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[B-SIDE Podcast] The future is electric

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The mainstream adoption of electric vehicles (EVs) is expected to gain traction after the previous Congress passed a law that seeks to develop the Philippines’ EV industry.

The law facilitates a shift to EVs by imposing a 5% EV fleet quota for industries that operate vehicles — such as cargo logistics, food delivery companies, tour agencies, and utilities providers — within a timeline that will be set by regulators.

In this B-Side episode, Terry L. Ridon, an investment analyst and convener of InfraWatchPH, speaks with BusinessWorld reporter Kyle Aristophere T. Atienza about the potential of EVs.

Cost is the number one concern, according to Mr. Ridon. For EVs to be adopted by average consumers, their prices have to be comparable to their gas-powered counterparts.

Recorded remotely in June 2022. Produced by Joseph Emmanuel L. Garcia and Sam L. Marcelo.

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International CSR & Sustainability Summit 2022 redefines net zero with The ZERO Shift

The International CSR & Sustainability (ICS) Summit 2022 convened over 300 C-suite level executives, business leaders, and CSR practitioners from 19 countries. Organized by regional NGO Enterprise Asia, the ICS Summit gathers top CSR leaders and practitioners to strengthen ties, share experiences and insights, as well as identify regional challenges and opportunities to shape Asia toward a more responsible, sustainable, and progressive socioeconomic market.

Themed “The ZERO Shift,” this year’s virtual summit provided a regional platform for leading thought leaders and CSR practitioners to explore the application of the NetZero approach to the entirety of the sustainability equation to achieve zero emissions, zero waste, and zero inequality.

The Chairman of Enterprise Asia, Tan Sri Dr. Fong Chan Onn, expressed at the summit’s opening that “We must work collectively to adhere to E.S.G. — environmental, social, and governance — to build a sustainable world along with rapid economic advancement; and consistent and transparent E.S.G. reporting will help contribute to zero emissions, zero waste, and zero inequality.”

The speakers were Kim-See Lim, regional director of East Asia & the Pacific of International Finance Corporation (IFC); Dr. Naoki Adachi, executive director of Japan Business Initiative for Biodiversity, and CEO & founder of Response Ability Inc.; Dr. Niven Huang, ASPAC ESG leader of KPMG Taiwan; Olivier Trecco, head of ASEAN, Japan, Australia of ESG Solutions Sustainable1; Monica Bae, regional lead – Capital Markets APAC of CDP; Daniele Mae C Coronacion, Climate Change and Sustainability Services manager of Ernst & Young Global Delivery Services; Dr. Allinnettes Adigue, head of the ASEAN Regional Hub of Global Reporting Initiative; Kevin Milla, Consultant, carbon specialist of Paia Consulting; Alexandra Tracy, founder and president of Hoi Ping Ventures; Ali Mohamed Ali, founder of OxEarth and CEO of Destination EMEA of Independent Consultant, United Nations Global Compact; Duncan Lee, ddirector of Investment Environmental, Social & Governance, Group Investment of AIA Group; Lt. General Sudhir Sharma, advisor to Enterprise Asia; Ben Kellard, director of Business Strategy of Cambridge Institute for Sustainability Leadership; Ivy Kuo, partner and PwC Asia Pacific ESG leader of PwC China ESG Services; Anirban Ghosh, chief sustainability officer, Mahindra Group; Dr. Mushtaq Memon, regional coordinator, United Nations Environment Programme.

Among the topics discussed in the virtual summit was ‘ESG: Trends, Expectations, and What’s Next for 2022’ in which speakers Dr. Niven Huang, Olivier Trecco, Monica Bae, and Dr. Allinnettes Adigue called for all businesses to embrace the transition, and to live and breathe ESG while, at the same time, ESG reporting must be sincere and credible, and the boards must truly buy into sustainability and be aware of greenwashing.

Besides this, the virtual summit also covered the topic ‘Multi Stakeholder Impact: Enabling Zero Emission, Zero Wastes, Zero Inequality Through Multi-Alliances and Partnerships’ in which speakers Lt. General Sudhir Sharma, Ben Kellard, Ivy Kuo, Anirban Ghosh, and Dr. Mushtaq Memon revealed that the world is too far behind in climate targets in the race to zero, and we must speed up in decarbonization if we are to continue to shift to zero.

