit the competition. So, he’s going to be great.”

If he needed a coming-out party, Wembanyama probably had one last week with a pair of wins in Phoenix.

On October 31, the Spurs rallied from 20 points down to beat the Suns, 115-114, after trailing for 47 1/2 of the 48 minutes; two nights later, Wembanyama had 38 points and 10 rebounds and the Spurs beat the Suns again, 132-121.

“He’s going to be a force in this league for a long time,” Suns forward Kevin Durant said. “Once he continues to get experience under his belt, he’s just going to get even better.”

Navy Sea Lions sink Quezon’s Plaridel in PNVF Challenge Cup volleyball elims

Sports BusinessMirror

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hursday, November 9, 2023 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

There have been rough nights as well. The Spurs lost to the Los Angeles Clippers by 40 last week, then lost to Indiana by 41 on Monday night. They became just the second team in NBA history to have two 40-point losses in the first seven games of the season; the other was the 201718 Suns, who went on to be the league’s worst team that year.

The Spurs have decidedly higher aspirations and so does Wembanyama. Popovich has never been one for false or effusive praise, but already raves about Wembanyama’s coachability, his relationships with teammates, his outlook on life and calls him “a very special young man.”

“He just comes to work every day, just like every other player,” Popovich said. “You have a system and he’s got to learn it. He’s got to learn the league. He’s never played against any of these guys or with any of these guys on our team. It’s just a process. There’s no formula.

You just try not to skip any steps. Luckily, he’s an intelligent, coachable young man and he’ll eventually get there. He will be a great player. But he’s got some learning to do first, just like any other player.”

GREG POPOVICH on Victor Wembanyama: He will be a great player, but he’s got some learning to do first, just like any other player. AP

Fighting Maroons edge UE Warriors, advance to semis

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NIVERSITY of the Philippines (UP) foiled University of the East (UE), 79-72, to book a Final Four ticket in the University Athletic Association of the Philippines Season 86 men’s basketball tournament on Wednesday at the Smart Araneta Coliseum.

The Fighting Maroons improved to 9-2 won-lost atop the standings— for their fifth consecutive semifinals appearance—with the victory allowing them to bounce back from an 88-79 loss to the De La Salle Green Archers last Sunday.

“We were just looking for a bounce-back game after losing the last one,” UP deputy coach Christian Luanzon said.

“There are things to improve, especially in the

second half where there were stretches where we were flat,” the long-time deputy coach said. “But you know, a win is a win and it was a much-needed win, especially coming off a loss.”

UP finally had Senegalese center Malick Diouf and point guard JD Cagulangan back in the squad after dealing with injuries.

Reigning MVP Diouf led UP with 19 points, 15 rebounds, five steals, two assists and one block while Cagulangan, the team’s graduating guard from Butuan, tallied nine points, eight assists, two steals and two rebounds.

After Jack Cruz-Dumont knocked down a three to level the game at 6969 for the Red Warriors with 3:50 to go, Diouf and CJ Cansino linked up

to give the Fighting Maroons a 73-69 edge with 2:42 remaining on the clock.

Cruz-Dumont, though, refused to quit and brought UE closer, 73-72, with over a minute left. But UP’s depth, talent and experience allowed it to find a way through.

Francis Lopez finished off an alley-oop play from Cagulangan’s pass while the Red Warriors’ defense was asleep for a 75-72 separation with 33 seconds left.

Noy Remogat shot an airball after a timeout and then Cagulangan converted a free throw while Diouf made a crucial steal from Ethan Galang and converted another free throw to ice the game at 77-72 with less than 14 seconds remaining.

THE Fighting Maroons’ Senegalese center Malick Diouf against the Red Warriors’ Nigerian reinforcement Precious Momowei.

IM Puerto Princesa stakes world championship berths

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OCAL triathletes get set for a duel of strength, speed and staying power not only in quest of top podium finishes in their respective age categories in the Ironman 70.3 Puerto Princesa but also in chase of coveted berths to this year’s world championship in New Zealand.

