Red Bull DIY returns with team, solo skateboarding tourney

March 23, 2022 | 12:01 am

RED BULL DIY is back for its second edition of the community-based do-it-yourself (DIY) online skateboard video competition for passionate Filipino skateboarders to showcase their creativity, skill, and passion for the sport.

In light of Margielyn Didal’s history-making Olympic run, the popularity of skateboarding in the Philippines is higher than ever as more and more Filipino youths develop their interest and skill in skateboarding. This year, Red Bull DIY continues to support both beginner and experienced skateboarders by helping them construct their dream skate spots.

DEVELOPING FUTURE SKATE PARKS
The first phase of this year’s Red Bull DIY is a team competition for skate crews and skate shops to showcase their design and building skills. Each participating team must submit a design for a DIY skate spot. The 15 best proposals will be given 18 days to execute their plans.

From the finished DIY projects, five teams will be selected by Margielyn Didal herself and other members of Skate Pilipinas to advance to the final round of judging, where the top three will be determined by skateboarding legend, Jamie Foy.

Registration for the Red Bull DIY team event runs from March 9 – 27, 2022. Interested teams may register through http://www.redbull.com/redbulldiyph.

Following the DIY team event, individual skaters will get their turn to showcase their skills and passion for skateboarding through an online contest. Participants are tasked to upload a 30-second edited video on Instagram and TikTok, performing tricks on DIY spots. Each video must include the DIY digital sticker to be counted as an official entry.

The Top 10 skaters will be determined based on the number of likes collected from the public on both social media platforms, after which the second phase of the contest will begin. Each of the Top 10 must submit a second video with a DIY infusion obstacle to be evaluated by a team of panelists led by Margielyn Didal.

Registration for the solo competition begins on April 27 and submissions may be posted online until May 8.

LANDBANK’s equity to reach P230.4B after gov’t infusions

March 23, 2022 | 12:01 am

LAND BANK of the Philippines’ capital increased after the government’s infusions. — BW FILE PHOTO

LAND BANK of the Philippines’ (LANDBANK) total equity is estimated to reach about P230.4 billion by end-April after capital infusions from the government, the Department of Finance (DoF) said.

The DoF said in a press release on Tuesday that the end-April equity level will be a 160% increase from the P88.7-billion capital the state-run lender had in mid-2016 and would make it the second-largest universal bank with the highest paid-in capital in the country.

LANDBANK’s equity as of end-2021 stood at P207.68 billion.

The bank on Monday turned over 1.36 billion shares of stocks to the National Government worth P136.2 billion.

As of February 2021, the bank received P38.79 billion in fresh capital under the Duterte administration, accounting for over 70% of the total.

With its improved financial position, LANDBANK was able to provide low-interest loans for agriculture, fishing, healthcare, power, education, transportation, and housing, Finance Secretary Carlos G. Dominguez III said.

“The robust capital infusion reinforced LANDBANK’s financial strength and allowed it to be an effective partner of the government in advancing its development agenda. We have used that strength to better serve the Filipino people,” Mr. Dominguez was quoted as saying in the statement.

At end-2021, LANDBANK’s agriculture loan portfolio stood at P247.9 billion.

GENDER INITIATIVES
Meanwhile, LANDBANK said in a separate statement on Tuesday that it will allot 50.1% of its corporate operating budget for gender and development (GAD) initiatives, surging from the 9.3% share the previous year.

This will be used to roll out related programs in gender sensitivity and needs, lending programs, leave benefits, and other gender-responsive services, the bank said.

“LANDBANK has made significant strides in promoting GAD initiatives. We shall continue to sustain and intensify these efforts to mainstream gender equality and women empowerment, which includes exploring avenues for integrating gender-sensitive policies in all our processes and programs,” LANDBANK President and CEO Cecilia C. Borromeo said in a separate statement on Tuesday.

LANDBANK’s net income grew by 27% to P21.75 billion in 2021, higher than its P19.68-billion target, amid lower cost of funds and loan loss provisions.

This translated to a return on equity of 11.75%, while return on assets rose to 0.88% from 0.78%. — T.J. Tomas

Pharma sector sends aid to Ukraine

March 23, 2022 | 12:01 am

Ukraine-Russia-crisis — A WOMAN stands outside a local hospital, which was destroyed during Ukraine-Russia conflict in the separatist-controlled town of Volnovakha in the Donetsk region, Ukraine, March 12, 2022. — REUTERS

The International Organization for Migration (IOM) has reported that more than 3 million people have fled Ukraine since Russia invaded the embattled country on Feb. 24.

