Higher oil prices may dampen consumption in Asia, PHL

March 4, 2022 | 12:31 am

A worker cleans LPG gas tanks sold at a distributor in Kamuning, Quezon City, March 1. — PHILIPPINE STAR/ MICHAEL VARCAS

THE CONTINUED SURGE in global oil prices driven by the war in Ukraine could affect consumption patterns in Asian countries like the Philippines and may in turn impact economic growth, according to JPMorgan Chase & Co.

“The recent escalation in geopolitical tensions is expected to deliver a shock to commodity prices, centered so far on energy prices and wheat prices. In our baseline scenario, we expect Brent oil prices to lift to an average US$110/bbl (barrel) in Q2 from a prior estimate of around US$90/bbl,” JPMorgan Chief Economist for ASEAN Sin Beng Ong said in a note sent to reporters on Wednesday.

Based on his estimates, a $17 per barrel or 20% increase in oil prices to $110/bbl could mean a 0.4-percentage-point (ppt) reduction in the gross domestic product (GDP) growth of the Philippines.

“For emerging market Asia, we estimate that the first order shock on consumption would trim growth by around 0.2 percentage point, with the largest impact on the Philippines,” Mr. Ong said.

South Korea is expected to suffer a 0.3-ppt reduction in GDP, while the economies of China, India, Malaysia, and Thailand are estimated see a 0.2-ppt drop in GDP.

“In our view, there are two main channels through which an adverse energy price shock would impact the region, the first via a negative real income impact on growth, initially via private consumption, and second, with a lag, through trade, which then affects capital spending,” Mr. Ong said.

He said there will be “a sharp decline in the current account balances, with a 0.4% of GDP hit, with the largest impact on Korea, Taiwan and Thailand.”

“If there are limited offsetting capital inflows or indeed outflows, the net impact would be additional pressure on their balance of payments,” Mr. Ong added.

The rising oil prices and its impact on inflation could affect both consumers and businesses, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

“Definitely there will be some cost-push inflation that can soften consumer and business consumption that incidentally are just recovering from the crippling impacts of the coronavirus disease 2019 pandemic,” Mr. Asuncion said in a Viber message.

The economy expanded by 5.6% in 2021 after a record 9.6% contraction in 2020. Household consumption, which makes up about 70% of the economy, rose by 4.2% last year after slumping by 7.9% in 2020.

Economic managers expect the economy to grow by 7-9% this year, but are keeping a close eye on the impact of higher oil prices, especially on transport and agriculture.

President Rodrigo R. Duterte on Wednesday has approved a P3-billion fuel subsidy program for public utility drivers as well as agricultural workers.

Since the start of the year, gasoline, diesel, and kerosene prices per liter rose by P9.65, P11.65, and P10.30.

There are calls to amend the oil deregulation law to include the creation of a strategic petroleum reserve when oil prices are lower.

“This is good because it will soften the blow of any other future oil price shocks,” UnionBank’s Mr. Asuncion said.

Based on JPMorgan estimates, oil and gas accounts for $2.7 billion of the country’s imports.

It also projects that a 20% increase in oil prices will have a 0.8-ppt impact on inflation, given that oil has a 6.9% weight in the Philippine consumer price index.

“Given these shocks, we expect macro-policy to mitigate the price shock via fiscal policy and also for central banks to be more mindful of the growth impact relative to the rise in inflation,” JPMorgan’s Mr. Ong said.

“Thus, central banks may not necessarily respond to the supply-side driven rise in headline inflation, given its negative repercussions for growth, but instead be focused on labor markets and by extension, core inflation, as was the case last year,” he added.

The BSP raised its inflation forecast for the year to 3.7% from 3.4% previously last month amid higher oil and nonoil prices. Still, it kept interest rates at record lows to support growth but stressed they are ready to act in case there is a need to respond to second-round effects of inflation. — Luz Wendy T. Noble

SEC strengthens rules on removal, disqualification from firms

March 4, 2022 | 12:09 am

By Keren Concepcion G. Valmonte, Reporter

THE Securities and Exchange Commission (SEC) is strengthening its rules on the disqualification and removal of the directors, trustees, and officers of companies “in line with its commitment to ensure good corporate governance in the country.”

SEC Memorandum Circular No. 4, Series of 2022 was issued on Feb. 15 and published online on March 2.