The 1.9-km (1.2-mile) swim, 90km ( 56-mile) and 21.1-km (13.1-mile) run event, which reels off Sunday, is offering 40 age-group qualifying slots plus an additional 15 spots for women to the 2024 VinFast Ironman World Championship on December 14 and 15 in Taupo, a town near the center of New Zealand’s North Island.

Bidders from 39 countries are all primed for battle in various age group divisions on a world-class, challenging course in a one-of-a-kind

racing experience in Puerto Princesa, which is pulling out all the stops to guarantee a successful hosting of the event for the second straight year.

“We cheered you on in 2023 and this year, we are again rooting for all participating triathletes, who are out to prove their stamina in a display of great physical as well as mental endurance,” said Puerto Princesa Mayor Lucilo Bayron.

A number of Filipino triathletes have competed in past World Championships and with more chances to earn a crack at racing against the world’s best, a highly-charged battle looms in the event organized by The Ironman Group/Sunrise Events Inc. Highlight of the IM 70.3 Puerto Princesa, backed by Vinfast, Active, Gatorade, HOKA, ROKA, Breitling

PAULINE DEL ROSARIO has work to do.

1884, Athletic Brewing Co., Fulgaz, Hyperice, Qatar Airways, Red Bull, Santini and Wahoo, is its first-time hosting of the Asia TriClub and Relay Championship with Mayor Bayron putting up P500,000 for the club to produce the fastest cumulative time of the Top 5 members, regardless of age and gender.

The host city’s chief executive is also staking P60,000 for the overall male and female finishes while the winners in the relay competitions— all-male, all-female, mixed—and the fastest in swim, bike and run will each receive P10,000.

Ushering in the main event are the Princesa Run, a 5K fun run Friday, and the Ironkids Philippines, featuring youngsters aged 6 to 15, on Saturday.

Del Rosario opens with 69 for joint 6th spot

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AULINE DEL ROSARIO hit two late birdies to shoot a 69 and trail Jessica Peng and Ling-Jie Chen by three strokes at the start of the Party Golfers Ladies Open in Guanxi Township in Hsinchu county in Chinese Taipei on Wednesday.

The big-hitting Del Rosario endured a rather shaky stint on Lily Golf and Country Club’s tricky greens coming off a pro-am victory the previous day, missing a number of chances right in the first six holes before coming through with four birdies against a bogey in the last 12 to gain a share of sixth with seven others.

Peng and Chen, Nos. 13 and 17 in the current Ladies Professional Golf Association of Taiwan (TLPGA) Order of Merit derby, respectively, gunned down seven birdies against a bogey each for 66s as they took control by one over fellow Taiwanese and former Ladies Philippine Golf Tour (LPGT) winner Ching Huang and Thai Ornnicha Konsunthea, who both spiked their 67s with three straight birdies from No. 14.

“I did really good, put a lot of trust in myself and turned out pretty good,” said Peng, who birdied the first two holes at the back where she teed off then picked herself up from a miscue on No. 13 with birdies on Nos. 18, 3, 4, 6 and 7.

When asked of her game plan for tomorrow (Thursday), the 30-year-old campaigner said: “If I can copy and paste the round today [yesterday] for

tomorrow [today], I’ll be awesome.”

Multi-titled PK Kongkraphan, also from the crack Thai contingent, fashioned out a bogey-free 68 to move to solo fifth in the NT$4 million championship co-sanctioned by the TLPGA and LPGT heading to a wild, scrambling finish.

Del Rosario was right on target off the mound and produced superb approach shots that led to birdies on Nos. 7, 9, 14 and 16, more than making up for her missed green mishap on the par-3 No. 8.

“I missed just one fairway and that helped me keep my ball in play even if the fairways are narrow,” said del Rosario, who led his team of amateurs Zhang Yicong, Li Qiaming and Li Shaoping to a record 16-under 56 for a three-shot win over two other squads in the traditional pro-am tournament late Tuesday.

“I had four makeable putts in the first six holes but I tried to make up for the misses the rest of the way,” added the 2017 winner of the TLPGA and Royal Open crown.

