BusinessMirror October 31, 2022

‘Temporary forex tweaks may cool inflation’

By Cai U. Ordinario @caiordinario

By Cai U. Ordinario @caiordinario

OREIGN exchange interventions may also help cool inflation in the Philippines apart from rais ing interest rates, according to the International Monetary Fund (IMF).

FCLOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists.

I n its latest Regional Economic Outlook for Asia Pacific, IMF said, however, these interventions should only be temporary in order to avoid side effects such as “risk-taking in the private sector.”

I MF noted that foreign exchange interventions are often used along with policy rate hikes to “mitigate over shooting and pass-through inflation.”

The new variant is a threat, especially with the holidays coming up and more foreigners being allowed to travel to the Philippines, De La Salle University economist Maria Ella Oplas told BusinessMirror.

The weak peso has also contributed to the increase in prices as the country

The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas

remains a net food and fuel importer. “ This tool [foreign exchange inter vention] could be particularly useful among Asia’s shallower foreign ex change markets where interventions are potentially more effective and can help avoid a de-anchoring of in flation expectations—for instance, Philippines—and in those economies where currency mismatches on bank or corporate balance sheets give rise to risks from exchange rate volatility —for instance, Indonesia,” the report stated.

with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020.

“My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our measures.”

IMF noted that the Philippines, In dia, Indonesia and Thailand were among the Asian emerging market and devel oping economies that have already seen decumulation of international reserves of between 3 and 10 percent in the first

Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,

which, she said, the economy can no longer afford.

semester of 2022 due to “intense exter nal financial shocks.”

for government to be proactive in imposing them.

“It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.”

The judicious use of foreign ex change intervention should allow for macroeconomic adjustment to take place and could temporarily ease the burden on monetary policy, allowing it to stay focused on stabilizing domestic demand,” IMF said.

Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said.

Slow growth

MEANWHILE , the same report dis closed that the IMF expects Philippine GDP growth to be slower this year and in 2024 compared to July.

Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO).

B ased on IMF’s latest projections, GDP is now expected to average 6.5 percent in 2022; 5 percent in 2023; and 6 percent in 2024.

What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and

“ [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.”

NATL GOVT BORROWINGS

BORROWINGS

MOS DIP

By Bernadette D. Nicolas @BNicolasBM

By Jasper Emmanuel Y. Arcalas @jearcalas

THE national government’s

latest Bureau of the Treasury (BTr) data showed.

T he end-September total bor rowings was P735.33 billion lower than the P2.6 trillion recorded in the same period of last year.

T he 9-month gross borrowings

By Dennis Estopace @DennisEstopace

is nearly 85 percent of the P2.2trillion total borrowing target set by the national government this year.

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

By Jasper Emmanuel Y. Arcalas

ORE than 3 million coconut farmers and workers are now registered with the government’s registry, which serves as the basis for the number of people to be covered by the utilization of the P75-billion coconut levy fund.

Philippine Coconut Authority (PCA) Deputy Administrator Roel M. Rosales said about 3.11 million coconut farmers and farm workers have been registered with the government since it started up-

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

By Andrea E. San Juan

A (s.2021), effectively imposing stricter protocols for all inbound

A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure.

RADE Secretary Alfredo E. Pascual said the Philippines is “ready to work” toward the resumption of negotiations of the Philippine-European Union (EU) free trade agreement (FTA).

TRosales explained that about 500,000 coconut farmers and workers were added to the PCA’s 2018 list that had about 2.5 million coconut farmers and farm workers.

The PCA’s next step is to conduct an exclusion-inclusion procedure by making the updated farmers’ registry public, providing everyone the opportunity to check the veracity of the list, Rosales added.

“ Given the positive develop ments in the country and the val ues and principles we shared, the Philippines remains interested and therefore ready to work toward the resumption of negotiations of the Philippine-EU FTA,” Pascual said on Thursday as he spoke before

“The list will be posted in public spaces where people can easily see

the EU Parliament Committee on International Trade (INTA).

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

Citing a 2020 study, Pascual said that 83 percent of German compa nies want to resume the FTA negotia tions, citing the huge potential for EU companies, with the FTA “positively” affecting competitiveness.

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

programs as President Duterte is expected to sign the industry development plan in early 2022.

and on a permanent basis; provide a conducive framework for attracting greater investments from the EU; and be on a par with other Asean member states who are aggressively pursuing FTAs with the EU.

Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said.

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

T he European Union is the Phil ippines’s 5th largest trading part ner in 2020. The country’s “strategic objectives” in engaging the EU in an FTA are: secure additional duty-free market access beyond those covered under the Generalised Scheme of Preferences Plus (GSP+) scheme

A side from the need to resume talks on FTA, the Trade chief also stressed that the EU- GSP+“not only strengthens the bilateral economic relations of the EU and the Philip pines but it also promotes socioeco nomic development in the country.”

The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act.

Since 2014, the Philippines has enjoyed enhanced trade preferenc es with the EU under the GSP+. In

See “3-M farmers,” A2

fact, the Department of Trade and Industry (DTI) said in a statement on Sunday that the Philippines has increased its export to the EU from €5.3 billion in 2014 to €7.77 billion in 2021, of which 26 percent were exported through GSP+ or €2.03 billion.

“Except for countries classified as ‘Red,’ the testing and quarantine protocols for all inbound international travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A.

He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries.

The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.

Further, the Trade department noted that the Philippines recorded its “highest utilization rate” in EU GSP+ at 76 percent. Some of these exports, it noted, include tuna, vir gin coconut oil, processed fruits, and spectacle lenses.

NTERNATIONAL concerns over the possible spread of the

ernment to reimpose mandatory facility-based quarantine for all arriving passengers in the country.

son Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases

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

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

Unctad sees foreign investments for climate-related projects down in ’22

By Cai U. Ordinario @caiordinario

FOREIGN investments intended for climate change mitigation and adaptation projects are expected to decline this year, according to the United Nations Conference on Trade and Development (Unctad).

I n its latest Investment Trends Monitor, Unctad said climate change-related investments have already plunged in the first three quarters of the year compared to last year.

G lobal climate mitigation in vestments declined 7 percent in the January to September this year compared to the same period in

2021 while funding for adaptation projects contracted 12 percent.

The negative trend reflects a shift in investor sentiment due to the food, fuel and finance crises around the world, the Ukraine war, rising inflation and interest rates, and fears of a coming recession.

Expectations for the full year are for a marked slowdown,” Unctad

said in its report.

T he largest decline in mitiga tion investments were noted in low carbon transport which suffered a 25-percent contraction followed by other energy efficiency at a decline of 10 percent and renewable energy, a contraction of five percent.

F or adaptation investments, Unctad data showed financing for water management projects de clined 19 percent and other adap tation measures, 6 percent.

O verall, Unctad said developed economies made up two thirds of international project finance deals and greenfield investments in re newables.

North America and developing Asia attracted about 200 projects each, while Latin America and the Caribbean and Africa had about 150 and 100, respectively.

I nternational Finance deals on climate-change related projects in Southeast Asia contracted 13 per cent to only 38 project deals com

pared to 58 in 2021 and 47 in 2020.

The shift from fossil-fuel to green investments to support the energy transition risks a setback, due to the loss of momentum in renewables and high oil and gas prices,” the report said.

For now, the downward trend in investment is also affecting ex tractive industries and fossil-fuelbased energy generation, where project numbers dipped by about 16 percent in the first three quar ters of 2022.

But the report warns that high profits of multinationals in these sectors, combined with the cur rent energy crisis, could lead to a renewed push for investments in fossil-fuel based energy, whose production exacerbates climate change.

A n early indication of that is the value of cross-border mergers and acquisitions in the extractive in dustry, which rose sixfold between January and September 2022.

MARINA, CHED prodded to save Pnoy seafarers’ jobs in EU vessels

SENATE Majority Leader Joel Villanueva, back from an of ficial trip to France to meet with members of the French Par liament, said the reputation and livelihood of Filipino seafarers are “at stake should the Philippines fail to comply with European qualifications of maritime educa tion, training, and certification.”

V illanueva sought a swift response from the Maritime Industry Authority (MARINA) and the Commission on Higher Education (CHED) to ensure the country’s compliance with the In ternational Convention on Stan dards of Training, Certification and Watchkeeping for Seafarers (STCW).

and their families.”

E arlier, the senator had called on MARINA and CHED to “rec tify the adverse findings” of the 2020 EMSA audit of the country’s SCTW compliance, to which MA RINA was given a deadline last March to respond.

He reminded that according to the Department of Migrant Workers (DMW), “this is the final year of the Philippines to adopt corrective measures to fully comply with the interna tional standard.

The estimate for 2022 is 0.2 per centage points lower than the July 2022 forecast in the IMF’s World Economic Outlook (WEO) but the same as the April WEO.

T he forecast for 2023 is the same as the July WEO ,but 1.3 percentage points lower than the April 2022

WEO estimates. For 2024, the fore cast is 0.5 percentage points below the estimates made in the July and April WEO reports.

“Asia’s strong economic rebound early this year is losing momentum, with a weaker-than-expected sec ond quarter.

We have cut growth forecasts for Asia and the Pacific to 4 per cent this year and 4.3 percent next year—down by 0.9 and 0.8 percent age points, respectively, compared to the April World Economic Out look—which are well below the 5.5 percent average over the last two decades,” Krishna Srinivasan, Di rector of the IMF’s Asia and Pacific Department, said.

Srinivasan said the first head

wind is global financial tightening which has translated into tighter financial conditions for Asia.

T he Federal Reserve has become much more aggressive in tightening their monetary policy as US infla tion remains stubbornly high.

B angko Sentral ng Pilipinas (BSP) Governor Felipe M. Medal la earlier said the country will match the rate hike of the US Fed eral Reserve should it raise inter est rates by 75 basis points (Full story: https:// businessmir ror .com.ph/2022/10/25/bspchief-rate-hike-to-match-fedsmove/).

IMF cited the war in Ukraine as the second headwind, with its main impact on Asia through commodi ties prices, which spiked following the invasion and remain high.

Most—but not all—countries in Asia have seen a deterioration of their terms of trade, and this has been an important factor behind currency depreciations so far this year.

Medalla earlier said the Philip pine peso has already seen a depre ciation of over 13 percent against the US dollar.

T he IMF said the third headwind is the sharp and uncharacteristic slowdown in China. It has marked down its growth expectations for China to 3.2 percent, its secondlowest level since 1977.

I MF said this reflected the impact of the zero-Covid lock downs on mobility and the cri sis in the real estate sector. This slowdown is estimated to have important spillovers to the rest of Asia through trade and finan cial links.

C hina is one of the Philippines’s major trade partners. In August, China accounted for 13.1 percent or $839.18 million of the country’s export earnings, making it the sec ond largest export market for the country.

I n terms of imports, China was the country’s biggest supplier of imported goods valued at $2.71 billion or 21.8 percent of the total imports in August 2022.

Even in the absence of actual restrictions, greater trade policy uncertainty can have adverse macroeconomic consequences in the short term. A typical shock to trade policy uncertainty, like the 2018 buildup of U.S.-China tensions, reduces investment by about 3.5 percent after two years,” Srinivasan said.

“ We therefore stress the need for international cooperation to roll back trade restrictions, reduce policy uncertainty, and promote open and stable trade – both re gionally and globally – to avoid the most harmful fragmentation scenarios, and to ensure that trade continues to act as an engine of growth,” he added.

T he senator reported that their counterparts in France “speak highly of the dedication and work ethic of Filipino seafar ers” working in European vessels.

We need to uphold that sterling reputation by securing the qualifications of our sea farers under European Union (EU) standards,” Villanueva stressed, noting that “the most urgent concern is for the coun try to pass the evaluation by the European Maritime Safety Agency (EMSA) of the coun try’s STCW compliance set in November.”

H e, however, recalled that “the country has not been able to pass EMSA audits since 2006,” reminding that failure to comply with the STCW would “result in the revocation of the recognition of Filipino seafar ers’ qualifications.”

Still, the senator conveyed a positive outlook, recalling that “we assured in our meet ings with members of the French Parliament that we are doing ev erything we can to maintain the EU qualifications of our Filipino seafarers.”

V illanueva noted that “this is a promise not only to our Eu ropean partners, but also to our hardworking Filipino seafarers

T he lawmaker likewise took  note that according to DMW, failure to comply with the SCTW standards would affect some 30,615 Filipino seafarers cur rently working on EU-flagged ships, based on the numbers from the EMSA Outlook for 2020, while Bangko Sentral ng Pilipinas data show that as of 2021, Filipino seafarers sent home a total of $6.54 billion (P378.96 billion).

“ We need to find how we have been consistently failing the evaluations since 2006, and how MARINA and CHED can snap this losing streak. How did we let this go on for so long? Now, the entire industry and people’s livelihoods are in danger,” Vil lanueva warns.

H e will ask MARINA and CHED to submit a report on the compliance status of the SCTW, with the recommended correc tive measures based on theEMSA audit findings.

Earlier, the EMSA 2020 audit indicated that the Philippines “has inconsistencies in com petencies in the education and training programs leading to the issuing of officers’ certificates, programs for teaching and ex amination methods, facilitiesy and equipment, monitoring of inspections and evaluations of the schools, a well as concerns on the use of simulators and on board training.”

Butch Fernandez

Gross borrowings...

B Tr data showed that the bulk of the amount borrowed by the national government as of endSeptember consisted of gross do mestic borrowings that reached P1.521 trillion.

T he amount was 27.41 percent lower than the P2.096 trillion re corded during the 9-month period of 2021.

T he lion’s share of gross domes tic borrowings during the reference period came from Fixed Rate Trea sury Bonds at P930.382 billion, followed by Retail Treasury Bonds at P878.248 billion.

T here was also a net debt redemp tion on Treasury Bills amounting to P287.058 billion, as more debts were repaid than borrowed.

Data from the BTr also showed that gross foreign borrowings in the January-to-September period de clined 31.72 percent to P345.959 bil lion from P506.665 billion recorded in the same period of last year.

O f the total gross foreign bor rowings, program loans and multitranche dollar-denominated global bonds amounted to P136.6 billion and P117.326 billion, respectively.

T he remaining amount was borrowed through a project loan (P63.477 billion) and through the issuance of yen-denominated Sam urai bonds (P28.552 billion).

For September alone, the na

tional government borrowed P488.643 billion, more than dou ble the P215.106 billion recorded amount last year, driven by higher gross domestic borrowings, based on BTr data.

Gross domestic borrowings in September rose by nearly triple yearon-year to P480.478 billion while gross foreign borrowings plunged by 83 percent on an annual basis to P8.165 billion, BTr data showed.

T he BTr earlier reported that the national government’s out standing debt as of end-August reached a new record level of P13.02 trillion.

T he national government’s out standing debt was P133.64 billion or a percent higher than the P12.89trillion debt recorded in July.

T he national government’s out standing debt at end-August of last year was at P11.64 trillion.

The P133.64 billion or 1.0 per cent increment from the end-July 2022 level was attributed to the net issuances of domestic securities as well as currency adjustments,” the BTr said in an earlier statement.

“At the current level, [national government’s] debt has increased by P1.29 trillion or 11.0 percent since end-December 2021, of which 68.7 percent was domestic borrow ings while 31.3 percent was sourced externally,” it added.

Partners, communities join hands with SM Store to bring joy to Filipino children

In November 2021, WS Pa cific Publications, Inc. (WSPPI)—a book publisher and distribution company and the printer of Learn ing is Fun! Books, and Trailblazer Publications Asia Inc. propelled SM Store’s Donate-a-Book drive. To gether with customer generated do nations, more than 130,000 books were distributed to the patients of The Philippine Children’s Medical Center, Philippine General Hospi tal’s Children’s Ward and Amang Rodriguez Memorial Medical Cen ter; the Smokey Mountain Health Center and Tondo Foreshore Super Health Center; as well as wards of Asociacion De Damas De Filipinas and SOS Children’s Village.

The Donate a Book program also involved SM shoppers who were enjoined to purchase Learn ing is Fun! books as donations in exchange for a 100 pesos discount coupon for every donation made.

In separate social responsi bility initiatives, San Beda Col lege Alabang (SBCA), St. Mary’s Academy in Quezon City, Sacred Heart School-Hijas de Jesus, and UST Angelicum College collected books from their student commu nities and libraries for the ben eficiaries of SM Store’s Donate-ABook program. “We also want to reach out to the youth as part of our library program to promote reading and support their dis tance learning through donation of children’s books and textbooks,” the SBCA said in a statement.

ABRAND-NEW pair of shoes. A gift box containing toys and school supplies. A set of books. These are things many Fili pino children already seem to have. But for school children in under served and last-mile communities-such as a farming village in Echague, Isabela, Sitio Anipa in Rodriguez, Rizal, and public schools in Lanao Del Norte--these things are consid ered treasures and owning even any of them brings immense joy.

A s SM celebrates the legacy of its founder, Tatang Henry Sy Sr. this Super Month, these AweSM stories of Giving Back recount how part ners of The SM Store have helped bring joy to Filipino children by distributing essential items to where they are needed the most.

Like all social good endeavors, SM Store could not achieve all of this without the support of Rich well Philippines, Hasbro, Global Service Centre Philippines, Rotary Club of Subic, WS Pacific Publica tions, Inc., San Beda College Ala bang, St. Mary’s Academy in Que zon City, Sacred Heart School-Hijas de Jesus and UST Angelicu.

Every step made better

To move forward comfortably and securely is a gift our shoes provide in our everyday lives. For some Filipino children, especially those in far-flung communities, a new pair of shoes is not something they can easily afford, and this is why they often settle for worn-out hand-me-downs.

Launched in 2018, Share Shoes promotes the culture of purpose ful giving by providing shoes to children who need them most. SM Store customers donate new or preloved shoes in exchange for dis counts, which they can use to shop in any SM Store branch nationwide.

Share Shoes has since distributed more than a million pairs to Fili pino children nationwide, includ ing elementary students in Diasan, a remote farming community in Echague, Isabela; and the wards of Catholic orphanage Asociacion de Damas Filipinas, Inc. (ADF).

With the help of a long-time partner who shared the same val ues and vision as SM Store, this ini tiative expanded its reach to more kids. The Richwell Group, a leading distributor and retailer of branded apparel, footwear and toys, do nated an additional 7,000 pairs of shoes, which were distributed to World Vision Philippines children in Malabon, Baseco in Manila and Quezon City.

Our love for the Global Child fuels our passion to bring happi ness and progress to every Fili pino child and family,” said Rich well Philippines’ Chief Operating

Officer Maye Yao Co Say.

World Vision Philippines Re source Development Director Jun Godornes said the shoes from the program will greatly boost the mo rale of the school children of World Vision and will help ease the many challenges facing them and their families with the resumption of face-to-face classes.

Spreading the gift of joy

More than just fun and games, toys are essential to building cognitive, social and emotional skills. Howev er, this is a privilege some Filipino kids cannot enjoy because of a lack of resources.

I n recent months, partner companies and organizations of

SM Store gifted school children in the remote areas of Rodriguez, Rizal and Zambales with toys gen erated from the Share-A-Gift pro gram.

F rom July 30 to September 30, 2021, toy maker Hasbro do nated a portion of sales from selected Hasbro merchandise purchased from SM Store and Toy Kingdom to the Share A Gift pro gram. These toys were distributed a day before Christmas to 200 happy pupils of Inigan Elementary School in Rodriguez, Rizal.

M ore recently, on April 1, 2022, more SM partners such as Global Service Centre Phil ippines in cooperation with Ro

tary Club of Subic donated gift boxes to Yellow Boat of Hope (YBH). They contained educa tional toys and school supplies which were given to the stu dents of various public schools in North Luzon such as Oma ya Elementary School in San Narciso, Panglit Elementary School in Masinloc, and Aeta indigenous schools Doña Luisa Obieta Elementary School in Iba and Sta. Martha Elementary School in Palauig in Zambales.

Y BH-Zambales Lead imple menter, John Arex Ocampo, said, “We have been looking for ward to have these toys deployed here in Zambales from Metro Manila. We are thankful for

Creating opportunitiesmoreto learn

Access to books and other reading materials is important to a child’s growth and learning. While some schools and organizations have established their own local librar ies, the books remain limited and could not accommodate all the ea ger readers.

Last year, a book company and academic institutions joined hands with SM Store to bring the joy of reading to children in hos pitals, charitable institutions and primary schools in far-flung areas of Mindanao.

Indeed, the more hands join to gether bounded by the same vision, the more communities are brought up and supported. Through these collective efforts, SM Store goes beyond being a mall and becomes a place that enables the culture of people helping people. Together as a community, greater joy and bigger value can be shared.

You, too, can help uplift the lives of Filipino children by par ticipating in the SM Store's quar terly community programs such as ShareShoes, Donate-a-Book, Share a Toy, Share your Extras, and Sharea-Gift. Watch out for announce ments in The SM Store nearest you or by visiting thesmstore.com.

SM Store and The Rotary Club of Subic’s logistics support.”

SM Store, Rotary Club of Subic, and HSBC Philippines work hand in hand to #HopeItForward with our adopted schools in Zambales

SM Store working hand in hand partners Rotary Club of Subic, and HSBC Philippines to #HopeItForward with adopted schools in Zambales.

SM Store representatives turn over school supplies to the teaching staff of Alabang Elementary School.

Richwell Philippines, Inc. entrusts SM Store to realize their vision and officially turns over the 7,000 additional pairs of shoes to be given to the World Vision Philippines and SM Foundation beneficiaries.

Kids from Asociacion de Damas Filipinas, Inc.

the

experience

SM Store

pair

shoes.

The Nation

State of calamity in

PRESIDENT Ferdinand R. Mar cos Jr. ordered officials to declare a state of calamity in provinces badly affected by tropical storm “Paeng” (international code name Nalgae), as tens of thousands of people remain in evacuation centers.

Marcos wants a declaration to cov er the Bicol Region in the southern most part of Luzon and the Bangsam oro Autonomous Region in Muslim Mindanao (BARMM), his press sec retary said in a news statement.

T he President is also weighing a recommendation from the National Disaster Risk Reduction and Manage ment Council (NDRRMC) to declare a national state of calamity for one year, which would trigger a price freeze and the release of emergency funds.

Paeng is the 16th storm to slam the Philippines in 2022 and has af fected areas across the three major island groups of Luzon, Visayas and Mindanao. About 20 cyclones pass through the Philippines each year, causing fatalities and damage to ag riculture, homes and infrastructure.

The storm comes at a time when the Southeast Asian nation is al ready experiencing food shortages from sugar to white onions, fanning the highest inflation in four years.

In September, typhoon “Karding” (international code name: Noru) damaged swaths of the country’s farmland, further aggravating sup ply constraints.

Paeng has weakened as it exited the Luzon landmass on Sunday. Mov ing at 30 kilometers per hour. It now has maximum sustained winds of 85 km/h and gusts of up to 105 km/h, the state weather bureau said in its 5 a.m. report. It forecasts Paeng will have left the Philippines by Tuesday.

The government has evacuated nearly 170,000 people, more than half of who were still in evacuation centers late Saturday, according to the national disaster-management agency. It reported that at least 60 people had been killed and 40 oth ers injured, in the rampaging floods, landslides and torrential rain trig gered by Paeng. Nearly 200 roads and bridges remain impassable.

15 out of 17

IN a situation briefing held last Sat urday, NDRRMC Executive Director Raymundo B. Ferrer said the agency is proposing for a declaration of a national state of calamity since 15 out of the country’s 17 regions are

susceptible to the floods and land slides caused by the storm.

With this, in behalf of the chair person, the NDRRMC respectfully recommends for the following: de clare a National State of Calamity due to the effects, damage and projected impacts of Severe Tropical Storm Paeng for a period of one year, unless earlier lifted; and to accept offers of international assistance based on needs,” Ferrer said.

Marcos expressed reservations on the proposal since he noted Paeng did not affect some parts of the country.

T he President, however, said he would wait for NDRRMC to officially submit the proposal before he decides to act on it.

Tsunami fear brings deaths

VICTIMS of a huge mudslide set off by Paeng in a coastal Philippine vil lage that had once been devastated by a killer tsunami mistakenly thought a tidal wave was coming and ran to higher ground toward a mountain and were buried alive by the boulderladen deluge, an official said Sunday.

At least 18 bodies, including those of children, have been dug out by rescuers in the vast muddy mound that now covers much of Kusiong village in southern Maguindanao province, among the hardest-hit by Paeng, which blew out of the north western Philippines early Sunday.

O fficials fear 80 to 100 more people, including entire families, may have been buried by the deluge or washed away by flash floods in Kusiong between Thursday night and early Friday, according to Naguib Sinarimbo, the interior minister for a Muslim autonomous region run by former separatist guerrillas.

Nalgae, which had a vast rain band, left at least 61 people dead in eight provinces and one city in the Philippine archipelago, including in Kusiong, and a trail of destruction in one of the world’s most disasterprone countries.

High fatalities

THE NDRRMC reported the down pour caused by Paeng led to flash floods and landslides, which killed at least to as much as 48 people as of the last body count, and caused 13 others to go missing.

About of 40 of the said fatalities were from Maguindanao.

M arcos expressed concern over the large number of deaths in the

province, which could have been prevented with better preemptive evacuation.

We could have done better in Maguindanao in terms of prepar ing because...the 40 deaths with 10 people missing is a little too high. We should have done better than that,” Marcos said.

T he President ordered the De partment of Science and Technol ogy on how it could further im prove the dissemination of flood warnings to local government units through the Department of the In terior and Local Government.

Government aid

LIKEWISE , the President also in structed concerned government agencies (LGU) to provide relief aid to evacuees and restore power in storm-hit areas.

Paeng affected 271,359 persons from the Cordillera Administrative Region (CAR), Calabarzon, Mima ropa, and Regions 5, 6, 7, 9, 11, 12 and Caraga.

Of which, 31,140 were displaced and are staying in evacuation centers.

T he Department of Social Wel fare and Development (DSWD) and LGUs were able to release an

regions as death toll reaches 60

units in order to appropriately respond to disasters and do so in a timely man ner,” the FFW statement said.

Power restoration

THE Manila Electric Company (Meralco) reported Sunday after noon that over four million custom ers across its franchise area expe rienced momentary and sustained power interruptions.

Of the total, 450,538 customers are still affected. Majority of them are still in Laguna and Cavite, and the rest are in parts of Batangas, Metro Manila, Rizal, Bulacan, and Quezon.

We ask for our customers’ pa tience and understanding since we could not give a definite time on when service will be restored. Rest assured that our ground personnel and line crews are working round the clock to restore power the soonest possible time,” Meralco Spokesperson Joe R. Zaldarriaga said.

T he National Electrification Ad ministration (NEA), meanwhile, said there were 32 electric cooperatives (ECs) that reported partial power interruption and10 experienced to tal power interruption.

initial P482,872 worth of assis tance to evacuees.

Social Welfare Secretary Erwin T. Tulfo said the government still has over P1.5 billion standby funds and stockpiles, which are ready for deployment in storm-hit areas.

DOH preparations

THE DOH has prepared over P31 million worth of drugs and medi cines, medical supplies and other commodities as Paeng continues to affect several parts of the country.

In preparation for Paeng, the DOH said, a total of P31,063,736.14 worth of drugs and medicines, medical sup plies, and other commodities were already prepositioned in different regions, namely Regions I, II, CAR, 4A, 4B, 5, 6, 7, 8, Caraga, BARMM and the National Capital Region.

M eanwhile, a total of P72,803,656.64 worth of commod ities is ready for mobilization in the DOH Central Office Warehouse.

T he DOH, through the Centers for Health Development (CHDs), in coordination with regional and local health and disaster response offices, assured that it continues to support affected areas through the deployment of human resources for

health, provision of emergency and other health commodities, continu ous monitoring of health-care facili ties and augmentation of resources.

“Bago pa po mag-landfall ang bagyo ay naghanda na ang DOH dahil alam po natin na marami ang maaapektuhan ng bagyong Paeng (Even before the typhoon made a landfall we have been prepared because we know that many will be affected),” DOH Offi cer in Charge Undersecretary Maria Rosario Vergeire said.

Strengthen NDRRM mandate

A LABOR group urged lawmakers to pass a law, which will empower the NDRRMC to respond during disas ters and calamities.

In a news statement issued on Sun day, the Federation of Free Workers (FFW) stressed the need to strength en the mandate of NDRRMC amid the growing frequency of destructive calamities, particularly typhoons, which hit the country each year.  Federation of Free Workers urges the government to upgrade the Na tional Disaster Risk Reduction and Management Council into a depart ment or strengthen it by amending the law that created it to improve co ordination among local government

T he initial damage cost is esti mated at around P778,468.00 from two affected ECs, it added.

T he National Grid Corporation of the Philippines (NGCP), for its part, said three transmission lines were already restored. These are the Sorsogon-Bulan 69kV Line, BayCalamba 69kV Line, and the Labra dor-Bolinao 69kV Line.

T here are still seven transmission lines that are down as of this writing. These are the Cabanatuan-San Luis 69kV Line, Cabanatuan-Fatima 69kV Line, Gumaca-Lopez-Tagkawayan 69kV Line, Pitogo-Mulanay 69kV Line, Batangas-Bolbok-Bauan 69kV Line, Famy-Comon 69kV Line, and Calaca-Nasugbu 69kV Line.

It also reported three affected backbone lines. These are the San Juan-Calauan 230kV Line 1,  Taya bas-Naga 230kV Line 2,  and TayabasPagbilao 230kV Line 1.

NGCP has deployed 73 line gangs comprised of almost 600 personnel and four choppers to inspect and as sess the impact of the tropical storm to its operations and facilities. Aerial inspection and simultaneous resto ration activities are being conducted in areas already accessible. Bloomberg News, AP, Samuel P. Medenilla, Lenie Lectura, Claudeth Mocon-Ciriaco and Manuel T. Cayon

By Manuel T. Cayon Mindanao Bureau Chief

CITY—President Fer dinand R. Marcos Jr., also the commander-in-chief of the Armed Forces of the Philippines (AFP), commended the Eastern Mind anao Command (EastMinCom) for its successful campaign to rid the Davao Region of communist insurgents.

DAVAO

In his visit to the EastMinCom headquarters here on Thursday, the President was briefed of the recent AFP proclamation that the region has been cleared of the influence and control of the New People’s Army guerrillas.

He was shown the accomplishment of soldiers in terms of guerrillas who were captured or who have surren dered, as well as the weapons which were confiscated or recovered.

Lt. Gen. Greg T. Almerol, com mander of EastMinCom, presented to

the President the command’s peace, security, and development efforts in Eastern Mindanao “in partnership with different government units and line agencies, which resulted in the dismantling of various Commu nist Terrorist Group (CTG) units and the declaration of Davao Region as insurgency-free.”

T he President was earlier welcomed and accorded with traditional military arrival honors.

Marcos also graced the ceremo nial “Declaration of Davao Region as Insurgency-Free and Relaunch ing of Davao Region as Tourism and Investment-Ready Destination” on the same day together with the heads of various government agencies and local chief executives.

Early this month, during an ex ecutive meeting on October 12, the Regional Peace and Order Council 11 approved a joint resolution pro

claiming the whole Davao Region as “insurgency-free.”

In his message, the President rec ognized the collective victory of the government, together with various sectors that worked together to at tain peace and security in the Davao Region, the EastMinCom information office said.

We must acknowledge the efforts of our men and women in uniform, particularly the Eastern Mindanao Command of the Armed Forces of the Philippines, for ensuring the pro tection and security of our people to your various Civil and Military Opera tions,” he said.

“ We must also recognize the ef forts of our LGUs (local government unit), our various government agen cies, and law enforcement authorities in the region for supporting the NTFELCAC (National Task Force to End Local Communist Armed Conflict)

improving public safety and imple menting programs that improve the living conditions for all,” he added.

“ We are more than honored to fi nally meet the President. His recogni tion of our triumphs in peace, security, and development of communities in our Joint Operational Area will surely bolster the morale of the troops who work day and night to ensure the secu rity of our people from the communist terrorists,” Almerol said.

A lso in the occasion were VicePresident Sara Z. Duterte, Depart ment of National Defense Senior Undersecretary Jose C. Faustino Jr., Gov. Corazon Nuñez-Malanyaon of Davao Oriental, Gov. Edwin I. Juba hib of Davao del Norte, and Gov. Dorothy Montejo-Gonzaga of Davao de Oro, Mayor Sebastian Z. Duterte of Davao City and members of the Regional Development Council XI and RPOC XI.

By Joel R. San Juan @jrsanjuan1573

of the Bureau of Immigration (BI) have ar rested the suspected master mind of a West African syndicate that hacks automated teller bank machines (ATM) in the Philippines.

OPERATIVES

Immigration Intelligence Division Chief Fortunato Manahan, Jr. identi fied the suspect as  34-year-old Gha naian Victor Patrick.

