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Berong mine’s recovery seen completed within schedule

BERONG Nickel Corp. (BNC) may finish the rehabilitation of its Palawan mine within the next four years, the top official of its parent company DMCI Mining Corp. said on Thursday.

“We have four years left to complete it,” DMCI Mining President Tulsi Das C. Reyes told reporters. “Whether we eat up the last four years, we eat up the last four years and if we can turn it over, we’ll turn it over.”

Mr. Reyes, who is also Berong Nickel’s president, said the rehabilitation of the Palawan mine site is ahead of schedule at a 77% completion rate.

“We are ahead of time. We’re ahead of schedule. What we’re doing now is we are still planting and then we have to [continue] benching for the soil stabilization,” he added.

He said the company had spent about P80 million out of the P130 million budget allocated for the depleted mine’s rehabilitation.

He added that another P50 million may be added to the budget to accommodate the increase in fuel prices.

Mr. Reyes said earlier that the site had completed 88% of its annual land preparation target in just six months. It had rehabilitated about 30 hectares of the mine, out of the 34-hectare full-year target.

The Palawan mine was set for a six-year rehabilitation after its depletion in 2021.

BNC started rehabilitation works in June 2022 covering 109 hectares of surface mine, 209 hectares of silt control structures, and 25 hectares of stockpile area.

Mr. Reyes added that the Mines and Geosciences Bureau (MGB) said the site would be presented as a “commendable final mine rehab plan.”

“I want to make sure that when they showcase it, it’s as close to perfect as possible. There’s no incentive for us to finish early, so let’s do it right,” he said.

During its operation between 2006 to 2021, the Berong mine yielded about 10.3-million wet metric tons of nickel ore and 2.6-billion worth of mining duties, royalties, and taxes.

The mining operation also created 1,634 direct and indirect jobs during its active period.

Also on Thursday, another DMCI Mining subsidiary, Zambales Diversified Metals Corp. (ZDMC), reported that its nickel ore production surged by 83% to 1.31 wet metric tons (WMT) from January to September due to increased mining capacity.

“This, after ZDMC received the necessary Environmental Compliance Certificate (ECC) to boost its nickel ore production from 1 million metric tons to 2 million metric tons starting January 2023,” it said in a disclosure by DMCI Holdings, Inc.

For the third quarter, ore production went up by 28% to 190,000 WMT from 149,000 WMT. — Adrian H. Halili

Chief executive officer and board shake-ups

It’s just another tumultuous week in the tech sector.

Only a few days after being unceremoniously removed from his job as CEO of OpenAI, Sam Altman is triumphantly returning to the role in an unexpected turn of events. OpenAI officially announced Altman’s return, and former Salesforce, Inc. co-CEO Bret Taylor will now serve as the first board’s chair. Former US Treasury Secretary Larry Summers and current Quora, Inc. co-founder and CEO Adam D’Angelo are among the other directors. According to a post on X, the corporation is now working on completing the specifics of this sudden reorganization in the board.

In the same universe, Changpeng Zhao, the creator of Binance, the biggest cryptocurrency exchange in the world, had entered a guilty plea to charges of money laundering. This is a shocking setback for the most powerful and prominent person in the global cryptocurrency business.

The corporate world is no stranger to seismic shifts in leadership, with CEO and board shake-ups serving as pivotal moments that redefine the trajectory of organizations.

CEO shake-ups can stem from various factors, ranging from internal challenges to external pressures. The departure of Steve Jobs from Apple in 2011 was a poignant example, driven by health issues that emphasized the significance of personal well-being in executive leadership. Tim Cook’s succession showcased the resilience of a well-established company when guided by a capable successor. Apple not only sustained its momentum but continued to innovate and thrive under Cook’s leadership.

In 2017, General Electric underwent a significant leadership change with the departure of Jeffrey Immelt, concurrent with a restructuring of the board. The reasons behind this shake-up were rooted in the need for strategic realignment. Despite John Flannery’s efforts to refocus on core businesses, the challenges faced by General Electric underscored the complexities of executing substantial strategic shifts. The impacts of this transition were felt by the company, its employees, and shareholders who witnessed a decline in performance and value.

