Well-rested Kai Sotto returns to action next week vs Perth

January 12, 2022 | 12:02 am

ADELAIDE coach CJ Bruton expects a solid production from Kai Sotto when the 36ers return to action in the Australia National Basketball League (NBL) next week after consecutive postponements due to coronavirus disease 2019 (COVID-19) protocols.

Mr. Bruton said that while the long hiatus affected their other players and hampered their preparation, it worked to their favor in a way with Mr. Sotto (knee soreness) and Sunday Dech (quadricep) now at full strength.

“I think it’s a double-edged sword. It does help with us getting a little bit closer to having Sunday on the floor and having everyone on deck,” said Mr. Bruton in the Adelaide official podcast, Sixers Fix.

“(Kai) has definitely come back. As he has all offseason, he has shown his ability to impact the game not only on the defensive end but also the offensive end,” he added.

Adelaide returns to action next Tuesday against Perth as per the updated NBL schedule after being in protocols due to a member testing positive for COVID-19 before New Year.

It will mark the second game of Mr. Sotto, who missed his team’s first four matches, following his debut against Cairns last Dec. 18 that also happened to be their last action so far.

“By being so big, he has the ability to be dominant around the rim in that role. I see it no differently coming into our next game as well,” added Mr. Bruton on the 7-foot-3 Filipino sensation.

Adelaide had five postponed matches against Perth (Dec. 28 and Jan. 7), South East Melbourne (Jan. 2), Illawarra (Jan. 9), and Tasmania (Jan. 16). — John Bryan Ulanday

Parthenon fragment returns to Greece, rekindling campaign for UK to hand over marbles

January 12, 2022 | 12:02 am

Elgin_Marbles_British_Museum — Elgin Marbles British Museum — EN.WIKIPEDIA.ORG

ATHENS — A marble fragment of the Parthenon temple has been returned to Athens from a museum in Sicily, a move officials hope will advance efforts to have the British Museum send back ancient sculptures from Greece’s most renowned ancient landmark.

Athens’ Acropolis Museum presented on Monday the “Fagan fragment,” a 35-by-31-centimeter (12-by-14-inch) marble fragment showing the foot of the seated ancient Greek goddess Artemis brought home from the Antonio Salinas Archaeological Museum in Palermo.

“It is marvelous that Sicilian and Italian friends thought to bring it back where it was born,” Acropolis Museum Director Nikolaos Stampolidis said of the fragment, once part of the temple’s eastern frieze.

It is to be placed in the Parthenon Gallery — a glass-walled chamber with a view of the Parthenon that displays sculptures of the temple’s 160-meter-(520-foot)-long frieze in the same position as they were on the original monument, with plaster copies replacing pieces that are now mainly in the British Museum.

“We hope that this first step taken by Sicily can encourage a similar decision in other countries,” said Antonio Salinas Museum Director Caterina Greco.

Part of Sicily’s cultural heritage agreement, which provides for transfers and exchanges of artefacts between museums, the Parthenon fragment will be loaned to Athens for four years with a renewal option for another four, but talks are underway between governments for the piece to remain permanently.

In return, the Acropolis Museum will loan Palermo a 5^th century BC headless statue of the goddess Athena and an 8^th century BC amphora from the Geometric period for four years.

The “Fagan fragment” is a part of a larger sculpture in the Acropolis Museum that is mostly a plaster copy, whose original pieces are in the British Museum.

The fragment was once part of the collection of the 19^th century British consul general to Sicily, Robert Fagan, a diplomat and archaeologist, before it was purchased by the Royal University of Palermo in 1820 from his widow after his death. It is not clear how Mr. Fagan first acquired it.

LONG DISPUTE OVER ‘ELGIN MARBLES’
The “Fagan fragment” is the first piece of the sculptures of the Parthenon – Greece’s most renowned 5^th century BC monument — to return to Greece from a foreign museum.

Athens has campaigned to have the “Elgin Marbles,” as they are often known — 75 meters of Parthenon frieze, 15 metopes and 17 sculptures — returned from the British Museum since they were removed by British diplomat Lord Elgin in the early 19^th century when he was ambassador to the Ottoman Empire then ruling Greece.

The British Museum bought the marbles in 1816 and British officials say they had been acquired legally by Elgin, a claim Greece denies. The British Museum says there are no current discussions with the Greek government on their return.

“They are essentially providing the road map on how the permanent return of the Parthenon marbles to Athens could be organized,” said Greek Culture Minister Lina Mendoni, referring to the loan by Italy.

Greek Prime Minister Kyriakos Mitsotakis has offered to loan significant artefacts to Britain in return for the marbles, after decades of rejected appeals.

“(This) paves the way for the British Museum to enter into serious discussions with the Greek authorities in order to find a solution that would be mutually acceptable,” Mr. Mitsotakis said during the presentation.

When Mr. Mitsotakis visited Downing Street in November, British Prime Minister Boris Johnson told him that the issue was one for the British Museum and not for his government.

“I did raise the issue when I visited,” Mr. Mitsotakis said on Monday. “I felt encouraged by (Johnson’s) statement… that the British government would not oppose a possible agreement that could be reached between (Greece) and the British Museum.”

In March last year Mr. Johnson told a Greek newspaper that Britain was the legal owner of the marbles.

Recently European countries such as France, Spain, and Germany have stepped up to return looted artefacts in their museums back to their African countries of origin.

“When there is a will, there is a way. Sooner or later this will happen,” Mr. Mitsotakis said of the marbles returning from Britain. — Reuters

The proper use of paracetamol

January 12, 2022 | 12:02 am

BECAUSE of its broad tolerability, paracetamol (acetaminophen) is a first-line choice for fever reduction and pain management.

Available over the counter (OTC), the drug can be safely taken by adults, children, and pregnant women. It is also recommended as part of the home care treatment for mild to moderate coronavirus disease 2019 (COVID-19).

As with any medicine, OTC or otherwise, caveats exist.

“It is contraindicated for those with a paracetamol allergy,” said Dr. Beaver R. Tamesis, president of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), in an e-mail. “It is also advised to consult a doctor or pharmacist if a patient has liver or kidney problems, or is taking warfarin or coumarin [blood thinners] or medicines for epilepsy or tuberculosis.”

Serious harm can occur if more than the maximum amount (1,000 grams per dose, or 4,000 mg per day, for adults) is ingested, and if the minimum time interval of four hours between doses is not observed. For pediatric patients, the use of paracetamol depends on factors such as age and weight.

Overdosing on paracetamol can result in nausea, vomiting, yellowing of the skin, or loss of consciousness.

“Paracetamol overdose causes liver toxicities that may lead to liver failure and acute pancreatitis,” added Dr. Tamesis.

This possible harm is also the reason why it is not advisable to take drugs that both count paracetamol as a key component at the same time (e.g., Bioflu and Neozep, or Tempra and Alaxan).

“We ask patients to be vigilant and look at the generic names of the products they are taking to know if they are taking the same medicine ingredient,” Dr. Tamesis told BusinessWorld, noting the helpfulness of reading the leaflet found on each medicine box.

Paracetamol first appeared commercially in 1950 in the US. Its painkilling properties were discovered by accident when a similar molecule was added to a patient’s prescription about a century ago, The Imperial College of London said. Since the molecule was deemed toxic in moderate doses, chemists modified its structure and found a compound, N-acetyl-para-aminophenol, that was less harmful but still had pain reliever properties.

In the Philippines, the Food and Drug Administration has a record of 989 paracetamol products in its portal. – Patricia B. Mirasol

Mizuho Financial Group to appoint insider as new chief executive officer

January 12, 2022 | 12:02 am

MIZUHO Financial Group, Inc. was hit by another system glitch, even as it prepared to appoint an insider as its next chief executive officer (CEO)to steer Japan’s third-largest banking group back from a series of technical problems.

Core lending unit Mizuho Bank Ltd. said on Tuesday that it was having problems with its corporate internet banking system. While the glitch was later resolved, it came after a series of system disruptions in the past year which have prompted rebukes from regulators and forced current CEO Tatsufumi Sakai to announce in November that he would step down.

The bank is set to name career executive Masahiro Kihara as his successor at a board meeting on Jan. 17, and he is due to take office on April 1, according to people with knowledge of the plans. They asked not to be identified as the matter wasn’t public.

Yasuhiro Sasaki, a spokesman for Mizuho, said no decision had yet been made. The plans were first reported by the Nikkei newspaper.

The next CEO’s “immediate challenge is to take all the needed steps to start recovering the confidence of regulators and the public, that Mizuho won’t have more systems troubles in the future, after so many failures in the past,” said Michael Makdad, an analyst at Morningstar, Inc. in Tokyo.

Highlighting the challenges for Kihara, Tuesday’s disruption triggered a new reprimand from the government.

“It’s extremely regrettable to have systems trouble,” Finance Minister Shunichi Suzuki told reporters. “Banks are key social infrastructure.” The bank said the outage has been resolved.

Mr. Kihara, 56, is a senior executive officer and head of the global products unit, which handles investment banking businesses such as syndicated loans, bond issues and mergers advice. A career insider, he joined what is today’s Mizuho in 1989 and has also had stints in areas including risk management and finance.

He is the older brother of Seiji Kihara, Japan’s Deputy Chief Cabinet Secretary and a close aide of Prime Minister Fumio Kishida.

Toyoki Sameshima, an analyst at SBI Securities Co., focused on Mr. Kihara’s relative youth.

“He could reinvigorate the organization,” Sameshima said, adding that he hadn’t verified the reports himself. He also said that there had been some speculation that the bank may hire an outsider.

In the business order, Japan’s Financial Services Agency criticized Mizuho’s corporate culture and weak governance, saying it has failed to learn from the past incidents.

The latest series of glitches started in February, when ATMs swallowed more than 5,000 cash cards and passbooks. A month later, a hardware failure caused a delay in 300 foreign-currency money transfers. By the time Mr. Sakai announced his planned departure, there had been eight such incidents since the beginning of 2021.

The smallest of Japan’s three megabanks, Mizuho has also been struggling to catch up with bigger rivals that have made bold bets to expand beyond traditional lending into investment banking and wealth management.

Sumitomo Mitsui Financial Group, Inc. last year spent more than $3.3 billion on deals in its Asia push. Mitsubishi UFJ Financial Group, Inc. agreed to sell MUFG Union Bank in the US and will use freed-up capital for growth areas such as digital and asset management businesses.

Mizuho has also been diversifying. In its latest move, the bank agreed to buy US-based Capstone Partners to expand in the business of helping private equity firms raise funds. The deal is slated to be completed in the first half of the year, the bank said in a statement on Monday. — Bloomberg

Gorayeb quits PLDT Home Fibr coaching job; Pascua takes over

January 12, 2022 | 12:01 am

Multi-titled volleyball coach Roger Gorayeb has parted ways with PLDT Home Fibr after eight years with the team.

“Started coaching PLDT in 2013 in the MVP Olympics and it was a memorable ride since then,” said Gorayeb.

Under Mr. Gorayeb, the Fibr Power Hitters snared the 2015 Open and Reinforced Conference titles in the Shakey’s V-League, the precursor of the Premier Volleyball League (PVL).

Far Eastern University coach George Pascua has reportedly taken over Mr. Gorayeb’s spot and will handle the new-look PLDT squad this season starting with the Open Conference tentatively set next month in Paco, Manila or Tagaytay.

“He’s been with the team since last year,” said Mr. Gorayeb referring to Mr. Pascua.

Meanwhile, recruitment galore continued in the PVL as F2 Logistics tapped Shola Alvarez and Dzi Gervacio and Petro Gazz acquired Nicole Tiamzon.

Ms. Alvarez last played for PLDT while Ms. Gervacio and Ms. Tiamzon for Perlas.

Also, Jorelle Singh, Aiko Urdas and Alyssa Eroa are reportedly moving from PLDT to a new team that is planning to join the PVL. — Joey Villar

Arts & Culture (01/12/22)

January 12, 2022 | 12:01 am

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Ayala Museum, Filipinas Heritage Library temporarily closed

IN consideration of the safety of guests and staff due to the current COVID-19 surge, the Ayala Museum and Filipinas Heritage Library suspended its operations until Jan. 16. “For those who have booked tickets on those dates, our staff will be reaching out to you to present alternative options,” a post on its Facebook page stated. In the meantime, the museum and library can be visited online via www.ayalamuseum.org and filipinaslibrary.org.ph. For inquiries, send an e-mail to tours@ayalamuseum.org or asklibrarian@filipinaslibrary.org.ph. For updates, visit https://www.facebook.com/ayalamuseum/.

Ortigas Foundation Library temporarily closed

THE ORTIGAS Foundation Library has suspended operations until Jan. 14, to ensure the safety of visiting researchers and staff in the midst of the current coronavirus disease 2019 (COVID-19) surge. For news and updates, visit https://www.facebook.com/Ortigas.Foundation.

Ateneo Blue Rep’s play streaming online

ATENEO Blue Repertory’s new 30^th Season production We Aren’t Kids Anymore (WAKA) will be streamed online on Jan. 15, 22, 29, and on Feb. 12 and 19. Directed by Nelsito Gomez, WAKA follows a group of young artists whose dreams are challenged by the sad realities of adulthood. Order tickets at bit.ly/GetWAKATickets. For inquiries, contact Kristin Baingan at 0917-598-1683.

New episode of Muni-Muni Stories up

THE SECOND episode of the second season of the Muni-Muni Stories podcast is now available on Spotify. Episode 2 features director Treb Montreras and singer/actress Chai Fonacier talking about the 2017 film Respeto. The film looks at the connections between two wordsmiths of different generations: an activist poet haunted by the Martial Law era, Doc (played by Dido Dela Paz), who owns a second-hand bookshop; and a young rapper Hendrix (Abra), who comes from an abusive family and dreams of winning rap battles in his own turf. The film draws parallels between two political administrations with the characters’ memories of violence. Playing Betchai, Chai Fonacier sings a Visayan song in one of Respeto’s most chilling scenes. Fonacier and Montreras break down the creative challenge of sound-tracking the scenes of violence in homes and communities. They also reflect on art and literature as ways of surviving. Muni-Muni Stories, a podcast co-produced by Filipinas Heritage Library and Podcast Network Asia, launched its second season on Jan. 3. In this new season, many heavyweights in the film and music industries talk about official soundtracks (OSTs) in Pinoy movies. Now streaming is Episode 1 of Season 2 featuring director Joey Reyes, and singers Gary Valenciano and Jungee Marcelo discussing the music of the 1995 film Hataw Na! Coming soon is Episode 3 in which Mikey Amistoso and Jazz Nicolas discuss the music of the 2012 film Ang Nawawala. Also in the line-up are Glaiza De Castro, Antoinette Jadaone, UDD’s Armi Millare, JP Habac, and more guests. Muni-Muni Stories Season 2 is available on Spotify, Apple Podcasts, Google Podcasts and other podcast streaming platforms. Filipinas Heritage Library and Podcast Network Asia can also be followed on Facebook, Twitter and Instagram for more updates.

Ikarus Theater holds online workshops

THE IKARUS Theater Collaborative is hosting virtual performing arts workshops titled SOAR. Facilitators will use an interactive teaching approach in their classes. The workshops are open to participants ages 15 and above. The courses offered are musical arrangement (Jan. 15 and 22, 1 p.m.); voice classes with Arielle Magno (Feb. 12, 19, and 26, 3 p.m.); an Introduction to Narrative Photography and Filmmaking by Kit Singson (March 12, 19, 16, and April 2, 1 p.m.); and Sumayaw Nang Malaya Kasama ni Ahlex Leyva (April 9, 16, and 23, 1 p.m.). For information, visit www.ikarustheater.com/shop.

Pacquing show opening moved

THE OPENING of Silverlens’ first gallery show for 2022, “Disquietude,” featuring works by Bernardo Pacquing, has been moved to Jan. 14. It will run until Feb. 12. The exhibit features a series of works shaped by the precarity and separation lived through by the artist while in lockdown in a foreign country. Referred to as the red paintings, the huge monochromatic diptychs signal a new phase in Pacquing’s oeuvre as it breaks away from the textures and colors that defined his practice in the past. Most notably, red is used as the dominant color for the first time. The gallery is located at 2263 Don Chino Roces Ave. Ext., Makati City. For more information call 8816-0044 or 917-587-4011, or e-mail info@silverlensgalleries.com.

Ensuring supply of COVID and non-COVID medicines

January 12, 2022 | 12:01 am

Specific brands of medicines used to manage flu symptoms were reported to be out of stock in the past few days. Long queues were seen outside drugstores as people tried to secure medicines for fever, colds, and cough.

The hike in demand could be attributed to the heightened vigilance against the highly transmissible Omicron variant. Moreso, it could be due to the spike in coronavirus disease 2019 (COVID-19) cases in Metro Manila and nearby provinces.

The Pharmaceutical and Healthcare Association of the Philippines (PHAP) assures the public that there is sufficient inventory. Anticipating a surge, PHAP member companies early this month, airlifted paracetamol and flu medicines to augment current stocks in the country.

On Jan. 10, the country recorded more than 33,000 fresh cases from a flat COVID-19 case trend in early December. On the same day, the OCTA Research group said the positivity rate in Metro Manila exceeded 50% (the World Health Organization recommends a positivity rate of 5% before reopening). OCTA predicted correctly that the country would record more than 20,000 new infections daily by Jan. 7.

The temporary shortage of certain brands of paracetamol is enough to cause difficulties for patients and their families. This emphasizes the need to work on the pharmaceutical supply security in the country, including those for COVID-related medicines.

Since the pandemic began, PHAP members have been working to make both COVID and non-COVID medicines available to Filipinos during these challenging times. PHAP is closely coordinating with the government on pharmaceutical security, and provided recommendations to ensure the uninterrupted supply of medicines in the country.

The Food and Drug Administration has been working hard in reviewing and granting Emergency Use Approval (EUA) for medicines for use in mild, severe, and critical COVID-19 cases. Their work has been crucial in providing treatment options to medical practitioners, and choices for patients whether they are at government or private facilities.

Urgent discussions must also be initiated especially for medicines that have been granted EUAs by international health agencies. Candidate medicines that have promising outcomes must also be closely monitored.

Moreover, proactive supply planning for procurement, negotiation and stockpiling depending on the country’s need must be given attention. Firm forecasts with guaranteed contracts to secure allocation will be important if we are to have these new medicines available amid global demand.

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

Chamber of Mines member-firms provide relief to Odette victims

January 12, 2022 | 12:01 am

FILIPINO miners were among the first to help victims of Typhoon Odette, large-scale mining companies said, as they shared their recent activities such as providing clean water and food packages, to construction materials and medical teams.

Michael T. Toledo, chairman of the Chamber of Mines of the Philippines (COMP), said member firms provided “unquantifiable efforts that are equally valuable in times of disaster,” such as emergency response teams, the use of company equipment in the clearing efforts, and manpower resources.

“These are our employees who were at the scenes to help the communities, like doctors who did the rounds and brought first-aid kits in affected barangays,” he said. “This was true in Odette, as in other past typhoons like Yolanda, Ondoy, and Sendong, as well as the big earthquakes in Mindanao in 2017, and Luzon in 1990.”

In the Caraga Region, for instance, Nickel Asia Corp. (NAC) affiliate Taganito HPAL Corp. (THPAL) distributed food packs and rice to families and evacuees from barangays Urbiztondo and Taganito, as well as construction materials for some 3,600 families from the firm’s host town of Claver in Surigao del Norte.

According to partial data provided by Mines and Geosciences Bureau (MGB) Caraga Regional Director Larry Heradez, THPAL’s contribution alone cost some P13 million.

Philex Mining Corp. gave financial assistance to the Philippine Disaster Resiliency Foundation and the One Meralco Foundation for use in the MVP Group Tulong Kapatid Odette response efforts.

Part of the assistance is for the purchase of shelter and building materials for local government units in Surigao del Norte that were badly hit by Odette. Philex also conducted an employees’ donation drive as well as offered its generator set at its Silangan Mindanao Mining Co., Inc. project site in Barangay Timamana, Tubod, also in Surigao del Norte, for free charging of mobile phones and other communications devices.

Carmen Copper Corp. employees delivered food packs to more than 100 residents of Barangay Cantabaco, Toledo City in Cebu province while Odette was making landfall in Carcar City, some 37 kilometers south.

In the typhoon’s aftermath, Carmen Copper prioritized the distribution of basic necessities, such as food and water, to afflicted communities.

Bulk containers were set up within the mine compound to provide nearby residents water for free.

This was augmented by water trucks making rounds to reach more individuals, especially in the hinterlands. As of Dec. 31, more than 100,000 liters of domestic water as well as 20,000 pieces of relief goods have been distributed to Carmen Copper’s 17 host and neighboring communities.

Meanwhile, almost 12,000 households benefitted from the joint relief operation conducted by TVI Resource Development Philippines, Inc., Agata Mining Ventures, Inc., Greenstone Resources Corp. and the Villar Sipag Foundation.

The P7-million relief effort covered eight host and neighboring barangays of Agata in Agusan del Norte: Binuangan, Tinigbasan, Tagpangahoy, Lawigan, E. Morgado, Tagbuyacan, Colorado and La Paz. A total of 3,163 households in the area received assistance.

The operation likewise benefited the host and nearby communities of Greenstone in the town of Tubod. Some 4,830 food packs were distributed to the typhoon victims while another 3,400 were given to affected households in Surigao and Dinagat Islands.

NAC subsidiaries Rio Tuba Nickel Mining Corp. (RTN) in Palawan, Cagdianao Mining Corp. (CMC) in Dinagat Islands, as well as Taganito Mining Corp. and Hinatuan Mining Corp. both in Surigao del Norte provided victims in host and neighboring communities a total of nearly 14,000 sacks of rice, and some 10,000 food packs. RTN and CMC also donated materials for temporary shelter, even as the latter made available a doctor and distributed over 5,000 kilograms of chicken and pork meat and water purifiers to victims. HMC also provided medicines for gastroenteritis.

“So far, our relief has cost P40M – and counting,” said Jose Bayani Baylon, NAC vice-president for communications. “Going forward, there will be more rebuilding and repairs to be done in the communities and the islands such as Siargao, which NAC will be committed to.”

Carrascal Nickel Corp. donated P5.5 million in cash to the MGB Central Office. Platinum Group Metals, Inc. provided 5,000 sacks of rice to communities in Surigao del Norte, including Siargao Island. Pacific Nickel Phils., Inc distributed 1,300 food packs to residents of barangays Talisay and Cantiasay, as well as employees and contractors who also fell victim to Odette.

UnionBank teams up with Lazada, Shopee for direct cash-in services

January 12, 2022 | 12:01 am

UNIONBANK of the Philippines, Inc. has partnered with Shopee and Lazada Philippines to give their clients direct cash-in services with the e-commerce platforms.

“These partnerships are timely especially now at a time when e-commerce and cashless transactions are exponentially rising. This ensures Filipinos can participate in the headwinds of innovation and a better, more seamless customer experience as a result.” UnionBank First Vice-President and Head of Fintech Group Erika Denise B. Dizon said in a statement.

A previous study by Franklin Templeton estimated that gross merchandise value of the e-commerce sector could reach $15 billion by 2025.

The cash-in option from UnionBank will be available for both ShopeePay and LazadaWallet.

Clients will also have access to discounts and benefits for their top-up transactions, UnionBank said.

In 2020, UnionBank launched a tie-up credit card with Lazada which gives users Lazada points for a particular minimum spend in the e-commerce platform. The card is powered by Mastercard, Inc.

The lender has also partnered with Lazada to offer loans to sellers within the online platform.

The Aboitiz-led lender’s net income increased by 26% from a year earlier to P10.71 billion in the nine months to September 2021, backed by improving core businesses and lower loan loss provisions.

UnionBank’s shares closed at P98.95 apiece on Tuesday, down by 95 centavos or 0.95% from its previous finish. — Luz Wendy T. Noble

Philippine trade year-on-year performance (Nov. 2021)

January 12, 2022 | 12:00 am

THE COUNTRY’S trade-in-goods deficit further widened to a record high in November as growth in merchandise imports continued to outpace the rise in exports, the Philippine Statistics Authority (PSA) reported on Tuesday. Read the full story.

How PSEi member stocks performed — January 11, 2022

January 12, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, January 11, 2022.

DoF, NEDA raise objections to Senate economic zone bills

January 11, 2022 | 10:38 pm

THE Department of Finance (DoF) and the National Economic and Development Authority (NEDA) have ruled out granting local governments the power to organize their own special economic zones, saying that badly-organized zones have a mixed record in job creation and generating economic benefits.

At a Senate hearing, economic managers representing the DoF, NEDA, the Department of Budget and Management, and the Bangko Sentral ng Pilipinas, were testifying on the issue of whether local government units (LGUs) should be allowed to establish economic zones now that they have adequate guidance from new legal frameworks like the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“The Department of Finance recognizes the intent of these economic bills to create jobs, attract investments and spur economic growth in various parts of the country. With these same objectives, the Senate has approved key economic reforms that aim to enhance our socio-economic fundamentals such as the CREATE law and the three economic liberalization bills,” Finance Assistant Secretary Valery Joy A. Brion of the Domestic Finance Group said at a hearing on Tuesday of the Senate’s Economic Affairs committee.

“Our consistent view on these bills is that we currently do not support the creation of more economic zones,” Ms. Brion said. “We will object to these bills.”

The hearing was tackling proposals for special economic zones in Cebu, Marinduque, Metro Iloilo, Occidental Mindoro, Oriental Mindoro, Ilocos Sur, Bislig, Bacolod, Northern Bohol, and the municipality of Paluan in Occidental Mindoro.

The push for more economic zones has gathered momentum in the wake of the Supreme Court’s Mandanas ruling, which allocated a greater share of the national taxes to LGUs, possibly providing them with the resources to branch out into more activities.

“We can… work hard on this measure, we can subject this to a debate on the floor, but if the DoF and NEDA veto (it), then we are wasting our time,” Minority Leader Franklin M. Drilon said at the hearing.

Senator Maria Imelda Josefa Remedios R. Marcos, who chairs the committee, said that since July 2016, no economic zone measure has passed due to such objections.

Asked to explain her department’s reluctance to support more economic zones, Ms. Brion said the DoF’s concerns center on the uncertain prospects they will succeed in generating economic returns or alleviate poverty, the cost to taxpayers, and the absence of master planning and cost-benefit analyses to justify their establishment.

Ms. Marcos said the economic managers’ positions would seem to suggest that “local executives have no capacity whatsoever to exert or to promulgate programs that will create economic success.” She also rejected as “utterly false” the contention that “eco zones do not alleviate poverty or improve jobs.”

Mr. Drilon said the newly-created Fiscal Incentives Review Board (FIRB) should be in a good position to evaluate a proposed zone’s master plan and expected costs and benefits.

“I assume that concern will be addressed precisely because we have given the FIRB in the CREATE law… the power to approve the incentives granted by the IPAs (Investment Promotion Agencies),” Mr. Drilon said.

“In this particular case, we already have the CREATE bill, there are already guidelines imposed,” he added.

NEDA Undersecretary Mercedita A. Sombilla said the economic planning agency concurs with the DoF, but is willing to work with the committee to find middle ground.

She said however that the master plan and cost-benefit analyses remain crucial to any such project, because they will point to the benefits to be generated within the host communities.

“We’ll try to sit down with whoever, the technical working group, with the FIRB, to see to it that we have all those documents in place to evaluate, to analyze, and see how all these bills… can be considered,” Ms. Sombilla said.

She said according to DoF data, many economic zones did not generate much income for their communities.

“I’m very familiar with many ecozones in the past that have not generated any income, revenue, or jobs,” Ms. Marcos said, “but those are the past mistakes, and now we’re going to impose that on the new potential areas?”

Ms. Sombilla replied, “That’s what we really want to ensure, that all these ecozones will really (achieve their) objectives… that’s why we need to see all of these documents and to go through all the necessary reviews.”

The Senators asked for both DoF and NEDA to submit before the end of the week their position papers to guide the committee in amending the economic zone bills in a manner that will address the economic managers’ concerns. — Alyssa Nicole O. Tan