BusinessMirror November 13, 2023

9-month debt service up by ₧510B to ₧1.4T

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HE state’s debt service from January to September rose by over P500 billion to P1.4 trillion as the national government paid more interest payments and amortization, according to the Bureau of the Treasury (BTr).

Treasury data showed that the state’s debt payments from January to September expanded by P510.465 billion to P1.4 trillion from P889.846 billion in the same period of last year.

The increase in the overall debt payments was driven by double-digit growth rates in the state’s payments to both interests and amortization during the reference period.

T he nationa l gover nment’s amortization payments almost dou-

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bled as it reached P940.187 billion during the nine-month period, from P489.870 billion last year, based on Treasury data.

Bulk of the payments went to domestic amortization at about P852 billion. The amount is double the P407.939 billion the national government paid for domestic amortization during the same nine-month period.

External amortization payments by the national government reached P88.186 billion, up by 7.63 percent from last year’s P81,931 billion, according to the Treasury.

Interest payments by the national government from January to September totaled to P460.124 billion, 15 percent higher than last year’s P399.976 billion, Treasury

data showed. Bulk of the interest payments or about 69 percent went to domestic debt while the remaining 31 percent went to foreign debt.

The state’s domestic interest payments increased by 3.6 percent yearon-year to P317.314 billion from P306.21 billion, Treasury data showed.

The national government paid P188.3 billion in interest on fixedrate Treasury bonds during the period, slightly lower than the P196.687 billion it paid in the same period of last year.

The state’s interest payments for retail treasury bonds grew by 16.85 percent to P112.809 billion from P96.541 billion while its payments for the interests of Treasury bills rose by 20.96 percent year-on-year

to P12.623 billion.

Meanwhile, the national government’s foreign interest payments expanded by 52 percent to P142.81 billion from P93.766 billion last year, according to the Treasury.

In September alone, the national government paid P238.99 billion in debt, according to Treasury data.

The amount was 15.46 percent higher than the P206.996 billion it paid in September of last year.

The state’s interest payments during the reference month rose by 19.28 percent to P71.448 billion from P59.897 billion while its amortization payments increased by 13.9 percent year-on-year to P167.551 billion, Treasury data showed.

Jasper Emmanuel Y. Arcalas

BusinessMirror Monday, November 13, 2023 Vol. 19 No. 33

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10-MO RICE TARIFFS HIT w

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P23B, NEW RECORD HIGH

BSP to stay ‘data-dependent’ as Fitch affirms ‘BBB’ rating

By Cai U. Ordinario @caiordinario

A

S the Philippines continues to enjoy the confidence of Fitch Ratings in its ability to pay its debts, the Bangko Sentral ng Pilipinas (BSP) gave assurances that it will remain data-dependent when it comes to deciding on key policy rates.

Fitch Ratings has affirmed the Philippines’ “BBB” credit rating, which is a notch above the minimum investment grade, and has kept the outlook on the rating at “stable.”

The credit rating agency also viewed the monetary policymaking in the Philippines “credible,” which mitigated the volatility of the peso last year and the government’s resistance to widespread fuel subsidies amid rising inf lation.

“We welcome Fitch’s recognition of the work being done by the central bank to bring infla-

tion back to within the target range. The BSP will remain datadependent in managing inflation expectations in an effort to avoid the second-round effects of supply shocks,” BSP Governor Eli M. Remolona Jr. said in a statement over the weekend.

BSP’s Monetary Board has increased the policy rate by a total of 450 basis points to 6.5 percent, to bring inflation back to within the government’s target range of 2 to 4 percent.

In October this year, the Philippine Statistics Authority (PSA) reported that year-on-year headline inflation slowed to 4.9 percent from 6.1 percent in September. Fitch expects inflation to moderate to 3.5 percent by 2025.

Fitch sees the Philippines’ real gross domestic product growing above 6 percent over the medium term, supported by large infrastructure investments as well as trade and investment reforms.

See “BSP,” A2

HIGH-SEAS STANDOFF In the contested waters of the South China Sea, journalists aboard the Philippine coast guard ship BRP Cabra witnessed a tense encounter as a Chinese coast guard vessel aggressively pursued them during a resupply mission at Second Thomas Shoal, also known as Ayungin Shoal, on Friday, November 10, 2023. With a US Navy surveillance plane surveilling the scene, numerous Chinese coast guard and accompanying ships engaged in a four-hour standoff, encircling and chasing Philippine vessels. The confrontation escalated when a Chinese coast guard ship deployed a water cannon against a Philippine motorboat tasked with delivering crucial supplies to Filipino forces stationed on a stranded warship, serving as the country's vulnerable territorial outpost at Ayungin Shoal. Story in A12. AP PHOTO/JIM GOMEZ

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE state’s rice tariff collection from January to October has reached nearly P23 billion—a new record high—as higher global grain prices offset the drop in import volume, Bureau of Customs (BOC) data showed.

BOC data released to the public, which was analyzed by the BusinessMirror, showed that it collected P22.911 billion in rice tariffs during the 10-month per iod , about 19.16 percent higher than the P19.228 billion it recorded in the same period of last year.

The BOC saw a double-digit growth rate in rice tariff collection

even though the total volume of rice imports dropped by 4.35 percent on an annual basis.

The total volume of rice imports that entered the country during the 10-month period reached 2.846 billion kilograms, some 129.359 million kilograms lower than the 2.975 billion kilograms recorded last year, BOC data showed.

See “Rice tariffs,” A2

PHL PICKS NEGOTIATORS FOR TRADE PILLAR OF IPEF ACCORD

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HE Philippines has chosen its negotiators to champion the country’s interests under the trade pillar of the Indo-Pacific Economic Framework for Prosperity (IPEF).

One of the four major pillars of the IPEF, Trade Pillar or Pillar 1, aims to strengthen economic engagement between the United States and the Indo-Pacific region.

The Framework provides a platform for countries in the region to collaborate in advancing resilient, sustainable, and inclusive economic growth, and aims to contribute to cooperation, stability, and prosperity in

the region.

“For the Trade Pillar, IPEF partners will seek to develop high-standard, inclusive, free, fair, and open trade commitments that build upon the rules-based multilateral trading system and create new and creative approaches to trade and technology policies,” Philippine Exporters Confederation Inc. (Philexport) said in a statement.

Philexport said the Department of Trade and Industry (DTI) recently conducted a virtual information drive to introduce the lead negotiators of the Philippines on trade matters.

See “PHL,” A2

EXPLAINER »B4

ISRAEL SAYS IT WILL MAINTAIN ‘OVERALL SECURITY RESPONSIBILITY’ FOR GAZA. WHAT MIGHT THAT LOOK LIKE?

PESO EXCHANGE RATES n US 55.9190 n JAPAN 0.3695 n UK 68.3610 n HK 7.1620 n CHINA 7.6770 n SINGAPORE 41.1078 n AUSTRALIA 35.5924 n EU 59.6656 n KOREA 0.0424 n SAUDI ARABIA 14.9086 Source: BSP (November 10, 2023)

News

BusinessMirror

A2 Monday, November 13, 2023

PHL could earn 200% more in tourism dollars–WTM

By Ma. Stella F. Arnaldo

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@akosistellaBM Special to the BusinessMirror

HE Philippines will finally join the ranks of highgrowth tourism economies in the Asia-Pacific region that will be receiving an avalanche of inbound visitor receipts by 2033.

This was among the findings in the World Tourism Market (WTM) Global Travel Report presented at the travel trade event in London last week. The report projected a 200-percent increase in inbound receipts in 2033 followed by Indonesia (+196 percent), and Myanmar (+191 percent), from 2023. Despite this optimistic projection for the country, tourism spend in the Philippines will still not be enough to make it among the top leisure destinations in the region in 10 years, which will be dominated by Malaysia (+192 percent, Thailand (+178 percent), China (+158 percent), India (+133 percent), and Japan (+80 percent).

Under the National Tourism

PHL...

Continued from A1

Development Plan 2023-2028, the Department of Tourism targets 4.8-million international travelers and P718 billion in inbound receipts this year. Under the WTM report’s projection, the Philippines will earn some P2.15 trillion in inbound receipts in 2033.

The report also predicted AsiaPacific households will increase their spending on travel by 2033, with the rise in incomes and expansion of the middle class, especially notable in China. The largest increase in the middle-class travel population will come from India, Indonesia, and other emerging markets at a compounded annual growth rate of 13 percent and 10 percent, respectively, compared to

China’s 8 percent.

China still major source market

“HOWEVER, average incomes remain significantly higher in China, which means that over 60 million more households are expected to earn enough to be able to afford travel by 2033,” said the report, made in association with Tourism Economics, a unit of Oxford Economics, a global leader in forecasting and econometric analysis.

As such, while key outbound leisure markets are projected to be the same in the next decade, China’s growth will “outpace other large markets and will consequently become more important for many destinations….China may become twice the size of the United States by 2033,” in terms of receiving leisure tourists and outbound spending. The DOT, for instance, continues to pin the Philippines’ tourism recovery on attracting more Chinese visitors, such that the Department of Foreign Affairs has been forced to prematurely launch its electronic visa platform in China, despite security concerns. (See, “Check e-visa policy, focus on Indians—Sen. Nancy,” in the BusinessMirror, October 6, 2023.)

Meanwhile, the future direction of travel will largely depend on government policy; the report cites

the relaxation of visa policies like provision of visas upon arrival, or electronic visa (e-visa) schemes, or the scrapping of visas entirely have increased visitor arrivals in many leisure destinations.

Cultural immersions preferred

ALSO, several governments are implementing regulations to prevent overtourism, and mitigate the damage to their environments. Venice, for instance, will impose a tax on day visitors, on a trial basis during peak periods in 2024.

Preference for susta inable tourism by travelers may also influence the industry, the report added, which could mean “fewer but long-haul trips [slow tourism] and more local shorthaul trips.” The report cites EHL Insights which found “slow tourism” growing at an estimated 10-percent compounded rate, as travelers find this an alternate to traditional holidays.

Also seen growing in prominence is the “increased demand for unique, authentic, and personalized preferences,” with travelers opting to immense themselves in new environments and cultures.

Climate change will also play a huge part in a traveler’s choice of destination, said the report. “As weather extremes become more likely in the future, traditional choices regarding timings and locations for holidays are likely to shift also.”

M. East tops 2023 recovery

THE report projects 1.26 billion of international trips will be made this year, which shows a strong rebound in leisure travel despite growing economic difficulties from inflation, higher interest rates, and challenging household budgets. These trips will just be 14 percent less than the number of international trips taken in prepandemic 2019.

On the upside, “travel spending by inbound visitors will exceed prepandemic levels in most global regions in 2023, as average spending per trip has also risen, partly due to higher prices, but also providing economic benefits,” said the report. The Middle East will post the strongest recovery, with leisure travelers projected to rise by 13 percent this year, from 2019.

BSP...

Continued from A1

The PSA also reported that the Philippine economy rebounded strongly in the third quarter of 2023 with a growth of 5.9 percent, due mainly to the recovery in government spending.

Fitch expects the country’s general government debt to decline to 54 percent of GDP in 2025 after peaking slightly above this level from 2023 to 2024.

An investment-grade rating indicates lower credit risk, thus allowing a country to access funding at lower costs from development partners and international capital markets.

This enables a country to channel funds that would have otherwise been allotted for interest payments to socially beneficial programs and projects.

A ‘BBB’ rating indicates that expectations of default risk are currently low. It also means that the country’s current capacity for payment of financial commitments is considered adequate.

Moreover, an assignment of a “stable” outlook means Fitch is not likely to change its rating over a one- to two-year period.

www.businessmirror.com.ph

Rice tariffs...

Continued from A1

In October alone, total rice import volume fell by 20.55 percent to 164.076 million kilograms from 206.512 million kilograms last year, based on BOC data. However, rice tariff collection for October rose by nearly 30 percent to P1.676 billion from P1.296 billion due to higher rice prices in the world market.

Pundits and industry players have earlier explained that inbound shipments of rice have been challenged by higher global prices and supply constraints leading to the drop in import volume on an annual basis.

Nonetheless, the spike in world rice prices, induced by India’s ban on its exports, have lifted the country’s tariff collection.

Higher landed cost

BOC data showed that the total dutiable value of the rice imported during the 10-month period rose by 15.14 percent to $1.175 billion from $1.021 billion in the same period of last year, reflecting the hike in the cost of rice in the world market.

BOC data also showed that the cost, insurance, freight (CIF) of a metric ton (equivalent to 1,000 kilograms) of rice from January to October averaged at $413.16, a fifth higher than the $343.23 average quotation recorded last year.

In September and October, the CIF of rice per metric ton broke the $500 per metric ton level. The CIF of rice on a per-metric ton basis in October reached $514.08, almost 70 percent higher than the $305.29 average quotation in the same month of 2022, based on BOC data.

On a per-kilogram basis, this means that the CIF cost of imported rice averaged to date at $23, about 25 percent higher than last year’s $18.46 per kilogram.

The weakening of the Philip-

PHL...

pine peso against the US dollar also contributed to higher rice tariff collected by the BOC as the local currency declined by 4.39 percent from January to October, according to the bureau’s figures.

BOC data showed that the average exchange rate during the 10-month period stood at P55.62 per US dollar versus the P53.28 per US dollar rate recorded last year.

On a peso basis, the average landed cost of imported rice during the 10-month period stood at P31.27 per kilogram.

In October alone, the landed cost of imported rice reached P39.63 per kilogram, 62.29 percent higher than the P24.42 per kilogram average quotation in the same month of last year, reflecting the movements in the global grains market.

Record-high rice tariff collection

WITH the latest figures, the BOC has already surpassed the P22.8 billion rice tariffs it collected for the entire 2022 with still two months remaining for 2023.

H i stor ic a l B O C d at a a l so showed that its rice tariff collection is already the highest on record since the national government made the landmark decision to liberalize the country’s rice trade regime in 2019.

The BOC’s rice tariff collection surged past the P20 billion mark last year as the country imported a record volume of over 3.8 million metric tons (MMT) or 3.8 billion kilograms.

Rice tariffs collected by the BOC in excess of P10 billion are automatically earmarked for the national government’s assistance program that provides P5,000 in cash subsidy to every eligible local palay farmer.

This means that Filipino rice farmers next year are already assured of almost P3 billion in financial assistance.

Continued from A1

The DTI’s Bureau of International Relations (BITR) was identified as the lead negotiating body for trade and talk about the key features and intended benefits of each chapter.

The Department of Labor and Employment will be the top negotiator on labor matters, including recognition of the principle of decent work, effective enforcement of labor laws, and encouragement of corporate accountability and compliance with domestic labor laws.

Heading the Philippine panel for environment talks is the Department of Environment and Natural Resources. The agency will engage with IPEF peers on a more resource-efficient and circular economy.

Negotiations will also include marine litter and plastic pollution, conservation of forest and biodiversity, enforcement of environment laws, and other issues.

The BITR will also negotiate on the rules and commitments to promote trust in the digital economy, improve access to information, and facilitate the use of digital technology.

The discussions will also figure in inclusivity negotiations, which will cover overlooked segments of society such as women, indigenous peoples, minorities, and MSMEs. The Department of Agriculture will be the country’s lead negotiator in dealing with IPEF provisions on sustainable agriculture, trade in biotechnology, sanitary phytosanitary (SPS), certification, and export restrictions on food security, among others.

The Anti-Red Tape Authorit y w i l l s p e a rhe ad t a l k s on regulator y transparency tools, reg u l ator y cooperat ion, a nd related matters while the Nat ion a l E conom ic a nd De ve lopment Authority will tackle ser vices domestic regulation,

which entails facilitating trade in ser vices; adopting measures to streamline; and simplifying author ization procedures for ser vices suppliers.

Meanwhile, the Philippine Competition Commission will lead the Filipino team in competition talks. This chapter seeks to promote competitive markets through provisions covering competition laws, national competition authorities, and cooperation among competition authorities, among others.

The Resource Generation and Management Service will be at the forefront in conversations on promoting technical assistance and economic cooperation.

Finally, the Bureau of Customs will represent the Philippines in trade facilitation dialogues. Focus will be on, among others, transparency in government processes, and digitalization.

The talks will also include the use of electronic advance data for postal shipments, use of a single window for the electronic submission of forms, and the release of goods within six hours from completion of customs clearance.

Launched in May 2022, the IPEF is not a trade agreement but an economic agreement, as it currently does not cover market access, including tariff reductions, for negotiations.

However, the initiative does cover negotiations on a wide range of areas beyond conventional trade agreements and is intended to be a precursor for later negotiations.

IPEF is described as a new approach to regional collaboration with the aim to create a package that balances rules and cooperation and tackle 21st-century issues such as the digitalization of economics, strengthening of supply chain resilience, decarbonization, and clean energy.

Cai U. Ordinario

Monday, November 13, 2023

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

Fishers submit ‘climate action’ agenda to UN Special Rapporteur

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HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya), a nationwide organization of small fishermen and fisherfolk organizations, has recently met with United Nations Special Rapporteur Iam Fry and submitted a list of climate action recommendations that will protect and promote the welfare of the country’s “poorest of the poorest” sector.

Among the recommendations in the list submitted to Fry are: loss and damage compensation, exclusive rights of marginalized fisherfolk to fishing grounds and territorial waters, and prohibition of destructive projects in coastal communities.

Fry, the UN Special Rapporteur on the promotion and protection of human rights in the context of climate change, is in the Philippines until November 15 to look into the impacts of the climate crisis.

During a multisectoral consultative dialogue with Fry last week, the fishers’ group submitted its position paper that recommended concrete measures to be taken by the Philippine government to safeguard the fundamental rights of the fisherfolk, including fishing rights, and the right to a healthy and balanced ecology.

These include: n Prohibition of any form of destructive activities in coastal areas including but not limited to coastal land-conversion, reclamation, unregulated expansion of aquafarms, and eco-tourism zones. Around 100 reclamation projects covering more than 30, 000 hectares of fishing waters are recorded across the Archipelago. Manila Bay accounts for 16 percent of the projects, while 19 projects are recorded in Negros Island, 15

in Panay Island, 19 in Cebu and Bohol, and 25 in Eastern Visayas; n Exclusive rights and access of small, municipal, and subsistence fisherfolk to the 15-kilometer municipal waters. Strict prohibition of large-scale commercial fishing vessels that are engaged in unsustainable and destructive methods of fishing; n Demand loss and damage compensation from big local and foreign corporations responsible for the massive destruction of the marine environment and degradation of resources. This should come in the form of regular and sufficient subsidies to fisherfolk who continue to bear the brunt of the degraded environment and ecosystem, and a long-term rehabilitation and restoration plan; n Exact justice to fisherfolk and their advocates who are victims of human rights violations committed during the previous Duterte and current Marcos regimes. We have recorded nine fisherfolk victims of extrajudicial killings under the Duterte administration. All cases were related to advocacies in protecting the marine environment and advancing fishing rights.

The fishers’ group expects that the series of engagements and consultations with Mr. Fry would yield a holistic recommendatory report that would prompt the Marcos Jr. administration to undertake concrete actions to address the climate crisis.

Environmental activist Kalikasan People’s Network for the Environment and the Philippine Universal Periodic Review (UPR) Watch led the engagement of grassroots sectors and other civil society organizations with the UN expert. Jonathan L. Mayuga

US renews vows to defend PHL after latest SEA chase Continued from A12

“The PRC’s actions are inconsistent with international law and follow a pattern of dangerous operational behavior in the South China Sea,” the State Department said in a statement. It cited a 2016 international arbitration decision that invalidated China’s expansive claims to the waterway on historic grounds, including Second Thomas Shoal.

China refused to participate in the arbitration, which was brought up by the Philippines in 2013, after Chinese ships took control and surrounded another disputed area, Scarborough Shoal. Beijing dismissed the 2016 ruling as a sham and continues to defy it.

A Philippine government task force said Friday that vessels belonging to China’s coast guard and its paramilitary maritime militia

“recklessly harassed, blocked and executed dangerous maneuvers in another attempt to illegally impede or obstruct a routine resupply and rotation mission.”

China’s coast guard said it “followed the Philippines ships in accordance with the law, taking necessary control measures, and made temporary special arrangements for the Philippines side to transport food and other daily necessities,” spokesperson Gan Yu said in a statement.

It urged the Philippines to stop actions that infringe upon China’s rights and said China would continue to uphold its national sovereignty. “China urges the Philippine side to immediately stop making trouble and provocation at sea and to tow away the illegal grounded vessel as soon as possible,” a Chinese Foreign Ministry spokesperson said at a briefing in Beijing. AP

‘Pogo cost-benefit analysis has PHL losing ₧14B, plus reputational risk’ Continued from A12

“We are losing about P14.03 billion a year on the cost-benefit analysis. So in other words, this trade—and Senator Risa is right here—is unsustainable.

Because there’s a huge cost we must face...Conducting these raids, these rescues [of victims], that has a cost.”

Since getting several senators to sign his Ways and Means committee report on Pogos, Gatchalian has urged a total ban on the operations of Pogo in the country, saying “they make the country a human trafficking and slavery hub in the world.”

At a hearing last November 10 of the Hontiveros-led Committee on Women, Children, Family Relations and Gender, Gatchalian said this form of Pogo hub couldn’t be done by ordinary criminals but by an organized and well-connected criminal syndicates.

“This happened because they were hiding [behind] a legitimate and licensed POGO operator. We will see that there is a failure on regulation and because there is a failure on regulation, we are now the victims of these syndicates,” Gatchalian said.

“Pogo has been banned in many countries and because we are the only one left here, the syndicates come and victimize not only foreigners but our own countrymen. What I fear is that it will get worse and worse and more of our countrymen will be victims,” he added.

Gatchalian accompanied Sen. Risa

Hontiveros on ocular inspection at a POGO hub (Smart Web Technology) in Pasay City.

Hontiveros said the victims rescued from the Smart Web raid are keen on going home.

“We want to highlight the human cost of trafficking, the human cost from these Pogo scams, on the most vulnerable of people.”

Asked about a 2022 report that the country could lose billions from the shutdown of POGOs, Hontiveros said they have since found this to be a “myth” because the cost-benefit analysis debunks this.

She noted that many “so-called legal, legitimate Pogos” that used to hold legitimate permits were found to owe the government billions of taxes even before the pandemic, when their operations were at their peak.

“What kind of transfer of technology, or share of GDP for the country are we talking about here? Sen. Sherwin can answer that, he will say it’s very small. We recently passed the Tatak Pinoy Bill [of Sen. Sonny Angara] and we are talking in plenary of having a solid industrial policy. Why would we wish to become outliers in the global economy?” she wondered aloud.

“Do we want to be the backyard in the region for sex trafficking? Any government worth its salt [wouldn’t want that], and we in Congress can think of much better [ways to boost the economy.”

Compared to the BPOs, which bring in billions of dollars, the Pogo contribution is miniscule, “and the BPO is earning two, three times bigger...” without the risk of being used for sex trafficking, she said.

A3

SC rules on Building Code issue among architects, engineers

By Joel R. San Juan @jrsanjuan1573

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HE Supreme Court (SC) has reinstated the ruling issued by a Manila trial court which affirmed the constitutionality of a provision in the revised implementing rules and regulations (RIRR) of the National Building Code (NBC) limiting to registered and licensed architects the authority of preparing, signing and sealing documents enumerated under Section 302 of the NBC. In a decision penned by Senior Associate Justice Marvic Leonen, the Court’s Second Division granted the consolidated petitions for review filed by the Department of Public Works and Highways (DPWH) and the United Architects of the Philippines (UAP)

seeking the reversal of the Court of Appeals’ (CA) ruling issued on January 5, 2012 and resolution dated February 13, 2013. The CA ruling reversed and set aside the decision of the trial court upholding the validity and constitutionality of Sections 302(3) and 302(4) of the NBC’s RIRR. The appellate court’s decision and resolution granted the petition filed by Leo Cleto Gamolo and the Philippine Institute of Civil Engineers Inc. seeking the reversal of the trial court’s ruling and to declare Sections 302(3) and 302(4) of the RIRR as unconstitutional.

The CA’s ruling, in effect, upheld the authority of civil engineers to prepare, sign, and seal various plans, including architectural documents under Republic Act 544 or the Civil Engineering Law.

In granting the DPWH’s and UAP’s petition to set aside the CA’s decision, the High Tribunal gave weight to Section 20, paragraph 5 of Republic Act (RA) 9266 or the Architecture Act of 2004.

The said provision states that “all architectural plans, designs, specifications, drawings, and architectural documents relative to the construction of a building shall bear the seal and signature only of “a registered and licensed architect.

While the Cour t agrees with the respondents that civil engineers have authority to prepare, sign, and seal plans under Section 308 of the NBC and RA 544 , it clarified that such power has been modified

by RA 9266.

The SC noted that RA 9266 was passed

to provide “for a more responsive and comprehensive regulation for the registration, licensing and practice of architecture.”

Among its declared policy is to recognize “the importance of architects in nation building and development.”

“The language of Republic Act No. 9266 reveals an intention on the part of the legislature to provide for a limitation on the civil engineers’ authority to prepare, sign, and seal documents relating to building construction,” the SC explained.

Ta k i n g i n t o c o n s i d e r a t i o n t h e irreconcilable conflict between the two laws, this Court recognizes that RA 9266 has impliedly repealed RA 544 insofar as it permits civil engineers to prepare, sign and seal architectural documents, it added.

Marcos guarantees justice for slain radio broadcaster

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AW e n f o rce m e nt a g e n c i e s a re “exerting all efforts” to bring justice by apprehending those behind the fatal shooting of a radio broadcaster last November 5, assured President Ferdinand R. Marcos Jr. to the victim’s family last Sunday.

According to the Presidential Task Force on Media Security (PTFoMS) led by Undersecretary Paul M. Gutierrez, there are “promising results” in the investigation in the killing of Juan T. Jumalon, also known as “DJ Johnny Walker.”

“The leads and possible motives being pursued by the investigators are showing promising results pointing to a faster resolution of this incident,” said Gutierrez.

Jumalon was shot by a still unknown assailant while on-air at the Misamis Oriental’s Gold FM 94.7 radio station at around 5 AM Sunday morning. The radio station operates from his house.

CCTV footage from the broadcaster’s home showed two men with guns entering

the house through the garage.

“This is the instruction of the President and I am glad to note that our law enforcement bodies are exerting their efforts to give justice to the Jumalons,” said Gutierrez.

The PTFoMS is working with Misamis Occidental police director, P/Col. Dwight D. Monato in the investigation, with a team named “Special Investigation Task Group (SITG) Johnny Walker.”