“The memorandum circular covers pleadings, practices and procedures before the SEC in all matters of hearing and proceedings for independent administrative actions for the removal of directors; removal of directors, trustees, and officers as a sanction in the Commission’s proceedings; and imposition of sanctions on the board of directors or trustees who, with knowledge of disqualification, failed to remove a disqualified director or trustee,” the SEC said in a statement on Thursday.

The said memorandum operationalizes Sections 26 and 27 of the Revised Corporation Code of the Philippines (RCC) or Republic Act No. 11322.

Section 26 provides grounds for an executive’s disqualification, while Section 27 allows the commission to order the removal of a director or trustee elected, despite the disqualification, upon verified complaint and after due notice and hearing.

“Under the rules, disqualification refers to the fact or condition that disqualifies a person from being a director, trustee, or officer, while removal pertains to the act of taking away a person from such position,” the SEC said.

The disqualification guidelines apply if the director, trustee, or officer commits violations stated within five years before their election or appointment or during their tenure as a company executive.

A person may be disqualified if they have been convicted by final judgment of an offense punishable by being imprisoned for over six years or for violating or having an offense involving fraudulent acts punishable by the RCC or the Securities Regulation Code on top of other rules implemented by the SEC.

An individual may also be disqualified if they were found administratively liable by a foreign court or an equivalent foreign regulator for misconduct related to the ones stated under the RCC.

The director, trustee, or officer may also be disqualified if they were found administratively liable by final judgment by not allowing the inspection and/or reproduction of corporate records.

“An independent administrative action for the removal of a director, trustee, and/or officer of a corporation may be commenced upon the motu proprio issuance of a formal charge by the SEC operating department that has jurisdiction over the subject matter, or upon filing of a verified complaint with the operating department,” the SEC said.

The SEC operating department concerned may dismiss the complaint if it was filed without complying with requirements or if the commission or the operating department has no jurisdiction over the subject matter.

The regulator may also dismiss the complaint if there is already a pending action or if a complaint was filed beforehand regarding the same matter or issues in any court, tribunal, or agency. It may also be dismissed if there is insufficient evidence to support the complaint’s allegations.

“On the other hand, a summons will be issued to the respondent/s should authority to act over the complaint be established by the SEC. The respondent/s will be given 15 days from receipt of the formal charge or summons to file a verified answer,” the SEC said.

If the respondent does not issue an answer, the commission may go forward with a judgment on the complaint. The SEC may also schedule a clarificatory hearing.

The procedures on the decisions, resolutions, final orders, appeals and motions for reconsideration will be done according to the 2016 SEC Rules of Procedure.

Meanwhile, the SEC may remove a director, trustee, and/or officer of a corporation if it establishes grounds that the individual may be disqualified from his/her post following an administrative or adjudicative proceeding.

“The SEC will first issue an order directing the director, trustee, and/or officer of the corporation to show cause why they should not be disqualified from their position or be administratively penalized,” the commission said.

Similar to the procedures on disqualification, the respondent will be given the opportunity to file a response within 15 days from notification. The SEC may go ahead motu proprio with a judgment to impose sanction/s “as the evidence presented or established in the course of the proceedings may warrant.”

If a one-person corporation’s sole director is removed, the SEC said the nominee will take the place of the single stockholder as director and the nominee will also be put in charge of the corporation’s affairs.

The regulator may also opt to issue a permanent cease-and-desist order and/or slap a monetary penalty of P10,000 to P400,000 for every violation of its orders or any relevant laws and regulations.

The commission will also record all orders, decisions, or resolutions involving the removal of a director, trustee, and/or officer of a corporation via a Removed Directors, Trustees, and Officers Index. Its access is limited to the SEC unless they receive authorization from the concerned individual and approval from the SEC operating department’s director.

PLDT eyes over P50B from sale of towers, lowers capex

March 4, 2022 | 12:08 am

By Arjay L. Balinbin, Senior Reporter

PLDT, Inc. on Thursday said it expects more than P50 billion from the sale of its 6,000 towers to global tower companies this year, which will be used to pay down debts.

PLDT also announced that its capital expenditure (capex) guidance for the year has been set at P76 billion to P80 billion, lower than the P89 billion capex last year.

“We’re pleased to report that the bids we’ve received are north of the P50 billion mark, so that should provide us with a bit of liquidity to reduce debts moving forward,” PLDT Chairman Manuel V. Pangilinan said during a briefing.

