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Firms to go public in tandem with country’s recovery — analysts

ANALYSTS are expecting more firms to tap the capital markets for their fund-raising activities in tandem with the country’s economic recovery story.

“We expect more companies to go public as economic outlook improves,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail on Dec. 29.

“We expect companies to capitalize on the recovery story by raising capital to strengthen their balance sheets and improve their ability to take on more debt for expansion plans,” he said.

According to a statement from the Philippine Stock Exchange, Inc. (PSE) on Friday, companies raised a record P234.48 billion at the stock market in 2021 via eight initial public offerings (IPOs), 11 follow-on offerings, four stock rights offerings, and eight private placements.

The local stock market broke its 2012 high of P228.33 billion, despite the pandemic.

“I believe this is because of optimistic expectations,” Japhet Louis O. Tantiangco, senior research and engagement supervisor at Philstocks Financial, Inc., said in a virtual call on Dec. 29.

“Businesses are already looking forward to the years beyond so I think they’ve already fully priced in the pandemic, its effects or its impact on the economy,” he added.

The bourse operator also noted the surge in retail investor participation with 31.1% in 2021, higher than the 26.9% seen in 2020 and 18.2% in 2019.

Daily average value turnover also rose 22.5% to P9 billion from last year’s P7.35 billion.

“As early as now, several companies have expressed interest in being listed as early as the first quarter of next year,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in an e-mail on Dec. 28.

Haus Talk, Inc. is set to be the first company to brave the stock market’s small, medium, and emerging (SME) board in 2022, with a listing date tentatively set on Jan. 17 under the stock symbol “HTI.” The company’s offer period will run from Jan. 3 to 7.

Meanwhile, Figaro Coffee Group, Inc. will hold its offer period from Jan. 10 to 14, while its listing on the main board of the PSE is scheduled on Jan. 24 under “FCG.”

Citicore Energy REIT Corp., Bank of Commerce, and CTS Global Equity Group, Inc. are waiting for regulatory approval for their respective public offers, while Balai ni Fruitas, Inc. has expressed intention to list on the SME board of the PSE.

China Bank Securities’ Mr. Mercado said a better COVID-19 (coronavirus disease 2019) situation, continuing economic growth momentum, and eased restrictions would help boost market sentiment.

“IPO performances will depend on the fundamentals of the company that’s going to get listed,” Philstocks Financial’s Mr. Tantiangco said.

“It will depend on the historical financial performance that it has, it will depend on its direction, it will depend on its prospects, and most importantly, it will depend on its pricing,” he added. — Keren Concepcion G. Valmonte

Chasing the sun

Touching the sky: The author poses atop a hill in Tanay, Rizal. — PHOTO FROM ANGEL RIVERO

Rediscovering the outdoors aboard the Ford Territory

AFTER A HIATUS from local travel and recreation due to the (again) surging pandemic, I finally grabbed the opportunity for a pleasurable break up in the mountains of Tanay, and went on a trip with the Ford Territory.

The Territory is Ford Philippines’ relatively new five-seater mini-SUV running on a sprightly 1.5-liter EcoBoost engine. And so far, it’s done the company good with an impressive local sales performance since its launch back in August 2020. That says a lot about the Territory’s public appeal and, perhaps, the good words that have been going around about it. As a matter of fact, I was surprised to find many people approach me while I had the car parked here or there — asking what model of vehicle it was, its price range, and occasionally requesting if they could have a peek inside. Admittedly, the Ford Territory does look good, and it seems to fall in that Goldilocks sweet spot of not being too big and not being too small — tickling the taste of many. I do agree that it is a great size to fit in small families comfortably (with good legroom in the back), and versatile enough but not excessively gargantuan for young professionals who like to haul along sports equipment or take their pets around on trips with them.

On this occasion, I traveled with my sister as we joined a group of other individuals on a journey to experience the sunrise up on a hilltop of Viewscape Nature’s Park in Tanay, Rizal. It was only then that I actually realized that I’ve more often gone for sunsets in the past… and that it was quite invigorating to try and catch the first rays of morning sunshine after darker days behind us.

