BusinessWeek Mindanao (March 30-31, 2022) by Mindanao Daily News

BusinessWeek M I N DA N A O CREDIBLE

Volume XII, No. 123

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Surigao airport reopens BUTUAN City –Regular flights at the Surigao City Airport have resumed Monday after the facility was damaged due to the onslaught of Typhoon “Odette” in December last year. “Commercial flight operations are back,” Junelito Abrazado, the city airport’s Civil Aviation Authority of the Philippines manager, said in a Facebook post. Abrazado said the airport has initially welcomed the arrival of a Cebu Pacific flight on Monday from Cebu City.

Port dredging projects THE Philippine Ports Authority (PPA) recently awarded dredging projects at various ports, including those in Manila, Ilocos Norte, Negros Occidental, Misamis Oriental, and Camiguin. The agency issued on March 21 the notice of award for the dredging of the Pasig River at South Harbor in Manila to Khan Kon Chi Construction and Development Corp., which is based in Davao City. The project cost is P253.35 million, according to a copy of the document released by the agency.

Agri subsidy THE government needs to provide subsidies to help agricultural producers survive rising costs resulting from the Russia invasion of Ukraine, while stockpiling food in anticipation of possible supply disruptions, farmer and fisherfolk organizations said. “Stockpiling food means supporting, incentivizing and promoting local production. Subsidizing local agriculture is our only way to weather this crisis,” Samahang Industriya ng Agrikultura Executive Director Jayson H. Cainglet said in a Viber message. “We are the only country with an importing mindset amidst a crisis that is disrupting global food supply and logistics. Countries may reduce or suspend their exports as a way of (addressing) their food needs,” he added.

ROSA FOR MISOR'S TEAM UNITY. The entire slates of Team Unity in Misamis Oriental led by gubernatorial candidate and former Rep. Juliette Uy (2nd District, center) and her running mate, former Vice Governor Joey Pelaez, candidates as representatives of the first and second districts, Atty. Karen Lagbad and former vice governor Atty. Julio Uy (both in green) officially declared their unequivocal support to Vice President Leni Robredo and Davao Mayor Sara Duterte in a press conference held Sunday, March 27, in the municipality of Villanueva. photo by nelson constantino

BARMM approves P278-M banana export investment C OTABATO City – Another multimillion investment has received the green light from the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) government, the regional Bangsamoro Board of Investments (BBOI) said Monday.

Lawyer Ishak Mastura, BBOI chair, said the board approved the P278 million investment of the Usman Banana Farm (UBF), a Cardava banana exporter, based in

Matanog, Maguindanao. UBF will employ 215 Bangsamoro workers, Mastura said, adding the project is seen to contribute to the EXPORT/PAGE 7

Misor's Team Unity declares support to Robredo, Sara By FROILAN GALLARDO, MindaNews

VILLANUEVA, Misamis Oriental — An influential political clan in Misamis Oriental on Sunday declared its support for Vice President Leni Robredo as President and Davao City Mayor Sara Duterte for Vice

President. Representative Juliette Uy of the 2nd district of Misamis Oriental, a candidate for governor under the National Unity Party (NUP), is the SUPPORT/PAGE 7

INNOCENT OBSERVER. A child playfully waves her hotdog-shaped balloons obviously innocent of the political color it represents as her mother attends the kick off rally of the local bets of Team Unity in Villanueva, Misamis Oriental on Friday evening, March 25. photo by gerry l . gorit

Better to give P33-B cash aid to vulnerable sectors, says DOF chief

RAIN OR SHINE. Rain-drenched supporters listen to Presidential aspirant Ferdinand “Bongbong” Marcos, Jr., deliver his speech during their campaign rally in Koronadal City, South Cotabato on Sunday, 27 March 2022, his first sortie in Mindanao during the campaign period. mindanews photo by bong s . sarmiento

D AVA O C i t y – T h e Department of Finance (DOF) has rejected proposals to suspend the excise tax on fuel as a way to reduce the impact on consumers of spiraling oil prices in the world market, asserting this move would instead end up subsidizing the expenses of affluent families more than those of low-income households.

Finance Secretary Carlos Dominguez III informed President Rodrigo Duterte during a meeting here with Cabinet officials on Tuesday night that the suspension of fuel excise taxes would lead to a massive revenue loss of P105.9 billion, or about a halfpercent of the country’s gross domestic product (GDP) this year. AID/PAGE 6

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MisOr IP community 100% vaccinated by JAN ALBERT K. ARAÑA

BALINGASAG, Misamis Oriental--A community of Indigenous People (IP) at Sitio Eva, Barangay Samay, Balingasag, here reported that their members are already 100% vaccinated from COVID 19. “Naningkamot kami mga lider unsaon pagpasabot [kabahin sa bakuna] ilabi na katong mga senior citizen nga lisod na pasabton sa mga batan-on. Salamat kaayo sa mga senior citizen nga nasabtan nila ang amoang pagtabang sa katuyuan sa atoang DOH, katuyuan sa atoang mga doktor ug doktora sa pagpasiguro sa kinabuhi,” said Datu Cesar Asapon, IP municipal representative. (We the leaders strive to explain [regarding the

vaccination], especially to those senior citizens that our young ones have a difficult time in explaining. We thank the senior citizens that they have understood our help to the cause of the DOH, our doctors in ensuring our lives) Department of Health (DOH)-10 Regional Director Jose Llacuna, Jr. expressed his gratitude to the IP leaders in the area for their effort in making sure their families and community are protected against the virus. He also expressed the importance of health to all. “Good health is the greatest gift that any parent can give to his or her child because when VACCINATED/PAGE 7

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AgSur fisherfolk groups get P1-M processing equipment

UTUAN City – Four Agusan del Sur-based fisherfolk groups received assorted fish processing equipment worth PHP1 million that will be provided by the Bureau of Fisheries and Aquatic Resources (BFAR) 13 (Caraga). “Two of the four groups have received their processing equipment in distribution activities conducted on March 23 to 24,” BFAR-13 said in a statement Friday, referring to the Loreto Integrated Fish Processing Association and the Poblacion Rosario Fisherfolk Association. Carmelita Lara, chairperson of the

24-member group from Loreto town, thanked the government for the equipment they received Thursday. “We can now show to our consumers that we have an appropriate facility where we prepare clean and safe food products to eat,” she said. Meanwhile, Genalyn Batohinay, a member of the Poblacion Rosario Fisherfolk Association, underscored the importance of the assistance for their 29 members.

