BusinessMirror February 20, 2020 by BusinessMirror

HOUSE PANEL DEFERS CHA-CHA RESO O.K.

HE House Committee on Constitutional Amendments on Thursday abandoned its planned approval of the proposed Charter change (Cha-cha) to allow lawmakers more time to study the proposals. In an interview, Cagayan de Oro Rep. Rufus Rodriguez said the panel has decided to give each member and ex-officio member a chance to comment on the new resolution, which will include the recommendations of Inter-Agency Task Force (IATF) on Constitutional Reform. On Tuesday, Rodriguez had announced that his committee will approve the proposed Charter

Thursday, February 20, 2020 Vol. 15 No. 133

House ready to talk Citira with Senate T

By Butch Fernandez @butchfBM & Jovee Marie N. dela Cruz @joveemarie

HE House of Representatives is now open to accepting the Senate’s version of the proposed Corporate Income Tax and Incentives Rationalization Act (Citira) for as long as it is “fiscally reasonable.”

House Committee on Ways and Means Chairman Joey Sarte Salceda on Wednesday made an aide memoire addressed to the leadership of the lower chamber as the

Senate started its plenary deliberations on the Citira bill. “The interest of the House was speed, and many analysts claim that speed is now the paramount

consideration in Citira. In the interest of a speedy passage of Citira, the House may accept a Senate version of Citira that is fiscally acceptable, to avoid the uncertainty and

“The interest of the House was speed, and many analysts claim that speed is now the paramount consideration in Citira. In the interest of a speedy passage of Citira, the House may accept a Senate version of Citira that is fiscally acceptable.”—Salceda

policy distortions that a bicameral conference can sometimes cause, and to end the long and repetitive discussions once and for all,” said Salceda. However, he said his committee will object to a Senate version that retains the grant of tax incentives in perpetuity. See “Citira,” A2

PAL, CEB to restore flights to HK, Macau soon

See “Flights,” A2

PESO exchange rates n

from the media. We will keep this really a full discussion of every proposal of IATF,” he said. Rodriguez said the committee has to study these proposals because “after all, the DILG has gone into 62 provinces to be able to come out with this proposal which came from consultation.” The committee has so far tackled the territory and anti-turncoatism provisions. “Now we go to anti-dynasty, terms of office, then we go to the regional election of senators, and then the mandanas ruling increasing the share of our local governments,” he added. See “Cha-cha,” A8

P25.00 nationwide | 6 sections 60 pages |

Dar’s ‘leveling up’ vision: Will it work? Rene E. Ofreneo

laborem exercens

nybody traveling through the Elliptical Road of Quezon Memorial Circle will not miss the giant tarpaulin blurb erected by the Department of Agriculture: “Ang Bagong Pananaw sa Agrikultura.” Espoused by Agriculture Secretary William Dar, the “new thinking” in agricultural development has the following policy thrusts:

■ Modernization must continue. ■ Industrialization of agriculture is key. ■ Promotion of exports is a necessity. ■ Consolidation of small- and medium-sized farms. ■ Infrastructure development would be critical. ■ Higher budget and investment for Philippine agriculture. ■ Legislative support is needed. ■ Road map development is paramount. Continued on A7

BIR to probe co-ops for ‘low tax compliance’

HILIPPINE Airlines (PAL) and Cebu Pacific (CEB) said they are working toward normalizing flights to Hong Kong and Macau to enable stranded overseas Filipino workers (OFWs) in the country to return to their respective jobs in those two Special Administrative Regions (SAR) of China. PAL said the Civil Aeronautics Board (CAB) and the Airline Operators Council (AOC) are now discussing ways to normalize as soon as possible their operations to and from Hong Kong and Macau. Flights out of Manila to Hong Kong and Macau were disrupted after the government imposed the travel ban that includes the Filipino pilots and cabin crew amid the spread of the coronavirus disease 2019 (COVID-19). The Hong Kong government had asked Philippine officials to lift the travel ban. Meanwhile, the local carriers said passengers may book with other carriers while they are discussing ways for the flights to resume. On Wednesday, the group of licensed recruitment agencies deploying household service workers to the SAR welcomed the government’s decision to lift the travel ban for new hires and returning workers, as announced by Health Secretary Dr. Francisco Duque.

change by Wednesday. “We’re giving each member and ex-officio member [a chance] to comment because as we have said, these are new proposals coming from government itself—the interagency task force on federalism [IATF] and the constitutional reform [commission]. This is now a government proposal from the Executive itself,” he explained. “As I see it, we are still on page 4 and so we have about more than 20 pages and so it may not be able to vote [by Wednesday]. Otherwise, if we rush it, there will be the same problem. There’ll be questions from members. There’ll be questions

STILL IN DEMAND Face masks are being sold in the streets of Divisoria in Manila at P100 for a 10-piece pack. There has been a shortage of face masks after the Taal Volcano eruption, quickly followed by the outbreak of the coronavirus disease 2019 (COVID-19) scare. The government is addressing a shortage in face masks, with fresh supplies coming this week, Trade Secretary Ramon Lopez said on Wednesday. The Department of Trade and Industry estimated weekly demand at 400,000, with a suggested retail price of P8 to P12 per piece, Lopez said. NONIE REYES

PHL ‘functional food’ vs COVID-19 available soon By Lyn Resurreccion Senior Editor

HE Philippines may have within a month a “functional food” that could treat the coronavirus disease 2019 (Covid-19) that has infected more than 70,000 people globally and killed over 1,700. It has also infected more than 500 patients in the Philippines. “It can be very fast. [The functional

food can be available as cure] maybe in a month’s time or even less. We just have to test it against the coronavirus,” Executive Director Dr. Jaime Montoya of the Philippine Council on Health Research and Development of the Department of Science and Technology (PCHRD-DOST) told the BusinessMirror after the news conference for the Technical Meeting and High-Level Conference on Global Innovation Index

at the Philippine International Convention Center on February 17. Montoya explained that a “functional food” helps a person against illnesses, just like tawa-tawa that is used against dengue, or turmeric, an antiinflammatory and antioxidant crop. He refused to identify the possible functional food because it is yet to be tested against the Covid-19. See “Functional food,” A2

UREAU of Internal Revenue (BIR) Commissioner Caesar R. Dulay has issued an order for the audit or investigation of cooperatives due to their “low tax compliance or nonpayment of tax.” Under Revenue Memorandum Order 7-2020 dated February 10, 2020, Dulay said the purpose of the audit or investigation was to “ensure the correctness of availment of tax exemptions/incentives of cooperatives pursuant to Republic Act 9520.” Aside from this, Dulay said there is a need to effectively monitor tax compliance of cooperatives. The order shall cover the issuance of electronic Letters of Authority for the audit/investigation of cooperatives for taxable years 2018 and onward. Sought for comment on the reason behind the audit/investigation of cooperatives, BIR Deputy Commissioner Arnel SD. Guballa said in a text message to the BusinessMirror: “The audit was due to low tax compliance/nonpayment of tax.” Cooperatives which transact business with both members and nonmembers whose accumulated reserves and undivided net savings is more than P10 million “shall be prioritized for audit/investiga-

tion” by Revenue District Offices having jurisdiction over the said cooperatives. Moreover, other cooperatives with income not related to the main/principal business under their Articles of Cooperation shall be, likewise, among those covered for priority audit, whether such cooperatives deal purely with members or both members and nonmembers. In October last year, Finance Secretary Carlos G. Dominguez III ordered the BIR to intensify its efforts to determine which cooperatives are true to their mandate of promoting self-reliance and social change and which ones organized themselves into cooperatives as a ruse to exploit the tax benefits. In a report last year, the BIR said it has sent audit notices to 474 cooperatives across the country, resulting in tax assessments amounting to P1.62 billion, from which the agency has so far collected P250.35 million. It also recorded a total of 29,623 registered cooperatives whose tax compliance amounted to P3 billion in 2017, but declined by 5.4 percent to P2.84 billion in 2018.

US 50.6130 n japan 0.4607 n UK 65.8020 n HK 6.5160 n CHINA 7.2325 n singapore 36.3494 n australia 33.8297 n EU 54.6266 n SAUDI ARABIA 13.4950

Bernadette D. Nicolas Source: BSP (19 February 2020)

News

BusinessMirror

A2 Thursday, February 20, 2020

www.businessmirror.com.ph

Ex-AFP chief: PHL may still ‘get the best’ after VFA By Rene Acosta

@reneacostaBM

T is in the best interest of the country for Filipinos to wait for the end of the 180 days’ notice period in terminating the Visiting Forces Agreement (VFA) with the United States because it just might result in a better arrangement, former Armed Forces Chief of Staff retired Gen. Dionisio Santiago said on Wednesday. A formal notice to end the VFA, which the country signed with the US in 1998 and covers the presence of American troops in the country and their activities with their Filipino counterparts, had earlier been filed by the government with the US government, and it will become effective after 180 days.

“Let us wait for the 180 days. For all you know, we might just get the best out of it,” Santiago said at the Ciudad Fernandina Forum at the Club Filipino in San Juan on Wednesday. Several officials have said that abrogating the VFA, which is an integral part of the 1951 Mutual

Defense Treaty with the US along with the Enhanced Defense Cooperation Agreement (Edca) that allows American troops to preposition their assets and equipment in the country, would work against Philippine interests. Santiago said, however, that while the supposed effects of abrogating the VFA are realities, they remained imaginary until a decision is reached at the end of the 180 days, hinting that the country could even strike a better deal or a bargain with the US, which he said needs the country for its power projection and continued presence in the Indo-Pacific. In the meantime, Santiago said the administration should use the 180 days to “review, study and assess” all of its existing military agreements with the US, including the Edca, which he said was also

saddled by controversies even at the start. The Edca allows the US military to preposition its troops and equipment in selected military bases and facilities in the country that it would help upgrade in an arrangement seen as part of the US pivot to Asia. “Now is the best time to review all the agreements that we have signed, whether they are correct or not,” Santiago said. The former chief of staff said the filing of the notice for the VFA’s termination would also give the Philippines the “opportunity to gain advantage and to be respected by the US” out of the agreement. Going beyond the scuttling of the VFA, Santiago admitted that other military powerhouses, such as China and Russia would certainly compete for cooperation and

QC, DOTr should resolve MRT 7 issues–SMC

AN Miguel Corp. (SMC) is hopeful that the design issues of a Manila Metro Rail Transit System (MRT) 7 station in Quezon City will soon be resolved, noting that it is open to revising the design of the station to ensure faster implementation of the project. Ramon S. Ang, the company’s COO, said his group urged the Department of Transportation (DOTr), as well as the local government of Quezon City to quickly resolve the design issue to ensure no major setbacks in the construction of the railway facility. “The resolution of issues is really up to DOTr as main proponent, and the LGU. For us, while the order is a setback, we will do everything we can to make

Citira. . .

Continued from A1

“When an activity can be granted a tax incentive forever, the firm no longer has any incentive to improve performance or innovate.” “No abusive transfer pricing. The House panel shall also object to any provision that makes it easier for firms to avoid paying their fair share of taxes by unduly shifting costs from one activity to another,” he added.

FIRB expansion

While the House panel recognizes that exact revenue neutrality may be difficult if not impossible to achieve, Salceda said the House shall object to a version of Citira that “unduly compromises fiscal stability and risks the country’s credit rating.” Salceda said the House also stands pat on its position to expand the Fiscal Incentives Review Board. “No FIRB makes the reform meaningless. The power of the State to allocate public resources according to its priorities is the very heart of the reform.” Also, he said lawmakers are willing to set aside local concerns for the national interest, as what they have done during the first round of sin taxes under Republic Act (RA) 11346, on tobacco, when the House adopted the Senate version during the Congress.

Flights. . .

Continued from A1

“Those 10,000 overseas Filipino workers and new hires comprising around 3,000 and some the 7,000 vacationing re-hires who have been waiting for their flights to Hong Kong are relieved and happy that they will now be able to join their new employers. The OFWs would be able to resume their household chores immediately,” Society of Hong Kong Accredited Recruiters to the Philippines (SHARP) President Alfredo Palmiery said. He said SHARP will distribute to the returning Filipino migrant workers travel kits

sure we keep to the timetable, and, at the same time, take into account the mayor’s concerns. This includes revisions to the design,” he said. Quezon City Mayor Joy Belmonte ordered on Tuesday the suspension of construction of the MRT 7’s Quezon Memorial Circle Station, claiming this affects the identity of the landmark as a national heritage park. She wants to ensure that the open spaces in the park are protected. Ang noted that most of the work at the Quezon Circle is still underground, and no major aboveground structure has been built yet. The design of the aboveground station, he added, is still being finalized. It should be noted, however,

Salceda said both the Senate Bill 1357 and the House Bill 4157 aim to make incentives performancebased, targeted, time-bound, and transparent. He said both bills will instill more accountability in the grant of incentives, by expanding the FIRB to cover registered business enterprises that receive incentives from investment promotion agencies. “More importantly, both versions will, once and for all, put an end to ‘forever’ in our incentives system. Incentives will no longer be granted in perpetuity,” he said.

Fast-track approval

The Senate on Wednesday was asked to speed up the passage of the Citira bill, which seeks to reduce the Philippines’s corporate income tax (CIT) rate currently listed among the highest in the Asean region. Its principal sponsor, Senate Ways and Means Committee Chairman Sen. Pia Cayetano says early enactment of SB 1357 would pave the way to “reform the fiscal incentives system to make it more fair, efficient, and accountable.” The bill provides that the country’s CIT rate will be gradually lowered by 1 percent every year, from 30 percent to 20 percent by 2030. Cayetano added the remedial legislation will also “rationalize fiscal incentives given to firms to make these “performance-based, timebound, targeted, and transparent.” She said the bill also intends to with a bottle of disinfectant alcohol, a face mask, tissue, soap and a primer for protection against health risks and avoiding COVID-19 virus while in Hong Kong. With respect to the additional requirement imposed by the Task Force that departing Filipinos should sign a document stating that they understand the risks involved in their departure for Hong Kong, Palmiery said the Philippine Overseas Employment Administration should come out with a standard document. “That way, the declaration would be a uniform document and would be the standard for Hong Kong and SAR-bound OFWs.” Recto L. Mercene

that the previous administration of Quezon City approved the original design. For her part, Transportation Assistant Secretary Goddes Hope O. Libiran said her group will tackle the issue with City Hall. “We understand that the concern is about the aboveground structure, and that the construction of undergound areas may proceed. We will coordinate with the LGU of Quezon City as soon as possible to discuss and clarify this matter,” she said. Libiran added:“We are certain that at the end of the day, we will be able to strike a balance and obtain a winwin solution.” Classified as a national infra-

prioritize incentives to business activities that generate domestic employment; promote research, development and innovation; promote agribusiness; and invest in areas that are less developed or are recovering from disasters and conflicts. “Citira shall, likewise, offer additional tax deductions to reward corporations’ good behavior, such as local job creation, exports, and investment in high technology,” the Senator added. SB 1357 proposes to “implement sunset provisions” for firms currently enjoying fiscal incentives to help them transition to the new tax regime under Citira. Cayetano said that “after listening to the concerns and apprehensions of existing investor groups that will be affected by this bill, we [lawmakers] came up with terms that address their request for a smoother transition period.” She clarified that the revenue reform measure also allows the Philippine President to grant incentives for a longer period of up to 40 years for “highly desirable” projects, as long as they will primarily benefit the Filipino public.

Dominguez optimistic

Finance Secretary Carlos G. Dominguez said he is still optimistic that Citira will be passed before Congress goes on a break from March 14 to May 3. Asked on its impact on investor confidence if the Citira bill is not

Trade deal. . . Continued from A8

fisherfolks, who are benefiting from the program. I think all of us, including the EU, should really give that more weight,” the trade chief said. “As we benefit them, you reduce the reason for rebellion, NPAs [New People’s Army]. To create development, there’s peace. I think that’s what matters, which we know [and] understand they are giving importance to,” he added.

structure project, the MRT 7 has been delayed since the signing of the concession agreement in 2008. Another eight years passed, and the diversified conglomerate took over the original contractor. Currently, the project is at over 50-percent completion rate. Delays in the delivery of right-of-way still hound the project to date. Once completed, the railway facility will connect Quezon City via North Avenue and San Jose del Monte, Bulacan. It will have 14 stations and travel time between the two end stations is projected at 35 minutes only. MRT 7 has a design capacity to serve roughly 850,000 commuters per day. Lorenz S. Marasigan

passed before the break, he told reporters: “You know put [forward] this idea three years ago, another seven weeks won’t matter, it will but it’s not that serious but I hope they can really finish it by March 13.” Cayetano said she cannot say if the Senate will be able to pass it before the break. “All I can say is I am available to clarify issues, and if we schedule this regularly, we could have a good chance of passing, we do have a good chance. I do know that there are issues. That’s why I said I will make myself available so I can respond to those issues,” she told reporters in an interview. Finance Undersecretary Karl Kendrick Chua earlier said investors are apprehensive over the length of time it has taken Congress to act on the revenue reform measure. The Bangko Sentral ng Pilipinas earlier reported that the foreign direct investment (FDI) figures in January to November 2019 remained in the red despite the uptick recorded in November. FDI that flowed into the Philippines hit $6.41 billion in the 11-month period in 2019, down by an annualized rate of 29.9 percent. FDI are the type of investments that are often more coveted as these stay longer in the economy and create job opportunities for locals. However, Dominguez said FDI in other parts of the world were also affected by the trade war between the United States and China. With Bernadette D. Nicolas

The Philippines is one of the largest beneficiaries of the GSP Plus, according to the EU report. In 2018 it shipped roughly €1.91 billion worth of goods to Europe through the trade privilege. This represented over 25 percent of the country’s exports to the economic bloc amounting to €7.49 billion, the EU report showed. Bangladesh and India are the top beneficiaries of the GSP Plus. They are followed by Vietnam, Indonesia, Pakistan, Cambodia, Myanmar, the Philippines, Sri Lanka and Mozambique, in that order.

foothold in the country if the US would exit from the Philippines, a scenario that could also be exploited by the government for the country’s interest. In the end, it is always the support, assistance and funds that would matter, according to him.

Cons of abrogation

Earlier, US and Filipino officials, including Defense Secretary Delfin Lorenzana, said ending the agreement would show the exit of US forces in the country and would end the more than 300 annual bilateral military engagement and trainings, even possibly foregoing US military assistance to the Philippines. Military officials, including Armed Forces Chief of Staff Gen. Felimon Santos, said the country could live without the VFA although he and the other senior officials

admitted that counterterrorism efforts, especially against the Islamic State, and other local terrorist groups in Mindanao, would suffer without US support. Santos and the other officials admitted that intelligence sharing, reconnaissance and other technical support, civil-military operations works, and even emergency evacuation for Filipino troops would also be affected. Earlier, Lorenzana told a Senate foreign relations committee hearing that the US had provided the Philippines some P1.8 billion worth of assistance since the VFA was signed in 1998. In that same hearing, Foreign Affairs Secretary Teodoro L. Locsin Jr. had outlined the many benefits of the VFA to the Philippines, concluding that it is in Manila’s interests to keep the agreement.

ACE Enexor stake in Palawan drilling project up to 75%

CE Enexor Inc.’s stake in service contract (SC) 55 has increased to 75 percent, the company, formerly Phinma Petroleum and Geothermal Inc., told the stock exchange. ACE Enexor said it received the Department of Energy’s (DoE) approval of the assignment by Century Red Pte. Ltd. of its 37.5-percent interest in SC 55 to Palawan55 Exploration and Production Corp. Palawan 55 has been awarded a contract to explore gas prospect in offshore West Palawan. After the DOE’s approval, ACE Enexor now holds a 75-percent interest in SC 55, with Pryce Gases Inc. holding the remaining 25 percent.

The SC 55 consortium has committed to drill one trade-deepwater well within the first two years of the appraisal period and, following reinterpretation of certain seismic data outside of the current study area, may undertake a new 3D seismic program to mature other prospects within SC 55 to drillable status. The consortium awaits DOE’s confirmation that SC 55 has entered the appraisal period, which started August 26, 2019. SC 55 is a deepwater block located in the southwest Palawan Basin, covering an area of 9,880 square kilometers. Lenie Lectura

Functional food. . .

When asked about any research his office is doing on a cure against COVID-19, the PCHRD-DOST chief told the news conference that they are “looking at some candidates [functional foods] against the novel corona virus.” He explained that the targeted functional food is already being used against other viruses. He said his office is working with other countries that have the live novel coronavirus, such as Singapore and Australia, in order to test the functional food against the virus. “Hopefully, if it’s proven to have an activity against the [Covid-19] virus, we can go to the next step [of treating the infected people],” he added, noting that “drug development is a very far and very long process. But we will start with this process.” Montoya clarified that, “It is not yet the drug, but since it can be eaten, we can tell them [infected people] to eat a lot [of the functional food] which is proven to be safe. We can tell the people it can help, it can build up their immune system without telling them it’s not a drug,” he added. “I am very optimistic. I think it will have some activity because it is working against other viruses so it must work against [Covid-19],” he said. According to Montoya, there is no need to register the functional food with the Food and Drug Administration (FDA) of the Department of Health because it is already available and is already registered as a functional food.

Blood screening

Montoya added that as part of the government’s interagency committee (IC) addressing the COVID-19 problem, the PCHRD-DOST proposed the funding of a project to screen, for antibodies against COVID-19, the blood specimens collected from all the patients in the country who were under investigation or monitored. He explained that as a contribution of the country to the international search for cure against COV-

Continued from A1

ID-19, this aims to get the complete picture of the “total burden” of the disease in the Philippines. “Currently we are just testing those who have symptoms. We don’t know the true burden [of the coronavirus] and whether there is actually community transmission going on,” he said. He explained to a group of journalists that the Philippine Genome Center can do the characterization of the virus collected in the country, and the results can be submitted to the data base for use as basis for the vaccine that will be developed against Covid-19. However, he said the Philippines has no planned research for a vaccine against the coronavirus.

Diagnostics

Montoya said another project against COVID-19 is its early diagnosis. He identified the project similar to that of Filipino scientist Dr. Raul Destura’s the Biotek-M diagnostic kit for dengue, to be used as a platform to develop a diagnostic test for screening for Covid-19. “We are just facilitating the validation by the WHO [World Health Organization] as prequalification prior to approval by the FDA,” he added. Montoya said the project aims to assist the government in making the diagnostics more available not only to the Research Institute for Tropical Medicine (RITM), a national laboratory, but also to laboratories and hospitals in order to facilitate the early diagnosis and detection of COVID-19 carriers. Biotek-M Dengue Aqua Kit, a DOST-PCHRD assisted technology, garnered one of the gold awards during the 46th International Exhibition of Inventions Geneva in Palexpo, Geneva, in 2018. It is an affordable rapid test kit for accurate detection of dengue infection within an hour. It has high sensitivity, high specificity, robust, and is cheaper than current diagnostic tests in the market.

News BusinessMirror

www.businessmirror.com.ph

Urban centers need better infra to boost growth–ADB team By Cai U. Ordinario @caiordinario

AJOR cities in Asia need to upgrade their function as labor markets to further boost economic growth, according to experts from the Asian Development Bank (ADB). This was part of an Asian Development Blog by a team from ADB’s Economic Research and Regional Cooperation Department composed of Glenita Amoranto, Liming Chen and Eugenia Co Go. The authors said this means better transportation and urban planning are needed in cities, which could bring down costs of working and living in big cities. “W hile Asian cities differ in terms of the kinds and severity of challenges they face, a guiding principle is that they need to function well as labor markets,” they said. “In practice, this requires that within-city travel is fast and cheap, firms and households have the flexibility to relocate from one part of a city to another, and real estate is affordable,” they added. Data showed that big cities, such as those in India, Indonesia, Pakistan and the Philippines already pay workers 7 percent to as much as 20 percent more compared to smaller cities elsewhere in the country. The authors said the wage advantage of big cities is observed across the

wage profiles. This means low- and high-skilled workers and firms are more productive in big cities. Further, big cities in India, Indonesia, Pakistan and the Philippines have the largest employment shares in the manufacturing sector, ranging from 12 percent to 27 percent. “However, the link between urbanization and economic dynamism is not automatic, especially in developing countries. The speed with which urbanization unfolded in the region has often meant a lack of coordinated plan for urban expansion,” the authors said. With this, big cities suffer from insufficient infrastructure, which lead to congestion and a large informal sector where access to basic services is difficult. The authors said inadequate transportation and decent housing will prevent workers from finding rewarding jobs. Further, they noted that poor governance, such as excessively inflexible land-use regulations can obstruct firms’ business operations. “Insufficient infrastructure and local business regulations are among the biggest obstacles to businesses in developing countries in Asia, especially in smaller cities,” the authors said. Last year, this newspaper noted that while Metro Manila accounted for a significant share of gross domestic product, the Family Income and Expenditure Survey results showed three districts of the NCR posting increases in poverty.