Alfredo S. Panlilio, president and chief executive officer of PLDT and its unit Smart Communications, Inc., said six global tower companies are vying for the towers, which will be awarded in the second quarter of the year.

“These players have massive investments globally,” he noted.

The PLDT group has around 12,000 towers nationwide.

PLDT Chief Finance Officer Anabelle L. Chua said that capex for 2022 is expected to be lower by up to P13 billion and to decline to below 40% of service revenues.

“One of the major goals this year is to realize positive free cashflow,” Mr. Pangilinan said.

The company also expects its consolidated service revenues to grow by mid-single-digit in 2022 and telco core income, which excludes the impact of asset sales and Voyager Innovations, Inc., to be up to P33 billion.

PLDT’s net income for 2021, which includes exceptional costs, grew by P2.1 billion or 9% to P26.4 billion.

Its total service revenues for 2021 went up 6% to P182.1 billion from P171.5 billion in 2020.

“2021 proved to be record-breaking year for PLDT as we delivered all-time highs across the board despite the challenges brought about by the pandemic, calamities and hyper competition,” Mr. Panlilio said.

Broken down, revenues from the company’s consumer and enterprise segments increased 7% to P176.1 billion from P165.3 billion.

Its telco core income rose 8% to P30.2 billion last year from P28.1 billion in 2020.

The company’s EBITDA, or earnings before interest, taxes, depreciation, and amortization, reached P96.2 billion in 2021, up 8% from P88.8 billion previously.

Mr. Pangilinan said: “We are determined to strengthen our financial standing as we focus on generating positive free cashflow.”

“After years of massive spending on infrastructure, we are transitioning to a more deliberate approach to our capital expenditures, having built the country’s most extensive networks. We are also renewing efforts to throttle down on operating expenses to further enhance our EBITDA,” he added.

PLDT shares rose 4.57% or P80 to close at P1,830 apiece on Thursday.

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.

Looking for the next big thing

March 4, 2022 | 12:07 am

Execs photo up close — FROM left to right: Luis Paolo Pineda (KUMU Chief Commercial Officer) Robert P. Galang (Cignal Entertainment President and CEO TV5), Erickson Raymundo (Corner Stone Entertainment President), and Jeff Vadillo (Corner Stone Entertainment Vice President)

TV5, Kumu, Cornerstone Entertainment to launch new P-pop group search

TV5’s CIGNAL Entertainment has partnered with content streaming platform Kumu and multimedia company Cornerstone Entertainment for the Pinoy singing boy group talent search, Top Class, The Rise to P-Pop Stardom.

Top Class is an original talent search “survival” series focusing on male performers. The show will highlight young aspirants as they undergo training and take on challenges while competing to become a member of the next Filipino boy group.

“We have the raw talent. It’s just a matter of providing the right training, the right influences, and the right support,” Cornerstone Entertainment Vice-President Jeff Vadillo told members of the press after the contract signing at the TV5 Media Center on Feb. 28. “This is the kind of future that we’re working on, to be able to create Filipino artists and doing [so] excellently that other people from other countries can appreciate and relate with it.”

Cornerstone Entertainment is the talent agency behind performers such as Erik Santos, Kayla, Jay-R, Arci Muñoz, Moira Dela Torre, Julia Montes, and Markki Stroem. It is also the creator of shows like the drama series Niña Niño and singing game show Sing-Galing through its production arm, CS Studios.

“In terms of the trends nowadays, you can see that there’s diversity. It’s not just one genre running the airwaves in terms of music. If we’re talking about music, a lot of genres getting their own market, and getting their own audience,” Mr. Vadillo said.

The talent series will feature Filipino hosts and mentors who are known globally for their body of work. They will guide and prepare the young talents for the music and entertainment scene.

STREAMING THE SHOW
The growing popularity of the content found on Filipino live streaming app Kumu also motivated the decision to discover the next P-pop group. Launched in 2018, there are more than 10 million registered users on the platform from over 55 countries.

“It’s a natural direction for us to partner with Kumu, because of their appreciation for developing diverse styles [of entertainment],” Mr. Vadillo said of the partnership.

“It’s natural progression that we actually put together a show where we can allow these creators to progress in their career. We are not in the business of talent management and production, so we work with Cornerstone who will help us and will always complement the show that we’re putting together,” Kumu Chief Commercial Officer Luis Paolo Pineda said, “And [of course], you need a free to air platform so that a majority of the Filipinos can watch.”