With the equipment they received Wednesday, Batohinay said they can now upgrade their products and double their production. Two more fisherfolk groups from the towns of Veruela and Esperanza are set to also receive their equipment, BFAR-13 said. It said the project, dubbed “Provision of Fish Processing Equipment for Small Scale Fish Processing,” was funded in 2021 through the Special Areas for Agricultural Development (SAAD)

Program for Fishery of the Department of Agriculture. The four SAAD fisherfolk groups in Agusan del Sur were provided with input support in aquaculture production. “As part of the project’s continuing assistance, this additional livelihood package aims to capacitate fisherfolk to level up to fish value-adding for better income and further contribute to rural development,” the agency said. (PNA)

DAVAO City -- The Trade Union Congress of the Philippines (TUCP) filed Thursday a P418 wage hike petition before the Region 11 wage board based in this city. The proposed amount is on top of the existing P396 current minimum wage rate which covers Davao del Sur, Davao del Norte, Davao Oriental, Davao Occidental, Davao de Oro, and Davao City. In a press briefing here, Rep. Raymond Mendoza, the TUCP president, said that once the measure is approved, the current daily minimum wage of P396 will become P814. Mendoza argued that the current minimum wage of P396 in Region 11 can only afford a measly P14.48 per meal for each member of the family. This, he said, is P46.69 lower compared to P61.17/ meal/person estimated by the Ateneo Policy Center,

using the Food and Nutrition Research Institute (FNRI) of the Department of Science and Technology (DOST) Pinggang Pinoy model. The Ateneo Policy Center also used in its estimates the March 2019 PSA Media Service Market Price of Selected Commodities. “Our efforts to increase the wages of our workers is also for the interest of our national security. Widespread hunger can lead to food riots and other socially and politically disruptive events that we do not want to happen in our society,” Mendoza explained. Mendoza pointed out said that based on 2021 government data, P13,619 per month is the poverty threshold for Region 11, compared with the current minimum wage of only P10, 296 per month, with a purchasing power of about P9,242. In the 2021 First Semester

Poverty Incidence Among Families released by the Philippine Statistics Authority (PSA), poverty incidence was 7.9 percent in Davao del Sur; 13.6 percent in Davao del Norte; 24.5 percent in Davao Oriental; 31.7 percent in Davao Occidental; 21.8 percent in Davao de Oro. "Wages were set to the cost-of-living three years ago. The wages are no longer able to cope with current cost of living," Mendoza said. He said that the minimum wage earners and their families have already fallen below the poverty level even before the ongoing Ukraine-Russia conflict, and the succeeding oil price hikes that are now pushing the prices of basic goods and services. "The fact that our minimum wage earners have become the newly poor is a blatant injustice that must be seriously and urgently addressed by the government,” Mendoza said. Meanwhile, TUCP also debunked the position of some individuals and groups that wage increase is not timely given the possible rollback in the prices of oil products. The group surmised that although there could be a possibility of a temporary rollback of oil prices, the costs of oil will continue to increase in the long-term because of the international supply problem. “We are deeply concerned that with the looming price hikes in the basic commodities, including electricity and transport fares, our workers and their families could not survive this time and that is unacceptable to us,” the TUCP president said. He also warned that "if substantial wage adjustments will not be granted by the wage boards, malnutrition will become more serious and widespread among our workers and their families, and it will not take a long time that they will experience real starvation." (PNA)

TUCP wants P418 wage hike for Davao Region workers

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CorporateWorld

Over $60-B investments seen to enter PH with amended PSA

RADE Secretary Ramon Lopez expects the country will get $60 billion to $100 billion worth of investments in the next two years with the signing into law of the amendments to the Public Service Act (PSA). On Monday, President Rodrigo Duterte enacted into law Republic Act No. 11659 amending the 85-year-old PSA.

“Initial investment leads in the sector will be over $60 billion composed of telecom(munications), transportation, logistics, (and) railway. This is still understated as other leads have not indicated investment amounts. (It) can be over $100 billion over two years,” Lopez told reporters in a Viber message Tuesday.

The trade chief has welcomed the newly signed law as it will attract more foreign players that will allow greater competition in the market. He added the new PSA will also spur technology-based innovations in the country, better quality services at a lower cost, benefitting the consumers. “We thank the legislators and the business chambers for

supporting the economic team in pushing for this legislation. This will surely attract more investments and more jobs for Filipinos in these sectors,” Lopez said. Stable policies In a separate statement, former Defense Secretary and senatorial bet Gilbert “Gibo” Teodoro said providing a stable investment climate for all

businesses will complement the signing into law of the amended PSA. “Now that we have eased the rules to attract foreign investments here, the government should ensure that future regulations are consistent with the laws,” said Teodoro, who was an executive of various industries in the past 12 years. (PNA)

New law to turn PH Industry group supports into ‘attractive’ gov’t-owned crude stockpiling investment hub: PLDT THE Independent Philippine Petroleum Companies Association (IPPCA) supports the establishment of a government-owned strategic petroleum reserve as one of the long term solutions to address the volatile oil prices in the global market. IPPCA chair Fernando Martinez said in a Senate Energy Committee hearing Monday the stockpiling facility should be for crude as it is safer to store this than diesel and gasoline. “It’s strategic to store

crude because you don’t need to dispose (of) it immediately unlike diesel or gasoline,” Martinez said, adding that diesel and gasoline have shelf life. He said the industry has proposed to the government to convert land in Batangas and Bataan for strategic reserve facilities as both provinces have ports. Martinez also reiterated a proposal for the central bank to put the country’s reserves not only in dollars or gold but also in “black gold”. IPPCA has opposed

the proposal of increasing the monthly inventory requirement for diesel and gasoline from 15 days to 30 days as this means oil players have to spend more on importing fuel products. The industry group said the oil players are now spending P15 billion additional capital to import the same volume of petroleum products amid the soaring prices in the world market. Expanding the monthly stock requirement will further increase the capital

