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Pampanga accepts MPIC unit’s proposed bulk water project

METROPAC WATER Investments Corp.’s (MPW) proposal to provide bulk water to Pampanga has been accepted by the province’s governor, paving the way for the company to negotiate the details of the project, its parent firm said on Monday.

In a disclosure to the stock exchange, parent company Metro Pacific Investments Corp. (MPIC) said MPW received the certificate of acceptance and the conferment of the original proponent status for the bulk water supply project from the Office of the Governor of Pampanga Lilia G. Pineda.

The green light comes more than a year and half since MPW submitted the proposal to the province on Dec. 7, 2015.

“Under the Province’s Public-Private Partnership Code, MPW can now proceed to detailed negotiations with the Province for the Project,” MPIC said.

After the negotiations, the bulk water project will be subjected to competitive challenge.

“The Office of the Governor, acting pursuant to the recommendation of the Province’s duly-constituted Public-Private Partnerships Selection Committee (PPP-SC), deemed the proposal complete, beneficial to the Province, and MPW eligible to undertake the activity,” MPIC said.

Last month, MPW officials signed an agreement to form a joint venture company with the Cagayan de Oro water district to undertake the supply of bulk treated water in one of Mindanao’s most populated cities.

MPIC Chairman Manuel V. Pangilinan earlier said the holding firm was looking at expanding the reach of its water venture to other countries in Southeast Asia as it looks to take advantage of the expertise gained by subsidiary Maynilad Water Services, Inc.

He said the expansion plan would test the waters and see whether the group could develop a pan-ASEAN (Association of Southeast Asian Nations) water company. He sees the plan to take place within the next two years.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

P1.1-M reward awaits informant in top drug lord’s fall

THE INFORMANT who led authorities in the neutralization of suspected drug lord Richard “Buang” P. Prevendido, who allegedly controlled the illegal trade in the entire Western Visayas Region, could soon be collecting a P1.1-million bounty. The total reward money was earlier committed by the Iloilo provincial government and the Iloilo City government, at half a million each, and P100,000 from the police. Provincial Administrator Raul N. Banias said he has been instructed by Governor Arthur D. Defensor, Sr. to prepare the necessary documents for the release of the voucher while they are awaiting for the official police report. “I have talked to Tayaba to submit to us the official police operation report,” Mr. Banias said, referring to Senior Superintendent Marlon A. Tayaba, head of the Iloilo provincial police force that led the Sept. 1 joint operation to arrest the suspect, who was killed in the ensuing firefight. The share of the provincial government will be sourced from its peace and order/intelligence fund. — Louine Hope Conserva

Indonesian minister to meet Suu Kyi amid protests over Rohingya

JAKARTA — Indonesia’s foreign minister is due to meet Myanmar leader Aung San Suu Kyi on Monday to discuss delivering humanitarian aid to members of Myanmar’s Rohingya minority, as Indonesian protesters urged their government to take a tougher line.

Dozens of Indonesians protested outside the Myanmar embassy in Jakarta on Monday, calling for a cut in diplomatic ties with Myanmar over violence against its Rohingya Muslim minority.

Aid agencies estimate that about 90,000 Rohingya have fled from Myanmar into neighboring Bangladesh since violence erupted in the north of Rakhine state last week.

“We will discuss in detail Indonesia’s proposal on how Indonesia can give humanitarian aid to Rakhine state,” Indonesian Foreign Minister Retno Marsudi said in a video statement from the Myanmar city of Yangon.

She is also scheduled to travel to Bangladesh to urge authorities there to protect fleeing Rohingya refugees.

In a sign of mounting public anger in Jakarta, a petrol bomb was thrown at the Myanmar embassy on Sunday, causing a small fire.

The protests follow demonstrations in Malaysia and condemnation from world leaders such as President Tayyip Erdogan of Turkey, who on Friday said the violence against Muslims amounted to genocide.

The Rohingya are denied citizenship in Myanmar and regarded as illegal immigrants, despite claiming roots that date back centuries. Bangladesh is also growing increasingly hostile to Rohingya, more than 400,000 of whom live in the poor South Asian country after fleeing Myanmar since the early 1990s.