Editor: Vittorio V. Vitug • Thursday, February 20, 2020 A3

DOJ chief supports call for lifestyle check of ‘shady’ BI men but casts doubts on result By Joel R. San Juan @jrsanjuan1573

USTICE Secretary Menardo Guevarra on Wednesday said he is supporting the call of Sen. Risa Hontiveros to conduct a lifestyle check on immigration officials and personnel suspected to be involved in the so-called pastillas scheme, reportedly the practice of allowing the easy entry of Chinese nationals to the country in exchange for money. Guevarra, however, pointed out that the result of the lifestyle check would not be conclusive enough to be the basis of filing any criminal complaint.

He noted that lifestyle checks are often conducted among government agencies, such as the Bureaus of Internal Revenue (BIR) and of Customs (BOC), to verify if the employees and government officials are living within their means. “I support Sen. Hontiveros’s recommendation to conduct such a lifestyle check on suspected corrupt personnel of the BI, in the same way that lifestyle checks are conducted on suspected BIR, BOC, and other government officials and employees,” Guevarra said. “A lifestyle check is not conclusive, but only indicative, of a government employee’s possible unethical conduct,” the justice chief clarified.

Guevarra added that the National Bureau of Investigation (NBI) has a standing order to look into the corruption activities in the BI, such as human trafficking involving immigration personnel, escort services for a fee and now the pastillas scheme reportedly being committed by some immigration personnel assigned at the airports. “The investigation of the BI personnel’s involvement in human trafficking, escort services, extortion and other illegal activities is already covered by existing department orders addressed to the NBI. I have asked the NBI chief to submit progress reports on these matters to me as soon

as possible,” the DOJ secretary said. During last Monday’s Senate Committee on Women, Children, Family Relations and Gender Equity hearing chaired by Hontiveros, it was revealed that Chinese nationals arriving in the country to be employed in the Philippine Offshore Gaming Operator industry are allegedly receiving special treatment from some BI personnel in exchange for money. Hontiveros claimed that these erring BI personnel are receiving P10,000 grease money which are being divided among officials from the BI’s Travel Control and Enforcement Unit, duty immigration supervisor and terminal heads, tour operators and syndicates.

First dedicated OFW hospital, diagnostic center begins construction in Pampanga By Ashley Manabat Correspondent

ITY OF SAN FERNANDO— The construction of the country’s first dedicated hospital and diagnostic center for overseas Filipino workers (OFW) has finally started following a brief ceremony here on Tuesday. Presidential aide and Sen. Christopher Lawrence “Bong” Go, who was the guest of honor, led the capsule

laying ceremony for the P500 million OFW Hospital and Diagnostic Center that will be constructed on a 2-hectare lot at the Provincial Engineering Office Compound in Barangay Sindalan here. The lot space for the facility was donated by the prov incial government. The senator was welcomed by Gov. Dennis “Delta” G. Pineda and Vice Gov. Lilia “Nanay” G. Pineda, who were joined by Philippine Amuse-

ment and Gaming Corp. (Pagcor) Chairman Andrea Domingo, as well as Overseas Workers Welfare Administration (OWWA) Deputy Administrator Mocha Uson, DMCI President and Chief Operating Officer Jorge Consunji and top executives of the Departments of Health (DOH), and of Labor and Employment (DOLE) in the region. Gov. Pineda expressed his profound gratitude to the DOH, DOLE, OWWA, Pagcor and Bloomberry Cul-

tural Foundation that will fund the construction of the hospital. “Today we will witness the start of this project,” the governor said in Filipino as he acknowledged Consunji of DMCI and pointed to heavy equipment parked in the area ready for work. It can be recalled that former House Speaker Gloria MacapagalArroyo led the hospital’s groundbreaking on Labor Day last year with then-Gov. Lilia G. Pineda.

TheBroa PHL winning battle vs swine A4

Business

Thursday, February 20, 2020

By Jasper Emmanuel Y. Arcalas

RESTLING with a greased pig, a common fare in local village fiesta celebration, describes the Philippines’s war with a virus that has led to the death of hundreds of thousands of pigs and has maimed the livestock sector. And while government and the private sector believe they have the upper hand in the battle against the African Swine Fever (ASF), the war against this transboundary animal disease (TAD) is far from being won. Six months into the outbreak, the Philippines has been slowly learning and adjusting mechanisms to better handle and eradicate ASF in its territories. Government agencies had wanted to contain the spread of ASF within Luzon but, due to certain uncontrollable factors, the virus has recently reached the country’s largest island-group: Mindanao. ASF did not just simply penetrate the island region—it managed to infect backyard farms in the remote fishing town of Don Marcelino, Davao Occidental, which only had one throughway as exit and entry points. The confirmation of ASF outbreaks in Don Marcelino indeed baffled government authorities: how can a remote town be struck by ASF? Nonetheless, this did make government authorities realize that efforts to control and contain the spread of ASF should be doubled, if not tripled, to salvage the country’s over P200-billion hog industry and avoid the fate of the world’s second-largest economy: the People’s Republic of China.

Need to clean

IF the Philippines wants to avoid its ally’s perilous path toward livestock misery, then it might want to consider ensuring trucks transporting pigs are thoroughly clean and disinfected. This is one of the points raised by renowned veterinarian Edgar Wayne Johnson Jr.: that the Philippines should learn from China’s experience in handling ASF. Johnson presented during the 3-day International Farmers Summit at a convention center in Pasay City via Skype since he wasn’t able to fly to the Philippines due to travel restrictions on China caused by the coronavirus disease of 2019. Citing a research article on the outbreak of ASF in China, Johnson said dirty infected trucks have been the number one culprit for the spread of the virus in the Asian country. And these dirty trucks were also responsible for the transboundary spread of ASF to nearby countries such as Vietnam, according to Johnson, who has spent 15 years as a veterinarian in China. The ASF virus could spread through fomites—objects or materials which are likely to carry infection, such as clothes, utensils and furniture and, yes, vehicle exteriors. “Nobody bothers to clean them,” Johnson said.

ASF causes

DURING the summit, Reildrin Morales outlined that the three main reasons for the spread of ASF in the country are: swill feeding; illegal movement of sick pigs; and, contaminated vehicles. “Risks are very high because of trading of diseased animals,” Morales, the government’s ASF Crisis Management Team (ASF-CMT) head, explained. “It only takes a finger-sized blood to infect a farm.”

Morales appealed to hog raisers to avoid swill feeding and to traders to stop transporting sick pigs and learn to clean and disinfect their vehicles. He pointed out that swill feeding poses the highest risk of spreading ASF. Swill feeding has also been identified by the government as the cause of the first outbreak in the country. “Let us not spread the virus through contaminated vehicles or equipment. To recall, during the last phase of the eradication of FMD, the highest cases were in slaughterhouses,” Morales said. “When we did the 100-percent surveillance of all slaughterhouses, we found out they have been turned into stock yards.” Another concern for the spread of ASF is the underreporting of suspected cases by hog raisers. Veterinarian Rosette Angelie Arca, who is part of the government’s ASF-CMT, noted that most of the cause of the spread of ASF is human-induced. “In bird flu, the main identified spreader of the virus is literally bird-brain, but in ASF, it’s an intelligent being: humans,” Arca added. The physician also emphasized that there is a need for a comprehensive education of all players of the industry ranging from farmers, viajeros or business travelers, traders and vendors. Arca also wants to include in this education program the policymakers, media and consumers. She said the education should focus on the nature of ASF and how it could easily spread from one infected farm to another.

Cleaning centers

RECOGNIZING that trucks do pose as one of the biggest threats in spreading one of the world’s deadliest animal diseases, the Government of Catalonia in Spain encouraged the establishment of cleaning centers. Cleaning centers were constructed by the private sector in key routes of the hog trade to ensure that trucks transporting live pigs are cleaned and disinfected from any viruses. Catalonia’s Deputy Director of Livestock Joaquim Xifra presented, also during the summit, the key measures they are doing to prevent the intrusion of ASF in their country that the Philippines could replicate. One of these is the mandatory registration of farms and reporting of movement of live hogs through an online traceability system. This allows the government to monitor movement of live hogs and regularly check on the health of pigs being traded by farmers. The Catalonia government also requires that every hog farm or hog group in the region must have an attending veterinarian, as part of their mandated biosecurity measures. The government subsidizes the farm by shouldering the salary of their veterinarian. Furthermore, Xifra shared that they conduct a proactive surveillance of all hog farms every 3 to 4 months, depending on the type of pigs they are raising. This, Xifra explains ensures that no virus has penetrated their farms or borders. Xifra said they also strictly implement their minimum biosecurity measure requirement for all hog farms. Failure to comply with required minimum requirements

would lead to a suspension of the operations of a farm, he added.

Too costly

WHAT history could easily tell us about the eradication of ASF is that it would be costly once it hits a country. In her presentation, Roselle Falconite-Cudal shared that countries that have been first hit by ASF shouldered millions of dollars just to control and eventually eradicate the fatal virus. Canada, Mexico and the United States shouldered a combined expenditure of $9.5 million to address ASF in Haiti that resulted in the total eradication of its hog population, according to Falconite-Cudal. Brazil spent $1.8 million for its targeted eradication on ASF while Belgium spent 177 million Belgian francs, according to her presentation. Morales, who was among the veterinarians who led the government’s mission to eradicate foot and mouth disease in the 90s, said efforts being exerted to keep unaffected areas free from ASF should be doubled since it would it is cheaper to keep an area free from a virus. “The efforts in controlling the disease efforts should be doubled in [keeping] areas free from ASF. It is cheaper to prevent the disease coming in than controlling a disease,” he said. Morales said the government spent at least P2 billion in eradicating FMD three decades ago but it was way cheaper keeping Visayas and Mindanao free from the disease. “We just used disinfectants and quarantine officers in keeping Visayas and Mindanao free from FMD. But the efforts were more intended,” he said. Morales said the P1 billion given by President Duterte to indemnify affected hog raisers has been already depleted as total cull count breached 200,000 pigs. “[Agriculture Secretary William D.] Dar said we have to rethink the strategy because it is already becoming costly,” Morales said. “The salary of the people is not yet included in that P1 billion. You can only imagine the nightmare.”

Juggling prices

ARCA noted that the transport ban on live hogs and pork products imposed by various provinces and local government units (LGUs) could be detrimental to the country’s overall supply situation. Arca explained that areas with high density of hogs that cannot transport their pigs could suffer a glut while those areas that have maintained a lockdown could suffer a shortage. “What happens is that prices of live hogs will go down in highdensity areas while prices in areas with lockdowns would be maintained or become higher,” she said. “Because of the movement restrictions, there will be a drop in demand for pork, hence, expect an oversupply while a short supply could occur in areas that imposed the bans resulting in a price disparity due to unwanted movement.” Worse, Arca said, the lockdowns could even encourage the smuggling of live hogs from infected zones once the areas on lockdowns suffer a shortage, which effectively spreads the virus further. “Remember that pre-ASF, the pig industry was not designed to be regionally self-sufficient. We all know there are movements from North Luzon to Manila, Batangas to Laguna, North Mindanao to Visayas. So, there will come a time that areas with lockdowns would lose supply and will be forced to bring hogs, even infected ones,” she added.

Always leaking

MORALES likened the transport ban to trying to stop water to flow from a faucet with one’s palms. In the case of a disease outbreak, the leak could be the illegal movement of hogs as unscrupulous

traders chase higher prices from free zones. “There will be local people manning checkpoints and there will be a lot of required permits. Now, the question is, where are the people of the government? There will be a point in time that you will let your guard down,” Arca said. “And if the prices are good in one area, raisers will try to sell their pigs by hiding them in trucks to circumvent the bans.” Industry sources noted that unscrupulous traders could easily transport pork and pork products using civilian cars since they will not be suspected by checkpoints as a vehicle for transporting goods.

One trader noted that only trucks of meat suppliers are inspected at check points.

People issue

IN December, Dar said the country’s ASF outbreaks are tapering down—which was before Davao Occidental got hit by the disease. During the summit, Dar disclosed that the fight against ASF has evolved from a battle against a dreaded virus into a “people issue.” He pointed out that the virus has spread to unaffected areas due to unscrupulous traders and uncooperative citizens. “Hog raisers whose pigs are infected are hiding their pigs and

that is being taken advantage of by hog traders themselves buying at half the price and not following the protocol of slaughtering these infected animals in slaughterhouses,” he said. “The virus is not the problem anymore. The very problem now is the traders who sell pork and pork meat,” he added. Such was the case of the outbreak in Don Marcelino. Initial investigation by the DA indicated that the cause of the ASF outbreaks in the backyard farms were infected pork products brought home by returning residents from Luzon. “[W]e’re calling again on the local chief executives. They know

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, February 20, 2020

e fever but may lose the war Seeking piggies

ANOTHER thing that LGUs should pay attention to is their total live hog inventory. Arca and Morales pointed out that data is crucial in times of outbreaks and urged areas that remain free from ASF to already conduct an inventory of their total live hog population. Morales recalled the government’s culling operations in Rodriguez, Rizal, wherein they were told by local officials that they only have around 600 pigs but these turned out to be 16,000 pigs. “So everyone was surprised. What was thought as an overnight operation became two weeks,” he said. “How can we prepare properly if we do not know the correct hog population? The problem that arises there is: How are we going to prepare the indemnification fund and needed resources if they do not know the correct population?” he added.

Adopt approaches

MORALES said the lack of data on hog population may also lead to underreporting of cases since realities on the ground are not on the radar of government officials. He is proposing that LGUs adopt the so-called x-ray approach of surveillance that Thailand is employing in handling its own bird flu outbreaks. Under an x-ray approach, LGUs will deploy people—not necessarily technical persons—on the ground to survey all barangays for their total hog population so that they have a real appreciation of their areas. Furthermore, these people will also gather information on the ground such as, whether unusual mortality has been observed among hog population which could serve as vital data for the government authorities. “They just have to be tsismoso [tuned to gossips and rumors]. It’s like rumor tracking. The FAO and the OIE everyday discuss all the information they gathered from the previous day, including the ridiculous ones, to monitor the global situation,” he said. “For example, one will go to the barangay captain and ask how many pigs are in the area and how many got sick in the past months.”

VICNT | DREAMSTIME.COM

‘Babes’ to ‘Liempo’

who are their traders. They know where they’re buying these pigs so it is enhancing our monitoring and surveillance and checking on the trading activities of these hog traders that will substantially and significantly reduce the spread of such virus,” Dar said.

Enabling players

INDUSTRY players have been lobbying to increase the government’s indemnification to every hog culled to contain the spread of ASF from P5,000 to P10,000, which is almost at par of market value. Some industry stakeholders said that affected hog raisers should be “justly” compensated by

an amount that may approximate their costs of production. By doing so, hog raisers would be encouraged to surrender their pigs as they will be able somehow to recoup their losses, according to stakeholders. Arca is lukewarm to raising indemnification to affected hog raisers at par of market value. She explained that matching the prevailing market prices could lead to a backlash as some farmers may opt to infect their hogs to avail themselves of the indemnification. “[The tendency is], I will infect my farm so that the government will pay me. I hope the indemni-

fication remains lower than the market price. [If it is on a par with the market price farmers] will not do anything to prevent their farms from being infected,” Arca said during the summit. The DA has been reviewing its indemnification program for ASFaffected hog farmers but funding limitations remain as the biggest hurdle in raising its compensation. LGUs of areas with confirmed ASF outbreaks have intervened by providing additional indemnification to ensure that hog raisers cooperate with authorities’ culling operations by surrendering their pigs within the 1-kilometer quarantine zones.

PRIOR to the confirmation of ASF outbreaks in Rizal province in August 2019, the Department of Agriculture’s (DA) Bureau of Animal Industry (BAI) had been employing the “Babes” approach to prevent the intrusion of the virus. The “Babes” acronym stands for: Ban pork imports; Avoid swill feeding; Block entry; Educate our people; and, Submit lab samples. But after the virus managed to spread to over 12 provinces in at least three regions and resulted in the culling of over 200,000 hogs, the BAI adopted a new approach and a new acronym: “Liempo.” Liempo stands for: Locate, hold and cull; Improve surveillance and reporting; Educate stakeholders; Mobilize supporters; Protect free zones and Optimize bio-security. The “Liempo” program was presented by Philippine authorities at the 3rd Meeting on Standing Group of Experts on ASF of the Food and Agriculture Organization and the World Organization for Animal Health (OIE, or the Office International des Epizooties). To date, the total number of hogs susceptible to ASF, as reported by the Philippines to the OIE, has reached 204,889 heads. Authorities have culled 208,924 pigs to contain and control the spread of the virus. So far, the Philippines has confirmed ASF outbreaks in Pampanga, Tarlac, Bulacan, Rizal, Cavite, Quezon, Isabela, Benguet, Kalinga, Davao Occidental, Davao City, Aurora, Pangasinan, Nueva Ecija, and Metro Manila, among others.

Ominous threat

THE government estimates that the hog industry is losing at least P1 billion every month since the confirmation of ASF in the country in August of last year. But industry projections indicate a gloomier situation for the hog industry if the ASF is left uncontrolled by the government. During the summit, Philippine Veterinary Drug Association President Eugene Mende said the spread of the fatal hog disease, if left unchecked, could wipe out more than half of the country’s pig herd or almost 8 million heads. This projection was made by the PVDA in partnership with the local hog industry stakeholders. This, Mende said, will cause farm-gate prices to go up by 20 percent to more than 30 percent. The farm-gate prices of hogs may rise to P115 to P120 per kilogram. “That is what will happen if we will do nothing to control ASF and just let it spread across the country,” he said.

Regional investment

MORALES emphasized that LGUs should create their respective ASF task forces and regional plans to prevent the entry of the disease and how they will act should the virus penetrate their borders. The plan must identify critical nodes in their respective jurisdictions where the ASF can penetrate, and interventions suitable in their areas, considering that each region has different topography and geography. Furthermore, the LGUs should also invest in improving their backyard raisers’ biosecurity instead of just imposing bans and lockdowns on ASF-infected areas, he added. Under the government’s zoning plan, the LGU where the ground zero farm or infected farm is located shall shoulder all the costs incurred in culling operations, salary of workers and other logistical requirements.

A local issue

THE contingency measure is in line with the devolution of national powers to LGUs. “We will live and we will die with ASF [relative to] how LGUs will react. It is not that we are transferring the burden to the LGU; but that is the reality,” he said. “Sad to say, with the Local Government Code, a lot of technical functions have been devolved to LGUs. We’re not saying we will be leaving the LGU but the LGUs have to do their job,” he added. For instance, Morales said the government’s protocol is not a “one-size-fits-all” mechanism, considering the peculiarities of each region in the country. “Our point is, we cannot dictate what should be done. They have their own realities on the ground. For example in Cordillera, they need black pigs for Cañao: How will you address that?” he said. Cañao or Kanyaw is a festival or a ceremony of the indigenous people in the Northern Philippines. “What we are saying is that they are the ones that know and understand their peculiar situation,” Morales said. “So it is just proper that they identify possible interventions that are suitable to them.”

Compartmentalization

THE DA is banking on its nationwide progressive ASF Zoning Plan to eradicate the fatal hog disease. The DA issued Administrative Circular 12 dated December 10, 2019, that formally ordered the establishment of zones across the country depending on the level of risks of regions in relation to ASF. The DA noted that its progressive zoning approach “was instrumental in the successful eradication of foot-and-mouth disease in the Philippines through intensified surveillance and animal movement

management.” “The concept of zoning and compartmentalization of the different administration regions in the country is based on their common disease status, to protect unaffected areas while controlling disease in infected regions, and the progressive elevation of infected status to protected, and eventually to free zones, while building up measures to prevent re-infection,” the order read. “The national zoning and movement plan for African swine fever will guide movement protocols intended to control the spread of the virus,” Dar added. The zones are defined and classified based on geographical limits established by the veterinary authorities upon identification of the infected zone and the quarantine zone, according to the order. “Zone classification status will be reviewed regularly depending on the epidemiological changes of the disease,” the order added.

A matter of zones

THE implementation of a nationwide zoning plan is seen by the government as a way to not to disrupt trade among provinces, particularly among ASF-free areas. This is to address the series of bans imposed by provincial governments on the trade and entry of hogs, and porkrelated products within their jurisdictions. Under the zoning plan, provinces and regions would be classified based on their ASF status, which entail corresponding guidelines on the extent that they can transport and sale hogs, pork and pork products. The country’s provinces, or regions, would be classified under two general zones: containment zone and free zones. The containment zone is further categorized into four zones depending on the area’s ASF status: red (infected zone), yellow (surveillance zone), pink (buffer zone), and light green (protected zone). The zoning plan would also allow government to focus efforts to limit the spread of the disease as it allows a progressive control in the affected areas and reducing risks in free areas.

Yield to law

DESPITE the issuance of the zoning plan, LGUs were adamant to comply with it, with most of the local executives retaining their pork bans and citing the need to protect their respective hog industries from the economically-disrupting disease. This forced the DA in December to request Malacañang to issue an executive order (EO) compelling LGUs to observe the national zoning plan. On February 5, Duterte signed Administrative Order (AO) 22, which mandated LGUs to comply with the DA’s AC 12 or national zoning plan for ASF. Interior Undersecretary Jonathan Malaya warned LGUs that noncompliance with the zoning plan, which he said are in line with the law, would be deemed illegal. “If there are any LGUs which will not comply, they could be cited for violation of law. When you have someone cited for violation of law, [that is considered] grave misconduct that could lead to suspension, or removal from office,” Malaya told the BusinessMirror in an ambush interview in Malacañang. Morales said the DA is now arranging regional stakeholders’ forum with LGUs so that everyone would have a unified appreciation and interpretation of the zoning plan. “If everything is followed according to our plan, and we will have a smooth implementation of the zoning plan, we can [eradicate ASF] faster than 5 years,” he said.

A6 Thursday, February 20, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

PHL as weapons manufacturing base

‘W

ar is hell!” Although historians generally attribute this statement on armed conflict to Gen. William T. Sherman of the American Civil War Union Army, the civil war general could not remember ever having said these immortal words. Before his death in 1891, Sherman reportedly made an extensive search through all of his private papers in a fruitless effort to convince himself that the words were actually his. Leaving historians to settle the issue, one thing is clear: War has become a profitable business, and modern weapons have become one of the most lucrative products ever invented. According to the Stockholm International Peace Research Institute, the top 100 weapons manufacturers in the world (excluding China) sold a combined $420 billion in 2018, proving that war can indeed be profitable for companies in the industry. SIPRI said 80 of the 100 top arms producers in 2018 were based in the US, Europe and Russia. Of the remaining 20, six were based in Japan, three in Israel, India and South Korea, respectively, two in Turkey and one each in Australia, Canada and Singapore. If plans don’t misfire, the Philippines may soon become a weapons manufacturing base, joining the global club of arms producers. The Philippine Economic Zone Authority (Peza) recently disclosed plans to transform several economic zones into defense-industrial complexes that will allow the country to produce military equipment and weapons on its own (See, “Peza eyes defense industrial complexes,” in the BusinessMirror, February 18, 2020). Peza Director General Charito B. Plaza said the agency can help speed up the country’s industrialization process with the creation of new economic zones. These new economic zones would include military-industrial complex that could be potentially established in the military’s reservation areas. She said the defense-industrial complex will allow the country to manufacture its own military and defense equipment, as well as weaponry. Once established, our own defense-industrial complex can be used by the Armed Forces of the Philippines to start inviting manufacturers that can help modernize the AFP. “Creating a defense-industrial ecozone will not just modernize the country and the defense forces, but will also create jobs and put to use the long idle military reservation areas. Because of our strategic location, we can also make the Philippines the manufacturing hub of defense and other industries in the region,” Plaza said. To accomplish such a plan, Plaza said it is necessary for the Peza and the AFP to sign a memorandum of agreement to clear the regulatory powers of the two agencies for the proposed creation of a defense-industrial complex. The agreement will make sure the Peza and the AFP understand the implications of putting up a defense-economic zone to national security, military posture and strategies once defense manufacturers start coming in. The US is still the world’s biggest arms manufacturer. But after President Duterte terminated the two-decade-old Visiting Forces Agreement with the United States, Philippine access to US arms, training and expertise will be limited if not totally stopped. However, according to the Stockholm International Peace Research Institute, Russia has overtaken the UK at the No. 2 spot among defense manufacturers. SIPRI’s latest report said Russian companies now rank just behind US manufacturers in the sale of weapons system around the world. Partnering with Russian arms manufacturers can be an option in line with Peza’s vision of making the Philippines a weapons manufacturing base in the region. However, policy-makers must first grapple with how to manage the opportunities and challenges this move will entail. As we said earlier, the arms trade is big business; but it is also a source of corruption. For instance, US dominance of the global arms market is not something in which the American people should be proud about. The US routinely sells weapons to undemocratic regimes and gross human-rights abusers. It also supplies arms to many countries it has identified as harboring terrorists.

