Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6329

What to See this Week (02/25/22)

Mark Wahlberg and Tom Holland in Uncharted

Uncharted

BASED on the videogame of the same name, Uncharted follows the street-smart young man Nathan Drake on his first treasure hunting adventure with his friend Victor “Sully” Sullivan. The two friends go in dangerous pursuit of “the greatest treasure never found” while also tracking clues that may lead to Nathan’s long-lost brother. Directed by Ruben Fleischer, the film stars Tom Holland, Mark Wahlberg, and Sophia Ali. The Guardian’s Peter Bradshaw writes, “The lovable rogues bop around from glamorous location to glamorous location and the whole thing runs smoothly enough, with some spectacular touches. Holland gives it his all, but the rest of the cast look a little less committed. An efficient, soulless hologram of a film.” Review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 40%, while its audience score is 90%.

MTRCB Rating: PG

Sing 2

IN THIS sequel to the popular animated film involving singing animals, the optimistic koala Buster Moon and his all-star cast of performers prepare to launch their best show. However, they first have to persuade the world’s most reclusive rock star, Clay Calloway, to join them. Directed by Garth Jennings, the film is voiced by Matthew McConaughey, Taron Egerton, Tori Kelly, Reese Witherspoon, Scarlet Johansson, and Bobby Cannavale. IndieWire’s Fiona Underhill writes, “While some modern music rounds out the film’s stacked soundtrack — including tracks by Billie Eilish, The Weeknd, Halsey, and Shawn Mendes — it feels like a mistake to hinge an animated children’s movie in the year 2021 around the collated works of Bono and U2. Even for fans of U2, Bono’s bewildering presence is more likely to prompt existential despair than feelings of warmth or nostalgia.” Review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 71%, while its audience score is 98%.

MTRCB Rating: G

China Bank net earnings climb to P15.1B

CHINA BANKING Corp. (China Bank) posted earnings of P15.1 billion in 2021 as its fee and net interest income increased.

The bank’s 2021 income was higher than the P12.1 billion it booked in 2020, it said in a filing with the local bourse.

In 2021, China Bank’s return on equity stood at 13.6%, while return on assets was at 1.5%.

“As we increasingly automate and digitize to navigate the continuing challenges of this pandemic, we are focusing on actions and investments that will redound to superior banking experiences and improved financial outcomes,” China Bank President William C. Whang said in a statement.

The bank’s net interest income increased by 13% to P38.3 billion in 2021 from P33.8 billion, supported by lower interest expense. Net interest margin rose to 4.2% from 3.9% in 2020.

Meanwhile, earnings from fees and commissions rose by 3% to P10.4 billion amid higher foreign exchange gains, trust revenues, investment banking commissions, sale of acquired assets, bancassurance fees, and other transaction-based charges.

The bank set aside impairment provisions of P8.9 billion in 2021, unchanged from the 2020 level.

Operating expenses increased by 4% to P22.3 billion. Cost-to-income ratio improved to 46% from 49%.

“We deployed more loans to businesses to aid their recovery while continuing to support the credit needs of consumers,” China Bank Chief Finance Officer Patrick D. Cheng said.

The bank’s nonperforming loan (NPL) ratio increased to 2.5% from 2.3% a year earlier, while NPL cover declined to 116% from 128%.

Meanwhile, deposits rose by 3% to P863 billion, fueled by the 18% expansion in low-cost current account and savings accounts.

As of end-2021, China Bank’s total assets rose by 7% to P1.112 trillion from P1.036 trillion a year earlier.

The bank’s capital adequacy ratio was at 15.7% while its common equity Tier 1 ratio stood at 14.9% as of end-2021. Both are above the minimum levels required by the regulator.

China Bank’s shares closed at P25.80 apiece on Thursday, down 35 centavos or by 1.34% from its previous finish. — L.W.T. Noble

Lufthansa weighs new airline to cut costs

REUTERS

DEUTSCHE LUFTHANSA AG has told pilots that it could launch a new airline to save on costs if negotiations on a new union contract collapse, according to people familiar with the matter.