To race the next day’s sunrise, we spent the night over at Thunderbird Resort in Rizal. The path leading there from Quezon City was a nice mix of highway driving and zigzag, uphill roads characteristic of any journey to the lush areas of Rizal. The Territory certainly did not disappoint — with sufficient power to climb even the steepest twisty corners, and even with some annoyingly underpowered trucks occasionally slowing down our momentum along the way. It also comes with a Sport Mode button, which I happily engaged whenever I felt like making quicker overtaking moves and enhancing my driving experience through the twisties.

But perhaps another strong appeal for young families is that the Territory is also equipped with its proprietary Ford Co-Pilot360, which is basically a suite of active safety features that keeps drivers and their passengers more confident while on long, out-of-town trips. The safety features range from subtle assets like convenient rain-sensing wipers, automatic headlamps, adaptive cruise control, a lane-keeping system, and autonomous emergency braking (which assists in braking the car early when a collision is imminent). A high-definition 360-degree camera also appears to be a crowd favorite for parking, in addition to its built-in parking sensors.

I also like the overall ambience and tactile feeling of the Territory’s cabin. Its soft-touch surfaces are definitely among the things I appreciate, alongside its large windows that let in a lot of beautiful, natural light. Of course, on this trip, I made sure we popped up the panoramic moonroof to let in some sorely missed fresh mountain air, without having to wind-blow our hair.

And as Ford has always been particular about offering car tech, the Territory comes with a large, 10-inch fully digital instrument cluster that provides a plethora of driving information. Its infotainment system, which in my opinion does need some getting used to in the beginning, is already Apple CarPlay- and Android Auto-compatible. Wireless phone charging is also on offer.

The short retreat to Viewscape Nature’s Park turned out to be a lovely, small sibling adventure joined by friends. The property also offers a short hike down through small dragon fruit farms and toward a small cave that you simply pass by. The trail eventually loops back to where you first started, and takes approximately 45 minutes to an hour to finish. The property also features a small campground where your group could hold an intimate picnic (and bonfire, if you like) while surrounded by the green mountains of Rizal. Should you decide to actually camp there for some stargazing at night, the property also has a simple bathroom within short walking distance.

Why not try going for some safe, outdoor recreational activities to warm up those joints and muscles?

BSP extends waiver on fees for PhilPaSS Plus

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) will continue to waive fees for transactions made through the Philippine Payment and Settlement System (PhilPaSS) Plus until March 31 to keep online transactions affordable for consumers.

Memorandum No. M-2021-073 signed by BSP Payments and Currency Management Sector-in-Charge Edna C. Villa on Dec. 30, 2021 directed the extension of the relief measure to the last business day of March.

“The BSP enjoins the participants in the PESO real-time gross settlement payment system to extend the benefits of this relief measure to the financial consumers by ensuring that the fees for electronic payment services, such as InstaPay, PESONet, and QR Ph, are reasonable,” Ms. Villa said.

PESONet is the electronic fund transfer scheme under the National Retail Payment System for transactions beyond P50,000 that are credited to the recipient by the end of a banking day, making it suitable for high-value business transactions. Its retail counterpart InstaPay allows for real-time fund transfers for amounts up to P50,000.

Based on BSP data as of Nov. 30, 2021, there were 60 financial institutions that are direct participants of InstaPay, while 92 are onboard PESONet.

Meanwhile, QR Ph is the national QR code standard which allows for fund transfers among banks and e-wallets. As of Nov. 30, there are 27 financial institutions that allow for person-to-person transfers, while 14 are participants of the person-to-merchant transactions use case.

Last week, the BSP ordered a moratorium on increases in InstaPay and PESONet fees for person-to-person fund transfers, saying this will help to quicken the country’s transition into a cash-lite economy.

The central bank first waived transactions for PhilPaSS transactions in April 2020 during the initial coronavirus disease 2019 lockdown, and this was extended for the whole of 2020. The fee waiver remained in effect in 2021.

In 2020, digital payments made up 20.1% of all transactions in terms of volume, the BSP earlier said. This is an improvement from the 10% in 2018 and the mere 1% in 2013.