Since 2005

BusinessMirror A broader look at today’s business

Our destructive mindset John Mangun

OUTSIDE THE BOX

do not want to talk about the stock market or the economy. However, both are more interesting than the babble surrounding many of the other front-page topics. The fact that some of these issues are small in the greater scheme of things only goes to show how good life generally is in the Philippines. From Bloomberg: “Pankaj R. Patel, chairman of a leading pharmaceutical manufacturer of generic drugs in India, said prices of medicine in India have exponentially jumped in the last several weeks, thanks to much of the medicine being sourced from China. The Indian pharmaceutical industry is experiencing massive disruptions that could face shortages starting in April.” He went on to say “prices of paracetamol have risen 40 percent, while some antibiotic medicines have soared 70 percent since COVID-19 broke out last month.” There will be medicine shortages in India in the months ahead if China’s pharmaceutical industry is not fully in operation by April, according to Patel. Here in the Philippines, from

the President’s favorite online news source, “Duterte signs EO imposing price cap on certain medicines.” Want to guess how many comments that article received? Hint: Somewhere between wala and nada. But then again, maybe that is a topic best discussed over large plates of rice, bowls of chicken/pork adobo, and platters of pinakbet when there is plenty of time to talk about what the government should or should not be doing. There probably will not be enough time to comment on the situation of over 13 million people in Djibouti, Eritrea, Ethiopia, Kenya, and Somalia who are experiencing “severe acute food insecurity,” according to the UN Food and Agriculture Organization,

Feed + Read + Lead

✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

spox

Lourdes M. Fernandez

Senior Editors

Creative Director Chief Photographer

James Jimenez

T. Anthony C. Cabangon

hen I was growing up, I couldn’t get enough of reading. I read everything I could get my hands on: from my mom’s old med school textbooks to back issues of the National Geographic Magazine; from my dad’s paperback novels to Reader’s Digests; from the newspapers to the backs of shampoo bottles. I read it all, even when I had no idea what I was reading, I read them all. And then I went to kindergarten and grade school. It was then that I first noticed I was nearsighted. Having been on the receiving end of numerous scoldings for holding the page too close to my nose when reading, I kept quiet about it. Instead, I learned that if I looked at things through a small enough hole, they would appear clearer. So, throughout my first grade, I would sit up in my seat and peer at the blackboard through the pinhole I made by my bent finger. Needless to say, that move marked me as a weirdo and resulted in a fair amount of bullying. But hey, I wanted to read. At home, reading was a constant preoccupation. More often than not, my presents would come in the form

of books—Hardy Boys when I was younger, Choose Your Own Adventure books as I got older, and eventually moving on to novels and biographies. I was, in short, what people used to call a “wide reader.” And it was exactly that—being a voracious consumer of the written word—that I credit for me ending up where I am now. But as with many things, I took the ability to read for granted. I had always just assumed that reading came naturally, the way speaking your first language does: a function of exposure and practice. Schools, I believed, provided opportunities for both; and I was absolutely certain that homes did as well. I thought reading came naturally once you’d memorized your ABCs, and that

countries, $4.5 billion was diverted from the government-run development fund with $700 million passing through then-Prime Minister Najib Razak’s personal bank accounts. We know that governments try to manage the narrative. That has been going on since the Pharaoh told the people that the Ten Plagues had nothing to do with Jehovah’s wrath but because Moses was a skilled magician. Currently, the Chinese government is staging press events with recovered patients and happy healthcare workers saying that they received the best care available and that the virus actually “wasn’t that scary.” By focusing on human stories, they are keeping people from discussing more systemic issues. In 2019, both tourist arrivals and remittances reached historic high levels. Immediately, there’s a negative spin. Is there a hidden agenda? Perhaps. But equally likely is that we are caught in destructive mindset that keeps us from recognizing our strengths and finding answers.

while another 20 million are on the brink of hunger. Ms. Mocha Uson’s social media posts are much easier to focus on. Social, economic, and political concerns and problems must be discussed and addressed. Yet it is difficult to have reasonable conversations on them, or to find suitable solutions when these are framed in doomsday scenarios without any sensible context. The military took over the Thailand government in 2014. In March 2019 the headline read, “How Thailand Became the World’s Last Military Dictatorship.” Thailand: the country many say the Philippines should emulate. In July, “Thai prime minister declares end of military rule.” Except the head of the military government, Prayuth Chan-ocha, continued as Prime Minister after the elections. Under the new constitution, both the House and the Senate now elects the Prime Minister. And the National Council for Peace and Order, the military junta that took over in 2014, appoints the members of the entire Senate. Government corruption is a problem. Malaysia, with a per-capita GDP nearly three times as large as the Philippines, is now famous for the 1MDB scandal. Moving through several

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.

people would naturally pick up new words as a result of merely living in the world. As it turns out, not so much. So you can imagine my surprise when I found out recently that elementary school students in public schools today are considered “struggling” readers, and that we ranked dead last in the reading part of the 2018 Programme for International Student Assessment. It was like I had been gut punched. For a country that, only a few years ago, prided itself on being one of the most literate nations in Asia and the world, we sure have fallen far and fast. At that precise moment of discovery, I knew that I had to help. Galvanized into action by my epiphany, I immediately committed to support Legarda Elementary School’s remedial reading program called Project ALERTS (Assisting Learners to Engage in Reading for Tomorrow’s Success). As it turns out, the remedial reading program has been battling low attendance rates, especially among the most indigent students, because they didn’t have the funds for snacks—a financial requirement amounting to about P30 per student per day. The kids, hungry after school, would much rather head on home where they could eat, than stay an extra hour in school. This meant that those students who needed

the most help with learning to read weren’t getting it, simply because of a lack of P30. The work the Commission on Elections does is important for the nation. The work I do for the Comelec contributes to over-all mission of educating voters so that they can choose intelligently and so, vote for good leaders. But how can voter education be fully effective if the raw materials we’re working with—the country’s youth—are having trouble with basic reading? If the youth we’re raising up can barely comprehend words on a page, how are we going to introduce more complex concepts like democracy and the need to protect civil liberties? And all because they can’t be given snacks? This, I decided, was unconscionable. And so I started my own initiative—Feed + Read + Lead—to try to provide, for a start, the most basic and nutritious snacks to the struggling readers of Legarda Elementary School. Soon, hopefully, I will be able to provide supplementary teaching aids that would help the volunteer Legarda teachers become even more effective. At the moment, I am being assisted in this endeavor only by a handful of close friends and family with whom I pool whatever resources we have. It’s not much, but we feel that we are making a difference.

Opinion BusinessMirror

www.businessmirror.com.ph

Thursday, February 20, 2020 A7

ChinaTel disenfranchisement The standard of true Christians Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

Businesswise

S I have previously written, it doesn’t take might and power to overhaul the country’s Jurassic telecom infrastructure. Globe Telecom Inc., and Philippine Long Distance Telephone Inc., may have a vast war chest and a gigantic bandwidth. The problem is in their finding ways to make effective and efficient use of the resources at their disposal in a not-so-friendly environment, which has, thus far, stalled their expansion plans.

Perhaps the government has realized too late in the game that there are just not enough cell sites to distribute the needed signal to speed up Internet connectivity in the country. This is the main reason it has opened up the industry to another telco provider, the Dito Telecommunity. By now, however, this company may have been shocked at the slow pace by which Philippine bureaucracy grinds. In a perfect world, it takes two years for a single tower to be put up. In this country where bureaucratic red tape rules, it takes forever. Prolonged license tenders and corruption in local government weigh down the rollout of much-needed infrastructure to improve the country’s Internet connectivity. The country’s Internet delivery remains at a snail’s pace, no thanks to ridiculous expanse of required certifications, and the time it takes for local government units (LGUs) to approve them. Compared with other countries where digital processing is done only in one day, it takes at least 24 stages and close to a hundred days just to secure a construction permit. Excruciatingly slow, you may think, but it would still be 10 times made slower by corruption and inefficiency. Just recently, reliable sources told BusinessWise that Dito Telecom was turned down by two owners of targeted cell sites. This indicates the problems that plague Dito Telecom and its partner ChinaTel in meeting the commitment it made to both the Executive and Legislative branches of government to be operational, previously at first, by September of 2019 and now, by July of 2020. Requesting to remain anonymous, one party being offered to lease their property by Dito at P20,000 per month rejected the offer because “they refused to deal with the Chinese.” Another whom Dito talked to, reportedly along with ZTE, stated that the hassle involved in putting up the facility and its possible health impact on the condominium’s dwellers is not worth the P30,000 it was being offered. Notwithstanding actual cases where Dito Telcom was unsuccessful in obtaining cell sites through property owners, Sen. Francis G. Escudero foresaw the challenges affecting the company early on, saying that “if you’re lucky, it takes long to negotiate with the owner of the land, to get local permits and six to 18 months to put up a tower.” Consequently, Dito Telecom will not be able to fulfill its commitment to serve 37 percent of the population even by the end of this year. Compounding the problem of being unable to build up 2,500 cell sites—say, even by the end of the year—is Dito Telecom’s financial burden which hampers it from providing the budgets necessary for

not only starting up the third telco business, but sustaining its viability. It was reported that this early Dito Telecom’s Dennis Uy is seeking government guarantees on new loans to unburden his P16-billion debt that forces him to resort to short-term financing, for instance, to capitalize the requirements of his overexpanded ventures, similar to the case of his Chelsea Logistics and Infrastructure Holdings Corp. Dennis Uy’s Udenna conglomerate’s debt jumped by over 200 percent to P104 billion in 2017, from just P34 billion the previous year. Clearly, this P104-billion loss cannot match the P257-billion capital expenditure required for the third telco infrastructure in five years, considering that P150 billion or half of that capex was promised by the joint venture to have spent by 2019. A third issue that compromises Dito Telecom’s positioning to take off by July 2020 is its unresolved security risks due to its partnership with state-owned ChinaTel. As Sen. Francis Pangilinan keeps pointing out time and again, all state-owned Chinese businesses are mandated to cooperate with Beijing to “support, assist and cooperate with state intelligence work” as required by China’s National Intelligence Law of 2017. Security experts believe that those living in the area of military camps where ChinaTel is allowed to build their communications facilities are in danger of losing their data privacy and having their cyber security violated. One delay looming for Dito Telecom’s claim of unhampered program is the United States’s possible move to ban the Hong Kong-Los Angeles undersea cable link which involves Chinese partners, like Huawei. Dito Telecom is allegedly going to be a part of this link which is vital for building and fostering its international communications network. The abrogation of the Visiting Forces Agreement is bound to affect the Mutual Defense Pact and the Enhanced Defense Cooperation Agreement. The fact that Edca is bent on supporting the Philippines against China’s military buildup in the South China Sea areas, a ChinaTel consortium with a budding Philippine third telco player will be caught in the midst of geopolitical infighting. It stands to reason that the Filipino people will be the ultimate victims. We will all suffer, not only from the overdue operation of a third telco, but from the eventual loss of our security and freedom. Virtually, Dito Telecom’s disenfranchisement is unraveling through its own doing. For comments and suggestions, e-mail me at mvala.v@gmail.com

Alálaong Bagá

ontinuing our reflections of last week on His instruction to His disciples on how to really belong in God’s kingdom, Jesus goes next into non-retaliation and universal love as concretizing their manner of being differently holy, like their heavenly Father (Matthew 5:38-48).

Only an ‘eye for an eye?’ The law of retaliation (lex talionis, law in kind), “an eye for an eye,” was instituted in the ancient world as a safeguard against excessive revenge and to control violence, going for proportionate injury as acceptable selfdefense. This measured retribution is not enough for Jesus: it is still too much for Him. He wants it superseded by the principle of nonviolent resistance. Turning the other cheek, or giving your cloak, as well, or going an extra mile does not mean becoming a doormat to violent people. It is a creative strategy to take power away from violence. When someone backhands you to shame you, or when you are stripped

naked and your tunic repossessed by a creditor, or when armed troops force you to carry something for them, do not allow them to reduce you to servility. Remove the control from their hands, and make a burlesque of their violent method and show of legality. Show in a new and courageous way that you refuse to participate in violence by responding in kind; demonstrate the other way and possibility of nonviolence. This rejection of the way of the world is further illustrated by the command of Jesus, not to stay at the unjust stratified economic structure where the borrower remains in debt and the beggar has to keep begging, but to give outright to a beggar or a

borrower. His disciple does not solely protect his own wealth, but rather acknowledges mutual need and responsibility as foundation of community living, and acts accordingly.

kingdom, for we are all His children. That is why we care also for the others who may be in fact persecuting us and ridiculing us, and doing the very opposite of what we believe in.

Be perfect like your Father!

Alálaong bagá, loving all even your enemies is the peak of Jesus’ reinterpretation of the law, the final antithesis in the Sermon on the Mount. The law of love must be practiced magnanimously and universally, not selectively or merely out of ethical humanism or ultimately for one’s self-interests. Just as God lets His love like the sun to shine on all, so must the disciples of Jesus let their love like a light shine on a hill or on a lampstand for all. Vowed to divine perfection, true Christians must sublimate their human capacities for revenge and violence, favoritism and prejudice, and imitate the Father’s holiness of loving, giving and forgiving. The rampant, brutalizing violence going on in our supposedly Christian country, in both extrajudicial and vigilante killings and in plain uncontrolled outrages, is a livid contradiction to the Gospel of Jesus Christ.

The ultimate norm and standard for a disciple is to be, together with Jesus, like the heavenly Father. And that is not done if one is predictably, and unremarkably, like everybody else in loving only those who love you and hating those who hate you. One has to go beyond the presupposed irreconcilable divide between friends and enemies, and purposely move beyond the traditional standard of giving it back to others as you get it from them. To love all even your enemies and to wish them well is to imitate your heavenly Father who is the Father of all, saints and sinners alike, and who makes His sun rise on the evil and the good alike. Revenge, even what is commonly considered as fair retaliation in kind, finds no endorsement from Jesus. The radical stand He demands of His followers is not only not to meet violence with violence, but to love even your enemies. In being good even to those who do you ill authenticates where you really belong. We belong to God’s holy people; we are part of His

Dar’s ‘leveling up’ vision: Will it work? Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

ccording to Dar, the foregoing are the department’s 8-point response to the age-old problems facing the agriculture sector, namely: low farm productivity, lack of labor, unaffordable and inaccessible credit, limited use of technology, limited farmland diversification, undeveloped agri-manufacturing and export, severe deforestation/land degradation, aging farmers and fisherfolk, and climate change. Through the above “new thinking,” Dar expects a “leveling up” in agricultural development, meaning arresting the continuous downward decline of the agricultural sector. Per Dar’s reckoning, the sector accounts for one-fourth of the country’s labor force and yet contributes only 9 percent of the GDP. Poverty is also a countryside phenomenon, given the failure of the sector to create decent jobs and incomes for the rural masses. Dar blames the terrible collapse of agriculture to the failure of the average Filipino small farmer “to access low cost finance for inputs,” “limited links to the value chain and retail markets,” and “no access to better inputs and modern technologies.” We sympathize with Dar on his advocacy of the foregoing new thinking measures. However, we hasten to add that these policy proposals are not new and certainly not enough. Dar’s proposals had been fleshed out earlier in the Agriculture and Fisheries Modernization Act of 1997, a law enacted by Congress to strengthen the sector’s capacity to adjust to the greater integration of the economy in the world market due to Philippine membership in the World Trade Organization

(WTO) in 1994-1995. The AFMA law was given huge annual billionpeso budgetary outlays in the late 1990s and in the first decade of the millennium. And yet, AFMA failed to deliver agricultural modernization and economic well-being to the rural population. As documented by the Integrated Rural Development Foundation (see Rebuilding a Damaged Agricultural Sector, 2016), the desolation of the agricultural sector was due to the following: n Aimless, mindless global integration. Unlike Fortress Europe or protectionist America (with its subsidy-focused US Farm law), the Philippines embraced agricultural liberalization/deregulation under a globalized economic order without any clear global integration strategy, without any clear adjustment and safety nets for the weak economic players, such as the small farmers, and without giving ample technical/modernization and extension service assistance to the farming population. The Philippines simply embraced aimless liberalization (courtesy of the IMF-World Bank’s structural adjustment program of the 1980s

and 1990s), agricultural tariffication (commitment to the WTO) and endless programs to open up the agricultural market (via various bilateral and regional free-trade agreements, e.g., ATIGA of Asean). n Mangled implementation of agrarian reform. The Philippine AR program is one of the longest in the world’s history. It is supposed to be comprehensive, and yet it is subverted by various legal and bureaucratic loopholes (e.g., stock options) developed by the rich and anti-reform forces. There is also no clear program to transform the AR beneficiaries into modern and progressive farmers; instead, in many places of the country, the AR beneficiaries have been transformed into poor lessors of land managed by the rich (such as the AVA system in the banana sector of Mindanao). n Corruption in the DA and other agriculture-related agencies under the various administrations. So much has been written about this. n Environmental degradation. The secretary is correct in pointing out the gravity of this problem. n Policy incongruence. There are many cases, such as lack of DADAR and DA-DENR coordination on agricultural development. The most urgent, at present, is the absence of a comprehensive, and just, national and local land use policy. At present, the absence of such policy allows big city realtors and developers to convert thousands of agricultural land into cemented land, even “land banking” some of them for speculative purposes. In summary, a leveling up program for the agricultural sector requires an honest-to-goodness inquiry on the root causes of the collapse of the sector. Dar has to confront also the pivotal issue: small farmer first or big trader/importer first? In the first

Fed’s cure for money markets complicates betting on rates By Stephen Spratt Bloomberg Opinion

he Federal Reserve’s mass purchases of Treasury bills are creating distortions in money markets, and that may make it harder for Eurodollar traders who bet on the interest-rate outlook. What started as an attempt by the Fed to relieve strains in money markets is having an unintended impact on some of the world’s most important borrowing benchmarks. As the central bank started

buying $60 billion worth of Treasury bills monthly from last October, yields dropped. The threemonth London interbank offered rate (Libor) for dollars followed the decline. When that happened, the gap between Libor and overnight index swaps—a proxy gauge for Fed funds rates—started to narrow. The spread last week narrowed to 13 basis points, the tightest since 2017, and it remains close to that level. Morgan Stanley predicts it may even turn negative for the first time.

All this means life may get harder for traders of Eurodollar futures, who place wagers on the Fed’s interest-rate outlook. These contracts are based off threemonth Libor, rather than the Fed funds rate, and movements in this spread can turn winning trades to losers. Traders of Eurodollar futures were similarly thrown off guard last August. Back then the reverse happened, as the Libor/OIS spread widened sharply, reflecting a failure to keep pace with the dovish repricing

of Fed expectations when overnight swap markets dropped. This time round, the Fed’s purchases of Treasury bills (T-bills) at a time when supply is dropping is leading to a tightening of the spread. The US central bank will buy $333 billion of T-bills in the first half while net supply drops by $44 billion, resulting in a $377-billion decline in privately held bills, according to Morgan Stanley. “We expect T-bills to richen substantially in 2Q,” strategist Kelcie Gerson wrote in a February 14 note.

Negative spread IN the second quarter, companies are also expected to plow tax refunds into prime funds, which tend to buy corporate papers, Gerson wrote. The combined impact could see the T-bill/ OIS spread drop to minus 6 basis points to 8 basis points, potentially making the Libor/OIS spread negative, she said. Morgan Stanley is recommending that investors hold trades that see June FRA/OIS tighten relative to September. Traders took note on Tuesday, with huge demand for call

Join me in meditating on the Word of God every

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

year of the badly crafted rice tariffication law, which Dar opposed before his appointment because he favored a graduated approach, the department’s role was reduced to firefighting. He inveigled local government units in rice-growing provinces to support higher prices for the palay farmers. Eventually, President Duterte himself got into the act by providing extra funds to the NFA so that it can buy more. And yet, there was no positive response from the DA on the proposal of farmer organizations to stop the flood of rice imports through the application of temporary tariff safeguards, which the WTO allows. Nor were there any positive response from DA on the demand of farmer organizations for a review/repeal of the rice tariffication law, and an inquiry on who among the big rice importers/distributors are “gaming” the rice sector at the expense of the palay farmers and domestic millers, and viajeros. Finally, Dar has been citing Singapore as an example of a food-secure country even if this city state has no agricultural land. The implication of this statement is that food security cannot be equated to self-sufficiency, or capacity of the Philippines to produce its own food requirements. Does this mean giving up the program of building up the food production capacity of the country and embracing instead the neoliberal proposal to focus agri development on the production of more agricultural exports and nonfood high-value crops? On this policy issue, Dar needs to dialogue with the farmer organizations that have been painting anti-RTL slogans below his giant tarpaulins on new thinking. Farmer organizations, such as the IRDF, have been contesting the false premises of the neoliberals that food security is secured when a country can import all the products its money can afford. More on this in the next issue.

options on June 2020 Eurodollar futures that will pay off as the spread narrows. Bank of America (BofA) Corp. also expects the Libor/OIS spread to tighten further, perhaps to “high single digits,” although it doesn’t see it turning negative. Any move lower is unlikely as “investors would likely prefer to shift into bills or government money market funds versus taking credit risk without adequate compensation,” Mark Cabana, BofA’s head of US interest rates strategy, wrote in a February 13 note.

A8 Thursday, February 20, 2020

‘Trade deal will help cut rebellion, crime’

By Elijah Felice E. Rosales

@alyasjah

NSTEAD of directly disputing the callout made on the Philippines’s human-rights reputation, Trade Secretary Ramon M. Lopez has called on the European Union to forge with the Philippines a free-trade agreement (FTA), saying this would improve the lives of people in the countryside and undercut the grounds for crime and rebellion.

Lopez urged the EU to return to the negotiating table with the Philippines in crafting an FTA. He said the government is always open to crafting a trade deal with the economic bloc, as this will improve the country’s market access to EU member-states. “They know that we are open to discussing that anytime with them. The ball is in their court on how they will respond to that interest of ours. We will always be open to discussing it,” Lopez said in a recent interview with reporters. Under the existing setup, bilateral trade between the Philippines

€1.91B The worth of goods shipped by the Philippines to Europe in 2018 through the trade privilege— representing over 25 percent of the country’s exports to the economic bloc amounting to €7.49 billion

and the EU is guided by the Generalized Scheme of Preferences Plus. The GSP Plus is a trade incentive allowing the country to export 6,274 products to Europe at zero duty.

Gordon prods govt to marshall cyber warriors

EN. Richard Gordon has prodded the Duterte administration to be ready to deploy its own cyber warriors who are ready to effectively counter “possible malicious cyber attacks.” Taking the floor at Tuesday night’s plenary session, Gordon stressed the need “for the country to have its own cyber experts” to promptly carry out counter measures in case of cyber attacks in the future. Gordon lamented that the government “lacks preparations and plans in terms of cyber warfare, and that the country is behind other nations when it comes to being visionary.”