Since its return to the entertainment production scene in 2020, TV5 has been working to create more content through partnerships.

“It’s very encouraging that our decision in 2020 to work with different production companies has performed well,” TV5 President and CEO Robert P. Galang said.

“2021 was a year of building capabilities, not just the network side but also the content creation side because we’ve also been able to team inside Cignal. We got very talented people [who] know how to execute [shows],” he said.

The mechanics of the competition and the requirements for interested candidates are yet to be announced. Top Class, The Rise to P-Pop Stardom is set to premiere this year.

For more information and updates, visit Cignal TV’s official Facebook page (www.facebook.com/cignaltv) and the official account of Top Class on Kumu (http://app.kumu.ph/topclass). — Michelle Anne P. Soliman

SEC issues halt order against RGS World, PawisNgPinoy

March 4, 2022 | 12:07 am

THE Securities and Exchange Commission (SEC) has issued cease-and-desist orders against RGS World Marketing Corp. and PawisNgPinoy Online Investment for their respective illegal investment programs.

The commission, sitting en banc, is calling on the two entities to stop promoting their investment programs as these are not registered with the SEC. The regulator issued two separate orders dated March 1.

Investigations done by the SEC Enforcement and Investor Protection Department (EIPD), SEC Bacolod Extension Office (BacEO), and the SEC Iloilo Extension Office revealed that RGS World has been selling and/or offering compensation plans worth P1,000 to P20,000. The entity has been promising investors returns worth P3,500 to P80,000.

Investors of RGS World were also being lured with non-monetary returns like frozen goods and rice on top of bonuses, incentives, and products given after referring or recruiting more people into the scheme.

RGS World also distributes products like soap, liniment oils, rice, eggs, and other poultry products “to disguise its investment scheme as a legitimate distribution business,” the regulator said.

However, records from the Food and Drug Administration showed that the entity does not have a license to operate a distribution business.

The SEC said RGS World’s program “involves the pooling of the resources consisting of the moneys of its investors which are actually utilized to satisfy and pay the guaranteed returns of its existing investors.”

“This is the common enterprise that is being sustained by the investments received by RGS World from the public, although the same is masked by a product distribution business which, in reality, does not exist,” the commission en banc held.

Members of RGS World’s scheme do not do anything but invest and give their money to the directors, officers, agents, and promoters of RGS World to receive their returns.

“However, BacEO has already received complaints from numerous investors claiming that they have not received the profits or products promised to them,” the SEC said.

RGS World is a corporation registered with the commission. However, it did not secure a secondary license from the commission as issuer of securities or broker dealer and it also did not register any securities to be offered to the public.

On the other hand, PawisNgPinoy Online is not registered with the commission as a corporation or partnership and it also does not have a secondary license from the commission to solicit investments.

The EIPD received an inquiry last year after PawisNgPinoy Online was flaunting a certificate of filing of amendment of by-laws and an advisory issued by the commission “to make it appear that it is authorized to solicit, accept, and/or take investments from the public, allegedly for use in furtherance of its rice trading business, construction and medical supplies distribution, and real estate operations.”

However, the EIPD found that the document PawisNgPinoy Online used was originally issued to Top Frontier Investment Holdings, Inc., which was then edited to make it appear as if it was issued to the entity.

PawisNgPinoy Online was promising would-be investors of a guaranteed passive income with a 205-265% return of investment within just five days. Members can invest in packages and promos worth P2,000 to P50,000.

In its Jan. 11 advisory against PawisNgPinoy Online, the SEC said its offering “is an indication of a possible Ponzi scheme where returns to early investors are likely to be paid out from the investments of new investors and not out of the companies’ profits similar to those already flagged by the Commission as scams.” — Keren Concepcion G. Valmonte

Star Trek: Picard romantically going where Picard hasn’t gone before

March 4, 2022 | 12:06 am

Patrick Stewart in Et in Arcadia Ego, Part 2 (2020) — A SCENE from the drama series Star Trek: Picard

LOS ANGELES — After a successful first season, sci-fi drama series Star Trek: Picard returns to see its titular hero, played by British actor Patrick Stewart, boldly going where he hasn’t gone before — into a relationship.