By next year, the central bank hopes 50% of payments will be coursed through digital channels. — L.W.T. Noble

Hybrid work setup to stay, says communications firm Poly

NEARLY two years into the pandemic and after months of office adjustments, a hybrid setup is seen to be the default arrangement for Asia-Pacific’s work force and work spaces this year and beyond.

“Hybrid work is now a norm. In fact, it’s reported that hybrid is the preferred working arrangement in Southeast Asia, alongside work anywhere and work remotely full-time,” said Samir Sayed, managing director of Plantronics, Inc. for ASEAN and South Korea, in an e-mailed statement.

A hybrid setup offers employees mixed remote and in-office schedules. In the Philippines for instance, some companies require their employees to report to the office once or a few days in a week, and work from home on some days.

Plantronics, a global communications company more known as Poly, is involved in video and audio engineering. It expects company offices to transform into collaboration hubs.

Mr. Sayed said the adoption of hybrid work will impact business leaders’ approach to workplace design and investment decision over the long term. It will become the default arrangement as various markets in the Asia-Pacific region start easing pandemic-related restrictions.

Poly said business leaders “will also look how to make return to office something that employees look forward to. Offices will become collaboration hubs, serving as a place for teams to gather to brainstorm in small groups, host client meetings, celebrate milestones, and work on joint projects. They will also serve as a central hub for community socialization that will help provide a culture that cannot be replicated via remote working.”

It added that the collaboration hub will also complement the greater adoption of asynchronous work practices, which were widely done due to the pandemic.

Industries are also expected to continue decentralizing work practices and processes, enabling effective business continuity for a work force that may be largely working from home.

“To truly succeed in the hybrid era, business leaders will need to devise workplace strategies and investments that will enable workers to have a more equitable work experience regardless of where they are working from, for optimal collaboration and productivity,” Poly Asia-Pacific Senior Vice-President Pierre-Jean Châlon said in a statement. — Marielle C. Lucenio

Rice tariff collections at nearly P18 billion in 2021 — Customs

PHILSTAR FILE PHOTO

THE Bureau of Customs collected P17.9 billion worth of duties from rice imports as of Dec. 10, 2021, exceeding year-earlier collections on increased volumes.

According to preliminary data, duties collected increased 21.9% from the P14.72 billion logged over the same period in 2020, the Department of Finance said in a statement on Sunday.

The 2021 revenue total was collected off 2.8 million metric tons of rice shipments worth P51.37 billion.

The volume of rice shipments in the same period in 2020 was 2.3 million metric tons.

“For the period Dec. 1-10, 2021, volume of rice imports grew 487.9%, while revenue also increased by 475.8%,” Customs Commissioner Rey Leonardo Guerrero said.

“Cumulatively, it grew by 23.4% in volume and 21.9% in revenue.”

Mr. Guerrero said the average value of rice per metric ton dropped amid a continuous decline in rice prices on the world market since May.

The government collects rice import duties to support the Rice Competitiveness Enhancement Fund (RCEF) as authorized by Republic Act 11203, or the Rice Tariffication Law.

Through the RCEF, P10 billion is set aside each year to finance programs that give growers access to farm mechanization programs to make them more competitive against imports.

The law, signed in February 2019, eased restrictions on rice imports by private entities but charged a 35% tariff on Southeast Asian grain.

Collections exceeding P10 billion will be added to the national budget of the following year for use in financial aid to rice farmers, titling of agricultural land, expansion of crop insurance coverage and promotion of crop diversification. — Jenina P. Ibañez

Audi Q7: Primus inter pares

The Audi Q7 is a seven-seater midsize SUV with a full complement of premium features. — PHOTO BY KAP MACEDA AGUILA

The latest iteration of Ingolstadt’s first SUV remains both relevant and compelling

WHEN INGOLSTADT, Germany-headquartered car maker Audi decided to pull the trigger on entering a then-burgeoning sport utility market in the middle of the 2000s, the first contender it trotted out was the Q7 in 2006, with the smaller Q5 coming two years after. It turned out to be a no-brainer experiment, as the format simply took off. Other premium brands followed suit with similar success.