He added, in a mix of English and Filipino: “We are running just to keep with the flow and we are trailing, we’re barely moving. We should be ready. The basic thing here is we lack preparations, we lack plans. Yesterday, we had a committee hearing on the National Grid Corp. of the Philippines [NGCP]. It turns out, we have no plans for cyber warfare. We really have to plan ahead, and see what we need [in terms of] cyber experts.” The senator suggested the Duterte administration consider sending Filipino students to other countries to “study the newest innovations and

NORTHEAST MONSOON AFFECTING LUZON AND VISAYAS as of 4:00 pm - February 19, 2020

breakthrough technologies,” like what Japan and Korea did. “We really have to come out with avenues upon which we can create, for example, money for cyber scholars that we can send abroad,” Gordon said, adding: “The Japanese did it very well, the Koreans did it very well. They sent their people abroad to learn the technology of other countries and they brought it back. They decided to become innovative. They decided to become visionary. If we do not do that, we will perish as a nation,” he warned. At the same time, Gordon recalled that during an earlier Senate

Energy committee hearing, NGCP Chief Executive Officer Anthony Almeda unintentionally revealed that the company experienced cyber attacks “a hundred times,” prompting him to raise concern over the incidents. He, thus, cited the need for NGCP to “undergo a full audit as the nation’s security is involved.” He also cited a 2019 data of Kaspersky Lab, a Russian cybersecurity firm, ranking the Philippines fifth among countries worldwide with the most online threats detected in the second quarter of 2019, following Algeria, Nepal, Albania and Djibouti. The senator noted the data stating that the country was being attacked by cybercriminals “through drive-by download attacks that work by accessing an infected web site.” Butch Fernandez

No ‘critical’ delay in Bulacan airport

ESPITE the delayed groundbreaking for the pending Bulacan International Airport, the Department of Transportation (DoTr) is confident the infrastructure project will still be completed on time. Transportation Assistant Secretary Giovanni Lopez said the project has not reached a“critical” delay in its construction time line. “The project will be completed after six years but definitely its construction will start this year,” Lopez said at a press briefing in Malacañang on Wednesday. He issued the statement after San Miguel Corp., the company which got the contract for the construction of Bulacan airport, was unable to proceed with the groundbreaking that was scheduled either in December 2019 or January 2020. SMC President and COO Ramon Ang earlier said the delays involved the issues raised by the Department of Finance (DOF) regarding the material adverse government action (Maga) provision of the contract. The Maga will entitle SMC to government compensation if it incurs additional costs, or revenue loss, from state intervention in its operation and maintenance of the airport.

Possible compensation

Lopez said DoTr opted not to badger SMC about the P735-billion project for now, especially since Ang is currently dealing with a family matter. “At this point in time [DOTr] has opted to exercise human compassion and decency to [allow] the proponents of the Bulacan airport to recover,” Lopez said. In case the project does not proceed as planned, Lopez said the government will still get compensation from SMC through its performance bond. “In this Bulacan airport, San Miguel gave a performance bond in the amount of more or less P11 billion,” Lopez explained. “If no construction happens or if it [SMC] violated any terms [of the contract] for the construction of the Bulacan airport, rest assured that [performance bond] will be forfeited in favor of the government,”he added. Samuel P. Medenilla

In exchange, the Philippines has to implement 27 international core conventions covering labor welfare, human rights, good governance and environmental protection.

Critical report

In its report last week, the European Commission lambasted Manila’s human-rights condition due to the state’s brutal war on drugs and proposals to reimpose capital punishment. The EU also took note of President Duterte’s decision to veto a measure seeking to end the

practice of contractualization in the Philippines. For Lopez, this is more reason for the EU to allow the Philippines to keep its trade privilege and even forge an FTA, as he argued that it will benefit the lives of those in the countryside, particularly farmers and fishermen, and steer them away from committing crimes or participating in the armed struggle. “At the end of the day, back to the essence of the GSP Plus, it is really empowering the Filipino people, the countryside, the farmers, See “Trade deal,” A2

THE CHILDREN’S QUICK BROWN FOX JU PHL STATUS OVER THE LAZY DOG. THE IN HEALTH, ENVIRONMENT LAZY TRAILSDOG ASEAN NEIGHBORS

OT a l l c hi ld ren in the Philippines are flourishing in terms of health, their environment and futures, according to a landmark report released by the World Health Organization (WHO), Unicef and The Lancet. In the global index of the report, titled “A Future for the World’s Children?” the Philippines ranked 110th out of 180 countries with a “flourishing” score of 0.56. This almost made the country a laggard in the Asean-5. Singapore ranked the highest in the group at 12th overall with a score of 0.92; Malaysia, 44th with 0.81; Vietnam, 58th with 0.75; and Thailand, 64th with 0.75. Indonesia lagged in the group by ranking 117th with a score of 0.54. “Despite improvements in child and adolescent health over the past 20 years, progress has stalled, and is set to reverse,” said former Prime Minister of New Zealand and Cochairman of the Commission Helen Clark. “Countries need to overhaul their approach to child and adolescent health, to ensure that we not only look after our children today but protect the world they will inherit in the future,” she added. Based on the report, an overall score close to zero indicates very poor, with 0.25 indicating poor; 0.50, neither poor nor adequate; 0.75, adequate; and 1, good flourishing. Flourishing, the Commission explained, is the geometric mean of “surviving and thriving.” This is based on indicators culled from the Sustainable Development Goals (SDGs). Surviving takes into consideration maternal survival; survival in children younger than five years old; suicide; access to maternal and child health services; basic hygiene and sanitation; and lack of extreme poverty. Thriving, the report stated, focused on educational achievement; growth and nutrition; reproductive freedom; and protection from violence. The Philippines received a score of 0.55 in surviving and

Cha-cha. . .

Continued from A1

Among other proposals of the administration’s Cha-cha task force are provisions against political dynasties and turncoats, creation of regional authorities, allocation of a larger share of national revenues for local government units, and state subsidy for political parties. Interior Secretary Eduardo Año

a score of 0.58 in thriving. The country, based on government reports, still grapples with stunting, which affects a third of children nationwide. The Commission on Population and Development (Popcom) also stated that teenage pregnancy is another problem where 1.2 million teenagers started families in the last 10 years. Popcom Executive Director Juan Antonio Perez III said women who got pregnant in their adolescent years tend to receive salaries that are at least six times lower than their peers who finished their education and had no children as adolescents. “It has been estimated that around 250 million children under five years old in low- and middle-income countries are at risk of not reaching their developmental potential, based on proxy measures of stunting and poverty. But of even greater concern, every child worldwide now faces existential threats from climate change and commercial pressures,” Clark said. Overall, the report stated the health, and future, of every child and adolescent worldwide is under immediate threat from ecological degradation, climate change and exploitative marketing practices that push heavily processed fast food, sugary drinks, alcohol and tobacco at children. The index shows that children in Norway, the Republic of Korea and the Netherlands have the best chance at survival and well-being, while children in Central African Republic, Chad, Somalia, Niger and Mali face the worst odds. However, when authors took per-capita carbon-dioxide (CO2) emissions into account, the top countries trail behind—Norway ranked 156th; the Republic of Korea, 166th; and the Netherlands, 160th. Each of the three emits 210 percent more CO2 per capita than their 2030 target. Unicef said the United States, Australia and Saudi Arabia are among the 10 worst emitters. Cai U. Ordinario

chairs the task force, with Justice Secretary Menardo Guevarra as its vice chairman. It is composed of nine agencies. Rodriguez said the committee will again try to vote on the resolution after deliberating on the whole proposal. “So we see here that we could not rush this,” he said, noting the flak they got when they held an Executive session. “So this one will be open now.” Jovee Marie N. dela Cruz

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A9

A10 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A11

A12 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A13

A14 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A15

A16 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A17

A18 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A19

A20 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A21

A22 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A23

A24 Thursday, February 20, 2020

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, February 20, 2020 A25

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE NCR Regional Office located at 967 Maligaya St., Malate, Manila, within 30 days after its publication. Please inform DOLE NCR if you have any information on criminal offense committed by the foreign nationals.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

www.businessmirror.com.ph

Companies BusinessMirror

Thursday, February 20, 2020

PCC approves Ayala unit, PINAI share purchase deal

By Lenie Lectura

@llectura

he Philippine Competition Commission (PCC) has approved AC Energy Philippines’s (ACEPH) takeover of the Philippine Investment Alliance for Infrastructure’s (PINAI) solar farm in Negros Occidental. ACEPH said on Wednesday that it received a copy of the PCC’s Decision 05-M-004/2020 dated February 13, which states that the transaction “will not likely result in substantial lessening of competition” and that the commission will “take no further action with respect to the transaction.”

In November last year, ACEPH signed a share purchase agreement with PINAI investors—Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding BV, and the Government Service Insurance System—for the acquisition of their ownership interest in San

Carlos Solar Energy Inc. (Sacasol). The deal is worth around P2.77 billion. Based on the agreement, PINAI investors will sell all of their shares of stock in Sacasol to ACEPH under a share purchase agreement. “Upon the completion of the transaction, [ACEPH] w ill be able to increase its cash flows from the San Carlos solar power plant. It will also enable [ACEPH] to be in the position to be a major player in the renewable-energy business with the addition of the 45-megawatt Sacasol plant to the company’s existing portfolio of renewable-energy assets,” said ACEPH. Sacasol is engaged in the business of owning, operating and developing solar power plants. It owns and operates a 45-MW solar farm located in Negros Occidental. The solar farm

is operating under the feed-in-tariff (FiT) system. “[ACEPH] will increase its ownership interest in a generating asset that is operating under the FiT system of the Renewable Energy Act. The acquisition furthers the company’s strategic objective to achieve at least 2 GW of attributable renewableenergy capacity by 2025,” it added. AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. On its web site, the company said it is one of the fastest-growing energy firms with over $1 billion invested and committed equity in renewable and thermal energy in the Philippines and around the region. The company said it aspires to develop 5 GW of renewables capacity and generate at least 50 percent of energy output from renewables by 2025.

MPIC inks ₧1.6-B investment deal with Dusit International

etro Pacific Investments Corp. (MPIC) on Wednesday said it signed a P1.6-billion investment agreement with hotel management and development firm Dusit International of Thailand to jointly develop and manage hospitality and residen-

tial properties in the Philippines. Starting this year, MPIC and Dusit will focus on the development of two hotels and three condominiums at sites long held by MPIC in Batangas, as well as upgrading Dusit’s existing properties in the Philippines. MPIC’s newest real estate, hospi-

tality, and tourism subsidiary, Metro Vantage Properties Inc., will lead the design, development, marketing and sales of the real-estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business. “We hope to play a significant

role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over seven decades of experience in bringing hospitality all over the world,” said MPIC Chairman Manuel V. Pangilinan. VG Cabuag

Companies BusinessMirror

Thursday, February 20, 2020

PSE STOCK QUOTATIONS

February 19, 2020

Net Foreign Bid Ask Open High Low Close Volume Value Trade (Peso) Stocks Buy (Sell) FINANCIALs

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

53 147.7 85 24.95 11.5 58.9 12.1 19 32 51.9 20.45 170.9 58.2 0.85 17.96 1.06 0.41 0.76 174 1816 1.13

53.3 147.8 85.2 25 11.54 59 12.48 20.6 32.2 53.4 20.65 171.2 58.5 0.86 18 1.15 0.435 0.81 178.2 1878 1.15

50.45 148.2 84 25 11.46 58.35 11.66 19.02 32.15 53.8 20.75 170.2 58.05 0.87 18 1.08 0.405 0.76 173.2 1825 1.12

53.2 148.9 85.85 25 11.54 59.3 12.1 19.02 32.25 53.8 20.75 173.9 58.1 0.87 18 1.08 0.415 0.76 173.2 1825 1.16

50.45 147.1 84 24.95 11.42 58.35 11.66 19 31.85 51.7 20.45 170 58.05 0.87 18 1.08 0.405 0.74 173 1815 1.12

53 147.7 85.2 25 11.5 59 12.1 19 32 53.4 20.5 170.9 58.1 0.87 18 1.08 0.41 0.74 173 1815 1.16

330 1262090 1202400 465800 80300 1533610 5300 15000 888200 960 254700 522610 30 10000 310700 10000 160000 42000 20 170 2333000

16955 186493098 102091110 11643470 920422 90452428.5 62410 285012 28442010 49917 5226080 89224884 1742.5 8700 5592600 10800 65800 31280 3462 308905 2613340

-530 -84873780 -10343370.5 610000 -371224 -8321501 4427845 -407155 -55527357 1162 -5590800 -

INDUSTRIAL AC ENERGY 2.13 2.14 2.15 2.15 2.1 2.14 658000 1398770 1.2 1.23 1.19 1.2 1.19 1.2 111000 133100 ALSONS CONS ABOITIZ POWER 31.9 32.2 31.9 32.2 31.6 32.2 1317600 42041055 19.98 20.1 19.98 20.1 19.96 19.98 592700 11840172 FIRST GEN FIRST PHIL HLDG 66.8 66.85 66.8 66.95 66.8 66.8 225350 15064828 MERALCO 273.2 279 269 279 267.6 279 143670 39336976 12.24 12.26 12.48 12.52 12.12 12.24 3468900 42749038 MANILA WATER PETRON 3.48 3.5 3.47 3.55 3.47 3.48 2165000 7548430 3.36 3.54 3.2 3.55 3.2 3.55 80000 258070 PETROENERGY 11.56 11.8 11.58 11.8 11.5 11.8 106100 1242734 PHX PETROLEUM PILIPINAS SHELL 29.15 29.45 29.1 29.65 29 29.15 26900 787495 9.15 9.29 9.17 9.28 9.12 9.28 26400 242880 SPC POWER AGRINURTURE 7.63 7.66 7.32 7.82 7.32 7.66 2006200 15373935 AXELUM 2.92 2.94 3.09 3.09 2.85 2.94 2769000 8207800 15.62 16.32 15.62 15.62 15.62 15.62 1000 15620 CNTRL AZUCARERA CENTURY FOOD 15.1 15.2 15.1 15.1 15 15.1 94400 1421588 8.3 8.4 8.44 8.5 8.15 8.4 3028900 25,125,306( DNL INDUS 7.53 7.58 7.49 7.6 7.38 7.53 459500 3452665 EMPERADOR SMC FOODANDBEV 74.45 76.4 75 76.45 74.5 74.5 266110 19891641.5 0.66 0.67 0.67 0.68 0.65 0.67 3386000 2258630 ALLIANCE SELECT FRUITAS HLDG 1.97 1.98 1.96 2.01 1.94 1.97 28896000 57159860 GINEBRA 35 35.6 35 35 35 35 43500 1522500 183.9 184 184.6 185.4 181.5 184 1798180 331463000 JOLLIBEE MAXS GROUP 9.68 9.7 9.79 9.79 9.65 9.68 34500 334657 0.156 0.179 0.156 0.156 0.156 0.156 300000 46800 MG HLDG 1.83 1.84 1.85 1.85 1.83 1.83 152000 279810 PEPSI COLA SHAKEYS PIZZA 9.2 9.26 9.16 9.29 9.12 9.26 508900 4711805 1.61 1.62 1.51 1.63 1.51 1.61 1432000 2270950 ROXAS AND CO RFM CORP 5.1 5.25 5.24 5.25 5.1 5.1 1100 5654 1.51 1.52 1.52 1.52 1.52 1.52 110000 167200 ROXAS HLDG 0.119 0.121 0.119 0.119 0.119 0.119 50000 5950 SWIFT FOODS UNIV ROBINA 149.1 153 149.2 153 149 153 807040 121286583 1.12 1.13 1.11 1.13 1.11 1.13 613000 685650 VITARICH VICTORIAS 2.4 2.53 2.4 2.4 2.4 2.4 44000 105600 CONCRETE A 60.75 66.85 60.75 66.85 60.75 66.85 200 12211 62.15 73.85 73.85 73.85 73.85 73.85 10 738.5 CONCRETE B CEMEX HLDG 1.46 1.47 1.55 1.57 1.45 1.46 12837000 19080000 4.71 5.4 5.39 5.4 5.39 5.4 35000 188964 DAVINCI CAPITAL 11.72 12.12 11.78 12.2 11.7 11.72 381600 4509556 EAGLE CEMENT EEI CORP 8.87 8.88 8.42 8.99 8.42 8.87 6300 55333 12.02 12.04 12.02 12.08 11.9 12.04 796700 9569572 HOLCIM MEGAWIDE 14.78 14.8 14.78 14.84 14.74 14.8 576200 8525598 PHINMA 9.65 9.7 9.8 9.8 9.65 9.7 10600 102695 0.91 0.94 0.94 0.95 0.91 0.94 39000 36700 TKC METALS VULCAN INDL 0.94 0.97 0.96 0.99 0.94 0.94 1226000 1167890 178 193.8 180 193.9 180 193.9 120 21739 CHEMPHIL 2.11 2.15 2.1 2.15 2.1 2.15 62000 130800 CROWN ASIA EUROMED 2.96 2.98 2.9 3.03 2.76 2.96 1995000 5732840 4.8 4.81 4.41 4.97 4.4 4.8 414000 1964760 LMG CHEMICALS MABUHAY VINYL 3.02 3.27 3.08 3.08 3.07 3.07 35000 107500 CONCEPCION 30 30.05 31 31 30.05 30.05 1600 48365 1.5 1.53 1.49 1.53 1.46 1.53 876000 1319200 GREENERGY INTEGRATED MICR 5.52 5.54 6.25 6.25 5.5 5.54 2451800 14136840 1.18 1.2 1.22 1.22 1.18 1.2 82000 98220 IONICS SFA SEMICON 1.18 1.2 1.17 1.23 1.15 1.2 428000 508570 CIRTEK HLDG 8.81 8.92 8.12 9.18 7.95 8.92 3578700 31431052

-44610 -31120945 2883488 2944168 21193240 -9707536 34760 -395770 2615156 -332220 1335834 6,391,477.0004) 223235 -188846 485060 1473500 25492361 48499.9999 -10840 -22990 35270 -15651193 96000 -2340180 -4182208 -646896 -5905110 -11560 -0 15300 -39065 -74080 -4466000 -10800 8260 573042

HOLDING & FRIMS ABACORE CAPITAL 0.88 0.89 0.91 0.91 0.88 0.88 13342000 11822960 9.99 10.2 10.22 10.22 9.99 9.99 6200 62051 ASIABEST GROUP AYALA CORP 753.5 754 750.5 756.5 750 754 202200 152467230 50.5 51 50.4 51.95 50.4 51 890220 45538208 ABOITIZ EQUITY ALLIANCE GLOBAL 10.38 10.4 10.26 10.44 10.24 10.4 6115900 63458124 AYALA LAND LOG 2.48 2.55 2.46 2.53 2.46 2.48 254000 628760 0.68 0.7 0.71 0.71 0.7 0.7 5000 3520 ANGLO PHIL HLDG ATN HLDG A 0.9 0.91 0.9 0.92 0.9 0.91 652000 592380 0.89 0.93 0.91 0.93 0.88 0.93 110000 100050 ATN HLDG B 6.25 6.29 6.3 6.3 6.23 6.25 411700 2574856 COSCO CAPITAL DMCI HLDG 5.65 5.7 5.8 5.8 5.6 5.65 12179700 68856872 12.3 12.54 12.6 12.6 12.3 12.3 900 11100 FILINVEST DEV FJ PRINCE A 3.26 3.6 3.6 3.6 3.6 3.6 5000 18000 0.213 0.228 0.22 0.22 0.213 0.213 2020000 444330 FORUM PACIFIC 725 727.5 734 734 724.5 727 108880 79249810 GT CAPITAL HOUSE OF INV 4.71 5.49 4.91 4.91 4.91 4.91 3000 14730 74.4 75.5 75 75.5 73.95 75.5 484780 36413222.5 JG SUMMIT 6.17 6.65 6.15 6.66 6.15 6.66 2100 13909 JOLLIVILLE HLDG KEPPEL HLDG B 5.51 6.3 5.51 5.51 5.51 5.51 200 1102 0.485 0.49 0.49 0.49 0.48 0.49 1720000 825850 LODESTAR LOPEZ HLDG 3.72 3.75 3.77 3.78 3.75 3.75 509000 1918430 LT GROUP 9.76 9.8 10 10 9.75 9.8 926300 9108703 0.54 0.59 0.58 0.59 0.54 0.54 384000 223160 MABUHAY HLDG METRO PAC INV 3.15 3.16 3.13 3.2 3.13 3.16 23843000 75342010 4.38 4.59 4.37 4.38 4.37 4.38 2000 8750 PACIFICA HLDG PRIME MEDIA 1.1 1.12 1.12 1.12 1.1 1.1 30000 33020 1.12 1.16 1.11 1.16 1.1 1.16 81000 89630 SOLID GROUP 175 180 170 180 165 180 200 33350 SYNERGY GRID SM INVESTMENTS 1028 1038 1018 1038 1014 1038 1205185 1240962690 132 132.4 131.1 134.9 131.1 132.4 103000 13620983 SAN MIGUEL CORP 0.77 0.8 0.81 0.81 0.81 0.81 1000 810 SOC RESOURCES SEAFRONT RES 2.01 2.38 2.05 2.05 2.02 2.02 8000 16280 163 169 163 169 163 169 610 99602 TOP FRONTIER WELLEX INDUS 0.215 0.224 0.22 0.22 0.215 0.215 810000 178150 ZEUS HLDG 0.182 0.188 0.186 0.189 0.181 0.188 2230000 411800

772740 -18209260 4889258 3210312 -51660 -191989 -63618677 -1230 -418000 12591530 690733.9996 -519880 -5459805 -29319130 -12200 1127423035 -4945713 -9892 -154000 -18400

PROPERTY ARTHALAND CORP 0.78 0.79 0.78 0.79 0.78 0.78 591000 461100 8.76 9.62 9.64 9.64 9.64 9.64 2000 19280 ANCHOR LAND AYALA LAND 42 42.2 41.45 43.5 41.3 42.2 18788000 790235970 1.59 1.71 1.59 1.59 1.59 1.59 18000 28620 ARANETA PROP BELLE CORP 1.6 1.61 1.62 1.63 1.57 1.6 2465000 3928560 A BROWN 0.63 0.64 0.64 0.66 0.61 0.64 338000 210960 0.78 0.81 0.81 0.81 0.81 0.81 2000 1620 CITYLAND DEVT CROWN EQUITIES 0.173 0.183 0.175 0.175 0.175 0.175 1590000 278250 6.1 6.49 6.2 6.59 6.01 6.49 103100 630044 CEBU HLDG 4.54 4.58 4.5 4.59 4.49 4.54 842000 3817780 CEB LANDMASTERS CENTURY PROP 0.485 0.49 0.485 0.49 0.485 0.49 4090000 1994200 0.37 0.375 0.39 0.39 0.37 0.375 3920000 1479100 CYBER BAY DOUBLEDRAGON 18.72 18.76 18.86 18.88 18.64 18.76 129100 2425500 DM WENCESLAO 8.97 9 9.16 9.16 8.99 9 112500 1013057 0.37 0.375 0.38 0.38 0.375 0.375 1540000 581300 EMPIRE EAST FILINVEST LAND 1.42 1.43 1.42 1.43 1.41 1.43 9006000 12789160 1.04 1.06 1.05 1.05 1.03 1.04 2412000 2498230 GLOBAL ESTATE 14.72 14.8 14.72 14.72 14.7 14.72 980600 14425750 8990 HLDG PHIL INFRADEV 1.05 1.06 1.06 1.08 1.03 1.06 1018000 1070860 0.77 0.78 0.77 0.77 0.77 0.77 1000 770 CITY AND LAND MEGAWORLD 4 4.03 3.95 4.06 3.95 4.03 20377000 81782080 MRC ALLIED 0.209 0.21 0.202 0.212 0.2 0.209 6430000 1320180 0.44 0.45 0.44 0.44 0.44 0.44 240000 105600 PHIL ESTATES PRIMEX CORP 2.05 2.06 2.07 2.07 2.05 2.05 90000 184670 24.8 25.2 25.15 25.85 24.7 25.2 3935300 99897250 ROBINSONS LAND PHIL REALTY 0.31 0.32 0.315 0.32 0.315 0.32 50000 15900 1.9 1.96 1.95 1.95 1.9 1.9 499000 950770 ROCKWELL 3.04 3.05 3.06 3.12 3.03 3.03 39000 118550 SHANG PROP STA LUCIA LAND 2.43 2.51 2.5 2.51 2.5 2.51 5000 12510 41.1 41.2 41.1 41.5 40.85 41.1 8956100 367378750 SM PRIME HLDG 5.03 5.19 5.12 5.24 5.02 5.19 133200 679805 VISTAMALLS SUNTRUST HOME 1.7 1.71 1.68 1.71 1.68 1.7 987000 1668370 6.83 6.85 6.85 6.85 6.8 6.85 5036800 34440374 VISTA LAND