Uber faced a tumultuous period in 2017 that led to a CEO shake-up. Travis Kalanick’s departure and the appointment of Dara Khosrowshahi reflected a response to internal cultural issues and external controversies. Khosrowshahi’s emphasis on transparency and accountability marked a cultural shift aimed at addressing internal challenges and rebuilding trust. This transformation had far-reaching effects, impacting not only employees but also external stakeholders, including customers and investors closely monitoring Uber’s evolution.

Elon Musk’s tenure at Tesla in 2018 demonstrated how CEO behavior could trigger significant disruptions. Musk’s controversial tweets and SEC scrutiny led to a shake-up as he agreed to step down as chairman, revealing the legal and reputational risks associated with leadership conduct.

In 2014 in the Philippines, Philippine Airlines (PAL) underwent a significant shake-up. Ramon Ang, president of San Miguel Corp., acquired a substantial stake in PAL and assumed the position of president and COO, leading to changes in the airline’s leadership structure.

ABS-CBN, one of the largest media and entertainment companies in the Philippines, faced a major shake-up in 2020. The non-renewal of the network’s franchise led to leadership changes, and Carlo Katigbak stayed as president and CEO, navigating the company through challenging times.

Board shake-ups often coincide with or precede CEO transitions, indicating a broader need for strategic reassessment and governance restructuring. The confluence of changes at General Electric in 2017 exemplifies this integrated approach. The departure of Jeffrey Immelt and the restructuring of the board aimed to bring diverse skills and perspectives, contributing to effective oversight and strategic decision-making.

The effects of CEO and board shake-ups are intertwined, influencing organizations from both leadership and governance perspectives. Changes in the board composition can alter governance dynamics, influencing decision-making processes and strategic oversight. The impacts extend beyond the CEO position, affecting the company’s strategic direction and overall governance framework.

The experience of General Electric under John Flannery and the restructured board highlighted the challenges of revitalizing a large and diversified corporation. The repercussions were felt not only by the company but also by employees and shareholders, emphasizing the interconnectedness of leadership and governance. Similarly, the cultural shift at Uber under Dara Khosrowshahi impacted external stakeholders, illustrating the broader societal implications of leadership changes.

CEO and board shake-ups underscore the need for integrated leadership and governance planning. Organizations should consider both executive and governance changes in tandem, ensuring alignment between strategic direction and oversight mechanisms.

Board shake-ups highlight the importance of diversity and expertise in governance. A diverse board with a mix of skills and experiences can provide effective oversight and contribute to strategic decision-making, as seen in the restructured boards of companies like General Electric.

In addition, CEO transitions necessitate robust succession planning, ensuring a smooth handover of leadership. Companies should also consider the implications for the board, maintaining continuity in governance to foster stability and consistency.

Both CEO and board shake-ups demand effective communication with stakeholders. Transparent communication about the reasons for changes, the strategic vision, and the organization’s commitment to stability can build trust among employees, shareholders, and the broader community.

CEO and board shake-ups represent pivotal moments in an organization’s evolution, demanding a holistic approach to leadership and governance. By understanding the reasons behind these transitions, acknowledging their impact on companies and stakeholders, and learning from the lessons they offer, organizations can navigate change with resilience, adaptability, and a commitment to sustained success.

 

Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse Consulting, a digital, culture, and customer experience transformation consulting firm. He is a fellow at the US-based Institute for Digital Transformation. He teaches strategic management and digital transformation in the MBA Program of De La Salle University. E-mail at rey.lugtu@hungryworkhorse.com

A Philippine ‘red line’ in the West Philippine Sea

REUTERS

What exactly do we want to happen in the West Philippine Sea? Doubtless, the countless protests and notes verbales given, the military capacity building measures undertaken, and the security treaty alliances secured are all well and good. And they are indeed good and necessary measures. The question is: for what purpose and to what end?

Because through the years China has built 800 artificial structures of varying sizes on the Spratlys, Mischief Reef, Subi Reef, and Fiery Cross, as well as depriving our fishermen from not insignificant swathes of our seas. Which begs the question: where exactly are we going with our diplomatic, military, economic, and other security efforts?