One hundred forty-one countries, including the Philippines, voted in favor of a United Nations (UN) General Assembly resolution condemning Russia for invading Ukraine.

The armed attack against Ukraine has led to more than 2,421 civilian casualties as of midnight on March 20, according to the UN human rights office (OHCHR). The number of casualties is expected to rise as Russia continues its heavy shelling of cities cut off from humanitarian aid.

The European Federation of Pharmaceutical Industries and Associations (EFPIA), which represents research-based providers of medicines and vaccines, has condemned the invasion.

EFPIA is prioritizing efforts to ensure that medicines reach patients in Ukraine, European Union Member States, Russia, and other countries where access may be hindered by the war.

“This (war) affects people across the region, where families have members on both sides of the border, and where sons and daughters are called to duty in a war that only brings suffering and pain. War can never be accepted as the means of resolving conflicts,” said Hubertus von Baumbach, chair of Boehringer Ingelheim.

Pharmaceutical companies have joined other industries in strongly opposing the war. “We utterly condemn the intensification of fighting and the harm and suffering it’s causing to people in Ukraine and beyond. The actions taking place are in violent contradiction to our purpose, and unshakeable belief that all people should be treated with dignity, respect and humanity,” said GlaxoSmithKline in a statement.

Several countries have imposed stiff economic sanctions on Russia aimed at forcing Moscow to stop its unjustified attack on Ukraine. As the international community levied sanctions, those relating to medicines were excluded due to humanitarian considerations.

“Pfizer concluded that a voluntary pause in the flow of our medicines to Russia would be a direct violation of our foundational principle of putting patients first. Ending delivery of medicines … would cause significant patient suffering and potential loss of life, particularly among children and elderly people,” it said in a statement. On the other hand, Pfizer said that it will donate all profits of its Russian subsidiary to causes that provide humanitarian support to Ukraine.

As part of wider humanitarian efforts, pharmaceutical companies have rushed to donate 4.7 million doses of essential medicines and more than €28 million (P1.6 billion) in financial support for Ukraine.

Since supply is often expected to be hit by the war, Astellas said that it is ensuring on-going partnership and connectivity with suppliers, distributors and key stakeholders to help in efforts for continuous medicine supply for patients.

Meanwhile, Bayer released a first shipment of needed antibiotics and sterile medical items on request of the Ukrainian Ministry of Health. Despite the very challenging situation the products reached Ukraine, where they will support the medical supply for up to 27,000 patients.

AstraZeneca, for its part, donated 24 pallets of medicines, worth $3 million from its warehouse in Ukraine to its humanitarian relief partner Direct Relief, which is working directly with the Ukrainian Ministry of Health.

Johnson & Johnson, meanwhile, is donating $5 million to support the work of the International Rescue Committee and International Federation Red Cross and Red Crescent (IFRCRC) to provide humanitarian support for refugees in the border countries.

To support humanitarian aid in Ukraine, Merck Sharp & Dohme (MSD) announced it will donate €2 million to the German Red Cross. In efforts to address coronavirus disease 2019 (COVID-19) during the invasion, MSD will deliver 135,000 courses of molnupiravir to Ukraine and donate 100,000 courses of the drug through Direct Relief.

Novartis is also donating its inventory of essential medicines directly within the country, including antibiotics and painkillers from the Sandoz portfolio, for use in Ukrainian medical facilities. They are also working with the surrounding countries to supply medicines into Ukraine.

The Novo Nordisk Foundation, meanwhile, has provided €7.4 million to the efforts, including €700,000 to the UN High Commissioner for Refugees (UNHCR) to provide support and protection to people forced to flee their homes.

Sanofi also donated €5 million to the Red Cross for Ukraine and neighboring countries and to the UNHCR. This will support emergency access to necessities such as food, shelter, medicine, and security, and will help receive and assist refugees from Ukraine.

Roche, meanwhile, is also donating 150,000 packages of a critical antibiotic used to treat the symptoms of many kinds of bacterial infections and listed on the World Health Organization’s list of essential medicines. For its part, Takeda is donating $2.6 million to the IFRCRC, which is actively providing local humanitarian support to people displaced and impacted by the conflict.

In times of pandemic and war, the pharmaceutical sector is stepping up its work to bring life-saving medicines and vaccines to patients in need no matter how challenging and dangerous that may be.