11477305 1998640 149380 -24500 -18750 -210834 -658540 -390050 -7379450 932906 -3642520 -26020 3542780 9240 -109179380 -24353384

SERVICES ABS CBN GMA NETWORK MANILA BULLETIN GLOBE TELECOM PLDT APOLLO GLOBAL DFNN INC IMPERIAL ISLAND INFO ISM COMM JACKSTONES NOW CORP TRANSPACIFIC BR PHILWEB 2GO GROUP ASIAN TERMINALS CHELSEA CEBU AIR INTL CONTAINER LBC EXPRESS MACROASIA METROALLIANCE A METROALLIANCE B PAL HLDG HARBOR STAR ACESITE HOTEL BOULEVARD HLDG GRAND PLAZA WATERFRONT CENTRO ESCOLAR IPEOPLE STI HLDG BERJAYA BLOOMBERRY PACIFIC ONLINE LEISURE AND RES MANILA JOCKEY PH RESORTS GRP PREMIUM LEISURE PHIL RACING ALLHOME METRO RETAIL PUREGOLD ROBINSONS RTL PHIL SEVEN CORP SSI GROUP WILCON DEPOT APC GROUP EASYCALL GOLDEN BRIA PRMIERE HORIZON SBS PHIL CORP

18.1 5.39 0.45 1919 1041 0.045 3.66 1.53 0.099 1.86 1.75 2.06 0.236 3.19 8.45 17.5 4.28 80 124.2 12.1 10.88 1.19 1.18 7.11 1.13 1.33 0.045 9.91 0.54 6.52 7.76 0.59 2.69 8.95 2.02 2.09 2.96 4.01 0.52 8.03 10.46 1.81 38.3 71.3 150 2.18 18.72 0.385 7.1 417.4 0.31 8.73

18.18 5.4 0.465 1920 1045 0.047 4 1.73 0.102 1.9 2.04 2.09 0.238 3.24 8.5 18.58 4.32 80.1 124.3 12.12 10.9 1.24 1.21 7.3 1.14 1.43 0.046 11.98 0.56 6.73 8.92 0.6 2.73 8.96 2.05 2.1 3.02 4.8 0.53 8.5 10.6 1.83 38.4 72.9 151 2.2 18.76 0.39 7.12 423.8 0.32 8.76

17.68 5.39 0.46 1935 1025 0.047 4 1.53 0.1 1.84 1.75 2.11 0.24 3.25 8.7 17.5 4.5 80.3 119 12.14 10.9 1.3 1.29 7.49 1.16 1.33 0.047 9.9 0.55 6.52 7.96 0.59 2.68 8.95 2 2.1 3 4.8 0.52 8.01 10.5 1.81 38.2 71 149 2.25 18.72 0.39 7.49 417 0.315 8.96

18.1 5.43 0.46 1949 1045 0.047 4 1.53 0.1 1.91 1.75 2.15 0.24 3.27 8.85 17.5 4.5 80.6 124.7 12.14 11.2 1.31 1.29 7.49 1.17 1.4 0.047 13.38 0.56 6.52 8.92 0.6 2.78 9.01 2.05 2.14 3.02 4.8 0.53 8.5 10.66 1.84 38.5 71.4 150 2.25 18.74 0.39 7.49 424 0.32 8.96

17.26 5.37 0.45 1918 1023 0.047 3.66 1.53 0.099 1.82 1.75 2.05 0.236 3.16 8 17.5 4.28 79.5 119 12.12 10.8 1.16 1.21 7.1 1.13 1.33 0.045 9.9 0.54 6.52 7.5 0.59 2.65 8.92 2 2.07 3 4.8 0.51 8.01 10.26 1.81 38.2 71 149 2.18 18.7 0.39 7.1 417 0.31 8.74

18.1 5.4 0.46 1919 1045 0.047 3.9 1.53 0.099 1.86 1.75 2.09 0.236 3.24 8.5 17.5 4.28 80 124.2 12.12 10.9 1.24 1.28 7.3 1.16 1.33 0.045 13.38 0.54 6.52 8.92 0.59 2.72 8.96 2.05 2.1 3.02 4.8 0.53 8.5 10.6 1.82 38.3 71.3 150 2.18 18.72 0.39 7.12 424 0.32 8.76

1093200 260400 1100000 30440 53680 4700000 307000 1000 650000 27420000 4000 1879000 1280000 842000 67700 2600 1517000 375550 1717720 6700 2445000 632000 8000 8100 177000 19000 7400000 473300 192000 8300 26400 153000 352000 2432600 26000 35000 100000 5000 9429000 1100 2225000 235000 2267300 429510 252820 1197000 3551600 130000 12100 60 1200000 92800

19438258 1405936 499050 58607390 -8270705 55718920 -18691255 220900 1225030 487330 1530 64900 51291020 110500 7000 3921330 317230 303070 23600 2687210 566611 -291308 45500 28000 6582020 194440 30052798.5 16167589 212140885 88350274 81244 27000742 2034040 776980 9830 3630 60194 6530 201790 25660 334900 4686388 4682700 105330 54116 200813 90330 945810 21,830,944( 4,122,395.9999) 52700 -40599.9999 73390 301500 24000 4904890 -127400 9301 23380562 -2121950 429110 -67330 86,846,560( 14,320,470.0002) 30625357 -787472 37912804 771804 2614440 1919610 66513534 28838882 50700 86985 25300 -16960 379350 12800 814936 -

MINING & OIL ATOK 11.1 11.46 11.5 11.58 11.1 11.5 2800 31712 APEX MINING 0.99 1 0.99 1.01 0.97 0.99 2814000 2793460 630 0.0013 0.0014 0.0014 0.0014 0.0013 0.0014 35000000 48900 ABRA MINING ATLAS MINING 2.24 2.4 2.24 2.24 2.24 2.24 3000 6720 0.27 0.275 0.27 0.27 0.27 0.27 20000 5400 COAL ASIA HLDG 2.99 3.03 3.02 3.03 3 3.03 713000 2151680 CENTURY PEAK DIZON MINES 6.64 6.79 6.62 6.84 6.61 6.64 2900 19267 1.29 1.3 1.31 1.31 1.29 1.3 397000 517160 -14410 FERRONICKEL 0.094 0.095 0.094 0.096 0.094 0.095 1070000 101560 LEPANTO A LEPANTO B 0.091 0.095 0.095 0.096 0.091 0.091 460000 42910 0.71 0.72 0.77 0.77 0.7 0.72 728000 517470 MARCVENTURES NIHAO 0.99 1.01 1.01 1.01 1 1.01 3000 3020 2.57 2.61 2.63 2.69 2.57 2.57 9226000 24091870 192610 NICKEL ASIA 0.455 0.49 0.45 0.45 0.44 0.45 710000 315800 OMICO CORP PX MINING 3.02 3.03 2.9 3.15 2.9 3.02 1866000 5643170 33620 20.2 20.3 20.1 20.2 19.7 20.2 453200 9022167 2918884.9997 SEMIRARA MINING 0.0049 0.005 0.0052 0.0052 0.0049 0.005 30000000 151400 UNITED PARAGON ACE ENEXOR 7.26 7.27 7.42 7.42 7.02 7.27 179500 1301760 -100399 0.0099 0.01 0.01 0.01 0.0099 0.0099 31900000 315900 ORNTL PETROL A ORNTL PETROL B 0.01 0.011 0.01 0.01 0.01 0.01 157000000 1570000 0.01 0.011 0.01 0.011 0.01 0.011 10200000 109600 PHILODRILL 7.7 7.8 7.69 7.8 7.65 7.7 385400 2964172 40107 PXP ENERGY PREFFERED AC PREF B2R 495 500 500 500 500 500 20 10000 CPG PREF A 100.9 101.9 101 101 100.9 100.9 3000 302810 104.1 107 107.8 107.8 107 107 210 22478 FGEN PREF G GTCAP PREF A 990 999 990 990 990 990 1210 1197900 972 1000 999 999 999 999 740 739260 GTCAP PREF B 100.5 100.7 100.5 100.6 100.5 100.5 15820 1589952 2012 MWIDE PREF PNX PREF 4 1050 1055 1050 1050 1050 1050 9505 9980250 -1050000 1006 1039 1012 1012 1000 1000 515 515270 PCOR PREF 2B 1060 1070 1050 1060 1050 1060 4070 4291140 -10520 PCOR PREF 3A PCOR PREF 3B 1075 1078 1070 1075 1070 1075 1830 1965250 77.5 77.6 77.6 77.6 77.6 77.6 11000 853600 SMC PREF 2C SMC PREF 2E 75.1 76 75.1 75.1 75.1 75.1 6000 450600 76 76.3 76 76 76 76 30000 2280000 SMC PREF 2H 76 76.8 76.6 77 76.6 77 13380 1029860 SMC PREF 2I PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15.8 15.9 15.86 15.9 15.72 15.9 556400 8839112 -2860000 GMA HLDG PDR 5.24 5.29 5.27 5.3 5.27 5.3 55000 290883 -243880 WARRANTS LR WARRANT 1.12 1.16 1.16 1.16 1.16 1.16 1000 1160 SMALL & MEDIUM ENTERPRISES ITALPINAS 3.22 3.29 3.22 3.29 3.21 3.29 63000 203160 3210 KEPWEALTH 9.54 9.56 9.51 9.6 9.5 9.56 63900 608907 0.8 0.81 0.79 0.8 0.78 0.8 1457000 1151400 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 110.2 111 110.5 111 110 111 5580 614886 -558487

www.businessmirror.com.ph

‘Power firms, electric co-ops owe PSALM ₧95.42 billion’

By Jovee Marie N. Dela Cruz

@joveemarie

he Power Sector Assets and Liabilities Management Corp. (PSALM) on Wednesday told lawmakers that it has P95.42 billion in overdue receivables from power companies and electric cooperatives. Lawmakers warned that these uncollected receivables could be passed on to consumers once PSALM’s corporate life expires in 2026. During a joint hearing by the House Committees on Public Accounts and Good Government, PSALM President and Chief Executive Officer Irene Joy BesidoGarcia said uncollected fees from

private corporations and cooperatives include P35.44 billion from Power and Universal Charges, P33.62 billion from Independent Power Producer Administrator (IPPA) and P26.35 billion from litigation, for reconciliation and adjusment as of December 31 last year. According to Garcia, the total amount private power firms owed

IMI posts losses on slow trade By VG Cabuag @villygc

yala-led Integrated Micro-Electronics Inc. on Wednesday said its net loss last year reached $13.19 million, a reversal from the previous year’s $48.72-million profit on the slowdown in global trade. Revenue from its contracts from customers fell 7 percent to $1.25 billion as against the previous year’s $1.35 billion. The company said it had significant investments in capacity and technical capabilities for growth areas also increased its overhead expenditures, impacting its gross profit margins. It had a full-year gross profit of $102.2 million with an 8.2-percent margin decline versus the 2018 margin of 10 percent. IMI’s wholly owned businesses made $1 billion in revenues, a 3-percent reduction from 2018. The company’s Asian operating units dropped a total of 11 percent as China’s domestic market, particularly in the automotive, continues to underperform. IMI Europe, which is largely automotive based, recorded a 3-percent growth year-onyear through the company’s newest production facility in Serbia despite the widespread industry

slowdown and the Euro depreciation. Mexico, which serves the US market, continues to show a strong positive trajectory with a 50-percent revenue growth in 2019, the company said. Via Optronics and STI Ltd. had combined revenues of $248 million, a decline of 21 percent from the previous year. The drop was mainly driven by the slump in the computing consumer segment and the delay in the release of the new generation Intel chip. The Brexit uncertainty caused the delays in STI’s program awards. STI, however, continues to have a strong pipeline wins amounting to $124 million in 2019. “Despite the continuing decline of the market environment, we are resolute in setting the bar to key technological advancements and remain ahead of the curve. With our resilience, along with our technical expertise and commitment to quality manufacturing, I’m confident that we shall continue to win significant businesses in emerging technology platforms,” said IMI Chief Executive Arthur Tan. “As the adoption of these new products begins to accelerate, we will relentlessly take the necessary steps to achieve sustainable returns as we pull through this current market situation,” Tan added.

Car sales down by 11.77% in January on Taal eruption

his is not quite the way vehicle assemblers want to open the year, but they suffered a double-digit decline in January sales on production slowdown caused by the eruption of Taal Volcano. Car sales in January declined 11.77 percent to 23,723 units, from 26,888 units during the same period last year, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association. The automotive industry pinned the decline on the temporary closure of factories in Southern Tagalog due to the Taal eruption. Sales of passenger car (PC) slumped nearly 23 percent to 6,543 units, from 8,487 units, while that of commercial vehicles (CV) fell 6.63 percent to 17,180 units, from 18,401 units. Campi President Rommel R. Gutierrez said the industry anticipated this sales slowdown due to the negative impact of the volcanic eruption in January. Assembly plants of automobile makers are located in Southern Tagalog region, the area most hit by the restlessness of Taal. Gutierrez said majority of the factories, as well as numerous dealerships, in Southern Tagalog were hit by the ashfall and, therefore, had to be temporarily shut down. “Majority of plants and some dealerships located in south Luzon were badly hit by ashfall, also affecting operations in some areas of Metro Manila. Some companies were also forced to

temporarily suspend its operations for safety reasons,” he said on Wednesday. Despite this, vehicle assemblers are optimistic that the industry’s recovery is on the way as operations are now back to normal. “We will continue to work double time to catch up on last month’s losses,” Gutierrez said. “We assure our customers the highest level of quality in our products and services, because safety and customer satisfaction are our priorities.” In January Toyota Motor Philippines Corp. retained its position as the industry leader, capturing over 37 percent of the market, while Mitsubishi Motors Philippines Corp. is in far second with a 21.12-percent share. Nissan Philippines Inc. is a comfortable third with a market share of nearly 12 percent. Honda Cars Philippines Inc. and Ford Motor Co. Philippines Inc., for their part, placed fourth and fifth with market shares of 7.45 percent and 6.28 percent, respectively. Last year car sales went up 3.5 percent to 369,941 units, from 357,410 units in 2018, although the industry missed its goal of a 10-percent growth. This year, however, the industry has yet to mark its growth target, as uncertainties bother them from the national scale to the global level. For one, the government is considering to raise tariff rates on automobile imports in a move to compel vehicle assemblers to locate their production plants here. Elijah Felice E. Rosales

the PSALM has reached P33.52 billion, the bulk of which is from the South Premiere Power Corp. (SPPC) amounting to P23.94 billion. The SPPC is under the IPPA Agreement with PSALM for the 1,200-megawatt (MW) natural gasfired power plant in Ilijan, Batangas. Garcia also reported overdue accounts for generation payments under the IPPA agreement from Northern Renewables Generation Corp. at P4.579 billion, FDC Misamis Power Corp. at P2.630 billion, FDC Utilities Inc. at P1.167 billion, Good Friends Hydro Resources Corp. at P1.214 billion and Waterfront Mactan Casino Hotel Inc. at P87 million. She said PSALM is set to receive P14.9 billion from Manila Electric Co. (Meralco) under litigation, for reconciliation and adjustment payment. House Committee on Public Ac-

mutual funds

counts Chairman and Anakalusugan Rep. Michael Defensor said the lower chamber would invite representatives from involved private corporations in the next hearing to explain their overdue payments. “Most of them have not paid yet. They will be called for the next hearing. The government could earn a lot from these from the collection,” said Defensor. “These overdue accounts should be paid by the power firms. At the end, the public would carry the burden of paying these, not the government,” he added. PSALM is a government-owned and -controlled corporation that manages all existing debt of National Power, capital lease payments to IPPs, and the outstanding obligations of electric coops to the National Electrification Administration and other government agencies.

February 19, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 237.23 -10.3% -2.21% -3.25% -5.82% ATRAM Alpha Opportunity Fund, Inc. -a 1.2457 -21.44% -3.72% -5.15% -9.86% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.3155 -19.64% -6.38% -6% -9.86% Climbs Share Capital Equity Investment Fund Corp. -a 0.8251 -12.5% n.a. n.a. -8.03% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7993 -7.06% n.a. n.a. -5.89% First Metro Save and Learn Equity Fund,Inc. -a 5.0154 -9.07% -0.8% -3.12% -5.87% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.7966 -9.14% -4.65% n.a. -6.68% MBG Equity Investment Fund, Inc. -a 95.32 -22.94% n.a. n.a. -7.75% PAMI Equity Index Fund, Inc. -a 47.9469 -7.77% -0.2% n.a. -6.5% Philam Strategic Growth Fund, Inc. -a 501.52 -7.71% -0.9% -2.76% -5.87% Philequity Alpha One Fund, Inc. -a,d,8 0.9824 n.a. n.a. n.a. -4.63% Philequity Dividend Yield Fund, Inc. -a 1.2126 -7.44% -0.35% -1.82% -5.77% Philequity Fund, Inc. -a 35.629 -7.75% 0.57% -1.65% -5.98% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.9593 -6.95% n.a. n.a. -5.78% Philequity PSE Index Fund Inc. -a 4.8873 -6.98% 0.49% -1.04% -6.44% Philippine Stock Index Fund Corp. -a 815.95 -6.96% 0.43% -1.2% -6.44% Soldivo Strategic Growth Fund, Inc. -a 0.7713 -14.83% -3.25% -5.02% -9.41% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.899 -9.21% -0.22% -1.96% -7.37% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9365 -7.19% 0.28% n.a. -6.42% United Fund, Inc. -a 3.4467 -6.31% 1.85% -0.16% -5.66% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 109.5173 -6.61% 1.13% -0.28% -6.36% ATRAM AsiaPlus Equity Fund, Inc. -b $1.0145 2.73% 3.7% 0.15% -1.35% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4366 16.71% 9.74% n.a. 4.2% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5284 -11.1% -3.85% -4.97% -2.2% ATRAM Philippine Balanced Fund, Inc. -a 2.0843 -9.33% -2.98% -2.82% -4.44% First Metro Save and Learn Balanced Fund Inc. -a 2.5458 -3.44% 0.56% -2.72% -3.26% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.2153 n.a. n.a. n.a. -5.78% NCM Mutual Fund of the Phils., Inc. -a 1.9216 0.77% 1.54% -0.27% -2.11% PAMI Horizon Fund, Inc. -a 3.67 1.15% 0.49% -1.31% -3.14% Philam Fund, Inc. -a 16.4157 -0.06% 0.34% -1.4% -3.21% -3% Solidaritas Fund, Inc. -a 2.062 -3.67% -0.05% -0.62% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6892 -3.34% 0.66% -1.14% -4.52% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.9828 -0.66% n.a. n.a. -3.24% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.9464 -3.81% n.a. n.a. -5.02% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.9404 -4.36% n.a. n.a. -5.32% Sun Life Prosperity Dynamic Fund, Inc. -a 0.9198 -4.98% -0.29% -2.52% -5.64% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03898 9.19% 3.41% 2.18% 1.96% 0.03% PAMI Asia Balanced Fund, Inc. -a $1.0382 7.09% 3.92% 0.85% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0363 12.86% 7.66% 4.31% 3.21% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1533 9% 4.56% n.a. 2.17% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 358.95 3.92% 2.72% 2.24% 0.32% ATRAM Corporate Bond Fund, Inc. -a 1.9081 2.49% 0.53% -0.7% 0.32% Cocolife Fixed Income Fund, Inc. -a 3.1372 4.9% 5.17% 5.17% 0.67% Ekklesia Mutual Fund Inc. -a 2.2371 4.23% 2.19% 1.81% 0.54% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.364 6.11% 2.17% 1.32% 0.21% Philam Bond Fund, Inc. -a 4.3883 11.91% 1.49% 0.35% 2.45% Philequity Peso Bond Fund, Inc. -a 3.7883 5.92% 2.85% 1.23% 0% Soldivo Bond Fund, Inc. -a 0.971 6.72% 1.56% 0.1% 0.69% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.09 9.15% 4.17% 2.29% 0.46% Sun Life Prosperity GS Fund, Inc. -a 1.7003 8.12% 3.55% 1.65% -0.05% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $471.67 4.61% 2.76% 2.72% 0.74% ALFM Euro Bond Fund, Inc. -a Є221.07 3.07% 1.87% 1.31% 0.61% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2156 5.87% 3.13% 2.42% 0.7% 1.36% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 4% 1.45% 0.78% PAMI Global Bond Fund, Inc -a $1.1084 5.59% 1.53% -0.08% 1.21% Philam Dollar Bond Fund, Inc. -a $2.4558 10.63% 3.92% 2.99% 2.16% Philequity Dollar Income Fund Inc. -a $0.0608339 5.99% 2.36% 1.91% 0.86% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2628 11.38% 3.68% 2.9% 2.76% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 126.4 3.86% 2.94% 2.23% 0.49% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0314 2.92% n.a. n.a. 0.5% Philam Managed Income Fund, Inc. -a 1.2566 5.93% 3.06% 1.68% -0.01% Sun Life Prosperity Money Market Fund, Inc. -a 1.2699 3.64% 2.95% 2.44% 0.42% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0398 2.02% n.a. n.a. 0.25% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $1 n.a. n.a. n.a. 1.01% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is November 15, 2019. 5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 7 - Adjusted due to stock dividend issuance last October 9, 2019. 8 - Launch date is December 09, 2019. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

The World BusinessMirror

www.businessmirror.com.ph

Thursday, February 20, 2020

New coronavirus cases in China fall again as deaths top 2,000

EIJING—New virus cases in China continued to fall on Wednesday, with 1,749 more infections and 136 additional deaths as the top official in the outbreak’s epicenter vowed to find and isolate every infected patient in the city by day’s end.