Indonesia is home to the world’s largest population of Muslims. Its government has been actively involved in providing aid for Myanmar to develop Rakhine state and protect the rights of the Rohingya, alongside the majority Buddhist community.

Ifah Rohma, an activist from a Jakarta-based organization called Muslim Friends of Rohingya, said many Indonesians as fellow Muslims were concerned about the fate of Rohingya.

“Indonesia should not be engaging in soft diplomacy,” Ms. Rohma said outside the Myanmar embassy, which was surrounded by heavy security and barbed wire.

“Now is the time to cut ties, recall our ambassador and expel their ambassador,” she said.

Myanmar says its security forces are fighting a legitimate campaign against “terrorists” responsible for a string of attacks on police posts and the army since last October. — Reuters

Metro Pacific proposes P700-M Cavitex upgrade

METRO PACIFIC Tollways South Corp.  (MPTSC) is set to spend about P700 million to enhance the Cavite Expressway (Cavitex) with the aim of reducing congestion.

“We have this Cavitex enhancement project. It has three components,” MPTSC President Luigi L. Bautista told reporters in an interview.

Mr. Bautista said the project will involve additional lanes, a flyover, and road improvements in the area of Pacific Drive, and that the MPTSC has submitted the plan for evaluation by the Tolls Regulatory Board. The project will take about eight months to complete once approved.

“We are adding one lane in each direction. Number two is we’re building a flyover southbound along the carriageway. The reason for that flyover is that the left-turning traffic, if you are coming from the south coming from Pacific Drive, you won’t have to stop… We will remove the traffic light. We will be improving Pacific Drive, that small stretch from R1 to Macapagal [Avenue]. I think that’s about 300 meters, so we want to improve the road, the surface there,” Mr. Bautista said.

Mr. Bautista said that there are about 140,000 transactions in Cavitex each day, from the 90,000 recorded when the company took over the operations and maintenance through a government concession.

“We’re averaging about 140,000 transactions a day. When we took over in January 2014, the traffic was at about 90,000 only. It continues to grow. That’s why a lot of motorists, during peak hours in the morning and in the evening [experience a] really long queue [particularly] at the Parañaque toll plaza,” he said.

Mr. Bautista added: “If you add lanes, you will have additional area to be used by the motorists.”

Mr. Bautista said that there will be an increase in toll fees once the project is completed.

“Part of the investment proposal is to tuck in the recovery of the investment in the toll [fees],” Mr. Bautista said.

Cavitex is a 14-kilometer expressway along Bacoor Bay south of Roxas Boulevard which exits to Bacoor City and Kawit.

MPTSC is a unit of Metro Pacific Investments Corp., which is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group. — Patrizia Paola C. Marcelo

Free Japanese film screenings at TriNoma

THERE will be free screenings of Japanese films at the TriNoma mall in Quezon City from Sept. 7 to 10. This event coincides with the 2nd ASEAN–Japan TV Festival 2017 (AJTVF2) commemorating the 50th Anniversary of ASEAN.

The free screenings come courtesy of the Japan Foundation, Manila and The Embassy of Japan in the Philippines.

The new Japanese films to be shown are: The Projects (Danchi), The Mohican Comes Home (Mohican Kokyo ni Kaeru), Key of Life (Kagidorobo no Method), and LA LA LA at Rock Bottom (Misono Universe).

THE PROJECTS

The lineup also includes Asian Three-Fold Mirror 2016: Reflections, which was screened at the Tokyo International Film Festival. To create the omnibus film Reflections, the Japan Foundation Asia Center worked with three Asian directors: Brillante Ma Mendoza of the Philippines, Sotho Kulikar of Cambodia, and Isao Yukisada of Japan.

The films will be shown at Cinema 5, TriNoma Mall, Quezon City. All screenings are free and seats are available on a first-come, first-served basis.

The festival will culminate in a public event at the TriNoma Mall Activity Center on Sept. 9, 2:45 p.m. to 5:30 pm, with a performance by Airdance Philippines (with Rhosam Prudenciado, Jr. of the Japan Foundation Asia Center event Dance Dance Asia 2017). This will be followed by a mini-concert with Rivermaya, Julie Anne San Jose, and Erik Santos, together with Japan’s Soil & Pimp Sessions and Pink Cres. Admission is free.