Republic of the Philippines REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10TH Judicial Region Branch 22 Cagayan de Oro City JINQUE T. BANAAG CV-FMY-2018-292 Petitioner, -versus- FOR: BEZALEL B. BANAAG DECLARATION OF NULLITY Respondent. OF MARRIAGE x------------------------------------------/ ORDER (For Publication) wit:

WHEREAS, in the Petition, the address of respondent Bezalel B. Banaag stated to

“Block 6, Lot 31, Portico Subdivision, Grand Europa, Lumbia, Cagayan de Oro City.’’ WHEREAS, the Summon intended for respondent was not being served to him personally. WHEREAS, pursuant to A.M No. 02-11-10-SC, the Court then issued an Order for the Summons for Publication dated September 7, 2018. WHEREAS, the petition was published in the newspaper of general circulation, to wit: “Tempo” dated February 14, 2019. WHEREAS, in view of the publication, the Court then has acquired jurisdiction over the respondent, Bezalel B. Banaag. WHEREAS, the Court then issued a Judgement dated August 27, 2020 the dispositive portion of which, stated to wit: “WHEREFORE, the foregoing premises considered judgement is hereby rendered declaring NULL and VOID the marriage entered into by petitioner JINQUE T. BANAAG and respondent BEZALEL B. BANAAG on June 20, 1998 at San Agustin Metropolitan Cathedral (Registry No. 98-1916), Cagayan de Oro City and officiated by Rev. Fr. Alexander E. Borres. Let a decree of absolute nullity be issued after compliance with Articles 50 and 51 of the Family Code of the Philippines.” WHEREFORE, premises considered, let this Order be published in a newspaper of general circulation for a period of three (3) weeks. To monitor status, set this case on May 12, 2022 at 8:30 o’çlock in the morning. SO ORDERED Done this 24th day of February 2022 at Cagayan de Oro City, Philippines BWM: March 16, 23 & 30, 2022

SGD GIL G. BOLLOZOS Acting Presiding Judge OCA Circular No.06-2020

needed to import fuel products, and this could not be met by small independent players, Martinez added. He said oil firms will also take all the losses when prices plunge after doubling their inventory. Meanwhile, Martinez said the government should look into mechanisms on when to suspend the oil excise tax. Instead of suspending the excise tax after three months of oil price hikes, he added it should be suspended after a month. (PNA)

AN executive of telecommunications company PLDT on Tuesday said the passage of Republic Act (RA) 11659 amending the Public Services Act (PSA) would help position the Philippines as an “attractive investment destination” for foreign entities looking to invest in the Asian market. “In the medium term, we expect that RA 11659 will encourage healthier competition in various industries in the country,”

said PLDT president and chief executive officer Alfredo “Al” Panlilio in a statement. The amended PSA will allow up to “100 percent” foreign ownership of public services in the country which include the telecommunications, railways, expressways, airports, and shipping sectors. In the meantime, Panlilio said there are no plans yet to increase the share of foreign equity at LAW/PAGE 7

Opinion

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The Silent Killer of Macajalar Bay

KIM'S DREAM

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A work in progress Think a minute… Michael Jordan is considered by most to be the greatest basketball player ever. His coach, Phil Jackson, said he knew he could not teach Jordan anything more on actual playing skills, but Jackson could help Jordan improve his leadership skills. So Jackson began teaching Jordan to lead and help his teammates become their best also. And it worked! Their team, the Chicago Bulls, became one of the most successful basketball teams in history. Great artists become great because they spend years improving their abilities. Centuries ago a young Greek artist named Timanthes studied under a master teacher. After several years of daily labor, young Timanthes painted a beautiful work of art. He was so pleased with his painting that he spent days looking at it. One morning he arrived to find his prized work totally wiped away with paint. Timanthes was shocked when his teacher admitted he had destroyed the painting. His teacher said: “I did it for your own good and future success.

THINK A MINUTE

JHAN TIAFAU HURST That painting was stopping your progress. You need to start a new painting and try to do better.” Fortunately Timanthes took his teacher’s advice, and went on to paint what today is regarded as one of the greatest paintings from that era of history: the Sacrifice of Iphigenia. Before today’s worldfamous cellist Yo Yo Ma, was the legendary musician Pablo Casals. He was celebrating his 95th birthday when a reporter asked him: “Mr. Casals, you are 95-yearsold and the greatest cellist who ever lived. Why do you still practice 6 hours a day?” Casals answered, “Because I am still improving.” WORK/PAGE 7

WED-THU|MARCH 30-31, 2022

'Rage, Rage, Rage Against the Dying of the Light!'

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ORLAN R. RAVANERA No less than the President of the United Nations’ Food & Agricultural Organization, Dr. Kent Carpenter, did described before the Philippine Archipelago as “the Center of the center of marine life on earth!” The archipelago then was oozing with fishery and marine life with fishery species including coral reefs and mangroves not found anywhere else, only in our bays. But that was before, about four-score years ago, when according to the fishing communities, fish would literally jump into their ”bancas.” Today, only 5% of our coral reefs remain in excellent condition and about 90% of our mangroves, the spawning ground of fish, are already gone. In fact, of the 13 major bays in the country, 10 have already been described as “biologically dead.” Why? Let me go back to history. It was then the period of Martial Law when Jap ane s e c ompute r i z e d Trawling Vessels were fishing in our archipelago called “muro-ami.” The fishes caught were then canned and sold to us Filipinos. We were then likened to

