BusinessMirror December 26, 2019

POPE FRANCIS MARKS JOYFUL CHRISTMAS EVE IN ROME AFTER LESS-THAN-JOYFUL YEAR V ATICAN CITY—Pope Francis assured the faithful on Christmas Eve that God loves everyone—“even the worst of us”—as he celebrated the joyous birth of Christ after a less-than-joyful year of scandals and opposition.

With a choir singing the classic Christmas hymn “The First Noel,” Francis processed down the center aisle of Saint Peter’s Basilica late Tuesday and unveiled a statue of the newborn Jesus lying in a nativity scene at the foot of the altar.

Francis said the birth of Jesus, which Christians commemorate on Christmas Day, was a reminder of God’s unconditional love for

POPE Francis prays as he celebrates Christmas Eve Mass in Saint Peter’s Basilica at the Vatican.

AP/ALESSANDRA TARANTINO

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everyone, “even the worst of us.”

“God does not love you because you think and act the right way,”he said.“You may have mistaken ideas, you may have made a complete mess of things, but the Lord continues to love you.”

At the same time though, he called for the faithful to allow themselves to be transformed by Jesus’ “crazy love” and to stop trying to change others.

“May we not wait for our neighbors to be good before we do good to them, for the church to be perfect before we love her, for others to respect us before we serve them. Let us begin with ourselves,” he said.

Francis has frequently emphasized his call for “personal conversion” in his reform-minded papacy, believing that true reform cannot be imposed from on high, but discerned from

Thursday, December 26, 2019 Vol. 15 No. 77

Peza seeks to dispel investors’ Citira jitters 404 T

By Elijah Felice E. Rosales

the Peza last year slumped 40.97 percent to P140.24 billion, from P237.57 billion in 2017. A total of 529 fresh projects represented these investment pledges, from the 554 projects in 2017.

P25.00 nationwide | 4 sections 32 pages |

SECURING WATER FOR ALL:

Shifting development strategy for the commons Rene E. Ofreneo

@alyasjah

HE Philippine Economic Zone Authority (Peza) is planning to launch 10 programs next year to dispel the uncertainty created by a bill that sought to rationalize fiscal incentives given to economic zone locators.

The attached agency of the Department of Trade and Industry (DTI) is planning to roll out the programs during its celebration of its silver anniversary next year.

Investments registered with

within. He has similarly denounced the “holierthan-thou”attitude of doctrinal and legal purists, who have chafed at his progressive openings to gays, divorcees and people on the margins.

Those critics have seized on the sexual abuse and financial scandals that have buffeted the papacy of the 83-year-old Jesuit pope.

The scandals are likely to follow Francis into 2020, with developments in a corruption investigation involving hundreds of millions of dollars in donations to the Holy See and the release of a report on what the Vatican knew about ex-Cardinal Theodore McCarrick, who was defrocked for sexually abusing adults and minors.

Francis’s late-night Mass kicks off a busy few days for the pope, including a Christmas Day speech, noontime prayers, a New Year’s Eve vigil and a January 1 Mass. AP

Although the year has yet to end, Plaza disclosed the Peza has generated P109.19 billion in investments as of November.

Economists attributed the waitand-see stance of investors to the

The number of economic zones currently being regulated by Peza

proposed Corporate Income Tax and Incentives Rationalization Act (Citira), which seeks to rationalize the fiscal incentives being enjoyed by economic zone locators.

In her Christmas message, Peza Director General Charito B. Plaza said 10 programs are aimed at “revolutionizing the agency to be more

LABOREM EXERCENS

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N his word war against Manila Water and Maynilad, President Duterte slammed the two water companies for treating water like a commodity, not as a natural resource to be shared with the populace.

But is this not what water privatization is all about? Water as a business, as an object of commerce. And to encourage these two companies to participate in the privatization program, the government, under then-President Fidel Ramos, had to dangle a number of profit-making incentives to ensure that these water investors would not lose money. These incentives are now the subject of Senate and House investigation. Which is the reason President Ramos is telling the Duterte administration: We gave “our word” to the then hesitant water investors. The cry of the water privatization proponents: respect the “sanctity of contracts.”

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‘List of top firms with contractuals out in Q1’

Survey: Debt of households shrank to all-time low in Q4

By Bianca Cuaresma

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@BcuaresmaBM

ILIPINO households have more to spend for their holiday festivities and other necessities this year, as a Bangko Sentral ng Pilipinas’s (BSP) survey showed that the average local household’s debt-to-income ratio hit an all-time low.

The portion of income that Filipino households spend on paying their debt shrank to its smallest ever in the fourth quarter, despite poor consumer sentiment toward the Philippine economy in the near term.

Results of the BSP Consumer Expectations Sur vey (CES) showed that the monthly amortization of debt per capita (respondents including spouse/partner) for the fourth quarter of 2019 declined to P2,941 from P4,248 in the previous quarter.

This coincided with the increase in the monthly income per capita to P31,952 from P28,243 in the previous quarter. This translates to an all-time low of 9.2 percent debt-to-income ratio of surveyed respondents from 15 percent in the third quarter of 2019.

Also, about 1 in 4 households or 26.3 percent of the respondents reported that he/she and/or his/her spouse have an outstanding loan.

This is the lowest percentage since the second quarter of 2018.

The improvement in the local

PESO EXCHANGE RATES n

₧2,941

By Samuel P. Medenilla

The monthly amortization of debt per capita in the fourth quarter, according to a survey conducted by the BSP

household’s debt-to-income ratio came in contrast with the weakened consumer optimism of local economic indicators in the near term.

The BSP earlier reported that local households were less optimistic about the country’s economic conditions due to concerns surrounding higher prices of commodities, low or no increase in salary/income, increase in household expenses, and high unemployment rate.

The Q4 2019 CES was conducted during the period October 1 to 12, 2019. The CES samples were drawn from the Philippine Statistics Authority (PSA) Master Sample List of Households, which is considered a representative sample of households nationwide.

The CES sample households were generated using a stratified multistage probability sampling scheme.

For the Q4 2019 CES, 5,648 households were surveyed. Of the said households, 2,842 (50.3 percent) were from the National Capital Region and 2,806 (49.7 percent) from areas outside NCR.

@sam_medenilla

T REPATRIATED HEROES Foreign Affairs Secretary Teodoro Locsin Jr. welcomes 26 overseas Filipino workers (OFWs) plus one child at the Naia following repatriation from Lebanon on Tuesday. Story on page 8. RECTO MERCENE

Govt can support elderly sans new taxes–report

By Cai U. Ordinario

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@caiordinario

OVERNMENT does not have to impose new taxes to support the increasing number of aging Filipinos, according to a discussion paper published by the Philippine Institute for Development Studies (PIDS).

In the discussion paper, titled “Financing Universal Health Care in an Ageing Philippines,” PIDS Senior Research Fellow Michael R.M.

Abrigo said there is a need to expand human capital investments today to prevent any sharp increase in health-care financing in the future.

Abrigo said expanding the tax base and lowering costs for social health insurance (SHI) systems will free up necessary resources for the elderly. He added the government can also support “willing and ablebodied elderly to continue working” to ease the burden on the working age population.

“As expected, population aging

will require more resources, but faster aging does not necessarily require heavier burden among taxpayers if shared more broadly,” Abrigo said. “It may also be prudent to ‘aging-proof’ government financing to ensure the fiscal sustainability and generational equity of government services.”

To raise the needed revenues, Abrigo said using existing tax revenues from tobacco and alcoholic beverages to finance the National Continued on A2

HE Department of Labor and Employment (DOLE) is poised to come out with another list of top companies engaged in illegal contractualization early next year.

“We are looking at publishing the list of noncompliant [companies] by the first quarter of next year [2020]. We will also have a list of those which are compliant with the law so it could service as an incentive for them,” Labor Secretary Silvestre H. Bello III told the BusinessMirror in an interview.

Bello said he decided to defer the release of the list to give the DOLE’s regional offices more time to consolidate their reports.

Pending appeals

ANOTHER reason for the postponement, according to Labor Assistant Secretary Benjo M. Benavidez, is the need to give firms more time to voluntary regularize their workers.

However, Benavidez lamented that the number of companies voluntarily regularizing their contractual employees have “significantly” declined this year.

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US 50.7360 n JAPAN 0.4636 n UK 65.9568 n HK 6.5086 n CHINA 7.2413 n SINGAPORE 37.4491 n AUSTRALIA 34.9926 n EU 56.2358 n SAUDI ARABIA 13.5256

Source: BSP (23 December 2019 )

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BusinessMirror

A2 Thursday, December 26, 2019

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PHL keen on forging 3 treaties with KSA

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By Joel R. San Juan @jrsanjuan1573 & Samuel P. Medenilla @sam_medenilla

HE Department of Justice (DOJ) is working closely with the Kingdom of Saudi Arabia (KSA) for the signing of three treaties that would allow jailed Filipinos to be repatriated to the Philippines, and to serve their sentences in their own country.

Justice Undersecretary Markk L. Perete said the treaties would hopefully benefit the 91 Filipinos currently detained in the KSA due to various criminal offenses.

Aside from the 91 Filipinos in detention in KSA, there are also 1,002 Filipinos currently under investigation for alleged involvement in various crimes.

The DOJ official said that Philippine government officials met anew with the delegation of the KSA from December 9 to 11 and concluded three treaties—the Transfer of Sentenced Persons Agreement (TSPA), the Extradition Treaty and the Mutual Legal Assistance Treaty (MLAT) on criminal matters between the Philippines and the KSA. He said, upon learning that there were 91 Filipinos in prison for reportedly committed various offenses, and 1,002 Filipinos facing investigation for criminal cases in the KSA, the DOJ decided to make

the treaties with the KSA a priority.

“We saw the number of individuals detained, and we made it a priority discussion on TSPA,” said Perete.

Of the 91 detained Filipinos, one is serving a jail term of 11 to 20 years, six are serving a prison sentence of five to 10 years; and 84 of them are serving a prison sentence of less than five years.

Crimes committed by Filipinos range from unpaid loans, theft, robbery, sexual abuses, rape and crimes relating to drugs.

Perete said both the Philippines and the KSA have approved the revisions, and concluded the terms in the three treaties.

The draft treaties would be submitted to their respective heads for signing by their secretaries, or ministers of justice or heads-of-state, hopefully by early next year.

“If the TSPA is approved by the principals… and eventually signed, this would allow the prisoners to be repatriated back in the Philip-

IN this BusinessMirror file photo, returning overseas Filipino workers fall in line at the immigration counter of the Ninoy Aquino International Airport Terminal 1 in Parañaque City. NONIE REYES

pines to serve their sentence in the Philippines, instead in the Kingdom,” said Perete.

DOJ official explained that since the TSPA “is a humanitarian lawbased treaty, the assumption is it is better for the rehabilitation of a prisoner to serve the sentence in his country of origin because there are support institutions, such as the families. The relatives are in the country of origin.”

Under its provisions, there will be no need to consult their victim’s families if the Filipino prisoner would be repatriated to continue serving his

Peza seeks to dispel investors’ Citira jitters Continued from A1

competitive, regionalized and increase its performance in the coming years.”

All of these programs, she disclosed, will either be launched or inaugurated within the whole of 2020 in line with the Peza’s 25th year anniversary.

These programs include the creation of the Philippine economic zone map; creation of green, healthy, sustainable and smart economic zones; establishment of the Special Economic Zone Institute; putting up of eco-towns, eco-cities and new metro areas in every region; and the expansion of the Peza’s investment promotion partnerships.

The Peza will also promote its new brand “Galing Pinas” slogan—a word play for quality items of the Philippines from the Philippines—and enhance the organization’s structure toward decentralization and regionalization. Further, it will affiliate Peza workers as military reservists that can respond to man-made and natural disasters; will create a food terminal, transportation and logistics hub in every region; and the institutionalization of the Development Outreach for Labor and Livelihood Advancement of Resources.

“Each of the programs will be launched or inaugurated within the whole year of 2020, which is in line with the agency’s silver anniversary celebration,” Plaza said in the message.

“We are committed to implement the Peza new programs in the coming years and realize Peza’s mandates in creating export investments, generate massive employment, facilitate transfer and creation of homegrown technology, development and responsible utilization of idle lands thereby

achieving total development, peace and prosperity,” she added.

Accomplishments

PLAZA also boasted of the agency’s accomplishment that since the Peza’s institutionalization in 1995, it is now operating and regulating 404 economic zones at present, from just 16. These economic zones are comprised of 286 in information technology; 74 in manufacturing; 22 in agro-industrial works; 19 in tourism; and three in medicine.

According to the Peza chief, 396 of these economic zones are developed by the private sector. She also shared the number of firms registered with the Peza now stands at 4,478 as of September, from just 313 in 1995.

Economic zone firms are also employing some 1.57 million workers, and have exported $45.34 billion worth of goods and services as of October.

“And as we welcome the New Year, we remain steadfast in our mandate to generate investments, employment for Filipinos, and export income for our economy. We are bolstered by the issuance of the Administrative Order 18 this year by President Duterte, which ordered government agencies to hasten the development of special economic zones in rural areas and spread development outside of Metro Manila,” said Plaza.

“It inspires us in our work that indeed ecozones are key economic drivers that immensely contribute to economic growth and easing poverty in the host areas of ecozones,” she added. The Peza is one of the most challenged government agencies this year, having to take the side of industries in the debate on whether to pass the Citira bill.

The Citira bill will reduce corporate income tax on one end, and will rationalize incentives granted to economic zone firms on the other. Economic zone locators are opposed to the Citira bill, as it will lift some tax perks they deem crucial for staying in the Philippines, such as the 5percent tax on gross income paid in lieu of all local and national taxes.

The Joint Foreign Chambers of the Philippines earlier warned over 700,000 jobs will be lost if the Citira bill is passed as a consequence of investors relocating to other countries.

sentence in the Philippines.

However, there are exemptions in the treaty, such as if the offense committed are murders wherein a member of the KSA royalty is involved because it can be considered political in nature.

Other political in nature crimes, or those committed against the state, are terrorism and crimes that impair the territorial sovereignty or integrity of the state.

Perete said it was the KSA that lobbied for the treaty, considering that many of their nationals visit the country for leisure.

Deployment plan

LABOR Secretary Silvestre H. Bello III said he will come out next month with a new Department Order (DO) stating the details of the government’s plan to reduce deployment to the KSA. Philippine Overseas Employment Administration (POEA) Administrator Bernard P. Olalia said the DO is the result of their consultations with representatives of overseas Filipino workers (OFWs) and the recruitment industry.

“Let us just wait for the DO to be

signed by the Seclab [Secretary of Labor] on January [2020],” Olalia told the BusinessMirror via SMS. Olalia earlier said the draft of the issuance will reduce the deployment of household service workers bound for KSA. Earlier this month, Bello announced the government will “scale down” the deployment of OFWs to KSA to compel the Saudi government to finally act on the unpaid claims of 9,000 OFWs, who were displaced in 2016.

Despite this, Malacañang hopes the country’s diplomatic ties with the Saudi government will remain strong, especially with regards on the development of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

In a statement, Chief of Presidential Protocol and Presidential Assistant on Foreign Affairs Robert Borje said he met with Foreign Minister Prince Faisal bin Farhan Al Saud to urge the Saudi government to extend aid for the development of BARMM. During the meeting, he said he also reiterated the government’s offer to Saudi companies to “invest in the Philippines, particularly in Mindanao.”

Borje said President Duterte’s invitation to King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman to visit the Philippines was also relayed to the Saudi official.

Prince Faisal made an assurance that the KSA will continue to contribute to the development of BARMM, as well as “accelerate” the repatriation of Saudi-born Filipino minors.

Govt can support elderly sans new taxes–report Continued from A1

Health Insurance Program and other government services would lead to “multiple-win” solutions for health-care financing and government revenues.

This, he said, may also be applied to other products that have potentially negative impacts on population health and, therefore, SHI systems, such as sugary, salty and fatty foods, as well.

Abrigo added that the government may also introduce tax-exempt medical saving or investment accounts from which individuals may draw to finance future health expenditures like what is being done in Singapore and the United States, on top of what is provided through the SHI system.

“This not only align individual behaviors

with its related future health costs, but also promotes capital accumulation that contributes to greater economic productivity,” Abrigo said.

The study estimated for the amount needed to meet the provisions of the Universal Health Care (UHC) under a medium-fertility scenario or when the population of Filipinos aged zero to nine years old; 10 to 19; 20 to 29; and 30 to 39 will each reach over 20 million.

The low-fertility scenario, meanwhile, estimates that Filipinos aged zero to nine years old; 10 to 19; and 20 to 29 will each exceed 15 million. Only Filipinos 30 to 39 years old will reach over 20 million.

Based on Abrigo’s calculations, a 100 percent UHC coverage under a medium-fertility scenario would amount to P361 billion using Business As Usual (BAU) estimates and P604 billion when a “longevity correction” is taken

‘List of top firms with contractuals out in Q1’ Continued from A1

“We have issued many [regularization] orders, but many of them also made an appeal,” he said.

The appeals, he noted, are either pending before the courts or at the Office of the Labor Secretary.

In 2018, DOLE first came out with the list of top 20 companies engaged in illegal labor-only contracting (LOC) from June 2016 to April 2018.

New target

LAST year, the DOLE recorded the most number of regularized contractual workers under the current administration at 320,999.

However, data from DOLE showed that the figure fell to 166,599 this year. This after President Duterte vetoed the Security of Tenure (SOT) bill of the 17th Congress last July.

Benavidez said the government is hoping that more employers will be “encouraged” to regularize their workers once the new version of SOT bill progresses in Congress.

“I think the regularization will again gain traction once the SOT bill is once again talked about,” he said.

Despite this declining trend, DOLE was still able to barely reach its target of raising the number of regularized contractual workers this year to 600,000. The actual number of regularized workers this year was 580,539.

The labor official said they will be coming out with their target for 2020 by next month based on their 2019 regularization performance.

into consideration.

“These translate to about 1.3- to 1.4-percent annual increase in government healthcare spending to maintain the same level of services that the average Filipino received in 2015 for a growing and aging population until 2050,” Abrigo said.

The United Nations projected that an additional 23 economies will transition into an aging/aged society by 2030, totaling 111 from only 88 in 2020.

In the Philippines, the UN said that by 2035, at least 7 percent of the Philippine population will be aged 65 years and older.

Abrigo said this demographic shift in population age distribution may pose a heavier burden on the government and on households, particularly where healthcare needs are concerned.

OFWs. . .

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Lebanon derives its income not from oil but from its economic success in the Middle East. The country has a dynamic tourism, banking and real-estate sectors that benefited only a minority of the population, while a large part of the populace live in extreme poverty.

However, the Lebanese economy has been on a free fall following a weekend of violent clashes with anti-government demonstrators in the capital, Beirut.

Some 200 people were injured as security forces fired tear gas,

E-commerce. . .

Continued from A8

In the case of incompatible computer systems, there was an increase to 10.3 percent in 2015 from 7.8 percent in 2013. For developing and maintaining systems, the increase was 13.6 percent in 2015 from 11.1 percent in 2013.

With these bottlenecks fast on the rise, the study recommended that government agencies should support micro, small and medium enterprises’ (MSMEs) e-commerce adoption by

rubber bullets and water cannons in one of the worst clashes since a nationwide uprising against the country’s ruling political elite began in October, according to The Independent.

Lebanon’s president, Michel Aoun, announced that consultations with political blocs to name a new prime minister that is due to take place on Monday have been postponed until Thursday.

With the economy floundering, postponing attempts to find a political solution represents “a risky hazard, for the politicians but even more so for the people,” said Jan Kubis, the UN’s special coordinator for Lebanon. specifically targeting support for them.

This can also mean extended help, through government agencies, in assisting firms in adopting ICT in their business operations, as well as providing them access to technology.

This can be done by giving them financing to “invest in [the] physical capital needed to support their adoption of e-commerce.”

Further, the PIDS study recommended the reduction of the cost and improvement of the quality of Internet services is necessary for establishments to adopt e-commerce, particularly for MSMEs.

News

BusinessMirror Editor: Vittorio V. Vitug • Thursday, December 26, 2019 A3

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Finance chief hopes UHC actual needs won’t exceed estimates

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INANCE Secretary Carlos Dominguez III is hopeful that actual needs for the government’s Universal Health Care (UHC) program will not exceed estimates, citing possible gains of the measures against “sin” products.

The five-year UHC program is estimated to need P257 billion for its first year of implementation in 2020, while the fiveyear funding requirement is projected to be about P1.437 trillion.

Funding is programmed to be sourced primarily from sin tax collections.

In a recent news briefing, Dominguez said the government is “only dealing with estimates because we don’t have a Universal Health Care program.”

