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When the boss takes credit for everything

Our department head keeps all the glory to himself but when the bad times come, he’s quick to blame almost everyone except himself, for his own incompetence and mismanagement. What’s the cure? — Lone Wolf.

The solution is easy when you accept that we live in an unfair world. If you don’t recognize this, you can always wallow in a pity forever. First of all, you’ve chosen to work as an employee. I’m not sure how long you plan to stay that way. Second, you have the misfortune of working for a boss who appears to grab all the credit to himself.

So, what can you do to reverse the situation? Psychologist and book author Sherrie Bourg Carter recommends changing your perspective. “Changes in mindset can help you move past life’s hardships and get on with life.” Expecting someone to be fair is not always possible. That’s one major reason why you should choose to ignore the unfairness of life.

After all, “fair is not a useful concept,” according to Ms. Carter who quotes fellow author Jonathan Lockwood Huie. After all, many of the things we consider as unfair are beyond our control, like the attitude of your boss. You can’t do anything about it except probably to secretly complain to your friends at work, your family members and to this columnist.

Understand all the negative impacts on your mind, body and soul. Stress can build up that can adversely affect your work and mental health. Try complaining directly to your boss. If nothing happens, then elevate the case to the chief executive officer (CEO).

Let’s see what happens, assuming that you’re brave enough to do just that.

MINDSET CHANGE
Having a boss who takes all the credit for the workers’ contributions is a real problem. Your case is not unique as your situation may be found in many other workplaces. You must understand that you can’t control such situations. But one thing is certain: your boss knows where he’s getting all of those ideas. And most likely, the CEO knows that your boss can’t do it alone.

Management is about effective delegation. Therefore, stop being resentful of your situation and start doing the following things that are within your power:

One, discuss your career plan with your boss. Solicit his input on how you can fast-track your career. This would constitute an indirect approach to your problem. Ask for his specific guidance and support so you can manage certain difficulties in your job. Point out the need for equipment, supplies or anything else that could be used to improve your performance.

Two, document all your excellent ideas and accomplishments. Be ready with your documentation when your performance appraisal comes along. When you have something new to offer, send an e-mail to your boss and secure his approval. If there’s a delay in his reply, discuss the matter with your boss and send another e-mail to summarize what you’ve discussed. This is important to avoid miscommunication.

Three, volunteer for some challenging assignments. Do this without monopolizing all the opportunities to the exclusion of your colleagues. You can also ask other people in your department to help do the work. You need to avoid being perceived as a know-it-all, which could make your position more difficult.

Last, ensure that your projects include the names of your colleagues. Regardless of the degree of their contribution, list down all the names of your team mates. Give your boss all the information he needs to give credit to all concerned. Let your boss knows that you’re not a credit grabber. This occasional hint may help the boss understand what he’s missing in dealing with you.

GOLDEN RULE
The Golden Rule says it all — treat others as you would want to be treated. If you want your boss to give you credit, then in the same breath, you should do the same thing to your colleagues, even if they’re not your direct reports. It’s a universal principle that you can’t ignore regardless of your religious belief.

Or better, follow the New Golden Rule as Irina Cozma puts it in Harvard Business Review (2022). In the modern workplace, wearing the shoes of another person may not be enough. “Treating others as you would like to be treated isn’t always the best option,” says Ms. Cozma. You must do better than that.

Instead, you need to treat others the way they would like to be treated. The emphasis is on the word “they.” This means you must understand how others would like to be treated which may not necessarily the same way you want to be treated. To understand others is to engage them in casual, regular dialogue to hear about their issues directly.

 

Chat your workplace questions with Rey Elbo on Facebook, LinkedIn or Twitter or e-mail elbonomics@gmail.com or via https://reyelbo.com

PetroWind, Vestas sign turbine supply deal for Nabas wind farm

RAWPIXEL.COM-FREEPIK

Yuchengco-led PetroEnergy Resources Corp. through its subsidiary PetroWind Energy Inc. and Vestas Wind Systems A/S signed a turbine supply and maintenance contract for the Nabas-2 wind farm in Aklan.

In a regulatory filing on Thursday, PetroWind Energy said Vestas will supply six units of 2.2-megawatt (MW) wind turbine generators for its 13.2-MW Nabas-2 wind power project through an operation and maintenance (O&M) agreement.