While it could lead to walkouts, such a move would be aimed at increasing Lufthansa’s leverage after months of talks that have failed to produce an agreement on pay, said the people, who asked not to be identified discussing confidential matters. A fresh operating certificate would enable the German company to dismiss pilots, cabin crew and ground staff working under the old structure, then offer to rehire them with less costly contracts.

Lufthansa, which required billions in state bailout money to survive the coronavirus pandemic, is seeking ways to boost profitability and help repay debts racked up during the crisis. 

There’s a long history of airlines creating lower-cost units to hire new staff on significantly lower pay than incumbents. British Airways, a subsidiary of IAG SA, is launching a new unit this summer based at London Gatwick airport, and paying staff less than the main airline.

Germany’s Sueddeutsche Zeitung reported earlier that Lufthansa is considering founding a new carrier to cut personnel costs, without saying where it got the information. A move by Lufthansa to establish a new carrier would likely spark an expensive strike by its powerful pilot union.

For years, Lufthansa has struggled with relatively high personnel costs, a consequence of Germany’s stringent labor laws and powerful unions. The company last year launched a new carrier, Eurowings Discover, that hired staff on significantly lower pay than they’d receive at the group’s other airlines.

Pilot pay has been a particular bugbear of the group’s management. Longstanding Lufthansa pilots can earn close to €300,000 ($340,260) per year, people familiar with pay and conditions at the carrier have said previously. — Bloomberg

SPNEC board clears asset acquisition from parent firm, affiliates

SOLAR Philippines Nueva Ecija Corp. (SPNEC) on Thursday said its board of directors had agreed to acquire the entire stake of Solar Philippines Power Project Holdings, Inc. (SPPHI) and its affiliates in 20 assets.

In a disclosure to the exchange, SPNEC said an asset-for-share swap deal will be done with its parent firm SPPHI with the latter subscribing to 24,373,050,000 shares of SPNEC at P2.50 apiece.

The 20 assets include, but not limited to: Solar Philippines Calatagan Corp.; Solar Philippines Tarlac Corp.; Solar Philippines Tanauan Corp.; Terra Solar Philippines, Inc.; SP Holdings, Inc.; Solar Philippines Batangas Baseload Corp.; Solar Philippines Tarlac Baseload Corp.; Solar Philippines Central Luzon Corp.; Solar Philippines South Luzon Corp.; Solar Philippines Southern Tagalog Corp.; Solar Philippines Eastern Corp.; Solar Philippines Western Corp.; Solar Philippines Visayas Corp.; Solar Philippines Central Visayas Corp.; Solar Philippines Southern Mindanao Corp.; Solar Philippines Batangas Corp.; Solar Philippines Retail Electricity, Inc.; Laguna Solar Rooftop Corp.; Solar Philippines Rooftop Corp.; and Solar Philippines Commercial Rooftop Projects, Inc.

The Leviste-led company said the share swap “would be enabled by the increase in authorized capital stock for approval at SPNEC’s stockholder’s meeting set for March 7, and is subject to regulatory approvals.”

In Jan. 11, the SPNEC board approved an increase in the company’s authorized capital stock to 50 billion shares from 10 billion shares.