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Arts & Culture (03/23/22)

March 23, 2022 | 12:01 am

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Deocampo public lecture on FHL YouTube channel

ON MARCH 5, Nick Deocampo held a lecture called “Popcorn at the Barracks” on Filipino movies studied through historiographic, semiotic, and nationalist perspectives. The independent filmmaker and UP professor discussed the legacies left behind by World War II on Philippine cinema. He reconstructed movie spectatorship and film production, and reflected on cold war developments by examining movies that dealt with the theme of World War II, particularly Manuel Silos’ Victory Joe and Lino Brocka’s “Hellow, Soldier” from the movie Tatlo, Dalawa, Isa. Deocampo’s lecture can now be viewed at the Filipinas Heritage Library’s YouTube channel. The lecture is the latest installment of “Liberation Talks,” a series of events under the Liberation: War & Hope banner program, commemorating the 75^th anniversary of the end of World War II.

Exhibit on Magellan-Elcano expedition at National Museum

THE NATIONAL Museum of the Philippines, in collaboration with the Embassy of Spain in Manila, will launch a special exhibition on March 23, 2022, at the National Museum of Fine Arts. The Longest Journey: The First Journey Around the World exhibition features breakthroughs and milestones of the Magellan-Elcano expedition from 1519 to 1522. The exhibition is part of the celebration of the Quincentennial Commemorations in the Philippines.

Lenten exhibit opens in Ali Mall

ARANETA City opens an exhibit of religious relics in Ali Mall to remind the public this Lenten season of the passion and sacrifice of Christ. “Takip Silim,” the exhibit, depicts Jesus Christ’s passion, crucifixion, death, and burial which ended during the day’s dusk (or takip silim). More than 40 religious images and replicas from different parishes around Metro Manila and Rizal are on display in the exhibit. Notable images are vintage images of the Nazareno, Mater Dolorosa, La Esperanza Macarena, and San Juan Apostol, to name a few. The exhibit is now open until April 1 at the Gen. MacArthur Entrance of Ali Mall.

Musical theater workshops with Rony Fortich

THE BGC Arts Centers presents it 5^th online Musical Theater Workshops with Rony Fortich. Mr. Fortich was musical director of the Hong Kong Disneyland Resort from 2005 to 2017. He wrote musicals such as The Bluebird of Happiness, and The Quest for the Adarna. The immersive four-week program includes 10 group sessions (1.5 hours each) and two one-on-one sessions with Mr. Fortich, plus a culminating online performance for family and friends. Each student will also receive vocalization tracks, a personalized minus one, and a digital certificate of completion. Workshop schedules are available for children, teenagers, and adults. For more information, visit https://www.bgcartscenter.org/musical-theater-workshops.

MADE calls for art entries

METROBANK Foundation, Inc. (MBFI) launched the 38^th edition of the Metrobank Art & Design Excellence or MADE with a call for entries. All qualified Filipino visual artists are invited to submit their paintings and sculptures. The call for entries is open until March 31. This year’s theme is “Emerge: Step into Your Boundless Future.” The 38^th year of MADE follows the successful resumption of the Painting and Sculpture Recognition Program after a year of pause prompted by the COVID-19 pandemic. In 2021, MADE received the highest number of entries in the last 10 years with a record-breaking 701 entries. The 2022 MADE Painting Recognition Program is open to all Filipino citizens who are 18 to 35 years old (18 years old as of March 31, 2022 and still 35 years old as of Sept. 22, 2022). The entry must be an original artwork, wholly conceptualized and executed by the entrant. The 2022 MADE Sculpture Recognition Program, on the other hand, is open to all Filipino citizens who are 18 to 50 years old and who have not won in past MADE Sculpture Competitions. Artists who have and have not held solo exhibits are both eligible to join the MADE Sculpture Recognition Program. Interested entrants shall accomplish the e-entry form over at www.madeartdepot.ph and submit the requirements to hello@madeartdepot.ph. For the required artwork and sculpture specifications, detailed submission procedures, dates to remember, and other important information, view or download the 2022 MADE Painting and Sculpture Competition Guidelines via www.madeartdepot.ph or visit the MADE Facebook page @metrobankartanddesign. Two grand awardees for the Painting Recognition Program and one grand awardee for the Sculpture Recognition Program will be chosen. They will each receive P500,000 plus the MADE trophy. Meanwhile, the Metrobank Foundation has a social media campaign to serve as a platform for online visual arts education and conversations, as well as shine a spotlight on artists and their insights, starting with “Thriving in the Midst, Leading the Ascent,” a virtual art exhibit which is on view until Dec. 22 at www.madeartdepot.ph. It features 99 works from the MADE collection. There is also the Art MADE Public series of webinars: “Walang Future sa Arts!” which debunks misconceptions and stereotypes about being an artist with curator and art writer Alain Camiling, visual artist and community organizer Alee Garibay, and cultural and museum worker Rica Estrada; “You Never Forget Your Firsts” in which trailblazing artists — JunkNot Eco Creatives Founder IDr. Wilhelmina Garcia, Kanto.com.ph and Brutalist Pilipinas Founder Mel Patrick Kasingsing, and KANTINA Founder Marika Constantino — share stories of the firsts that propelled their practice and careers; and “Anong Ambag Mo?” a discussion on artists as changemakers and creativity as a tool for social progress with Daloy Dance Co. founder Ea Torrado, Got Heart Foundation as well as Katinko CEO Melissa Yeung Yap, and Museo ng Muntinlupa Assistant Curator Precious Iñosa. These webinars can be seen at the MADE Facebook page @metrobankartanddesign.