“We welcome this new partnership with Vestas. Being one of the leading energy solution providers worldwide, we are confident that Vestas will bring the latest advancements in wind farm technology and best practices in O&M for Nabas-2,” Paul Elmer C. Morala, assistant vice-president for power plant operations of PetroEnergy, said in a media release.

Danish renewable energy company Vestas also designs, manufactures and provides power converters, wind turbines, blades, and towers.

PetroEnergy’s Nabas-2 wind project will add capacity to its 36-MW Nabas-1 project.

This year, the Department of Energy (DoE) awarded PetroWind the contract to supply clean and renewable energy to the Visayas grid, which it will source from Nabas-2.

Last year, the DoE also awarded PetroGreen Energy Corp. with service contracts for Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay for a total capacity of about 4 gigawatts (GW).

PetroWind is a joint venture of PetroGreen, the renewable energy arm of PetroEnergy, EEI Power Corp., and BCPG Public Co. Ltd.

On Thursday, shares in the company closed 0.41% lower to end at P4.80 each. — Ashley Erika O. Jose

New industry, new hope

Vanilla is the second-most expensive spice in the world, next to saffron. Do you know that it grows well in the Philippines? I first saw the vanilla plant in a small café in Ubod, Bali. It is actually an orchid vine.

Vanilla is quite expensive, which reached a high of $600 per kilo in 2018. Why is it expensive? Vanilla takes three to four years to mature and flower. It only flowers for a day, and each flower has to be hand pollinated in the morning before noon to produce beans. When the vanilla pods’ tips turn yellow, usually nine months after pollination, it is ready for harvesting. If picked too early, the vanillin levels will not be high enough. Then the curing and processing start to transform this scentless pod to the sweet vanilla aroma, which may take another three to six months.

As the real vanilla extract is expensive and in high demand, the substitute is the much cheaper synthetic vanilla but not with the same health benefits. Vanilla is a popular flavoring in sweet desserts and drinks such as ice cream, smoothies, soups baked goods.

Some of the health benefits of real vanilla are:

• It can be used as a sugar substitute to help curb sugar intake, reduce high blood glucose, and improve a healthy lifestyle.

• Smelling of vanilla has a calming effect on newborns and adults, lessening newborn crying and providing relief to sleep apnea for adults.

• The alcohol in vanilla can numb toothache pain; antioxidants provide healing effects.

The Vanilla Industry Development Association (VIDA) has recently been incorporated with President Basil Bolinao preparing the road map with full support from Dr. Rey Lantin, Pabs Villegas, Joji Lim, Maila Toreja, Toto Barcelona, and the Department of Agriculture (DA), Department of Science and Technology (DoST), and Department of Trade and Industry (DTI). The objective is to make vanilla a new sustaining industry in the Philippines starting with the right foundation. The good news is that vanilla is now part of the government’s list of high-value crops. It is the intention for vanilla to be an additional income stream for existing farms.

It is encouraging that inquiries from abroad are already coming through the DA, and we have not even started producing. The target, if one starts planting in January 2023, is that the vanilla vines will start flowering by January 2026 and harvesting nine months after, or October 2026, plus another three to six months of curing and processing into the second or third quarter of 2027. Excitedly, looking forward to a new Philippine vanilla industry!

I met Gila, wife of the Israeli ambassador to the Philippines upon the invitation of “Bamboo Queen” Kay Jimenez together with “Moringa Queen” Bernie Estrella Arellano. I’m impressed with Israel — how a small country with a large desert area can transform to be a rich producing country, exporting fruits and vegetables. The Philippines, with its rich natural resources, and the sun shining practically all year round, (probably the very same reason we take it for granted), can certainly learn a lot from Israel, known for its modern and innovative agriculture.

And the good news is that Israeli Ambassador Ilan Fluss “is offering to help the Philippines move from traditional subsistence farming to modern smart agriculture based in agronomy, science, technology, economics and sustainability.”

Talking to Gila, a researcher by heart and profession, about agriculture, she spoke like a veteran but modern farmer. Israel takes a science-based approach and considers farming a business. So, every input must result in an output. Take water, a scarce resource. Research and experiment on every detail are done, such as the quantity, the time of day, how frequently, the nutrients, the best channel, etc. No wonder they are very productive. We can certainly learn a lot from the Israel experts, we need to make sure we follow and implement!