Company shares at the local bourse slipped by eight centavos or 4.17% to close at P1.84 apiece. — Marielle C. Lucenio

Entertainment News (02/25/22)

Two Pinoy artists win global fan art tilt

COLUMBIA Pictures has announced that two Filipino artists are among the five winners of the just-concluded Morbius – Talenthouse Fan Art Global Competition. The winning Filipino artists are Adriann Delmo and Jireh Villafuerte (a.k.a. Kyouzins) whose entries captured the essence of the Marvel character, Morbius. Lead actor Jared Leto selected the winners. Delmo and Villafuerte will each receive $2,000 and their works will potentially be featured on physical posters or used as digital art to promote the film. The action-thriller Morbius will open in Philippine cinemas on March 30. In the film, Mr. Leto transforms into the enigmatic antihero Michael Morbius. Dangerously ill with a rare blood disorder and determined to save others suffering his same fate, Dr. Morbius attempts a desperate gamble. While at first it seems to be a radical success, a darkness inside him is unleashed. The film stars Leto, Matt Smith, Adria Arjona, Jared Harris, and Al Madrigal with Tyrese Gibson.

Jessica Soho show most followed on FB

KAPUSO MO, Jessica Soho is the most watched news and public affairs program on Philippine TV and the most followed Philippine TV program on Facebook, said GMA network in a statement. For the fourth consecutive year, the show earned an average National Urban TV Audience Measurement (NUTAM) rating of 19.4% on Sundays, which is equivalent to 9.4 million viewers on primetime, based on Nielsen Philippines’ data for 2021. Last year, the show’s online engagements reached over 164 million. It is also the leading show that drives traffic to GMA Public Affairs’ YouTube channel. In 2021, the show’s videos generated over 6 billion combined views on Facebook and YouTube. Its topics continue to trend weekly on Twitter. “Our goal is to continue connecting and interacting meaningfully with both our TV audiences and online followers and subscribers. But what we’re really most proud of are the lives we helped change for 2021,” program host Jessica Soho said in a statement.

Singers help Odette survivors anew via By Request 2

AS PART of the 100 days of fundraising activities of ABS-CBN and ABS-CBN Foundation’s “Tulong-Tulong sa Pag-Ahon: Isang Daan sa Pagtutulungan” campaign, with the aim of helping survivors of Typhoon Odette, ABS-CBN-affiliated singers are holding the By Request 2 benefit concert series until Feb. 27. Yeng Constantino opened the series, and will be followed by Jed Madela and Nyoy Volante with Jason Dy, Ogie Alcasid and Regine Velasquez-Alcasid, Klarisse De Guzman and iDolls with Vivoree, and ex-“housemates” Anji Salvacion, Benedix Ramos, and Jordan Andrews of PBB Kumunity. Also lending their talent for a good cause are Jona, Janine Berdin, Elha Nympha, Lara Maigue, and Sheena Belarmino, KZ Tandingan and TJ Monterde, Vina Morales and Jolina Magdangal, and Gary Valenciano. The campaign continues nightly at 8 p.m. on FYE channel on Kumu, ABS-CBN Entertainment’s YouTube channel, ABS-CBN’s Facebook page, iWantTFC, and SKYcable HD Channel 955 and SD Channel 155. With the support of partners and donors, over 200,000 families affected by Typhoon Odette have already received relief goods through the ABS-CBN Foundation. As of Feb. 18, the foundation has raised P94.04 million in cash donations and P16.012 million in in-kind donations. It has brought food packs to 203,110 families and delivered house repair kits to 330 families. Donors can help by availing themselves of Tulong Vouchers on Lazada and Shopee worth P100 or P400. The vouchers will add to the funds for the house repair kits. They can also participate in the “Isang Daang Hakbang Sa Pagtutulungan: Kapamilya Virtual Run” of SKY and channel partners HBO and History Channel, where participants can donate money and do the “100 Hakbang Challenge” to help provide aid to Odette survivors.

ABS-CBN Music introduces Cesca

ABS-CBN’s Star Pop music label adds another promising talent to its roster with visual and multimedia artist, singer, and songwriter Cesca, who recently dropped her debut single, “Love Sick (Pagmahalasakit).” The 19-year-old indie artist’s single, produced by Star Pop head Rox Santos, explores anxiety about a possible romance. Maximizing her other talents, Cesca also designed the cover of her single, which shows her face seemingly masked with a set of flowers. “Love Sick (Pagmahalasakit)” is available in on digital streaming platforms.