And Filipinos are no different in our affection for the format, you see, and this is what Audi Philippines continues to count on with the Q7.

The vehicle remains the largest of Audi’s SUVs offerings. Don’t be misled by the Q8’s nomenclature. The Q7 is a seven-seater; the Q8 seats five. Having said that, they’re two completely different animals — with the Q7 hewing to a more practical line and the Q8 assuming a sportier, more dynamic tack in both performance and styling.

This is not to say that the Q7 is an all-business, stiff-upper-lip kind of ride. In fact, there’s a lot of styling savvy to go along with the updated toys compared to the previous generation.

On the outside, the current-gen Q7 doubles down on Audi’s signature Singleframe grille. Whereas the previous generation bore horizontal slats (perhaps to emphasize width) on its nose, the present iteration stands them up. There’s no mistaking though; that Singleframe is huge. Fringing it are headlamps featuring HD Matrix LED tech. Of course, we know that Audi is an LED/daytime running lights pioneer. The Q7’s eyes do not disappoint; you cannot mistake it for anything else other than an Audi.

At the back, luscious chrome accents led by a single strip that connects both taillamps imbue a luxurious feel to the smartly designed hindquarters with refresh graphics. The Q7 wears 20-inch cast aluminum wheels given 285/40 Continentals. Those who loved the overall look of the previous-gen Q7 will surely take a liking to this one in no time flat.

The appointments inside the Q7 help to assure that the vehicle hits the sweet spot not just for the executive set looking primarily for comfortable Point-A-to-Point-B transportation, but even for more fastidious tech-savvy motorists (and passengers) who expect connectivity and convenience.

Building on the virtues of the Virtual Cockpit digital instrumentation that’s now also a true signature of Audi, the 2022 Q7 now banners the Virtual Cockpit Plus that proffers a tasty, high-resolution color information display, and MMI Navigation Plus with MMI Touch Response. The instrument cluster dangles a measure of customization and allows the driver easy visual reference for key functions and metrics. It takes but a while to get comfortable with the system, but a sundry of stuff can be accessed through the three-spoke leather-covered steering wheel with a number of control buttons. Behind the wheel are paddle shifters for more direct switching of gears.

The Q7 gets a premium Bang & Olufsen audio system, an ambient LED lighting package, and four-zone automatic air-conditioning. There’s even Audi Music Interface in the rear seat.

While the first-generation Q7 featured a display that emerged from the top of the dashboard, the current model now boasts a less distracting screen that is situated more unobtrusively in the center of the panel. When turned off, it’s as if the screen isn’t there at all.

The touchscreen (as with another one below it) also provides haptic and acoustic feedback. Maybe because Audi has been at it for a while, the system feels less gimmicky and more genuinely intuitive. The brand even throws in “power-latching, soft-closing” doors that automatically close properly if you or a passenger fail to do so.

Coming in a single diesel variant, the Q7, said Audi Philippines General Sales Manager Paolo Brambilla to “Velocity,” now shares some features with its more premium, aforementioned Q8 sibling such as wireless Apple CarPlay, a twin MMI system, and even an ionizer.

The practicality of the seven-seater is best expressed in its up to 1,925 liters of cargo space. If you have a lot of stuff to transport, all rows of seats can be slid forward and backward individually, with the seatbacks able to be folded flat. The grocery-getter’s friend, an electrically operated tailgate, also comes standard.

Under the Q7 hood is a hearty, smooth-purring 3.0-liter TDI V6 turbocharged diesel engine corralling up to 286 horses and 600Nm of torque. The driver can access this output through an eight-speed Tiptronic transmission commanding a Quattro permanent all-wheel drive system. This gives the large, 5.063-meter-long vehicle ample grunt to overtake on demand.

Added sauce is a mild hybrid system, featuring a Belt Alternator Starter (BAS) that “powers the full-size SUV’s 48-volt main electrical system.” Like similar systems, the Q7’s can recover energy during braking for storage in a small lithium-ion battery. “This cycle of recovery, conversion and storage takes place when the vehicle is traveling at speeds in between 55kph and 160kph,” reported Audi Philippines.