Patrick has been in the country since April 20, 2019 with a tourist visa and applied for a missionary visa , which was petitioned by a Cebu-based company. However, when  immigration agents checked the supposed address of the com pany they discovered  it does not exist.  Subsequently, a mission order was issued following a letter sent by intel ligence operatives of the Armed Forces of the Philippines in connection with Patrick’s illegal activities in the country.

Patrick was collared in a joint op eration conducted by members of the BI and the AFP at the parking lot of a mall in Bicutan on October 14.

“ The AFP said that Patrick is one of the prime suspects involved in an ATM hacking syndicate. He has been seen to frequent several big banks in Barangay Moonwalk in Parañaque,” Manahan added.

Patrick will be  facing deportation charges for violation of Section 37(a)

(9) of the Philippine Immigration Act of 1940 for  obtaining an immigration document under false statement and representation.

T he BI said Patrick’s visa is deemed void from the start considering that it was obtained by means of fraud.

T he BI is now coordinating with other law enforcement agencies to identify and arrest his possible co horts and other foreign scammers that might be  operating in the country.

US group assured of ease in doing biz

ALEADER of the House of Rep resentatives has reassured members of the American business community in the Philip pines that the country is committed

to ease of doing business. House Committee on Ways and Means Chairman Joey Sarte Salceda said the lower chamber would deliver on key measures and interventions

that would improve ease of doing business and investment attractive ness of the country. I assure the council: in areas where the national interest and your interests

align, we will deliver,” Salceda said. Salceda was the concluding resource person for the US-Asean Business Council’s Philippine Business Mission last September 28. The mission, which

conducts interviews between leading US companies and top Philippine de cision-makers, consulted Salceda on a variety of economic, fiscal, and strategic issues. Jovee Marie N. Dela Cruz

Agriculture/Commodities

DA’s initial farm damage estimate from ‘Paeng’ at ₧50M, seen rising

By Jasper Emmanuel Y. Arcalas @jearcalas

BFAR eyeing sale of discounted products by oil firms to fisherfolk

“That is what we are encourag ing: to have an arrangement be tween our fishing associations and the private suppliers of petroleum [products],” he said.

INITIAL

estimates of agricultural damage and losses caused by Ty phoon Paeng are at almost P50 million, with nearly 2,000 hectares of farms in three regions affected, the Department of Agriculture (DA) said on Sunday.

In its third bulletin, the DA-Di saster Risk Reduction and Manage ment Operations Center (DA-DRRM OpCen) said about 2,543 metric tons (MT) of produce were affected by Paeng in the regions of Mimaropa, Bicol and Western Visayas.

The DA-DRRM OpCen added that 762 farmers lost potential income due to the typhoon.

“Affected commodities include rice, high value crops and fisheries. These values are subject to valida tion,” it said in its report published on Sunday morning.

DA-DRRM OpCen report showed that bulk of the agricultural damage and losses or about 95.38 percent was recorded in the rice sector.

Paeng damaged 1,887 hectares of rice farms with an estimated vol ume loss of 2,479 MT worth P47.25 million, according to the DA-DRRM OpCen report.

The high value crops (HVC) sec tor registered P1.24 million worth of damage and losses as 64 MT of assorted vegetables and papaya across 62 hectares were damaged

by the typhoon.

Meanwhile, the fisheries sec tor incurred P1.05 million in damage and losses as Paeng af fected municipal fishing boats in Masbate, the DA-DRRM OpCen report showed.

“The Department of Agricul ture, through its Regional Field Of fices (RFOs), is conducting assess

ment of damage and losses brought by Paeng in the agri-fisheries sec tor,” it said.

“The DA continuously coordi nates with concerned [national government agencies], [local gov ernment units] and other DRRMrelated offices for the impact of the tropical cyclones, as well as available resources for interventions and as

sistance,” it added.

The DA-DRRM OpCen said the national government has avail able assistance to affected farm ers and fisherfolk such as seeds, drugs and biologics, as well as fingerlings.

Paeng is now the fourth typhoon in the fourth quarter to cause agri cultural damage and losses.

THE Bureau of Fisheries and Aquatic Resources (BFAR) is eyeing to implement a pro gram that would allow the sale of discounted petroleum products by oil companies to fisherfolk groups to help the latter cope with rising fuel prices.

BFAR OIC-Director Demosthenes Escoto said he is in talks with the Department of Energy (DOE) for a possible program that would offer direct selling of discounted fuel to identified fisherfolk groups.

“We have initially talked with the Philippine National Oil Com pany (PNOC), exploring the pos sibility of coming up with a direct sale of diesel for our fishermen. PNOC told us to discuss this in detail with the DOE,” Escoto told reporters in a recent interview.

"DOE is actually asking for some data, such as which groups will ben efit. We will give them all the data and hopefully they can arrange some sort of an arrangement wherein our fisherfolk can buy fuel at discounted price,” Escoto added.

Escoto explained that the discount ed fuel program would be an “industryto-industry” agreement between oil companies and fisherfolk groups.

He pointed out that the govern ment would only serve as a “facili tator” of the agreement, linking the fisherfolk associations with the oil companies.

Escoto said they are banking on the idea that oil companies would be able to provide fisherfolk associa tions with a “discounted” fuel price should they buy in bulk.

SL Agritech introduces its next generation of leaders

SL Agritech, the pioneer in research, development, and production of hybrid rice seeds in the Philippines, recently introduced the next generation of leaders who will continue to strengthen the company’s legacy in pushing for rice self-sufficiency and a holistic agricultural recovery in the country.

As the leader of the group and the successor of SL Agritech’s CEO Henry Lim Bon Liong, Michelle LimGankee now serves as the Execu tive Vice President and is in charge of the company as a whole. As the company’s EVP with more than 11 years of experience, Michelle has been actively involved in the re search and development of hybrid seed technology, ensuring that SL Agritech’s tradition and their fam ily’s legacy of assisting regional farmers is carried on.

Michelle’s simple childhood motivated her to reach out to vul nerable communities and look for ways to uplift their lives. She has led the company's Masaganang Ani 300 program, which enabled farmers to produce more than three times as much through hy brid seeds and so double their revenue. Many farmers’ lives have drastically improved as a result of this initiative.

She shares, “The use of hybrid

seed technology means provid ing our farmers and the Filipino people a fighting chance to attain rice sufficiency. Through our cur rent hybrid seed varieties which includes the SL-8H, SL-19H, SL20H, and SL-68H, we continue to improve our research and develop ment capabilities in quest of more high-yielding seed varieties that will aid in the production of rice and improve the livelihood of our farmers today.”

The third generation of lead ership includes SL Agritech Cor poration EVP for Operations Brian Lim.

Brian is a strong advocate of the development of hybrid rice tech

nology to ensure the prosperity and security of our nation's food supply. He oversees operations and assures the quality of rice and seeds exported to both do mestic and foreign markets. He is in charge of the entire end-to-end process as well as labor activities at the facility.

Beyond his passion for agricul ture, Brian finds ways to give back to the community by continuously opening up avenues to expand con tract growing sites. Earlier this year, Brian helped the company pursue its plant expansions.

The company’s efforts have reached Laguna, Nueva Ecija, Tarlac, and Mindoro. Through

this initiative, the company can continue to provide employment opportunities to the agri-sector and simultaneously help more farming communities.

Completing the list of leaders is Tiffany Lim-Ngo, the current Marketing Director of SL Agri tech. Tiffany championed CSR programs that helped develop marginalized farming commu nities into highly progressive ones. One of the most notable campaigns she leads is the “Ba lik-Biyaya” program—an ongo ing project that provides feeding programs and rice donations to farmers, fishermen, community pantries, and hospitals across

the country.

As Marketing Director, she also ensures that SL Agritech’s prod ucts are positioned effectively in the market through various media channels and campaigns such as the launch of a Brown Rice tapping Gary Valenciano as an ambassador to help increase awareness of its health benefits.

She also looks for opportunities to introduce new rice products in the market such as the newly-launched Doña Maria Brown Rice Puffs and the ready-to-eat, easy-to-cook champorado & pancake mix from Doña Maria Creations.

Bringing in a new perspective in leading SL Agritech, Michelle, Brian, and Tiffany are ready to take on different challenges in order to help the current agricultural land scape of the country. Circling back to the company’s core, the team is bound to spearhead holistic inno vations through their R&D efforts in order to boost the local rice production through high-yielding seed varieties.

“The future of the Philippines relies on the future of our agri cultural technology. I am proud of the next generation of leaders who can push for positive con tributions to the agri industry,” concludes SL Agritech CEO Henry Lim Bon Liong.

The Department of Agriculture (DA) has been implementing a fuel voucher discount program for corn farmers and fishermen to help them mitigate the impact of the rising oil prices on their productivity (Relat ed story: https://businessmirror. com.ph/2022/01/24/da-read ies-%E2%82%A7500-m-fuelsubsidy-program-for-farmersfisherfolk-amid-oil-price-hikes/)

The fuel subsidy program had an initial funding of P500 million but was later increased to P1.1 billion.

Under Special Provision 20 of the General Appropriations Act (GAA) for Fiscal Year 2022, the fuel discount program would be in effect if the av erage Dubai crude oil price, based on Mean of Platts Singapore for three months reaches or exceeds $80 per barrel. The beneficiaries of the pro gram must be farmers or fisherfolk who own and operate agricultural and fishery machinery individually or through a farmers organization or cooperative.

The DA also expanded its fuel voucher program in the future to cover all agricultural commodities that use farm machinery to help them cope with expensive oil prices (Related story: https://business mirror.com.ph/2022/08/04/daexpands-coverage-of-p500-mfuel-voucher-program-for-farm ers/). Jasper Emmanuel Y. Arcalas

PHL ‘ready to work’ on resuming FTA nego with EU

With the Philippines enjoying this EU “special incentive arrangement,” Pascual also noted that foreign companies investing in the manufacturing sector in the Philippines also take advantage of the preferential arrangement on top of the country’s extensive and expanding domestic market and a “wide network” of free trade areas.  Addressing some of the issues and concerns raised by the EU, the Trade chief also presented the “significant developments” in the country including the policy direction of the current  administration in key areas such as “more focus on prevention, education, and rehabilitation on the campaign against illegal drugs, strong commitment to uphold human rights including press freedom, protection of journalists, and having climate change as a top national agenda.”

An October 17 statement by the Bangko Sentral ng Pilipinas (BSP) said the growth in cash remittances from the United States (US), Saudi Arabia, Singapore and Qatar contributed largely to the increase in remittances in the first eight months of 2022.

“But we see this [impact of a strong dollar on remittances] as temporary and these things tend to equalize. We haven’t seen any volume in terms of demand go away. It’s [strong dollar] more of just a translation; a FX [foreign exchange] issue.”

Data from the BSP revealed that the Philippine peso has become

the worst performing currency among the Asean-5, depreciating by around 13.48 percent.

(See https://businessmirror com.ph/2022/10/28/currencydeclines-to-worsenfood-energycrisis-says-wb/)

However, the peso’s weakness hasn’t stopped Filipinos from sending cash to the Philippines.

The central bank has said that personal remittances from Overseas Filipinos (OFs) reached $3.02 billion in August, higher by 4.4 percent than the $2.89 billion posted in the same month last year.

Mitchell, a former PayPal executive, said globally, the

remittance market continues to grow at 2 percent to 3 percent in annual revenues and “is probably” at $1.5 trillion in size.

“We have not seen any pullback in demand with the global turbulence in the economic markets,” he said. “If anything, remittances continue to play a much stronger role in people’s lives, particularly in the market in the Philippines.”

Since 1997

THE London, United Kingdomheadquartered firm’s Philippine Country Manager said that the resilience of remittances was proven during the Asian financial crisis in 1997.

Even during the onset of the pandemic and throughout the past two years or three years, remittances only declined by 1 percent, Earl Melivo told the BusinessMirror

“Now we’re seeing a 4-percent to 5-percent growth this year, which is already pre-pandemic levels in terms of year-on-year growth in the Philippines,” Melivo said. “And this is also true in key markets: remittances will remain a vital source of support for economies that are very much dependent on remittances.”

Mitchell also doesn’t see recession risks “even actual economic recessions” as

prompting the remittance market to grow a monobrow.

“These are vital money flows that are part of daily life that doesn’t go away with recessions,” he told the BusinessMirror

According to Mitchell, recessions are more of “a pullback in investments; in discretionary spend.”

“A lot of our services we’re providing are for everyday usage [like paying for] medical bills and utility bills [and for] family support. These are not some things that go away because of recessions.”

“If anything, it [remittances] becomes more urgent,” Mitchell told the BusinessMirror

The EU has been vocal in their criticism against the Philippines due to its alleged human-rights violations and suppression of freedom. Compliance with international conventions on human rights, labor, environment, and good governance is a “major criteria” for a beneficiary of EU-GSP+.

In order to renew this GSP+ privilege, the Philippines is subject to a regular monitoring of its obligation to the effective implementation of 27 core international conventions on human and labor rights, environmental protection and good governance.

According to DTI, the current GSP, which includes the standard GSP, GSP+, and Everything But Arms (EBA), will expire by the end of 2023.

The EU GSP+ is a unilateral trade arrangement, which offers zero tariffs on 6,274 products or 66 percent of all EU tariff lines.

(From left to right) SL Agritech Marketing Director Tiffany Lim-Ngo, SL Agritech Executive Vice President Michelle Lim-Gankee, and SL Agritech Executive Vice President for Operations Brian Lim

By Butch Fernandez @butchfBM

President Pro Tempore Loren Legarda affirmed over the weekend the importance of the Paris Climate Change Agree ment to the country as the Philippine delegation, led by Senate President Juan Miguel Zubiri, met Tuesday with French legislators.

SENATE

L egarda reminded that one of the many advocacies and issues that bond France and the Philippines is the Paris Agreement.

Being number one in the world risk index, as the most vulnerable nation in the world, we value our ratification of the Paris Accord in 2015,” Legarda said recalling their meeting with Guillaume Kasbarian, President of France’s Commission for Economic Affairs and Member of Parliament of the National Assembly (Eure-et-Loir).

She noted that the World Risk Index 2022 Report released last September ranked the Philippines with the highest natural disaster risk among 193 nations globally.

C iting this ranking, Legarda prodded the European Union (EU) to increase its Nationally Deter mined Contributions (NDC), the climate action plans submitted by nations, to lessen the impact of cli mate change on vulnerable coun tries, such as the Philippines.

T he senator recalled it has been “seven years since the ratification of the accord and it is incumbent upon industrialized nations in the EU, including France, to perhaps scale up the Nationally Determined Contributions so that vulnerable nations like the Philippines, which only emits ⅓ of 1 percent in terms of global greenhouse gas (GHG) emis sions, will not be as affected.”

A t the same time, Legarda af firmed, “This is one of the advo cacies that I share with my col leagues, which we know the French government and the French people hold dearly, as well, because this impacts our energy security, our food security.”

It will be recalled that the Euro pean Commission has committed to decrease GHG emissions from the EU by 2030 and produce “net zero” emissions by 2050, according to World Bank.

Moreover it also notes that 76 percent of global greenhouse gas emissions are coming from China, the United States and the EU.

Legarda and the rest of the Philip pine delegation also met with FrenchSouth East Asian Friendship Group led by Senator Mathieu Darnaud and Madame Gisele Jourda, Vice Presi dent of the Committee on European Affairs and President-designate for the Philippines.

She recalled that during the meet ing, Legarda, founder and president of the Philippines-France Parliamentary Friendship Association, conveyed the Philippines’s commitment to the High Ambition Coalition (HAC) for

Nature and People, at the same time thanking France “for its continued assistance to the Philippines.”

I am glad that France does not stop in helping in giving technologi cal, technical, and capacity-building, and even financial assistance in so far as biodiversity conservation, sus tainable development, and climate action,” she said.

In leading the support for the Philippines’s actions against climate change, the senator also acknowl edged the Agence Fançaise de Devel opment (AFD) as it also committed EUR 482 million for the country.

T he lawmaker likewise recalled that in 2021, a policy-based loan amounting to EUR 250 million was granted to the Philippines by France as funding support for disaster risk reduction, preparedness, and re sponse at the local level.

We are grateful for your con tinued support for the Philippines and other developing nations, and as the COP talks start in the first week of November in Egypt this year. We hope that France will be on the side of developing nations so that the $100 billion commit ment in the Paris Agreement would finally be realized, and so that the issues of loss and damage, which is important to vulnerable nations, could also be defended or even dis cussed,” said Legarda.

T he Philippine delegation com prised of Legarda, Zubiri, Senate Majority Leader Joel Villanueva, Senate Deputy Majority Leader Joseph Victor Ejercito, and Sens. Manuel Lapid, Maria Lourdes Bi nay, Grace Poe, and Christopher Lawrence Go, also met with Sena tor Daniel Gremillet, member of the Committee for Economic Af fairs and President of the Study Group on Energy; and Pascal Chaix, Deputy Director for International Relations Division of the Atomic Energy Commission.

House Committee on Ways and Means Chairman Joey Sarte Salceda, for his part, said countries like the Philippines must continue to push for acknowledgment and compen sation for “loss and damage” ahead of COP 27, or the 2022 United Na tions Climate Change Conference.

In a news statement, Salceda said “Typhoon Paeng wasn’t supposed to be that strong, and yet killed several dozens of people due to stronger than expected floods.”

Salceda, who was formerly the CoChair of the United Nations Green Climate Fund, will be part of the Philippine delegation to the Confer ence of Parties (COP) 27, or the 2022 United Nations Climate Change Con ference, set in Egypt this year.

Climate change kills. There is loss and damage. And countries like the Philippines that are the most at-risk due to its impacts have a moral respon sibility and the moral ascendancy to fight for the principle of loss and dam age,” Salceda said.

With Jovee Marie N. Dela Cruz

IN a bid to proactively discuss concerns on responsible mining, environment officials met with stakeholders in Sibuyan Island for a Consultative Dialogue and Capac ity Building on Mining and Environ ment on Wednesday, October 19, at the Evacuation Center in Barangay Panangcalan, San Fernando, Romblon.

T his undertaking, held in partner ship with the Department of Environ ment and Natural Resources (DENR) Mimaropa Region, the Environmental Management Bureau (EMB) MIMA ROPA Region, the Provincial Environ ment and Natural Resources Office (PENRO)-Romblon, and the Local Government of San Fernando, Rom blon is in connection with the request of the local government unit (LGU) to conduct an information, education, and communication (IEC) activity to address the issues and questions on

mining activities in Sibuyan Island.

T he said IEC activity is also among the agreements during the Capacity Building for LGUs of Romblon on August 15, 2022, and in response to the Sangguniang Bayan Resolution No. 144, S. 2022, dated October 3, 2022 of the Municipality of San Fer nando, Romblon requesting the DENR MIMAROPA Regional Executive Di rector to send a licensed forester and mining engineer to conduct IEC on mining issues in Barangays España and Taclobo.

D uring the discussion, environ mental officials clarified the legal definition of responsible mining as well as the requirement to progres sively restore and rehabilitate areas of operation. Under the law, the Mt. Guiting-guiting Natural Park was also specified as a “no-go” zone for mining due to its status as a protected area.

House may revise ’23 budget for rehab of Paeng-hit areas

By Jovee Marie N. Dela Cruz  @joveemarie

T he Speaker also supported the recommendation made by the Na tional Disaster Risk Reduction and Management Council (NDRRMC) for President Ferdinand “Bong bong” Marcos, Jr. to declare a na tional state of calamity due to the effects, damage and impacts by the latest cyclone.

donations and pledges as of 12:45 a.m. Sunday.

On top of the P35 million, the Speaker has also received a pledge of assistance from the private sec tor, which is committed to helping in the production of much-needed relief packs.

S peaker Martin G. Romualdez asked the House Committee on Appropriations to compile the damage assessment from House members and executive offices “so that they may aid us in reviewing possible adjustments in budget allocation for repair and rehabili tation of affected areas under the proposed 2023 General Appropria tions Act.”

I have requested my fellow members of the House of Repre sentatives to help the Executive departments and agencies assess the damage caused by the STS (severe tropical storm) Paeng and assist in relief operations in their respective districts,” Romualdez said.

“ The House of Representatives will also use its power over the purse to see to it that rehabilita tion of affected communities will proceed unhampered as soon as the relief stage is completed,” Ro mualdez added.

T he lower chamber has already passed the 2023 national budget on third and final reading. The Senate is set to tackle it after Congress resumes its session on November 7. After that, the spend ing measures goes to a bicameral conference committee.

Meanwhile, Romualdez called for a comprehensive assessment of the damage and destruction caused by Paeng in many parts of the country.

He said reports reaching his of fice show that “almost all regions in the country were affected by the onslaught of STS Paeng, which de stroyed bridges, roads and key in frastructure and wrought havoc to life and property.”

R omualdez said at the moment, the government “is in relief op erations [mode] to alleviate the suffering of our fellowmen and to deliver aid as soon as possible to those in need.”

Romualdez said he and his col leagues have launched a relief drive and operations in the House of Rep resentatives to help the national gov ernment secure the resources needed in affected communities.

M eanwhile, Romualdez an nounced that he has already gained pledges of assistance from fellow House members and the private individuals in connection with the relief drive and initially generated P35 million worth of

He said the lower chamber is also coordinating with the Na tional Disaster Risk Reduction and Management Council, Office of the Civil Defense, Departments of Na tional Defense, Health, Education, Interior and Local Government (DILG), Public Works and High ways, Trade and Industry, Energy, Transportation, Information and Communications Technology and other departments to assess im pact on Filipinos in terms of the current health, rescue missions, infrastructure, education, prices of basic commodities, power supply, transportation, communications, and other concerns related to the calamity.

A s of 10 a.m. Sunday, Romualdez said the lower chamber responded to the requests of lawmakers from Capiz, Aklan, Iloilo, Antique, Ma guindanao, Cotabato, Quezon, Marinduque, Zamboanga, Negros Occidental, Batangas, Lanao, Cavite, and Biñan City.

By Jonathan L. Mayuga @jonlmayuga

DEPARTMENT

of Agrarian Reform (DAR) Secretary

Conrado Estrella III has re cently convened the 150th meeting of the Presidential Agrarian Reform Council Executive Committee (PARC ExCom), and bared the Marcos ad ministration’s plans and programs after the expiration of the Compre hensive Agrarian Reform Program (CARP) and CARP Extension with Reform (CARPer).

PARC is the highest policy-mak ing body of the Comprehensive Agrarian Reform Program (CARP).

In a news release, the DAR chief, in his capacity as PARC vice chairman, said he was tasked by the President, to convene the meeting to announce the directive to use the remaining P10 billion of the Agrarian Reform Fund (ARF) and “to realize his dig nified goals for our farmers.”

T he ARF is what remains of the P50 billion fund allocated for imple menting CARPer.

E strella expressed in the meet ing his determination to adopt the President’s recommendation for the release and utilization of P10 billion from the ARF balance, which will be used for:

Landowners compensation, with an amount of P1.4-billion for documented landholdings with pending claims that are due for payment;

Support services budget, with P7.85-billion for the implementation of projects, including agri-extension services, distribution of farm input support and farm machinery to agrarian reform beneficiaries, in frastructure development and public works projects, among others;

Additional P500 million for ad ministrative and operating expenses needed for the implementation of the above components of the agrarian reform program; and

Institutional human resourc es for capacity development pro grams, P250 million to empower and enhance the competencies of the department for its effective implementation.

Jonathan L. Mayuga

THE

House of Representatives may adjust the proposed P5.268trillion national budget for next year for the rehabilitation of areas affected by Severe Tropical Storm (STS) Paeng, the speaker said on Sunday.

151 people killed, 82 injured in Seoul Halloween stampede

By Kim Tong-Hyung & Hyung-Jin Kim The Associated Press

SEOUL, South

Korea—A mass of mostly young people celebrating Halloween in Seoul became trapped and crushed as the crowd surged into a narrow alley, killing at least 151 people and injuring 82 others in South Korea’s worst disaster in years.

Emergency workers and pedestrians des perately performed CPR on people lying in the streets after the crush in the capital’s nightlife district of Itaewon on Saturday night.

Those killed or hurt were mostly teens and people in their 20s, according to Choi Seong-beom, chief of Seoul’s Yongsan fire department. The dead included 19 foreign ers, he said, whose nationalities weren’t immediately released. The death toll could rise further as 19 of those injured were in critical condition.

An estimated 100,000 people had gath ered in Itaewon for the country’s biggest outdoor Halloween festivities since the pan demic began and strict rules on gatherings were enforced. The South Korean govern ment eased Covid-19 restrictions in recent months and this was the first big chance to get out and party for many young people.

While Halloween isn’t a traditional holi day in South Korea, where children rarely go trick-or-treating, it’s still a major attraction for young adults, and costume parties at bars and clubs have become hugely popular in recent years.

Itaewon, near where the former headquar ters of US military forces in South Korea operated before moving out of the capital in 2018, is an expat-friendly district known for its trendy bars, clubs and restaurants and it’s the city’s marquee Halloween destination.

Officials initiall y said 150 people were injured as of Sunday morning before later lowering their tally.

National Fire Agency officials didn’t im mediately explain why the tally was reduced but said emergency workers would have had a more accurate idea of the casualties as rescue operations proceeded and that some

of the injured would have been converted to deaths. It was also possible that some of those who were lightly injured had returned home overnight and were no longer counted.

South Korean President Yoon Suk Yeol declared a national mourning period on Sunday and ordered flags at government buildings and public offices to be raised at half-staff. During a televised speech, Yoon said supporting the families of the victims, including their funeral preparations, and the treatment of the injured would be a top priority for his government.

He also called for officials to thoroughly investigate the cause of the accident and re view the safety of other large cultural and entertainment events, including regional festivals, to ensure that they proceed safely.

“This is really devastating. The tragedy and disaster that need not have happened took place in the heart of Seoul amid Hal loween (celebrations),” Yoon said during the speech. “I feel heavy hearted and cannot con tain my sadness as a president responsible for the people’s lives and safety.”

After the speech, Yoon visited the Itae won alley where the disaster occurred. Lo cal TV footage showed Yoon inspecting the alley filled with trash and being briefed by emergency officials.

It was not immediately clear what led the crowd to surge into the narrow downhill al ley near the Hamilton Hotel, a major party spot in Seoul. One survivor said many people fell and toppled one another “like dominos” after they were pushed by others. The survi vor, surnamed Kim, said they were trapped for about an hour and a half before being rescued, as some people shouted “Help me!” and others were short of breath, according to the Seoul-based Hankyoreh newspaper.

Another survivor, Lee Chang-kyu, said he

saw about five to six men push others before one or two began falling, according to the newspaper.

In an interview with news channel YTN, Hwang Min-hyeok, a visitor to Itaewon, said it was shocking to see rows of bodies near the hotel. He said emergency workers were initially overwhelmed, leaving pedestri ans struggling to administer CPR to the injured lying on the streets. People wailed beside the bodies of their friends, he said.

Another survivor in his 20s said he avoided being trampled by managing to get into a bar whose door was open in the alley, Yonhap news agency reported. A woman in her 20s surnamed Park told Yonhap that she and others were standing along the side of the al ley while others caught in the middle of the alley had no escape.

Choi, the fire department chief, said that bodies were being sent to hospitals or a gym, where bereaved family members could identify them. He said most of the dead and injured are in their 20s.

“Horrific news from Seoul tonight,” British Prime Minister Rishi Sunak tweeted. “All our thoughts are with those currently responding and all South Kore ans at this very distressing time.”

Jake Sullivan, the US national security adviser, tweeted that reports of the disaster were “heartbreak ing” and said Washington “stands ready to provide the Republic of Korea with any support it needs.”

The last South Korean disaster this deadly also hit young people the hardest. In April 2014, 304 people, mostly high school students, died in a ferry sinking. The sinking exposed lax safety rules and regulatory failures; it was partially blamed on excessive and poorly fastened cargo and a crew poorly trained for emergency situations. Saturday’s deaths will likely draw public scrutiny of what government officials have done to improve public safety standards since the ferry disaster.

It was also Asia’s second major crushing disaster in a month. On Oct. 1, police in Indonesia fired tear gas at a soccer match, causing a crush that killed 132 people as spectators attempted to flee.

russia suspends ukraine grain deal over ship attack claim

By Andrew Meldrum The Associated Press

KYIV, Ukraine—Russia an nounced Saturday that it w ill immediately suspend its implementation of a UN-brokered grain deal that has seen more than 9 million tons of grain exported from Ukraine during the war and has brought down soaring global food prices. Ukraine accused Russia of creating a world “hunger games.”

The Russian Defense Ministry cited an alleged Ukrainian drone at tack Saturday against Russia’s Black S ea Fleet ships moored off the coast of occupied Crimea as the reason for the move. Ukraine has denied the at tack, saying that the Russians mis handled their own weapons.

T he Russian declaration came one day after UN chief Antonio Guterres urged Russia and Ukraine to renew the grain export deal, which was scheduled to expire on Nov. 19. Guterres also urged other countries, mainly in the West, to expedite the removal of obstacles blocking Rus sian grain and fertilizer exports.

T he UN chief said the grain deal—brokered by the United Na tions and Turkey in July—helps “ to cushion the suffering that this global cost-of-living crisis is in flicting on billions of people,” his s pokesman said.

UN officials were in touch with Russian authorities over the an nounced suspension.

“ It is vital that all parties refrain from any action that would imperil the Black Sea Grain Initiative, which is a critical humanitarian effort that is clearly having a positive impact on access to food for millions of people,” said Guterres’ spokesman, Stephane Dujarric.

Ukrainian President Volodymyr Zelenskyy called the Russian move “predictable.” He accused Moscow of “blockading” ships carrying grain since September. Currently, he said, 176 vessels are backed up at sea, carrying more than 2 million tons of food.

“This is a transparent attempt by Russia to return to the threat of large-scale famine in Africa and Asia,” Zelenskyy said Saturday in his nightly video address. He called for a tough response against Russia from international bodies like the UN and the G-20.

Ukraine’s Foreign Minister, Dmy tro Kuleba, accused Russia of playing “ hunger games” by imperiling global food shipments.

In Washington, US Secretary of State Antony Blinken said the sus pension was regrettable and urged all parties to keep this essential, life-saving Initiative functioning.”

ue to try to keep shipments going. It s aid since the first ship left Odesa on Aug. 1, more than 9 million tons of food have been exported, including more than 5 million tons to African and Asian countries. As part of the UN World Food Program, it said, 190,000 tons of wheat have been sent to countries where there is hunger.

Russia also requested a meeting Monday of the UN Security Council because of the alleged attack on the Black Sea Fleet and the security of the grain corridor, said Dmitry Poly ansky, Russia’s first deputy repre sentative to the UN.

R ussia’s agriculture minister said Moscow stands ready to “fully replace Ukrainian grain and deliver supplies at affordable prices to all interested countries.” In remarks carried by the state Rossiya 24 TV channel, Dmitry Patrushev said Moscow was prepared to “supply up to 500,000 tons of grain to the poorest countries free of charge in the next four months,” with the help of Turkey.

Earlier Saturday, Ukraine and Russia offered differing versions on the Crimea drone attack in which at least one Russian ship suffered dam age in Sevastopol, a key port on the U krainian peninsula annexed by Moscow in 2014.

The Russian Defense Ministry said a minesweeper had “minor damage” during an alleged pre-dawn Ukrainian attack on navy and civil ian vessels docked in Sevastopol, w hich hosts the headquarters of Russia’s Black Sea Fleet. The minis try claimed Russian forces had “re pelled” 16 attacking drones.

T he governor of the Sevastopol region, Mikhail Razvozhaev, claimed the port saw a “massive attack” by air and sea drones. He provided no evidence, saying all video would be seized for security reasons.

But an adviser to Ukraine’s Inte rior Ministry claimed that “careless h andling of explosives” had caused blasts on four warships in Russia’s Black Sea Fleet. Anton Gerashchenko wrote on Telegram that the vessels included a frigate, a landing ship and a ship that carried cruise mis siles used in a deadly July attack on a w estern Ukrainian city.

In other developments on Sat urday, Russian troops moved large numbers of sick and wounded com rades from hospitals in Ukraine’s s outhern Kherson region and stripped the facilities of medical equipment, Ukrainian officials said as their forces fought to retake the province.

By Sarah Zheng

China will host a flurry of top foreign leaders this week, as Presi dent Xi Jinping kicks off a norm-busting third term during which he’s vowed to increase his nation’s global influence.

Vietnam’s Communist Party chief n g uyen Phu Trong will arrive in China on Sunday for a four-day trip, becoming the first foreign leader to meet Xi since the Chinese president removed rivals and installed loyalists at a leadership reshuffle earlier this month.