For updates, visit http://facebook.com/jfmanila.

BSP ready to ‘neutralize’ speculative peso trading

By Melissa Luz T. Lopez,
Senior Reporter

THE Bangko Sentral ng Pilipinas (BSP) will not tolerate speculators who seek to make wide margins from excessive swings in peso trading, its chief said, noting that the central bank will stop such attempts.

“[T]he BSP stands ready to intervene and neutralize the activity of speculators so they don’t define the market. They can’t be allowed to distort price discovery in search of quick profits by promoting exaggerated price movements and instability,” BSP Governor Nestor A. Espenilla, Jr. said in a text message to reporters.

“We have resources and regulatory powers to back the talk. The BSP has both capacity and resolve to act.”

The central bank chief maintained that the regulator is ready to temper any sharp movements in the daily exchange rate, as he allayed fresh concerns over the peso-dollar dynamics.

Mr. Espenilla said the peso has depreciated by 2.8% versus the greenback year-to-date, which simply reflects the “dynamic price discovery process” amid developments in the financial markets.

The peso-dollar exchange rate movements come “on the back of strong and sustained imports growth as the economy hums along,” the central bank official said, alongside some adjustments in financial positions as market players anticipate higher interest rates in the United States and in other advanced economies.

“The exchange rate needs to adjust in search of equilibrium. At its current zone, the peso has achieved healthy correction based on prevailing economic fundamentals,” the BSP governor added.

The peso has averaged at P50.1324-per-dollar for the first eight months of the year according to central bank data, slightly higher than the P48-50 range assumed by the country’s economic managers back in May.

Finance Secretary Carlos G. Dominguez III has said that the economic team remains comfortable with the current exchange rate despite touching 11-year-lows as the local currency trades at the P51 level.

“What we are watching very carefully is the rate of change. If it goes from P51 to P53 in one day, then that’s worrisome… [W]e are watching it, but we are not panicking,” Mr. Dominguez told reporters.

American Thomas vaults into share of Dell lead

NORTON — Justin Thomas roared back into the PGA Tour playoff picture with sizzling 63 on Sunday to grab a share of the lead after the third round of the Dell Championship.

Thomas, who tied for sixth last week in the first tournament of the 2017 FedExCup playoffs, is the co-leader with Australia’s Marc Leishman at 12-under 201 heading into Monday’s final round of the tournament at the TPC Boston course.

England’s Paul Casey is alone in third after shooting a four-under 67 while world number two Jordan Spieth shot a 66 and is tied with Grayson Murray (67) and Canada’s Adam Hadwin (68) for fourth at 10-under.

Despite a recent streak of three straight missed cuts, the 24-year-old Thomas is in the thick of the FedExCup race after his bogey-free round Sunday. The reigning PGA Championship winner has 10 finishes in the top 10 this season, including four victories.

His playoff campaign got a huge shot in the arm on Sunday as he drained eight birdies with all coming on par-fours on a rainy day at the par-71, 7,342 yard course.

The top 70 players on the playoff points list after this event advance to the BMW Championship, set for Sept. 14-17 at Conway Farms Golf Club in Illinois.

Then the top 30 players following the BMW Championship will qualify for the Tour Championship at East Lake Golf Club in Atlanta, beginning Sept. 21. A points reset will take place prior to the Tour Championship, giving all players in the field a mathematical opportunity to win the Tour title.

Leishman fired a bogey-free 65 to grab a share of the 54-hole lead with Thomas. He rolled in six birdies on the day and has played his past 28 holes bogey-free. He never previous held a lead or a co-lead heading into the final round of a PGA Tour event.

Casey finished strong making birdies on three of his final six holes as he has been flying under the radar late in the season. Heading into the Dell, the world no. 14 was 12th in the playoff standings after finishing solo fifth last week at the Northern Trust event.

Jon Rahm, of Spain, who carried a two-shot advantage into Sunday’s round, fired a third-round 71 and is tied for seventh at 204 along with opening round leader and world no. 1 Dustin Johnson (66). — AFP

S. Korea, US to deploy more anti-missile defenses

SEOUL — South Korea and the United States will deploy more of the anti-missile defenses hated by China in response to Sunday’s nuclear test by North Korea, Seoul’s defense ministry said Monday.