The ICS 2022 is supported by CSRone, the Global Reporting Initiative, India CSR Network, Malaysian Business Council of Cambodia (MBCC), Malaysia Green Technology and Climate Change Corp. (MGTC), National Institute of Entrepreneurship and Innovation (NIEI), Singapore-Thai Chamber of Commerce, and Taiwan Institute for Sustainable Energy (TAISE), with Bangkok Post, BusinessWorld, Commercial Times, Hong Kong Economic Times, Kumparan, and SME Magazine as media partners, and Evogenetic Studio as the Official Production Partner.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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DoF says on track to hit revenue goals

THE NATIONAL Government is on track to meet its revenue targets this year, although the Bureau of Internal Revenue (BIR) has to collect more in the second half, Department of Finance (DoF) Secretary Benjamin E. Diokno said.

Mr. Diokno met with officials of the BIR and the Bureau of Customs (BoC), the top revenue collection agencies, on Friday.

“The BIR is slightly behind target while BoC exceeds its target largely due to higher oil prices and peso depreciation. BIR officials commit to (a) better second-half performance,” he told reporters over the weekend.

“I expect this year’s revenue target will be met.”

The National Government aims to collect P3.3 trillion in revenues for 2022, equivalent to 15.2% of gross domestic product (GDP), as the economy recovers from the coronavirus pandemic.

For the first five months of 2022, total revenues jumped by 15.46% to P1.43 trillion as economic activity improved alongside the easing of mobility restrictions.

The BIR’s collection goal is set at P2.43 trillion for this year, but revenues stood at P959 billion as of end-May.

The Customs bureau targets to collect P671.66 billion this year. As of end-May, BoC revenues stood at P320.5 billion.

Higher oil prices and the peso’s depreciation against the US dollar have contributed to the strong Customs revenues this year.

Asked about his marching orders to the BIR and BoC, Mr. Diokno said he urged them to collect taxes “efficiently and fairly.”

“I consider revenue collectors as essential workers. Revenues are essential for achieving the goals embodied in our medium-term fiscal framework,” he added.

The Finance chief also reiterated his push for digitalization to increase tax collection.

“Digitalization is the key. It removes discretion,” Mr. Diokno said.

MARCOS ESTATE TAX
Meanwhile, the DoF appears reluctant to tackle the unpaid estate tax of the late president Ferdinand E. Marcos.

Asked if the matter was brought up during the meeting with the BIR, Mr. Diokno replied: “No, that was not discussed.”

BIR chief Lilia C. Guillermo last month said she would enforce the collection of the unpaid estate tax, as ordered by the courts. She said the Marcoses would become “role models” if their unpaid estate tax was settled.

The unpaid estate tax was worth P23 billion in 1997 and had ballooned to more than P200 billion due to interests and other fees, according to former Supreme Court Justice Antonio T. Carpio.

In December, the BIR sent a written demand to the Marcos family to settle the tax.

Ferdinand R. Marcos, Jr. assumed the presidency on June 30.

In an ambush interview by GMA Network last month, Mr. Diokno said that it was “unfair” to put the burden of collecting the estate tax on him.

“It has been 40 years or 35 years… I think it’s unfair to put the burden on me. It should have been collected if it was collectable. And so, we will leave it to the courts to decide,” he said. — Diego Gabriel C. Robles

Business groups want Marcos’ SONA to show clear roadmap for next 6 years

President Ferdinand Marcos Jr. answers questions from the media after his first cabinet meeting at the Heroes hall of the Malacañan Palace on Tuesday, July 05, 2022. — PHILIPPINE STAR/KRIZ JOHN ROSALES

By Revin Mikhael D. Ochave and Kyle Aristophere T. Atienza, Reporters

PHILIPPINE President Ferdinand R. Marcos, Jr. is expected to provide more details about his administration’s priorities as he delivers his first State of the Nation Address (SONA) before Congress on Monday (July 25).