Xi and his top officials are then expected to hold talks in the capital with Pakistani Prime Minister Shehbaz Sharif, German Chancellor Olaf Scholz and Tanzanian President Samia Suluhu h a ssan. i n n o vember, he will likely travel to ndonesia and Thailand for major summits at tended by global leaders including President Joe Biden and Russia’s Vladimir Putin.

The 69-year-old is also planning a trip to Saudi a r abia, the oil-rich kingdom’s foreign minister was cited as saying by a g ence France-Presse on Friday. n o t imeframe was specified.

Xi’s busy diplomatic schedule comes after he pledged at the Com munist Party’s twice-a-decade congress to ensure China leads the world in “international influence.” h i s itinerary also telegraphs t continued return to the world stage, after the nation’s Covid Zero policy for years constrained diplomatic visits to and from China.

Xi didn’t leave his nation for nearly 1,000 days after imposing the country’s first Covid lockdown in January 2020. h e b roke that spell of self-imposed isolation with a visit to Central a sia n September, where he met with Putin at a security summit that centered on countering the US-led world order.

Scholz’s first visit to China since taking office is likely to come un der scrutiny, as unease grows in Europe over Beijing’s human rights violations and ambivalent position on Russia’s invasion of Ukraine. The German leader is traveling with a business delegation seeking to boost trade ties. Bloomberg News

“Any act by Russia to disrupt these critical grain exports is essentially a statement that people and families around the world should pay more for food or go hungry,” Blinken said in a statement Saturday night. “In sus pending this arrangement, Russia is a gain weaponizing food in the war it started, directly impacting low- and middle-income countries and global food prices, and exacerbating already dire humanitarian crises and food insecurity.”

Russia’s Foreign Ministry on Sat urday accused British specialists of b eing involved in the alleged attack by drones on Russian ships in Crimea. Britain’s Defense Ministry had no immediate comment on the claim.

“In connection with the actions of Ukrainian armed forces, led by British specialists, directed, among other things, against Russian ships that ensure the functioning of the humanitarian corridor in question (which cannot be qualified otherwise than as a terrorist attack), the Rus sian side cannot guarantee the safety of civilian dry cargo ships participat ing in the Black Sea initiative, and s uspends its implementation from today for an indefinite period,’’ the Russian statement said.

Ukraine’s Ministry of Infrastruc ture said that Ukraine has never t hreatened the Black Sea grain cor ridor, which “is exclusively humani tarian in nature,” and would contin

Kremlin-installed authorities in the mostly Russian-occupied region have urged civilians to leave the city of Kherson, the region’s capital— and reportedly joined the tens of thousands who have fled to other Russia-held areas.

Zelenskyy said the Russians were “dismantling the entire health care system” in Kherson and other oc cupied areas.

“ The occupiers have decided to close medical institutions in the cit ies, take away equipment, ambulanc es. Just everything,” Zelenskyy said.

K herson is one of four regions in Ukraine that Russian President Vladimir Putin illegally annexed last month and where he subse quently declared martial law. The ot hers are Donetsk, Luhansk and Zaporizhzhia.

As Kyiv’s forces sought gains in the south, Russia kept up its shelling and missile attacks in the country’s east. Three more civilians died and eight more were wounded in the Do netsk region, as Russian soldiers try t o capture the city of Bakhmut, an important target in Russia’s stalled eastern offensive.

Russian shelling also hit an indus trial building in Ukraine’s southern Z aporizhzhia region.

In the latest prisoner exchange, 50 Ukrainian soldiers, including two former defenders of the Azovstal steel plant in Mariupol, and two civilians were released Saturday as part of a swap with Russia, who received 50 Russian soldiers, both sides reported.

Xi kicks off third term with flurry of diplomatic activity

in jured people are helped at the street near the scene in seoul, south korea early sunday, oc tober 30, 2022. south korean officials said around 50 people were in cardiac arrest and a number feared dead after being crushed by a large crowd pushing forward on a narrow street during halloween festivities in the capital seoul. a P Ph OTO/L EE J in-M an

Somalia’s president says 100 killed in car bombings

By Omar Faruk | The Associated Press

MOGADISHU, Soma lia—Somalia’s presi dent says at least 100 p eople were killed in Saturday’s two car bombings at a busy junction in the capital and the toll could rise in the country’s deadliest attack since a truck bombing at the same spot five years ago killed more than 500.

President Hassan Sheikh Mo hamud, at the site of the explosions i n Mogadishu, told journalists that nearly 300 other people were wound ed. “We ask our international partners a nd Muslims around the world to send their medical doctors here since we can’t send all the victims outside the country for treatment,” he said.

The al-Qaida-linked al-Shabab ex tremist group, which often targets the c apital and controls large parts of the country, claimed responsibility, say ing it targeted the education ministry. It claimed the ministry was an “enemy base” that receives support from nonMuslim countries and “is committed to removing Somali children from the Islamic faith.”

Al-Shabab usually doesn’t make claims of responsibility when large numbers of civilians are killed, as in the 2017 blast, but it has been an gered by a high-profile new offensive

b y the government that also aims to shut down its financial network. The group said it is committed to fighting until the country is ruled by Islamic law, and it asked civilians to stay away from government areas.

Somalia’s president, elected this year, said the country remained at war with al-Shabab “and we are winning.”

The attack in Mogadishu occurred on a day when the president, prime minister and other senior officials were meeting to discuss expanded efforts to combat violent extremism and especially al-Shabab. The extrem ists, who seek an Islamic state, have

r esponded to the offensive by killing prominent clan leaders in an apparent effort to dissuade grassroots support.

The attack has overwhelmed first responders in Somalia, which has one of the world’s weakest health systems after decades of conflict. At hospi tals and elsewhere, frantic relatives p eeked under plastic sheeting and into body bags, looking for loved ones.

Halima Duwane was searching for her uncle, Abdullahi Jama. “We don’t know whether he is dead or alive but the last time we communicated he was around here,” she said, crying.

Witnesses to the attack were

stunned. “I couldn’t count the bodies on the ground due to the (number of) fatalities,” witness Abdirazak Hassan said. He said the first blast hit the pe rimeter wall of the education minis try, where street vendors and money c hangers were located.

An Associated Press journalist at the scene said the second blast oc curred in front of a busy restaurant d uring lunchtime. The blasts demol ished tuk-tuks and other vehicles i n an area of many restaurants and hotels.

The Somali Journalists Syndicate, citing colleagues and police, said one journalist was killed and two others wounded by the second blast while rushing to the scene of the first. The Aamin ambulance service said the second blast destroyed one of its re sponding vehicles.

It was not immediately clear how vehicles loaded with explosives again made it to the high-profile location in Mogadishu, a city thick with check points and constantly on alert for attacks.

The United States has described al-Shabab as one of al-Qaida’s deadli est organizations and targeted it with s cores of airstrikes in recent years. Hundreds of US military personnel have returned to the country after former President Donald Trump with drew them. AP

What is known about the attack on Speaker Pelosi’s husband

SAN FRANCISCO—A man broke into House Speaker Nancy Pelosi’s home in San Francisco and severely beat her 82-year-old husband, Paul Pelosi, with a hammer early Friday while the Democratic lawmaker was in Washington.

Paul Pelosi had surgery to re pair a skull fracture and serious i njuries to his right arm and hands, and his doctors expect a full recov ery, the speaker’s office said. In a l etter to congressional colleagues Saturday night, Nancy Pelosi said her husband’s condition “contin ues to improve.”

D avid DePape, 42, was ar rested on suspicion of attempted murder, elder abuse and burglary, police said.

“This was not a random act. This was intentional. And it’s wrong,” San Francisco Police Chief William Scott said.

The violence was the latest jolt to an increasingly splintered po litical system that is riven with e xtremism.

A look at what is known about the attack and the suspect:

What happened?

An intruder wielding a hammer smashed his way through a rear door into the Pelosi residence in San Francisco shortly before 2:30 a.m. Friday. The man confronted Paul Pelosi and shouted, “Where is Nancy,” according to a person fa miliar with the situation who was g ranted anonymity to discuss it.

Paul Pelosi called 911 him self and when police arrived they f ound him struggling with the assailant. The man managed to strike Pelosi at least once with the hammer before he was tackled by officers and arrested, police said.

Nancy Pelosi was in Washing ton at the time of the attack.

How’s Paul Pelosi doing?

He underwent surgery to re pair a skull fracture and seri ous injuries to his right arm and h ands, and his doctors expect a full recovery, the speaker’s office said Friday. Other than Nancy Pelosi’s letter to colleagues, there were no updates on his condition Saturday.

Nancy Pelosi arrived in San Francisco late Friday. The couple has been married since 1963.

In her letter, the speaker thanked colleagues for their prayers and warm wishes. “Our children, our grandchildren and I are heartbroken and traumatized by the life-threatening attack on our Pop,” she wrote. “We are grate ful for the quick response of law e nforcement and emergency ser vices, and for the life-saving medi cal care he is receiving.”

What are investigators saying?

Scott, the San Francisco police chief, said the attack was not a random act. “This was intention al,” he said.

Rescue

Strong dollar seen hurting US outlook, even tilting Fed path

By Steve Matthews & Sarina Yoo

Astrong

Nearly half of the economists said that in ternational fallout from a strong dollar was either somewhat likely or very likely to spill back to the US over the next 18 months and affect monetary policy. Just 28% saw the cur rency strength as unlikely to have any impact.

The dollar has risen about 13% this year against other major currencies amid geopo litical tensions following Russia’s invasion of Ukraine and as the Fed aggressively raises in terest rates to fight an inflation rate that’s at a 40-year high. The survey of 40 economists was conducted Oct. 21-26.

Officials are expected to continue their cam paign with another 75 basis-point increase on Wednesday. Their last forecast showed rates reaching 4.4% by year-end from a current tar get range of 3% to 3.25%, and nudging to 4.6% in 2023.

Fed Chair Jerome Powell and his colleagues are trying to cool the economy and ease price pressures by deliberately tightening US finan cial conditions, of which the value of the dollar is an important component. A stronger dollar tends to dampen inflation by reducing the costs of imports and lowering domestic production as it raises export prices.

“The Fed and its counterparts around the world are in the uncomfortable position of ham mering demand to meet a supply-constrained global economy,” said Diane Swonk, chief econo mist at KPMG LLP., in a survey response. “They understand there are spillover effects but have

no way of overtly addressing those risks given their own domestic mandates.”

“Usually the trade deficit would balloon when the dollar appreciated as much as we had seen since last year. But that effect has been curi ously absent so far, even as we are already about five quarters into the appreciation process. One possible explanation is that US is increasing its exports in energy products. The fact that this tightening channel of dollar is absent means that the dollar appreciation is less contraction ary to the economy than historically,” said Anna Wong, Bloomberg’s chief US economist.

Economists in the survey were divided on how serious financial stresses and strains will become, with a majority seeing an impact on the central bank’s moves. In the survey, 44% said they believed the Fed could fully complete its aggressive rate tightening despite possible stresses. But 38% said the policy makers would be forced to cut rates earlier than expected and 18% said the Fed would not be able to raise rates as much as planned.

“The Fed may be able to hike as planned but will be forced to slow its pace to avoid financial instability,” said Julia Coronado, the founder of MacroPolicy Perspectives LLC.

Survey respondents expect rates to peak at 5% early next year and a majority of the econo mists now expect a US and global recession.

A number of prominent economists, includ ing Nouriel Roubini, have warned that troubles in financial markets could cause the Fed as

well as other central banks to backtrack from fighting inflation. “You have a major financial institution that may crack globally, not in the US maybe now, but certainly internationally,” Roubini said.

Financial stresses were most recently evident in the UK where the Bank of England had to step in to support markets, and Liz Truss resigned as prime minister after only 44 days in office amid a backlash over her low-tax economic plan that shook investor confidence.

Two thirds of economists said the British mar ket turmoil resulted very largely or exclusively from UK policies as opposed to Fed tightening and the stronger dollar.

The Fed is sometimes referred to as the central bank to the world, reflecting the importance of the US in the global economy. Three-quarters of economists say that’s a proper description, though 33% also say the Fed doesn’t fully ap preciate its role. In contrast, 22% said the Fed has responsibility only to the US economy and its domestic mandate of maximum employment and price stability. Bloomberg News

Brazil’s polarizing Bolsonaro vs Lula contest goes to voters

By Diane Jeantet | The Associated Press

from

Police didn’t immediately confirm a motive, but three people with knowledge of the investiga tion told The Associated Press that the assailant targeted Pelosi’s home.

The FBI and Capitol Police are also part of the joint investigation.

Who is the suspect?

DePape was expected to be charged next week with attempted homicide, assault with a deadly weapon, elder abuse and burglary. After his arrest, he was taken to a hospital, where he remained as of Friday evening.

DePape posted frequently on social media, of ten making racist and rambling comments that included questioning the results of the 2020 elec tion, defending former President Donald Trump and echoing QAnon conspiracy theories.

A two-decade resident of the San Francisco Bay Area, he was known locally as a pro-nudity activist who had picketed naked at protests against laws requiring people to be clothed in public.

He grew up in Powell River, British Columbia, before following an older girlfriend to California. He has three children with two women. Stepfather Gene DePape said the suspect had lived with him in Canada until he was 14 and had been a quiet boy.

“He was reclusive,” said Gene DePape. “He was never violent.”

Have other member of Congress been threatened?

It’s been almost two years since the riot at the US Capitol, when Trump supporters broke into the building and hunted for Pelosi and other members of Congress. Since then, threats to lawmakers and their families have increased sharply.

The US Capitol Police investigated almost 10,000 threats to members last year, more than twice the number from four years earlier.

Lawmakers have pressed for better security, es pecially for their families and their homes outside of Washington. Security officials have promised to pay for upgrades to certain security systems and an increased Capitol Police presence outside Washing ton. But the vast majority of members are mostly on their own.

The attack on Paul Pelosi happened when Nancy Pelosi was out of town, which meant there was less of a security presence in their home. AP

RIO DE JANEIRO—Brazilians vote Sun day in a polarizing presidential runoff e lection that pits an incumbent vow ing to safeguard conservative Christian values a gainst a former president promising to return the country to a more prosperous past.

The runoff shaped up as a close contest be tween President Jair Bolsonaro and his politi cal nemesis, former President Luiz Inácio Lula d a Silva. Both are well-known, divisive political figures who stir passion as much as loathing.

The vote will determine if the world’s fourthlargest democracy stays the same course of far-right politics or returns a leftist to the top job—and, in the latter case, whether Bolsonaro will accept defeat.

More than 120 million Brazilians are expected to cast ballots, but because the vote is conducted electronically, the final result is usually avail able within hours after voting stations close in l ate afternoon. Most opinion polls gave a lead to da Silva, universally known as Lula, though political analysts agreed the race grew increas ingly tight in recent weeks.

For months, it appeared that da Silva was headed for easy victory as he kindled nostalgia for his 2003-2010 presidency, when Brazil’s economy was booming and welfare helped tens of millions join the middle class.

But in the Oct. 2 first-round elections, da Silva finished first among the 11 candidates with 48% of the votes, while Bolsonaro was second at 43%, showing opinion polls significantly underesti mated the president’s popularity. Many Brazil ians support Bolsonaro’s defense of conservative s ocial values and he has shored up support with vast government spending.

Candidates in Brazil who finish ahead in the first round tend to win the runoff. But political scientist Rodrigo Prando said this campaign is so atypical that a Bolsonaro win could not be ruled out. The president secured endorsements from governors of the three most populous states, and allied politicians scored big wins in congressional races.

“Politically, Bolsonaro is stronger than had been imagined,” said Prando, a professor at Mackenzie Presbyterian University in Sao Paulo. “Mathematically, Lula is in front.”

Twelve gubernatorial races will also be de cided, among them Brazil’s most populous state, S ao Paulo, Amazonas state and northeastern Bahia state.

More than 150 million Brazilians are eligible

to vote, yet about 20% of the electorate abstained in the first round. The Supreme Court has is sued a ruling enabling state capitals to provide f ree public transport on election day, and both da Silva and Bolsonaro have focused efforts on driving turnout.

The candidates presented few proposals for the country’s future beyond affirming they will continue a big welfare program for the poor, despite very limited fiscal room going forward. They railed against one another and launched online smear campaigns—with considerably more attacks coming from Bolsonaro’s camp.

His four years in office have been marked by proclaimed conservatism and defense of tradi tional Christian values. He claimed without any e vidence that da Silva’s return to power would usher in communism, legalized drugs, abortion and the persecution of churches.

Da Silva homed in on Bolsonaro’s widely criti cized handling of the Covid-19 pandemic and s aid the president failed to care for society’s neediest members. And he painted Bolsonaro as an opponent of the Amazon rainforest, given that he defanged environmental authorities and presided over a surge in deforestation.

In campaign videos, da Silva also took aim at Bolsonaro for being behind a policy direct ing billions to lawmakers for pet projects in e xchange for political support. It is referred to as the “secret budget,” due to a lack of transpar ency around the money’s final uses, and da Silva s aid it depleted funds for key social spending.

But for many, the record of da Silva’s Work ers’ Party is equally off-putting. A sprawling i nvestigation revealed the party’s involvement in vast corruption scandals that ensnared top politicians and executives.

Da Silva himself was imprisoned for 19 months for corruption and money laundering. The Supreme Court annulled his convictions in 2019, on the grounds that the judge was biased and colluded with prosecutors. That did not stop Bolsonaro from reminding voters of the convic tions. Da Silva’s potential election would be like l etting a thief return to the scene of the crime, the president warned.

The president’s tremendous digital mobiliza tion was on display in recent days as his cam paign introduced fresh—and unproven—claims o f possible electoral manipulation. That revived fears that Bolsonaro could challenge election results should he lose—much like former US President Donald Trump, whom he admires.

Associated Press writer Carla Bridi in Brasilia contributed to this report.

By Kurt Wagner

AFTER f ive months of mud slinging between Elon Musk a nd Twitter Inc., in court and otherwise, the mercurial billionaire finally owns the social network. The chaos of the deal was only a preview of what’s to come.

Musk has already axed much of Twitter’s leadership team, includ ing its chief executive officer, and pl ans to be CEO himself in the im mediate term, according to people f amiliar with the matter. Public shareholders are cashing out and passing ownership to a hodgepodge of investors that, besides Musk, in clude Oracle Corp.’s Larry Ellison a nd Qatar’s sovereign wealth fund. The company will stop reporting its financials -- unless Musk wants to. He is expected to make severe job cuts, especially for roles outside of product and engineering.

Above all, the Tesla Inc. chief will bring a different set of values to the social network. Twitter has spent the last few years focused on reducing bullying and abuse on its network; Musk says he wants to loosen content restrictions and reverse account bans. Twitter is majority funded by advertising; Musk wants to build a more ro bust subscription product, he has t old advisers. Twitter has worked to improve transparency and com munication with its users; Musk t ends to do much of the outbound communication for his companies himself -- via tweets.

Twitter has long punched above its weight culturally, as the network favored by the world’s top politi cians, celebrities and media. That’s s omething Musk gets better than most: his experience, directly broad casting to 111 million followers for i nstant support of his personal and business goals, represents the value of the medium he’s acquiring.

But Twitter has always been an underdog among social media peers, just a fraction of the size of Meta Platforms Inc., TikTok or YouTube. Some employees say they eschewed working for better-paying giants out of a sense of duty to improve what they see as the world’s most important engine for politics, news and entertainment. “Twitter is the indie rock punk band and Facebook is the pop radio sellout,” explained one former employee.

Now Twitter is controlled by the richest man in the world -- a man who is already CEO of both Tesla and SpaceX, and founder of the Boring Co., Neuralink and OpenAI. Musk’s geopolitical and business interests may color his approach to the Twit ter job. And current employees are a lready bracing for what that might mean.

For years, Twitter has worked to shake a reputation as a service that turned a blind eye to abuse and ha rassment. The platform, often cri tiqued as “toxic” or a “cesspool,” in r ecent years added controls to mute and hide content that could make a visit to the site uncomfortable. The work was seen as necessary from a business standpoint: Nobody wants to spend their time on a network that makes them feel bad.

Musk believes Twitter has gone too far and says he’s concerned about the service’s lack of “free speech.” During a question-and-an swer session with Twitter employees i n June, he said that the company should let people tweet “pretty out rageous” things, and that he plans t o reverse former President Donald Trump’s permanent ban, which was enacted as a punishment for incit ing violence in January 2021. Musk w ants Twitter to allow all speech protected by the first amendment in the US.

It’s a stance that has been lauded by conservative politicians, but one that also promises to create other issues. While some users will re turn to Twitter once they feel they c an tweet “outrageous” things, oth ers will undoubtedly leave for the s ame reasons.

Plus, there are all of Musk’s

business conflicts to consider, as Tesla sells cars in countries where leaders might want to silence cer tain tweets, and counts major car m anufacturing rivals among its advertisers.

Musk has made a “huge mistake,” said Alex Stamos, who formerly ran security at Meta and now works at the Stanford Internet Observatory. The billionaire is “making himself the global face of content modera tion at a critical moment of struggle w ith governments, while maintain ing massive personal exposure to c hallenging countries,” Stamos tweeted.

Where Musk plans to draw the line on content is still unclear. On Thursday, he wrote an open letter to advertisers, saying he was buying Twitter “because it is important to the future of civilization to have a common town square” with opin ions on both the left and right, but t hat it can’t become “a free-for-all hellscape” where anything can be said without consequence. People should be able to choose the kind of experience they have on Twitter, he said, just like they choose what video games to play.

On Friday, Musk said he wasn’t planning to reinstate anyone’s ac count before first forming and con sulting a “content moderation coun cil with widely diverse viewpoints.”

R ohit Kulkarni, a financial ana lyst at MKM partners, said he ex pects Musk’s business impact on Twitter to be positive, predicting a $100 billion initial public offering in 2026. But some advertisers remain skeptical. General Motors Co. said it is temporarily suspending advertis ing on Twitter until it has a better u nderstanding of what will happen to it with Musk at the helm.

The vision is unclear to employ ees, too. Musk’s mind may change a gain and again. After all, he spent months in court claiming the com pany’s user numbers were fraudu lent and trying to get out of his o riginal deal contract. Recently, he tried to reserve his rights to sue Twitter’s departed executives and board. Now he says he owns Twitter “to try to help humanity.”

Employees also aren’t sure which teams or jobs will be cut. Musk seems prepared to downsize Twit ter and focus on the core product. Software engineering, server oper ations & design will rule the roost,” h e tweeted in early October. Some staff were invited to a staff meeting next Wednesday; some weren’t, ac cording to people familiar with the m atter. That generated suspicion around which teams will be cut.

Some employees may choose to leave simply for lifestyle reasons. Twitter allowed people to work from anywhere, whenever they wanted; Musk says only the “exceptional” people should be granted workfrom-home privileges.

So far, he isn’t demonstrating much trust for Twitter’s staff. He’s been asking Twitter’s engineers to print out their most recent 30 days of code submissions, then bring them for review to Musk and his trusted colleagues from Tesla, according to a person familiar with the matter. Those at Twitter who have en dured prior dramas, like an activ ist investor tussle and the Trump b an, like to joke that their tenure should be measured in dog years, with one year at Twitter equal to seven years at a “normal” company that isn’t constantly mired in chaos. That sentiment, at least, may last. With assistance from Ed Ludlow / Bloomberg

What is known about the attack on Speaker Pelosi’s husband

dollar is likely to weigh negatively on the Us economic outlook and could alter how high the Federal reserve ultimately raises interest rates, economists surveyed by Bloomberg said.

ECo nomists said that international fallout from a strong dollar

very likely spill back to the Us over the next 18 months and

monetary policy. Bloom B erg photo

Hellscape or not, Twitter will be something different under Musk

tW itt Er headquarters in san Francisco, California Bloom B erg photo

Buy red onions, save the peso

The

Philippines has many economic concerns not least of which is the weather. Call it bad luck or a normal weather pattern, the last thing we needed was another major storm blowing through, damaging crops and agricultural infrastructure.

The global food situation is fragile right now and may get worse with Russia announcing over the past weekend that it will suspend indefinitely its involvement in the internationally-brokered deal that allows Ukraine to export grain from its Black Sea ports. London Wheat Futures traded on the ICE or Intercontinental Exchange reached a 12-year high in May 2022 at the $400 level and was trading prior to the Russian announcement at $300, having decreased by 25 percent from the high price.

Public and pundit attention is focused on the three primary components of our economy’s performance: economic growth, inflation, and the pesodollar exchange rate. Just as crucial is the “balance of payments” both financial and trade related, which computes if money is flowing in or out of the country. Then the government’s financial health must be factored in by looking at the budget deficit, which is much more important than the size of the government debt that gets the headlines.

Inflation is the one issue that is most prominent in the news as the price of basic commodities and other consumer goods is most obvious to the public. It is also the one factor that in the age of globalization, the government is probably least able to influence effectively and sensibly. The immediate solution is always price control; and/or provide government subsidies.

Price controls inevitably lead to shortages of goods, and subsidies inevitably lead to harming the government’s fiscal health. Both are solutions to the question “Why doesn’t the government do SOMETHING?” No to inflation.

While not the absolute “inflation solution,” a currency with a higher exchange value to the US dollar is important. Philippine inflation is closely correlated to the global price of crude oil especially in the past 20 years. In fact, you will have extreme difficulty finding any economy that does not see inflation flowing along the ups and downs of the crude oil price, both short and long term.

For example, when oil was priced at $40 per barrel in 2020, Japan’s inflation rate was negative 0.5 percent. With an oil price of $100, Japan’s inflation is 3 percent. Indonesia had an inflation rate of a little over 2 percent as 2022 began and oil was $80. Oil near the $100 level and Indonesia’s inflation is running at seven-year high of 5.95 percent. In 2019, Vietnam had 2 percent inflation and was paying $60 for oil. Now its inflation is running at 4.3 percent.

However, the price of oil is also dependent on the currency exchange rate and here, there is a problem. A starting point to look at the currency rate is January 2008 prior to the global debt crisis. Since then, the Japanese yen has depreciated against the dollar by 55 percent, the British pound by 33 percent, and the Philippine peso by 42 percent.

Japan wants a less valuable yen to help spur exports and hopefully economic growth. But that is not the situation for the Philippines.

Last week Finance Secretary Benjamin Diokno said the government is open to the possibility of the peso touching the 60-level against the US dollar, but he said interventions will continue to prevent the local unit from overshooting that level.

Tell the world you are going to “defend the currency” at a particular level and you may prompt an “attack.” Then again it may encourage Filipinos both here and abroad to convert to pesos by believing 60 is the most you are going to get for your dollars.

But one thing is certain. We are importing way too much, and we must as individuals do everything we can to “Buy Local” to support the peso. Maybe everyone wants white onions. But local onions keep our money at home.

Information, relief, and environmental responsibility

without so much fanfare.

RISING SUN

IToften takes calamities or disasters for people to wake up a little and realize some important things. I say “a little” because, after a while, we do have a tendency to forget. And so the cycle simply repeats itself.

As far as Typhoon Paeng is concerned, as of this writing, news reports have come out that there were massive destruction, landslides, displacement, deaths, and flooding in some areas in Mindanao, like Zamboanga, Maguindanao, Sultan Kudarat, and Cotabato. Certain camps have lamented that real-time news reporting has been inadequate and updates were not being shared fast enough for concerned groups and individuals to extend much-needed help. We were focused on the path of the typhoon—which was necessary, of course—but somehow, some of

us failed to pick up on the calls for help coming from other places. Calls for rescue, for instance, are always urgent and require real-time dissemination.

Relief has to reach the needy more quickly. There were a few small efforts that were visible online at the height of the typhoon, but again people always need to know where to send immediate help so families in evacuation centers will not starve and remain warm and well. Many of their needs—like medicines, clothing, blankets, food items, cooking ingredients, water, and the like—

Relief has to reach the needy more quickly. There were a few small efforts that were visible online at the height of the typhoon, but again people always need to know where to send immediate help so families in evacuation centers will not starve and remain warm and well. Many of their needs—like medicines, clothing, blankets, food items, cooking ingredients, water, and the like—have to reach them quickly, for obvious reasons.

have to reach them quickly, for obvious reasons. Needless to say, the resources of the small rescue and relief organizations will never be enough to provide for all the needs of those affected. For example, the cash collection of Patreng Non’s group (a measly P23,000 as of press time) had to be divided among 11 municipalities in Mindanao. We all know the national government allocates budgets for situations like this; it just needs to be distributed fairly, quickly, and

Finally, we have been calling time and again for our environmental agencies to take great care and responsibility for safeguarding our forests, trees, mountains, waters, and Mother Nature as a whole. Illegal logging and quarrying, for one thing, have to stop because the trade-offs are high. Lives, livelihood, and our people’s future are at stake. And as long as we are unable to overcome our greed, our people will continue to suffer greatly in the years to come. How many more typhoons and disasters will it take before we finally come to our senses? Let us not forget that climate change brings with it more disastrous climate events, so instead of tearing down nature, why not work harder to protect it? Obviously, our present efforts are not enough.

Those who wish to extend help may course it through Community Pantry PH (find them on Facebook), while those who would like to work with a platform to match needs with resources and response can find organizations like Green Releaf on Facebook.

UN: 2022 likely deadliest for Palestinians in West Bank

By Edith M. Lederer | The Associated Press

NATIONS—The UN Mideast envoy said 2022 is on course to be the deadliest year for Palestinians in the West Bank since the UN started tracking fatalities in 2005, and he called for immediate action to calm “an explosive situation” and move toward renewing Israeli-Palestinian negotiations.

UNITeD

Tor Wennesland told the UN Security Council that “mounting hopelessness, anger and tension have once again erupted into a deadly cycle of violence that is increasingly difficult to contain,” and “too many people, overwhelmingly Palestinians, have been killed and injured.”

In a grim assessment, the special coordinator for the Middle East peace process said the downward spiral in the West Bank and current volatile situation stem from decades of violence that has taken a toll on Israelis and Palestinians, the prolonged absence of negotiations, and the failure to resolve key issues fueling the Israel-Palestinian conflict.

Wennesland said his message to Palestinian officials and factions, Israeli officials and the international community in recent weeks has been clear: “The immediate priority is to work to calm the situation and reverse the negative trends on the ground” but the goal must be “to

empower and strengthen the Palestinian Authority and build towards a return to a political process.”

In the past month, the UN envoy said 32 Palestinians including six children were killed by Israeli security forces and 311 injured during demonstrations, clashes, searchand-arrest operations, attacks and alleged attacks against Israelis. Two Israeli forces personnel were killed and 25 Israeli civilians were injured by Palestinians during shooting and ramming attacks, clashes, the throwing of stones and Molotov cocktails and other incidents during the same period, he said.

Wennesland said the month saw “a spike in fatal violence” that has 2022 on track to be the deadliest in the West Bank.

More than 125 Palestinians have been killed in Israeli-Palestinian fighting in the West Bank and east Jerusalem this year. The fighting has surged since a series of Palestinian attacks killed 19 people in Israel

In a grim assessment, the special coordinator for the Middle East peace process said the downward spiral in the West Bank and current volatile situation stem from decades of violence that has taken a toll on Israelis and Palestinians, the prolonged absence of negotiations, and the failure to resolve key issues fueling the Israel-Palestinian conflict.

in the spring. The Israeli army says most of the Palestinians killed have been militants. But stone-throwing youths protesting the incursions and others not involved in confrontations have also been killed.

Ongoing Israeli arrest raids in the West Bank pose a serious challenge to Palestinian President Mahmoud Abbas’ Palestinian Authority. Abbas relies on security cooperation with Israel, particularly against his Islamic militant rivals, to remain in power. At the same time, this cooperation is deeply unpopular among Palestinians who chafe against Israel’s open-ended occupation, now in its 56th year.

Israel captured the West Bank in the 1967 Mideast war and has built more than 130 settlements

there, many of which resemble small towns, with apartment blocks, shopping malls and industrial zones. The Palestinians want the West Bank to form the main part of their future state. Most countries view the settlements as a violation of international law.

Riyad Mansour, the Palestinian UN ambassador, delivered an impassioned address to the Security Council on Friday, saying: “Our people, our children, our youth are being killed, and they will not die in vain.”

“What happens next is your responsibility,” he told council members. “We knocked on every door, searched for any avenue leading to freedom and dignity, justice and redress, shared peace and security.”

Yet, Mansour said that 75 years after the British partition of Palestine, its people are still waiting “for their turn to be free,” and he accused Israel of “trying to destroy the state of Palestine.”