In addition, Gutierrez also met with agents from the National Bureau of Investigation (NBI) and the regional office of the Directorate for Investigation and Detection Management (DIDM) of the Philippine National Police.

As of this writing, a total of P3.7 million (roughly $66,165) in reward money has been promised for the arrest of any of the three suspects in the killing of the broadcaster.

The office of Governor Henry S. Oaminal Sr. also promised a reward of P500,000 to

anyone who could provide information on the suspects’ whereabouts, and P3 million to any law enforcer who could arrest any of them.

The amount of P100,000 had been put up by the Presidential Anti-Organized Crime Commission and another P100,000 had been pledged to the PTFoMS for any information leading to the suspects’ arrest.

“More than the expression of sympathy and the granting of financial support, what we are after here is justice for the victim through the apprehension of the identified suspect and his confederates leading to the unmasking of the mastermind, if there is any,” said Gutierrez.

Romualdez’s aid

MEANWHILE, the office of Speaker Ferdinand Mar tin G. Romualdez said Guitterez personally handed over the P250,000 worth of assistance given by the lawmaker to the family of Jumalon.

“After suddenly losing a breadwinner, it’s

Bong Go bats for continuous support for healthcare workers

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E N ATO R C h r i s t o p h e r “ B o n g ” Go, chairperson of the Senate Committee on Health and Demography, has emphasized the critical need for ample government support for Filipino healthcare workers.

He reminded the Department of Budget and Management, Department of Health, and other concerned agencies to ensure that allowances and benefits due to qualified HCWs are released in accordance with the law.

During the Senate plenary session on Wednesday, November 8, Go questioned the delayed disbursement of the health emergency allowance and underscored its significance in providing immediate financial relief to healthcare frontliners.

“We passed Republic Act 11712 which grants continuing benefits and allowances to public and private healthcare workers during public health emergencies, like COVID-19. Last July, the state of public health emergency due to COVID-19 throughout the Philippines has been lifted by President Marcos, sa kabila nito may mga healthcare workers pa na hindi nababayaran ang kanilang HEA o health emergency allowance,” Go cited.

“Sa pag-iikot ko po ng bansa, may lumalapit sakin at ipinaparating na,

‘Sir, yung aming HEA ay hindi pa nila nababayaran, di pa namin natatanggap.’

Parati natin sinasabi na sila ang ating hero noong pandemya at hindi natin mararating ito kung hindi po dahil sa kanila,” he added.

Go’s inquiry is particularly relevant, given that the government has set aside a substantial amount of P19.962 billion for public health emergency benefits and allowances in the 2023 national budget, covering both healthcare and non-healthcare workers. Furthermore, an additional P52.962 billion in unprogrammed funds is allocated for the potential compensation of healthcare professionals.

S enator Juan Edgardo “S onny ” Angara said that P19.6 billion has a l re a d y b e e n d i s b u r s e d f ro m t h e programmed funds, while an additional P4 billion has been allocated from the unprogrammed funds.

Meanwhile, Go questioned the rationale behind the approval of only a specific portion of the proposed P66.3 billion 2024 Department of Health (DOH) budget for the compensation of COVID-19 workers in health facilities.

Go then stressed that these frontliners have incurred various expenses in the

line of duty, often at great personal cost. Delayed or insufficient allowance payments would only compound the hardships they face, leaving them feeling undervalued and unsupported, he added.

“I would like to appeal to DBM to release sufficient funds for the healthcare workers’ allowances. This is to ensure that our modern-day heroes get the allowances that they are entitled to.

This is just a small incentive for our frontliners,” Go acknowledged.

Furthermore, Go expressed support for the proposed salary increase for public sector workers possibly through an enactment of a Salary Standardization Law 6 (SSL 6), building upon the success of its predecessor, SSL 5 which Go authored and co-sponsored in 2020 that provided increased compensation for all government workers, including healthcare professionals in the public sector.

Go likewise introduced Senate Bill 427, known as the Barangay Health Workers (BHWs) Compensation Bill. This proposed legislation, if passed, aims to grant monthly honorariums to BHWs while also offering them additional benefits, including allowances, job security, ongoing training, and opportunities for skill enhancement.

really difficult for a family to pick up the pieces and carry on with their lives,” Romualdez was quoted in a statement as saying.

The statement said Jumalon’s relatives “gave their heartfelt thanks” to Romualdez and to others who have helped them during their ordeal.

The Speaker had earlier condemned the slaying of the broadcaster.

According to Romualdez, the PNP had already filed murder charges against three suspects tagged in Jumalon’s killing.

“No matter what the motive is behind this killing, the Philippine media lost another one of its members, and we don’t want this to keep on happening,” the lawmaker added.

“We in Congress will take concrete steps to ensure that the every member of the fourth estate are protected from these senseless killings. They must not live in fear just because of their chosen profession,” added the Leyte 1st District congressman.

Patrick V. Miguel

21 candidates disqualified for breaking election rules

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HE Commission on Elections (Comelec) announced it disqualified 21 candidates in the 2023 Barangay and Sangguniang Kabataan Elections (BSKE) for premature campaigning and vote-buying.

Among the bets, 12 ran for SK Kagawad, two for SK chairmanship, five for the barangay kagawad position and two for barangay chairman’s post.

According to Comelec, 17 candidates have been awarded a certificate of finality and entry of judgment, which means that the ruling is final and executory.

In October, Comelec Chairman George Erwin M. Garcia previously said the poll body will be suspending the proclamation of candidates facing any disqualification cases. “ Mag-i -isue kami ng suspension, suspending lahat ng proclamation ng mga kandidato na yan. [We will issue a suspension, suspending all the proclamation of those candidates],” Garcia has said.

The Comelec’s statement read that the Comelec chairman “has committed that the remaining 318 motu proprio cases as of 9 November 2023 with 292 cases for premature/ illegal campaigning and 26 for vote-buying and/or vote selling will be resolved with haste.” Patrick V. Miguel

Indigent Moro children get free birth certificates

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AVAO CITY—Another group of 300 children from poor families in the Bangsamoro region would get their legal status that have been deprived of many Moro residents of previous generation.

Some 100 of them from Barangay Pura of Datu Blah Sinsuat, Maguindanao del Norte would get the first batch of free birth certificates as part of this year’s Children’s Month celebration in the Bangsamoro Autonomous Region in

Muslim Mindanao (BARMM).

The birth certificates were distributed as par t of the outreach program on November 7 of the Ministry of Social Services and Development (MSSD), which a year earlier, also initiated the birth registration of children in the island provinces of Basilan, Sulu and Tawi-Tawi, all part of the BARMM. MSSD Minister Raissa Jajurie emphasized that among the basic rights of children is

to have their ‘own identity’ through birth certificates.

“Kasama po sa karapatan ng mga bata ay magkaroon ng identity at kasama sa pagpapatibay ng kanilang identity ay ang magkaroon ng birth certificates. [Part of the rights of children is to have their own identity and a birth certificate],” Jajurie said.

A birth certificate is useful in availing any of the regional and national government

services such as in health, education, and social programs, the Bangsamoro information office said.

Jajurie said that the 100 children are just initial of the 300 total beneficiaries of the free birth registration in the town of Datu Blah Sinsuat.

Aside from the certificates, the children also received school bags and supplies, water tumblers, umbrellas, and meals.

Manuel T. Cayon

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Monday, November 13, 2023

Economy

Experts call for reforms to stop trade distortions

By Cai U. Ordinario @caiordinario

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NILATERAL decisions made by countries that distort trade highlight the need to reform World Trade Organization (WTO) rules and procedures, according to trade experts from the European University Institute (EUI) and the Asian Development Bank (ADB).

In an ADB Blog, Bernard Hoekman, professor and director of global economics at the EUI’s Robert Schuman Centre for Advanced Studies, and Kenji Takamiya, principal economist at ADB’s Central and West Asia Department, said reform is needed to address these trade distortions.

Some of the unilateral decisions made by countries include the expansion of subsidies; using trade policies to achieve non-economic ends; and preferential bilateral and regional trade agreements.

“The multilateral trading system needs to be reformed to improve both rulemaking and dispute settlement processes.

Many major economies within the WTO membership are in the Asia-Pacific region, and thus can make valuable contributions to WTO reform discussions,” Hoekman and Takamiya said.

The two experts said in terms of rulemaking, the WTO should actively use open and non-discriminatory plurilateral agreements.

Hoekman and Takamiya said these can provide legal support, transparency, and access by the WTO Secretariat.

On achieving non-economic objectives through trade policies, the authors recommended that the current clauses on general and security exceptions in the WTO should be reviewed.

“Disciplines on subsidies should be refined to consider their underlying goals, effects and effectiveness, recognizing that industrial

policy has a role to play in the transformation to a greener and more inclusive economy,” the authors said.

Given the existing dispute settlement mechanism, which still lacks an appellate body, the authors said there should be some form of peer review and identification of good practices at relevant WTO committees.

Hoekman and Takamiya also said the use of alternative dispute settlement procedures may do more to bring about constructive solutions.

The WTO must re-establish trust on the multilateral trading system to jumpstart the reforms. This can be done through “substantive deliberation and policy dialogue among WTO members.”

“These should be supported by greater willingness to compile data on policies and to undertake analysis of the effects of policies on trading partners and the multilateral trading system,” the authors said.

The experts also said WTO Ministers should use the Trade Policy Review Mechanism as a means to analyze the spillover effects of national trade-related policies and build a common understanding on the impact of these policies.

The relevance of the WTO has been put into question given the changes in global trade that began even before the pandemic, particularly the WTO’s appellate body.

The appellate body, which serves as its Court of Appeals, has been under scrutiny by big member-countries, especially the United States, in recent years.

The US’s concerns include the appellate body’s noncompliance with the mandated 90-day release of reports on disputes, and its alleged projection as if it were the sole interpreter of the WTO treaty.

The US pointed out that the appellate body has interpreted WTO rules beyond what was negotiated at the Uruguay round in 1986.

Due to these concerns, the US has repeatedly blocked proposals to fill in the vacancies for appellate body judges.

The appellate body has seven judges but it has gone down to three, the minimum number for it to be able to act on disputes.

(Full story: https://businessmirror.com. ph/2019/07/25/24-years-with-the-wtois-it-still-relevant-to-phl/)

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

DPWH completes road, flood control projects

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HE Department of Public Works and Highways (DPWH) said on Sunday it has successfully completed road improvement and flood control projects in the municipalities of Dipaculao and Maria Aurora in Aurora, totaling P78.4 million in cost.

Citing a report from Public Works Regional Office 3 Director Roseller A. Tolentino to Public Works Secretary Manuel M. Bonoan, the DPWH the projects aim to enhance local transportation and protect communities from flooding.

The DPWH allotted P19.6 million for road improvements and P58.8 million for slope protection constructions along the Pacugao River sections.

In the town of Dipaculao, the DPWH paved a 1.7-kilometer road in Barangay Bayabas, incorporating box culverts, a lined canal, and stone masonry. This improvement is expected to boost local access, safety, and economic activities, particularly in the tourism sector.

The town of Maria Aurora, meanwhile, saw the concreting of a 680-lineal-meter

section of a local road in Barangay Wenceslao, designed to ease transportation challenges for farmers transporting agricultural products such as rice and coconuts.

M o r e o v e r, t h e c o n s t r u c t i o n o f 270.71-lineal-meter and 264.76-linealmeter concrete slope protection structures in Barangays Bayanihan and Kadayacan, respectively, in Maria Aurora, will offer enhanced protection against flooding.

These structures are built on steel sheet pile foundations and include a reinforced concrete box culvert in Barangay Kadayacan to increase the river’s capacity and mitigate flood risks.

“Both flood protective structures complement existing flood walls along the areas and were built on steel sheet pile foundation with the provision of a reinforced concrete box culvert for the concrete slope protection in Barangay Kadayacan to increase Pacugao River’s capacity and mitigate recurring floods,” the DPWH said.

Lorenz S. Marasigan

Foresters eye increased wood production SEC raises alarm bell vs

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UBIC BAY FREEPORT—Professional foresters in the country mapped out strategies to increase the production of forest products in the country and attain wood and non-timber self-sufficiency during a 5-day convention here that brought together some 3,000 members of the Society of Filipino Foresters Inc. (SFFI).

Forester Patrick Escusa, who hails from Olongapo City, said the convention delegates advocated for forest products sufficiency and climate resiliency and discussed how these could be attained on a national scale.

“We want to bring back the pride of the Philippine forestry industry wherein [country’s] forests managed by Filipino foresters would be the source of the best lumber, not just for our country but also for the international market,” Escusa said. “ Wh at we e nv i s i o n e d wa s t h e establishment of a million-hectare forest plantation program to be managed by a corporation of Filipino foresters,” he added.

SFFI Region 3 Council President Laudemir S. Salac, who is also the overall chairman for the 2023 SFFI conference, pointed out the huge demand for Philippine forest products and noted that lumber from local dipterocarp trees are branded as Philippine mahogany in

SOCIETY of Filipino Foresters Inc. National Council President Roberto V. Oliva stresses the role of foresters in further developing the national economy. HENRY EMPEÑO

the export market.

However, the local forest industry has been waning over the years, Salac and other convention speakers bewailed.

As early as 2015, the Forest Management Bureau of the Department of Environment and Natural Resources (DENR-FMB) reported that the Philippines requires six million cubic meters of wood annually and that this demand for wood is projected to increase

in the next few years. Out of this national demand for wood, only 25 percent comes from local sources while 75 percent are imported, the DENR-FMB said.

A 2021 report by the United States Depar tment of Agriculture’s Foreign Agriculture Service (FAS) in Manila also concluded that declining lumber and wood products in the country “cannot meet the country’s growing demand for residential,

commercial, and public construction projects.”

The FAS Manila then forecast a 5-percent rise in wood imports by the end of 2021 and “additional (import market) opportunities over the following years.”

In the Subic convention, foresters sought to arrest the decline in wood and non-timber production by getting to the bottom of the problem: redefining the role of foresters; special skills that would make a forester world-class; alternative livelihood for foresters; and, the need for the forestry sector to contribute to the national economy.

The SFFI conference, which coincided with the group’s 75th founding anniversary, kicked off with a forestry exhibit and the SFFI national council meeting on November 8.

SFFI National Council President Roberto V. Oliva welcomed the more than 3,000 participants to Subic along with Salac, DENR Assistant Secretary for Western Mindanao and FMB Director Arleigh J. Adorable and Subic Bay Metropolitan Authority Senior Deputy Administrator for Regulatory Amethya P. Dela Llana.

Escusa said Subic Bay was the best venue for the SSFI national conference because it is where the well-managed Subic Bay Forest and National Park is situated. Henry Empeño

DENR eyes strict producer responsibility compliance

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HE Depar tment of Environment and Natural Resources (DENR) is pushing for strict compliance with the Extended Producer Responsibility (EPR) Act and is calling on “obliged companies” to register under the program.

The EPR is mandated by Republic Act 11898 (EPR Law of 2022). The law mandates obliged companies or big companies with huge capitalization or with total assets exceeding P100 million to implement waste-recovery programs.

As of September, 709 enterprises have submitted their EPR plans to the DENR, the agency’s Environmental Management Bureau (EMB) reported.

DENR Undersecretary for Policy, Planning and International Affairs Jonas R. Leones said these plans are designed to effectively

manage plastic waste by eliminating unnecessary plastic packaging of products, developing more environmentally-friendly and recyclable packaging, and recovering waste plastic packaging. Based on data from the Department of Trade and Industry, however, there are an estimated 4,000 large enterprises in the Philippines.

“Since EPR programs might be relatively new to many companies, we expect that more enterprises will submit their programs once they better understand how to operationalize modes of implementation into their businesses,” said Leones, the designated undersecretary on matters relating to the implementation of the EPR law.

The EPR law specifies that Obliged Enterprises recover 20 percent of their

generated plastic product footprint by the end of 2023 with incremental targets for fulfillment each year until 80 percent is reached by 2028.

Tax incentives

UNDER the EPR law, enterprises may apply for incentives following the approval process outlined in the National Internal Revenue Code of 1997, as amended.

The DENR is actively strengthening its collaboration with the Department of Finance to formulate policies related to fiscal incentives.

“There is no harm in registering your EPR programs and I assure you the vision of Secretary Antonia Loyzaga is really for us to be partners in this law. Some of you may be fearful because when you read the EPR law, most of the responsibilities under this law are lodged in the industries, but as President Marcos said, ‘The preservation of the environment is the preservation of life.’ So if you want to make your operations sustainable, we need you to comply with the EPR law,” Leones pointed out.

The DENR official underscored the urgency of addressing this issue collectively, emphasizing the need for a “whole-of-government and whole-ofsociety approach” to benefit all Filipinos and future generations in the battle against plastic waste.

Brand owners, product manufacturers, or importers of consumer goods who implement EPR initiatives will be eligible for tax incentives. On the other hand, fines ranging from P5 million to P20 million will be levied for non-compliance with the law’s provisions and target recovery rates.

Holistic approach

UNDER the leadership of Secretary Maria Antonia Yulo Loyzaga, the DENR is pushing for a holistic approach involving the entire government and society to tackle the pressing issue of plastic pollution.

The approach emphasizes the need for convergence and a shared purpose to achieve circularity.

“We are committed to continue on this journey by strategic engagement for the implementation of the EPR law. This includes scaling up of waste reduction, recovery and repurposing, and supporting product innovation that will catalyze circular economy,” Loyzaga was quoted in a statement as saying.

To ensure compliance with the EPR law, the DENR has been working closely with key NGAs, such as the Department of Social Welfare and Development for inclusive standards and safeguards in the informal waste sector; the Department of Science and Technology for an information hub on cleaner technology; the Department of Trade and Industry for waste management data and eco-label adoption; the Department of the Interior and Local Government for partnerships with Local Government Units and communities; the Department of Labor and Employment for fair wage policy implementation and the Department of Finance for fiscal incentive policies.

“As the lead agency in implementing the EPR law, we will be continuously collaborating with the different agencies, as well as the academe and the private sector. We will be looking for models, best practices, to implement successfully the EPR law,” Leones said. Jonathan L. Mayuga

biggest scammers group

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AVAO CITY — The Securities and Exchange Commission (SEC) has issued an advisory against 31 business entities who engaged in unauthorized offer of franchise or solicitation of investments in one of the biggest group to engage in unauthorized investment solicitation scheme.

One of them is a food outlet in Davao City offering franchise and coownership to its business that the SEC said insufficiently meets registration requirements.

The regulator said its Enforcement and Investor Protection Department (EIPD) has issued the advisory against the Kamayo Seafoods Buffet and/or Kamayo Seafoods Franchising and co-ownership program and/or the Kamayo Food Park co-ownership program. The SEC said the individuals behind these operate within its jurisdiction covering the Davao Region, the Soccsksargen region, Cotabato City and Maguindanao provinces.

The regulator said the business establishment “entices the public by offering an investment in the guise of a franchising and co-ownership program that will earn five percent to 15 percent monthly income.”

“As the above described scheme involves the sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities are duly registered and that the concerned entities and/or its agents have appropriate registration and/ or license to sell such securities to the public pursuant to Section 8 and 28 of the SRC,” read the statement the SEC issued over the weekend.

The regulator warns those who act as salesmen, brokers, dealers, agents, representatives, promoters, operators, recruiters, uplines, influencers, endorsers, abettors and enablers of Kamayo Seafoods Buffet/Kamayo Seafoods Franchising and co-ownership program/Kamayo Food Park co-ownership program. These individuals who sell or convince people “to invest in their investment schemes, including solicitations or recruitment through the Internet, may, likewise, be prosecuted and held criminally liable,” the SEC’s statement read.

The SEC said actions undertaken on for and in behalf of the named establishment would be illegal acts under Section 11 of the Financial Products and Services Consumer Protection Act and Section 28 of the SRC “and for the two offenses, both are penalized separately with a maximum fine of P5 million or maximum penalty of 21 years imprisonment or both pursuant to Section 73 of the SRC.” The regulator has also advised the public against dealing with 30 other entities that are soliciting investments without the necessary license from the SEC. The establishment are: ZTOCK operated and offered by Wetrade Technologies Pte Ltd; Hedge Bit Trading Inc.; New Gen-Z Holdings Marketing Group; Better Experience; DT Trading Data/Data Technology Trading; AJC 888 Inc.; 7-Eleven Electronic Commerce Ltd./7-Eleven Electronic Commerce Ltd.-Passi Branch; 888 Partners Corp.; Budgetarian Online Shop; Hailey & Holley Spa and/or Ms. Ionie Mae Cruz Guzman; Integrated Digital Success; Upsolution Online Shop International; Grind O’Clock Corp.; Bonnie Mall; Double R Aggregates/ Double R Trucking and Aggregates OPC; Innov8Wealth Global; Ayala Corp. Group Inc./Ayala Corp. Budgetarian Online Shop/Global Online Ayala Corp./ Bellavita Ayala Corp./ Ayala Corp. e-Commerce; 99Dragons Ph; Hopeprices Investment; Morgan Stanley Investment Firm Elinyapp/ELINY-Ph.com/ELINY_app; Multi-Asset Solution (MAS) and/or Multi-Asset Financial Consultancy Services and/or JBF & Gainz Philippines Founder; Hope Advertisement Marketing /Hope Financial Marketing OPC; Mengay Benta Slot/NYU Meng’s Paluwagan; Wisteria Lane; Eatcited Pasalubong Center; Ariamall/Amelia Mall Online/Amelia Mall Philippines Inc.; Centuros Finance Group II; Moo Farm; Ayn e-Commerce; Alao/Alao Investment Platform; and, CCO Media/CCO Media Philippines/Clear Channel Outdoor Asia Corp.

These groups have been found to be engaging in unauthorized investmenttaking activities by either borrowing capital from investors, using said capital to allegedly buy products, then selling said products to consumers, and finally giving back the profits to the investors, according to the SEC. These entities and the individuals behind them also promise investors fixed earnings or pose as legitimate investment websites and mobile applications. They send emails and letters via facsimile or regular post to the victims, requiring them to pay an “advance fee” before receiving a significant share of a large sum of money, the SEC added.

The regulator further said these entities also pose as legitimate and reputable financial institutions.

The SEC said these groups resemble a pyramid/Ponzi scheme, “where investors earn through recruitment fees instead of the sale of actual products/ services, and investors are paid using the contribution of new members, according to the SEC.” “We are reminding the public to exercise caution when dealing with individuals or groups soliciting investments for and on their behalf,” the regulator said. Manuel T. Cayon

Monday, November 13, 2023

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

‘MPIC still keen on Axelum’

By VG Cabuag

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@Villygc

OKYO, Japan—Metro Pacific Investments Corp.

(MPIC) said it is still interested in acquiring a significant stake in Axelum Resources Corp., maker of coconut products, after talks were extended last month.

June Cheryl A. Cabal-Revilla,

MPIC’s CFO, chief sustainability officer and chief risk officer, said Axelum failed to hit some of its targets, which will cause MPIC’s due diligence to restart.

“The valuation is in discussion in terms of finalizing it obviously because they have not met their targets, and they’re going to reforecast their numbers,” Revilla said. “They were saying that they

envisage the US market to be back at the prepandemic level. But it has not been the case.”

“And so we have to dig deeper into the assumptions and the KPIs [key performance indicators], etc.

And then next week, we will have a meeting with them and then we will see their forecast for 2024, because we did the due diligence early last year towards the end of

the year and early this year also.

But through the unfolding of results in 2023, they’ve been very far from their numbers.”

The due diligence was supposed to have been completed by the end of October, but Revilla said it had to be “extended mutually because they have to rework their numbers.”

“But, I think from our own

perspective and theirs, we want to be able to close it hopefully by the end of the year, subject again to the extended due diligence and them being able to explain their forecast and the results and outcome of their numbers.”

A xelum reported a loss of P427.99 million in January to September, a reversal of the P717.27million income it recorded last year. Most of the losses were seen in the third quarter, when Axelum declared a loss of P302.02 million, from the previous year’s P296.43million income.

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Sales for the nine-month period fell 19 percent to P4.27 billion from the previous year’s P5.31 billion.

Axelum booked a one-time loss on inventory write-down amounting to P309.88 million, which “reflects management’s current estimate of the unfavorable market price movement on finished goods inventory.” Excluding this one-off item, core net income came in at P7.85 million.

Last February, MPIC said its agribusiness unit will acquire a 34.76 percent stake in Axelum for P5.32 billion.

A6 Monday, November 13, 2023

BusinessMirror

www.businessmirror.com.ph

Monday, November 13, 2023

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The World BusinessMirror

Netanyahu rejects growing calls for cease-fire as Israel battles Hamas outside Gaza hospital

By Wafaa Shurafa & Bassem Mroue

Demonstrations and outrage continued. Police said 300,000 Palestinian supporters marched peacefully in London, the largest such event there since the war started. Rightw ing counter protesters clashed with police.

The Associated Press

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EIR AL-BALAH, Gaza Strip —Prime Minister Benjamin Netanyahu pushed back Saturday against growing international calls for a cease-fire, saying Israel’s battle to crush Gaza’s ruling Hamas militants will continue with “full force.”

A cease-fire would be possible only if all 239 hostages held by militants in Gaza are released, Netanyahu said in a televised address.

The Israeli leader also insisted that after the war, now entering its sixth week, Gaza would be demilitarized and Israel would retain security control there. Asked what he meant by security control, Netanyahu said Israeli forces must be able to enter Gaza freely to hunt down militants.

He also rejected the idea that the Palestinian Authority, which currently administers autonomous areas in the Israeli-occupied West Bank, would at some stage control Gaza.

Both positions run counter to postwar scenarios floated by Israel’s closest ally, the United States. Secretary of State Antony Blinken has said the US opposes an Israeli reoccupation of Gaza and envisions a unified Palestinian government in both Gaza and the West Bank at some stage as a step toward Palestinian statehood.

For now, Netanyahu said, “the war against (Hamas) is advancing with full force, and it has one goal, to win.

There is no alternative to victory.”

Pressure was growing on Israel after frantic doctors at Gaza’s largest hospital said the last generator had run out of fuel, causing the death of a premature baby, another child in an incubator and four other patients. Thousands of war-wounded, medical staff and displaced civilians were caught in the fighting.

In recent days, fighting near Shifa and other hospitals in northern Gaza has intensified and supplies have run out. The Israeli military has alleged, without providing evidence, that Hamas has established command posts in and underneath hospitals, using civilians as human shields.