Business groups and analysts want Mr. Marcos, who clinched a landslide victory, to provide a clear roadmap for his six-year term as the economy faces rising inflation, ballooning government debt and a darkening global outlook.

George T. Barcelon, president of the Philippine Chamber of Commerce and Industry, hopes Mr. Marcos will provide more support for pandemic-hit businesses and assure them of good governance under his administration.

“We want to hear from him that the government is ready and able to help us,” he said by telephone.

Mr. Barcelon said Mr. Marcos needs to outrightly reject cronyism or the practice of rewarding friends and allies in his first SONA.

“We hope President Marcos sends more signals that business is welcome again as a partner, that laws, franchises, and contracts will be upheld and targeting businesses politically be stopped,” Makati Business Club (MBC) Executive Director Francisco “Coco” Alcuaz, Jr. said in a Viber message, adding that this would boost interest in much-needed public-private partnership (PPP) projects.

He said they are also hoping Mr. Marcos will declare an education and nutrition crisis in the country.

“A world-beating, two-year no-classroom lockdown didn’t help, plus one-third of 5-year-old kids are malnourished, hurting their ability to learn for life. If we don’t fix these twin crises, we will chug along, at best. No economic policy will make us a high-income country without a smart and skilled workforce to execute it,” Mr. Alcuaz said.

Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) President Danilo C. Lachica said via mobile phone message they want Mr. Marcos to review the rationalization of fiscal incentives under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“Top on our list is the review of CREATE’s incentives rationalization. It has not been effective in attracting investments versus our ASEAN neighbors,” he said.

Mr. Lachica said the President should also elaborate on his plans to reduce the cost of doing business, particularly for power, labor and logistics, in the Philippines.

“We want hear his plans on strictly implementing (ease of doing business) to eliminate corruption, removing bureaucracy, red tape, and transparency,” he added.

EXIT FROM PANDEMIC
Philippine Retailers Association (PRA) President Rosemarie B. Ong told BusinessWorld via mobile phone that they want to hear about Mr. Marcos’ economic programs, as well as the plan to exit from the coronavirus disease 2019 (COVID-19) pandemic.

“In particular (we want to hear) the prioritization of the proposed online taxation, which is important for retailers as it aims to level the playing field for online and offline retailers,” she said.

Steven T. Cua, Philippine Amalgamated Supermarkets Association, Inc. president, said in a mobile phone message that he wants Mr. Marcos to provide a roadmap or development plans for different industries over the next decade.

“We also wish to hear on the development of employment-generating backyard industries that produce raw materials for commercial and industrial customer, which promotes entrepreneurship and helps diminish reliance on importation as well as unemployment. We also want to hear effective solutions versus smuggling,” he added. 

Ferdinand I. Raquelsantos, Electric Vehicle Association of the Philippines chairman emeritus, said in a Viber message the electric vehicle (EV) industry is hoping to see more support from the Marcos administration.

“We need government support in terms of subsidies, for the manufacturing, sales, promotions and use of EVs. An example is giving rebates if you buy EVs, and a loan subsidy if jeepney operators buy EVs and replace their dilapidating jeepneys,” Mr. Raquelsantos said.

Chris Nelson, British Chamber of Commerce Philippines (BCCP) executive director, said they want to hear Mr. Marcos express support for the Regional Comprehensive Economic Partnership (RCEP) trade deal.

“(The ratification of RCEP would) send a clear signal to investors. This would be a very good time now because Congress will resume (session),” Mr. Nelson said in a mobile phone interview. 

The Philippines has yet to ratify its membership in RCEP, a multilateral trade agreement involving Australia, China, Japan, South Korea, New Zealand and the 10 members of the Association of Southeast Asian Nations (ASEAN).

Mr. Nelson said the BCCP also wants Mr. Marcos to provide details on what he plans to do to further open up the economy to foreign investments.

CLEAR PLANS
During the campaign period, Mr. Marcos promised cheaper food, more jobs, more roads and better public facilities, and urged overseas workers to return to the country.

But in making such promises, he needs to inform Filipinos about the country’s fiscal status and engage them on how he would handle public finances in the next six years, Zyza Nadine M. Suzara, an economist and public finance analyst, said.