Truly refreshing to spend time with Gila, who first lived in the Philippines 27 years ago, the couple’s first assignment. The Philippines, with a rich history with Israel, is significant and memorable in their lives but more so as this is where their second son was born, and “their third son was made.” They love the Philippines and want to “make a difference” (MAD) in this second assignment.

Christmas is coming and the New Year is near. Despite headwinds, and challenges we may face, we have always overcome. Looking forward to new hope and the new year!

 

Flor G. Tarriela is the former chairman of Philippine National Bank. She is a former Finance undersecretary and the first Filipina vice-president of Citibank N.A. She is a trustee of FINEX and an ICD fellow. A gardener and an environmentalist, she established Flor’s Garden in Antipolo.

Entertainment News (12/23/22)


Poppert Bernadas concert postponed

THE THIRD installment of the Triple Threats concert series, Ang Musika, ang Teatro at Ako featuring Poppert Bernadas, on Dec. 21, was canceled and rescheduled for Jan. 14, 2023, 7:30 p.m., at the Tanghalang Ignacio B. Gimenez (CCP Blackbox Theater). According to a statement from the Cultural Center of the Philippines (CCP), the postponement was due to a non-COVID viral infection which affected Mr. Bernadas’ vocal cords. Although he is able to sing, pushing through would mean that his repertoire would have to be reduced. “Even if the show has been sold out, Poppert has chosen the more difficult task of healing fully and performing the full repertoire he has been rehearsing. The CCP has always been supportive of young Filipino artists through the Triple Threats concert series and acquiesced to the artist’s request and provided a new date,” said the statement. Tickets to the Dec. 21 concert will be honored on the new concert date. Those who bought tickets to the concert and will be unable to watch on the new date have the option to refund or exchange their tickets for another CCP show. For refunds and inquiries, send an e-mail to salesandpromotions@culturalcenter.gov.ph.


SB19, NOBITA cover The Eraserheads’ iconic anthems

TO CELEBRATE The Eraserheads’ reunion concert last night, Sony Music Philippines artists released their revamped versions of the band’s songs “Christmas Party” and “Magasin.” SB19 and NOBITA have put their own unique spin on the supergroup’s classics, released today under Sony Music Entertainment. P-Pop group SB19 captures the spirit of the holidays with their own take on “Christmas Party,” a song off The Eraserheads’ fourth studio album, Fruitcake. Turning the original into a festive banger, the five-member boyband incorporates elements of dance-pop, R&B/hip-hop, and modern funk into the mix. The eclectic rendition of “Christmas Party,” is produced by August Rigo, the hitmaker behind some of BTS’ biggest global smashes (“On” and “Black Swan”). Meanwhile, NOBITA, whose single “Ikaw Lang” is the most streamed song of 2022 according to Spotify Wrapped, added a little jazz-pop treatment to “Magasin” without losing the song’s upbeat and heavily melodic arrangement. Apart from the revamped tracks, five of The Eraserheads’ albums were re-released in full 360-degree spatial sound: Ultraelectromagneticpop!: The 25th Anniversary Remastered Edition, Circus (25th Anniversary Remastered), Cutterpillow, Fruitcake, and Sticker Happy. SB19’s “Christmas Party” and NOBITA’s “Magasin” are out now on all digital music platforms worldwide via Sony Music Entertainment.


Ten Little Mistresses to premiere on Prime Video

PRIME Video will be premiering its first Filipino Amazon Original Movie, Ten Little Mistresses (Sampung Mga Kerida), a murder-mystery comedy film directed by Jun Robles Lana, in February. It stars John Arcilla, Eugene Domingo, Christian Bables, Pokwang, Arci Muñoz, Carmi Martin, and Agot Isidro. The story follows a widowed billionaire, Valentin Esposo, and his 10 mistresses who are fighting tooth and nail to become his new legal wife. But when Valentin suddenly dies, all 10 women end up being prime suspects and race to prove their innocence and unmask the real killer. The film will be available on Prime Video in the Philippines and more than 240 countries and territories worldwide on Feb. 15. Prime members in the Philippines and Southeast Asia will be able to watch Ten Little Mistresses on the Prime Video app for smart TVs, mobile devices, Fire TV Stick Basic edition, Fire tablets, Apple TV, and stream online.