“I really enjoyed the relationship aspects of the show, certainly when they are in a romantic atmosphere. That has been fascinating from the in,” Mr. Stewart, 81, told Reuters.

“Obviously in Picard what we’ve been trying to do is find places that haven’t been explored so there is no road map for Picard’s resistance to romantic intimacy but it’s apparent,” the show’s creator Akiva Goldsman added.

Dedicated to the much-loved starship captain Jean-Luc Picard, Star Trek: Picard originally was never meant to take off after Mr. Stewart decided he didn’t want to return to the role he portrayed in the 1987-1994 TV series Star Trek: The Next Generation and in four films, the last released in 2002.

“I went to the first meeting (with the show writers) in order to turn them down but I was so impressed and admiring of the people who had made… this offer, that I felt it proper to tell them to their faces why I was going to say no,” he said. “Well, something happened and here I am.”

In this season, Picard is called from his vineyard in France after a message is heard in deep space summoning him for help.

However, his old nemesis, the godlike Q, is waiting in the wings and once again means to test Picard.

Also returning to the series is a popular Star Trek character, former Borg drone Seven of Nine, played by Jeri Ryan, who has her own issues to deal with in this season.

“This character has been so beautifully written and so beautifully developed that I haven’t really felt the need, except on very rare occasions, to step in and say ‘Oh you know, I don’t know if what she did was right’,” Ms. Ryan said.

“That’s so unusual and I’m so fortunate to be in this position.”

The second season of Star Trek: Picard begins streaming on Paramount+ on Thursday. — Reuters

ICTSI income surges to $429M

March 4, 2022 | 12:06 am

LISTED port operator International Container Terminal Services, Inc. (ICTSI) saw its attributable net income for 2021 surge to $428.6 million from $101.8 million a year earlier, mainly due to higher operating income.

The company’s gross revenues from port operations increased 23.9% to $1.9 billion in 2021 from $1.5 billion previously, it said in a media release on Thursday. Its expenses were reduced 4.7% to $1.1 billion from $1.2 billion in 2020.

It said last year’s net income attributable to equity holders was 321% higher “mainly due to higher operating income and nonrecurring charges in 2020; partially offset by increase in depreciation and amortization resulting from the new terminals; higher interest on loans, concession rights payable, and lease liabilities; additional impairment charges on other nonfinancial assets; and charges associated with the prepayment of loan facilities at Victoria International Container Terminal.”

The company’s equity in net loss of joint ventures was down to zero in 2021 from a $12.27-million loss in 2020 mainly due to its share in higher net income in Manila North Harbour Port, Inc. and lower net loss at Sociedad Puerto Industrial Aguadulce S.A. in 2021.

It handled consolidated volume of 11,163,473 twenty-foot equivalent units (TEUs) in 2021, higher by 10% compared with the 10,193,384 TEUs handled in 2020 primarily due to volume growth and improvement in trade activities as economies recover from the impact of the pandemic and lockdown restrictions.

The company also noted that it has no exposure to investments in Ukraine or Russia, which recently launched a military attack on the former.

“The scale and duration of these developments and event remain uncertain as of March 1, 2022. It is not possible to estimate the overall impact of the outbreak and war’s near-term and longer effects, and could have a material impact on the group’s financial results for the rest of 2022 and even periods thereafter,” it added.

ICTSI shares closed 4.59% higher at P228 each on Thursday. — Arjay L. Balinbin

Kim Kardashian now legally single from Kanye West

March 4, 2022 | 12:05 am

LOS ANGELES — A Los Angeles judge on Wednesday granted reality TV star Kim Kardashian’s request to be declared legally single from rapper Kanye West after nearly eight years of marriage.

The businesswoman and star of Keeping Up with the Kardashians filed for divorce a year ago, citing irreconcilable differences with Mr. West, who has legally changed his name to Ye. The couple have four children ranging in age from two to eight.

Mr. West, 44, had objected to the divorce and publicly appealed for his wife to return to their marriage. In recent Instagram posts, he criticized her parenting and her new relationship with Saturday Night Live actor Pete Davidson.

Los Angeles Superior Court Judge Steve Cochran approved Ms. Kardashian’s petition to end the marriage through a bifurcation proceeding, which allows for a change in marital status while other issues are addressed.

“The Court grants termination of the marital status,” the judge said in a written order issued after a public hearing.