Life, hope and death in online theater show

BAGO Dumilim sa Labas, a virtual performance on the dynamics of familial relationships in the face of continued challenges, will be streamed starting April 6. The 50-minute production centers on the connection of two siblings — a freelance artist and a medical frontliner — who currently navigate through difficulties posed by the pandemic, as their mother fights for her life at the hospital. Bago Dumilim sa Labas was produced by Sining LABinsiyam (SiLAB), a group of young artists and actors from the De La Salle-College of Saint Benilde School of Design and Arts. Written by Janji Gamboa and directed by Jack Denzel Gaza from the Benilde Theater Arts Program, the pre-recorded play will be available on view from April 6 to 13, 11 a.m. to 11 p.m. Tickets may be purchased from via Ticket2Me (https://ticket2me.net) for P150. For more information, visit the official Facebook pages of SiLAB (https://www.facebook.com/SiLAB119) or Benilde Theater Arts (https://www.facebook.com/benildetheaterarts).

Game of Trolls on ktx

THE PHILIPPINE Educational Theater Association (PETA) presents the play Game of Trolls via www.ktx.ph. Written by Liza Magtoto and directed by Maribel Legarda, the musical is about Martial Law, and is an advocacy against historical revisionism and fake news. The lyrics, musical arrangement, and direction are by Vincent de Jesus. The musical will stream in on April 8, 22, and 23. To buy tickets, visit www.ktx.ph/category/a-game-of-trolls. Tickets are priced at P150.

Power Mac Center holds summer art camp

APPLE partner Power Mac Center (PMC) is opening this year’s summer art camp for children. From April 19 to Aug. 30, PMC’s official training arm — PMC Business Systems, Inc. (PBSI) — will be offering “Design Trail for Kids” with six special courses covering comics creation, 2D animation, game design using various software, and building trendy filters and 3D effects. Sessions will be conducted online for children aged seven to 15 years old. The available courses are: The Art of Comics (seven to 10 years old), where children can create their own comics with doodles, basic lines, shapes, and colors by maximizing their iPad for art; 2D Animation using iPad (seven to 10 years old) where children will learn how to turn their ideas into a motion picture; Roblox Game Design (eight to 12 years old), where children can build and publish their own Roblox game through the Roblox Studio; Web Game Creation using Scratch (eight to 12 years old), the course will develop a child’s logical thinking skills through coding, and will also teach how to create interactive games using Scratch, the world’s largest programming language and online community.; 2D Game Design with Stencyl (12 to 15 years old) for a deeper dive into 2D game development and coding, how to create computer games with HTML5 and build games for iOS and Android using the Stencyl software; and, Building AR Face Filters and 3D effects (12 to 15 years old), an interesting way of combining the real world with technology and art. This course will teach how to create customized social media face filters and 3D Portal. Each online session lasts for 1.5 hours, and is conducted over four days (Tuesday-Friday). Classes can be availed at P2,500 per student per course, which can be paid via Power Mac Center’s Web Store (https://powermaccenter.com/product/pbsi-dtl001). Limited slots are available to maintain instruction efficiency, and reservation is on a first come, first served basis. For inquiries, contact PBSI at 8553-6399 and 0908-885-6277.