Medical staff at Shifa have denied such claims and accused Israel of harming civilians with indiscriminate attacks.

Shifa hospital director Mohammed Abu Selmia said the facility lost power Saturday.

“Medical devices stopped. Patients, especially those in intensive care, started to die,” he said by phone, with gunfire and explosions in the background. He said Israeli troops were “shooting at anyone outside or inside the hospital” and prevented movement between buildings.

The World Health Organization later said it lost communication with its contacts at Shifa, according to a post on X, formerly known as Twitter.

Israel’s military confirmed clashes outside the hospital, but Rear Adm. Daniel Hagari denied Shifa was under siege. He said troops will assist Sunday in moving babies treated there and said “we are speaking directly and regularly” with hospital staff.

Amos Yadlin, a former head of Israeli military intelligence, told broadcaster Channel 12 that as Israel aims to crush Hamas, taking control of the hospitals would be key but require “a lot of tactical creativity,” without hurting patients, other civilians and Israeli hostages.

Six patients died at Shifa after the generator shut down, including the two children, spokesmen with the Hamas-run Health Ministry said.

The “unbearably desperate situation” at Shifa must stop now, the International Committee of the Red Cross director general, Robert Mardini, said on social media. UN humanitarian chief Martin Griffiths posted that “there can be no justification for acts of war in health care facilities.”

Palestinians mourn their relatives killed in the Israeli bombardment of the Gaza Strip, in the hospital in Khan Younis on Saturday, November 11, 2023. AP Photo/Fatima Shbair

Elsewhere, the Palestinian Red Crescent said Israeli tanks were 20 meters (65 feet) from al-Quds hospital in Gaza City, causing “a state of extreme panic and fear” among the 14,000 displaced people sheltering there.

Israel’s military released footage, which it said showed tanks operating in Gaza. The images showed shattered buildings, some on fire, and destroyed streets empty of anyone but troops.

A 57-nation gathering of Muslim and Arab leaders in Saudi Arabia called in their communiqué for an end to the war in Gaza and the immediate delivery of humanitarian aid. They also called on the International Court of Justice, a U.N. organ, to open an investigation into Israel’s attacks, saying the war “cannot be called self-defense and cannot be justified under any means.”

Netanyahu has said the responsibility for any harm to civilians lies with Hamas, which denied it was preventing people in Gaza City from fleeing.

The spokesman of the Hamas military wing said militants were ambushing Israeli troops and vowed that Israel will face a long battle. The Qassam Brigades spokesman, who goes by Abu Obaida, acknowledged in audio aired on Al-Jazeera that the fight is disproportionate “but it is terrifying the strongest force in the region.”

Israel ’s military has said soldiers have encountered hundreds of Hamas fighters in underground facilities, schools, mosques and clinics during the fighting. Israel has said a

key goal of the war is to crush Hamas, which has ruled Gaza for 16 years.

Following Hamas’ deadly Oct. 7 attack on Israel, in which at least 1,200 people were killed, Israel’s allies have defended the country’s right to protect itself. But now into the second month of war, there are growing differences over how Israel should conduct its fight.

The US has pushed for temporary pauses that would allow for wider distribution of badly needed aid to civilians in the besieged territory where conditions are increasingly dire.

However, Israel has only agreed to brief daily periods during which civilians can flee the area of ground combat in northern Gaza and head south on foot along the territory’s main north-south artery. Over the weekend, Israel said it opened a second route along the coast.

Since these evacuation windows were first announced a week ago, tens of thousands of civilians have fled the north, including on Saturday, according to U.N. monitors.

A stream of people fled southward on the main road, some on donkeydrawn carts. One man pushed two children in a wheelbarrow.

“Where to go, and what do they want from us?” said Yehia al-Kafarnah, one fleeing resident.

Palestinian civilians and rights advocates have pushed back against Israel’s portrayal of the southern evacuation zones as “relatively safe.”

They note that Israeli bombardment has continued across Gaza, including airstrikes in the south that Israel says target Hamas leaders but that have also killed women and children.

Fear g rows inside Shifa “Shel ling and ex plosions never stopped,” said Islam Mattar, one of thousands sheltering at Shifa. “Children here are terrified from the constant sound of explosions.”

T he Health Ministr y told A l Jazeera there were still 1,500 patients at Shifa, along with 1,500 medical personnel and between 15,000 and 20,000 people seeking shelter.

Thousands have fled Shifa and other hospitals that have come under attack, but physicians said it’s impossible for everyone to get out.

“We cannot evacuate ourselves and (leave) these people inside,” a Doctors Without Borders surgeon at Shifa, Mohammed Obeid, was quoted as saying by the organization.

Casualties rise More than 11,070 Palestinians, two-thirds of them women and minors, have been killed since the war began, according to the Health Ministry in Gaza, which does not differentiate between civilian and militant deaths. About 2,700 people have been reported missing and are thought to be possibly trapped or dead under the rubble.

At least 1,200 people have been killed in Israel, mainly in the initial Hamas attack, Israeli officials say. The military on Saturday confirmed the deaths of five reserve soldiers; 46 Israeli soldiers have been killed in Gaza since the ground offensive began.

Nearly 240 people abducted by Hamas from Israel remain captive.

Late Saturday, thousands of Israelis participated in a rally in Tel Aviv, calling for the return of hostages.

In Caesarea, hundreds of protesters gathered near Netanyahu’s home, calling for his removal.

About 250,000 Israelis have been forced to evacuate from communities near Gaza and along the northern border with Lebanon, where Israeli forces and Hezbollah militants have traded fire repeatedly. Mroue reported from Beirut. Associated Press writers Julia Frankel in Jerusalem, Samy Magdy in Cairo and Baraa Anwer in Riyadh, Saudi Arabia, contributed to this report.

Pope Francis removes leading US conservative critic as Texas bishop

By Nicole Winfield The Associated Press

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OME—Pope Francis on Saturday ordered the removal of the bishop of Tyler, Texas, a conservative prelate active on social media who has been a fierce critic of the pontiff and has come to symbolize the polarization within the US Catholic hierarchy.

A one-line statement from the Vatican said Francis had “relieved” Bishop Joseph Strickland of the pastoral governance of Tyler and appointed the bishop of Austin as the temporary administrator.

Strickland, 65, has emerged as a leading critic of Francis, accusing him in a tweet earlier this year of “undermining the deposit of faith.”

He has been particularly critical of Francis’ recent meeting on the future of the Catholic Church during which hot-button issues were discussed, including ways to better welcome LGBTQ+ Catholics.

Earlier this year, the Vatican sent in investigators to look into his governance of the diocese, amid reports that priests and laypeople in Tyler had complained and that he was making unorthodox claims.

The Vatican never released the findings and Strickland had insisted

he wouldn’t resign voluntarily, saying in media interviews that he was given a mandate to serve as bishop in 2012 by the late Pope Benedict XVI and couldn’t abdicate that responsibility.

The conservative website LifeSiteNews, which said it interviewed Strickland on Saturday, quoted him as saying one of the reasons given for his ouster was his refusal to implement Francis’ 2021 restrictions on celebrating the old Latin Mass.

Francis’ crackdown on the old liturgy has become a rallying cry for traditionalist Catholics opposed to the pontiff ’s progressive bent.

Strickland told LifeSite he refused to implement the restrictions “because I can’t starve out part of my flock.”

He said he stood by his decision, would do it again and “I feel very much at peace in the Lord and the truth that he died for.”

His firing sparked an immediate outcry among some conservatives and traditionalists who had held up Strickland as a leading point of Catholic reference to counter Francis’ progressive reforms. Michael J. Matt, editor of the traditionalist newspaper The Remnant, wrote that with the firing, Francis was “actively trying to bury fidelity to the Church of Jesus Christ.”

“This is total war,” Matt wrote on X, formerly Twitter. “Francis is a clear and present danger not only to Catholics the world over but also to the whole world itself.”

The two Vatican investigators sent into investigate Strickland— Bishop Dennis Sullivan of Camden, N.J., and the retired bishop of Tucson, Ariz., Bishop Emeritus Gerald Kicanas—“conducted an exhaustive inquiry into all aspects of the governance and leadership of the diocese,” said the head of the church in Texas, Cardinal Daniel DiNardo.

After their investigation, a recommendation was made to Francis that “the continuation in office of Bishop Strickland was not feasible,” DiNardo said in a statement Saturday.

The Vatican asked Strickland to resign Thursday, but he declined, prompting Francis to remove him from office two days later, DiNardo’s statement said.

It is rare for the pope to remove a bishop from office. Bishops are required to offer to resign when they reach 75. When the Vatican uncovers issues with governance or other problems that require a bishop to leave office before then, the Vatican usually seeks to pressure him to offer to resign for the good of his diocese and the church.

That was the case when another US bishop was forced out earlier this year following a Vatican investigation. Bishop Richard Stika of Knoxville, Tenn., resigned voluntarily, albeit under pressure, following allegations he mishandled sex abuse allegations and his priests complained about his leadership and behavior.

But with Strickland, the Vatican statement made clear that he had not offered to resign and that Francis had instead “relieved” him from his job.

Francis has not been shy about his concerns about the right wing in the US Catholic hierarchy, which has been split between progressives and conservatives who long found support in the doctrinaire papacies of St. John Paul II and Benedict XVI, particularly on issues of abortion and same-sex marriage.

In comments to Portuguese Jesuits in August, Francis blasted the “backwardness” of these conservative bishops, saying they had replaced faith with ideology and that a correct understanding of Catholic doctrine allows for change over time.

Strickland had been associated with the most extreme of these bishops, including the former Vatican ambassador to the US, Archbishop Carlo Maria Vigano, a fierce Francis critic who in 2018 called for the

pope to resign.

Strickland backed Vigano’s conspiracy theories about the Covid-19 pandemic, and on Saturday Vigano wrote that Strickland’s ouster showed a “cowardly form of authoritarianism” by Francis. “This affair will reveal who stands with the true Church of Christ and who chooses to stand with His declared enemies,” Vigano wrote on X. Most recently, Strickland had criticized Francis’ monthlong closeddoor debate on making the church more welcoming and responsive to the needs of Catholics today. The meeting debated a host of previously taboo issues, including women in governance roles and welcoming LGBTQ+ Catholics, but in the end, its final document didn’t veer from established doctrine.

Ahead of the meeting, Strickland said it was a “travesty” that such things were even on the table for discussion.

“Regrettably, it may be that some will label as schismatics those who disagree with the changes being proposed,” Strickland wrote in a public letter in August. “Instead, those who would propose changes to that which cannot be changed seek to commandeer Christ’s Church, and they are indeed the true schismatics.”

Editor: Angel R. Calso

More than 800 Sudanese killed in attack on Darfur town–UN

By Samy Magdy

The Associated Press

C

AIRO—Fighters from a paramilitary force and their allied Arab militias rampaged through a town in Sudan’s war-ravaged region of Darfur, reportedly killing more than 800 people in a multiday attack, doctors and the UN said.

The attack on Ardamata in West Darfur province earlier this month was the latest in a series of atrocities in Darfur that marked the monthslong war between the Sudanese military and the paramilitary Rapid Support Forces, RSF. Sudan has been engulfed in chaos since in mid-April, when simmering tensions between military chief Gen. AbdelFattah Burhan and the commander of the paramilitary Rapid Support Forces, Gen. Mohamed Hamdan Dagalo, exploded into open warfare.

The war came 18 months after both generals removed a transitional government in a military coup. The military takeover ended Sudan’s short-lived fragile transition to democracy following a popular uprising that forced the overthrow of longtime strongman Omar al-Bashir in April 2019.

In recent weeks the RSF advanced in Darfur, taking over entire cities and towns across the sprawling region, despite the warring parties’ return to the negotiating table in Saudi Arabia late last month. The first round of talks, brokered by the US and Saudi Arabia, failed to establish a cease-fire.

T he d ayslong at t ac k in A rd a mat a came after the RSF took over a military base in the town after a brief fighting on Nov. 4 with troops there, said Salah Tour, head of the Sudanese Doctor’s Union in West Darfur. He said the military withdrew from the base, adding that around two-dozen wounded troops fled to Chad.

Spokespeople for the military and the RSF didn’t respond to phone calls seeking comment.

After seizing the military base, the RSF and their allied Arab militias rampaged through the town, killing non-Arabs inside their homes and torching shelters housing displaced people, Tour said.

“They violently attacked the town,” he said, adding that the RSF and their militias targeted the African Masalit tribe.

“They went from house to house, killing and detaining people.”The Darfur Bar Association, an advocacy group, accused RSF fighters of committing “all types of serious violations against defenseless civilians” in Ardamata. It cited an attack on Nov. 6 during which the RSF killed more than 50 people including a tribal leader and his family.

The UNHCR said more than 800 people have been reportedly killed and 8,000 others fled to neighboring Chad. The agency, however, said the number of people who fled was likely to be an underestimate due to challenges registering new arrivals to Chad.

The agency said about 100 shelters in the town were razed to the ground and extensive looting has taken place there, including humanitarian aid belonging to the agency. “ Twent y years ago, the world was shocked by the terrible atrocities and human rights violations in Darfur. We fear a similar dynamic might be developing,” said U.N. High Commissioner for Refugees, Filippo Grandi.

The US State Department said it was “deeply disturbed by eyewitness reports of serious human rights abuses by the RSF and affiliated militias, including killings in Ardamata and ethnic targeting of the Masalit community leaders and members.

“These horrifying actions once again highlight the RSF’s pattern of abuses in connection with their military offensives,” it said in a statement.

Ardamata is located a few kilometers (miles) north of Geneina, the provincial capital of West Darfur. The RSF and Arab militias launched attacks on Geneina, including a major assault in June that drove more of its non-Arab populations into Chad and other areas in Sudan.

The paramilitary group and its allied Arab militias were also accused by the U.N. and international rights groups of atrocities in Darfur, which was the scene of a genocidal campaign in the early 2000s.

Such atrocities included rape and gang rape in Darfur, but also in the capital, Khartoum. Almost all reported cases were blamed on the RSF.

The World BusinessMirror

www.businessmirror.com.ph | Monday, November 13, 2023

A9

Biden, Xi set to meet next week at the APEC summit

By Will Weissert & Didi Tang The Associated Press

W

ASHINGTON—When President Joe Biden meets Chinese leader Xi Jinping on Wednesday, there will be no such thing as a small detail.

How they greet? If they eat? Where they sit? Will there be flowers? Bottled water or in a glass? “Pretty intense,” senior administration officials say of navigating delicate protocols.

Any encounter involving the president and a foreign leader means managing tricky logistics, political and cultural, and every occurrence or utterance can potentially jolt the world order. But few nations are more attuned to etiquette than the Chinese, and the often-conflicting interests between Washington and Beijing might mean the seemingly trivial becomes meaningful.

There’s probably “very detailed planning of the actual choreography of who enters a room where, if there will be pictures taken and all of that,” said Bonny Lin, senior fellow for Asian security and director of the China Power Project at the Center for Strategic and International Studies.

Biden and Xi will meet while both attend next week’s Asia-Pacific Economic Cooperation summit in San Francisco. So far, even basic information has remained closely guarded. Statements Friday by China’s government didn’t mention the day or location. The White House, citing security concerns, says only that the meeting will be held “in the Bay area.”

That could only increase the pressure as both sides potentially haggle over everything from meeting time and length to who enters the room first. Will they use a table or easy chairs? What about security presence and interpreter access?

Then there is the more obviously substantive: Will there be a joint statement after the meeting and how much of the session will be in public view?

The plan is to set aside enough time for in-depth conversations on issues that will be divided into different sessions, senior administration officials say.

That recalls Biden’s nearly three-hour meeting with Xi before the start of last year’s G-20 summit in Bali.

The officials also noted that this will be Xi’s first trip to the United States in six years, and his first to San Francisco since he was a provincial Communist Party secretary. Victor Cha, former director for Asian Affairs on the White House’s National Security Council, said organizing such meetings at APEC is easier than at a formal location. But, he said, hammering out talks on summit sidelines is still “a logistics nightmare.”

“China, normally, if they come to United States, they want everything.

They want all the pomp and circumstance. They want the highest possible respect that can be paid to them,” Cha said. “That is politically not possible. And so, having APEC in San Francisco solves that problem in the sense that it’s not the official White House that’s hosting the meeting.”

Even informal settings can bring high stakes.

When President Richard Nixon visited China in 1972, aiming to ease decades of animosity, he brought a new pair of shoes with rubber soles to climb the Great Wall.

President Barack Obama and Xi didn’t wear ties during their 2013 meeting at Sunnylands, a modernist mansion in Rancho Mirage near Palm Springs, California. It was news then that Obama stayed overnight there while the Chinese delegation returned to a nearby hotel.

President Donald Trump and Xi wore dark suits for dinner at Trump’s Mara-Lago estate in Florida four years later. The meal featured what Trump called “the most beautiful piece of chocolate cake.”

Bonnie Glaser, managing director of the Indo-Pacific program at the German Marshall Fund, said that, for the upcoming meeting, Xi’s team likely pushed for a venue away from the APEC site and talks lasting longer than those in Bali.

“The Chinese want a separate summit,” she said.

The Chinese attach importance to the location, which this time may be more like Sunnylands than Anchorage, Alaska, where top US and Chinese officials held rather tense 2021 talks. Chinese state media might fixate on the weather as a barometer for bilateral relations. Early forecasts are calling for rain with a high in the mid-60s for San Francisco. Associated Press writer Colleen Long contributed to this report.

Missile strike targets Kyiv; improvised explosive derails Russian freight cars

K

YIV, Ukraine—Russian forces targeted Ukraine’s capital, Kyiv, as part of an overnight bombardment felt across the country, local officials said Saturday, while drones that Russian officials blamed on the Ukrainian military targeted areas around Moscow and the region of Smolensk. A ballistic missile was shot down as it approached the Ukrainian capital, said Serhii Popko, head of the Kyiv City Military Administration. He said that no one was injured.

The Ukrainian air force later confirmed an Iskander-M ballistic missile was used in the attack, the first attempted missile strike on Kyiv in almost two months.

Elsewhere in Ukraine, the strikes killed four people in three regions: two in Kherson, one in Dnipropetrovsk and another in Zaporizhzhia, local officials reported.

Ukraine’s air defense systems actively repelled attacks in Odesa, Dnipropetrovsk, Kharkiv, Poltava, Sumy, and Kirovohrad regions. The country’s air force said Russian troops launched 31 Shahed-136/131 drones, of which 19 were shot down.

The strike in the Odesa region damaged the city’s port infrastructure and a small community of cottages, injuring three people, including a 96-year-old woman, said regional governor Oleh Kiper.

Russian forces also launched an X-31 aircraft missile, an Onyx anti-ship missile, and an S-300 anti-aircraft guided missile overnight, said Ukrainian military spokesperson Yuri Ihnat, but did not give further details.

In Moscow, Russia’s defense ministry said that its aerial strikes had hit an ammunition depot serving the 43rd mechanized brigade of Ukraine’s Armed Forces near the village of Devichki in the Kyiv region. In an online statement, it said that Ukrainian drones had been shot down over the Smolensk and Moscow regions.

Smolensk governor Vasiliy Anokhin posted on social media that no one was wounded in the attack.

Meanwhile, freight cars carrying cargo in Russia’s Ryazan region were derailed Saturday morning by an improvised explosive device, Russian law enforcement said. Nineteen carriages traveling from the town of Rybnoye were thrown from the tracks and 15 were damaged, investigators wrote in a statement on social media. They said they would be opening a criminal investigation on terrorism charges.

Both the train driver and assistant train driver received medical attention at the scene. Russian officials have previously blamed pro-Ukrainian saboteurs for several attacks on the country’s railway system since Moscow invaded the country in February 2022, although no group has claimed responsibility for the damage.

Kyiv has not commented on Saturday’s attacks. AP

A10 Monday, November 13, 2023 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

So many fake Filipinos infiltrating our borders

S

enator Panfilo Lacson, in his capacity as head of the Senate committee on national defense and security in 2020, said that 2,000 to 3,000 members of China’s People’s Liberation Army are on an “immersion mission” in the Philippines.

Before World War II, an immersion mission is a country’s forward-deployment of military officers to a country that it intends to invade. For example, the Japanese Imperial Army sent hundreds of undercover Kempeitai military police to the Philippines, posing as merchants and workers. They were the persecutors who tortured Filipino resistance fighters during the Japanese occupation.

An unnamed military official said that although Lacson’s claim is “improbable”—2,000 to 3,000 is too many to be inconspicuous—there are Chinese intelligence agents operating in the Philippines. “Maybe they run in the hundreds and they use legitimate covers like businessmen, media, academe, tourists,” the source said.

The Bureau of Immigration confirmed that some 538,000 Chinese citizens from mainland China entered the Philippines from December 2019 to February 2020, illustrating the massive influx of POGO workers. That number excludes about 1.8 million Chinese who have been to the Philippines before December 2019.

Sen. Risa Hontiveros on Friday raised the possibility of Chinese military spies securing Philippine citizenship by obtaining genuine passports, tax identification cards, immigration documents and even birth certificates through fraudulent means. She claimed there’s a thriving “cottage industry” run by shady characters that are providing valid government-issued documents to Chinese nationals, in cahoots with corrupt government officials.

Hontiveros said this came to light following a Pogo hub raid on October 27 in Pasay City. She said the Pogo operator is Smart Web Technology Corp. The raid not only led to the discovery of a prostitution den and human trafficking operations but also to the seizure of authentic legal documents that are only issued to Filipino citizens.

“Considering our current dispute in the West Philippine Sea, it is alarming that we are giving an all-access pass to our country to Chinese citizens through these Pogo hubs,” Hontiveros said.

Senate President Pro Tempore Loren Legarda said she expects the probers of the Blue Ribbon Committee on Public Accountability to dig deeper into reports that foreign nationals are illegally obtaining Philippine passports and other documents in the country. (Read the BusinessMirror report, “Senate probers prodded to ensure ‘deeper investigation’ into reported passport racket,” November 10, 2023).

Legarda aired the call as she took the floor in plenary session, endorsing the proposed P24.06-billion budget of the Department of Foreign Affairs. She raised the possibility of a “collusion” of personnel among different government agencies—including the Department of Foreign Affairs (DFA) and the Philippine Statistics Authority (PSA)—to provide Chinese nationals with authentic Philippine birth certificates for their passport applications.

The DFA confirmed that it is now investigating the incidents for the possible filing of criminal charges against the foreign nationals “posing as Filipinos by assuming Filipino identities through the presentation of authentic and genuine PSA birth certificates and valid government-issued cards.”

Senate President Juan Miguel Zubiri said the NBI is currently investigating a town in Caraga that is giving out birth certificates. “They caught several Chinese nationals who speak no English, no Tagalog, who don’t speak Bisaya, who are able to get birth certificates in this town,” Zubiri said, adding that “obviously the next item on the agenda for these people would be to get a passport.”

Hontiveros wondered: “Why the need to cover up their nationality to become Filipinos? This makes us ask: Are Pogos being used as conduits to allow enemy forces and their spies into our country? Maybe Pogo and scam hubs are not the end game. Maybe the end game is to infiltrate our borders and weaken our national security with our own Filipino officials as enablers.”

The increasing number of Pogos securing Philippine passports is indeed alarming. National leaders may not know their end game at this time, but if these people are Chinese military spies, they are serious threats to our national security. By pushing China’s interests as Philippine passport holders, they are not beyond doing things that can jeopardize the country’s economic well-being.

It would do well for the administration to bring its vast power to bear on these foreign nationals disrespecting our sovereignty by posing as Filipinos.

The best way to protect our nation’s security is to expel these people from our shores.

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Gearing up for December Atty. Jose Ferdinand M. Rojas II

RISING SUN

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E are almost halfway through November and many families are now preparing for the holidays, while some have actually started the celebrations with early get-togethers.

According to Fitch Ratings, the country will maintain economic stability in the latter part of the year due to its “strong medium-term growth prospects, slowly declining debt, macroeconomic stability, and sound economic policies.”

On the news today is the announcement that there will be a rollback in the prices of gasoline in the coming days. In many places around the country, we see new establishments opening their doors in time to welcome the Christmas shoppers.

Ayala Malls, for example, is opening a 10,000-square-meter commercial district later this week in Vermosa.

It seems that things are rosy on the outside, as far as the local economy

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lamenting the soaring prices of basic commodities like eggs, vegetables, fruits, rice, and others. It is a fact that the cost of many agricultural products and prime commodities saw sharp increases this year. Some families are having a hard time making ends meet due to a general decrease in income and economic opportunities.

While there are only roughly six weeks to go before Christmas, there’s still a bit of time to build a holiday budget. According to financial ex-

perts, it’s crucial to realistically look at what one can afford before making any decision to pay for anything—be it gifts, decor, travel, food, and so on.

The key, really, is to plan well and have a realistic list. This way, we can avoid impulse or unplanned buys.

Don’t go into debt just to have merry holiday celebrations, the experts counsel. That includes being careful with how often you use your credit card or what you add to your virtual cart. Take some time to look around and find bargains before committing to purchasing anything.

It wouldn’t hurt to support small businesses and local enterprises when making your shopping and grocery lists.

In the past, we all saw a rise in online shopping, with platforms like Lazada and Shopee clogging up delivery schedules. Now that people are almost back to normal as far as mobility is concerned, shoppers, especially the younger set (read: Gen Z), prefer to buy from stores and malls for the “lived experience.” This is an opportunity for businesses to cater to this market’s shopping preferences.

‘Pagmamano’ revival seen as path to peace

✝ Ambassador Antonio L. Cabangon Chua Publisher

is concerned.

The inflation rate dropped to 4.9 percent in October, with Fitch Ratings predicting that it will further dip to 3.5 percent by 2025. Still part of its projection, Fitch says the country’s gross domestic product is seen surpassing 6 percent over the medium term, as government debt declines to 54 percent of the 2025 GDP. Amid all this, some Pinoys are telling a different story. Many are still

While there are only roughly six weeks to go before Christmas, there’s still a bit of time to build a holiday budget. According to financial experts, it’s crucial to realistically look at what one can afford before making any decision to pay for anything—be it gifts, decor, travel, food, and so on. The key, really, is to plan well and have a realistic list. This way, we can avoid impulse or unplanned buys.

A

symposium on fostering global peace has rekindled a noteworthy revival of a unique Filipino tradition: “Pagmamano.” For ALC Group Chairman D. Edgard A. Cabangon, who himself practices pressing the hand of his elders on his forehead as a sign of love and respect, there is a need to teach today’s youth this long-held tradition in our homes.