DoT launches Spotify playlists

THE DEPARTMENT of Tourism (DoT) has launched the “Sounds More Fun in the Philippines” playlists, a compilation of specially selected Filipino music that will welcome listeners back to the Philippine destinations they love. The initial playlists will be available on digital music streaming app Spotify. The first 10 playlists to be launched are “Manila Night Lights,” “Boracay Beach Bar,” “Onshore in La Union,” “Cordillera Calm,” “The Pan-Philippine Highway Road Trip,” “Marilaque Bike Trail Mix,” “Balikbayan Juke Box,” “Counting Clouds in Camiguin,” “Wedding Vows in Tagaytay,” and “Deep Dive in Palawan.” To create the playlists, the DoT enlisted the help of rock DJ and Sandwich bassist Myrene Academia, podcaster Ryan Joseph, music pundit Jocelyn Blwg, Matt San Pedro of Manila Community Radio and Transit Records, musicologist Patricia Brillante-Silvestre, and music producer Abdel Aziz. The songs and artists featured in these playlists are Pinoys as well as international artists and bands with Filipino roots.

Why Ukraine matters

UNBEKNOWNST to many, the Russo-Ukrainian War has been ongoing since February 2014 when Russia invaded the Crimean peninsula in southeastern Ukraine. Subsequently, the Russian Federation annexed that portion of Ukrainian territory, which the international community has not recognized up to now.

Since last month though, the conflict has escalated with the deployment of more than 100,000 Russian troops along the Ukrainian border. Member-states of the North Atlantic Treaty Organization could sense that this was a prelude to a full-scale invasion timed toward the end of the 2022 Winter Olympics being held in Beijing from Feb. 4 to Feb. 20 this year.

True enough, Russian President Vladimir Putin ordered his troops into two breakaway regions in eastern Ukraine after recognizing their independence last Feb. 21. This led British Health Secretary Sajid Javid to conclude that indeed, “the Russian invasion of Ukraine has begun.”

Clueless about Ukraine, I received a timely message on social media that summarizes why this former Soviet republic really matters. Not only is it the second-largest European country in terms of land area (next only to Russia) and the seventh biggest in population after Russia, Germany, France, United Kingdom, Italy, and Spain. It is also a significant agricultural country that can meet the food requirements of 600 million people.

Ukraine is rich in mineral resources such as uranium, titanium, manganese, iron, and mercury ores. It ranks fourth in the world when it comes to the total value of natural resources, with 22 trillion cubic meters of shale gas reserves and 33.9 billion of coal reserves. More importantly, it is highly industrialized and is among the top global manufacturers of rocket launchers, steel products, and locating equipment as well as one of the world’s largest exporters of iron, nuclear power plant turbines, defense industry products, ores, and concentrates.

What makes Ukraine most attractive to the invaders is having the second-largest natural gas pipeline system in Europe after Russia. When they are combined, these two countries could bring the European Union (EU) down to its knees if they turn off the spigot in their capacity as the EU’s top suppliers of natural gas.

LPG MARKET OUTLOOK
In terms of market size, the global liquefied petroleum gas (LPG) industry is projected to grow at a compound annual growth rate (CAGR) of 4.9% from the 2020 base year at $109.5 billion to $153.2 billion in 2026. During the same period, the market volume is further expected to increase at a CAGR of 1.7% from 325.4 million metric tons to 354.1 million metric tons.

The Philippines has no influence over the contract price of LPG just like all other petroleum products. This has been attributed by the Department of Energy (DoE) to the country’s small domestic requirement versus the world demand.

According to the DoE’s latest year-to-date figures as of September 2021, the total country LPG demand reached 15,479.2 MB, with Luzon taking the bulk of 11,947.3 MB. Visayas and Mindanao combined was only 3,531.9 MB.