“I suspect that sometime in the future, we will have to revisit the estimates and compare it against actual,” he said, citing

that UHC is among the major government programs targeted to improve people’s productivity.

Dominguez said the estimated funding requirement would likely not be hit as he hoped that Filipinos improve their lifestyle, partly because of sin tax reforms, which increase excise taxes on tobacco and alcoholic products, e-cigarettes, and sugary drinks.

“Maybe, who knows, Filipinos will actually get into the habit of eating better, smoking less, drinking less, so that the total cost of the Universal Health Care is going to go

down. That is really very important, You have to take care of yourself first,” he said.

Dominguez also hailed lawmakers’ decision to ratify on Wednesday the proposed excise tax increases for alcohol, heated tobacco and vapor products.

Under the ratified measure, a 22-percent ad valorem tax will be imposed on top of the specific tax of P42 per proof liter for distilled spirits in 2020, while it is P47, P52, P59, P66 per proof liter from 2021-24. A 6-percent increase will then be implemented annually beyond 2024.

Specific tax for fermented products will be P35 per liter for 2020, while a P2 increase will be implemented annually until 2024, and a 6-percent indexation in the succeeding years.

Sparkling and still wines will have a specific tax of P50 per liter during the law’s first year of implementation while the rate will be increased by 6 percent annually in the following years.

For heated tobacco products, the recon-

ciled specific tax for the first year is P25 per pack and this will be increased by P2.50 per pack in the succeeding years until 2024, while the increase starting 2024 will be 5 percent.

Vapor products will have a P37 tax per milliliter of salt nicotine in the first year and a P5 increase until 2023, and an indexation of 5 percent in the succeeding years.

Dominguez said the current administration has won over the tax reform program’s building blocks due to the ratification of the proposed sin tax reforms, among others.

He cited that approval of sin tax hikes during the early years of the current administration resulted in the 70-percent jump in alcohol and cigarette taxes compared to the previous administration.

He said about 50 percent of that 70-percent increase in excise tax collection for sin products are accounted for by alcohol, tobacco and e-cigarettes, while around 20 percent came from “better compliance by the manufacturers” and stricter enforcement of the law. PNA

SEC okays Arthaland’s shelf registration of green bonds

Fast-track rehab of Marawi City, group tells govt T

By Jovee Marie N. Dela Cruz @joveemarie

T

HE Marawi Reconstruction Conflict Watch (MRCW) has called on the government to fast-track the rehabilitation plan for Marawi City that was devastated two years ago.

The MRCW made a statement following the filing of House Resolutions 377 and 470 by Leyte Rep. Lucy Marie TorresGomez, Deputy Speaker Mujiv S. Hataman and Rep. Amihilda J. Sangcopan calling for an inquiry in aid of legislation on all disbursed funds, as well as on the status of the recovery, reconstruction and rehabilitation of Marawi City.

The group said there is “not enough” government support to expedite the revival of operations of private institutions that have long provided these services to a large percentage of the city’s population.

It said, questions on land and property rights and, the clamor for just compensation, including for private properties and commercial establishments, are “not given adequate attention and importance.”

The MRCW is a local multi-stakeholder group of professionals, experts and network leaders that helps to ensure that the rehabilitation and reconstruction of Marawi City is inclusive and conflict-proof.

“We agree with the [House Committee on Disaster Management] that the implementation of the Bangon Marawi Comprehensive Rehabilitation and Recovery Plan [BMCRRP] will be the standard for official responses to similar human-induced disasters in the future and, thus, requires strict review and oversight,” it said.

“It is our right as people of Marawi to be informed accurately of the progress of the rehabilitation of our beloved city,” it added.

Progress

ACCORDING to MRCW, the general sentiment of the Maranaos is that there is “very little progress” in the actual rebuilding of Marawi City.

“There is confusion on the ground regarding discrepancies between proposed plans and actual projects, and services delivered. The lack of transparency and public accountability of the TFBM [Task Force Bangon Marawi] and relevant agencies brings uncertainty, insecurity, and frustration to the IDPs [internally displaced people] and

ARMORED personnel carriers are positioned near the bullet-riddled “I Love Marawi” landmark sign at the “main battle area” where pro-Islamic group militants are making a final stand amid a massive military offensive of Marawi City in this October 2017 file photo. AP/BULLIT MARQUEZ

fuels the people’s despair and anger toward the government,” it said.

“Current response to the needs of the people, especially basic ones, such as health, education and livelihood, also has been wanting,” it added.

Moreover, the group called on the TFBM to be more proactive and forthcoming in their reporting of the real progress of the BMCRRP. “The MRCW commits to facilitate an active feedback loop on the ground by gathering firsthand information through its monitoring platforms on the people’s experience of the BMCRRP implementation and by sharing these to the Task Force, relevant agencies and Congress,” it said.

“It is by surfacing critical information, risks and issues that local citizens have, regarding the rehabilitation, that will help ensure that government decisions and strategies truly respond to the needs of the people,” it added.

The group also called on the government to provide urgent support that will allow private health facilities, learning institutions and businesses to resume service. This

includes subsidizing required permits, and relaxing some rules and requirements in granting their permits to operate.

“It is also toward this need that the Marawi Compensation Bill discussion should take precedence,” it said.

Appeal

HATAMAN has appealed to the Palace not to allow the more than P4 billion unreleased Marawi rehabilitation funds to expire and revert back to the national coffers, calling it “a great travesty of justice.”

Instead, Hataman said Malacañang, through TFBM, should find ways to “save” the 2018 funds from expiring, as this would consequently deny the victims of the 2017 Marawi Siege the justice that they have been painstakingly looking for over two years now.

“We are appealing on behalf of Marawi, of Maranaos, of its people, to preserve more than P4 billion in funds intended for the rehabilitation and reconstruction of the city. Now, more than ever, the rehabilitation efforts in Marawi is under a rigorous lens of scrutiny because of delays in the

past,” Hataman said.

Hataman, citing reports, said that the P5.1 billion funds for the Marawi Recovery, Rehabilitation and Reconstruction Program (MRRRP) in the national budget for 2018, only 17 percent or P871.7 million had been released as of last November. Currently, there is pending legislation to extend the validity of the 2019 budget until December 2020, but no measure yet to address the expiring 2018 funds.

“We should carefully study extending the validity of the 2018 Marawi funds,” he said.

If, by any chance, the TFBM could preserve and still use the unreleased funds beyond December, Hataman urged the intergovernment agency to “get its act together” and ensure that the funds will be used according to its purpose and on time.

“While we hear the Marawi Compensation Bill here in Congress, we hope that the TFBM would step up its game and work double time for the people of Marawi. Madami pang kailangang gawin, and the more we delay the rehabilitation, the longer we deny the people justice,” the Basilan legislator said.

Lawmaker asks Senate to act on free transport of relief goods bill

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LAWMAKER has urged the Senate to act on the bill seeking to provide for free freight cost in the delivery of relief goods to calamity stricken areas.

This after the lower chamber approved on third and reading House Bill 5070 to be known as the “Relief Goods Free Transportation Act.” Sen. Lito Lapid has already filed Senate Bill 1151, or the pro-

posed Relief Goods Free Transportation Act. The bill is pending at the committee level.

San Jose del Monte Rep. Florida Robes, principal author of the bill, said her proposal seeks to ensure that adequate and timely relief assistance will be given to individuals and communities most devastated by a calamity.

Under the bill, the Office of Civil Defense (OCD), in coordination

with the Philippine Postal Corp.

(PPC) and all freight companies, common carriers, private carriers, freight forwarders, and other companies providing logistic services in the Philippines, shall provide free freight services to allow immediate relief to victims of natural or man-made disasters when government resources are unavailable or insufficient.

In the event that the area is not

accessible, the bill said such relief goods shall be sent or delivered to the nearest local government unit and consigned to the concerned local chief executive.

The bill indicated that the National Disaster Risk Reduction and Management Council shall be directed to provide security and traffic management assistance to the Response Cluster’s operations to ensure the speedy transport of

HE Securities and Exchange Commission (SEC) has approved the shelf registration Arthaland Corp.’s P6 billion of Asean Green Bonds.

The first tranche of the offer involved some P3 billion worth of five-year debt, some P2 billion of which will be its primary offer and the rest will be the over-subscription option.

The green bonds shall be issued in scripless form, in denominations of P50,000 and in multiples of P10,000, thereafter. These will be traded in denominations of P10,000 in the secondary market.

Arthaland may redeem, in whole, the outstanding green bonds before the maturity date in 2024.

The company may redeem the bonds at 101 percent of the face value on the third year or 100.5 percent on the fourth year.

BDO Capital and Investment Corp. and ING Bank NV Manila Branch will serve as joint lead underwriters and joint book runners, while PNB Capital and Investment Corp. will act as colead manager.

It will list the said debt at the Philippine Dealing and Exchange Corp.

Arthaland appointed Vigeo Eiris as green finance framework second-party opinion provider for the offer.

The company said it will use the proceeds in accordance with its green finance framework, under which the company can issue debt financing instruments to finance or refinance new or existing eligible green projects.

It is identified as eligible green projects of Arthaland Century Pacific Tower and Savya Financial Center, whose value on the company’s balance sheet supports the issuance of Asean Green Bonds.

Arthaland has earmarked half of the proceeds, or some P1.5 billion for additional investment in Savya Financial Center, or other eligible green projects to retain office and retail units, while some P305.35 million will be used for the scheduled repayments of a loan for the construction and development of Arthaland Century Pacific Tower.

The company has set aside the remaining P1.14 billion of the net proceeds for the acquisition of properties for the Manila Long Term Project.

Arthaland is a publicly listed, boutique property developer led by the Po family. Its developments are registered or are set to be registered under the United States Green Building Council’s LEED program and the Philippine Green Building Council’s BERDE program.

The SEC has been encouraging companies to take advantage of green financing in order to pursue projects and investments with positive impact on the environment.

In August 2018, the SEC issued its guidelines on the issuance of green bonds, under the Asean Green Bond standards to improve awareness and appetite for green financing in the local market amid a surge in global capital looking for sustainable investments.

people, goods and equipment to the affected communities.

It said common carriers refer to persons, corporations, firms or associations offering their services to the public and engaged in the business of carrying or transporting passengers or goods or both, by land, water, or air, for compensation.

The measure added that freight companies refer to companies that specialize in the moving or trans-

porting of freight or cargo from one place to another, while freight forwarders are companies that organize and bring shipments from the manufacturer or producer to its final point of distribution.

It said private carriers refer to entities that undertake the delivery of passenger or goods for compensation, without being engaged in the business of carrying as a public employment. Jovee Marie N. Dela Cruz

A4 Thursday, December 26, 2019 • Editor: Angel R. Calso

The World BusinessMirror

www.businessmirror.com.ph

Christian pilgrims mark Christmas in Bethlehem B

CLERGYMEN participate in Christmas celebrations outside the Church of the Nativity, built atop the site where Christians believe Jesus Christ was born, on Christmas Eve, in the West Bank town of Bethlehem on Tuesday, December 24, 2019. AP PHOTO/MAJDI MOHAMMED

ETHLEHEM, West Bank— Thousands of Christian pilgrims on Tuesday flocked to the West Bank town of Bethlehem, celebrating Christmas Eve in the traditional birthplace of Jesus.

Visitors converged on the town’s large Christmas tree in Manger Square, near the spot believed to mark Jesus’ birthplace. Uniformed Palestinian scouts wearing yellow and gold capes paraded past assembled visitors, the sound of drums and bagpipes filling the cool, clear air. Vendors hawked snacks and holiday gifts, adding to the festive atmosphere.

Roger Hoagland, a Christian educator and missionary from Louisville, Kentucky, said he had come to lead a Baptist choir for a fourth time and described his visit as the experience of a lifetime.

“We love this opportunity,” he said. “We have 40 people and many of them are from the US and other countries. They come to celebrate the birth of Jesus Christ.”

While Bethlehem is in the Palestinian-administered area of the Israeli-occupied West Bank, Israel’s imposing separation barrier encloses parts of the city and is a constant reminder of the complex political reali-

ty. Most of the Christmas Eve visitors appeared to be local residents, with foreign pilgrims seeming to make up a modest portion of the crowd.

Still, the celebrations capped the most successful year in history for Palestinian tourism, according to Tourism Minister Rula Maayah.

Bethlehem—located just outside of Jerusalem—has invested heavily in tourism. It’s built new hotels and tried to diversify itself by offering culinary and cultural destinations in addition to its traditional holy sites.

Maayah estimated that some 15,000 pilgrims were staying overnight in Bethlehem’s fully booked hotels this Christmas. Tourists were also staying in other West Bank towns, such as Ramallah and Jericho, in addition to Jerusalem.

In all, she said the number of foreign tourists visiting the West Bank this year is estimated to reach 3.5 million people, up from 3 million last year.

Christmas festivities are typically a boost for Bethlehem’s flagging economy and for the Holy Land’s dwindling Christian population, which has shrunk over the decades as people fled conflict and searched for better opportunities abroad.

“Our message this year is that

Christmas is a message of joy,” Maayah said. “But, of course, we are celebrating Christmas while we are still under occupation. We hope that we will celebrate Christmas joyfully next year with the end of occupation so that we could celebrate like all other nations in our independent country without occupation.”

The Church of the Nativity, where Christians believe Jesus was born, hosted Palestinian dignitaries and pilgrims from around the world for a midnight Mass. The Palestinian president, Mahmoud Abbas, was among those in attendance.

At midday Archbishop Pierbattista Pizzaballa, the head Catholic cleric in the Holy Land, crossed an Israeli army checkpoint from Jerusalem to Bethlehem, where he was greeted by prominent members of Bethlehem’s Christian community.

He later celebrated Midnight Mass at the Church of Saint Catherine, part of the Church of the Nativity compound, which houses the grotto revered as Jesus’ birthplace.

In his homily, Pizzaballa lamented the violence and deep divisions that characterize the modern Holy Land. But he also praised those who pursue what he called the “style of Bethlehem,” or example of Jesus. AP

Brazil president grants convicted Trump says North Korea may be planning nice ‘Christmas gift’ police officers Christmas pardon P

R

IO DE JANEIRO—Brazil’s president, Jair Bolsonaro, has granted a Christmas pardon to police officers convicted of involuntary crimes, according to an item in the country’s official gazette published on Tuesday.

The pardon applies to police who acted in self-defense or out of necessity, and while doing so they accidentally killed a bystander.

It benefits those who have served at least one-sixth of their sentence, and includes police if they took action while off-duty to eliminate risks to themselves or others.

Bolsonaro, who was elected on a law-and-order platform, has pledged to defend cops and said those who shoot criminals should be given medals rather than face legal processes. However, he also said repeatedly before taking office that his administration wouldn’t offer any pardons. Earlier this month he announced his intention to pardon cops.

The decision is controversial given that extrajudicial killings by

Brazilian police have sometimes been wrongly classified as acts of self-defense.

The number of police who will benefit is likely to be small, as few are ever convicted of manslaughter, according to Arthur Trindade, a board member of nonprofit Brazilian Public Security Forum.

“This isn’t a question of doing justice for these professionals,” said Trindade, a sociology professor at the University of Brasilia.

“It’s an enormous political message of support for the police groups and for inordinate use of force.”

The presidential press office didn’t respond to a request for information regarding the number of convicted police officers who stand to be pardoned.

“The decree innovates by granting a pardon to those who dedicate their lives to safeguarding society,” the press office said in its statement.

Additionally, Bolsonaro pardoned convicts who are gravely ill or have some irreversible medical conditions like paraplegia or blindness. AP

ALM BEACH, Florida.—President Donald J. Trump said on Tuesday that North Korean leader Kim Jong Un may be planning to give him “a nice present” such as a “beautiful vase” for Christmas rather than a missile launch.

The president was asked what he will do if North Korea does conduct a long-range missile test.

The North has threatened to take unspecified action if sanctions are not eased by the end of the year, and speculation has centered on the possibility of a new missile test, possibly of an intercontinental ballistic missile capable of delivering a nuclear warhead.

The North has said that its “Christmas gift” to the United States will depend on Washington’s actions.

Trump, who is in Florida for the holidays, had just finished thanking service members from each branch of the military via satellite when he was asked about North Korea. He opted for a wait-and-see approach.

“Maybe it’s a present where he sends me a beautiful vase as opposed to a missile test,” Trump said. “I may get a nice present from him. You don’t know. You never know.”

Nuclear talks between the US and North Korea have been stalled

PRESIDENT Donald J. Trump speaks during a Christmas Eve video teleconference with members of the military at his Mar-a-Lago estate in Palm Beach, Florida, on Tuesday, December 24, 2019. AP PHOTO/ANDREW HARNIK

since a February summit between Trump and Kim fell apart.

A new satellite image of a factory where North Korea makes military equipment used to launch long-range missiles shows the construction of a new structure.

In New York, UN Spokesman

Stephane Dujarric was asked whether Secretary-General Antonio Guterres had a message for Kim on Christmas Eve regarding a Christmas gift.

“Our message to the leadership of the Democratic People’s Republic of Korea [is] to work for peace and

stability on the Korean Peninsula and to resume working‑level talks with the United States. Diplomatic engagement is the only pathway to sustainable peace and complete denuclearization and verifiable denuclearization of the Korean Peninsula,” Dujarric said. AP

Hong Kong clashes resume in shopping centers, streets

Sudan inks peace deal with rebel faction, paves way for more

ONG KONG — Clashes resumed in Hong Kong on Tuesday between police and anti-government protesters, some of them donned in Santa Claus hats, as the more than six-month-long demonstrations look set to move into the new year.

Black-clad protesters smashed shop windows, while police responded with tear gas and the arrest of a number of demonstrators.

The protests demanding greater democratic rights show no sign of ending despite the overwhelming victory by antiestablishment candidates in elections for district representatives earlier this month.

Tuesday’s protests were focused on the city’s mainly working class Mong Kok district. In response, police ran down suspected protesters in shopping malls and on subway trains. AP

AIRO—Sudan’s transitional authorities and a rebel faction reached a peace deal on Tuesday, part of government efforts to end the country’s decades-long civil wars.

The deal was signed between the Sudanese government and a faction of the Sudan Revolutionary Front (SRF) known as the “Center Track,” according to a statement by Sudan’s transitional authorities.

The deal could pave the way for peace agreements with more factions of the SRF, as well as other rebel groups. The agreement was struck in Juba, the capital of South Sudan, where talks began earlier this month.

Negotiating an end to the rebellions in Sudan’s far-flung provinces has been a crucial goal for the transitional government.

It’s looking to revive the country’s battered economy through slashing military spending, which takes up much of the national budget.

The transitional military-civilian Sovereign Council took power in August, just months after a pro-democracy uprising led Sudan’s military to overthrow former autocratic President Omar alBashir in April.

“It’s time to push for peace, and for Sudan to live in peace and stability after decades of wars and ruin,” said Gen. Mohammed Hamdan Dagalo, the deputy chief of the Sovereign Council, who led the government delegation at the talks.

The delegation returned to Khartoum later

H

RIOT police gather as they confront protesters during a rally on Christmas Eve in Hong Kong on Tuesday, December 24, 2019.

More than six months of protests have beset the city with frequent confrontations between protesters and police.

AP PHOTO/KIN CHEUNG

C

Tuesday, but is scheduled to head to Juba again later this week to resume talks with other rebel groups.

“The peace train has taken off,” said al-Tom Hugo, deputy head of the SRF. He signed the deal on behalf of the Center Track faction, which represents areas in central Sudan.

Al-Hadi Idris, head of the SRF, called it a “major breakthrough” and said his faction “supports the revolution and the transitional institutions.”

The SRF is part of the pro-democracy movement that led the uprising against alBashir, but didn’t fully support the militarycivilian power-sharing deal. That deal includes a six-month deadline for achieving peace, which runs out in February.

This current round of talks also included Sudan’s largest single rebel group, the Sudan Liberation Movement-North led by AbdelAziz al-Hilu.

It has called for a secular state with no role of religion in lawmaking, the disbanding of all al-Bashir’s militias and the revamping of the country’s military.

The group has said if its demands aren’t met, it would call for self-determination in areas it controls in the Blue Nile and South Kordofan provinces.

Another major rebel group, the Sudan Liberation Movement/Army, rejected the transitional government and has stayed out of the talks. AP

The World BusinessMirror

Editor: Angel R. Calso

THAI REPORTER GETS JAIL IN LIBEL CASE FILED BY POULTRY FARM

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ANGKOK—A court in Thailand on Tuesday sentenced a reporter to two years in prison for criminal libel for a comment she tweeted about a labor abuse grievance at a poultry farm.

The case against Suchanee Cloitre, then working for Voice TV, is one of 20 lawsuits launched

by Thammakaset Co. against 25 workers, activists and journalists.

Critics, such as Human Rights Watch, say these types of libel cases are meant to deter lawsuits filed in the public interest, such as by labor activists and environmentalists.