Do we demand, ultimately, a reversion to the situation prevailing on Jan. 22, 2013, when the Philippines filed a case against China? Or is it July 12, 2016, when we won that case and thus had our territorial claim forever solidified, at least from the legal jurisprudence point of view? Or do we look to the circumstances prevailing on April 8, 2012, the day that the Philippines began a standoff with China in over Scarborough Shoal. Or should it start from 1995, when it was first discovered that the Chinese built structures on Mischief Reef?

Or is our resigned objective to merely restrain China, recognize the areas they have taken, and be happy with what we can then keep? Or — even more depressingly — do we keep allowing China to forever find ways to slice away at our sovereignty, like an ever-diminishing pie?

Which leads to another — and related question — and that is: is there any act by China that we can categorize as truly unacceptable? A “red line” that if crossed necessitates — be it on grounds of national security or national honor — that we actually resort to military measures as part of our inherent right to self-defense?

The Philippines or at least its vessels, servicemen, and fishermen, have been subjected to being rammed, water cannoned, and even had lasers pointed at them. And yet it is understandable, even commendable, that President Ferdinand Marcos, Jr. has kept a cool head amidst all that.

And yet, the question does linger: What do we consider unacceptable “aggression” that would require the Philippines to respond with retaliatory countermeasures or self-defense?

Our constitutional system, for better or worse, puts on the shoulders of one individual — the President — the decision on whether the Philippines goes to war. Our Congress can only declare that we are in a “state of war” and whether we reach that state depends singularly on the President as the “Commander-in-Chief.”

There is, of course, United Nations General Assembly Resolution 3314, that defines “aggression” as the “use of armed force by a State against the sovereignty, territorial integrity or political independence of another State, or in any other manner inconsistent with the Charter of the United Nations, as set out in this Definition.” Article 3 of that Resolution goes on to give examples of what may consist of aggression:

a.) The invasion or attack by the armed forces of a State of the territory of another State, or any military occupation, however temporary, resulting from such invasion or attack, or any annexation by the use of force of the territory of another State or part thereof;

b.) Bombardment by the armed forces of a State against the territory of another State or the use of any weapons by a State against the territory of another State;

c.) The blockade of the ports or coasts of a State by the armed forces of another State;

d.) An attack by the armed forces of a State on the land, sea or air forces, or marine and air fleets of another State;

e.) The use of armed forces of one State which are within the territory of another State with the agreement of the receiving State, in contravention of the conditions provided for in the agreement or any extension of their presence in such territory beyond the termination of the agreement;

f.) The action of a State in allowing its territory, which it has placed at the disposal of another State, to be used by that other State for perpetrating an act of aggression against a third State;

g.) The sending by or on behalf of a State of armed bands, groups, irregulars or mercenaries, which carry out acts of armed force against another State of such gravity as to amount to the acts listed above, or its substantial involvement therein.

A cursory read should make one ponder if whether paragraphs “c” and “d,” particularly in relation to UN Charter Article 2.4, have been violated in relation to the West Philippine Sea. It all depends on how one interprets “blockade” and “attack,” which normally under international law are left to the discretion of the country claiming self-defense.

The problem, clearly, of declaring a “red line” is that we have to stand by it and then do what we say we’ll do. Doing an “Obama” (as was the case in Syria) would be catastrophic.

Nevertheless, while clearly no one wants to go to war, yet with so much traffic going on in the disputed areas, drawing such a red line (and this has to be said: not necessarily to be declared publicly) and contemplating measures to address the permutations that could conceivably happen afterwards is something that needs to be decided on sooner rather later.

 

Jemy Gatdula read international law at the University of Cambridge and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

How PSEi member stocks performed — November 23, 2023

Here’s a quick glance at how PSEi stocks fared on Thursday, November 23, 2023.


Philippines ranks 98th most charitable in the world

The Philippines placed 98th out of 142 countries with an overall score of 34% in the 2023 edition of the World Giving Index (WGI) by UK-based charity Charities Aid Foundation (CAF). The Index ranks and scores the country by examining three aspects of giving behavior: helping a stranger, donating money, and volunteering time. The Philippines’ score was lower than the global score of 39. In helping a stranger, the country had a score of 57%, while in donating money (12%), and volunteering time (34%).

 

Philippines ranks 98<sup>th</sup> most charitable in the world

Peso climbs as oil prices drop

BW FILE PHOTO

THE PESO rose against the dollar on Thursday following the decline in global crude oil prices after the world’s biggest oil exporters pushed back their meeting.