a dog whose tail had been cut, cook the tail and have it eaten by the dog. One of the culprits that “killed” our seas was the fact that our archipelago had for many years been treated as a “garbage pit” that included highly toxic and radiated wastes by advanced countries, i.e., South Korea, Canada and Australia. Such had become possible because our Naval Force was not then capable of guarding thoroughly our vast seas. This time, let me zero-in on Macajalar Bay to narrate why the bay is now devoid of marine and fishery life as narrated to me by the fisherfolk who are members of Task Force Macajalar who for many years were with me as environmental warriors. The onset of the rains that is battering Mindanao saw dead fishes floating in Macajalar Bay particularly near the mouth of Agusan River. The culprit is believed to be the toxic chemicals coming from the surrounding vast plantations that are heavily using pesticides, herbicides and chemical fertilizers. These nonbiodegradable petroleumbased agricultural inputs are washed from the soil into the rivers and into Macajalar Bay. Pity the fish but pity more Macajalar Bay. Every time I see the bay, I remember the lines of the beautiful poem which begins with “Rage, rage, rage against the dying of the light . . .” Deep inside, I feel the pain and the anger not because of the “dying of

the light” but the impending death of an ecosystem, the natural world of Macajalar Bay whose beauty is both awesome and humbling. The grandeur that is Macajalar Bay from Sulawan Point in Laguindingan to Punta Gorda in Balingasag, speaks well for itself. But the same grandeur is now fast dis app e ar ing as it undergoes progressive state of impairment and with it, the marginalization of the coastal people. In the opening lines of the poem, “Charge of the Light Brigade,” there are “cannons at the left of them, cannons at the right of them, cannons facing them.” Such is also true in Macajalar Bay, not cannons but vast plantations. Every day, these plantations are applying chemicals at every stage: applying Neactara (Insecticide) and Duiron and Promacil (herbicide) during pre-planting. Immediately after planting, they apply D ur ion and Amet r yne. Tons and tons of chemical fertilizers are applied as basal then bombarding the growing crops with foliar fertilizer at 1,500 kgs. per hectare. There are about 48,000 hectares of plantations surrounding Macajalar Bay, multiply these by 1,500 kgs, you imagine 100 trucks dumping chemicals every day in Macajalar Bay as ultimately, these chemicals find their way into the bay and of course, into our water table as these toxic chemicals are non-biodegradable. These toxic chemicals

are ingested by fish and cause their sudden death, and if the fish survive with c a r c i n o g e n i c e l e m e nt s in them, these are biomagnified that find their way into our bodies when we eat fish. Are you still wondering why many are dying of cancer in Cagayan de Oro? Indeed, these poisonous chemicals poison sea life and even entered food chains. We strongly suspect that the water table may already be contaminated by these toxic chemicals. If that be the case, we can aptly say, “drink now, die later. As if these chemicals are not yet enough to kill the bay, there are other death blows such as industrial pollution as the bay is treated by surrounding industries as their “waste pit.” The bay is also a victim of soil erosion and siltation. What men do in the uplands affects the life in the sea. Because trees were logged by the powerful loggers (about six logging companies before) which left hundreds of thousands of hectares denuded, soil has been eroding and washing in the silted rivers and into the bay. The eroded soil or silts has harmed sea life, coral reefs and cause fish and other organisms to die. Our fisherfolk and their families have been painfully witnessing the fading away of the bay’s fisher y and aquatic resources. They are vehemently condemning t he mass ive e c ol o g i c a l degradation as it deprives them of their legitimate KILLER/PAGE 7

Assertions to bear We love to complain! Many times we don't have reasons at all to do so - but, we love to complain. Especially nowadays. Our world is full of mess - isn't it? Of course, somehow it is indeed if you look around. We bring many more assertions to bear: first, in the past we have been thriftier and economical, more religious and devout, more patriotic, industrious, more hard-working, keen and obedient. And, second, above everything and all: in the past we had more idealists. Third, nowadays we have (mostly?) material things in mind - what a disgrace. Materialists or idealists? Materialism or Idealism? Whom or w h at d o you love? Love most? I j u s t q u o t e d Vo x Populi... . A "materialist" has indeed b ecome a swear word. I don't mean with "material" the accumulated data out of which a writer creates a work of literary, histor ic a l, or s cient if ic

value. A materialist is being easily described as someone with an attitude, who ignores spiritual values, compared with an idealist, who has the tendency to seek the highest spiritual perfection. Id e a l i s m m e a n s t h e doctrine that appearance is purely the perception, the idea of subjects, and t hat t he world is to b e regarded as consisting of m i nd. T he c o qu e t r y of higher philosophy makes it difficult to bear the ups and downs in our daily life. Sure, we all know that "our last earthly dress has no pockets any more". Striving for e a r t h l y a n d t e r re s t r i a l possession, property and estate might be the hitman of idealism. That's how we have been taught. "Wine, women and song", h av i n g t h e u np l e a s a nt feeling of fullness, egoism and bragging as well as showing-off - are these the materialist's real attitudes? Is the idealist, many times not being able to

stand on earth with both fe e t , t he on ly one w ho occupies himself with religion and virtuousness so to speak, with celestial and heavenly things? Is that really so? Can we make such a distinction? Sure, it's easy to do so: it's manageable and comfortable. But well, why is the enjoyment of having a tasty meal BAD, and listening to a recital composed by Johann Sebastian Bach BETTER? Why should art be better t h an ro a s t e d p or k an d a bottle of wine? Value j u d g e m e nt s a n d m o r a l concepts... . O wning a house and lot and a car - or even more then one - are earthly properties, as well as bank saving accounts, profitable i n s u r a n c e s , a n d i nv e s t advantageously in stocks. Is a te r r ible unde r p aid nurse or a book author an idealist, because he or she doesn't work for the filthy lure but for higher values? Has Jesus been an idealist, because He

HAVE MY SAY

KLAUS DORING accepted renunciation and died without terrestrial possession? Has Jesus been a materialist, because He fed thousands of people on the breadline? Are we idealists, if we bequeath nothing to our families and might die without a single centavo, b ecaus e earthly things are bad? Worth to think about it ... . +++ Email : dor ing klau s @ g mail.com or follow me on Facebook, LinkedIn or Twitter or visit my www. germanexpatinthephilippines.blogspot.com or www. klausdoringscassicalmusic. blogspot.com.