“He should squarely talk about his plans to shore up financing for government services not only for the rest of 2022, but also for 2023 and beyond. He would need to talk about specific courses of action, such as whether taxes would increase, or if more debt would be incurred,” she said via Messenger.

The Philippine economy is expected to grow by 6.5-7.5% this year. The National Government’s budget deficit stood at P458.7 billion as of end-May, narrower by 19% from the same period a year ago.

Outstanding debt stood at P12.5 trillion at the end of May, as the Duterte administration ramped up borrowings to finance its pandemic response.

As of the first quarter of 2022, the Philippines’ debt-to-GDP ratio stood at 63.5%, the highest since 65.7% in 2005. This surpassed the 60% threshold considered as manageable by multilateral lenders for developing economies.

“The bigger debt in itself is not a serious problem. But the President must show credible commitment that we can sustain our capacity to pay,” Filomeno Sta. Ana, coordinator of Action for Economic Reforms, said in a Messenger chat.

Mr. Sta. Ana also said he expects the President to push for “smart taxes” that have popular support and that could generate significant revenues, such as the proposed excise duties on vape products, cigarettes, and alcohol.

At the same time, Mr. Marcos needs to assure the business sector that he would address rising inflation and the peso’s depreciation against the US dollar, Benvenuto N. Icamina, vice-president and chief operating officer at The Wallace Business Forum, said.

Inflation rose to a nearly four-year high of 6.1% in June, bringing average inflation to 4.4% so far this year. The peso earlier this month dropped to its weakest level in nearly 17 years.

The Bangko Sentral ng Pilipinas earlier this month raised its key policy rates by 75 basis points in an off-cycle move as it sought to contain broadening price pressures and rescue the peso.

Higher interest rates could affect private contractors in government projects, said Terry L. Ridon, convenor of InfraWatchPH.

“This is a hard cap on infrastructure firms on undertaking more projects or capital expansion, as previous profit projections based on old interest rates may not be the same anymore,” he said in a Messenger chat. “The rate hike will compel them to look for other sources of funding.”

INFRASTRUCTURE
Mr. Marcos may use the SONA to unveil the blueprint for his infrastructure plan.

“Expect the President to focus on a new ‘Build, Build, Build’ plan as a way to project that the government is output-driven,” Arjan P. Aguirre, who teaches political science at the Ateneo de Manila University, said in a Messenger chat.

Bernardo M. Villegas, an economist at the University of Asia and the Pacific, said the government should focus the “Build, Build, Build” program “on farm- to-market roads, irrigation systems and other infrastructures that will help the small farmers improve their productivity and incomes.

Mr. Villegas said the country could easily achieve infrastructure resilience once the “pre-requisites of agricultural development and food security are achieved.”

Terry L. Ridon, convenor of InfraWatchPH, said Mr. Marcos’ infrastructure talk will “ring hollow without considering the current limitations in our fiscal space and general economic situation.”

“We are expecting typically general statements rather than concrete plans, with a focus on feel-good promises of delivering on its commitment to an infrastructure-focused agenda,” he said.

Mr. Ridon said Mr. Marcos should also assure the public that his projects would not favor only a few countries, including China. “The Marcos government should not fall under this trap.”

Also the President might fall short of discussing much-needed good governance and political reforms, said Mr. Aguirre.

“He will not be mentioning anything related to human rights, previous corruption scandals, and political repression cases,” he added.

DPWH eyes 3,000 NCR projects for next year

MOTORISTS ply the southbound lane of the EDSA-Kamuning flyover in Quezon City, Sunday (July 24). The flyover reopened to the public on July 23, after a month of repairs by the Department of Public Works and Highways. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Arjay L. Balinbin, Senior Reporter

THE DEPARTMENT of Public Works and Highways (DPWH) is proposing around 3,000 infrastructure projects worth P53 billion in Metro Manila next year.

Nomer Abel P. Canlas, regional director for DPWH-National Capital Region (NCR), said that the number of proposed projects for next year would be significantly higher than the 1,600 projects worth P43 billion approved for 2022.