In a plenary session that dwelt on the role of broadcast media in nurturing a culture of peace, Cabangon stressed that the “path to peace has a better start within the family and the home” and forthwith exuded optimism that with peace in the home, “weapons of war can be transformed into implements for peace.”

After all, when peace is no longer equated with the absence of war but with the love for harmony, all nations will have the so-called peace dividends where war materiel becomes agriculture implements, tanks become pipes for irrigation, and nuclear armaments are converted into energy plants.

The message of Cabangon, which was well received by the students and professionals that attended the symposium at Manila Prince Hotel

last week, is expected to reverberate in the boards of corporations and student bodies as the revival of this very Filipino tradition could lead to soul-searching on why there are now road rages and why there is now a culture of impunity that transcends the nation.

Acknowledging that this part of our culture has been forgotten together with the video war games that the young play in their gadgets, Cabangon proposed an advocacy that will revive this tradition “to instill in our hearts the need for respect and love and empathy with our fellow men.”

He challenged the Global Peace Foundation to sponsor a contest that will showcase the best rendition of such a TV ad and a companion radio program that will dwell on the

The call of Cabangon for the revival of “pagmamano” could result in soul-searching among the young and their parents and may lead to a newfound sense of belonging to our Filipino heritage.

revival of this very Filipino culture: “Nagmano ka na ba?”

“Nagmano ka na ba” can resonate within our homes, cascade to our communities, blossom later in the provinces and regions and pulsate in the nation at large and possibly start a peace caravan that could later result in achieving that elusive peace among nations, Cabangon said.

The call for the revival of this distinct Filipino culture was well applauded that a member of the Philippine diplomatic community who was at the symposium even proposed having a party-list that will promote pagmamano, which conveys love and respect for our elders.

Indeed, this tradition is being uprooted from our culture, a sad reality together with the preoccupation with gadgets that lead to family members hunched over their gadgets instead of conversing and connecting during dinnertime.

The call of Cabangon for the revival of “pagmamano” could result in soul-searching among the young and their parents and may lead to a newfound sense of belonging to our

Filipino heritage. In fact, by letting our OFWs practice this unique tradition, the Filipinos may be able to cast away the demons of war.

“Each nation has a different way of greeting. There is the Eskimo nose rub, the head bow, the palms together, and the handshake. We Filipinos have a better way of greeting and it conveys love and respect: We take the hand of our elder, press it on our forehead and that’s it,” Cabangon said.

“This Filipino tradition is more than a greeting. It speaks of honor.

It conveys love. It transmits hope.

It echoes respect. With all these ingrained in that singular act, peace will be in our hearts,” he added.

Dr. Nona Saldana-R icafort brought the peace symposium to the Philippines together with Ingill Ra, Asia-Pacific president and aside from Cabangon, others who offered their valuable perspectives on promoting peace through media included Herminio “Sonny” B. Coloma Jr., Manila Bulletin EVP; Michael Alexander M. Ang, Director of the Manila Times; Atty. Dominador D. Buhain Jr., Chairman of the Rex Group of Companies ; Francia Camacho Conrado, FAMAS president; Joseph R. Bejerano, Director of FICTAP; Noel C. Galvez, Executive Vice President of Kapisanan ng mga Brodkaster ng Pilipinas; broadcaster and social media journalist Jing Castañeda and vlogger and columnist Bianca S. Valerio.

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Philippines as a global tax leader

The goodness in being counter cultural Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Part One

A

side from the many tax administration activities of Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui, I have noticed that he was also busy globe-trotting to attend tax conferences in various parts of the world. In the most recent months, Commissioner Lumagui has attended a “Comparative Tax Policy and Administration” course at the Harvard Kennedy School in the USA, the “High-level Symposium on the Digital Transformation of Tax Administration” in Beijing, China, the “Forum on Tax Administration” of the OECD in Singapore, and the meeting of the Study Group on Asia-Pacific Tax Administration and Research in Thailand.

While a great number of people consider government-funded trips abroad as merely a junket, I consider these recent travels of the BIR Commissioner as an important and necessary part of his tax administration role. As head of the top revenue collecting agency, Commissioner Lumagui must be up to date on the developments in the tax administration, such as the digital transformation of tax offices and tax enforcement practice. As the top honcho in the BIR, he should be involved in establishing rapport and network connections with his fellow tax heads in various countries. I even propose that Commissioner Lumagui should strive to be recognized as one of the global leaders in taxation. This will not only bring honor to him personally, but more importantly, put the Philippines in a prominent position in the global tax community.

As the former Chair of the Professional Regulatory Board of Accountancy, I endeavored, as part of my strategic vision, to make Philippine accountancy, or CPA Philippines, a recognized and respected brand worldwide. I did this by traveling to attend various international conferences and speak to a global audience, submitting proposals and position papers on major accountancy issues, endorsing fellow Filipino CPAs to positions in global organizations, nominating Philippine institutions to award-giving bodies, and being elected to join the leadership or boards of global accounting institutions. On the last achievement, I am extremely proud of being endorsed by our government to become a Member and Philippine Representative to the United Nations Conference on Trade and Development Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting for two terms from 2019 to 2024.

I am sure that the Philippines, in the person of Commissioner Romeo Lumagui, can do a similar undertak-

While a great number of people consider government-funded trips abroad as merely a junket, I consider these recent travels of the BIR Commissioner as an important and necessary part of his tax administration role.

As head of the top revenue collecting agency, Commissioner Lumagui must be up to date on the developments in the tax administration, such as the digital transformation of tax offices and tax enforcement practice. ing of being a leader in the global tax community. The Philippines has a long experience in effecting successful tax policy and administration programs that can be shared with the rest of the world. Commissioner Lumagui has the credentials and accomplishments to be recognized as a global tax leader. He has initiated game-changing measures during his over-a-year term as Commissioner that resulted in a beneficial impact on the taxpayers and the BIR. These include such major initiatives as the Run After Fake Transactions, excellent taxpayer service to support the ease-of-doing-business mandate, and proactive collaboration with the various stakeholders of the BIR. Global tax leadership for the Philippines. How can this be achieved?

To be continued Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and Tax partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

Monday, November 13, 2023 A11

P

eople tend to go with the flow. Any person who goes against it is seen as odd, weird, or non-conformist, to say the least. In the US, the hippies in the ’70s were part of a counterculture generation where they resorted to various behaviors to reject social norms. To a certain extent, these hippies shaped history in America by allowing radical views to be in the limelight, albeit for a short period, despite government attempts for greater control. More recently, the Black Lives Matter (BLM) movement in the US again manifested how some Americans could go against the mainstream values of peace and order. Over time, the term woke was reintroduced and is now defined as being “aware of and actively attentive to important facts and issues on social justice.”

Sadly, part of the woke movement in the US include the promotion of gender-neutral bathrooms, taking a knee during the national anthem, and allowing people to identify their own gender. Woke became popular with, if not embraced by members of Generations Y and Z. Not all counter cultural activities, especially when done just because they can be done, can yield good results. But when done with pure motives and noble intentions, for the sake of others, these activities should be welcome.

In the Philippines, woke has been associated with the state of being self-righteous. Sadly, for some Filipinos, being woke is also seen as counter cultural, something negative as in holding one’s view as superior over

the other. Take the case of former Finance Undersecretary Cielo Magno whose views and opinions were taken to be disruptive simply because her stance went against the supposed policy of the Marcos administration.

Regardless of whether she resigned or was eased out from her position, she simply but stubbornly shared her thoughts on economics and good governance, which, by her sheer credentials, she has a high degree of comprehension, to say the least.

Unfortunately, her comments were seen as divisive and counter cultural in a sense that political appointees are expected to toe the line. For me, being a team player does not mean to sit in silence and just obey like a robot. It should equate to contribut-

ing everything you can, including opposing views, for the team to arrive at a better decision.

Being divisive does not necessarily mean destructive. Different views are shared, including those out of the box kind, to figure what is the core issue that truly divides any organization. Different perspectives allow us to validate our own ideas and challenge our own biases developed by the Filipino culture of subservience.

In the Army, I noticed a few officers afraid to speak freely because of that upperclass mentality where opinions of junior officers are hardly welcome, compounded by that culture of “obey first before you complain.” Being outspoken as in the case of Magno or being radical as in the case of our national hero, Jose Rizal, was never about boasting intellectual superiority. I think going against culture or norms of conduct is part of our freedom of expression. Society can change by reason of that position in the same way one person with radical ideas managed to change an entire world.

During His time here on earth, Jesus was countercultural as His teachings were totally opposed to what society was accustomed to. He fulfilled and assumed the role of the King but rejected the power that went with it. For Jesus, rich is poor, strong is weak, as seen in the Beatitudes, which represented an abstract of Jesus’ culture-altering intention in going against what was understood and accepted by many in that period.

Jesus taught us to love our enemies (“Love your enemies, do good to those who hate you,” Luke 6:27) and even

O

N Thursday, trades handled by the world’s largest bank in the globe’s biggest market traversed Manhattan on a USB stick.

Industrial & Commercial Bank of China Ltd.’s US unit had been hit by a cyberattack, rendering it unable to clear swathes of US Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems. That forced ICBC to send the required settlement details to those parties by a messenger carrying a thumb drive as the state-owned lender raced to limit the damage.

The workaround—described by market participants—followed the attack by suspected perpetrator Lockbit, a prolific criminal gang with ties to Russia that has also been linked to hits on Boeing Co., ION Trading UK and the UK’s Royal Mail.

The strike caused immediate disrup-

tion as market makers, brokerages and banks were forced to reroute trades, with many uncertain when access would resume.

The incident spotlights a danger that bank leaders concede keeps them up at night—the prospect of a cyberattack that could someday cripple a key piece of the financial system’s wiring, setting off a cascade of disruptions. Even brief episodes prompt bank leaders and their government overseers to call for more vigilance. “This is a true shock to large banks around the world,” said Marcus Murray, the founder of Swedish cybersecurity firm Truesec. “The ICBC hack will make large banks around the globe race to improve their defenses, starting today.”

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

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

US shutdown risk eased in stopgap plan offered by Johnson

By Erik Wasson & Billy House

T

he risk of a US government shutdown on November 18 eased as House Speaker Mike Johnson proposed a compromise temporary funding plan without insisting on deep spending cuts that ultraconservatives have sought.

Johnson presented his proposal with less than a week to go before the current temporary spending bill runs out, leaving little time for Republicans and Democrats to work out differences and avoid a shutdown.

But by refusing to impose the 30 percent immediate cut to spending and US asylum law changes demanded by some conservatives, Johnson improved the outlook for a compromise.

The proposal, which omits new funding for aid to Israel and Ukraine, would extend funding for some government agencies to January and others to February. While the twostep idea risks Democratic pushback, it is more likely to pass the Senate given its lack of immediate spending cuts.

“The bill will stop the absurd holiday-season omnibus tradition of massive, loaded up spending bills introduced right before the Christmas recess,” Johnson said in a statement.

An extension until January 19 would apply to funding for the departments of Veterans Affairs, Energy, Agriculture, Transportation as well as Housing and Urban Development, with the rest extended to February 2. The goal is to prod the Senate to speed up work on those bills.

Republican leaders plan a House vote on the plan Tuesday—which could end Johnson’s brief honeymoon period with conservative rebels in the party.

Hardline conservatives have demanded that Johnson attach immediate spending cuts and changes to US migration policies to any temporary funding to keep open the government. Johnson will almost certainly need Democrats to pass his plan through the House over these objections.

Former Speaker Kevin McCarthy was ousted in early October for allowing lawmakers to vote on the 48-day measure that funds the government now. That sparked three weeks of intra-party battles to choose a successor, culminating in the elevation of Louisiana’s Johnson, a darling of fiscal and social conservatives in the GOP. The White House cast doubt on the House plan. “This proposal is

just a recipe for more Republican chaos and more shutdowns—full stop,” White House Press Secretary Karine Jean-Pierre said in a statement Saturday.

However, a Senate Democratic aide welcomed the absence of spending cuts in Johnson’s plan, and that defense funding would get the longer of the two extensions.

Dairy, submarine

Representative Chip Roy, a Texas Republican influential among ultra-conservatives on fiscal matters, denigrated the proposed strings-free temporary funding.

“It’s a 100 percent clean. And I 100 percent oppose,” Roy said on X, the platform formerly known as Twitter.

The bill extends some US farm subsidies, including for dairy products. It also contains a provision to allow the building of a second Columbia-class ballistic missile submarine, a program led by General Dynamics Corp.

The House Rules Committee will hold a hearing Monday to decide whether to advance the bill to a floor vote and to set procedures for that action.

Illustrating the stakes, Moody’s Investors Service on Friday lowered

World’s biggest bank has to trade via USB stick after hack

By Katherine Doherty, Liz Capo McCormick & Alexandra Harris

taught us to pray for them: “But I tell you, love your enemies and pray for those who persecute you,” (Matthew 5:44).

Loving enemies much more praying for them was the most counter cultural act to do. What Jesus taught, considered radical by those around Him in Israel back then, could be considered revolutionary if done literally in the Philippines today.

Being countercultural, in the believers’ point of view, should mean raising the awareness of society to the Gospel truth of Jesus through our acts of love and service. In the words of another “radical,” Martin Luther King Jr., “Darkness cannot drive out darkness, only light can do that. Hate cannot drive out hate, only love can do that.” Believers ought not to be judgmental of others and hypocritical by accusing others as sinners. By being salt and light, non-believers will “taste and see” their need to repent and eventually desire to be more Christ-like!

When counter cultural activities done by believers are borne out of love for others, they help change the world for the better!

As details of the attack emerged, employees at the bank’s Beijing headquarters held urgent meetings with the lender’s US division and notified regulators as they discussed next steps and assessed the impact, according to a person familiar with the matter. ICBC is considering seeking help from China’s Ministry of State Security in light of the risks of potential attack on other units, the person said.

Late Thursday, the bank confirmed it had experienced a ransomware attack a day earlier that disrupted some systems at its ICBC Financial Services unit. The company said it isolated the affected systems and that those at the bank’s head office and other overseas units weren’t impacted, nor was ICBC’s New York branch.

ICBC is closely following the cyberattack and will take “effective” emergency response measures, Wang Wenbin, a spokesman for the Chinese Foreign Ministry, said

at a regular briefing Friday in Beijing. The bank will engage in proper supervision and communication to minimize the risks, impact and losses, Wang said.

The extent of the disruption wasn’t immediately clear, though Treasury market participants reported liquidity was affected. The Securities Industry and Financial Markets Association, or Sifma, held calls with members about the matter Thursday.

ICBC FS offers fixed-income clearing, Treasuries repo lending and some equities securities lending.

The unit had $23.5 billion of assets at the end of 2022, according to its most recent annual filing with US regulators.

The attack is only the latest to snarl parts of the global financial system. Eight months ago, ION Trading UK—a little-known company that serves derivatives traders worldwide—was hit by a ransomware attack that paralyzed markets

and forced trading shops that clear hundreds of billions of dollars of transactions a day to process deals manually. That has put financial institutions on high alert.

ICBC, the world’s largest lender by assets, has said it’s been improving its cybersecurity in recent months, highlighting increased challenges from potential attacks amid the expansion of online transactions, adoption of new technologies and open banking.

“The bank actively responded to new challenges of financial cybersecurity, adhered to the bottom line for production safety and deepened the intelligent transformation of operation and maintenance,” ICBC said in its interim report in September.

Ransomware attacks against Chinese firms appear rare in part because China has banned cryptorelated transactions, according to Mattias Wåhlén, a threat intelligence specialist at Truesec. That makes it harder for victims to pay ransom,

the US’s credit rating outlook to negative from stable. Moody’s cited increasing risks to the country’s fiscal strength and specifically pointed to political polarization in Congress.

Johnson told lawmakers on a call Saturday that the plan avoids allowing the Senate to jam the House with a giant spending package just before the Christmas holiday in December, according to people familiar with the conversation. He also said it decouples the stopgap bill from the battles in Washington over further aid to Ukraine.

Johnson said that if the Senate fails to negotiate full-year funding bills, the House will focus on a fullyear stopgap bill until September 30, a move that would allow a 1 percent cut to all spending under an earlier debt-ceiling deal. The GOP plans to spare defense in any full-year stopgap, a person familiar with the discussions said.

Divisions among Republicans over government spending already have forced Johnson to cancel votes on two annual spending bills during his brief time as speaker. A sustained revolt by conservatives could force him to back off Saturday’s plan, raising the risk of a shutdown anew.

Bloomberg

which is often demanded in cryptocurrency because that form of payment provides more anonymity.

But the latest attack likely exposes weaknesses in ICBC’s defenses, Wåhlén said. “It appears ICBC has had a less effective security,” he said, “possibly because Chinese banks have not been tested as much as their Western counterparts in the past.”

Record levels

Ransomware hackers have become so prolific that attacks may hit record levels this year.

Blockchain analytics firm Chainalysis had recorded roughly $500 million of ransomware payments through the end of September, an increase of almost 50 percent from the same period a year earlier. Ransomware attacks surged 95 percent in the first three quarters of this year, compared with the same period in 2022, according to Corvus Insurance.

With assistance from Zheng Li, Lydia Beyoud, Isis Almeida and Jordan Robertson/Bloomberg

A12 Monday, November 13, 2023

RENEWS VOWS TO DEFEND ‘PPA fee hikes must undergo U.S. PHL AFTER LATEST SEA CHASE EODB-mandated assessment’ A

A

By Cai U. Ordinario

@caiordinario

NY fee increase that the Philippine Ports Authority (PPA) intends to impose must go through a regulatory impact assessment (RIA) required under the Ease of Doing Business (EODB) Law, according to local exporters.

In a letter signed by Philippine Exporters Confederation, Inc. (Philexport) Sergio R. Ortiz-Luis Jr., local exporters recommended that the planned rate hike undergo a RIA as standard operating procedure under the EODB law.

Local exporters said PPA is proposing to increase by 32 percent the storage charges for import, export, and transshipment containers; and by 150 percent the surcharges of the corresponding storage rates with increase for reefer containers.

“Any additional cost will hurt the economy and stakeholders that are facing inflation and weak global economy,” Philexport said in a recent PPA hearing.

The Supply Chain Management Association of the Philippines -- also in a recent hearing -- called the proposed rate increase ill-timed, given the recent rise in transport fare, minimum wage, and prices of basic commodities.

Other attendees suggested either deferring the rate hike or spreading the increase in tranches over a three-year period.

Aside from an RIA of the proposed regulation, Ortiz-Luis in the Philexport letter also recommended that no fees be imposed in situations when containers overstayed due to reasons beyond the

shipper’s control.

Local exporters also recommended that national and local holidays be excluded in counting the days to be charged beyond the FSP; as well as to base the rate of increase on the average inflation level recorded since the last fee adjustment. “(PPA should) pressure shipping lines to put up their respective yards for parking containers or keep track of container yards with available storage space,” Philexport said.

In a public consultation last October 18, PPA sought stakeholder feedback on its intention to raise storage charges for foreign containerized cargoes at all its administered ports nationwide.

PPA said foreign cargo are assessed for storage charges when they remain at PPA ports beyond the free storage period (FSP). Foreign containers include import cargo, export cargo and transshipments.

However, Philexport said the EODB Act seeks to provide a detailed appraisal of the potential impacts of a new regulation and ensure that this regulation will enhance stakeholders’ welfare, with the benefits exceeding the costs.

Philexport also lamented it had not even received a copy of PPA’s proposal

even after the five-day deadline for position papers has lapsed. The deadline for position papers was five days after the October 18 hearing or October 23.

“For record purposes, please note that as of this writing, we have not received this document which should have been the basis of our position despite our repeated email request for a copy. This position was then made based on the pieces of information that were quickly flashed on the Zoom screen during the hearing,” the letter stated.

As port regulator, PPA is empowered to levy dues, rates, or charges for the use of the premises, works, appliances, facilities, or for services provided by or belonging to the Authority.

In January, stakeholders in the maritime industry, with backing from top business groups, united in asking President Ferdinand “Bongbong” R. Marcos Jr. to immediately revoke a PPA order imposing an additional container monitoring system in the current ports operations. Implementation of the order will “result in an almost 50 percent increase in the logistics cost of imported goods,” according to them.

In an urgent open letter to the President, 17 groups said there is no need to implement PPA Administrative Order No. 04-2021 or the proposed additional container monitoring system.

The stakeholders warned that the Trusted Operator Program-Container Registry Monitoring System (TOPCRMS) and Empty Container Storage Shared Service Facility (ECSSSF) may “end up derailing the (Marcos) administration’s economic recovery efforts.”

The group underscored that its estimates show that implementation of the Order will “result in an almost a 50-percent increase in the logistics cost of imported goods.”

BOARD THE BRP CABRA (AP) — As a US Navy surveillance plane flew in circles, keeping a close watch, dozens of Chinese coast guard and accompanying ships chased and encircled Philippine vessels in the latest confrontation in one of the most dangerous flashpoints in the South China Sea. At the height of Friday’s four-hour faceoff in the high seas, a Chinese coast guard ship blasted a water cannon toward a Philippine motorboat delivering food and other supplies to Filipino forces on a marooned, rusting warship that serves as the country’s fragile territorial outpost at Second Thomas Shoal.

China has steadfastly stood by its claim to virtually the entire strategic waterway, clashing with its smaller neighbors and drawing in the United States, Manila’s treaty ally and China’s main rival in the Asia-Pacific region. Washington and its allies have deployed navy ships and fighter aircraft to promote freedom of navigation and overflight, build up deterrence and reassure allies like the Philippines.

There are fears that the recurring confrontations at Second Thomas Shoal, which lies within the US-sanctioned Philippine exclusive economic zone but is claimed by China and surrounded by its flotilla, could ignite an armed conflict pitting the US against China. Philippine officials said Saturday they would never take any step that could ignite a larger conflict but would not be deterred in defending the country’s sovereign rights in the South China Sea. Despite the Chinese blockades and coercive maneuvers, the Philippine contingent managed to deliver supplies to the handful of Filipino marines aboard the BRP Sierra Madre and left without incident. The slightly listing Philippine warship, donated by the US has been crumbling with age but is still actively commissioned, meaning an armed attack would be considered by Manila as an act of war.

Two Associated Press journalists and several other members of the media who were invited on board three Philippine coast guard ships securing two supply boats witnessed the dangerous cat-and-mouse maneuvers in rough waves. It’s part of a shame campaign

Philippine officials said they would press on to expose China’s growing aggression in one of the world’s most important trade routes.

Filipino forces would continue to adhere to the rule of law and would not be provoked by China’s strong-arm tactics, Philippine coast guard Commodore Tarriela said.

“Regardless how dangerous the maneuver that they’re going to throw at us, whether they use water cannon, whether they use military-grade laser, we are not going to allow them to make Philippine coast guard personnel on board our vessels to escalate the tensions,” Tarriela said.

At least 38 Chinese ships were spotted in Second Thomas Shoal’s vicinity on Friday, including a Chinese navy fast assault craft and a hospital ship, the Philippine coast guard said.

One of the Philippine coast guard ships, the BRP Cabra, was surrounded five times by the Chinese coast guard and other ships, but managed each time to move away until it was hemmed in near the shoal.

“We grow more confident each time we steer past through the Chinese blockades,” the Cabra’s commander, Emmanuel Dangate, told AP. “We feel all the more the need by all to follow the international regulations to prevent collisions.”

The campaign to expose China’s aggression at sea would continue, Tarriela said in a news conference, where photographs, video and drone shots of Friday’s confrontations were shown.

“I believe that our effort in transparency initiative has been very successful in rallying support from the international community to condemn the illegal actions of China and to make the Filipino people aware of what’s happening,” Tarriela said.

Washington reacted to Friday’s confrontation by repeating that it stands with its oldest ally in Asia “in the face of the People’s Republic of China’s repeated harassment in the South China Sea.” The US State Department renewed a warning that Washington is obligated to defend the Philippines under a 1951 Mutual Defense Treaty if Filipino forces, public vessels or aircraft, including those of its coast guard “face an armed attack “anywhere in the South China Sea.” Continued on A3

VALENZUELA’S 400TH Valenzuela City Mayor Wes Gatchalian (in barong) and Mayor of Bucheon City, Korea, Cho Yong-Eek, lead the ribboncutting for the Museo de Polo during the “Araw ng Valenzuela” rites at the weekend, as Valenzuela City celebrates its 400th Founding Anniversary.

Joining them are the mayor’s wife Tiffany Gatchalian (left), and Valenzuela City Vice Mayor Lorie Natividad Borja. Several programs and festivities were held Sunday (Nov. 12, 2023) for the Pamilyang Valenzuelanos, at the Historical San Diego de Alcala Church and Casa de Polo. ROY DOMINGO

‘Pogo cost-benefit analysis has PHL losing ₧14B, plus reputational risk’

By Butch Fernandez @butchfBM

A

COST-BENEFIT analysis by government economists has put the estimated loss to the republic from the Philippine Offshore Gaming Operators (Pogo) at over P14 billion, defeating the argument of its economic value while worsening reputational risks to the country from revelations of sordid crimes by syndicates hiding behind the Pogo.

The bipartisan sentiment in the Senate for the phaseout of Pogo

summed this up recently, as the call for a Pogo ban snowballed from the latest reports of sex dens raided by authorities, complete with a “torture chamber in the middle of the city.”

The call ban to completely Pogos is now being led by majority Sen. Sherwin Gatchalian and Deputy Minority Leader Risa Hontiveros, whose Committee on Women has called hearings on Pogo-related crimes, especially victimizing women.

The two senators said the Department of Finance and the National Economic and Development Authority (Neda) recently briefed senators

with their updated estimates on the pros and cons of keeping Pogos as an economic sector. “On the high side, you have to look at this as cost and benefit…”said Gatchalian.

“What are the costs? Reputational cost, number one. Who will come here in the Philippines to invest if you have a torture chamber in the middle of the city?” he wondered aloud, alluding to last week’s raid of a Pogo-related establishment in Pasay City that was being used for prostitution, victimizing mostly foreign women.

Continued on A3

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, November 13, 2023

Marubeni vows to support Maynilad infra upgrades

T

By VG Cabuag

@villygc

okyo, Japan—Marubeni Corp., the Japanese investor in West Zone concessionaire Maynilad Water Services Inc., said it is committed to increase its investments in the Philippines despite the regulatory issues it faced over the years.

“We are willing to continue our business in the Philippines. That’s our commitment,” Marubeni Environmental Infrastructure Department General Manager Kazuaki Shibuya told reporters in an interview.