Palanca Awards now accepting entries

AFTER a two-year hiatus brought about by the global pandemic, the 70^th Carlos Palanca Memorial Awards for Literature (CPMA) is now accepting entries. CPMA is now accepting submissions to its regular categories as follows: Novel and Nobela categories; English Division – Short Story, Short Story for Children, Essay, Poetry, Poetry Written for Children, One-act Play, and Full-length Play; Filipino Division – Maikling Kuwento, Maikling Kuwentong Pambata, Sanaysay, Tula, Tulang Para sa mga Bata, Dulang May Isang Yugto, Dulang Ganap ang Haba, and Dulang Pampelikula;and, Regional Languages Division – Short Story-Cebuano, Short Story-Hiligaynon, and Short Story-Ilokano. The special Kabataan Division for young writers below 18 years of age is also now open for entries in its two categories: English and Filipino. Submissions must be informal (personal) essays on the theme: “Life in the Midst of the Pandemic and Coping in the New Normal” (Kabataan Essay) and “Buhay sa Gitna ng Pandemya at Pagharap sa ‘New Normal’” (Kabataan Sanaysay). The contest is open to all Filipino citizens or former Filipino citizens of all ages except current directors, officers, and employees of the Carlos Palanca Foundation, Inc. Authors who wish to join may submit only one entry per category. The deadline for submission of entries is May 31. All submissions must be done online. The Carlos Palanca Foundation will not accept printed and e-mail submissions for all categories. The official contest rules and forms are available at the Carlos Palanca Awards website http://www.palancaawards.com.ph/. For further inquiries and other concerns, e-mail info@palancaawards.com.ph or call (632) 8843-8277 or (632) 8478-7996, and ask for Leslie Layoso or Susan Castillo

Poet performs GMA election advocacy theme

GMA News and Public Affairs has chosen Filipino spoken word poet Mark Ghosn as one of the performers of the official theme song of their 2022 Election advocacy. Mr. Ghosn renders the spoken word poetry in the theme song, “Panata sa Bayan,” sung by Aicelle Santos. Last November, GMA unveiled its election advocacy campaign “Dapat Totoo,” which is also the main content of the spoken word piece. Aside from being a spoken word artist, Mr. Ghosn is also known as the creator of the hit show Ampalaya Monologues which was adapted into a book and a TV series. The collaboration between Mr. Ghosn and Aicelle Santos is currently playing on the official social media accounts, radio stations and TV channels of the GMA Network.

DTI plans event for MSMEs’ shift to sustainable ways

March 23, 2022 | 12:01 am

THE Department of Trade and Industry (DTI) is set to hold an even called Sustainability Solutions Exchange, or SSX, to encourage sustainable methods among local brands and micro, small, and medium enterprises (MSMEs).

The SSX will be conducted from March 23 to 25 to help meet the country’s commitment on the sustainable development goals (SDGs) of the United Nations. It will be held on digital events platform Hopin.

“Our goal is to shift Philippine businesses to practice sustainability in their supply chain and mitigate their impact to the environment. We are confident in this transition considering the growing demand of conscious local and international consumers which presents great opportunities for sustainable Philippine businesses to thrive in,” DTI-Center for International Trade Expositions and Missions Executive (CITEM) Director Pauline Suaco-Juan said in a statement on Tuesday.

“Through this event, we aspire to champion brands that are socially conscious, encourage MSMEs to adopt more holistic and eco-friendlier approaches in doing business, and contribute towards the sustainable shift across industries as we promote the best of Philippine products and services globally,” she added.

According to the DTI, CITEM also plans to unveil Sustainability.ph, the first Philippine government-led website that will provide access to a list of sustainability suppliers and other data on the sustainability industry.

It added that the website will serve as an online community platform that promotes products, services, exchange of ideas and conversations on sustainable consumption and production.

“The three-day trade show will showcase solution providers and local MSMEs in the expo; and key stakeholders and experts during the conference. The inaugural edition of the event will provide access to information, people, and organizations that will guide businesses in the food and lifestyle sectors,” the DTI said. — Revin Mikhael D. Ochave

Job quality improves year on year in January

March 23, 2022 | 12:00 am

The Philippines’ unemployment rate fell to a two-year low in January as the size of the workforce shrank due to stricter mobility curbs in the capital region, the government said. Read the full story.

How PSEi member stocks performed — March 22, 2022

March 23, 2022 | 12:00 am

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

Peso weakens against the dollar on Powell remarks, rising oil prices

March 22, 2022 | 9:00 pm

THE PESO dropped against the dollar for the third straight day on Tuesday on hawkish comments from the US Federal Reserve chief and as oil prices continued to surge.

The local unit closed at P52.44 per dollar, weakening by nine centavos from its P52.35 finish on Tuesday, based on data from the Bankers Association of the Philippines.

The peso opened weaker on Tuesday’s session at P52.44 against the dollar. Its best showing was at P52.385, while its intraday low was at P52.47 versus the greenback.