They decry criminal libel laws as especially open to abuse. So-called strategic litigation against public participation lawsuits are meant to intimidate, since they often pit corporations with strong financial and legal resources against individuals and groups operating on shoestring budgets.

The Lopburi provincial court in central Thailand freed Suchanee on 75,000-baht ($2,490) bail after sentencing her. She will appeal the verdict, her lawyer, Waraporn Uthairangsee, said.

“I am so shocked. I never thought that it would be such a very harsh verdict,” Suchanee, who now works for a Thai television station, told The Associated Press. “I was doing my duty as a journalist in reporting what has happened, I didn’t intend to harm anyone.”

“I think the verdict will have an effect on Thai media. They have to be much more careful when reporting any story,” she said.

The case began in 2016, when workers at the Thammakaset farm filed a complaint to the National Human Rights Commission of Thailand. It charged that they had been forced to work up to 20 hours per day without a day off for 40 or

more days in a row. It also charged that they had been paid less than the minimum wage, were provided with no overtime compensation, and had their freedom of movement restricted and their identity documents confiscated.

Thammakaset sued the workers for defamation, alleging that their complaint had damaged the interests of the company, which was a supplier of poultry to Thai agribusiness giant Betagro. It later sued two workers and a labor activist of theft for taking their time cards to document their allegations of labor law violations.

Thammakaset lost both cases.

In August 2016, Thailand’s Department of Labor Protection and Welfare ordered Thammakaset to pay the workers a total of 1.7 million baht ($56,000) in compensation and damages, though the money was handed over only this year.

Suchanee tweeted about that decision, saying the court had ordered compensation in a case involving slave labor.

Reports of the labor protection department’s ruling and its aftermath triggered the flurry of lawsuits by Thammakaset.

The latest lawsuit was launched

by Thammakaset in October, when it charged Angkhana Neelapaijit, a Magsaysay Award winner and former Thailand Human Rights commissioner, with criminal defamation. It claimed that she defamed the company with two tweets on Twitter offering support for other human-rights defenders facing lawsuits by the company.

If found guilty, Angkhana could face up to three years in prison.

A Bangkok court has scheduled a mediation session for the case in February. AP

103 suspects making counterfeit German adhesive nabbed in China

P

OLICE in Shanghai have arrested 103 suspects for alleged involvement in counterfeiting German adhesive brand Loctite, the official Xinhua News Agency reported on Wednesday, as China seeks to increase punishment of violations over intellectual-property rights.

The police seized more than 470,000 fake Loctite adhesive products and labels, worth more than 50 million yuan ($7.1 million), in a raid carried out on December 12, according to Xinhua. The Loctite brand is owned

by Germany’s Henkel AG. Foreign companies have long complained about a lack of protection of intellectualproperty rights in the world’s second-largest economy, and the issue has been at the heart of the US trade dispute with China. Earlier this month, the two countries agreed to the first phase of a broader trade agreement that will

see tariff reduction and China raising penalties on IPR violations.

China has been strengthening the protection of intellectual-property rights over the years, the Xinhua report said, adding that a total of 19,060 counterfeiting cases were solved by public security organs in the country in 2018, with nearly 28,000 suspects detained.

The Shanghai police received a tip-off in April that fake Loctite products were being sold on the market, and found that two gangs had been manufacturing and selling the counterfeit products in several Chinese provinces since October 2018, Xinhua reported. A former employee in Loctite factory’s quality inspection, surnamed Du, led a group to set up a clandestine company with assembly lines and laboratories for producing fake products.

Another gang recycled waste packages and labels for reprocessing. Bloomberg News

It takes a tech village to track Santa Claus on Christmas Eve

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ETERSON AIR FORCE BASE, Colo. — Depending on which country they’re from, the kids may ask about Father Christmas, Papa Noel, Saint Nick or Santa Claus.

But those who believe all want to know one thing: where in the world is the jolly old man and his sleigh full of gifts, on Christmas Eve. For the 64th time, a wildly popular program run by the US and Canadian militaries is providing real-time updates on Santa’s progress to millions around the globe.

And this year, the North American Aerospace Defense Command (Norad) is offering even more high-tech ways for children and parents to follow along.

Operation Norad Tracks Santa has evolved from a misdirected telephone call in 1955, to a trailer parked outside the command’s former lair deep inside Cheyenne Mountain, to Norad‘s modern-day headquarters at Colorado’s Peterson Air Force Base.

Along the way, the tens of thousands of telephone calls fielded by Norad volunteers each year have been augmented by an explosion of technology that lets millions track Saint Nick’s journey from the North

Pole to the Pacific and Asia, from Europe to the Americas.

This year’s portals include Alexa, OnStar, Twitter, Facebook, Instagram and 3D apps developed for mobile devices by Cesium, a Philadelphia-based IT and defense contractor.

The apps integrate geospatial and satellitepositioning technology with high-resolution graphics that display the actual positions of the stars, sun and moon, and the shadows they cast at any point in Santa’s journey.

It takes a village of dozens of tech firms— including Google, Microsoft, Hewlett Packard and Bing Maps—to deliver the immersive effect for global Santa trackers, with some 15 million visits to the web site alone last year.

And it takes a village of 1,500 volunteers to field e-mails and the 140,000 or so telephone calls to 1-877-HI-NORAD (1-877-446-6723).

They staff phone banks equipped with monitors inside a building at Peterson, which offers a view of snowcapped Pikes Peak to the west.

More volunteers and firms donate food, water and coffee to those on Santa Watch.

“Hi Santa Trackers! Lots of kids are waiting to ask you about Santa,” a sign reads. AP

Thursday, December 26, 2019

A5

UN reports deadly violence by armed groups in Nigeria

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NITED NATIONS—Armed groups in northern Nigeria reportedly executed many civilians and abducted many others in a state where Boko Haram is active, the United Nations said on Tuesday.

UN Spokesman Stephane Dujarric told reporters the executions and abductions happened on Monday in northern Borno state on the Damaturu-Biu road linking Yobe and Borno states. He gave no other details.

The UN and its humanitarian partners condemned the violent incidents and urged Nigerian authorities to do their utmost to prevent further violence and protect civilians.

Borno state was the birthplace

of the Boko Haram insurgency a decade ago, and it has suffered the worst of the Boko Haram attacks.

Dujarric said over 36,000 people have been killed since the beginning of the conflict, about half of them civilians.

UN Secretary-General Antonio Guterres expressed deep concern at the reports of civilian executions and abductions, and called for those responsible to be brought to justice, Dujarric said.

The UN chief sent condolences

to the victims, and reiterated UN solidarity with the people and government of Nigeria, he said.

“The secretary-general recalls that attacks by a party to an armed conflict that target civilians, aid workers and civilian infrastructure violate international humanitarian law,” Dujarric said.

“Those responsible for these atrocities must be held accountable,” he said. “International human rights law and international humanitarian law must be fully respected, and all civilians in Nigeria must be protected.”

Antonio José Canhandula, the acting UN humanitarian chief in Nigeria, said in a statement Monday that reports indicated there were attacks on the MongunoMaiduguri Road in northern Borno state, as well as on the road link with Yobe state.

He said he was “horrified” by the reports, and was still gath-

ering information. Canhandula said aid workers in the region condemned the incidents and what he described as “the increasing practice” by armed groups of setting up checkpoints targeting civilians.

“It is urgent for the Nigerian authorities to do their utmost to prevent further violence and brutality and to protect the civilian population, including aid workers, from such grave violations of international laws, especially women and children who are among the most vulnerable and are caught up in the violence,” he said.

Canhandula reported that there has been an upsurge in violence, particularly along main roads over the past six months, which has resulted in a deterioration in the humanitarian situation.

This year, he said, more than 160,000 people fled their homes for shelter in already congested camps. AP

Iraq’s parliament approves new election law amid protests

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AGHDAD—Iraq’s parliament approved a new election law on Tuesday aimed at giving political independents a better chance of winning seats in parliament.

The new law changes each of the country’s 18 provinces into several electoral districts, with one legislator elected per 100,000 people.

It also prevents parties from running on unified lists, which in the past have helped them to easily sweep all the seats in a specific province. Instead, seats will go to whoever gets the most votes in the electoral districts.

Drafting a new election law has been a key demand for the hundreds of thousands of protesters who’ve taken to the streets in Baghdad and the predominantly Shiite south since October 1. They’ve already forced Prime Minister Adil Abdul-Mahdi to resign late last month.

Iraqi security forces have frequently responded with lethal force, killing at least 400 people.

It wasn’t immediately clear if the new law went far enough for Iraq’s leaderless protest movement. The protesters typically read statements through loudspeakers in Tahrir Square, the uprising’s epicenter. But no announcements had been made, so far, by the hundreds of people gathered there. Demonstrators have also been closing roads in southern Iraq for days.

They’re demanding the next prime minister be a political independent, and say they won’t accept any candidate backed by the political groups who the protesters blame for corruption, poor services and a lack of jobs.

The current election law—in place for over a decade—has consistently given a majority of seats in the legislature to the political groups shunned by the protest movement.

Like the previous law, the new one allocates at least quarter of the parliament’s seats to women.

A quota is also reserved for the country’s religious minorities, including Christians and Yazi-

dis. Most Kurdish and some Sunni Arab legislators boycotted Tuesday’s meeting in opposition to changing the law.

Populist Shiite cleric Muqtada al-Sadr commented after the law’s

passage to say that another demand of the people has been met, adding “it will get rid of all corrupt parties.”

Last month, Grand Ayatollah Ali al-Sistani, the country’s most powerful religious authority, empha-

sized his support for the demonstrators. He called for a new election law that would restore public confidence in the system, and give voters the opportunity to bring “new faces” to power. AP

A6 Thursday, December 26, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

When the principle of sovereign inequality prevails

O

NE of the purposes of the United Nations is “to develop friendly relations among nations based on respect for the principle of equal rights and self-determination of peoples, and to take other appropriate measures to strengthen universal peace.”

As the UN was formed based on the principle of the sovereign equality of all its members, member-nations shall act in accordance with seven principles, one of which states: “All members shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state, or in any other manner inconsistent with the purposes of the United Nations.”

The statement of the Republic of the Philippines by Foreign Affairs Secretary Teodoro L. Locsin Jr. on December 16, 2019, at the 19th Foreign Ministers Asia-Europe Meeting said: “Sovereignty is the pillar on which multilateralism and the UN stand. It means every UN member is an independent country, and not a hand puppet of a Great Power.”

Although the Philippine statement was issued before President Donald Trump signed the US 2020 national budget that contains a subsection banning the US entry of Philippine government officials who were allegedly involved in Sen. Leila de Lima’s “wrongful imprisonment,” it is telling advocates of multilateralism that even powerful countries can not meddle in the internal affairs of sovereign nations.

The provision in the US Fiscal Year 2020 State and Foreign Operations Appropriations Bill, which was introduced by US Senators Richard Durbin and Patrick Leahy, said that US Secretary of State Mike Pompeo shall apply the prohibition on entry to Philippine government officials about whom he “has credible information have been involved in the wrongful imprisonment of Sen. de Lima.”

Justice Secretary Menardo Guevarra said he was disappointed by the development, noting that the issue “is much bigger than the prosecution of Sen. de Lima on drug charges under Philippine laws.” Guevarra said he was shocked that a foreign government can unduly influence or interfere with another country’s legal and judicial processes by threats of visa cancellations and asset confiscation. “I thought the US wants everyone to observe due process,” he said.

The people who allegedly contributed to the senator’s arrest in 2017 and, therefore, could be barred from entering the US—assuming the secretary of State finds “credible information” on their role—include President Duterte, Presidential Spokesman Salvador Panelo, former Presidential Communications Operations Office official Mocha Uson, Sass Rogando Sasot and RJ Nieto, former House Speaker Pantaleon Alvarez, former Justice Secretary Vitaliano Aguirre II, Solicitor General Jose Calida, Public Attorney’s Office Chief Persida Acosta, Sandra Cam, Dante Jimenez, Reps. Rey Umali and Rudy Fariñas.

Panelo sees this as an insult to the competence of Philippine authorities, saying this is a brazen attempt to intrude into our country’s domestic legal processes, given that the subject cases against the detained senator are currently being heard by our local courts. Department of Justice prosecutors are seeking de Lima’s conviction on charges of conspiracy to commit illegal drug trading in connection with her alleged involvement in the New Bilibid Prison drug trade.The opposition senator, who has been detained for more than two years, has repeatedly denied the charges.

Can the US bar anybody from entering the country? Yes, it can.

Is the provision in the US 2020 national budget that bans the US entry of Philippine government officials who were allegedly involved in de Lima’s “wrongful imprisonment” an attempt to put pressure upon our independent institutions? Of course. But the bigger issue boils down to one word: Respect.

This development signals that the US treats the Philippines as an inferior state not qualified to run its own affairs.

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Quality of life: Getting better not worse John Mangun

OUTSIDE THE BOX

I

ACTUALLY get a kick from being called and teased about being a “boomer.” When I was in my mid-20s, I operated a wholesale business selling to independent distributors. One client was a man named Bill Densmore, who was in his 60s. Bill and I became friends.

In one conversation when I pulled the “age card,” Bill said this: “We all have the same amount of now.” But, he continued, “I have the advantage of more experience than you do.” The reason I bring this is up is I think about what he said when I hear old guys, like me, whining and complaining about the current state of affairs.

My reaction is, “Have you been asleep for the last 40 years?”

In 2010 a British journalist and businessman Matthew Ridley wrote a book, titled The Rational Optimist, about how human prosperity evolves almost without stop. It was

mainly about economics but as one reviewer wrote, “refutes the ‘doomsayers,’ who insist that everything is going from bad to worse.”

Ridley recently revisited his ideas in an article in The Spectator magazine. He writes: “We are living through the greatest improvement in human living standards in history. Extreme poverty has fallen below 10 percent of the world’s population for the first time. Global inequality has been plunging; child mortality has fallen to record low levels; famine virtually went extinct; malaria, polio

and heart disease are all in decline.”

He gives example of how through increased technology, we are using “less stuff” in absolute terms. “A normal soft drink can today contains 13 grams of aluminum, much of it recycled. In 1959, it contained 85 grams. Experts in the 1970s forecast how much water the world would consume in the year 2000.

In fact, the total usage that year was half as much as predicted. Not because there were fewer humans, but because human inventiveness allowed more efficient irrigation for agriculture, the biggest user of water.”

“I’ve been faced with ‘what about…’ questions: what about the great recession, the euro crisis, Syria, Ukraine, Donald J. Trump? How can I possibly say that things are getting better, given all that? The answer is: because bad things happen, while the world still gets better. Yet, get better it does, and it has done so over the course of this decade at a rate that has astonished even me.”

But what about the Philippines where we know—listening to the press and media—everything is “bad, worse or worst?” And just so

you don’t go all petty political, let’s look at some various time frames.

In 1990, the infant mortality rate was 40.8 per 1,000 live births. It is now down to 19.5. Internet usage in 2000 was 2 percent versus 60 percent today, and knowledge is power.

Philippine adult literacy rate has increased from 83 percent in 1980 to 98 percent in 2018. The pupilto-teacher ratio was 35 to 1 and 38 to 1 for elementary and secondary education in 2002, and is now 31 to 1 and 27 to 1, respectively.

The extreme poverty rate was 25 percent in 1994, and is 7.8 percent today. The Philippine prevalence of undernourishment has decreased.

Even things like “Forests as a percentage of land” has increased from 23 percent in 2010 to the current 28 percent.

My strong suggestion for millennials and beyond; listen to us boomers, for our potential wisdom of experience and not for our whining.

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

What happens when the Internet gets less American?

A

By Shira Ovide | Bloomberg Opinion

MERICA is going to have to reckon with an Internet that is becoming less American.

Some US lawmakers on both sides of the partisan divide have said they are worried about TikTok, the app that lets users record and share short skits or dance routines to music. The app quickly became popular in the US and some other countries, and that has generated anxiety about TikTok’s ownership by the Chinese Internet company ByteDance Inc. The US is conducting a national security review of TikTok, and a foreign investment committee is considering whether ByteDance should be forced to unwind an acquisition that brought the TikTok app to the US. The US Navy this week alerted personnel not to use TikTok on governmentissued smartphones because of a cyber-security threat that the Navy didn’t detail.

TikTok has been on a mission to alleviate worries about its Chinese ownership by ramping up its outreach to US politicians. It has also taken steps and considered structural changes to create separation between the app and China. Some of these efforts seem like pointless window dressing.

I don’t know whether TikTok is a genuine threat. I don’t know whether it is harvesting Americans’ data for the mother country.

There have been news reports that TikTok scrubs material on its app outside of China that is considered unpalatable by the Chinese

government and, therefore, helps spread a sanitized view about China outside the country’s borders. TikTok now says that it doesn’t house data on US users in China, and that the Chinese government doesn’t censor its global video app.

The discussion about TikTok in US political circles has become caught up in the broader tug-of-war between the US and China, but the fundamental issue is real. This isn’t the first non-American Internet service to get big in the US. But this is the first time, truly, that Americans have had to consider what it means to have a popular consumer Internet service that isn’t owned by an American company. I suspect it won’t be the last time.

This is not new ground for most other countries. Facebook and its Instagram and WhatsApp apps; Google and its YouTube service; Netflix; Twitter; and other digital services from US companies have become prevalent in many parts of the world. Foreign govern-

ments have, at times, chafed at the Internet dominance by American companies for both justifiable and bogus reasons, and have sought to make those companies comply with local laws and norms.

It’s mostly understandable for governments outside the US to have those worries about American Internet services. It’s, likewise, mostly understandable for the US to consider the implications when an Internet service from a company in China or Russia gains traction in America. What I wonder, is whether what’s happening now is a declaration that an Internet company cannot operate in the US if it comes from a country which the US has fundamental and unresolvable disagreements over government policies or values.

There has been anxiety in technology circles for years that the world is being divided into two or more versions of the Internet. There is the US version, mostly freewheeling and free, that had become something of a global default. There’s the Chinese version; a parallel world in which activity and speech are tightly controlled by the government, and from which foreign Internet companies are largely barred. Some people also talk about a European Internet and maybe an Indian Internet, again, with standards for behavior and company conduct that aligns with government priorities.

On the one hand, I am an

American and I’d rather live in an American-style Internet than one mirroring Vietnam, where what happens online is commandeered by an authoritarian government. On the other hand, tax regimes differ from country to country, in reflection of different government’s policy priorities. Should Internet policy be so fundamentally different than tax policy?

(There are legitimate technical reasons why it’s harder to have countryby-country Internet services.)

Facebook, Google, Apple and Netflix have had to grapple with the balance between sticking to their American-honed principles, while also complying with different standards and laws in all the countries where they operate. That may mean the companies have to push back when they believe their principles are compromised too much, and it may mean the companies should not do business in some places where the rules are fundamentally at odds with what their leaders and home country citizens believe.

There are not necessarily easy answers. US Internet companies do fail to strike the right balance outside of America’s borders and, do and should, face scrutiny from the media, US lawmakers and other outsiders when that happens.

ByteDance should face the same scrutiny when it sets foot outside China’s borders. ByteDance and TikTok leadership will have to figure See “Ovide,” A7

www.businessmirror.com.ph

Opinion

Whispering hope

The family that walks in God’s ways

BusinessMirror

Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

BUSINESSWISE

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’M quite sure that majority of us had a merry and joyful Christmas celebration yesterday. This, despite the uncertainty of what tomorrow brings.

Filipinos have this strong spiritual bond with Christmas. In spite of the emotional and financial struggles that we may face daily, we still find a way to commune with Christ, through the bonds we forge with family and friends.

Strong is the holiday spirit even among those of us who exist hand-tomouth, or have to strive day by day, sharing barely enough food for the whole family. Cooler nights and airwaves suffused with songs meant to get everybody into the chill and thrill of the Christmas spirit could have helped boost dopamine, oxytocin, serotonin, and endorphins—happy hormones—in our bloodstream. This explains the feeling of joy or even serenity in the air as Christmas comes.

As a child, my fondest memories were of wonderful Noel celebrations: taking out of storage our holiday ornaments; caroling with my friends; completing the nine-day Simbang Gabi; excitedly opening my presents; and partaking of our family’s traditional noche buena fare.

Today, in the home I have built with my wife and only child, Christmas remains the most awaited and celebrated event, eclipsing even birthdays and all other holidays combined. Our daughter Michelle may no longer have the wide-eyed delight of a child on Christmas morn, but it is still one of her most anticipated holidays. The spirit lives on!

We have been a tolerant nation even in this day and age where hatred, bigotry and misogyny are subliminally being encouraged by those who are supposed to lead and inspire us. Fortunately, there is still enough Yuletide juice to be squeezed out of each resilient Filipino.