In this Tuesday, February 18, 2020, photo, shoppers look at antiseptic gel on sale at the 7Fresh supermarket in Beijing. Stores that offer online purchases are enjoying brisk sales as residents avoid going out during the current viral outbreak with authorities last week requiring people returning to the capital to self-quarantine at home or in a concentrated area for medical observation. AP Photo/Ng Han Guan

Wednesday marks the final day of a door-to-door campaign in Wuhan, the central Chinese city where the virus emerged, to root out anyone with symptoms whom authorities may have missed so far. “This must be taken seriously,” said Wang Zhonglin, Wuhan’s newly minted Communist Party secretary. “There’s nothing more important than human life,” Wang said in remarks published by the government of Hubei province, where Wuhan is located. “If a single new case is found [after Wednesday], the district leaders will be held responsible.” Mainland China has reported a total of 74,185 cases of the new form of coronavirus and 2,004 deaths. New cases have fallen to under 2,000 for the past two days, but officials and analysts

have warned that the threat of a more serious outbreak remains as workers gradually return to work following a prolonged Lunar New Year holiday. In Hong Kong, a spokesman for Princess Margaret Hospital reported the city’s second death out of 62 cases. Media reported the victim was a 70-year-old man with underlying illnesses. “Prevention and control work is at a critical time,” Chinese President Xi Jinping said during a phone call on Tuesday evening with British Prime Minister Boris Johnson, according to Chinese state media. Likewise, UN Secretary-General Antonio Guterres told The Associated Press in an interview in Lahore, Pakistan, that the virus outbreak “is not out of control, but it is a very dangerous situation.” He said that “the risks are enor-

mous and we need to be prepared worldwide for that.” The much-criticized quarantine of a cruise ship in Japan ends later on Wednesday. The Diamond Princess’ 542 virus cases were the most in any place outside of China, and medical experts have called its quarantine a failure. The passengers from the MS Westerdam, another cruise ship, who remain in Cambodia have tested negative for the virus, Cambodia’s Health Ministry announced on Wednesday. One of the almost 700 passengers who had already left Cambodia after the ship docked last week was found to have the virus when she was tested after arriving in Kuala Lumpur, Malaysia. The discovery that the 83-year-old American woman harbored the virus caused the suspension of plans to send home the other passengers still in Cambodia. The dispersal of the others who also departed Cambodia to various countries has caused concern that they might be undetected carriers of the virus, and health authorities in several countries were tracing them to take protective measures. The Westerdam was allowed to dock in Cambodia after Japan, Taiwan, the Philippines, Guam and Thailand refused to let it land because of fear that its passengers might spread the virus. China has locked down several cities in the hardest-hit province of Hubei, halting nearly all transportation and movement except for the quarantine efforts, medical care and delivery of food and basic necessities. The country also may postpone its biggest political meeting of the year, the annual congress due to start in March, to avoid having people travel to Beijing while the virus is still spreading. One of the automotive industry’s biggest events, China’s biannual auto show, was postponed, and many sports and entertainment events have been delayed or canceled. Many countries have also set up border screenings and airlines canceled flights to and from China to prevent further spread of the

disease, which has been detected in around two dozen countries and caused almost 1,000 confirmed cases outside mainland China. Five deaths have been reported outside the mainland, in Hong Kong, Taiwan, Japan, the Philippines and France. South Korea evacuated si x South Koreans and a Japanese family member from the ship, and they began an additional 14-day quarantine on Wednesday. More than 300 American passengers were evacuated earlier and are quarantined in the United States, including at least 14 who had tested positive for the virus. On Tuesday, the US government said the more than 100 American passengers who stayed on the ship or were hospitalized in Japan would have to wait for another two weeks before they could return to the US. The US also upgraded its travel advisory for China to Level 4, telling its citizens not to travel to anywhere in the country and advising those currently in China to attempt to depart by commercial means. “In the event that the situation further deteriorates, the ability of the US Embassy and Consulates to provide assistance to US nationals within China may be limited. The United States is not offering chartered evacuation flights from China,” the notice said. “We strongly urge US citizens remaining in China to stay home as much as possible and limit contact with others, including large gatherings. Consider stocking up on food and other supplies to limit movement outside the home,” the notice said. The US previously flew out scores of its citizens on charter flights from Wuhan but does not have any further plans to do so, it said. Despite such warnings, Beijing was showing signs of coming back to life this week, with road traffic at around a quarter of usual, up from virtually nothing a week ago. While most restaurants, stores and office buildings remained closed, others had reopened. People entering were required to have their temperatures taken and register their contact information. AP

Chinese firms say they can’t U.S. puts restrictions on five afford to pay workers now Chinese state media outlets

growing number of China’s private companies have cut wages, delayed paychecks or stopped paying staff completely, saying that the economic toll of the coronavirus has left them unable to cover their labor costs. To slow the spread of the virus that’s claimed more than 2,000 lives, Chinese authorities and big employers have encouraged people to stay home. Shopping malls and restaurants are empty; amusement parks and theaters are closed; non-essential travel is all but forbidden. What’s good for containment has been lousy for business. With classes canceled at a coding-and-robotics school in Hangzhou, employees will lose 30 percent to 50 percent of their wages. The Lionsgate Entertainment World theme park in Zhuhai is closed, and workers have been told to use up their paid vacation time and get ready for unpaid leave. “A week of unpaid leave is very painful,” said Jason Lam, 32, who was furloughed from his job as a chef in a highend restaurant in Hong Kong’s Tsim Sha Tsui neighborhood. “I don’t have enough income to cover my spending this month.” Across China, companies are telling workers that there’s no money for them—or that they shouldn’t have to pay full salaries to quarantined employees who don’t come to work. It’s too soon to say how many people have lost wages as a result of the outbreak, but in a survey of more than 9,500 workers by Chinese recruitment website Zhaopin, more than one-third said they were aware it was a possibility. The salary freezes are further evidence

of the economic hit to China’s volatile private sector—the fastest-growing part of the world’s second-biggest economy— and among small firms especially. It also suggests the stress will extend beyond the health risks to the financial pain that comes with job cuts and salary instability. Unsurprisingly, hiring has all but ground to a halt: Zhaopin estimates the number of job resumes submitted in the first week after the January outbreak was down 83 percent from a year earlier. “The coronavirus may hit Chinese consumption harder than SARS 17 years ago,” said Chang Shu, Chief Asia Economist for Bloomberg Intelligence. “And SARS walloped consumption.” By law, companies have to comply with a full pay cycle in February before cutting wages to the minimum, said Edgar Choi, author of “Commercial Law in a Minute” and host of a legal-advice account on WeChat. For companies that aren’t making enough to cover payroll, it’s permissible to delay salaries, as long as staff get the money they’re owed eventually. Choi said he’s heard from thousands of foreign workers who say their payments have been cut in half this month or halted altogether. That, he said, is illegal. “A lot of these employees are foreigners, they don’t know Chinese,” he said. “Whatever their boss tells them, that’s it. It’s easy for them to get bullied.” NIO Inc., an electric car-maker based in Shanghai, recently delayed paychecks by a week. The company’s chairman William Li also encouraged employees to accept restricted stock units in lieu of a cash bonus. Bloomberg News

he US designated five Chinese media companies as “foreign missions,” a decision that reflects the Trump administration’s view that the communist party of Xi Jinping is imposing increasingly draconian government-control over news services, senior State Department officials said. The State Department’s foreign mission designation includes Xinhua News Agency, China Global Television Network, China Radio International, China Daily Distribution Corp. and Hai Tian Development USA, the officials, who spoke on condition of anonymity, said on Tuesday. The designation requires the outlets to adhere to requirements similar to those imposed on embassies and consulates in the US, including registering their current properties and getting prior approval for any acquisitions of new ones, the officials said. China’s foreign ministry denounced the move, saying the country’s media outlets helped promote understanding and adding that Beijing would “reserve the right” to retaliate. “We urge the US to discard its ideological prejudice and Cold War zerosum-game mentality, and stop ill-advised measures that undermine bilateral trust and cooperation,” ministry spokesman Geng Shuang told reporters at a regular briefing on Wednesday in Beijing. Separately, Geng said that authorities had revoked the local press credentials of three Wall Street Journal staff members over a February 3 commentary with a headline describing China as the “real sick man of Asia.” Geng said China expected the newspaper to apologize for using “a racially discriminatory title, triggering indignation and condemna-

tion among the Chinese people and the international community.” The US has stepped up its pressure on China’s government as it competes for economic and military influence in the Asia-Pacific region. Secretary of Defense Mark Esper warned on Saturday that China is moving further outside the international order as the world’s secondlargest economy pursues more aggressive economic and military policies at the expense of other nations. Although Beijing and Washington have reached agreement on a “phase one” trade deal, the two sides have continued to feud over a broad range of issues including telecommunications policy. The US last week charged Huawei Technologies Co. with racketeering to engage in intellectual-property theft and recently charged members of China’s military over one of the biggest data thefts in American history. The US made the decision on the Chinese media outlets as it sees Xi stepping up his control of the country’s media in an effort to better control the government’s message and expands its overseas media operations, the officials said. The US government doesn’t view these media outlets as independent, the officials said. CGTN America, the US division of China’s state-owned broadcaster, registered as a foreign agent in 2019 in response to a request from the Justice Department. Other US partners of Chinese media entities, including the China Daily Distribution Corp. and Hai Tian Development USA Inc., both of which distribute newspapers, have been registered for decades. Bloomberg News

A security guard stands at the entrance to Yokohama port as the quarantined Diamond Princess cruise ship is seen in the background on Wednesday, February 19, 2020, in Yokohama, near Tokyo. AP Photo/Jae C. Hong

Experts ponder why cruise ship quarantine failed in Japan

OKYO—As an extraordinary two-week quarantine of a cruise ship ends on Wednesday in Japan, many scientists say it was a failed experiment: The ship seemed to become an incubator for a new virus instead of an isolation facility meant to prevent the worsening of an outbreak. The viral illness that emerged last year in central China has sickened tens of thousands of people, but the 542 cases confirmed among the ship’s 3,711 original passengers and crew are the most anywhere outside of China. The Diamond Princess cruise ship is also the only place where health officials have seen the disease spread easily among people beyond China. The question is: Why? The Japanese government has repeatedly defended the effectiveness of the quarantine. But some experts suggest it may have been less than rigorous. In a possible sign of lax protocols, three Japanese health officials who helped conduct the quarantine checks on the ship were also infected. “There are sometimes environments in which disease can spread in a more efficient way,” said Dr. Michael Ryan, executive director of the World Health Organization’s health emergencies program. Ryan said cruise ships in particular were known to occasionally accelerate spread. “It’s an unfortunate event occurring on the ship and we trust that the authorities in Japan and the governments who are taking back people will be able to follow up those individuals in the appropriate way,” he said. Japan’s health minister, Katsunobu Kato, told reporters on Tuesday that all passengers who remained on the cruise ship have had samples taken and that those who tested negative would start getting off the vessel beginning Wednesday, when their required 14-day quarantine is scheduled to end. “They all want to go home as early as possible, and we hope to assist them so that everyone can get home smoothly,” Kato said. But it may not be that simple. US health officials on Tuesday told Americans who declined to come home on government-chartered flights over the weekend that they wouldn’t be allowed back into the country for at least 14 days after they had left the Diamond Princess. “Obviously the quarantine hasn’t worked, and this ship has now become a source of infection,” said Dr. Nathalie MacDermott, an outbreak expert at King’s College London. She said the exact mechanism of the virus’ spread was unknown. Although scientists believe the disease is spread mostly by droplets—when people cough or sneeze—it’s possible there are other ways of transmission. “We need to understand how the quarantine measures on board were implemented, what the air filtration on board is like, how the cabins are connected and how waste products are disposed of,” MacDermott said. “There could also be another mode of transmission we’re not familiar with,” she said, noting the possibility of environmental spread and the importance of “deep-cleaning” the entire ship to prevent people from touching contaminated surfaces. During the 2002-2003 outbreak of SARS, a related virus, more than 300 people were infected through a defective sewage system in a Hong Kong housing estate. MacDermott said it was possible there was a similar issue aboard the Diamond Princess. “There’s no reason this [quarantine] should not have worked if it had been done properly,” she said. Cruise ships have sometimes been struck by outbreaks of diseases like norovirus, which can spread quickly in the close quarters of a boat and among elderly passengers with weaker immune systems. But MacDermott said it would be highly unusual for an entire boat to be quarantined. “They might quarantine the people affected in their rooms until they’re 48 hours clear of symptoms, but certainly not all passengers,” she

said. Some passengers on the Diamond Princess described the ship as a “floating prison” but were allowed to walk on the decks every day while wearing a mask and were told to keep their distance from others. “I suspect people were not as isolated from other people as we would have thought,” said Dr. Paul Hunter, a professor of medicine at the University of East Anglia in England. He said the continued spread of the virus could be due to compliance problems. “It’s difficult to enforce a quarantine in a ship environment and I’m absolutely sure there were some passengers who think they’re not going to let anyone tell them what they can and cannot do,” he said. He suggested that if the passengers had been quarantined on land, having more space might have allowed for better infection control procedures. But he acknowledged that attempting to quarantine more than 3,700 people was logistically challenging. Hunter said it was “a huge disappointment” that the quarantine hadn’t curbed the spread of the virus and that it was unfortunate some passengers returning to their home countries would now face a second period of isolation. “Given how the virus has continued to spread, we have to presume everyone leaving the ship is potentially infected, and therefore they have to go through another two-week quarantine period,” he said. “Not to do so would be reckless.” Japanese health officials say a 14-day quarantine on the ship is adequate, noting that all but one of more than 500 Japanese returnees from the epicenter of the virus in China who initially tested negative were found to be virus-free at the end of their 14day quarantine. Those officials also defended precautions taken on the ship. About 1,000 crew members were told to wear surgical masks, wash their hands, use disinfectant sprays and stop operations at restaurants, bars and other entertainment areas after February 5, when the first group of 10 infections was reported and the start of the 14-day quarantine was announced. Passengers were instructed to stay in their cabins and not walk around or contact other passengers. Those in windowless cabins could go out on the deck for about an hour each day. The quarantine was largely for passengers because crewmembers kept sharing double rooms and continued to serve guests by delivering food, letters, towels and amenities, and entering passenger cabins for cleaning. Crewmembers also ate in groups in a crew mess hall. “Unlike passengers, crewmembers share their rooms, they share food, and that’s why some of them are infected even after the quarantine started,” said Shigeru Omi, a former regional director for the World Health Organization. Omi said quarantine is one of the measures considered effective early on. But the virus has already made its way into local communities across Japan, where untraceable cases have been popping up, he said. At this stage, “the spreading of the virus will be inevitable, and that’s why quarantine is out of the question,” Omi said. He said the focus now should shift from border control to preventing the spread in local communities. Other scientists said that passengers should have been removed from the ship from the beginning. “Boats are notorious places for being incubators for viruses,” said Arthur Caplan, a professor of bioethics at the New York University School of Medicine. “It’s only morally justified to keep people on the boat if there are no other options.” Caplan said that a second quarantine was warranted, but that officials had done a poor job of explaining what would happen if their original plan failed. “It’s never good to lose your civil liberties and your rights of movement, but two more weeks of quarantine is not an undue burden if you’re trying to protect spread of a disease,” he said. AP

B4 Thursday, February 20, 2020

The World BusinessMirror

Britain unveils immigration overhaul focused on skills

ONDON—Britain announced new post-Brexit immigration rules on Tuesday that will make it tougher for European Union citizens, but easier for people from many other nations, to move to the UK starting next year.

Prime Minister Boris Johnson’s Conservative government said the new rules would “open up the UK to the brightest and the best from around the world” while ending “the reliance on cheap, low-skilled labor coming into the country.” But UK employers said the radical changes could bring about a labor crisis for sectors such as health and social care. Britain’s exit from the EU last month after 47 years of membership is triggering the biggest change to the country’s immigration rules for decades. During Britain’s EU membership—and until a post-Brexit transition period runs out on December 31—citizens of any of the EU’s 27 nations can freely live and work in the UK. More than 3 million EU citizens currently living in the UK are entitled to stay. But from January

1, 2021, new immigration rules will apply to EU and non-EU citizens alike. Home Secretary Priti Patel said Britain’s new “points-based immigration system” would assess prospective immigrants on a range of skills, qualifications, salaries or professions. People hoping to work in Britain will need a job offer paying at £25,600 ($33,000) a year. That’s less than the current £30,000 ($39,000) set for non-EU immigrants, a figure that is more than the country’s average annual wage. Prospective immigrants who earn less may be able to come if they have other skills. Skilled immigrants are currently required to have a university degree but in the future will only need the equivalent of Britain’s pre-university “A levels.” The government says the new

British Lawmaker Priti Patel, the Home Secretary, leaves 10 Downing Street in London on Thursday, February 13, 2020. British Prime Minister Boris Johnson shook up his government on Thursday, firing and appointing ministers to key Cabinet posts. Johnson was aiming to tighten his grip on government after winning a big parliamentary majority in December’s election. That victory allowed Johnson to take Britain out of the European Union in January. AP Photo/Matt Dunham

rules will cut net immigration from its current level of more than 200,000 people a year. But it has abandoned a pledge made by previous Conservative governments to cut Britain’s annual net immigration figure to below 100,000 a year. The immigration plan still has to be passed by Parliament—which is highly likely since the Conservatives have a large majority. The government said it would come

up with specific proposals for scientists, graduates, health care workers and those in the agricultural sector. But there is no specific immigration route for what the government calls “low-skilled workers”—a category it says includes 70 percent of the more than 1 million EU citizens who have moved to the UK since 2004. Hundreds of thousands of EU c it i zens c u r rent ly hold jobs in sectors including farming, health care and restaurants that are relatively low-paid. Employers in those industries have warned there will be worker shortages under the tighter immigration rules. The UK Homecare Association described the lack of provisions for low-paid immigrant workers in the proposals as “irresponsible.” “Cutting off the supply of prospective care workers under a new migration system will pave the way for more people waiting unnecessarily in hospital or going without care,” it said. But the government was unsympathetic. “We need to shift the focus of our economy away from a reliance on cheap labor from Europe and instead concentrate on investment in technology and automation,” it said in a policy paper. “Employers will need to adjust.” Many people who voted in 2016 for Britain to leave the EU believed that immigration had driven down wages and driven up joblessness among Britishborn workers. The evidence for this is partial at best. The Migration Advisory Committee, an independent body consulted by the government on immigration plans, said introducing a pointsbased system would only “very slightly increase GDP per capita, productivity, and improve the public finances” compared to continued free movement of EU citizens, and would also reduce Britain’s economic growth. Diane Abbott, the immigration spokeswoman for the opposition Labour Party, called the proposed new system flawed. “This isn’t an ‘Australian points-based system’, which is a meaningless government soundbite,” she said. “It’s a salary threshold system, which will need to have so many exemptions—for (the health service)—for social care and many parts of the private sector, that it will be meaningless.” AP

Editor: Angel R. Calso

U.N. envoy warns ‘dire’ military situation risks Yemen peace

NITED NATIONS—The UN special envoy for Yemen warned on Tuesday the “increasingly dire” military situation in the Arab world’s poorest country is putting UN efforts to end the five-year conflict at “great risk” and causing dozens, and perhaps hundreds, of civilian casualties. Martin Griffiths told the UN Security Council that the US-backed Arab coalition battling to restore Yemen’s internationally recognized government and Houthi Shiite rebels “have announced expansive military goals and exchanged fierce rhetoric.” Hostilities have escalated significantly along several fronts, including some that had been quiet for months, and reported airstrikes and cross-border aerial attacks “have increased considerably,” he said in a video briefing from Geneva. Griffiths also warned that the escalating military action could threaten the main port of Hodeida, which handles about 70 percent of Yemen’s commercial and humanitarian imports. A December 2018 agreement led to the reopening of the port and the initial redeployment of rival forces but Griffiths said the situation in Hodeida today “is vulnerable to an increase in violence.” UN humanitarian chief Mark Lowcock said escalating fighting in the Marib, Jawf and Sanaa governorates, which had been mostly quiet for the last two years, has displaced more than 35,000 people since mid-January. “This escalation, in addition to clashes in other places, has reversed the trend towards decreasing civilian casualties that we had seen in previous months,” he said, pointing to 160 civilians killed or wounded across Yemen in January and airstrikes on Saturday in Jawf that reportedly killed dozens of civilians. The Yemen conflict began with the 2014 takeover of the capital Sanaa by the Houthis, who control much of the country’s north. The Saudi-led coalition allied with the government has been fighting the Houthis since 2015. The fighting has killed thousands of civilians and created the world’s worst humanitarian crisis, leaving millions suffering from food and medical care shortages and pushing the country to the brink of famine last year. In mid-January, Griffiths had reported to the council on a major reduction in military operations and expressed hope then that this would lead to talks between the government and the Iranian-backed Houthis on ending the conflict. The UN envoy recalled that earlier report on “signs of hope and momentum towards peace” at the start of his briefing on Tuesday, but also his concerns that renewed violence could reverse gains, make peace more difficult and worsen the humanitarian crisis.

Today, Griffiths told the council: “We are witnessing in Yemen what we have long feared.” The warring parties “have reassured me many times of their belief in a peaceful, political solution to this conflict,” he said. “The escalation directly contradicts the parties’ desire to move in that direction.” Griffiths said leaders on both sides “have the ability and responsibility to rein in the violence, scale down the rhetoric and commit to a more sustainable de-escalation.” Britain’s UN Ambassador Karen Pierce said the most important thing about the council was a call by all members for deescalation and starting a wider political process. Lowcock criticized both sides but especially the Houthis for impeding humanitarian workers from helping the millions in need. Last year, he said, the Houthis issued more than 200 regulations on humanitarian action, severely disrupting the delivery of aid and suggesting that humanitarian organizations pay a 2 percent tax to fund the rebels’ aid coordination body. Last week, Lowcock said, the Houthis returned food looted from a UN World Food Program warehouse in Hajjah in December and announced they were dropping the proposed 2 percent levy and would implement a long-pending agreement on using biometrics to register aid recipients. “We welcome these announcements. And we are looking forward to seeing them implemented,” he said. US Ambassador Kelly Craft warned the Houthis that the United States “may be forced to consider suspending or reducing our assistance in northern Yemen as early as March unless undue Houthi interference ceases immediately and access to vulnerable populations improves.” She accused Iran of undermining prospects for a political solution in Yemen, pointing to the US Navy’s interdiction just last week of “358 Iranian-made missiles and other weapons on their way to the Houthis.” Russia’s deputy UN ambassador Vladimir Safrankov urged talks between Yemen’s warring parties, adding: “We consider it harmful and counterproductive to stoke anti-Iran rhetoric.” He reiterated Russia’s proposal for a collective security agreement in the Persian Gulf region. Safrankov said “a creative synthesis” of ideas from Russia along with France and Iran, who also have ideas on this issue, would establish a basis for international cooperation— and that would help stop the war in Yemen, improve the situation in the Gulf and establish dialogue between Arab states and Iran. AP

Thailand police arrest man in new fatal mall shooting

ANGKOK—Police in Thailand on Wednesday arrested a man suspected of killing his ex-wife in the country’s latest incident of deadly gun violence in a shopping mall. The suspect, a salesman at another Bangkok mall, acknowledged he fatally shot his former spouse who was working at a beauty clinic at the Century Plaza mall and wounded another female employee on Tuesday, police deputy spokesman Col. Krissana Pattanacharoen told state broadcaster MCOT. The shooting was the third instance in six weeks of gun violence at a mall, and came just over a week after a disgruntled soldier fatally shot 29 people in the northeastern city of Nakhon Ratchasima before being killed by security forces in a shopping center where he holed up for about 16 hours. The suspect in the latest shooting, Danusorn Noomcharoen, was reported to have recently divorced his wife of 10 years. Police found several handwritten notes at his apartment telling them not to chase

him for two days as he needed time to kill his ex-wife’s new boyfriend and would commit suicide afterward, according to Thai media reports. The suspect’s mother was reported to have negotiated with him for 10 hours before he surrendered to police at 4 a.m. on Wednesday. Danusorn was charged with several offenses including murder and illegal possession and discharge of a weapon. Thailand has a high number of guns per capita in civilian hands and a high number of gun deaths. The research team of Small Arms Survey estimated in 2018 that there are 15.14 civilian firearms per 100 people, the highest level in Southeast Asia. A masked gunman in January in the central Thai city of Lopburi killed three people and wounded four others in a mall while robbing a gold shop with a handgun fitted with a silencer. One of the dead was a two-year-old boy. A school director was arrested less than two weeks later and reportedly confessed, saying he did not mean to shoot anyone. AP

A member of the Thai Royal Police walk out of the Century Plaza mall on Tuesday, February 18, 2020, in Bangkok, Thailand. Gun violence has struck again at a shopping mall in Thailand, where a man in the nation’s capital Bangkok shot dead one woman working in a beauty clinic and wounded another. AP Photo

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Regulator approves SMFB’s ₧15B fixed-rate bond offer

he Securities and Exchange Commission has approved the P15 billion bond offer of San Miguel Food and Beverage (SMFB) Inc. SMFB, the food and beverage unit of conglomerate San Miguel Corp., intends to offer the fixed-rate bonds in two series at face value. The Series A Bonds will mature in five years while the Series B Bonds will be mature in seven years from the issue date. The bonds shall be issued in minimum denominations of P50,000 each and in integral multiples of P10,000 thereafter. The paper will be listed at the Philippine Dealing and Exchange Corp. Proceeds from the sale will be used to fund the redemption of the

outstanding 15,000,000 Series 2 Perpetual Preferred Shares of SMFB to be redeemed on March 12 this year, at a redemption price of P1,000 per share. SMFB may redeem in whole the outstanding Series A Bonds at 101 percent on the third year or at 100.5 percent on the fourth year. For the Series B Bonds, the company may redeem the bonds at 101 percent on the fifth year or 100.5 percent on the sixth year. Chosen as joint lead underwriters and bookrunners for the offer were: BDO Capital and Investment Corp.; BPI Capital Corp.; China Bank Capital Corp.; Philippine Commercial Capital Inc.; PNB Capital and Investment Corp.; RCBC Capital Corp.; and, SB Capital Investment Corp. VG Cabuag

Counter Vuca with Vuca

ou must have heard of the acronym Vuca, which is short for “volatile, uncertain, complex, and ambiguous.” The acronym was introduced by the US Army War College to describe the state of the world after the end of the Cold War. It then found its way to the strategic leadership realm, drawing on the theories of Warren Bennis and Burt Nanus, and now applies to a wide range of organizations from for-profit corporations to associations. According to Wikipedia, the deeper meaning of each element of Vuca serves to enhance the strategic significance of foresight and insight, as well as the behavior of groups and individuals in organizations, to wit: n Volatility—the nature and dynamics of change, and the nature and speed of change forces and change catalysts; n Uncer t a i nt y — t he l ac k of predictability, the prospects for surprise, and the sense of awareness and understanding of issues and events; n Complexity—the multiplex of forces, the confounding of issues, no cause-and-effect chain, and confusion that surrounds an organization; and n Ambiguity—the haziness of reality, the potential for misreads, and the mixed meanings of conditions and cause-and-effect confusion. At last year’s PCAAE Associations Summit 7 (AS7), themed “Fast to the Future” held at the Philippine International Convention Center (PICC), Marivic Espano, chairman and CEO of P&A Grant Thornton, a leading professional services firm in the Philippines, talked about Vuca in the context of associations and how they can cope with the challenges of a Vuca world. She adapted her “contraVuca” presentation from a post of Debbie Blagsvedt in the website of KAI Partners Inc., a Californiabased management consulting and technology service provider, as follows: n Versatility—associations

Association World Octavio Peralta need to be open to change, to welcome new ideas, to be comfortable with diversity, and to expand breadth and depth of their work and advocacy through collaboration. n Understanding—associations must be able to answer these questions: Who are they? Why do they exist? What needs to be done to remain relevant? How are they going to engage members? n Connection—associations need to build connections among people across the organization— Board, staff, and volunteers—and remove barriers to foster more direct and instant linkages with members. n Agility—smart associations set targets but, at the same time, are flexible and open to changes. In my column last October 11, 2017 titled, “Association ‘Pain Points,” I listed three common challenges that associations here face: (1) member engagement; (2) revenue generation; and (3) communications programming. All these issues will be exacerbated under this VUCA environment so it is critical that associations need to adapt to these trying times. I will end this article with another VUCA acronym for associations to consider: be Vigilant, United, Committed, and Action-oriented. Cheers! The contributor, Octavio Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific, founder and CEO of the Philippine Council of Associations and Association Executives, and President of the Asia-Pacific Federation of Association Organizations. The purpose of Pcaae is to advance the association management profession and to make associations well-governed and sustainable. The Pcaae enjoys the support of Adfiap, the Tourism Promotions Board, and the Philippine International Convention Center. E-mail: obp@adfiap.org

Thursday, February 20, 2020 B5

Govt awards ₧15B worth of reissued 10-year T-bonds

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of the Treasury (BTr) has awarded P15 billion worth of reissued 10-year Treasury bonds under its tap facility on Tuesday’s auction. The auction was oversubscribed by more than twice, as tenders reached P47.615 billion compared to the P15-billion offering. The T-bonds carried a yield to maturity of 4.409 percent. The BTr’s 10-year T-bonds carried a coupon rate of 6.875 percent with a maturity date of January 10, 2029. National Treasurer Rosalia V. de Leon told reporters on Tuesday they decided to open the tap facility for another P15 billion worth of reissued 10-year T-bonds given the “oozing liqudity” that they see in the market. This even after they siphoned some of the liquidity with their first Retail Treasury Bond issuance for the year.

