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SEC expands partnership with LANDBANK for more payment options

THE SECURITIES and Exchange Commission (SEC) has expanded its partnership with state-run Land Bank of the Philippines (LANDBANK) to provide more payment options for the transacting public.  

In a press release on Tuesday, the regulator said that it signed on Nov. 28 a memorandum of agreement with LANDBANK, which will allow payments for SEC-related transactions through the banks Online Collection (OnColl) facility.  

This will significantly reduce the tiresome process of manually reviewing the deposit slips from the generated collections,SEC Commissioner Mcjill Bryant T. Fernandez said.  

Mr. Fernandez added that the collaboration will allow real-time and accurate reporting and monitoring of online collections, strengthening transparency, accountability and good governance.  

The initial partnership only covered payments for SEC-related transactions in selected LANDBANK branches.  

With the commissions enrollment in the LANDBANK OnColl facility, payments for transactions with the commission may now be made in all 609 LANDBANK branches nationwide,the SEC said.  

The two agencies are also working on upgrading current processes such as the use of LANDBANks web-based payment channel link to improve digital and contactless payment options for SEC-related transactions. Justine Irish DP. Tabile

DoE says working to make supply of power more reliable next year

WORKERS fix an electric line in Payatas, Quezon City, March 13. — PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Energy (DoE) said it is working to reduce potential disruptions in the power supply in 2023, after a further yellow alert were declared over the power grid in the wake of more unexpected power plant shutdowns.

“The yellow and red alerts right now (are) not a preview of what will happen during the summer months,” Energy Assistant Secretary Mario C. Marasigan told BusinessWorld by phone on Tuesday. 

Mr. Marasigan said the power outlook for 2023 indicates adequate supply, even during the dry season, but “the DoE is now preparing to make power available and to ensure that transmission systems are also available.”

He did not elaborate on the measures.

Mr. Marasigan said the DoE is still investigating the cause of the recent yellow and red alerts raised over the Luzon and Visayas grids.

The National Grid Corp. of the Philippines (NGCP) placed the Luzon power grid on yellow alert once more on Tuesday after four power plants in Luzon experienced forced outages, while three were producing less than their capacities, making 2,145 megawatts (MW) unavailable to the grid.  

The power grid operator raised the yellow alert for the 1 p.m. to 4 p.m. and 5 p.m. to 6 p.m. periods. The NGCP said that the available capacity was 11,522 MW while peak demand was 10,612 MW.  

The NGCP will issue a yellow alert when supply available to the grid falls below a designated safety threshold. If the supply-demand balance deteriorates further, a red alert will be issued, signaling the possibility of rotational brownouts.

“Our investigation and inspections are still ongoing. We are directly coordinating with plant operators to determine the cause of these forced outages and why it takes long before they can go back into the system. We are monitoring all of these red and yellow alerts,” Mr. Marasigan said.

The Luzon grid was also placed under yellow alert on Dec. 5, Dec. 1 and Nov. 28, while red and yellow alerts were also issued for the Visayas grid on Dec. 5.

The Energy Regulatory Commission has also said it will investigate the forced outages. — Ashley Erika O. Jose

Marcos to sign administrative order on farm-to-market roads

PHILSTAR FILE PHOTO

PRESIDENT Ferdinand R. Marcos, Jr. is set to sign a joint administrative order this month outlining a timetable for establishing a farm-to-market road (FMR) network, the Palace said in a statement on Tuesday.

“The FMR order has been approved,” he was quoted as saying in the statement. “We already have a national timetable.”

The order will be signed by officials from the Department of Agriculture (DA), Department of Public Works and Highways (DPWH), Department of Interior and Local Government, Department of Trade and Industry and the Department of Tourism.

The order will govern how roads will link to other infrastructure projects, in order to improve the delivery of services and enhance agricultural programs, Mr. Marcos said.