Where does this energy come in handy? Well, the Q7’s system shuts off the engine “during certain conditions” such as when the vehicle is coasting. This is the chance of the BAS to step in — restarting the engine when more power is demanded, or when the accelerator is depressed. Stop-and-go situations also accommodate a start-stop function from speeds as low as 22kph. This spells less fuel consumption.

The Q7 excels in safety as well — earning Five Stars (the highest rating) from the European New Car Assessment Program (Euro NCAP). It has, added Audi Philippines, full-size front air bags in front, bags at the outboard sides of the front and rear passengers, Isofix child seat mountings, Parking Aid Plus with 360 display, tire pressure monitoring, advanced traction and stability control systems, and numerous driver-assist technologies.

I’ve personally found Audi’s combination of tech and stylistic restraint its greatest asset in all its vehicles. Everything is legible and intuitive — while being sufficiently impressive to elicit a “wow” from you and your passengers.

In the Q7, this ethos arguably finds its purest expression.

Gov’t debt yields flat amid lack of leads

YIELDS on government securities (GS) moved sideways last week due to the lack of local catalysts, as expected by market analysts.

On average week on week, GS yields in the secondary market inched up by 0.71 basis point (bp), based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of Dec. 31 published on the Philippine Dealing System’s website.

“Yields traded sideways amid seasonally subdued trading activity at the close of the year coupled with the lack of any local catalysts,” First Metro Asset Management, Inc. (FAMI) said in an e-mail interview on Friday.

“Most players opted to remain on the sidelines and have deployed excess funds largely on short-dated securities due to overall thin liquidity and looming uncertainties as we crossover 2022,” it added.

“Local yields [were] higher [last] week, with upward pressure coming from global oil prices and government borrowing,” Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said in a Viber message.

The news on the government’s January borrowing program influenced last week’s GS average, Mr. Neri said.

“With government expenditures still outpacing revenues due to the pandemic, the government will likely remain aggressive in borrowing funds from the debt market,” he added.

Yields across the yield curve ended mixed at the end of trading on Dec. 31. The 91- and 364-day Treasury bills (T-bill) fell by 3.03 bps and 0.41 bp to fetch 1.0945% and 1.6597%, respectively. Meanwhile, the 182-day T-bill inched up by 0.48 bp to 1.2693%.

At the belly of the curve, the yield on the two-year Treasury bonds (T-bonds) dropped by 1.52 bps to 2.6781%. Meanwhile, the rates of the three-, four-, five-, and seven-year papers went up by 0.62 bps (to 3.2512%), 2.79 bps (3.769%), 5.91 bps (4.1966%) and 5.16 bps (4.6311%), respectively.

At the high end, the rate of the 10-year paper dropped by 12.76 bps to 4.8222%. Meanwhile, yields on the 20- and 25-year T-bonds climbed by 5.15 bps (to 5.0908%) and 5.45 bps (5.084%), respectively.

For this week, all eyes will be on the December inflation print, which is scheduled to be released on Jan. 5.

The Bangko Sentral ng Pilipinas (BSP) said inflation last month was likely within the 3.5% to 4.3% range.

To compare, headline inflation settled at 4.2% in November and at 3.5% in December 2020.

Monthly headline inflation exceeded the BSP’s target in 2021, except in July when it stood at 4%. This was mainly attributed to food supply issues. Inflation year to date is at 4.5%, which is still above the central bank’s 4.4% forecast for the year.

A higher-than-expected figure may exert additional upward pressure on GS rates,” Mr. Neri said.

Yields might continue to consolidate this week as market will keep an eye on food price shocks brought by Typhoon Odette (international name: Rai) in the Visayas and Mindanao and new debt supply risk in 2022, FAMI said.

“Investors will likely wait for better entry levels for belly to long-dated bonds as upcoming supply could render a steeper curve in the coming days,” FAMI said. — Ana Olivia A. Tirona

Betty White, working actress into her 90s, dies just shy of her 100th birthday

Betty White in Archive of American Television (1997) — IMDB.COM

COMEDIC actress Betty White, who capped a career of more than 80 years by becoming America’s geriatric sweetheart after Emmy-winning roles on television sitcoms The Golden Girls and The Mary Tyler Moore Show, died on Friday, less than three weeks shy of her 100th birthday.