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Banking&Finance

BSP eyes increased green bonds investments

HE Bangko Sentral ng Pilipinas (BSP) continues to monitor developments regarding the green bonds market and bids to increase its investments, which to date amounts to $550 million. In a virtual briefing on Friday, BSP Governor Benjamin Diokno said monetary officials “recognize the importance of responsible investing”, thus are “working towards incorporating sustainability principles into our reserve management framework.” “We think that deploying our international reserves to

support the funding of green projects, especially in the Asia Pacific, is a way to promote sustainability with

significant impact,” he said. The Bank of International Settlements (BIS) initiated a green

THE Bangko Sentral ng Pilipinas’ (BSP) policymaking Monetary Board (MB) on Thursday kept the central bank’s key policy rates despite the upward adjustments in the average inflation forecasts for this and next year. Thus, the central bank’s overnight reverse repurchase (RRP) rate is still at record low 2 percent, the overnight lending rate is at 2.5 percent, and the overnight deposit rate is at 1.5 percent. In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said the latest average inflation forecast for this year was hiked to 4.3 percent, higher than the government’s 2-4 percent target band, and the 2023 projection was changed to 3.6 percent. These were at 3.7 percent and 3.3 percent for 2022 and 2023, respectively, during the MB meeting last February. Diokno attributed the hikes in the inflation forecasts to upticks of commodity prices in the international market. “Inflation expectations have likewise risen but continue to be anchored to the 2-4 percent target band,” he said. Amidst these developments, Diokno said “the balance of risks to the outlook remain broadly balanced for 2023.” He said domestic inflation pressures are driven by supply issues

on pork and fish and the potential impact of higher oil prices on transportation fares. “In this regard, the BSP supports the implementation of social protection measures to alleviate the impact of rising crude oil prices on vulnerable sectors. Sustained initiatives to ensure adequate domestic food supply could also mitigate further supply-side pressures on inflation,” he said. Diokno further said downside risks to the rate of price increases come from the threat of the coronavirus disease 2019 (Covid-19) cases and the emergence of new Covid-19 variants, which is expected to hamper global economic recovery and may result in implementation of new movement restrictions. He said the MB also noted that domestic economy activities continue to gain ground following the easing of movement restrictions. “However, heightened geopolitical tensions and a resurgence in Covid-19 infections in some countries have also clouded the outlook for global economic growth. Supply-chain disruptions could also contribute to inflationary pressures, and thus warrant closer monitoring to enable timely intervention in order to arrest potential second-round effects,” he added.

With these factors, Diokno said the MB “sees scope to maintain the BSP’s policy settings in order to safeguard the momentum of economic recovery amid increased uncertainty, even as it continues to develop its plans for the gradual normalization of its extraordinary liquidity measures.” “Given the potential broadening of price pressures over the near term, the BSP stands ready to respond to the buildup in inflation pressures that can disanchor inflation expectations, in keeping with its price and financial stability objectives,” he added. During the same briefing, BSP Deputy Governor Francisco Dakila Jr. said the upside revisions in the 2022 and 2023 inflation forecast was due to the same decisions for the assumption on oil prices in the international market because of the impact of the UkraineRussia conflict. He said the projection for Dubai crude oil price for this year was changed from an average of $83.33 per barrel to $102.23 per barrel. For 2023, the projection was adjusted from $75.69 per barrel to $88.21 per barrel. “The main driver of the revision of the forecasts is the sharp increase of global oil prices and also due to higher global nonoil prices,” he said. (PNA)

Bangko Sentral key rates steady despite hikes in inflation forecasts

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bond fund called BIS Investment Pool (BISIP) G1 in 2019, and BSP initially placed USD150 million in this fund. It was later increased to $550 million. Diokno said BIS also announced another green bond fund in early 2022 and it is called BISIP G3, which the BSP also invested in. He, however, did not disclose the amount the BSP placed in the BISIP G3.

Aside from portfolio management, Diokno said they also expect that exposure to high-quality green bonds will “provide benefits to the BSP in terms of diversification and return”, citing these debt papers are subject to international standards set by, among others, the International Capital Market Association and the Climate Bonds Initiative. In July 2021, he said the Executives’ Meeting

of Asia-Pacific Central Banks (EMEAP) has agreed to promote investments in green bonds through the Asian Bond Fund (ABF) to deepen the local currency-denominated green bond markets in the region. During the same briefing, BSP Market Research and Surveillance Department Director Ma. Genevie Alfonso hinted at increased BSP investments on green bonds. “The Bangko Sentral has been monitoring the developments in the green bonds market and the possibility of increasing (its investments) is on the affirmative because this is also the trend among other fellow central bank(s),” she said. Alfonso, however, declined to give specifics, saying they continue to assess the latest developments, noting that among the current issues for the market is the supply of green bonds. (PNA)

6 Aid...

from page 1 This expected depletion in revenues would imperil the government’s currently strong fiscal position and f ur t her w iden t he budget deficit, especially at this time when global interest rates are rising, and would force the government to borrow more to fund its programs intended to provide improved social ser vices, create more jobs, and invigorate the economy. Dominguez proposed instead for the government to continue providing targeted relief to vulnerable sectors, which would include extending a total of P33 billion in unconditional cash transfers ( U C Ts ) to t he b ottom 5 0 percent of all households, or about 74.7 million Filipinos. "We realize that this is not enough. But this is what we can afford as of this time, and to make sure that our finances going forward and especially for the next administration are still going to be healthy. This, I believe, is what we can afford," Dominguez told Duterte during the meeting televised Wednesday morning. The fund for these targeted interventions will be sourced from the excess value added tax (VAT) collections resulting from higher fuel prices, he said. Dominguez said that as a matter of principle, the