“The DA and DPWH formulated a regional FMR network overlaying the proposed FMR projects with the Strategic Agriculture and Fisheries Development Zone/ Network of Protected Areas for Agriculture and Agro-Industrial Development and production areas,” Acting Press Secretary Cheloy Velicaria-Garafil said in the statement.

The two agencies will also lead an inter-agency workshop on mapping agriculture and fishery production areas, markets, trading posts, and existing road networks and conditions.

In July, Mr. Marcos said he would push for more FMRs to improve food security. — John Victor D. Ordoñez

Japan’s MinebeaMitsumi in P4-B Cebu expansion

MINEBEAMITSUMI.COM

JAPANESE electronics manufacturer MinebeaMitsumi, Inc. is undertaking a P4-billion expansion project in Naga City, Cebu, the Department of Trade and Industry (DTI) said.

In a statement on Tuesday, the DTI said that Philippine Trade and Investment Center-Tokyo Commercial Counselor Dita Angara-Mathay reported the company’s expansion proposal.

According to Ms. Angara-Mathay, the Japanese firm plans to upgrade production of optical image stabilizer components used in smartphones.

MinebeaMitsumi also operates facilities in Santo Tomas, Batangas; Mariveles, Bataan, and Danao City, Cebu.

The DTI said full operations at the expanded operation are expected to begin by March.

“The expansion project will require incremental workers approximating 30% of the current aggregate human resource complement in the company’s three factories in Santo Tomas, Batangas, Mariveles, Bataan and Danao City in Cebu,” the DTI said.

“In terms of economic importance, the company holds the distinction of being one of the Philippines’ biggest exporters, employers and tax contributors. It is part of an elite roster of foreign direct investors whose cumulative investments in the Philippines amount to over $1 billion,” the DTI said.

MinebeaMitsumi also makes miniature ball bearings, class stepping motors, cluster tactile switches, guide plates for LEDs, and backlights for LCDs.

“As a manufacturer of ultra-precision components, MinebeaMitsumi strives to construct a system for stable supply by taking advantage of the worldwide manufacturing bases while constructing a safe and secure system for production management,” MinebeaMitsumi President Yoshihisa Kainuma said.  

“With a workforce of over 70,000 in Southeast Asia, the Philippines is currently the second largest production base of the company after Thailand, with over 26,000 workers,” the DTI said. — Revin Mikhael D. Ochave 

Japan’s TDK hard drive equipment project worth P2.5B approved by FIRB

THE Fiscal Incentives Review Board (FIRB) on Tuesday approved the tax incentives application of TDK Philippines Corp. for a P2.5-billion manufacturing project, the Department of Finance (DoF) said.

TDK proposes to make microwave-assisted magnetic recording sliders, industrial equipment used in hard drive manufacturing.

The approval of the application for fiscal incentives “is a boost to our semiconductor and electronics industry, which largely contributes to the Philippine economy,” Finance Assistant Secretary and FIRB Secretariat Head Juvy C. Danofrata said in a statement.

Ms. Danofrata said that the project is classified as an export activity and falls within the activities qualified for incentives under the Strategic Investment Priority Plan.

The TDK project is also the first Philippine Economic Zone Authority-endorsed application approved by the FIRB.

According to the DoF, the project was granted an income tax holiday, special corporate income tax, duty exemption on the import of capital equipment, raw materials, spare parts, and accessories, as well as a value-added tax (VAT) exemption on imports, and VAT zero-rating on local purchases.

Finance Secretary Benjamin E. Diokno said that the performance commitments of registered business enterprises will be monitored by the investment promotion agency and the FIRB.

“We want to make sure that all these fiscal incentives we grant to registered business enterprises indeed will result in substantial benefits to our economy,” he added.

Finance Undersecretary and FIRB Technical Committee chairperson Cielo D. Magno said this month that the FIRB is evaluating the application process for tax incentives.

She said that the agency is working on making companies ramp up mitigation measures for their compliance violations instead of penalizing them later on.