Asked whether the BTr would also open the tap facility next week for another offering following the Tbills auction next Monday, De Leon said in a message to BusinessMirror: “We will have to see first the auction results.” On Monday, the BTr also fully awarded an additional P7.7 billion worth of P364-day Treasury bills under its tap facility at an average annual rate of 3.836 percent. De Leon earlier said the auction results recently were still driven by the continuing concerns on the coronavirus 2019 (Covid-19) as well as in anticipation of another looming rate cut from the Bangko Sentral ng Pilipinas (BSP) by the second quarter of the year.

LandBank says loans higher on back of DA programs

he Land Bank of the Philippines (LandBank ) disclosed its loans increased on the back of Department of Agriculture (DA) programs it said “benefitted thousands of farmers nationwide last year.” In a statement, LandBank President and CEO Cecilia C. Borromeo said the loans increased on the back of three legislated lending programs in partnership with the DA. These are the Rice Competitiveness Enhancement Fund (RCEF), the Agricultural Competitiveness Enhancement Fund (ACEF) lending program and the Socialized Credit Program under the Sugarcane Industry Development Act. “We have taken a major shift of lending directly to farmers especially for programs which we are jointly implementing with other government agencies, particularly the DA,” Borromeo said. Under the Expanded Rice Credit Assistance under the RCEF, the LandBank extended P358.25 million in loans that benefitted around 7,468 farmers. DA data showed the largest loan amount released by the LandBank was in Northern and Central Luzon worth P278.07 million followed by Mindanao with P31.82 million. Data also showed LandBank loans extended to the Visayas amounted to P24.76 million and

Southern Luzon, P23.6 million. However, the loans remaining P136.72 million out of the P500 million allocated to the LandBank under RCEF have also been approved but not yet released. The DA data showed Mindanao accounted for the largest chunk of this unreleased amount worth P69.23 million followed by Northern and Central Luzon, P54.03 million. The unreleased amount included P11.73 million for farmers in the Visayas and P1.73 million for those in Southern Luzon. Meanwhile, under the ACEF, the LandBank said its loans increased to P1.04 billion as of the end of 2019 from P154.3 million. These loans benefitted over 7,000 farmers. Loans released by the LandBank under the Socialized Credit Program under the Sugarcane Industry Development Act also increased. The loans, intended for individual sugarcane farmers, block farms, and common service centers, doubled to P111.37 million. It assisted a total of 992 farmers. Last year, the LandBank intensified its lending to agriculture with loans reaching P236.31 billion, exceeding its yearend target of P231.25 billion. The bank also exceeded the number of farmers and fishers assisted, registering 1.032 million or 103 percent of its year-end target of one million. Cai U. Ordinario

The national treasurer also said they see “flight to safety” of investors amid the uncertainties posed by Covid-19. As a “preemptive” move to “support market confidence” amid economic headwinds including the coronavirus outbreak, the BSP

earlier decided to cut the interest rate on its overnight reverse repurchase facility by 25 basis points to 3.75 percent The interest rates on the overnight lending and deposit facilities were reduced to 4.25 percent and 3.25 percent, respectively.

SSS welcomes newest members of the Social Security Commission

tate-run pension fund Social Security System (SSS) welcomed the appointment of (Ret.) Judge Manuel L. Argel Jr. and Bai Norhata Macatbar-Alonto as the newest members of the Social Security Commission (SSC), the highest policy-making body of the Social Security System. Argel took his Oath of Office on September 24, 2019 while Alonto took hers last December 13, 2019. They are representing the Employers’ and Workers’ Groups of the SSC, respectively. Both armed with notable experience in public service, the two commissioners will share in the responsibility of providing policy directions, monitoring and overseeing SSS management actions, among other duties as stated under Republic Act 11199 or the Social Security Act of 2018. Prior to his appointment, Argel practiced law in the private sector for 20 years before being appointed as a Regional Trial Court Judge for Laoag City where he served for another 20 years until his retirement in 2015. He was accredited as a Voluntary Labor Arbitrator of the National Conciliation and Mediation Board, the arbitration arm of the Department of Labor and Employment, while in private practice in 1995. Aside from his extensive experience in the judicial branch, Argel has also served the legislative branch when he was elected in 1980 as a member of the Sangguniang Bayan of Vigan. He was given the Legislator’s Award by the City Government of Vigan in 2008

in recognition of his accomplishments as a former legislator of the city. Argel holds a Bachelor of Arts in Philosophy degree and Bachelor of Laws degree from San Beda University. On the other hand, Alonto, a degree holder of Bachelor of Arts in Psychology from the Philippine Women’s University and Master of Arts in Psychology from the University of the Philippines, began her professional career as a guidance counselor and college instructor for the Mindanao State University. Before joining the SSS, she served as Presidential Assistant for Muslim Mindanao, Commissioner of the Presidential Commission for the Urban Poor, Board Member of the Autonomous Region in Muslim Mindanao Social Fund Board and Bataan Shipyard and Engineering Corporation, and Executive Assistant V and Focal Person for foreign-assisted development programs for the Bangsamoro of the Mindanao Development Authority. Apart from being a Social Security Commissioner, Alonto is currently the Regional Governor of the National Council of Women in the Philippines. Argel and Alonto will join Secretary of Finance Carlos G. Dominguez III (Chairman), SSS President and Chief Executive Officer Aurora C. Ignacio (Vice Chairman), Labor Secretary Silvestre H. Bello III (ex-officio member), and Commissioners Diana Pardo-Aguilar, Anita Bumpus-Quitain, Michael G. Regino and Ricardo L. Moldez in the SSC.

PHL Ports Authority income in 2019 hits ₧7.28 billion Logistics firm taps Globe unit’s payment platform S

TATE-OWNED port operator Philippine Ports Authority (PPA) saw profits widening by a third in 2019 after its ports posted robust revenue growth amid increasing regional and international trade, paired with significant declines in spending. Data from the port regulator showed that it booked a P7.28-billion net income in 2019, representing a 31-percent surge from P5.55 billion a year prior. This figure is also 47 percent higher than its target of P4.94 billion. This is driven by a 5-percent increase in revenues to P18.35 billion from P17.5 billion, coupled with a more prudent spending,

which declined by 15 percent to P8.08 billion from P9.48 billion. Jay Daniel Santiago, the authority’s chief, said his group was instituted several “changes” that helped the state-owned port operator grow its bottom line. “The changes range from manual to automated processes, installation of sophisticated, effective, and higher productivity port equipment, compliance with the world’s best port management practices, and most especially, the shift in the outlook of employees to public service with reliability, integrity, and accountability,” he said. Santiago added that the signifi-

cant decreases in expenses stem from the decline in the need to spend for repairs and maintenance of its ports. Among the Port Management Offices that posted significant positive performance, he added, include South Harbor, Batangas, Davao, Surigao, and Bataan/Aurora. “With this strong performance, the PPA again shall be able to help government achieve its goal of giving comfortable lives to every Filipino not only through higher dividend remittance but also through efficient, effective and fast delivery of port services to our stakeholders and port users,” Santiago said.

He noted that the port authority will revisit its targets for the first quarter given concerns such as the novel coronavirus, Brexit, issues on the West Philippine Sea, and environmental concerns. “Even with the continuing threat of global concerns, ‘business as usual’ is not an option but reducing the risk of these threats coupled with management anchored on best practices and public-service committed government personnel, our gateways connecting to the tourism and trade centers of the world, will remain competitive and responsive to any current global demands,” Santiago said. Lorenz S. Marasigan

REIGHT and logistics company JRS Express Corp. announced it entered into a deal with G-Xchange Inc. to use the digital payment platform of the Globe Telecom Inc. unit. According to JRS Express President and CEO Antonio M. Claparols, they tapped G-Xchange’s GCash platform as they believe that “through digital payments, we can ensure faster and convenient transactions.” Globe Fintech Innovations Inc. (GFII) President and CEO Anthony M. Thomas said his company

continues “to be true to our commitment to onboard more and more partners to embrace this innovation.” In a statement, JRS Express said all its 430 branches and satellite stations would be using the Quick Response Code (QR Code) technology that would allow clients to pay using a smartphone. A client needing to verify his or her account can do so with their bank or with any of the 16,000 stores nationwide that GFII calls its “GCash Partner.” Roderick L. Abad

B6 Thursday, February 20, 2020

HARI offers 5x5 promo for its flagship vehicles to find LOVE: Live, Own, Value & Enjoy

EBRUARY, known as the month of love, can bring out the joy (or stress!) among the hopeless romantics who desire to give their significant others the best time possible. Fortunately, Hyundai Asia Resources Inc. (HARI) has something up their sleeves—the Philippines’ exclusive distributor of Hyundai vehicles is giving everybody the chance to share the gift of peace of mind through worry-free ownership: a 5-YEAR or 100,000km free basic Preventive Maintenance Service (PMS) paired with a 5-year unlimited mileage warranty! HARI is offering the 5X5 promo for their flagship vehicles—Grand Starex, Santa Fe, and Tucson. Now, every driving moment gives you the chance to LOVE—Live, Own, Value

and Enjoy. It doesn’t matter if you’re single or committed because any of these three could be a lifetime partner which are tried, tested and trusted for the premium comfort, efficiency and smart convenience. Featuring Hyundai’s Fluidic Sculpture 2.0 design language, the Tucson is bold and sophisticated. Its striking hexagonal grille, flanked by projector-type headlamps and a sculpted bumper, exudes a strong presence. The ultimately athletic nature of the Tucson is even built strong by Hyundai’s Advanced High-Strength Steel (AHSS) that provides a fusion of riding comfort and performance without compromising safety and durability. Built for the successful, the Hyundai Santa Fe’s class-leading design, performance, and

features make it a standout in the midsized 7-seater SUV market. The imposing cascading grille and separated headlight design strike an unmistakable silhouette, while its monocoque body delivers a refined ride that’s never rattled for the driver and passengers alike—the true hallmark of success. Finally, there’s the iconic Hyundai Grand Starex. Providing outstanding comfort for the whole family, the Grand Starex stands out with its stylish front curves that are both eye-catching and purposeful, as they afford you a more aerodynamic performance and smoother ride. Its luxurious interior and flexible seating configurations make it ideal for long trips, easily accommodating your loved-ones and gear in one comfy and elegant space. What’s even better is that all three of these vehicles come with Hyundai’s powerful yet refined Euro 4 diesel engines. With power ranging from 170 PS to 200 PS and torque ranging from 41 kg-m to 45 kg-m, they stretch your hard-earned money a long, long way with less trips to the pump and no compromises to power and refinement. Log on to http://www.hyundai.ph for more details on this Xclusive offer, or visit your nearest authorized Hyundai dealership today. Hyundai’s 5X5 LOVE Promo runs until February 29, 2020 only.

SM Foundation bags DOH’s Gawad Emilio Aguinaldo Award

HE Department of Health’s Philippine Blood Center awarded SM Foundation with the Gawad Emilio Aguinaldo Award in recognition of its efforts to help in the blood-letting campaign. The SM group of companies through SM Foundation has conducted mobile blood donation activities that resulted in the accumulated collection of 500-999 blood units for the year 2019. The SM group regularly conducts blood-letting activities in all its SM Supermalls, SM

Markets and corporate offices. In 2011, SM Foundation through its Health and Medical Services program forged an agreement with the Philippine Blood Center of DOH for the establishment of a blood bank for SM employees and their families. The collected blood units are banked with the Philippine Blood Center and made available free of charge to SM employees and their families. The award was given at the Century Park Hotel, Manila with Dalfhen Samson receiving the Plaque of Appreciation.

Insular Life reaches out to Taal evacuees

LMOST P2 million was raised in a week by employees of Insular Life (InLife) and fund matching by the Insular Foundation, to provide assistance to hundreds of families who were affected by the recent Taal Volcano eruption.

Insular Foundation, InLife’s corporate social responsibility arm, led “Project Taal Donation Drive” to gather cash and in-kind donations from employees and agents. The Insular Foundation distributed face masks, sleeping

InLife’s Project Taal Donation Drive benefited hundreds of families who stayed in three evacuation centers in Sto. Tomas, Batangas; Balayan, Batangas; and Bolbok, Batangas City.

mats, and hygiene kits to 150 families who evacuated to Padre Pio Shrine in Sto. Tomas, Batangas. This was done in partnership with St. Thomas Academy Alumni Association and University of the Philippines Los Baños Alumni Association. It also distributed N95 masks, sleeping mats, blankets, plates, utensils and clothes to 600 families in Balayan, Batangas, in coordination with Balayan Social Welfare and Development; and in Bolbok, Batangas City, in coordination with InLife Batangas Regional Office and Parish Pastoral Council of Sta. Rita de Cascia Parish. As part of its disaster response program, the foundation will support rehabilitation efforts in the province. “InLife is the largest and strongest Filipino insurance company in the Philippines. We are invested in the Philippines. Through our Foundation’s programs, including disaster response initiatives, we give back to our country,” InLife Executive Chairman and Insular Foundation Chairman Nina D. Aguas said.

SNAP-Benguet donates P5.3M for Itogon classrooms

ENEWABLE energy solutions provider SN Aboitiz Power-Benguet (SNAP-Benguet) turned over a total of P5.3 million to the Provincial Government of Benguet for the construction of five classrooms in the Municipality of Itogon. Some 400 students from Gold Creek Elementary School and Pacalso Elementary School are set to benefit from SNAPBenguet’s donations, as well as the counterpart funds provided by the Provincial Government of Benguet. Dr. Joseph A. Pacpaco, Public School District Supervisor of Itogon I, also said, “(These) schools are fortunate for having a company like SNAP-Benguet that considers the plight of education in the areas (where) they operate. I hope students will treasure and be inspired by these projects.” “We recognize the hard work that the Provincial Government of Benguet is doing to propel educational services in the area forward. This drive toward positive change resonates with us at SNAP, which is why we continue to partner with the government

and communities for these types of endeavors,” said SNAP Vice President for Corporate Affairs Atty. Mike C. Hosillos. “Since the partnership of SN Power and AboitizPower acquired the Binga and Ambuklao Hydropower Plants in our province, they have always manifested their support for our community development projects,” shared Benguet Governor Melchor D. Diclas. “We are grateful to SNAPBenguet for this donation, as well as the continued partnership.”

In December 2018, SNAPBenguet also signed a Memorandum of Agreement to fund Nawal Elementary School’s roof rehabilitation project and Binga Elementary School’s tile-floor installation for nine classrooms under the Department of Education’s Adopt-a-School Program. SNAP-Benguet is a joint venture between SN Power of Norway and AboitizPower. It operates the 105-MW Ambuklao hydro and the 140-MW Binga hydro both in the Benguet Province.

ON CORONAVIRUS’S IMPACT ON TOKYO 2020

W.H.O.: TOO EARLY TO SAY

Sports

Tokyo organizers and the International Olympic Committee have repeatedly said they have no contingency plans for the Summer Games since the World Health Organization declared a global health emergency last month.

By Graham Dunbar The Associated Press

ENEVA—Despite a virus outbreak spreading from China, a top World Health Organization (WHO) official said Tuesday it’s much too soon to say whether the Tokyo Olympics are at risk of being canceled or moved. Tokyo organizers and the International Olympic Committee (IOC) have repeatedly said they have no contingency plans for the July 24 to August 9 Summer Games since the WHO declared a global health emergency last month. The UN agency’s emergencies program director, Michael Ryan, said Tuesday the sporting event was “way too far” away to consider giving advice that would affect Tokyo’s hosting of the Olympics. “We are not there to make a decision for that,” Ryan told The Associated Press on the sidelines of a news conference at WHO headquarters. Geneva-based WHO has been in regular contact with the IOC in nearby Lausanne since the virus known as COVID-19 emerged in December. “We don’t give them judgments,” Ryan said. “We assist them with their risk assessment. We will be working closely with them in the coming weeks and months.” The death toll in mainland China due to the virus rose to almost 1,900 on Tuesday, with more than 72,000 confirmed cases. The outbreak has caused numerous sports events in China to be canceled, postponed, or moved, including qualifying events for the Tokyo Olympics. Chinese athletes and teams have also been unable to

BusinessMirror

| Thursday, February 20, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

travel for some competitions. China sent a team of more than 400 athletes at the 2016 Rio de Janeiro Olympics. It won 70 medals, including 26 gold, and placed third in the medals table. Around 11,000 athletes and many more team coaches and officials from more than 200 national teams are expected in Japan for the Olympics. Japan has experienced the most significant outbreak of the virus outside of China, on the cruise ship Diamond Princess docked in quarantine at Yokohama in Tokyo Bay. During a 14-day isolation that ends Wednesday, 542 cases have been identified among more than 3,700 passengers and crew.

Fifa CANCELS MEETING

Fifa has canceled plans for its ruling council to travel to South America next month for a two-day meeting. Informing the 37-member panel of a replacement videoconference call hosted at its Zurich headquarters on March 20, Fifa Secretary-General Fatma Samoura cited concerns on Tuesday expressed by some members of their long travel times to Paraguay’s capital, Asunción. Samoura noted “widespread concerns” about international travel during a viral outbreak in China, plus cost and environmental efficiencies as worthy reasons for changing plans. The decision comes during a month of tension between Fifa and leaders of African soccer, and a renewed alliance between the governing bodies of the game’s traditional continental powers, Europe and South America. The Fifa Council meets three times each year, and the March meeting details the world soccer body’s annual financial report and future budget plans.

THE quarantined ship Diamond Princess is seen through barbed wire at Yokohama port. AP

TRUMP: CLEAN UP L.A.

PRESIDENT Donald J. Trump on Tuesday veered into politics during a briefing on preparations for the 2028 Summer Olympics in Los Angeles, criticizing the city’s political leadership for failing to curtail its homelessness epidemic. Trump said if Los Angeles doesn’t “clean it up fast,” he will intervene. “If they can’t do it themselves, we’re going to do it,” Trump said. “The federal government is going to take it over, we’re going to do it.“ Trump has battled with California’s Democratic leaders throughout his three years in office, with state

Attorney General Xavier Becerra filing dozens of lawsuits against the Trump administration over environmental regulations, immigration issues and other White House policies. The president also has repeatedly lashed out against the mayors of Los Angeles and San Francisco, as well as House Speaker Nancy Pelosi, who represents a San Francisco district, over the homeless issues in those cities. The president in the past has referred to the crisis in the two California cities as “disgusting” and a “disgrace to our country.” Trump made the comments as he met with the

NEWMAN’S CRASH SHOWS RACING NEVER TRULY SAFE

RESCUERS remove Ryan Newman from his wrecked car. AP

AYTONA BEACH, Florida—Dale Earnhardt’s death on the final lap of the Daytona 500 may have saved Ryan Newman’s life. Earnhardt died 19 years ago Tuesday, the same day Roush Fenway Racing said Newman was awake and talking to doctors and family following his own harrowing accident on the last lap of the biggest race of the year. Earnhardt died instantly when he hit the wall at Daytona International Speedway in what is considered the darkest day in Nascar history. It triggered a chain reaction of safety improvements as the sanctioning body put a massive emphasis on protecting its drivers. So it was jarring when Newman went airborne on the final lap of Monday night’s rain-rescheduled Daytona 500—a grim reminder that racing cars at 200 mph inches away from other drivers will never be safe. Newman had just taken the lead when fellow Ford driver Ryan Blaney received a huge push from Denny Hamlin that put Blaney on Newman’s bumper. At that point, Blaney said his only goal was to push Newman across the finish line so a Ford driver would beat Hamlin in a Toyota. Instead, their bumpers never locked correctly and the shove Blaney gave Newman caused him to turn

right and hit a wall. His car flipped, went airborne and was drilled again in the door by another driver. That second hit sent the car further into the air before it finally landed on its hood and slid toward the finish line at Daytona International Speedway. His spotter pleaded with Newman on the in-car radio “Talk to me when you can, buddy,” but no words came from the driver. An industry so accustomed over the last two decades to seeing drivers climb from crumpled cars with hardly a scratch held its breath as it took nearly 20 minutes for the 42-year-old to be removed from the car. It was another two hours before Nascar said Newman was in serious condition at a hospital with nonlife threatening injuries. Roush Fenway Racing said Tuesday that Newman “is awake and speaking with family and doctors. Newman and his family have expressed their appreciation for the concern and heartfelt messages from across the country. They are grateful for the unwavering support of the Nascar community and beyond.” No information was given on specific injuries. This was a scare Nascar has dodged for 19 years. Carl Edwards sailed into a fence at Talladega in 2009, climbed

from the burning wreckage and then jogged across the finish line to complete the race. Kyle Larson in a 2009 Xfinity Series race flew into the Daytona fencing and walked away unscathed even though the front half of his car had been completely torn away. Kyle Busch crashed into a concrete wall at Daytona the day before the 500 in 2015. He broke both his legs and still was able to get himself out of the car. Five months later, Austin Dillon ripped out a section of Daytona fencing, landed upside down in a destroyed race car, and after he was pulled to safety by team members, he flapped both hands in the air for the crowd in a tribute to the signature celebration of the late bull-rider Lane Frost. Perhaps, it has created a false sense of security in today’s cars because so many drivers have walked away from so many accidents. “The No. 1 thing that Nascar always does is put safety before competition, you’ve got to have a car that’s safe,” said Hamlin, who went on to win his third Daytona 500 in the last five years. “You’ve got to have all your equipment that’s safe, and the sport has been very fortunate to not have anything freak or weird happen for many, many years. But a lot of that is

because of the development and the constant strive to make things better and safer. “I thank my lucky stars every day that I came in the sport when I did.” Just five years before Hamlin arrived on the scene, Earnhardt was the fourth driver to die of a basilar skull fracture in an eight-month span. Adam Petty was killed in a 2000 crash at New Hampshire, a mere hundred or so yards from where Kenny Irwin had a fatal impact two months later. Tony Roper was killed in October in a crash in Texas. But Earnhardt’s death shook the sport to its core. The seven-time champion was the toughest man anyone knew and no crash was going to claim The Intimidator. Only Earnhardt was an old-school racer still using his preferred routines. He wore customized open-faced helmets, sat low in his seat in a position that almost looked as if he was reclined, and, allegedly adjusted his seat belts from the recommended installation settings to a position that suited his comfort level. Nascar acted quickly and speculation over Earnhardt’s seat belts led teams to move from traditional five to sixpoint safety harnesses. Nascar also encouraged its drivers to begin wearing