But it is also lamentable that Christmas has become almost synonymous with material possessions and superficial festivities. If only empty wallets, shopping-worn feet, and bloated bellies were the things we have to worry about this holi-

Ovide . . .

continued from A6

out how to be a Chinese company that doesn’t always operate by Chinese Internet norms. That isn’t something China’s Internet companies have been forced to grapple with until recently. That country’s popular Internet companies, including Tencent, Weibo, Douban and Baidu have mostly been used in China or by the Chinese diaspora. That is starting to change with TikTok and other apps such as the TikTok-like app called

day season, and not one senseless death too many or one injustice left unsolved, then there would be so much to revel about! If Christmas to you means more than just gifts and parties, then you have a lot to be thankful for and look forward to.

The verse “A Merry Christmas and a Happy New Year to You” was shown on the very first commercially available holiday card in 1843, but its use as a yearly Yuletide greeting goes way back to 1565, when it appeared in The Hereford Municipal Manuscript.

It was through the publication of Charles Dickens’s A Christmas Carol in the early part of the sovereignty of Queen Victoria that Christmas—as we have come to know it—was invented. The word merry was about to take on a new connotation of “jovial” and “outgoing” (and, to a large extent, drunk). Subconsciously, we may have taken merriment to mean losing ourselves in physical or temporary pleasure, thereby losing the very essence of the birth of Jesus Christ.

We have been through a lot of challenges and adversities this year, and it may take some time for many of us to recover. The legendary King Arthur of Celtic mythology once said that “there’s no worst death than the end of hope,” and that “hope is what would see us through.” It is a whisper or prayer of hope, and our resolute stance against misfortunes, that will shield us from the Scrooges of our time.

May the year 2020 bring each of us, our families and our nation true peace and prosperity. God bless us all!

BusinessWise will be on a holiday break. My next column will be on the first Thursday of 2020. Many thanks to all my readers who have followed and, shared my musings in different social-media platforms. Happy New Year to all of you!

For comments and suggestions, e-mail me at mvala.v@gmail.com

Kuaishou or Kwai.

Chinese Internet companies, and American citizens and politicians, face a similar challenge. They have to care how the rest of the world thinks and behaves after being insulated from those realities for a long time.

I don’t know the right way to deal with this in the US, but it’s long overdue for Americans and US political representatives to take seriously—truly seriously; not in hyperbolic panic—how we should feel about digital hangouts incubated in a country that may not share what we consider American values.

ALÁLAONG BAGÁ

H

OW can the family be an enduring communion of life and love? For anyone, the family is set to be the first and the last bastion of mutuality and committed service, where one is blessed and favored, if everyone walks in God’s ways. This is exemplified by the obedience of Joseph to divine guidance for the welfare of the Child and His mother (Matthew 2:13-15, 19-23).

Take care of the child and His mother THE two discrete narratives of our gospel reading underline divine guidance and providence, and human compliance in response. The two parts uniformly begin with an indication the event described is contingent on an earlier event (“when the magi had departed,” “when Herod had died”), and are introduced by the same exclamatory word “behold” and the same phrase “the angel of the Lord appeared to Joseph in a dream.” Directives are given and Joseph’s compliance with the divine instructions results in what the author interprets as fulfillment

of earlier prophetic sayings that point to the identity of the Child Jesus as the One eventually to establish the reign of God. To take care of the Child and His mother, Joseph is portrayed in resemblance to Joseph of the Old Testament, the patriarch who was “the master of dreams” (Genesis 37:19), and who went down to Egypt, escaping an attempt on his life by his brothers. The escape of Jesus from Herod is made also remarkably similar to the story of the escape of Moses from the Pharaoh, and who also came back from Egypt and who later heard from the Lord that “All those who were seeking your life are dead”

Bloomberg Opinion

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CONOMISTS may be finally closing in on the reason for asset bubbles. How to pop them before they grow too large, however, is a much harder problem.

The study of bubbles has steadily gathered urgency during the past four decades as crashes became more spectacular and more damaging. The stock crash of 1987 was a wake-up call for those who had assumed that markets function efficiently; there was no obvious reason why rational investors would suddenly conclude that US companies were worth 23 percent less than the day before. The tech bubble was even more troubling because many observers had warned of a bubble for years before the crash, to no avail. The same thing happened

with the housing bubble, only when that one burst it took the real economy with it—as tends to happen when rapid asset-price declines are combined with high levels of debt.

Researchers have developed a large and diverse array of theories about why asset prices suddenly rise and crash.

The difficulty in identifying the cause of bubbles has made it hard to design policies to prevent them. But recently, a growing number of economists are zeroing in on the idea of what they call extrapolative expectations. For whatever reason, it seems, investors sometimes decide that a recent run of good returns represents some sort of deep structural trend.

A new paper by Zhenyu Gao, Michael Sockin and Wei Xiong supports this idea. Looking at housing prices during the bubble, they compared states based on how much they

(Exodus 4:19). Both the Holy Family of Joseph and the family of Jacob/ Israel stayed in Egypt until the death of a ruler persuaded them to return to their land of origin, the prophet’s words: “Out of Egypt, I called my son” (Hosea 11:1) linking the two returns.

As Israel went back to the land of his ancestors to be shaped as God’s people, Jesus returned to His homeland eventually to establish God’s reign.

mother, it was God who was directing him. In the relational character of family life, we find in the model of the Holy Family mutuality and silent unity in “the fear of the Lord” (Psalm 128:1-2), characteristic of the righteous person, that wonderment at the immensity of divine power and goodness, in the context of one’s littleness, and expressed in one’s walking in and following God’s ways.

Go to...

Alálaong bagá, the Holy Family followed the directives of God and walked in the ways pointed out to them. Nobody claims privileges; everyone is there for the others in gentleness and patience, in mutuality of love and humility. Jesus the Son of God was cared for and protected

by His mother and father. And over and above natural family bonds, it is the word and the will of God in the hearts of all that is essential. Joseph is the example for us of the head of the family who is absolutely open and obedient to the divine guidance, and who is there in total trustworthiness for his family. He is a model parent who puts the needs of the child entrusted to him before his own.

Join me in meditating on the Word of God every

WARNED in yet another dream about the dangers in Judea, Joseph moved his family to Galilee and stayed in Nazareth, “so that what had been spoken through the prophets might be fulfilled, ‘He shall be called a Nazorean.’” The affirmation means that the identity and ministry and destiny of Jesus are in accord with and fulfill the expectations of Israel in the plurality of the prophets.

Specifically, the messianic prophecy that “a shoot shall come out from the stump of Jesse, and a branch shall grow out of his roots” (Isaiah 11:1) links Jesus “son of David” (Matthew 1:1) with the neser (branch) that would grow out of the Davidic roots.

The active presence of God in the events of the life of Jesus is certainly here emphasized. As Joseph saw to the safety of the Child and His

Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Securing water for all: Shifting development strategy for the commons Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

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HOULD the government heed this advice? However, if contracts are peppered with anomalies and one-sided clauses against the consumers and government, should these be maintained? Why, for instance, should there be a proviso stating that any conflict over issues such as water pricing shall be subject to arbitration by an entity outside of the Republic of the Philippines, that is, the Singapore-based arbitration tribunal. Philippine private companies suing the Republic and winning in a tribunal that is beyond the control of the Republic?

Obviously, the architects of the water privatization program have no sense of patriotism or sovereignty. And is this arrangement Constitutional?

Should water privatization then be continued? Should the government allow the privatization of the water districts all over the country?

Can the government tell Prime Water, FilCapital Water, Manila Water and Maynilad to stop treating water as a commodity, that is, as a business product that is subject to the supply and demand forces in a market economy?

Is this not a good time then to rethink privatization and the role of the private sector in the development

of public goods and public services, such as water, power, education and health services that the whole population, not only a few, should be able to enjoy at affordable rates?

Most of these public goods and services are now covered by the Social Development Goals. For example, water is SDG 6. The UNDP declares that it is the duty of the UN member-states to ensure that all citizens are able to enjoy clean, affordable and accessible water. At the same time, the UNDP observes that this is not happening due to “bad economics” and/or poor infrastructure. As a result, “millions of people, including children, die every year from diseases associated with

Deflating a bubble before it busts would be huge

By Noah Smith

Thursday, December 26, 2019 A7

changed their capital gains tax rates.

The states that raised taxes more saw less of a bubble and crash.

But even more tellingly, the authors found that in states with lower capital gains taxes, purchases of investment properties that the owners didn’t plan to live in tend to increase more in response to recent price gains. The simplest explanation for this pattern is that when prices go up and there aren’t tax hikes to make people expect a reversal, they start to think that the trend will continue for the foreseeable future. And they buy accordingly.

A recent study by researchers at the Bank of Canada provided different evidence that pointed in the same direction. In surveys, they found, most people expect that house prices will rise and fall during a five-year period.

But when the researchers show people

data on recent prices, they start to believe that current trends will continue for the next five years.

Other papers found the same pattern. Economists Theresa Kuchler and Basit Zafar found that in areas where local housing prices increased more, people tend to expect that prices will go up more nationwide in the years to come. And researchers Zhi Da, Xing Huang and Lawrence Jin found that extrapolative expectations are in full effect on crowdsourcing web sites.

Obviously, investors don’t always expect recent trends to continue forever. So what makes them start to extrapolate? It may be that when a price trend gets big enough for people to notice, human psychology tends to assume that this is the new normal. If house prices in your neighborhood normally go up and down, but then they suddenly start

inadequate water supply, sanitation and hygiene. Further, water scarcity, poor water quality and inadequate sanitation negatively impact food security, livelihood choices and educational opportunities for poor families across the world.” (see UNDP’s online infographics on SDG No. 6).

But is this situation not happening in the Philippines? There are complaints that water service in the water districts “privatized”

by Prime Water and FilCapital has become more and more expensive and less reliable, especially for water consumers belonging to poor households and underdeveloped barangays. And why are these companies targeting or cherry-picking water districts that are already developed and in the black, not those that urgently need technical assistance such as those in the Caraga and BARMM areas?

Are there policy alternatives?

Earlier, we wrote that the euphoria over privatization has been on the decline in Europe, and in North and South America. A re-municipalization or de-privatization campaign by citizens and local governments is putting privatized water and power companies in Germany, France and United Kingdom back in the hands or control of government.

One economic and philosophical argument behind this re-municipalization/de-privatization campaign is that some natural resources, such as air, water, mountains, forests and land belong to the “commons,” that is, they are things that we all share

and should, therefore, not be privatized and commodified.

According to Dr. Francine Mestrum of Belgium, “The concept of commons is also used for cultural goods, such as our cultural heritage, literature, music, knowledge and digital commons like software.

In other words, what commons are about is all the things we need and can share, without impoverishing anyone and which, for obvious ethical reasons, cannot be appropriated by anyone. It is the planet, the air that we breathe, the food we eat, the knowledge we have.” (Francine Mestrum, Rethinking Social Justice, 2015, downloadable as e-book).

Thus, if we apply the foregoing reasoning to our various social needs, the framing of economic development strategy takes on a different path. Instead of looking at these public goods and services as commodities to be developed by the big corporations and multinationals, the government, in partnership with the communities, can promote a new business arrangement, a public-public partnership, in sharp contrast to the publicprivate partnership so endearing to the proponents of privatization.

In short, one must be prepared to address development issues related to water, power and other public services outside of the standard privatization prism.

More in the next issue on the country’s development possibilities in the context of the economic and social commons.

going up by big amounts each year for several years, you might assume that the game has simply changed.

In that case, the obvious thing to do is to buy, buy, buy.

Defenders of the idea of efficient markets might retort that if this happens, savvier investors—who think carefully about whether a price trend is justified by underlying fundamentals—would simply bet against the trend-followers and bring things back into line. But economic theorists have long understood that because rational investors have limited firepower to short a bubble, they often find it more worthwhile to ride the rising prices for a while. That just makes the bubble worse.

So economists are starting to get a picture of why bubbles happen. Some event—maybe an increased supply of credit to home buyers—increases de-

mand for houses or stocks and pushes up prices for a few years. Speculators see that and decide that prices just go up now, so they buy in, increasing prices even more. Rational investors know there’s a bubble, but decide to buy in for a while and try to sell at the top.

The crash only happens when speculators run out of money to keep buying.

If this unified theory of bubbles turns out to be right, the next question becomes: How can governments nip the process in the bud? Gao and his colleagues suggest that tax hikes could be an answer. If economists can figure out how many years of rising prices—say, three or five—is needed to create the impression of a permanent trend in speculators’ minds, then policy-makers could adopt a rule where capital gains taxes temporarily go up whenever prices rise for that many years in a row.

A8 Thursday, December 26, 2019

TRAIN tax hike applies to new oil stocks–DOE

By Lenie Lectura

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@llectura

HE Department of Energy (DOE) reminded oil companies to empty first their 2019 oil inventories before applying the third round of the excise tax increase to petroleum products.

The third and last tranche of tax hike under the Tax Reform for Acceleration and Inclusion (TRAIN)

law will take effect January 1, 2020. There will be an increase of P1.50 per liter in excise tax on fuel

starting next year. The same law states that excise tax on kerosene, liquefied petroleum gas, unleaded premium gasoline, lubricating oils will go up by P1 per liter or kilogram starting January 1, 2020.

Bunker fuel oil and petroleum coke will, likewise, be subject to another P1.50 tax per liter and metric ton, respectively.

Energy Undersecretary Jesus Cristino Posadas said oil firms should not implement the additional taxes next year if they still have old stock of petroleum products from 2019.

“The normal protocol [is for oil

₧1.50 per liter The increase in excise tax on fuel under TRAIN starting 2020

firms] to sell all its old stocks, both imported and produced by the refinery,” said Posadas in a mix of English and Filipino.

He meant that the sale of old stocks, referring to the remaining balance of the inventory ending December 31, 2019, which would not be covered by the third tranche of excise taxes should not be collected

from the consumers. Otherwise, it would be a violation of the law—not only administrative penalties like closure of the establishment will be imposed, but also the criminal penalty of large-scale estafa.

Posadas said the DOE will strictly monitor the inventories of oil companies in order to protect consumers from unjust trading and profiteering. The DOE official believes that oil firms need not be reminded about it. “They know that already,” Posadas said.

Still, the agency’s Oil Industry Management Bureau will call the attention of the oil firms to avoid

confusion. Under the TRAIN law, excise tax on fuel will go up thrice.

The first round resulted in an increase of P2.50 per liter that took effect January 1, 2018.

The second tranche amounted to P2 per liter, starting January 1, 2019. Once the third tranche is implemented, the total increase in fuel excise tax will reach P6 per liter.

The implementation of the upward adjustments could be suspended if the Dubai crude oil price averages at least $80 per barrel, based on the Mean of Platts Singapore, in three months preceding the scheduled increase.

‘Congress must update archaic traffic code’ Locsin greets

By Jovee Marie N. dela Cruz @joveemarie

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HE chairman of the House Committee on Public Information urged Congress to act on pending measures updating legal bases for regulating transport network companies (TNCs) and transportation network vehicles services (TNVS).

Kabayan Party-list Rep. Ron Salo made the pronouncement following the order of the Land Transportation Franchising and Regulatory Board (LTFRB) limiting the pool of motorcycles-for-hire drivers per operator to just 10,000.

Salo said Congress should now act on the 1964 Land Transportation and Traffic Code, and the 1949 Civil Code of the Philippines to address the issues on TNVS, including Angkas.

“We continue to have these public transport service problems and monopoly issues because our LTFRB, MMDA and LTO regulations are rooted in the 1964 Land Transportation and Traffic Code, and the 1949 Civil Code of the Philippines,” said Salo.

According to Salo, he already filed House Bill 3569, or An Act Allowing And Regulating the Use of Motorcycle As Public Utility Vehicles, amending for this purpose Republic Act 4136, or the Land Transportation and Traffic Code.

HB 3569, or the proposed Motorcycles-for-Hire Act, amends the 1964 Land Transportation Code by legalizing motorcycles-for-hire.

Besides HB 3569, several bills are also pending before the House Committee on Transportation seeking the regulation of TNVS. “My House Bill 3569 updates our archaic transportation laws, and will

TYPHOON "URSULA" VICINITY OF BULALACAO, ORIENTAL MINDORO as of 4:00 pm - December 25, 2019

uphold the welfare of all parties in controversies, like the current one involving Angkas,” the lawmaker said.

“In addition to the impact of the archaic common carrier and public transport laws, we also have the LTFRB and other regulators who are out of touch with the new laws and standards on competition regulation and monopolies,” he added.

With HB 3569, Salo said the parameters, guidelines and principles for regulating transport network services and their TNCs are laid down, including aspects involving consumer protection and modern technologies.

Angkas earlier announced it will soon be forced to cut down the number of its 27,000 biker-partners after the LTFRB suddenly issued an order to limit the pool of drivers per operator. Angkas and it supporters held a protest action on Sunday to oppose the LTFRB decision.

AGRI LOANS HIT 6-YEAR OFWs secured HIGH OF P600B IN 2018 from Lebanon

By Recto Mercene

A

@rectomercene

BATCH of overseas Filipino workers (OFWs) landed into the welcoming arms of Foreign Affairs Secretary Teodoro Locsin Jr., who was waiting for them at the premier airport following their repatriation from Lebanon aboard a Saudia Airlines plane on Tuesday.

The 26 OFWs, plus one three-yearold child, came as the second batch of repatriated Filipino workers that landed at the Ninoy Aquino International Airport from Beirut, following the arrival of 30 OFWs two weeks ago. “The mandate of the Department of Foreign Affairs is to bring home any OFW anywhere in the world, no questions asked,” Locsin said.

He added that the foreign affairs Department has a standing order that “no one should be left behind, and to deliver them door-to-door to their homes anywhere in the Philippines.”

“We will get them out of harm’s way, no matter where they are,” said Locsin, adding that 32,000 OFWs are currently in Lebanon working in various fields, but mostly as domestic helpers.

Members of the group that came in on Tuesday have connecting flights to Cagayan province, Davao, Roxas City, General Santos City and Pagadian.

Marilyn M. Maningo, 37, has been waiting at tables in Lebanon for the last 15 years, but had to go home “because of the economic crisis.”

“I was no longer paid in Lebanese pounds so I have to leave, but I have a plan to start a business in Pagadian,” she said, adding her three- and a-half-year-old daughter Aliya Luine Maningo, who was born in Beirut, Lebanon’s capital. “I want her to have a good education, and so I was forced to come home.”

Omar Salinas, 30 years old from Pangasinan, has the same sad story to tell, quitting his work as a housekeeper despite having been there for the last 21 months, “because the country’s financial ruin has affected my employer’s income,” he said in the vernacular.

“I was working as assistant chef,” said David John Dimacali, “but quit after only 10 months because my employer did not follow my contract, and I was paid much less than what was in the document.”

Locsin earlier told this reporter while interviewing him at the airport’s Dignitary’s Lounge that the Filipino migrant workers are not afraid to work anywhere, no matter what kind of work, “but not for free.”

The OFWs’ repatriation was made possible with the assistance of the Philippine Ambassador to Lebanon Bernadita Catalia.

See “OFWs,” A2

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE amount of loans extended to the agriculture sector in 2018 rose by 10.87 percent to a six-year high of nearly P600 billion, the Philippine Statistics Authority (PSA) said.

In its annual report on agricultural credit, the PSA said the bulk of financial assistance that went to the farm sector were for production purposes.

“In 2018, the agricultural loan granted to farmers and fishermen was valued at P596.16 billion, which was 10.87 percent higher from last year’s record of P537.72 billion,” the PSA said in the report, titled “Agricultural Indicators System: Agricultural Credit.”

“Of this amount, 84.31 percent, or P502.63 billion, were used to finance agricultural production purposes. This loan was 14.87 percent more than the 2017 record,” it added.

Like in the past, private banks provided higher financial assistance to agriculture compared to government financial institutions.

However, the PSA noted that the private banks’ share of agricultural production loans dropped to 81.4 percent in 2018 from 87.22 percent, as financial assistance extended by government banks rose to 18.6 percent of the total amount from a 12.78-percent share in 2017.

Pr ivate banks extended P409.145 billion worth of agricultural production loans last year, which was 7.21 percent

higher than the P381.642 billion recorded in 2017, according to PSA. “Among the private banks, the Private Commercial Banks remained the biggest provider of loans as it continued to record the highest share of loan although it declined to 46.32 percent of total production loans in 2018,” the PSA said.

“Sav i ngs a nd Mor tgage Banks followed and shared 10.18 percent. Loan extensions by the Private Development Banks and Rural Banks accounted for 8.55 percent and 8.38 percent, respectively,” it added.

PSA said the least providers of agricultural loans were the Stocks Savings and Loan Associations, which accounted for only 7.97 percent of the total agricultural production loans.