The Palestinian ambassador challenged the Security Council to protect and promote the two-state solution, and he raised a series of questions that allude to the possibility of further bloodshed and a decades-long fight for freedom if necessary, and possible legal action

See “UN,” A15

Atty. Jose Ferdinand M. Rojas II

Antonio

Cabangon

Frustrated aspirations

Joel L. Tan-Torres

DEBIT CREDIT

Part four

IHAVe oftentimes been asked if I made the right decision regarding my services as dean of the University of the Philippines Diliman Virata School of Business (UP VSB). my frustrated aspirations are aplenty…non-cooperation from protesting VSB professors, lack of support from the UP administration, non-payment of my three-year salary, six administrative charges, and a host of other disappointments and challenges.

I have always been a patient and optimistic individual. I readily accepted the VSB appointment in October 2019 with the objective of giving back to my UP College of Business Administration (CBA) alma mater. Despite the many obstacles posed by the negative elements confronting me, I am proud to say that I was able to do several milestones for the CBA and its stakeholders.

Let me start with the accomplishment of the upgrade of the VSB building infrastructure, I was able to finally move forward with the rehabilitation of its electrical, water, and air conditioning amenities. Prior to my deanship, the VSB was beset by several problems in its basic facilities, with the library’s air conditioning not working and the non-existent (practically) water supply in the comfort rooms on the upper floors of the building.

For several years, the users of the library had to suffer the burden of doing their studies and readings without the comfort of any air conditioning. Otherwise, they had to go to the nearby air-conditioned library of the School of Economics. In addition, for nearly a decade, the students had to use the “tabo” system when using water in the comfort rooms. The water pressure was weak or there were defective water pipes leading to the four upper floors that resulted in limited water flowing to the comfort rooms. As I finished my term as dean of the College on October 10, 2022, the contractors have completed or are finishing the final touches of the rehabilitation of the air conditioning, electrical, and water services in the VSB building. The problems in the past are soon to be resolved.

Furthermore, I was able to cause the upgrade of the potholed parking area by the side of the building with the repaving of the area with asphalt early on in my term as dean. The concreting of the roads and parking areas around the VSB building is nearing its completion at this time.

I was also able to address the brewing sore relationship between the school and its alumni, as represented by the UP College of Business Administration Alumni Association.

Before my assumption as dean, the CBAAA brought to my attention the need for closer collaboration between the school and the alumni association, including the need of sharing of alumni information. Starting

Unfortunately, I was not able to do so much to enhance the academic situation in the College. The protesting faculty and retired professors of VSB made my efforts of bringing industryneeded competencies and global best practices into the College’s curricula difficult, if not impossible. I will discuss this next week in the concluding segment of this series.

with my deanship nomination by the Chairman of the CBAAA, I continued the engagements with the alumni to include greater involvement of the jubilarian batches in hosting their school homecomings, supporting the CBAAA request for access to the alumni contact information, closer involvement with the CBAAA projects, and my active participation as a trustee of the board of the CBAAA. A work-in-progress project that I initiated is an updating of the directory information of the alumni, numbering over 16,500 graduates since the establishment of the College in 1916. I also have turned over to the incoming VSB administration the donations of two alumni batches (Batch 1971 and 1994) amounting to P7 million towards further improvement of the VSB infrastructure and facilities.

Unfortunately, I was not able to do so much to enhance the academic situation in the College. The protesting faculty and retired professors of VSB made my efforts of bringing industry-needed competencies and global best practices into the College’s curricula difficult, if not impossible. I will discuss this next week in the concluding segment of this series.

(To be concluded)

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

This column accepts contributions of articles from the business community for publication. Articles not exceeding 700 words can be e-mailed to boa.secretariat.@gmail.com.

fire bombings, stabbing, shootings, rockets, and many other acts of Palestinian violence have been become a fact of life for millions of Israelis.”

The accusation that wasn’t

Siegfred Bueno Mison, Esq.

THE PATRIOT

Former Bureau of Corrections (BuCor) of ficer-in-Charge rafael ragos is no hero. Not that he wished to be called one, but there is really nothing much to extol for his recantation. regardless of any personal conviction pertaining to his career or to the drug cases involving former Senator Leila De Lima, it was never right for ragos to have lied in the first place. Honesty is expected from any person, especially from public officers. And to put it bluntly, if indeed he had both wits and valor, he would not have allowed himself to be “coerced” into making false accusations at the outset. Based on his recantation, no further explanation was given as to how he was purportedly forced: was a gun pointed at him by former DoJ Secretary Vitaliano Aguirre II? Were there threats to his life or that of his family? Has any family member been abducted or killed to deter him from telling the truth? The prosecution team should put ragos to task and make him truthfully answer what specific acts led him to say there was coercion.

Ragos previously gave statements in court and congressional hearings that he delivered drug money to De Lima’s residence in 2012, when she, as then Justice Secretary, exercised jurisdiction over BuCor. Retracting these accusations, Ragos asserts that the senator is incapable of illegal acts, thus his affidavit: “[a]s far as I know and based on my professional relationship with Secretary De Lima, she is incapable of doing anything illegal, much less engage in the illegal drug trade or accept money from Bilibid inmates.” If I were to corroborate this latest Ragos affidavit, I can say the same thing, working under the good Senator for about five years. Despite contrary assertions coming from my friends, I know Senator De Lima enough to say that she cannot countenance such drug trade.

The same scenario of recantation actually avails in the persons of self-confessed drug trader Kerwin Espinosa and Senator De Lima’s co-accused and former aide Ronnie Dayan , both of whom have recently disavowed their testimonies where they linked the then-Justice secretary to drug activities inside the New Bilibid Prison. For Espinosa, his “false” accusations were extracted by coercion from the police, while those from Dayan were taken under duress supposedly instigated by former Oriental Mindoro Rep. Rey Umali. Like Ragos, Espinosa and Dayan have since executed affidavits

citing coercion, while withdrawing the accusation that wasn’t one in the first place.

We should leave it to the courts trying the subject drug cases whether this latest retraction should warrant a new trial or dismissal. Our criminal justice system contains a plethora of cases where a recanting witness is the only way to prove the innocence of an accused, and the same is considered as newly discovered evidence. In the case of People v. Lao Wan Sing (GR L-16379, August 18, 1972, 46 SCRA 298), the Supreme Court considered the witnesses’ retractions as newly discovered material evidence warranting a new trial, more so, because the statements appear to be material evidence that may change the judgment that had been rendered. Also, in People v. Lamsen (GR 198338, November 13, 2013), the Supreme Court recognizes certain circumstances where recantations of previous accusations were sustained: “special circumstances in the case which when coupled with the retraction raise doubts as to the truth of the testimony or statement given.”

We can only surmise that duress or threat or coercion—where witnesses are forced by state agents, comprises such special circumstances that may eliminate the perjured testimony from the record.

Of course, we support the act of former BuCor OIC Ragos, and any false witness for that matter, to cor-

rect his lie and tell the truth albeit belatedly. After all, we only want justice to prevail in the drug cases involving former Senator De Lima. But we ought not give Ragos too much credit for his latest version of truth. I find the coercion in the case of Kerwin Espinosa more plausible because his father, former Mayor Rolando Espinosa Sr. was killed during the congressional hearings, and this, along with threats to Kerwin’s family, acted as the inevitable sword of Damocles hanging above his head. But much was expected from Ragos, being a public servant at that time. To allow him to lie and then revoke such perjury after would be tantamount to permitting leniency over willful falsehood. Our penal laws have sanctions against perjury or false testimonies. In the Law of the Lord, one of the things God hates is “a false witness who pours out lies and a person who stirs up conflict in the community ” (Proverbs 6:19) and the consequence for the same is: “A false witness will not go unpunished, and whoever pours out lies will perish.” (Proverbs 9:19). Interestingly, Scriptures did not say anything about being threatened or coerced as to qualify a falsehood. Simply put, there is such a premium on honesty as we are to regard it with strict importance and magnitude.

The Japanese people are known for discipline and honesty. Compared to Filipinos, Japanese are light years ahead when it comes to honesty. Many years ago, a Japanese correspondent wrote about how the Naia airport manager, in a press conference, gave a reward to an employee who found and returned a wallet belonging to a Japanese tourist. No similar reward came from the Japanese tourist; he simply extended his gratitude. While many Filipinos criticized the seemingly “ungrateful act,” the Japanese correspondent scored an enlightening view in that an honest conduct is something expected from every Japanese, regardless of race or creed. As to why the Philippine government made a big deal of something supposedly expected is beyond Japanese comprehension. To him, it was not even newsworthy to write about it, but, in our country, honesty is a rare virtue that there is a need to publicly reward honest persons.

It is a sad reality in human existence in general and a sadder reality in Philippine government that when-

Pagcor intensifies policing of POGOs

ever we hear somebody claiming to be finally stating the truth, after false testimonies given earlier, we tend to glorify the person. These eventual truth-tellers are suddenly found virtuous, when in fact they are not. We will no longer explore whether these latest versions of their truth were a product of change of heart finding a guilty conscience or another case of coercion. The courts may find out and should find out; but I know our Almighty God already knows.

Ragos, Espinosa, Dayan, and the rest of the supposed star witnesses in any prosecution, now and in the future, should have the balls to say the truth at the very first instance when it was called for. After all, all affidavits are sworn to before an officer of the court; any falsity therein is subject to perjury laws. Moreover, witnesses, prior to giving testimony in courts and congressional hearings, swear to a standard oath: “Do you solemnly swear or affirm that you will tell the truth, the whole truth and nothing but the truth, so help you God?” The real challenge is that most witnesses appear not to take solemnity or value of the oath to heart. As in the cases of Ragos, Espinosa, and Dayan, they may have taken such oath seriously but only after telling a deliberate untruth.

Pontius Pilate once stated: “Truth, what is truth?” and then proceeded to have Jesus crucified. Although Jesus made no reply to Pilate, Pilate was staring truth in the face. As Ragos, Espinosa, and Dayan, they spoke the truth once, as to which one, let the court find out. Because of their dishonest behavior, De Lima has suffered years in detention, far less than crucifixion, but more than enough suffering for a most-likely blameless person. With liberty at stake, she might have been convicted based on an accusation that wasn’t.

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.

at the International Court of Justice on Israel’s occupation.

“Either we live side by side, or I fear we might die side by side,” Mansour said of Israel. “Help us live.… Our people will not disappear, they will not renege their national identity, they will not accept subjugation. The Palestinian people will be free.”

Israel’s UN Ambassador Gilad Erdan countered that the message in Abbas’ speech to world leaders last month and Mansour’s statement Friday were the same: “It is a message of false victimhood, lies of oppression and fictions of aggression.”

“Israel is in the midst of a terror wave,” he told the council. “Since the start of this year alone, there have been over 4,000 Palestinian terror attacks perpetrated against Israelis—car ramming, rock throwing,

Erdan said “the Palestinian Authority may play victim here at the council” but he said on the streets of the West Bank cities of Jenin and Nablus they “praise terrorists.”

Palestinian leaders say they want peace but Erdan said “they consistently refused to sit down at the negotiating table with Israel and have rejected every peace plan placed before them.”

At the General Assembly last month, Abbas launched a campaign for full membership at the United Nations “while bypassing the negotiating table,” Erdan said. Palestine is currently a non-member observer state at the UN.

Erdan stressed that “peace can only be achieved through direct negotiations and mutual—I repeat mutual—concessions.”

LITO GAGNI

IT is important to note that the Philippine Amusement and Gaming Corp. (Pagcor) has been earnestly doing its utmost to ensure that PoGos, or the Philippine of fshore Gaming operators are cleared of criminal elements as it means that additional income streams for funding help for typhoon victims like this recent one of “Paeng,” fire victims and wounded soldiers as well as extra dividends for the government continue.

Pagcor Chairman and CEO Alejandro Tengco is spearheading government efforts to erase the blot that POGO kidnapping incidents had smeared on the operations of legitimate enterprises, and that is commendable as it translates to the continued income stream from the licensed gaming operators not just for Pagcor but for the government coffers. After all, with the economic difficulties due to the Ukraine conflict, the government needs to raise more revenues to address social issues in the country.

This is what is needed in this tough economic climate that the Philippines like the rest of the world is in. Tengco’s push for an interagency collaboration is a welcome step, especially with the findings that most of the criminal activities that concerned POGOs happened outside the legal sphere of legitimate

POGO operators. By taking out the illegitimate operators, which after all do not contribute to government revenues, Pagcor is not denied this income stream.

Last month, Tengco met with the top officials of the Department of the Interior and Local Government (DILG), Department of Justice (DOJ) Philippine National Police (PNP), and the National Bureau of Investigation (NBI) to map out plans to address the problem of illegal POGO operators. And so far, the government has been able to identify and close some illegal operators. It is still a tough hurdle though as illegitimate operators mask their activities through a slew of techniques such as masquerading as BPO operations.

In that inter-agency meeting, the DILG, DOJ, NBI, and PNP committed to help safeguard the welfare and safety not only of Filipinos but

In that inter-agency meeting, the DILG, DOJ, NBI, and PNP committed to help safeguard the welfare and safety not only of Filipinos but also of foreign nationals working in the country. According to Tengco, the inter-agency collaboration is a response to the instruction of President Ferdinand Marcos Jr. to address the recent POGO-related kidnapping cases and other illegal activities.

also of foreign nationals working in the country. According to Tengco, the inter-agency collaboration is a response to the instruction of President Ferdinand Marcos Jr. to address the recent POGO-related kidnapping cases and other illegal activities. “The President said na higpitan na natin because the image of the country and of this administration is being tarnished by these illegal incidents,” he said.

Absent these illegitimate operations of POGOs, the government will be able to address social issues that have gone up with the worsening economic conditions brought about by the increase in energy prices due to supply constraints arising from the Ukraine conflict, the higher peso payments for our dollar borrowings due to the decline in the value of our currency to that of the US dollar, and higher government deficit.

For instance, Pagcor has been building evacuation centers to house typhoon victims. The construction

of these centers assures Filipinos who are “evicted” from their houses due to floods do not suffer the ignominy of being herded to outdoor basketball courts and exposed to the elements. There are still six to 10 strong typhoons out of the 20 or so that are seen visiting the country and these usually lead to flooded neighborhoods.

And with climate change, the typhoons bring more torrential rains such that last Saturday, residents in Noveleta, Cavite experienced for the first time floodwaters up to their chest. In fact, there were several Facebook postings by distraught residents of Cavite who were sharing videos of their own predicament with full views of floodwaters inside their houses already chest-deep and with the continued pitter-patter of the rains.

Ten days ago, Pagcor extended assistance to victims of two fire incidents in Quezon City. There were 250 non-food packs containing blankets, mosquito nets, slippers and toiletries that were delivered to victims of a fire incident in Barangay Obrero and cash assistance to families of those who perished in a neighborhood fire in UP Campus. These social issues are being addressed because of revenues that Pagcor generate from its regulatory framework that include that of POGOs.

There are many other projects and assistance that Pagcor has been doing, and it’s reassuring to know that Tengco is seeking help from other government agencies in solving problems associated with POGOs.

‘Office by the beach’ and more from these prime towers at The Mactan Newtown

By Erick Beco

to grow but also gives executives and employees alike the oppor tunity to enjoy the most out of this exciting sports, leisure, and tourism township.

C urrently, The Mactan New town plays host to eight (8) top notch office towers collectively offering nearly 81,000 square meters of prime leasable office spaces. These are One World Center and Two World Center lo cated by the township entrance and just across the Mactan New town Information Center, as well as Tower One Plaza Magel lan, Pacific World Tower, and 8 Newtown Boulevard BPO. These office towers are located just a few minutes away from the Mactan Newtown Beach facing the Hilutungan Channel, where companies can even do team building activities or just simply bond or unwind in a safe out door setting.

S urrounding these office developments are other exciting township components. These include nine residential condo

minium towers, the 18-storey Savoy Hotel Mactan by Mega world Hotels & Resorts, a super market, cafes and restaurants at the Mactan Alfresco and along Newtown Boulevard, the town ship’s four-lane main avenue. There’s also the La Sallian-su pervised Newtown School of Ex cellence, while rising soon to add more excitement to The Mactan Newtown are two hotel proper ties, a convention center, a mu seum, and a two-level beach mall.

People working here at The Mactan Newtown need not exert a lot of effort to balance their careers and enjoy the lifestyles they want. As soon as their work hours are over, they can easily go for a run, walk, or bike around the township and just enjoy the fresh breeze coming from the beach. This is something even elite endurance athletes were able to enjoy here recently when The Mactan Newtown hosted the return of the IRONMAN 70.3 Philippines last August. If they opt to unwind or satisfy

their cravings instead, we have an array of restaurants and ca fes that they can choose from all over the township,” says Roland J. Tiongson, first vice president, Megaworld Premier Offices.

W hat’s more, employees –particularly those based in Mac tan Island – also don’t have to endure long trips going to the office as access going to and from The Mactan Newtown won’t be a problem with the transport ter minal and a variety of residential options in and around the town ship. The township is also just 15-minutes away from the Mac tan-Cebu International Airport.

I n 2019, The Mactan New town was awarded as the “Best Mixed-Use Development for Visayas and Mindanao” at The Outlook Awards by Lamudi Phil ippines. This prestigious recog nition underscored the seamless coming together of residential office, commercial, and retail components into a community that promotes a vibrant and in tegrated lifestyle.

B oasting its own beachfront that complements its live-workplay components, the 30-hect

are The Mactan Newtown offers businesses a one-of- a-kind ad dress that not only allows them

of

surround these office spaces in Megaworld’s 30-hectare Lapu-Lapu City township

THERE’S something exciting about the prospect of bringing your business to a unique and vibrant master planned location such as property giant Megaworld’s The Mactan Newtown in Lapu-Lapu City, Cebu.

Office workers and residents are just a short walk away from the beach and many other exciting components of The Mactan Newtown

Employees living inside the township enjoy the convenience of having retail shops on the ground levels of their respective office buildings and two hotels in Savoy Hotel Mactan and Belmont Hotel Mactan just a few minutes away from where they are.

The township’s

beach,

restaurants,

topnotch school—that

everyone.

ALLHC income for 9 mos grew 41%

By VG Cabuag @villygc

AyAlAlAnd logistics

Holdings Corp. (AllHC), a unit of Ayala land Inc., said its income for the nine months of the year through September grew 41 percent to P565 million from last year’s P400.43 million.

Revenues grew at a much slower pace to P2.8 billion, a 5-percent increase from the previous year’s P2.62 billion.

“Demand for industrial lots stayed solid, warehouse leasing remained resilient, while mall operations showed encouraging recovery,” AyalaLand Logistics COO Patrick C. Avila said.

“We trust business performance of our diversified portfolio to be sustained for the remainder of the year as we continue to experience increased economic activity,” said Avila.

For the 9-month period, the company said its revenues from industrial lot sales grew as “healthy demand” from domestic buyers continues.

Warehousing leasing revenues reached P518 million, a 73 percent rise from last year, driven by additional gross leasable area coupled with improved overall occupancy.

Cold storage revenues, meanwhile, accelerated close to triple to P89 million from P32 million last year due to the addition of ALogis Artico’s second facility.

Commercial leasing generated revenues of P665 million, double from the previous year.

In May, the company signed an agreement with Singaporebased Flow Holdings I Philippines Pte. Ltd., for the develop-

Meralco prepares for 2023 demand

THE Manila Electric Co. (Meralco) will undertake competitive auctions for 480 megawatts (MW) of additional capacity needed for the dry months.

Jose Ronald V. Valles, Meralco First Vice President and Head, Regulatory Management Office, said the utility firm is planning to conduct competitive selection process (CSP) for 180MW baseload and 300-MW peaking to cover for the summer months of next year.

“We are preparing for the summer months next year,” said Valles adding the supply they identified would be submitted to the Department of Energy (DOE) for approval of the terms of reference (TOR).

In line with the DOE’s plan to increase the minimum level of electricity that distribution utilities should source from renewable energy (RE) to 2.52 percent starting 2023 from the current 1 percent under the Renewable Portfolio Standards (RPS) policy, Meralco has been conducting various CSPs to help meet its commitment to source up to about 1,500 MW of its supply requirements from renewables.

Following two failed rounds of competitive challenge and pursuant to the revised CSP rules, the company negotiated with Terra Solar Philippines Inc. for its unsolicited proposal to supply 850 MW RE to cover Meralco’s mid-merit requirement starting 2026.

The power supply agreement (PSA) has been signed last October 24 and will be submitted for review and approval of the ERC.

Meralco is currently conducting two more CSPs for its RPS compliance. The CSP via competitive challenge for the unsolicited proposal by Ahunan Power Inc. (API) for 500-MW RE to cover Meralco’s mid-merit requirement starting March 2026 is on the second round of the bidding process. The bid submission deadline has been set for November 8, 2022.

Meanwhile, the competitive challenge for the unsolicited proposal of Solar Philippines Batangas Baseload Corp. (SPBBC) involving 200 MW RE to cover Meralco’s baseload requirement starting March 2024 will undergo another round of bidding process after the first one failed due to lack of challengers during the bid submission deadline last October 25.

On Meralco’s PSAs with South Premiere Power Corp. (SPPC) and San Miguel Corp. (SMC), Valles said they continue to supply power under protest without prejudice to the available remedies that they may undertake.

Because of this development, Valles said Meralco told the DOE to put on hold its application to exempt from competitive auction some of the emergency PSAs, or “EPSA,” it forged with some power suppliers.

“Yes, we filed with the DOE a request for a certification of exemption for equivalent capacity of 1070MW to presumably… to cover the 1070MW that will expire; assuming that the ERC [Energy Regulatory Commission] will allow the expiration of those contacts with SMC,” Valles said.

Valles added that “in light of decision of ERC with respect to SMC contracts, we have decided to request DOE to put on hold the evaluation of request because SMC is now supplying power to Meralco at this time.”

ment of carrier-neutral data centers across the country.

The initial roll-out will target the delivery of a 4.5 megawatt-capacity facility ready for service by the fourth quarter next year.

Flow’s modular product deployment approach, com-

bined with a strong focus on connectivity and sustainability, will help maximize design flexibility and accelerate time-to-market, the company said.

Flow is a regional platform providing customized solutions to meet the growing demand for digital in-

frastructure in Asia- Pacific.

The company was launched in 2021 by PAG Real Estate Ltd., an alternative investment firm focused on the Asia Pacific with $50 billion in assets under management, including $2 billion in data center assets.

PAVI power firms to deliver

to 60,000 homes

By Lenie Lectura @llectura

PRIME Asset Ventures Inc. (PAVI), through their constituent power companies S.I. Power Corp. (Sipcor) and Camotes Island Power Generation Corp. (Campcor), is expected to deliver soon 21.27 megawatts (MW) to serve 60,000 households in the said municipalities.

“We’re detecting an increase in demand due to the holiday season.

PAVI through Sipcor and Campcor has built the necessary infrastructure to serve these previously underserved and un-electrified Filipino households,” said Jose Rommel

C. Orillaza, PAVI’s President for Power Group. “We aligned our business goals with the government’s direction, in order to help prioritize rural electrification, as we believe this will also contribute to overall economic recovery.”

The Department of Energy (DOE) has previously stated that rural electrification is a top government priority. The agency reported last year that there were over 1.6 million households without connection and access to electricity, 500,000 of these families reside in the Visayan area.

“In this day and age, it’s hard to believe that there are still Filipino communities in off-grid areas with no stable source of electricity. Our presence in these underserved areas is helping the government and the DOE in reaching 100 percent electrification in all households, thus improving the well-being and quality of lives of thousands of households and not to mention providing support to hundreds of MSMEs through the provision of power,” added Orillaza.

Sipcor currently has a 20-year

power supply agreement (PSA) with the local power cooperative, Province of Siquijor Electric Cooperative Inc. It is providing 12.86MW of power through bunker-fired power generation facilities and power stations.

Campcor has a 15-year power supply agreement with the power distribution utility of the island, Camotes Electric Cooperative Inc. Located in municipalities of Poro and Pilar in Camotes Island in Cebu, Campcor is supplying residents a total of 8.41MW of power through their diesel plants and generating units. The company will also be providing ancillary services to power distribution system that includes load-following, reactive power support, and voltage regulators.

Sipcor and Campcor are under the power group of PAVI.

Lazada PHL expects ‘11.11’ sales ‘bigger’

LA zA DA E-Services Philippines Inc. expects sales from its buying-binge brand of “11.11” would be bigger.

“[Our] ‘11.11’ is the biggest sale of the year by far,” Lazada CEO Carlos O. Barrera told reporters in an interview in Makati last Friday shortly after its media launch with the official unveiling of an actor as its newest brand ambassador. “11.11 is our flagship campaign, so it’s always has to be bigger. This year will be bigger than the year before.”

Based on its latest study, Barrera said they discovered that more than half (57 percent) of consumers in Southeast Asia now use e-commerce marketplaces as search engines to find what they want.

With 67 percent of shoppers now looking forward to the upcoming sales event, it’s also a time for the brands and sellers onboard to build deeper connections and touch-points

with new and existing customers, according to him.

It is for this reason that the shopping platform has improved further its solutions to support and deliver value to its sellers and partners while serving the needs of their communities as a whole, Barrera said.

The firm will launch beauty products, wherein consumers “can now enjoy curating trendy and affordable fashion outfits and browse popular beauty products and reviews in the Lazada app.”

From November 7 to 13, the firm would also live-stream episodes hosted by fashion, beauty and technology “experts” “to inspire consumers to take action and pursue their passions.”

The firm would also spur demand by giving discounts of up to 90 percent, offering free shipping sans a minimum spend and spending cap and giving out vouchers to lure more buying. Roderick L. Abad

Last week

SHARE prices climbed last week, with the main index finally closed at the 6,000-point level but value of trade was still weak.

The benchmark Philippine Stock Exchange index gained 169.87 points to close October at 6,153.43 points.

The main index was up almost all week, gaining the most on Thursday at 109 points before shedding points on Friday.

Volume of trade, however, was still weak, only averaging P3.98 billion, with foreign investors, which accounted for about half of the trades were net sellers at P380.16 million.

Other sub-indices ended with mixed results, with the broader All Shares index gaining 62.25 points to close at 3,257.29 points. The Financials index rose 71.73 to close higher at 1,588.14. The Industrial index soared 340.05 to close at 8,987.90. The Holding Firms index climbed 186.54 to close at 5,933.37. The Property index shed 35.82 to close lower at 2,572.75. The Services index was up 48.74 to close at 1,592.33. And the Mining and Oil index plunged 884.13 to close at 9,802.95.

For the week, gainers led losers 116 to 101 and 28 shares were unchanged.

The top gainers were: DITO CME Holdings Corp.; LMG Corp.; D and L Industries Inc.; Far Eastern University Inc.; ATN Holdings Inc. B shares; iPeople Inc.; and, 2Go Group Inc.

Top losers, meanwhile, were Metro Alliance Holdings and Equities Corp. A and B; Semirara Mining and Power Corp.; Dizon Copper-Silver Mines Inc.; LBC Express Holdings Inc.; House of Investments Inc.; Anchor Land Holdings Inc.; and, Easycall Communications Philippines Inc. this week

SHARE prices may go higher this week in anticipation of the third quarter reporting season of listed firms.

Broker 2TradeAsia said the last two months of the year usually offer more upbeat fundamentals than most months of non-election years, courtesy of holiday-related spending on consumer goods, tourism windows due to non-working days and overseas Filipino workers’ higher remittances.

“The obvious spoiler is the possible softer year-on-year walletspend due to lower consumer confidence from inflation,” 2TradeAsia said.

“Expect November to pull investor focus in multiple directions, given the macro events unfolding for the month,” the broker added.

It will be a 3-day trading week as sessions will resume on November 2.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said the local market may extend its climb with anticipation of third quarter corporate earnings giving a boost to sentiment.

“The local market has been on a positive momentum after touching its trough at 5,699.30 last October 3. From October 3 to date however, net value turnover has only been averaging P3.97 billion per day, below the year-to-date average of P5.99 billion, implying weak conviction in the market’s climb. Thus caution is still advised in our trades,” he said.

Tantiangco said the peso’s position above the P58-per-US dollar level, if sustained may also strengthen the market’s positive momentum. Investors are also expected to look towards the S&P Global Philippines’s Manufacturing PMI, inflation data and foreign trade data for clues on the local economy.

Chartwise, the local market’s immediate support is seen at the 6,000 to 6,100 range.

stock picks BROKER Regina Capital Development Corp. advised to position on the stock of DMCI Holdings Inc. as indicators, at this point, are all picking up strong selling momentum, but its intra-day chart is showing a potential bounce at the 100-day moving averages.

“All things considered, we’ve said in our previous notes that the region between DMC’s 50-day MA and 100-day MA could be a good area to position. We maintain this view. Remember, technically speaking, a gap up or down will always be filled in the near future,” the broker said.

DMCI’s shares closed Friday at P9.49 apiece.

Meanwhile, the broker advised to take profits on the stock of Universal Robina Corp. as its share price barreled through all major resistance levels and major moving averages.

“Even though the stock is still quite far from the overbought region, this should be right around the time that investors consider top-slicing. There doesn’t seem to be enough volatility and volume to fuel further rallies in the near future. The P127 resistance is likely to cap any potential gains in the near future,” the broker said.

VG Cabuag

URC’s shares closed last week at P122 apiece.

TY iNV es TMeNT FuND cO rp. -A 0.6667 -11.19%  -11.02%  -7.9%  -11.87%

Firs T Me TrO cONsuMer FuND iNc -A ,4 0.6278  -21.4%  -10.04%  N A -18.56%

Firs T Me TrO sAV e AND Le ArN equiTY FuND iNc. A 4.4409  -14.06%  -6.34%  -5.17%  -14.31%

Firs T Me TrO sAV e AND Le ArN phiLippiNe iND ex FuND iNc. -A ,3 0.6684  -13.73%  N A N A -14.67%

Mb G equiTY iNV es TMeNT FuND iNc. -A 74.6  -27.19%  -13.17%  N A -21%

pAMi equiTY iND ex FuND iNc. -A 41  -13.64%  -7.66%  -5.55%  -14.81%

phiLAM sTr ATeG ic GrOw Th FuND iNc. -A 424.58  -14%  -7.76%  -5.81%  -15.2%

phiLequiTY Di V iD eND YieLD FuND iNc. -A 1.1529  -10.33%  -4.14%  -3.33%  -15%  phiLequiTY FuND iNc. -A 31.7241  -12%  -6.27%  -4.39%  -13.31%  phiLequiTY M sci phiLippiNe iND ex FuND iNc. -A 0.8073  -13.49%  -7.87%  N A -14.24%  phiLequiTY pse iND ex FuND iNc. -A 4.2662  -12.76%  -6.94%  -4.91%  -14%  phiLippiNe sTO ck iND ex FuND cO rp. - 710.52  -12.96%  -7.02%  -4.94%  -14.24%  sOLD VO sTr ATeG ic GrOw Th FuND iNc. -A 0.6331  -15.44%  -10.84%  -7.65%  -15.88%  suN LiFe prO speriTY phiLippiNe equiTY FuND iNc. -A 3.192  -14.28%  -9.34%  -6.37%  -15.45%  suN LiFe prO speriTY phiLippiNe sTO ck iND ex FuND, iNc. -A 0.8087  -13.18%  -7.3%  5.24%  -14.38%  uNiTeD FuND iNc. -A 2.9698  -13.42%  -7.18%  -4.52%  -13.6%  priMAriLY iNV es TeD iN pes O securiTies (uN T s) cOL equiTY iND ex uNiTizeD MuTuAL FuND iNc. -A ,5 1.0051  N A N A N A N A phiLequiTY ALphA O Ne FuND iNc. -A 0.9717  -15.72%  N A N A -16.43%  phiLippiNe sTO ck iND ex FuND cO rp. -A 863.75  N A N A N A N A e xchANG e Tr ADeD FuND (sh Ares)    Firs T Me TrO phiL equiTY e xchANG e Tr ADeD FuND iNc -A ,c 95.8167  -12.72%  -6.83%  -4.68%  -14.05%

priMAriLY iNV es TeD iN FO reiGN curreNc Y securiTies (shAres)    ATr AM AsiApLus equiTY FuND iNc. -b $0.7662  -35.2%  -7.61%  -6.56%  -31.98%  suN LiFe prO speriTY wO rLD VOYAG er FuND iNc. A $1.3938  -24.69%  2.39%

s T O c k MA r ke T O u T LOO k

Banking&Finance

Perspectives

Effective cost optimization is critical for the market-speed enterprise

Banks remained Scrooges when lending to MSMEs

TODAY’S

hyper-competitive and fast-changing global environment is prompting forwardlooking enterprises to accelerate their investment in transformational IT capabilities. To deliver continuous digital innovation, and reveal the true value of technology spending in the digital economy—these enterprises are reengineering the technology funding process.

To become agile, market-speed organizations, many are embracing dynamic investment for its breakthrough ability to forge a new financial connection between IT spending and value—one that aligns enterprises as never before with their ever-evolving markets and ongoing technology needs.