A representative for Mr. West did not respond to a request for comment.

Mr. West and Ms. Kardashian, 41, married in May 2014, making them one of the most talked about celebrity couples in Hollywood, popularly known as “Kimye.”

The couple’s relationship became strained in 2020 when West, who suffers from bipolar disorder, ran an unsuccessful campaign marked by erratic statements to be elected US president under his self-styled Birthday Party.

The pair grew further apart with the 21-time Grammy winner spending most of his time at his ranch in Wyoming and Ms. Kardashian remaining in their Calabasas, California, mansion outside Los Angeles. Ms. Kardashian released a statement urging compassion for Mr. West’s mental health struggles.

The marriage was the first for Mr. West and the third for Ms. Kardashian after she had brief marriages with basketball player Kris Humphries and music producer Damon Thomas. — Reuters

DMCI Mining net income hits P1.4B

March 4, 2022 | 12:05 am

DMCI Mining Corp. on Thursday said its core net income more than doubled last year to P1.4 billion from P575 million previously due to deferred tax liability re-measurement.

“2021 was a banner year for us. We were able to take advantage of the strong China demand and elevated nickel prices because our two mining assets were operational the whole year,” DMCI Mining President Tulsi Das C. Reyes said in a media release.

The latest profit figure excluded a nonrecurring income of P247 million. Revenues grew 63% to P4 billion in 2021 from P2.5 billion in the earlier year.

The mining company said it shipped 1.9 million wet metric tons (WMT) of nickel ore in 2021, higher by 18% than 1.6 WMT the previous year.

Due to surging nickel prices, shipments nearly tripled the company’s net income to P1.7 billion from P575 million.

Of the total nickel ore shipments, more than 1 million WMT came from Berong Nickel Corp. while Zambales Diversified Metals Corp. accounted for nearly 900,000 WMT.

“We expect significant market volatility due to the worsening conflict between Russia and Ukraine. The economic sanctions on Russia will lead to significant supply disruptions,” said Mr. Reyes.

DMCI Mining is a wholly owned subsidiary of the Consunji-owned DMCI Holdings, Inc., which holds businesses in general construction, coal and nickel mining, power generation, real estate development, water concession and manufacturing.

In the third quarter of 2021, DMCI Holdings attributable net income rose 112.8% to P3.99 billion from P1.88 billion in 2020.

For the January-September period last year, attributable net income increased 244.6% to P13.5 billion from P3.9 billion.

DMCI Holdings shares went up 35 centavos or 3.92% to close at P9.27 at the stock exchange on Thursday. — Luisa Maria Jacinta C. Jocson

Without PATAFA endorsement: EJ Obiena set to miss four international meets

March 4, 2022 | 12:04 am

THE Philippine Olympic Committee (POC) on Thursday slammed the Philippine Athletics Track and Field Association (PATAFA) for its decision not to endorse Olympian pole-vaulter Ernest John “EJ” Obiena in four international meets including the World Indoor Championships set on March 18 to 20 in Belgrade, Serbia.

The World No. 5 and Asian record-holder wrote PATAFA a request on Feb. 24 for an endorsement that would allow him to compete in Belgrade, which was denied in a letter from national athletics training director Renato Unso last Monday after citing the former’s refusal to agree to the Philippine Sports Commission-initiated mediation in the past.

Mr. Obiena was also expelled from the national team, which would automatically deny him from receiving endorsements from PATAFA for him to be allowed to see action in the Hanoi Southeast Asian Games slated for May 12 to 23 and the Hangzhou Asian Games set on Sept. 12 to 25.

He is also expected not to get the PATAFA’s nod in the World Championships scheduled July 15 to 24 in Eugene, Oregon.

“Again, how many more gold medals or what more achievements does EJ need to get Patafa’s endorsement?” said POC President Abraham Tolentino. “He’s the best in Asia and his numbers have been rising consistently, but still he’s bound to be denied more medals for the country.”

The impasse had gotten worse after PATAFA President Philip Ella Juico lodged a complaint against Mr. Obiena and the POC at the Court of Arbitration for Sport (CAS) on Feb. 11.

The rift was rooted from PATAFA’s accusation that Mr. Obiena allegedly fabricated liquidations concerning salaries of Ukrainian coach Vitaly Petrov, which the Southeast Asian Games gold medalist repeatedly denied.