Agricultural production loans provided by government banks rose by 67.22 percent to P93.487 billion from P55.908 billion during the same reference periods, PSA report showed.

“In particular, credit extension by the Development Bank of the Philippines soared by 976.01 percent. The Land Bank of the Philippines slowed down their credit support which went up by only 10.15 percent in 2018, from the 27.12-percent growth recorded in 2017,” the PSA said.

The PSA also said data on agricultural credit are “important information for planners and policy-makers to support the implementation of credit programs and policies geared toward achieving development of the agriculture sector.”

PIDS: Bottlenecks hinder e-commerce growth in PHL

By Cai U. Ordinario

I

@caiordinario

NCOMPAT I BL E computer systems and the high costs of developing and maintaining systems are fast becoming the primary bottlenecks in the growth of e-commerce in the country.

This was according to a discussion paper, titled “Determinants of E-Commerce Adoption of Philippine Businesses,” authored by Philippine Institute for Development Studies (PIDS) Senior Research Fellow Francis Mark A. Quimba and Research Analyst II Sylwyn C. Calizo Jr. The study stated that poor Internet connection, existing business models, and concerns about security and privacy remain the top bottlenecks but incompatible computer systems between customers and suppliers, as well as expensive efforts to develop and maintain

systems are making the growth of e-commerce difficult.

“Two bottlenecks experienced the highest increase of 2.5 percentage points from 2013 to 2015. These two are the incompatibility of computer systems between customers and suppliers, and the high cost associated with the development and/ or maintenance of an e-commerce system,” the authors said.

Based on the study, archaic business models remained the top bottleneck with 18.6 percent in 2015, from 17.8 percent in 2013; while concerns about security and privacy came in second with 17 percent in 2015, from 14.9 percent in 2013.

Unreliable Internet connection came in third with 15.1 percent in 2015, from 13.1 percent in 2013.

The authors, said, the rankings of these three bottlenecks have been unchanged since 2013.

See “E-commerce,” A2

www.businessmirror.com.ph

Companies BusinessMirror

Thursday, December 26, 2019 B1

DPWH expects Neda go-ahead for ₧22-B unsolicited proposal for CTBEx in 1st qtr

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By Lorenz S. Marasigan

@lorenzmarasigan

HE Department of Public Works and Highways (DPWH) hopes to receive the National Economic and Development Authority’s (Neda) go-ahead for the P22.43-billion CaviteTagaytay-Batangas Expressway (CTBEx) unsolicited proposal soon.

“I think we can get it in the first quarter,” Public Works Secretary Mark A. Villar said in a recent interview. “There’s no guarantee, but that’s what we’re hoping for.”

Earlier, Villar said the Neda Board is expected to tackle the project in the last quarter.

Once it gets the green light from the Neda Board, the project will then undergo the Swiss challenge.

CTBEx, a proposed 50-kilometer (km) expressway, will connect

Cavite and Batangas, with a spur road to Tagaytay City and, ultimately, terminating in Nasugbu, with another spur road to Tuy, Batangas.

Metro Pacific Tollways South Corp. (MPT South) is the main proponent for this project.

The project will substantially improve access to Tagaytay City and Nasugbu, thereby ensuring faster travel and support for the government’s tourism thrust.

Once completed, travel time will

be reduced to less than an hour from the current 2.5 hours.

CTBEx will start at the Silang East Interchange of the CaviteLaguna Expressway. The alignment shall traverse the towns of Silang, Amadeo, Mendez and Alfonso in Cavite; Tagaytay City; and Nasugbu in Batangas.

Expected to handle an initial 60,000 vehicles per day, the proposed expressway will have eight major interchanges, two spur roads and a number of overpasses.

It is divided into three phases: Section 1, a 17.4-km road from Silang, Cavite, to Tagaytay; Section 2, a 9.86-km road from Tagaytay to Alfonso; and Section 3, a 22.2km road from Alfonso to Nasugbu.

The whole expressway will take about three years to complete, but the company can open the first section in one-and-a-half years.

Metro Pacific is the largest tollways operator in the Philippines. It also has interests in expressways in Indonesia, Thailand and Vietnam.

Sony can’t make image sensors fast enough to keep up with demand

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ONY Corp. is working around the clock to manufacture its in-demand image sensors, but even a 24-hour operation hasn’t been enough.

For the second straight year, the Japanese company will run its chip factories constantly through the holidays to try and keep up with demand for sensors used in mobile phone cameras, according to Terushi Shimizu, the head of Sony’s semiconductor unit. The electronics giant is more than doubling its capital spending on the business to ¥280 billion ($2.6 billion) this fiscal year, and is also building a new plant in Nagasaki that will come online in April 2021.

“Judging by the way things are going, even after all that investment in expanding capacity, it might still not be enough,” Shimizu said in an inter-

view at the Tokyo headquarters. “We are having to apologize to customers because we just can’t make enough.”

It’s now common to see three lenses on the back of a phone as manufacturers lean on camera specs as a hard number to nudge customers into upgrading. The latest models from Samsung Electronics Co. and Huawei Technologies Co. boast resolutions in excess of 40 megapixels, can capture ultrawide-angle images and come with depth sensors. Apple Inc. this year joined the fray with a triple-camera iPhone 11 Pro. That’s why even as smartphone market growth plateaus, Sony’s sales of image sensors continue to soar.

“The camera has become the biggest differentiator for smartphone brands, and everyone wants their social-media pictures and videos to

look nice,” said Masahiro Wakasugi, an analyst with Bloomberg Intelligence. “Sony is riding that wave of demand very well.”

Semiconductors are now Sony’s most profitable business after the PlayStation. The company in October raised its operating income outlook for the chip unit 38 percent to ¥200 billion in the year ending March 2020, after second-quarter profit jumped by almost 60 percent. Sony forecasts revenue from its semiconductor division will climb 18 percent to ¥1.04 trillion, of which image sensors account for 86 percent.

The company has also been plowing a lot of the profit right back into the business, with plans to invest about ¥700 billion ($6.4 billion) in the three-year period ending March 2021. Most of the spending will go

Senate to push through with Grab hearing in January

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HE Senate reset for January scheduled hearings into complaints of “overcharging” by ride-hailing super app Grab, even if it opts to lower its passenger fare charges.

Sen. Sherwin Gatchalian confirmed the Grab hearing will enable senators to verify complaints of overcharging that reportedly worsened with the onset of the holiday season.

Gatchalian said the Senate inquiry also aims to clarify the “fare matrix and surge pricing,” as well as new schemes for charging not just Grab passengers, but also other transport network vehicle service (TNVS) based on the hour and the number of commuter bookings.

The senator observed that with the onset of the December holiday season, complaints poured from irate commuters protesting the higher Grab fares, as well as the diffulty of commuter booking.

Still, the senator acknowledged that Grab promised to scale down rates.

He, however, clarified that the promised fare cut is short-lived, adding that

what is needed is a long-term solution and fixed rules.

Gatchalian noted that with Uber’s departure, only Grab remained as the major TNVS. “Nakadagdag naman ang Angkas [Angkas helped fill the gap],” he said, referring to the motorcyle taxi service, but noted that it is “having its own issues” with regulators.

The senator cited reports that the Land Transportation Franchising and Regulatory Board (LTFRB) is looking to cut the 17,000 Angkas units to provide fair competition in the ride-sharing service.

The LTFRB order drew howls of protest from Angkas officials and bikers, as well as the public, because it was issued on December 20, to take effect December 23, giving Angkas just three days to comply with the order to cut its rider force by 17,000. This, at a time when demand for alternative modes of transportation was peaking with the holidays and the worsening road traffic.

The Senate Public Services Committee chaired by Sen. Grace Poe has promised to look into the controversy. Butch Fernandez

CPG unit acquires 30-hectare property in Batulao, Batangas

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HIRST Park Homes Inc., the horizontal unit of Century Properties Group Inc., on Tuesday said it acquired a 30-hectare property located in Batulao, Nasugbu, Batangas.

Company President Ricky Celis said it will allot some P550 million in capital expenditures for the entire Nasugbu project, which will be developed in phases. The Nasugbu project will be launched in the first quarter of 2020, but Celis said initial selling for the first 13 hectares with 1,021 units will start this month.

“Beforeweendtheyear2019,weachievedanothermilestone as we acquired one of the prime properties in Nasugbu, Batangas. We are very much excited for the opportunities to develop this into a showcase community,” Celis said.

Celis said the master-plan design will be more distinctive compared to other horizontal projects of the company as it

will have new components, such as a commercial center and new house models which it said would be eco-friendly. It will also have wider road networks and more amenities or open spaces. The project is located in Nasugbu Highway, which is a 1.5-hour drive from Manila via the Santa Rosa-Tagaytay Road. It is also a 20-minute drive from the famous Tagaytay City, and a 42-minute drive to the beaches of Nasugbu.

Furthermore, the project will soon have a direct access to the Cavite-Tagaytay-Batangas Expressway, which connects Silang, Cavite to Nasugbu, Batangas Road.

“Future residents will get to experience a world-class development at an affordable price point. People can jog in the streets freely, kids can play in the park, or throw a party at the clubhouse—and be rest assured of utmost security and peace of mind when you are inside the PHirst Park Homes project,” Celis said. VG Cabuag

to boosting monthly output capacity of image sensors to 138,000 wafers from about 109,000 now. Samsung, Sony’s biggest rival in this space, said at its most recent earnings call that it’s also boosting production to meet demand, which it expects will remain strong “for quite some time.”

Sony in May said it controls 51 percent of the image sensor market as measured by revenue and is targeting a 60-percent share by fiscal 2025.

Shimizu estimates Sony’s portion of the pie grew by a few percentage points this year alone.

Like many important technological breakthroughs of the late 20th century—from the transistor to lasers and photovoltaic cells—image sensors were invented at Bell Laboratories. But it was Sony who succeeded in commercializing the

so-called charge-coupled devices.

Its first product was an “electronic eye” installed on All Nippon Airways jumbo jets in 1980 to project images of landing and takeoff from the cockpit. Kazuo Iwama, who as a vice president was key to pushing through the initial decade-long development slog, passed away before the successful launch of the camcorder business in 1985. Iwama’s tombstone bears a CCD sensor to mark his contribution.

Sony is now looking to a new generation of sensors that can see the world in three dimensions. The company uses a method called time of flight that sends out invisible laser pulses and measures how long they take to bounce back to create detailed depth models. This helps mobile cameras create better portrait photos by more precisely selecting

the background to blur out, and it can also be applied in mobile games, where virtual characters can be shown realistically interacting with real-world environments. If used on the front of the phone, TOF sensors allow for hand gestures and facial motion capture for animated avatars.

Samsung and Huawei have already unveiled flagship models with 3D sensors. Apple is rumored to introduce a 3D camera to its lineup in 2020. Shimizu declined to comment on specific customers, but said Sony is ready to meet what it expects will be a significant increase in demand next year. “This was the year zero for time of flight,” Shimizu said. “Once you start seeing interesting applications of this technology, it will motivate people to buy new phones.” Bloomberg News

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Business

Thursday, December 26, 2019

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OSTON—Boston Celtics player Tacko Fall made his debut as a guest conductor during the renowned Boston Pops orchestra’s holiday concert.

The 7-foot-6 center took the stage to lead the orchestra in a rendition of the song “Sleigh Ride” at Boston’s Symphony Hall Monday night. Fall was wearing a custom-made, size 48 double extra-long tuxedo.

Fall used a baton that was given to him by longtime conductor Keith Lockhart, The Boston Globe reported . Lockhart wrote “Congratulations to Tacko!” on the baton in green marker.

Lockhart called Fall “the tallest person to ever conduct the Boston Pops” before inviting him to come up on stage.

“Someone has come on the scene here and in a few short months has stolen everybody’s hearts—not just because of his athletic ability but also because of the size of his spirit and the broadness of his smile,” Lockhart said.

The audience cheered during Fall’s performance as he did a spin and wiggled his arms in time with the music. AP

LOOK WHO’S WITH THE BATON! LOOK WHO’S WITH THE BATON!

SEVEN-FOOT-SIX center Tacko Fall takes the stage to lead the orchestra in a rendition of the song “Sleigh Ride” at Boston’s Symphony Hall. He wears a custom-made, size 48 double extra-long tuxedo. AP

Public Security Intelligence Agency warns of cyber-attack threat before Tokyo 2020 J APAN’S Public Security Intelligence Agency has warned in its annual end-of-year report that cyberattacks targeting next year’s Olympic and Paralympic Games in Tokyo, are among the biggest threats the country faces.

In the report released regarding the security situation in Japan and overseas, the Agency claimed that cyber attacks may interfere with Olympic operations as prior host nations have become targets of such attacks in recent years.

Earlier this week, Tokyo 2020 published a warning alerting of an ongoing phishing campaign delivering e-mails designed to look like they are coming from Japanese organizers.

“We have recently detected e-mails disguised to look like they are coming from a Tokyo 2020 staff member,” a warning message from Tokyo 2020 said.

“Although the e-mail may look official and legitimate,

if you have no reason to receive such an e-mail or if the content is questionable, you should not click on the link or open any attached files.”

Tokyo 2020 warn that the phishing e-mails will most likely redirect the recipients to phishing sites or infect their computers with malware if opened.

According to Kyodo News earlier this year, American and Japanese recipients were potential targets of a phishing campaign by a hacker group widely believed to be from China.

“Looking at their dialogue, there is a high possibility that the hacking group is of Chinese origin,” the Japanese Branch Vice President Shuhei Igarashi of Antuit, which claims to be the world leader in artificial-intelligent solutions, told Kyodo News.

“More cyber attacks that target the Tokyo Olympics can be expected as the world focuses on the sporting event.”

Last year US intelligence agencies claimed Russian attackers had attempted to disrupt the Winter Olympics in Pyeongchang as a retaliation for the country being banned from competing under its own flag and name at the Games.

All Internet and Wi-fi systems went down just as the Opening Ceremony began.

With Russia facing a similar ban from Tokyo 2020 due to allegations of state-sponsored doping, a similar attack could be expected during next year’s Olympic Games.

The report from the Public Security Intelligence Agency also warned that the Olympics are “the perfect opportunity for terrorists to gain global attention.”

It stressed the need to watch out for terrorist attacks on competition venues, as well as public transportation and accommodation facilities. Insidethegames

New data highlights effectiveness of gas chromatography in fight against doping the [testing authority] based on other information.”

In Summer Olympic sports, the data indicates that just over 3,500 GC/C/IRMS urine tests were conducted for steroid profile markers, producing 119 AAFs. More than 40 percent of these AAFs—51 in total—came in weightlifting, a sport whose doping problem is well-known.

This was even though weightlifting accounted for less than 12 percent of GC/C/IRMS tests conducted in the Summer Olympic sport sphere.

Cycling accounted for 23 of the remaining AAFs and athletics 12.

The test was also highly effective in securing AAFs for other targets, such as 19-norandrosterone and boldenone.

Of 72 samples tested this way for the first of these substances, 21 produced AAFs, including all five in wrestling, two out of four in rugby union and six out of 23 in athletics.

With boldenone, there were 19 AAFs from 44 samples; this included five out of five in cycling, and five out of nine in weightlifting. Insidethegames MORE than 40 percent of adverse analytical findings are in weightlifting, a sport whose doping problem is well-known.

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N analytical method known as gas chromatography combustion isotope ratio mass spectrometry (GC/C/IRMS) has emerged as one of the most potent weapons in the anti-doping police’s armory, in new testing statistics published by the World AntiDoping Agency (Wada).

Wada’s 2018 Testing Figures Report—a 343-page compendium of data relating to the 340,000-plus samples analysed in Wada-accredited laboratories during the year—shows that GC/C/IRMS yielded a 3.52-percent adverse analytical finding (AAF) rate in 2018.

This compares with an overall AAF figure of just 1.42 percent.

Anti-doping authorities are often criticized for spending large sums on tests which produce a far lower proportion of positives than the percentage of athletes suspected of using performance-enhancing drugs.

In spite of the method’s apparent effectiveness, the number of GC/C/IRMS tests conducted was said to be down marginally at 5,231 in 2018.

Wada explains that GC/C/IRMS is “connected to the steroidal module of the [Athlete Biological Passport].”

It can be triggered, the agency says, “by the athlete biological passport or requested by

Average MLB salary drops for 2nd straight year

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EW YORK—The average salary in the major leagues has dropped in consecutive years for the first time since the players’ association started keeping records more than a half-century ago.

The 988 players on August 31, rosters and injured lists averaged $4,051,490, the union said Friday, down 1.1 percent from $4,095,686 last year. The average peaked at $4,097,122 in 2017.

This was just the fifth decline since records started in 1967, when the average was $19,000. There also were drops in 1987, when clubs were found guilty of collusion; in 1995, after the end of a 7 1/2-month strike; and in 2004.

This year’s drop followed two slow free-agent markets and new contracts with large signing bonuses for Mike Trout, Alex Bregman, Manny Machado and AJ Pollock. Those four players received $62 million in signing bonuses during 2019 that are prorated over the length of each contract in the calculation of the average. If the entire amounts had been counted for 2019. the average would have been about $54,000 higher—more than the $44,196 drop.

Those stars all receive huge increases for 2020, and Gerrit Cole, Stephen Strasburg and Anthony Rendon agreed to $200 million-plus contracts last week.

There also were 20 additional players on injured lists this August 31, causing more players to be brought up from the minor leagues who made at or close to the $555,000 minimum.

Several players with large salaries were released and then resigned by other teams for the minimum, which is then used for the average, a group that included Homer Bailey, Matt Harvey and Matt Kemp. In addition, Troy Tulowitzki and David Wright retired due to injuries, which meant their salaries were not included in the average.

Major League Baseball (MLB) computed its average at $3,894,220, down 2.8 percent from $4,007,987 last year and $3,955,920 in 2017. The union includes option buyouts in its average calculation, while MLB does not. AP SAN Diego Padres’ Manny Machado watches his two-run home run during the sixth inning of their game against the Colorado Rockies, in San Diego, in September. AP

DAGITAB NETFEST WINNER

Arthur Pantino (right) holds his trophy after humbling 30th Southeast Asian Games men’s doubles gold medalist Jeson Patrombon (left) in come-from-behind fashion, 5-7, 7-6(3), 6-1, to snare the Palawan PawnshopPalawan Express Pera Padala Dagitab Festival Open tennis crown in Naga City, Cebu, over the weekend. With them is Atty. Rey Loyola of Tennis on Wheels.

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Thursday, December 26, 2019

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HEY ROGER, HOW OLD IS OLD?

By Howard Fendrich The Associated Press

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UBAI, United Arab Emirates—Roger Federer arrives for his interview at the precise appointed time, steering his white sedan into a parking spot in an industrial area dotted by art galleries about 15 minutes from his luxury apartment in this home-away-from-home.

After obliging a selfie request from someone on the street, Federer makes his way up to a second-story loft area and sits.

He crosses his legs, kneads his right calf and winces.

“Just started training. I’m surprised I could walk the stairs as good as I have,” Federer says with a laugh. “My calves are, like, killing me. Just getting back into it. The shock on the body is, I don’t want to say ‘immense,’ every time, but I’ve been on vacation for two weeks. The shock just hits you hard.”

Ah, the ravages of age.

Federer, who won the first of his men’srecord 20 Grand Slam titles when he was 21 and now is 38, explains to The Associated Press that he must “go back to the drawing board” after “just missing out on The Big One,” a reference to his fifth-set tiebreaker loss to Novak Djokovic in the Wimbledon final in July. So all of just two days into Federer’s preparation for next season—he flies to Melbourne on January 9, a week before the Australian Open draw—he is taking a 48-hour break, sitting out his two-a-day fitness sessions and not lifting a racket.

No one this old has won a Grand Slam title in the professional era.

As a younger man, Federer says, he didn’t allow himself such a respite, working six or eight days in a row to get going. But now? The “waves,” he calls them, making an undulating motion

with his famous right arm—time on, then time off—offer his body a chance to recover. They also let him “go through the wall” on the day before a rest period, because “otherwise, you maybe would hold back just ever so slightly, because you just don’t know how you’re going to feel the next day.”

Federer recognizes that continuing to play tennis at a high-level long past the age when many greats of the past were done (his idol, Pete Sampras, competed for the final time at 31) means he repeatedly faces questions— from fans, from the media, from those around him—about how long he will continue on tour.

And while he can’t provide a definitive answer—because, quite simply, he says he doesn’t have one—Federer is willing to discuss this aspect of the subject: He does not consider it important to walk away at the top of his game and the top of his sport.

When he’s told about a newspaper opinion piece from way back in 2013—2013!—that posited he should quit then to avoid ruining his legacy, Federer just smiles and waves his hand.

He knows, of course, that he’s managed to reach

another seven Grand Slam finals since the start of 2014, winning three.