Unfortunately, a widening digital divide exists today as global enterprises modernize to enhance agility, efficiency, and competitiveness. As digital leaders transform for the future, those left behind are without the insight to spend on technology in a manner that is as agile as their enterprise. The widening gap between leaders and those left behind is creating conditions for a winner-take-all market.

Our previous article in this series examined the need for cost transparency. Cost transparency reveals the value of technology by identifying and classifying costs, defining cost drivers, and using the timely collection of cost data to inform smart decisions. This building block is a foundational enabler for digital leaders to cross the divide and harness the power of dynamic investment.

Cost optimization challengesprevail in the race to transform WHILE it may be tempting to jump to this transformed way of funding value we call dynamic investment, we urge you remember that cost transparency can reveal opportunities to better optimize the existing IT estate. The leaner the current IT operating model is, the greater the reward may be when shifting to dynamic investment. In this second article of the dynamic investment series, we illustrate how some successful enterprises approach cost optimization to get more value from their ongoing technology spend now and in the future.

Aligning IT and finance teams in new ways

NUMEROUS approaches are employed today by enterprises tackling the need to optimize technology costs. Unfortunately, IT and finance typically work toward valid but divergent objectives in this pursuit. Technologists want maximum flexibility, while financetypes seek structure and predictability.

KPMG professionals often see flawed, unsustainable initiatives result when IT teams address cost takeout and optimization without much involvement from finance. The reverse is also true. These teams often face the challenge of making sense of technology’s increasingly sophisticated function and value.

IT and finance should be aligned as never before on how technology costs are identified and classified, and how to reduce cost from those insights. They must also collaborate with a shared appreciation for substantial shifts in how technology goods and services are purchased and provided. Long-term capital purchases (e.g., depreciable datacenter equipment) have been largely replaced by highly variable operational expenses bound by different contracts (e.g., cloud service provider agreements). It is only in pursuit of understanding each-other’s perspectives on these trends can IT and finance be effective in figuring out how to make dynamic investments in technology.

Finding cost opportunitiesoptimization

BY bringing IT and finance teams together to collaborate in new ways and manage costs effectively, enterprises can identify quick wins to help eliminate costs in areas such as:

n Infrastructure run and maintenance;

n Licensing costs, including oversubscription and the use of costly licenses for simple activities;

n Unmanaged spending on cloud resources;

n Duplicated investment in technologies and solutions;

n Time-intensive management overhead (minimizing things like stage gates, council reviews, layers of reporting, etc.)

Firms operating without a centralized IT procurement-finance function or experiencing a high level of shadow IT activities can benefit from an exercise to rationalize costs. Opportunities also exist for enterprises with no direct linkage between IT/digital service costs and consumption, and those lacking regular reporting on IT costs and consumption. As you can see, cost transparency is an important enabler to refine cost optimization opportunities.

A rationalization exercise demands you take nothing for granted, and results should be reviewed by an independent party not involved in the day-to-day operations. This is essential to identify duplicate investments and unmanaged or uncontrolled resources.

An important note to always remember: digital transformation is not necessarily about IT cost reduction, but cost optimization frees up funds for higher priority needs that can accelerate the pace of change. Recovered funds can be deployed with greater velocity and effectiveness when enterprises leverage the principles we are about to articulate for dynamic investment.

Combined with ongoing optimization of past spend (some do it monthly), adopting a principled, forward-looking dynamic investment model makes holistic spend management a possibility by: n Replacing static budgeting cycles with dynamic funding: The dynamic model replaces annual budgeting with a timely and flexible process. The goal is to fund innovation on a rolling basis. The key to this process is that funding adjusts to prevailing needs; n Implementing product financial management: Enterprises need to shift from project financial management to product financial management. Supporting technology teams need to align to product development and product owners should organize products; n Changing funding governance: Governance of funding is critical to replacing traditional project budgeting with product funding. A new governance model should include guidance on roles, decision-making authority, and the processes by which funding decisions are adjudicated.

These core principles of dynamic investment are our preview to the When, What and How of the dynamic model. Supporting actions to evolve in key finance and accounting areas include: the need for leaner and simplified value cases, updating of capitalization policies, and evolving financial analytics, including reporting, analytics and metrics related to spending, economics, and value.

Our key message to clients is this: the journey to dynamic investment is not linear, with cost transparency and cost optimization staged as building blocks that have cumulative effects. KPMG firms are here to help—and we believe there is no time to lose in narrowing today’s growing digital divide.

KPMG Intl. Ltd. is a private English company limited by guarantee and does not provide services to clients. For more information on KPMG in the Philippines, you may send a message through ph-marketsph@kpmg.com or visit www.home. kpmg/ph.

By Cai U. Ordinario @caiordinario

BANKS

remain stringent when

lending to micro, small and medium enterprises (MSMEs) as data from the Bangko Sentral ng Pilipinas (BSP) showed they considerably tightened their credit standards in the third quarter of the year.

Based on the Senior Bank Loan Officers Survey (SLOS), some 10.4 percent of banks said they “tightened considerably” their credit standards for enterprises in the third quarter compared to 6.5 percent in the second quarter of 2022.

“On specific lending standards, the net tightening of overall credit standards was observed through increased use of interest rate floors, stricter collateral requirements and loan covenants, shortened loan maturity, and wider loan margins,” the BSP said in a report.

The data also showed, however, that 77.1 percent of banks said their credit standards “remained basically unchanged” for enterprises, slightly higher than the 76.1 percent in the second quarter of 2022.

Credit standards have tightened considerably for micro enterprises as 22.6 percent of banks said this was their policy in the third quarter compared to only 17.2 percent in the second quarter of the year.

BSP data also showed 18.4 percent of banks said their credit standards have tightened considerably for SMEs in the third quarter, higher than the 13.9 percent recorded in the second quarter.

The same trend was observed among large and middle-market enterprises as 12.2 percent of banks now said they tightened credit standards considerably for these firms. This was also higher compared to the 7.7 percent recorded in the second quarter of the year.

While banks also tightened their credit standards for top corporations, this was done to a lesser degree with only 9.5 percent of banks saying they tightened considerably their lending policies for these companies. This was higher compared to the 7.5 percent posted in the second quarter of the year.

Meanwhile, or the following quarter, the SLOS data showed, their credit standards will tighten considerably with 6.1 percent of banks saying there will be more stringent loan policies in the next quarter.

“For Q4 2022, a larger number of the surveyed banks anticipate generally unchanged credit standards for businesses. By contrast, the DI [Diffusion Index]-based results reflected expectations of a net tightening of lending standards due to the following factors: decline in tolerance for risk, deterioration in borrowers’ profiles, and less optimistic economic outlook,” the BSP said.

Banks who said their lending

“will ease considerably” or “will ease somewhat” in terms of their credit standards when lending to businesses, said there are a number of important factors that will make this happen.

These include an improvement of a borrower’s profile and the bank’s increased tolerance for risk with a 3.5 score, with a maximum score of 5 indicating extremely important.

These are the same top considerations when lending to top corporations albeit at a lesser degree with a score of 3.3 out of 5, the highest score.

The BSP has been conducting the SLOS since 2009 to gain a better understanding of banks’ lending behavior, which is an important indicator of the strength of credit activity in the country.

The survey also helps the BSP assess the robustness of credit demand, prevailing conditions in asset markets, and the overall strength of bank lending as a transmission channel of

monetary policy.

It consists of questions on loan officers’ perceptions relating to the overall credit standards of their respective banks, as well as to factors affecting the supply of and demand for loans to both enterprises and households.

This is similar to the surveys of bank lending standards conducted by other central banks, such as the US Federal Reserve, the European Central Bank, the Bank of England, the Bank of Canada, and the Bank of Japan, among others.

Bangko Sentral ng Pilipinas governor Felipe M. Medalla speaks during the recent “The asset 17th Philippine Summit” in Taguig City. Medalla encouraged banks to continue building up capital as this strengthens their capacity to absorb risks, remain resilient and ensure the safety of their customers’ deposits. Photo courtesy of the Bangko sentral ng PiliP nas

SM opens 4TH mall in Bicol in Sorsogon

na bato homes in Juban, and the 1875 Baroque-period dome-like St. Joseph Church in Barcelona. It is best known for the town of Donsol, a well-known whale shark sighting destination named as the "Best Place for Animal Encounter" by Time Magazine.

Sorsogon City is home to a variety of natural attractions including beautiful beaches, limestone caverns, and a marine reserve are among the highlights found in the city’s Bacon District. The most prominent of these are the prehistoric artifact-rich Bato Limestone Caves, and Paguriran Beach, which is surrounded by dark basalt.

THE Philippine Health Insurance Corporation (PhilHealth) has assured the country’s elderly citizens of its continuing commitment to their health and well-being by ensuring adequate financial protection when availing of inpatient care and primary care benefits in accredited facilities nationwide.

The assurance was made as the country wrapped up its observance of the Filipino elderly this October, which kicked off with activities that included the signing of a partnership agreement with the National Commission of Senior Citizens (NCSC) on the sharing of information and statistical data on membership and health status of senior citizens in the country.

Elderly members can immediately avail of benefits for inpatient care and select outpatient procedures, Z Benefit Packages, and other benefit packages being developed by PhilHealth. For the first half of 2022, a total of P19.1 billion have already been paid by the state insurer for benefit claims of elderly patients under the Lifetime and Senior Citizens Program .

Senior members are also a priority in the Agency’s expanded primary care benefit package dubbed Konsulta or Konsultasyong Sulit at Tama Package which can be availed of from accredited Konsulta providers of their choice.

SM City Sorsogon, the Bicol Region’s newest destination mall, opened Friday, October 28. It is SM Prime’s 81st supermall, and the fourth in Bicolandia after SM City Naga in Camarines Sur, SM City Legazpi in Albay and SM City Daet in Camarines Norte.

Sorsogon City is the capital of the province of Sorsogon that lies in the Bicol peninsula. It faces the island of Samar to the southeast across the San Bernardino Strait and Ticao island to the southwest.

It serves as Luzon’s gateway to the Visayas and Mindanao through its Roll-on/Rolloff ferry terminal facilities located in the municipalities of Matnog, Pilar and Bulan.

The city has an abundant supply of

gifts from the sea – fish, shells, prawns and seaweed; as well as gifts from farmlands planted with rice, coconut, vegetables and root crops.

Sorsogon is best known for its pili nuts, a foodie favorite, as well as abaca or hemp, which, over the years has been transformed, apart from rope, into artisan crafts. These two products are celebrated in the Kasanggayahan Festival, a monthlong activity in October that coincides with the founding day of the province, and has become a tourist attraction.

The province of Sorsogon is home to many well-known tourist destinations, such as the active stratovolcano Mt. Bulusan, exceptionally well-preserved Spanish bahay

Strategically located in a 132,003 square-meter site along Brgy. Balogo, Sorsogon City, SM City Sorsogon will serve shoppers in the flourishing province of Sorsogon. More than that, it will be a catalyst for employment and business opportunities in the area.

The 40,000 square meter mall comes with a new and innovative building design. It has a sophisticated facade, a vibrant blue pattern inside the mall, large storefronts that are open and welcoming, glass entrances, covered walkways, and a bridgelink that connects to Sorsogon Integrated Terminal Exchange (SITEX), which overlooks the coastal road and offers breathtaking views of the sunrise and sunset over the Bulusan Volcano and the mountain ranges of Juban and Magallanes towns in the background.

The agreement aims to help the two agencies maintain an accurate database system in aid of expanding benefit packages and improving services for senior citizens, and in minimizing if not totally eradicating fraud brought about by inaccurate member records.

As of June 2022, PhilHealth has registered some 13.8 million elderly members and their dependents under its Lifetime Program and Senior Citizens Program, representing 14 percent of the program’s total registered beneficiaries nationwide. Lifetime members include retirees and pensioners who have reached the age of retirement and have paid at least 120 months of contributions to the program. Meanwhile, Senior Citizen members are those who do not belong to any of the membership categories and whose contributions are paid for by the National Government pursuant to Republic Act 10645.

The Konsulta Package aims to help members prevent or detect diseases early on. The accredited Konsulta providers shall act as the initial and continuing contact for the patients in the healthcare delivery system. The package includes targeted health risk screening and assessment; initial and follow up consultations; and laboratory tests and medicines, the availment of which will be subject to the recommendation of their primary care provider.

Laboratory and diagnostic tests include complete blood count with platelet count, urinalysis, fecalysis, sputum microscopy, fecal occult blood, Pap smear, lipid profile, fasting blood sugar, oral glucose tolerance test, electrocardiogram, creatinine and HbA1c. Meanwhile, medicines that will be made available include antimicrobial, anti-asthma, antipyretics, anti-dyslipidemia, anti-diabetic, and antihypertensive medicines, including fluids and electrolytes, anti-thrombotic, and anti-histamines.

After all that screaming, cry ing, and running, gear up and head to the Horror Cafe to fuel up your hunger with some Halloweenthemed snacks and refreshments that will surely make you full.

Cursed Haunted Forest is the transformation of Tales of Illu mina’s magical wonderland into a massive haunted walk-through at traction with lots of horrifying live scare actors, Hollywood-level pros thetic scare artists, nerve-racking haunted set design, terrifying spe cial effects, and frightening live show performances.

If you are looking for a one-ofa-kind thrilling Halloween experi ence, then you must not miss out on the launching of Cursed Haunted Forest this October 27, 2022, until November 2, 2022. The rustic gates

will be open every 4:00 PM and be sure to get out in one piece before the clock strikes 12. You don’t want to become an offer to the creepy monsters of the haunted forest.

We can’t guarantee that you won’t SCREAM, RUN, HIDE, or FREEZE in fear as you navigate your way inside the Cursed Haunt ed Forest. Booking of your passes is now available at the website www. amusements.global/tales-of-illu mina-shop-and-book/ Hurry ‘coz there are only lim ited tickets for this exceptional ter rifying adventure!

Cursed Haunted Forest strict ly obeys the health protocols, all guests are required to do tempera ture checks and sanitation before entry. Wearing of face masks is still a must! Guests may come in their best and most fashionable Hal loween costumes but wearing of high heels is strictly prohibited. We don’t want you to trip while run ning for your life! Guests who have serious medical conditions are not advisable to enter as much as we want everyone to share the thrill ing experience inside.

Without a doubt Cursed Haunted Forest is the most ex treme Halloween-themed attrac tion that you don’t wanna miss!

Cursed Haunted Forest is lo cated at Tales of Illumina 2/F Calle Bistro, Commonwealth Avenue, Quezon City Philippines (same compound as Ever Commonwealth)

Illumina,

Get

Passes now on its official website at www.amusements.global/ whimsicalwonderland.

PRESENT during the opening of SM City Sorsogon were Senator Chiz Escudero; (4th from left), Sorsogon 1st District Rep. Dette Escudero (3rd from left), 2nd District Rep. Manuel Wowo Fortes (4th from right), Vice Governor Krunimar Escudero (6th from right), Sorsogon City Mayor Ester Hamor (5th from right), Vice-Mayor Eric Dioneda (3rd from right), and Most Rev. Jose Allan Dialogo along with SM Engineering Design and Development President Hans Sy, Jr, (left), Super Value Inc. Executive Director Herson Sy (right), SM Prime President Jeffrey Lim (2nd from right) and SM Supermalls President Steven Tan (2nd from left).

PhilHealth assures senior citizens that they can count on their health insurance benefits any time

The coronavirus chronicles: reThinking success and work-life balance

BEFORE the pandem ic, there was a lot of buzz about work-life balance: how this could be the road to personal success, and how com panies were working closely with their employees to achieve cor porate harmony and work force longevity.

And then along came the pandemic, work-from-home ar rangements, and with it, changes in perspective. In an article in prnewsonline.com, Andrew Byrd talks about “The Future of Ambi tion”: New Standards of Success and Work-Life Balance.

upheaval” has people looking for a “vision of the type of life that they believe will lead them down a more meaningful, joyful, and sustainable path.”

While this poll was taken in the US, the pandemic has also af fected the ways Filipinos look at their work. Here, Byrd discusses with us the pandemic’s impact on culture, mental health, and com munication.

pandemic, Moore says, “was a moment in time that hadn’t been presented before...staying at home gave us all a chance to pause and think.”

Byrd believes that, “more than ruminating or reassessing their lives, nearly 80 percent of Ameri can workers believe they have more power to change their lives before the pandemic” as the Harris Poll indicates.

agency responded by implement ing a 4-day work week when staff indicated burnout.

that conversation with employ ees to get a sense of what they are feeling.”

PR Matters

By Millie F. Dizon

He cites survey results from Harris Poll which confirm what many have long suspected: the pandemic gave a lot of Americans a lot of time to re-think their profes sional goals. One result is: a major ity of Generation Z and Millennials now prioritize personal happiness over swift corporate success.

There’s a wide “shifting away from the hamster wheel of burn out culture,” and Harris Poll Chief Strategy Officer Libby Rodney and Managing Director Abbey Lummey say that this “societal

it in record that a document, an artwork or, in this case, a digital twin of a fashion piece, is an original owned by the art ist or buyer.

a cultural shift HOW d id this all start? Cat Colel la-Graham, founder of Cheers Partners, believes that the shift started when employees began vir tual work, and could not separate home life from work life.

With this, workers felt they were on 24/7, “It exhausted people to the point where they were like, ‘I want more out of life. I should work to live and not live to work,’” she says in a post.

In the same article, Sanji Moore, Paywell’s SVP for people and op erations, says, “It took a pandemic, rapidly changing economy, and a social movement to light a fire under us all to really ask ourselves what we want from our life.” The

and blockchain technologies will make their pieces more widely accessible, and owners of the iconic pieces can bring their designs into the meta verse.

a shift in mental health T HE p andemic has brought about much consciousness and concern about mental health. With this, there is a greater need for sup port and understanding about its impact in the workplace.

And communicators will play a role here, says Dr. Rebecca Swift, global head of creative insights iStock, adding that policies “pres ent an opportunity for businesses of all sizes to reconsider how they communicate any changes to the workplace, such as flexible hours and office arrangements, through the language and visuals they use to ensure they are aligned with their team’s wants and needs.”

In the PR sector, the Praytell

But there are other ways of ad dressing mental health. “I think moving away from the 9-to-5 hustle culture is a helpful tool to manage stress and burnout,” says Moore. However, “it has to be part of a larger system of change, one that comes with richer men tal health management bene fits, de-stigmatization of men tal health in general, and more awareness.”

a shift in communication I N t his period of transition, both More and Colella-Graham believe that listening is essential as com panies consider the cultural shift.

Managing internal commu nication is also very important, and this begins with starting with facts.

“I think a multichannel ap proach is always the best,” says Colella-Graham. “Number one, have a single source of truth. What is the site you go to get whatever is your approach to being in the office? And then make sure that managers are constantly having

Moore agrees, and suggests starting from an honest mindset to allow staff to adjust.

“Be honest about where you need your business to grow, what you need from employees to get there, and what you’re willing to give up to protect your most important asset—your people,” he says. “If you start with those fundamental and basic truths, you can start building something sustainable.”

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based Interna tional Public Relations Association (Ipra), the world’s premier associa tion for senior professionals around the world. Millie Dizon, the Senior Vice President for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and ques tions to askipraphil@gmail.com.

are truly a sustainable cultural and social enterprise. Web3 is the future of indigenous weaves.”

n Kandama maK e s Ifugao weaves more access I bl e and future-proof w I th upcom I ng nft collect I o n MANILA, PHILIPPINES— NFTs or non-fungible tokens have stolen the spotlight in the recent return of the fashion weeks of Paris, Milan, London, and New York. Some say it’s just a passing fad. For Kan dama CEO and Creative Direc tor Victor Baguilat Jr., it is “the future of Filipino fashion.”

Kandama is a social enter prise on a mission to preserve the tradition of handloom weaving and provide oppor tunities for women in Julon gan village in Kiangan, Ifugao. It applies commercial strate gies to make its social impact sustainable. As such, Victor has announced that it is set to launch its own collection of ar tisanal fashion NFTs.

NFT refers to a digital asset that is unique and non-inter changeable. One sort of enters the asset into a blockchain technology that forever keeps

During the showcase of his latest collection, “The Eman cipation of Maria Clara,” at the New York Fashion Week in Manhattan last September 9, 2022, Victor realized how NFTs can further promote the masterpieces of Ifugao weavers and the deep tradition of their community.

“There were three other brands which just launched their NFT collection. When I heard that some brands that are familiar to me started do ing NFTs, that’s when I real ized that maybe that’s really the right direction,” he said in an online forum last October 19.

Victor is partnering with Filipino-led blockchain firm Tetrix to produce the digital twins of some indigenous fash ion pieces like those worn by beauty queen Pia Wurtzbach for her Vogue Italia feature, and those that were showcased during the past Paris Fash ion Week, Melbourne Fashion Week, and several global fash ion events.

Victor says turning to Web3

Each Kandama NFT has its own unique code, proving the authenticity of the physi cal garment it represents and reflecting its lifetime journey from raw material to design and from sale to resale and recycling. Additionally, the Tetrix-powered digital wal let Pitaka will be used for the settlement of transactions and will be the official carrier of the Kandama NFTs.

“As an artisanal and cultur al enterprise, it’s very impor tant for us to be able to tell our story, the story of how our garment was made, the story of who made the product, the sto ry of where it came from, and where it will be used,” he said.

“Innovation is key to preser vation,” Victor tells the listen ers. “Infusing technology with tradition is essentially part of my vision. The other important thing we’re looking at is ensur ing that ethical credentials will be easily ascertained by our customers. It can guarantee our products’ authenticity and prove to our customers that we

n g r eene K I n g launches fI r st-ever craft beers by pay I n g homage to centur I e s of her I tage w I th h o use337 LONDON, UK—Creative col lective House337 is launch ing a new campaign for Greene King’s first ever craft beers, Level Head and Flint Eye. The beers celebrate Britain’s ec centric past but are designed for the modern day, as is the campaign.

The 30” TV and VOD cam paign titled “Brand New Beers, Centuries In The Making” takes Greene King’s 200 years of brewing heritage, the his torical myths and legends of Bury St. Edmunds, and the freshly reimagined recipes of the beers and combines them all into a contemporary visual homage which spills out of the can itself.

The film introduces us to “craft beer, but not as you know it, because these beers are made from history.” Il lustrations inspired by wood cut engravings common to the medieval era were mapped

out using hundreds of lines of code, then laser-cut out of 355 aluminum cans. They were then animated using sophisti cated stop frame animation to bring the stories to life. A light was placed inside the cans to project the cut-out illustra tions showing both the tech niques and ingredients that go into making the beers and the stories that inspired them, featuring flint-tipped arrows and St. Edmund’s beheading. The film ends with the mes sage: “We may have been doing this for over 200 years but the truth is, we’re only just getting started.”

Greene King Brewery Mar keting Controller Alex Rad cliffe said, “We know craft beer drinkers value the level of craftsmanship that goes into producing a superior tast ing product. To launch this new range of craft beers it was therefore imperative we had a creative treatment to match this, and in turn reflect the level of expertise that has been passed down through genera tions of our brewers. This ad vert was a very ambitious proj ect, we’re delighted with the final film and look forward to drinkers learning more about the fantastic local legends that

inspired our brewers to make these beers.”

House 337 Creative Direc tor Steve Hawthorne said “Like the beers themselves, this campaign has been a long time in the making, but it is worth the wait. The technical com plexities behind it are truly mind-boggling, which precisely reflects the way in which we’ve created something that does justice to the craft, know-how and expertise Greene King has put into its new range of beers.”

The work has been created by Pete Ioulianou and Ollie Agius and directed by Balazs Simon through Blink Ink.

Blink Ink Director Balazs Simon commented, “This is probably the craziest thing I’ve ever done in camera. We es sentially created a 360° projec tor out of the beer can, which seemed a straightforward idea on paper, but proved to be quite the head-scratcher when executed. From calculating the anamorphosis of hand-drawn illustrations to programming motion control and building custom rotating light rigs in a blacked-out studio, this project was a big balancing act, an ac tual fight with the laws of the universe.”

Why did Elon Musk just spEnd billions to takE ovEr tWittEr?

By Matt O'brien AP Technology Writer

ElonMusk has taken over Twitter and fired its CEo and other top executives. Trading in company shares was suspended Friday on the new York stock Exchange and the stock will be officially delisted early next month, according to a filing with securities regulators. so now what?

Why did Musk buy Twitter? One reason why Musk bought Twit ter this week is because he had lit tle choice. The world's richest man spent months trying to back out of the $44-billion purchase agreement he originally signed in April. But the uncertainty was so disruptive to Twitter’s business that it sued him in the Delaware Court of Chancery to force the deal’s completion, and a judge gave a Friday deadline to com plete the deal or face a n o vember trial that Musk was likely to lose.

As for why Musk wanted to own Twitter in the first place, the rea sons are more complicated. “There has been much speculation about

why I bought Twitter and what I think about advertising,” he said in an open letter Thursday to compa nies that sell ads on Twitter, which is how the company makes money. "Most of it has been wrong.”

How did Musk buy Twitter? I T ’ s not yet clear how Musk se cured all of the financing to close his $44-billion agreement to buy the company and take it private. But many of the commitments to the Tesla C e O w ere pledged back in the spring.

A group of banks, including Mor gan st anley and Bank of America, signed on earlier this year to loan

$12.5 billion that Musk needed to buy Twitter and take it private. s o l id contracts with Musk bound the banks to the financing, although changes in the economy and debt markets since April have likely made the terms less attractive.

Investors who would get own ership stakes in Twitter were also expected to chip in billions. Musk’s original slate of equity partners in cluded an array of parties ranging from the billionaire’s tech world friends with like-minded ideas about Twitter’s future, such as Or acle co-founder Larry e l lison, to funds controlled by Middle e a st ern royalty.

Billionaire s audi Prince Alwaleed bin Talal said Friday that he and his Kingdom Holding Company rolled over a combined $1.89 billion in ex isting Twitter shares, making them the company’s largest shareholder after Musk. Another equity inves tor, the cryptocurrency exchange Binance, confirmed Friday that it put in $500 million.

The more equity investors kicked in for the deal, the less Musk would have had to pay on his own. Most of Musk’s wealth is tied up in shares of his electric car company. si nce April, he has sold more than $15 billion worth of Tesla stock, presumably to pay his share.

Timeline of billionaire Elon Musk’s bid to control Twitter

On October 4, Elon Musk reversed himself and offered to honor his original proposal to buy Twitter for $44 billion—a deal he had spent the previous several months trying to wriggle out of. He made the latest offer just two weeks before a Twitter lawsuit aimed at forcing Musk to go through with the deal was scheduled to go to trial in Delaware Chancery Court. After receiving Musk’s offer, Twitter said it intends to close the transaction.

The two parties now have to close the deal Friday. If they don't, the Dela ware Chancery Court judge overseeing t he case plans to reschedule the trial in n ovember.

If the case has your head spinning, here's a quick guide to the major events in the saga featuring the billionaire Tesla CEO and the social platform.

January 31: Musk starts buying shares of Twitter in near-daily install ments, amassing a 5% stake in the c ompany by mid-March.

March 26: Musk, who has tens of millions of Twitter followers and is ac

tive on the site, says he is giving “serious t hought” to building an alternative to Twitter, questioning the platform's com mitment to “free speech” and whether Twitter is undermining democracy. He also privately reaches out to Twitter board members including his friend and Twitter co-founder Jack Dorsey.

March 27: After privately inform ing Twitter of his growing stake in the c ompany, Musk starts conversations with its CEO and board members about potentially joining the board. Musk also mentions taking Twitter private or starting a competitor, according to later regulatory filings.

April 4: A regulatory filing reveals that Musk has rapidly become the larg est shareholder of Twitter after acquir ing a 9% stake, or 73.5 million shares, w orth about $3 billion.

April 5: Musk is offered a seat on Twitter’s board on the condition he amass no more than 14.9% of the com pany’s stock. CEO Parag Agrawal said in a t weet that “it became clear to us that

he would bring great value to our Board.”

April 9: After exchanging pleasantries and bonding by text message over their love of engineering, a short-lived relationship be tween Agrawal and Musk sours after Musk p ublicly tweets “Is Twitter dying?” and gets a message from Agrawal calling the criticism unhelpful. Musk tersely responds: "This is a waste of time. Will make an offer to take Twitter private.”

April 11: Twitter CEO Parag Agrawal an nounces Musk will not be joining the board after all.

April 14: Twitter reveals in a securities filing that Musk has offered to buy the com pany outright for about $44 billion.

April 15: Twitter’s board unanimously adopts a “poison pill” defense in response to Musk’s proposed offer, attempting to thwart a hostile takeover.

April 21: Musk lines up $46.5 billion in financing to buy Twitter. Twitter board is under pressure to negotiate.

April 25: Musk reaches a deal to buy Twitter for $44 billion and take the company private. The outspoken billionaire has said he wanted to own and privatize Twitter because he thinks it’s not living up to its potential as a platform for free speech.

April 29: Musk sells roughly $8.5 billion worth of shares in Tesla to help fund the purchase of Twitter, according to regula tory filings.

May 5: Musk strengthens his offer to buy Twitter with commitments of more than $7 billion from a diverse group of investors in cluding Silicon Valley heavy hitters like Oracle c o-founder Larry Ellison.

May 10: In a hint at how he would change Twitter, Musk says he’d reverse Twitter’s ban of former President Donald Trump following the January 6, 2021, insurrection at the US Capitol, calling the ban a “morally bad deci sion” and “foolish in the extreme.”

May 13: Musk declares his plan to buy Twit ter “temporarily on hold.” Musk says he needs to p inpoint the number of spam and fake accounts on the social media platform. Shares of Twitter

tumble, while those of Tesla rebound sharply.

June 6: Musk threatens to end his $44-billion agreement to buy Twitter, ac cusing the company of refusing to give him i nformation he requested about its spam bot accounts.

July 8: Musk says he will abandon his of fer to buy Twitter after the company failed t o provide enough information about the number of fake accounts.

July 12: Twitter sues Musk to force him to complete the deal. Musk soon countersues.

July 19: A Delaware judge says the MuskTwitter legal dispute will go to trial in October.

August 23: A former head of security at Twitter alleges the company misled regula tors about its poor cybersecurity defenses and i ts negligence in attempting to root out fake accounts that spread misinformation. Musk eventually cites the whistleblower as a new reason to scuttle his Twitter deal.

October 5: Musk offers to go through with his original proposal to buy Twitter for

$44 billion. Twitter says it intends to close the transaction after receiving Musk’s offer.

October 6: Delaware judge delays Octo ber 17 trial until n o vember and gives both sides until October 28 to reach agreement to close the deal.

October 20: The Washington Post reports that Musk told prospective Twitter investors that he plans to lay off 75% of the company's 7,500 employees.

Wednesday, October 26: Musk posts a video of himself entering Twitter headquar ters carrying a kitchen sink, indicating that t he deal is set to go through.

Thursday, October 27: In a message to advertisers, Musk says Twitter won't become a “free-for-all hellscape.”

Thursday, October 27: Musk ousts CEO Parag Agrawal along with other top execu tives and takes control of Twitter, according t o people familiar with the deal.

Thursday, October 27: Musk tweets “the bird is freed”. AP

ElO n Musk on the cover of newsweek magazine’s August 17, 2018, issue. D E nn zn Dr E AMSTIME COM

AdU Lady Falcons stave off stubborn FEU Lady Tamaraws in Shakey’s spikefest

ADAMSON University brought down Far Eastern University (FEU), 25-15, 24-26, 25-18, 25-18, to kick off second round action in the Shakey’s Super League Collegiate Pre-season Championship Sunday at the Rizal Memorial Coliseum.

T he Lady Falcons kept the stubborn Lady Tamaraws in check all match long to improve their Pool F carryover record to 1-1 won-lost.

Our goal is to lessen our unforced errors and learn from our mistakes,” Adamson University assistant coach Rald Ricafort.

“What we’re after is not the results but about improving our game.”

Trisha Tubu pounded 12 of her 13 points on kills and veteran Lucille Almonte got 11 points on nine attacks and two aces to lead Adamson University to its fourth straight win in the all-to-play tournament.

K ate Santiago and Antonette Adolfo added eight and seven points, respectively, for the Lady Falcons.

The Lady Falcons broke a 9-9 deadlock in the fourth set with a 7-3 run and opened a commanding 23-16 lead off a hit by Adolfo. The Lady Tamaraws answered with back-to-back points but Ayesha Juegos stopped FEU’s run with an off the block hit.

Tubu iced the game with a crisp crosscourt hit.

The Lady Falcons took set point advantage, 24-23, in the tightlycontested second set after Juliane Monares’s attack error but Toring committed a service error in the next play for the deuce.