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DOF strongly opposes any proposal that aims to suspend fuel excise taxes because it will translate into significant foregone revenues, will be d e t r i m e nt a l t o e c on om i c recovery from the pandemic, and is inequitable. From a cost-benefit standpoint, the proposal’s adverse impact on growth and economic recovery will also be permanent and more significant than its temporary and much smaller impact on overall inflation, he added. Dominguez said the primary beneficiaries of the fuel excise tax suspension would actually be the top 10 percent of the country’s households, as they are estimated to use up around 48.8 percent of the Philippines’ total fuel consumption this year, while the bottom 50 percent will only consume around 13.9 percent. “This means that with the suspension of fuel excise taxes, we are supp or t ing hig her income households more than lower income households,” he said. Dominguez said the prop o s a l to su sp e n d f u e l excise taxes will only provide temporary and minimal relief to consumers, as the prices of goods are expected to go down by only 0.03 percentage points (ppt) in 2022. The trade off would be unrealized government spending from the foregone

revenues, which will hamper the Philippines’ economic recovery and result in slower growth by 0.4 ppt in the short run and 0.03 ppt in the long haul, he said. The excise tax on gasoline before the implementation o f t h e Ta x R e f o r m f o r Acceleration and Inclusion (TRAIN) law was P4.35 per liter, w hile there were no excise taxes collected from diesel, kerosene and liquified petroleum gas (LPG). This tax remained u n c h a n g e d f rom 2 0 0 5 t o 2017, even when the prices of petroleum products increased. Under TRAIN, the excise tax rates were updated for the different types of fuel to adjust for increases in prices. The current rates for the major petroleum products are as follows: P10 per liter for gasoline, P6 per liter for diesel, P5 per liter for kerosene, and P3 per liter for LPG. These excise taxes are fixed on a per liter or per kilogram (kg) basis, and do not change depending on the cost of fuel. The TRAIN law provides a safety net provision to address possible fuel price shocks that may be triggered by the increase in excise tax rates and other market factors. However, this provision only refers to the excise tax increases mandated under the TRAIN law, which have already taken place on Jan. 1 of 2018, 2019 and 2020.

T hu s , t h e T R A I N l aw cannot be invoked anymore to suspend fuel excise taxes, he said. Dominguez said the e s t i m at e d l o s s of P 1 0 5 . 9 bi l l i on i n e xc i s e t a x an d VAT col le c t ions t his ye ar alone already accounts for the possible impact of the Ukraine-Russia conflict on the volume of imported petroleum products. From 2022 to 2032, the government stands to lose 1.76 trillion worth of excise re venues, w hich cou ld b e better spent on more pro duc t ive s e c tors of t he economy. "Any re duc t ion in our revenues will require us to borrow more to continue to fund government programs,” he said. Dominguez said the proj e c te d P147 bi l lion to be collected from the fuel excise tax and the VAT on oil imports this year is already allocated in the 2022 national budget, which means such revenues have been allotted for spending on government projects and programs. These include the jobgenerating projects under the "Build, Build, Build" infrastructure modernization program, and the salaries of government employees, such as public school teachers, soldiers and members of the Philippine National Police (PNP), Dominguez said.

“Without these revenues, we will be required to borrow more to fund government programs,” he said. “Hence, the proposal will be detrimental to our fiscal position. The foregone revenues will lead to an increase in our country’s d e f i c it i n 2 0 2 2 , f rom 7 . 7 p ercent to 8 .2 p ercent of GDP, if t he s ame le vel of government spending will b e maint ained to supp or t economic recovery.” Dominguez said DOF computations show that higher VAT collections from rising fuel prices are sufficient to cover the targeted subsidies to b e g iven to vu lnerable sectors of the economy. He said that if the perbarrel cost of crude oil in the world market hits a high of $130, this would correspond to ab out P 3 7 . 5 bi l l i on i n additional VAT collections. Dominguez said that with global crude prices at $110 per barrel (as of Tuesday night), the DOF estimates to collect P26 billion in additional VAT collections. “These are much needed revenues that we recommend to be used as a funding source to support and provide subsidies to the sectors most affected,” he said. T h e D ute r te C abi n e t’s Economic Development Cluster (EDC), which Dominguez heads, is recommending the distribution of cash grants

to t he b ottom 50 p ercent of all Filipino households, which will benefit around 12.4 million families or 74.7 million Filipinos. “ The beneficiaries will be based on the updated list of the Department of Social Welfare and Development (DSWD) and will be similar to the unconditional cash transfers (UCTs) provided under the TRAIN law,” he said. Dominguez said the budget for the UCTs will amount to P33.1 billion based on a proposed P200 per-month grant, orP2,400 per year to be given to each qualified household. The EDC has also recommended doubling the bu d ge t for f u el sub s i d i e s from the current P2.5 billion approved by the President to P5 billion to cushion the impact of the oil price hike on over 377,000 qualified public utility vehicle (PUV) drivers in the transport sector. It h a s a l s o p r o p o s e d prov i d i ng a d d it i ona l f u el vouchers for far mers and fisherfolk by increasing the budget from P500 million to P1.1 billion to help mitigate t he imp ac t of hig her f uel pr ices on pro duc tion and transport costs of farm and fishery products. The first tranche of this amount will be released in March and the second tranche will be given in April. (PR)

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Killer...

Law...

livelihood. Let us not sacrifice the Bay to the altar of greed and profit! Indeed, of the 13 major bays in the country, 10 are already biologically dead and the fishing communities are now the poorest of the poor. QUESTION – BFAR isn’t it that your office is mandated to protect the bays? What is your office doing all these years? MAAWA KAYO SA MGA MANGINGISDA!

PLDT. “We are also waiting for the release of the implementing rules and regulations (IRR) of the new law, and we welcome any opportunity to support the government in the development of the IRR,” Panlilio said. In a ceremony at the Rizal Hall, Malacañan Palace on Monday, President Rodrigo Roa Duterte signed RA 11659 and noted that the amended PSA would aid the country towards economic recovery amid the coronavirus pandemic. Aside from stimulating the economy, especially for local business, Duterte said the PSA would also create more jobs and improve basic services “in exchange of skills and technology with the country’s foreign partners.” (PNA)