The agent, Jeff Witjas, told People magazine: “Even though Betty was about to be 100, I thought she would live forever.” No cause was cited.

In a youth-driven entertainment industry where an actress over 40 faces career twilight, Ms. White was an anomaly who was a star in her 60s and a pop culture phenomenon in her 80s and 90s.

Playing on her eminent likability, Ms. White was still starring in a TV sitcom, Hot in Cleveland, at age 92 until it was canceled in late 2014.

Ms. White said her longevity was a result of good health, good fortune, and loving her work.

“It’s incredible that I’m still in this business and that you are still putting up with me,” Ms. White said in an appearance at the 2018 Emmy Awards ceremony, where she was honored for her long career. “It’s incredible that you can stay in a career this long and still have people put up with you. I wish they did that at home.”

Ms. White was not afraid to mock herself and throw out a joke about her sex life or a snarky crack that one would not expect from a sweet-smiling, white-haired elderly woman. She was frequently asked if, after such a long career, there was anything she still wanted to do and the standard response was “Robert Redford.”

“She was great at defying expectation. She managed to grow very old and somehow, not old enough. We’ll miss you, Betty,” former costar and friend Ryan Reynolds wrote in a Twitter post.

“Old age hasn’t diminished her,” the New York Times wrote in 2013. “It has given her a second wind.”

Minutes after news emerged of her death, US President Joseph R. Biden told reporters: “That’s a shame. She was a lovely lady.” His wife Jill Biden said: “Who didn’t love Betty White? We’re so sad about her death.”

Betty Marion White was born on Jan. 17, 1922, in Oak Park, Illinois, and her family moved to Los Angeles during the Great Depression, where she attended Beverly Hills High School.

A DEBUT IN THE 1930S
Ms. White started her entertainment career in radio in the late 1930s and by 1939 had made her TV debut singing on an experimental channel in Los Angeles. After serving in the American Women’s Voluntary Service, which helped the US effort during World War Two, she was a regular on Hollywood on Television, a daily five-hour live variety show, in 1949.

A few years later she became a pioneering woman in television by co-founding a production company and serving as a co-creator, producer and star of the 1950s sitcom Life with Elizabeth.

Through the 1960s and early ’70s White was seen regularly on television, hosting coverage of the annual Tournament of Rose Parade and appearing on game shows such as Match Game and Password. She married Password host Allen Ludden, her third and final husband, in 1963.

Ms. White reached a new level of success on The Mary Tyler Moore Show, playing the host of a home-making television show, the snide, lusty Sue Ann Nivens, whose credo was “a woman who does a good job in the kitchen is sure to reap her rewards in other parts of the house.” White won best-supporting actress Emmys for the role in 1975 and 1976.

She won another Emmy in 1986 for The Golden Girls, a sitcom about four older women living together in Miami that featured an age demographic rarely highlighted on American television. White also was nominated for an Emmy six other times for her portrayal of the widowed Rose Nylund, a sweet, naïve, and ditzy Midwesterner, on the show, which ran from 1985 to 1992 and was one of the top-rated series of its time.

After a less successful sequel to The Golden Girls came a series of small movie parts, talk-show appearances and one-off television roles, including one that won her an Emmy for a guest appearance on The John Larroquette Show.

By 2009 she was becoming ubiquitous with more frequent television appearances and a role in the Sandra Bullock film The Proposal. She starred in a popular Snickers candy commercial that aired during the Super Bowl, taking a brutal hit in a mud puddle in a football game.

A young fan started a Facebook campaign to have Ms. White host Saturday Night Live and she ended up appearing in every sketch on the show and winning still another Emmy for it.

The Associated Press voted her entertainer of the year in 2010 and a 2011 Reuters/Ipsos poll found that Ms. White, then 89, was the most popular and trusted celebrity in America with an 86% favorability rating.

White’s witty and brassy demeanor came in handy as host of Betty White’s Off Their Rockers, a hidden-camera show in which elderly actors pulled pranks on younger people.