But he also says the notion that an older athlete could harm his or her status by hanging around too long is nonsense, no matter what the decline looks like.

“I don’t think the exit needs to be that perfect, that you have to win something huge...and you go, ‘OK. I did it all.’ It can be completed a different way, as long as you enjoy it and that’s what matters to you,” Federer says. “People, I don’t think, anyway, remember what were the last matches of a John McEnroe, what were the last matches of a Stefan Edberg. Nobody knows. They remember that they won Wimbledon, that they won this and that, they were world No. 1. I don’t think the end, per se, is that important.”

That doesn’t mean, of course, that he isn’t as competitive as ever or doesn’t want to win a 21st major championship—above all, No. 9 at Wimbledon, after it slipped away despite two match points in 2019—or his first Olympic singles gold at the Tokyo Games next year.

Or win any tournaments, for that matter, which would push him closer to Jimmy Connors’s professional era record of 109 trophies (Federer has 103).

He’s still good enough, after all, to be ranked No. 3—having spent a record 310 weeks at No. 1, he is currently behind No. 1 Rafael Nadal and No. 2 Djokovic—and to go 53-10 with four titles this season.

If it seems as though the rest of the world is insisting it needs to know when and how retirement will arrive,

Federer says it’s not something on which he expends a lot of energy.

Not anymore, anyway.

“I mean, I don’t think about it much, to be honest,” Federer says. “It’s a bit different [now] that I know I’m at the back end of my career. But I feel like I’ve been toward ‘the back end of my career’ for a long, long time.”

So much so that when he got sick while on a skiing trip in January 2008 with what eventually was diagnosed as mononucleosis, he vowed to stay off the slopes, a decision he stuck to, although not without some regret.

His children—twin daughters, 10, and twin sons, 5—all ski, and he and his wife, Mirka, have a home in a resort in his native Switzerland.

Yet Federer sticks to his role as “the chief ‘getting the kids ski-ready’ operator guy.”

“I was like, ‘OK, you know what? That’s a sign. I’m going to stop skiing, because I don’t want to get hurt at the back end of my career.

Maybe I have another four good years left in me. This was (12) years ago now. So it shows you how long ago I’ve been thinking: ‘Maybe I have another four years. Maybe I have another three years. Maybe I have another two years.’...

I’ve been on this sort of train for long enough for me not to actually think about it a whole lot,” he says. “But sure, sometimes with family planning, discussions with my wife, we talk a little bit sometimes. But never like, ‘What if?’ Or, ‘What are we going to do?’ Because I always think, like, we have time for that and then we’ll figure it out when that moment comes.”

Even his agent, Tony Godsick, who has represented Federer since 2005, raises the topic.

“It would help make my job easier,” Godsick says in a telephone interview. “I don’t want to know for my own personal travel. Or I don’t want to know to have the scoop before anyone else. I want to know so I can plan.... I mean, he won’t go on a retirement tour, but I’d like to have some advance notice, maybe throw some more cameras around when he’s out playing, so we can capture some more footage.”

WIZARD OF PHL TABLE TENNIS The Board of Trustees of the Philippine Table NO one this old as Roger Federer has won a Grand Slam title in the professional era. AP

DY EYES NATIONAL DOUBLES REPEAT WITH NEW PARTNER F ORMER Junior World champion Jed Dy sets out for back-to-back National Doubles Amateur Golf Championship crown with a new partner but a slew of tandems likewise toughened up, guaranteeing a spirited title chase when the event is fired off beginning on Friday at Camp Aguinaldo Golf Club.

With Asian Games bronze medalist Bianca Pagdanganan as teammate, Dy ran away with a seven-stroke romp over Josh Jorge and Jet Hernandez last year but the Manila Golf Club bet braces for a tougher, crowded finish this time against a field ready and raring to close out the season with no less than a victory.

With Mikha Fortuna, however, Dy is assured of a solid player, who is a member of the Univ. of Oklahoma squad and winner of a number of junior tournaments abroad.

Pagdanganan, meanwhile, is now busy priming up for her Ladies Professional Golfers Association (LPGA) Tour debut next month, boosting her stock by winning the individual gold medal in the recent 30th Southeast Asian Games and power the Philippines to the team championship.

But the rest of the 20team cast in the National Doubles have also firmed up their rosters with reigning Indonesian Amateur Open titlist Luis Castro and Sean Ramos, members of the SEAG bronze medal team, teaming up

Tennis Federation (PTTF) bestows upon a Certificate of Distinction to a wizard of table tennis, Richard Gonzales, after snatching a bronze medal in the recent 30th Southeast Asian (SEA) Games at the Subic Bay Exhibition and Convention Center. Presenting the recognition is PTTF Vice President Arnel Berroya. Looking on are PTTF President Ting Ledesma, Secretary-General Rodolfo “Pong” Ducanes Jr., Treasurer SPO4 Maria Teresa “Tet” Deniega and Chairman Atty.

Domingo Panlilio.

Acrobats are athletes TESSA JAZMINES | tessa4347@gmail.com

PART OF THE GAME WITH the beauty of gymnastics in full display during the recently concluded 30th Southeast Asian Games, our attention is captured by the graceful sports, so to speak: ice skating, synchronized swimming, among them.

This December, a Chinese acrobatic show is the main Christmas presentation of the Smart Araneta Coliseum. Called “The All-New Grand China Acrobatic Circus,” it features the multi-awarded performances of the China National Acrobatic Troup (CNAT). The group is the first national performing arts group established by the Central Government of China and founded in 1950.

The troupe honed and perfected its craft in Beijing where it was established. It has become where the troupe

with Andres Lorenzo and Gabby Macalaguim in the three-day event sponsored by the MVP Sports Foundation and organized and conducted by the National Golf Association of the Philippines.

Meanwhile, registration for the 2020 National Stroke Play Championship, set from January 7 to 10 at Riviera’s Langer course, is ongoing. For details, call NGAP at telefax No. (02) 7065926 or at Riviera Golf Club Inc. at (02) 888-9089 or 09568821149 e-mail ngap2009handicap@yahoo.com.

Focus will also be on the women’s pairs, led by reigning Phl Junior Amateur (match play and stroke play) champion Rianne Malixi and Precious Zaragosa, Laurea Duque and Eagle Ace Superal, Tomita Arejola and Nicole Abelar, and Sam Martirez and Diana Araneta.

Other pairs in the fold are Rald SarmientoMasaichi Otake, Paolo Barro-Jeff Jung, Zachary Castro-Miguel Ilas, Luigi Guerrero and Dan Cruz, Aldo Barro-Ivan Monsalve, Jonas Austria-Marco Olives, and Santino Diokno-Miguel Roque.

The field plays the four-ball (best ball) format in the first round with action shifting to aggregate on Saturday. Sunday’s final round will feature the two-ball foursomes.

Aside from the centerpiece Group 1 for members of national team and for players with handicap index of 4.0 or less, also on tap are the Group 2 (4.1 and above) and Group 3 (players 30-years-old-and-above regardless of handicap).

Leading the Group 2 cast are Franco RiveraMark Rivera, Gabby Rosca-Reese Ng, Christian Acero-Joseph Orbito, Sophia Blanco-Alexi Blanco, and Larry Patnongon-Jaime Patnongon, while the pairs of Dexter Pelia-Titus Aguilar, Allan Rubrica-Dennis Nicomedes, Jimmy Suelo-Romeo Lopez, and Ricky Velasco-Ramon Capistrano lead the Group 3 field. AP

SEMIS DUEL

Meralco’s Anjo Caram challenges a taller Troy Rosario of TNT during Game Five of their semifinal series in the Philippine Basketball Association Governors’ Cup on Monday night at the Ynares Center in Antipolo City. The KaTropa won, 89-78, and will face Barangay Ginebra San Miguel in the best-of-seven Finals starting on January 8 at the Smart Araneta Coliseum.

honed and perfected their craft to become one of the most decorated acrobatic troupes in Asia with 67 golden awards from local and international award-giving bodies.

The group has performed in 132 countries with the Philippines as its 133rd destination.

Which got me thinking. Acrobats must be athletes too, aren’t they? And extraordinary ones at that. Their balance can be described as superhuman. Their motor coordination, superb.

Their agility, out of this world.

Acrobatics are gymnasts, but they are more than that. They are dancers, aerialists, sometimes contortionists, tightrope walkers or hand walkers.

Do they train as hard for their art as gymnasts, figure skaters and synchronized swimmers train for their sport?

They do. Maybe harder.

Just like Tiger Woods and all other phenomenal athletes who are international Idols, acrobats start training for their craft as children, usually eight to nine years old, sometimes younger. They train for seven to eight hours everyday on basic skills and performance rehearsals, under the watchful eyes of their coaches, Mr. Wang Xiaosheng and Mr. Wu Yong who also performs along side the younger acrobats.

But unlike world-renowned athletes, these perfectly trained artist-athletes remain anonymous and perform their art out of pure love for what they’re doing, not to compete for medals and universal rankings.

They just toil through every dreary day of getting to be technically perfect. But they do it

with love and are content to be part of a group, no individual achievements here. Besides gymnastics, acrobats also lift weights, swim and perform martial arts to make their bodies achieve both grace and strength. But beyond just the physical and technical preparation, they also train in drama and get to perform for film and television. Acrobats must always be in tune with the feeling of their act and also practice that art. They are primarily entertainers, not competitive athletes, after all.

Each artist has to go through six years of training in the craft before he or she can perform on stage.

Because the acrobatic show is essentially a variety show, the acrobats can perform in four to five different acts a night. Some artists are solo artists because nobody else can execute the acts that they do.

The 70-year-old CNAT views its performances in the Philippines this Christmas as “very special.”The troupe closes its 69th anniversary in Manila and will also open their 70th year anniversary performing before Filipinos.

CNAT’s world-class acts have been recognized by prestigious award-giving bodies as “the most spectacular, most enthralling, boldest, most daring and eye-pleasing acts in the world.” One of these signature acts is entitled “Gorgeous Girls with Diabolo” (Chinese Yo-yo) starring Peking Opera’s Huadan (Heroine) in beautifully choreographed diabolo techniques and dances. The sequences are highlighted by the performers’ visually stunning costumes.

The Gorgeous Girls with Diabolo was awarded the President Award of the 26th International Circus Festival of Tomorrow in France; the Golden Clown Award of the 37th International Circus Festival of Monte-Carlo; the Gold Award of the 12th Budapest Festival in Hungary; and the Gold Award of the 1st International Festival of Circus Art on Fontanka in Saint Petersburg.

CNAT will also perform “The Ninth Wave” (Skills on Poles) an interpretation of the famous Russian painter Ivan Aivazovsky’s work depicting soldiers braving the angry ocean. This act received the Golden Chrysanthemum Award of the 10th Chinese Acrobatics Competition; the Golden Tiger Award of the 4th China International Circus Art Festival; and the Special Award and Silver Clown Award of the 43rd International Circus Festival of Monte-Carlo.

The All-new Grand China Acrobatic Circus will run until January 4, 2020, at the Smart Araneta Coliseum.

Tickets can be bought through www.ticketnet.com.ph or via the Araneta City Mobile app.

Hey, Merry Christmas, everybody!

World Companies BusinessMirror

B4 Thursday, December 26, 2019

Editor: Angel R. Calso

Boeing discloses ‘very disturbing’ messages on Max to FAA

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NEW batch of messages between Boeing Co. employees on the development of the 737 Max paints a “very disturbing picture” of concerns about the plane, according to an aide to a House committee.

The documents were turned over to the Federal Aviation Administration on Monday, the agency said in a statement. The disclosure came the same day that Boeing ousted its chief executive officer.

At least some of them were written by the same Boeing pilot whose 2016 messages were released in October and were the subject of sharp questioning by lawmakers, according to a person familiar with their contents who wasn’t authorized to discuss them.

The communications haven’t been released publicly. The staff of the Transportation and Infrastructure Committee are still reviewing the messages and didn’t provide specific details about what they contain.

“But similar to other records previously disclosed by Boeing, the records appear to point to a very disturbing picture of both concerns expressed by Boeing employees about the company’s commitment to safety and efforts by some employees to ensure Boeing’s production plans were not diverted

by regulators or others,” a committee aide said in a statement.

“The committee will continue to review these and other records provided by Boeing as part of the committee’s ongoing investigation,” the aide said.

Boeing brought the e-mails to the FAA and Congress “as part of our commitment to transparency with our regulators and the oversight committees,” the company said in a statement.

“As with prior documents referenced by the committee, the tone and content of some of these communications does not reflect the company we are and need to be,” the company said. Boeing has made changes to enhance safety, it said.

Boeing fell 1.3 percent to $333 at the close in New York, as markets shut down early because of Christmas Eve. This was the second time that the Chicago-based company has delayed turning over to the FAA sensitive messages related to the development of the 737 Max. The jetliner was grounded in March

This Thailand home-décor firm has gained 1,965% in a decade

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HE do-it-yourself business has been good to buy-and-hold investors of Siam Global House Plc., delivering a 1,965-percent gain the past decade, the second-best performance among Thailand companies in the period.

Analysts expect further upside in 2020, with a consensus 12-month target price of 17.5 baht, about 10 percent higher than recent trades. SCB Securities Co. and BNP Paribas Equity Research each recently issued reports affirming their buy ratings and 19.5 baht price targets.

Siam Global’s gain this decade, topped only by state-controlled credit firm Krungthai Card Pcl., came despite an 11-percent drop the past 12 months. Thailand’s economy has expanded at the slowest rate since 2014—and at less than half the pace of Indonesia, Philippines and Vietnam. Operating margins have been squeezed by “aggressive expansion” to almost 70 stores, though a “payoff is due in 2020,” Bualuang Securities said in a recent report, adding that government policies to boost farmers’ incomes should also help.

This year’s price retreat was the worst among the world’s 30 largest home product stores by market value, according to data compiled by Bloomberg, which indicate a median gain of 29 percent by those retailers through Decem-

ber 23. Bed Bath & Beyond Inc., Home Depot Inc., Dunelm Group Plc. of the UK and Wilcon Depot Inc. of the Philippines were among the renovation, décor and garden-product sellers that outpaced the industry average.

Siam Global had two major share surges the past decade. The first was in 2012, when Siam Cement Pcl. bought almost a third of the warehouse store chain. That investment come shortly after Thailand’s biggest flood in 16 years enveloped much of the central plains for months.

Siam Cement’s direct stake of 28.6 percent is now worth about 19.1 billion baht ($630 million), data compiled by Bloomberg show. The second rally was from 2015, shortly after the military seized power in a coup.

Siam Cement still plays second fiddle to the founding Suriyawanakul family, whose members are collectively the largest shareholders and occupy most senior management positions.

Siam Global also stands out by geography.

Its headquarters in Roi Et province, site of its first store, is within the agriculture-focused region in Northeast Thailand known as Esarn. Among the 603 companies in the benchmark SET Index, fewer than 10 are based in this area.

Bloomberg News

Purdue Pharma owners ditch bid to make public their defense report

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URDUE Pharma LP’s billionaire owners have retracted their request to make public a 580-page internal report— only hours after telling a judge that it would bolster their defense against allegations they helped trigger the US opioid epidemic.

The Sackler family, whose bankrupt company developed the painkiller OxyContin, asked in a December 20 court filing to release a presentation prepared for Purdue creditors outlining its factual and legal defenses. The family argued the report would help rebut unfair allegations that they caused the public-health crisis, a narrative that was undermining Purdue’s $ 10-billion settlement proposal to end 2,700 lawsuits filed by states and local governments.

But hours after filing the request last week with US Bankruptcy Judge Robert Drain in New

York, the family’s lawyers reversed course and asked to withdraw the motion, without explanation, court records show.

“After subsequent conversations with other parties, we decided to not proceed with the motion at this time,” Daniel S. Connolly, an attorney for members of the Sackler family, said on Tuesday in an e-mailed statement.

“We will continue to work constructively with the other parties in interest to advance the proposed settlement.”

The Sacklers and Purdue have been accused by some states and local governments of causing a national opioid epidemic that’s led to more than 400,000 deaths, in part by overseeing a deceptive marketing campaign that pushed doctors to overprescribe OxyContin and downplayed its highly addictive nature.

Bloomberg News

IN this April 26, 2019, file photo, a worker walks past a Boeing 737 Max 8 airplane at Boeing’s assembly facility in Renton, Washington. Boeing CEO Dennis Muilenburg resigned on December 23, 2019, with no end in sight to the crisis that has engulfed the manufacturer and its Max 737 jetliner. AP PHOTO/TED S. WARREN

after a design flaw was linked to two fatal crashes, in Indonesia and Ethiopia. The earlier episode involving messages prompted a rebuke by the agency and stirred tensions between the regulator and the planemaker.

The FAA didn’t comment in its statement on the content of the emails, saying only that they were under review. The company’s decision to turn the e-mails over to the FAA was reported earlier by The Seattle Times.

The way Boeing handled the second set of records rankled the

agency, according to a person familiar with the issue who wasn’t authorized to speak about it. Boeing told the FAA the messages existed in recent days, but didn’t initially provide them or disclose their contents, said the person.

Dennis Muilenburg stepped down on Monday as Boeing’s CEO, at least partly as a result of deteriorating relations with the FAA, according to a statement from the company’s board.

In October, Boeing disclosed to the FAA instant messages and e-mails by a high-ranking com-

pany pilot who in 2016 expressed misgivings about the software implicated in two fatal crashes on the Max. Boeing had known about those messages since early in the year and turned them over to the Justice Department in February. It didn’t give them to the FAA immediately because of the criminal investigation into how the plane was approved, Bloomberg News reported at the time.

The delay angered the FA A, which is charged with overseeing Boeing. One of the agency’s key te-

nets is that entities it oversees must disclose safety issues or possible breaches of regulations. In some circumstances, failing to tell the agency about such an issue may be considered a legal violation.

“The FAA finds the substance of the document concerning,” the agency said in a statement on October 18. “The FAA is also disappointed that Boeing did not bring this document to our attention immediately upon its discovery.”

The November 2016 instant messages disclosed in October, which were reviewed by Bloomberg News, were between Mark Forkner, then Boeing’s chief technical pilot for the 737, and another 737 technical pilot, Patrik Gustavsson.

Forkner expressed concern that the flight-control feature later implicated in the crashes was “running rampant” and said he might have unknowingly misled the FAA about it. In separate e-mails he sent to an unnamed FAA official, he said he was “Jedi-mind tricking” regulators outside the US into accepting Boeing’s suggested training for the Max. A lawyer for Forkner, David Gerger, said issues raised in the messages were the result of balky simulator software and not a result of problems with the plane itself.

Forkner believed the plane was safe and didn’t mislead the FAA, Gerger said.

Gerger didn’t respond to requests to comment on the latest messages and whether they involved his client. Bloomberg News

Former Uber CEO severs ties with ride-hailing giant

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EW YORK—Travis Kalanick, who built Uber into a ride-hailing giant, only to be ousted as CEO over the company’s sexist “bro” culture, is cashing out.

Kalanick disclosed on Tuesday that he has sold off all his Uber stock—estimated at more than $2.5 billion—and is resigning from the board of directors, severing ties to the company he cofounded a decade ago.

“Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits,” the 43-year-old entrepreneur said in a statement.

Uber, based in San Francisco, transformed the way people get around and how they make a living, too, turbocharging the gig economy and undermining the taxi industry. Its nearly 4 million drivers around the globe have logged 15 billion trips since 2010, when Kalanick and Garrett Camp came up with the idea of hailing a ride from a smartphone after a trip to Paris when they couldn’t find a taxi.

But Kalanick was fired as CEO in the summer of 2017 with the company mired in lawsuits.

Uber under Kalanick grew with incredible speed, but like a number of other tech startups, it ran into trouble with a corporate culture that appeared at times to be spinning out of control. Before his ouster as chief executive, Kalanick acknowledged he needed to “fundamentally change and grow up.”

His career at Uber seemed to fit a certain pattern seen in Silicon Valley: The brash and disruptive personalities who are great at cre-

IN this February 7, 2018, file photo, former Uber CEO Travis Kalanick leaves federal court in San Francisco. Kalanick will resign from the company’s board next week, effectively severing ties with the company he cofounded a decade ago.

AP PHOTO/JEFF CHIU

ating start-ups can be ill-suited for the corner office when the company reaches maturity.

Sometimes “adult supervision” in the form of experienced executives has to be brought in.

In one of the Uber’s biggest scandals, Kalanick was accused of presiding over a workplace environment that allowed rampant sexual harassment.

A former Uber engineer, Susan Fowler, leveled sexual harassment and sexism allegations in a 2017 blog post, saying a boss— not Kalanick—had propositioned her and higher-ups had ignored her complaints. Kalanick called the accusations “abhorrent” and hired former Attorney General Eric Holder to

investigate. Holder recommended reducing Kalanick’s responsibilities.