The local unit closed at P55.39 per dollar on Thursday, strengthening by six centavos from its P55.45 finish on Wednesday, Bankers Association of the Philippines’ data showed.

The peso opened Thursday’s session steady at P55.45 against the dollar. Its intraday best was at P55.38, while its weakest showing was at P55.545 versus the greenback.

Dollars exchanged went down to $1.07 billion on Thursday from $1.21 billion on Wednesday.

The peso appreciated against the dollar on Thursday after the Organization of the Petroleum Exporting Countries and their allies including Russia (OPEC+) delayed its meeting, tempering expectations of a production cut, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso closed stronger today, tracking the decline in global crude prices following the postponement of the OPEC+ meeting,” a trader likewise said in an e-mail on Thursday.

US crude fell 1.14% to $76.22 per barrel and Brent was at $80.92, down by 1.27%, extending losses from the previous session after OPEC+ postponed a ministerial meeting, which stoked expectations that producers might cut output less than had been anticipated, Reuters reported.

The peso rose despite the continued strength of the dollar after the latest minutes of the US Federal Reserve’s meeting showed officials would be cautious in deciding whether it would raise borrowing costs again, Mr. Ricafort added.

The dollar index rose overnight, bouncing from a 2-1/2-month low, after data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, Reuters reported.

For Friday, the trader said the peso could weaken against the dollar ahead of potentially strong US purchasing managers’ index data.

The trader expects the peso to move between P55.30 and P55.55 against the dollar on Friday, while Mr. Ricafort sees it ranging from P55.30 to P55.50. — A.M.C. Sy with Reuters

PSE index snaps two-day climb on profit taking

BW FILE PHOTO

LOCAL STOCKS declined and snapped their two-day rise on Thursday as investors pocketed their gains amid a lack of trading drivers.

The Philippine Stock Exchange index (PSEi) went down by 6.98 points or 0.11% to close at 6,246.20, while the broader all shares decreased by 2.03 points or 0.06% to finish at 3,328.01.

The local bourse closed weaker due to profit taking, Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“This Thursday, the local market dropped by 6.98 points (0.11%) to 6,246.20 as the lack of a positive catalyst caused investors to take profits. The bourse made gains intraday, rising to 6,259.66 before sellers prevailed,” Mr. Plopenio said. 

“Also, the lack of a positive catalysts, together with ongoing economic concerns both at home and offshore, caused many to remain on the sidelines,” he added.

The local bourse dropped amid bets on the US Federal Reserve’s next move, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The PSEi corrected slightly lower after rising for two straight days on some profit-taking activities, locking in some gains ahead of the US Thanksgiving Holiday and also after the latest Fed minutes that hinted the need to proceed carefully in Fed rate decision, especially in ensuring the achievement of the inflation target,” Mr. Ricafort said.

US Federal Reserve officials agreed at their last policy meeting that they would proceed “carefully” and only raise interest rates if progress in controlling inflation faltered, the minutes of the Oct. 31-Nov. 1 gathering showed on Tuesday, Reuters reported.

Inflation has been slowing — consumer prices did not rise at all on a month-to-month basis in October — and while the Fed has not declared its fight against rapid price increases over, the tenor of the discussion has been shifting towards a focus on how long to keep the policy rate in the current 5.25%-5.5% range.

At home, sectoral indices were split on Thursday. Services retreated by 9.96 points or 0.65% to 1,511.63; holding firms declined by 19.92 points or 0.33% to 5,947.70; and financials went down by 4.60 points or 0.26% to 1,747.16.

On the other hand, property rose by 11.16 points or 0.42% to 2,658.52; mining and oil climbed by 38.71 points or 0.4% to 9,665.69; and industrials went up by 34.46 points or 0.38% to 8,947.49. 

“Among the index members, Monde Nissin Corp. was at the top, climbing 3.54% to P8.48. JG Summit Holdings, Inc. lost the most, dropping 1.94% to P37.90,” Philstocks Financial’s Mr. Plopenio said.

Value turnover went down to P2.33 billion on Thursday with 453.55 million shares switching hands, from the P4.01 billion with 296.08 million issues seen the previous trading day.

Decliners outnumbered advancers, 91 against 74, while 48 names ended unchanged.