“Who would ever dream that I would not only be this healthy, but still be invited to work?” Ms. White said in a 2015 interview with Oprah Winfrey.

Ms. White, who had no children, worked for animal causes. She once turned down a role in the movie As Good as It Gets because of a scene in which a dog was thrown in a garbage chute.

She looked forward to her milestone birthday, writing on Twitter just three days before her death, “My 100th birthday … I cannot believe it is coming up.” —  Reuters

NEA sought to reconsider suspension order, says Beneco counsel

BENGUET Electric Cooperative (Beneco) decried the suspension of its directors and some officials for alleged mismanagement as ordered by National Electrification Administration (NEA), prompting the power distributor to file a motion for reconsideration, its lawyer said.

“We have filed a motion for reconsideration on the basis of the suspension and the penalty being too harsh on Dec. 29,” Delmar O. Cariño, Beneco’s legal counsel, told Businessworld through a text message on Sunday.

His comment comes after NEA, which supervises electric cooperatives (ECs), announced on Dec. 31 its decision to suspend Beneco’s board of directors and other officials for 90 days for what it claims to be transactions “averse to good management.”

It said audit findings from June 1, 2014 to Dec. 31, 2017 prompted the administrative penalties of suspension, as well as an order for the officials to “return the excess amounts they earlier received in violation of NEA policies and guidelines.”

In its media release, the administrator of the country’s rural electrification said, “The electric cooperative Board and Management’s response failed to justify some of the audit observations especially on the excessive benefits and allowances they extended to themselves. The respondents filed a joint answer, denying liability on the audit findings.”

NEA said its decision was rendered on Dec. 9, 2021, and that the notice of decision was personally service at the Beneco office on Dec. 23.

“Copies were also served via electronic mail to the Internal Auditor and the Institutional Services Manager who were among those suspended, as well as on the Administrative Officer of the EC,” it said.

NEA said Beneco officials granted benefits such as information dissemination allowance, gasoline allowance, token of appreciation to two outgoing board of directors, 13th month pay, grocery allowance, representation allowance, insurance allowance, rainwear allowance, and Christmas bonus, without NEA approval.

“For each of these, we found the respondents liable for willful violation or non-compliance of NEA issuances. They are meted the penalty of suspension for a period of 90 days. They are consequently ordered to return the computed excess funds they have granted to themselves,” NEA’s board of administrators said. — Marielle C. Lucenio

BFAR issues red tide notice for Samar, Leyte

PHILIPPINE STAR/EDD GUMBAN

THE Bureau of Fisheries and Aquatic Resources (BFAR) issued a red tide notice in San Pedro, Samar; Cancabato Bay, Leyte and Biliran Island.

Shellfish also tested positive for paralytic shellfish poison in various provinces.

The affected areas include parts of Bataan; Milagros, Masbate; Dauis and Tagbilaran, Bohol; Carigara Bay, Leyte; Guiuan and Matarinao Bay, Eastern Samar; Dumanquillas Bay, Zamboanga del Sur; Litalit Bay, Surigao del Norte; and Lianga Bay, Surigao del Sur.

Shellfish and krill collected in those areas are not safe for human consumption, according to a bulletin issued by the BFAR.

However, fish, squid, crab and shrimp are still safe to consume provided they are washed thoroughly.

Red tide toxin is caused by algal blooms that deplete oxygen and discolor coastal waters, causing potential illness in humans and animals. — Luisa Maria Jacinta C. Jocson

Isuzu PHL notches wins in Auto Focus People’s Choice Awards 2021

IMAGE FROM ISUZU PHILIPPINES CORP.

ISUZU PHILIPPINES CORP. (IPC) secured multiple recognitions for its all-new Isuzu D-Max and Isuzu mu-X models in the recently concluded 2021-2022 Auto Focus People’s Choice Awards (AFPCA) and Media Choice Awards (AFMCA). Isuzu took home the “2021 Automobile of the Year” plum as well as other major awards like the “2021 Pickup of the Year” and “2021 SUV of the Year” in the standard category.

