BusinessMirror November 15, 2021

9-MONTH DEBT PAYMENTS

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Monday, November 15, 2021 Vol. 17 No. 38

P25.00 nationwide | 2 sections 20 pages |

TOP ’20 FULL-YR RECORD

Good recent devts augur well for BSP rate direction

By Bernadette D. Nicolas

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@BNicolasBM

HE national government’s debt payments as of end-September this year have already exceeded the amount it paid for the entire 2020, data from the Bureau of the Treasury showed.

By Bianca Cuaresma

B

The government’s debt service bill from January to September has hit P963.86 billion, eclipsing the P962.47 billion for the full-year 2020.

Year-on-year, debt payments in the nine-month period have risen by 15.47 percent from P834.72 billion in the comparable period in 2020.

It is also equivalent to 74.7 percent of the programmed P1.29 trillion for debt service by the end of 2021.

Continued on A4

@BcuaresmaBM

PEOPLE flock to Ilaya Street in Divisoria to find a good buy for the upcoming holiday season. The place is best known for cheap quality goods. Metro Manila is expected to stay under Alert Level 2 until the end of November, but some experts worry that people excited about “catching up” after prolonged lockdowns might forget minimum protocols like physical distancing. NONIE REYES

NEDA EXPLAINS CAUTION IN STICKING TO ALERT 2

By Cai U. Ordinario @caiordinario

T AYALA Corporation Chairman Jaime Augusto Zobel de Ayala led the recent inauguration of an Alagang AyalaLand Center for social enterprises at TriNoma in Quezon City. At the ribbon-cutting ceremony, JAZA (4th from L) was joined by (from L) Ayala Malls President Chris Maglanoc, Ayala Land Board Member Tony Aquino, Ayala Land President and CEO Bobby Dy, BPI President and CEO TG Limcaoco, Bayan Academy Chairman and President Jay Bernardo, BPI Chief Customer and Marketing Officer Cathy Santamaria, and BPI Vice President and Deputy Head of Marketing Mariana Zobel de Ayala. Story in Companies, B2.

PESO EXCHANGE RATES n US 50.1880

HE national government is more cautious in placing Metro Manila or the National Capital Region (NCR) under Alert Level 1 (AL1) due to the higher capacity of establishments that are allowed and the lifting of age restrictions, according to the National Economic and Development Authority (Neda).

Neda Undersecretary for Policy and Planning Rosemarie G. Edillon noted a “big difference”

between AL1 and Alert Level 2 (AL2). She said capacity utilization will jump to as much as 50 to 60 percent from only 30 to 40 percent, while age restrictions will be lifted.

This means, Edillon told BusinessMirror, more Filipinos will be allowed outside their homes.

With this, it was important for the government to ensure that de-escalating to AL1 will require that cases stay low and stable while NCR is under AL2, or declining.

Continued on A2

ANGKO Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Sunday that the recent positive developments in the Philippine economy will allow them to keep rates low for a little longer to support the recovery process.

In a Viber message to reporters, Diokno particularly mentioned easing inflation and faster growth prospects as key developments to the reiteration of his monetary policy forward guidance.

“This suggests that the BSP may continue to be patient and continue its accommodative monetary policy stance given the current domestic, external, and financial developments,” Diokno said.

The governor said their latest inflation forecast is now at 4.3 percent on average for 2021, slightly down from the 4.4-percent forecast in September. Their 2022 and 2023 inflation forecasts remain unchanged at 3.3 percent for next year and 3.2 percent for next year.

The governor said headline inflation has already slowed down in October, mainly driven by stabilizing prices for meat and rice, along with the availability of imported supply.

Diokno also said the prospects of the country’s gross domestic product (GDP) “appear bright.”

The governor said a growth rate of 5 to 6 percent in 2021 is “attainable” after the positive expansions in the first three quarters of the year.

n JAPAN 0.4400 n UK 67.1265 n HK 6.4413 n CHINA 7.8542 n SINGAPORE 37.0637 n AUSTRALIA 36.6071 n EU 57.4753 n SAUDI ARABIA 13.3820

See “BSP rate,” A2

Source: BSP (November 12, 2021)

News

BusinessMirror

A2 Monday, November 15, 2021

DOF tells MDBs: Harmonize rules on climate-project funds F

By Bernadette D. Nicolas

@BNicolasBM

INANCE Secretary Carlos G. Dominguez III urged multilateral development banks (MDBs) to set up a harmonized set of guidelines in vetting climate mitigation projects of developing countries in a bid to encourage the flow of private sector capital to these initiatives.

In a letter jointly addressed to the presidents of the World Bank Group (WBG), Manila-based Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB), Dominguez said these multilateral lenders are in the best position to provide the “seal of good housekeeping” that would prompt the private sector to invest in these projects.

The letter dated November 7, 2021 was addressed to WBG President David Malpass, ADB President Masatsugu Asakawa and AIIB President Jin Liqun.

“With the public and private sectors resting their trust and confidence in MDBs, I propose that the WBG, ADB, and AIIB collaborate in setting up a harmonized set of guidelines to determine the viabil-

BSP rate...

ity and sustainability of climate projects,” said Dominguez, who is also the chairman-designate of the Philippines’s Climate Change Commission (CCC).

Dominguez said his proposal will allow the MDBs to “play a pivotal role in mobilizing the trillions of dollars in private sector financing available for climate adaptation and mitigation projects.”

The finance chief also said MDBs can set the standards for transparency and accountability in monitoring the climatechange initiatives of developing countries to further assure private investors of the prudent use of the funds they have invested in these projects.

He said the three MDBs can also

Continued from A1

Based on recent developments, including the ramped-up vaccine

rollout and “ebbing” Covid-19 cases, the DBCC’s growth target of

work together with other development banks around the world in ensuring that such standards and guidelines are adopted.

Dominguez broached the proposal to the MDBs after observing that the series of meetings in the 26th United Nations Climate Change Conference of Parties (COP 26) in Glasgow, Scotland, have largely focused “on consensus regarding certain principles and parameters on climate change without a clear understanding of how global finance can play a significant part in moving the climate agenda along.”

In his letter, the DOF chief said: “Combating climate change should move beyond conducting annual meetings that, unfortunately, often yield unfulfilled commitments.

We should now all focus on applied solutions and workable programs to quickly reduce greenhouse-gas emissions. We have a planet to save and do not have much time to do it.”

The Philippines had demanded at the start of COP 26 that the world ’s wealthiest economies, which are responsible for most greenhouse-gas emissions, make good on their 2009 commitment

to channel US$100 billion per year by 2020 to the climate adaptation and mitigation initiatives of developing countries.

Dominguez pointed out that “it may be impossible to achieve the US$100-billion goal, much less come out with a higher achievable target” without resolving the critical question of how global finance can serve as a catalyst for climate action.

Dominguez has since said climate finance should constitute a “blended approach” of sustainable orchestration of grants, investments, and subsidies.

As its Nationally Determined Contribution (NDC) to the Paris Agreement, the Philippines has committed to a projected GHG emission reduction and avoidance of 75 percent from 2020 to 2030 for the sectors of agriculture, wastes, industry, transport, and energy despite being among the countries with the smallest carbon footprints.

This, despite the Philippines contributing only 0.3 percent of the world’s total GHG emissions but landing on the list of the countries most vulnerable to the destructive impact of erratic weather patterns resulting from climate change.

7 to 9 percent in 2022 and 6 to 7 percent in 2023 also “look doable,” he said.

Diokno also discounted potential wage hikes in the coming

months.

“With sufficient slack in the labor market and the expected higher participation rate as workers re-enter the work forces, there is little likelihood of a wage hike as the vaccine rollout quickens and consumer confidence rises while economic activity expands,” Diokno said.

“This is in sharp contrast to the inflationary pressures in developed countries like the US, EU, and UK owing to supply chain bottlenecks and the rising labor expenses,” he added.

Diokno also played down threats in other sectors of the economy.

“There appears to be no pressure on rising real estate prices: real property prices in the National Capital Region [NCR] are either flat or slightly down, though there is a slight increase in prices in few places outside NCR,” Diokno said.

“The threat of peso depreciation is fading as the peso is expected to appreciate, with the prospect of stronger overseas Filipino remittance inflows in the last few weeks of the year in time for the Christmas holidays,” the governor added.

www.businessmirror.com.ph

NEDA EXPLAINS CAUTION IN STICKING TO ALERT 2 Continued from A1

Late Saturday, Malacañang Palace said Manila and dozens of other areas will remain under Alert Level 2 until the end of the month as authorities continue to monitor if the easing of restrictions will translate to higher Covid-19 cases.

Under Resolution No. 148-F. series of 2021 issued by the InterAgency Task Force for the Management of Emerging Infectious Diseases (IATF), the duration of the Alert Level 2 status of NCR is extended from November 21, 2021 until November 30, 2021.

“We intend to de-escalate to AL1 with much caution. That is why the area [NCR or province/city] has to be at low risk for a sustained period of time under AL2,” Edillon explained at the weekend.

“We need to see that there would not be an increase in cases under AL2, which we know, depends on LGUs’ enforcement and people’s compliance to minimum health standards. In addition, LGUs must be vigilant to implement GL, as necessary,” she added.

However, Edillon said in a recent television interview, that should current trends continue, it is possible that Metro Manila will be placed under AL1 by the first week of December.

Currently, she said, the 7-day moving average of Covid-19 cases in NCR is at 160 cases. This level should be kept for at least another week to determine if Metro Manila can be placed under AL1. The data will soon be examined by the Sub-Technical Working Group (TWG) to assess progress in fighting the pandemic.

“Essentially, yes [low cases in NCR for a month before it is placed under AL1]. Cases have to be lowrisk for 2 incubation periods or 1 month,” Edillon said.

One thing is for sure, Edillon said: Filipinos will have a better and happier Christmas this year compared to 2020 given the progress in fighting the pandemic.

Still, she cautioned that observing health safety protocols is crucial given the recent spike in cases in Europe, where some countries have observed a fourth wave in Covid-19 cases.

Jobs

MEANWHILE, the benefits of being placed under AL2 such as the increase in jobs, may not yet be observable, according to Edillon.

She said this is based on the time lag in the release of data as well as the adjustment of businesses.

It takes 6 to 7 weeks before the government releases the results of the Labor Force Survey (LFS) bearing the official labor data.

Govt Malampaya...

Pimentel also questioned the claim of some groups that the government would be “giving up billions of pesos” if it did not acquire Shell’s Malampaya stake.

“What billions of pesos are they talking about? If you give something up, that means you had it from the start. But the government never had Shell’s operating stake,” Pimentel said.

Pimentel said Shell obtained its operating stake in Malampaya way back in 1990, when the government awarded Shell Philippines Exploration B.V. (SPEX), the petroleum service contract to develop the gas field at a cost of $4.5 billion.

Shell recently agreed to sell its 100-percent stake in SPEX to Malampaya Energy XP Pte Ltd, a subsidiary of Udenna Corp.

The transaction is valued at $380 million, with extra payments to Shell of up to $80 million between 2022 to 2024, contingent on Malampaya’s output and commodity prices.

No money for Petron

MEANWHILE, after San Miguel

And, even if NCR is already under AL2, some businesses may need more time to adjust their operations. They may not be able to hire new workers immediately because they want to determine if reopening or expanding their operations would be sustained.

In a television interview, Edillon said the impact of placing Metro Manila under AL2 could be observed sometime in December or even January next year.

In order to help employees get back on their feet, Edillon offered some advice to businesses. “We strongly advise them [businesses] to get safety seal certification, which also means that they need to Covidproof their workspaces and stores.

It is also a good idea to maintain some business processes online to be more resilient,” she added.

Requiring employees to be vaccinated when they report back to work is a matter that can be discussed by employers and employees. When it comes to these matters, it is important that consultations are made, she said.

Earlier, Neda said the Philippine economy stands to gain at least P3.6 billion every week should the InterAgency Task Force for the Management of Emerging Infectious Diseases (IATF) decide to place Metro Manila under Alert Level 2 or better from the current Alert Level 3.

Neda also estimated that such a move would reduce unemployment by 16,000 individuals. The gains for the economy are expected to be greater at around P10.3 billion a week if the National Capital Region (NCR) is placed on Alert Level 1 from Alert Level 2. This would reduce unemployment by 43,000.

Socioeconomic Planning Secretary Karl Kendrick T. Chua said during a webinar of the Economic Journalists Association of the Philippines (EJAP) said that if the alert level of Metro Manila is deescalated to Level 1 from Level 3, the economy stands to gain around P14 billion a week and reduce unemployment by around 59,000.

Neda estimates also showed that including areas outside of NCR would lead to an additional gain of P4.7 billion a week if the alert level is de-escalated to Alert Level 2 from 3. This will lead to 20,000 Filipinos finding jobs.

If the Alert Level is further deescalated to Alert Level 1 from 2 in areas outside Metro Manila, this would lead to the economy gaining P13.3 billion weekly. This would also lead to a reduction of 56,000 among the unemployed.

Continued from A12

Corp. expressed its willingness to sell Petron back to the gover nment, A ssist a nt Major it y Leader and Cebu Rep. Eduardo Gullas said the government neither has the money nor the operational f lexibility to run an extremely costly oil and gas company.

Gullas made a separate statement after Petron President Ramon Ang said he is willing to sell anytime the oil company back to the government.

“Thanks, but no thanks. Business tycoon Ramon Ang can keep Petron Corp. as Congress would never bankroll a government takeover of the country’s only oil refiner,” he said. “ We in Cong ress won’t a llo w t he go ve r n me nt to bu y Petron back for the same reason that we won’t a l low the state-r un Philippine National Oil Co. to acquire Shell B.V.’s 45 percent operating stake in t he Ma lampaya gas project,” Gullas said.

SMC’s Petron, which has an 18.6-percent share of the local petroleum market, reported a net loss

of P11.4 billion in 2020, when the Covid-19 pandemic destroyed the demand for fuel products.

T he oi l ref i ner h a s si nce bounced back, reporting a net income of P5 billion from January to September this year. “As to Malampaya, it is enough that the government is benefitting financially from the gas project without assuming any financial risks,” Gullas said.

“Actually, on top of the government’s share, PNOC also gets a portion of the money that goes to the Malampaya contractors, because PNOC has a 10 -percent stake in the service contract,” Gullas added.

Gullas said the only business that the State should go into now is the business of providing public transportation, particularly passenger and cargo railways.

“This is because sound transpor t at ion invest ments lower the costs of moving people and good s, i mprove produc t iv it y and foster long-term economic growth as well as jobs expansion,” Gullas said.

Economy BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Monday, November 15, 2021 A3

2022 budget for data collection to cover only 93 municipalities

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By Cai U. Ordinario

@caiordinario

HE proposed budget for the Community-Based Monitoring System (CBMS) will not be able to cover all cities and municipalities next year, according to the Philippine Statistics Authority (PSA).

In a recent news forum, PSA Assistant National Statistician Plenee Grace J. Castillo said the proposed budget of the CBMS is only P574.16

million and can only cover at least 93 municipalities.

With this, Castillo said, the PSA will prioritize 5th-class and

6th-class municipalities as well as those that are still unclassified but are found in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). “[Based on the] law, all cities and municipalities should be covered; but the available budget to us, this is still a recommendation,” Castillo said. “The cities and municipalities will be from the poorest cities and municipalities.”

Castillo said the initial batch of 93 cities and municipalities will include 27 6th-class municipalities, 21 unclassified municipalities mostly located in the BARMM and at least 45 5th-class municipalities.

While the CBMS is not new

and some local government units (LGUs) have already been using it to track local development indicators, Castillo said the aim is to eventually have just one source for CBMS data, which is the one obtained through the PSA. “Our intention is for us to have just one CBMS and that is the PSA-led CBMS. The CBMS that is being done by our LGUs will eventually be stopped once we have started at the PSA to implement the CBMS,” Castillo said in the vernacular.

“This concurrent period in the implementation of the law is being treated as a transition period; so their initiatives to do CBMS, based

on the old methodology, are being wrapped up,” she explained. “We are not saying that they should stop their efforts because we consider these initiatives as very useful for them. They should continue and complete these efforts during the transition period.”

The CBMS, which was passed into law in 2019, will cater to the data support for the multi-dimensional poverty index, Sustainable Development Goal (SDG) indicators, community development plans and local registries.

National Statistician Claire Dennis S. Mapa earlier told BusinessMirror, that the CBMS will capture more non-income indica-

tors of poverty such as health, nutrition, water, sanitation, shelter, education, security and participation, among others.

The CBMS was developed by the team from De La Salle University led by former Philippine Institute for Development Studies President Celia M. Reyes in the early 1990s.

In 1995, the CBMS was used for the Micro Impacts of Macroeconomic Adjustment Policies (MIMAP) Project-Philippines.

The system seeks to provide policymakers and program implementers with a good information base for tracking the impacts of macroeconomic reforms and various policy shocks.

DOLE to allow employment agencies to operate virtual offices

By Samuel P. Medenilla @sam_medenilla

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RIVATE employment agencies (PEA) are now temporarily allowed to register their operation with the Department of Labor and Employment (DOLE) using a “virtual office” and a smaller office space to allow them to reduce their expenses during the pandemic.

Last Friday, Labor and Employment Secretary Silvestre H. Bello III issued Labor Advisory (LA) 21, series of 2021, easing the floor space requirements for PEAs.

In the said issuance, Bello gave PEAs the option to make use of a “virtual office” to complement their physical office space provided they must submit the contract for the latter to a DOLE Regional Office (RO).

Labor Assistant Secretary Dominique R. Tutay explained to the BusinessMirror that under the virtual office setup “all registrations, permits, communications of the company will be directed to the dedicated address of the virtual office.”

The said virtual office can operate without an employee or physical office set-up, Tutay added.

PEAs who availed this option [virtual office] and found to be in violation of pertinent laws governing recruitment and placement shall be held liable under Article IX of DOLE DO [Department Order] 216 Series of 2020 and Article X of DOLE DO 217 Series of 2020, respectively.

Labor Secretary Silvestre H. Bello III

BM

“PEAs who availed this option [virtual office] and found to be in violation of pertinent laws governing recruitment and placement shall be held liable under Article IX of DOLE DO [Department Order] 216 Series of 2020 and Article X of DOLE DO 217 Series of 2020, respectively,” Bello said.

The labor chief also urged ROs to allow PEAs in their jurisdiction to register with office space of a minimum of 20 square meters.

To avail of the said policy, the concerned PEAs must submit their documentary proof of ownership, Transfer Certificate of Title or Contract of Lease,

which should last for a year or until the lifting of the “state of calamity” as stipulated under Proclamation 1218.

Issued last September, Proclamation 1218 further extends the period of a state of calamity throughout the Philippines due to coronavirus disease of 2019 declared under Proclamation 1021, series of 2020 Prior to the issuance of LA 21, Tutay said PEAs must have a physical office of at least 40 square meters.

DOLE said both measures are part of its effort to reduce the difficulties being faced by PEAs amid the pandemic.

The Nation BusinessMirror

A4 Monday, November 15, 2021 • Editor: Vittorio V. Vitug

Funds for village anti-insurgency program given to LGUs–Esperon

By Jovee Marie N. Dela Cruz @joveemarie

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ATIONAL Security Adviser Hermogenes C. Esperon Jr. said last Sunday the Bureau of the Treasury has already been released 100 percent of the funds for the village-level counter-insurgency program to local government units (LGUs).

Esperon, chairman of the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC), added that the P16.44 billion total fund of the Barangay Development Program (BDP) were utilized, monitored and disseminated by the Department of the Interior and Local Government (DILG) and Department of Budget and Management with transparency.

Esperon issued the statement last

Sunday after the budget of the NTFELCAC was trimmed down to just P4 billion. The move was allegedly due to failure of the agency to provide Congress reports on the utilization of BDP. The Senate Committee on Finance has slashed from the proposed P28 billion to just P4 billion the 2022 budget of the task force after failing to submit to both houses of Congress the detailed reports on the utilization of the P16 billion budget for this year.

According to Esperon, the NTFELCAC has been submitting the required reports in coordination with the DBM and DILG. Esperon said that upon the release of the Notice of Authority to Debit Account Issued (Nadai) to the LGUs concerned, the funds are now deemed available for use in

the procurement process. However, due to procedural requirements of the procurement law, implementation of some projects has started in April 2021.

“While we are aware that the fund utilization is up to December 21, 2022, we are confident that most, if not all, of the 2,318 projects will be completed by the middle of 2022,” Esperon said.

“We take transparency and accountability to heart, as it is the core of our monitoring team of the BDP. In fact, we have created the transparency page of the NTF-ELCAC website where progress reports of the program are listed down to the barangay level,” the National Security Adviser added.

Esperon said that for this year, the funds have benefitted 822 barangays in 39 provinces, cover-

ing 2,029 infrastructure projects (like farm-to-market roads, water sanitation system, health station, school building, electrification, housing) and 289 non-infrastructure projects (such as agricultural and livelihood, Covid-19 health related projects and assistance to indigent families).

The National Security Adviser added that of the 2,318 BDP projects, 26 have already been completed while 582 are currently ongoing.

The 1,047 are on the procurement stage and 663 are on pre-procurement stage.

For 2022, the proposal of the NTF-ELCAC is to provide BDP to 1,406 barangays because they were already cleared from the influence of the New People’s Army and other so-called communist terrorist groups.

Office of Civil Defense’s Twitter account hacked Mayor Sara explains

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HE official Twitter account of the Office of Civil Defense (OCD) was hacked on Sunday midnight, prompting the agency to issue an advisory on the attack while raising serious concerns.

“We regret to inform the public that Civil Defense PH Twitter account has been hacked. This is the reason why unusual tweets referring to matters not related to Philippines’s disaster risk reduction and management [DRRM] system had been appearing today,” the OCD said in a statement.

The unusual tweets the agency

referred to on its hacked account were the messages about bitcoin and cryptocurrency, which were posted in the Twitter accounts of billionaire businessman Elon Musk and his company SpaceX. Last month, the agency’s short messaging system for disaster alert on mobile phones was also illegally used or attacked after it sent a message about the filing of candidacy for president of Ferdinand “Bongbong” Marcos Jr. While the incident was brief, the latest attack has lagged for hours.

The OCD said its staff were still working to restore its account as of

Sunday afternoon.

“Our information technology specialists are already working to get our account running back to normal at the soonest possible time,” it said.

Still, the OCD said the hacking will not affect its usual information dissemination drive to promote public safety and preparedness against hazards and disasters.

The attack on the OCD’s official twitter account happened three days after it successfully held its online nationwide simultaneous earthquake drill.

Rene Acosta

Congress to allot P50 billion to address housing backlog

A

LARMED by the low budget for housing, the vice chairman of the House Committee on Housing and Urban Development said Congress is working for the immediate passage of a bill that will allot P50 billion to address the worsening housing backlog in the country, which could balloon to 22 million units by 2040.

Following the recent Habitat for Humanity Philippines Housing Summit, San Jose Del Monte City Rep. Florida “Rida” P. Robes vowed to push for the immediate approval of a consolidated bill that provides for the development, production and financing of housing projects by providing P50 billion yearly budget for the construction of houses all over the country.

Robes, also chairman of the House Committee on People’s Participation, said her committee is currently in the process of finalizing the consolidated bill that would create the yearly fund that will be known as the National Housing Development and Production Fund.

This fund, she said, will be used solely to cover the cost of housing production and its implementation for a period of 20 years from the effectivity of the proposed law.

VP run as father puzzles over her ‘settling’ for No. 2

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO CITY—Mayor Sara Duterte-Carpio appeared on a 1:43-minute video on Sunday to explain her decision to run for a vice-presidential seat despite her repeated pronouncements she was not keen on running for a national position.