Net foreign buying went down to P85.63 million on Thursday from P1.02 billion on Wednesday. — R.M.D. Ochave with Reuters

PHL coal, oil reserves valuation rises sharply as gas dwindles

REUTERS

THE valuation of Philippine coal and oil reserves rose sharply in 2022, while the value of gas dwindled and estimated volumes of easily recoverable resources fell, the Philippine Statistics Authority (PSA) said.

The 2022 estimate for coal, oil, gas and condensate resources was P594.22 billion, the PSA said, more than double the P242.61 billion recorded for 2021.

The PSA reported on Thursday that class A coal reserves — deposits that are commercially recoverable — amounted to P529.66 billion last year, against the 2021 valuation of P181.92 billion.

Class A oil reserves’ valuation rose 35.4% to P19.07 billion, it added.

Natural gas reserves amounted to P22.67 billion, down 12.9%.

Meanwhile, condensate reserve valuations rose 10.8% to P22.81 billion in 2022, it said.

“The total resource rent of the four non-renewable energy resources contributed 0.44% to the gross domestic product (GDP) of the Philippines in 2022, amounting to P96.42 billion,” the PSA said.

The PSA defines resource rent as “the surplus value accruing to the extractor or user of an asset calculated after all costs and normal returns have been taken into account.” This value can be taken to be the return attributable to the asset itself, the PSA said.

By volume, class A coal reserves in 2022 totaled 349.61 million metric tons (MT), down 4.4%.

Coal production, however, increased 12.2% to 16.11 million MT.

In 2022, oil reserves amounted to 30.91 million barrels of oil, down 1.8%.

“Similarly, natural gas reserves went down to 100.21 billion standard cubic feet of gas (scf) in 2022, a decline of 52.8%,” the PSA said.

Condensate reserves fell 28.7% to 6.71 million barrels in 2022. — Sheldeen Joy Talavera

PPA profit nears P10 billion after rise in cargo volumes

ICTSI

THE Philippine Ports Authority (PPA) said its net profit in the first 10 months was P9.76 billion, exceeding the year-earlier total by P1.30 billion, due to increased cargo volumes and vessel port calls. 

In a statement, the PPA said revenue was P21.06 billion in the period, up 30.19% from a year earlier and approaching the revenue target for the full year.

“We believe this is a good sign and a great shift in gears during this rebound of the economy from the effects of the pandemic. The PPA has been very consistent in increasing our figures and completing quality projects,” PPA General Manager Jay Daniel R. Santiago said in the statement on Thursday.

In the first 10 months, service and business fees generated P8.70 billion worth of revenue.

Expenses rose 46.39% to P3.60 billion as the PPA ramped up project spending.

Currently, the PPA is implementing about 74 projects — 36 in Luzon, 19 in the Visayas and 19 in Mindanao.

For 2023 the PPA has a revenue target of P21.6 billion after posting a record P20.4 billion in 2022 with the lifting of pandemic restrictions. 

Passengers were also approaching pre-pandemic levels, rising 19.01% to 9.19 million, the PPA said. — Ashley Erika O. Jose

PHL readiness to adopt AI varies as firms await pending regulation

FREEPIK

READINESS to adopt artificial intelligence (AI) is uneven as companies try to work out the shape of future regulation, even though a consensus has emerged that the technology will be useful and transformative, panelists said at the BusinessWorld Forecast 2024 economic forum on Wednesday.

David R. Hardoon, chief executive officer of Aboitiz Data Innovation Pte. Ltd., said at one of the forum’s fireside chats that a “spiritual agreement” on the benefits of AI is already in place, though adopters are anticipating regulation and trying to determine what the compliance regime might be like.

The constants in such an environment of tech wariness are the need for good governance and trust, Mr. Hardoon said.

“We need to understand the path we want to take (with AI) — where and how we want to go,” he added.

“It is still limited to the information we feed it… Start identifying the kind of information sources we provide it, and what is relevant.”

A report issued by technology firm Cisco this month said only 17% of Philippine organizations are ready to utilize and deploy AI, with the majority of them raising concerns about the impact of not adopting these advances.

It added that about 44% of Philippine organizations consider themselves chasers or are only moderately prepared; 35% are followers with limited levels of preparedness; and about 4% are laggards, not prepared to leverage AI at all.