The FIRB must clear investment incentives on projects larger than P1 billion. — Luisa Maria Jacinta C. Jocson

LGUs apply to borrow P20.2 billion in first half

THE Bangko Sentral ng Pilipinas (BSP) said local government units (LGUs) proposed to borrow P20.2 billion in the first half, mostly for infrastructure projects.

The totals were tallied from applications to the Monetary Board (MB), which must review all LGU borrowing proposals, the BSP said in a statement on Tuesday. The MB received 107 proposals to borrow from LGUs, down from 193 requests worth P55.7 billion a year earlier.

The central bank also said 120 projects worth P25.8 billion were issued a Monetary Board opinion (MBO). Of these, 98 covered requests from the first half and 22 were from the second half of 2021.   

All LGUs are required to obtain an MBO on the impact of their domestic borrowing plans.

“The requests for MB opinion came from six provinces (P2.4 billion), 12 cities (P8.7 billion), 84 municipalities (P9.1 billion), and five barangays (P41.1 million),” the BSP said.

According to the central bank, 66% of the loans were to fund infrastructure projects, including public markets, roads and bridges, multi-purpose buildings, commercial centers, healthcare facilities, school buildings, transport terminals, and others.

The BSP also said loans for heavy equipment and rescue or service vehicles accounted for 23.6% of the total.

Meanwhile, 9.7% of the financing applications covered commercial lot and site development, 0.3% was for loan refinancing and 0.3% for construction of pandemic isolation facilities.

“The need for issuance of prior opinion of the MB on the proposed borrowings of government entities, including LGUs, is mandated by law under Section 123 of Republic Act (RA) No. 7653, otherwise known as the New Central Bank Act of 1993, as amended by RA No. 11211,” the central bank said. 

Under RA 11211 or the New Central Bank Act, proposed borrowing by government entities and LGUs require the MB to render an opinion on the possible impact on government finances.

“It enables the BSP to monitor trends in public sector debt and assess its impact on the monetary sector and external payments position of the economy,” the BSP said. — Keisha B. Ta-asan

Health-rating labels for packaged food proposed

A woman buys food items at a supermarket in Quezon City, March 4, 2022. — PHILIPPINE STAR/ MICHAEL VARCAS

A LABELING law that would rate the health benefits of packaged food has been proposed as a measure in the House of Representatives.

House Bill 1139, filed by Isabela Rep. Faustino A. Dy, proposes a star rating system for packaged food products as an amendment to Republic Act No. 7394 or the Consumer Act of the Philippines.

“Most consumers don’t really take time to read what’s in the packaging and a lot of the terms are very technical,” Mr. Dy said at a hearing of the House committee on trade and industry. 

At the hearing, a packaged-food industry representative called for more research into the labeling proposal.

Denya J. Uy-Anastacio of Nestlé Philippines said studies are needed “to know the consumer’s use and understanding of food labels and (to) evaluate what kind of labeling is most effective in realizing the public health goal of the bill.”

Meneses D. Pareja, a representative from the market vendors industry, called the system potentially discriminatory to low-rated products.

“If your product is labeled one or two stars only, you could lose against a three or five-star product,” according to Mr. Pareja, president of the vendors association at the Zapote Las Piñas Public Market.

Mr. Pareja also asked if the labels would affect product prices.

A technical working group has been created to discuss amendments to the bill. Rizal Rep. Emigdio P. Tanjuatco III will serve as its chairman. — Beatriz Marie D. Cruz

PHL signs tourism agreements with Saudi Arabia

REUTERS

THE PHILIPPINES signed agreements with Saudi Arabia which are expected to enhance two-way visitor traffic between the two countries, the Department of Tourism (DoT) said.

In a statement on Tuesday, the DoT said Secretary Ma. Esperanza Christina G. Frasco sealed the agreements in a meeting with the Saudi Vice Minister of Tourism, Princess Haifa Al Saud.

The two met at the recent 22nd World Travel and Tourism Council Global Summit.