Dollars exchanged rose to $953.1 million on Tuesday from $599.8 million on Monday.

A trader said in an e-mail that the peso fell against the dollar amid hawkish comments from US Fed Chair Jerome H. Powell.

The US central bank must move “expeditiously” to bring too-high inflation to heel, Mr. Powell said on Monday, adding that it could use bigger-than-usual interest rate hikes if needed to do so, Reuters reported.

Fed policy makers last week raised interest rates for the first time in three years and signaled ongoing rate hikes ahead. Most of them see the short-term policy rate — pinned for two years near zero — at 1.9% by the end of this year, a pace that could be achieved with quarter-percentage-point increases at each of their next six policy meetings.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message that the peso weakened due to rising oil prices.

Oil futures extended gains on Tuesday morning on news that some European Union members were considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market, Reuters reported.

Brent crude rose by 2.9% to $118.93 per barrel. US crude ticked up by 2.2% to $114.76 a barrel.

Mr. Ricafort expects the peso to move between P52.35 and 52.50 on Wednesday while a trader gave a forecast range of P52.35 to P52.60.

A second trader sees the local unit moving within the P52.25 to P52.50 range, but warned that continued trade at the P52 mark could signal a decline to the P53-per-dollar level. — T.J. Tomas with Reuters

PSEi returns to 7,000 level on bargain hunting

March 22, 2022 | 9:00 pm

SHARES went up on Tuesday on last-minute bargain hunting and the government’s approval of the Public Service Act, which will allow full ownership in sectors like telecommunications to further liberalize the Philippine economy.

The benchmark Philippine Stock Exchange index (PSEi) climbed by 52.34 points or 0.75% to close at 7,008.94 on Tuesday, while the broader all shares rose by 18.16 points or 0.49% to 3,715.79.

“The local bourse jumped on last-minute bargain hunting. The signing of the law amending the Public Service Act also helped the market’s recovery for today,” Philstocks Financial Research Associate Claire T. Alviar said in a Viber message.

President Rodrigo R. Duterte on Monday signed Republic Act No. 11647, which amends the 85-year-old Public Service Act, excludes telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports from the definition of a public utility. This means they will no longer be subject to the 40% foreign ownership cap for public utilities under the Constitution.

“During the earlier part of trading, the market was trading in the red amid Russia-Ukraine tensions and worries over the rising oil prices which soared once again following reports that the European Union is considering banning Russian oil. Aside from that, there was also negative spillover from the performance of the US markets overnight,” Ms. Alviar added.

Oil prices rose more than 7% on Monday, with global benchmark Brent soaring, as European Union nations disagreed on whether to join the United States in a Russian oil embargo after an attack on Saudi oil facilities, Reuters reported.

Brent futures was at $115.62 per barrel rising $7.69 or 7.12%, while US West Texas Intermediate crude futures closed at $112.12 per barrel up $7.42 or 7.09%.

“Philippine shares were bought up at close with investors speculating after Federal Reserve Chair Jerome Powell said the central bank is open to higher rate hikes to combat rising inflation,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The US central bank must move “expeditiously” to bring too-high inflation to heel, Mr. Powell said on Monday, adding that it could use bigger-than-usual interest rate hikes if needed to do so, Reuters reported.

Majority of the sectoral indices ended in the green except for industrials, which dropped by 54.32 points or 0.58% to 9,277.27, and mining and oil, which fell by 48.38 points or 0.39% to 12,270.32.

Meanwhile, financials climbed by 33.86 points or 2.08% to 1,658.19; services went up by 24.55 points or 1.32% to 1,880.47; property increased by 22.08 points or 0.66% to 3,359.81; and holding firms gained 7 points or 0.10% to 6,651.62.

Value turnover decreased to P6.67 billion with 1.11 billion shares changing hands on Tuesday from P7.60 billion or 974.77 million issues seen the previous trading day.

Decliners outnumbered advancers, 81 versus 77, while 60 names closed unchanged.

Net foreign selling dropped to P838.47 million from P860.2 million on Monday. — L.M.J.C. Jocson with Reuters

Mactan Airport, NCR water deals reviewed for contingent liability

March 22, 2022 | 8:03 pm

THE Department of Finance (DoF) said the contracts for 12 major public-private partnership (PPP) projects have been reviewed to evaluate the risk of contingent liabilities which may arise later, possibly forcing the government or the projects’ users to pay more than initially agreed.