Duterte-Carpiocitedtherepeatedcall ofhersupportersthatshesaidprompted her to discard her former stand to stick to her mayoral reelection bid.

In Filipino, she said she would not let hersupporters“cryagain”onNovember 15 as they did on October 8 when she publicly announced she was rejecting all calls to run for the Presidency.

She did not explain why she opted only for the vice-presidency when she was several notches ahead in most surveys than presidential aspirant Ferdinand “Bongbong” Marcos Jr., whose Partido Federal has officially adopted her as their guest vice-presidential candidate.

She only said that “after the deadline, the offer to run as vice president became an opportunity to meet you halfway.” She said it was a chance “to allow me to call to serve our country and make me a stronger person and public servant in the years ahead. I am here to answer your call.”

Her father, President Duterte, said he did not understand why Sara settled for a vice-presidential run when she was way ahead in the survey for preferred presidential candidates.

Duterte said his daughter’s decision was hers and that of Marcos Jr. On her father’s fragmented party, the Partido Demokratiko PilipinoLakas ng Bayan (PDP-Laban) that she had criticized, she said its problems were their own.

Senators. . . continued from a12 AngaraaffirmedthatSenatorsmaystill reconsider the cuts since “we only have the committee report,” assuming the implementers can render a full report and fill in gaps and answer senators’ questions.

Funds for schools, health care

MEANWHILE, Angara said the Senate version of the budget took care to add funds to “retrofit” educational facilities against Covid-19 and boost budget for health by way of allotting a total P51 billion for the purchase of booster shots of the Covid vaccines, and for the pandemic-related benefits of health care workers. The latter includes hazard pay, special risk allowance, and compensation for those infected with Covid, Angara added.

“So we added funds for booster shots—because when they were finalizing the budget, there was no delta [variant] yet, so that wasn’t factored in the funding,” Angara said, partly in Filipino, to explain why the booster purchase was not included by DBM. Also, funds for strengthening health facilities at the frontlines of combating Covid, as well as provincial hospitals were included in the Senate Finance committee report.

Also, the retrofitting of educational institutions and schools, such as adding more washrooms and improving ventilation, and “helping teachers and students prepare” for the return to faceto-face classes, required a tweaking of the budget, he added.

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New AFP chief vows intensified counterinsurgency operations

THIS undated photo courtesy of the Bases Conversion and Development Authority (BCDA) shows newly installed chief of staff of the Armed Forces of the Philippines Lt. Gen. Andres C. Centino and BCDA Officer-in-Charge President and CEO Aristotle B. Batuhan giving a fist-bump. Centino is the 11th AFP chief appointed by President Duterte. PHOTO COURTESY OF THE BASES CONVERSION AND DEVELOPMENT AUTHORITY

By Rene Acosta @reneacostaBM

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HE newly installed chief of staff of the Armed Forces of the Philippines (AFP) prodded military commanders to intensify the government’s anti-insurgency operations as he reminded them of the Commander-in-Chief’s marching orders to dismantle the New People’s Army (NPA).

The call was issued by Lt. Gen. Andres C. Centino during his first command conference a day after assuming the top military commander post, noting that they only have up to May next year to accomplish President Duterte’s directive to end the insurgency.

According to Centino, the insurgents “are losing support, as we have brought back the trust and confidence of the people to the government.”

He explained that Executive Order 70 “primed us and the entire government system to finish this social ill once and for all.”

“Within the remaining seven months of our peace and security campaign, we have to further increase our tempo to make sure that we will accomplish the task given by the President.”

During the conference, Centino, who assumed the AFP top post on Friday, said the executive order, which mandates a ”multi-dimensional, whole-of-nation” approach to address communist insurgency, has “helped the military focus on its core function of protecting the people from the rebels.”

The chief of staff lauded military commanders for their battle victories and successful efforts against domestic threat groups, particularly against the NPA and other terrorist groups, highlighting the deaths of Daulah Islamiyah leader Salahuddin Hassan and Mindanao top rebel commander Jorge “Ka Oris” Madlos.

Priority thrusts

DURING his meeting with the commanders, Centino also spelled the priority thrusts of his leadership, which are operational efficiency, optimal use of resources, advancing professionalism and meritocracy and capability development.

On operational efficiency, the chief of staff emphasized tri-service interoperability to achieve the desired operational tempo.

He gave importance to resource optimization in order for the military to accomplish more despite its limited resources as the AFP institute measures to protect and preserve the force amid the Covid-19 pandemic.

According to him, it is important to advance professionalism and meritocracy in order to sustain the “people’s satisfaction and high trust on the AFP.” On the other hand, capability development is necessary in order for the military to be prepared to face the ever evolving security challenges, both in internal and external domains.

Centino and the commanders also discussed the role of the military in next year’s elections where it was tasked for law enforcement duties along with the Philippine National Police, reminding the soldiers again to remain apolitical.

He also directed a thorough review of existing policies that may have been rendered obsolete by the passage of time. His predecessor, retired General Jose Faustino Jr. had provided him with a compilation of existing AFP policies he deemed in need of amendments or revisions.

BCDA welcome

CENTINO’S appointment has been welcomed by the Bases Conversion and Development Authority (BCDA).

In a statement, BCDA Officer-inCharge President and CEO Aristotle B. Batuhan offered his “sincerest welcome” to Centino.

“We are confident that with your years of experience, professionalism, and strong leadership, the AFP would be able to continue in magnificently performing its mandate of ensuring the safety of the Filipino people,” Batuhan was quoted in the statement as saying. “The BCDA vows to continue its strong cooperation with the AFP under the helm of Centino.

“We look forward to working with you in realizing the modernization of our Armed Forces, further strengthening our troops and beefing up our national security.”

Centino is the 11th AFP chief appointed by President Duterte. He succeeded Gen. Jose C. Faustino Jr., who is retiring after his 3-month stint as AFP chief of staff. Prior to this, Centino was assigned as the commander of the Philippine Army in May this year.

Debt payments. . . continued from a1 As of end-September this year, amortization continued to outpace interest payments.

Cumulative amortization payments from January to September amounted to P624.51 billion, jumping by 19.7 percent year-on-year from P521.74 billion.

Likewise, interest payments stood at P339.35 billion, up by 8.43 percent from last year’s P312.97 billion.

Amortizationreferstotherepayment ofloanprincipalovertime,whileinterest paymentreferstoapaymentdetermined by the interest rate of an account.

For September alone, state debt payments dropped by 26.48 percent to P54.45 billion from P74.06 billion

last year.

Broken down, interest payments inched up by 10.36 percent to P47.86 billion from P43.37 billion a year ago.

Meanwhile, amortization payments plunged by 78.52 percent to P6.59 billion from P30.7 billion in the same month last year.

The national government’s outstanding debt as of end-September this year ballooned to another record high of P11.92 trillion, already breaching the government’s expected level of debt stock of P11.73 trillion by the end of 2021.

This was also higher by 27.2 percent or P2.55 trillion than P9.37 trillion in the same period in 2020.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, November 15, 2021 A5

DA forging deals with LGUs for cold-chain project

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE government’s P45-million cold storage facilities subsidy program may be rolled out soon after the Department of Agriculture (DA) issued the guidelines for the release of funds to local government units (LGUs).

Last week, Agriculture Undersecretary William C. Medrano said the DA is now in the process of signing memorandum of agreements (MOA) with partner LGUs for the subsidy program that seeks to modernize wet market refrigeration systems

through the provision of chillers and reefer vans.

“Once the MOA has been signed, we will download the funds to the LGUs and the LGUs will be the ones to purchase the chillers and reefer vans. As far as the DA is concerned,

the program is considered as a grant and it is up to the LGU if they will have their own guidelines,” Medrano said in a virtual press briefing last week.

On November 9, Agriculture Secretary William D. Dar issued Memorandum Circular (MC) 24 which outlined the implementing guidelines of the DA’s Kadiwa cold-chain project for chilled/frozen meat.

“The project’s goal is to modernize the food distribution system in traditional wet markets to ensure availability of affordable and safe pork and pork products to the consuming public,” MC 24 read.

“The project’s objective is to ensure safe distribution and handling of both local and imported chilled and frozen pork in the wet markets and other-non supermarket outlets.”

Imported frozen pork may only be sold in wet markets that have proper

refrigeration systems or equipment to handle imported meat products, based on existing food safety rules.

The grant of freezers and chillers to wet markets serves as a complementary program to the anticipated influx of imported pork after the government slashed pork tariffs and hiked the minimum access volume.

Under MC 24, the program will be implemented in the National Capital Region and other areas that are “experiencing a spike in the price of local pork” due to reduction of supply caused by African swine fever.

Under the rules, eligible LGUs are those that signified intent to avail the grant through a formal letter, have no unliquidated fund from the Bureau of Animal Industry’s (BAI) accounting office and are willing to enter into a MOA with the DA-BAI.

MC 24 stipulated that the allocation and distribution of coldchain equipment and freezer van to LGUs will depend on the number of public wet markets identified by the LGUs and the number of eligible project beneficiaries per wet market per LGU. T he number of equipment would also depend on the number of Kadiwa stores identified by the LGU and number of eligible project beneficiaries per farmers’ cooperative, associations and communitybased organizations.

“The specifications of cold chain equipment and freezer van to be procured and distributed to project beneficiaries shall be determined by DA-NMIS [National Meat Inspection Service] and DA-AMAS [Agribusiness and Marketing Assistance] after consultation with LGUs and meat

vendors,” MC 24 read.

“This is to ensure that the equipment and freezer van specifications are in accordance with the standards on handling chilled and frozen meat and its suitability for use in the wet market setting.”

MC 24 noted that the funding for the grant shall come from the DANational Livestock Program (NLP) Livestock Extension Program budget by way of donation by the DA-BAI, being the implementing unit where the said funds have been sub-allotted.

“An initial allocation from DANLP, sub-allotted to DA-BAI, shall be used in the project. Part of the allocated amount shall be utilized by the DA-BAI to fund the training and the post-training provisions.

Additional funds may be allocated for the project subject to funds availability,” it read.

Lacson, Partido Reporma senatorial slate to push free irrigation across PHL

P

ARTIDO Reporma chairman and standard-bearer Panfilo Lacson and his senatorial slate will again push for free irrigation for small farmers nationwide, noting Saturday that the law he authored in the Senate is not being implemented correctly.

In an interview with Radyoman Serge Santillan on RMN’s DYHB 747 in Bacolod City, Lacson said even as he authored Republic Act 10969 or the Free Irrigation Service Act, only two-thirds of the country’s 3.12

million hectares of irrigable land is being watered.

In contrast, Lacson said Vietnam and Thailand, which have over 10 million hectares of farmland, have completely irrigated theirs, “pero tayo napag-iwanan na, ‘di pa natin ma-irrigate completely. [As for us, we’ve been left behind but we can’t even irrigate our lands completely.]”

Senatorial candidate Manuel Monsour del Rosario, who co-authored RA 10969 as a representative of Makati City when the mea-

sure was signed into law in 2017 during the 17th Congress, echoed Lacson and said he will push for its full implementation once elected in the 2022 polls.

“Napaka-importante ng irrigation, and as Monsour said, we will pursue that,” added Lacson, who is in Bacolod with his Partido Reporma team for the sixth leg of their “Online Kumustahan” talks.

Under the Free Irrigation Service Act, farmers with landholdings of 8 hectares and below are

exempted from paying irrigation service fees for water derived from national irrigation systems and communal irrigation systems maintained by the National Irrigation Administration (NIA) and other government agencies.

Del Rosario, the former taekwondo champion and movie star, is a native of Bacolod, having finished his elementary studies at St. John’s Institute (Huaming) Grade School. He joined Lacson and fellow Partido Reporma senatorial bet

Dr. Minguita Padilla in the popular local radio program.

The veteran lawmaker noted that irrigation is one of the three pillars of agriculture, along with “binhi” (seeds) and “abono” (fertilizer).

But while Negros Occidental is known as the country’s sugar bowl, the local sugar industry is still threatened by rampant smuggling, which Lacson said can be solved by the full digitalization of Customs processes.

According to the Philippine

Statistics Authority in 2018, sugarcane has the largest volume of production and yield in Negros Occidental with 12.85 million metric tons (MT) and 67.63 MT per hectare, respectively.

According to the NIA, the Philippines has about 10.3 million hectares of agricultural lands. A study by the World Bank, however, identified more than 6.1 million ha as irrigable, including areas that are relatively more difficult to irrigate, and up to 8 percent slope.

A6

Monday, November 15, 2021

The World BusinessMirror

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

Nations compromise on coal to strike UN climate agreement G

LASGOW, Scotland — Almost 200 nations accepted a compromise deal Saturday aimed at keeping a key global warming target alive, but it contained a lastminute change that watered down crucial language about coal.

Several countries, including small island states, said they were deeply disappointed by the change promoted by India to “phase down,” rather than “phase out” coal power, the single biggest source of greenhouse gas emissions.

“Our fragile planet is hanging by a thread,” United Nations SecretaryGeneral Antonio Guterres said in a statement. “We are still knocking on the door of climate catastrophe.”

Nation after nation had complained after two weeks of U.N. climate talks in Glasgow, Scotland, about how the deal did not go far or fast enough. But they said it was better than nothing and provided incremental progress, if not success.

In the end, the summit broke ground by singling out coal, however weakly, by setting the rules for international trading of carbon

credits, and by telling big polluters to come back next year with improved pledges for cutting emissions.

But domestic priorities both political and economic again kept nations from committing to the fast, big cuts that scientists say are needed to keep warming below dangerous levels that would produce extreme weather and rising seas capable of erasing some island nations.

Ahead of the Glasgow talks, the United Nations had set three criteria for success, and none of them were achieved. The UN’s criteria included pledges to cut carbon dioxide emissions in half by 2030, $100 billion in financial aid from rich nations to poor, and ensuring that half of that money went to helping the developing world adapt to the worst effects of climate change.

“We did not achieve these goals at this conference,” Guterres said.

“But we have some building blocks for progress.”

Swiss environment minister Simonetta Sommaruga said the change will make it harder to limit warming to 1.5 degrees Celsius (2.7 degrees

Fahrenheit) since pre-industrial times—the more stringent threshold set in the 2015 Paris Agreement.

US climate envoy John Kerry said governments had no choice but to accept India’s coal language change: “If we hadn’t done that we wouldn’t have had an agreement.”

But he insisted the deal was good news for the world.

“We are in fact closer than we have ever been before to avoiding climate chaos and securing clean air, safer water and healthier planet,” he said later at a news conference.

Many other nations and climate campaigners criticized India for making demands that weakened the final agreement.

“India’s last-minute change to the language to phase down but not phase out coal is quite shocking,” said Australian climate scientist Bill Hare, who tracks world emission pledges for the science-based Climate Action Tracker. “India has long been a blocker on climate action, but I have never seen it done so publicly.”

Others approached the deal from

a more positive perspective. In addition to the revised coal language, the Glasgow Climate Pact included enough financial incentives to almost satisfy poorer nations and solved a long-standing problem to pave the way for carbon trading.

The agreement also says big carbon-polluting nations have to come back and submit stronger emission cutting pledges by the end of 2022.

Negotiators said the deal preserved, albeit barely, the overarching goal of limiting Earth’s warming by the end of the century to 1.5 degrees.

The planet has already warmed 1.1 degrees Celsius (2 degrees Fahrenheit) compared to preindustrial times.

Governments used the word “progress” more than 20 times Saturday, but rarely used the word “success” and then mostly in that they’ve reached a conclusion, not about the details in the agreement. Conference President Alok Sharma said the deal drives “progress on coal, cars, cash and trees’’ and is “something meaningful for our people and our planet.’’

Environmental activists were

measured in their not-quite-glowing assessments, issued before India’s last minute change.

“It’s meek, it’s weak and the 1.5 C goal is only just alive, but a signal has been sent that the era of coal is ending. And that matters,” said Greenpeace International Executive Director Jennifer Morgan, a veteran of the UN climate talks known as the Conferences of Parties.

Former Irish President Mary Robinson, speaking for a group of retired leaders called The Elders, said the pact represents “some progress, but nowhere near enough to avoid climate disaster....People will see this as a historically shameful dereliction of duty.”

Indian Environment Minister Bhupender Yadav argued against a provision on phasing out coal, saying that developing countries were “entitled to the responsible use of fossil fuels.”

Yadav blamed “unsustainable lifestyles and wasteful consumption patterns” in rich countries for causing global warming.

After Yadav first raised the spec-

ter of changing the coal language, a frustrated European Union Vice President Frans Timmermans, the 27-nation EU’s climate envoy, begged negotiators to be united for future generations.

“For heaven’s sake, don’t kill this moment,” Timmermans pleaded.

“Please embrace this text so that we bring hope to the hearts of our children and grandchildren.”

Helen Mountford, vice president of the World Resources Institute think tank, said India’s demand may not matter as much as feared because the economics of cheaper, renewable fuel is making coal increasingly obsolete.

“Coal is dead. Coal is being phased out,” Mountford said. “It’s a shame that they watered it down.’’

Kerry and several other negotiators said that good compromises leave everyone slightly unsatisfied and that countries had more work ahead of them over the coming years.

“Paris built the arena and Glasgow starts the race,” the veteran US diplomat said. “And tonight the starting gun was fired.” AP

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Monday, November 15, 2021 A7

NBA WANTS VACCINE BOOSTERS-ASAP T

THE Sixers’ Tobias Harris plays his first game on Thursday night back since testing positive. He misses six games and has been dealing with symptoms. AP

HE National Basketball Association (NBA) has raised the level of urgency regarding getting booster shots against the coronavirus, telling players and coaches that it is no longer advisable to wait before receiving the additional dose.

The booster shots should be received “as soon as possible, particularly in light of the current coronavirus situation and increasing cases,” the league told teams Friday in a memo, a copy of which was obtained by The Associated Press.

Earlier in the week, the NBA and the National Basketball Players Association said they were recommending the booster shots be received by those who are fully vaccinated, suggesting that it get done by December 1 in most cases.

But with positivity rates rising in many areas of the country, and with the rate of Covid-19 community transmission in most NBA markets considered by the Centers for Disease Control and Prevention to be “high” or “substantial,” the league and union felt the additional urgency is now warranted. The NBA has seen an increased positivity rate among vaccinated players, team staff and family members of late, which is consistent with the trends in many places around the nation.

At least eight players are known

Metro opens door to organized, recreational hoops, contact sports

By Josef Ramos

M

ETRO MANILA will open its door albeit half lid to organizers of contact sports and fans—especially basketball—with the transition of Covid-19 protocols to Alert Level 2.

“Contact sports are allowed in Alert Level 2,” Harry Roque, Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) spokesman, told BusinessMirror on Sunday.

Roque’s pronouncement came a day after the Metropolitan Manila Development Authority, through the mayors of the National Capital Region, agreed to recommend the opening of the region to contact sports.

As a result, the Philippine Basketball Association could return to Metro Manila from its Pampamga bubble for the Governors’ Cup later this month at the Ynares Sports Arena in Pasig City.

Pasig City Mayor Vico Sotto has earlier welcomed the PBA, which will inaugurate its 3x3 tournament on Saturday also at the Ynares Sports Arena.

If negotiations and protocol requirements are fulfilled, fans could be allowed back in the arenas at 50 percent capacity.

“I still have no copy [of the guidelines] yet and the IATF has no questions on their guidelines so far, so contact sports are already allowed subject to health protocols,” Roque said. “We welcome that it’s one step towards normalcy as all sports promote physical well-being.”

On Saturday, MMDA Chairman Benjamin “Benhur” Abalos Jr. said that they already sent to the IATF crafted rules and guidelines for the conduct of contact sports as Covid-19 cases declined in the country.

One of the requirements requires all adult players to be vaccinated and those above 18 years old. Indoor areas must be filled up only at 50 percent capacity while outdoor courts are limited at a more relaxed 70 percent capacity.

“I hope the people will follow health guidelines very well because otherwise we don’t want a spike,” Roque said. “Our mayors will do the implementation and guidelines.”

Glad for AEW OVER a belated birthday lunch just this past Sunday, my younger brother, my two sons and I were glued to All-Elite Wrestling’s Full Gear as shown live on Premier Sports over Cignal (and Skycable).

In the main event of AEW Full Gear, “Hangman”

to currently be in the league’s health and safety protocols, meaning they are believed to have tested positive for the virus. Another who had been in the protocols, Philadelphia’s Tobias Harris, played Thursday night in his first game back since testing positive.

Harris missed six games and had been dealing with symptoms.

“I’m working my way back into it,” Harris said.

Other NBA players currently known to be in the league’s protocols include Philadelphia’s Joel Embiid, Matisse Thybulle and Isaiah Joe, San Antonio teammates Jakob Poeltl and Jock Lansdale, Cleveland teammates Kevin Love and Lauri Markkanen, and Chicago’s Nikola Vucevic.

People who are fully vaccinated are still strongly protected against hospitalization and death from Covid-19. But immunity against infection can wane over time, and

the extra-contagious delta variant is spreading widely.

The NBA—following the lead of US health authorities—want to shore up protection in at-risk people who were vaccinated months ago.

The guidance from the league earlier in the week made clear that those who received the singledose Johnson & Johnson vaccine more than two months ago should prioritize getting a Pfizer or Moderna booster quickly.

Those who received the Pfizer or Moderna vaccine more than six months ago were also told earlier in the week to seek boosters.

About 97 percent of NBA players have been vaccinated against Covid-19, the league has said. The most notable holdout is Brooklyn’s Kyrie Irving, a perennial All-Star who is not being allowed by the Nets to play until he gets vaccinated. AP

Korda, Thompson tied for lead, Saso drops to share of 17th place

YUKA SASO fires a 70 in the the third round. AP

B

ELLEAIR, Florida—Nelly Korda started with two birdies and finished the same way Saturday, making up plenty of ground along the way for a seven-under 63 that gave her a share of the lead with Lexi Thompson in the Pelican Women’s Championship.

Low scores ruled the day again at Pelican Golf Club, with 10 rounds at 65 or better.

Thompson did her part with a 65 that allowed her to join Korda at 16-under 194, with no shortage of contenders right behind them heading into the final round.

Fil-Am Miller qualifies for Beijing Olympics

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SA MILLER will vie in his second consecutive Winter Olympics after the FilipinoAmerican skier met minimum qualification standards needed for the Games Beijing is hosting from February 4 to 20.

But the International Skiing Federation (FIS) will make an official announcement of Miller’s qualification in December, according to Philippine Ski and Snowboard Federation (PSSF) President Jim Palomar Apelar on Sunday.

“Asa Miller surpassed the threshold of 160 FIS points to qualify for the Winter Olympics,” the Southern California-based Apelar said. “He currently has 96 points in slalom and 93 points in giant slalom. The lower your score, the better you qualified.”

Another Filipino-American, Brandon Leitner, also met the threshold but Apelar said they chose

the 21-year-old Miller over the 17-year-old Leitner.

“Leitner is too young at 17, I just also gave him his license,” Apelar said. “It will also be unfair to Asa if I will go for Brandon. Asa’s score is far better than Brando.”

Apelar didn’t reveal Leitner’s score. The Portland (Oregon)-born Miller will be one of 151 athletes competing in the slalom and giant slalom events.

Apelar said the FIS’s 18-month qualification program will run until January.

“The Philippines was allotted a slot for its consistent participation in FIS events including the World Championships and regular FIS events, Apelar said. “Our athletes compete in 30 to 40 FIS-sanctioned events worldwide annually… only a male slot was given to the Philippines.”

Miller ranked No. 70 in giant

Volcanoes gear up for Asian 7s series

ASA MILLER is bound to his second consecutive Winter Olympics. slalom in Pyeongchang 2018 but Apelar said he won’t be surprised of a better performance in Beijing.