Monares pushed the Lady Tamaraws at set point advantage before Santiago put too much power to her attack that went long as FEU tied the match at 1-1.

C henie Tagaod led the Lady Tamaraws, who dropped to a 0-2 carryover card, with 14 points with 12 coming off spikes. Barbie Jamili and Jean Asis got 10 points each.

By Pail Newberry The Associated Press

AN athlete’s decision to retire has long been a perplexing one, especially for those who’ve been at the top of the game.

The passion and relentlessness that pushes someone to succeed at the highest levels can make the real world feel so unfulfilling. Even if one does muster the fortitude to step away from the adulation and fame and wealth, the urge to return can be overwhelming.

W hich brings us to Tom Brady.

E ach week makes it more and more apparent that his stunning decision to return to the National Football League after a 40-day retirement is one he’ll come to regret.

The Tampa Bay Buccaneers dropped to 3-5 with a 27-22 loss to the Baltimore Ravens on Thursday night, the first time Brady has been two games under .500 since becoming the starting quarterback for the New England Patriots more than two decades ago.

I don’t think anyone feels good,” the 45-year-old said during a solemn news conference filled with clichés. “You can’t erase what happened the last eight weeks. We’ve gotta dig deep, see what we’re all about, come to work, try to improve, and give ourselves a better chance to win.”

If those words sound oh-sofamiliar, it’s because they’ve been uttered for generations by athletes who didn’t want to accept the inevitable.

T ime marches on, and you can’t come along.

W hile there’s

Sports

AHH…THAT WORD CALLED ‘RETIREMENT’

still enough of the season to turn things around—the Bucs are only a half-game out of first place in the National Football Conference South—it’s not too soon to ponder if Brady is destined to join a list of the worst sports comebacks.

Here’s a Top 10 of those who should’ve stayed away:

10. KATARINA WITT—The German figure skater was the epitome of elegance and charisma when winning back-to-back gold medals at the 1984 and ‘88 Winter Olympics. But her comeback at the 1994 Lillehammer Games resulted in a seventh-place finish, with Witt no longer able to match the athleticism of her muchyounger competitors.

9. BILL JOHNSON —He became the first American man to win an Olympic gold medal in skiing at the 1984 Winter Games in Sarajevo, but injuries and a rebellious nature kept him from building on that stunning downhill run. More than a decade after he retired, Johnson tried to

come back. A horrific crash on the course led to a debilitating brain injury from which he struggled to recover. He suffered a major stroke and died in 2016 at the age of 55.

8. DAVE COWENS —The Boston Celtics star retired in 1980 with two NBA championships, an MVP award and eight All-Star Game appearances. Two seasons later, the Hall of Famer felt the urge to play again. There was no room in Boston’s frontcourt, so his rights were dealt to Milwaukee. Cowens spent one mediocre season with the Bucks and retired for good.

7. MARK SPITZ —The American swimmer became an Olympic icon when he won seven gold medals at the 1972 Munich Games. He jumped at the chance to return two decades later when reportedly offered $1 million if he could qualify for the Barcelona Olympics at age 42. Spitz didn’t even make the cut for the US trials, throwing up the white flag to a foe he couldn’t beat. “I’m fighting something unavoidable and not exclusive to me,” he said at the time. “It’s called old age.”

6. MICHAEL SCHUMACHER

Perhaps the greatest driver in Formula One history, the German’s legacy was secure when he retired in 2006 after winning a then-record seven world championships (a mark since matched by Lewis Hamilton). Schumacher returned to the track in 2010 for a miserable three-year stint with Mercedes, failing to win a race and finishing 13th in the standings his final season.

5. BJORN BORG —We’re not sure what the Swedish tennis great was thinking when he grew out his blond locks, pulled a wooden racket from the closet and attempted a comeback in 1991 after nearly a decade away. It went about as well as could be expected: The 11-time major champion failed to win a single match.

4. GUY LAFLEUR Lafleur —retired in 1985 after a Hall of Fame career with the Montreal Canadiens. But the dashing winger wasn’t done. Three years later, he came out of retirement for one season with the New York Rangers and two more with the Quebec Nordiques. About the only

thing recognizable from his glory days was remaining one of the few players who didn’t wear a helmet.

3. LANCE ARMSTRONG —The hubris of the seven-time Tour de France winner would not only result in an unfulfilling comeback, it also opened him up to further doping investigations that eventually caught up with him. Armstrong’s schemes and a ruthless, win-at-all-costs mindset led him to be stripped of his tour titles and dumped by his sponsors. “Lance” has become a synonym for cheating—not exactly the way Armstrong wanted to ride off into the sunset.

2. MICHAEL JORDAN (COMEBACK, PART II)—Jordan’s first comeback—after a strange dalliance with minor league baseball—might be the greatest of them all. He won three more championships with the Chicago Bulls, and retired again in 1998 as the league’s MVP. That should’ve been it, but MJ’s competitive juices led him to another comeback in 2001, the yin to the yang of his first one. Plagued by injuries and advancing years, and looking totally out of place with the woeful Washington Wizards, Jordan failed to make the playoffs his final two seasons.

1. MUHAMMAD ALI —The saddest of all comebacks—in a sport that’s filled with such debacles (see: Joe Louis, Ray Leonard and countless other boxers)—The Greatest returned to the ring in 1980 to face Larry Holmes for the heavyweight title. With his skills shot, the 38-yearold Ali spent 10 rounds serving as a punching bag for the quicker, stronger Holmes. Ali’s trainer mercifully stopped it. Ali, who was later diagnosed with Parkinson’s disease, died in 2016.

Puerto Princesa City all set to welcome huge field in IM 70.3

AMERRY mix of endurance athletes from all over will converge in Palawan for the Ironman (IM) 70.3 Puerto Princess City on November 13.

T his marks the first time that Palawan’s capital city is staging the premier tri-sport as the organizing Ironman Group/ Sunrise Events Inc.’s series wraps up its Ironman and 5150 season.

The IM 70.3 Puerto Princesa also serves as part of Ironman’s expansion in Asia with the city’s brass expressing desire to extend its hosting of the blue-ribbon endurance racing to next year and beyond.

“We are excited to grow our portfo lio of races in Asia,” said Jeff Edwards, managing director of Asia for the Ironman Group. “We are always on the lookout to create new race experiences that allow our athletes to compete in unique destinations, while pursuing their best performance.”

C lose to 1,300 entries have so far confirmed their participation, includ ing 891 who are all geared up for a fierce battle in the overall individual and age group categories.

A lso on tap is the relay event with 162 entries listed in the mixed, 135 in the women’s and 93 in the men’s contest.

With a most naturally beautiful and bio-diverse city in a forest in the country, Puerto Princesa is the best place for you—Ironman triathletes— from all over the world to swim, bike and run,” Puerto Princesa City

varying degrees of success).

Planning for a documentary like this takes a lot of foresight, patience and documentation. I can imagine this was done way in advance even before the results of their respective campaigns were done.

I remember when I purchased the DVD of Zidane: A 21st Century Portrait that saw 17 cameras trained on the French football star during a game between Real Madrid and Villareal. And Zidane narrates his thoughts during the game to the music of Scottish band, Mogwai.

Well, watching that takes a bit of patience because as much as he is in perpetual motion, you don’t really see the game. Still, it is incredible to see his impact on the game.

Mayor Lucilo Bayron said.

T he event has so far drawn tri athletes from 26 nations, including 15 from the US, 12 from Singa pore, 11 from Guam and 10 from Japan with locals also coming into the grueling 1.9-km swim, 90-km bike and 21.1-km run in top form, including those who took part in the recent Subic 5150.

R egistration is ongoing. For details, visit www.ironman.com/im703puerto-princesa puertoprincesa70.3@ ironman.com or www.ironman.com for brand and global event series.

The swim course is set at the Puerto Princesa Bay Walk Park with the challenging three-loop bike ride from the southern part of Puerto Princesa to the Iwahig Bridge. The closing run will be raced along the bay to the city center all the way to the finish line at the Ramon Mitra Jr. Sports Complex.

Civil Wars, now it becomes more compelling.

I h ave to admit I wasn’t too keen on Brazil’s Thiago Silva being featured. Brazil always qualifies. I think the United States would have been a more compelling story and a much bigger market. Or maybe Iran. That would have been very interesting.

C hina missing out would be an engrossing story. For one of the most populous nations on this planet, they struggle to produce top football talent and sides.

On ‘Captains,’ football docus

WITH the 2022 FIFA World Cup less than a month away, I am stoked. If the last World Cup in Russia is any indication, this year’s edition could be another incredible one. To whet my appetite for one of the world’s biggest sporting events that is viewed by more than half the planet, I am enjoying the Netflix series, Captains P roduced in conjunction with FIFA, Captains is an eightpart series that follows six captains of national football teams in their quest to qualify for the World Cup (with

W hile watching Captains, you will see cameras trained on the different captains and their impact on the game. The filmmakers though intersperse the football action with a lot of backstory that makes it plenty interesting.

I n the case of Croatia’s Luka Modric, his backstory briefly touches on the Yugoslav Wars. I feel the filmmakers should have expounded a bit more. It need not be as in depth as the ESPN 30 for 30 film Once Brothers that related how the conflict impacted the friendship of Croatia’s Drazen Petrovic and Serbia’s Vlade Divac.

I f you look at how they went a bit deeper into Lebanon captain Hassan Maatouk’s story that included the Lebanese

M aradona in Mexico, in my opinion, is an exemplary football reality television series/documentary and they accomplished it in seven episodes. They juggled not only the story of the football legend that is Diego Maradona, but the team of the Dorados in the heartland of Culiacan that is the domain of the Sinaloa drug cartel. They juggle multiple personalities featuring the Argentine legend and the team manager as well as the players.

S underland ‘Til I Die is another riveting reality series/ documentary about how this former top side has been relegated and their attempts to the return to top flight English football. You do not have to be a Sunderland fan to appreciate this.

H aving said all of that, I still enjoyed Captains. It fills in some gaps in the overall qualification story. It is one you should watch while waiting for kick-off in Qatar.

NU remains unbeaten in UAAP hoops

NATIONAL University went wire-to-wire in beating University of the Philippines, 95-68, to extend its winning streak to 104 games in University Athletic Association of the Philippines Season 85 women’s basketball ac tion Sunday at the Smart Araneta Coliseum.

The six-time defending champion Lady Bulldogs dominated right from tip off and led by as many as 6428 off early in the third quarter en route to claiming their eighth straight win this season.

Despite the huge win, NU Coach Aris Dimaunahan still saw cracks in his team.

Obviously a lot of work has to be done from this day on,” Dimaunahan said. “We didn’t shoot well from the free throw line—we missed 13 shots and went 50 percent— that’s a lot of freebies.”

We also had a lot of turnovers (29),” he said. “I thought it could be a better game for us had we taken care of the ball. Hopefully, we’ll do better next time and improve again.”

Tin Cayabyab led NU today 17 points, five rebounds, three assists and three steals, while Camille Clarin had 13 points, four rebounds and four assists.

NU’s defense forced UP to 35 turnovers translated to 42 points by Dimaunahan’s wards. The Lady Bulldogs also went 10 of 21 from the three-point line to the Lady Maroons’ 2 of 18.

Christie Bariquit and Maian Domingo 11 and 10 points, respectively, for UP which fell to 3-5 won-lost at fifth place.

Far Eastern University (FEU), meanwhile, repeated over University of the East (UE), 62-56, to snap a five-game skid while dealing the Lady Warriors their eighth consecutive loss also Sunday. The Lady Tamaraws improved to 2-6 won-lost to share sixth spot with the Adamson University Lady Falcons.

Camille Taguiam had a complete game of 15 points, nine rebounds, five assists and three steals for FEU. Danica Pacia had 14 points and seven rebounds while Jumuad tallied 13 points and nine rebounds.

K amba Kone paced UE anew with a huge 18-point and 22-rebounds performance, while Pauline Anastacio added 14 points, six assists and four rebounds.

VETERAN Lucille Almonte has 11 points and two aces for Adamson University.

CAMILLE TAGUIAM delivers for the Lady Tamaraws.

IS Tom Brady on his way to joining Muhammad Ali and Michael Jordan on the top 10 list of athletes who should’ve stayed retired? AP

Hedcor turns over P9.7 million community shares to Bukidnon

Rolando Pacquiao said.

The provincial government pledged to use the funds to implement projects that benefit the community including the improvement of school facilities and livelihood assistance.

"We thank Hedcor for being steadfast in their commitment to implement our MOAs. We are excited to continue our partnership and witness the positive changes these funds will bring to our communities," said Bukidnon Governor Rogelio Neil Roque.

Of the total amount, P1.7 millioin will go to the Bukidnon province and the municipality of Manolo Fortich, respectively, while P1.2 million is for the municipality of Impasug-ong. Since 2018, Hedcor has turned over a total of P59 million.

74k examinees take various eligibility exams, conduct successful — CSC

ATOTAL of 74,766 examinees took three civil service examinations last October 23, 2022, the Civil Service Commission (CSC) reported. This number represents 92.50 percent of the 80,826 registered examinees nationwide.

The actual number of test takers are, as follows: 59,092 for the Fire Officer Examination (FOE); 9,711 for the Penology Officer Examination (POE); and 5,963 for the Basic Competency on Local Treasury Examination (BCLTE).

Top CSC officials visited different testing sites to inspect the actual conduct of the exams. CSC Chairperson Karlo Nograles visited Ponciano Bernardo Elementary School and Ponciano Bernardo High School in Cubao, Quezon City, while Commissioner Ryan Alvin R. Acosta inspected Pampanga High School in San Fernando, Pampanga.

HEDCOR, Inc., a wholly-owned subsidiary of AboitizPower under its renewable energy portfolio and the country’s largest generator of run-of-river hydropower, recently turned over P9.7 million in community shares to its host communities in the municipality of Manolo Fortich and the provincial government of Bukidnon.

The amount is part of the Hedcor and

local government agencies’ cooperative agreement that entitles them to shares from the electricity sales generated by the Manolo Fortich 1 and 2 hydro power plants.

“The company is honored to fulfill its role of providing reliable energy to the communities and contributing to their development programs,” Hedcor President and Chief Operating Officer

Hedcor’s host barangays and indigenous peoples groups in these areas also received their shares, helping spur grassroots development. Aside from the annual shares, the company continues to advance business and communities by consistently supporting health, education, and livelihood projects in the area.

Hedcor operates 22 hydropower plants in Ilocos Sur, Mt. Province, Benguet, Davao, and Bukidnon, supplying the country with 278 MW of clean and renewable energy.

Assistant Commissioner Ariel G. Ronquillo and Acting Executive Director IV Victoria F. Esber visited Don A. Roces Sr. Science and Technology High School, Manuel Roxas High School, and Aurora A. Quezon Elementary School, all in Quezon City. Acting Assistant Commissioner Karin Litz P. Zerna visited Quezon National High School, GulangGulang National High School, and Lucena City National High School in Lucena City;

and Talipan National High School, Pagbilao, Quezon.

“The recent conduct of the FOE, POE, and BCLTE was generally successful and peaceful. No untoward incident has been reported to the Commission by our CSC Regional and Field Offices. We thank everyone involved in the administration of the exams for assisting the CSC and ensuring that everything was orderly. We also thank the examinees for cooperating with our protocols. Our best wishes to all of them,” Nograles said.

The target release date of results for the October 23 FOE, POE, and BCLTE is on December 3, 2022.

DLSU is top PHL university in six areas in Times Higher Education Rankings

IN the 2023 Times Higher Education Rankings by Subject, De La Salle University is once again top-ranked in the country in six fields of study - Business and Economics (601-800), Computer Science (601-800), Education (301400), Engineering (801-1,000), Physical Sciences (801-1,000), and Social Sciences (601-800).

With DLSU retaining its rank for the third straight year in the field of Business and Economics, Ramon V. del Rosario College of Business Dean Dr. Emilina Sarreal pointed out that “as a premier business school, RVR COB will continue to strive to impart Lasallian values and emphasize the need for humanistic and ethical management.”

School of Economics Dean Dr. Arlene Inocencio said this achievement is “a testament of SOE’s commitment to quality and service.” Both the deans of Business and Economics expressed the University’s commitment to continuously improve and perform better through the Lasallian way of teaching, research, and community engagement.

Asian Terminal‘s Batangas

THE Batangas Passenger Terminal

(BPT), the country’s biggest and most modern interisland travel hub operated by listed trade enabler Asian Terminals Inc. (ATI), is more than willing and capable of supporting the government’s programs to reinvigorate local tourism as the sector recovers from the impact of the Covid-19 pandemic.

ATI reiterated BPT’s readiness in time for the expected influx of passengers with the All-Saints’ Day and All-Souls’ Day long weekend, noting that all systems

are go under ‘Oplan Byaheng Ayos’ (hassle-free travel) in partnership with port authorities, local governments, and stakeholders.

President Ferdinand R. Marcos Jr. in one of his weekly vlogs encouraged Filipinos to explore, travel, and discover the beauty of the Philippines as Covid-19 pandemic restrictions further eased and in view of the upcoming holidays.

As the government’s major partner in port modernization, ATI unveiled a bigger, better, and smarter BPT in June

equipped with world-class facilities such as an expansive and fullyairconditioned passenger lounge, orderly ticketing offices, clean and gender-neutral restrooms, provisions for free wi-fi and clean drinking water, and mobility features for the elderly and the differently-abled, among others. It also has huge overhead digital boards advising passengers on the schedule of departing vessels, their designated boarding gates, and other relevant announcements.

BPT directly connects mainland Luzon to famous island destinations such as Mindoro, Romblon, Masbate, Iloilo, Boracay, and Palawan, and other Visayas and Mindanao locations through fast-crafts and domestic rollon/roll-off vessels calling the port.

Popular food outlets have also opened in BPT, including Seattle’s Best Coffee, Potato Corner, Mister Donut, Heaven’s Hamburger, Caramia Cakes & Gelato, Hongkong Style Noodles, apart from local delicacies and novelty shops for the ultimate passenger comfort and convenience.

BPT’s Phase 1 can comfortably accommodate around 3,500 passengers at any given time, with its capacity increasing to nearly 6,000 passengers upon completion of its Phase 2 by next year.

Rankings in Computer Science likewise show that DLSU has been the leading university in the country for three consecutive years. College of Computer Studies Dean Dr. Rafael Cabredo acknowledged the University’s work in human-centered computing research, which underscores the development of innovative solutions to societal problems.

In the field of Education, DLSU emerged as the country’s top-ranked HEI. Br. Andrew Gonzalez College of Education

Dean Dr. John Addy Garcia noted how the rankings provide a reference for rethinking policies, priorities, and plans for the future, to further enhance the University’s institutional performance.

For five consecutive years, La Salle topped the country’s subject rankings in the field of Engineering. Dr. Kathleen Aviso, dean of the Gokongwei College of Engineering, cited the collective efforts of the GCOE members as she noted that DLSU’s presence in the global rankings affords its graduates international mobility and competitiveness.

Meanwhile, DLSU emerged as the country’s top HEI in the subject field of Physical Sciences. College of Science Dean Dr. Glenn Alea shared that the college faces the challenge of strengthening and sustaining the quality and quantity of its research output, urging science students to intensify their pursuit of innovations.

With the University ranked as the country’s top HEI in Social Sciences, Dr. Rhoderick Nuncio, dean of the College of Liberal Arts, congratulated its faculty and students as he urged them to keep on striving for excellence.

In his statement, Vice President for Research and Innovation Dr. Raymond Tan said, “Once again, DLSU's strong presence in this year's subject rankings demonstrates our commitment to providing quality higher education and generating new knowledge to address national and global challenges.”

Visit: https://www.timeshighereducation. com/world-university-rankings/by-subject for more information.

OPERATION SMILE LAUNCHES WOMEN IN MEDICINE IN ASIA. Operation Smile’s all-female team of volunteer cleft care professionals from 12 countries celebrated the close of the six-day educational and medical mission they mounted in Cebu City recently to launch “Women in Medicine” in Asia.

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BUKIDNON Governor Rogelio Neil Roque (3rd from right) receives the community shares check from Hedcor VP for Operations and Maintenance Leo Lungay (2nd from left) and VP for Corporate Services Noreen Vicencio (3rd from the left). With them are, from left to right, Hedcor AVP for Operations and Maintenance Galen Alova, Acting Assistant Provincial Treasurer Leo Augustus Barroso, and Admin. Officer V Lea Aguado.

(WHO) for women to drive the transformational change in global health care. Women comprise 70 percent of health professionals but occupy only 25 percent of the leadership position. WHO had said the world needs 18 million more health professionals to achieve universal health coverage. In the Philippines, the gap in health professionals is 290,000.

SOLAR DRYING TRAYS MOU SIGNING The Publisher Association of the Philippines (PAPI) recently signed a Memorandum of Understanding (MOU) with the Department of Science and Technology (DOST) for the deployment of the multipurpose solar drying trays or PORTASOL of DOST Region 10 with the different provinces of Northern Mindanao. After that, DOST Undersecretary for Regional Operations and Officer-in-Charge of DOST Region 10 Engr. Sancho A. Mabborang led the meeting with the Business Community to tackle pressing issues.

Resty LaGare: True grit

FROM humble Butuan City beginnings to upmarket Melrose Avenue mobility, Resty LaGare’s adventures in fashion is an inspiring tale. Once a wide-eyed dreamer armed with talent and tenacity, he is now reaping the rewards of his sartorial pursuits.

Having labored abroad for several years, with forays into fashion weeks in Miami, Phoenix and Los Angeles, LaGare showcased a collection locally for the first time at Fashion Forte Series XV. Held on October 20 at the Crowne Plaza Manila Galleria, Fashion Forte is the brainchild of established designer Nardie Presa and under the direction of Audie Espino.

LaGare is part of For the Stars Fashion House, a hub of world-class fashion designers which caters to Hollywood celebrities. He has dressed Bai Ling, Thalia, and P-pop sensation SB19.

In a Facebook Messenger interview arranged by his friend Frederick Blancas, I asked LaGare about his career trajectory. These are his fascinating thoughts:

“OPULENCE”: This is how I named my collection because the designs and materials used indicate

luxurious couture. Opulence has always been the theme for my collections for my shows for international fashion weeks. I wanted the audience for my first Manila show to also experience opulence from my point of view.

My designs are for confident, empowered women. They know what they want. They are sure of who they are. They carry opulent wear well. They may either be

Two women and the two products that help improve their lives

DJ Bea Fabregas (left) and actress Carla Abellana

Fabregas may seem different from one another but one of the things they have in common is that they’ve both gone through personal upheavals.

For Carla, it’s been her separation from her estranged husband Tom Rodriguez and while we don’t know what really happened between the two of them, what we’re sure of is that the actress is doing her best to move on. For Bea, it’s motherhood and the changes it has made to her life and body.

Carla learned new hobbies like making soaps and candles during the pandemic to keep herself occupied.

“I took time off social media and it was good. I spent time with my family and friends, and that helped keep my mental health in check. I also worked out and spent time with my dogs,” said Carla during her launch as the first Filipino celebrity endorser of Collagen by Watsons Booster Essence.

Self-care is, of course, very important to the actress. Carla said her grandmother always taught her to rest and drink lots of water, and this is advice that she follows to this day.

Her beauty philosophy is “less is more” when it comes to beauty and her skin-care routine includes cleansing, toning, and moisturizing. Carla uses Collagen by Watsons Booster Serum with her moisturizer and also sometimes combines it with other serums.

The serum is formulated with super ingredients like nourishing tri-collagen, detoxifying green collagen, regenerating hydrolyzed collagen, and marine collagen. Collagen by Watsons Booster Serum is also designed to function as a preessence and as a booster. It can also be used as a makeup primer. Carla is also very busy with the construction of

her new house. “In 2018, I was able to buy a lot in a village I had been eyeing.... Construction started last March. Progress has been fast. I hope I can move in a year,” said Carla. “The expenses are crazy, from the materials to the equipment. But thankfully, kinakaya naman.”

Meanwhile, host, DJ, wife, mom and social media star Bea Fabregas recently talked about an undergarment that molds and adapts to the uniqueness of her body, giving her permission to flex with freedom. On her social-media platforms, weight loss and motherhood are things Bea always talks about.

“When I’m at the gym and I work on myself and I’m literally flexing, I’m proud. I’m working on myself to be healthy for my family,” said Bea, whose son Tyler looks just like her.

Motherhood has helped change Bea a lot and these days, she has found that positivity and self-love is always important. This she does by looking into a mirror and speaking good things to herself. One of the things Bea talked about during the launch of Triumph’s Flex Smart—a collection of coordinating pieces centered around an innovative new bra concept that supports and adapts to women’s bodies—was flexing.

“Flexing is being passionate about what you have

done and achieved. There isn’t arrogance to it,” said Bea. Flexing, to her, means “being authentic and true.”

Triumph Flex Smart, from lingerie maker Triumph, has flex inserts that are positioned to follow movements and expertly adapt to provide support, while also providing a feminine and sensual look. The flex inserts are so supportive that Triumph Flex Smart is even suitable for light exercise such as yoga or Pilates.

The non-wired bra features an ultra-lightweight, temperature-regulating fabric with non-crease cups, so that it is easy to roll up and store or pack away. The infinity edge neckline sits close to the body and the smooth finishes make it invisible under clothes. The matching ergonomically-cut maxi briefs are designed to flatter and flex to movement. With soft touch, temperature-regulating fabric, they are an ideal everyday brief.

Also available in the Flex Smart collection is a vest, pull-on non-wired bra, sold exclusively online; longsleeved top and leggings. These features give Bea the support she needs as she switches between multiple roles, making her way through hectic schedules.

Triumph Flex Smart is available in small to extralarge, covering X traditional sizes. Colors include Stone, Morandi Grey, Soft Mauve and Aubergine. n

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Vanilla Ice, 54; Rob Schneider, 58; Sydney Park, 24; Vanessa Marano, 24; J.I.D, 31.

HAPPY BIRTHDAY: Memories will point you in a unique direction. Reach out to someone who has influenced you in the past, and you’ll get an inkling of where you want to go and what you want to pursue. It’s time to follow your heart and be responsible for your happiness. Map out a course that offers peace of mind and happiness. Your numbers are 6, 14, 17, 24, 29, 32, 40.

ARIES (March 21-April 19): Pay attention to detail regarding shared expenses and responsibilities. Be open and honest about the way you feel, and it will help you avoid a misunderstanding. A change will turn out to be more beneficial than anticipated. HHH

TAURUS (April 20-May 20): Put an emphasis on looking your best, staying healthy and fit, and spending time with someone who brings out the best in you. Explore possibilities, and consider making a positive lifestyle adjustment. HHHH

GEMINI (May 21-June 20): Focus on what you can do. Research, preparation and promotion are essential if you want to get ahead. Leave nothing to chance or in someone else’s hands. Once you take care of business, relax with someone or something that eases your stress. HH

CANCER (June 21-July 22): Mingle, enjoy life and indulge in pastimes that pique your imagination and bring you in contact with interesting people. Take a pass on joint ventures or costly investments. Self-improvement projects will pay off, and romance is encouraged. HHHHH

LEO (July 23-Aug. 22): Let things unfold naturally. You cannot change the inevitable, but keep a positive mindset, and focus on personal growth and acquiring information that will help you get ahead. HHH

VIRGO (Aug. 23-Sept. 22): Unleash your creativity and see what happens. Changing your beliefs and lifestyle will stabilize your life and get you moving in a direction that excites you. A new look or an adjustment to your living arrangements will be promising. HHH

LIBRA (Sept. 23-Oct. 22): Explore possibilities. Attend events that encourage networking and connecting to people who share your interests. Learn from your mistakes, and you’ll avoid a repeat performance. Don’t waste time or money on nonessentials or someone looking for a handout. HH

SCORPIO (Oct. 23-Nov. 21): Maintain a simple lifestyle, and refuse to get involved in the drama that goes on around you. Stop wasting time and start making a point to use your strengths and wisdom to do what you do best and love most. HHHHH

SAGITTARIUS (Nov. 22-Dec. 21): Guard personal information. Sharing too much with others will end up costing you. Take care of your responsibilities before you move on to recreational activities. HH

Continued from D1 celebrities, part of the elite, or a successful woman. My clients are mostly based overseas but I’m excited to have more Pinoy clients. I dress up real successful women. Some of them are celebrities and some are part of royalty. Some are successful professionals and some come from the world of business. I create dresses to make them more beautiful and confident for a magical experience.

ARTISTIC LEANINGS: I have always loved the arts. In school, I would imagine and draw. I had no formal training in fashion design but I like reading and researching. I enjoy observing people and exploring places. At an early age, I bravely ventured into the fashion world sans connections. I only had and will always have passion, talent and grit.

FASHION AWAKENING: I started at a very young age; I was still in grade school. Not belonging to a rich family made my imagination go wild. I was attracted to luxurious and beautiful things. I had to somehow satisfy that craving through drawing. I would draw ball gowns from what I saw in magazines and added my own flavor to them. Opulence has always been my aesthetic from the get-go. Drawing opulence somehow made me become part of the world of the rich and famous. I went to college at Mindanao State University

but my course had nothing to do with fashion. Uninspired, I dropped out of school to pursue my dream. Riding a boat from Butuan, I promised to myself that I would return as a famous designer. Exactly how I would do it was not so clear to me but my commitment to my dream was unswerving. I knew that I had to grab whatever opportunity came my way. Fortunately, I was there for the opportunities that came my way—in a garment manufacturing enterprise in Manila to fashion houses in Dubai, Kuwait and the US. But it was not sheer luck. It was coupled with inquisitiveness, hard work, humility, and connecting and learning from more experienced people.

INSPIRATIONS: Being an art aficionado, I get to innovate from the artworks I see or even music that I hear. Add to these, my vivid imagination. I have always been driven to create beauty that allures, charms and dazzles. As I already mentioned, opulence has always been my style.

I look up to the top haute couture designers like Gianfranco Ferre, Christian Lacroix and Alexander McQueen to name a few. I get inspirations from their work. Among Filipino designers, I admire Loreto Popioco, Joe Salazar, Ben Farrales, Rusty Lopez, Louie Mamengo and Christian Espiritu.

ROCKY GATHERCOLE: I’m lucky to have befriended Rocky (the designers passed last year), who was as passionate

and driven as I am. I admire his work and his artistry. Over and above that, Rocky was a kindred spirit, a true friend with whom I have shared vision and values. Our styles are not entirely the same but they both depict and define excellent fashion. In my collection for Fashion Forte, I melded our styles—Rocky’s avant-garde and my luxurious wear. My Opulence collection pays homage to Rocky.

FASHION FORTE: I chose Fashion Forte as my first Manila show because Nardie Presa and Audie Espino are trusted institutions in the local fashion scene. Fashion Forte has been around for many years, providing a platform for Filipino designers, both emerging and seasoned. Fashion ebbs and flows with our volatile and uncertain world, but thankfully we have dedicated guardians or preservers of local fashion in the persons of Nardie and Audie. I put my trust in them.

DREAM-CHASER: I have been asked by younger designers about the secret to my success. I tell them to chase their dream and that nothing is impossible. I remind them to remain humble, to focus on their work and to pray for God’s blessings. I’m thankful for what I have achieved but this is just the start of the exciting part. Along with other talented and dedicated Filipino fashion designers, I hope to contribute to making the country a fashion capital of the world in the not-so distant future. n

by

CAPRICORN (Dec. 22-Jan. 19): Tidy up unfinished business. The freedom to follow your heart and do what makes you happy is priceless. Self-improvement and romance are favored and will encourage you to have the confidence to take a bold move. HHHH

AQUARIUS (Jan. 20-Feb. 18): Listen carefully, plan precisely and leave nothing to chance. Take on essential tasks, and handle matters personally to avoid setbacks and opposition. Don’t be afraid to do things by yourself if it makes sense. Ideally, you want to accomplish your goal. HHH

PISCES (Feb. 19-March 20): Pay attention to detail and budget. If you have your finger on the pulse, you’ll know what’s required of you to get what you want. Change begins with you and how determined you are to finish what you start. HHH

BIRTHDAY BABY: You are intuitive, creative and appealing. You are charitable and independent.

H: Avoid conflicts; work behind the scenes. HH: You can accomplish, but don’t rely on others. HHH: Focus and you’ll reach your goals. HHHH: Aim high; start new projects. HHHHH: Nothing can stop you; go for gold.

TRENT H. EVANS

ACTRESS Carla Abellana and DJ Bea

Beyond Beauty Gonzales

INthe last few years, there have been many instances of unexpected intrusions of beauty in the life of Beauty Gonzales—actress, wife, art enthusiast and mother.