“We, as Marubeni, will continue to contribute to Maynilad for their improvement and including the IPO [initial public offering], which is expected in a few years’ time. In time, I hope Maynilad will contribute to Marubeni’s profit.”

Maynilad was the first private company to obtain a commercial loan from the Japan International Cooperation Agency (JICA). Marubeni was instrumental in the forging of the loan agreement between JICA and Maynilad.

“We have a contract risk system so we will get countries in terms of the type of technology they use, political situation, bureaucratic situation. We kind of put a credit limit on these countries. From our point of view, the Philippines has

much more space in the margin,” Shibuya said.

Marubeni bought a 20-percent stake in Maynilad in 2013. Metro Pacific Investments Corp., the now-delisted firm led by Manuel V. Pangilinan, owns 56.8 percent and operates the company, while DMCI Holdings Inc. owns 40.98 percent.

Ramoncito S. Fernandez, president of Maynilad, said the company plans to go public by 2026, but it will continue to invest in its water assets. The company may invest around P163 billion in the next five years. This commitment was part of its concession agreement with the government.

The company, he said, will spend some P22 billion to P26 billion this year and P31 billion next year.

“It’s too early to talk about it (IPO).

But definitely, as I mentioned, it will be a significant IPO when we go out, where we believe that the value that we’ve created and will continue to create will be significant,” Fernandez said.

There are also talks of a merger

with Metro Pacific Water, MPIC’s lead investor for all water and wastewater infrastructure projects outside of Metro Manila, to make Maynilad more attractive to investors.

“I think the next three years, we have enough leverage left, and our balance sheet can absorb additional debt. That’s why we have been tapping the debt market for the last two to three years. We will continue to tap the debt market, assuming you’re good enough to invest,” Fernandez said.

“But moving forward, at a certain point, we will need to really conduct the IPO to continue growing and continue investing including funding the growth story.”

Marubeni stayed on as one of the strategic investors of Maynilad during its contract review with the government, during which Fernandez said the company was not able to access loans.

A concession agreement was signed in 2021, in which Maynilad will provide water and wastewater services in the West Zone until endJuly 2037.

LT Group 9-mo. profit down 6% L

Asia Brewery Inc.’s income for the period rose 5 percent to P449 million from the previous P428 million.

Revenues were 3 percent higher at P12.79 billion from P12.43 billion on the back of higher volume for bottled water and price increases in the first quarter across product lines.

Cobra energy drink maintained its leadership with a market share of 61.1 percent, while bottled water brands Absolute and Summit have the third-largest share at 18.5 percent.

Eton Properties Philippines Inc.’s net income grew 4 percent to P347 million from the previous year’s P335 million. This was on the back of a 17-percent increase in leasing revenues to P1.53 billion from the previous year’s P1.3 billion, the company said.

Eton currently has a leasing portfolio of around 288,000 square meters, of which close to 192,000 sq.m. is for office space.

Eton has resumed selling the remaining inventory of previously launched projects, in 68 Roces in Quezon City and in Eton City, Laguna. VG Cabuag

T Group Inc., the holding firm of most businesses of tycoon Lucio Tan, said its attributable net income in January to September declined by 6 percent to P19.25 billion from the previous year’s P20.41 billion, mainly due to its weaker tobacco business.

The tobacco business accounted for 47 percent, while Philippine National Bank contributed 40 percent. Tanduay added 6 percent, while Asia Brewery and Eton Properties accounted for 2 percent each. Its take in Victorias Milling Co. added 1 percent.

The company said the net income of its tobacco business fell 25 percent to P9.06 billion from the previous year’s P12.04 billion.

“The industry’s volume was 20 percent lower year-on-year at 32.2 billion sticks, largely due to the industry-wide price increase in the first quarter, increasing illicit incidence and trade inventory movements,” it said.

The government continued its efforts against the illicit trade with 505 enforcements in the nine months of the year, from 235 last year.

Philippine National Bank, meanwhile, had profits under the pooling method of P13.52 billion, 18 percent higher than the previous year’s P11.49 billion.

The profit for the period included a P3.72billion gain from the sale of repossessed assets, compared to P5.47 billion last year.

The income of Tanduay Distillers Inc. grew 34 percent to P1.15 billion from the previous year’s P860 million.

Both the volume of liquor and bioethanol were lower by 10 percent and 32 percent, respectively.

Liquor revenues were flat due to price increases in October last year and in January. Its margins improved as the company was able to pass on increased raw material and energy costs.

As of September, Tanduay’s nationwide market share for distilled spirits was at 33.6 percent, compared to 30.7 percent last year.

In the Visayas and Mindanao regions where most of the company’s sales were generated, market share was at 71.8 percent and 83.2 percent, respectively, compared to 69.8 percent and 79.4 percent last year.

Jetti allots ₧1.5B for service stations

NGCP defends CSR, PR expenses

J

etti Petroleum Inc. is allocating P1.5 billion to build 100 more service stations, which will expand its petrol station network to 300 by the first quarter of 2025.

The oil firm is expected to end the year with 200 stations. “A capex [capital expenditure] of P1.5 billion has been allotted for the additional 100 stations moving towards first quarter of 2025.”

Last week, Jetti re-opened its Macapagal station, nearly three years since it was closed for renovations. The oil firm spent P15.5 million.

“Jetti Macapagal Station is the company’s flagship station and is part of a new design concept that shares the same space with the company’s corporate headquarters. The company strategically envisioned this property to be a landmark point of destination that will also embody our slogan Gasolina ng Bayan and continue providing quality fuels to consumers at fair prices,” said Jetti President Leo Bellas.

The Macapagal station first opened in 2004 and has been in service for around 15 years before closing for renovations. It was one of the first petroleum stations in the Pasay central business district area. Lenie Lectura

T

he National Grid Corporation of the Philippines (NGCP) defended over the weekend the legitimacy of its expenses for corporate social responsibility (CSR) and public relations (PR).

NGCP said the P2.4 billion spent on CSR and PR activities are “bona fide transactions” that are part and parcel of the expenses applied, reviewed, and approved by the Energy Regulatory Commission (ERC).

“Like any other business, all legitimate business expenses are included to determine pricing. NGCP is a highly regulated entity where our revenue is capped, margins are determined by regulators, expenses reviewed and rationalized, and our recoveries regulated. Whatever we bill our customers is only what the regulator allows us to.”

The company clarified the legitimacy and need for these expenses, especially in consideration of communities affected by transmission projects.

“NGCP allocates a certain amount of allowed revenue to CSR projects. Transmission line projects, to some extent, become a burden to project-affected persons living in areas traversed by these lines.

To alleviate these communities hosting our projects, NGCP implements CSR proj-

ects to help these communities thrive and develop. These expenses were found to be in order by the ERC after careful calibration and were duly approved. These are all legitimate business expenses to ensure reliable and efficient transmission services,” NGCP said.

The ERC approved the allocation for CSR projects for the third regulatory period covering the years 2011 to 2015. During this period, NGCP was able to carry out alternative learning systems for out of school youth in 15 host communities, provided school supplies to grade school students in over 700 schools nationwide through the Gamit na Bulilit program, and provided computer tablets to aid modernization in 71 schools.

The company also constructed classroom buildings, water systems, multipurpose covered courts, and other social infrastructure projects for 18 host communities; conducted medical missions; conducted relief operations for typhoon and earthquake victims in 16 host communities; provided livelihood training and development; and provided educational grants for college students in 143 state universities and colleges. Lenie Lectura

B1

STOCK-MARKET OUTLOOK Last week

Share prices gained following weeks of declines as investors were elated by the lower-than-expected inflation and a better GDP growth rate in the third quarter, which was above the expectation of analysts.

The benchmark Philippine Stock Exchange index gained 172.62 points to close at 6,161.89 points.

The main index was up almost all week long, coming from a week of holiday break. It started strong when it gained 88.76 points on Monday, and it was up through Thursday before giving up points on Friday.

Volume of trade was still down, however, as it averaged only P3.07 billion. Foreign investors, who accounted for more than half of the trades, were net buyers at P86.93 million.

All other sub-indices were up, except for the Mining and Oil index which declined by 114.02 points to close at 9,693.13 points. The broader All Shares index gained 53.81 to 3,316.86, the Financials index rose 60.23 to 1,764.39, the Industrial index added 144.44 to 8,642.72, the Holding Firms index climbed 150.52, the Property index surged 81.48 to 2,628.11 and the Services index was up 19.06 to 1,496. For the week, losers edged gainers 110 to 99 and 28 shares were unchanged.

Top gainers were Seafront Resources Corp., Makati Finance Corp., Pacific Online Systems Corp., PXP Energy Corp., Swift Foods Inc., Anglo Philippine Holdings Corp. and Alternergy Holdings Corp.

Top losers, meanwhile, were Keppel Philippines Holdings Inc., Macay Holdings Inc., Imperial Resources Inc., MRC Allied Inc., LFM Properties Corp., I-Remit Inc. and Roxas Holdings Inc.

This week

Share prices may continue its upward trajectory this week.

Investors will look into the release of October inflation data in the United States and the policy meeting of the Bangko Sentral ng Pilipinas (BSP) to determine the direction of stocks, according to Juan Paolo Colet, managing director at China Bank Capital Corp.

“If US consumer price pressures show clear signs of further easing and the BSP keeps its policy rate steady, then market participants could build a cautiously bullish case for equities.”

Broker 2TradeAsia said after the BSP’s recent off-cycle hike, forex movement has “noticeably improved.” It also noted the slowing inflation to 4.9 percent in October from 6.1 percent in September and the 5.9 percent GDP in the third quarter “It should give policymakers, and ultimately, market participants, more breathing space heading into 2024. Medium-term wildcards will be on potential demand gradients, especially as activity in the fourth quarter will be driven by weaker purchasing power and consumer confidence relative to last year.”

The main index could trade within the 6,050 to 6,250 range, analysts said.

“The market found grace this from favorable macro-economic data that gave enough escape velocity to shortly make a trip to 6,200. Sustainability will be called into question; more positive surprises in data and reallocation and window dressing come December should help with this regard,” 2TradeAsia said.

Stock picks

Broker Regina Capital Development Corp. advised to sell on rallies on the stock of SM Prime Holdings Inc. after its 100-day moving average.

“Looking at the indicators, the MACD [moving average convergence/divergence] has an increasing bullishness, with the selling pressure weakening. The same goes for the RSI [relative strength index] whose tip is aggressively pointed north. Investors with lower positions may start to top slice at this level,” the broker said. SM Prime’s shares closed last week at P31.40.

Meanwhile, the broker advised to buy on pullbacks on the stock of Ayala Land Inc. (ALI) as its stock seems to be losing its steam.

“Intraday, the stock has jumped by more than 2 percent, albeit sellers started appearing in the picture, as they secure gains. ALI shows a healthy uptrend as all its significant MAs are placed below its last traded price. The RSI is strong at 58.06, while MACD histograms are finally on the buyers’ side,” it said.

Ayala Land shares closed Friday at P28.95 apiece. VG Cabuag

B2

Companies BusinessMirror

Monday, November 13, 2023

Meralco to revise proposed revenue requirement—exec

T

By Lenie Lectura

@llectura

he Manila Electric Co. (Meralco) is revising its proposed Annual Revenue Requirement (ARR) and Performance Incentive Scheme (PIS) that are supposedly intended for years 2023 up to 2026 because the numbers no longer reflect the utility firm’s actual spending, according to a company official.

Under the Fifth Regulatory Period (5RP) filed in March 2022, Meralco proposed a total ARR of P320.4 billion at an average price of P1.5702 per kilowatt hour (kWh). The Energy Regulatory Commission (ERC), however, has yet to act on Meralco’s application.

Meralco, according to Regulatory Management Office head Jose Ronald Valles, withdrew its 5RP application and filed an urgent omnibus motion to allow the utility firm to refile its 5RP application to cover the period from regulatory years (RY)

2025 to 2028; to consider RY2023 and 2024 as lapsed period and use P1.3522 per kWh as the final rate during this period; and re-file its application on February 15, 2024 before the start of RY2025.

Meralco said the final rate of P1.3522 per kWh is much lower than the average rate of P1.57 per kWh originally indicated in its application.

He said the ARR must be based on a forward-looking analysis of forecast cash flow requirements and must represent the optimal forecast revenue requirement. However, due

to delays, the resolution of its application is no longer based on forecasts as the first RY of the 5RP ended on June 30, 2023, while the company is almost midway through the second RY of the 5RP. With the additional activities to be completed, he said it is likely that the final resolution of the case will not be completed even before the end of RY2024.

Further, he said, “supervening factors,” such as additional operational expenditure (opex) and capital expenditure (capex) due to new regulatory impositions, should be considered in the new 5RP application.

“We are proposing a different period this time to start RY2025 up to RY2028. We are preparing the requirements for each of those years with the change and besides one of the reasons why we are withdrawing the application, for example, supervening events in the form of new regulations. We need to consider the impact of these in terms opex and capex,” Valles said.

When asked for the revised ARR amount, Valles said Meralco has yet to come up with it, but “there’s a big chance it’s not going to be the same amount.” He added that the new 5RP

forecasts are now being prepared in anticipation of ERC’s approval of the proposed withdrawal and re-filing of the application.

In its application, Meralco said its filing was made in accordance with the ERC’s revised Rules for setting Distribution Wheeling Rates (RDWR) for privately-owned Distribution Utilities (DUs) entering Performance Based Regulation (PBR).

The revised RDWR provides the framework for ERC’s evaluation of the private DUs’ revenue applications and ensure that the rates that will be charged to their customers are just and reasonable.

Under PBR, DUs are either rewarded or fined depending on their actual performance. It is an internationally-accepted rate setting methodology and an alternative to the return-on-rate-base (RORB) methodology currently being used

by DUs in gauging their returns. It is used in determining the distribution and transmission rates.

The ERC, for its part, said the review on all DUs, including Meralco, has commenced. “We have pending legal issues that we need to resolve and we will resolve them very soon.

The review is progressing,” said chairman Monalisa Dimalanta.

Nlex begins Meycauayan northbound exit project

N

lex Corp. has started widening the Meycauayan Northbound Exit of the North Luzon Expressway (Nlex), a move that will help decongest traffic in the area.

The project, according to Nlex President Luigi Bautista, involves the addition of one lane to the Meycauayan Northbound Exit, expanding it from two lanes to three.

Bautista added that the company is also building a new northbound exit at F. Raymundo in Barangay Pandayan.

Expected to be completed before Christmas, these initiatives aim to alleviate the frequent traffic congestion in Nlex Meycauayan, which is attributed to the high volume of

vehicles. “During the construction period, minimal lane closures will be implemented at the latter stage of the project. We would like to assure our motorists that traffic management and safety measures will be in place to ensure motorists’ safety and minimize travel delays. Road signs and other warning devices will also be installed to guide motorists,” said Bautista.

The expanded Meycauayan exit ramp will increase capacity and improve traffic flow, particularly for vehicles heading towards Iba/Camalig road. The new F. Raymundo Exit is designed as an alternative route to bypass the Meycauayan Interchange and the busy Iba/Camalig road. Lorenz S. Marasigan

MUTUAL FUNDS

November 10, 2023

NAV One Year Three Year Five Year Y-T-D

per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 201.78 0.7% -2.31% -3.4% -1.71% -3.23% ATRAM Alpha Opportunity Fund, Inc. -a 1.4117 10.59% 7.35% 0.71% 1.03% 5.02% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7764 0.55% -2.06% -5.62% -3.36% -4.75% Climbs Share Capital Equity Investment Fund Corp. -a 0.6665 0.24% -3.79% -4.78% n.a -4.69% First Metro Consumer Fund, Inc. -a 0.612 -3.29% -5.31% -4.82% n.a -5.64% First Metro Save and Learn Equity Fund, Inc. -a 4.4368 -0.04% -1.67% -2.07% -1.38% -4.59% First Metro Save and Learn Philippine Index Fund, Inc. -a 0.6619 -1.11% -3.15% n.a n.a -5.59% MBG Equity Investment Fund, Inc. -a 81.42 6.79% -3.52% -5.67% n.a 8.11% PAMI Equity Index Fund, Inc. -a 41.0865 0.07% -2.23% -2.44% n.a -4.87% Philam Strategic Growth Fund, Inc. -a 428.24 0.39% -2.74% -2.48% -1.68% -3.63% Philequity Dividend Yield Fund, Inc. -a 1.1615 1.59% 1.9% -0.6% n.a -1.16% Philequity Fund, Inc. -a 32.3141 1.44% -0.2% -1.53% 0.23% -2.95% Philequity MSCI Philippine Index Fund, Inc. -a 0.8237 1.79% -1.69% n.a n.a -2.96% Philequity PSE Index Fund, Inc. -a 4.3199 1.1% -1.3% -1.57% 0.17% -3.91% Philippine Stock Index Fund Corp. -a 718.67 0.97% -1.48% -1.64% 0.03% -4.04% Soldivo Strategic Growth Fund, Inc. -a 0.647 1.57% -1.42% -4.5% n.a -4.02% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2104 0.12% -1.98% -3.71% -1.64% -4.83% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8151 0.62% -1.79% -1.97% n.a -4.32% United Fund, Inc. -a 3.0004 0.96% -1.21% -2% -0.67% -3.02% Primarily invested in Peso securities (units) COL Equity Index Unitized Mutual Fund, Inc. -a 1.0117 0.5% n.a n.a n.a -4.21% 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 0.9839 0.53% -1.11% n.a n.a -5.97% Philippine Stock Index Fund Corp. -a 872.21 0.8% n.a n.a n.a -4.1% Exchange Traded Fund (shares) First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c97.5382 1.58% -1.15% -1.35% n.a -3.54% Primarily invested in foreign currency securities (shares) ATRAM AsiaPlus Equity Fund, Inc. -b $0.7988 0.05% -11.02% -3.78% -1.97% -6.24% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5317 8.71% -1.04% 4.51% n.a 7.56% Balanced Funds Primarily invested in Peso securities (shares) ATRAM Dynamic Allocation Fund, Inc. -a 1.4343 -3.13% -3.69% -2.23% -2.32% -3.39% ATRAM Philippine Balanced Fund, Inc. -a 2.11 6.06% -0.91% -0.31% -0.33% 0.22% First Metro Save and Learn Balanced Fund, Inc. -a 2.4197 -0.21% -1.53% -0.07% -1.56% -3.42% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a 0.1851 -0.43% -1.23% n.a n.a -4.34% NCM Mutual Fund of the Phils., Inc. -a 1.8791 1.88% -0.62% 0.99% 0.43% -0.42% PAMI Horizon Fund, Inc. -a 3.4211 2.11% -2.25% 0.23% -0.52% -0.55% Philam Fund, Inc. -a 14.9907 1.04% -2.94% -0.36% -0.8% -0.99% Solidaritas Fund, Inc. -a 1.9777 1.82% -0.8% -0.25% 0.48% -0.45% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2796 1.8% -1.58% -1.48% -0.96% -1.5% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8604 1.85% 0.57% -0.88% n.a -2.1% Primarily invested in Peso securities (units) Sun Life Prosperity Achiever Fund 2028, Inc. -a 0.9148 3.98% -2.46% n.a n.a -0.04% Sun Life Prosperity Achiever Fund 2038, Inc. -a 0.8075 1.57% -3.65% n.a n.a -3.36% Sun Life Prosperity Achiever Fund 2048, Inc. -a 0.7882 0.88% -3.76% n.a n.a -4.17% Primarily invested in foreign currency securities (shares) -6.74% -1.73% -0.06% -2.01% Cocolife Dollar Fund Builder, Inc. -a $0.03175 2.19% PAMI Asia Balanced Fund, Inc. -b $0.8633 5.31% -7.72% -1.85% -1.68% 2.77% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9772 5.5% -2.45% 2.32% 2.39% 3.41% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $0.9717 2.77% -4.88% -0.45% n.a 0.01% Bond Funds Primarily invested in Peso securities (shares) ALFM Peso Bond Fund, Inc. -a 387.57 3.2% 1.62% 2.54% 2.06% 2.53% ATRAM Corporate Bond Fund, Inc. -a 1.8968 1.78% 0.03% 0.5% -0.13% 1.17% 0.82% 2.17% 3.7% 2.43% Cocolife Fixed Income Fund, Inc. -a 3.2868 2.47% Ekklesia Mutual Fund, Inc. -a 2.2293 3.98% -0.88% 0.99% 0.98% 2.01% First Metro Save and Learn Fixed Income Fund, Inc. -a 2.411 1.3% -0.48% 1.73% 0.97% 0.83% Philam Bond Fund, Inc. -a 4.1606 1.04% -3.46% 1.69% 0.24% 0.5% Philam Managed Income Fund, Inc. -a 1.3587 3.25% 1.13% 2.94% 1.66% 2.97% Philequity Peso Bond Fund, Inc. -a 3.9608 3.73% -0.03% 2.68% 1.16% 2.38% Soldivo Bond Fund, Inc. -a 1.0402 3.46% 0.15% 3.44% n.a 2.32% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2323 4.28% 0.53% 3.34% 1.64% 2.75% Sun Life Prosperity GS Fund, Inc. -a 1.7303 3.38% -0.22% 2.6% 1.07% 2.04% Primarily invested in foreign currency securities (shares) ALFM Dollar Bond Fund, Inc. -a $490.33 2.78% 0.66% 1.9% 2.42% 2.13% ALFM Euro Bond Fund, Inc. -a Є211.65 1.77% -0.99% -0.13% 0.71% 0.94% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.0118 2.64% -6.96% -2.03% -0.18% 0.24% 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 $0.8326 -0.34% -8.62% -3.98% -3.41% -7.49% Philam Dollar Bond Fund, Inc. -a $2.1741 4.77% -4.79% 0.4% 1.33% -0.27% Philequity Dollar Income Fund, Inc. -a $0.0606958 2.03% -0.67% 1.31% 1.55% 1.67% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $2.6244 1.87% -6.54% -1.8% -0.1% -3.57% Money Market Funds Primarily invested in Peso securities (shares) ALFM Money Market Fund, Inc. -a 136.18 2.41% 1.71% 2.53% 2% 2.2% First Metro Save and Learn Money Market Fund, Inc. -a 1.103 3.09% 1.77% n.a n.a 2.74% Sun Life Prosperity Peso Starter Fund, Inc. -a 1.3698 2.68% 1.93% 2.46% 1.96% 2.35% Primarily invested in Peso securities (units) ALFM Money Market Fund, Inc. -a 103.93 3.9% n.a n.a n.a 3.44% Primarily invested in foreign currency securities (shares) Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0911 2.18% 1.25% 1.49% n.a 2.05% Feeder Funds Primarily invested in Peso securities (units) ALFM Global Multi-Asset Income Fund, Inc. -a 41.2152 -6.13% n.a n.a n.a -3.43% Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a 1.3525 7.6% 8.9% n.a n.a 9.77% Sun Life Prosperity World Income Fund, Inc. -a,1 0.9535 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 $0.7603 -2.46% -7.48% n.a n.a -3.76%

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 10, 2023

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

BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL IREMIT MANULIFE PHIL STOCK EXCH SUN LIFE

133 7.01 103.5 30.4 9 52.4 8.4 18.34 55 73.7 60 1.44 2.86 0.63 910.5 174 2,550

133.8 7.45 104.1 30.5 9.01 52.45 8.56 18.52 56 74 60.3 1.47 2.9 0.68 1,027 174.5 2,600

134.7 7.01 104.2 30.4 8.95 53.3 8.4 18.5 56 74.2 60.7 1.46 2.9 0.63 1,030 174.8 2,650

135.5 7.5 104.2 30.5 9.02 53.45 8.56 18.5 56 74.25 60.75 1.47 2.9 0.63 1,030 174.8 2,650

132.3 7.01 102.4 30.4 8.95 52.3 8.4 18.32 54.8 73.65 60 1.44 2.9 0.63 1,030 174.5 2,550

133.8 7.5 104.1 30.4 9 52.4 8.56 18.34 56 74 60 1.47 2.9 0.63 1,030 174.5 2,600

3,229,790 3,800 1,083,620 29,100 185,600 2,526,340 132,800 34,100 3,200 145,870 93,170 28,000 2,000 5,000 10 50 25

434,627,253 26,903 112,330,094 885,280 1,669,932 132,940,406 1,124,576 629,318 176,758 10,793,469 5,596,919.50 40,680 5,800 3,150 10,300 8,731 65,000

INDUSTRIAL

ACEN CORP 5.15 5.16 ALSONS CONS 0.56 0.59 0.9 0.92 ALTERNERGY HLDG ABOITIZ POWER 36.75 36.8 1.22 1.24 RASLAG BASIC ENERGY 0.189 0.19 18.3 18.5 FIRST GEN FIRST PHIL HLDG 61.1 62 364 365 MERALCO MANILA WATER 17.1 17.26 3.29 3.3 PETRON REPOWER ENERGY 7.1 7.14 6.96 6.97 SYNERGY GRID SHELL PILIPINAS 12.5 12.82 7.8 7.88 SPC POWER AGRINURTURE 1.96 2 1.82 1.84 AXELUM CNTRL AZUCARERA 10.62 11.48 28 28.05 CENTURY FOOD DEL MONTE 7.2 7.39 6.12 6.13 DNL INDUS EMPERADOR 20.8 20.85 49.95 50 SMC FOODANDBEV FIGARO COFFEE 0.65 0.66 1.16 1.19 FRUITAS HLDG GINEBRA 169.7 171 216 216.4 JOLLIBEE 1.44 1.46 KEEPERS HLDG LIBERTY FLOUR 15.96 15.98 3.88 3.9 MAXS GROUP MONDE NISSIN 8.3 8.38 9.25 9.43 SHAKEYS PIZZA ROXAS AND CO 0.48 0.49 2.99 3 RFM CORP ROXAS HLDG 0.56 0.63 0.055 0.061 SWIFT FOODS UNIV ROBINA 112.7 113 0.5 0.52 VITARICH CEMEX HLDG 0.86 0.87 0.82 0.83 EC VULCAN CORP EEI CORP 5.33 5.37 3.18 3.19 MEGAWIDE TKC METALS 0.445 0.46 1.55 1.6 CROWN ASIA EUROMED 0.7 0.85 5.8 5.95 MABUHAY VINYL PRYCE CORP 5.23 5.24 13.52 14.96 CONCEPCION GREENERGY 0.305 0.31 3.5 3.68 INTEGRATED MICR IONICS 1.22 1.24 4.57 4.87 PANASONIC SFA SEMICON 2.14 2.19 CIRTEK HLDG 1.78 1.81