“Ever since he became one of our athletes and he qualified for Pyeongchang and now Beijing, he really progressed very well,” Apelar said. “He worked very hard in improving himself not only to get by the qualification standard. He is way better now than last Olympics.”

Miller’s mother, Polly Bisquera, is from Santa Cruz, Manila.

Julian Macaraeg, also a FilipinoAmerican, is hoping to make the Beijing grade in men’s speedskating.

Josef Ramos

San Juan, Pasig, Batangas dribblers topple foes

S

AN JUAN City, PasigSta. Lucia and MTrans Batangas City downed their rivals Saturday to bolster their respective quarterfinal seedings in the FilBasket Subic Championship at the Subic gym.

The San Juan Knights pounced on the Nueva Ecija Bespren, 10465; the Pasig-Sta. Lucia Realtors turned back AICC Manila, 7874; and MTrans Batangas City scuttled the Davao Occidental Tigers-Cocolife, 101-96.

San Juan’s win forged a two-way tie on top with AICC Manila with identical 7-2 marks, while PasigSta. Lucia and MTrans Batangas City arranged a four-way logjam for fourth place with 5-4 records along with Nueva Ecija and Burlington EOG Sports.

Davao Occidental, meanwhile, fell to solo third with 7-3.

The 11-team tournament will have the top 4 teams at the end

Adam Page finally reached the mountaintop, winning the AEW world championship after a delirious back-andforth match with friend-turned-rival Kenny Omega.

We all agreed it was one of the best events in the young professional wrestling outfit.

And of course, what followed was the requisite bashing of WWE that had caused major harm to its NXT. For years now, WWE has raided the best that NXT (owned by the WWE) had to offer and more often than not, right in the middle of a promotion or storyline leading to unsatisfying endings, dangling plot threads, and well a roster bereft of its young talent.

Furthermore, some of those promoted to the Raw and Smackdown brands found themselves disgustingly misused. Karrion Kross and Bronson Reed come to mind.

But conversely, look at the NXT alumni who are now WWE stars—Alexa Bliss, Apollo Crews, Baron Corbin, Bayley, Becky Lynch, Bo Dallas, Bray Wyatt, Carmella, Charlotte Flair, Daniel Bryan, Kevon Owens, Roman Reigns, Sami Zayn, Sasha Banks, Seth Rollins, Titus

of the round-robin eliminations earning twice-to-beat quarterfinal incentives against the next four squads.

Victories from San Juan, Pasig and MTrans improved their respective quotients needed at the end of the elims as 7A Primus (2-7), FSD Makati-Army (2-7) and

“I’ve been hitting it actually really close this week, giving myself a lot of opportunities,” Korda said.

“Capitalized a little bit more today.

But it’s going to probably take a low one tomorrow.”

Eight players were separated by four shots, a list that included defending champion Sei Young Kim (65) and longshot Christina Kim (65), who earned a late sponsor exemption that all but ensured she would keep a full Ladies Professional Golf Association (LPGA) Tour card for next year.

Filipino-Japanese Yuka Saso, meanwhile, carded an even-par 70 to drop into a share of 17th place.

Saso, 20 and the reigning US Women’s Open champion, had four birdies but had two birdies and doublebogey 6 at No. 16 for a three-day 202, eight strokes off the lead.

Jennifer Kupcho was tied for the lead until she ended a streak of 45 consecutive holes at par or better by closing with a bogey for a 66. She was along in third, with Kim and Kim two behind. AP

Muntinlupa Defenders (0-9) are already out of contention.

Renato Ular finished with 18 points and 10 rebounds, while Orlan Omar contributed 17 points and seven assists as San Juan directed the tempo throughout and led by as many as 41 points, 104-63, in the last 1:17 of the game.

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HE Philippine Volcanoes arrived in Dubai recently to start their preparations for their first international rugby sevens event since the 2019 Southeast Asian Games.

“It’s been a long time, but we are happy to be back and excited for a new chapter,” Philippine Rugby’s Jake Letts said. The national program saw no international competition because of the global pandemic.

The Volcanoes men’s and women’s teams qualified for the 2021 Asia Sevens Series, which features only the top eight rugby nations across the region.

The men’s squad played in the series since 2017 while the women’s team gained promotion after their gold medal finish in the Asia Trophy Series in 2019.

Besides formalizing their 2021 Asian rugby sevens rankings, the tournament will serve as World Rugby Sevens Rugby World Cup Asian Qualifier, where the top two teams will advance to the Rugby World Cup in South Africa in 2022.

The men’s team made a tremendous feat in 2013 in Russia.

The Philippines selected a new crop of talented players and of the 24 athletes, 10 are making their senior international sevens debut.

The national program also welcomed head coach Fetala’i Taua’a for the women’s team after a successful 2019 season securing a gold medal at the Asia Trophy Series and the country’s first silver at the 2019 SEA Games.

On the men’s side, a new coaching staff steps into the program with former Coach Josh Sutcliffe, current head coach of Stanford Rugby, selected to lead the program with another former Volcano Austin Dacanay as assistant.

The competition kicks off on November 19 and 20 at the Dubai Sports City.

IAN LUCIANO makes his debut for the Volcanoes.

O’Neil and Xavier Woods to name but a few.

Now, NXT has lost its steam. If history repeats itself, this great brand could be cast adrift like the late lamented WCW. There is nothing wrong with sending NXT stars to the main WWE brands, but do it gradually. If you ask me, NXT saved the WWE. What made NXT popular was the wrestling itself more than the storylines.

I have been a fan of professional wrestling since I was a kid. Back in the 1970s, it was shown locally on IBC-13 either at 10 or 10:30pm. It was extremely rare for me to be able to watch because it was shown on school nights.

If I am not mistaken, Thursdays.

With the arrival of Betamax tapes, I would go to the Betamax rental kiosk inside Rustan’s Cubao where I would borrow tapes of WWE—then WWF—matches.

While I immensely enjoyed the WWF, rival outfit WCW was more exciting in my opinion.

Then came WWE’s buyout of WCW and I thought it was a bloody shame. WWF raided the best of WCW and

eventually killed off the latter.

Then came TNA or Total Non-stop Action that I totally enjoyed. I would go buy pirated DVDs of TNA events every week or so at the tiangge at Riverbanks in Marikina. And to this day, I still have quite a lot of those dvds.

Moving abroad, the first ever WWE event I got to see live was Wrestlemania XX. (and I have been to a few more ones since).

I am quite happy when there are strong independent circuits outside the WWE. Right now, AEW is fantastic (now that we have reports that Ring of Honor is shutting down and releasing their roster).

Will they stay strong or will they go the way of TNA (which is now Impact Wrestling) that is far removed from its glory days?

That remains to be seen. In the meantime, what the WWE is doing with NXT is disgusting.

And you can compare then side by side as they are shown on Premier Sports on SkyCable and Cignal as well as the Tap Go app.

A8 Monday, November 15, 2021

BusinessMirror

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BusinessMirror

Monday, November 15, 2021 A9

A10 Monday, November 15, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Taiwan: The next global flashpoint?

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he People’s Liberation Army is the armed forces of the People’s Republic of China. Currently, it has 2 million active personnel and over a million reserve units. In terms of surface vessels and submarines, China has the largest navy in the world, according to the US Department of Defense. In 2020, the size of China’s navy—or its “battle force ships”—was estimated at 360, compared to the United States’ 297, according to the US Office of Naval Intelligence.

The PLA will celebrate its 100th anniversary in 2027. Admiral Philip Davidson, a retired commander of the US Indo-Pacific Command, said China will celebrate the event by annexing Taiwan by force. Pundits said the unprecedented number of warplanes challenging Taiwan in its air defense identification zone is the latest proof that something is afoot.

Chinese Foreign Minister Wang Yi told the G-20 summit in October that Taiwan’s only prospect is unification. “The history and legal facts of ‘One China’ are unchallengeable and the progress for China’s 1.4 billion population to promote the peaceful reunification of the motherland is unstoppable,” said Wang.

Amid speculations that China is plotting the conquest of Taiwan, reports said US Secretary of State Antony Blinken on Friday urged the Chinese foreign minister to resolve Taiwan Strait issues “peacefully and in a manner consistent with the wishes and best interests of the people on Taiwan.”

Blinken earlier said the US and its allies would “take action” if China attacks Taiwan. “There are many countries, both in the region and beyond, that would see any unilateral action to use force to disrupt the status quo as a significant threat to peace and security, and they too would take action in the event that that happens,” he said.

Derek Grossman, senior defense analyst at the RAND Corporation, said in his blog “there are good reasons to believe that Davidson’s prediction is a tad bold.” He said: “Although Chinese President Xi Jinping clearly seeks to bring Taiwan to heel, and by force if necessary, he also continues to promote “peaceful reunification” as Beijing’s preferred means. Xi likely would have toughened up his language by now if he thought war was a real possibility. Rather, Xi has moved to quiet speculation of a potential attack by tamping down rumors on Chinese social media that Beijing has mobilized PLA reserves and instructed civilians to stockpile food.”

Grossman explained that Xi also has to worry about the PLA’s ability to successfully conduct an amphibious landing invasion of Taiwan. “Amphibious landings are notoriously tricky to pull off—see the British and the Falklands— and the PLA in the past has exhibited deficiencies in critical areas such as strategic airlift, logistics, and antisubmarine warfare, among others,” he said.

Is it possible Xi is plotting a Taiwan attack? He could be, but thus far, Grossman sees no evidence that he is. “What we do know speaks to the contrary—a wait-and-see approach in hopes that diplomatic, economic, and military pressure on Taiwan will result in the China-friendly Kuomintang (KMT) winning the next presidential election in 2024,” he said.

All of this is good news for Taiwan’s security through 2027. But Grossman said there is one potentially enormous caveat. “If Tsai’s current and tremendously popular vice president Lai Ching-te, also known as William Lai, becomes the nominee of the Taiwan-centric Democratic Progressive Party for the presidential election in 2024, and if he wins, then the odds of China taking military action against Taiwan will only grow,” he said, adding that Beijing has referred to Tsai as a separatist and secret independence supporter. In the event that Lai becomes president of Taiwan, then Beijing would be contending with a leader who, as premier in 2018, publicly said that he was a “Taiwan independence worker.” Having such a man in office could very well push China toward military action, according to Grossman.

The US has an obligation to defend Taiwan, and it needs to work with its allies to make it clear that China would pay a significant price were it to use force to effect unification.

Join the first-ever Philippine international copyright summit Atty. Jose Ferdinand M. Rojas II

RISING SUN

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ntellectual Property (IP) includes assets that are created by the mind, like inventions, designs, images, literary works, artistic creations, and so on. This is distinct from copyright, which is a form of intellectual property. Copyright is the protection given to an original work’s creator or owner, and covers books, literary works, music, artworks, photographs, plays, among others.

In the Philippines, the government agency mandated to administer and implement IP policies is the Intellectual Property Office of the Philippines—Bureau of Copyright and Related Rights (IPOPHL-BCRR).

It is the agency’s mandate to protect and secure the IP rights of scientists, inventors, artists, and other creators.

For the first time in the country’s history, IPOPHL-BCRR is organizing the 1st Philippine International Copyright Summit from November 22 to 26, 2021. With the theme “United in Copyright,”

this virtual event brings together the leading international and local key players, experts, policy-makers, and other stakeholders in the copyright sector.

The event hopes to raise awareness, educate the public, and generate respect for intellectual property rights, particularly copyright. It will also serve as a venue to showcase the various mainstream and non-traditional Copyright-based Industries and aims to continue building an enabling environment for creativity to thrive in all levels of society, by

BusinessMirror A broader look at today’s business Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

Online Editor Creative Director Chief Photographer Chairman of the Board President Advertising Sales Manager Group Circulation Manager

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

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promoting copyright, its economic contribution and as a tool to accelerate recovery from the effects of the pandemic.

The opening day, November 22, will feature online presentations, an exclusive briefing for members of the press, an opening concert and gala, among other activities/segments.

The second day is dedicated to the publishing sector and the visual arts.

There will be separate segments on the following: freelance writing and copyright, the state of the global and local publishing and visual arts industries, the recent participation of the Philippines in Frankfurt Burchmesse, Filipino storytelling, collective rights

management in the publishing and textbook sector, artists rights and resale rights, independent publishing and self-publishing, etc.

The 24th will feature the Philippine-Korea Copyright Forum, as well as segments on art, photojournalism, performing arts, architecture, non-fungible tokens, and a spoken word performance. November 25 is all about music and the performing arts, artificial intelligence, performers’ rights, among others. The last day, November 26, will shine a spotlight on film, animation, and gaming. There will be segments on the following: earning from creative expressions, the local film and audiovisual industry, and the world of gaming and mobile applications. To end the weeklong celebrations, there will be a thanksgiving concert and closing ceremonies.

The public is invited to this landmark event. Registration is free of charge and may be done via this link: https://bit.ly/ 1stPICS2021Registration. For the complete lineup of events and other information, interested parties may log in or sign up to view 1st Philippine International Copyright Summit.

Thinking twice about the number coding scheme

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

For the first time in the country’s history, IPOPHL-BCRR is organizing the 1st Philippine International Copyright Summit from November 22 to 26, 2021. With the theme “United in Copyright,” this virtual event brings together the leading international and local key players, experts, policymakers, and other stakeholders in the copyright sector.

Thomas M. Orbos

STREET TALK

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he Metropolitan Manila Development Authority recently announced that it is considering again imposing the number coding system as a way to address the sudden congestion of vehicles that has hit close to pre-pandemic numbers. As noted by the MMDA, the flow of traffic on Edsa has slowed to 19 km/hr from its pandemic pace of 23 km/hr. The number coding scheme would be the logical go-to solution as it was in the past. But given that we already have tasted how life on Edsa is without such a volume reduction measure, as well as with public transport still not in full gear, maybe we can still push the envelope further without going back to the number coding scheme. It won’t hurt to try given that there are still some work that can be done to improve traffic along Edsa.

Allow me to suggest some areas that our traffic regulators may want to examine, some of them rehash of proven measures in the past: n Implementation of the Christmas or Mabuhay lanes with the strict enforcement of towing of illegally parked vehicles along these lanes. n Full use of the two new bridges, the Estrella-Pantaleon Bridge and the BGC-Ortigas Link Bridge as full Edsa/C-5 alternatives. Right now these two new bridges stop short of providing their intended use as viable alternatives because of the bottlenecks on the roads connecting to them. Clearing these roads of the bottlenecks would be a big help.

n Partial truck ban on Edsa, especially during peak hours, with most deliveries, especially to the malls, possibly scheduled from 10 p.m. to 4 a.m. n Push to the inner roads the vehicles that are entering the malls along Edsa, especially at the corner of J. Vargas Ave., and maybe have them line up inside the Ortigas CBD rather than along Edsa. n Also, consider moving mall hours later in the day and until late in the evening, with no mall sales during weekends. n Temporary suspension of all road diggings—national, local government units or utilities, at least for the duration of the Christmas season.

It’s understandable to consider volume reduction measures to address congestion on Edsa, especially during this Christmas season. But there may be other ways worth looking into. Also, I am one of those who agree to the notion that such volume reduction measures will only encourage people to consider buying extra vehicles. Then the traffic cycle continues again. We hope that the above suggestions be considered.

n Banning of motorcycles on all underpasses and flyovers, especially since median lanes are now bus lanes. n Strict enforcement of no loading and unloading, especially at the intersection of Taft/Edsa. Actually this narrow intersection is quite a mess with jeepneys, buses, trikes and all others loading and unloading. For some reason, there has always been vagueness on who is supposed to have jurisdiction here, whether it is the MMDA, Pasay City or IACT. My take here is let all of them just do it—enforce the law and clear this narrow but vital part of Edsa. n Are jeepneys now allowed on Edsa? As far as I know, these vehicles are banned from this corridor but you have them now proliferating on both ends—in Caloocan and Baclaran.

n Full use of the old yellow lanes for vehicles (except of course the bike lanes), which are still hardly being utilized to the fullest, especially the one parallel to the flyovers and underpasses. n Strict anti-jaywalking enforcement especially those who rush to the bus lanes; and the banning of itinerant vendors as well as mendicants on Edsa corridor. Not only does this contribute to the slowing down of vehicles, this also endangers the vendors as well as the motorists themselves. n More visible presence of enforcers on the road. Yes, the no-contact apprehension scheme works but enforcer presence and action remains to be a good deterrent against would be traffic violators and therefore hasten the traffic flow on Edsa. n Lastly, protect the bike lanes.

If bikers see that cycling will be more efficient, then such lanes will be utilized more.

It’s understandable to consider volume reduction measures to address congestion on Edsa, especially during this Christmas season. But there may be other ways worth looking into. Also, I am one of those who agree to the notion that such volume reduction measures will only encourage people to consider buying extra vehicles. Then the traffic cycle continues again. We hope that the above suggestions be considered.

The author can be reached: thomas_orbos@ sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Personal risk management Lesson she and I learned

By Reynaldo A. de Dios

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he concept of risk management was primarily intended for use by corporations and businesses, but it can also be used by individuals. There are five basic steps in risk management: 1.

Risk identification 2. Risk evaluation 3. Risk control 4. Risk finance/ transfer 5. Risk administration/monitoring.

Siegfred Bueno Mison, Esq.

THE PATRIOT

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F the 16,601,997 votes that made former Davao City Mayor and caregiving services.

What are the initial assets of an Rodrigo Duterte the President of the Republic of the PhilipThe foregoing illustrations conindividual? These are his car and a pines in May 2016, my friend DDD eagerly contributed one firm the vital importance of planning house for the family. These assets vote. Among the five candidates running for the highest office of the for retirement income and the costs can be insured with a non-life comland, DDD believed that Duterte was the best choice. This, despite the of enhanced life expectancy. Profespany against accidents or carnapping fact that the four other candidates appeared to be more qualified than sional planning for retirement exwhile the house is generally insured amines both the anticipated income against fire and natural perils such him to be president. They had all occupied positions at the national as typhoons and earthquakes. needs at retirement and the sources level, having served as senators, Department secretary and even vice of income to meet those needs. NevAn individual who is a profespresident of the country, while Duterte had, at that time, “only” served ertheless, it depends on what is one’s sional is exposed to alleged neglias mayor, albeit of the largest city in the country, Davao City. perception of retirement. Does this gence, errors and omissions in the mean more work, part time work performance of his work. These prowith the same company or a second fessionals vulnerable to being sued pine Flag on the hotly contested Additionally, the track records of career? Once an estimate of the are doctors, lawyers, architects, engiIslands. With this picture in mind, the four other candidates were imamount of retirement income and neers, restaurant and hotel owners/ for a people who badly needed a pressive and they each articulated resources needed is reached, the indimanagers and others. These risks can hero to protect them both on the an ambitious plan of government vidual should consider other possible be covered by the purchase of prodomestic and international fronts, that promised, yet again, to move sources of income during retirement fessional liability insurance from a Duterte’s fairy tale as a champion the country forward and give each in addition to the monthly pension of non-life insurer. of the Filipinos began. DDD and the Filipino a better life and future. the social security system, employee The exposures most relevant to 16,601,976 similarly-minded fellow Perhaps it was this cookiepension benefits, personal savings the individual are: 1. Loss of health countrymen cast their votes for him cutter mould of the four other and easily disposable assets.

2. Loss of life 3. Longevity/living too and eagerly waited for a “happily candidates as “traditional politiWhen individuals are young, long and retirement. ever after.” cians” (making the oft-repeated their perceptions on health and disGood health is a real asset. WithWith fervent hope, DDD waited promises to the voters of a better ability are different especially with out it there could be a dramatic for her hero, the one with fearless Philippines) that led my friend college students (the millennials) economic impact on the individual statements, no-nonsense soluDDD to consider Duterte as the who normally tend to have a feeling and his family affecting their qualtions, and pedestrian humor to better option. While the four other of self-confidence. For them these ity of life. Poor health can result in live up to his election promises to aspirants all sounded the same, exposures are not in their radar two major consequences. Firstly, wage war against the predatory making motherhood statements screen and they believe their risk is medical expenses incurred can be drug dealers and the encroaching on what the Philippines needed to minimal. However, as time passes costly and even catastrophic. SecChinese. Alas, it was truly just a be great again, Duterte’s campaign by and they grow to maturity, their ond, individual productivity can be fairy tale, and the hero slowly but slogan of “Tapang at Malasakit” perceptions change. When friends adversely affected, especially if one surely turned out to be a complete zeroed in on two concerns of most die suddenly and wakes have to be is unable to work. To mitigate these ogre (apologies to Shrek). Less than Filipinos—peace and order, and visited and funerals attended, it is risks, one must practice a healthy a year before his term ends, the national security. only then that they begin to reallifestyle, avoid smoking and excess promise of a better Philippines is Duterte, the ‘probinsyano,’ manize the need for personal financial alcohol, and diet by minimizing or nowhere in sight. Except for drug aged to win the hearts of the votplanning to mitigate the impact of avoiding the intake of food that could users and small-time drug runners ers like DDD and myself with two sudden death or serious illness on undermine one’s health. One could eliminated as sacrificial lambs, simple promises. First, for peace their family or loved ones. purchase individual medical/hospithe drug problem still holds its and order, Duterte pledged to adDeath often comes unexpecttalization insurance or be a member grip on the hapless citizens. Not dress the root cause of most crimes edly like a thief in the night. Thus, of a group/corporate health mainteone influential drug lord has been by eradicating the widespread drug premature death will have severe nance organization. brought to court to account for his menace within six months. Second, economic consequences especially The global population in the continuing crimes. The jet-ski that for national security of the country, if the deceased is the principal 21st century is aging rapidly, and DDD’s hero was supposed to ride Duterte guaranteed that he will breadwinner. An accident that relongevity or the increasing life exnever departed from its port, and take a stand against the Chinese sults in death may incur moderpectancy is now a reality. This phethe Chinese encroachers still reign encroachment on the Spratly Isate medical expenses but for the nomenon is due to the advancement supreme in the Spratlys despite lands and take possession of what long-term hospitalization, it can of medical science and better healthan international arbitral award in is rightfully ours as a nation. For be significant. A solution is to obcare as well as improving lifestyles, favor of the Philippines. When he the latter promise, Duterte swore tain adequate and customized life account for 65 percent whilst the should have been slapping the face he would ride a jet ski to the Spratinsurance by transferring this risk common agreement is that factors of the trespassers with this arbitral lys, confront the Chinese trespassto reputable life insurance compathat lengthen people’s lives is deteraward, like a dog with its tail beers himself, and plant the Philipnies. This will require the services mined by genes or hereditary over of competent financial counselwhich there is little or no control. ors or professional life insurance Longevity risk may be defined as agents or brokers. the situation when an individual’s

resources/savings are insufficient to meet the costs of living too long The author is a risk management consultant —such as medicines, hospitalization and Editor of Insurance Philippines magazine.

Monday, November 15, 2021 A11

tween its legs, the “hero” said the Chinese Goliath was too big to fight against anyway. On the one front he should have shown humility and respect, and bent the knee, DDD’s hero shamelessly and unforgivably attacked the head of the Catholic Church and our God. For DDD, myself and most Duterte erstwhile admirers, this was the last straw.

With the slide of President Duterte from hero to zero, what lessons did DDD and the millions who believed in this fairy tale learn?

While there are the obvious steps a voter like DDD should take before she casts her vote for a candidate, the one take-away from the Duterte nightmare is that the knight in shining armor we are all waiting for is rarely found in another person. The hero who saves us is ultimately ourselves, and this is only possible when we keep our eyes on God. While we thoroughly evaluate each candidate, we repeatedly ask for Divine guidance to help us expose the wicked ones from the rest.