FDCP accepts applications for the Berlinale co-prod market

FILPINO filmmakers may now apply for the Visitors Program of the Berlinale Co-Production Market 2023. The Film Development Council of the Philippines will be selecting three “visitors” to be part of the networking platform for international co-production opportunities in Europe. Interested applicants may send the requirements to projectlab@fdcp.ph until Dec. 29. Application forms may be accessed here: https://bit.ly/BCPM_2023.


Lea Salonga, Pentatonix release Christmas music video

THEATER actress and singer Lea Salonga and American a cappella group Pentatonix released a music video of the Jose Mari Chan hit song “Christmas In Our Hearts.” The ballad is part of Pentatonix’s 6th holiday album, Holidays Around The World. The album features collaborations with international artists including Chinese pianist Lang Lang, Congolese gospel singer Grace Lokwa, Lebanese singer Hiba Tawaji, Latin band La Santa Cecilia, Indian superstar Shreya Ghoshal, Japanese YouTubers Hikakin and Seikin, British a cappella ensemble The King’s Singers, and American superstar Meghan Trainor. The album is available on all digital music platforms via RCA Records/Sony Music Entertainment. Watch the music video of “Christmas In Our Hearts” at https://www.youtube.com/watch?v=tBKCi-lDpes.


Hero collaborates with Ramdiss in new single

RAPPER Hero has released a new single, “Malay Mo,” featuring Ramdiss. The track talks about motivating people to overcome the odds in spite of experiencing a not so good past. The track is available on all digital streaming platforms. Follow Hero at www.facebook.com/imheroph.


Angel Guardian wins Running Man Philippines

GMA Network’s reality game show Running Man Philippines concludes its first season with contestant Angel Guardian named the Ultimate Runner. After their long journey in South Korea, Angel beat her co-runners — Glaiza de Castro, Ruru Madrid, Kokoy de Santos, Lexi Gonzales, Buboy Villar, and Mikael Daez — during their ultimate battle on Dec. 18.

Philippines improves in global sustainability ranking

The Philippines ranked 86th out of 180 countries in the latest edition of the Global Sustainable Competitiveness Index (GSCI) by sustainable intelligence Swiss-Korean think tank and management consultancy SolAbility. The index measures the ability of countries to generate and sustain inclusive wealth without diminishing the future capability of sustaining or increasing current wealth levels. With a score of 41.9 (the highest being 100), the Philippines is below the global average sustainable competitiveness score of 43.1. Among its peers in the Southeast Asian region, the Philippines placed eighth out of 11 countries, just above Brunei (rank 105th overall), Cambodia (114th), and Laos (118th).

Philippines improves in global sustainability ranking

How PSEi member stocks performed — December 22, 2022

Here’s a quick glance at how PSEi stocks fared on Thursday, December 22, 2022.


Peso strengthens versus dollar as Nov. budget deficit narrows

ANGIE REYES-PEXELS

THE PESO strengthened slightly on Thursday due to the narrowing of the government’s budget deficit for November.

The local currency closed at P55.09 against the greenback, up by a centavo from Wednesday’s P55.10 close, data from the Bankers Association of the Philippines showed.

The peso opened the session at P55.045 per dollar, which is also its intraday best. Its weakest showing was at P55.18. Dollars traded fell to $774.2 million from $833.7 million on Wednesday.

In a Viber message, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso inched up mainly because of the recent data release from the Department of Finance on the country’s budget deficit.

Data sent by Finance Secretary Benjamin E. Diokno to reporters on Wednesday showed that the fiscal gap in November shrank by 3.7% year on year to P123.9 billion from P128.7 billion.

Year to date, the budget deficit shrank by 7.2% to P1.24 trillion, from the P1.33-trillion gap in the same period last year.

Mr. Diokno said this was 75% of the revised P1.7-trillion full-year deficit program.

The data also showed that the narrowing of the deficit was due to revenue growth outpacing state spending.

Revenue collections for November jumped by 16.57% year on year to P331.1 billion from P284.4 billion.

Meanwhile, tax revenues increased by 15.92% year on year to P312.9 billion. The Bureau of Internal Revenue collected P237.1 billion, up by 12.53% year on year, while the Bureau of Customs saw its collections rise by 30.74% to P75.7 billion. There were no revenues reported from other tax offices.

Additionally, nontax revenues went up by 28.96% to P18.2 billion in November. The Bureau of the Treasury reported a 13.25% drop in revenues to P5.3 billion. Other offices saw a 61.04% increase in revenues to P12.9 billion.