Among the market players, Liquigaz Philippines Corp. (LPC) and South Pacific, Inc. (SPI) got the lion’s share in Luzon at 30.2% and 28.4%, respectively. SPI was dominant in the National Capital Region with 38.5%, while LPC topped the Northern Luzon market at 35.3%. Both were practically tied in Southern Luzon with about one-quarter each of the market share.

Former industry leader Petron Corp.’s share of the Luzon market declined to 15.2%, but it dominated the Visayas and Mindanao at 31.3% and 29.0%, respectively. Pryce Gases, Inc. was next with approximately one-fourth of the VisMin markets.

How would the Russo-Ukrainian War affect the local LPG industry and the global petroleum markets? A current indicator is the rise of oil prices to almost $100 per barrel as the conflict deepens. Let us brace ourselves for the imminent market volatility in the weeks to come.

 

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and chairman of the FINEX Media Affairs Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld. #FinexPhils www.finex.org.ph

Managing poor worker attendance

I’m a newly-hired operations manager at a family-owned factory with 300 plus workers. When I came on board, the first thing I noticed was the incapacity of the supervisors to manage their workers. The supervisors are too soft on people, who come in late almost every day and call in sick at times. They know the rules just well enough to avoid disciplinary action. Just the same, this resulted in low productivity and high cost of overtime pay for those who required to take up the slack among the 100 workers in my department. Even if only 10 people do that regularly, the impact on everything else would be outsized. How do we solve this issue? — Blue Lagoon.

According to a restaurant sign: “Our meals are like the ones your mother used to prepare until she became a call center agent who works at night and sleeps all day.” What’s going on here? First of all, we can’t blame this entirely to the pandemic. We’re restarting our work lives and we have no choice but to adjust to stay afloat.

The situation needs to be managed in a way that motivates the supervisors to do their jobs and ensure that everyone’s attendance improves. Don’t even think of putting up a perfect attendance award. Why would you incentivize workers who are required to report for work every day and on time?

It takes time and effort to improve the situation. A good place to start is via a proactive communication process with your supervisors. Emphasize the gravity of the situation by citing the statistics on how spotty attendance adversely affects business operations. Focus on the problematic work lines. Talk to the concerned supervisor and generate as many options as possible for managing the situation.

This is the essence of co-ownership. You don’t simply issue instructions to the supervisor to remedy the situation. Don’t issue threats or anything like that. Rather, guide each line supervisor how to manage workers. Every step of the way, seek the guidance of the human resource (HR) manager.

FIVE STEPS
Don’t forget HR. Assuming you’re dealing with a competent professional, it is best to consult with the department to find out the root causes of the issue, understand the various personalities of the supervisors, and the background of the problem. The advice of HR is important for the company’s policies and procedures to be applied consistently.

Don’t be tempted to compare best practices at other companies, including your past employer as you don’t want to start on the wrong foot with HR and your direct reports. Instead, explore the following steps:

One, document the attendance record. HR can objectively reconstruct the tardiness and absenteeism record of all workers in your department over the past two years. If possible, compare them with the attendance record of each supervisor. That should be your baseline. Given that data, you’ll know where to focus your attention.

Two, define the cost impact of poor attendance. Your challenge is how to distinguish overtime premium cost brought about by absenteeism, increased customer demand or other factors. If it’s impossible to arrive at an objective finding, then settle for the total losses incurred during that two-year period.

Three, focus on the recurring poor attendance record. This is where you can start distinguishing the record of the supervisors. You can rank the supervisors according to their workers’ attendance performance. You don’t have to blame the supervisors, just help them manage the issue.

Four, generate solutions with the help of the supervisor. You can agree on a mutually-acceptable solution. With the solution originating from a problem supervisor, you have some assurance that they will move heaven and earth to make it work. This is better than imposing a solution yourself.