Instead of relying on our own wisdom to prevent a repeat of the Duterte cautionary tale, we must seek His. One such message is found in Psalms 36 when the first few verses tell us about the sinfulness of the wicked—“There is no fear of God before their eyes. In their own eyes they flatter themselves too much to detect or hate their sin. The words of their mouths are wicked and deceitful; they fail to act wisely or do good. Even on their beds they plot evil; they commit themselves to a sinful course and do not reject what is wrong.” Such is a stern warning that some candidates, those who do not respect God’s reverence, are inherently deceitful—they will say anything and everything just to get themselves elected. Such self-enthroned candidate lowers his estimation of God and raises his estimation of himself.

American theologian James Montgomery Boice explained: “The evil person is not merely drifting into evil ways. He is inventing ways to do it, in contrast to the godly who spent the wakeful hours of the night meditating on God and his commandments.”

Thus, DDD and those like her who got “duped” in 2016 by a candidate who failed to abhor evil should look

Seafarer’s diet and kidney cancer

US bombers’ future hints at flying missions along with drones

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By Tony Capaccio

he Air Force can’t afford to keep buying all the piloted bombers and jets it plans, the service secretary says, so he’s considering a hybrid force of drones operating in tandem with aircraft like the new B-21 stealth bomber.

“I’m looking at things that would introduce unmanned platforms” that could be sacrificed in combat, would “complement some of our more expensive high-end platforms” and would “give us the quantity we need at a reasonable cost,” Air Force Secretary Frank Kendall said in an interview this week.

Among the conceptual possibilities, Kendall said, is using the B-21 being built by Northrop Grumman Corp. in a quarterback role directing pilotless systems.

As the Pentagon’s former undersecretary for acquisition, Kendall has deep experience in the process—and cost—of developing new weapons.

Since taking office as Air Force secretary in July, he’s been reviewing the service’s planned shopping list for aircraft: 1,763 F-35As, as many as 200 F-15EX fighters, at least 100 B-21 bombers plus the new, still highly classified “Next Generation Air Dominance” program that some analysts already anticipate will operate with unmanned systems.

Add to that the potential $116 billion acquisition cost for the new Ground-Based Strategic Deterrence intercontinental ballistic missile.

“We’ve got to start finding ways to provide military capability which does not rely so much on small numbers of very expensive platforms,” Kendall said. If the service depends on planned purchases of advanced piloted aircraft “we are not going to be able to afford the Air Force -- we’ll not be able to have the force structure that we need. That’s quite clear,” Kendall said. “We’ve got to introduce more affordable elements of the force. My thinking is it would be unmanned at this point.”

‘Third Offset’

Kendall is renewing attention on a warfighting concept from some years ago called the “Third Offset,” which envisioned significant numbers of autonomous, lethal systems that can be flown great distances.

“That has never been fulfilled in an operational concept,” he said.

Kendall said he may fund some studies of the possibilities this year, and he’ll seek money in the fiscal year 2023 budget. “This is in the very early stages” of planning, Kendall said.

He added that he isn’t thinking of manned aircraft launching swarms of attack or reconnaissance drones, as envisioned by some past officials.

Bloomberg News

Dennis Gorecho

Pinoy Marino rights

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he seafarer’s working conditions on board the vessel, including his dietary provisions, can aggravate or increase the risk of contracting ailments like kidney diseases.

In Caraan v. Grieg Philippines Inc. (GR 252199 May 5 2021), the Supreme Court granted total permanent disability benefits to a seafarer diagnosed with kidney cancer as it identified dietary provisions as one of the causes of said illness.

The seafarer has worked with the principal for eight years. During his last contract, he experienced pain while urinating, and discharged blood in his urine.

Upon reaching a convenient port in Japan,he was given medical attention where he was initially diagnosed with urinary tractinfection (UTI) and chronic prostatitis.

He was declared unfit to work and got medically repatriated.Months later after his arrival in the country, he was diagnosed with hypertension and renal cell carcinoma in his left kidney. The company denied liability for disability benefits as it argued that the illness is not work-related, among other reasons.

Employers usually deny liability for payment of benefits on questions whether or not the illness is work-connected under the POEA Standard Employment Contract.

They argue that there are only three types of cancers listed under Section 32-A as occupational diseases: (a) cancer of the epithelial lining of the bladder; (b) cancer, epithellematous or ulceration of the skin or of the corneal surface of the eye; and (c) acute myeloid leukemia and chronic lymphocytic leukemia.

However, compensability is not limited to the listed occupational diseases.

Compensation is availing for as long as the seafarer is able to show by substantial evidence that he suffered disabilities occasioned by a disease contracted on account of or aggravated by working conditions.

He must establish his right thereto by substantial evidence or “such relevant evidence as a reasonable mind might accept as adequate to support a conclusion.”

In the instant case, the seafarer was able to establish by substantial evidence the compensability of the illness, its work-connectedness and that he suffered from it during the term of his contract. The employer failed to adduce any evidence to refute his allegations.

The Court ruled that the seafarer’s

Compensation is availing for as long as the seafarer is able to show by substantial evidence that he suffered disabilities occasioned by a disease contracted on account of or aggravated by working conditions. working conditions on board thevessel aggravated or increased the risk of contracting his kidney ailment.

As to his dietary provision, the Court took note of the fact that seafarers could only eat the food available on board, which consisted mainly of high-fat, high-cholesterol, low-fiber foods, salt-cured fish, and preserved meat in can.

The seafarer’s arduous nature of job entailsstrenuous physical activities or hard manual labor for an extended period of time such as: sounding of tanks; assisting in all maintenance works; lifting of heavyloads; cleaning of incinerators, septic tanks, and engine room using strong cleaning solutions; checking the engine temperature daily, refilling of tanks of oil and lubricants; monitoring all running motors and machineries. It was physically and mentally demanding especially during monitoring all motors, engine, equipment, and condition of the vessel.

He was directly exposed to all forms of toxic fumes such as asbestos and gases, and excessive noise inside the engine room.

His continuous job precludes urination as he had to endure the call of nature due to the demands of his work.

Given his eight years of employment with the company and the

at the current set of presidential candidates (Pacquiao, Lacson, Marcos, Moreno, and Robredo, to name a few) from the lens of the Bible. The evil character or tendencies of such aspirant can be demonstrated in his speech, in his plans, in his habits, and in his attractions. As the election campaign draws closer and more intense, there will be genuine promises and platforms as well as disinformation and propaganda from the “dark side.” There is so much disinformation, especially on social media these days. We should act wisely and pray fervently at the same time against deceitful candidates. Invoking what the Bible says in Psalms 102:2 when it states: “Rescue me, O LORD, from liars and from all deceitful people,” I pray that we find and vote for the candidate who acknowledges God as the Alpha and the Omega while admitting his own smallness and weakness with much humility.

Those running for public office must remember that he is only an instrument for inspiration through whom God’s Will must be implemented. The highest position in the country is not an opportunity for unbridled power and influence but a privilege to unselfishly serve and protect the Filipinos. For this crucial 2022 elections, DDD has vowed not to be deceived again by sticking close to what the Bible tells us about the deceitful dark side— “He never hates a wrong thing because it is wrong, but he meditates on it, defends it, and practices it.”(Charles Spurgeon). Leading others or choosing those who will lead us is a priceless and singular privilege from our Almighty God. True heroes, candidates and voters alike, must not casually and carelessly waste it.

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.

conditions he was subjected to as a seafarer , the Court ruled that the illness can be attributed to his work.

Seafarers are on board vessels in the high seas for a substantial length of time and food supplies are usually frozen, preserved, smoked, salted and canned meats as these items are not easily perishable.

In Leonis Navigation v. Villamater (GR 179169 March 3, 2010 ), the Court pointed out that a seafarer had no choice of what to eat on board except those provided on the vessels and these consisted mainly of highfat, high-cholesterol, and low-fiber foods. The breakdown products of fat metabolism lead to the formation of cancer-causing chemicals (carcinogens).

In Skippers v. Lagne (GR 217036 Aug. 20, 2018), the Court said that the food provided to seafarers are mostly frozen meat, canned goods and seldom are there vegetables which easily rot and wilt and, therefore, impracticable for long trips.

These provisions undoubtedly contributed to the aggravation of seafarer’s rectal illness.

“Taking responsibility for the health of all human souls on their ships also defines the shipowners’ sense of humanity and justice. No ship sails without a human crew,” declared the Court in Paringit v. Global Gateway (GR 217123, March 28, 2019). A crew properly nourished, adequately fit, and enjoying humane working conditions will redound to the benefit of the shipowners.

Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 0917-5025808 or 0908-8665786.

A12 Monday, November 15, 2021

NERI: ‘NO REGRETS’ HEADING NEDA DESPITE SC’S NBN RULING

By Cai U. Ordinario @caiordinario

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ESPITE the Supreme Court decision permanently disqualifying him from holding public office, former Socioeconomic Planning Secretary Romulo L. Neri said he has “no regrets” in becoming a former head of the National Economic and Development Authority (Neda).

On Friday, the Supreme Court denied the Petition for Review on Certiorari. The High Court also maintained that Neri is dismissed from service and perpetually disqualified “from reemployment in the government service.”

The Supreme Court earlier affirmed the acquittal of former President Gloria MacapagalArroyo by the Sandiganbayan in connection with the graft cases filed against her over the National Broadband Network (NBN), a project approved by Neda, which was led by Neri at that time. “[I have] no regrets. I have no desire to go back to the government,” Neri told BusinessMirror over the weekend.

The Supreme Court, in its decision, stressed that the Constitution and Philippine laws “demand a high standard of ethics and integrity from public

officials and employees.”

“Those who fall short of this standard and diminish the people’s confidence in the government shall meet the just punishment meted out by the law,” the high court added.

The case against Neri stemmed from the alleged $329-million anomalous NBN deal with Chinese telecom firm Zhong Xing Telecommunications Equipment International Investment Limited (ZTE).

The NBN was a project that had to be evaluated by the Neda through the interagency Investment Coordination Committee (ICC). The committee is one of seven interagency committees under the Neda Board, which is chaired by the President.

The ICC evaluates the fiscal, monetary, and balance of payments; implications of major national projects; and recommends to the President the timetable of their implementation on a regular basis; This is similar to trading such as forex trading.

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

Senators eyeing Nov. 25 voting on ’22 budget bill to meet pre-holiday sked

By Butch Fernandez @butchfBM

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ENATORS are targeting to finish work on the P5.024trillion national budget bill for 2022 in time to call for a second- and third-reading plenary vote by November 25, the chairman of the Senate Finance committee said Sunday, leaving enough time for a bicameral panel to reconcile a Senate-House final version for ratification before Congress adjourns for Christmas recess.

Averting the prospect of the Duterte government operating under a reenacted 2021 budget by January, Sen. Juan Edgardo Angara, Finance Committee chairman, projects that if the Senate can approve the budget bill on November 25, lawmakers can convene bicameral conference committee meetings between November 29 and December 2. Angara added the reconciled annual money measure can then be sent to the Palace before Congress goes on Christmas break, allowing the President to sign it into law, averting a reenacted budget.

In a radio interview at the weekend, the senator said that following the budget process, the implementers of the Barangay Development Program of the National Task Force to End Local Communist Armed Conflict (NTF-Elcac) still have a chance to seek reconsideration of the huge cuts made on the program’s 2022 budget, assuming they can comply with the documentation required by senators.

Senators in Angara’s Finance panel earlier supported a P24billion cut in the NTF-Elcac’s P28-billion budget allocation this year, after its implementers failed to submit clear and timely reports on how the money was spent.

This, as senators sitting in the Angara panel noted that apart from funds lodged principally under the DILG, certain sums, or P2.3 billion, are spread out in other agencies

like Department of Agriculture, Department of Agrarian Reform and Technical Education and Skills Development Authority (Tesda), leading some lawmakers to suspect it smacked of pork barrel and demanding clear reports on the projects for which billions were spent.

Senators questioned why only 26 percent of areas so far targeted have been declared “cleared” of the communist insurgency—the only active one in the world, having lasted for 50 years.

Minority Leader Frank Drilon particularly cited claims by Philippine National Police officers that they used their share of NTF-Elcac funds for “13-million activities” which he found incredible.

“Sa tingin ko, nag double-counting sila e [I surmise they did double counting],” Angara noted on Sunday, suspecting that PNP officials called a certain number meetings on why the insurgency, for instance, should not be allowed to impede progress, and then they extrapolated, thus, coming up with the “13-million” activities figure.

Meanwhile, Angara said they are inclined to heed the proposed realigning of “some of the P2-billion for MOOE to infrastructure,” so the communities can see palpable projects for progress. Angara recalled the point made by Sen. Panfilo Lacson that devoting half of a P4billion budget just to MOOE does not seem right.

In a separate interview, NTCElcac vice chair Hermogenes Esperon stressed “it’s the Barangay Development Program, not the budget of NTF-Elcac, that is at issue.” He promised to submit all the data sought by senators to explain how the BDP spent billions in its budget.

Esperon said they will definitely appeal the budget cuts with senators, and will engage the NTF-Elcac’s top critics, singling out Senators Drilon, Richard Gordon, Risa Hontiveros, Sherwin Gatchalian, Nancy Binay and Grace Poe. Continued on A4

Meat importers stay jittery as label rules still unsettled

By Jasper Emmanuel Y. Arcalas @jearcalas

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MPORTERS are seeking a proper dialogue with the government to settle—once and for all—the issues surrounding prevailing rules on meat labeling to allay concerns regarding the country’s trade of meat products.

Meat Importers and Traders Association (Mita) said the “indefinite” extension of the moratorium on the implementation of strict minimum labeling requirements is a “welcome development.”

However, the group noted that importers remain wary since the government can revive the measure any time it wants to.

“It is a welcome development in the sense that they have allowed us to import again. For the past three weeks, a lot of foreign packers did not want to ship to the Philippines,” Mita spokesperson Paolo Pacis told the BusinessMirror.

“But as importers, we always have this threat that the rules

would be revived again. The moratorium is delaying it indefinitely but there’s nothing stopping them [from doing] it again, say, in February,” he added.

Pacis noted that the moratorium “is not exactly” good for the meat imports industry since it does not provide “stability and certainty” in their business. Due to this, he pointed out that the government must now put up a consultative body to refine the prevailing sets and rules governing the country’s meat importation.

The government earlier extended indefinitely its moratorium on strict labeling requirements for imported meat products following

appeals from stakeholders that the measures impair the country’s food security as they hamper the movement of goods.

The Bureau of Animal Industry (BAI) and the National Meat Inspection Service (NMIS) issued Joint Memorandum Circular (JMC) 03 on November 4, extending the moratorium for the strict implementation of the minimum labeling requirements for imported meat.

“In consideration [of] the appeal of stakeholders, along with the global impacts of Covid-19 on food security, an extension of the moratorium for strict implementation of the minimum labeling requirements is hereby extended indefinitely until existing guidelines are reviewed and amended,” the document read.

Industry players told the BusinessMirror that the NMIS, in hot water recently for its multiple issuances concerning labeling requirements, never consulted concerned stakeholders such as importers, traders and exporters.

The NMIS has repeatedly claimed that it held consultations with stakeholders before issuing its circulars that seek to supplement—to the extent of amending—prevailing labeling rules on imported meat products.

Meat importers and processors

have lamented that the NMIS issuances on meat labeling requirements have put the country’s meat supply at risk, as they have caused confusion within the industry and among exporters, resulting in hesitancy to ship products to the Philippines.

“It is a major complaint of ours that NMIS acted without consultation with concerned stakeholders.

So, they come out with something then we are caught off guard,” Pacis explained.

Just last week, the government rescinded its supplemental guidelines on labeling of imported meat products following concern raised by certain industry groups that the new rules may cause shortages in the days leading up to the holidays because exporters were reportedly reluctant to ship to the Philippines on account of these. (Related story: https://businessmirror. com.ph/2021/11/01/govt-recalls-new-imported-meat-labelrules-amid-furor/).

In August, at least 2.5 million kilograms of imported meat products were held in cold storages due to noncompliance with meat labeling requirements. (Read more here: https://businessmirror. com.ph/2021/08/11/meat-labeling-rules-seen-affecting-foodsupply/)

A FAMILY spends Sunday (November 14) for bonding moments at the SM Mall of Asia by the Bay in Pasay City. The Inter-Agency Task Force(IATF) placed Metro Manila under a more relaxed Alert Level 2 from November 5 until November 30, thus easing down quarantine restrictions in various indoor establishments and recreational venues. ROY DOMINGO

Govt Malampaya takeover a ‘$ 1-B foolish idea’

By Jovee Marie N. dela Cruz @joveemarie

T

HE vice chairman of the House Committee on Good Government and Public Accountability on Sunday called the proposals for the government to take over Malampaya a “$1-billion foolish idea,” as the government is already collecting 60 percent of the net proceeds from Malampaya’s petroleum business.

Surigao del Sur Rep. Johnny Pimentel made the statement amid calls for the government to match the $460 million offered by a private firm to acquire Shell Petroleum N.V.’s 45-percent operating stake in the offshore Malampaya gas field.

“A foolish idea that would easily force taxpayers to suffer another $1 billion [P50 billion] in public debt obligations,” said Pimentel, adding,

“there’s no point in the government suddenly having to borrow and spend a lot of money to match any private party’s offer to buy Shell out.”

Several groups earlier urged lawmakers “to fully explore if the government could easily get financing” to take over Shell’s operating stake in the gas project.

“But the takeover cost is actually around $1 billion, because on top of paying $460 million to Shell, the government would have to borrow and spend another $500 million to $600 million to explore and develop additional production wells,” Pimentel pointed out.

Record deficit

“AND the government simply cannot afford to incur additional debt obligations now, considering its worsening budget deficit,” Pimentel said.

The government reported an unprecedented P1.37-trillion budget deficit in 2020, due to aggressive spending to fight the Covid-19 pandemic and stimulate an economy battered by prolonged lockdowns, with growth plunging to threedecade lows..

The gap between government spending and income is expected to further widen this year, after the Bureau of the Treasury reported a P1.14-trillion budget deficit from January to September.

Pimentel warned that the government’s deficit-spending, while needed, “is bound to haunt businesses and the economy in the months ahead, if left unchecked.”

“Once the economy starts to recover, bank lending rates will climb fast as the government competes with the private sector in borrowing more money to repay the public

debt,” Pimentel said.

No money to match

PIMENTEL explained that both the state-owned Philippine National Oil Co. (PNOC) and its subsidiary, PNOC Exploration Corp., do not have the $1 billion needed to buy Shell’s Malampaya stake and run the gas project.

“The reality is, all governmentowned or -controlled corporations, including PNOC and PNOC EC, have been remitting up to 75 percent of their annual net income as cash dividends to the national treasury,” Pimentel said.

Citing Department of Finance records, Pimentel said that in 2020 alone, PNOC and PNOC EC had to remit a combined P7 billion in cash dividends to help fund the Bayanihan programs meant to fight the pandemic.

Continued on A2

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, November 15, 2021

LT Group income hits ₧9.9B

L

By VG Cabuag

@villygc

T Group Inc. (LTG), the holding firm of most businesses of tycoon Lucio Tan, said its income in January to September reached P9.95 billion, 38 percent lower than last year’s P16.1 billion.

The company said the decline is mainly due to the higher provisioning for credit losses booked by Philippine National Bank (PNB) and the elimination of the gain from the transfer of real estate assets at the consolidated level.

PNB had a negative net contribution of P5.2 billion after eliminating the gain of P33.6 billion at the consolidated LTG level.

The tobacco business accounted for P13.27 billion or 33 percent of the company’s total attributable income. Liquor maker Tanduay Distillers Inc. added P998 million, or 10 percent of total, Asia Brewery Inc. contributed P411 million while Eton Properties Philippines Inc. accounted for P366 million, around 4 percent of total. The company’s 30.9-percent stake in Victorias Milling Co. Inc. added P169 million or 2 percent of total.

Net expenses at the parent level amounted to P62 million.

Publicly-listed PNB reported a

net income of P24.43 billion under the pooling method, inclusive of a P33.6-billion gain from the transfer of some properties into PNB Holdings Corp. However, at the consolidated LTG level, these gains were not recognized, which together with higher provisioning for credit losses resulted in a P5.21-billion loss contribution from PNB to LTG, the company said.

The tobacco business had a net income of P13.32 billion for the period, 9 percent more than last year’s P12.17 billion, despite falling volumes.

The company said the industry’s volume was estimated at 41.2 billion sticks for the nine months of the year, 12 percent lower than last year’s 47 billion sticks, primarily due to the impact of the Covid-19 pandemic and the various quarantine protocols on the purchasing power of consumers.

“Illicit activities have also been rising, which include smuggled and

locally produced products,” the company said.

Under Republic Act 11346 which was signed in July 2019, the excise tax on tobacco was further increased. It is now being taxed at P50, from P35 per pack in 2019 to P45 per pack in 2020.

It will increase by P5 per pack annually in 2022 and 2023, then increase by 5 percent annually thereafter.

“LTG is not against tax increases, but believes that the hikes should be moderate. Continued price hikes to pass on higher excise taxes may result in further volume declines.”

Tanduay’s income for the period was at P1 billion, some P86 million or 8 percent lower than last year’s P1.09 billion. The lower income is due to lower margins due to higher production costs, higher operating expenses and lower selling prices for bioethanol.

As of end-September, the company’s nationwide market share for distilled spirits was at 29.9 percent, higher than last year’s 25.8 percent.

In the Visayas and Mindanao regions where most of Tanduay’s sales are generated, market share was at 69.2 percent and 76.2 percent, respectively, as of September.

Asia Brewery’s net income for the period was at P411 million, a significant improvement from the P4 million reported last year.

The higher income is largely due to the absence of any losses from the AB Heineken joint venture as the partnership transitions start-

B1

ing 2021 to the engagement of the company to locally brew and distribute Heineken and Tiger beers in the country.

Revenues were slightly higher as the higher volume for Cobra Energy Drink was offset by the lower volume of Absolute and Summit bottled water and Vitamilk soymilk.

The company’s on-the-go sales at convenience stores continue to be adversely affected by the various forms of lockdowns imposed since March 2020.

Eton’s net income for the period fell 42 percent to P367 million from last year’s P633 million, due to the decline in residential unit sales and lower leasing income.

Projects in the pipeline include Eton City Square 1, the 4.3-hectare neighborhood retail and commercial center in Sta. Rosa, Laguna which will add 7,000 square meters of net leasable area to Eton’s commercial leasing portfolio in phase 1. Another project is phase 2 of WestEnd Square in Makati which will have 23,000 square meters of net leasable area.

Eton currently has a leasing portfolio of around 181,000 square meters of office space and over 45,000 square meters of retail space.

In June, the company declared a P0.24 per share special cash dividend or a total of P2.6 billion and was paid in July. This brought total cash dividends declared in 2021 to P0.48 per share or P5.19 billion, equivalent to 24.7 percent of the company’s attributable net income.

Blood donation drive held at Batangas City terminal

Donors take part in the Safe Blood for All Blood Donation Drive.

B

atangas Ventures Properties and Management Corp.(BVPMC), in partnership with Batangas Medical Center (BATMC) and the Office of the Vice Mayor, spearheaded a blood donation drive entitled “Safe Blood for All” last November 5.

Batangas City Vice Mayor Emilio Francisco A. Berberabe Jr. along with the city’s Eto Batangueño Disiplinado Monitoring Team visited and joined the bloodletting activity, which was held at the Batangas City Grand Terminal (BCGT) office at Diversion Road, Batangas City. Doctors and nurses from BATMC, and some staff members of the Office of the Vice Mayor were also present at the blood donation drive.