The DoF said in a statement on Tuesday that it reviewed the contracts for the Mactan-Cebu Airport Project, the Cavite-Laguna Expressway, the Clark International Airport Expansion Project and the Metro Rail Transit Line 3, as well as the concessions to supply water to the capital region held by Maynilad Water Services, Inc. and Manila Water Co.

Also reviewed were the contracts of the LRT1 Cavite Extension and Operations and Maintenance Project, MRT Line 7, the Muntinlupa-Cavite Expressway, the NLEX-SLEX Connector Road, the Bulacan Bulk Water Supply Project and the Southwest Integrated Transport System Phases 1 and 2.

The DoF said its privatization and special concerns office conducted the review. The office has recommended the creation of a specialized risk management office.

“Such extensive review of PPP projects, which we hope to be institutionalized for the ultimate benefit of our people, would ensure that the government is free from undue risks or contingent financial liabilities,” Finance Secretary Carlos G. Dominguez III said.

These risks, he said, “have to be shouldered by the public in the form of more taxes or higher fees charged by the concessionaires for the use of their facilities until such time that these are turned over to the state.”

The office is also evaluating 40 PPP proposals submitted to the National Economic and Development Authority (NEDA) which have not yet been acted on, and its input was considered in amending the implementing rules of the Build-Operate-Transfer (BOT) law. This law authorizes the private sector to finance, build, operate, and maintain infrastructure projects.

The NEDA and the PPP Center earlier this month detailed the proposed changes to the implementing rules and regulations of Republic Act No. 6957, or the BOT law.

Under the draft rules, projects to be considered will need a complete feasibility study, along with economic and financial models based on recent data.

Finance Undersecretary Grace Karen Singson said that the government should make the assessment of risk, government guarantees, and contingent liabilities a permanent feature, such as a specialized risk management office at the project proposal level.

Risk management has thus far only been performed on an ad hoc basis by technical working groups without resources, she said.

“Currently, the provisioning for contingent liabilities is based on estimated termination payments, a low probability event, and does not account for actual claims that are frequently demanded by concessionaires during the implementation of their PPP projects,” the DoF said.

The proposed risk management office will evaluate contingent liabilities and risks the government may be exposed to, recommend risk mitigation measures, and help the Development Budget Coordination Committee implement a risk management program.

The proposed office would also evaluate proposals that need sovereign guarantees, the DoF said. — Jenina P. Ibañez

Business chambers see amended PSA improving FDI climate

March 22, 2022 | 8:02 pm

BUSINESS CHAMBERS said they expect the liberalization of the Public Service Act (PSA) to enhance competition and attract more investment, particularly in the industries opened up to expanded foreign ownership.

The German-Philippine Chamber of Commerce and Industry (GPCCI) said in a statement on Tuesday that the PSA amendments, signed into law on Monday, will help “attract global players” to help modernize industries like telecommunications, shipping, air carriers, railways, and subways.

It added that increased competition will ultimately result in improved operations and competitive pricing for such services.

“The passage of the amendments of the PSA harmonizes with the recently passed amendments to the Retail Trade Liberalization Act (RTLA) and Foreign Investment Act (FIA). With these laws enacted, we are confident that the country can attract many investors in various sectors and will benefit Filipinos by improving basic services and creating more jobs,” GPCCI President Stefan Schmitz said.

On Monday, President Rodrigo R. Duterte signed Republic Act No. 11659, which amended the 85-year-old PSA.

The amendments removed public services such as telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports from the public utility category. As a result, these services can now be fully owned by foreigners and are no longer covered by the 40% foreign ownership limit for public utilities set by the 1987 Constitution.

The amended PSA is the third law in the economic liberalization program, following the amended FIA and RTLA. These measures are touted as aiding the economic recovery.

Lars Wittig, European Chamber of Commerce of the Philippines president, said the amended law will help the chamber’s efforts to attract European investors to the Philippines.

“We believe this is the most important bill for foreign investments… and we do believe that it will drive the massive influx of foreign capital into the sectors of aviation, shipping, and telecommunications. There will be more competition (and) greater investments,” Mr. Wittig said in a television interview on Tuesday.

“We know that now the ball is in our court to guide these investors to (the Philippines). We are on the frontline here to make foreign investors aware and to bring them here because they are already coming to Association of Southeast Asian Nations (ASEAN). We need to gravitate them here to the Philippines also,” he added.

Alfredo E. Pascual, Management Association of the Philippines president, said in a statement that the entry of foreign investors will benefit consumers, generate more jobs, boost the economy, and accelerate the economic recovery.