Ever since Gonzales threw herself into the local Big Brother reality TV show many years ago that opened many doors for her, life has never been more exciting, and much to her delight projects continue to come in one after another. Gonzales made the big move to GMA just about a year ago, where she was right away entrusted the lead character in the afternoon drama series Loving Miss Bridgette. This year saw her doing I Can See You, a miniseries that paired her with Dingdong Dantes, and this was followed by the very successful The Fake Life, which showed her pitting talents with A-lister Sid Lucero.

Now comes the third parcel of the Mano Po TV series, titled The Flower Sisters, produced by Regal Entertainment for GMA, which began airing this week. Gonzales takes on one of the two lead characters who are half sisters in this series about the intricacies and complexities of contemporary Filipino-Chinese families.

“I am really thankful that the roles being offered to me lately have been really amazing ones, and the projects I choose to accept involve actors who are always at the top of their game. I mean, take for instance, this one I’m doing right now, with me sharing stellar billing with Aiko Melendez. I have always had high regards for her and I’ve been secretly wishing we could be cast alongside each other. Then this new series happened. I am just grateful,” Gonzales said.

Growing up in the province of Negros in Central Philippines, Gonzales’s beauty was always her passport to her dream of being in the spotlight. She was crowned Miss Teen Philippines-Central Visayas when she was 15, and she also was part of Cebu’s Prettiest Teens before joining the Big Brother reality show, where she came in fourth in the final standings. Gonzales’s star shone brightest when she was given her breakthrough role in ABS-CBN’s longrunning and high-rating Kadenang Ginto. Her

solidify her fan base through the series.

Despite her busy schedule as an actress, Gonzales found love after she was “spotted” by businessman and art curator Norman Crisologo when she did a cover for the magazine FHM. The two hit it off really well and they toured Europe together and got married eventually. They have a beautiful daughter named Olivia, who is the core of Gonzales’s world these days.

“My life changed when I met Norman. Our lives changed when we had Olivia. Every single thing I do now is for her, for this family that we are raising, for our daughter’s future,” she shared.

And because her husband is an art curator, Gonzales has found herself appreciating the arts more. “I am actually drawn to the works of contemporary artists. I try to invest in a few of these works, but I am not a collector— not yet. I am not like others who buy exorbitantly priced branded bags and lavish signature clothes. When I have extra money, I buy art.”

Gonzales has previously said that she is already thinking of

retire while I am still at my peak. I have programmed my life like that ever since I got married and became a mom. I am sure motherhood will open a lot of new doors and being a wife will unravel many more adventures and there will be other things to explore after I retire from being an actor.”

But for the meantime, Gonzales is enjoying what she is doing, and finding both happiness and fulfilment in acting, and in being a wife and a mother. There is truly a lot, lot more beyond the Beauty Gonzales that we have come to know. n

exclusively on the network’s official web site beginning this October 31, Monday.

Audiences may catch the show anytime and anywhere via the Kapuso Stream on bit. ly/3Fwaym4.

Meanwhile, the milestone primetime drama has been creating a lot of buzz on social media with its trending episodes and exceptionally talented cast. Recent episodes have seen Klay (Barbie Forteza) working as a house helper of Ibarra (Dennis Trillo). As they spend more time together, Klay finds herself slowly falling in love with him.

Maria Clara (Julie Anne San Jose), on the other hand, longs for her fiancé. She is becoming more curious and jealous of Klay, the mystery woman and so-called cousin of Ibarra.

“Pinakita lang ng GMA na kahit sinong babae talagang magkakagusto kay Ibarra pero siyempre alam naman natin na hindi naman talaga sila magkakatuluyan ni Klay sa Noli Me Tangere. Kahit si Maria Clara mismo ay hindi rin niya makakatuluyan. Ang ganda lang ng kwento,

Drama’s Facebook page.

Shippers of #FiLay are also feeling worried that there will no longer be a chance for love between Fidel (David Licauco) and Klay.

Kay Ginoong Fidel ka na lamang Miss Klay sapagkat si Ibarra ay may kasintahan na. Ginoong Fidel, ano na? Galaw-galaw din. What if ma-in love nga ng bongga si Klay either kay Sir Ibarra o kay Fidel? Tapos sobrang broken-hearted siya pagbalik niya sa modern world—huhuhu, that would be sad,” according to another social-media post.

Last Friday, viewers were left hanging with an intense scene wherein Sisa (Andrea Torres) recounted how her sons Basilio and Crispin got severely hurt in the hands of Padre Salvi (Juancho Triviño). Basilio was able to escape, but did Crispin also make it out alive?

Stay tuned to the past with a twist via Maria Clara at Ibarra, weeknights at 8 pm on GMA, and at 9:40 pm on GTV.

Viewers abroad can also catch the program via GMA Pinoy TV. More information is available at www.gmanetwork.com.

RECITAL CONCERT The University of the Philippines Visayas saw the gathering of Iloilo City Mayor Jerry Treñas, Former Senator Frank Drilon, Former Tourism Secretary Nars Lim who attended the Recital Concert of Arthur Espiritu (Tenor), Andrew Constantino (Clarinetist), and GJ Frias (Pianist). Also on hand was writer-journalist, poet, and impresario Pablo Tariman. PHOTOS COURTESY OF ARNOLD ALMACEN FROM ILOILO CITY MAYOR’S OFFICE

DENNIS TRILLO

BARBIE FORTEZA

DAVID LICAUCO

Drag queens and how they got pulled into politics

By Jeff McMillan The Associated Press

LATELY, drag has been dragged through the mud.

The art form has been cast in a false light in recent months by right-wing activists and politicians who complain about the “sexualization” or “grooming” of children. Opponents often coordinate protests at drag events that feature or cater to children, sometimes showing up with guns. Some politicians have proposed banning children from drag events and even criminally charging parents who take their kids to one.

Performers and organizers of events, such as story hours in which colorfully clad drag queens read books to children, say the protesters are the ones terrorizing and harming children and making them political pawns—just as they’ve done in other campaigns around bathroom access and educational materials.

The recent headlines about disruptions of drag events and their portrayal as sexual and harmful to children can obscure the art form and its rich history.

WHAT IS DRAG?

DRAG is the art of dressing and acting exaggeratedly as another gender, usually for entertainment such as comedy, singing, dancing, lip-syncing or all of the above. Drag may trace its roots to the age of William Shakespeare, when female roles were performed

by men. The origin of the term is debated, but one possibility is that it was coined after someone noticed the dresses or petticoats that male actors wore

onstage would drag along the floor. Another casts it as an acronym—an unproven notion that notes in scripts would use “DRAG” to indicate the actor should “dress as a girl.” Drag performances could later be seen on the vaudeville circuit and during the Harlem Renaissance. They became a mainstay at gay bars throughout the 20th century, and remain so.

RuPaul took things a step further with his realitycompetition show RuPaul’s Drag Race, which became an award-winning hit and allowed drag to explode in popularity—and into the mainstream.

IS DRAG SEXUAL?

MANY drag opponents cite nudity in their objections. Every performer makes different choices, but drag queens often wear more, not less, clothing than you’d see on a typical American woman of the 21st century, at a public beach or on network TV. Their costumes tend toward extravagant, sometimes floor-length gowns. Drag queens may use false breasts, wear sheer costumes, and use makeup or other means to show cleavage and appear exaggeratedly feminine. The difference, performers note, is that opponents of drag see sexual deviance in the cross-dressing aspect.

Drag does not typically involve nudity or stripping, which are more common in burlesque, a separate form of entertainment. Explicitly sexual and profane language is common in performances meant for adult audiences. Such routines can consist of standup comedy that may be raunchy—or may pale in comparison with some mainstream comedians.

SHOULD CHILDREN SEE OR DRESS IN DRAG?

IT’S up to parents and guardians to decide that, just as they decide whether their children should be exposed to or participate in certain music, television, movies, beauty pageants, concerts or other forms of entertainment, parenting experts say.

Performances in nightclubs and brunches meant for adults may not be suitable for children, while other events, such as drag story hours, are tailored for children and therefore contain milder language and dress. Drag performers and the venues that book them generally either don’t allow children if a performance has risque content, or else require children to be accompanied by a parent or guardian—

basically, how R-rated movies are handled by theaters.

Drag story hours, in which performers read to children in libraries, bookstores or other venues, have become popular in recent years. The events use a captivating character to get their child’s attention— any parent whose kid can’t take their eyes off Elsa from Frozen gets the idea. The difference here is that the goal is to get kids interested in reading.

Some children have performed drag at ageappropriate events. One 11-year-old who dons a princess dress and tiara was scheduled recently to perform at a story and singing event at an Oregon pub—but was downgraded to “guest of honor” after protests outside broke out into fighting.

“Part of keeping our children safe is allowing them to be children, to be playful, to take risks, and to be silly, without it necessarily meaning anything deeper or more permanent,” says Amber Trueblood, a family therapist. “Many parents are OK with children dressing as assassins, evil villains or grim reapers, yet they seldom take the costume choice to mean anything more than playful and fun.”

THREATS AND ‘GROOMING’

OPPONENTS of drag story hours and other drag events for audiences of children often claim they “groom” children, implying attempts to sexually abuse them or somehow influence their sexual orientation or gender identity.

The term “grooming” in a sexual sense describes how child molesters entrap and abuse their victims. Its use by opponents of drag, as well as by protesters in other realms of LGBTQ opposition, seeks to falsely equate it with pedophilia and other forms of child abuse. Perpetrators of the false rhetoric can then cast themselves as saviors of children and try to frame anyone who disagrees—a political opponent, for example—as taking the side of child abusers.

The objections are often religious in nature, with some opponents citing the devil at work. Threats to drag events, and story hours in particular, have increased along with the rhetoric. In addition to the protest in Oregon that failed to suppress one such event, organizers of a recent one in Florida did cancel theirs after what they said were threats from hate groups. The threats are likely an attempt to scare parents into not taking their children to such events, leading them to fizzle out and push drag back into the closet, observers say. Some organizers, parents and performers have dug in their heels, insisting they won’t cave.

In another tactic to discourage attendance, drag opponents have been known to attend performances, take and post a video that lacks context, and then troll or “dox” the performer or venue.

One such video clip showed a profane drag act in front of a young child and framed it as abuse— though the child was with adults and the venue had advised attendees about coarse content, suggested parental discretion and required any children to be accompanied by parents.

Other undermining efforts include a false claim that a performer flashed children at a Minnesota library and another false claim that the head of the Drag Queen Story Hour organization was arrested for child pornography.

Despite some opponents’ claims, drag cannot “turn” a child gay or transgender, although its playful use of gender may be reassuring to kids who are already questioning their identity. That way, therapist Joe Kort wrote in a blog post in Psychology

Today, gender-nonconforming kids can have “other templates as they begin to sort out their feelings about who they authentically are.” n

ABS-CBN Film Restoration continuously makes Filipino cinematic classics accessible through various platforms for today’s audiences, as it brings forth some of its digitally restored and remastered titles streaming on-demand via Netflix.

Up until the end of 2022, ABS-CBN Film Restoration and its Sagip Pelikula initiative will introduce an array of restored Pinoy films of all genres on Netflix—from drama, romance, comedy, and horror.

The first title introduced is the digitally restored version of the revered 1982 war-drama classic directed by Peque Gallaga and written by Jose Javier Reyes, starring Sandy Andolong, Liza Lorena, Ronnie Lazaro, Joel Torre, and late Cherie Gil.

More award-winning Filipino classics will make their way to the on-demand streaming platform, among them are Nora Aunor’s cinematic masterpiece Himala and one of Dolphy’s iconic films of all time, Markova: Comfort Gay.

Viewers can also watch the restored versions of Star Cinema’s all-time romantic hits, such as One More Chance, Now That I Have You, Dubai and Hihintayin Kita Sa Langit. Comedy fans are also in for a treat with Ang Cute ng Ina

Mo! and the Judy Ann Santos-Ryan Agoncillo starrer Sakal, Sakali, Saklolo, while thrill-seekers can watch the digitally restored horror blockbuster Feng Shui.

Today’s audiences can watch all these remastered classics from ABS-CBN Film Restoration on-demand via Netflix for subscribers in the Philippines and the rest of Southeast Asian territories. Also, Pinoy viewers can continue watching these restored films on www.ktx.ph with special pre-show interviews before every screening.

Now in its 11th year since digitally restoring its first title, Sagip Pelikula continues to remaster films from directors and writers of note for today’s viewers to appreciate. These efforts have earned multiple recognitions from award-giving bodies worldwide, including the prestigious Gold Quill Award given by the International Association of Business Communicators, Gawad Pedro Bucaneg from Unyon ng mga Manunulat sa Pilipinas, and most recently the Gawad Pasado sa Pagsisinop ng mga De Kalibreng Pelikula distinction from the 23rd Gawad Pasado organized by Pampelikulang Samahan ng mga Dalubguro (Pasado).

More information is available at www.facebook.com/ filmrestorationabscbn.

NAVIGATING @17: Continuing the journey in a pandemic world

BARMM, the poorest region, seeks to forge destiny on promise of oil, gas

By Manuel T. Cayon

CITY—The fabled oil and gas in the Liguasan Marsh in south central Mindanao has sparked renewed interest in its exploration, with some quarters saying that the untapped black gold in its waters is the economic savior of poor Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

DAVAO

So far, one single biggest invest ment in the BARMM, in the Liguasan Marsh specifically, was the P998-mil lion exploration project by a local com pany called ESMaulana. It has eyed an exploration project also in the Sulu Sea, touted for its natural gas deposits.

However, the investment could not take off over administrative and legal issues confronting the BARMM and the national government on jurisdiction.

W hile the marsh—with a total area of 52,421 hectares, possibly Asia’s larg est wetlands—is within BARMM, the exploitation of mineral deposits, includ ing oil and gas, falls within the ambit of the national government.

Eyes on the marsh

TWO political personalities in the BARMM, Gerry Salapuddin of the Southern Philippines Development Au thority and Bangsamoro Senior Minis ter Abdulraof Macacua, were reported as publicly discussing in the Bangsam oro capitol this week on the potential deposit of natural gas in the marsh.

They said the untapped mineral re sources of the marsh could be a source of wealth for the Bangsamoro region.

B ut talks, just like a study by the region’s National Economic Develop ment Authority in 1996, could not inch forward due to the lack of studies in the marsh.

A ll talks have revolved only on “sus pected” and “believed” deposits.

ESMaulana’s P998-million invest ment last year had its awarding of the service contracts held in abeyance, “since the modality of processing and award ing of service contracts in the BARMM

for petroleum investments still have to be worked out in the Intergovernmental Relations Body, as established under the Bangsamoro Organic Law,” the Regional Bangsamoro Board of Investment said.

Ishak Mastura, the previous chair man of the RBBOI, said the proposed investment project worth P998 million “falls within the BARMM jurisdiction, are subject to the joint determination by the BARMM regional government and the national government.”

Energy ENERGY policy, for the meantime, has taken some attention in the Bangsam oro Parliament. On March 22, Member of Parliament Amilbahar Mawallil au thored Bangsamoro Transition Author ity Bill 179 “to harmonize and fast-track the implementation of the Ease of Doing Business Act, the Energy Virtual OneStop Shop Act, and Executive Order 30 to establish, strengthen and integrate the energy policies and mechanisms within the region.”

His EO 30 “ensures the continuous, adequate and economical energy supply and streamlines regulatory procedures affecting energy projects of national sig nificance. It provides the framework to create an efficient and effective admin istrative process for energy projects to avoid unnecessary delays in implement ing the Philippine Energy Plan.”

Under the proposed measure, the Bangsamoro Energy Code would set guidelines for implementing energy proj ects in the BARMM, as an Energy Sector Committee would be created under the Bangsamoro Economic and Develop ment Council to facilitate the imple

mentation of energy programs, policies and projects following pertinent energy and other regu latory laws and issuances.

The development plan of the Bangsamoro should also in clude all local energy policies, plans and programs covering energy safety and best practices, energy efficiency and conserva tion, and energy resiliency in its comprehensive development plan. It will be submitted to the BEDC and integrated into its Re gional Development Plan.

In addition, the Bangsam oro Government will initiate efforts to streamline the pro cesses in issuing the necessary permits on energy-related proj ects in BARMM component cit ies and municipalities.

In June this year, Mawallil authored BTA Bill 187, or the So lar Energy in Bangsamoro Gov

ernment Offices Act of 2022, to promote investments in the en ergy and power generation sec tor as well as the development of low-carbon, sustainable power generation policies.

His bill sought to reduce the cost of electricity for Bangsam oro government offices and buildings through the use of so lar energy systems.

This will reduce depen dence on fossil-fuel-based ener gy and lessen carbon emissions and pollution in the environ ment,” said Mawallil.

The bill also seeks to man date all Bangsamoro govern ment agencies to install solar energy systems in their respec tive offices and buildings.

He also followed this up with BTA Bill 178 that sought to install solar energy systems in all socialized housing programs

in the Bangsamoro region, which can help generate savings on electricity bills.

Qualified end-users…can protect themselves from pos sible volatilities of the energy market and contribute to the development of green energy,” he added.

The solar energy systems will supply the electric power requirements, as an accessory use, to provide secure, clean and environment-friendly power services in urban and rural ar eas in the region, especially in settlements for the disadvan taged, the homeless, those who have been victims of conflicts and atrocities, and internally displaced persons.

He explained that solar energy systems do not require extraction activities like largescale mining or drilling, which

are usually blamed for negative environmental impacts.

Most important, solar pan els can be installed on rooftops and designated areas without disrupting activities or dislocat ing electric power consumers,” he added, noting that solar en ergy systems can also generate substantial savings versus fos sil-fueled power plants.

By September, the Bangsamoro government’s bid to strengthen its energy devel opment policy was boosted by a bill on crafting the charter of the Bangsamoro Energy Devel opment Corp.

The proposed measure, ac cording to MP Mawallil, also seeks to support the Bangsamoro Government in fulfilling its man date and institutionalizing the construction of renewable energy systems.

Navigating @17: Continuing the

International travelers are coming, but not

By Ma. Stella F. Arnaldo Special to the BusinessMirror

A s such, stakeholders admit that their profits, although finally growing, are still meager, with many still operating with less number of employees, or relying mostly on domestic travelers.

And with the current ban of Bei jing on outbound leisure travel due to its zero-Covid policy, other sectors in the tourism industry, such as those in Meetings, Incentives, Conven tions and Exhibitions (MICE), con tinue to struggle organizing trade shows, just to earn some revenue.

Th e Philippines was the first in Asia to reopen to fully vac cinated foreign leisure travelers and scrapped quarantine proce dures for them. The Department of Tourism (DOT) reports, from February to October 22, foreign tourist arrivals in the country reached 1.82 million. Of this, 1.3 million were foreign nation als, while 507,610 were overseas Filipinos, either those working abroad coming for a short visit, or balikbayans eager to see family after years of living abroad.

W hile this year’s arrivals have exceeded the private sector’s own projections, this is still a far cry from the 8.26 million who arrived in 2019, prior to the Covid-19 pandemic. In contrast, Singapore received 3.74 million tourists from January to September, while Malaysia received 3.23 million from January to Au gust, Thailand 4.4 million, and Bali alone, 1.48 million.

Small promotions budget

THE country is unable to play catch-up with its neighbors due to the lack of Chinese tourists. Pre pandemic, China was the second largest source of foreign tourists for the Philippines, contribut ing 1.74 million in 2019. Current DOT data show the United States (345,213) as the top market this year, followed by South Korea (248,746); Australia (85,452); Can ada (77,819); the United Kingdom (69,086); and Japan (66,855).

Attracting other markets to make up for the loss of Chinese tourists, however, remains a chal lenge owing in part to the low bud get given to government tourism agencies for promotions and mar keting abroad, as well as the seem ingly unfriendly entry procedures into the Philippines.

During a Senate Finance sub committee hearing on the DOT’s budget, Tourism Secretary Christina Garcia Frasco revealed the Philip pines’s budget for tourism promo tions is the lowest in Asean. Indone sia, for instance, receives a tourism budget of $645 million; Malaysia, $358 million; Singapore, $376 mil lion; and Thailand, $111 million, while the Philippines had a measly $59 million. (See, “PHL tourism bud get is lowest in Asean,” in the Busi nessMirror, October 11, 2022.)

For 2023, the DOT has pro jected international tourists to reach just 3.23 million as it re ceives a P3.58-billion budget, most of it going to maintenance and operating expenses. Its mar keting arm, the Tourism Promo tions Board (TPB), has access to just P1.1 billion to sell the coun try both to domestic and interna tional travelers. A seeming dis connect, considering President Ferdinand R. Marcos Jr. has been citing the tourism sector’s cru cial role in growing the economy.

Unfriendly arrival procedures

AT the recent Philippine Tourism Industry Convergence Reception hosted by the DOT, Marcos Jr. said, “This [tourism] is a driver of our economy and we must imme

diately do all that we can to make sure that this asset that the Philip pines has, must be used to bring jobs to people, good jobs to people, to bring visitors to our country to once again, as we have said during the trips that we have taken these past few weeks: to reintroduce the Philippines to the world.”

Pending the launch of a new international brand campaign still anchored on the “It’s More Fun in the Philippines” slogan, the DOT has pushed for the ease of travel in and around the country, better tourism access with the construc tion of more roads to tourism des tinations, and the construction of tourist pit stops in the countryside.

Through Frasco’s efforts, the One Health Pass (OHP) has been re placed by the e-arrival card, although inbound travelers continue to com plain of the long queues upon arrival at the airport, just to have their QR codes scanned. After that, they have to line up again to have their pass ports scanned at the Immigration counter, when in other countries like Singapore, Immigration officers process both health declarations and passport scanning.

The DOT chief has also per suaded the Inter-Agency Task Force on the Management of Emerging Infectious Diseases to recommend that Marcos issue an executive order relaxing the indoor mask ing protocol, to help attract more tourists to the country. The EO will also allow unvaccinated foreigners to enter the Philippines “with only the requirement of presenting an antigen test taken 24 hours before departure, or an option of taking an antigen test upon arrival in the Philippines,” said Frasco in a news conference. (See, “PBBM agrees to make indoor face mask use voluntary to boost tourism–Frasco,” in the Busi nessMirror, October 26, 2022.)

Earlier, Marcos already made mask-wearing outdoors voluntary.

On Friday (October 28), Mar cos signed Executive Order 7, lift ing the mask mandate for indoors. However, wearing of facemasks re mains mandatory for health facili ties, medical transportations, and public transportation.

The new issuance still “encour aged” mask wearing for the elderly, individuals with comorbidities, immunocompromised individuals, pregnant women, unvaccinated individuals, and symptomatic indi viduals.

Despite the easing of the rules for mask wearing, everyone is en joined to continue to comply with the minimum public health stan dards (MPHS).

Grateful to still be around MEANWHILE , most stakeholders are grateful that business has been picking up.

Veteran hotelier Jose Mari del Rosario, president of Phinma Hospitality, says average hotel oc cupancy for Microtel by Wyndham

and TRYP by Wyndham is 60 per cent this year, with the return of domestic travelers, mostly “corpo rate road warriors.” These are trav elers from multinational FMCG (fast-moving consumer goods) companies, pharmaceutical firms, auditors and engineers returning to their projects.

He also notes the resurgence in the small meetings market, which is “very encouraging. What was a pleasant trendsetter is the govern ment MICE business in Mindanao,” which has benefited their hotels in Davao and General Santos.

Phinma’s hotels are also seeing an uptick in foreign travelers, but mainly from balikbayans (home coming Filipinos). “It will take a bit more time to see the foreign leisure travelers come back. Whatever for eign business is coming [for our group], it’s the locators within the industrial zones.”

Th e important thing, stresses Del Rosario, is their hotels sur vived. “That in itself was a feat and we were fortunate enough to just remain open. Profitability, while a primary objective, took a backseat.”

To sustain the hotel industry’s recovery, he hopes for a “resur gence in international travel soon, based largely along the increased connectivity/flights, and strong demand build-up from key source countries.”

From zero to revenues

WITH a surprising surge in book ings due to the reopening of the country’s borders in February, Ra jah Tours Philippines will likely end the year with about P15 mil lion to P18 million in revenue, a sharp turnaround from “our zero revenue last year,” says its president Jose C. Clemente III. Of course, this is still a far cry from the P80 million to P90 million in revenue the company was raking in annually, prepandemic. Its clients this year are mainly from Canada and Europe.

He admits that, even if they will see any profit this year, “It will be very thin,” adding, “majority of our profits are still being used to pay for the debts we accrued dur ing the pandemic.”

THE Philippine tourism industry is bouncing back this year, but it may take a while for international arrivals to return to prepandemic levels.

A TOURIST takes a dip in the crystal-clear waters off the Kauhagan Island in Siargao. President Ferdinand Marcos Jr. said now is the best time to “revitalize” the tourism industry, which is a significant driver of the Philippines’s economic growth. This year's Philippine Travel Exchange generated P172 million in travel bookings, a record high in business sales, the Department of Tourism said. NONIE REYES

Rajah Tours was

journey in a pandemic world

not all tourism businesses are benefiting

one of the companies which tapped the Small Business Guaranty Corp. loan facility for micro, small and medium enterprises, which was set up with P6 billion in funds from the Bayanihan 2 Act under the Duterte administration.

To keep costs down even as they see an increase in business, Rajah Tours is operating with just seven employees, compared to 27 prior to the pandemic. “We’re keep ing our overhead down and adopt ing hybrid work modes to maxi mize our revenues. We can still handle the business [with seven staff members] as we continue to ramp up. But we don’t see adding new staff until the first quarter of 2023, at the earliest, and depend ing on prevailing conditions.”

Still, Clemente is optimistic about a stronger rebound in 2023; “forward bookings are looking good.” The tour operator participat ed in the recent Philippine Travel Exchange of the TPB, and got “solid leads” from their meetings with travel buyers from the US, Europe and Asia. “Most of them are com ing in for next year and beyond, most likely towards their summer and winter of 2023.”

He looks forward to attend ing travel trade shows abroad, such as Fitur in Madrid and ITB Berlin, in the first quarter of 2023. “As we start attending trade shows and talk to our part ners, I think we can give buyers a better picture of what they can expect when they come here.

Sometimes you just really need the face-to-face meetings.”

MICE still struggling

WHILE travel agencies, tour op erators and accommodation es tablishments are benefiting from the increase in foreign tourist ar rivals, this is not the case for the MICE sector.

Marisa Nallana, president of the Philippine Exhibitions and Trade Corp., shares, “Because of China’s policies, they are absent in our MICE events. They had a large presence prior to pandemic and was able to fill up a lot of spaces in con vention centers [for trade shows]. These days, we are contending with smaller, local events. [Event man agers and organizers] who rarely consider government projects are now actively participating in bid ding for these projects.”

A number of these organizers have resumed their business just to show their presence in the local and international marketing, “hoping to break even. Some shifted to the digital business, concentrating on local MICE events,” she added.

The situation is slightly better for event venues with more local MICE shows being held this year.

Agnes Caparas Pacis, vice president-general manager of the SMX Convention Center Manila (SMXCC), says, “We expect to finish 2022 with over 1,000 percent better in revenues versus 2021. This, how ever, will still not make up for the major slowdown in business in 2020

and 2021. The revenues in 2021 set us back by more than 80 percent of our usual prepandemic revenues for the eight SMX Convention Centers across the country.”

A long way to go

SHE notes the relaxing of alert levels allowing for freer move ment of the public, along with the reduction in Covid cases, helped SMXCC’s business pick up by the second quarter.

This last quarter of the year is starting to show some level of nor malcy compared to pre-pandemic levels as far as number of event inquiries is concerned, with a good number of full in-person yearend parties, trade shows and associa tion conferences returning, though on a smaller scale. The trade shows especially are seeing some down sizing of their usual leased spaces, with the China contingent still not able to participate, for one,” echo ing Nallana’s sentiment.

In the case of event organizers, “there is still a long way to go, 2023 included,” says Nallana. Aside from trying to determine a MICE model that will address the new market behavior resulting from the current pandemic, event organizers are still pained by the loss of personnel. “It’s a challenge. The industry has to retrain people; most left, retired, or were retrenched. So, 2023 will re main about connecting/global link ages, hoping for partnerships, and getting a piece of MICE events to be held in the country.”

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

THEpandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection.

The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business.

In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019.

And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages.

Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.”

It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence.

The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism.

The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards.

T he “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos.

In 2018, Environment Reporter Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore.

T he Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity.

T he Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019.

Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund.

Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

THANK YOU, EVERYONE.

YOUR LOVE AND SUPPORT IS OUR MOST IMPORTANT TROPHY.

BusinessMirror

A broader look at today’s business

NAVIGATING @17: Continuing the journey in a pandemic world

Learning from pandemic, govt, labor tweak schemes to redress disruptions

improve its unemployment pro grams so it will have long-term im pact to its beneficiaries.

In August, Labor and Em ployment Secretary Bienvenido E. Laguesma announced they will pi lot the inclusion of a skills training component in the implementation of their TUPAD in areas affected by the magnitude 7 earthquake in Abra in July.

T UPAD beneficiaries are usu ally given light public works like street sweeping, debris cleaning and declogging works, lasting 10 to 90 days.

But with their pilot partner ship with the Technical Education

and Skills Development Author ity (TESDA), the TUPAD beneficia ries will be included in the pool of workers who will be tapped to help in the rehabilitation of infrastruc ture and heritage sites, which were damaged by the Abra earthquake.

DOLE also used the same model in its memorandum of agreement with the Department of Environment and Natural Re sources (DENR), wherein TUPAD beneficiaries will get skills training so they could help forest rangers in conducting patrols, seedling pro duction, plantation establishment, and protection activities.

Mata said the pilot initiatives

from DOLE will eventually lead to TUPAD being “redesigned” to become their proposed public em ployment program.

This means that it [TUPAD] should not be simply a safety net for the unemployed where they are given only 10 days of work. Instead, it should be transformed into a guaranteed jobs program that could run for at least 9 months,” Mata said.

More importantly, the type of jobs it should support should be aligned with the country’s develop ment needs and mitigation plans for climate change,” he added.

By Samuel P. Medenilla

EVENwith the resumption of faceto-face classes and the revival of the local tourism industry in recent months, allowing more businesses to resume their operations, thousands of workers continue to lose their jobs and become financially vulnerable.

W hile there are existing gov ernment programs to help affected workers, most of the interventions provide short-term relief.

Congress has revived a bill, which aims to institutionalize the government’s unemployment as sistance to ensure it will be sus tainable and create a new agency to handle it.

Economic factors

DATA from the Philippine Sta tistics Authority (PSA) show the number of unemployed is still on the rise, reaching 2.68 million workers in August from 2.6 mil lion the month before it.

Th is trend was also apparent in the Jobs Displacement Report of the Department of Labor and Em ployment (DOLE), which showed the 27,611 workers reported by employers to be permanently dis placed in July had risen to 31,224 in August. It reached 34,048 by September.

IBON Foundation Executive Director Jose Enrique A. Africa said the trend may persist in the coming months.

“The trend only confirms what the administration and its economic managers should really accept—the economy will not recover simply from reopening,” Africa told the BusinessMirror in an email.

The main cause of worsening displacements is the weakness of aggregate demand from so many accumulating factors. The protract ed lockdowns severely collapsed household income and savings and increased poverty,” he added.

Government data showed the annual household income fell to P307,190 last year from P313,350 in 2018, while 19.99 million in dividuals lived below the poverty threshold.

A mong the factors Africa sees

hampering government efforts to stimulate job creation are the de preciating value of the peso, rising interest rates and looming global recession.

Rising interest rates will make financing more expensive including for the formal establishments who tend to report to DOLE; consump tion spending will also weaken. Economic activity will also be damp ened as global recession and stagfla tion start setting in,” Africa said.

Proposed bill

CONCERNED over the needs of workers who will be displaced dur ing the period, Marikina Second District Representative Stella Luz A. Quimbo decided to refile her House Bill (HB) 490 or the Phil Jobs Act of 2020 last June.

The measure creates the Phil ippine Job Insurance Corporation (PhilJobs) to implement the Na tional Unemployment Insurance Program (NUIP), which will cover all members of the Social Secu rity System (SSS) and Government Service Insurance System (GSIS).

PhilJobs will serve similarly as the Philippine Health Insurance Corporation (PhilHealth) which provides universal health care cov erage: in PhilJobs’ case, it caters to displaced workers instead.

The NUIP is necessary, Quimbo said, as she described the current unemployment assistance from the government as “fragmented, noninclusive and limited.”

Existing programs

CURRENTLY, SSS provides unem ployment benefits to its members as mandated by Republic Act 11199 or the Social Security Act of 2018.

The one-time payment of the benefit is equivalent to twice the half of the members’ average monthly salary credit (AMSC).

Most of the other government programs to help the unemployed are from the Department of Labor Employment (DOLE).