“This initiative aims to replenish the blood supply of Batangas City, which is very important especially during this time of pandemic. We are glad that many

volunteers participated and shared our goal of saving lives through blood donation. Blood is life. The volunteers’ generous act of donating blood, reflects the goodness inherent in a person,” said Cecilia Mendoza, manager of BCGT. Among those who donated blood were BCGT employees and tenants, employees of bus companies, Batangas City government officials, members of the Reserve Officers’ Training Corps–Batangas, and members of the riding public.

BVPMC manages the Batangas City Grand Terminal, the biggest transportation terminal in the city which is a hub for travelers who are going to, coming from, and passing through Batangas City. It is part of the ALC Group of Companies founded by the late Ambassador Antonio L. Cabangon Chua and headed by its chairman, D. Edgard A. Cabangon.

B2

Monday, November 15, 2021

Companies BusinessMirror

Solar PHL secures approval of regulators for unit’s IPO

S

By Lenie Lectura @llectura & VG Cabuag @villygc

olar Philippines has secured the green light of the Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC) for the planned initial public offering (IPO) of its subsidiary Solar Philippines Nueva Ecija Corp. (SPNEC). “ T he Phi l ippine Stoc k Exchange Inc. has given the go signal for Solar Philippines Nueva Ecija Corporation to conduct an initial public offering for up to 2.7 billion shares of the company. SPNEC’s IPO shares will be offered at a price of up to P1 apiece while the target offer period is from December 1 to 7, 2021. The final offer price will be determined on November 23, 2021 after the company completes its book building process,” the company said, quoting PSE.

The tentative listing date is on December 17.

“I am pleased that PSE can support a renewable energy (RE) company with its fund raising requirements. The need for RE is more amplified now as more companies are turning to RE as part of their climate action program,” PSE President and CEO Ramon S. Monzon said.

SPNEC is expected to raise up to P2.7 billion. It plans to utilize P1.3 billion to complete the first 50 MW of the planned 500MW solar project in Nueva Ecija. The remaining

‘PLDT to exceed fiber sign-ups goal’ P

hilippine Long Distance Telephone Co. (PLDT) expects to exceed its onemillion new fiber customer target for the year.

The phone giant added over 324,000 new fiber customers from July to September. The third-quarter figures led to a total of 800,000 new installations at end-September.

This momentum is expected to continue in the fourth quarter. “ We a re i n a p os it ion of strength both in the home and enterprise segments, and are determined to stay head. We have new ports coming in that will enable our Home team to offer our services to all Filipinos that remain unserved.

As this continues to be a huge demand, we look forward to big growth as well next year,” said PLDT Inc. and Smart Communications President and CEO Alfredo Panlilio.

PLDT also sustained its quarterly record in market share gains among telco providers.

The phone firm said it has doubled up efforts in expanding its network and fiber coverage to reach more homes across the country. PLDT’s fiber footprint now spans over 615,000 kilometers, with over 12.7 million homes passed, and 5.3 million ports ready for service.

The strong takeup was brought about by the continued demand for easy installation and reliable connectivity at home as more customers adjust to the digitalization of hybrid work and school set ups, PLDT said.

The company is spending as much as P92 billion in capital expenditures this year to expand its footprint for both wireless and fixed broadband.

The telco giant booked a net income of P12.9 billion in the first semester, flat compared to last year.

However, its telco core income— which excludes the impact of asset sales and losses from its digital unit Voyager—grew by 10 percent to P15.2 billion from P13.9 billion the year prior. Lenie Lectura

Ayala, BPI, Bayan Academy empower social enterprises

A

yala Corp. Chairman Jaime Augusto Zobel de Ayala led the recent inauguration of an Alagang AyalaLand Center for social enterprises at TriNoma in Quezon City. It is one of 32 Ayala Malls with Alagang AyalaLand Centers supporting more than 400 social enterprises and generating at least 4,000 jobs for the community.

The center in TriNoma showcases the “Sinag Sari-Sari Social Enterprise Store,” a joint project of Alagang AyalaLand, BPI Foundation, and Bayan Academy that aims to support the growth of social enterprises, create livelihood and jobs, and aid in the country’s road back to recovery.

BPI Foundation with its implementing partner, Bayan Academy,

organized the participating Sinag merchants who in turn help local and marginalized communities. This is an enhancement of the Sinag program made possible through Alagang AyalaLand that provides market access in rentfree spaces in Ayala Malls.

At the ribbon-cutting ceremony, Zobel was joined by Ayala Malls President Chris Maglanoc, Ayala Land Board Member Tony Aquino, Ayala Land President and CEO Bobby Dy, BPI President and CEO TG Limcaoco, Bayan Academy Chairman and President Jay Bernardo, BPI Chief Customer and Marketing Officer Cathy Santamaria, and BPI Vice President and Deputy Head of Marketing Mariana Zobel de Ayala.

amount, meanwhile, will be used to acquire land to expand the project beyond 500 MW. SPNEC has engaged Abacus Capital and Investment Corp. as issue manager and lead underwriter and Investment Capital Corporation of the Philippines as underwriter.

It claims that the 500MW solar power facility would be the “largest solar project in the Philippines, with potential for further expansion, given its proximity to Manila.”

Construction is expected to start soon while commercial operation will commence sometime next year.

Once operational, the project is intended to supplement the Luzon grid’s thin reserves.

This is the first time that a company has been approved to list under the Supplemental Listing and Disclosure Requirements for Renewable Energy Companies approved by the PSE in 2011. These rules allow development-stage project companies to list, subject to certain requirements including having a valid and subsisting service contract awarded by the Department of Energy (DOE).

“We thank the PSE and SEC for approving this IPO, which aims to give the public a new option to invest in RE and increase the RE capacity of the Philippines,” said Solar Philippines founder Leandro Leviste.

“We’ve decided to make this our group’s first venture into the public markets because this is the asset that we are proudest to showcase: a site where will rise the largest solar project in Southeast Asia, with potential for expansion given its proximity to Manila, to meet the growing demand for renewable energy in the Philippines.”

Solar Philippines incorporated SPNEC in 2016, and secured a DOE service contract to develop the project in 2017.

The Nueva Ecija project would be the largest among the first one gigawatt (GW) of projects of Solar Philippines planned to be operating by 2022. The other projects include a 63MW in Batangas with Korea Electric Power Corp.; up to 200MW in Tarlac with Prime Infra of the Razon Group; and two more in Batangas and Cavite with a combined capacity of 140 MW planned to be fully operational by 2022.

STOCK-MARKET OUTLOOK Last week

Share prices gained last week, with the main index falling short of the 7,400-point mark, as investors were elated by the better-than-expected GDP growth of the Philippines for the third quarter.

The benchmark Philippine Stock Exchange index (PSEi) went up by 42.07 points to close at 7,382.84 points.

The main index started the week strong and already closed at the 7,400-point mark on Tuesday after the government announced that the country’s gross GDP for the third quarter expanded by 7.1 percent, higher than most analysts’ expectations.

Profit-taking, however, ensued in the succeeding trading days, even with the listing of the follow-on offering of Synergy Grid and Development Philippines Inc., whose price at P12 per share was 97 percent off its previous trading price. The re-pricing pulled the price of the All Shares index.

Average trading value for the week was high at P8.46 billion. Foreign investors made up 38 percent of the trade and were net buyers at P1.17 billion.

Other sub-indices ended mostly in the red, with the All Shares index losing 526.33 points or 12 percent to close at 3,964.68 points, the Financials index gained 13.14 to 1,613.72, the Industrial index lost 4.79 to 10,825.88, the Holding Firms index fell 43.28 to 7,106.63, the Property index rose 27.75 to 3,377.08, the Services index added 52.21 to 2,004.12 and the Mining and Oil index declined 275.03 to 9,663.87.

For the week, losers edged gainers 125 to 92 and 31 shares were unchanged.

Top gainers were Marcventures Holdings Inc., Berjaya Philippines Inc., Manila Mining Corp. B, Integrated Micro-Electronics Inc., Globe Telecom Inc. and Crown Asia Chemicals Corp.

Top losers were Synergy Grid and Development Phils. Inc., Seafront Resources Corp., Prime Media Holdings Inc., AgriNurture Inc., Premiere Horizon Alliance Corp. and Manila Jockey Club Inc.

This week

Share prices may continue to rise this week as the number of Covid-19 cases drop, which could result in the easing of quarantine restrictions.

“With the third quarter GDP data already out, and the third quarter corporate earnings report season about to end, investors are expected to look forward to the developments for the remainder of the last quarter of the year,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

“So far, the improvements in our Covid-19 situation and the easing of social restrictions have helped in bringing the local market to its current level. If we see further progress on these, then the market could still move higher.”

This week, the policy-making Monetary Board of the Bangko Sentral ng Pilipinas will meet, and many expect that it would keep rates steady.

Broker 2TradeAsia said there are also expectations of a higher GDP growth for the fourth quarter, especially when the “revenge consumption” by the public will happen in December on top of the front-loaded spending ahead of the 2022 elections.

“The political climate should heat up dramatically over the next few weeks. As the candidate pool gets finalized, so will speculations over regulatory and business risks of the next six years,” the broker said.

Tantiangco said the local market managed to hold its ground above its 10-day exponential moving average at 7,316.44 points as of November 12 and the 7,300 level last week. Next week, these two are seen as the market’s support lines, while resistance is seen at 7,500, he said.

Stock picks

Broker Regina Capital Development Corp. advised to position on the stock of JG Summit Holdings Inc. (JGS) as its technical indicators show a consistent bearish pattern.

“Momentum is going up driven by the selling pressure. Buying pressure has reversed pointing downwards as well. However, note that the market price of JGS is currently trading at a good discount to its long- and short-term moving average. Hence, bargain hunters may soon enter the playing field,” it said.

The broker gave a weekly target on the stock at P60 per share, also its last closing price on Friday.

Meanwhile, the broker gave a buy on breakout advice on the stock of Converge Information and Communications Technology Solutions Inc. after it reached its resistance level last week. “The bulls may succeed in breaking the current resistance. It is also in the buying region and is still far from overshooting into the overbought region, so another rally to close the week is possible,” it said.

Converge shares closed last week at P35.50 apiece. VG Cabuag

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

November 12, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FILIPINO FUND IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH VANTAGE

43.25 129.8 91.6 25.2 9.94 51.1 8.6 20.95 56.25 20.6 121.9 91.6 1.72 4.04 6.53 1.08 0.31 0.7 217.6 0.84

44.95 130 92.8 25.3 9.99 51.15 8.99 21 57.55 21.25 122 91.9 1.73 4.05 7.7 1.09 0.33 0.71 219 0.89

45 129.5 91.35 25.5 10 51.6 8.51 21.15 56.3 21 121.4 91.05 1.71 4.1 6.52 1.09 0.31 0.65 219.8 0.85

45 131 92.8 25.5 10 52.1 8.54 21.15 56.3 21.3 122.7 91.6 1.75 4.1 6.52 1.09 0.31 0.7 219.8 0.85

43 128.4 90.95 25.1 9.9 51 8.51 20.75 56.25 20.6 121.4 91 1.68 4.04 6.52 1.09 0.31 0.65 218 0.85

43.1 130 92.8 25.2 9.99 51.1 8.54 20.95 56.25 20.6 122 91.6 1.72 4.05 6.52 1.09 0.31 0.7 219 0.85

32,100 1,397,670 1,802,560 233,871,883 650,570 59,928,578.50 143,500 3,616,585 248,000 2,468,712 3,529,080 181,210,482.50 36,000 307,149 276,100 5,761,725 140 7,875.50 55,900 1,152,975 265,910 32,459,180 25,430 2,323,341 204,000 347,880 172,000 697,220 600 3,912 18,000 19,620 90,000 27,900 638,000 443,680 250 54,646 36,000 30,600

-4,305 -53,683,218 5,766,559 136,576 7,567,482 217,515.00 -505,355 563 2,060 -4,898,910 564,691 52,850.00 -10,900 -

INDUSTRIAL AC ENERGY 11.98 12 12.54 12.6 11.9 11.98 77,932,500 951,561,842 ALSONS CONS 1.11 1.14 1.14 1.14 1.11 1.11 281,000 316,740 ABOITIZ POWER 31.55 31.6 32.2 32.2 31.5 31.55 3,642,000 115,824,950 BASIC ENERGY 0.68 0.69 0.71 0.72 0.67 0.69 30,632,000 20,962,520 FIRST GEN 30.5 31.1 31 31.35 30.4 30.5 262,800 8,033,335 FIRST PHIL HLDG 74.7 74.8 75.25 75.25 74.7 74.7 42,790 3,199,839.50 MERALCO 297.4 298 298.4 298.4 296 298 126,770 37,763,538 MANILA WATER 24.2 24.5 24.45 24.5 23.75 24.5 1,841,500 44,457,945 PETRON 3.51 3.52 3.55 3.55 3.5 3.51 5,700,000 20,048,330 PHX PETROLEUM 11.12 11.22 11 11.24 11 11.24 33,900 377,596 PILIPINAS SHELL 23 23.05 22.1 23 22 23 454,000 10,306,060 SPC POWER 13.84 13.86 14.3 14.32 13.86 13.86 239,000 3,325,152 VIVANT 15.02 16 16 16 16 16 4,000 64,000 AGRINURTURE 4.37 4.39 4.69 4.69 4.3 4.4 573,000 2,521,230 AXELUM 2.75 2.79 2.74 2.79 2.73 2.79 231,000 638,540 CENTURY FOOD 26.3 26.35 26.7 26.95 26.1 26.35 1,515,900 40,143,955 DEL MONTE 14.6 14.62 14.8 14.8 14.6 14.62 143,500 2,108,700 DNL INDUS 8.67 8.68 8.71 8.75 8.5 8.68 746,800 6,455,052 EMPERADOR 18.2 18.28 18.38 18.4 18.1 18.2 3,373,800 61,965,528 SMC FOODANDBEV 75.95 76 75.95 76.1 75.85 76 234,650 17,831,467.50 ALLIANCE SELECT 0.59 0.6 0.59 0.59 0.59 0.59 89,000 52,510 FRUITAS HLDG 1.31 1.32 1.28 1.32 1.25 1.32 23,372,000 29,914,160 GINEBRA 106.9 107 107.8 108 106.5 107 12,260 1,311,262 JOLLIBEE 251 253 253.4 253.4 249 253 297,440 74,796,560 LIBERTY FLOUR 28.05 28.95 28.05 28.05 28 28 5,100 142,820 MAXS GROUP 7.16 7.2 7.3 7.3 7.12 7.2 292,900 2,106,411 MG HLDG 0.172 0.177 0.175 0.178 0.171 0.172 1,640,000 283,160 MONDE NISSIN 16.9 16.96 17.6 17.8 16.64 16.96 119,376,600 2,040,684,610 SHAKEYS PIZZA 8.4 8.6 8.6 8.65 8.35 8.6 173,200 1,472,049 ROXAS AND CO 0.7 0.71 0.7 0.72 0.7 0.7 219,000 153,340 RFM CORP 4.6 4.62 4.68 4.68 4.6 4.6 45,000 207,080 ROXAS HLDG 1.25 1.34 1.26 1.26 1.25 1.25 26,000 32,670 SWIFT FOODS 0.118 0.12 0.12 0.12 0.114 0.118 4,880,000 576,100 UNIV ROBINA 133.4 133.5 133.1 133.9 132 133.4 707,510 94,397,794 VITARICH 0.75 0.76 0.77 0.77 0.75 0.76 684,000 517,210 VICTORIAS 2.3 2.4 2.42 2.42 2.4 2.4 101,000 244,400 CEMEX HLDG 1.21 1.22 1.21 1.23 1.2 1.22 1,253,000 1,521,030 EAGLE CEMENT 14.3 14.48 14.46 14.58 14.46 14.48 51,600 747,318 EEI CORP 6.61 6.62 6.68 6.68 6.62 6.62 453,300 3,006,811 HOLCIM 5.81 5.83 5.9 5.9 5.77 5.83 851,700 4,962,034 MEGAWIDE 6.08 6.1 6.3 6.3 6.1 6.1 886,700 5,424,271 PHINMA 15 15.3 14.64 15.36 14.62 15.32 41,100 609,828 TKC METALS 0.85 0.89 0.85 0.86 0.85 0.86 68,000 58,000 VULCAN INDL 1.2 1.23 1.2 1.24 1.19 1.23 606,000 730,260 CROWN ASIA 1.78 1.81 1.83 1.83 1.77 1.78 171,000 308,080 EUROMED 1.49 1.5 1.56 1.56 1.49 1.5 238,000 357,480 MABUHAY VINYL 4.2 4.4 4.42 4.42 4.3 4.3 17,000 74,440 PRYCE CORP 5.65 5.74 5.7 5.74 5.65 5.74 6,100 34,823 GREENERGY 2.52 2.54 2.5 2.57 2.5 2.54 5,200,000 13,242,330 INTEGRATED MICR 8.6 8.66 8.66 8.7 8.56 8.66 324,700 2,799,611 IONICS 0.82 0.84 0.82 0.82 0.82 0.82 13,000 10,660 PANASONIC 5.96 6.04 6.04 6.04 5.96 5.96 12,800 76,512 SFA SEMICON 1.08 1.11 1.12 1.12 1.08 1.11 343,000 377,090 CIRTEK HLDG 4.36 4.37 4.27 4.36 4.25 4.36 1,577,000 6,749,830

-10,728,548 -2,645,815 -754,720.00 299,745 -1,708,751 9,365,712 1,509,140 -473,420 1,862,935 -1,158,704 -1,611,840 -993,505 -529,168 216,133 -823,252 -814,083 -363,660 -223,652 16,892,878 90,090 -264,424,384 -8,600 1,440 -4,680 18,206,233 -60,470 13,310 -34,748 33,250 -19,958 80,155 -8,600 -2,440 73,100 1,880,610.00 1,106,025 10,800 213,500.00

HOLDING & FRIMS ABACORE CAPITAL 1.15 1.16 1.15 1.17 1.13 1.15 13,941,000 15,942,920 ASIABEST GROUP 5.52 5.89 5.42 5.89 5.41 5.51 3,800 20,866 AYALA CORP 880 882.5 880 885 876 880 184,120 162,001,890 ABOITIZ EQUITY 51.1 51.2 51.3 51.3 50.2 51.1 730,930 37,284,934.50 ALLIANCE GLOBAL 11.26 11.3 11.18 11.38 11.12 11.3 2,792,300 31,338,324 AYALA LAND LOG 5.49 5.5 5.63 5.73 5.5 5.5 5,924,400 32,770,943 ANSCOR 7.45 7.55 7.55 7.55 7.45 7.45 223,200 1,662,981 ANGLO PHIL HLDG 0.95 0.96 0.94 0.97 0.9 0.95 1,581,000 1,490,130 ATN HLDG A 0.485 0.5 0.51 0.54 0.485 0.5 150,000 75,850 COSCO CAPITAL 5.45 5.46 5.43 5.48 5.43 5.45 6,075,800 33,116,733 DMCI HLDG 7.9 7.91 7.96 8 7.65 7.91 13,237,600 103,790,586 FILINVEST DEV 7.83 8.04 7.83 7.83 7.83 7.83 12,000 93,960 FORUM PACIFIC 0.28 0.3 0.285 0.285 0.28 0.28 1,190,000 336,700 GT CAPITAL 580 581 567 584 567 580 108,300 62,679,930 JG SUMMIT 59.95 60 59.2 60 59.2 60 807,500 48,312,250.50 JOLLIVILLE HLDG 4.61 5.4 5.4 5.4 5.39 5.39 2,000 10,786 LODESTAR 0.62 0.65 0.66 0.66 0.62 0.63 592,000 376,400 LOPEZ HLDG 3.1 3.15 3.13 3.16 3.1 3.1 117,000 364,860 LT GROUP 10.14 10.18 10.2 10.4 10.08 10.18 10,440,400 106,566,068 METRO PAC INV 4 4.01 4.01 4.03 3.99 4.01 22,542,000 90,355,350 PACIFICA HLDG 3.25 3.35 3.35 3.35 3.25 3.25 70,000 231,810 PRIME MEDIA 1.42 1.43 1.46 1.46 1.29 1.42 2,506,000 3,401,810 SOLID GROUP 1.16 1.19 1.19 1.19 1.19 1.19 134,000 159,460 SYNERGY GRID 14.5 14.56 13.5 15.82 13.5 14.5 123,286,900 1,809,674,460 SM INVESTMENTS 986 990 975 995 975 990 170,110 168,210,525 SAN MIGUEL CORP 117 117.3 118.6 118.6 116.5 117 170,250 19,940,557 TOP FRONTIER 126.2 131.9 126.1 126.1 126.1 126.1 100 12,610 WELLEX INDUS 0.25 0.265 0.25 0.25 0.25 0.25 100,000 25,000 ZEUS HLDG 0.175 0.18 0.175 0.188 0.175 0.188 500,000 87,630

860,580 15,185,200 12,864,903 -2,795,670 519,832 4,941,133 23,821,403 26,845,280 14,844,047 -142,660 -9,762,886 9,164,640 -2,082,390 -534,190,984 13,581,810 1,083,103 -

PROPERTY

ARTHALAND CORP 0.64 0.67 0.67 0.67 0.64 0.64 333,000 222,720 AYALA LAND 37.55 37.95 36.95 37.95 36.9 37.95 5,741,400 214,902,370 ARANETA PROP 1.03 1.06 1.06 1.06 1.06 1.06 4,000 4,240 AREIT RT 44.65 45 45.5 45.5 43.9 45 1,463,300 65,228,805 BELLE CORP 1.38 1.4 1.41 1.41 1.37 1.4 515,000 715,600 A BROWN 0.83 0.85 0.84 0.85 0.83 0.84 399,000 336,570 CITYLAND DEVT 0.77 0.78 0.77 0.78 0.77 0.78 435,000 335,920 CROWN EQUITIES 0.107 0.11 0.111 0.113 0.106 0.11 2,020,000 214,790 CEBU HLDG 6.44 6.77 6.3 6.42 6.3 6.42 9,300 58,710 CEB LANDMASTERS 2.91 2.94 2.9 2.97 2.86 2.94 1,986,000 5,834,150 CENTURY PROP 0.45 0.46 0.46 0.465 0.45 0.46 10,810,000 4,927,550 DOUBLEDRAGON 9.98 10 10 10 9.92 10 869,300 8,666,020 DDMP RT 1.79 1.8 1.8 1.81 1.79 1.79 6,889,000 12,365,640 DM WENCESLAO 6.96 6.98 6.97 6.98 6.92 6.98 36,600 254,779 EMPIRE EAST 0.275 0.28 0.275 0.275 0.275 0.275 110,000 30,250 EVER GOTESCO 0.32 0.325 0.33 0.34 0.32 0.325 22,060,000 7,188,250 FILINVEST RT 7.65 7.68 7.4 7.7 7.4 7.68 9,675,300 73,618,230 FILINVEST LAND 1.13 1.14 1.13 1.14 1.12 1.13 3,631,000 4,105,030 GLOBAL ESTATE 0.91 0.92 0.9 0.92 0.89 0.92 141,000 127,860 8990 HLDG 10.66 10.68 10.5 10.78 10.38 10.66 293,500 3,103,346 PHIL INFRADEV 1.21 1.23 1.23 1.25 1.21 1.24 287,000 349,640 CITY AND LAND 0.94 0.98 0.94 0.94 0.92 0.94 215,000 198,860 MEGAWORLD 3.31 3.32 3.26 3.32 3.25 3.31 13,103,000 43,138,350 MRC ALLIED 0.29 0.295 0.3 0.3 0.29 0.29 27,260,000 7,958,950 MREIT RT 18.02 18.04 18.14 18.2 18.02 18.02 2,603,000 47,070,964 PHIL ESTATES 0.48 0.485 0.49 0.49 0.48 0.48 4,870,000 2,344,300 PRIMEX CORP 1.75 1.81 1.81 1.85 1.73 1.81 262,000 476,710 RL COMM RT 7.16 7.17 7.2 7.2 7.16 7.17 4,891,100 35,156,114 ROBINSONS LAND 18.8 18.96 18.98 19.2 18.8 18.8 2,067,300 39,141,224 PHIL REALTY 0.221 0.225 0.225 0.225 0.22 0.225 260,000 58,450 ROCKWELL 1.54 1.56 1.56 1.59 1.55 1.55 347,000 543,310 SHANG PROP 2.59 2.61 2.63 2.63 2.58 2.61 657,000 1,706,500 STA LUCIA LAND 2.86 2.93 2.93 2.93 2.9 2.93 400,000 1,162,400 SM PRIME HLDG 36.05 36.1 35.4 36.3 35.3 36.1 6,889,800 247,646,640 VISTAMALLS 3.77 3.95 3.98 3.98 3.76 3.95 23,000 88,320 SUNTRUST HOME 1.42 1.44 1.44 1.45 1.41 1.42 416,000 593,590 VISTA LAND 3.83 3.85 3.84 3.86 3.78 3.85 1,713,000 6,562,440