“For the whole region, we have 3,000 proposed projects, but our wish list is subject to change depending on the policy direction and priorities of (Public Works Secretary Manuel M. Bonoan),” he told BusinessWorld in a phone interview last week.

Most of the proposed projects in NCR are buildings such as hospital and school facilities as well as housing facilities inside military and police camps, Mr. Canlas said.

Mr. Canlas identified two major projects for NCR — the underground cable system and water impounding project.

The proposed P300-million underground cable project involves relocating the overhead utility lines on major roads below ground. This will cover Epifanio de los Santos Avenue (EDSA), Radial Road 10 (R-10), and Circumferential Road 5 (C-5).

“We hope we can start this along EDSA so the public can see the impact immediately, then R-10 and C5,” Mr. Canlas said.

The DPWH’s vision for the capital region is to move all utility lines underground, he said, citing safety, convenience, and aesthetics.

Underground cables help avoid accidents like electrocution, Mr. Canlas added.

Various groups have urged the government to consider underground cables as part of its disaster resiliency strategy to prevent massive blackouts during calamities.

Mr. Canlas said another DPWH priority is the construction of water impounding facilities in selected areas.

“The proposed locations are Sto. Domingo Church, 537 Quezon Avenue Sta. Mesa Heights in Quezon City; National Center for Mental Health in Mandaluyong City; and St. Paul Street, Barangay Veinte Reales in Valenzuela City,” he said.

The DPWH recently completed the P92-million rehabilitation of a drainage structure along E. Quintos Street in Sampaloc, Manila.

Many areas in Metro Manila are low-lying and prone to flooding, while natural drainage is often restricted during rainfall events by high river and sea water levels, according to the World Bank.

The DPWH said in May that civil works had started on a major pumping station serving a flood-prone area in Valenzuela City. The station is being implemented by DPWH Metro Manila third District Engineering Office and is “expected to address the city’s perennial flooding problem as well as of neighboring areas along Meycauayan River,” it said in a statement.

Under the DPWH’s flood management master plan for the Greater Metro Manila area, one of the proposed measures is the application of rainwater catchment system that will enable some communities to store rainwater for reuse instead of allowing it to run off into a waterway.

UP Fighting Maroons eye second win versus Perpetual Help Dalta

UP Fighting Maroons — FILOIL ECOOIL

FANCIED University of the Philippines (UP) goes for a second straight win against University of Perpetual Help System Dalta (UPHSD) to create an early separation from the pack in the Filoil EcoOil Preseason Cup at the Filoil EcoOil Centre in San Juan.

Game time is at 5 p.m. with the Fighting Maroons seeking a follow-up to their rousing 83-59 win over Mapua over the weekend for an early lead in Group A of the 17-team preseason tourney.

Like reigning UAAP champion UP, Adamson is out to notch its second win in a row in Group A against Arellano at 3 p.m. after escaping College of St. Benilde in the opener while six more squads plunge into their preseason debuts.

University of the East and Emilio Aguinaldo College collide at 9 a.m. also in Group A followed by Far Eastern U’s bounce back bid against Lyceum at 11 a.m. in Group B.

In another Group B action at 1 p.m., Jose Rizal U battles Santo Tomas under new mentor Bal David in his expected coaching debut.

“Our goal is to learn how to adjust during games as the preseason goes along,” said coach Goldwin Monteverde after his wards flipped a slow halftime start against NCAA runner-up Mapua.

“It’s a good wake-up call for us so we have to be prepared for every single game,” echoed Adamson mentor Nash Racela following their close 80-75 win over the Blazers.

National U is the only team in Group A that is yet to play in Filoil while still on deck for Group B are San Sebastian College-Recoletos, San Beda and back-to-back NCAA champion Letran.

Only the four teams from the two groups after a single-round robin eliminations will advance to the knockout playoffs until the finale on August 27. — John Bryan Ulanday

Global-Estate Resorts readies launches, expansion

GLOBAL-ESTATE RESORTS, Inc. (GERI) is set to open this year a 1,200-seater convention center in Boracay while moving to complete another hotel on the island by 2023, as the company outlines new leisure offerings amid signs of economic recovery.