These include Tulong Pang hanapbuhay sa ating Disadvan taged/Displaced Workers (TUPAD), the flagship program of DOLE. This provides emergency employment to displaced informal sector workers. There are also the Adjustment Mea sures Program, providing a one-time cash aid to displaced formal sector workers; and labor market and place ment program; and skills training or upskilling.

Quimbo said the NUIP will in tegrate these programs and extend unemployment insurance benefits equal to 80 percent of the worker’s basic pay for three months.

NUIP financing LABOR leaders backed the concept of the NUIP under the proposed bill, but expressed concern on how the program will be funded.

Sentro ng Nagkakaisa at Pro gresibong Manggagawa (SENTRO) Secretary General Josua T. Mata wondered how Congress intends to fund the NUIP since it will need a considerable sum.

We should not allow politi cians to earn brownie points from voters by meddling with SSS ben efits without providing adequate funding for it. Otherwise, they would only end up bankrupting the system,” Mata said.

T UCP President Raymond C. Mendoza has the same concern, es pecially since many companies and workers are still reeling from the disruption caused by the pandemic in the last two years.

He noted both groups cannot af ford an “untimely” additional contri bution to SSS or GSIS for the NUIP.

A n alternative source to fi nance the NUIP, the deputy speak er said, would be through taxes.

What TUCP proposes is con sideration of the possibility that at least 15 percent of all corporate taxes be earmarked by the BIR, DOF and DBM for purposes of building up this proposed unem ployment insurance scheme,” Men doza said.

HB 490 is currently pending at the committee level at the House of Representatives.

Ongoing integration

DOLE recently started efforts to

WORKERS at a construction site on Agham Road in Quezon City. NONOY LACZA

Navigating @17: Continuing the journey

House focuses on must-pass bills to create jobs, hasten recovery

By Jovee Marie N. Dela Cruz

THE House of Representatives has a full plate of must-pass pieces of legislation to help the Marcos administration create job opportunities and a better life for Filipinos while sustaining the momentum of the country’s economic recovery.

Speaker Ferdinand Martin Ro mualdez and House Committee on Ways and Means Chairman Joey Sarte Salceda said the lower cham ber will make the most of its time to approve the legislative agenda of President Ferdinand Marcos Jr. and both houses of Congress.

Romualdez and Salceda both expressed hope that Congress will prioritize these priority measures to fast track the Philippines’ eco nomic recovery.

“Our economy has reached the first stage to full recovery but we need to sustain the momentum. We are facing a crisis not of our own making. The post-pandemic recov

ery efforts and global tensions push all economies of the world to the brink,” Romualdez added.

“ We want to hurdle the big gest challenge of reducing pov erty through the attainment of inclusive growth. Everyone should benefit from the gains of economic growth,” the Speaker added.

According to Salceda, the fo cus of the House of Representa tives—through the Committee on Ways and Means—remains tax re forms towards higher revenues and better collections.

The lawmaker has also ex pressed confidence that the Ways and Means committee will achieve its five goals for end-2022.

These goals, Salceda said, are to exceed the revenue targets by at least 10 percent; narrow the projected deficit by at least 0.2 per centage points, from 7.6 percent of GDP to 7.4 percent; find non-tax and extraordinary sources for the P180 billion in unprogrammed funds in the 2023 budget; have at least one new revenue regulation clarifying tax administration is sued and pass at least one tax law.

Moreover, Romualdez said the House of Representatives will be a steady partner of Malacañang in pushing for the swift passage of the President’s legislative agenda.

Most of my priority bills are part of President Marcos’s legisla tive agenda that he enumerated during his first SONA. We will pri oritize the passage of these mea sures,” he said.

“

These bills are aimed at help ing the President’s goal of attaining a better Philippines by ensuring more job opportunities and better life for Filipinos,” Romualdez said.

Some of these measures are the Valuation Reform Bill, Gov ernment Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill, National Defense Act, National Government Rightsizing Program, Virology Institute of the Philippines bill, Budget Modern ization bill, Medical Reserve Corps Bill, E-Governance Act, Internet Transaction Act, and Unified Sys tem of Separation, Retirement and Pension bill.

“ We also want to assure [the people] also that every centavo of the 2023 national budget will be spent wisely to implement pro grams that would save lives, pro tect communities and make our economy strong and more agile,” he added.

Romualdez also vowed that the House of Representatives will

do its part to bring to fruition— through passage of pro-investment laws—the objectives of all bilateral trade and investment agreements following the recent state visits of the President.

“ These include the eCommerce Bill, the National Government Rightsizing Program, the eGov ernance Act, amendments to the Electric Power Industry Reform Act, and amendments to the BuildOperate-Transfer Law, among oth ers,” Romualdez added.

“ What is important is we all do our share in nation-building. We all hope to capitalize on the early gains of the Marcos administra tion in order to steer our economy back to its pre-pandemic growth,” he added.

He said the President came from very successful state visits in Indonesia and Singapore where the Chief Executive brought in over $14 billion in investment pledges.

Earlier, the Palace said over 112,000 new jobs will be created from the business deals secured by the President during his recent working trip in the United States.

Malacañang said this was the initial projected number of em ployment opportunities to be gen erated by the estimated $3.9 bil lion worth of investments from the said visit.

‘Keep the business going’ FOR his part, Salceda said the House is committed to ensure timely enactment of bills providing jobs to those able to work.

“ We need business to keep go ing and need to keep prices of basic commodities down to pre-pandem ic level,” said Salceda, the resident economist of the lower chamber.

Fiscal strength is the foun dation of any modern, globalizing economy. It is the ability of the state to deliver public goods that determines the capacity of a coun try for growth beyond the efforts of its own people,” he added.

To that effect, Salceda said his Committee on Ways and Means will continue to prioritize fiscal re forms that will create more public goods and accelerate growth.

According to Salceda, the Sen ate will likely approve its own ver sion of the proposed Ease of Paying Taxes Act, and by 2022 or early in 2023, this will likely be enacted into law.

Salceda said the existing com mittee reports on Digital VAT, the proposed Package 4 of the Com prehensive Tax Reform Program (CTRP), and Plastic Bags Excise Tax will move as scheduled.

We are studying a series or package of health taxes—on alco hol mixes, vape, sugary beverages, junk food—to increase fiscal re sources for health, especially given concerns about PhilHealth’s fund life. The first hearings of the Com mittee once session resumes will be on these proposals,” said Salceda.

On the tax administration side, the lawmaker said the House is now working with the Depart ment of Finance and the Bureau of Internal Revenue on making the shift of BPOs to the Board of In vestments easier.

“ This will allow them to keep their work-from-home arrange ments. We are also working on clearer taxation for employee stock options, which the President and the House leadership wants, after their US state visit,” he said.

BPO companies are shift ing from the Philippine Economic Zone Authority to the Board of Investments to continue receiving tax perks while sustaining workfrom-home arrangements.

A lso, Salceda said smuggling remains a primary concern for the Committee on Ways and Means, especially as it relates to a bleed ing of foreign currency without the corresponding revenue returns.

“So, we are supportive of pro posals to classify illicit trade in to bacco and other excised products as economic sabotage. Agricultural smuggling is a major concern, so we will continue to work with the Bureau of Customs to make inspec tions more effective,” he said.

Meanwhile, House Major ity Leader, and Zamboanga City 2nd District Rep. Manuel Jose M. Dalipe said there is a “higher level of consensus” in the House of Rep resentatives this 19th Congress compared to past congresses.

Th is “higher level of consen sus” will help the 19th Congress pass priority measures like the 2023 national budget, he said.

SALCEDA: “We need business to keep going and need to keep prices of basic commodities down to pre-pandemic level.”

LAWMAKERS

KMC SOLUTIONS BULLISH ON FLEXIBLE OFFICE SPACE, PLANS AGGRESSIVE EXPANSION

KMC Solutions, a longtime innovator of flexible office design, is unveiling a spectrum of hybrid co-working spaces that meet the demands of current work and real estate circumstances. Even with many renewed construction projects underway, workplace shifts caused by the pandemic have resulted in fully completed buildings with many unclaimed or underutilized office spaces. Vacancies rose from 11 2% to 16.2% over a one year period as many businesses continue to prioritize a remote workforce and refrain from the expenses of a large-scale office setup

The team at KMC Solutions has recognized that new workspaces must actually reflect the new ways people work. This means creating flexible office space for collaboration and an efficient assortment of business uses. Because so many companies elect for a hybrid work model — a combination of both in-office and work-from-home hours — the new, flexible office space must offer employees a social environment that’s available throughout the week on an as- needed basis — a place for work, along with check ins periodic meetings and team building functions.

The offices provide a valuable collaboration space free from the overreach of an entrenched nine-to-five environment Gian Reyes, VP of Marketing for KMC Solutions, states, “Despite the high vacancy rates, the market has expressed increased interest in flexible spaces that enable hybrid work while saving on CAPEX, time and administrative costs of traditional office settings.”

The market demand for flexible spaces is projected to continue to grow with the total addressable market likely being anywhere from 10 to 15% of the entire Grade-A office leasing market, easily equating to over a million square meters of potential flexible space and could be as high as 1.5 million square meters by next year, according to Michael McCullough, CEO of KMC Solutions

Because employees aren’t traveling for hours to their workplace, smaller multi use office spaces or de-consolidated spaces provide the best of both worlds, with safety and functionality at the forefront. KMC Solutions understands why people thrive in coworking spaces. The serviced office agency works with companies to help them to leverage social capital through thoughtful amenities in inviting spaces

with customizable options for both individual productivity and facilitated group engagement

The well distributed, distractionfree spaces offer an accessible setting for small businesses, freelancers, or specific divisions of global organizations. The spaces’ adaptability accommodates a variety of work styles for employees, partners, colleagues, and professionals looking to network, take on team projects or simply take a break from their home office.

Reyes states, “A hybrid work scheme has emphasized our focus on collaboration areas and tech-enabled spaces. We really want to enhance that intrinsic human experience of working together in spaces that were designed specifically to foster the creativity, agility and innovation that organizations need to be truly productive and grow ”

Michael McCullough additionally adds, “Landlords should always have a pulse on the needs of their office tenants which could then open opportunities for them to bring in amenity operators, such as KMC Solutions. This would further add value to the building and bring more benefits to your tenants by offering flexible lease terms and beautiful collaboration areas.”

KMC Solutions will shortly expand its commercial leasing opportunities. The One Ayala Tower will soon be housing KMC’s serviced offices on the 6th to 11th floors, offering a comprehensive set of flexible workspace solutions on six fully serviced floors — a total of 2,133 seats and 10,663 square meters of space. The building’s prime location along Ayala Avenue provides easy access to transport hubs, pedestrian-friendly elevated walkways, shopping malls, and a wide section of restaurants

Other upcoming availabilities include

Axis Tower in partnership with Filinvest, with 409 seats and 2,047 square meters, Skyrise 4A with 230 seats and 1,150 square meters Skyrise 4B with 490 seats and 2,450 square meters, and Lexmark with 1,215 seats and 5,590 square meters.

“Real estate is too great of an asset for companies to be saddled with empty offices and unused meeting rooms. With the changing needs of both employers and employees, we are confident the market demand for smaller flexible spaces will continue to grow,” Reyes concludes. “We are honored to be trusted by some of the most innovative startups, partners, and global brands

currently doing business in the Philippines.”

With KMC becoming a market leader in the flexible workspace industry, Michael McCullough states, “KMC has already established itself as a leading player in this industry, and we hope to sustain that by investing back into our business through growing the locations that we offer and expanding our footprint KMC Solutions is the largest flexible space and talent-as-a-service provider in the Philippines Their flexible workspaces and network of top talent provide streamlined resources

for business operations. With over a decade of helping the world’s most disruptive brands grow and thrive, the KMC team provides clients with everything they need to succeed — from office space to talented offshore teams — and continually facilitates bold business ventures in the Philippines KMC Solutions has gone on to create and oversee the largest collection of coworking spaces in the Philippines including 67 floors across 26+ buildings This equates to 19,008 seats and 100,376 square meters of space, with more arriving shortly To learn more, visit kmc solutions

KMC One Ayala

KMC

KMC

NAVIGATING @17: Continuing the journey in a pandemic world

Rising fuel demand in road to recovery boosts oil firms’ bottom line, but do the rest of us benefit?

By Lenie Lectura

THE robust growth in fuel demand is helping boost oil firms’ overall financial performance after two years of losses. However, this this does not sit well with some consumer groups, lawmakers and militant groups, amid skyrocketing oil prices.

Some proposed to put Petron Corporation back to government control, while others want to amend the oil deregulation law so government can better scrutinize what we actually pay for a liter of fuel.

However, there is an upside to this that many may have missed.

On the part of the oil firms, they said a healthy bottom line cre ates more economic opportunities for more sectors.

For instance, Petron’s postpandemic transition has so far been marked by steady growth particularly in segments where it earlier suffered major setbacks.

“ We move forward with hope and optimism as we roll out proj

ects that will not only yield opti mal returns for the company but more importantly, lead towards greater sustainability and create economic opportunities,” Petron President Ramon S. Ang said.

Its first-half net income for the year doubled to P7.7 billion from P3.87 billion in the same period last year, driven by a double-digit sales growth. It expects full-year net income to reach P18 billion, bulk of which is expected to come from its Malaysian operations.

A s the Philippines’s largest oil company and only remaining re finer, Petron said it is in a unique position to create economic oppor tunities for the country, especially now that the country is on the road

to recovery.

“ We are looking at further expanding our retail footprint, storage facilities and logistical ca pabilities to ensure a reliable and continuous fuel supply during this crucial period. Our expansion proj ects mean more employment op portunities and economic activity, which are both vital to accelerat ing our recovery as a nation,” the company, which supplies about 40 percent of the country’s oil require ments, said via e-mail.

Petron’s petrochemical pro duction is also critical to driving economic development. In fact, Petron has been consistently rec ognized by the government as one of the Philippines’s top exporters

of petrochemicals. “In this light, we are pursuing more export sales which would help boost the coun try’s USD revenues,” it said.

Petron’s products, it added, fuel strategic industries that are essential to economic growth.

“We also have CSR efforts like our scholarship and entrepreneur ship programs that aim to em power our host communities and ultimately, help build a stronger nation,” it said.

Phoenix Petroleum Philippines Inc., for its part, believes that the industry could help fast-track the economy by providing employment and proper healthcare. It said that a strong, healthy, productive and

Navigating @17: Continuing the

Rising fuel demand in road to recovery boosts oil firms’ bottom line, but do the rest of us benefit?

motivated workforce is a critical en abler to an economy trying to bounce back, noted Phoenix Petroleum Pres ident Henry Albert Fadullon.

“Externally, we could help by providing quality products and alter natives or options to customers that are priced competitively and made available where they need and want them,” he said via text message.

Th e oil firm, which returned to profitability in the second quarter after posting P201 mil lion in net income, is hoping that the suite of services and integrat ed FamilyM art stores will sustain a steady growth in the quarters ahead. “We are more determined to stay on the path to recovery. With the economy opening up, we are focused on improved invento ry strategies and continued cost discipline to sustain our upward momentum,” Fadullon added.

Pilipinas Shell Petroleum Corp. (PSPC), meanwhile, has tak en concrete steps toward recovery and growth in line with its reset and refocused strategy. These in clude the build-up of its mobility stations and the construction of more oil import facilities to pro vide a more stable, undisrupted supply of fuel.

PSPC president Lorelie Quiambao-Osial said the oil firm is confident about driving fuel mobil

ity and getting the country back on track. “We are confident to contin ue our momentum, deliver share holder returns, and power progress for the Philippines,” she said in an earlier statement.

Secured supply

ON the part of the Department of Energy (DOE), an official observed that the oil firms’ financial health determines their capability to ex pand operations and improve their service and product offerings.

“ With continued investment, this will redound in sustained fuel supply security. In the end, it bene fits us because consumers could be assured of stable supply,” said De partment of Energy-Oil Industry

Management Bureau (DOE-OIMB) Director Rino Abad in an inter view. “That is one way to look at it.”

He explained that infrastruc ture investments would sustain the increased requirement for storage capacity, transport vehicles and re tail outlets. “Working capital will sustain the fund availability to ad dress increasing prices of imported petroleum products. Both invest ments will result [in a] continuous security of supply,” Abad noted.

Since the implementation of RA 8479, otherwise known as the Downstream Oil Industry Deregu lation Act of 1998, the DOE noted an increasing number of players that entered various downstream oil businesses such as importation, distribution and storage of petro leum products.

The number of industry partic ipants increased by 19.59 percent from 18,218 in 2020 to 21,786 in 2021, bringing in a total actual in vestment of P20.41 billion last year or an accumulated investment of P210.69 billion since the industry was deregulated in 1998, said the agency’s 2021 report.

The DOE expects investments to keep growing as lockdown mea sures—first imposed in 2020— have been lifted, thereby creating more opportunities as businesses operate on full capacity.

They have resumed their ex pansion plans which took a pause since the onset of Covid-19 pan demic. These include more retail stations, refinery upgrade, con struction of more oil import ter minals, offering of new products, among others,” said Abad.

PSPC, for instance, is looking at developing more import termi nals. It already has two in Luzon: the Shell Import Facility Taban gao in Batangas and the Subic Im port Terminal. Its third is located in Cagayan de Oro City called the North Mindanao Import Facility.

It broke ground on the fourth import terminal, the Darong Im port Facility in Darong in Southern Mindanao.

In 2021, the oil firm said it was looking to spend up to P20 billion in the next five years to finance, among others, its plan to build two more import terminals and intro duce more its so-called “mobility site” for its fuel stations.

Of the P20 billion, roughly 60 percent is earmarked for the open ing of 60 to 80 mobility sites every year to meet the target of 1,500 such sites by 2025.

Petron, for its part, is building new power plant facilities in the

refinery, which will replace some of its old generators, increase steam production, and expand power generation capacity from 140MW to 184MW. The cost is approxi mately P12 billion.

Th is is part of Petron’s planned capital expenditure projects to ensure reliability and efficiency of critical refinery process. Other projects include putting up more retail service stations, expanding the retail network of its LPG, lubes and non-fuel segment, upgrading its logistics capacity, and expand ing its Malaysia operations with new service stations and facilities improvement in the Port Dickson refinery and terminals.

Declining marketshare of ‘Big Three’

OVER the past few years, the smaller oil firms have edged out the combined market share of Pe tron, PSPC and Chevron, other wise known as the Big Three.

In the first half of the year, the Big Three registered a market share of 40.77 of the total demand while other industry players—Seaoil, In sular, Unioil, Phoenix, Liquigaz, SL Harbor, South Pacific, Jetti, Pryce Gas, FLC, TPC, Isla LPG, TWA, PTT, Trafigura, Marubeni, Apex, Golden Share, Peak Fuel, Petrotrade, Era1, Warbucks Industries, Micro Dragon, Warbucks Southern Corp., VMaxi mus, Power Fill, Lubwell, Eastern, Jadelink, and others—as well as the end-users who imported directly for their own requirement, captured 59.23 percent of the market.

The same applies to LPG (liq uefied petroleum gas). Based on DOE records, 21.71 percent of the LPG market share was credited to Petron and PSPC, with Petron’s share at 21.53 percent of the total LPG demand.

Bulk, or 78.29 percent, was the total market share of other indus try players, including end-users in the total LPG demand.

Among the other LPG indus try players, Liquigaz got the biggest market share with 21.28 percent, followed by South Pacific Inc. with a share of 15.95 percent. Next were Pryce Gases and Isla Gas with shares of 14.78 percent and 13.23 percent, respectively. Phoenix LPG, on the other hand, got 7.87 percent, while Peak Fuel got a 4.62-percent share.

Oil import bill

THE country’s net import bill, or the difference between oil imports and exports, shot up to $9.7 billion in the first six months of the year, up by 133 percent from $4.166 bil

lion in the same period a year ago.

The country’s total oil import bill amounted to $9.931 billion, 115 percent higher than the previ ous year’s $4.60 billion. This was attributed to high import cost of crude and finished petroleum products during the period.

There was minimal change in terms of volume, but in terms of value it is significant. This was be cause oil prices are more expensive during the period compared to last year,” said Abad.

Total oil import cost was made up of 82.6-percent finished petro leum products and 17.4 percent crude oil.

Import cost of crude oil amounted to $1.72 billion, thrice more than last year’s level of $536.97 million.

Total product import cost, by contrast, doubled from last year’s level of $4.072 billion to $8.2 bil lion. The rise was due to higher im port costs of finished products.

Meanwhile, total export earn ings dropped by 48.9 percent from $443.51 million of last year’s level to $226.57 million this year due to decreased product exports.

A lso contributing to a higher import bill, Abad said, was the av erage dollar rate for year-to-date June 2022, $52.11, vis-a-vis year to date June 2021’s average rate of $48.24.

For some, owning an oil com pany could be a lucrative business, but it could be costly for the gov ernment if it takes over.

Industry experts said govern ment may not have the technical ex pertise nor does it have the financial muscle to operate a very complicated business. “If it falls in the hands of the government, we could assume that many will ask for subsidies. If that happens, how can it survive? Perhaps, it is best left in the hands of the private sector,” they said.

Still, a review of the Oil Dereg ulation Law could improve trans parency among industry players and assess the benefits to consum ers, according to Senator Sherwin Gatchalian. “Considering that this is a 24-year-old law, the review can be helpful in optimizing the oil in dustry,” he said.

A s a way forward, the sena tor stressed the need to explore new domestic oil and gas reserves and transition to renewable en ergy as well as electric vehicles in the medium to long term. These, of course, require huge investments which the private sector is willing to make, though with much plan ning and time required.

A GASOLINE station attendant receives payment from a customer in Angono, Rizal. JUNPINZON DREAMSTIME.COM

the journey in a pandemic world

BusinessMirror

‘Sustainability’ a buzzword for some, but a real challenge for most firms

By VG Cabuag

BYnow, most of the publicly listed companies have been accustomed to doing and submitting to the government their sustainability reports. The Securities and Exchange Commission (SEC) said listed firms were in “peak compliance” for the submission of the separate report on sustainability—as much as 98 percent compliant for the 2019 and 2020 financial reporting years that the agency monitored so far.

Reporting compliance is one, but the content is another.

R achel Gumtang-Remalante, director of the agency’s corporate governance and finance depart ment, said they are not stopping at compliance alone but are encourag ing firms to do better disclosures on their sustainability efforts.

So there are other frame works out there that are being used, in order for these companies to have more flexibility on how they will be providing their sus tainability reporting initiatives.

In the end, of course, we have not stopped providing workshops and trainings,” Remalante said.

And of course, we always push for more discussions on sustain ability. The SDGs are the sustain able development tools [that we can use],” she said.

The Sustainable Development Goals, or SDGs, are a collection of 17 interlinked global goals set by the United Nations, designed to be a shared blueprint for peace and prosperity for people and the planet, now and into the future.

The SDGs were set up in 2015 by the United Nations General Assembly and are intended to be achieved by 2030.

Gustavo Gonzalez, resident coordinator of the UN in the Phil ippines, said that according to the most recent report of the UN in the Asia Pacific, the region is not on track to achieve any of the 17 SDGs.

He said that 1.7 billion people in the world living in 107 econo mies were exposed to at least one of the three—rising food prices, rising energy prices and tightening financial conditions.

And as we know the Philip pine is also experiencing such. For the UN in the Philippines, we look at these global regional and coun try challenges to the SDGs from the lens of our core agenda, which is to leave no one behind. And in practical terms, this means reduc ing inequalities in all its form,” Gonzalez said in his presentation at a webinar organized by the Eco nomic Journalists Association of the Philippines.

Since the pandemic, many of the conglomerates have been busy championing their sustainability efforts, such as using renewable energy in shopping malls, or shun ning coal to produce power.

Lopez group IT was the Lopez group in May 2016 that started it all.

Federico R. Lopez, chairman and CEO of First Philippine Hold ings Corp., said the Lopez group would never build, develop or in vest in any coal-fired power plant.

It took half a decade, or for the SEC’s Sustainability Report ing requirement, for others to follow suit.

L ast year, ACEN Corp., the energy unit of Ayala Corp., said it

will transition the company’s gen eration portfolio to full renewable energy by 2025, while spinning off its coal-fired power plants.

Even banks have joined in the fray against coal. Rizal Commercial Banking Corp., the Yuchengco-led lender, said it is set to zero out its remaining existing exposure on coal-fired power plants by 2031.

The bank said the move is con sistent with its earlier announce ment to cease funding of new coal power plants.

As part of RCBC’s commit ment to the environment and to the world we all live in, we are phasing out lending to coal-fired power plants by 2031,” RCBC president and CEO Eugene S. Ace vedo said.

Coal is a combustible black or brownish-black sedimentary rock with a high amount of carbon and hydrocarbons, according to the US Energy Information Administration. Coal is classified as a nonrenewable energy source because it takes mil lions of years to form. Coal contains the energy stored by plants that lived hundreds of millions of years ago in swampy forests.

Coal is the main business for the likes of DMCI Holdings Inc., which owns Semirara Mining and Power Corp., and for Aboitiz Power Corp. Both of these firms swore that their operations were fully compliant with

regulations and technologies are be ing used to minimize its effects on the environment.

Phasing out coal operations is close to impossible for these firms, but Aboitiz Power, where more than half of the revenues of the Aboitiz Equity Ventures Inc. comes from, said it is committed to increasing to 50 percent its renew able energy ratio as against nonrenewable power plants.

Maria Luisa Inofre, chief peo ple officer of Aboitiz Power, said they are aware of the challenges of decarbonizing the energy systems, especially in a developing country such as the Philippines.

“ We’ve been doing measures to look at this energy transition through the lens of a renewable en ergy at all costs, at full speed, in all contexts and narrative. We want to take a careful, well-calculated and long-term approach towards decar bonization,” Inofre said.

We need to explore and utilize all forms of energy to sustain the Philippine way of life. We will con tinue supporting this transition with our diversified buildup assets, and existing energy capacities. And we are set to triple our renewable energy portfolio and develop new complementary solutions to help the country decarbonize more effi ciently but that will take time; then we’re targeting 2030 for a 50/50 because we understand we cannot move towards 100 percent renew able energy supply in the country,” she said.

But from the view of the UN, the clock is ticking, especially in the case of the SDG deadline.

“ The Global Climate Risk Index ranks the Philippines [as one of the] countries affected by climate-induced hazard. The country as a whole is already highly vulnerable to the impact of climate change, including sea levels rise, increased frequency of extreme weather events, raising temperatures and extreme rain fall,” UN’s Gonzalez said.

He said that attaining the SDGs cannot afford a business-asusual approach.

“So we need to collectively act with urgency and greater ambition. We know that the ongoing chal lenges are exceeding the response capacity of any single player. So this is the time of coalition alli ances,” he said.

“We need to collectively act with urgency and greater ambition. We know that the ongoing challenges are exceeding the response capacity of any single player. So this is the time of coalition alliances.”— Gustavo Gonzalez, resident coordinator of the UN in the Philippines

2022’ winners announced at Awards Night and Banquet

By Anne Ruth Dela Cruz

QUEST Hotel & Conference CenterCebu, Conrad Manila, Novotel Manila Araneta City and Newport World Resorts were the big winners in the recent awarding ceremony of the Hotel Sales and Marketing Association’s (HSMA) 8th Virtus Awards held at Okada Manila.

With the theme “Breakthrough 2022,” this year’s competition focus was on springboard opportunities, game changing pivot points and breakthrough results. The three individual awards (Associate, Manager and Leader) recognized the relentless pursuit of business opportunities for their properties to remain open.

On the other hand, the team award (Marketing Campaign) turned the spotlight on unique features, programs, messages and/or medium that helped fast track a property’s transition to get out of an “adapt and survive” past.

Banquet Sales Executive Jhune Niño T. Calinawan of Quest Hotel & Conference Center-Cebu was named Outstanding Sales and Marketing Associate. On the other hand, Marie Antonnette P. De Belen, Senior Sales Manager of Conrad Hotel, was chosen the Outstanding Sales and Marketing Manager.

Leader, campaign

The Outstanding Sales and Marketing Leader award went to Michelle Angeli R. Crudo, Director of Sales of Novotel Manila Araneta City. Newport World Resorts was the big winner in the Outstanding Marketing Campaign for their I Love Earth Campaign.

“The year 2022 has seen remarkable stories of our industry’s resilience. We are breaking free from the pandemic, but the challenges continue as we struggle to bring back the pre-pandemic sales and market demands. We are called upon to be more resourceful, to think out of the box, and to be able to pivot faster,” said Benjie Martinez, HSMA President.

“Congratulations to the finalists for embracing opportunities and relentlessly

pursuing business for your respective properties despite the challenges for fostering creativity and bringing in new perspectives and ideas that drive customer loyalty, and for taking pride in doing quality work regardless of the task. You are all worthy of the Virtus Awards,” he added.

For her part, Rose L. Libongco, Chair of the Virtus Awards, said the Virtus Awards is HSMA’s “assurance that we will continue, persevere amidst unprecedented circumstances and we will be alright because individually and collectively we will carry on undaunted and united.”

“In the process of organizing and executing the Virtus Awards, we honor the value of real-world learning, the exchange of best practices, the demonstration of productive

sales interactions and skilled customer engagement, the display of enthusiasm amidst difficulties, the focus on solutions versus problems, the can-do attitude rather than complacency or worse, defeat in the face of overwhelming difficulties,” she said.

Public, private sectorrepresented This year’s panel of judges were a mix of representatives from the private and public sector. The panel was made up of Arnel Jose S. Bañas, Deputy Secretary for Administrative and Financial Services of the Senate of the Philippines; Benito C. Bengzon Jr., Executive Director of the Philippine Hotel Owners Association; Edward D. Esparagoza, Human Resources Lead, International Rice Research

Institute; Grace L. Fernandez, Director for Compliance and Evaluation, Anti-Red Tape Authority; Rosario Virginia C. Gaetos, former Trade and Industry Assistant Secretary and Eduardo A. Jarque, Sr., Member of the Board of Trustees, DLSUCollege of San Benilde.

The other judges include Michael Sherwin M. Macatangay, Former President and CEO of One-A-TEAMS Consultants, Pte. Ltd. Singapore; Jericho P. Matawaran, Director, Enterprise Risk Management of International Container Terminal Services Inc; Gina Barretto-Santos, Vice-President for Learning and Diversity Ph, Citibank N.A.; Mary Claribel T. Villarico, Senior Partner Management Officer, Asian Development Bank; Gerard O. Zorilla, President and Senior Counsel, Issues Management Group, Inc. and Robert Z. Zozobrado, Chairman, Pacific Asia Travel Association, Philippine Chapter.

HSMA launched the Virtus Awards in 2015 as a unique platform for hotel sales and marketing professionals to share their stories of setting game changing standards in service and creating innovative programs that help transform the hospitality industry positively. It has become one of the most coveted awards in the hospitality industry.

CELEBRATING OUR PEOPLE IN MEGAWORLD HOTELS AND RESORTS

E have so much pride for our people” says Ly nette Ermac, Group Director of Sales and Marketing of Megaworld Hotels and Re sorts, the Philippines’ larg est hospitality management brand in the country with 12 properties six brands and 4,500 room keys.

With the recently cul minated 8th Virtus Awards organized by the Hotel Sales and Marketing Association in the Philippines, Mega world Hotels and Resorts managed to produce a proud batch of finalists in their re spective categories.

Representing the team were Nico Velasquez, Cor porate Group Director of Public Relations – Finalist for the Outstanding Mar keting Campaign category; Rowena Samone, Director of Sales and Marketing for Twin Lakes Hotel – Final ist for Outstanding Leader category, and Ma. Ysabelle Clarise Anne Bonoan, Sales Associate of Richmonde Hotel Ortigas – Finalist for Outstanding Sales and Mar keting Associate category.

Ermac adds that “Our teams including the Sales and Marketing departments across our 12 properties lo cated in the top destinations of the Philippines comprises

the 2,500 men and women in our organization all work ing hard in delighting guests despite the glaring challeng es brough by the pandemic.”

Today, with the oppor tunity for more deliberate travel for both business and leisure, travelers continue to enjoy stays in Belmont Hotel Manila or Savoy Ho tel Manila within Newport City in Pasay across NAIA terminal 3, Kingsford Hotel Manila located in the Enter tainment City of Paranaque, Hotel Lucky Chinatown in Binondo, Twin Lakes Hotel near Tagaytay, Eastwood Richmonde Hotel in Que zon City, Richmonde Hotel Ortigas in Pasig, Richmonde Hotel Iloilo in Iloilo Business Park of Iloilo City, Belmont Hotel Boracay or Savoy Ho tel Boracay located at the Newcoast Boracay or even in Savoy Hotel Mactan New town in Cebu.

MARIE ANTONNETTE P. DE BELEN MICHELLE ANGELI R. CRUDO

JHUNE NINO T. CALINAWAN