Mr. Hardoon said the way to build trust in technological development is through transparency.

He likened AI to a library with a great yet limited capacity to solve knowledge management and productivity issues. “(AI) is only a tool to help us push the boundaries to be even better at what we do,” he said.

“What we should be worried about is another person with the knowledge and skill set we don’t have,” he added, noting that AI should be used to make humans shine at what they are best at, and not necessarily to replace jobs.

“It is our responsibility to want to be better… We need to be us. We need to be creative. We need to be challenged because we are hardwired for innovation.”

“What we can do is embrace it with compliance, management, and government.” — Miguel Hanz L. Antivola

DoF expanding support for LGU climate projects

ONE of the flooded Kabacan communities after rivers overflowed following heavy rains on June 20. — JOHN M. UNSON

THE Department of Finance (DoF) said it is ramping up support for local government units (LGUs) on climate financing.

“The DoF stands ready to assist LGUs in the realization of their climate projects, thus advancing the Philippines’ climate agenda as envisioned in the President’s 8-Point Socioeconomic Agenda of establishing livable and sustainable communities,” Finance Secretary Benjamin E. Diokno said.

The department said it has been “directing more strategic resources for better adaptive capacity at the local level, investing in resilient communities and local governments, and mobilizing resources for social protection.”

To date, the DoF as chair of the People’s Survival Fund Board has approved 11 climate adaptation projects and six projects for project development grants worth P889.6 million.

The Bureau of Local Government Finance is also planning to help LGUs allocate their revenue towards climate-related projects.

“Furthermore, the DoF has actively formulated fiscal policies such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Strategic Investment Priority Plan (SIPP), and the Sustainable Finance Roadmap to foster a more enabling environment for private sector participation in green investments,” it added.

Earlier, the department announced that the Philippines joined the board of the Vulnerable 20 Group of Finance Ministers, organized under the Group of Seven Global Shield Against Climate Risks program.

This helps countries vulnerable to climate risks have more access to financing for disaster protection. — Luisa Maria Jacinta C. Jocson

PHL exhibitors at German trade fair ring up $22.92 million worth of sales

CITEM

EXHIBITORS from the Philippines signed $22.92 million worth of orders after participating in a German trade fair, according to the export promotions arm of the Department of Trade and Industry (DTI).

The Center for International Trade Expositions and Missions (CITEM), which organized the FoodPhilippines delegation to the Anuga fair in Cologne, said the Philippine delegation included 10 companies which were specifically selected under the ARISE Plus Philippines program. They showcased food and beverage products like canned seafood, banana chips, and snacks.

CITEM Executive Director Edward L. Fereira said in a statement: “International trade fairs are pivotal platforms in the development of the country’s overall export capabilities, giving exhibitors key exposure and linkages to the global value chain.”

CITEM said the delegation made contact with over 350 buyers and entertained 450 inquiries.

The FoodPhilippines delegation consisted of Amley Food Corp., Axelum Resources Corp., Fitrite, Inc., GSL Premium Food Export Corp., KLT Fruits, Inc., Lionheart Farms Corp., Mega Global Corp., Philbest Canning Corp., Philippine Grocers Food Exports, Inc., and Prime Fruits International, Inc.

Also in the delegation were Q-Phil International Trading, Sagrex Foods, Inc., Seatrade Canning Corp., and See’s International Food Manufacturing Corp.

Meanwhile, the exhibitors belonging to the ARISE coconut promotion project were AG Pacific Nutriceuticals, Ahya Coco Organic Food Mfg. Corp., Amazing Foods Corp., Cocoplus Aquarian Development Corp., and Dignity Products And Services, Inc.

Other ARISE-affiliated participants were Greenlife Coconut Products Philippines, Inc., Pasciolco Agri Ventures, Tongsan Industrial Development Corp., Tropicana Food Products, Inc., and Wellness Care International Corp.

The biennial Anuga fair was held between Oct. 7 and 11 and is organized by Koelnmesse GmbH. 

This year, the fair attracted 140,000 trade visitors from 200 countries and featured 7,900 companies representing 188 countries. 

Next year, CITEM will be organizing the 17th edition of the International Food Exhibition at the World Trade Center in Pasay City on May 10-12. — Justine Irish D. Tabile