HOLDING & FRIMS ABACORE CAPITAL AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG GT CAPITAL JG SUMMIT KEPPEL HLDG A LT GROUP PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP SEAFRONT RES TOP FRONTIER WELLEX INDUS

1.04 627 48.2 10.5 11 0.48 0.375 4.65 9.14 538 38.1 4.63 9.09 2.9 815 102.6 1.51 99.8 0.25

1.06 627.5 48.9 10.64 11.04 0.52 0.38 4.7 9.16 544.5 38.4 5.53 9.1 2.93 821 102.9 1.97 100.8 0.26

5.19 0.55 0.93 36.8 1.22 0.189 18.2 61.1 369 17.3 3.29 7.29 7.16 12.6 7.88 2.01 1.89 11.2 28.8 7.51 6.3 20.8 50 0.66 1.16 171.4 218.4 1.46 15.96 4 8.25 9.2 0.48 3 0.65 0.061 113 0.52 0.86 0.81 5.48 3.15 0.46 1.6 0.85 5.77 5.4 14.98 0.315 3.68 1.25 4.86 2.15 1.8

5.19 0.55 0.94 36.8 1.25 0.193 18.5 62 370 17.3 3.3 7.29 7.16 13 7.88 2.01 1.89 11.48 28.8 7.51 6.35 20.85 50.15 0.66 1.2 171.4 220 1.46 15.96 4 8.38 9.43 0.495 3 0.65 0.061 113 0.52 0.9 0.83 5.48 3.2 0.46 1.6 0.85 5.95 5.4 14.98 0.325 3.68 1.25 4.86 2.19 1.83

5.09 0.55 0.9 36.5 1.22 0.189 18.16 61.1 364 17.1 3.26 7.1 6.92 12.18 7.88 1.97 1.84 11.2 28 7.45 6.1 20.75 49.8 0.64 1.14 170 215.2 1.43 15.96 3.89 8.14 9.2 0.48 3 0.65 0.06 111.1 0.51 0.86 0.81 5.31 3.15 0.46 1.55 0.85 5.7 5.24 14.98 0.3 3.65 1.23 4.86 2.15 1.79

5.16 0.55 0.92 36.75 1.24 0.189 18.3 61.1 365 17.1 3.3 7.14 6.97 12.82 7.88 2 1.84 11.48 28.05 7.45 6.13 20.8 50 0.66 1.19 171 216.4 1.44 15.96 3.89 8.38 9.26 0.49 3 0.65 0.06 113 0.51 0.87 0.82 5.37 3.2 0.46 1.6 0.85 5.95 5.24 14.98 0.31 3.68 1.23 4.86 2.19 1.81

5,601,400 15,000 2,115,000 1,607,200 55,000 1,100,000 193,900 8,010 114,450 575,300 295,000 35,500 3,154,300 444,300 7,600 614,000 10,000 6,300 661,700 800 1,295,900 1,674,200 30,970 5,794,000 17,438,000 4,800 423,210 340,000 400 80,000 3,072,300 29,400 408,000 2,745,000 2,000 360,000 842,510 88,000 234,000 817,000 71,000 92,000 10,000 149,000 1,000 6,400 144,500 400 39,640,000 8,000 21,000 4,000 344,000 127,000

28,777,871 8,250 1,945,390 59,012,285 67,850 209,400 3,543,518 495,063 41,915,680 9,902,412 966,100 253,955 22,066,693 5,681,240 59,888 1,227,730 18,510 72,120 18,659,470 6,002 8,000,865 34,863,120 1,548,575.50 3,774,480 20,564,770 817,256 91,539,758 493,650 6,384 312,340 25,335,246 271,521 196,975 8,235,000 1,300 21,610 94,393,320 45,060 207,170 663,220 377,683 292,750 4,600 238,050 850 36,971 768,360 5,992 12,497,200 29,320 26,110 19,440 750,020 228,940

-9,069,855 -3,125,410 1,220 1,890 -2,053,076 -97,590 12,477,176 -306,900 13,390 -1,191,718 1,995,960 5,940 5,520 -57,400 -4,015,945 -4,853,589 -26,293,565 -970,005.50 20,800 150,650.00 -590,630 -2,280,412 -288,980 -2,175,707.00 182,222 -435,000 -9,446,536 -2,600 540 -72,450 -40,000 -1,000 -142,350 -3,660

1.06 629 48.8 10.76 11 0.53 0.375 4.7 9.18 552 39 5.22 9.05 2.95 824 102.3 1.97 100.9 0.25

1.07 629.5 48.95 10.78 11.06 0.53 0.375 4.74 9.21 552 39.45 5.22 9.12 2.98 824 103.1 1.97 101 0.25

1.04 625 48.2 10.5 11 0.53 0.375 4.6 9.13 538 37.45 5.21 9.05 2.9 807 102.3 1.97 100.8 0.25

1.04 627 48.9 10.5 11.04 0.53 0.375 4.65 9.16 538 38.1 5.21 9.1 2.93 821 102.9 1.97 100.8 0.25

2,353,000 104,580 776,000 7,979,300 8,700 40,000 100,000 116,000 4,158,400 137,140 1,417,700 19,700 3,413,400 86,000 168,510 47,860 1,000 1,160 790,000

2,469,460 65,562,560 37,845,565 84,256,102 95,842 21,200 37,500 543,420 38,097,206 74,397,035 53,753,140 102,664 31,028,581 251,380 137,491,145 4,923,912 1,970 117,109 197,500

458,890 18,172,865 22,991,985 10,099,516 9,966 -215,330.00 -2,171,420 -34,086,195 18,827,590 -8,744,340 -4,567,765 -245,165 -

PROPERTY

AYALA LAND 28.95 29 29.05 29.2 28.55 28.95 6,432,700 185,666,080 AYALA LAND LOG 1.67 1.68 1.7 1.72 1.68 1.68 283,000 479,110 8.97 9.39 9.39 9.39 9.39 9.39 300 2,817 ALTUS PROP ARANETA PROP 1.02 1.04 1.02 1.05 1.02 1.05 126,000 131,630 32.65 32.7 33 33 32.6 32.7 262,000 8,591,085 AREIT RT CITYLAND DEVT 0.6 0.72 0.72 0.73 0.68 0.72 64,000 44,620 2.53 2.55 2.53 2.6 2.5 2.55 337,000 847,430 CEB LANDMASTERS CENTURY PROP 0.305 0.31 0.31 0.31 0.305 0.305 170,000 52,100 2.54 2.55 2.54 2.55 2.54 2.55 441,000 1,122,160 CITICORE RT DOUBLEDRAGON 6.82 6.98 6.98 6.99 6.82 6.98 55,800 388,871 1.22 1.23 1.24 1.25 1.23 1.23 778,000 962,300 DDMP RT DM WENCESLAO 6.22 6.25 6.3 6.3 6.25 6.25 85,700 536,284 0.14 0.143 0.146 0.147 0.14 0.14 3,990,000 563,530 EMPIRE EAST EVER GOTESCO 0.285 0.295 0.29 0.295 0.285 0.295 660,000 192,100 2.96 2.97 3.01 3.01 2.96 2.97 26,954,000 80,099,050 FILINVEST RT FILINVEST LAND 0.58 0.59 0.59 0.59 0.57 0.58 33,938,000 19,984,030 0.76 0.82 0.76 0.76 0.76 0.76 20,000 15,200 GLOBAL ESTATE PHIL INFRADEV 0.53 0.55 0.53 0.56 0.52 0.55 329,000 179,520 0.76 0.77 0.78 0.78 0.77 0.77 14,000 10,870 CITY AND LAND MEGAWORLD 1.99 2.01 1.99 2.01 1.99 1.99 3,806,000 7,597,810 1.58 1.6 1.61 1.63 1.58 1.6 373,000 596,380 MRC ALLIED MREIT RT 12.2 12.26 12.2 12.24 12.18 12.2 1,408,900 17,188,234 0.33 0.335 0.33 0.33 0.33 0.33 30,000 9,900 PHIL ESTATES PREMIERE RT 1.52 1.53 1.51 1.53 1.51 1.52 77,000 116,730 4.74 4.82 4.88 4.9 4.73 4.74 3,056,000 14,712,980 RL COMM RT ROBINSONS LAND 14.28 14.3 14.4 14.44 14.2 14.28 421,300 6,015,384 0.154 0.163 0.164 0.164 0.164 0.164 200,000 32,800 PHIL REALTY ROCKWELL 1.38 1.44 1.43 1.43 1.42 1.43 121,000 172,430 SHANG PROP 3.53 3.59 3.5 3.59 3.5 3.59 92,000 322,540 3.01 3.15 3.15 3.15 3.15 3.15 10,000 31,500 STA LUCIA LAND SM PRIME HLDG 31.3 31.4 31.7 31.7 31.1 31.4 3,995,200 125,415,585 0.76 0.83 0.8 0.8 0.76 0.76 23,000 18,120 SUNTRUST RESORT VISTA LAND 1.62 1.63 1.63 1.63 1.6 1.62 233,000 378,160 1.68 1.7 1.67 1.7 1.67 1.68 109,000 184,850 VISTAREIT RT

SERVICES ABS CBN 3.52 3.55 3.55 3.55 3.52 3.52 10,000 35,470 GMA NETWORK 8.29 8.3 8.3 8.3 8.28 8.29 110,400 915,763 0.211 0.236 0.201 0.201 0.201 0.201 10,000 2,010 MANILA BULLETIN MLA BRDCASTING 7.4 8.5 8.49 8.55 8.49 8.55 1,000 8,510 1,772 1,773 1,775 1,785 1,770 1,773 11,880 21,068,900 GLOBE TELECOM PLDT 1,239 1,245 1,239 1,245 1,234 1,245 43,220 53,648,890 0.015 0.016 0.015 0.016 0.015 0.016 33,100,000 497,600 APOLLO GLOBAL CONVERGE 8.75 8.77 8.8 8.87 8.69 8.77 2,643,100 23,195,689 3.09 3.15 3.09 3.09 3.09 3.09 2,929,000 9,050,610 DFNN INC DITO CME HLDG 2.79 2.8 2.87 2.89 2.77 2.8 3,916,000 11,015,780 1.31 1.33 1.38 1.4 1.29 1.33 2,212,000 2,957,100 NOW CORP TRANSPACIFIC BR 0.141 0.142 0.142 0.142 0.135 0.142 310,000 43,920 15.38 15.4 15.4 15.4 15.4 15.4 58,900 907,060 ASIAN TERMINALS CHELSEA 1.3 1.32 1.27 1.32 1.27 1.32 287,000 374,530 32.3 32.35 32.4 32.65 32.3 32.35 52,500 1,702,050 CEBU AIR INTL CONTAINER 206.2 208.6 207.2 208.6 206.2 208.6 251,330 52,212,740 17.52 18.94 17.5 17.5 17.5 17.5 1,200 21,000 LBC EXPRESS LORENZO SHIPPNG 0.56 0.67 0.56 0.56 0.56 0.56 4,000 2,240 3.95 3.99 3.99 4 3.99 3.99 18,000 71,840 MACROASIA PAL HLDG 5.29 5.3 5.29 5.3 5.28 5.29 127,000 672,083 0.84 0.85 0.85 0.85 0.85 0.85 2,000 1,700 HARBOR STAR ACESITE HOTEL 1.81 1.89 1.83 1.83 1.82 1.82 453,000 824,990 0.42 0.43 0.42 0.42 0.42 0.42 1,360,000 571,200 WATERFRONT CENTRO ESCOLAR 8.2 8.5 8.22 8.5 8.22 8.5 2,000 16,720 580.5 637.5 581 581 580 580 100 58,040 FAR EASTERN U STI HLDG 0.44 0.445 0.445 0.445 0.435 0.445 1,950,000 859,300 1.2 1.21 1.21 1.22 1.2 1.22 159,000 192,050 BELLE CORP 9.75 9.84 9.7 9.85 9.64 9.82 4,193,300 41,059,982 BLOOMBERRY PACIFIC ONLINE 3.3 3.39 3.41 3.47 3.26 3.3 1,745,000 5,794,830 0.94 0.95 0.94 0.95 0.92 0.95 682,000 637,250 PH RESORTS GRP PREMIUM LEISURE 0.6 0.61 0.62 0.62 0.61 0.61 5,033,000 3,071,130 6.72 6.78 6.98 7.02 6.62 6.78 1,099,000 7,447,000 DIGIPLUS PHILWEB 1.74 1.77 1.75 1.77 1.73 1.77 51,000 88,950 0.172 0.174 0.17 0.174 0.17 0.172 990,000 169,590 ALLDAY ALLHOME 1.43 1.45 1.44 1.46 1.43 1.43 995,000 1,437,170 1.16 1.22 1.23 1.23 1.23 1.23 2,000 2,460 METRO RETAIL PUREGOLD 27.7 28 27.9 28.25 27.65 28 1,055,500 29,424,985 39 39.15 39.95 40 38.8 39 188,200 7,370,330 ROBINSONS RTL PHIL SEVEN CORP 75 76 76 76 76 76 20 1,520 2.74 2.77 2.75 2.8 2.75 2.75 565,000 1,554,670 SSI GROUP UPSON INTL CORP 1.58 1.59 1.59 1.59 1.58 1.59 60,000 95,370 20.1 20.3 20.1 20.5 20.1 20.3 1,084,600 21,987,275 WILCON DEPOT EASYCALL 2.8 2.9 2.92 2.92 2.92 2.92 4,000 11,680 0.37 0.38 0.375 0.375 0.375 0.375 100,000 37,500 MEDILINES PRMIERE HORIZON 0.183 0.184 0.19 0.19 0.181 0.184 630,000 115,770

MINING & OIL ATOK 4.8 5 4.9 5 4.9 5 16,000 78,453 2.55 2.56 2.57 2.58 2.52 2.55 4,267,000 10,862,670 APEX MINING ATLAS MINING 2.97 3.14 3 3 2.97 2.97 100,000 297,430 4.95 5 4.97 5 4.95 5 61,000 302,480 BENGUET A CENTURY PEAK 3.1 3.11 3.11 3.11 3.11 3.11 20,000 62,200 3 3.29 3.1 3.1 3.1 3.1 1,000 3,100 DIZON MINES FERRONICKEL 2.41 2.46 2.43 2.46 2.4 2.46 61,000 146,970 0.086 0.089 0.088 0.088 0.088 0.088 400,000 35,200 LEPANTO A MARCVENTURES 1.06 1.07 1.12 1.12 1.06 1.07 1,077,000 1,167,910 5.24 5.25 5.42 5.44 5.23 5.24 3,005,600 15,931,269 NICKEL ASIA ORNTL PENINSULA 0.66 0.69 0.67 0.67 0.66 0.66 41,000 27,070 2.79 2.8 2.78 2.83 2.77 2.8 312,000 871,080 PX MINING SEMIRARA MINING 29.4 29.5 29.3 29.7 29.3 29.5 1,540,100 45,383,295 5.58 5.86 5.95 5.95 5.52 5.86 16,200 92,612 ENEX ENERGY PHILODRILL 0.0082 0.0087 0.0082 0.0082 0.0082 0.0082 1,000,000 8,200 3.75 3.83 3.72 3.97 3.6 3.83 1,831,000 6,937,380 PXP ENERGY

PREFFERED ACEN PREF A 1,015 1,030 1,040 1,040 1,030 1,030 17,475 17,999,300 ACEN PREF B 1,043 1,046 1,046 1,046 1,046 1,046 35 36,610 2,470 2,490 2,490 2,490 2,490 2,490 20 49,800 AC PREF AR AC PREF B2R 487 490 490 490 490 490 10 4,900 96.05 99.45 99.45 99.45 99.45 99.45 10 994.5 BRN PREF A CEB PREF 31.5 32 32 32 32 32 8,100 259,200 89.6 90 90 90 89.5 90 15,460 1,391,300 DD PREF EEI PREF B 90.05 95.5 94 94 90 90 1,400 126,430 91 93.95 93 94 91 91 650 60,100 MWIDE PREF 4 MWIDE PREF 5 100.2 100.5 100.5 100.5 100.1 100.1 1,710 171,235 969 995 970 970 970 970 1,030 999,100 PCOR PREF 3A PCOR PREF 3B 976 1,000 979 979 976 976 340 331,960 990 1,000 1,000 1,000 1,000 1,000 50 50,000 PCOR PREF 4C SMC PREF 2F 72.5 72.6 72.8 72.8 72.6 72.6 5,240 380,594 70.7 72.7 72.7 72.7 72.7 72.7 1,600 116,320 SMC PREF 2I SMC PREF 2K 65 66.95 65 65.05 65 65 25,000 1,625,538 48.75 48.95 48.75 48.75 48.75 48.75 200 9,750 TECH PREF B2D

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

TECH WARRANT

3.26 7.51

3.55 3.55 3.55 3.55 3.55 1,000 8.2 7.51 7.51 7.51 7.51 100

0.335

0.37

22,024,119 18,501,358 -264,560 584,385.00 -52,077,824.50 -158,530 -3,367 -10,115,581.50 -1,202,702.50 5,150 -8,731 25,500

-

-

-

-

-

7,391,175 13,640 1,047,350 -114,570 -32,485 -39,600 -44,250 412,860 -638,540 780 -2,804,650 1,600 238,232 7,650 -5,696,010 2,872,710 -17,802,215 -5,320 -108,310.00 -426,720 19,102,505 -12,000 5,578,752 -383,250 352,470 -32,340 6,880 21,296,300 -12,696 -850 -4,200 -16,720 510,500 181,160 7,752,442 -4,460,450 -78,790 -2,440 1,306,583 79,980.00 -746,920 -8,436,715 -4,098,405 -1,526,800 31,770 7,147,320 -256,000.00 49,760 98,400 -8,220,719 66,720 4,936,530 14,586 24,900 -246,400 -

3,550 751

-751

-

-

SMALL, MEDIUM & EMERGING

0.445 0.455 0.44 0.455 320,000 142,550 0.75 0.77 0.75 0.77 8,588,000 6,443,460 0.88 0.88 0.86 0.86 206,000 178,900 0.73 0.73 0.73 0.73 30,000 21,900 0.055 0.055 0.055 0.055 10,000 550 1.07 1.08 1.06 1.07 1,143,000 1,224,120 24,750 0.224 0.225 0.2 0.214 5,050,000 1,061,290 19,000

EXHANGE TRADE FUNDS

97.8 97.8 97 97.4 8,440 822,664 296,410

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS

FIRST METRO ETF

0.44 0.77 0.86 0.69 0.055 1.06 0.205 97

0.46 0.8 0.9 0.72 0.06 1.07 0.214 97.4

www.news.businessmirror@gmail.com

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Monday, November 13, 2023

B3

Officials: New rules unfetter The power of data literacy MIF from ‘undue influence’ F Perspectives

OR quite some time now, data and its usage have been a major concern, attracting considerable attention across all sectors and industries. In today’s landscape, a vast majority of companies are actively engaged in collecting and dealing with an incredible amount of data. Yet, it is 2023 and except for those that are data-oriented by design, few companies are able to fully grasp the importance of their data and extract maximum value from it.

Does that sound normal to you?

Since everyone is making a big deal about data, we should all be very good at making sense of it, right? But the thing is, we are not. A simple look at statistics tells us that most companies are still struggling to implement a comprehensive and actionable data-driven strategy. The (main) reason for this is crystal clear; people simply do not have the necessary data skills and capabilities and even worse, they do not receive sufficient training to develop them.

A study shows that the percentage of workers who feel confident in using and expressing their data skills is only 21 percent. Among company leaders, this percentage does not even increase by fifteen percent. Only 34 percent of them feel able to take decisions and create measurable value from their company’s data.

How can companies exploit the full potential of their data? The answer is simple: by turning their employees (regardless of their level or role) into data literate people. The idea isn’t to transform them all into data experts capable of designing the most advanced algorithms. Instead, it is for them to develop the necessary skill set to understand their company’s data and use it on a day-to-day basis to make informed decisions and perform better in their job.

What is data literacy?

ONE of the key enablers of becoming data-driven is the concept of data literacy.

It is the key to successfully reorienting the business strategy around data. But concretely, what does it mean?

Data literacy is the ability to understand, engage, analyze and reason with data. In other words, it means being capable of interpreting data in whatever form it takes (charts, fields in a database, dashboards, etc.). It is also knowing how to use or work with data on a day-to-day basis, applying the right analytical methodologies to extract information and thinking about it critically. This last part does not only mean being capable of asking the right questions from data or questioning the data itself, but also, and it is an important dimension, being able to efficiently communicate about data and its interpretation to others.

When an organization or company

fails to foster a data-literate culture, several uncomfortable situations, from minor concerns to real problems, can arise. Among them, we typically find: n Inaccurate decision-making n Lack of trust and credibility n Missed opportunities n Inefficient ways of working n Ineffective communication and collaboration.

The main benefits of high data literacy

WHILE many company leaders talk about the importance of data for their businesses, in practice few actually use it. Not only are they not data literate themselves, but they don’t seem to sponsor sufficient support (trainings, awareness and knowledge sharing sessions) for their employees to become data literate. This is a significant mistake when we know that data literacy is a key factor in effectively using data to achieve desired business outcomes.

When a company commits to making the necessary changes to increase its employees’ literacy, it reaps a series of benefits.

First and foremost, data literate employees are better equipped to understand and interpret the vast amounts of data generated by their company.

Secondly, employees who possess data skills fulfil their roles and perform better in their day-to-day jobs, causing successful business outcomes with less time and effort.

Since those employees have learned to understand and see data as an asset, they also know how it should be managed and used, increasing the probability of success for the data/ digital/IT projects they work on. In addition, regardless of their level or role, employees who feel supported in their data journey, acknowledged for their new skills, and empowered to create value, are far more likely to remain loyal and contribute to the future of the company that trained them.

It is definitely a win-win situation for both sides that should be sought in the short and long term.

For the full article, visit https://kpmg.com/ be/en/home/insights/2023/07/lh-the-power-ofdata-literacy.html. © 2023 KPMG Int’l Ltd. is a private English company limited by guarantee. R.G. Manabat & Co., a Philippine partnership, is a member-firm of a global organization of independent memberfirms affiliated with KPMG Int’l Ltd. All rights reserved.

Email ph-kpmgmla@kpmg.com or visit www.home.kpmg/ph.

This article is for general information purposes only and should not be considered as professional advice to a specific issue or entity. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror, KPMG International or KPMG in the Philippines.

L

By Jasper Emmanuel Y. Arcalas

@jearcalas

AWMAKERS and economic managers assured the public that the Maharlika Investment Fund (MIF) would remain “independent” from “undue influence” following the revision of the state’s sovereign investment fund’s rules and regulations.

House Speaker Ferdinand Martin G. Romualdez claimed that the revised and final implementing rules and regulations (IRR) shall “protect” and “guarantee” the funds from “dangers of political interference.”

“This move is a significant step towards enhancing corporate governance and ensuring that the MIF is managed with the utmost transparency and accountability,” Romualdez said in a statement on Sunday.

The lawmaker argued that the revisions made to the MIF’s IRR “strengthened” the independence of the board of directors of the Maharlika Investment Corp., the entity to manage the fund.

“The autonomy of the MIC Board allows for more objective and effective decision-making, free from undue political influence. This is crucial in overseeing a fund of this magnitude, which is pivotal to our nation’s economic growth,” Romualdez

was quoted in a statement as saying.

According to him, the final IRR “clarifies the Board’s discretionary powers while ensuring adherence to the law and alignment with the nation’s socioeconomic development program.”

Albay Rep. Joey Sarte Salceda, one of the original authors of the MIF, emphasized anew that the revisions made to the IRR were concerned with the selection of the officials who will lead the MIC. “As I said repeatedly during the past month, it was always about recruiting who the President thinks can run MIF best. The most important change here is that the President can now require the Advisory Body to submit additional names if he sees that to be necessary,” Salceda said through a statement issued last Sunday.

“Considering that the nominees still have to pass all necessary quali-

fications set by the Advisory Body, that actually widens the net we cast for appointees to lead the MIF. That was almost the entire point of the revision,” the lawmaker added.

Budget Secretary Amenah F. Pangandaman shared the optimism of the lawmakers that the IRR revisions would allow the MIC board to have the “liberty and flexibility to fulfill its mandate.”

“The President earlier assured that the members of the Maharlika Investment Corporation (MIC) Board, whose primary job is to rule and administer the MIC, its assets and investments by law, will have the necessary freedom to oversee the fund without undue political interventions that will impede its fulfillment of functions,” Pangandaman said.

The budget chief also reiterated that the economic managers remain optimistic that the MIF would be functional before the year ends.

“As a member of the Philippine economic team, I commit my full and unequivocal support for the smooth implementation of the MIF’s IRR, with trust and confidence that MIF’s managers will perform their duties and responsibilities to the best of their abilities for the good of the nation,” said Pangandaman, who also heads the state’s Development Budget Coordination Committee.

One of the key revisions in the MIF’s IRR was the inclusion of a new section or provision that pro-

vided the President with the power to reject the recommended people by the Advisory Body to fill the vacant positions of the MIC. In doing so, the President will also have the power to “require” the Advisory Body to “submit additional names of nominees.”

The revised MIF IRR also made changes to the qualifications of the MIC officials from regular directors, independent directors to its President and CEO as well as Chief Investment and Operating Officer (CIIO).

First, the new guidelines removed the additional qualifications for regular and independent directors, which required that they must have a master’s degree and a minimum of 10 years experience in finance and related industries.

For the President and CEO, a candidate even without an advanced degree like a master’s degree or doctorate degree can now hold the position.

Also, in the previous guidelines the President and CEO was required to have at least 10 years of experience in senior leadership roles as well as experience with ESG. The requirements for the CIIO position has been trimmed down to just one requirement: he/she must hold a degree in finance and has a proven expertise in managing a team of financial analysts and investment professionals.

The previous IRR stipulated at least 10 requirements and characteristics that the prospective CIIO must possess.

Citystate Savings Bank opens Naga Branch Lite Unit

T

HE Citystate Savings Bank (CSBank) inaugurated its Naga Branch Lite Unit, marking a significant milestone as its 33rd branch in its network, and the first in the Bicol Region. The opening ceremony was held on November 10, 2023.