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Work... from page 4

The exciting, best way to live and not become bored is to keep learning throughout your lifetime. You are always “a work in progress.” A wise man said: “No one can be truly happy and feel good about himself if he only does enough to survive. Animals are satisfied with simply surviving, not human beings.” There is always room for improvement. But it is completely up to us whether or not we choose to continue improving our heart, character, relationships, mind and career. It is only with God in control that your possibilities are unlimited. If you will put your heart and life in His hands, Jesus can help you with His power each day to keep improving every area of your life, so you can become all that He created you to be. Just think a minute. EXTRA JUDICIAL PARTITION KNOW ALL MEN BY THESE PRESENTS: That the late LEO RENATO R. MABULAY who died sometime on May 18, 2009, during his lifetime was co-owner of that certain parcels of land with A. Transfer Certificate of Title No. T-34015, situated at Kauswagan, Cagayan de Oro City, containing an area of THREE HUNDRED THIRTY THREE (333) Square Meters, more or less, B. Transfer Certificate of Title No. T-62911 situated at Bayabas, Cagayan de Oro City, containing an area of FIVE HUNDRED THIRTY SEVEN (537) Square Meters, more or less, C. Transfer Certificate of Title No. T-45588 situated at Kauswagan, Cagayan de Oro City, containing an area of SIX HUNDRED THIRTY (630) Square Meters, more or less, D. Transfer Certificate of Title No. T-45589 situated Kauswagan, Cagayan de Oro City, containing an area of SIX HUNDRED THIRTY ONE (631), E. Transfer Certificate of Title No. T-85094 situated at Bayabas, Cagayan de Oro City, containing an area of NINE THOUSAND NINE HUNDRED SEVENTY (9,970) Square Meters, more or less, F. Transfer Certificate of Title NO. T-43883 Situated at Indahag, Cagayan de Oro City, containing an area of FORTY EIGHT THOUSAND SEVEN HUNDRED SEVENTY TWO (48,772) Square Meters, more or less, G. Transfer Certificate of Title NO. T-80745 situated at Lot 2672 of Cadastral Survey of Cagayan, containing an area of TWENTY ONE THOUSAND EIGHT HUNDRED EIGHT (21,808) Square Meters, more or less, H. Tax Declaration G-049867 situated at Indahag, Cagayan de Oro City, containing an area of FIFTY FIVE THOUSAND SEVEN HUNDRED EIGHTY FIVE (55,785) Square Meters, more or less, I. Transfer Certificate of Title No. T-43883 situated at Indahag, Cagayan de Oro City, containing an area of ONE THOUSAND FIVE HUNDRED THIRTY SIX (1,536) Square Meters, more or less, and has been the subject of an EXTRA JUDICIAL PARTITION, filed by the heirs of LEO RENATO R. MABULAY, per DOC #137; PAGE #28; BOOK #71; Series of 2014 under the Notarial Registry of ATTY. ROBERTO Y. MABULAY. BWM: Mar. 30, Apr. 6 & 13, 2022

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Vaccinated... from page 2

you are healthy you can do anything. I am glad that you are cooperating in the depar tment’s ef for t for immunization, to protect our people against the hazard of COVID-19,” Llacuna said. Aside from the vaccination, the health depar tment distributed Geographically Isolated and Disadvantaged Area (GIDA)IP kit, senior citizen kit, wheel chair, foldable adult walker, and aluminum adjustable crutches to the community as part of their contribution to the Executive Order 70 or Whole-of-Nation Approach to End Local Communist Armed Conflict (ELCAC) program. DEED OF EXTRAJUDICIAL SETTLEMENT WITH SPECIAL POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That the late RUBEN C. CLARITO who died on September 21, 2020 in Cagayan de Oro City without any will and testament; That said Ruben C. Clarito, at the time of his death, has accounts/deposits with Land Bank Carmen Branch, Cagayan de Oro City with Account Number SA 31461488-90; that the deceased left no debts in any financial institutions or creditor, whether natural or juridical person; and has been the subject of an DEED OF EXTRAJUDICIAL SETTLEMENT WITH SPECIAL POWER OF ATTORNEY, made and executed by among OLIVIA C. CLARITO, MONYEEN GAY C. CLARITO, GLEN OLIVER C. CLARITO, OWEN NEIL C. CLARITO and IVA GRENIA C. CLARITO, per DOC #222; PAGE #45; BOOK #80; Series of 2022 under the Notarial Registry of ATTY. RAUL M. LLACUNA. BWM: Mar. 30, Apr. 6 & 13, 2022

Llacuna further reminded the community that immunization is the best protection against any infectious disease and they must also avail themselves of the booster dose as an added protection against C O V I D - 1 9 . It i s a l s o important to continue to observe the minimum health standards even though they are already vaccinated. (JAKA/PIA-10)

Export... from page 1

economic development of Matanog and provide jobs for residents. “The banana company is the first of its kind since its main product is Cardava banana, unlike other banana businesses registered in the region whose main product for export is Cavendish banana,” Mastura said. “This company envisioned itself as a catalyst in achieving peace and order in the surrounding areas and will provide direct employment and ancillary industries,” he added. The new project raised BARMM's total investments to P474-million for the first quarter of 2022. BBOI aims to reach P4.5billion in investment pledges this year, higher than the P2.8 billion worth of investments last year. "As a registered investment project, UBF will receive fiscal incentives from RBOI such as a six-year income tax holiday and reduced duties for the importation of capital equipment,” Mastura said. In Januar y this year, BBOI welcomed the approval of P200 million worth of investments from two companies, Hanabana Construction and Equipment C or p. an d t h e Pa g an a Kutawato Corp. The Cagayan de Oro CityEXTRAJUDICIAL SETTLEMENT WITH DEED OF ABSOLUTE SALE KNOW ALL MEN BY THESE PRESENTS: That the late RODOLFO CARAS and CORAZON CARAS, Lot No. 802, Pls-727, situated at Brgy. Christian Village, Wao Lanao Del Sur which parcel of land with Original Certificate of Title No. CLOA-1062; containing an area of TWENTY NINE THOUSAND EIGHT HUNDRED TWENTY THREE (29,823) SQUARE METERS, more or less, and has been the subject of an EXTRAJUDICIAL SETTLEMENT WITH DEED OF ABSOLUTE SALE, filed by the heirs of RODOLFO CARAS and CORAZON CARAS, in favor of JESSIE JOHN F. HABLO, per DOC #2004; PAGE #401; BOOK #VII; Series of 2019 under the Notarial Registry of ATTY. REMEDIOS G. GUIAB. BWM: March 16, 23 & 30, 2022