“As the recovery of the tourism and leisure market gains momentum, we are opening this year the Boracay Newcoast Convention Center,” GERI President Monica T. Solomon said during the company’s virtual annual stockholders meeting on Friday.

She described the project as an ideal venue for industry meetings, conventions, expositions, weddings, and events.

“The convention center will complement and support our hotel business in Boracay consisting of the Belmont and Savoy hotels and the upcoming Chancellor hotel, which is due for completion next year,” Ms. Solomon said.

The convention center and the hotels are within GERI’s Boracay Newcoast project, a resort haven that also houses its Newcoast Village and Oceanway Residences.

GERI is a subsidiary of Andrew L. Tan’s Megaworld Corp. It is primarily engaged in the development of integrated tourism and leisure estates, and integrated lifestyle communities with residential, retail, hotel, and leisure components.

Ms. Solomon said demand for the company’s leisure products on the island remains, high allowing it to expand its Newcoast village this year.

“Boracay remains to be the top tourist destination in the country,” she said.

This year, GERI has allocated P5 billion for the construction of previously launched projects and the acquisition of land for future developments. It also engages in land acquisitions and maintains an inventory of raw land for future development.

Next year, GERI plans to launch two new townships in an attempt to return to pre-pandemic growth.

“Closer to Metro Manila, the market for residential lots in nature-inspired settings is growing. Thus, we are launching new offerings in Eastland Heights in Antipolo, Arden Botanical Estate in Cavite and Hamptons Caliraya fronting Caliraya Lake in Laguna,” Ms. Solomon said.

The company is also on track to turn over this year lakefront residential lots in Hamptons Caliraya in Laguna and condominium units in Boracay Newcoast in Aklan, Twin Lakes in Tagaytay and Tulip Gardens in Southwoods City amounting up to P4 billion.

“We faced 2022 with much optimism as all indicators point to growth in all sectors of the economy. Together with the entire nation, we celebrate the easing of travel restrictions paving the way for the recovery of tourism and leisure industries,” Ms. Solomon said.

On Friday, shares in GERI ended unchanged at P0.83 apiece. — Justine Irish D. Tabile

Home furnishing platform ITOOH to expand into art

Prizmic & Brill Sushi Cafe Table (P25,200)

HOME furnishing e-commerce platform ITOOH is expanding its platform, just in time for its first anniversary, which they celebrated last Thursday in Makati.

During the event, the e-commerce platform, founded in 2021, laid out its plans to expand into art, and adding more merchants to its list.

It offered under 15 brands when this writer explored the website last year, with offerings ranging from sofas to marble soap dishes. Now, it has 104 brands on its website, with 69 partner merchants, and 3,500 daily visits to the site on average. The company plans to partner with 100 merchants by the end of this year. Their current brands include Prizmic & Brill, Venzon Lighting, BS Napes Furniture, and Jed Yabut, among others. They have also added new categories, including bedding made with local textiles.

The company was founded when, during the height of the pandemic, Jules Veloso, ITOOH’s CEO and co-founder, experienced the ease of online shopping when furnishing an empty apartment in Los Angeles. “That was just a trigger, really,” said ITOOH co-founder and COO Andrew Bercasio. “Even outside of the pandemic, an online marketplace dedicated for the home is sort of an underserved market.”

They have also begun catering to international clients, as well as having a partnership with the Center for International Trade Expositions and Missions (CITEM) to pitch to clients on a larger scale.

As mentioned above, it will begin to sell art, especially lesser-known artists from Visayas and Mindanao who dabble in textile and mixed media.

“Instead of buying a P15,000 copy print from a department store — it’s one of 5,000 prints that they did — you can easily find an artist who makes decent art and is something that is more relatable to you.” The prices would range between P3,000 to P5,000, with a focus on selling pieces by artists not present in galleries. Of this move, Mr. Bercasio said, “We’re all about the expression of homestyle.”

“It’s an extension of how they [customers] live, or how they want to live their lives.”

The focus on local furniture makers is still key with ITOOH. Over 40% of their offerings are from locally owned and operated brands, and they have since streamlined their delivery services to reach more areas outside the Greater Manila Area (they have delivered to a client in Cagayan de Oro, and other regions).