However, data also showed that state spending rose by 10.24% to P455 billion from P412.7 billion a year ago.

Mr. Ricafort said that the peso gained on the upward correction of the US stock market.

According to a report by Reuters, the US market’s three main stock indexes closed higher on Wednesday for their biggest daily gains so far in December with help from upbeat Nike and FedEx quarterly earnings, as well as improving consumer confidence and easing inflation expectations from investors.

The Dow Jones Industrial Average rose 526.74 points or 1.6% to 33,376.48; the S&P 500 gained 56.82 points or 1.49% to 3,878.44; and the Nasdaq Composite added 162.26 points or 1.54% to 10,709.37.

Meanwhile, a trader said in an e-mail that the peso strengthened due to the continued increase in foreign exchange inflows.

“The peso strengthened anew amid increased peso demand due to expected year-end foreign remittances,” the trader said.

The trader also noted that Friday’s movement could be affected by the release of key US economic data.

“The local currency might appreciate tomorrow (Friday) ahead of potentially weaker US personal consumption expenditure inflation which serves as the Fed’s main inflation gauge,” the trader said.

Mr. Ricafort sees the peso moving between P55.00 to P55.20 while the trader gave a slightly wider forecast range of P54.95 to P55.20. — Aaron Michael C. Sy

PSEi extends rally as US consumer confidence rises

BW FILE PHOTO

PHILIPPINE stocks extended their rally on Thursday after US consumer confidence rose to an eight-month high in December just before the holidays.

The bellwether Philippine Stock Exchange index (PSEi) climbed by 56.14 points or 0.86% to close at 6,576.94 on Thursday, while the broader all-shares index rose by 22.43 points or 0.65% to 3,442.26.

“Seasonal and passive investors who received extra cash during this season are placing their bets on the market for their long-term investment objective, pushing up the index,” said Unicapital Securities, Inc. Equity Research Analyst Neil Andrew L. Maderaje in a Viber message.

He said the PSEi logged its three-day rally on Thursday “as investors set stock positions” before Christmas Day and New Year’s Eve.

“Philippine shares jumped ahead a couple of days before the Christmas break as better-than-feared earnings and strong consumer confidence data pushed, which jumped to the highest level since April, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

In December, the US consumer confidence index rose to 108.3, the highest reading since April and higher than the 101.4 recorded last month.

Meanwhile, US consumers’ 12-month inflation expectation fell to 6.7%, lower than 7.1% last month and the lowest since September last year.

Majority of the sectoral indices closed higher on Thursday except mining and oil, which went down by 39.85 points or 0.37% to close at 10,599.76, and financials, which lost 4.91 points or 0.29% to 1,654.74.

Meanwhile, holding firms added 100.39 points or 1.56% to close at 6,505.52; property increased by 21.62 points or 0.75% to 2,898.95; services went up by 10.85 points or 0.68% to 1,600.53; and industrials rose by 51.03 points or 0.55% to close at 9,321.85.

Value turnover went up to P6.47 billion on Thursday with 3.77 billion shares changing hands from the P6 billion with 4.36 billion issues traded on Wednesday.

Advancers outnumbered decliners, 97 versus 77, while 53 names closed unchanged.

Net foreign selling climbed to P166.84 million on Thursday from P158.45 million seen the previous trading day.

According to Unicapital Securities’ Mr. Maderaje, positive sentiment on the market would likely continue as the new year comes in.

“On the other hand, these short-term rallies would likely be challenged by anticipated economic headwinds,” he said, citing an elevated interest rate environment, the peak of inflation data, and a slowdown of global economic activity in 2023.

He placed the PSEi’s short-term support level at 6,400 and its resistance level at 6,800. — Justine Irish D. Tabile

DBP sees wealth fund role as provider of infra capital

COURTESY OF DBP FACEBOOK PAGE

THE Development Bank of the Philippines (DBP) views the proposed Maharlika Investment Fund (MIF) as a valuable source of long-term capital for developing infrastructure.

In a statement, the bank’s President and Chief Executive Officer Emmanuel G. Herbosa said such investment will be critical for food, water, green energy, agro-industrial ventures, telecommunications, public infrastructure, and road networks projects.

“From my personal standpoint, the creation of a SWF (sovereign wealth fund) is a superb opportunity to address the dearth in sources of long-term capital which is integral to support these capital-intensive investments,” Mr. Herbosa said.