Mr. Obiena posted a season-best 5.81 meters, which he registered twice in two separate meets — Orlen Cup and Orlen Copernicus Cup — in Poland last month, that earned him a spot to the Belgrade and Eugene meets.

Mr. Obiena was also hoping to take a shot at his personal best 5.93m he registered in the Golden Roof Challenge in Innsbruck, Austria last year.

But because of the conflict, he would have to pass up on these rare chances.

MR. JUICO’S SIDE
Mr. Juico, for his part, denied Mr. Obiena’s claim that PATAFA refused to give the latter endorsement to the Belgrade event.

“Who said it was denied? They don’t know what they’re talking about. It’s PATAFA’s call,” said Mr. Juico.

Mr. Juico also stressed the CAS case has nothing to do with liquidation issue Mr. Obiena has been embroiled in.

“The case has nothing to do with the integrity issues Mr. Obiena faces. POC fails to realize these are two separate issues. Why not bring POC action to CAS? The POC shouldn’t have gotten involved in a clearly internal matter and therefore legally and morally wrong,” said Mr. Juico.

“I told the public that I’ll fight the POC action on Jan. 26, the day they railroaded the proceedings. Last time I checked, we still are a free country and still had rights under our constitution.

“It’s an appeal, not a complaint,” he added. — Joey Villar

Turn down the volume as WHO sets new safe limit for music venues

March 4, 2022 | 12:04 am

long-truong-Y5PXVs1LpY4-unsplash — LONG TRUONG/UNSPLASH

YOUNG people risk hearing loss from loud music in venues such as nightclubs and concerts, the World Health Organization (WHO) said as it issued a new global standard for safe listening.

Nearly 40% of teenagers and young adults aged 12–35 years in middle and high-income countries are exposed to potentially damaging sound levels in venues such as nightclubs, discotheques, and bars, the WHO said in a statement, adding that it recommended a maximum average sound level of 100 decibels.

The risk of hearing loss is intensified because most audio devices, venues, and events do not provide safe listening options, Bente Mikkelsen, WHO director for the department for noncommunicable diseases said on Wednesday.

The WHO also said that it recommended live monitoring of sound levels and designated “quiet zones” at venues.

The new recommendations are in addition to guidelines the WHO issued in 2019 outlining how individuals can limit hearing damage due to prolonged exposure to loud music on devices such as mobile phones and audio players. — Reuters

Jollibee Vancouver serves thousands on opening day

March 4, 2022 | 12:04 am

JOLLIBEE Foods Corp.’s (JFC) first Vancouver outlet was launched last week Friday, Feb. 25, and served nearly 5,000 customers — with some even camping out overnight for over 12 hours just for the famous Filipino fastfood favorite.

“We are extremely delighted by the enthusiastic reception to our first Jollibee store, and we look forward to serving our great-tasting food to more Vancouverites,” JFC President and Chief Executive Officer Ernesto Tanmantiong said in a statement on Thursday.

The newly opened store is located on Granville Street at Vancouver’s downtown entertainment district. Jollibee said this is its first outlet in British Columbia and its 23^rd store in Canada.

Jollibee said it now has branches across “four of the five most populous Canadian provinces,” with shops also present in Ontario, British Columbia, Alberta, and Manitoba.

The company plans to launch two more stores in Strawberry Hill Shopping Center in Surrey and along Cambie Street near downtown’s Vancouver City Hall.

“Jollibee’s entry into the Vancouver market is a milestone for the Jollibee Group as we continue to expand in North America in line with our vision of becoming one of the top 5 restaurant companies in the world,” Mr. Tanmantiong said.

JFC now has over 5,900 stores across 34 countries. It has eight wholly owned brands under its belt, namely: Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, and Smashburger.

The company also has six franchised brands, namely: Burger King, Panda Express, PHO24, and Yoshinoya in the Philippines on top of Dunkin’ and Tim Ho Wan in certain territories in China. It also has an 80% stake in The Coffee Bean and Tea Leaf and a 60% ownership in the Superfoods Group.

In 2021, JFC swung to profitability with a P5.94-billion net income attributable to equity holders from the P11.51-billion loss incurred in 2020. The company also posted an 18.7% revenue growth to P153.51 billion from P129.31 billion.

On Thursday, Jollibee shares at the stock exchange went up 1.68% or P4.00 to close at P242.80 apiece. — Keren Concepcion G. Valmonte