SERVICES ABS CBN 14 14.08 14.18 14.18 13.98 14 84,800 1,189,678 GMA NETWORK 14.84 14.86 14.58 14.88 14.5 14.84 1,436,100 21,035,836 GLOBE TELECOM 3,430 3,450 3,450 3,498 3,352 3,430 50,355 171,989,230 PLDT 1,696 1,699 1,690 1,702 1,656 1,699 119,035 200,819,845 APOLLO GLOBAL 0.079 0.08 0.081 0.081 0.078 0.08 156,770,000 12,440,180 CONVERGE 35.2 35.5 34 36.1 34 35.5 20,739,700 737,571,890 DFNN INC 3.14 3.15 3.12 3.28 3.12 3.15 410,000 1,296,300 DITO CME HLDG 6.33 6.34 6.7 6.71 6.2 6.33 15,470,900 99,220,598 NOW CORP 1.8 1.81 1.81 1.82 1.8 1.8 1,060,000 1,913,460 TRANSPACIFIC BR 0.35 0.355 0.36 0.37 0.345 0.35 18,580,000 6,518,450 PHILWEB 2.18 2.19 2.22 2.26 2.19 2.19 439,000 967,650 2GO GROUP 7.78 7.8 7.9 8 7.77 7.8 470,200 3,668,063 ASIAN TERMINALS 14.2 14.46 14.5 14.5 14.4 14.46 4,500 64,994 CHELSEA 1.92 1.95 1.97 1.97 1.91 1.95 1,295,000 2,501,080 CEBU AIR 46.85 47.2 47.4 47.4 46.55 47.2 528,600 24,786,535 INTL CONTAINER 192 192.5 192.2 193 191.2 192 528,240 101,418,055 LBC EXPRESS 20.05 22.4 20.05 20.1 20.05 20.05 8,100 162,435 LORENZO SHIPPNG 0.91 0.95 0.97 0.97 0.91 0.91 14,000 12,860 MACROASIA 5.87 5.96 6.12 6.26 5.8 5.88 3,664,000 21,926,737 METROALLIANCE A 1.5 1.56 1.5 1.5 1.5 1.5 89,000 133,500 HARBOR STAR 1 1.03 1.03 1.03 1 1.01 594,000 598,120 ACESITE HOTEL 1.47 1.5 1.5 1.5 1.5 1.5 3,000 4,500 DISCOVERY WORLD 2.18 2.26 2.28 2.28 2.2 2.27 125,000 276,450 WATERFRONT 0.495 0.51 0.5 0.5 0.49 0.49 6,080,000 3,034,450 FAR EASTERN U 546 599.5 545.5 545.5 545.5 545.5 30 16,365 IPEOPLE 6.87 7.19 7.2 7.2 7.2 7.2 900 6,480 STI HLDG 0.345 0.355 0.35 0.35 0.345 0.345 2,630,000 913,700 BERJAYA 6.3 6.48 6.45 6.7 6.3 6.48 210,700 1,369,324 BLOOMBERRY 7.68 7.7 7.91 7.91 7.55 7.68 4,931,600 37,737,303 PACIFIC ONLINE 1.98 2.1 1.98 2.12 1.98 2.1 19,000 39,420 LEISURE AND RES 1.55 1.59 1.6 1.6 1.55 1.59 1,238,000 1,925,480 PH RESORTS GRP 0.87 0.88 0.84 0.88 0.84 0.87 2,254,000 1,937,290 PREMIUM LEISURE 0.455 0.46 0.46 0.475 0.46 0.46 4,500,000 2,082,550 ALLDAY 0.81 0.82 0.75 0.82 0.74 0.82 492,763,000 389,472,160 ALLHOME 9.9 9.95 9.85 10 9.85 9.9 623,300 6,177,356 METRO RETAIL 1.33 1.34 1.39 1.39 1.28 1.34 1,621,000 2,121,170 PUREGOLD 42.55 42.75 43 43.1 42.55 42.55 665,000 28,418,005 ROBINSONS RTL 65.6 65.85 64.9 65.9 64.9 65.85 136,970 8,991,813 PHIL SEVEN CORP 93 95 95 95 95 95 152,020 14,441,900 SSI GROUP 1.26 1.28 1.28 1.28 1.24 1.26 1,620,000 2,033,700 WILCON DEPOT 30.25 30.3 30.1 30.6 30 30.3 2,329,600 70,669,230 APC GROUP 0.24 0.246 0.247 0.247 0.24 0.24 700,000 169,340 EASYCALL 4.23 4.65 4.6 4.65 4.6 4.65 2,000 9,250 GOLDEN MV 501 540 540 540 530 540 1,120 601,850 IPM HLDG 7.08 7.1 7.1 7.1 7.1 7.1 10,200 72,420 PRMIERE HORIZON 0.66 0.67 0.69 0.69 0.66 0.66 10,827,000 7,238,530 SBS PHIL CORP 4.06 4.18 4.06 4.06 4.05 4.06 11,000 44,640

MINING & OIL ATOK 6.2 6.29 6.3 6.34 6.15 6.29 15,400 96,400 APEX MINING 1.43 1.44 1.44 1.45 1.43 1.43 1,202,000 1,722,260 ATLAS MINING 6.54 6.55 6.3 6.62 6.26 6.55 982,600 6,360,380 BENGUET A 6.12 6.25 6.1 6.3 6.1 6.25 161,700 995,258 BENGUET B 6.15 6.28 6.05 6.1 6.05 6.1 15,100 91,950 COAL ASIA HLDG 0.28 0.29 0.29 0.29 0.29 0.29 1,240,000 359,600 CENTURY PEAK 2.7 2.73 2.74 2.74 2.74 2.74 30,000 82,200 FERRONICKEL 2.09 2.13 2.16 2.17 2.05 2.12 8,257,000 17,291,460 LEPANTO A 0.131 0.133 0.131 0.133 0.13 0.133 2,210,000 289,330 LEPANTO B 0.134 0.142 0.142 0.142 0.142 0.142 1,000,000 142,000 MANILA MINING A 0.0093 0.0094 0.0093 0.0093 0.0093 0.0093 10,000,000 93,000 MARCVENTURES 1.01 1.03 1.01 1.05 0.98 1.03 808,000 814,200 NIHAO 1.02 1.06 1.06 1.06 1.06 1.06 108,000 114,480 NICKEL ASIA 5.57 5.59 5.65 5.65 5.54 5.57 4,802,600 26,796,789 OMICO CORP 0.33 0.345 0.33 0.33 0.33 0.33 8,700,000 2,871,000 ORNTL PENINSULA 0.83 0.84 0.81 0.84 0.81 0.84 96,000 78,400 PX MINING 5.08 5.1 5.09 5.14 5.08 5.1 745,000 3,797,361 SEMIRARA MINING 22.1 22.15 23.5 23.7 21.8 22.1 6,014,100 134,434,415 UNITED PARAGON 0.0065 0.0066 0.0065 0.0066 0.0065 0.0066 11,000,000 71,600 ACE ENEXOR 18.58 18.78 18.42 19.1 18.42 18.78 461,300 8,673,852 ORNTL PETROL A 0.01 0.011 0.011 0.011 0.01 0.01 23,100,000 240,400 PHILODRILL 0.0092 0.0093 0.0091 0.0092 0.0091 0.0092 52,000,000 478,000 PXP ENERGY 6.21 6.24 6.25 6.3 6.17 6.2 153,700 956,877

PREFFERED HOUSE PREF A 101.2 101.8 101.7 101.7 101.2 101.2 10,000 1,012,010 AC PREF B1 521 526.5 521 521 521 521 10 5,210 AC PREF B2R 525 525.5 525 525 525 525 20 10,500 CEB PREF 47.1 47.7 47.1 47.7 47.1 47.7 7,500 353,390 CPG PREF A 102.5 103 103 103 103 103 150 15,450 DD PREF 100.8 101 100.7 100.7 100.7 100.7 14,500 1,460,150 FGEN PREF G 105.8 106 106 106 106 106 1,000 106,000 GTCAP PREF A 1,010 1,018 1,018 1,018 1,018 1,018 400 407,200 JFC PREF A 1,015 1,019 1,015 1,015 1,015 1,015 6,525 6,622,875 JFC PREF B 1,033 1,044 1,045 1,045 1,044 1,045 2,700 2,820,500 MWIDE PREF 2B 99.9 100 101.3 101.3 100 100 101,130 10,117,080 MWIDE PREF 4 100.7 100.8 100.9 101 100.7 100.8 4,500 454,308 PNX PREF 3B 104.8 105 105.5 105.5 105 105 560 59,045 PNX PREF 4 1,003 1,012 1,015 1,015 1,005 1,005 750 754,250 PCOR PREF 3A 1,105 1,115 1,105 1,105 1,105 1,105 1,000 1,105,000 PCOR PREF 3B 1,138 1,187 1,187 1,187 1,187 1,187 5 5,935 SMC PREF 2F 79.35 79.4 79.3 79.4 79.3 79.4 35,430 2,809,612 SMC PREF 2I 79.4 79.55 79.5 79.5 79.5 79.5 5,000 397,500 SMC PREF 2J 76.5 77.3 76.5 76.5 76.4 76.4 7,000 534,805 SMC PREF 2K 75.8 76 76 76 76 76 813,300 61,810,800

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 13.64 13.9 13.6 13.72 13.58 13.64 44,700 611,990

WARRANTS TECH WARRANT 1.1 1.12 1.12 1.12 1.06 1.12 1,392,000 1,515,010

194,940 18,813,065 8,545,070 -25,210 -7,670 -6,930 -48,510 1,704,530 -138,050 -782,785 -94,910 697 2,750 197,750 24,456,596 -17,860.00 900 29,888 1,230 7,380 -4,230,720 2,950 4,671,348 33,800 -10,700 10,246,740 -1,641,122 -216,380 12,980 68,195,465 33,910 1,440 1,865,840 20,803,220 56,505,975 755,730 142,835,545 305,930 -14,464,243 -18,000 45,850 92,077 -595,750 -4,776,280 76,570 58,485 2,200 40,000 -94,500 3,397,675 -8,060 1,309,800 30,900 82,500 -1,526,780 3,968,160 -237,070 -821,745 -1,921,985 -8,550 31,750 4,835,595 -2,410 -106,000 261,520.00 -16,240.00 -46,090 2,440,520 -8,505,510 70,000 42,400 -5,144,333 -953,700 -50,020 -1,877,136.00 -6,976,850 83,912 235,500 -1,502,200 () -38,000 - -1,080

SMALL & MEDIUM ENTERPRISES

ALTUS PROP ITALPINAS KEPWEALTH MAKATI FINANCE MERRYMART

17.86 1.76 3.78 2.4 3.17

FIRST METRO ETF

112.1

18.34 1.77 3.88 2.75 3.18

EXHANGE TRADE FUNDS

112.3

17.9 1.78 3.76 2.55 3.22

18.34 1.81 3.88 2.55 3.25

17.9 1.74 3.76 2.55 3.14

18.34 1.76 3.88 2.55 3.18

235,200 448,000 4,000 4,000 9,278,000

4,299,950 788,100 15,280 10,200 29,668,520

8,750 1,331,550

112 112.5 111.9 112.3 10,890 1,220,684 111,111

www.businessmirror.com.ph

Banking&Finance

BSP asks PSA for pause in printing National IDs

By Cai U. Ordinario

@caiordinario

T

HE Bangko Sentral ng Pilipinas (BSP) is asking for a Christmas break in printing national identification cards, according to the Philippine Statistics Authority (PSA).

Deputy National Statistician Rosalinda P. Bautista said currently, the printing of the National IDs is done on a 24/7 basis. If the operations will be stopped even for one day, this will set back the printing by 70,000 to 80,000 PhilSys IDs. Bautista said that while there is no decision at this time regarding the Christmas break for National ID printing, she is asking for patience from the public, especially those waiting for the arrival of their ID cards to their persons.

“Walang Sabado, walang Linggo pero hindi ko po alam; pinag-uusapan pa,” Bautista said in a recent news briefing. “Kasi nakikiusap din ang Bangko Sentral na kung pwede magkaroon ng Pasko, December 24 [and] December 25 na stop operation.”

[No Saturday, no Sunday but I don’t know; it’s still under discussion. Because the central bank is also asking if there is a Christmas break; December 24 and December 25, a stop in operations.]

“But each day that we do not have an operation means we’re losing the production of at least 60,000 to 80,000 cards. Yun po ang kapalit noon at alam po naming maraming nag-aantay ng kanilang mga PhilIDs,” she explained. [That’s the trade-off but we know many are waiting for their PhilIDs.] Bautista, who leads the PhilSys Registry Office, said that as of the first week of November, some 3.268 million Filipinos were already able to receive their National IDs. “We continue to ask for patience and support from the public, as we, together with the PhilPost and the Bangko Sentral ng Pilipinas con-

tinuously do our best in accommodating the millions who have successfully registered for the production and delivery of their PhilIDs,” Bautista said.

As of November 5, Bautista said 41.045 million Filipinos were able to complete Step 1 and 2 of the National ID process. Step 1 pertains to the only collection of demographic information while Step 2 is for the physical collection of biometric information in PSA registration areas.

The PSA also said that under Step 2, some 5.916 million unbanked Filipinos were able to create Landbank accounts. The PSA and Landbank have partnered for Step 2 to allow Filipinos to use the information they submitted to PSA to open bank accounts.

In order to fast-track these efforts, the PSA will also be launching the PhilSys mobile ID which is the digital version of the PhilID card.

The launch of the PhilSys mobile ID aims to accelerate the use of PhilSys, by providing a digital alternative to the physical card.

Bautista said the PSA also looks forward to having more parties accept the PhilSys ID in order to increase the use of the National ID. She also said the PSA will also pilot the National ID overseas registration next year.

Through PhilSys, the PSA aims to provide registrants with easier access to social protection, health, education, and other government services. Further, this initiative is in line with the goal to achieve greater financial inclusion for all Filipinos.

With the PhilID, unbanked Filipinos will have proof of identity which is a key requirement in accessing formal financial services, making them less vulnerable to onerous practices such as the “5-6” lending scheme illegally practiced in grassroots communities.

BusinessMirror

N

R

By Bianca Cuaresma

@BcuaresmaBM

ONperforming real estate loans remained at single-digit level in June this year, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.

In a recent speaking engagement, BSP Governor Benjamin E. Diokno said non-performing real estate loans hit 5.2 percent of the total

portfolio in end-June 2021.

“The ratio of overall non-performing real estate loans to total real estate loans remained at single digit

level, indicating that banks have remained prudent in their assessment of real estate loans,” Diokno said.

Banks’ real estate exposures continued to grow amid the pandemic.

Real estate exposures of banks are largely composed of real estate loans at 85.4 percent of total real estate exposures.

In June 2021, real estate loans grew 6.1 percent year on year to P2.3 trillion.

“Loans of the Philippine banking system are broad-based, but real estate activities have consistently been the top recipient of bank loans,” Diokno said. “The BSP foresees that

lending to the sector will remain a priority area for banks for the years ahead.”

The governor also said monetary policy stance has contributed to a general decline in lending rates across all loan product categories.

According to Diokno, the weighted average interest rate of housing loans dropped to 6.6 percent as of end-June 2021 from 8 percent in end- March 2020.

Similarly, the weighted average interest rate of loans to corporations fell to 4.9 percent as of end-June 2021 from 5.9 percent as of endMarch 2020.

Sen. Lacson laments govt’s billion-borrowing binge

By Butch Fernandez @butchfBM

P

RESIDENTIAL hopeful and Senator Panfilo M. Lacson lamented over the weekend government’s penchant for going on multi-billion borrowing binge in excess of actual needs, even if the entire loans incurred end up unspent.

Lacson, presidential standard bearer of the Partido Reporma party, aired his lament in an “On-line Kumustahan” in Bacolod City last Saturday along with his vice-presidential running mate, Senate President Vicente Sotto III, Nationalist People’s Coalition (NPC) chairman and their NPC senatorial bets Dr. Minguita Padilla and Monsour del Rosario.

According to Lacson, the Duterte administration is looking to raise around P5-trillion given the urgent need of government for substantial funds to sustain operations and fin-

Securing a hyperconnected world Ransomware attacks on OT networks soared by 500 percent from 2018 to 2020. Out of these, manufacturing entities comprised over one-third of confirmed ransomware attacks on industrial organizations, followed by utilities, which made up 10 percent.

The estimated costs of these ransomware attacks has skyrocketed—climbing from $8 billion in 2018 to $11.5 billion in 2019 and hitting $20 billion in 2020.

The operational disruption due to ransomware in OT environments has led to a 23-fold increase. In 2020, there was a 32 percent increase in ransomware attacks against energy and utilities organizations.

As OT environments are increasingly digitized to help optimize efficiency, the lines between air-gapped OT systems and corporate information technology (IT) environments are blurring. Ongoing integration of Industrial Internet of Things (IIOT) devices and remote management systems—which has accelerated since the start of the pandemic—has increased the exposure of OT environments and the risk of attack (for the sake of simplicity, the acronym “OT” refers to both traditional operational technology as well as IIOT). The attack this year on the Oldsmar, Florida, water-treatment plant, where an intruder remotely infiltrated the plant’s control system and water chemistry, potentially poisoning local residents, is just one recent example of how OT-IT integration is posing significant new risks.

What makes malware in all its forms a particularly danger-

B3

Nonperforming real estate loans at single-digit level

Perspectives ANSOMWARE and other forms of malware (malicious software) can unleash havoc in diverse and increasingly creative ways, including paralyzing attacks on infrastructure, businesses, government and even global Internet services. The growing threat of sophisticated cyberattacks is creating significant challenges to the promise and potential of the digital revolution.

Threats become particularly critical when involving operational-technology (OT) controlled environments, which are typically used in the production and distribution of goods and services critical to national infrastructure and broader society.

Cyberattacks affecting OT environments have become a harsh and troubling reality in recent years and a growing concern as their potential to create massive disruption increases.

While attacks on OT environments have escalated in recent years, they are unfortunately gaining momentum as the rapid shift to online services and remote working during the global pandemic creates new opportunities to launch lucrative ransomware attacks. Organized crime groups are raising the ransomware stakes in terms of the sophistication and costs of attacks, and increasingly targeting national infrastructure across an array of sectors, including healthcare, manufacturing, energy, and oil and gas.

The reality is that ransomware attacks can deliver high returns for criminals, and the rapid growth of liquidity in cryptocurrency markets is creating more opportunities for large payoffs.

Editor: Dennis D. Estopace • Monday, November 15, 2021

ous threat is that it encapsulates harmful capabilities in software format, allowing hackers with limited expertise to launch destructive and costly attacks.

‘Egregor’ ransomware and others are following the ransomwareas-a-service (RaaS) model, which conveniently provides criminals with tools that can empower even the most inexperienced of hackers to launch complex and devastating attacks.

Malware can also be reused and enhanced, allowing malicious actors to build upon existing capabilities and ultimately expand their destructive power.

A software weapon such as malware stays in the digital terrain for others to use, reuse and improve. That was the case with MIRAI, which spawned a series of variants after its initial attack.

Finally, malware can cause unexpected damage beyond the intentions of its authors. This is especially true for self-replicating malware—worms or viruses— that can propagate indefinitely and unpredictably unless specific ‘kill-switches’ are included in the software by their authors. Nothing prevents future perpetrators from disabling that kill switch.

The excerpt was taken from the KPMG Thought Leadership publication entitled “Securing a hyperconnected world.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may visit www.kpmg. com.ph.

ish projects on line.

“Ngayon dahil kulang ang ating kinikita dahil nga pandemic, kailangan mangutang tayo. Pero ‘pag nangungutang naman tayo siyempre tugunan naman natin, magkano ba ang kinita ng gobyerno?” Lacson laments, noting the penchant to “borrow more than is needed.” [Now, our income is low because of the pandemic, we need to borrow. However, if we borrow, of course we need to pay. But how much does government earn?]

The Senator noted that the borrowing binge is always in excess of what is to reasonably expected.

“Ang inuutang natin laging sobra sa national government. Halimbawa ’yung ating budget deficit, ’yung kakulangan ng ating nakalap na buwis, P685 bilyon. Alam niyo ba ang laging inuutang ng ating national government? P1.2 trillion to P1.3 trillion.”

[What we owe is always more than what the national government needs.

For example, our budget deficit—the lack of taxes we collected—is P685 billion. Do you know what our national government borrows on the average?]

In turn, Lacson asked: “Ang tanong ko, ’pag meron kaming budget deliberation, bakit laging sobra ’yung ating inuutang, eh ito lang ang kailangan natin?” [My question during budget deliberations is why do we always borrow too much than we need?]

Moreover, he adds that it does not end there.

“Ang hindi nagagamit sa ating pambansang budget, taon-taon ’yung average mula 2010 hanggang 2020 alam ninyo kung magkano? P325.8 billion uutang ka para punan mo ’yung kakulangan ng kinikita ng gobyerno, ’yun pala hindi mo naman gagamitin,” Lacson rues. [What is not used in our national budget, the annual average from 2010 to 2020; do you know how much? We will borrow P325.8 billion

to address government’s revenue shortfall, which it will not use.]

Seen as a viable solution, the Lacson-Sotto tandem cited the “Budget Reform Advocacy for Village Empowerment,” or Brave,” which aims to “distribute the budget to barangays, municipalities and provinces to be allocated for projects that would provide livelihood and employment to citizens.”

“How can a poor barangay or municipality rise up when it turns out that there are hundreds of billions in idle funds (for them) that are not being used by the national government?”

The Senator suggests that in planning the budget, concerned government authorities should “enlist the assistance of the barangay chairman, mayor, and governor in consultation because they are the ones who know more the needs and priorities of their communities.”

No. of OFW-members of SSS surges 800,000

By Bernadette D. Nicolas @BNicolasBM

O

VERSEAS Filipino worker (OFW) members of the state-run Social Security System reached 1.34 million as of June this year, surging by over 800,000 compared to the same period last year.

Despite the pandemic, many Filipinos are determined to work abroad to provide for their families and help the country gradually recover from the economic slump, according to SSS President and Chief Executive Officer Aurora C. Ignacio.

“With the assurance that their continuous membership and contributions in the SSS provide lifelong benefits in times of contingencies, we highly encourage our global heroes to become SSS members and religiously remit their contributions,” Ignacio was quoted in a statement as saying.

According to her, the SSS is one of the cheapest pension schemes in the Philippines that provides a wide range of social security programs, which definitely helps OFWs in times of difficulty.

“By being active members of SSS, they are assured of receiving pension benefits upon their retirement,” Ignacio added.