Five, monitor the effectiveness of the supervisor’s solution. You can request HR to provide you with a daily attendance record online. If there are adjustments to be made, then consult the concerned supervisor on what to do. Just the same, talk to the workers to discover other issues.

BUILD TRUST
Your supervisors are the first line of defense in managing workers. If they can’t perform to your satisfaction, there might be a reason; they could have been promoted from the ranks without proper guidance and training. This is the usual reason for many of the problems you’re been encountering now.

There’s hope for everyone. All you need to do is to build trust not only among your supervisors but with all workers under you. If they don’t trust you, then they won’t be willing to cooperate with you. You can’t do this overnight, especially if you are relatively new to the organization.

It requires a long-term commitment on your part, along with a considerable amount of time and energy to consistently demonstrate your management style. Be polite to everyone regardless of their job title. You can’t go wrong with that.

 

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

Team Lakay confident Pacatiw can upset Andrade

JEREMY ‘THE JUGGERNAUT’ PACATIW — ONE CHAMPIONSHIP

UNDOUBTEDLY, Jeremy “The Juggernaut” Pacatiw is coming into “ONE: FULL CIRCLE” as the underdog as he takes on No. 4-ranked bantamweight contender Fabricio “Wonder Boy” Andrade this Feb. 25 at the Singapore Indoor Stadium.

But as tough as this draw is, his Team Lakay peers are defiant in saying that there’s no wall that can’t be scaled and Mr. Pacatiw, as hardworking as he is, will find a way to beat Mr. Andrade.

“I’m very excited to watch Jeremy Pacatiw in his upcoming fight and we will soon see what he has prepared for in this fight,” said Stephen “The Sniper” Loman.

Jhanlo Mark “The Machine” Sangiao agreed, saying, “He will be facing a tough athlete and I’m sure that this will be an explosive night!”

If the duo’s confidence in Mr. Pacatiw feels a bit surprising, one should consider that they have witnessed The Juggernaut put in the work in the leadup to this bout.

After all, there’s no better way for Mr. Pacatiw than to follow up his promotional debut, where he dominated Chen “The Ghost” Rui to a unanimous decision win at “ONE: BATTLEGROUND” in July last year, than to deliver an encore performance.

“Jeremy is ready. He’s been preparing for this fight for months and I saw the dedication he has in his training. He has worked hard for this fight,” said Mr. Sangiao.

Mr. Loman also shared that Mr. Pacatiw has been tireless in adding more weapons to his game, from the vaunted striking that Team Lakay fighters have come to be known for, to the enhanced grappling game that they have added to their arsenal over the past few years.

“We are working on all aspects. Focusing our training on one area is not a smart thing to do since mixed martial arts dictates that we have to be fully equipped. And I can say that Jeremy has been training hard and is very dedicated. He works on everything, from striking to wrestling to his ground game,” he said.

Mr. Sangiao, meanwhile, sees speed as Mr. Pacatiw’s main advantage, noting, “Fabricio is younger than Jeremy and he’s also a striker. He is fast, but The Juggernaut is a lot faster than him in both striking and wrestling. So I’m 100% sure that he is ready for this fight.”

It’s for that reason that both Messrs. Loman and Sangiao agree that their stablemate will truly shock the world come ONE: FULL CIRCLE.

AboitizPower starts building 94-MW solar farm in Pangasinan

ABOITIZ Power Corp. said it would immediately begin the construction of a 94-megawatt (MW) peak solar project in Pangasinan after a virtual groundbreaking ceremony on Thursday.

In a media release, the listed energy holding firm said the P4.5-billion project is expected to be completed by the fourth quarter this year and will be built on a 196-hectare land in Brgy. Cayanga.

The project will be the firm’s second solar plant after its 59-MW peak facility in San Carlos City, Negros Occidental.

In December, AboitizPower, through its subsidiary Aboitiz Renewables, Inc. (ARI) awarded the project’s engineering, procurement, and construction contract to JGC Philippines, Inc.