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based Hanabana firm will put up an independent bulk water supply facility here, while Pagana Kutawato will set up a container van type of hotel and restaurant expansions at a huge area in this city. Hanabana coordinator for BARMM Samim Yusoph said in a separate statement that the firm will establish a viable source of potable water within the city to augment the daily water needs of its residents. " O u r c o m p a ny w a s contracted with the Metro Cotabato Water District (MCWD) for the project to build a bulk source of a potable water system in the city using our modified water equipment or technology amounting to more than P100 million,” he said. (PNA)

Support... from page 1

second gubernatorial bet to declare support for Robredo in the province. Last Friday, Mayor Oscar Moreno, who is completing his third term as chief executive of Cagayan de Oro City and who is seeking to return to the gubernatorial post he served from 2004 to 2013, endorsed the tandem of Robredo and running mate Francis Pangilinan during their proclamation rally in his hometown in Balingasag town. Uy, chair of NUP Northern Mindanao, is joined by her husband Julio and their daughter Jennie Uy-Mendez in declaring support for a RoSa tandem or RobredoSara Duterte. Julio Uy is a former vice governor of Misamis Oriental who is now running for the seat his wife is vacating while their daughter, Jennie UyMendez, is seeking reelection as mayor of Villanueva town. Also joining the Uys in their support for RobredoSara are11 incumbent local executives and 1stdistrict congressional candidate Karen Lagbas. “Finally we can declare what we wanted to say all along, that we are behind Vice President Leni Robredo,” Lagbas said. “It was easy to choose R o b re d o a m o n g o t h e r presidential candidates. She is a long-time friend,” Representative Uy said.

DA-10 turns over P20-M cold storage, packing facility to CDO CAGAYAN DE ORO CITY--The Department of Agriculture (DA)-10 turns over the first monolithic dome-type cold storage and packing facility in the region to the City of Cagayan de Oro, March 24. DA-10 Regional Executive Director Carlene C. Collado handed the certificate of turnover of the said project worth P20 million to Mayor Oscar S. Moreno, as a component of DA’s proper storage of agricultural inputs of highvalue crops. Collado said the facility will aid the local farmers and market vendors in the city in maximizing the quality of their produce. “It will extend the shelf life of highly-perishable commodities and reduce post-harvest losses of the farmers and ensure a resilient food system, especially during this pandemic,” the director added. Located in barangay Kauswagan, the whole facility has a land area of 1,300 square meters, which is the counterpart of the city with a capacity of 300 metric tons of vegetables in crates and palettes. The dome will serve as the region’s storage and packing facility with two loading docks, a

She said she had informed her party, NUP, that she and the family-led Hugpong Panaghiusa (Team Unity) would declare their support for Robredo. “I did not defy the NUP because the party never endorsed Bongbong Marcos Jr.,” she said. Uy said what happened was that Marcos Jr., went to the NUP meeting in Manila last March 22 and was photographed with its members. “The next thing we knew, there was a news release that the NUP declared its support to Marcos. It is not true,” she clarified. Two days after the NUP endorsed Marcos Jr., its

pre-cooling room, areas for washing and rinsing, sorting, palletizing, and an office. Moreno said the monolithic dome facility is meant to ensure that highvalue crops of farmers seek to serve two ends: the supply and demand sides. “On the part of the supply side, the farmers can hope that their products will remain fresh in spite of the passing of time. While on the demand side, the consuming public can be assured that the product would remain fresh and nutritious,” added Moreno. The facility is one of a kind in the region through advanced engineering or construction technology, adopting a climate-smart technology, a state-of-theart storage facility which was funded under DA’s CY 2020–Agriculture Stimulus Package Bayanihan II of DA High-Value Crops Development Program (HVCDP). Supporting the event were DA-10 Regional Technical Director Carlota S. Madriaga, HVCDP Program Coordinator Kersten S. Pagalan, city local officials, and Agriculture Productivity Operations Office (APOO). (DA-10/PIA-10)

party president, Rep. Elpidio Barzaga announced their support for Robredo during a rally on March 26. Uy s aid t he NUP leadership allowed tits members, including those in the provinces, to choose their top bets. She said she will not b e happy supp or ting a presidential candidate other than Robredo. “I know her. We traveled together. We shared one room. She is simple and virtuous woman and hard working,” she said. Uy said in the coming days, more political leaders especially women in the NUP will come out and declare their support to Robredo.

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URC conserves water through reduce, reuse and recycle program

NIVERSAL Robina Corp. (URC), one of the country’s biggest food firms, has managed to save over 11 million cubic meters of water since 2018 through various water conservation initiatives integral to its corporate social responsibility. “We recognize that water is a nonrenewable resource, and that it is an essential input material in the production of our products,” said URC chief executive officer Irwin Lee. Lee said URC has saved enough water over the past four years to fill 4,600 Olympic-size swimming pools. Last year (2021), the company managed to recycle over 860,000 cu m., enough to cover the water needs of 2.26 million people for a day. These were all achieved via URC’s reduce, reuse and recycle program meant to optimize water use. URC has been reducing its water consumption by fixing leaks, replacing pipes with more durable materials like stainless steel, eliminating production wastage, improving the efficiency of its water treatment facilities, and using rainwater harvesting methods. It reuses water when cleaning pallets, watering plants and flushing toilets. It recycles water meant for washing critical raw materials used in its products, such as unpeeled potato, as well as for its cooling towers. URC also has a slew of programs to protect key watersheds. It has companywide environmental stewardship initiatives, including reforestation programs, coastal, river and drainage clean-up drives, and mangroveplanting activities. Last year, some 7,600 seedlings were planted across different

sites through URC’s partnerships with local government units and the Department of Environment and Natural Resources (DENR). The company’s Sugar and Renewables Group, meanwhile, has signed a memorandum of agreement with the DENR to adopt a 3-hectare forest in Manjuyod town in Negros Oriental, and another 5 hectares in San Enrique, Iloilo. It has plans to adopt more watersheds and forests.

C2 maker Universal Robina Corporation has saved over 11 million cubic meters of water since 2018 through various water conservation initiatives.