Under Republic Act 11199, or the Social Security Act of 2018, coverage in the SSS is

compulsory for all sea-based and land-based OFWs provided they are not over 60 years old.

All covered OFWs may avail of all benefits, such as sickness, maternity, disability, unemployment, retirement, death and funeral.

They are also entitled to apply for short-term member and housing loans based on the qualifying conditions.

For land-based OFWs, their declared monthly earnings at the time of their registration with the SSS shall be the basis of their initial monthly-salary credit (MSC) and the corresponding amount of monthly contribution.

The minimum MSC for land-based OFWs is P8,000 (roughly $160.55 at current exchange rates) while the maximum MSC is P25,000 ($501.71).

Land-based OFW members shall pay both the employer and the employee contributions.

For instance, a member with a monthly income of P8,000 will pay the entire SSS contribution of P1,040.

Meanwhile, an OFW with a monthly income of P25,000 should pay an SSS contribution of P3,250 per month—P2,600 shall be allotted to the Regular Social Security Program while the remaining P650 shall be allocated in the SSS’s “workers’ investment and savings program,” or Wisp. The program is a voluntary provident fund launched last January to provide a safe, convenient, tax-free and principal-protected retirement savings plan for members with an

MSC of more than P20,000.

For sea-based OFW members, the SSS said they will only shoulder 4.5 percent of the contribution rate while their respective employers will shoulder the remaining 8.5 percent. For example, an OFW member with a monthly income of P20,000 shall contribute P900, while the remaining P1,700 should come from the employer to complete the P2,600 monthly contribution.

The state pension fund also said OFWs may pay their monthly contributions in advance regardless of the number of months or years.

The deadline for payment of contributions for the months of January to September of a given calendar year may be paid up to December 31 of the same year while the contributions for the months of October to December of a given calendar year may be paid up to January 31 of the succeeding year.

“However, we would like to remind them that no contributions paid retroactively by a land-based OFW-member based on the above deadline shall be used in determining his/her eligibility to any benefit arising from a contingency wherein the date of payment is within or after the semester of contingency,” Ignacio said.

“Further, we are promoting that they use the various electronic payment channels to pay their monthly contributions regularly and to ensure their eligibility to short and long-term benefits, including loan privileges,” she added.

Bank of China to assist firms expand in China

By VG Cabuag

T

@villygc

HE local unit of Bank of China said it is ready to assist local Filipino manufacturers to expand their market, mostly exports in agricultural goods.

“The Philippines continues to be a valuable trade partner of China, especially when it comes to organic and nutritious foodstuffs,” Deng Jun, country head of Bank of China Manila, said during the China International Import Expo (CIIE).

“And we are more than happy to not only assist Filipino and Chinese enterprises to expand their businesses, but to also establish trading partnerships and strengthen bilateral relationships between the two nations,” Jun added.

The CIIE Bureau and Bank of China arranged several large matchmaking conferences

during the expo, where one-on-one meetings will between buyers and exhibitors were supported with services such as interpretation and video streams.

This includes the Philippine Investment Forum held in Shanghai where Bank of China Manila, in partnership with the Department of Trade and industry, promoted potential investments in the Philippines to more than 200 attendees from companies of the Zhangjiang Hi-Tech Park Group.

“In the past three years, these on-site matchmaking conferences have helped more than 3,000 exhibitors and 7,000 buyers reach deals or future cooperation agreements,” Liu Wei, general manager of the Inclusive Finance Department at Bank of China Shanghai, said.

A total of 46 Filipino companies joined more

than 3,000 enterprises from 127 countries at the annual expo, including Tanduay Distillers, DOLE, Nutri-Asia and Rebisco.

Of the 46 Filipino exhibitors in the expo, 20 have already been successfully matched with Chinese enterprises even before the beginning of the expo. This is part of Bank of China’s cross-border trade and investment matchmaking services for small and medium-sized companies to help businesses better integrate into global capital, value and industry chains, the lender said.

With a population of over 1.4 billion and a middle-income group of more than 400 million people, the world’s largest population, China is world’s second largest economy, as well as the second largest importer and consumer in the world. Its annual import in goods and services is valued at around $2.5 trillion.

B4 Monday, November 15, 2021

Explainer BusinessMirror

www.businessmirror.com.ph

How power and ideology define

Xi’s rise in China

A visitor past by a photo of the Chinese President Xi Jinping and the slogan "I will have no self and live up to the People" at the Museum of the Communist Party of China here in Beijing, China, Friday, Nov. 12, 2021. Xi emerges from a party conclave this week not only more firmly ensconced in power than ever, but also with a stronger ideological and theoretical grasp on the ruling Communist Party's past, present and future. AP Photo/Ng Han Guan

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EIJING—Chinese leader Xi Jinping emerged from a party conclave this week not only more firmly ensconced in power than ever, but also with a stronger ideological and theoretical grasp on the ruling Communist Party’s past, present and future. That lays the groundwork for him to take a third five-year term as party leader at next year’s national congress, elevating to the likes of Mao Zedong, who founded the People’s Republic in 1949, and Deng Xiaoping, who opened up the economy three decades later.

A look at some of the meaning behind the recent developments.

What’s the signifance of Xi’s elevation?

Though the rules were unwritten, Xi’s two immediate predecessors served just two terms as head of the party in keeping with term limits on the presidency. Xi, 68, had the constitution amended, however, to eliminate presidential term limits and could therefore remain in office until he dies, steps down or is forced out.

Though he is the son of a former high official, a friend to both Mao and Deng, Xi rose to the pinnacle by applying what is now referred to as the hybrid economic theory of “socialism with Chinese characteristics in the new era.” Though not new, Xi has made it one of his standards, alongside his call for the “great rejuvenation of the Chinese nation” and the “Chinese dream” of relative prosperity.

Key to realizing those goals are the “two centenaries,” namely building a “relatively prosperous society” by

the party’s 2021 centenary, which it claims to have achieved, and a “modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious” by the centenary of the founding of the People’s Republic in 1949.

All such terms aim to project the image that the party under Xi has engineered a system that adapts to the times and delivers on its citizens’ desire for better quality of life for themselves and their families, and greater respect for China in the international community.

What did the meeting do for Xi?

Although already named the “core leader,” Xi gains further cachet from such phrases’ inclusion in the resolution issued Thursday by the party’s Central Committee on historical questions concerning the party over the past 100 years.

That was only the third such document issued by the party; the first was in 1945 under Mao, the second in 1981 under Deng. To wield such authority in the eyes of party historians and theoreticians certainly

Chinese President Xi Jinping attends an event commemorating the 110th anniversary of Xinhai Revolution at the Great Hall of the People in Beijing on Oct. 9, 2021. Xi appears to be laying the foundation for a third term as the allpowerful Communist Party meets in Beijing.

The official Xinhua News Agency said president and party General Secretary Xi issued a a draft resolution on the party's "major achievements and historical experience" at the Central Committee's plenary session that opened on Monday, Nov. 8. AP Photo/Andy Wong

makes Xi one of the most dominant Chinese figures of the century.

Naturally, only positive achievements are mentioned. While extolling the party’s successes, the resolution glosses over less flattering periods such as the massive famine and industrial failure of the Great Leap Forward in the late ’50s and early ’60s, the chaotic 1966-76 Cultural Revolution and the political upheaval of the 1989 student-led pro-democracy movement in Beijing that was crushed by the army.

What was the meeting’s purpose?

Like all meetings of the 95 millionmember party’s Central Committee of 400 or so top officials, the gathering aimed to achieve unity of thinking and unity of purpose. Heavy on ceremony it featured Xi seated center stage in an enormous room in the Great Hall of the People in the heart of Beijing. The party holds roughly seven such gatherings between each of its national congresses, which are held once every five years.

In this photo released on Nov. 11, 2021, by Xinhua News Agency, members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Chinese President Xi Jinping attend the sixth plenary session of the 19th Central Committee of the Communist Party of China (CPC) in Beijing. Words on the banner reads “The 19th Communist Party of China Central Committee sixth plenary session.” Zhai Jianlan/Xinhua via AP

Xi Jinping appears to be laying the foundation for a third five-year term as party leader at next year’s national congress, elevating to the likes of Mao Zedong, who founded the People’s Republic in 1949, and Deng Xiaoping, who opened up the economy three decades later.

“By firmly supporting and upholding General Secretary Xi’s core position, the whole party will have an anchor, the entire Chinese people will have a backbone and the giant vessel of China’s rejuvenation will have a steady hand on the helm,” Jiang Jinquan, director of the Central Committee’s Policy Research Office, told reporters at a Friday briefing. “No matter what choppy waves we might encounter, we will always be able to stay calm and composed.”

While Xi is almost certain to re-

main head of the party after next year’s congress, likely to be held around November, it’s not clear how many of the other six members of the Politburo Standing Committee—the apex of political power in China—will stay on. Premier Li Keqiang, the party’s No. 2 after Xi, meets the age criteria to remain, although such rules allow for a certain amount of flexibility.

What challenges does Xi face next?

Xi faces no political rivals at home,

but he does face a difficult economic situation and China’s “zero tolerance” approach toward Covid-19 has yet to stamp-out the outbreak while taking a toll on many people’s personal and financial lives.

China’s economy is also heavily dependent on housing sales and construction, and a major slump in the industry is causing jitters, chilling auto and retail sales. Financial markets are on edge about whether one of the biggest developers, Evergrande Group, might be allowed to collapse under 2 trillion yuan ($310 billion) in debt as a warning to others.

Economic strategy has been sometimes contradictory since Xi took power in 2012. The party promises to make the economy more open and competitive. At the same time, it is building up state-owned “national champions” that dominate banking, oil and other industries while also tightening control over private sector tech giants that are China’s biggest success stories of the past three decades.

Abroad, Xi has pushed a bold line, with the government angrily dismissing complaints about issues from his signature “Belt-andRoad” infrastructure initiative, to human rights, the sharp curtailing of rights in Hong Kong and mass detentions and other abuses against Uyghurs and members of other Muslim minority groups in the northwestern region of Xinjiang. Relations with the US are especially tense amid disputes over trade, technology and China’s threats against Taiwan, the selfgoverning island that Xi has vowed to bring under Chinese control at a time that some analysts believe is growing increasingly near.

“Under the strong leadership of the party’s central committee with comrade Xi Jinping as the core, we will rally the entire party like a piece of unbreakable iron and march forward in lockstep,” Qu Qingshan, director of the Institute of Party History and Literature, said at Friday’s briefing. AP

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, November 15, 2021

B5

❶ KENNETH

BARLIS (PHOTO: RAMONA ROSALES/ BRAVO)

❷ NIKKI DE

MOURA (PHOTO: SUPERMODELME FACEBOOK)

❸ DARREN

APOLONIO (PHOTO: RAMONA ROSALES/ BRAVO)

❹ STEPHANIE PRINCE (PHOTO @VUKSVISION)

❶

❷

❸

That Pinoy fighting spirit

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HE Philippines is currently set into an intensely competitive mode. No doubt we’re killing it at our international pageant campaigns. But we also have representation in ongoing design and modeling reality show competitions.

Before anyone cries that I’m claiming them for the Philippines, each is mighty proud of their Filipino heritage. On the US-based Project Runway Season 19 (cash prize of $250,000), we have Kenneth Barlis (32) and Darren Apolonio (27). On the second season of Canada’s Drag Race ($100,000), we have Stephanie Prince (23). And on the sixth season of Singaporebased SupermodelMe (for a shot at modeling fame), we have Nikki Advincula de Moura (17), Cassandra Laforteza (24) and Melanie Jane Fernandez (21).

SLAYING THE RUNWAY THEY may not have realized their goal of reaching the finals and showcasing a collection at New York Fashion Week but both Kenneth and Darren were able to display their talents and spoke highly of their native roots at the same time. They were also up against designers hailing from Mexico, Haiti, Nicaragua, Russia, China and Afghanistan. (Jasper Garvida won the British adaptation, Project Catwalk in 2008. The only person of Filipino descent to do so.)

In Episode 3: “If You Got It, Haunt It,” the brief was for a Halloween chic creation that’s not costumey. “We felt your look was confusing and unfinished,” judge and Elle editrix Nina Garcia quipped of the olive satin creation that sent Kenneth packing. Former editrix of Teen Vogue Elaine Welteroth said, “You have such a beautiful spirit, Kenneth. Thank you for blessing us with such a positivity that is just so refreshing.” To which actress and guest judge Taraji P.Henson added, “We wish you the absolute best. On to the next great venture in your life.”

Kenneth, born in Zamboanga, is an alumnus of the Fashion Institute of Design and Merchandising, has shops on Melrose Avenue and San Diego, and recently showed at Paris Fashion Week. His clothes have been worn by RuPaul, Bella Poarch, Dermot Mulroney, Carrie Underwood and his “future husband” Pietro Boselli.

“I know that I gave it all. That gives me peace of mind and going home with a grateful heart that I’ve experienced all these amazing things and the

craziness of it and the drama. So it’s truly truly an amazing experience,” Kenneth said.

“Bye, Kuya,” Darren sweetly shouted upon Kenneth’s exit. The next episode, “Flower Power,” the contestants designed their own floral prints. True to his “eclectic mix of 1970s/1980s camp and avant-garde subcultures mixed with contemporary youth culture street fashion’ philosophy, Darren was inspired by the doodle-like hippie flowers of Bikini Bottom of SpongeBob. He was out.

Darren was asked by Elle, “What has been your biggest success so far?” The BFA degree in Fashion graduate of Savannah College of Art and Design replied: “Being able to leave my home country and move to New York is a success on its own. Growing up in the Philippines, not exactly a fashion capital, a career in fashion, especially with my niche aesthetic, seemed like a pipe dream, but all that rebellious, nottaking-no-for-an-answer attitude got me somewhere, and that’s a success on its own.”

LIFE’S A DRAG WHILE Project Runway challenges have a budget of $400, Canada’s Drag Race’s first challenge, “Lost and Fierce,” was for the queens to “create a haute-check couture look that screams premiere party eleganza using left-behind materials from the coat check.”

Stephanie’s cocktail confection made from paper flyers was deemed Top 3 material by judges Brooke Lynn Hytes (first runner-up in RuPaul’s Drag Race Season 11), fashion stylist Brad Goreski, and broadcaster and Season 1 “Squirrel Friend” Traci Melchor. With an entrance look she created herself honoring Jollibee, I had high hopes for Stephanie especially after fellow Pinay queen Kyne excited early in Season 1. However, she stumbled in the overacting

challenge in Episode 3, “Screech”.

“Stephanie Prince, my Calgary queen. You came into this competition like a stampede. Now the world better buckle up because your rise has only just began,” gushed actress and judge Amanda Brugel.

“I’m very proud of what I brought to this competition. I hope people heard my story and I hope Canada and the world would love me. For those kids growing up still—for Filipino gay kids, queer kids, kids who don’t realize who they are yet—you have something special in you heart. And you can grow up to be bitches. Like me,” said the proudly selfproclaimed “Filipina Goddess and Prairie Princess.”

TEEN QUEEN-TURNED-MODEL OF the three Pinays in contention in SupermodelMe, Nikki de Moura is the most likely to clinch the prize.

A Filipina has never won the top plum after Jacqueline Milner (Season 3), Karina Curlewis (Season 4) and Irish Ong and Jasmine Ng (Season 5) competed in the past.

After a seven-year hiatus, SupermodelMe (Revolution) is back with 12 girls of Asian descent taking on 10 challenges for one shot at global modeling stardom. The new host/judge is ThaiAmerican Cindy Bishop, Miss World Thailand 1996, with Fil-Australian Catriona Gray, Miss Universe 2018, and Swedish-Chinese Ase Wang among the judges. As a task master, Filipina-Malaysian supermodel and Subaru ambassador Monika Sta. Maria “aims to raise a revolutionary roster of future supermodels that are equipped and fit enough for the fast-paced, action-packed world of international supermodeling.”

Nikki was born and raised in Brazil, before relocating to the Philippines at 13. Her mother hails from Bukidnon. She was discovered by designer Angela Soriano and honed by designer Malayka Llamas. She was trained by Cagayan de Oro makeup artist Jeri Udasco before she was crowned Miss Teen Philippines 2019.

“I think my role model is Gisele Bündchen.

When I’m in Brazil, they will call me the next Gisele Bundchen even though we look nothing alike,” the current Bench model said. “But I really like her because she’s like very calm and centered. She meditates. She loves nature and animals. And I’m very much like that.” n

❹ LIVING THE LOUNGE LIFE

AFTER a more than a year of living in house clothes— sweats, pajamas, and whatever else makes us comfortable—this is the best time to elevate our stayat-home style with cozy, chill and cool loungewear from Surplus. Here, hoodies are hot...track pants are right on the fashion track... knits and button-down shirts are great top stories...and shorts stories are everywhere. There are also flowy lounge dresses in soft fabrics for girls, and tees and muscle shirts for guys.

Living the lounge life also means having wellness essentials that can help you relax and unwind in the comfort of your homes. Surplus has cozy and soft Japanese Tatami Chairs, Wooden Aroma Humidifiers, Rest Easy Massagers, and Rechargeable Hot Compress packs. There are stay-at-home must-haves like foldable laptop tables, telescopic fans, mason jars, and stainless tumblers are also available in different colors.

Lounge in style with the loungewear collection and self-care home essentials from Surplus. These versatile, fashionable pieces and more are available in Surplus stores located in most SM Supermalls nationwide.

Surplus is also available on Lazada, Shopee, SM Malls Online and ShopSM. FUN, feminine, and flowy lounge dress from Surplus.

TAKE it easy with Surplus’ shirt and pajama set, comfy Japanese tatami chair and telescopic fan.

How a dream turned into reality for former magazine editor

THE first time I saw Nicole Limos Morales, I was intimidated. She was working for a glossy magazine then. Nicole is a petite girl, always glamorous and well put-together.

Eventually, she became a friend and when she married the love of her life, I was naturally happy for her. Before the pandemic, she became pregnant and eventually had a lovely daughter named Mattie, who is now almost two years old and is naturally very smart like her mom. We were attending a Make Up For Ever event one time when Nicole said she was

leaving her job. She was pregnant with Mattie at the time and of course, she wanted to enjoy being a wife and mom. “I also want to start a little business. It’s always been something I wanted to do,” she told me.

That “little business” turned out to be The Beauty Edit (@thebeautyedit.ph on Instagram), which not only reviews beauty products but also tells those who love skin-care and makeup what’s new in the market.

Aside from doing reviews and sharing beautyrelated news, The Beauty Edit curates beauty boxes containing and hottest and most sought-after products. I’ve always said that the Philippines lacks a premium beauty box subscription and Nicole has tapped into that need.

She has sold out four The Beauty Edit boxes and is set to release Volume 5, which isn’t a box but a trunk filled with 35 products with a value of over P32,000 but which you can get for P6,500. There will be a preselling on November 17 but the boxes will be available on November 28.

Now, let’s talk about those boxes. You get the pink box plastic-wrapped with beautiful artwork that Nicole commissions. I trust Nicole’s taste 100 percent

and everything she does in her business is impeccable, from the choice of products to the packaging. I love that there’s mini magazine in every volume, which is an homage to Nicole’s publishing roots.

There’s also always a pouch in every box. The last one had a pouch you could wear around your neck where you could place essentials like a lip balm, your credit cards and some cash for when you’re running errands.

For the launch party (online, of course) of The Beauty Edit[ed] Trunk, Nicole has partnered with Chandon Philippines so that should make things more exciting.

Nicole does The Beauty Edit while being a handson mom to Mattie, who is the smartest kid.

I look forward to what The Beauty Edit has to offer in terms of luxury beauty, whether it is a local brand or a foreign brand. A short story: My skin was so dry at one point and I suspected it was the face wash I was using that caused it. So I opened a bottle of Pili Ani Gentle Facial Cleanser, which came with one of The Beauty Edit boxes. This led to me discovering this wonderful Filipino brand.

THESE products were in the first volume of The Beauty Edit box.

B6 Monday, November 15, 2021

Globe Business scores a double win at the 2021 International Business Awards

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LOBE Business, the enterprise arm of the country’s leading telecommunications provider, won accolades at the 18th Annual International Business Awards (IBAs), taking home two Stevie Awards for its inspiring and innovative campaigns for businesses navigating through the toughest times.

Its initiative, The Globe Business 2020 Thematic Campaign—which centers on recreating a braver tomorrow that aims to inspire courageous leadership enabled by digital transformation—earned the Silver Stevie for Communications or PR Campaign of the Year under the Marketing-Business to Business category, and the Bronze Stevie for

Brand Experience of the Year-Business to Business category.

“We are honored to be recognized once again on the international stage for our initiatives to uplift enterprises in the country—from our world-class products to innovations and premiere partnerships here and abroad,” said Raymond Policarpio, Vice President for Product Management and Marketing, Globe Business, Enterprise Group. “More than a business advisor, Globe Business strives to become a trusted partner that helps companies courageously move forward despite the difficult economic condition and shape a better future.”

Globe Business initiated a campaign

video, which captured the narrative of enabling a better future despite current circumstances faced by enterprises, on Facebook and other social media platforms. The video earned more than 11 million total impressions and nearly 5 million views online.

The campaign culminated through Globe’s Leadership Innovation (LeadIn) Forum with the theme “Forward & Fearless: A Path Towards a Braver Tomorrow,” which strongly resonated with over 800 Globe Business clients who attended the session online.

“What we’ve seen in this year’s IBA nominations is that organizations around the world, in every sector, have continued to innovate and succeed, despite the setbacks, obstacles, and tragedies of the ongoing COVID-19 pandemic,” said Stevie Awards president Maggie Gallagher. “All of this year’s Stevie Award winners are to be applauded for their persistence and their resilience. We look forward to celebrating their achievements with them during our 8 December virtual awards ceremony.”

To learn more about Globe Business’ wide range of enterprisegrade solutions that empower digital transformation, visit www.globe.com.ph/ business/enterprise.html. Details about The International Business Awards and the lists of this year’s Stevie Award winners are available at www.

StevieAwards.com/IBA.

Broadleaf selected for ADX Projects for PH smart mobility platform initiative

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ROADLEAF Co., Ltd., a developer and provider of IT services focused on the automotive aftermarket industry, announced that their proposal called, “Pilot Project for Smart Mobility Platform in the Philippines,” has been selected by the Japan External Trade Organization (JETRO) for the Asia Digital Transformation (ADX) Projects (administered by JETRO) and will be implemented by the AEM-METI Economic and Industrial Cooperation Committee (AMEICC) under the FY2020 Ministry of Economy, Trade and Industry (METI) supplementary budget.

Broadleaf has made Digital Transformation (DX) the main theme of its medium-term management plans from 2021 to 2023. It has also positioned the development of a MaaS (Mobility as a Service) platform as one of their strategic priorities for this period. Broadleaf believes that a MaaS platform has the potential to increase the convenience of everyday life, mitigate the mobility gap, and reduce the environmental impact of transportation for people in the Philippines and other ASEAN countries.

Objective of the Pilot Project

THE Philippines is facing major challenges such as chronic traffic congestion and environmental pollution due to its rapid urbanization and increasing population density.

While the government is promoting the electrification of public transportation services as part of its environmental measures, there is an urgent need to improve the profitability of the services in order to accelerate the introduction of expensive electric vehicles. With the adoption of its pilot project for the Asia Digital Transformation (ADX) Projects, Broadleaf aims to utilize the knowledge it has gained so far to establish a new regional model for transportation in the Philippines through a public-private partnership with METI, AMEICC, and JETRO.

The pilot project, which will be conducted in the Philippines in collaboration with a local partner company, Angat Pilipinas Transport Cooperative (APTC). APTC, is operated by the National Council for Solo Parents (hereinafter “NCSP”), a large NPO that supports single-parent households throughout the Philippines.

Through this pilot project, Broadleaf aims to reduce greenhouse gas emissions and traffic congestion by increasing the implementation of electric tricycles.

The high versatility of the cloud-based MaaS platform developed and provided

by Broadleaf allows the platform to be applied not only to electric tricycles, but to all mobility services, including those using four-wheeled and twowheeled vehicles. Broadleaf believes that the platform will help to establish a new regional model for transportation.

Furthermore, through its collaboration with APTC, Broadleaf will contribute to solving various social issues that the Philippines is facing, such as creating employment for single-parent households, while also contributing to the achievement of SDGs.

The ADX Projects

THE objective of this initiative is to solve economic and social issues in the ASEAN region and to promote the social

implementation of digital innovation as a joint ASEAN-Japan effort through the support of pilot projects utilizing digital technology conducted as collaborations between Japanese and local companies.

Angat Pilipinas Transport Cooperative

APTC is a transportation business cooperative operated by NCSP, a large NPO that supports single-parent households throughout the Philippines. It offers an exclusive premium service for singleparent households and also provides discounted services to NCSP members.

Additionally, by adopting electric vehicles eligible for the Public Utility Vehicle Modernization (PUVM) Program, a program being promoted by the Department of Transportation of the Philippines, and using a platform that integrates tricycle operation modes, secondary transportation modes and jeepneys, all of which are used to provide last-mile service, which are routes from major stations to shopping districts and other destinations, this platform enables vehicle dispatch, payment, and operation management. Both modes use environmentally friendly electric vehicles. Finally, the drivers will be provided with generous employment benefits in addition to their regular compensation as a social program.

A LITER OF LIGHT FOR CLIMATE ACTION AT MOA. SM Mall of Asia in partnership with Liter of Light, a Filipino-born global grassroots solar lighting movement, recently had a large-scale installation for its latest initiative to raise awareness for climate action coinciding with the dates of the global climate change conference, COP26, in Glasgow, Scotland. The installations at the Concert Grounds of SM Mall of Asia with the most number of bottle lights are part of a series of pop-up artworks that Liter of Light is building in November to raise awareness and urgency for climate action. It highlights how people, especially young people, are leading the call for change in climate policies, even in the midst of a global pandemic.

CCP announces participants to Virgin Labfest 16

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HE Artist Training Division of the Cultural Center of the Philippines is pleased to announce the fellows accepted to the Virgin Labfest 16 Writing Fellowship Program which takes place online on November 16 - December 5, 2021.

Labfest is a three-week mentorship program on the study and practice of dramatic writing for the stage. The Fellowship Program is part of the Cultural Center’s desire to train young aspiring playwrights. It consists of lectures, discussions, and workshops on playwriting and script critiquing.

The fellows accepted to the Program are the following: Aleia Marie H. Anies, Shenn

Arielle D. Apilado, Ian Carlo S. Bundoc, Neil Angelo S. Cirilo, Maria Isabel L. Jimenez, Faith Carisa F. Lacanlale, Mikaella Yoj B. Sanchez, and Zarina T. Sarappudin.

They will be mentored online by Glenn Sevilla Mas, a multi award-winning playwright. They will be given access to watch recordings of selected past festival plays, as well as the opportunity to participate in the talkback and interaction with known playwright and directors. The Fellowship Program will conclude in an online staged reading of the fellows’ works directed by Dennis Marasigan on December 4 and 5, 2021.

For further inquiries, kindly email: vlf16wfp@gmail.com

DepEd teachers and personnel ready for 2022 national and local elections, receives PNPKI digital signatures

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N preparation for the upcoming May 2022 National and local elections, and as required by the Commission on Elections (Comelec), the Department of Education (DepEd), through the Learning Management System (LMS), has received 65% personnel applications for the Philippine National Public Key Infrastructure (PNPKI) digital signatures.

As of October 29, over 658,000 personnel and teachers have submitted their applications.

Out of these, 83% have already been validated

by HR Units for submission to the Department of Information and Communications Technology (DICT).

Education Secretary Leonor Magtolis Briones extended her gratitude to DICT for helping fast track the PNPKI application.

“Data security is a priority especially during elections, and with majority of our personnel and teachers having secured their digital signatures through PNPKI, we are equipping them well and getting ready for their tasks as members of the Electoral Board,” Secretary Briones said.

The PNPKI digital signature is a new requirement by Comelec for all public school teachers who will serve as Electoral Board

Members. Available to all government employees, agencies, and private individuals, the PNPKI is a virtual key that lets its users encrypt or conceal data into a code and embed important transactions like email exchange in order to protect it from hackers. The PNPKI fosters trust in government agencies as it promises secure transactions with the public.

Region 7 leads the application with 89% applications, followed by CALABARZON with 84% submitted personnel applications, Region 1, and Region 5.

For Schools Division Offices, SDO Tanjay City in Region VII ranks first among all Division Offices with the most number of validated applications at 109.81% followed by Lipa City of Region IV-A with both 106.95%.

In partnership with DICT, DepEd was able to fast-track the registration of teachers and personnel with the DepEd LMS as the online platform. It allowed the Department to file applications for the digital certificates in bulk and for the DICT to waive the submission of requirements.

Visit http://bit.ly/Deped-PNPKI and fill out the application form for the PNPKI certification.

Gerry’s Grill Affourdables: Meals good for four

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HRISTMAS is fast approaching and whatever kind of gathering that we will have for the occasion, Gerry’s Grill Affourdables is here to complete the celebration. Enjoy & savor the taste of their meals seasoned with love & freshly prepared from Gerry’s Grill kitchen.

The three great affordable set meals to choose from the Affourdables are:

PRICED at P 1,599 for set Meal 1, P 1,699 for set Meal 2 (Prime Beef Calderetta, Sizzling Sisig, Gerry’s Fried Chicken, Pancit Canton, Buco Pandan, Platter of Rice & Nestea Pitcher), and P1,899 for set Meal 3 (Prime Beef Calderetta,

Sizzling Sisig, Pancit Canton, Lumpiang Shanghai, Chicken Kebab, Buco Pandan, Platter of Rice and Nestea Pitcher).

Have a hassle-free occasion this holiday season. Plan ahead of time with Gerry’s Grill Affourdables set meals.

Visit or call your nearest Gerry’s Grill restaurant/ For delivery, call 8332-1111 or order online via www.gerrysdelivery. com. Like and follow Gerry’s Grill Facebook and Instagram accounts.

For franchising inquiries, visit www. gerrysgrill.com Gerry’s Grill Affourdables is available for dine –in , pick-up and delivery (plus 5% service charge for dine-in) until December 31, 2021. Gerry's Delivery, gerrysdelivery.com

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, November 15, 2021 B7

Boy, Oh Boy! I

PR Matters

By Claire D. Papa

T is not everyday that one can sit down and have a conversation with the multihyphenated King of Talk, the one and only Boy Abunda.

An hour of privileged and noholds-barred talk with him takes you through a myriad of memories, thoughts and aha moments that make you fall madly in love with the world of communication over and over again.

Boy, before joining the world of show business and being famously known for his opening line, “Sex or chocolates?” was in fact, a quintessential public relations practitioner honed by no less than the Grand Dame of the Metropolitan Theatre, Madame Conchita ‘Conching’ Sunico.

His PR work was a launchpad to a multitude of roles: a TV host, a talent manager, broadcaster, a newspaper columnist, an author and a university professor with a PhD in Social Development.

Two weeks ago, it was my colleague, Joy Buensalido, and my turn to host the monthly meeting of the International Public Relations Association (Ipra) Philippine Chapter.

Every meeting, the hosts are tasked to invite a guest who can share something about his/her advocacies or expertise as part of our continuous learning as PR practitioners.

Joy and I thought of only one person who can absolutely make our October meeting memorable— Boy Abunda. As a common friend, we knew that there are a lot of things to pick up from his experiences in the world of communication especially at this time when social media, short messaging and trolling have taken over the traditional tools of communication.

Suffice it to say, the 15-member Ipra Philippines had so much fun with our Private Conversation with Boy. Since he has always carried out excellent conversations with the Who’s Who in the local and international entertainment industry, politics, business and even nongovernment organizations such as the recent Ms. Universe Philippines pageant, we thought of switching roles with Boy being the interviewee and the Ipra members being the interviewers.

So what was the buzz about Boy?

Boy, the “Bibo” Kid

THE young theater hopeful who decided to try his luck in acting once roamed the streets of Manila and slept on the benches of Luneta, lined up in an audition of at the Metropolitan Theatre. He was casted eventually and caught the eye of director Behn Cervantes who said that “there’s no way that you wouldn’t notice Boy.” He sang, danced and worked behind the scenes. He was everywhere, befriending everyone, not know-

Animation: Cyber Group Studios partners with Grilled Cheese Media to create new preschool animated series, ‘Yum-Yum’

LOS ANGELES, USA—Cyber Group Studios, a leading producer and distributor of animated series best known for its award-winning preschool show, Gigantosaurus, is partnering with Grilled

tunity to be better in one’s craft.

We don’t rest on our laurels. It’s the reality that we can just be as good as our last press release, interview or hosting.

He revealed, “I realized much later that the one immutable law in our business is that nothing lasts forever. When people ask, what is your best interview? I would say, it’s always the next one.”

Lockdown Musings

ing that his stint at the Met had actually opened the curtains for several roles that he would eventually essay.

As the PR of the Met under the mentorship of Ms. Sunico, he recalled his experiences peddling publicity materials to the country’s most revered editors such as Manila Bulletin’s Ethel Timbol and Daily Express’s Tere Orendain, among others. There was no short cut in being good at PR. While he did not consider himself a writer, Boy had to learn the basics of writing. “Grammatically I was very strong, but I was not as brilliant as Floy Quintos...Chelo Banal, Kerima Polotan.”

He adds, “I learned how to write and I learned how to create and I learned to be creative. Kasi kailangan makapasok ang press release mo.You have to be creative in the context of storytelling.”

Needless to say, Boy had his share of tears of joy and frustration that any PR novice would usually go through as part of the so-called Baptism of Fire. “When I started PR, I had no idea what it was all about,” Boy admits.

He fondly remembered that he used to diligently prepare press releases using the traditional typewriter (no carbon copy!) before

Cheese Media, a producer of diverse and family-focused properties, to develop Yum-Yum, an original new animated comedy-adventure series for preschoolers. Grilled Cheese Media (Uncle Dave’s Laugh Emporium, Awesome 4Some) is led by multi-Emmy-winning actor/director/comedian Dave Coulier (Full House, Fuller House) and animator/executive producer Bob Harper (The Powerpuff Girls Rule!!!, The Ricky Gervais Show).

Coulier and Harper are co-creators and executive producers of the new series.

Yum-Yum is envisioned as a family comedy for young viewers about a fun-loving crew of islanders who have slapstick adventures as they travel the world in search of the yummiest foods.

doing the media rounds by either riding a trike or walking around the walls of Intramuros. It was not enough that he gave his best foot forward to the editors because he also had a boss who set high expectations and deliverables. “I was at the mercy of the media and my boss, alam ko I had to build an audience,” said Boy. Even as a talk show host, he was very conscious of that audience.

“Knowing that you have to relate with the public. Knowing that you have to find your rhythm. Knowing that you have to dance, I learned that in public relations.”

Boy believed that his stint in PR earned him experiences that armed him with the courage and confidence to venture into hosting.

Boy as the Show’s Frontliner

A LOT of people know Boy as the King of Talk, a staple figure every week where people get a dose of their entertainment fix and updated showbiz stories. Whether it’s an intimate one-on-one interview, a public affairs program or a tellall breaking news, Boy has always been at the top of his game. And he worked hard to keep on learning from the best interviewers in the world. “To this day, I continue to watch, to critique and to learn.

“We’re very excited to team up with such brilliant creative minds as Dave and Bob on this hilarious new project for preschoolers,” said Pierre Sissman, chairman and CEO, Cyber Group Studios. “We look forward to sharing the series with audiences everywhere.”

“It’s great to join forces with Dave once again and to be working together on Yum-Yum, a fresh and original series that will take viewers on funny, foodfilled adventures around the globe,” said Karen K. Miller, President & CEO, Cyber Group Studios USA, who previously worked with Coulier on the hit series, Full House.

“I’ve created, and been a part of family fun and laughter in movies and televi-

On some days, I am successful, [on] others I am not.”

He is his own class, certainly a tough act to follow.

To develop his craft he opened spaces for people with different views. “When you are an interviewer…kailangan lumawak yung perspektibo mo.” He recounts one of his memorable interviews with an atheist. “How do I talk to someone who does not believe in God?” Boy shared. And in the process of giving him a platform came his realization that “we may be wrong in our expectations until we really listen.”

There’s value in uncovering truths, but these can be harder to surface as Boy can sense in some of his interviewees. “Pag may pagkakataon [If there’s an opportunity], I push. But I am not in the business of destroying reputations and relationships. I usually tell my writers ko, let’s not kill for this interview.

It’s just an interview. It cannot be more important than life.”

Lessons for Wannabes

FOR host wannabes, Boy also shared these lessons culled from years of experience. His first tip?

Stay true to your core. “The frame of reference should be your core, your story.” Boy said his frame of reference includes all of his experiences growing up as a Waray-speaking probinsyano in Borongan with such deep devotion to the family.

“At the core of my being, professionally, I still am a publicist. I still am a dyed-in- the-wool publicist.

May impact ito sa naging karera ko as a host, as an artist manager, at marami pang iba,” says Boy who started his then well-known talent management company, Backroom Inc., as a PR agency.

Second tip is finding one’s language of convenience, even if it’s jologs. And third, it’s about being brave to commit mistakes. “Don’t go for perfection, it is boring.”

For Boy, every day is an oppor-

sion my entire career,” said Coulier. “I’m excited and happy to say that Yum-Yum is fun and packed with laughs. Kids are going to love it.”

People: Ogilvy Singapore strengthens creative firepower with 21 new hires as a result of strong business growth

SINGAPORE—Ogilv y Singapore has doubled down on their commitment to creativity by investing in 21 creative team positions. The bolstering of their creative offering is triggered by recent and rapid growth from more than 25 pitch wins across categories such as technology, retail, financial services,

THE highs and lows of the pandemic have been a period of reflection for Boy. “What most of us realize is that we have to contend about our finitude,” reflecting on the fragility of life. It was also about finding his rhythm, sense of balance and relevance amid the rise of digital platforms. This transition to doing online gigs/shows, and podcasts was a humbling experience.

All of these life lessons, he is pouring into a book he is currently writing. The theme is rooted in a Bb. Pilipinas question he is famed for, When is it ok not to be ok and and when is it not ok to be not ok?

“I am writing that book because it’s about believing and doubting about your relevance. Am I on my road to obsolescence? Then you wake up the next day...ay hindi, mayroong paraan ito.”

Boy has even started “The Boy Abunda Talk Channel” with 747K subscribers and running.

So in such ambiguous times, Boy remains steadfast in his constant stronghold—his faith in the Lord. “Pagnagdududa, nagagalit, nagtatanong, kumakapit na lang ako doon. So how am I? Surviving, living, hoping to thrive.”

Maybe, that is the best we can do in such tough times as PR practitioners in the new normal, to thrive where we are, to keep on building relationships, and change a part of industry that is within our reach.

As his final advice, Boy shared, “It’s election season and constantly we shake ourselves because we want a better world.Do not underestimate the power of the jologs in each one of us.”

And as the famous show ender of the King of Talk goes, “we should make our nanays proud. Always.”

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 premiere association for senior communications professionals around the world. Claire de Leon-Papa is the head of External Affairs and Social Partnerships of Unilab, Inc. She is a member of Ipra-Philippines Chapter and the International Public Relations Association.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com.

and health care.

Chris Riley, chairman of Ogilvy Singapore & Malaysia said: “As we emerge from the worst of the pandemic, we have seen an eagerness from our clients to accelerate their marketing transformation and related ambitions. The significant investment in our talent ensures we have all the creative firepower required to drive bigger and bolder creative impact for our client’s customers, communities, and importantly the environment in which they operate. With a focus on integrating our skills in creative concept, design craft, and content services all under a single leadership, we are well placed to partner our clients with their growth objectives.”

ExecutiveViews BusinessMirror

B8 Monday, November 15, 2021 | www.businessmirror.com.ph

By Anne Ruth Dela Cruz

H

E had dreamt of becoming a doctor, which was the reason why he enrolled in the Bachelor of Zoology program at the University of the Philippines. However, Raul C. Pagdanganan, President and CEO of Cardinal Santos Medical Center (CSMC) realized that the smell of formalin was too strong for him and decided to shift to the College of Business Administration where he took up Business Administration and Accountancy.

“I did not become a doctor but destiny has a way of leading one towards his/her true vocation. I did end up working with doctors,” Pagdanganan said.

He was able to finish the five-year course in four and a half years because he was making up for lost time. He graduated in 1981 and his hard work paid off as he ended up in the top 20 of the successful examinees for the Certified Public Accountancy (CPA) board exam at that time.

Pagdanganan started his career with Sycip, Gorres, Velayo & Co. (SGV) where he worked as an auditor. After 11 months, he decided to join the private sector to help out his family. All in all, he has 25 years of experience as a senior finance executive, and as a member of management committees of different companies.

“I hopped from one company to another, from one industry to another. But the bulk of my experience is really with the Metro Pacific Group of Companies,” he related. “And my first foray into the healthcare industry was when I was invited then by Metro Pacific, particularly Augie Palisoc and Bing Cochangco who wanted to engage me as a financial consultant to conduct due diligence on a hospital that the group wanted to acquire.”

Due diligence

That hospital was De Los Santos Medical Center. Pagdanganan recalled that when the due diligence was being conducted, the entire Metro Manila was submerged in floodwaters. That already gave Metro Pacific second thoughts about acquiring the hospital.

Pagdanganan, however, made his case and pointed out that the value of the hospital is not solely “in its present state but also on its potential to become a strategic addition to the group’s growing portfolio.”

“I recognized the hospital’s potential as being strategically located along two major thoroughfares – E. Rodriguez Sr. and Araneta Avenues,” he said.

“It has Quezon City as its main catchment area and Quezon City is the largest city in the National Capital Region. So it makes sense. There is really a market for that. There is also Araneta Avenue. The other thing that makes it strategic is that it is very accessible to Central Luzon because of the Northern Luzon Expressway,” he added.

So Metro Pacific took over De Los Santos and partnered with the former owners. Pagdanganan was given the opportunity to work in the hospital and was appointed President and CEO of De Los Santos. He was also appointed Board of Director of Marikina Valley Hospital and Chairman of the Board and CEO of Jesus Delgado Memorial Hospital.

Overwhelmed

Pagdanganan was overwhelmed with the task that was given to him since this would be the first time that he would be immersed in hospital operations. In fact, even his siblings doubted his abilities.

“It was indeed a challenging task. A lot of people doubted whether I would be able to take the job simply because I did not have any experience working in a hospital. Even my own siblings did not believe that I would be appointed to lead a hospital,” he said.

He added that he did a lot of soul searching “that quite frankly from a practical standpoint, my lone experience and exposure was really as part of the due diligence.”

“Being part of the due diligence would indicate that you would have to understand the nuts and bolts of the operations of a hospital.

And also the financial implications,” he said.

“But the greatest challenge was really how to grow the hospital.”

New assignment

He stayed at De Los Santos Medical Center for seven years and on September 1, 2020, at the height of the Covid-19 pandemic, he was assigned to lead CSMC, one of the leading private hospitals in the country. For Pagdanganan, it was a homecoming of sorts since he is a resident of Mandaluyong and all his children were born in Cardinal.

“So when I started with Cardinal Santos in September, a lot of people were saying congratulations. What I wanted to hear was good luck. Why? Because the hospital was attending to more COVID cases compared to De Los Santos. So I immediately set my priorities,” he said. I wanted to hit the ground running on my first day by convening my first Senior Management Committee meeting in CSMC.”

Pagdanganan buckled down to work on his first day at CSMC and set down his activities for the first 100 days “which was focused on implementing changes that were very sim-

ple, yet concrete and felt by all.”

“I initiated the rehabilitation of our lobby and improvements in various areas of the main hospital. We improved our facilities and further improved our safety protocols. We came out with the different programs and initiatives to support our workplace where health, safety and well-being of every patient, physician, partner and employee is protected,” he said.

Additional benefits

He also made sure that the staff would be provided with additional leaves, salary adjustments and allowances as well as medical and other protective and contingent provisions especially for those assigned to the COVID areas. “I always remind our employees to take good care of our patients and we will take care of them.”

“Another thing that is very important for me is constant and consistent communication. In crisis, a leader should be very good in two things– there has got to be visibility and communication. He attended his first townhall meeting with the CSMC community where one of the employees commented that he was happy to work with Pagdanganan because he spoke Tagalog.

To get to know the employees better, Pagdanganan institutionalized a “TLC or Talk, Listen and enjoy a cup of Coffee with RCP” where he gets to meet virtually and have coffee with five to six employees every week.

“We talk about their families, we talk about life in the pandemic, we talk about our common predicament” he said, adding that he would show his paternalistic side by encouraging employees to voice out their suggestions and recommendations for the improvement of the hospital and its services to patients.

Whenever a participant happens to be celebrating an important milestone or event, he would send any food treat that the employee would request for.

“We also did our part in communicating to and engaging with the communities we serve through our regular webicons (webinar plus press conference) about the pandemic.

What is more important everyone has seen that a lot of things can be done even amdist the pandemic, provided that we are all on the same boat,” Pagdanganan said.

Enhanced Quarantine Facility

So far, CSMC has been able to weather the storm even if they had to deal with a long waiting list. With Cardinal’s strong family culture, CSMC made sure that all the patients on the waiting list would at least be seen by a doctor. This was achieved through their e-consult and COVID Outpatient Care services. He also paved the way for the construction of an Enhanced Quarantine Facility within the hospital, increasing the hospital’s COVID capacity.

“It’s about 23 beds and the facility accommodated those who could not be accommodated in the main hospital. They were able to avail of X-ray, laboratory works and CT scan if needed,” he said.

In addition to being paternalistic, Pagdanganan describes himself as being a visionary and “entrepreneurial to a certain extent and maybe this is because once upon a time, I was a newspaper boy.”

“Obviously, I am very hands on but at the same time, I would like to say that it is not because I want to micromanage. I also look at the members of my team. It has to be situational.

If I see that we are consistent with what we are doing, it’s time for me to let go,” he said.

As for his future plans for CSMC, Pagdanganan said he wants to ramp up and focus on the needs of the hospital’s non-COVID patients. He is also keen on setting up the hospital’s own primary clinics to cater to patients who do not want to go to the hospital for medical care.

“We have a lot of mobile clinics here. We call it Cardinal on Wheels. We started with that and soon we’re launching the Cardinal Santos Hospital on Wheels. I think we are ready for it because we already have the learning curve on the Cardinal on Wheels so it’s more about increasing the services but this time for the corporate accounts,” he said.

Patient experience

Pagdanganan will also be pushing for patient experience adding that Cardinal is poised to deliver the desired patient experience, given its family culture.

“From all of these experiences in the hospital, putting the patients at the heart of everything we do is how we will be able to institutionalize our collective knowledge, experience, expertise and dreams for the future so that we will be able to do our mandate of serving our patients better,” he said.

His ultimate dream is for Cardinal Santos to have 500 beds because he wants to be able to dedicate more beds to serve the indigent population.

“I am the first CPA in the Philippines to manage a tertiary hospital. My role as a finance person [means] I do not manage the patients, I manage the hospital, for which reason I should be able to bring our institution to the pink of its financial health, so that it will be able to consistently ensure its sustainability and viability.

That is why I say this is probably why the good Lord made this part of my destiny,” he said.

RAUL C. PAGDANGANAN

A visionary, entrepreneur all rolled into one