“As head of a government bank, the SWF is closely aligned with our operating principle of bolstering (the economy) through timely and meaningful support for critical industries and sectors,” he added.

The House of Representatives last week approved on third and final reading the Maharlika Investment Fund (MIF) bill, with 279 votes for, or about 90% of the chamber.

According to Mr. Herbosa, the additional safeguards in the proposed measure will ensure that the fund is not misused, employed fraudulently, and shielded from political interference.

In the bill’s latest version, the number of independent directors has been raised to four, congressional oversight and multiple layers of audit have been included, with stiff penalties prescribed for any misconduct by fund officials. 

Mr. Herbosa said that the provision of sovereign guarantees for specific contributions adds another layer of confidence especially in funding projects while also attracting private sector and international funders.  

“At this juncture it’s best that we allow the bill to take its proper course in the legislative mill as I believe this would lead to a solid and watertight law in view of the purification and purging process that it underwent,” he added.  

The Government Service Insurance System and Social Security System were initially proposed as Maharlika funders, but were ruled out after a backlash. — Keisha B. Ta-asan

Maharlika bill FoI safeguards seen as inadequate

SPEAKER Martin G. Romualdez during the opening of the 19th Congress at the House of Representatives in Quezon City on July 25, 2022. — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE Maharlika Investment Fund (MIF) bill is suffering from a lack of public consultation, with transparency safeguards like the obligation to respond to Freedom of Information (FoI) requests deemed insufficient for achieving transparency, a non-government organization said.

David Michael M. San Juan, convener of the Professionals for a Progressive Economy, added that public consultations on the bill should have taken months.

Mr. San Juan, also an associate professor at De La Salle University, said in an e-mail that he is not reassured by safeguards inserted into the bill allowing FoI requests to be addressed to fund officials.

“Based on my previous FoI experiences, some agencies can pretend that they don’t have data available. At times, some agencies approve your request for information, then they’ll ignore your follow-ups, in effect withholding information,” he said.

Section 43 of House Bill (HB) 6608, which passed on third reading, contains a list of documents from the Maharlika Investment Fund (MIF) and the Maharlika Investment Corp. (MIC) that must be made public: “all investments thereof, planned or negotiated, statements of assets and liabilities (SALNs) of members and officials of the board of directors, advisory board, and risk management unit, the SALNs of those who appointed said members and officials, audit documents of the internal auditor, external auditor, and (the Commission on Audit), and other related documents and information.”

In a statement on Sunday, Speaker Ferdinand Martin G. Romualdez said that Congress has gone through “lengthy and exhaustive plenary deliberations on House Bill 6608” and has “adopted various safeguards to ensure we can achieve the objectives of the Maharlika Investment Fund.”

Mr. Romualdez added that one of the key safeguards in the Maharlika bill is the provision that recognizes the public’s right to FoI requests.

Regarding the lack of public consultation, Neri J. Colmenares, chair of the Bayan Muna Party-list and the National Union of Peoples’ Lawyers, said in an e-mail, “The only hearing where the public was invited was when we were invited once but it was limited to us just asking questions in one hearing.”

“The fact that certain members of Congress were allowed to propose amendments does not mean public consultations were done,” Mr. Colmenares added.

Mr. Colmenares, who proposed the FoI provision when the bill was at committee level, said that the previous administration’s executive order on how agencies must deal with FoI requests is no guarantee of transparency, because agencies can deny requests.

Executive Order (EO) No. 2, s. 2016 requires the Executive Branch to fully disclose information and State policies, which applies to the MIF.

Mr. San Juan added that the MIF must be required to disclose all companies it invests in, the amount invested, and the gains or losses recognized on a quarterly basis.

“There should also be a list of the full names and bionotes of all MIF officials, consultants, and fund managers posted online. This will be for greater transparency on possible conflict of interest.” Mr. San Juan said.

Despite the amendments included, there are no guarantees that the MIF and MIC won’t fall into corrupt hands, according to Mr. San Juan.

“Political dynasties are so interconnected with big business firms (with bureaucrats and private sector CEOs connected to these dynasties and big business firms exchanging roles through a revolving door, which may be legal but certainly immoral) that no safeguard will be enough unless political dynasties are banned and electoral involvement of big business is at least strictly regulated if not eradicated,” Mr. San Juan said.