“Along with the recently amended RTLA and the FIA, the amended PSA provides a legal framework to encourage the inflow of more foreign investments into the country,” Mr. Pascual said.

“A more open Philippine economy will enable us to catch up with our more progressive neighbors in ASEAN,” he added.

Trade Secretary Ramon M. Lopez said in a Viber message to reporters that the amended PSA will “surely attract more investments and more jobs for Filipinos.”

“This is another landmark reform under the Duterte administration as it finally opens up, after 85 years, critical sectors such as telecommunications and transportation, shipping, railways, to more foreign players, allowing greater competition, more technology-based innovations, better quality services and lower costs that will be enjoyed by all consumers and users,” Mr. Lopez said.

“Initial investment leads will be over $60 billion, composed of telecommunications, transportation, logistics, and railway (sectors). This is still understated as other leads have not indicated investment amount. (These) can be over $100 billion (in) over two years,” he added.

In a statement, Socioeconomic Planning Secretary Karl Kendrick T. Chua said the amended PSA will help improve services in transportation and telecommunications.

“The completion of the economic liberalization bills will revitalize our economy and encourage more investment and innovation as we continue to recover from the COVID-19 pandemic. The measures will also strengthen our domestic economy against external shocks, such as the Russia-Ukraine crisis,” Mr. Chua said.

According to the National Economic and Development Authority (NEDA), there are safeguard provisions to address national security concerns arising from the entry of foreign investors.

“First, the power of the President to suspend or prohibit any investments in a public service in the interest of national security upon the review, evaluation, and recommendation of the relevant government agency. Second, the provision on restrictions on investments by foreign state-owned enterprises (SOE) prevents a foreign SOE from owning capital stock in a public utility or critical infrastructure,” NEDA said.

“Third, the provision on information security ensures entities engaged in the telecommunications business meet relevant ISO standards. Fourth, the reciprocity clause prevents foreign nationals from owning more than 50% of capital in critical infrastructure unless the country of such foreign nationals accords reciprocity to Philippine nationals. Lastly, the performance audit provision mandates the conduct of an independent evaluation to monitor a firm’s cost and quality of services to the public,” it added. — Revin Mikhael D. Ochave

PHL travel industry woos Japan with sales pitch focused on safety

March 22, 2022 | 8:01 pm

THE Department of Tourism (DoT) said it has pitched the Philippines to the Japanese travel market as a safe destination, following the sustained decline of coronavirus cases here.

In a statement on Tuesday, the DoT said a Philippine delegation led by Secretary Bernadette Romulo-Puyat was recently in Japan to confer with Japanese government and industry counterparts.

Japan was the fourth-largest source of visitors to the Philippines before the pandemic, the DoT said. In 2019, the Philippines tallied 682,788 visitors from Japan.

As of March 20, some 2,125 Japanese visitors have entered the country following the reopening of borders on Feb. 10.

During the visit, Ms. Romulo-Puyat met with Japanese travel agents, tour operators, tourism organizations, English studies operators, economic federations, and media in Tokyo, Nagoya, and Osaka.

“Some of the notable participants included STWorld; Japan Association of Travel Agents; JTB Corp.; Japan Travel and Tourism Association; Hankyu Travel International Co., Ltd.; Kansai Economic Federation; and the Japan Philippine Tourism Council,” the DoT said.

Ms. Puyat also met with Japan’s Ministry of Land, Infrastructure, Transport, and Tourism to discuss resuming two-way travel which had been disrupted by the pandemic.

Japan is currently admitting only limited categories of foreign visitors, like students and business travelers.

Ms. Puyat said the Philippines is offering vaccine booster services at major destinations, which would allow Japanese visitors to return to Japan without undergoing quarantine.

“Like other tourism ministries, the Philippines’ DoT (is exhausting) all possible efforts to revive the industry, primarily to restore jobs and rebuild revenue streams. Now, we are glad to see the fruits of our labor after nearly two years of preparations to push for the recovery of the sector,” Ms. Puyat said.

Ms. Puyat said the Philippines became the first country in Southeast Asia to implement a no-quarantine, no-testing regime to arrivals, simplifying entry procedures.

“We are aware that the pandemic is still here and health should always be the priority. We strive to balance public safety and economic recovery by crafting policies that safeguard our citizens’ well-being (while reviving) the tourism sector,” Ms. Puyat said.

More foreign visitors are set to enter the Philippines on April 1 after the Inter-Agency Task Force for the Management of Emerging Infectious Diseases removed the arrival quota for unvaccinated passengers at all ports of entry. — Revin Mikhael D. Ochave