The yearly AFPCA/AFMCA is organized by Sunshine Television and Marketing Services, Inc. (STV) to determine the country’s most popular automobile brands and models — establishing the cream of the crop among the vehicles in the country via public poll.

The AFPCA, which identifies the model and automobile of the year, features the voice of the public with a scoring system that comprises 80% general public votes and 20% unit sales from January to November 2021. On the other hand, the AFMCA reflects the choices of the media via votes cast by a select group of recognized motoring media professionals and practitioners. Its purpose is to further recognize the automobile industry’s efforts to provide car owners and motorists with the best on-board features, styling, performance, and overall value.

Out of 140 vehicle models in the 2021-2022 AFPCA Official Entry List for the Standard Classification — comprised of sedan, sports car, SUV/crossover, van/MPV, and pickup models — the all-new Isuzu D-Max emerged on top as Automobile of the Year. The model, along with the Isuzu mu-X, also copped the individual category titles: the 2021-2022 AFPCA Pickup of the Year and 2021-2022 AFPCA SUV of the Year, respectively.

The all-new Isuzu D-Max also earned the approval of the media as it was hailed best in three categories of the Auto Focus Media Choice Awards: Best Design, Best Engine Performance, and Best Value-for-Money.

“We at Isuzu are very grateful in receiving individual awards for both models, as well as the prestigious 2021-2022 Automobile of the Year Award for the all-new Isuzu D-Max. These awards (hold) a deeper meaning for us, as a big percentage of it came from the public — which is why we would like to extend our thanks to our loyal customers and Isuzu fans nationwide who have been very supportive of us throughout the years. We could not have done it without you,” said IPC President Hajime Koso in a release.

For more information, visit www.isuzuphil.com, or get in touch with the nearest Isuzu dealership.

Tokyo Olympian EJ Obiena sets world third best jump of the year

By Joey Villar

TOKYO Olympian pole-vaulter Ernest John  “EJ” Obiena’s best mark of 5.93 meters has been ranked as the third best performance of the year by World Athletics.

The recent mark was set by the 26-year-old Mr. Obiena in the Golden Roof Challenge in Innsbruck, Austria in September last year that not only shattered the national record he himself set but the Asian record as well.

American Sam Kendricks and Russian Timur Morgunov shared No. 3 with Mr. Obiena with an identical season best.

World record-holder and Tokyo Olympics gold medalist Armand Duplantis of Sweden remains untouchable at the helm with a 6.10m while the United States’ Christopher Nilsen was at No. 2 with a 5.97m.

Mr. Obiena though slightly slipped in the world rankings from No. 5 in September in 2021 to No. 6 before the year ended.

But the recent controversy Mr. Obiena is currently embroiled in with the Philippine Athletics Track and Field Association (PATAFA) could affect the former’s future performances.

And there seems to be no end in sight as the impasse could drag slowly on as the PATAFA recently released a position paper rejecting the decision of the Philippine Olympic Committee (POC) executive board on Dec. 28 declaring the former’s president Philip Ella Juico as persona non grata.

“Given that the POC, acting through the ethics committee, did not and continues not to have jurisdiction over the Mr. Obiena complaint, any and all acts it performed in the case, including its declaration of Dr. Philip Ella Juico as persona non grata, are null and void from inception,” said PATAFA in a statement.

PATAFA’s bone of contention was that the POC has no jurisdiction in the Mr. Obiena case.

“In fine, the POC can validly claim jurisdiction over Mr. Obiena’s complaint only if it can establish: 1) that it acted as ‘final arbitrator’ over the case; b) the complaint may be categorized as an intra-NSA conflict or dispute; and, c) it is able to establish that the case could not be settled with PATAFA’s processes and procedures,” it said.

“Of the foregoing three requirements for the proper vesting of jurisdiction in and excise thereof by the POC, only the second is present. Accordingly, the POC acted without jurisdiction when it entertained and proceeded upon Mr. Obiena’s complaint,” it added.

POC President Abraham Tolentino stressed they’re just protecting an athlete who has a potential to deliver a medal in the 2024 Paris Games.

“We’re dealing with an Olympian and world-class athlete who has a future,” said the congressman from Tagaytay.

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