After multiple investigations, Uber fired 20 employees accused of sexual harassment, bullying and retaliation against those who complained. This month, the company paid $4.4 million to settle a federal investigation over workplace misconduct.

The problems went beyond employee relations.

Waymo, the self-driving car company spun off from Google, sued Uber in 2017, alleging a top manager at Google stole pivotal technology from the company before leaving to run Uber’s self-driving car division.

Uber also gained a reputation under Kalanick for running roughshod over regulators, launching in markets before officials were able to draft rules and regulations to keep the ride-hailing business in check.

During Kalanick’s tenure, The New York Times revealed that Uber used a phony version of its app to thwart authorities in cities where it was operating illegally. Uber’s software identified regulators who were posing as riders and blocked access to them. The US Justice Department is investigating.

“Many investors will be glad to see this dark chapter in the rear view mirror,” Dan Ives, managing director of Wedbush Securities, said in a note to investors.

Kalanick, through a spokesman, declined to be interviewed on Tuesday.

Kalanick is not alone among visionary tech entrepreneurs who have stumbled after building start-ups from nothing.

Tesla founder Elon Musk has had too loose a grip on his Twitter habit and has been fined

by the Securities and Exchange Commission for misleading investors with a tweet. He was also sued for defamation, but ultimately cleared, for going on Twitter and calling a British cave explorer “pedo guy”—short for “pedophile.”

Adam Neumann, the former CEO of WeWork, recently stepped aside after the workplace-sharing company canceled its initial public offering amid concerns about his judgment, including his use of WeWork stock to secure a $500-million personal loan.

After Kalanick’s ouster, former Expedia CEO Dara Khosrowshahi was brought on as Uber’s chief executive to clean up its image and steer the company to its stock market debut in May. But Uber’s stock floundered and fell almost 11 percent in its first day of trading as a public company. It has tumbled more than 30 percent since.

“Let’s call it like it is: Uber stock has been a nightmare since the IPO coming out of the gates,” Ives said.

Kalanick had been one of Uber’s biggest shareholders, owning 9 percent of the company at the time of the IPO. Sam Abuelsamid, principal analyst at Navigant Research, said it was not surprising Kalanick sold his stake.

“He, like everyone else, probably realizes now that Uber and its competitors are unlikely to reach sustainable profitability in the foreseeable future,” Abuelsamid said.

“Automated vehicles are not the savior for ride hailing and won’t be mainstream for many years. With that in mind, his Uber stake is probably as valuable as it will get for a long time, if not forever.” AP

QIAGEN SLUMPS ON DECISION TO STAY INDEPENDENT AFTER TALKS WITH BUYERS

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IAGEN NV slumped 26 percent in post-market trading in the US after the Dutch molecular-testing firm ended discussions with potential acquirers, calling the proposals “not compelling,” and decided to continue on as a stand-alone company.

Qiagen disclosed in mid-November that it had received interest from potential buyers and was

reviewing strategic alternatives.

The execution of the current standalone business plan represents “the best opportunity to drive future value creation,” Qiagen said in a statement on Tuesday.

The shares slumped to $30.50 after the markets closed early on Christmas eve. That’s below their level before Bloomberg News first reported that Thermo Fisher Sci-

entific Inc. approached Venlo, Netherlands-based Qiagen about a potential purchase. Qiagen disclosed its strategic review two days after that report.

Thermo Fisher didn’t immediately return a request for comment.

The decision to stay independent follows a period of tumult for Qiagen. In October, the company cut its outlook and announced the

departure of its longtime chief executive officer, Peer Schatz, which sent the shares down to $25.41, the lowest level in almost three years.

Qiagen said at the time it would partner with genome-sequencing industry giant Illumina Inc. and suspend its own genome-sequencing instrument development as part of an effort to “free up resources.”

Bloomberg News

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Oh Shepherd of Israel

EAR God, You guide Your people in love. In faith we cry out to You: Come, save Your people, oh God. Rescue those who are entrapped in human trafficking, drug addiction or abusive relationships. Thwart the plots of terrorists, scammers, hackers, and all who plan evil and harm. Show Your faithful love to those, who find it difficult to trust or forgive. May God guide us along pastures of peace and forever keep us in care, through Christ Jesus, whose day draws near. Amen.

GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

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A VIEW of the newly restored Royal Gardens, in Venice, Italy, on December 17.

Life

ANDY SERKIS ON WHY THE WORLD NEEDS A NEW ‘CHRISTMAS CAROL’ C3

BusinessMirror

Thursday, December 26, 2019

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PHOTOS: AP

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ITALIAN Culture Minister Dario Franceschini visits the Royal Gardens.

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A WAITER walks at the Royal Gardens. After an extensive restoration, the gardens reopened Tuesday, as a symbol for both of the lagoon city’s endurance and the necessity of publicprivate partnerships to care for Italy’s extensive cultural heritage.

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A WOMAN visits the Royal Gardens.

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ANOTHER view of the Royal Gardens.

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VENICE’S Royal Gardens were first envisioned

by Napoleon, flourished under Austrian Empress Sisi and were finally opened to the public by the Court of Savoy, until falling into disrepair in recent years.

Venice’s endurance symbolized in Royal Gardens reopening

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By CollEEN Barry The Associated Press

ENICE, Italy—Venice’s Royal Gardens were first envisioned by Napoleon, flourished under Austrian Empress Sisi and were finally turned over to the public by the House of Savoy, only to fall into disrepair in recent years. After an extensive restoration, the gardens reopened Tuesday as a symbol for both of the lagoon city’s endurance after last month’s record floods, and the necessity of public-private partnerships to care for Italy’s enormous cultural heritage.

Italian insurer Generali spent some €3 million ($3.5 million) to renovate the Royal Gardens adjacent to Saint Mark’s Square, and will receive a tax write-off of 65 percent over the next three years under Italy’s Art Bonus program.

It is part of €400 million spent by over 1,000 individual and corporate donors to restore and renovate cultural treasures since the program, modeled after similar tax breaks in countries like the United States, was launched in 2014.

Culture Minister Dario Franceschini, on hand for the inauguration, said such public-private partnerships need to grow, “in a strong, I hope, exponential way’’ to augment the “public resources that can and must be given to protect our historic, artistic treasures.”

The series of great tides last month—starting with a 1.87-meter (6.14-foot) flood on November 12, that was the highest in 53 years, followed by another two exceptional tides over 1.5 meters within days—has emphasized both Venice’s vulnerability and the need for resources.

Venice’s mayor, Luigi Brugnaro, has given a preliminary estimate of damage at more than €1 billion. The Italian government released €20 million in emergency funds right after the disaster, and on Tuesday earmarked another 60 million in next year’s budget under a special law for Venice established after a record flood in 1966 revealed the urgent and unique requirements to maintain a city built among some 120 islands.

Those funds in recent years have mostly been diverted to underwater sea barriers dubbed Moses,

designed to protect the city from exceptional flooding but which won’t be operational before the end of 2021.

Critics say the diversion of funds has been at the expense of regular maintenance of the historic city and lagoon.

Brugnaro said priority will be given to residents whose homes are most vulnerable to flooding, and to people who live in Venice, not who rent out properties to tourists. The mayor acknowledged the competition in resources between protecting residents and safeguarding the city’s treasures.

“We have a duty to resolve things,” Brugnaro said. “We resolved the gardens, we will resolve also the Moses, and then the next thing to resolve is the problem of the cruise ships” that pass though Saint Mark’s basin, posing environmental dangers and, as demonstrated by a cruise ship accident this summer, safety hazards.

A detailed survey is still under way to determine the extent of damage to Venice’s historic treasures, Franceschini said.

Saint Mark’s Basilica, the most significant of the some 40 churches that sustained damage, alone is

estimated to have sustained €5 million in damage.

The Royal Gardens themselves were not flooded, incredibly, given their location between Saint Mark’s Square, the city’s lowest point, and the mouth of the Grand Canal. Napoleon, himself, ordered the gardens be built high to protect them from flooding, according to Paolo Pejrone, who designed the new gardens to be sustainable, with plants, trees and bushes requiring little water, and providing ample shade.

Located just off the Saint Mark’s vaporetto stop, it will provide Venetians and visitors alike a place of peaceful respite, with shaded benches, and a direct access to Saint Mark’s Square over a draw bridge that had long been disused.

Franceschini said the project was exemplary and called on Italian entrepreneurs to consider donating to protect Italy’s heritage as part of their business model, noting that the 65-percent tax break is the highest offered in Europe.

“I would like to arrive at a point in which the social standing and image of a company is also measured by how much they have given back to the protection of the historic treasures of this nation,” he said. n

Holiday travel reminders

By MaryGraCE aC-aC, DBa, CGSP THE most wonderful time of the year is here, and it is also one of the busiest travel seasons—whether it may be a trip back home for a reunion, or an end-of-the-year adventure.

As a lover of travel, I wish to share some holiday travel tips: TIP 1: RESEARCH, RESEARCH, RESEARCH. We cannot overemphasize the importance of research, where everything is within reach.

Compare promos, discounts and special packages on airlines, lodgings, land arrangements and meals. Be wary of hidden charges.

Check on climate and travel advisories.

Be aware of religious customs and local traditions. Confirm any food restrictions on pasalubongs you plan to gift.

Update your travel insurance coverage.

TIP 2: PACK SMART. Thoroughly inspect the wheels, zippers and locks of your suitcases.

Make certain your bags have proper distinguishable identifiers and tags to

therefore, a no-no. Wear thick socks if removal of shoes are required.As high-altitude travel causes dehydration, remember to hydrate. Refrain from consuming alcoholic beverages.

Upon arrival, position yourself at the baggage carousel where you can spot your bags come out of the chute. There should be enough space for you to safely, and comfortably, retrieve your luggage.

TIP 4: ENJOY, HAVE FUN, CREATE MEMORIES.The ultimate goal of a vacation is to relax. Have an open mind. Leave your problems, troubles and concerns at home.

Live the experience to the fullest. Seize the moment.

prevent airport mishaps.

Before anything else, pack extra copies of your travel documents in different folders in separate bags. Medicines should be prioritized—bring along your prescription for them just in case of situations.

Do not overestimate the weather. It is always wise to bring a shawl, sweater, extra jacket or a coat, plus appropriate

headgear and umbrellas for imperfect days. Have some extra small bags and ziplocks for emergencies. Bubble wrap is always handy for delicate purchases abroad.

When traveling with gifts, I recommend not to gift wrap them as this may cause delays at the airport security.

Refrain from overpacking, you will always regret it more than once.

TIP 3: D-DAY. Vehicular and human traffic is the norm of the season, so get to the airport early.

Arrive at least three hours for an international flight, and two hours for domestic flights. The busiest days are usually December 22, 23 and 26.

Moccasins, sandals or loafers are best when flying due to security measures.

Laced shoes are cumbersome and,

n Dr. Ac-ac is an associate professor at the School of Hotel, Restaurant and Institution Management of the De La Salle-College of Saint Benilde, and holds the title of a certi�ied guest service professional accredited by the American Hotel and Lodging Association. She is an active member of various tourism and hospitality professional associations; a board member of the Philippine Association of Researchers for Tourism and Hospitality; and president of their small privately owned museum in Laguna.

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Thursday, December 26, 2019

Parentlife BusinessMirror

www.businessmirror.com.ph

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Chris Daughtry, 40; Jared Leto, 48; Ozzie Smith, 65; John Walsh, 74.

HAPPY BIRTHDAY: Think big, but don’t overdo it or take on something impossible. Refuse to let your emotions carry you in a direction that isn’t in your best interest. Think matters through, and make adjustments based on what will bring you the highest return. Time is on your side, so slow down and consider each move you make very carefully. Your lucky numbers are 2, 9, 17, 23, 28, 41, 45.

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ARIES (March 21-April 19): Relax and go with the flow. Don’t venture into conversations or down paths that will lead to a difference of opinion or dispute. Focus on personal growth and positive change. Take care of your health and nurturing significant relationships. ★★

b

TAURUS (April 20-May 20): A positive attitude will lead to good ideas and conversations. Concentrate on the possibilities, spend time with the ones you love and make decisions about what you want to accomplish next year. ★★★★★

c

GEMINI (May 21-June 20): Moderation in all aspects of life is favored today. Taking good care of your physical health and well-being will encourage positive lifestyle changes as you head into next year. Set up a routine that promotes fitness, a healthy diet and meditation. ★★★

d COUNTERCLOCKWISE: Teacher Lois with Marcus at the UP School of Statistics Auditorium on December 15; Marcus playing “Concertino 3” by George Perlman; Coach Lucio with Marcus when he won his first gold medal at the Ateneo St. Ignatius Fencing Competition last March; Teacher Karl with Marcus at the World Sakamoto Competition in Malaysia in April 2018; my sister Joan on her birthday with Meagan and Marcus in Australia last year.

CANCER (June 21-July 22): Plan for the future, show enthusiasm and be your very best. Don’t make unnecessary changes that are costly or cause physical injury. Stick to a simple way of life that offers more free time with the one you love. ★★★

A Christmas ‘concertino,’ competitions and coaches for life f

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LEO (July 23-Aug. 22): A change at home may take you by surprise or leave you in a position where you’ll have to defend yourself. Take a step away from whatever situation you face, and focus on gains, self-improvements and personal growth. ★★★

MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

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AST week I shared a list of three distinct events on how December was off to a great start. This week, my list continues but comes in combinations and crossovers.

A week after the SEA Games, my kids joined The Young Musketeers. Meagan won silver for 16 and under. Marcus won gold for 10 and under. He also won bronze for 12 and under. My first Christmas joy goes to my son’s leap in personality.

When Marcus was in prekindergarten, he only spoke to one person in class the whole year. When he went to the big school, he also had one friend for the next two years. I remember when I was planning his seventh birthday at home; I could only invite three kids—his Pre-K friend, that friend’s brother and his one friend from kindergarten.

I always loved my son’s traits as an introvert.

He was more into his violin, latest toy collection and math. I found it fascinating that he could be so deeply focused on one task. I also appreciated how affectionate he was with people he cared about. Today, the one boy he spoke to in Pre-K remains to be his best friend, even if they are no longer in the same school. I am truly grateful to see that Marcus has stepped out of

continue. Now, even if he is more into sports, he still consistently looks forward to his classes without prodding. When I saw Marcus’s proud but shy smile as he approached Teacher Lois after his recent recital, and how Teacher Lois embraced him with kind words, I understood better why. Thank you, Teacher Lois, for sharing to Marcus your time, talent and, most of all, warmth, which my once-shy boy really needed to come out of his shell.

I have shared about Teacher Karl’s role in Marcus loving math. In my son’s words, “Teacher Karl teaches [math] properly and in a fun way.” Through the years, they have developed a closer bond because of their love for toys. Teacher Karl would ask Marcus about a toy he might like. His most recent surprise was gifting Marcus with a bobble head Sheldon Cooper for Christmas. Thank you, Teacher Karl, for accommodating both my kids to your schedule.

I admire and am grateful to you for being a great teacher and friend to my son all these years.

In the past year, Marcus has devoted most of his free time to his fencing classes. In the beginning, I was not sure if he would like the speed and combative mindset of the sport. I saw how confused he was with the rules and how tired he was after his twohour practices. He was very lucky to have coaches in Republic Fencing to guide him. Coaches Eric, Alvin, Don and especially Lucio would push him hard but, at the same time, they also knew which buttons to push for him to love the sport.

As 2019 comes to a close, may we as parents also take time out to thank all of our kids’ “Coaches for Life.”

A special birthday shout-out to my sister, Joan, who has and continues to be my kids’ most unique, funny and caring “coach” in the world. We all love you a gazillion times. n

his comfort zone while keeping his core.

On December 15, he performed his longest piece yet in violin, “Concertino 3” by George Perlman.

While I was taking the video, I felt fondly surprised by how my son can embrace seemingly difficult things with such relaxation.

I look back and attribute it to him starting with “learn through play.” His free art and play time since he was one taught him to embrace mistakes with fun and resolve. I am grateful for his new friends who laugh, listen and support him.

Most of all, I believe Marcus has been truly lucky to have great mentors who push and nurture him. So next in my gratitude list are my kids’ coaches. I always prayed for teachers who would nurture my kids like their own. This involves lots of patience because I know how headstrong my kids are.

Teacher Lois has been Marcus’s violin teacher since he was four years old. I remember one time a while back, I was quietly listening in while hiding outside her music room.

Marcus was a bit sleepy during the class, but I heard teacher Lois’s calm encouraging voice. She did not get angry but reminded him to do better. At career day that year, he said he wanted to be a musician when he grew up. Teacher Lois prepared him no differently than if it were a major recital. Later on, at Grade 1, his school actually invited him to play during the intermission for one of the school program. I was worried if my shy boy would have the courage to do a solo in an auditorium full of hundreds of people.

Thanks to Teacher Lois’s tutelage and days of practice, Marcus, in his cute red bow tie, made another step outside his comfort zone.

When Marcus was eight, I felt it was time he decided if he wanted to continue his classes. When I asked him, he immediately said he wanted to

VIRGO (Aug. 23-Sept. 22): You don’t have to say anything; in fact, it’s better if you don’t. Follow through with your promises, take action, bring about positive change and set personal goals that will encourage healthier relationships, better routines and reasonable goals. ★★★★★

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LIBRA (Sept. 23-Oct. 22): Speak up and take action if someone gives you a hard time. If you let someone take over and make decisions for you, it won’t lead to happiness.

Compromise is necessary for all relationships. ★★

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SCORPIO (Oct. 23-Nov. 21): Take the road less traveled. Let your curiosity and imagination manifest creatively. Consider what will set you free and bring you joy. It’s time to make some decisions that will ease stress and bring out the best in you. Put health first. ★★★★

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SAGITTARIUS (Nov. 22-Dec. 21): Touching base with someone from your past will encourage you to make a positive change to the way you live and handle your cash, and how you move forward. Consider what you want, and turn your wishes into reality. Romance is encouraged. ★★★

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CAPRICORN (Dec. 22-Jan. 19): Don’t feel you have to keep up with anyone or take on more than what’s necessary. Take time to mull over conversations you’ve had the past few days and what you want to share with anyone you talk to today. ★★★

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AQUARIUS (Jan. 20-Feb. 18): A day of pampering, rest, relaxation or downtime with someone you love is encouraged. Problems while driving or concerning health and welfare could be jeopardized if you don’t stick close to home. ★★★

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PISCES (Feb. 19-March 20): Take a look at your personal papers, and update anything time-sensitive. Consider making adjustments or helping someone who can be useful to you, as well.

It’s what you do, not what you say, that counts. ★★★★ BIRTHDAY BABY: You are outspoken, positive and motivated.

You are sensitive and progressive.

‘double play’ BY PAUL COULTER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Old hat 6 Bloke 10 Former CBS forensic show 13 It encircles a lagoon 14 Series of ancestors 15 Chinatown neighbor 16 Extinct bird this puzzle’s constructor wishes he could’ve met?

19 Lovers’ clash 20 Long ones are slim 21 Michelangelo masterpiece 22 Hee-___ 24 Intention 25 Disgusting Internet phenomenon?

33 Start of many rappers’ names 34 You shouldn’t cast them before swine 35 Neck and neck 36 Casual attempt 38 Louvre Pyramid designer I.M. 39 Needing charging 40 Entr’___ 41 Some are whooping 44 ER extras 45 Game cube thrown by an Egyptian

deity?

Jimmy Eat World genre Late comic Conway Five, in Mexico City ___ one’s time Coin opening Director’s urging to the dog in The Wizard of Oz? 63 Burden 64 What may come down in buckets 65 A la King 66 Fuel for an Expedition 67 Italy’s biggest volcano 68 Sprinkle holy water on DOWN 1 Places to doodle during meetings 2 Situated above 3 Fizzy drink 4 They may sleep while hanging 5 Name hidden in “Cornelia” 6 Attired 7 Like a dog’s back legs 8 Aardvark’s snacks 9 Stroke gently 10 Pine ___ (wreath decoration) 11 Casual attempt 48 49 50 53 56 60

12 15 17 18 23 24 25 26 27 28 29 30 31 32 33 37 41 42 43 46 47 50 51 52

Caucus state Glanced over “Holy moly!”

Mayberry boy Modern dating platform Ice Bucket Challenge initials Abandon Make very happy Bay of Naples isle Precincts Russian pancakes Tinker to ___ to Chance Destined (to) Infinite loops don’t have them Aspiring atty.’s exam Adorns Boardroom biggie Aromatic compound Biol., e.g. “___ the opinion...”

Brewery named for a Dutch river Blockage New Rochelle college French pronoun whose last two letters are an English translation 53 No angel

54 55 57 58 59 61 62

“Victory is mine!”