Two launchers of the Terminal High-Altitude Area Defense (THAAD) system are already operational, but public concern about the possible environmental impact of the US system forced Seoul to suspend the installation.

“Four remaining launchers will soon be temporarily deployed through consultations between South Korea and the US to counter growing nuclear and missile threats from the North,” the ministry said in a statement.

The THAAD launchers are sited on a golf course-turned-US military base in Seongju County, 300 kilometers (188 miles) south of Seoul.

The deployment has infuriated China, which has long argued it will destabilize the region and has retaliated against Seoul through unofficial economic sanctions.

Pyongyang on Sunday triggered global alarm with by far its most powerful nuclear blast to date. It claimed it had successfully tested a hydrogen bomb that could be mounted onto a long-range missile.

The North — which in July carried out two intercontinental ballistic missile (ICBM) launches that apparently brought much of the US mainland into range — has rapidly made progress with its weapons program, in defiance of seven sets of UN sanctions.

ANOTHER LAUNCH
South Korea has detected signs that the North is preparing another missile launch, the defense ministry said Monday, adding it could involve an ICBM.

The ministry said signs that North Korea was “preparing for another ballistic missile launch have consistently been detected since Sunday’s test,” referring to Pyongyang’s sixth nuclear test.

It did not give details, or indicate when a launch might take place.

Sunday’s blast had a strength of 50 kilotons, defense ministry officials told a parliamentary briefing.

“The explosive power of the North’s nuclear test is estimated to be 50 kilotons,” a senior ministry official told lawmakers at an emergency parliamentary briefing.

That would make it five times the size of the North’s previous test in September last year, and more than three times bigger than the US device that destroyed Hiroshima in 1945.

The official did not confirm whether the tested device was a hydrogen bomb but said “a variety of nuclear material” appeared to have been used. — AFP

Pros and cons of ODAs, GAAs, and PPP

By Andrew J. Masigan

THE clock is ticking on the Duterte administration.

After spending its first year reviewing, recalibrating, and rewriting the terms of engagements for various infrastructure projects, it is now left with just five years to roll out its ambitions, eight-trillion peso infrastructure plan.

Infrastructure development is the centerpiece of “Dutertenomics” and it is on this basis that the business community will judge this administration. With limited time, the pressure is on to roll-out projects in the fastest way possible.

Earlier this year, the Departments Finance (DoF) and Transportation (DoTr) announced its intention to forgo with Public Private Partnerships (PPP) and instead, utilize official development assistance (ODAs) and budget appropriations from the general appropriations act (GAAs) to finance infrastructure projects. The idea is to bypass the development time required by PPP contracts. Typically, it takes 29 months to settle the technical, financial, and legal frameworks of a PPP contract before it could even break ground. The shift to ODAs and GAAs further saves government from having to deal with the customary lawsuits filed by losing PPP bidders.

Project cost is another consideration. The DoF asserts that government can build projects more economically since its borrowing cost is substantially lower than that of the private sector. ODAs are concessional loans that come with interest rates as low as 1% per annum, easy repayment terms, and a grant element of 25% or greater. The lower cost to build inevitably translates to lower user fees for the public.

Having decided on the ODA and GAA route, government has since adapted what it calls “Hybrid PPP,” whereby it builds the physical structure and subsequently bids out the rights to operate and maintain the facility to a private enterprise.

At face value, the plan makes sense as it allows government to build projects in a cheaper and faster manner. But for all its supposed advantages, Hybrid PPP is far from perfect. There are imminent risks in using ODAs and GAAs, hence, it must be utilized selectively and with caution.

NOT NECESSARILY CHEAPER AND FASTER
Lower interest rates do not necessarily translate to cheaper project costs. One of the reasons is because ODAs come with the proviso that the donee must utilize certain engineering firms, contractors, equipment and parts suppliers nominated by the donor country. These suppliers may not be the cheapest nor the best in their field. In fact, a study conducted by the Philippine Center for Investigative Journalism which covered 71 ODA projects revealed that seven out of 10 ODA projects failed to deliver their projected savings on the back of bloated supplier costs and repair works for shoddy construction.