“I think during the pandemic, there was this big move to support local. That is one of our biggest thrusts in the business. That’s something we really want to grow even after this whole pandemic,” said Ms. Veloso.

While it began as an e-commerce platform for home furnishings, it has turned into an informal aggregator of a lot of obscure local furniture brands. Prior to the creation of ITOOH, one could have access to these brands only during the Manila FAME trade fair, or else visit five (or more) different stores to shop.

“We continue to tell the story of local craftsmanship. A lot of Filipinos don’t really have an appreciation for quality furniture, unfortunately,” said Mr. Bercasio.

“That is what we want to offer to the world,” he said. — Joseph L. Garcia

Ponchet beats Eala in semis

17-YEAR-OLD ALEX EALA — ALEX EALA PAGE

ALEX Eala fell short anew from capturing her third professional title after a tough semifinal exit in the W60 Vitoria-Gasteiz in Spain over the weekend.

After a stellar run in the first three rounds, Eala bumped into a familiar foe in No. 3 seed Jessika Ponchet of France and absorbed a 6-4, 6-4 defeat to miss out on a finals berth.

It was also Ponchet, WTA No. 195, who eliminated the Filipina pride in the second round of the W25 Palma del Rio earlier this month.

Eala, the WTA No. 317, had no problem dispatching her counterparts in the first three rounds highlighted by a convincing 6-1, 6-1 rout of Great Britain’s Eden Silva in the quarterfinals.

The 17-year-old ace previously bested home bet Berta Gutierrez Saiz, 6-1, 6-2, and Chinese Taipei’s Ya-Hsuan Lee (retired), 1-6, 6-4, 4-1.

Eala’s closest bid to her third pro championship was in the finals of W60 Madrid last June but she bowed to Spanish Marina Bassols Ribera, 6-4, 7-5.

A scholar of the Rafael Nadal Academy, Eala bagged her first title in W15 Manacor also in Spain last year and her second diadem in the W25 Chiang Rai in Thailand earlier this year.  — John Bryan Ulanday

Chelsea confident Udenna’s debt issues with banks will be fixed

CHELSEA LOGISTICS and Infrastructure Holdings Corp., a subsidiary of Udenna Corp., said on Sunday that it is confident its parent company will be able to “fix” the debt issues concerning its Clark Global City project.

“We don’t see it as such as per our Udenna management,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy said in a phone message to BusinessWorld, when asked how the default notice issued against Clark Global City Corp. (CGCC) is going to affect other Udenna subsidiaries.

“The concerns are being attended [to] and shall be fixed,” he added.

Udenna, the flagship company of Davao-based businessman Dennis A. Uy, confirmed on Saturday that it received on July 22 a notice of declaration of default from a consortium of banks led by BDO Unibank, Inc., as majority lender, against CGCC, an affiliate of Udenna.

The notice was issued on the grounds of “continuing and irremediable events of default” in relation to the master lease agreement between Clark International Airport Corp. (CIAC) and Global Gateway Development Corp. (GGDC), which was acquired in 2017 by CGCC.

GGDC holds leasehold rights to the 177-hectare land within the Clark Civil Aviation Complex, Clark Freeport Zone, in Pampanga, according to the Philippine Competition Commission.

“In contention, we replied to the consortium banks to dispute their conclusion and clarified that, under the circumstances, there has been, in fact, no event of default or, at the very least, no irremediable event of default, under the master lease agreement on the part of CGCC or GGDC,” Udenna said.

“GGDC and CIAC are working on an amicable resolution that will not result [in] any violation under the master lease agreement,” it added.

GGDC’s parent, Udenna Development Corp., said in 2018 that it would invest $6 billion in the development of the Clark Global City. This includes the construction of more office buildings, residential developments, hotels, hospitals, schools, transport terminal, sports center, and a casino and entertainment complex. — Arjay L. Balinbin

Stuff you need for better sleep according to Ikea

Tarnaby Table Lamp (P990)

IF one wants good sleep, one might have to shop.