According to the DoT, Saudi Arabia agreed to help establish a Philippine tour guide service with Arabic-speaking guides. It is also pursuing initiatives to expand pilgrimage tourism, increase direct flights, and compile an investor directory.

The DoT added that the Philippines will offer hospitality and human capital development to Saudi tourism frontliners.  

Ms. Frasco said that Saudi Arabia was the top source of visitors from the Middle East before the pandemic, with 43,748 arrivals in 2019. Currently, visitor arrivals from Saudi Arabia number 9,424, counting from when the Philippines reopened its borders in February.  

“We see great potential in ushering in more arrivals into the Philippines… At the same time, the development and relationship is mutual considering that there are over 800,000 Filipinos in Saudi Arabia,” Ms. Frasco said.

“I am very interested in furthering this relationship,” she added.

She highlighted the need for more “Philippines tourism exposure in Saudi Arabia, direct flights to other key gateways in the Philippines to and from Saudi Arabia, and the organization of familiarization trips for the tour and travel operators, among others,” the DoT said. — Revin Mikhael D. Ochave

IRR for creative industries law signed

TOPDRAWANIMATION.COM

THE implementing rules and regulations (IRR) of Republic Act No. 11904 or the Philippine Creative Industries Development Act (PCIDA) have been signed, the Department of Trade and Industry (DTI) said.  

In a statement on Tuesday, the DTI said that Trade Secretary Alfredo E. Pascual signed the IRR last month. A copy of the rules was distributed to the media on Tuesday.

“The promulgation of the PCIDA-IRR is set to advance the country’s efforts in effectively executing the PCIDA towards enabling the creative industries to be a key driver of the post-pandemic economic recovery,” Mr. Pascual said.

“The IRR will promote a better work environment and livelihood for creative workers, improve education and access to financial support, develop industry data and statistics for policymakers, and harness other innovation efforts to help workers and firms in the creative economy,” he added.  

The IRR governs the operations of the Creative Industry Development Fund, a special account in the general fund of the National Treasury. The fund will support research and development, trade and investment promotion, human resource development in the industry, and the welfare of creative workers.

“The fund shall be sourced from the loans, contributions, grants, bequests, gifts, and donations, whether from local and foreign sources…The fund shall also involve a revolving mechanism to recover costs and other such features to increase its long-term sustainability,” according to the IRR.

The IRR also sets out the process for establishing the Philippine Creative Cities Network program.

The PCIDA lapsed into law on July 28.

The law will be implemented by the Philippine Creative Industries Development Council, chaired by the Trade Secretary. Other council members include secretaries of the Departments of Education, Science and Technology, Tourism, and Interior and Local Government, as well as the head of the National Economic and Development Authority.

Also on the council are the Chairmen of the Commission of Higher Education and National Commission for Culture and the Arts; as well as the Director General of the Intellectual Property Office of the Philippines, and private sector representatives. — Revin Mikhael D. Ochave

Croatia advances in quarterfinal as Japan crumbles in shootout

AFTER all their hard work in topping a difficult group and matching the Croatians for 120 minutes, Japan crumbled in the shootout with only Takuma Asano converting his penalty. — REUTERS

Five-time champion Brazil routs South Korea, 4-1

AL WAKRAH, Qatar — Goalkeeper Dominik Livakovic saved three spot-kicks as Croatia beat Japan 3-1 in a penalty shootout to reach the World Cup quarterfinals for the third time after an enthralling 120-minute contest finished deadlocked at 1-1 on Monday.

Takumi Minamino, Kaoru Mitoma and Maya Yoshida were all denied by Livakovic before Mario Pasalic coolly sent Japan keeper Shuichi Gonda the wrong way to set up a last-eight date for the Croatians with Brazil or South Korea on Friday.

Three times in the knockout rounds in Russia four years ago Croatia came from behind to advance after extra time before losing to France in the final.

They once again showed their resilience and patience by coming from a goal down to tame a lively Japan team who had beaten Germany and Spain in the group stage.