Adding injury is the fact that this proviso leaves out local engineering and construction firms from benefitting from the infrastructure building boom.

Graft must also be factored into the equation.

A 2011 study conducted by Global Financial Integrity, a Washington DC based think tank, revealed that projects undertaken by the Philippine government were saddled with overspending and budget leaks ranging from 25% to as much as 50% of project cost.

While the study may have been done during the Arroyo administration, no one can deny that graft still persists today, albeit to a slightly lesser degree. Still, even with a minimal 5% graft cost, the saving derived from cheaper interest rates could be completely negated.

As for the savings of 29 months development time, this will only be realized if government can indeed construct a project as quickly as a private enterprise can.

In this regard, absorptive capacities becomes an issue.

As it stands, both the Departments of Transportation (DoTr) and Public Works & Highways (DPWH) are so choked up with project backlogs that certain projects have been put on hold or face years of delays. Cases in point are the P70-million slope protection project at Artemio Mate Avenue and the P30-million Tigbao-Diit bridge, both in Tacloban. The DoTr and DPWH need more engineers, more lawyers and financial auditors to cope with the hundreds of projects on its plate. Further dragging the process is the need to conform to stringent procurement laws.

Private companies work faster since they are motivated by profit, account to no one but their shareholders and face steep penalties if they fail to deliver a project on time. In contrast, delays don’t hurt the pockets of government bureaucrats.

FINANCIAL CONSIDERATIONS
Government officials feel they are awash with cash what with $8 billion worth of credit facilities committed by China and Japan. But the fact that government can afford to build projects using its own resources doesn’t mean it has to.

As a businessman, I always prefer to use investor’s money rather than my own for business ventures. Doing so frees my cash to be used for other projects or saved for a rainy day. It lowers my risk in case the project fails to deliver its economic benefits. It keeps my balance sheet strong with the ratio of liabilities to assets kept at a minimum. The same is true on a national scale.

DoF Secretary Sonny Dominguez said the Philippines has “a lot of headroom” to borrow since our debt-to-GDP ratio is exceptionally low at 41.87% as of March. Still, why use government funds when private enterprises are waiting in the wings to pick up the tab? Credit lines are a finite resource and it should be spent on missionary projects or projects not viable enough to attract private investors.

I look at debt with trepidation. No matter how cheap interest rates are, debts must still be repaid on the back of sovereign guarantees. It also exposes the system to foreign currency risk. The less obligations the nation is saddled with, the stronger our financial position will be.

In the end, I think that projects that require proprietary technologies from a donor nation and those that need government’s intervention to settle complicated right of way issues, like the Manila Subway project, qualify to be done through a hybrid model. However, projects that utilize cookie-cutter technologies and those that can do without government involvement, like the Clark Airport redevelopment, are better off in private hands.

I have no doubt that decision to scrap PPP in favor of a hybrid model is motivated by good intentions. But the last thing we want is to be overcome with debt while still experiencing delays in the roll-out of projects.

This is why the hybrid model need not be the exclusive format for all infrastructure projects. It must be used selectively and prudently. After all, experience has taught us that the private enterprises always carry out projects cheaper, faster, and better.

Andrew J. Masigan is an economist.

SEC creates special hearing panel to further investigate DW Capital

THE Securities and Exchange Commission (SEC) has created a special panel that will hear the alleged P2.6-billion unauthorized trading at brokerage firm DW Capital, Inc. (DWCI).

In a press statement on Monday, the country’s corporate regulator said the special hearing panel will be tasked to continue the investigation on DWCI which started last Aug. 29.

DWCI is facing allegations that it engaged in the unauthorized trading of securities for five accounts totaling P2,599,324,718 as of July 18, 2017. The accounts referred to in the complaint are owned by the Gaisano family, a member of whom is married to former DWCI President Derwin Ngo Wong. 

“The Commission En Banc decided to form the Special Hearing Panel considering the extent of the transactions involved and allegations of fraud committed by trading participant. There are also claims and counterclaims by DWCI and its clients the Gaisanos,” according to the statement. 

The panel will be composed of lawyers from the SEC’s Enforcement and Investor Protection Department, Office of the General Counsel, and Markets & Securities Regulation Department. 