The blessing was officiated by Rev. Fr. Marcel Emmanuel DP. Real, the parish priest of the Immaculate Concepcion Parish in Naga, and the director of Caritas Caceres, which serves the entire diocese of 93 parishes in Camarines Sur. Leading the CSBank Naga branch team are South Cluster Head Domingo V. Ortiz, Service Head Xandra Luna, CSA’s Princess Dimadayao, Mary Chris Besorio, and Jewelry Appraiser Lorygin Espedido, all

Façade of the new Citystate Savings Bank Branch Lite Unit in Naga City, Bicol. CREDIT: Citystate Savings Bank

committed to providing exceptional service to the community.

The occasion was further graced by esteemed guests, including

Rolando Obiedo, COO of Villa Caceres, and Lyn Santy, General Manager of Villa Caceres, along with some officers from the local

banking community.

The CSBank executive team showed their full support, with President Jaime Valentin L. Araneta at the forefront. Joining him were BBG Head Lizette Cuezon, OSG Head Haydee Cajilog, IMCD Consultant Eric Montelibano, GSD Head Nuvin Gonzales, IT System Network Head Sandro Castro, IT Data Center Head Romell Espero, System and Network Admin Reymart Facto, and North Service Head Reliever Deniel Carreon.

Their presence underscored the importance of this new branch to the CSBank family.

The CSBank Naga branch is located at the GF Robiedo Building, J. Miranda Avenue, Naga City, across the Naga City Hall Compound.

After pandemic, some Filipino-Americans struggle with debts of $38k on average

By Malou Talosig-Bartolome

M

ANY Filipino-Americans (Fil-Ams) living in the United States are struggling financially this year, with outstanding unsecured debts averaging around $38,000 (P2.1 million), a FilAm debt relief financial expert said.

We started getting a lot of calls from Fil-Ams this year asking for help on how they can get rid of their debts, according to Rod Mercado of Financial Rescue LLC, a marketing services provider for debt settlement programs and law firms.

But mounting debt problems is not exclusive to Fil-Ams. Due to high inflation and economic slowdown in the US, goods and services become more expensive, affecting household debt.

According to the Federal Reserve Bank of New York’s Center for Microeconomic Data, an average household debt in the US is $103,358 (P5.7 million) as of the third quarter of 2023. This number includes both the secured and unsecured loans. Around 70 percent of the American debt are for mortgage balances.

On the average, Mercado esti-

mates, Fil-Ams’ unsecured debts is $38,000 (P2.1 million), 57-percent higher than the average American unsecured debt of $22,000 (P1.2 million).

Unsecured debts are debts that do not need collaterals but carry higher interest rates. The most common unsecured debts in the US are through credit cards, college loans and payday loans.

Mercado said these exclude “secured debts” such as mortgages for housing and their cars.

High income yet indebted

THE Financial Rescue president and CEO also observed that despite saddled with debts, Fil-Ams still spend a lot for their extended family in the Philippines.

Mercado explained that the financial woes started during the pandemic when Fil-Ams lost their jobs or saw paid work hours reduced. Yet they were required to send remittances to their families in the Philippines who rely on their income.

During the pandemic, some FilAms were able to get by, thanks to the financial stimulus of the US government, Mercado said.

However, when the US govern-

ment stopped stimulus packages, Fil-Ams started feeling the pinch, he said.

Mercado said those who have higher incomes or kept their jobs also find themselves in deep financial trouble. He heard of a Filipino nurse who became homeless.

“Even doctors have unsecured debt worth $175,000 (P9.8 million),” Mercado said.

Mental anxiety

FIL-Ams who come to Financial Rescue for help are experiencing anxiety and mental health problems as they try to resolve debt issues.

“Akala nila, pwede hindi bayaran.

No!” Mercado said.

In the US, when loans are unpaid, the collection agency may try to sue the debtors for unpaid amounts owed, garnish or force their employers to deduct a big percentage from wages, and their credit score will plummet.

“In America, if you have a low credit score, you can’t take another loan,” Mercado explained adding that those who can get another loan are charged with higher interest rate.

“This is why a credit score is very important,” he said.

Lack of financial awareness

ACCORDING to Mercado, the lack of education on handling personal finances also mark people living or working in the US. Most don’t do budgeting of their household expenses, he added.

But what sets apart the FilAms from people of other races in America are cultural habits and mindset.

“Lagi sinasabi ng nanay ko rin yan.

Mahilig tayo sa ‘ubos biyaya, bukas tulala.’ We spend all our money, not thinking of saving for the future.

Then we have our family ties and gambling. Filipinos love to gamble,” Mercado said.

He stressed Filipinos carried these money habits when they migrated to the US. And since the consumerdriven economy of the US relies on credit and loans are easily accessible, there is a lot of temptation for Filipinos to take out loans to cover up for unpaid loans.

Freedom from debt

Mercado said Filipinos can be freed from the debt bondage if they learn how to budget.

“If you don’t know how much you are earning and spending, you

will never solve your debt problem.

Most of the time, they live on the negative. They spend more than what they earn. They end up swiping their credit cards,” he said.

After the household budget is determined, then that’s the time family members should decide whether to reduce expenses or to increase income.

“They should stop celebrating.

We Filipinos love to celebrate even for promotion; for small victories.

If you can’t afford it, don’t spend for ‘I deserve it’ celebrations,” Mercado suggested.

“As for your credit card, stop using it!” he emphasized.

The minimum payment for credit cards is only 2.5 percent of the total debt. It is not even enough to pay for the interest. The annual interest rate of credit cards in the US is about 23 percent. So, it might take 20 years before one can finally settle a single loan taken a credit card.

“Credit card is for your convenience. It’s the solution for financial issues,” he added. “Pag umabot na sa credit card limit, ang tendency hanap ng new way to get loan. Until hindi ka na makabayad at madedemanda ka na.

Stress na stress ka na.”

Debt settlement

ACCORDING to Mercado, there are companies in the US that can help debtors settle with collection agencies what they owe.

These debt-settlement companies negotiate to bring down the final amount of payment owed by the debtor. Their services are quite expensive but, Mercado said, they can reduce the total amount of final due by 45 percent.

He explained these firms will create a program to help clients build back the capacity to pay within a span of three months and convince creditors that they can pay the remaining 55 percent of the total amount.

Mercado, who also has his own debt-relief services company, said that during the transition months, his firm doesn’t charge a dime. The company would start charging 15 percent when they are able to negotiate for a debt settlement with the creditor.

“The debtors can settle their debts by themselves; or DIY (do-it-yourself). But many do not know how the system works and their rights under the law,” Mercado said adding debtors also don’t have personal relationships with creditors. This, he said, is important as it can bring down the final numbers.

B4 Monday, November 13, 2023

Explainer BusinessMirror

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Israel says it will maintain ‘overall security responsibility’ for Gaza.

What might that look like?

An Israeli soldier stands in an apartment during a ground operation in the Gaza Strip, November 8, 2023. AP/Ohad Zwigenberg

By Josef Federman

P

The Associated Press

rime Minister Benjamin Netanyahu didn’t elaborate when he said last week that Israel would maintain indefinite “overall security responsibility” in Gaza once it removes Hamas from power in response to a deadly October 7 cross-border raid by the Islamic militant group.

Experience suggests that any Israeli security role will be seen by the Palestinians and much of the international community as a form of military occupation. This could complicate any plans to hand governing responsibility to the Palestinian Authority or friendly Arab states, and risk bogging Israel down in a war of attrition.

Even if Israel succeeds in ending Hamas's 16-year rule in Gaza and dismantling much of its militant infrastructure, the presence of Israeli forces is likely to fuel an insurgency, as it did from 1967 to 2005. That period saw two Palestinian uprisings and the rise of Hamas.

Benny Gantz, of Israel's threemember War Cabinet, acknowledged Wednesday that there's still no longterm plan for Gaza. He said any plan would have to address Israel's security needs.

“We can come up with any mechanism we think is appropriate, but Hamas will not be part of it,” he told reporters. "We need to replace the Hamas regime and ensure security superiority for us.”

Here’s a look at what a lingering Israeli security role might look like and the opposition it would inevitably generate.

Outright Occupation

In the 1967 Mideast war, Israel captured Gaza, the West Bank and east Jerusalem, territories the Palestinians want for a future state. Israel annexed east Jerusalem, home to

the Old City and its sensitive religious sites—a move not recognized by the international community— and considers the entire city its capital.

The military directly governed the West Bank and Gaza for decades, denying basic rights to millions of Palestinians. Soldiers staffed checkpoints and carried out regular arrest raids targeting militants and other Palestinians opposed to Israeli rule.

Israel also built Jewish settlements in all three areas. Palestinians and most of the international community consider these settlements illegal.

After two decades of outright military rule, Palestinians rose up in the first intifada, or uprising, in the late 1980s. That was also when Hamas first emerged as a political movement with an armed wing, challenging the secular Palestine Liberation Organization's leadership of the national struggle.

The West Bank Model

Interim peace deals in the mid1990s known as the Oslo Accords established the Palestinian Authority as an autonomy government in the West Bank and Gaza meant to lead the way toward an independent Palestinian state alongside Israel.

Several peace initiatives by a string of American presidents failed.

The Palestinian Authority lost control of Gaza to Hamas in 2007.

That has left the Palestinian Authority in charge of roughly 40% of

Israeli Prime Minister Yitzhak Rabin, left, and Palestinian leader Yasser Arafat shake hands marking the signing of the peace accord between Israel and the Palestinians, in Washington, September 13, 1993.

Interim peace deals in the mid-1990s, several ill-fated US peace initiatives by a string of American presidents, including the Oslo Accords— establishing the Palestinian Authority as an autonomy government in the West Bank and Gaza that was meant to lead the way toward an independent Palestinian state alongside Israel—failed, and the internationally recognized Palestinian Authority lost control of Gaza to Hamas in 2007. AP/Ron Edmonds

the Israeli-occupied West Bank. Its powers are largely administrative, though it maintains a police force. Israel wields overall security control.

Palestinian President Mahmoud Abbas is deeply unpopular, in large part because his forces cooperate with Israel on security even as Palestinian hopes for statehood have all but disappeared. Many Palestinians view the PA as the subcontractor of a never-ending occupation.

Israel keeps tens of thousands of soldiers deployed across the West Bank. They provide security for more than 500,000 Jewish settlers and carry out nightly arrest raids, often sparking deadly gunbattles with militants.

US Secretary of State Antony Blinken has suggested the Palestinian Authority could return to Gaza after the war. That could further unravel Abbas’s legitimacy among his own people, unless it were linked to concrete steps toward Palestinian statehood.

Arab leaders, even those closely tied to Israel, will likely face similar backlash if they step in to help it control Gaza.

The Gaza Model

What about an over-the-horizon

presence, with moderate Palestinians maintaining security inside Gaza and with Israel intervening only when it deems absolutely necessary?

That’s been tried as well.

In 2005, in the wake of a second and far more violent intifada, Israel withdrew soldiers and over 8,000

settlers from Gaza. The PA administered the territory, but Israel continued to control its airspace, coastline and all but one border crossing.

Hamas won Palestinian elections the next year, leading to an international boycott and a severe financial crisis. Months of unrest boiled over in June 2007, when Hamas drove out forces loyal to Abbas in a week of street battles.

Israel and Egypt imposed a blockade on Gaza, severely restricting trade and travel in what Israel said was an effort to contain Hamas.

Palestinians and rights groups considered it a form of collective punishment. It caused widespread misery among the enclave's 2.3 million residents.

Israel, like most Western countries, considers Hamas a terrorist organization. Hamas has never recognized Israel’s existence and is committed to its destruction through armed struggle.

But over 16 years that saw four wars, the two entered into various undeclared cease-fires in which Israel eased the blockade in return for Hamas halting rocket attacks and reining in more radical armed groups.

For Israel, the arrangement was far from ideal but preferable to other options and bought yearslong

An Israeli armored personnel carrier crosses over the border into South Lebanon on June 6, 1982, at the start of the Israeli incursion into Lebanon to silence Palestinian guns. In 1978 and then again in 1982, Israel invaded southern Lebanon in a battle against Palestinian militants. That led to an 18-year occupation that was enforced through a local ally, the South Lebanon Army, which received arms and training from the Israelis. AP/Max Nash

periods of relative calm.

The Lebanon Model

In 1978 and then again in 1982, Israel invaded southern Lebanon in a battle against Palestinian militants.

That led to an 18-year occupation enforced through local ally the South Lebanon Army, which received arms and training from Israel.

In 1982, the Lebanese militant group Hezbollah was founded with Iranian backing with the objective of pushing Israeli forces out of the country. It carried out attacks on both the SLA and Israeli troops, eventually leading to Israel's withdrawal in 2000.

The SLA quickly collapsed, creating a vacuum that was filled by Hezbollah. In 2006, the group battled Israel to a stalemate during a monthlong war.

Today, Hezbollah is the most powerful force in Lebanon. With an estimated 150,000 rockets and missiles, it's considered a major threat

by Israel.

Another Way?

Israel has sent mixed messages about evolving plans for Gaza.

Leaders say they don't want to reoccupy Gaza. They also say troops need freedom to operate inside Gaza long after heavy fighting subsides.

“On the question of the operation’s length—there are no limitations,” Gantz said Wednesday.

That could mean leaving troops stationed inside the territory or along the border.

Some officials have discussed a buffer zone to keep Palestinians away from the border. Others, including the US, have called for the Palestinian Authority's return.

In another twist, Gantz suggested any future arrangement for Gaza be contingent on calming Israel's northern front with Hezbollah and the West Bank, where troops regularly battle Palestinian militants.

“Once the Gaza area is safe, and the northern area will be safe, and the Judea and Samaria region will calm down—we will settle down and review an alternative mechanism for Gaza,” said Gantz, using the biblical term for the West Bank. “I do not know what it will be.”

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Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, November 13, 2023

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The eyes have it conjunction with Anew Renewal Power Serum).

“To scientifically measure how effective the product[s] were, we used VISIA Skin Analysis, a state-of-the-art imaging tool which reveals damage and signs of ageing on and beneath the surface of the skin. We analyzed each trialist’s skin before and after using the product[s] to measure the difference in wrinkles. In addition, each trialist completed a patient satisfaction survey seven days after daily use.

“On average, trial participants saw an average reduction of 10 percent in the number of fine lines and wrinkles present around the eyes—with one patient seeing an enormous 52 percent reduction in fine lines and wrinkles. What’s more, our survey revealed that 73 percent noticed smoother-looking skin, 88 percent were satisfied with the results they achieved using this product, and a huge 92 percent would recommend the product to other people. Of the participants that trialed both products together, 75 percent found they worked well together. The main improvements noted were smoother skin and reduced puffiness.

“While the average trial participant saw an average reduction of 10 percent in the number of fine lines and wrinkles present around the eyes, one participant saw an enormous reduction of 52 percent, and over a third (37 percent) of trial participants saw wrinkle reductions of 20 percent or more.”

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HE global company which believes “a better world for women is a better world for all,” Avon recently unveiled a new product, Avon Anew Renewal Power Eye Cream. With its world-exclusive Protinol technology, the eye cream will help restore years of collagen loss in just seven days, while its light diffusion technology promises to improve the look of under-eye imperfections.

Avon partnered with Dr. Zoya Diwan from Trikwan Aesthetics, an award-winning aesthetics clinic based in Mayfair, London, United Kingdom, to talk about the new Avon Anew Renewal Power Eye Cream.

Zoya is an expert in Clinical and Aesthetic Dermatology who graduated from Barts and The London School of Medicine and King’s College London with first class honors. Together with her partner, Dr. Sanjay Trikha, she treats patients with a variety of skin concerns including ageing.

Avon Philippines arranged an e-mail interview with Zoya, who tested the new product on real patients in her clinic and shared the amazing results.

Here, she graciously replied to my questions: Do you also develop and formulate your own products?

“I don’t create my own products, but I’m proud to partner with Avon. The main reason I partnered with Avon is the history of the company itself. Its strong heritage, and the recognition and familiarity it has with women around the world. I particularly like how Avon has such a strong research team, developing evidence-based ingredients to use in its products.

The brand also has a tremendous inclusivity of shades and colors across its ranges, at affordable prices for many.”

There’s a movement to replace anti-aging with pro-aging in labeling products for the mature market. What are your thoughts on this?

“I think it’s a lovely movement as it encourages us to embrace our age and look and feel the best for our particular age. ‘Anti-ageing’ denotes a negativity with getting older, but the focus shouldn’t be on age; it’s looking and feeling best that we want to, and it’s also about skin health. Many of the ‘anti-ageing’ products target things like collagen loss and pigmentation so it is maintaining overall skin health, too.”

At what age should one begin using the eye cream and power serum?

“From the age of 25, we start losing hyaluronic acid, collagen and elasticity in the skin. This results in reduced hydration and the appearance of fine lines.

At the same time, we start losing fat and bone from the eye area, which causes the appearance of the skin above it to change. Imagine a dining cloth over a dining table. Then, imagine that the dining table gets smaller, but the cloth stays the same size. The cloth will start to wrinkle and that’s exactly the effect we see happening around the eyes as we age.”

And what is your own experience and opinion of the new product?

“Having used it myself, I noticed my skin around my eyes was more hydrated. My clients also noticed strong results, with 92 percent saying they would recommend it to their friends which shows their confidence in the product.

“I firmly believe in evidence-based treatments and creams, so I was really excited to learn about Protinol technology, which has 20 years of research behind it.

The new Power Eye Cream showed excellent results when I trialed it in my clinic.”

More information about Avon, its products, and the causes they support can be found through an Avon representative or at www.avonshop.ph. ■

Is the product gender fluid?

“Both Power Eye Cream and Power Serum are suitable for anybody looking for healthier and more radiant-looking skin that feels stronger, smoother and firmer.”

How is Protinol different, more efficient than retinol?

“Retinol and Protinol, in my opinion, aren’t compatible as they’re two completely different ingredients. Protinol works to induce collagen in the skin but also helps to calm the skin, so no flaking of the skin. Protinol also works fast and can be used on sensitive skin.”

What other Avon products complement Anew Renewal Power Serum?

“I recommend pairing Avon’s Anew Renewal Power Serum with Anew Renewal Power Eye Cream. In a recent trial in my clinic, 75 percent of the participants who trialed both products found they worked well together. The main improvements noted were smoother skin and reduced puffiness.”

Dr. Zoya’s impressive results from her in-clinic trial of Anew Renewal Power Eye Cream are as

follows: “I conducted a trial in my clinic with 32 participants to independently assess how effectively Avon’s Anew Renewal Power Eye Cream treats signs of ageing over a seven-day period—when used alone and when used in conjunction with Anew Renewal Power Serum.

“Trial participants included a range of genders, ethnicities, and Fitzpatrick skin types. We had a few requirements to ensure consistency in our measurement and results: ■ To be over the age of 25 ■ No use of toxins around their eyes in the last four months ■ No use of other eye creams for the duration of the trial ■ No other treatment or surgery for the duration of the trial ■ Be a non-smoker “From our 32 trial participants, 20 patients were aged 35+ (17 tested Anew Renewal Power Eye Cream alone, three tested Anew Renewal Power Eye Cream in conjunction with Anew Renewal Power Serum).

“We had a further 12 participants aged 25-35 (nine tested Anew Renewal Power Eye Cream alone, three tested Anew Renewal Power Eye Cream in

These viral GRWM Milk Tints have 7 new shades

PEOPLE think that I collect lipsticks and I do, but only in a very minor way. I would pick up one or two every six months or once a year but it has to be something that really interests me. What I do collect are blushes and during the pandemic, I discovered the wonders of blush in cream and liquid forms.

Without a doubt, if you’re going to talk about blushes from a Filipino brand, you need to talk about GRWM Cosmetics’ Milk Tint, a cream tint that comes in different shades. The most famous shades are Pablo’s Latte and Pomelo.

The GRWM Milk Tints were recently reformulated and the brand claims the new version is an improvement on the old one in terms of the product itself and the packaging. I have never tried the old version so I have no point for comparison.

The new packaging has an embossed logo, a brand-

DR. ZOYA DIWAN and the Avon Anew Renewal Power Eye Cream

new rose gold cap for easier twist top lock, and a transparent wand with a large doe foot for easy-to-use swipe and go applications. The new Milk Tint now has a more effective stopper so you get a decent amount of the product that you need.

I recently received all 17 of the Milk Tints from the brand. It came with a brush, which I have not used yet.

Here are my initial thoughts on the GRWM Milk Tints: The Milk Tints aren’t your usual watery tints.

These are creamier but they aren’t overly so. The GRWM Cosmetics Milk Tints have been compared with the Rare Beauty Soft Pinch Liquid Blush but I think the latter is thicker and less creamy. The finish of the GRWM Milk Tints is more lightweight and buildable.

What I can say about the GRWM Milk Tints is that it is a more pigmented and less liquidy version of the NARS Afterglow Liquid Blush, which I love because the pigment and glow that it gives is so subtle yet it’s there.

There are 17 shades of the Milk Tints. Of these, seven are new: Macaron (dark medium pink with a warm undertone), Gelato (medium mauve with a cool undertone), Bingsu (light coral pink with a warm undertone), Coconut (dark nude peach with a warm undertone), Parfait (light nude pink with a neutral undertone), Lychee (light-medium coral peach with a warm undertone) and Sweet Pea (light milky pink

with a cool undertone). My favorite among the new shades is Lychee. I normally avoid coral shades but somehow, Lychee works on my skin tone.

I wore Coconut to an event one day and I’m not kidding, four people complimented my blush and asked me what it was. It really looked so good on me.

Among the old shades are Pablo’s Latte (medium pink with warm undertone), Buttercream (dark rose mauve with warm undertone) and 100 percent Sugar (dark dusty rose with neutral undertone).

The Milk Tints can be combined without changing texture.

One more thing I love about the

A JOURNEY THROUGH FLOWER FIELDS AN iconic name in the world of fashion, Criselda Lontok has dressed career-driven and stylish women both locally and internationally. Just as flowers follow their natural cycle of blossoming, blooming and wilting, Criselda’s journey through the world of design reflects a similar evolution, in which fond and elegant memories are cherished among many sophisticated women of style.

Behind this celebrated label was Criselda herself, a woman of grace and charm who handpicked fabrics, meticulously designed silhouettes, and oversaw the creation of her fashionable pieces. Her career was marked by a genuine passion for her craft, leaving an indelible imprint on the fashion industry.

Two years ago, Criselda moved on, leaving a treasure trove of unworn personal outfits and haute couture masterpieces. In tribute to the designer who clothed Manila’s elite, Rustan’s management and Criselda’s children conceived the “Criselda Retrospective.” The event, with major sponsors HSBC and Givenchy, celebrates her enduring legacy and contribution to the city’s powerful and privileged circles.

Criselda’s journey through the fashion world remains a testament to an impassioned and memorable woman.

Under the umbrella of the Criselda Retrospective, two exceptional events shine brightly, each offering a unique perspective on the indomitable spirit of Criselda Lontok.

The collection features elegant ball gowns adorned with the timeless rose motif in lilac and black; three-piece ensembles showcasing embossed oriental hummingbirds or the French fleur-de-lis; and tent dresses crafted from solid shantung or adorned with striking black polka dots on vibrant torrero red fabric.

Know about the latest updates and amazing offers on favorite brands at the Rustan’s LIVE Viber Community (rstns.shop/RustansViber).

GRWM Milk Tints is that at the end of the day, it doesn’t settle on your fine lines and skin texture. It just fades naturally. According to GRWM Cosmetics, the Milk Tints contain “grapeseed oil, which reduces your redness and enhances your barrier, and Japanese camellia seed oil, which is an antioxidant oil that can help keep the skin supple.” They also have panthenol, which helps moisturize, soothe the skin, and reduce inflammation.

The GRWM Milk Tints are available on Shopee and Lazada for only P375 each. Next month, they will be available at LOOK MOA.

THE Milk Tints are creamy and versatile colors for the lips, eyes and cheeks.

PHOTO FROM GRWM COSMETICS

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Monday, November 13, 2023

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GO CASHLESS, TRAVEL WORRY FREE WITH GCASH GLOBAL PAY

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VERYBODY has their travel bucket lists, whether that’s exploring the world’s most popular sites, experiencing heart-pounding extreme adventure sports, immersing in rich cultural sites, or simply savoring the wonders of nature. But the question that lingers with these goals is how to achieve them without breaking the bank.

Thankfully, GCash now offers Global Pay, an excellent solution that lets you go cashless and helps you get the most out of your international trips without overspending.

Building on the successful Pay via QR launch in Japan in 2021 in collaboration with Alipay+, GCash, the country’s leading finance super app, unveiled GCash Global Pay in early 2023 at its Futurecast event, expanding its availability in several new markets, including South Korea, Singapore, Malaysia, and exciting European destinations like France, Italy, and the United Kingdom.

According to Paul Albano, VP General Manager for GCash International,

“With the holidays approaching, we’re anticipating many Filipino travelers will soon be planning their vacations with their family and friends. With GCash Global Pay, we aim to make the travel experiences for Filipinos more enjoyable and stress-free. We’re excited to continue our partnership with Alipay+ and expand the capabilities of GCash to more destinations in Asia and beyond.”

GCash Global Pay offers users a hassle-free and rewarding travel experience abroad through a seamless and secure payment experience across various merchants through Scan to Pay. It also eliminates the inconveniences of high exchange rates, carrying around too much cash in an unfamiliar currency, or withdrawing at ATMs with additional charges.

Some travelers also bring their credit cards with them on international trips, but there’s always a looming concern over surprise fees or bill shock when they get back. With GCash Global Pay, budget-conscious travelers gain better control over

their finances and empower them to stay on top of their expenses throughout their trip with features like low forex and no service fees.

Additionally, GCash Global Pay opens the door to a broader network of international merchants who offer exclusive deals and promotions when using GCash to pay through its partnership with Alipay+.

Whether you’re on your shopping spree at Japan’s Don Quijote and Mitsui Shopping Park, trying out local delights from 7-Eleven or Lawson, exploring local transportation, or buying everyday essentials at various department stores, just look for the Alipay+ sign to know if you can use Global Pay with GCash.

To scan to pay with GCash abroad, simply look for the Alipay+ and GCash logo at the checkout counter. Open your GCash app, tap Pay Abroad with Alipay+ and let the merchant scan your unique QR or you can scan the merchant’s QR code. Verify the amount and click “Pay” to receive your receipt.

This November, GCash will unveil a range of new features to enhance the GCash Global Pay experience for travelers, providing them with user-friend ly access to real-time conversion rates to the local currency of their current location. The app will also display converted balances within their GCash wallets, ultimately helping users track their budget better.

For all your upcoming travels, use GCash so that you enjoy smooth payments and get the most out of your trip all in just a few taps of your phone via the app. Learn more about GCash Global Pay www.new.gcash.com/services/pay-qr/ global-pay.