Actress Delany Elders’ teachings Elevator maker “Little piggies” Bonanza find Nebraska senator Fischer

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Thursday, December 26, 2019

EX-‘60 MINUTES’ REPORTER SUES ‘NEW YORK’ MAGAZINE OVER ARTICLE AUSTIN, Texas—Former 60 Minutes correspondent Lara Logan, whose 2013 report about the Benghazi attacks was retracted by CBS News over inaccuracies, is suing New York magazine over an article about the fallout that she claims tarnished her career.

Logan, who lives in Texas, is seeking $25 million in the lawsuit filed last week in a federal court in Austin.

Lauren Starke, a spokesman for New York magazine, said on Wednesday that the “article was thoroughly vetted and fact-checked, and we stand by our reporting.”

CBS News admitted it was misled in Logan’s report by a source who claimed he was on the scene of a 2012 attack on the US mission in Benghazi, Libya, but whose account was later discredited. Logan later appeared on CBS’s This Morning and apologized to viewers, saying it was wrong to include in the report Dylan Davies, a security contractor who claimed he took part in fighting at the mission.

Logan claims that a 2014 article in New York magazine about the report contained defamatory statements that hurt her reputation and led to a diminished role at CBS. Logan’s last 60 Minutes piece aired in 2018 and her contract was not renewed, according to the lawsuit.

A new documentary series hosted by Logan is set to air on Fox Nation, Fox News’ streaming service, in January. AP

GUY PEARCE as Ebenezer Scrooge (left) and Andy Serkis in character as the Spirit of Christmas Past in the movie A Christmas Carol. Serkis says the FX Original version of the classic Dickens tale is plugged into the modern zeitgeist.

Andy Serkis on why the world needs a new ‘Christmas Carol’

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By Hilary Fox The Associated Press

ONDON—Wearing a tall black hat, a heavy mottled fur coat covered in trinkets, a long beard and plenty of hair, Andy Serkis received a round of applause from the crew of A Christmas Carol after thanking them for their hard work on the set.

An hour later, he emerged clean shaven and delighted to be “derigged” from his garb as the Spirit of Christmas Past—a pagan-inspired look he describes as “total sensory deprivation.”

“I don’t think I’ve ever worn such an uncomfortable costume,’’ said Serkis. “The costume’s really heavy.

I’ve got an eye which is kind of a milky eye which I have no peripheral vision out of the right-hand side of my face. I’ve got long fingernails.”

It didn’t help that this festive offering was shot during a heat wave in July.

Even the colder night shoots were no relief. “I thought, I’ve got the best costume, I don’t need a warm set coat. But then it started raining and I realized when my costume started getting wet, it weighed about five times as much,” Serkis said.

This new version of A Christmas Carol, starring Guy Pearce as Ebenezer Scrooge, airs as an FX Original

Movie. Serkis, who is perhaps best known as the actor behind the computer-enhanced character of Gollum in The Lord of the Rings and Hobbit films, talked to The Associated Press on set in Hertfordshire, England, after wrapping his part in the production of A Christmas Carol last summer.

He described shaving off the heavy beard as “joyous.”

“I feel so much better,” he said. “My son will speak to me now.” Despite the discomfort of his “facial accoutrements,” this was a project Serkis couldn’t turn down. Coming from Peaky Blinders creator Steven Knight, this version of the classic Charles Dickens story was “plugged into the zeitgeist,” Serkis said.

The script appealed to him, he said, because although it told the tale “through a 19th-century lens, it feels incredibly contemporary—philosophically and emotionally and politically.”

“Everything is transactional in the world of Scrooge. Everything has a currency and a value and a monetary value. So, I think that sort of ultra or uber capitalist view is very much what Steven has been trying to grapple with,” Serkis said.

Serkis loves Dickens and isn’t surprised there have been so many screen versions of his work.

“At the end of the day, who needs another Christmas Carol?” he asked. “There’s so many Christmas Carols

and there’s so many versions of every Dickens story.

But when you have a production company and a writer and a creative team that have such a unique and specific take on the source material, then it’s something you’d love to be involved in for sure.”

Also on the set, Pearce’s Scrooge looked pale, tormented by his past. In his hand-sewn, Victoriantailored costume, he looked quite different from the stripy bed socks, night cap and comedic grumpy demeanor of many other interpretations.

Serkis thinks Pearce’s portrayal is something fresh. “He’s so wary of the cliché of presenting a Dickensian character. He wants him to be totally emotionally truthful, very, very subtly pulled back.

It’s a tightrope, but he’s avoided all of the trappings of any version of this character I’ve seen before. He’s really very mean-spirited, yet still, a grain of you feels some empathy toward him, even though he’s incredibly hard and refuses to be drawn into any kind of an emotional release,” Serkis said.

As for modern-day parallels, when asked which political figures could benefit from Dickens’s lesson on altruism, Serkis laughs.

“I don’t think the imagination has to stray too far really.... There are quite a few who could do with having the mirror held up to themselves, put it that way.” n

Nice car! Prince Charles uses AP Cuba pic for Christmas card LONDON—Britain’s Prince Charles has chosen an Associated Press photo taken on his historic trip to Cuba for his Christmas card.

The image by AP’s Ramon Espinosa shows the heir to the British throne behind the wheel of a classic car in Havana alongside his wife Camilla.

American cars dating from before Cuba’s 1959 revolution are a common sight in the country, but the one Charles drove was a British-built 1953 MG. After driving the convertible to Havana’s John Lennon Park, Charles described it as “the most beautiful car. It has an incredibly powerful accelerator.”

Charles, 71, visited Cuba in March in the first trip to the communist-run island by a member of the British royal family.

Espinosa has worked across the Caribbean for the AP. Earlier this year, he captured powerful images of the devastation in the Bahamas wreaked by Hurricane Dorian. AP

GMA wins big at the 2019 Migration Advocacy and Media Awards FOR raising awareness on Filipino migration issues and championing the cause of Filipinos overseas, leading broadcast company GMA Network was recognized with multiple awards in the television category of the 2019 Migration Advocacy and Media (MAM) Awards by the Commission on Filipinos Overseas held on December 17.

Winning the Best TV Series on Migration was GMA Public Affairs’ award-winning weekly drama anthology Tadhana. Hosted by Marian Rivera, Tadhana features the stories of struggle, failure, hope and triumphs of overseas Filipino workers.

Meanwhile, the pioneering and longest-running documentary program I-Witness and investigative news magazine program Reporter’s Notebook were both awarded Best TV Episodic Program on Migration.

I-Witness’s “Laban.DH,” a documentary by GMA News’s Howie Severino, narrated the full-cycle journey of Filipino domestic workers in Kuwait.

Anchored to their dreams of seeking employment abroad, their vulnerabilities exposed them to a life of constant violence on-site and were often faced with difficulties upon their

NETFLIX RELEASES THREE BRAND-NEW FEATURETTES FOR ‘THE WITCHER’

GMA News’ Howie Severino received the award for I-Witness.

return to the Philippines.

The winning episode of Reporter’s Notebook, “Mga Nagkukubling Anghel,” featured the story of children born in Sabah of Filipino parents. The story

by Maki Pulido showed how these children were not registered with the Malaysian authorities, nor did they have the registration documents that officially declare them as Filipino citizens, thus making them stateless.

GMA Pinoy TV, GMA Network’s flagship international channel, also earned honors for the network through its two original shows.

Becoming Pinoy, a short-form documentary that features Filipinos who were born of mixed ancestry and raised in different cultures, was named as the winner of the Best TV Interstitial on Migration under the Television Journalism Award category.

It was recognized for featuring Filipinos born and raised abroad, showing how they survived discrimination, found and appreciated their Filipino roots/heritage, and thrived in their chosen career.

GMA International, through its programming team, has already

produced 26 episodes to date.

Under the same category, the informative program Pusong Pinoy sa Amerika, hosted by Immigration Atty.

Lou Tancinco with Eric Quizon, was named as the Best Regular TV Program on Migration. Featuring immigration law concerns and Fil-Am stories, the show is now on its 15th season on GMA Pinoy TV. It explores the labyrinths of immigration law to guide the Filipinos abroad on their rights and privileges under the ever-changing immigration system.

FANS of The Witcher recently were given their first insight into the three lead characters of Geralt, Yennefer and Ciri, direct from the actors that play them and showrunner Lauren Schmidt Hissrich.

In three new character featurettes, each focused on a single character, Henry Cavill, Anya Chalotra and Freya Allan introduce their characters ahead of the series debut on December 20. The featurettes follow the character key art which the actors debuted on their social-media channels.

Based on the best-selling fantasy series of books, The Witcher is an epic tale of fate and family. The story of the intertwined destinies of three individuals in the vast world of The Continent, it is here where humans, elves, witchers, gnomes and monsters battle to survive and thrive, and where good and evil is not easily identified.

Cavill leads the cast of The Witcher saga, playing the role of Geralt of Rivia, alongside other main cast members Chalotra as Yennefer and Allan as Ciri. Other previously announced cast include Jodhi May as Calanthe, Björn Hlynur Haraldsson as Eist, Adam Levy as Mousesack, MyAnna Buring as Tissaia, Mimi Ndiweni as Fringilla, Therica Wilson-Read as Sabrina, and Emma Appleton as Renfri, Eamon Farren as Cahir, Joey Batey as Jaskier, Lars Mikkelsen as Stregobor, Royce Pierreson as Istredd, Maciej Musiał as Sir Lazlo, Wilson Radjou-Pujalte as Dara and Anna Shaffer as Triss.

C3

C4 Thursday, December 26, 2019

DOT urges travelers, “Discover Calabarzon”

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ORE and more travelers are discovering that CALABARZON offers a complete package for an extraordinary tourism experience. It is abounding with natural wonders, modern resorts and cultural heritage sites.

Calabarzon (Region 4A) refers to the contiguous provinces of Cavite, Laguna, Batangas, Rizal, Quezon.

One can find an array of choices for travel experience: water sports in Cavite, extreme

nature adventure in Laguna and Rizal, islandhopping in Quezon province, and discovering historical sites in Batangas and Rizal.

“On top of our fool-proof classic destinations, #DiscoverCALABARZON is our refined invitation to entice both new and returning travelers to explore our region as we give birth to infinite travel experiences year on year.” Needless to say, Region 4A is replete with the best-kept secrets awaiting to be discovered and we welcome everyone

to come and see the region’s wildly diverse destinations that will suit just about everyone’s preferences,” said DOT Director Marites Castro.

“Calamba, Laguna is the birthplace of our national hero Dr. Jose Rizal. Likewise, Cavite and Batangas provinces are among the cradles of Filipino patriotism and Christian faith. There is so much to be discovered in the depths of the seas of Verde Island and Anilao, Batangas where international underwater photographers have come to see the world’s most diverse marine species there is,” she added.

The new campaign doubles as the region’s “pledge of commitment towards sustainable tourism” in line with the Department’s endeavor in cementing a globally competitive and socially responsible tourism industry.

“Recognizing the rich natural and cultural wealth of the CALABARZON Region, we further pledge to fully implement sustainable tourism practices, consistent with the best environment and heritage protection standards, such that our present tourism resource requirements optimize both local community benefit and future sustainable uses,” stated an excerpt from the region’s pledge.

SCG Sharing the Dream Scholars show volunteers a different life perspective

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eyond manufacturing building products, SCG Philippines aims to build a better and sustainable future for Filipinos through the SCG Sharing the Dream scholarship program. It empowers eager and passionate high school students to reach their dreams and create a better future for their families.

SCG Philippines has been sponsoring this program since 2008. It was designed to support underprivileged yet promising high school youths through financial grants.Moreover, SGC volunteers conduct visits and counseling to these scholars, leading them to success. Due to this, SCG expanded the scholarship program a decade later to include college students in the program. The college scholars are chosen from the program’s high school alumni and are free to take any major of their choice.

The program has been beneficial to its

volunteers as well. SCG employees who volunteered to be part of the program not only initiate counseling and mentorship to help the scholars but are also exposed to their lives and perspective in life.

Janalynne Jarillas,a Sales Coordinator Manager at SCG, has been serving in the program since 2014. She regularly engages with the scholars and tries to maintain regular face-to-face interaction with them.

Jana shares that being a mentor to the scholars give her fulfillment in both her professional and personal life.

“Volunteering for this program is an eye-opener. Getting to know the students more, learning about their lives and just hearing about everyday stories of overcoming hardships many of us often overlook inspire me and help me appreciate life more.” said Jana.

As someone who experienced poverty and strived to change his life, Gerick

Gutierrez sees himself in the scholars and hopes to inspire them to do the same.

“I want them to see that nothing is impossible as long as you do not lose sight of your dreams and persevere,” said Gerick, who is a Sourcing Business Executive at SCG. “I am grateful for the opportunities that SCG has given me to pay it forward,” he added.

A special surFRIES awaited tired motorists during Rush Hour FRYday!

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ITH the holidays fast approaching, the traffic situation in Metro Manila is bound to get even worse than it already is— especially on payday Fridays.

Getting stuck in a traffic jam for hours on end is the last thing you want to happen after a long week of work. And that’s why McDonald’s decided to surprise tired motorists with free World Famous Fries on December 13, 2019 during rush hour!

For one night only, motorists and commuters stuck in traffic along EDSA were excited to see Fries Glitches in the form of online ads, which served as their digital coupon for free fries. They got to cap the day feeling a little better despite the long drive or commute

SM EMPLOYEES RAISE FUND FOR EARTHQUAKE VICTIMS. SM Foundation Executive Director Debbie P. Sy receives a cheque amounting to Php 251, 279.25 from Ms. Lolita Torres, Vice President for Human Resources of SM Retail, Inc. representing voluntary donations from employees of SM Retail and its affiliates for earthquakes victims in Mindanao. Aside from voluntary contributions from the employees, a choral competition dubbed “ Sing Mo, Share Mo “ was held as a fundraising drive for the said beneficiaries. Building F composed of employees from Accounting, Audit, Business Center Operations, Credit, Human resources and Information Technology Services was over-all champion. Aside from the cheque, cash donation was also given to the Foundation. Also in photo are from left: SMFI’s Cristie Angeles, Connie Angeles, Carmen Linda Atayde, SM Retails’s Mizph Jereh Rojo and Donna Dale Valencia.

UPSEAA AWARDS ALUMNI LEGISLATORS. University of the Philippines School of Economics Alumni Association President Jeffrey Ng awarded plaques of recognition to fellow alumni elected this year to Congress. From left: Rep. Peter John Calderon, Rep. Isagani Amatong, UPSEAA VP Rey Regalado, Rep. Edgar Chatto, Justin and Gertie Batocabe in behalf of the late Rep. Rodel Batocabe, Jeffrey Ng, Sen. Nancy Binay, Rep. Stella Quimbo and Rep. Cyrille Abueg- Zaldivar.

PHILIPPINES QUAKE: Save the Children to provide life-saving support following the devastating earthquake in Mindanao

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AVE the Children is worried for the safety and welfare of more than a million children in Southern Philippines following Sunday’s devastating earthquake, the fifth to hit the region since October.

The latest 6.9 magnitude earthquake jolted the towns of Davao del Sur, compromising vital infrastructures damaged by previous earthquakes in October and November.

An estimated 4.4 million people live in towns that sustained strong temblors, according to the Pacific Disaster Centee.

1.37 million are children aged 14 years old and below.

Atty. Alberto Muyot, chief executive officer of Save the Children Philippines said a team has been deployed to assess the situation and determine the extent of damage.

“We are coordinating with the local government on the ground to assess the situation of children and their families so we can respond to their urgent needs,” said Muyot.

The municipalities of Matanao and Magsaysay, Davao del Sur suffered intensity 7 shaking, while intensity 6 shaking was felt in Kidapawan; General Santos; Bansalan, Davao del Sur; Alabel, Malapatan, Sarangani and Koronadal.

Jerome Balinton, humanitarian manager of Save the Children Philippines said the destructive shaking hit the same towns that sustained massive damage during the earthquakes last November.

“We are concerned that the recent earthquake will prolong the displacement of families,” said Balinton. “The impact of the previous earthquakes and the 6.9 magnitude earthquake last Sunday will add burden to the affected families and local communities.

It will aggravate the current situation and can result to other risks to children.”

Save the Children Philippines is currently responding to the children and their families affected by the earthquakes in Mindanao.

Bayer Animal Health Philippines celebrates 3rd Year of Bring Your Pets to Work Day

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AYER Animal Health (BAH) Philippines recently opened the doors of its Canlubang Office to pets in line with its global advocacy to promote animal well-being (AWB). On its third year, Bayer’s Bring Your Pets to Work Day coincided with the World Animal Day this year.

Dogs, cats, love birds, and even exotic animals such as turtle and bearded dragon accompanied their pet parents to work. A pet blessing was conducted in celebration of the Feast of St. Francis of Assisi – patron saint of animals, which was attended by over 20 employees and pet parents.

In the afternoon, a pet wellness talk

on pet nutrition and parasite protection was conducted. Dr Marco Philip Ripoll, a pet nutrition consultant explained to the attendees the importance of looking after proper diet and nutrition for pets. While Bayer resident veterinarians Dr. Felina Mata and Dr. Mark Kevin Badiola explained effective and efficient parasite protection through Bayer’s Advantix Spot-on.

Pets were also given ultimate pampering during the day through the free dog grooming station where Bayopet Herbal Shampoos were used for a lasting soft, smooth, and healthy fur. Free onsite Advantix Spot-On were also given to

ensure a month-long parasite protection for dogs.

“Our passion for animals to ensure their health and well-being, so that they, too, can experience a good and happy lifetime transcends everything – boundaries, geographies, companies. It is this bond we will share wherever we are,” said Ms. Corito Mendoza, Country Head for BAH Philippines.

Bayer AH Philippines, along with its employees as Animal Well-being Advocates, continuously uphold its lifetime commitment to passionately care for animals.

when they visited nearby McDonald's branches to claim their free Medium Fries— crispy and golden on the outside and fluffy on the inside!

In a recently released online video that you can view through this link: https://youtu. be/UI6ACn9Mnqo. McDonald’s captured the excitement and happiness of customers after claiming their free fries on Rush Hour FRYday.

Were you one of the hungry motorists who got to experience McDonald’s surFRIES last Friday? Be sure to post about it and tag @McDo_PH on Twitter and Instagram. Stay tuned to the McDonald’s Philippines Facebook page for more ways McDonald’s continues to offer not only good food, but also feel good experiences!

Miss Silka Philippines 2019 beauty pageant kicks off with message of self-care

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HE search for the most beautiful and empowered Filipinas is now over!

Now on its 12th year, the Miss Silka Philippines 2019 beauty pageant, one of the most-awaited beauty pageants in the country, serves as an avenue to celebrate diversity among Filipina women by providing regional and cultural representation nationally.

Twenty-six candidates each representing different provinces who have won their respective regional titles, vied for the title of Miss Silka Philippines 2019. A whooping P150,000 in cash and exciting products were given to Miss Silka Philippines 2019’s big winner, Jaimee Nicole Angeles Manio of Pampanga. On top of that, P100,000 worth of donations will be given to her chosen charity.

Other winners are: Ms. Silka 1st Runner Up 2019, Angelica Corporal of Bulacan who wins P100,000; Ms. Silka 2nd Runner Up 2019, Ma. Izabel Lamberth of Baguio who gets P70,000; and Ms. Silka 3rd Runner Up 2019, Krisha Andrea Pekitpekit of Cebu who bags P50,000.

Beyond beauty and glamour, the Miss Silka Philippines 2019 pageant aims to serve as an inspiration to all Filipinas to value selfcare or more known in Filipino as “alaga.”

“We want to focus on and remove the stigma from self-love, self-care, and independence.” said Eunice de Belen, Senior Brand Manager of Silka. Each queen has their own advocacy and fought for the title currently held by Maraiah Queen Arceta from Cebu. “We want all Filipinas to know that self-care or “alaga

sa sarili” is essential. It is not about being wrapped up in oneself, as it strengthens andenables us to fully support and take care of others (our loved ones), contributing positively to community, society, and one’s chosen advocacy. After all, we cannot give what we do not have. Caring “alaga” has to start from oneself. Once you do that, you’ll see how much more you can give ‘alaga’ to others.” de Belen said.

In photo: from (L-R) Cosmetique Asia Corporation Chief Finance Officer Juanita Co, Miss Silka Philippines 2018 Maraiah Queen Arceta from Cebu, Miss Silka Philippines 2019 Jaimee Nicole Angeles Manio of Pampanga, Cosmetique Asia Corporation Chief Operating Officer Janssen Co, new face of Silka Green Papaya Angelica Panganiban, and singer, actress and host Yanah Laurel.

For more information about Silka and the pageant: Visit https://www.facebook.com/ SilkaSkincare and follow us on Instagram at @ SilkaSkincare.