The SEC had earlier issued DWCI a subpoena directing the firm to submit documents and records needed to launch the investigation. Those documents include the customer master list, stock position report detailed per customer, per stock, per location; portfolio reports; transaction reports; account ledgers; statement of accounts; confirmation invoices; and customer account information forms.

The commission noted that the firm has already complied with all the documents specified in the subpoena, with DWCI manifesting that all the trades they conducted for the Gaisano family were authorized.

The SEC is acting on the case following a petition from stock exchange watchdog Capital Markets Integrity Corp. asking it to take over the operations of DWCI.

The commission is allowed to step in the operations of a failed trading participant according to the Securities Regulation Code, in order to protect the interests of the investing public. — Arra B. Francia

Suspected drugs, guns found in Puerto Princesa vice-mayor’s house

SUSPECTED ILLEGAL drugs were found in the residence of Puerto Princesa City Vice-Mayor Luis M. Marcaida III during a police search on Monday, Sept. 4. Officers of the Philippine National Police (PNP) Drug Enforcement Group, Philippine Drug Enforcement Agency, and the Palawan provincial police went to Mr. Marcaida’s house to serve the search warrant issued by Judge Reynaldo Alhambra of the Regional Trial Court of Manila-Branch 53, according to a report by dzMM radio. Among those found in Mr. Marcada’s house after a three-hour search were 30 pieces of plastic sachets containing white crystalline substance believed to be shabu (methamphetamine), five guns, live ammunition, three rifle grenades, and one hand grenade. Mr. Marcaida, a member of the opposition Liberal Party, will be placed under police custody and undergo inquest proceedings. The items seized from his house will be sent to the PNP Crime Laboratory. Last July, Mr. Marcaida was accused of being linked to illegal drug trade. — interaksyon.com

Steel lobby warns of safety risk in certifying output of foreign plants

A PLAN to certify foreign steel plants and treat them as if they are local manufacturers poses safety risks and dangers to consumers, an industry association said on Monday.

In a statement, Philippine Iron and Steel Institute (PISI) said it had written the Bureau of Philippine Standards about the adverse effect of the proposal.

It said the plan “might flood the market with untested steel products that could end up in homes and structures built by small contractors for the poor and the middle class.”

“This is an incongruity that must be addressed by the government since the ultimate customers in the reseller market are the small contractors and poor to middle-class Filipino home builders and owners,” the group said.

PISI describes itself as the premiere organization recognized by the government to represent the country’s steel industry.

“This is the market that is being targeted by importers and traders — the least informed and unguarded sectors of our society,” it added.

PISI said its letter was sent to Ernesto V. Perez, assistant secretary at the Department of Trade and Industry and officer-in-charge of the bureau.

Last year, the country used around 4.7 million metric tons (MT) of steel products that were covered by three quality certifications, it said.

Of this, about three million MT were sold to the reseller market, with corporate customers such as DMCI Holdings, Inc. and EEI Corp. consuming the rest, it added.

The organization said that while corporate users test each truckload of delivery of one sample per size, per grade of steel products, the reseller market does not have the same testing process. It said, “the reseller market does not test at all.”

PISI pointed out that the country’s neighbors Indonesia, Thailand and Vietnam do not certify overseas steels mills. It also cited the experience of Malaysia as an object lesson.

Malaysia granted certification to four Chinese rebar manufacturing companies, it said, but the certification logo was used by other foreign manufacturers that did not undergo the same clearance process. This resulted in the export of substandard steel products to Malaysia, it added.

The organization said it would be difficult to make steel mills overseas accountable as they have neither the staff nor assets in the country that the government and consumers can go after.

“Granting certification to foreign steel manufacturing plants will likewise jeopardize the business viability of local manufacturers,” it said.

PISI also said foreign companies enjoy various forms of state subsidies in their countries. Giving them an opening into the Philippine market “will discourage local and foreign investments in the local steel industry.”

“The overall impact, therefore, is tantamount to exporting jobs abroad, a deplorable situation considering our high unemployment of around 2.4 million and under-employment affecting around 10 million Filipinos,” it said. — Victor V. Saulon

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