Senior citizen, PWD discounts must be applied prior to hospital discharge, says PhilHealth

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HE Philippine Health Insurance Corporation (PhilHealth) has reminded its accredited health facilities nationwide to deduct the statutory senior citizens or persons with disabilities discounts from their total medical bills prior to hospital discharge.

“PhilHealth has received reports that a number of health facilities failed to deduct the senior citizen discounts from their bills, this is why we released PhilHealth Advisory 2023-0036 for our partner hospitals to observe at all times,” PhilHealth President and CEO Emmanuel R. Ledesma, Jr. announced.

The said discounts are mandated under Republic Acts 9994 or the Expanded Senior Citizens Act, and 10754 or the Expanded Benefits and Privileges of Persons with Disability Act. The application of these discounts is also provided in the health facilities’ Performance Commitment with PhilHealth.

“We have to give whatever the law mandates. This is our responsibility to our members, and one of them is to ensure that their senior citizen or PWD privileges, whichever is applicable, are properly deducted from their hospital bills,” Ledesma asserted. However, in cases where a patient is a senior citizen and a PWD at the same time, only one discount shall apply.

The state health insurer also clarified

that the application of the deductions shall be in the following order: 12 percent VAT exemption, 20 percent senior citizens or PWD discount, then the PhilHealth benefits. “The patient should only pay the remining balance after the discounts have been applied. If our senior citizen member was admitted in a public hospital, he does not have to pay anything under the ‘No Balance Billing Policy,’” Ledesma reiterated, adding that this can be validated by checking their billing statements.

Health facilities that fail to deduct these privileges may face penalties and sanctions, including fines and even suspension or revocation of accreditation as provided for in their Performance Commitment with PhilHealth.

The state agency also encouraged members and concerned citizens to immediately report instances of non-deduction of these privileges to the Office for Senior Citizens Affairs in their respective local government units, or to the National Council for Disability Affairs. These can also be reported to PhilHealth Callback Channel 0917-898-7442 or to PhilHealth’s Facebook page @PhilHealthofficial and Twitter@teamphilhealth.

“We will assert our rights because it is mandated by law. We are ready to take action if we receive reports from our members,” the PhilHealth chief said.

Sterling Bank of Asia named one of BSP’s Outstanding Stakeholders in 2023

IN the photo are, from left, BSP Governor Eli M. Remolona, Jr., Sterling Bank of Asia’s Executive Vice President Clayton T. Lee together with Senior Vice President Luisito S. Mayor and BSP Deputy Governor for Regional Operations and Advocacy Sector Bernadette Romulo–Puyat during the Outstanding BSP Stakeholders Appreciation Ceremonies held on October 27, 2023 at the Bangko Sentral ng Pilipinas, Head Office, Manila.

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HE Outstanding BSP (Bangko Sentral ng Pilipinas) Stakeholders Appreciation Ceremony is an annual event that recognizes the

PAWSSION PROJECT Malou Perez (holding the microphone) of PAWssion Project welcomes the benefactors and members of the PAWssion Project community during their 5th anniversary celebration last October 12, 2023. PAWssion Project is a pet adoption, training and registration of stray dogs. They conducted adoption drive with talks on responsible pet ownership and discounts on pet related products and services such as food, services and grooming.

BERNARD TESTA/BM

valuable contributions of stakeholders in the financial industry. The awards are given to financial institutions that have demonstrated exemplary support

of BSP’s mandates, which include price stability, financial stability, and safe and efficient payments and settlements systems. The ceremony also acknowledges BSP’s flagship advocacy on financial inclusion, which is aimed at ensuring that more people have access to financial services.

“We are humbled and honored to receive this recognition,” said Clayton Lee, Executive President and Treasurer of Sterling Bank of Asia.

“This award affirms our unwavering commitment and relentless efforts to support the mandates of BSP, “ Lee added.

“We at Sterling Bank of Asia remain dedicated to providing top-notch service to our customers and upholding our support to BSP mandates,” said Cecilio Paul San Pedro, President and CEO of Sterling Bank of Asia.

For more information, visit https:// www.sterlingbankasia.com/.

#KASAMASABESTLIFE healthcare champions Southstar Drug x Maxicare continue to support consumers’ wellness journey through Run For Wellness event.

Why Running is a Must-Add to Your Wellness Routine

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ID you know that running has been proven to make your brain literally grow by aiding in the creation of new brain cells? This helps improve a person’s overall cognitive function and reduce cognitive decline when done regularly. Aside from this, there’s a plethora of other health benefits that you can enjoy when you start lacing your shoes and getting those steps in every day. Read along to know more!

Strengthens bones and muscles

BECAUSE it’s a high impact exercise, running helps improve bone health and can increase bone density. The stress applied to your legs, pelvis, and spine whenever you run allows the bones to repair and strengthen themselves. Similarly, running also helps build muscles in the lower body, particularly the glutes, thighs, and calves.

With strong bones and muscles, you are more protected from injuries plus your balance, coordination, and flexibility are also improved.

Reduces risk of chronic diseases

VARIOUS studies have already proven that regular physical activity like running can prevent and/or better manage chronic health conditions such as high blood pressure and high cholesterol that lead to heart diseases as well as diabetes and many forms of cancer. Together with the right diet and healthy lifestyle choices, running can improve the quality of your life so you can be at your best every day, not just for yourself but for your family as well.

Enhances mental well-being

DO you ever notice how your mood always seems to be much better after a good workout? It’s the endorphins and serotonin

working their magic! Aside from improved mood, running also works like meditation in the sense that it can give you peace of mind and allow you to stay in the present, helping you manage and relieve the stresses of daily life. So the next time you feel overwhelmed or anxious, consider going for a run for an instant pick-me-up.

Interestingly, adopting running in your day-to-day routine enables you to improve other aspects of your health and wellness, including what you eat, how many hours you sleep at night, setting goals, and taking control of your time.

This holistic approach is what Southstar Drug and Maxicare aim to promote through Run for Wellness.

This month, over 1,700 runners took the challenge of embracing the first step in their journey toward their best life by joining the annual leg of Run for Wellness held at the Naga City Hall Grounds, Naga City. The starting line of the run saw participants composed of experienced runners and beginners, families and barkadas, and people from all ages and walks of life.

In its 12th year, Run for Wellness was held jointly by Southstar Drug and Maxicare to kick off their pioneering wellness initiative. A Metro Manila leg was also launched, which took place last August at UP Diliman, Quezon City.

Southstar Drug and Ma xicare, as champions of health and wellness, have partnered to support consumers in their journey toward a healthier and happier life. By offering an extensive selection of health essentials and world-class health services, they aim to be reliable companions, “Kasama sa Best Life,” for Filipinos.

Visit southstardrug.com.ph and maxicare.com.ph to know more.

Marketing The write stuff from an NYU writing professor BusinessMirror

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T a time when there is so much competition for the reader’s —and editor’s attention, it is important that your writing be, as Minda Zetlin says in an Inc.com article, to be “lively, persuasive, and compelling, and impossible to ignore.”

To make any kind of writing sparkle, Zetlin talked to Estelle Erasmus, a prolific writer, former magazine editor, writing professor at New York University and author of the new book Writing that Gets Noticed.

E r a s mu s v e r y ge ne rou s l y shared some of the tips she gives her students, who include both new writers and published authors, to make their writing stand out from the crowd.

Surprisingly, Zetlin found out that whether you are writing an email, blog post, or report on a technical subject, it is the small changes that can make a difference. This she shares in 17 Small Changes That Will Make Your Writing Irresistible According to an NYU Writing Professor.

1.Get straight to the point

We all agree that everyone is busy these days. Likewise, as Erasmus observes, “the attention span is so much shorter than when I started in the business. So, you want to be concise and get to the point very quickly.”

This means getting to the point right away—no more beating around the bush, no more profuse words that don’t mean anything.

This can certainly challenge our creativity, but can endear us to editors and readers, who tend to put aside articles that they find tedious and uninspiring.

2.Consider using bullet points

If you’re trying to convey a lot of information, Erasmus suggests “bullet points are a very good and concise way to do it.”

Zetlin cautions though that bullet points aren’t appropriate for every type of writing, especially in personal essays or most news articles. But in the right situation, they can be a powerful tool.

3.Make sure you have a compelling title

Titles and headlines are incredibly important because they attract readers to your article. The wittier and catchier the better.

And of course, “that’s how some people decide whether or not to read what you wrote,” says Zetlin.

That’s why Erasmus says we should put careful thought into titles. “It should be compelling, and should evoke emotion in some way, because the science shows that, the more you evoke emotion in a reader, the more the message will resonate with them.”

4.Use numbers

Using relevant statistics, either in your title or within the piece, is an-

Monday, November 13, 2023 B7

other way numbers can make your writing more persuasive. You can quote survey results, a company’s growth percentages, or as Erasmus says, “50 ways to make an impact.”

5.Reference someone or something in the news

Making a provocative statement can make your article more interesting and appealing. Erasmus relates how a “therapist wrote a piece called ‘John Mayer helped me become a better therapist,” which drew a lot of attention.

Citing something current like Hamilton in Manila or a personality that is in the news like Taylor Swift or Beyonce can add a fresh dimension to your write up.

6. Consider starting with an anecdote or a quote

“Start your piece with a dramatic or compelling anecdote,” says Erasmus. If you’re writing about a medical topic, consider starting with the story of someone who had the condition. Or perhaps with a surprising or compelling quote from an expert in what you’re writing about. These can both be good ways to grab the reader’s attention right from the start.

7. Make every sentence count

With everyone so busy and so many other things—think You Tube! Netflix! Social Media!—to distract them, you don’t want their attention to wane even for a moment.

So, make sure every sentence has a purpose and a point. “That purpose could be to set a scene for the reader by describing a place or a person, depending on what you’re writing,” she says. “Or it could be to convey information or tell what happened next.”

8.Use active language

Even experienced writers can fall into the trap of using passive language. Instead of passive, active writing is more interesting and compelling, says Erasmus.

“Often, passive writing does not really resonate with the reader because it doesn’t feel you’re involved in it,” she explains. And while its easy to use passive language without realizing it, she recommends that you go back over a piece of writing once you’ve completed a draft, to look for passive language and replace it with active language.

She adds that while doing that, “you should also eliminate jargon unless it’s within the context and you know it will be familiar to the specific audience you’re writing for.”

When in doubt, and you can’t remove a technical or unfamiliar term, make sure you add a definition.

9.Get rid of clichés

We all sigh when we come across clichés, and Erasmus recommends removing clichés from all your

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www.businessmirror.com.ph

writing for two good reasons.

The first is because “clichés are by definition very familiar, which means they’re liable to bore your teacher or reader and you risk losing their attention.”

The second is that while the cliché you are using may be familiar to you, “it could mean something completely different to someone else.”

Avoiding clichés also means challenging your creativity with new words and new expressions.

Wouldn’t it be wonderful expanding your writing horizons?

10. Remove “filler” words

“You’re trying to get noticed with your writing,” Erasmus says. “So you want to get rid of filler words like ‘it will be,’ ‘there will be,’ ‘it was,’ ‘it wasn’t’, ‘there are,’ and so on. That will create tighter sentences, which helps keep people’s attention.”

She suggests trying an online grammar checker which f lags wordy sentences and make suggestions for improving them.

11. Vary sentence lengths

All good writing captivates as it flows effortlessly very much like a beautiful symphony. Each word is carefully selected and blends delightfully with the rest of the piece in the same way each instrument in the orchestra plays in harmony with each other.

One way of doing this is to balance long and short sentences.

If an article is composed of all long sentences, Erasmus says it can be confusing, and exhausting for the reader, whom you could lose along the way.

Short sentences are great, as they convey movement. But having so many of them in a row can make your writing feeling choppy.

Go with the creative flow by in-

terspersing longer sentences with shorter ones.

12. Pay close attention to the last word in a sentence

While she admits that this is a rather advanced technique and you don’t need to do it all the time, Erasmus recommends that we use the last word of the sentence to draw readers to the next sentence.

Cont i nu it y m a kes w r it i ng stronger. That can help you keep your reader’s attention and pull them along through the piece.

13. Be specific

“The mark of an amateur is someone who writes very broadly and doesn’t use specifics,” says Erasmus. Details can be very compelling.

So instead of writing “this is a beautiful and evocative painting,” try saying exactly why you see it that way. Something like “with glistening sand and an endless turquoise ocean, this painting evokes a summer day at the beach.”

14.Use sensory language

While visual descriptions are essential in good writing, don’t limit yourself to these.

There are, after all, other senses, and “research has shown that if you use sensory language, which is touching, tasting, smelling, and feeling, it paints a picture for the reader and gets them involved.”

Erasmus adds that sensory language is not confined to narrative writing like fiction or essays as “whatever you’re writing about, you can involve the senses.”

15.Be authoritative

Using qualifiers makes your writing less definite. If you are trying to be a thought leader and build a platform, Erasmus says, “you want to be the authoritative presence

that your followers or clients rely on.” That’s why it’s good to lessen tentative phrases like “I think” or “it could possibly be.”

16. Find your own voice

We all have our own unique speaking voices, not only in sound quality, but in the choice of words and phrases we use. And it’s a great idea to have your own unique voice come out in your writing as well.

This will make it more personal and recognizably yours.

How do you find your own voice? “Record yourself,” says Erasmus, “listen to how you speak and use that in your writing.”

You can also read pieces by writers you admire, and think of how they showcase their voices. Tweak these to suit your voice.

17. Come full circle

When appropriate, it’s always great to do what Erasmus calls “circling back” by bringing the reader back to where they began.

For example, if you’re writing from a conference, “you can give an example from the beginning of the conference. Then you share lots of tips and advice. Then you can go back and at the end, offer one final tip from the conference.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chair.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

Sports BusinessMirror

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Beau’s basket

onday, November 13, 2023

Big man Beau Belga lays one in but Rain or Shine winds up losing, 113-103, to NorthPort in their Philippine Basketball Association Season 48 Commissioner’s Cup game on Sunday at the Ynares Sports Center in Antipolo City.

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

EJ, Meggie, Annie or Gilas: Who’s your top pick for ’23?

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HE top performers in Philippine sports in the year about to end will be honored by the Philippine Sportswriters Association (PSA) during the traditional Awards Night on January 29 at the Diamond Hotel.

Hangzhou Asian Games gold medal winners EJ Obiena, Meggie Ochoa, Annie Ramirez and Gilas Pilipinas lead the long list of achievers to be recognized by the country’s oldest media organization headed Nelson Beltran, sports editor of the Philippine Star.

The four, together with the national women’s football team now known as the Filipinas, are vying for the prestigious Athlete of the Year trophy.

Obiena’s golden record in pole vault, the two-pronged triumph of Ochoa and Ramirez in jiu-jitsu and Gilas Pilipinas’s epic march to regain basketball supremacy in Asia marked the country’s four gold, two silver and 12 bronze medals finish in the

Diaz-Naranjo back in Bahrain for Doha qualifier

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By Josef Ramos

IDILYN DIAZ-NARANJO is back in Bahrain to vie in her fourth Paris 2024 Olympics qualifier in Doha.

The Tokyo Olympics gold medalist Diaz-Naranjo will be vying in the Doha International Weightlifting Federation (IWF) World Grand Prix II starting December 4.

It will be the fourth of five Olympic qualifiers which Diaz-Naranjo and her trainer-coach husband Julius Naranjo picked for her campaign for a fifthstraight Olympics stint.

“The training camp’s set for two weeks,” said Diaz-Naranjo, who was tight-lipped on her medal projection. “We don’t want any distractions during training so that’s the best way to train abroad.”

The 33-year-old Diaz-Naranjo also trained in Manama ahead of the world championships in Riyadh and the Asian Games in Hangzhou last September.

She again brought her protégé and neighbor in Barangay Mampang in Zamboanga City, Rosegie Ramos, in Bahrain. She and her team flew to Bahrain on Sunday night.

“Roasegie [Ramos] and I need to focus, our minds should not be divided especially that this will be our fourth Olympic qualifier,” said DiazNaranjo, who led a ground-breaking ceremony for her HD Weightlifting Academy in Jala-jala a week ago.

Diaz-Naranjo is running eighth in the world rankings for the women’s 59-kg division, where 12 of the world’s best in the category will compete in Paris.

She won a gold medal in her first Olympic qualifier at the Bogota world championships last December as a 55-kg athlete and was tested at the heavier weight division in her second qualifying event in Jinju, South Korea, last May. The Naranjos picked the IWF World Cup from April 2 to 11 in Phuket as their last qualifier.

OBIENA 19th edition of the games in China where the Philippines booked its highest finish in the quadrennial competitions since finishing 14th in Hiroshima 29 years ago.

The Filipinas, on the other hand, made history following their debut in the FIFA Women’s World Cup in New Zealand in a campaign which the team made even more memorable with a stunning 1-0 victory over host New Zealand through the breakthrough goal of Sarina Bolden.

In a year like no other in Philippine sports

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OXING icon Manny Pacquiao expressed interest in Olympic bronze medalist Eumir Felix Marcial figuring in his fifth professional fight before Filipino fans in February.

Marcial is 4-0 as a pro since 2020 and fights under Pacquiao’s MP Promotions. He also qualified for the Paris Olympics with his silver medal from the Hangzhou Asian Games last month.

“It’s definitely exciting on my part when I heard that the Senator wanted to arrange a fight here for me in Manila under MP Promotions,” Marcial told BusinessMirror over the weekend.

Marcial and his wife Princess

OCHOA

history, the Asian Games and Southeast Asian Games—along with the Para Games for both regions—were both on the same year following the adjustments in the hosting of the four major competitions because of the pandemic.

That said, it’s a guaranteed starstudded Awards Night.

The country’s top two sports officials— Philippine Sports Commission chairman Richard Bachmann and Philippine Olympic Committee President Abraham

Pacquiao wants Marcial to fight in Manila joined MP Promotions head Sean Gibbons in giving Pacquiao a visit in his Forbes Park home last Friday.

The former senator told Marcial and Gibbons of his desire to have the pride of Zamboanga City to fight for the first time on local soil after his gold medal stint in the 2019 Southeast Asian Games.

“There are many Filipinos who like to see me fight here,” said Marcial, who turned 28 only last October 29.

“He [Marcial] was congratulated by the Senator personally after bagging a silver medal in the Asian Games and making it to the Olympics

Salem triumphs in close finish, Ramo wins in Ironman P’Princesa

SATAR SALEM is a man relieved at the finish after edging Chinese Junyu Cao (background) via the slimmest of margins.

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ATAR SALEM delivered a performance for the ages in capturing the men’s overall individual crown—edging Chinese Junyu Cao via the slimmest of margins—as Leyann Ramo completed Tri SND Barracuda’s domination by ruling the women’s race of the Ironman 70.3 Puerto Princesa City on Sunday.

Salem breasted the tape in four

A lotta of Bull IT’S been 25 years since the Chicago Bulls won their last National Basketball Association (NBA) title. They have been seemingly on this endless cycle of rebuilding, putting together

RAMIREZ

Tolentino—are expected to grace the formal affair and lead the local sports community in honoring the best and brightest of 2023.

Also be handed out by sports editors and writers from mainstream broadsheets, tabloids and online platforms are the Lifetime Achievement Award, Executive of the Year, President’s Award, National Sports Association of the Year, Mr. Basketball, Ms. Volleyball, Ms. Football and the Tony Siddayao Awards.

Major Awards and citations to athletes, officials and entities will also be given out.

hours, 22 minutes and 25 seconds, barely beating Cao by a mere 48 seconds.

Coming in second to Dutchman Eric van der Linden after the swim and almost a minute ahead of Cao, Salem remained in that spot after the bike race with Linden in control.

But the 2022 Sun Life 5150 Bohol champion poured it all out

a talented team, then blowing it up, then rebuilding again.

Since they allowed Phil Jackson and company to ride into the sunset after the 1998 season, the Bulls have had 12 coaches. Twelve. That is like one every two years.

Phil posted a 545-193 record. The only other coach to post a winning record since was Tom Thibodeau (255139) who had some really good teams that came close to annexing a seventh title.

Aside from Tom, they had some good coaches. Scott Skiles was better than people figured. Fred Hoiberg did start well. Now, they have Billy Donovan.

Tom and Billy know how to win. Tom was the only coach post-PhilJax to win a NBA Coach of the Year Award for the franchise.

How I wish I covered them on a regular basis to understand how it works for the coaches so I can have more informed thoughts and opinions about what worked for them and what didn’t.

As a young boy, I was a fan of the Philadelphia 76ers.

for the second time,” said Gibbons, adding the Marcials took the opportune time to presend the Asian Games silver medal to Pacquiao.

“Senator Pacquiao was so excited to see Eumir and gave him some boxing tips,” Gibbons added.

Marcial expects to return to Las Vegas soon to resume training.

“My training stays in the US because its ideal place to train there not only for my pro fights but also for my Olympic campaign,” Marcial said.

Marcial is lined up for two professional fights before the Paris Olympics that start in July. Josef Ramos in the run where he wore down Linden and held off Cao’s charge in one of closest results in Ironman Philippines editions.

Salem, who toiled for the whole season to get a crack at this crown, clocked 29:08 in the swim., 02:22:31 on his bike and 1:26:40 in the run.

He also beat last year’s winner John Alcala (4:32:20) in the grueling 1.9km swim, 90-km bike and 21.1-km run race held under overcast skies.

Cao timed 30:04 in swim, gained on Salem in the bike with 2:21:40 but came up short in the closing leg with a 1:26:39 clocking.

“I feel very happy to win this race.

I’ve been eyeing on this for the whole year and now it came true. With all the hard training, it finally bore fruit,” said Salem, who strategically reserved his strength during the swim and bike legs then let it all out in the closing stage.

“I made sure I didn’t make the same mistakes that I did last year.

Now, I made sure to reserve some strength to the push for the run part,” said the Lanao del Norte ace, who struggled to finish 17th last year.

“The most challenging part was the run because Cao was really close behind and was also determined to win,” said Salem, who pocketed the top P60,000 put up by Puerto Princesa Mayor Lucilo Bayron. “The last two kilometers was crucial because Cao was also pressing hard to catch up and I can feel him behind.

But I pushed the hardest.”

Ateneo snaps NU’s 7-season reign in UAAP badminton

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TENEO completed its domination of National University (NU) with a 3-2 victory in University Athletic Association of the Philippines Season 86 badminton finals action where the Katipunan-based team also retained the women’s crown a the Centro Atletico Badminton Center in Cubao.

The title-clinching triumph came after Ateneo broke NU’s 60-tie winning streak in the league last Wednesday.

The Blue Eagles also pulled off the sweep with Manuel V. Pangilinan, and avid badminton player and chair of the Philippine Badminton Association, cheering from the sidelines with Ateneo board of Trustee Frederick Go. “I’m very happy with how the boys performed. I always knew that they had it in them and they finally showed it,” Ateneo head coach Kennie Asuncion said.

Ateneo also won the women’s crown for the fourth straight season at the expense of University of the Philippines (UP), 3-1, with Mika De Guzman and Jochelle Alvarez leading the victory.

Freshman Lance Vargas, 19 and No. 4 in the national rankings, beat No. 2 Mark Velasco in a thrilling final match for the match and the championship, 10-21, 21-9, 21-13— Ateneo’s first since Season 76.

“I was shocked by my

When the Sixers traded away Moses Malone and tried to send Julius Erving away, I was devastated. I decamped for the Bulls in 1985 and their young and tantalizing star in Michael Jordan. I remained a Bulls fan until they dealt Jimmy Butler away in 2017.

Although they got Zach LaVine in that trade and I have been a fan of the latter even while he was at Minnesota, I thought they gave up too early on Jimmy Buckets.

And the Bulls have made a career of these mistakes. In 1999, they traded away Toni Kukoc. I was so angry then I nearly renounced my allegiance to Chicago. They let go of Elton Brand and Ron Artest. In my opinion, they did not have the patience to see Tyson Chandler and Eddy Curry develop. They managed to get Dwyane Wade and even Pau Gasol but were unable to hold on to them or even surround them with the talent they deserved. Furthermore, in hindsight, they also let go too early Lauri Markannen. Now, there is even word they will let go of Alex Caruso.

When they got DeMar DeRozan three seasons ago along

performance, but my mindset heading into the game was just do my best and whatever the outcome is I will just enjoy the game,” the Bacolodborn student-athlete said.

Captain Arthur Salvado Jr. and Lyrden Laborte gave Ateneo a huge 2-0 advantage after taking the first two singles matches, with Salvado making quick work of Zed Monterubio, 21-12, 21-17, and Laborte scoring a 17-21, 21-3, 21-4 reversal against rookie MJ Perez.

National team pool members Julius Villabrille and James Villarante put NU on the board with a 21-15, 21-16 sweep of Salvado and Vargas with Season 85 MVP Solomon Padiz Jr. and Perez setting up the decider with a 21-13, 21-14 win over Laborte and Charles Bagasbas.

The other members of the Ateneo team were co-captain Justin Vanzuela, Allen Penute, Cody Torres and Earl Nathan Santos.

De Guzman and Alvarez, meanwhile, were crowned co-Most Valuable Players in the women’s division.

“I’m very happy of how we played with heart not just today, but throughout the season,” Ateneo captain and two-time MVP De Guzman said. “As I always say, when you play with heart, you can never go wrong,” De Guzman and Alvarez flexed their dominance over UP captains Andrea Abalos and Patricia De Dios, 21-7, 21-12, in the second doubles match to secure the tiara.

Ateneo pushed its tally to seven championships in the women’s division, one behind UP.

THE Blue Eagles celebrate their championship victory over the Bulldogs. with Caruso and Lonzo Ball to make sweet music with LaVine and Nikola Vucevic. They also had Ayo Dosunmu, Coby Jones, and Derrick Jones.

They were great until the injuries started piling up. In the play-offs, they did not make it past the first round.

The following year, injuries and bad luck saw them miss the play-offs.

Today, they are 3-6. I still think they have a good enough line-up. To win. Yes, to win. They did add Andre Drummond.

Caruso has been the heart of this Bulls team on both ends of the floor. He is that vocal leader and the guy who takes charge when things are frittering away. Players who give a damn as opposed to collecting a paycheck are hard to find.

Even if I have returned to the Sixers, I find it hard to not follow the Bulls. It is not a force of habit. I still give a crap about them.

Oh, the Sixers. In comparison, the Bulls are a model franchise. I guess I am a sucker for pain.

Until they trade Caruso away.