But she believes she can still improve heading to the last two rounds of the 54-hole event, saying: “I just need to adjust more on the greens, which are a bit slower. But I think I can still improve tomorrow [today].”

Florence Bisera likewise aims for a big bounce back after blowing a threeunder card early on with three bogeys for a 72 that dropped her to joint 25th with Daniella Uy and a slew of others.

Ubas stamps mark in weekly relays

J

ANRY UBAS was a cut above the field with a 7.75-meter performance in men’s long jump that he achieved with an aching back in the CEL Logistic Inc. Weekly Relay Series Finals at the PhilSports Complex in Pasig City.

“I still have pain in my back, but still I was able to perform so well,” said the Southeast Asian Games champion Ubas. “It’s a sign that I will

be better in future competitions.”

The 29-year-old from Misamis Oriental defeated ROTC Games three-time gold medalist of Adamson University’s Kent Francis Jardin— who has three gold medals at the recent Reserved Officers’ Training Corps Games—was a far second at 6.77, but a close shave over Mapua’s Leonard Grospe’s 6.66 meters in the 14-week series organized by

EASONED squad PGJC Navy drubbed Plaridel (Quezon), 2518, 25-23, 25-20, for a roaring start in the Philippine National Volleyball Federation (PNVF) Challenge Cup on Wednesday at the Rizal Memorial Coliseum in Manila.

The Sea Lions flaunted their experience and poise over the gritty Plaridel unit in each set of the tightrope duel to score the win in 72 minutes for a 1-0 record in Pool C of the 20-team men’s division.

Earlier, Jose Rizal University (JRU) smothered AngatletaOrion, Bataan with a convincing 25-11, 25-15, 25-12 win in 67 minutes for also a 1-0 slate in Pool C of the PNVF Challenge Cup supported by the Philippine Sports Commission, PLDT, Rebisco, Akari, Foton and CBPI. In the other game, the University of the East Cherrylume thwarted Arellano in four sets, 25-18, 22-25, 25-22, 25-23, for a winning start in Pool B. Title favorites Cignal and National U were the first teams to crack the winning column in the opener late Monday night with easy wins over Savouge Aesthetics and JRU, respectively.

Cignal, the defending Spikers’ Turf champion, thumped Savouge Aesthetics, 25-21, 25-16, 25-22, for a 1-0 card in Pool A. Three-time reigning UAAP champion NU followed suit, needing only 66 minutes to dispatch JRU, 25-15, 25-17, 25-19, and gain a piece of Pool B lead with UE. UAAP runner-up UST was not the be left behind in posting a big debut with a 25-14, 25-20, 25-17 win over Sta. Rosa City in Pool D. For the third straight day before plunging back to action next week, action continues today with another six-game bill for the stacked Challenge Cup, formerly known as the Champions League of the PNVF headed by Ramon “Tats” Suzara.

NCAA champion College of St. Benilde tests the mettle of UP Volleyball Club at 10 a.m., UP and La Salle-Dasma collide at 12 p.m. for the women’s play.

In the men’s tilt, Volida Volleyball Club and the University of Batangas lock horns at 12 p.m. followed by the duel between VSN Asereht and UE Cherrylume at 2 p.m.

UST then spikes for its second straight win against Emilio Aguinaldo College at 4 p.m. before Plaridel, Quezon and AngatletaOrion, Bataan battle for their first win at 6 p.m. after dropping their opening assignments.

KENNETH ROI CULABAT tries to score for University of the East-Cherrylume. ROY DOMINGO the Philippine Athletics Track and Field Association headed by Terry Capistrano.

Ubas hopes to jump 8.27 meters in any World Athletics event to qualify for the Paris 2024 Olympics. He owns the SEA Games decathlon record of 8.08m he set in Cambodia last May but was bitten by the cold and the worldclass field at the Hangzhou 19th Asian Games last month and did only 7.80m.

Next up for Ubas are the Philippine National Games at the PhilSports next month.

Josef Ramos