“Cayanga Solar is a very significant project for us at ARI. This marks the beginning of our exciting journey ahead — growing our renewable energy portfolio over the next 10 years to accelerate the Philippine energy transition to more environmentally sustainable sources,” ARI Executive Director David J. Smith said.

Meanwhile, Pangasinan Governor Amado I. Espino III described the project as the province’s milestone for a brighter future.

“This starts our tie-up to provide safe and renewable electric power to our people while protecting the environment for the next generations to enjoy,” he said.

The solar plant will be largely contracted for retail electricity supply. Once completed, it is expected to generate 147 million kilowatt-hours of clean energy yearly, which is equivalent to the yearly power usage of 60,000 households.

“AboitizPower is also looking to develop other renewable energy projects in the region, particularly wind and solar,” the company said.

The power generation, distribution, and retail electricity services company of the Aboitiz group projected a P190-billion investment for clean energy as it targets expanding this capacity to 4,600 MW, or half of its targeted 9,200-MW total generation capacity by 2030.

AboitizPower shares at the local bourse dropped P1.60 or 4.44% to close at P34.40 apiece on Thursday. — Marielle C. Lucenio

How PSEi member stocks performed — February 24, 2022

Here’s a quick glance at how PSEi stocks fared on Thursday, February 24, 2022.

 

Are Filipinos better off since ‘People Power’?

Are Filipinos better off since ‘People Power’?

Blame for GSP+ loss squarely on gov’t — NGO 

REUTERS

THE looming forfeiture of European trade privileges should not be blamed on European Union (EU) “bullying” but rather on the Philippines’ failure to address human rights issues flagged by the bloc, according to Trade Justice Pilipinas, an organization promoting equitable trade.

The potential loss of access to the EU’s Generalized Scheme of Preferences Plus (GSP+) scheme “was conditioned on the Philippines’ fulfillment of obligations under 27 Human Rights and Labor Rights conventions. It therefore is clear from the start that in order to continue to benefit from the scheme the Philippine government must abide by its commitment to ensure effective implementation of its human rights and labor rights obligations,” Trade Justice Pilipinas Co-Convenor Joseph F. Purugganan said in a statement.

“The blame should not be placed on the European Parliament or any other institution raising concerns over the failure to comply, but should fall squarely on the Duterte administration for not addressing these concerns,” he added.

Mr. Purugganan said the EU’s flagging of human rights issues should not be framed by the Philippine government as “bullying.”

“The program is crystal clear. These special trade preferences, given unilaterally by the EU, are conditioned upon effective implementation of human rights and labor rights conventions. Raising these human rights concerns on the part of the Parliamentarians should not be seen as bullying but rather an effort to push compliance by the Philippines of conditions it agreed upon in the first place,” Mr. Purugganan said.

“The Duterte administration has forfeited these trade preferences by failing to address the worsening human rights situation,” he added.

The European Parliament adopted a resolution that highlighted the human rights situation in the Philippines. It also warned of withdrawing access and privileges enjoyed by the Philippines under GSP+ if the issues are not addressed.

Trade Secretary Ramon M. Lopez said that the Philippines has always responded and complied with the conventions required for GSP+ access.

“The Philippines has been very cooperative with the EU and has repeatedly addressed these concerns in existing dialogue mechanisms. The Philippines remains compliant with the 27 international core conventions on human rights, labor, environment and good governance to enjoy GSP+ treatment,” Mr. Lopez said.  

Currently, the Philippines still has access to GSP+, a unilateral trade agreement that offers zero-tariff entry for more than 6,200 Philippine products shipped to the EU.

The trade agreement began in Jan. 2014 and is set to expire on Dec. 31, 2023.

Philippine products admissible under GSP+ include tuna, pineapple, bicycles, textiles and garments and footwear. — Revin Mikhael D. Ochave

1...6,3286,3296,330...13,813Page 6,329 of 13,813
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube