BusinessMirror March 3, 2015

Nimoy’s work

A MOMENT OF SILENCE, AN OUTPOURING OF AFFECTION FOR LEONARD NIMOY Show»

Selected filmography

1960s 1970s 1980s 1990s 2000s

U.N. MEDIA AWARD 2008

NIMOY photographed on June 28, 1973, in New York. AP/JERRY MOSEY

A broader look at today’s business TfridayNovember 2014Vol. Vol.1010No. No.145 40 Tuesday, March18, 3, 2015

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Life

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GOING BACK TO BASICS: A TRIP UP NORTH TEACHES ME HOW »D4

BusinessMirror

Tuesday, March 3, 2015

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B V V

REAL-ESTATE expert Drew Scott and contractor Jonathan Scott team up to help families find, buy and transform a dated property into the ultimate dream home.

‘THE PROPERTY BROTHERS’ VISIT MANILA FOR BIG HGTV LAUNCH IN THE PHILIPPINES

AS a newlywed, Saab Magalona incorporates her interests and those of her husband's in their living room.

LEADING home and lifestyle entertainment brand, HGTV, recently introduced home and design enthusiasts to two of the channel’s biggest stars, celebrity television hosts and real-life twin brothers Drew and Jonathan Scott. Better known as the Property Brothers, the Scotts visited Manila for the first leg of a promotional tour in Asia to celebrate the launch of HGTV to the region. In the Philippines, HGTV is available on SKYcable on Channel 88 (SD) and Channel 246 (HD), and on Cignal Digital TV. With more than 15 years of experience in making dream homes a reality for homeowners, Drew and Jonathan Scott are television’s twin titans. Their witty banter, charming personalities and uncanny knack for uncovering real-estate treasures have helped make the Property Brothers the faces of home renovation on television since Property Brothers made its US debut on HGTV in 2011. Since then, the talented and charismatic duo have gone on to star in other hit programs, such as Buying and Selling and Brother versus Brother.

The brothers participated in a series of road shows and exclusive events in Manila, where fans had the rare opportunity to meet the brothers at the Glorietta Activity Center, and also at an exclusive, invite-only dinner event through a “Meet and Greet” giveaway contest in the HGTV Asia Facebook page (www.facebook.com/hgtvasia).

When asked about his visit, Drew Scott, the realestate half of the duo, said, “I’m excited to be back in the Philippines, having been to Manila before. I love its cultural landmarks, beautiful architecture and wonderful people. It is such an honor to be part of the HGTV launch in Asia, and delighted to have met the fans in the Philippines, answer all their questions about home design, and get to know more about their lifestyle and culture.”

Echoing his brother’s sentiments, Jonathan Scott, an experienced contractor, said, “It feels great to

LIFE

PHIL YOUNGHUSBAND keeps himself well-rested for practice the next day.

I can work and entertain at the same time. It’s clean, functional and stylish—just how a home office space should look like,” Misa-Fernandez added.

In mother-of-two Mylene Dizon’s home, child-proof, pizza sauce-proof furniture is the order of the day.

“There’s a lot of children in my home all the time.

the mock-up bedroom designed by Phil Younghusband looked just like the place for the footballer to canoodle in his own sexy starrer.

But a room of an athlete is the room of an athlete, and, Phil said, “As an athlete, the most important [part of the house for me] is the bed, where I like to rest,

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Design&Space BusinessMirror

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PANNZIAN Beach Resort’s goal is to create sustainable tourism and instill a sense of pride, livelihood and ownership in the community.

NIKKI BONCAN-BUENSALIDO

design@buensalidoarchitects.com www.buensalidoarchitects.com

I

CAN N finally say I have reached the tip of the Philippines (well, almost). A trip that I made recently was ostensibly for a site visit of a beach resort in Pagudpud, which is accessible by a plane to Laoag, or a 10-hour road trip from Manila. What initially started off as an ocular ended up with my party being added to the list of resort owner Tita Bing’s growing family of “adopted children.” Which was fitting: the place felt like a home away from home.

Pannzian Beach Resort is a haven that allows you to connect to the essentials that might have been forgotten, disconnecting you from all the things that keep us so preoccupied that we forget to stop and smell the rose. There is no TV here, no Wi-Fi, no mobile-phone signal—well, save for a weak one from Smart that can only be accessed under what I call “The Tree of Life.”

One is encouraged to abstain from the electronic toys that distract us from the real meaning of downtime.

What I loved about the property was that it has a seaside and a mountainside, giving you the best of both worlds.

Interestingly, I learned how the property, which has been passed down through generations, started out as a private seaside family escape that eventually opened up to visitors looking for a respite from life’s hurly-burly. Its organic growth around the beach and the river has its own distinct charm.

After all these years, the resort is still run by the same family, thus the services provided are informed by love and happiness. These genuine qualities shared with us by Tita Bing, along with the natural beauty of the place, are like an anchor to the soul. It is refreshing, relaxing and recharging. Where else can you sit at the edge of the cliff with a view of the sea as far as your eye can see? Or where else can you watch the tides flow and ebb against the calm of a river?

Since the 1800s, the place has been kept more or less the same—untouched, pristine, light, airy and, most of all, soulful. I always enjoy the beach and the sense of serenity it brings, but there was something different about this property. It felt like it had been cared for and nurtured. The property radiated happiness and satisfaction, offering proof that nature will take care of you and provide for you if you do your part in taking care of it as well. The beach property is vast but it feels private nonetheless, with views of the northern tip of the country toward the West Philippine Sea enveloping you. In the distance, you will hear the cries of fishermen echo signaling the sighting of fish near the shore and in an hour, the entire village reels a huge net filled with

the ocean’s bounty. I joined them as they hauled in the catch and as a reward, they gave me a whole fish, much to my surprise. The mountains, on the other hand, surround the other side of the property. They are dotted not just by farms but also rice paddies, hidden springs and towering waterfalls. My adrenaline for thrill and adventure was pumping.

Tita Bing’s son Ken was more than happy to take us around and show us how to disconnect oneself from urban distractions. They brought us back to nature and introduced us to various plant and wildlife species.

Adding to the excitement, the food served at Pannzian is homegrown, organic and cooked with love. It was another treat for the senses as most of the ingredients came from their own backyard.

Tita Bing’s cooking is sumptuous and creative, and she sees the value in introducing guests to what the locals eat—mostly fresh seafood and vegetables, which is how I like it. I distinctly remember the taste of her mongo soup, her puso ng saging kilawin and her pancit sisig paired with a basil and kamias shake whose ingredients she had picked off her garden. The pancit sisig was delightful as she used vegetables instead of the usual pork ingredients.

Apart from the elements of nature, the resort also offers a variety of rooms for a family or a group to stay in. They have simple but spacious and comfortable rooms, and they even have a camping site for the more adventurous travelers. I challenged myself to stay in a tent on my next visit as the camping grounds are situated under a lush area covered with trees just a little

off the shoreline. One can even opt to have a bonfire to keep warm at night as this area in the north can get chilly. We had a bonfire going one night while we were there, and Tita Bing served us kinilaw na kuhol and fresh steamed curacha by the beach.

What really piqued my interest in this pocket up north was how all of the family’s efforts led toward the development and betterment of the community.

Developments nowadays tend to create their own communities by creating a wall that separates the locals from their envisioned space. It is rare that we come across a family that believes the continuing growth of one’s business doesn’t have to be at the expense of the community. Most of the staff of the Pannzian are from neighboring barangays. They are the ones who serve, cook, do the landscaping and maintenance. Some even serve as local guides. These include fishermen gracious enough to teach you how to catch fish—and even share their bounty with you. Tita Bing said the community plays a big role in the success of this resort and the owners acknowledge everyone for that. Ken said that their goal is to strengthen a sustainable tourism economy and instill a sense of pride, livelihood and ownership in the community. This is what makes this resort stand out from the rest. It has no frills because there is no need for them. Here, nature is the star of the show and provides all the excitement. The sea and the mountains do the work for this family, and in return, the family cares for the treasures that nature provides.

Certainly, in this type of environment, going back to the basics is not such a bad thing after all. n

Sliding doors expand the concept of the open floor plan B V P The Charlotte Observer WIDEOPEN floor plans are a trend that has endured for a decade. Removing walls and opening up our rooms removes visual and physical clutter. Now we are expanding this concept even more by removing doors to pantries, laundry rooms and even bathrooms.

Making multiple trips to your pantry while cooking or your laundry room—arms filled with piles of clothes—is a lot easier if there’s no door to contend with.

Master bathroom suites with separate water closets function beautifully if you don’t have to open and close the main door every time you go in or out. A home office becomes more airy and less isolated if you can widen the doorway better access to the rest of the living spaces and more light.

Sounds great, but what happens when we need privacy or want to hide the clutter? Designers and architects are choosing custom sliding doors to solve these issues. I’ve used sliding doors or “barn doors” in many design projects. The benefits are huge. Unlike

old-fashioned pocket doors, sliding doors are installed outside the wall. This eliminates problems with in-thewall door mechanisms. Most important, sliding doors don’t require the standard 15 square feet of clearance space for doors to swing open or closed. Furniture can be placed directly in front of sliding doors.

Install sliding doors on an existing opening, from a wide arched walkway to a standard door opening. You’ll need a flat wall on one or both sides of the opening. For example, if you have a standard interior door opening of 30 inches, you’ll need a 30-inch-wide wall on either side, or 15 inches of wall space on each side. Depending on the type of track you selected for your door hardware, you may need a few more inches.

I prefer referring to this style of door as sliding doors instead of barn doors. The latter leads many homeowners to believe this style of door is for the more rustic, traditional, cottage-style homes.

Not true. Manufacturers are creating contemporary doors with textured glass, metal, lacquered and painted finishes. Sun Mountain Doors has watched its clients’ tastes change over the years. The company now creates sliding doors for most any style of home, from Colorado to Manhattan.

Don’t forget the hardware; it’s the bling that completes the look you’re trying to achieve. Make sure it’s high-quality and built to last. Specialty stores offer a variety of styles and finishes, including stainless steel, chrome, iron and steel. It’s important to work together with your door manufacturer and hardware supplier to get the right mix of products.

Go ahead and take down that old-fashioned door and replace it with an updated sliding door. Making your house function for your family is what homeownership is really all about. It’s your home—make the most of it.

DESIGN&SPACE

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n Designer and home-improvement expert Vicki Payne is host and producer of For Your Home Home, available on PBS, Create TV and in national and international syndication. Reach her at ForYourHome.com.

Sports BusinessMirror

C | Tuesday, March 3, 2015 • Editor: Jun Lomibao

mirror_sports@yahoo.com.ph • sports@businessmirror.com.ph

IAN POULTER (left) could not seem to figure out how to tackle his putt as his caddie ponders the hole himself. AP

SPRINT TO THE FINISH B D F | The Associated Press

“I’m looking forward to just having a minute to regroup and take a look at what’s going on,” Mickelson said.

Jeff Overton, Brendan Steele and Russell Knox, who lost in a four-man playoff last year at PGA National, also were at four under.

Poulter was right about one thing. He did play some good golf, except for those two holes. He was bogey-free for a 66 in the third round, taking him from a two-shot deficit to a three-shot lead over Reed and Padraig Harrington going into the final round. It was his first 54-hole lead on the PGA Tour.

Harrington twice missed short putts—making bogey on No. 4 and double bogey on No. 6—and was at three under.

Poulter at least was pleased with how he left the course with that 6-iron for birdie. He will try to end more than two years without a victory.

“Silly things happen,” he said.

“Tiring, and made a couple of really bad swings on 5 and 6. But that kind of angered me inside enough to spark a little bit of energy there to hit a good shot on 7.”

ALM BEACH GARDENS, Florida—Ian Poulter didn’t realize he had a three-shot lead in the Honda Classic, only that he was playing well enough to feel like he was in control of his game and the tournament.

One shank changed everything on Sunday.

“That just came out of left field,” Poulter said.

His next tee shot that splashed down in the water left of the fairway made it even worse.

“It was a bit of a body blow,” he said.

What had been a marathon day at soggy PGA (Professional Golfers’ Association) National suddenly turned into a sprint-to-the-finish on Monday morning when the final round was to resume. Poulter lost command of the Honda Classic, but he didn’t lose his place atop the leaderboard.

He was at 7-under par through seven holes, tied with Paul Casey, who went out in 31 and was in the left rough on the 10th hole when the final round was halted at sunset.

Patrick Reed, in the final group with Poulter, was one shot behind.

Phil Mickelson was among four players who were three shots behind at 4-under par. That group included Daniel Berger, the PGA Tour rookie from West Palm Beach whose final shot on Sunday was a 35-foot chip-in for birdie on the 11th hole.

“I’m pretty pleased with the golf I’ve played throughout the whole of today,” Poulter said. “I haven’t really made many mistakes at all. I’ve put it in position an awful lot, which is encouraging right now. And If I do that tomorrow, then I’m going to be in a good position.”

His two mistakes were big ones.

Leading by three shots, he tried to take a little off an 8-iron

on the par-3 fifth hole, where the green is guarded by water on the left. Poulter hit a shank that went so far to the right it bounced into water on the sixth hole. He made double bogey and lost the lead.

On his next tee shot, he pulled his drive into the water down the left side of the sixth fairway and had to two-putt from 65 feet to escape with bogey.

“You take your foot off the accelerator for one second, all of a sudden you find yourself completely out of position,” Poulter said.

For a day of plodding across the rain-softened fairways, the Honda Classic suddenly was full of energy, not to mention possibilities. There was a three-shot swing at No. 5 when Reed holed a 35-foot birdie putt from a swale right of the fifth green and Poulter made his double bogey. Reed took the lead on No. 6 when Poulter made bogey.

And then Poulter was on the right end of a two-shot swing at their final hole of the long day, the par-3 seventh. His eyes a little wider, his blood boiling, Poulter drilled a 6-iron into 3 feet for birdie, while Reed missed the green to the left and failed to get up-and-down.

No longer forgotten was Casey, who made four birdies on the front nine, all from no more than 12 feet.

His birdie on No. 9 moved him into a share of the lead.

The Monday finish was caused by nearly 5 inches of rain and 50 mph gusts that washed out the third round on Saturday and took a 78-member grounds crew until 10 a.m. Sunday just to get the course ready. It had so much water

PAUL CASEY goes out in 31 and is in the left rough on the 10th hole when the final round was halted at sunset. AP

that the crew had to chase off an alligator from the bunkers. Players finished the third round and went right back out to squeeze in as many holes as possible. The final round was to resume at 8 a.m.

“This sort of situation is going to be difficult for everybody, and it just breaks up momentum,” said Casey, who had more than anyone. “Some guys will carry it through tomorrow. Others won’t, and that’s very difficult to predict.... You just hope you wake up tomorrow and you feel like you’ve got the same kind of golf swing and putts are going in the hole. You just don’t know. Hope the golfing gods are nice to us tomorrow.”

That’s what Mickelson was thinking.

He opened with two quick birdies and was getting closer to the lead until pushing a 4-foot par putt on the sixth hole. Mickelson had 10foot par putt on the ninth hole when he returned on Monday morning.

YANG WINS IN CHONBURI SOUTH KOREA’S Amy Yang posts a two-stroke victory.

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HONBURI, Thailand—South Korea’s Amy Yang won the Honda Ladies Professional Golf Association (LPGA) Thailand on Sunday for her second LPGA Tour title, finishing with a three-under 69 for a two-stroke victory over American Stacy Lewis and two others.

Yang broke a tie with Lewis with a

Civilization IV (video game) 2009

Fringe 2009-2012 Star Trek: Into Darkness 2013

Source: IMDB

Graphic: TNS

P.  |     | 7 DAYS A WEEK

BSP seen halting inflation slide T

three-stroke swing on the par-4 15th.

Yang made a short birdie putt on the hole, and Lewis had a double bogey af after blasting a 67-yard wedge shot over the green. Yang bogeyed No. 16 and closed with two pars to finish at 15-under 273 on Siam Country Club’s Pattaya Old Course.

“I don’t know what just happened,” Yang said. “I still can’t believe I did it today.”

The 25-year-old Yang is projected to jump from 16th to 11th in the world ranking.

“I was a little bit nervous out there, but I tried to focus on how low I can go today, just focus on my game,” said Yang, also the 2013 LPGA KEB HanaBank Championship winner in South Korea.

She has finished in the top 5 in her last tour starts. She was second last week in the Women’s Australian Open, two

strokes behind top-ranked Lydia Ko. “I worked hard in this off-season and I really wanted to come back and play well,” Yang said. “It came earlier than I thought. I’m going to keep work working hard.”

Lewis, the third-round leader, finished with a 72 to match Taiwan’s Yani Tseng and South Korea’s Mirim Lee at 13 under. Tseng, the 2011 and 2012 winner, had a 67, and Lee shot 69.

Tseng won the last of her 15 LPGA Tour titles in 2012.

“I played good, but I missed bunch of putts out there,” Tseng said. “I was just actually a little nervous out there when I was putting.”

Spain’s Beatriz Recari had a 63 to match the course record. She tied for fifth at 12 under with South Korea’s Sei Young Kim (65). AP

SPORTS

HE Bangko Sentral ng Pilipinas (BSP) was seen keeping inflation not lower than 2 percent this year to avotid a scenario in which prices consistently fall, discouraging consumption and investment activities as direct consequences.

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The analysts, however, quickly said such an event was not likely to happen in February.

The state of disinflation is something central banks fear, because any persistent drop in prices C  A

OIL DROPS AS OPEC EXCEEDS COLLECTIVE OUTPUT QUOTA

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Analysts at Standard Chartered Bank said the BSP will only consider cutting back the rate at which it borrows from or lends to bank should the rate of change in prices, more known as inflation, fall below 2 percent over the next few months.

www.businessmirror.com.ph

Going back to basics: A trip up north teaches me how URBAN MONOLOGUES 2.0

Star Trek VI: The Undiscovered Country 1991

B B C

Tapping into your inner Jonathan Adler HERE’S a lovely playhouse of Barbie and Ken dolls we build out of bricks, and then there’s a lovely playhouse we build out of Mandaue Foam—that is, if the building is what makes a house and its interior is what makes a home.

For what’s now atop the home-furnishing brand (which, from its modest beginnings as a backyard business in 1971, has expanded from foam to mattresses to cabinetry and what have you) are custom-built products that are chic, functional and true to its design philosophy to suit just about any lifestyle.

Because we are a pampered lot in so many ways and believe that the home is an extension of one’s personality (so you want that couch channeling Fifty Shades of Grey’s hero/antihero, or in a One Direction print?), Mandaue Foam, which is in the business of pampering, has put design democracy in our hands.

Recently, the company curated an exhibition at the Rockwell Tent of the infinite possibilities one can achieve with its offerings of furniture and home accessories, with the mockup home spaces designed by its newest ambassadors—celebs in the guise of a travel blogger, an athlete, a bachelor, a newlywed, a writer, a mom with two kids.

It was an “afternoon of comfort, design and leisure” graced by a cult of so-called headliners and hosted by RJ Ledesma and Tessa Prieto-Valdez.

For the newlywed Saab Magalona, moving into a two-bedroom apartment with the better half would take some getting used to, and she thought it would be somewhat of a challenge to design their living room that reconciled both their aesthetics.

But, Saab said, with Mandaue Foam, she has been able to “compromise without really having to compromise,” what with a comfy living room tinged with gender-neutral earthy colors.

“Since we’re newlyweds, I wanted a small change lang muna. I just wanted a love seat—a two-seater—that could [sit well] with the dining table and everything. But [my husband] said the couch had to be really comfy para sa gaming n’ya,” Saab said.

Saab was very particular about what she wanted to bring into her home as a married woman, and what she loves about Mandaue Foam is that it’s very flexible.

“I saw some stuff I liked but, given the limited condo space we have, we couldn’t bring the pieces home.

Instead, we were able to have some items custom-made according to size.” Meanwhile, for model-slash-beauty columnist Kelly Misa Fernandez, who has been meaning to work on decorating her home office since they moved into their three-bedroom townhouse, doing such becomes so much easier with Mandaue Foam.

An L-shaped desk punctuated by cabinets behind it, according to Misa-Fernandez, would be handy in

Star Trek V: The Final Frontier 1989

BANGKO SENTRAL MAY CUT RATES SHOULD INFLATION FALL BELOW 2% TO AVOID PERSISTENT DROPS IN PRICES

YOUR INNER ADLER WORD OF LIFE, FR. SAL PUTZU, SDB AND LOUIE M. LACSON

Star Trek IV: The Voyage Home 1986 Director and actor

Star Trek 2009 2010s

2006, 2010, 2012

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

Star Trek III: The Search for Spock 1984 Director and actor

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THREETIME ROTARY CLUB OF MANILA JOURNALISM AWARDEE

The voice from heaven

Star Trek: The Motion Picture 1979 Star Trek II: The Wrath of Khan 1982

IN this April 26, 2009, file photo, actor Leonard Nimoy poses for a portrait in Beverly Hills, California. Nimoy, famous for playing officer Mr. Spock in Star Trek, died last Friday in Los Angeles of end-stage chronic obstructive pulmonary disease. He was 83. AP/MATT SAYLES

EAR God, the transfiguration undergone

by Jesus was a revelation of his nature and mission, which greatly boosted the faith of three privileged disciples. The voice from heaven (Your voice) spelled out the disciples’ duty to “listen to You.” With that command, Your voice revealed that Jesus was the teacher of all mankind: A man with a divine message of hope and love for all. May the voice from heaven reach us all. Amen.

Mission: Impossible 1969-1971 Star Trek: The Animated Series 1973-1974

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Star Trek 1966-1969

IL fell after posting the first monthly gain since June as Saudi Arabia stepped up production, lifting the output of the Organization of the Petroleum Exporting Countries (Opec) beyond its collective quota for a ninth month.

Futures decreased as much as 1.1 percent in New York. Opec pumped 30.6 million barrels a day in February, according to a Bloomberg survey. Oil sank almost 50 percent in 2014, as Saudi Arabia led the group’s decision in November to maintain output target at 30 million a day, exacerbating a global glut.

West Texas Intermediate’s (WTI) discount to European prices settled at the widest in more than a year on February 27, as US crude stockpiles expanded to the highest level in weekly data that started in August

PESO EXCHANGE RATES n US 44.0820

1982. The oversupply has driven US drillers to cut the number of rigs in service for a 12th week to the fewest since June 2011, Baker Hughes Inc. data showed.

“It’s a supply-driven story,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone.

“Opec’s rhetoric has suggested that they wouldn’t cut production, and all we’ve seen now is the numbers confirm that. That’s putting pressure on the price.”

WTI for April delivery slid as much as 54 cents to $49.22 a barrel in electronic trading on the New York Mercantile Exchange and was at $49.46 at 1:38 p.m. Sydney time. The contract rose $1.59 to $49.76 on February 27, capping a 3.2-percent gain for the month. The volume of all C  A

NOBEL AWARDEE AT DLSU MEET 2009 Nobel Laureate Professor Ada Yonath (third from left) on Monday delivered a lecture in this year’s De La Salle University’s (DLSU) Research Congress held at the Henry Sy Building of DLSU Manila. Yonath is the first woman in 45 years to win the Nobel Prize in Chemistry for the structure of ribosome. She is also the first woman from the Middle East to win a Nobel Prize in the field of science. Despite winning the prestigious award, Yonath said it is not a big deal for her because she did not aspire for it. In her lecture, Yonath told the students that gender is not an issue when someone wants to pursue a career in science. She said that students, particularly women, should keep their focus on their goals in life. Yonath also added that science knows no boundaries, and scientists can engage in scientific research regardless of their location. From left, Bro. Raymundo Suplido, FCS, president-designate of DLSU; Jose Pardo, chairman of DLSU Board of Trustees; and Dr. Myrna Austria, DLSU vice chancellor for academics, honor Yonath after her presentation. NONOY LACZA

German firms present offer to fix MRT 3 B L S. M

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WO German railway companies are appalled at the situation of the Metro Rail Transit (MRT) Line 3, prompting them to propose to end the suffering of the ailing train line’s half-a-million daily passengers through an unsolicited rehabilitation project.

Under their proposal submitted to the Department of Transportation and Communications (DOTC), Schunk Bahn- und Industrietechnik GmbH and HEAG Mobilo GmbH will place the whole train system under a massive transformation program to augment its capacity, and provide a safe and comfortable travel to commuters from the northern and south-

ern corridors of Metro Manila.

Backed by Comm Builders and Technology Phils. Corp. (CB&T), the joint venture seeks to address “all the essential subsystems to station facilities, being a perennial problem in MRT 3.”

“Compared to the other proposals provided, this offer addressed the C  A

n JAPAN 0.3685 n UK 68.0670 n HK 5.6844 n CHINA 7.0311 n SINGAPORE 32.3490 n AUSTRALIA 34.4930 n EU 49.3454 n SAUDI ARABIA 11.7546 Source: BSP (2 March 2015)

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News

BusinessMirror

Tuesday, March 3, 2015

PHL, China seen pacing 2015 global growth BINAY: “This is certainly good news for us, one that will hopefully boost investor confidence in our country, especially given its impending integration with our neighbors in the Southeast Asian region this year.”

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ice President Jejomar C. Binay bared a survey of economists conducted by Bloomberg that the Philippines will be the second fastest-growing economy in the world this year, next to China.

Binay said during the inauguration of the Binmaley Manpower Development Center (BMDC) the Bloomberg’s survey identified the Philippines and China as the only two economies, out of 57 included in the report, that will grow at a rate of 6 percent or faster this year.

“This is certainly good news for us, one that will hopefully boost investor confidence in our country, especially given its impending integration with our neighbors in the Southeast Asian region this year,” Binay said.

The Asean integration will see the free exchange of goods and services, investment and capital, and skilled labor across the region—a recognition that, indeed, there is strength in numbers, he said.

“Our success as a bloc can then only bode well for all the citizens of the nations involved,” he added, as he congratulated Binmaley Mayor Simplicio Rosario for the construction of the town’s world-class BMDC. He said: “Let me stress, however, that while job creation remains a key consideration for inclusive growth, we should not be content with just the quantity of jobs. As essential is the quality of employment that must come with them, and that will give rise to opportunities for upward mobility between economic classes.”

Binay said the challenge then lies on how members of the work force can take advantage of the looming changes, not only for the betterment of themselves and their families, but also of the nation as a whole.

While in Binmaley, Binay and Rosario led the groundbreaking rites for the 3-hectare Binmaley Resettlement Project in Barangay Papagueyan, which will be developed as housing project for residents of disasterprone areas.

He said the National Housing Authority is set to release P8 million for site development of the project. PNA

Kremlin. . .

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destabilizing Russia. They make no mention of the possibility of Kremlin involvement.

As the committee offered a reward of just under $50,000 for information shedding light on the killing, Moscow’s TVC television station ran street-camera images said to show the killer running out from behind a parked snow-removal truck to confront Nemtsov on the bridge sidewalk.

There was no snow on the bridge on Friday night, raising questions about why a snow plow would have been there. The security video appeared to show the gunman being picked up by a passing car after shooting Nemtsov.

The friend accompanying Nemtsov, who has been identified by media in Kiev as 23-year-old Ukrainian model Anna Duritskaya, was being questioned by investigators, according to a statement posted on Sunday on the Investigative Committee’s official web site.

Nemtsov was a leader of an opposition coalition and was instrumental in organizing protests against Putin during the latter’s presidential campaign three years ago. He was also the author of an expose on corruption surrounding Russia’s hosting of the Winter Olympic Games last year.

Sunday’s proceeded peacefully. Police generally kept a low profile, although two police helicopters hovered overhead and three police boats patrolled nearby in the Moscow River. MCT

news@businessmirror.com.ph

‘P-Noy to get emergency powers within the week’

T

By Jovee Marie N. dela Cruz

he chairman of the House Committee on Energy on Monday said the congressional bicameral committee is eyeing to approve within the week President Aquino’s special powers to solve the projected shortfall in electricity supply this summer.

Liberal Party Rep. Reynaldo Umali of Oriental Mindoro, the panel chairman, said a bicameral conference will be held on Tuesday (today), as the Senate already approved its version of the so-called emergency powers. “[We will pass the special powers for the President] at the earliest, within the week,” Umali said.

On Monday, voting 16-0, the Senate approved on third reading Joint Resolution 12 granting Mr. Aquino special powers to address the looming power crisis.

Like the House Joint Resolution 21, the Senate Joint Resolution 12 also wants the government to mainly use the Interruptible Load Program (ILP) in generating additional power capacity.

The bicameral conference will be conducted to reconcile the Senate and House versions of the measure, giving President Aquino the authority to establish additional power-generating capacity from March to July 2015.

According to the Department of Energy, the projected power shortfall this year will

be about 782 megawatts (MW).

Umali, also the cochairman of the Joint Congressional Power Commission, reiterated no cost will be passed on to consumers in using the ILP. Earlier, Umali said the government would need at least P200 million for the implementation of the ILP. The lower chamber is eying to tap Malampaya funds as subsidy.

According to Umali, some 955 MW have been committed under the ILP. Based on established protocols, ILP is implemented during a red-alert status (minimal power reserve) upon the notice of the National Grid Corp. of the Philippines and the power utilities informing ILP participants to deload from the grid.

The ILP is a voluntary program whereby businesses such as malls and factories that have their own generators can be disconnected from the power grid in times of short supply, and can sell any excess power they generate to distributors.

Through the ILP, the aggregate demand for power from the system will be reduced to a more manageable level, helping en-

sure the availability of supply during the summer season.

Besides the ILP, Congress said additional generating capacity shall be sourced from the fast-tracking of new committed projects; plants for interconnection and rehabilitation; and adoption and execution of energy efficiency and conservation measures in both public and private sectors.

Based on the data of the House Committee on Energy, the additional capacity from new committed projects and plants for interconnection and rehabilitation is now at 297MW. Last September 12 Mr. Aquino requested Congress for authority to establish additional power-generating capacity to ensure the energy requirements of the country during periods of very tight energy supply as a strategic response to the need for specific, focused and targeted acquisition of additional energy capacities to meet the imminent power shortage in the Luzon grid due to the Malampaya turnaround, increased levels of forced outages of power plants, and delays in the commissioning of committed power projects.

JFC. . .

manila eco-marathon The Aetheros Fcev #601 UrbanConcept, competing for Team uitm Eco Planet from Universiti Teknologi Mara (UiTM) Shah Alam, Malaysia, runs on the track during Day Four of the Shell Eco-Marathon in Manila on Sunday. Shell Eco-Marathon challenges student teams from around the world to design, build and test ultra-energy-efficient vehicles. Jinggo Montenejo/AP

Continued from A8

investment-promotion agencies (IPAs) will be sourced. The Department of Finance (DOF) had proposed that the TEA be placed under the Budget of Expenditures and Sources of Financing as an automatic appropriation.

The measure also provides that the tax incentives will be treated as both revenue and expenditure from the general fund and will require reporting to the DOF. HB 2942 seeks to regulate tax incentives and ensure transparency in granting these to foreign investors.

The Bureau of Internal Revenue and the Department of Budget and Management had earlier backed the measure. Internal Revenue Commissioner Kim Jacinto-Henares said there is a need to account for the incentives given out by IPAs and determine revenues the government is losing. For its part, the DTI said issuing an executive order that would require IPAs to submit data to the National Economic and Development Authority would suffice. The DTI had also come out with a position paper outlining its reasons for opposing HB 2942. For one, the DTI said the measure could violate a World Trade Organization agreement on subsidies as incentives coursed through the national budget can be considered a subsidy.

If enacted, the department said the measure could put the country’s competitiveness in limbo as Congress would have the power to thumb down the provision of incentives.

German firms present offer to fix MRT 3 BSP seen halting inflation slide Continued from A1

ancillary power, considered the 48 new trains, new stabling area, new elevators and escalators, new public-address system, public- information system, new toilets, platform gates, CCTV camera, signaling system, rail replacement and rail grinding,” the German firms said.

The ultimate solution to the problems hounding the system, the group said, could be addressed by limiting the maintenance or downtime period of the train line, imposing a single point of responsibility to control the railway’s rehabilitation, deploying an efficient and experienced international parts integrator and sourcing company, adding a stabling area for the 48 brand-new coaches, and a space for new trains.

The two companies have more than 100 years of experience in operating railways and other transport modes. Schunk Bahn- und Industrietechnik GmbH is an original equipment manufacturer (OEM) of high-quality power-transmission railway equipment.

On the other hand, HEAG mobilo operates and maintains its own fleet of trains, trams and buses since the late 1800s. With its operations based in Darmstadt, Germany, it has 23 bus lines and nine tram lines.

“The Schunk-HEAG team has the capability to supply and provide OEM equipment and

spare parts for MRT 3 irrespective of brand,” the German camp assured.

This new offer is the latest addition to the growing list of unsolicited proposals pertaining to the rehabilitation of the MRT that the government has received over the past few years. The group of businessman Robert John L. Sobrepeña is proposing to do a “quick fix” solution to make the train system safe for public transport.

Together with foreign firms Sumitomo Corp. of Japan and Globalvia Infrastructuras of Spain, Metro Global Holdings Inc. is proposing to “fix” the ailing system through a $150-million investment that involves the procurement of a total of 96 new train cars, and the rehabilitation of the existing 73 coaches, increasing its capacity by fourfold to 1.2 million daily passengers.

Under the proposal, a single point of responsibility will be implemented: meaning the rehabilitation and the maintenance of the line will be handled by a single company.

Separately, Metro Pacific Investments Corp. is proposing to shoulder the upgrade costs of the train system and release the government from the bondage of paying billions of pesos in equity rental payments.

The group of businessman Manuel V. Pangilinan, which earlier entered into a partnership agreement with the corporate owner of the MRT, intends to spend $524 million to overhaul the line.

Continued from A1

discourages consumption activities as consumers look head to more price drops down the line.

Businesses also tend to abort expansion plans in similar anticipation of potentially lower cost of money down the line. As businesses and households each hold back on expansion plans and consumption activities, local output growth, measured as the gross domestic product, suffers.

In a research note looking forward to the weeks ahead, SCB economist for the Philippines Jeff Ng said an analysis on latest data show a “higher possibility” of rate cuts by the central bank this year should inflation stay below the government’s target for the year.

The central bank previously projected inflation ranging lower this year to 2 percent up to 4 percent compared to last year’s 3 percent to 5 percent. The SCB analyst said inflation was likely to remain benign in February as prices continue to drop.

According to an SCB analysis, forecast inflation should remain unchanged in February.

In particular, forecast inflation in February will likely hit 2.4 percent, or within the central bank governor’s forecast for the month ranging from 2.2 percent to 3 percent.

“Energy inflation likely continued to drop due to lower crude oil prices. Electric-

ity prices fell 11.3 percent year on year in January and have been on a steady downward trend since the 5.4-percent increase in October 2014,” Ng said.

“Similarly, prices of fuels and lubricants fell 13.1 percent year on year, following a 0.2-percent increase in October 2014,” the analyst quickly added.

“Meanwhile, food inflation has remained above the levels seen in 2012 and 2013,” the analyst further said.

Other economists have said the BSP was likely to follow other central banks in the region in cutting interest rates as some have actually done already due to unusually low inflation in their jurisdictions. The latest was the People’s Bank of China which lowered its one-year deposit rate by 25 basis points.

At its last rate setting meeting, the BSP kept the key rates unchanged at 6 percent for lending and 4 percent for borrowing or the reverse repurchase rate.

Earlier, the central bank governor said the country’s inflation was not likely to fall below zero and that the BSP remains confident of within-target inflation for the year.

Tetangco said on February 20 that “the risk of inflation falling below zero or to negative levels in the Philippines appears to be minimal,” the SCB analyst noted. The Philippines will release the February inflation data on March 5. With a report by Genivi Factao

The Nation BusinessMirror

news@businessmirror.com.ph

Editor: Dionisio L. Pelayo • Tuesday, March 3, 2015 A3

House panel to DOJ: Wrap up Mamasapano probe

T

he chairman of the House Ad Hoc Committee on the Bangsamoro basic law (BBL) on Monday urged the Department of Justice (DOJ) to finish its Mamasapano probe and file criminal charges immediately against the Bangsamoro Islamic Freedom Fighter (BIFF) and some members of the Moro Islamic Liberation Front (MILF).

Pwersa ng Masang Pilipino Rep. Rufus B. Rodriguez of Cagayan de Oro City, chairman of the panel, said the DOJ should revise the April 2 deadline to a much earlier date for its investigators to finish the Mamasapano probe.

Rodriguez said the 75 members of the panel also want the MILF to surrender its fighters whom the DOJ may charge before the committee voting on the BBL on March 18.

“The DOJ has conducted a comprehensive investigation here [and] Secretary [Leila] de Lima has said that she will finish by April [2]. Well, we are requesting the secretary to fast-track this because ’pag-April pa ang DOJ, papaano naman ang ating BBL kung hindi pa natin mai-file ang kaso?” Rodriguez.

sapano, Maguindanao, during a gun battle with members of the MILF and the BIFF. “I cannot confirm nor deny kung sino ’yung witness or witnesses na na-access namin. Ang sinasabi ko lang these are very vital witnesses, pero ’di pwede isiwalat at this point kung sino sila,” de Lima told reporters.

De Lima insisted that the witnesses are vital in the ongoing efforts to identify and file criminal charges against the killers of the 44 SAF men.

Earlier reports described the vital witness as a member and veteran combatant of the MILF group and allegedly close to wanted Malaysian bomb maker Zulkifli bin Hir, alias Marwan, and Filipino terrorist Basit Usman.

The reports added that the MILF man had talked to de Lima and investigators from the National Bureau of Investigation in an undisclosed place in Mindanao last week.

The MILF member-turned witness, according to reports, can identify the MILF members who took part in the Mamasapano encounter, where the PNP-SAF commandos, part of the team that took out Marwan in the early morning of January 25, were killed.

The justice secretary added that the

No disclosure

AT the DOJ, de Lima, however, refused to disclose the identity of the vital witnesses that she said the justice department was able to access during their trip to Mindanao last week as part of its ongoing case buildup in connection with the killing of the 44 elite members of the Philippine National Police-Special Action Force (SAF) in Mama-

D

Retail giant Puregold, represented by its president, Leonardo Dayao (right), and Advertising and Communications Head Ivy Piedad (second from left), grants a Tindahan ni Aling Puring Sari-Sari Store package to each of the families of the “Fallen 44” from the National Police Special Action Force (SAF) who perished in January during a clash with the Moro Islamic Liberation Front and Bangsamoro Islamic Freedom Fighters in Mamasapano, Maguindanao.

Also granted with sari-sari store packages were 15 other SAF commandos who were injured in the special mission.

Former President Fidel V. Ramos and retired PNP Gen. Reynaldo Velasco (third from left) witnessed the ceremony held on February 26 at the Multipurpose Hall of Camp Crame.

investigation panel is still waiting for the clearance from the military before proceeding to the clash site, where they expect more witnesses to cooperate.

Marathon hearings

Meanwhile, Nationalist People’s Coalition Rep. Rodolfo Albano III of Isabela has expressed support to the plan of the House leadership to resume hearings on the Mamasapano bloodbath to help in the overall effort to ferret out the truth behind the incident, and ultimately provide justice to the “Fallen 44” police commandos.

Albano, a member of the House minority bloc, also proposed the conduct of marathon hearings as soon as the House Joint Committees on Public Order and Safety, Peace, Reconciliation and Unity reopens its dis-

3-DAY EXTENDED FORECAST MARCH 3, 2015 | TUESDAY

TODAY’S WEATHER

cussion into the bloody encounter between government troops and the Moro rebels.

The House of Representatives has indefinitely suspended its Mamasapano hearing pending the Board of Inquiry investigation.

‘Cover-up’

Party-list Rep. Terry Ridon of Kabataan has slammed the ongoing all-out offensive of the Armed Forces of the Philippines against the BIFF, which has reportedly displaced more than 20,000 people in Maguindanao and North Cotabato.

“The Aquino administration is calling it an ‘all-out offensive’ but that’s a big understatement. What’s happening in Mindanao right now is an all-out war, and no amount of euphemism can hide that,” Ridon said.

Jovee Marie N. dela Cruz. Joel R. San Juan and Marvyn Benaning

MAR 4 MAR 5 WEDNESDAY THURSDAY

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PHILIPPINE AREA OF RESPONSIBILITY (PAR)

etained Sen. Ramon “Bong” Revilla Jr. filed an urgent motion on Monday before the Sandiganbayan for a three-hour furlough for him to visit his son, Cavite Vice Gov. Ramon “Jolo” Revilla III, who suffered a selfinflicted gunshot wound on his chest on Saturday.

In his motion filed before the revilla Sandiganbayan First Division, Revilla asked the court to allow him to visit his son, who is currently at the intensive care unit of the Asian Hospital in Muntinlupa City.

Revilla said in his motion that he is pleading for “compassion and understanding” to visit his son “as soon as possible.”

“Senator Revilla respectfully prays that this Honorable Court allow him to visit his son, Jolo, at the Asian Hospital in Muntinlupa City, for at least three hours, as soon as possible, subject to terms and conditions which this Honorable Court may impose,” the motion read.

The younger Revilla was rushed to the hospital after sustaining a gunshot wound on his upper chest and underwent surgery early Sunday due to internal bleeding.

The lawmaker said “he was shocked” and “feels helpless and distraught” upon learning the unfortunate incident that happened to his son.

The senator said that “it is his obligation to visit his son to ensure that he is already safe and in a stable medical condition.”

Revilla is currently detained at the Philippine National Police Custodial Center in Camp Crame, Quezon City, due to plunder and multiple graft charges for allegedly earning kickbacks and commission worth P224,512,500 after channeling his Priority Development Assistance Fund to the fake non-governmental organizations controlled by businesswoman Janet Lim-Napoles, the suspected pork-barrel scam mastermind. PNA

NORTHEAST MONSOON AFFECTING EASTERN SECTION OF VISAYAS. (AS OF MARCH 2, 5:00 PM)

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Sen. Revilla seeks 3-hour furlough to visit son

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A6 Tuesday, March 3, 2015

Opinion BusinessMirror

editorial

A unified energy production program

W

HILE warnings are still being issued about the potential of brownouts for the coming summer season, there is good news about the power situation in Mindanao. The Mindanao Development Authority (MinDA) has reported that for the first time since 2009 the region will have excess power supply this year.

Power generation supply in the Philippines has been in a roller-coaster ride from decades, varying between reasonable amounts of reserve to absolute shortages. Every presidential administration has tried to solve this issue once and for all and has not fully succeeded. It always seems to be a case of trying to find some stop-gap measure while preparing for a longer term solution that never seems to materialize. This is not acceptable if the country is to fulfill its economic potential.

Obviously it is necessary to build enough power generating facilities. But this simple solution is not simple at all.

So many other considerations must be taken into account beyond the idea of producing electricity including costs, efficiency, and of course the ever present and perhaps most hindering factor, environmental concerns. While the environment is an important issue, would humans ever have discovered the use of fire if all the concerns about using fire would have had to be solved first?

There are many sources of power to generate electricity and none seem to address all the concerns. There is not a single source that provides complete cost effectiveness, minimal pollution, feasibility, and reliability either in the short or longer term. Every source of energy can be seen to offer its own advantages and disadvantages.

There is not a perfect source of power generation. Therefore an ‘all-of-the-above’ solution must be implemented taking in account location, the actual power required, and the long term benefits.

Some people strongly object to coal-fired power plants. There is a general feeling against nuclear power plants. The use of crude oil as a power source has its drawbacks. Wind and solar has its limitations.

Mindanao, perhaps because of necessity, is utilizing all the sources of power.

The “Therma South” power plant in Davao City will generate 300- megawatts (MW) using coal as its fuel source as will Sarangani Energy Corp.’s 200-MW. Further, the Mindanao Power Monitoring Committee says that a total of 231 Renewable Energy projects from hydro, biomass, geothermal, and solar spread across Mindanao could potentially generate at least 2,419 MW of sustainable power for the region between 2020 and 2025.

Romeo Montenegro, MinDA director for Investment Promotions and Public Affairs said “A diversified mix of fossil and renewable-energy sources is integral to our overall strategy of pursuing balanced and holistic economic growth in Mindanao”.

It is time to stop looking for the perfect solution and create a firm national policy on electricity generation that does not pander to every opinion as to what is ‘good’ energy and what is not.

Taking the Philippines to the global stage Manny B. Villar

THE Entrepreneur

I

N recent years the Philippines has been hailed as the fastestgrowing economy in Southeast Asia and the second in Asia (after China). For this year, the Philippines is expected to be the second-fastest growing economy in the world, based on a survey of economists conducted by Bloomberg.

The Bloomberg survey showed that only the Philippines and China were expected to grow faster than 6 percent in 2015. By comparison, the same survey said the United States and the United Kingdom were expected to grow by 3.1 percent and 2.6 percent this year, respectively, while the euro area would grow by 1.2 percent.

The growth forecast for the Philippines in the Bloomberg survey, which covered economists from 57 countries, agrees with the forecasts from other agencies like the World Bank, but is lower than the government’s target of 7.5 percent to 8.5 percent in terms of gross domestic product (GDP).

I believe this target is not unrealistic given the 7.2 percent posted in 2013 and 6.1 percent last year (despite the sluggish government spending in 2014.

What I want to emphasize here is the Philippines’ elevation to the global stage, after many years of being labelled as the

“sick man of Asia.”

We have often talked about the country’s strong fundamentals as the factors behind the economy’s resilience during global crises and its robust growth amid the slump in bigger economies.

This time, I want to talk about the confluence of many factors, together with the economic fundamentals, that I believe will secure our place in the global economy. It is like the confluence or merging of several rivers like tourism and real estate, and numerous streams feeding into and from the rivers, to become a big body of water that is the economy.

Let’s start with tourism. The number of international visitors to the Philippines totalled 4.83 million last year, up 3.25 percent from 4.68 million in 2013.

That’s low and slow, compared with some of our neighbours. Tourist arrivals to Thailand, which remains under military rule, declined by 6.66 percent from

26.7 million in 2013 to 24.78 million but are still six times that of the Philippines.

Visitor arrivals to Vietnam reached 7.87 million last year, up 4 percent from the previous year.

The National Statistics Board of Indonesia said that based on the 8.52 million tourist arrivals during the period January to November, the year-end figure was expected to exceed the official target of 9.3 million for 2014.

Compared with our neighbours (except Thailand), the growth in tourist arrivals to the Philippines was lackluster.

In fact, growth in tourist arrivals in 2013 was even faster at 9.56 percent, despite the super typhoon and other disasters that hit the country in the last quarter of that year.

Policymakers and economic managers should take a look at why the tourism industry seems to be losing steam.

It was not so long ago when the figure of five million visitors a year was considered a dream.

We almost hit it last year, and I believe a small push will enable us to breach that level. Let’s not allow the momentum to disappear. We are close to hitting the critical mass because our base, in terms of the number of visitors, is already large.

I believe the lack of infrastructure is still the biggest challenge for tourism growth, as it is for other sectors of the economy. Airline travel to and from the Philippines has been growing significantly with the entry of new airlines in the international and domestic routes.

However, tourist facilities like airports and accommodations are still inadequate and unsatisfactory.

Caticlan, the proposed gateway to the world-famous Boracay Island resort, is not yet finished. Bohol still has no international airport. The Ninoy Aquino International Airport (Naia) has been criticized by travellers as among the worst in the world.

We also lack hotel rooms–the total inventory has been estimated at about 23,000 rooms–less than half the requirement if the government’s target of 10 million visitors by next year is reached.

Fortunately, the private sector has been responding. The major players in the real estate industry are undertaking hotel projects, many under international brands. Ayala Land hopes to double its hotel portfolio to 4,000 rooms this year from 2,000 in 2014.

Andrew Tan’s Alliance Global Group wants to be the biggest in the hotel business and is targeting a total of 12,000 rooms by 2020 from less than 2,000 rooms at present.

Vista Land & Lifescapes is also doing its share. We recently acquired a small hotel in Boracay, and we’re looking at building new hotels in Tagaytay, Baguio, Sipag Center in Las Piñas and in Vista City. The plan is to operate these hotels under international brands. (To be continued)

For comments, e-mail mbv.secretariat@gmail.com or visit www.mannyvillar.com.ph.

Profiting from China’s anticorruption campaign John Mangun

OUTSIDE THE BOX

Y

OU have to give kudos to Chinese President Xi Jinping and his efforts at curbing if not stopping corruption. If a government official or member of the private sector gets caught dipping their greedy hands into government money, execution is a very possible consequence. For those that are perhaps smarter or lucky to be able to get away with doing the crime, cut off the easiest access to enjoy the ill-gotten gains.

The crackdown on high-rolling gamblers, thought to be mostly corrupt individuals, to the pleasure palaces of Macau is having a devastating affect of the city’s economy. The official numbers released for this past Lunar New Yare holiday are nothing short than astounding. Consider that in 2014, Macau so the first decrease in gambling revenues in history of 2.6 percent.

But that is nothing in comparison to what happened a few weeks ago. Acknowledging that the ‘official data’ is probably even more optimistic than the truth, the holiday was a disaster.

As Bloomberg.com reported, “Despite a 7-percent rise in actual tourist arrivals to Macau from China during this Lunar New Year’s holiday, ‘The Year of The Goat’ is off to an extremely inauspicious start.

Even with expectations of a 40 percent

drop, Macau casino revenues are now projected to crash a stunning 53.5 percent from last year”.

Conversations with some of the management in Macau indicate that the true fall in gambling revenues was closer to 60 percent from Lunar New Year 2014.

Since the corruption crackdown at the beginning of 2014, there has been a steady decline in casino income and it shows little sign of any sort of recovery in the near or even longer term future.

It is not just for enjoying the gaming tables that brings the wealthy Chinese to Macau. Shopping and fine dining is part of the luxurious experience and here too spending is way down. Bloomberg also reports that per-capita shopping expenses

by Chinese tourists dipped 32.8 percent in the fourth quarter of 2014.

“Average occupancy at 3-star to 5-star

hotels for the so-called Golden Week period of Chinese holiday, which ran from February 18 to 24, fell 6.9 percentage points to 87.5 percent, while average room rates declined 15.4 percent, the Macau Government Tourist Office announced”.

President Xi characterizes the corrupt, 100,000 having been caught in China’s version of money-laundering charges in Macau last year, “flies and tigers,” or low- and high-level officials.

Apparently the 7 percent rise in Chinese tourist arrivals was mostly ‘flies’.

The Chinese ‘tigers’ have been looking for alternatives to avoid the snare of Macau turning to Cambodia, Singapore, and South Korea. However Cambodia is more than happy to cooperate with its largest benefactor-China-in turning over potential corrupt Chinese back to their government. South Korea is not as cooperative but has made it subtlety clear that they do not want any problems with China over gambling when China is the main force that keeps North Korea under some control. Singapore does not care much about China but does care very much as being seen as a welcoming country for illegal funds.

That all puts the Philippines in an interesting and perhaps positive position. While the listed gambling companies have seen their stock under tremendous selling pressure, which is unlikely to change anytime soon, the future looks bright. It is unlikely that

China would come to PHL asking for a favor to help catch its corrupt officials.

Further, the Philippines is not exactly a global paragon of virtue when it comes to illicit wealth.

Some observers have noted that the “Binondo Central Bank” is now as effective at getting money into PHL as it was in the past in getting money out of the country without attracting attention.

Once again, the Philippines may be in a good position to take advantage of someone else’s ‘misfortune’. Our local gaming companies were hoping to siphon off some of the huge market of gamblers going to Macau. Now as that market goes into a coma, PHL looks to be ready and able to offer a good alternative to Macau outside of the prying eyes of the Chinese government. While the Chinese government is trying to limit their citizens’ access to tour operators soliciting business for the Philippines, there are a number of ‘private operators’ that cater to the Chinese high-rollers which are now steering their customer to the Philippines.

Do not discount the ability of the local gaming industry to reap great rewards from Xi Jinping’s corruption crackdown.

E-mail me at mangun@gmail.com.

Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

opinion@businessmirror.com.ph

War on wildlife crime–time to enlist the ordinary citizen

The rule of law in Asean

With March 3 designated as World Wildlife Day, Bradnee Chambers, executive secretary of the United Nations Environment Programme’s Convention on the Conservation of Migratory Species of Wild Animals, examines the problem of wildlife crime from the angle of asking what the individual citizen can do to help fight to save our living natural heritage.

A

Edgardo J. Angara

By Bradnee Chambers | InterPress Service

B

ONN—It is no exaggeration to say that we are facing a “wildlife crisis”, and it is a crisis exacerbated by human activities, not least criminal ones.

Whatever our definition of wildlife crime, it is big business. In terms of annual turn-over it is up there narcotics, arms and human trafficking– and the proceeds run into billions of dollars each year, helping to finance criminal gangs and rebel organisations waging civil wars.

With seven billion people on the planet, it is tempting to shrug one’s shoulders and ask “What difference can any one individual make?”

Such an attitude means that we are in danger of repeating the “tragedy of the commons”–everyone making seemingly rational decisions in their own immediate interests–but this is a short-sighted approach that undermines the common good and ultimately sows the seeds of its own downfall.

With seven billion people on the planet, it is also tempting to say that people’s need for food, shelter and well-being should take precedence over nature conservation, but the two are not necessarily irreconcilable. In fact far from it–the two often go hand in hand and are totally compatible–nonconsumptive use of wildlife, such as whale-watching and safaris, provide sustainable livelihoods for thousands of people.

Extinction has been an ever-present phenomenon, with a few species losing their specialised niche or being edged out to a more aggressive competitor or, in the case of dinosaurs, being wiped out by a meteorite strike.

The number of species going extinct is increasing fast, at a rate that cannot be attributed to natural causes and it is clear that there is a human foot pressing down heavily on the accelerator pedal.

South Africa reports record numbers of rhinos killed for their horn; demand for ivory is pushing the elephant to the brink; tiger numbers might have risen in India of late but the wild population and the range occupied by the cats are a fraction of what they were at the beginning of the twentieth century.

And we are not just losing vital pieces in the elaborate jigsaw puzzle of ecosystems; we are losing elements of our natural heritage that contribute to human culture and society, and the lifeblood of sustainable activities that create employment in the tourism sector, generating foreign exchange and

significant tax revenues.

Wildlife crime is not an abstract.

It affects us all and there is more that individuals can do to make a difference than they perhaps imagine.

Understanding the consequences of killing the animals and highlighting the connection between the increased poaching and organised criminal gangs and terrorists have been extremely helpful in strengthening political messages and in persuading the public to demand that more be done.

The gangs care little about the fate of the animals–either the individuals they kill or the survival of the species. They think nothing of shooting the rangers who stand in their way. They do care about their profits and high demand for ivory in East Asian markets has sent the price through the roof–not that the poacher in the field or the craftsman in the backstreet workshop receive much of a share.

If demand evaporates, the price will fall and killing elephants for their ivory will no longer be a viable business. The gangs will have to find some other source of income, but they would have to do this soon anyway, as current levels of poaching mean that there will not be any elephants left in 30 years.

The maxim “get them while they are young” applies to many things, not least the environment and junior members of the household often influence the family’s behaviour with regard to recycling, saving energy and water, food purchases and a range of other “green issues”. So raising awareness among the younger generation of the need to tackle wildlife crime is crucial.

The fight against wildlife crime has to be conducted on several fronts.

It does register on governments’ radar and pressure from civil society can help keep it high on the agenda.

The public has a vital role to play in keeping pressure on governments, either individually or through local pressure groups and NGOs. People can also modify their own behaviour by minimising their footprint on the planet.

We should not underestimate the seriousness of wildlife crime, but nor should we dismiss the potential impact of the actions of individuals as consumers, customers or voters.

T a dinner to honor the 10 Association of Southeast Asian Nations (Asean) Chief Justices and heads of delegation who attended last week’s Asean Law Association (ALA) general assembly, I spoke about a rules-based regime which evolved through the ages and ensured peace and justice governing civilized societies.

Or in one phrase: the rule of law.

This cardinal precept translates to well-known operative rules lawyers are familiar with: A person is presumed innocent unless proven otherwise. No person is above the law.

And the law applies to all regardless of their status in life.

BLOOMBERG VIEW

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EWS that an affiliate of the Hyundai Group may be bidding for New York’s NYLO hotel is but the latest sign South Korea may have caught the overseas property bug.

As my colleagues at Bloomberg News report, the company’s asset-management unit has already snapped up US office buildings worth $361 million in the last six months. That’s a far cry from the big-ticket purchases made by Chinese companies recently–including the $1.95 billion purchase of the Waldorf Astoria. But still, the outbound push can’t help but evoke comparisons to Japan’s vanity purchases in the 1980s.

Each passing week brings reports of another big foray abroad.

The shop with the biggest ambitions is the National Pension Service, by far Korea’s biggest investor.

Armed with more than $400 billion of assets, equivalent to about 33 percent of gross domestic product, NPS is opening offices in New York, London and Singapore to raise its overseas investment tally (now 22 percent of total assets). Companies like Mirae Asset Financial have been sniffing around the Four Seasons Hotel overlooking Sydney’s Circular Quay. Even giant Samsung, the biggest of Korea’s fabled family-run

whether we may be held accountable for our transgressions in accordance with due process. Beyond that, it means our laws ought to respond to the call of the times, marked by globalization and geopolitical tensions.

For instance, since 2010, Asean member-countries have effectively reduced to zero close to 99 percent of all its tariff lines. Yet, throughout the region, many non-tariff measures restrict the free flow of goods and services. Given Asean has no supranational coercive authority, individual member-countries still have to build up the necessary rules-based regimes for Asean economic integration to be fully realized.

The same rings true for resolving ongoing maritime disputes.

While Asean has renewed calls for its passage, a Code of Conduct in

A7

the South China Sea has yet to come into full force.

Aside from laying down the framework for people to coexist in peace and justice, laws should provide the mechanism and the institutions whereby as citizens, we are free to dream, to pursue our dreams, and to make them realities. And making our dreams come true is the essence of freedom.

Hence, the ultimate goal for Asean is to use the rule of law to pursue cooperation in the region, to uplift the lives of the peoples of Asean, and to achieve the ideal of Asean integration. The primary challenge for Asean lawyers is to ensure that the rule of law prevails, and our laws create for our people the conditions necessary for liberty to flourish.

E-mail: angara.ed@gmail.com.

‘Bright’ subalterns gave P-Noy wrong advice Ernesto M. Hilario

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ABOUT TOWN

RESIDENT Aquino received quite a lot of flak over his decision to snub the arrival honors at the Villamor Airport for the 44 members of the Philipine National Police Special Action Forces who died in the covert operation in Mamasapano to neutralize two most wanted terrorists.

Now it can be told: Aquino attended the inauguration of the new Mitsubishi auto plant in Laguna instead of going to Villamor on the advice of two of his subalterns, Cabinet Secretary Rene Almendras and Presidential Management Staff chief Julia Abad.

Almendras is now the Cabinet Secretary who was apparently “kicked upstairs” after a very brief stint as Secretary of the Department of Energy where his accomplishments seem to be meager since he obviously failed to find a lasting solution to the country’s continuing power supply shortfall. He was a kaklase of P-Noy at the Ateneo.

Julia Abad’s father is Budget Secretary Butch Abad, a stalwart of the Liberal Party and a close friend of PNoy. She is the youngest Secretary in the Aquino Cabinet and manages a highly sensitive office in Malacañang with 300 personnel despite her limited experience in government.

Perhaps the two armchair bureaucrats should explain why they advised PNoy to attend the auto plant inauguration instead of prioritizing his presence at Villamor which he should have done as expected of him as President and commanderin-chief amid public outroar over the tragic outcome of the commando operation in Mamasapano.

In the end, however, the lapse in

Why is Korea Inc. going shopping?

William Pesek

Indeed, humankind ’s finest hour was when ruler and the ruled agreed on the principle that no man shall be condemned without being heard first.

And today, the rule of law principle is not simply a question of

Tuesday, March 3, 2015

conglomerates, or chaebol, is similarly looking to enter the Australian property market.

The question is why. Aren’t there plenty of hotels closer to home to buy? With Chinese tourists flocking to Seoul, Jeju Island (nearly 3 million last year alone) and Busan, you’d certainly imagine so. And in recent months, the government has actively sought to bolster the commercial property market. In August, Finance Minister Choi Kyung Hwan loosened banks’ mortgage restrictions in an effort to boost spending. At the time, office vacancies in Yeouido, Korea’s Wall Street area, were the highest since 2002–and more than double the post-2008 crisis high in New York’s Wall Street.

The situation hasn’t improved much since then, so there would seem to be a bevy of glaring investment opportunities at home.

The problem is that despite decent headline numbers–2.7 percent GDP growth and unemployment at just 3.4 percent–Korea’s economy is

judgment of the two Malacañang bureaucrats could probably be excused but not the bigger lapse in judgment of no less than the Chief Executive, whom the Filipino electorate gave a resounding mandate in the 2010 polls in 2010 expecting him to lead this nation with utmost competence and statesmanship. We now know better.

MWSS undermining PPP Program

ASK investors, both local and foreign, about what turns them off and convinces them to put their hard-earned money elsewhere but here is the uncertain business environment, which can take the form of government ignoring contract commitments or changing business rules in midstream.

Take the case of the Metropolitan Waterworks and Sewerage System (MWSS) and its Regulatory Office, whose executives seem to have no qualms about defying an order of the foremost international arbitral institution for global trade, the International Chamber of Commerce; upsetting a highly successful privatization program regarded here and abroad as a model for structural reform; and dampening investor confidence in the Aquino administration’s public-private partnership program.

What’s disconcerting is that MWSS bureaucrats have been hiding

looking increasingly shaky. The domestic market is aging and shrinking, while wage growth has been stagnant. (This week, Samsung Electronics imposed a wage freeze on its Korea-based workers as the company battles slowing smartphone sales.) Inequality is widening. And most worryingly, household debt continues to surge, reaching $992 billion at the end of 2014. That’s constrained consumption and prevented the Bank of Korea from lowering rates, for fear of encouraging more unwise borrowing.

Headwinds at home are driving Samsung and others abroad. The trouble, says Hank Morris, Seoulbased adviser at Triple A Partners, is the “increasingly sclerotic-appearing Korean economy, which is prompting many of the chaebol to look for M&A opportunities overseas.” As Kim Sang-jo of Hansung University told Reuters last month, “Samsung recognizes it has reached its limit on organic growth, and the company is going to turn to

behind a supposedly pro-consumer cover to justify their arrogance, when the truth is their policy reversal will make losers out of Metro Manila folk, especially poor consumers, as the extra-revenue halt would prevent the two private concessionaires, namely Maynilad Water Services Inc., and Manila Water Co. (MWC), from implementing projects designed to upgrade and expand services to cover more areas populated by low-income households.

MWSS regulators have defied an almost two-month-old decision of the Appeals Panel in Singapore of the ICC affirming the overdue rate adjustment of Maynilad in keeping with a mandatory proviso in its 1997 concession agreement with MWSS on adjusting tariffs once every five years.

This five-year rate rebasing system, which is similarly inherent in MWSS’ contract with MWC, was tucked in the 1997 privatization package to attract investors and assure them of a mechanism to recoup their would-be multibillion-peso investments.

Typical of the policy flip-flopping that has riled the business community and kept investors on tenterhooks, MWSS regulators messed up the rate-rebasing system that has worked for 17 years straight since 1997 and surprisingly ordered both Maynilad and MWC in 2013 to slash their tariffs.

This has put in jeopardy both concessionaires’ capability to generate enough cash to bankroll their pending multibillion-peso projects to upgrade their services and expand the delivery of clean water especially to remote and depressed communities.

Henry Schumacher, vice president of the European Chamber of Commerce in the Philippine, opined at the height of the rate-rebasing controversy in 2013 that the “bashing” that the water concessionaires have gone

through “illustrates the difficulty in doing business with government.”

In the same vein, in a 2013 letter to Trade and Industry Secretary Gregory Domingo, Takashi Ishigami, president of the Japan Chamber of Commerce in the Philippines, said that Japanese businessmen “view the MWSS’ unilateral and arbitrary act of changing the terms or interpretation of the concession agreement, in total disregard of the contractual rights and intent of the parties, with grave concern.”

For Ishigami, “Not only will this obstruct vital investments by the concessionaires to further improve the water supply and sewerage systems in Metro Manila, but it also sends a very strong message to the business community about the level of commitment of the Philippine government in upholding the sanctity of contracts.”

For his part, Maynilad’s chief finance officer Randolph Estrellado pointed out: “MWSS lost its case against Maynilad but is saying in effect that its compliance will depend on the outcome of its arbitration with Manila Water which is completely separate and independent, although the issues are similar.”

“In the first place, it was MWSS that started it all. They confused us by changing the rules midstream, hence our recourse to arbitration.

But is its fear of consumer confusion a valid reason to ignore a perfectly legal decision?” he stressed.

For Estrellado, the sanctity, stability and enforceability of contracts are important to foreign investors.

“MWSS is signalling exactly the opposite…We kept our promise under the agreement to invest billions of pesos to improve water service. From out of the blue, MWSS changed the rules and re-interpreted the agreement.”

The problem is that despite decent headline numbers–2.7 percent GDP growth and unemployment at just 3.4 percent–Korea’s economy is looking increasingly shaky. The domestic market is aging and shrinking, while wage growth has been stagnant.

spree represents a vote of no confidence in a domestic economy that’s still weighed down by structural impediments to growth, including overregulation and political paralysis. In 2012, President Park Geun Hye rode a wave of rising anxiety over Korea’s place in Asia into the Blue House. Positioned midpoint between high-tech Japan and lowcost China, she argued, Korea’s only choice was to go upmarket–creating innovative new products and services that generate jobs and greater wealth. But Park’s efforts to craft a “creative economy” remain too vague and timid, and she’s been reluctant to challenge the politically powerful chaebol, who continue to squeeze out small-to-midsize enterprises.

Park clearly needs to accelerate efforts to boost growth in ways that don’t add to household debt. In the 1980s, Japan’s push abroad grew out of the strength of the domestic economy. Korea’s looks far too much like a sign of weakness.

acquisitions abroad to achieve a breakthrough.”

While Samsung denies it’s buying Canada’s BlackBerry, it does seem interested in assets such as property that yield returns. For aging Korea, assets in the US offer a ready opportunity to diversify into a faster-growing economy with an expanding population. Companies can pump up profits today and position themselves for future growth as the US population expands, too.

At the same time, the buying

E-mail: ernhil@yahoo.com.

2nd Front Page BusinessMirror

A8 Tuesday, March 3, 2015

PLDT to get bulk of income from mobile-data business

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By Lorenz S. Marasigan

he mobile-data business of Philippine Long Distance Telephone Co. (PLDT) will become the biggest contributor to the firm’s earnings in the next few years, as more and more Filipinos migrate to the digital lifestyle through their smartphones.

Given the steady pace of smartphone acquisition and the increasing popularity of mobile surfing, the dominant mobile carrier’s revenues will be heavily boosted by its mobile-data business, its chief honcho said.

“Mobile data, right now, is about 16 percent to 18 percent of the revenue mix. It

will move toward 50 percent in the next few years,” PLDT Chairman Manuel V. Pangilinan said in an interview.

A quick check at the firm’s financial report for the first nine months of 2014 showed that consolidated broadband revenues of the PLDT Group, including earnings from

PANGILINAN: “Mobile data, right now, is about 16 percent to 18 percent of the revenue mix. It will move toward 50 percent in the next few years.”

wireless brands Smart and Sun, amounted to P19.5 billion, a 16-percent increase from the year prior.

This is reflective of the trend in the global telecommunications industry, wherein players bank on mobile data for more revenues due to the popularity of smartphones.

Apple, Samsung, LG and other smartphone producers are launching here and there their

Oil drops as Opec exceeds collective output quota. . . futures traded was about 40 percent below the 100-day average.

Brent for April settlement was down 30 cents, or 0.5 percent, to $62.28 a barrel on the London-based ICE Futures Europe exchange. It ad-

vanced $2.53 to $62.58 last Friday.

Prices rose 18 percent in February, the most since May 2009. The European benchmark crude was at a premium of $12.80 to WTI after closing at $12.82 last Friday, the widest since

January 2014.

Saudi Arabia’s output rose by 130,000 barrels a day to 9.85 million a day, the highest level since September 2013, a Bloomberg survey of companies, producers and analysts shows.

flagship mobile devices, enticing more Filipinos to upgrade to the latest and the most affordable phones in the market. The full potential of smartphones, as the industry puts it, can only be maximized with a decent Internet connection.

Now, the telecommunications business of Pangilinan is beefing up its network, earmarking P36 billion to upgrade its mobile infrastructure.

It has launched products and promos aimed at expanding its mobile-data business. PLDT has also partnered with content providers to grow the said business segment.

The corporation’s net income slid by 14 percent, to P7.9 billion in the third quarter of 2014 from P9.2 billion in the same three months the year prior. The first nine months of the year, however, saw a slower decline in PLDT’s net income. It booked a P27.96-billion net profit for the period under review.

Continued from A1

The country pumps the most crude among the 12 nations of Opec, which supplies about 40 percent of the world’s oil. Prices may trade at $64 to $65 a barrel in the near term, Adel Abdul Mahdi, Iraq’s

oil minister, said last Sunday. Opec’s second-biggest producer plans to ship more than 3 million barrels a day of oil in March after exporting more than 2.5 million a day in February, he said. Bloomberg News

www.businessmirror.com.ph

JFC bucks plan to set allocations for perks

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usinessmen belonging to the Joint Foreign Chambers (JFC) support the Department of Trade and Industry’s (DTI) opposition to a measure that seeks to set annual allocations for tax incentives in the national budget.

Representatives of JFC disclosed their position on the grant of incentives in a letter sent to Second District Rep. Romero Quimbo of Markina City, chairman of the House Committee on Ways and Means.

“We write to express support for the position taken by the DTI on House Bill [HB] 2942-Tax Incentives Management and Transparency Act,” JFC’s letter read.

“We are not aware of any country in the world that includes the amount of fiscal incentives granted in its annual appropriations law. Incentives are granted for private purposes, and not for public purpose, as intended by the amounts in the appropriations law,” it added. The JFC said requirements being proposed by the measure would cause additional burden to foreign investors and will not be good for the country’s competitiveness.

HB 2942 seeks the creation of a tax expenditure account (TEA) from which incentives to be doled out by various See “JFC,” A2

20,000 MARCH TO MOURN SLAIN KREMLIN CRITIC

People carry a huge banner reading “Those bullets for everyone of us, heroes never die!” as they march in memory of opposition leader Boris Nemtsov who was gunned down on February 27, near the Kremlin, in Moscow, Russia, on March 1. Thousands converged last Sunday in central Moscow to mourn veteran liberal politician Nemtsov, whose killing on the streets of the capital has shaken Russia’s beleaguered opposition. They carried flowers, portraits and white signs that said “I am not afraid.” AP/Dmitry Lovetsky

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t least 20,000 people marched through central Moscow last Sunday to pay respects to Kremlin critic Boris Nemtsov, whose shooting death last Friday night near Red Square shocked Russia’s beleaguered opposition and the democratic world.

Nemtsov had helped organize the march as a protest against Russian President Vladimir Putin’s policies in Ukraine. After the opposition leader’s death late Friday, the event was recast as a mourning ritual for one of the last politicians willing to fearlessly denounce the country’s increasingly autocratic leadership.

Carrying flowers, Russia’s tricolor flag and portraits of the slain 55-year-old Nemtsov, who was first deputy prime minister in the 1990s, the mourners chanted: “We’ll not forget. We’ll not forgive.”

They carried a banner reading, “Those bullets for everyone of us, heroes never die!”

As the marchers approached the domes of Saint Basil’s Cathedral, a Moscow landmark, they chanted: “Putin is a murderer,” “Putin should go to jail” and “Russia without Putin!” Nemtsov in recent months had often traveled to Ukraine, reportedly to gather evidence of Kremlin involvement in the Ukraine war.

Putin has denied that Russian arms or troops are being funneled to the separatists occupying two large regions of eastern

Ukraine, but Nato satellite imagery and captured Russian soldiers have undermined those claims.

Ukrainian President Petro Poroshenko and Nemtsov’s fellow opposition party leader, Ilya Yashin, said Nemtsov was about to publish a report presenting evidence of Russia’s military involvement in the conflict.

Nemtsov was walking home from a late dinner with a Ukrainian friend when he was gunned down just before midnight last Friday as he walked onto the Bolshoi Moskvoretsky Bridge across the Moscow River from the Kremlin embankment.

Six shots were fired from a Soviet-made Makarov handgun, four of them striking Nemtsov in the head and torso.

Russia’s Sputnik news agency reported last Sunday that authorities are looking for a man of average height with short hair.

Security cameras in the area of the killing reportedly picked up images of the shooter, said to have been wearing jeans and a brown sweater.

The Russian Investigative Committee, one of the federal agencies Putin has deployed to find and punish the killers, has advanced several theories about the crime, which bore the hallmarks of a contract killing.

These include such suspects as Muslim extremists and foreign interests set on See “Kremlin,” A2