During the Let’s Make Sleep Count event by Ikea earlier this month, sleep coach and Himbing.ph founder Ria Lopez emphasized the importance of sleep. “Our sleep affects everything: our overall physical health, our mental health, and just all of our functioning,” she said. “If you just slept the seven hours every day in a year, we could easily lose 14 pounds without effort.”

Ikea used the event to launch its sleep campaign, promoting beddings, curtains, light solutions, and other items. Here are a few items one can score from Ikea to get better sleep.

1. HILLEBORG BLACKOUT CURTAINS

Made in a sleek slate gray, promise to block out street lights, moonlight, and even the sun. Ms. Lopez said, “Darkness is key. Darkness signals your body to release melatonin.” She added as well about taking supplements of the sleep hormone, “There’s not enough science to back it up. Our body does it naturally.”

2. TARNABY TABLE LAMP

This little antique-inspired lamp emulates a live flame. With dimmable settings, this can set the tone for sleep.

3. KLUBSPORRE PILLOW

This ergonomic pillow is made of memory foam topped with a gel layer that regulates temperature, so one can have a consistent and cool sleeping surface throughout the night.

4. ASVANG MATTRESS

Ikea has gotten into the mattress game, and this tempting firm foam mattress has a soft layer of wadding and a quilted cover. Ikea helps customers pick a mattress based on their sleeping style. For people who sleep on their back, they recommend firmer spring mattresses, while side sleepers can benefit from softer foam mattresses. Any other preferences can be handled with a line of hybrid mattresses, also among their offerings.

“You should make your room your sanctuary for sleep,” said Ms. Lopez. “Whether that is for you, it is important to get in touch with yourself…and to set it up the way you like it.” —  Joseph L. Garcia

Six-time MVP JM Fajardo leads the race for Best Player of the Conference

SIX-TIME MVP June Mar Fajardo — PBA MEDIA

BACK at full strength after being sidelined by a shin injury in 2020, six-time MVP June Mar Fajardo is reasserting his dominant ways in the PBA.

Mr. Fajardo, whose strong performances helped San Miguel Beer get top seeding in the Philippine Cup quarterfinals, took the front seat in the race for the Best Player of the Conference plum through the end of eliminations.

The 6-foot-10 Fajardo amassed a leading 43.2 statistical points (SPs) built around averages of 18.5 points, a league-best 13.5 rebounds, 3.5 assists, one steal and 1.6 blocks to make a strong bid for a record-extending ninth BPC.

Mr. Fajardo paced teammate CJ Perez, who piled up 39.5 SPs spiked by 17.5 markers, 7.6 boards, 5.9 dimes and 2.5 steals per game, and Season 47 MVP Scottie Thompson of Ginebra, who carded 37.9 on impressive 15.3-point, 9.6-rebound, 6.1-assist and 1.3-steal statlines.

Thompson’s fellow Ginebra star, Japeth Aguilar (16.7 ppg, 8.4 rpg and a league-leading 2.5 bpg) ranked fourth with 34.2 SPs followed by Magnolia guard Jio Jalalon (13.1 ppg, 6.4 rpg, tournament-best 6.9 apg, and 2.5 spg) at No. 5 with 34.1 SPs.

Just outside the Top 5 were Ginebra’s Christian Standhardinger (33.3), NorthPort duo Robert Bolick (32.63) and Jamie Malonzo (32.60), NLEX’ Calvin Oftana (32.1) and TNT’s RR Pogoy (31.2).

They were followed by  Meralco’s Chris Newsome (31.1), SMB’s Jerico Cruz (30.6), Magnolia’s Ian Sangalang (30.5), Phoenix’ Jason Perkins (29.2) and Meralco’s Aaron Black (29.1), who occupied 11th to 15th spots.

Ato Ular, Blackwater’s rookie revelation and vital cog in the Bossing’s turnaround into a quarterfinal team, ranked 20th overall with 27.2 SPs.

Mr. Ular, who was selected in the second round of the draft, averaged 14.1 points and 8.1 rebounds to show the way among the league freshmen.

Trailing him in the Rookie of the Year derby were Converge’s Justine Arana (22.1) and Jeo Ambohot (19.10), NorthPort’s JM Calma (19.09) and Phoenix’s Tyler Tio (18.2). — Olmin Leyba

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