Daizen Maeda opened the scoring for Japan in the 43rd minute and Ivan Perisic headed the equalizer 10 minutes after the break but the teams could not be separated over the remainder of the game.

For Japan, this was the fourth time they suffered heartache in the last-16 after losing to Turkey in 2002, exiting on penalties against Paraguay in 2010 and giving up a 2-0 lead to lose to a stoppage-time goal against Belgium four years ago.

After all their hard work in topping a difficult group and matching the Croatians for 120 minutes, Japan crumbled in the shootout with only Takuma Asano converting his penalty.

Nikola Vlasic and Marcelo Brozovic put Croatia 2-0 ahead and even though Marko Livaja hit the post with his spot-kick, Pasalic was able to seal the deal with the fourth penalty.

CROATIAN PHYSICALITY
The game was more open than anyone had reason to expect, with Croatia ratcheting up the physicality to gradually take control of midfield and Japan trying to hit them on the break.

Perisic was put through on goal in the eighth minute but Gonda pushed away his shot and Bruno Petkovic also had a one-on-one, only to tap an attempted pass tamely through the Japanese goalkeeper’s legs.

Japan showed far more adventure than they had in the first half of their group matches and Shogo Taniguchi, Daichi Kamada and Maeda all had chances to open the scoring before the latter broke the deadlock in the 43rd minute.

Doan took the ball from a short corner and curled it into the box where Bruno Petkovic deflected it back across the six-yard area under close attention from Yoshida and Maeda pounced to tuck it into the net.

The equalizer came 12 minutes later with a cross from the same flank, Dejan Lovren lofting a beauty into the box and Perisic getting in front of his marker to head the ball powerfully into the bottom right corner of Gonda’s goal.

That brought Japan out of their shells and Wataru Endo was soon firing in a long-range effort which Livakovic tipped over the bar.

Luka Modric had a sweetly struck shot from range turned over by Gonda in the 63rd minute and substitute Ante Budimir steered header wide of the post.

Gonda again had to be at his best to keep out a rocket of a shot from Perisic in the 77th minute, while at the other end Japan continued their raids but without carving out any clear-cut chances.

Extra time was more ragged although a thrilling run and piledriver of a shot from Japan substitute Kaoru Mitoma brought a fine save out of Livakovic just before the break.

BRAZIL SMASHES KOREA 4-1
An irrepressible, irresistible Brazil lit up the night sky on Monday with one of the performances of the World Cup to shred South Korea 4-1 and set up a quarterfinal clash with Croatia.

The Brazilians brought a beach soccer swagger to the iconic Stadium 974 with a display that simply overwhelmed the Koreans, and likely struck fear into potential opponents.

“We’re dreaming of the title, of course,” Brazilian talisman Neymar said. “Today was the fourth game, there are three left. We’re very focused on getting that title.”

Having failed to score in the first half of any match so far this tournament, five-times champions Brazil corrected that with four goals before the break, to end the match as any meaningful contest early on.

They took only seven minutes to breach the Korean defense for the first time.

Raphinha sliced through the red wall — leaving several of its bricks flailing on the ground — and, when his cross eluded the closely-marked Neymar, Vinicius Jr was at the far post to gently lift the ball over scrambling defenders and the desperately reaching goalkeeper.

If the Koreans were winded by that early blow, worse was to come. Five minutes later Richarlison was hauled down in the penalty box and the referee instantly pointed to the spot.

Up stepped Neymar for a game of cat-and-mouse with Kim Seung-gyu. The Korean stood to the far right of his goal. Neymar waited, smiling. Finally, he trotted towards the ball in his faltering run-up and left the wrong-footed keeper sitting in the middle of his goal as he stroked the ball home for his 76th Brazil goal — one shy of the great Pele’s international haul.

That Brazil went in only 4-0 up was as much to do with their profligacy as anything the Koreans could muster in terms of defense.