Mr. Colmenares said the MIF’s problem is fundamental: “No amendment can cure the Maharlika bill. Sovereign wealth funds are only established when there is excess wealth. We don’t have excess wealth.”

Albay Rep. Edcel C. Lagman, who voted no to the MIF bill, said in a statement, “No avalanche of accepted amendments can cure the inherent chronic and substantial defects of the Maharlika Investment Fund,” adding that the fund needs to focus on “human development (with) sufficient allocations for education, health, employment, food security, and basic infrastructure.”

The Maharlika bill was first filed on Nov. 28. In its original form, it was to take in capital from the two government-run pension funds and the two leading government banks. HB 6608 is a substitute bill that proposed that the fund draw capital instead from the Bangko Sentral ng Pilipinas as well as the two government banks. — Beatriz Marie D. Cruz

Farmers say high sugar prices due to issues with distribution, retail

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Agriculture (DA) needs to address the distribution and retail portions of the sugar supply chain, which are causing prices to rise, a farm industry association said.

High sugar prices are providing a pretext for the government to import sugar, shipments of which need to be “calibrated” in their arrival to avoid causing disruptions, Samahang Industriya ng Agrikultura Chairman Rosendo O. So added in an appearance on BusinessWorld Live on Thursday.

“High prices of sugar are driven by distribution and retailing issues. The DA should instead convene to address (these) problems,” he said.

The DA, in a memorandum order dated Dec. 20, said it is expediting the import of 64,050 metric tons (MT) of refined sugar to stabilize prices.

Mr. So called for imports be staggered from the January-March period.

“I think… we have just to calibrate the shipments. If the imports are calibrated, we don’t see any problem. But if the whole 64,000 MT comes at once, then we will have some problems. Our farmers are still harvesting in the first part of January,” he said.

Mr. So said the DA should be focusing on the role distribution plays in raising prices.

“December is harvest peak. We have enough stock; the only problem is the price. I think the DA should talk to the millers to stabilize the price,” he said, referring to the part of the supply chain that has the most impact on prices at the moment. “The 64,000 MT of imports will not come in December anyway, so best is to talk with the millers,” Mr. So, said.

In a statement, sugar planters said there is “no reason” for prices to remain high because supply is ample.

“There is no urgent need for imports especially during peak milling season, and there is also no reason why retail prices should remain disproportionately high,” the National Federation of Sugarcane Planters, Inc.; Confederation of Sugar Producers Association, Inc. and Panay Federation of Sugarcane Farmers, Inc. said in a joint statement.

“We would like to reiterate at this time our call for the DA, Sugar Regulatory Administration, and Department of Trade and Industry to guard against excessive retail prices that are not in sync with prevailing millgate prices,” they added.

Mr. So called the DA out of touch with conditions on the ground, saying its planning approach has been influenced by the National Economic and Development Authority (NEDA). He called NEDA’s method “table computation,” without referring to intelligence from the field. — Ashley Erika O. Jose

Digital national ID issuances hit 10 million, behind target

PHILIPPINE STAR/ MICHAEL VARCAS

THE Philippine Statistics Authority (PSA) announced on Wednesday that issuances of the digital version of the national ID, known as the ePhilID, have topped 10 million, about half of the target for the year.

The PSA said in a statement that the number of ePhilIDs that have been claimed at Philippine Identification System (PhilSys) registration centers is 10,126,352.

The PSA’s target is to deliver 30 million physical cards and 20 million ePhilIDs by the end of 2022.

President Ferdinand R. Marcos, Jr. laid out the target of 50 million IDs — physical and electronic — in his State of the Nation Address.

In a Dec. 6 meeting with Socioeconomic Planning Secretary Arsenio M. Balisacan and PSA officials, the President said: “Let us print out as much as we can, and then let’s issue the physical ID as soon as we can.”

The printing delays were blamed on the “late start of the flow of data and the volume of the data, which is less than what is supposed to be,” according to a statement issued by the Office of the Press Secretary on Dec. 6.

According to the PSA, the ePhilID is the digital version of the PhilID, which is a physical card. The Agency began rolling out the ePhilID in late October.

The ePhilID will soon be accessible through mobile phones, the PSA said.

Those who have registered will be able to download their ePhilIDs on their smartphones as well as their laptops through the PhilSys website, the PSA said. — Aaron Michael C. Sy