With their elaborate goal celebrations, the Brazilians had done more dancing than defending in the opening 45 minutes and the second half followed a similar pattern, with goalkeeper Kim single-handedly denying Brazil another hatful of goals. — Reuters

UAAP S85 Final Four kicks off today at the Smart Araneta Coliseum

SECOND-SEEDED UP will take on No. 3 NU. — PHILIPPINE STAR/ RUSSELL PALMA

Games On Wednesday
(Smart Araneta Coliseum)
Women’s Finals Game 1
11 a.m. — NU vs DLSU
Men’s Final Four
2 p.m. — UP vs NU
6 p.m. — ADMU vs AdU

AND then there were four.

Reigning champion University of the Philippines (UP), Ateneo de Manila University (ADMU), National University (NU) and Adamson University (AdU) — after surviving a wild elimination round — figure in an explosive slugfest as the UAAP Season 85 men’s basketball tournament unwraps the highly-anticipated Final Four at the Smart Araneta Coliseum today (Dec.7).

Hostilities fire off at 2 p.m. starting with the title defense of second-seeded UP against No. 3 NU in the battle of well-rested squads after qualifying to the semifinals as early as last week.

At 6 p.m., top-ranked and former three-time champion Ateneo looks to shore up its redemption tour albeit against a high-morale Adamson side coming off a big knockout win against fancied De La Salle to bag the last Final Four ticket.

Ateneo and UP sport twice-to-beat incentives as the top seeds with a quick win in just one game setting the stage for their finals rematch after an iconic battle in Season 84 last summer. But NU and Adamson are out to spoil that party.

The Bulldogs had shown that capability in the first round after handing UP’s first loss by then while the Soaring Falcons are beaming with confidence and momentum after their close duel against the Blue Eagles followed by a spirited 80-76 do-or-die win versus the Green Archers to barge into the semis.

“We haven’t beaten Ateneo this season. We know how tough they are but nothing is impossible in this world. We have that mentality that you know, nothing is impossible,” said coach Nash Racela as Adamson likewise foiled an Ateneo-De La Salle semis showdown.

Prior to the men’s Final Four, it’s dynasty versus destiny as six-time reigning champion NU and De La Salle open their best-of-three finals duel for the women’s basketball crown at 11 a.m.

“It’s an opportunity for us to really see where our program is. It’s an opportunity to make history,” said mentor Cholo Villanueva after De La Salle’s 74-69 win over University of Santo Tomas in the do-or-die semis to arrange a date with NU.

De La Salle was the last team to beat NU in the UAAP finals in 2013 before the latter’s long reign. This season, the Lady Archers were also the culprit in ending the Lady Bulldogs’ 108-game win streak in almost a decade. — John Bryan Ulanday

World Cup top 10 finish for Blu Boys

THE BLU BOYS may have missed the bus to the Super Round of the recently concluded men’s softball World Cup, but they gave the country a reason to celebrate with their Top 10 finish.

Without a win in their first five games, featuring a close 0-1 setback to eventual third placer United States, and then bowing, 1-3, to Cuba, the CebuanaLhuillier-backed Blu Boys posted back-to-back victories later on, shutting down higher-ranked Denmark, 8-0, before blanking South Africa, 4-0, for a respectable finish.

Denmark is ranked 10th, while South Africa is at 11th.

The Philippines was the lowest-ranked qualifier at 21st among the 12 teams that played in the competition and its performance should improve its ranking.

Canada and Australia will contest the championship, with the USA finishing off defending champion Argentina, 2-0, for third place.

“Our participation here was a good opportunity for the boys to test themselves against the world’s best teams. I am very elated with their performance particularly their games against Denmark and South Africa. A Top 10 finish in a team sport in any world competition is always something to be proud of,” said ASAPHIL president Jean Henri Lhuillier, the long-time backer of softball in the country.

“Hats off to the boys for giving it their best and to ASAPHIL for making it happen. I want to make special mention of our pitcher Leo Barredo, he played at par with the top pitchers in the world,” Mr. Lhuillier said.

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