Los Angeles Olympic committee to get an update on preparations for the Summer Games, the first Olympics to be hosted by the US since the 2002 Winter Games in Salt Lake City, Utah. He promised his administration would help the city prepare for the Games. “This is a big deal,” said Trump, who signed an agreement pledging the federal government’s support of the Los Angeles committee. He claimed his predecessor, President Barack Obama, was less than supportive of the bid. “We’re going to give them tremendous support,” he said. “You need the support of the federal government to make it really work.”

a head-and-neck restraint system, and by August of that year, 41 of the 43 drivers in the field at Michigan were using them. The device was not made mandatory until 2001, after Blaise Alexander was killed in an ARCA race at Charlotte. Tony Stewart resisted the device because he argued it made him feel claustrophobic in the car, but Nascar refused to let him on track until he put on the restraint. The HANS device is now mandatory in nearly every professional racing series, from Formula One to IndyCar and even dirt racing. Indianapolis Motor Speedway had already been developing softer walls, and Nascar finally got on board with the process after Earnhardt’s death. Although the SAFER Barriers are credited to IndyCar’s development, Nascar contributed to the research costs and began installation in the corners at its tracks. The softer walls slowly evolved to more areas of tracks following hard hits by Jeff Gordon, Elliott Sadler, and other top stars. After Busch broke his legs at Daytona by hitting a part of the wall not protected with energy-absorbing foam, Nascar increased installation of the safety measure across the entire series. Nascar also began requiring containment seats— more of an amusement park ride-style setup than a traditional car seat. Development was done to improve helmets, restraint systems and cockpit safety. Then came in 2006 the Car of Tomorrow, built specifically as the safest stock car ever run in Nascar. The car had energy-absorbing foam in the doors and tougher crush zones. The car was a tank, designed to keep drivers alive. The car was replaced by the “Gen 6” in 2014 with a new chassis aesthetic changes, and it will be replaced next year by the “Next-Gen” car designed to cut costs, improve competition and give manufacturers wider access to personalized identification. It will be as safe as Nascar can build it, but no innovation can guarantee the safety of any driver. “We know the risks,” Juan Pablo Montoya told The Associated Press on Tuesday. Montoya in 2012 slammed into a jet dryer at Daytona in a collision that caused an immediate fireball and had the tough Colombian gingerly walking away from the scene. But Montoya did walk away, as did Corey LaJoie on Monday night after hitting Newman’s flying car directly on the driver’s side. LaJoie’s car caught fire but he was able to get out onto the track, where he dropped to his knees and waited for medical personnel. That’s what everyone waited for with Newman, too, but the length of time it was taking the safety crew to attend to his overturned car and his silence on the radio was ominous. Hamlin’s team was widely criticized for celebrating the victory, but team owner Joe Gibbs insisted they had no idea Newman’s situation was serious. “If you think about all the wrecks that we’ve had over the last, I don’t know, how many number of years, and some of them looked real serious, we’ve been so fortunate,” Gibbs said. “Participating in sports and being in things where there’s some risk...in a way, that’s what [drivers] get excited about. We know what can happen. You just don’t dream that it would happen.” Newman appears to be improving, a welcome relief the day after Nascar’s showcase event ended in horror. Newman was lucky; Justin Wilson was not in a fatal 2015 IndyCar fluke when a broken part from the leader bounced on the track and hit him in the head nearly 18 positions back in traffic. Newman’s accident is part of the thrill that draws fans to the sport, and an adrenaline rush that fuels the drivers. That he survived is because of nonstop work on safety for nearly two decades. That work will never end. AP

Spo

Business

C2 Thursday, February 20, 2020

OUT IN DUBAI

Australian Open champion Sofia Kenin loses her opening match at the Dubai Tennis Championships on Tuesday to Elena Rybakina, 6-7 (2), 6-3, 6-3. It was Kenin’s first Women’s Tennis Association Tour event since earning her maiden Grand Slam title, and then helping the United States reach the Fed Cup finals. AP

FIFA PROBES MYANMAR Z

URICH—Fifa is investigating suspected match-fixing in Myanmar’s 7-0 loss in a World Cup qualifier last year. “We are looking into this matter,” Fifa said Tuesday, confirming reports in Myanmar media which said officials had visited the country to question players. “Anyone found guilty of match manipulation will be subject to severe sanctions as Fifa has recently introduced minimum bans of five years,” soccer’s world body said in a statement. Myanmar was beaten, 7-0, in an away qualifier at Kyrgyzstan in October—a third straight loss in qualifying after September defeats in Mongolia and at home to Japan. Myanmar has since won two games under a new coach, and is in contention to advance from Asia’s Group F. Myanmar next plays group leader Japan and Kyrgyzstan in March. The top 2 nations in the five-team group in June advance to the next stage of Asian qualifying for the 2022 tournament in Qatar. Cincinnati Head Coach Ron Jans, meanwhile, was forced out after an investigation by Major League Soccer (MLS) found he’d used a racial slur in the locker room and made other troubling

comments. Jans resigned late Monday after the team notified him he couldn’t continue as coach. Jans had been suspended pending the investigation, which was prompted by a complaint from the MLS Players Association. “The pattern of conduct of the former FC Cincinnati coach fell far short of acceptable standards, and created an untenable and unfair working environment for our players,” Bob Foose, the executive director of the players’ association, said in a statement Tuesday. “We appreciate the swift and thorough investigation conducted by the league into this matter.” The club designated Yoann Damet as interim head coach while the team conducts a search. Cincinnati is training in Florida ahead of its second season in MLS, which opens March 1 at the New York Red Bulls. Cincinnati has been through two head coaches during its brief stay in the league. Last year, it fired Alan Koch after its 11th first-tier

match, which left the expansion club with two wins, seven losses and two draws. Damet also was the interim head coach while the team conducted a search that resulted in Jans’ hiring last August. Cincinnati President Jeff Berding said the club learned of the investigation Thursday and suspended Jans while players were questioned privately about his conduct. Berding said Jans acknowledged using a racial slur in the locker room, but the player interviews revealed other incidents, as well, with at least one going back to last season. “The findings concluded that this was not a single incident, but broader themes and experiences that were insensitive,” Berding said. The players’ association criticized what it saw as an attempt by the club to downplay Jans’s conduct initially. “It is our sincere hope that FC Cincinnati will learn from and address these mistakes, and begin to chart a new course forward, one that includes treating all of its players, current and former, with fairness and respect,” Foose said in his statement. AP

Reyna, 17, youngest American in Champs League

ORTMUND, Germany—Gio Reyna became the youngest American-born player to appear in the Champions League and assisted on the go-ahead goal, helping Dortmund beat Paris-Saint Germain, 2-1, Tuesday night in the first leg of the round of 16. The 17-year-old son of former US national team captain Claudio Reyna entered in the 67th minute with the score at 0-0. Dortmund scored two minutes later, but Neymar equalized in the 75th. An assist from Reyna contributed to Erling Haaland’s second goal

Gio Reyna makes waves in Europe. AP

of the match in the 77th. Reyna received the ball at midfield on a quick counterattack, took two touches as he burst into space and fed Haaland at the top of the arc for the winner. “It’s a super pass from Reyna,” Dortmund Coach Lucien Favre said. “He plays it in brilliantly.... He orients the ball very, very quickly.” At 17 years, three months and five days, Reyna set the record for youngest American. Arsenal’s Gedion Zelalem was 17 years, 10 months and 13 days when he played his first Champions League match against Galatasaray

on December 9, 2014, but it’s not clear whether that was shortly before or after he gained US citizenship. Dortmund’s Christian Pulisic was four days shy of his 18th birthday when he made his Champions League debut in a group phase opener at Legia Warsaw on September 14, 2016. Pulisic started and assisted on Dortmund’s fifth goal in a 6-0 win. AP

orts

sMirror

Thursday, February 20, 2020

AREVALO ZEROES IN ON TIARA A

bby Arevalo primed herself up for a record championship run on her special day by carding a two-under 69 for an imposing 11-stroke lead over Rianne Malixi in the second round of the Philippine Ladies Open at the Manila Golf Club in Forbes Park in Makati City on Wednesday. The San Jose State U product and member of the 30th Southeast Asian Games gold-medal winning squad took another conventional approach in dealing with the tight, par-71 layout but hinted at shifting to high gear in Thursday’s final round in pursuit of a revered spot in the elite roster of winners of the country’s premier championship organized and conducted by the Women’s Golf Association of the Philippines (WGAP). “I played conservative again because that was my game plan. But I think it was too much today,” said Arevalo, citing her failed bids on a couple of reachable par-5s that, however, failed to slow down her charge in the event she took charge of with a solid 68 Tuesday for a 137 aggregate and followed up with a five-birdie, three-bogey game. “They can be reached [in two] but there are lots of trees and would need to hit exact shots. But this is a course-management layout and I don’t think I can be too aggressive with any of these pin placements and go for it,” she added. So did the rest, including Malixi, who humbled Arevalo in last month’s National Stroke Play at Riviera that took three extra holes to finish but who failed to mount a challenge and fumbled with a 75 to fall 11 strokes behind at 148 with 18 holes left in the 58th staging of the event sponsored by San Miguel Corp., Diamond Motors, Sunsports and Eva Air. Eagle Ace Superal bounced back from a 76 with a 74 but lay too far behind at 150, while Mafy Singson made a 76 for a 151 and Kiara Montebon wobbling with a 78 after a 74 and tumbling to fifth at 152 in the tournament backed by Globe, the National Golf Association of the Philippines, Copok (Seascape Village), Mercedes-Benz, New World Hotel, Pocari, Manila Golf Ladies, Regent Travel, Hyundai, Poten-Cee, Pascual Lab, Net25, Lake Shore CCY, FHLCI and Tagaytay Ladies. Arevalo thus moved 18 holes away from besting Bianca Pagdanganan’s nine-stroke win over Thai Atthaya Thitikul at Wack Wack on a day she turns 21. Asian Games gold medalist and now pro Yuka Saso

Nominations for Hall of Fame starts in March

HE Philippine Sports Hall of Fame (PSHOF) 2020 Committee headed by Philippine Sports Commission Chairman William Ramirez will open nominations for the fourth enshrinement process in March. “This is good that we met early so we have ample time to study the nominations,” Ramirez said. The screening committee is composed of Games and Amusement Board Chairman Abraham Mitra, Philippine Olympic Committee Secretary-General Atty. Edwin Gastanes, Integrated Cycling Federation of the Philippines Secretary-General Atty. Avelino Sumagui, University Athletic Association of the Philippines Executive Director Atty. Rene Saguisag Jr. and Philippine Olympians Association President Akiko Thomson-Guevara. The HOF (Republic Act 8757) honors Filipino athletes, coaches and trainors who have brought honor and pride to the country with exemplary character. The body already issued two resolutions bordering on amendments to the PSHOF law to automatically including nominees who were cut from the previous process. The board is also contemplating on doubling the cash gift for Hall of Famers to P200,000. “We will check if this is possible with the budget that we have,” Ramirez said. Nomination guidelines and forms will be released in time for the start of nominations on March 1. The awards night is tentatively scheduled on November 5.

ruled this event back-to-back, including a fivestroke victory here last year. Grace Quintanilla recovered from a 79 with a 74 for a 153, while Nicole Abelar stumbled with a 79 for a 155 followed by Laurea Duque and Sam Dizon, who pooled similar 156s after a pair of 80s.

Velez, Padilla dominate Ozamiz tennis tournament

J Abby Arevalo posts an imposing 11-stroke lead over Rianne Malixi in the second round of the Philippine Ladies Open. ROY DOMINGO

GAWILAN BAGS TICKET TO TOKYO 2O20 T

HE International Paralympic Committee handed the country one allocation for the swimming events of the Tokyo Olympics. Coach Tony Ong on Wednesday revealed in a radio interview that with the slot given by the Paralympic body, Asian Para Games gold medalist Ernie Gawilan will be vying in the

August 25 to September 6 Tokyo Games. Gawilan, who also competed in the Rio de Janeiro 2016 Olympics, only needs to compete in at least one international Paralympic competition for the reclassification of his disability. The 28-year-old Gawilan was born in

Davao City without both of his legs and with an undeveloped left limb. Gawilan clinched three bronze medals at the 2014 Asian Para Games in Incheon, South Korea, and four years later in Jakarta, he won the country’s first-ever gold in the Games in the men’s 200-meter individual medley (SM7). He also

bagged a silver in the 50-meter freestyle. “We are guaranteed of a berth in Tokyo,” Ong said. Ong said that they are hoping for another para swimmer, Garry Bejino, to snatch a ticket to Tokyo through qualifying tournaments. Ramon Rafael Bonilla

ERNIE GAWILAN is bound to compete in his second Paralympics.

Bosh expresses disappointment over Hall of Fame snub C

CHRIS BOSH is not hiding his frustration.

Collegiate eSports partnership sealed

ineski Global signed a landmark contract recently with the Philippine Collegiate Champions League (PCCL) to create a sustainable, consistent and widely accessible eSports program exclusively for domestic schools and universities. With the partnership, Mineski Global’s advocacy of responsible gaming, along with high-octane eSports action will be in the spotlight. The PCCLMineski eSports partnership also hopes to promote a sustainable eSports community all over the Philippines. “It’s time to show everyone that eSports represent a viable career option, inclusive, and that it should be accorded the same treatment as regular sports. Both PCCL and Mineski are mindful of our responsibility to promote positive values through eSports and games,” Mineski Global CEO and founder Ronald Robins said.

hris Bosh is not hiding his frustration about not being a finalist for this year’s enshrinement class for the Basketball Hall of Fame. The former Miami and Toronto forward released a video statement on social media Tuesday, using some version of the word disappoint—be it “disappointed,” “disappointment” or “disappointing”—no fewer than 15 times in five minutes. Bosh was a surprising omission last week from the class of eight finalists announced by the Hall as still being under consideration for enshrinement this year, a list that included contemporary players Kobe Bryant, Tim Duncan and Kevin Garnett. The class of inductees will be

revealed in Atlanta on April 4 at the men’s college basketball Final Four, and the Basketball Hall of Fame ceremony is in Springfield, Massachusetts, on August 29. “I’m going to be honest with you,” Bosh said. “I’m a competitive man. I’ve been competing my whole life. A lot of people don’t really know that about me, but I’m a fierce competitor. Losing bothers me. Coming up short bothers me. It always has, you know, since the moment I started playing basketball and it kind of bleeds over into everything that I do. So I’ll just get ahead of it. And so you hear this from me, I’m disappointed.” Bosh is one of 13 players in National

Basketball Association (NBA) history to average 19.2 points and 8.5 rebounds in a career that included at least 11 All-Star selections. The other 12—Kareem Abdul-Jabbar, Wilt Chamberlain, Karl Malone, Shaquille O’Neal, Charles Barkley, Moses Malone, Hakeem Olajuwon, Larry Bird, Bob Pettit, Patrick Ewing, Elvin Hayes and Elgin Baylor—are all in the Hall of Fame. Bosh is also the only Hall-eligible player with 17,189 points, 7,592 rebounds, 1,795 assists, 11 All-Star selections and two championships who is not already in, or a finalist this year for, the Hall of Fame. There are other players with those numbers, such as LeBron James and Dirk

Nowitzki, who are not yet eligible because they’re still playing or retired too recently. “One of the things people like to say is, ‘Oh, next year,’” Bosh said. “What if there’s not a next year? That’s something that I think about every day. And I hope you think about it as well, but what if there’s not a tomorrow? What does that even mean? That is a definite question that’s been on my mind quite a bit, but I just have to be honest with you guys. I’m very disappointed.” Bosh, who turns 36 next month, said he wishes he was still playing and believes he would still be in the NBA if not for the health issues that abruptly ended his career in 2016. Bosh had at least two bouts with blood clots. AP

ohn David Velez and Judy Ann Padilla frolicked at home and came away with a pair of victories to lead the winners in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Mayor Oaminal national age group tournament at the Asenso tennis courts in Ozamiz City over the weekend. Velez, 16, trampled Brent Cortes, 6-4, 6-2, to rule his age bracket then hacked out a 7-6(4), 3-4(ret.) win over Nash Agustines in the 18-under finals to match fellow Ozamiz bet Padilla’s two-title feat in the girls’ side of the Group 2 tournament presented by Dunlop. The 14-year-old Padilla rapped Christine Gulagula, 6-1, 6-0, to dominate her age category then trounced Zeiah Toribio, 6-2, 6-0, in the 16-U finals of the event which kicked off the Mindanao swing of the country’s long-running talentsearch put up by PPS-PEPP headed by President and CEO Bobby Castro. Sharing the spotlight are Cebu’s David Sepulveda (10-under unisex), Mark Solis from Tangub City, Cielo Gonzales from Oroquieta (12U), Cyd Villamar from Lanao del Norte (boys’ 14U), and Zambo del Norte’s ace Sydney Enriquez (girls’ 18-U). Sepulveda stunned top seed and doubles partner Pete Bandala, 5-3, 5-3; Solis stopped Sepulveda in the semis, 4-1, 4-5(5), 10-8, in the semis then foiled Bandala, 6-3, 6-2; Gonzales held off Rose Mesiona, 6-4, 7-5; Villamar shocked top seed Neo Maratas, 0-4, 4-1, 10-7, in the semis then warded off No. 2 Penshoppe Erquita, 7-6 (2), 2-6, 102; and Enriquez romped off with a 6-1, 6-1 triumph over doubles partner Karylle Baco. Enriquez and Baco later edged siblings Jude Ann and Carmel Padilla, 8-7(6), to snare the 18-U doubles crown with Alexis Acabo and Nilo Ledama snaring the boys’ title with an 8-5 victory over Agustines and Cortes. Erquita and Solis bagged the 14-U diadem with an 8-4 triumph over Bandala and Sepulveda while AJ Acabo and Gulagula claimed the girls’ plum with an 8-3 rout of Shandy Cailing and Myushe Plariza, and Sepulveda and Bandala thumped Rio Aguinid and Harlene Hangka, 8-2, for the 10-under unisex title.

Kobe memorabilia prices RISE dramatically

obe Bryant’s shock death in a helicopter crash has led to a massive spike in prices for memorabilia connected to him. Bryant apparel on Nike’s web site was completely sold out within a day of the tragic accident in California on January 26, killing eight other people, including his daughter Gianna. Bryant-related memorabilia, such as trading cards, autographed basketballs, jerseys and shoes are also selling fast on auction site eBay with sellers hiking up prices to take advantage of the increased demand. One eBay user wanted $3 million for a

basketball signed by Bryant and the rest of the Los Angeles Lakers team from 2002 which won its third consecutive National Basketball Association (NBA) Finals, CNN reported. Another seller was asking for $2.88 million for “one-of-a-kind” ball Bryant signed after winning his first NBA title in 2000. The seller claimed the ball will be “worth $10 million in 10 years.” A set of Bryant trading cards, claimed to be in “very good” condition, sold for $1 million. The asking price for a pair of Nike shoes signed by the double Olympic gold medalist after his final NBA game in 2016 was $240,000.

Howard University Marketing Prof. Denver D’Rozario, who specializes in research about the use of dead celebrities in marketing, claimed he was not surprised by the surge of interest in Bryant-related memorabilia. “Fans suddenly realize the person they love is not there anymore and they want to buy up things to be close to that person,” D’Rozario, told CNN Business. “Some people buy it for commemoration purposes because they assume it will increase in value as a collector’s item. It gives them a connection to the person they love.” Insidethegames

ONE seller at eBay is asking for $2.88 million for “one-of-a-kind” ball Kobe Bryant signed after winning his first National Basketball Association title in 2000.

s MANFRED: I’M SORRY S Sports By Stephen Hawkins

The Associated Press

COTTSDALE, Arizona—Major League Baseball (MLB) Commissioner Rob Manfred apologized Tuesday for what he called a disrespectful reference to the World Series trophy as a “piece of metal.” Even before being asked about it, Manfred said he made a mistake with those comments, while trying to deliver a rhetorical point in an interview two days earlier. “I referred to the World Series trophy in a disrespectful way, and I want to apologize for it,” Manfred said. “There’s no excuse for it.... It was a mistake to say what I said.” MLB players, already upset with Manfred’s handling of the Houston Astros’ sign-stealing scandal, and some of his comments in trying to explain it, became further infuriated by his piece of metal comment during a lengthy interview with ESPN on Sunday, the same day he spoke in Florida. Even National Basketball Association superstar LeBron James joined the anti-Astros chorus, voicing his anger on social media Tuesday. While speaking at the Cactus League media day in the Arizona desert, Manfred also pledged Tuesday to protect Oakland righthander Mike Fiers, the ex-Astros pitcher who became the whistle-blower when he went public in November to The Athletic. “We will take every possible step to protect Mike Fiers wherever he’s playing, whether it’s in Houston, or somewhere else,” Manfred said. “Mike did the industry a service.” The Astros play their first road game of the regular season March 30 at the A’s, who won 97 games each of the past two years to finish second to Houston in the American League West both times. Cubs lefty Jon Lester, a three-time World Series champion—with the Boston Red Sox in 2007 and 2013, and Chicago in 2016—had some choice words for the commissioner earlier Tuesday. “That’s somebody that has never played our game. You play for a reason, you play for that piece of metal. I’m very proud of the three that I have,” Lester said at Cubs camp in Mesa, Arizona. “If that’s the way he feels, then he needs to take his name off the trophy.” Lester said the first thing he shows visitors at his house is the displayed trophies he has won. “I’m proud of them. That’s a lot of years, a lot of hard work. You can’t just bring it down like that,” the five-time All-Star said. Manfred, after meeting with the general managers

BusinessMirror

| Thursday, February 20, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

A YOUNG girl tries to get autographs during the Houston Astros’ spring training in West Palm Beach, Florida, on Tuesday. AP

and managers of teams that train in Arizona, said he has taken great pleasure in presenting the past five World Series championship trophies since he became the commissioner. James sent a two-part tweet Tuesday imploring Manfred to listen to the upset players. The three-time National Basketball Association champion and four-time MVP

said he would be irate and uncontrollable if he found out he had been cheated out of a championship, punctuating his comment with an asterisk-filled expletive, and adding the hashtag #JustMyThoughtsComingFromASportsJunkieRegardlessMyOwnSportIPlay. “Listen here baseball commissioner listen to your...players speaking today about how

disgusted, mad, hurt, broken, etc. etc. about this,” James wrote in part, adding, “you need to fix this for the sake of Sports!” Atlanta Braves outfielder Nick Markakis spoke out earlier Tuesday, saying he believed the commissioner had completely mishandled the situation with the Astros and that “every single guy over there deserves a beating.”

Manfred suspended Houston Manager AJ Hinch and General Manager Jeff Luhnow for one season for the team’s actions in using video to steal catcher’s signs in 2017 and 2018, and the pair were fired by Astros owner Jim Crane. Manfred fined the Astros $5 million and stripped them of their next two first- and second-round draft picks. Players were not disciplined and their 2017 World Series title remained intact. Dozens of big leaguers have criticized the penalties as being too lax, including Los Angeles Angels star Mike Trout, National League MVP Cody Bellinger, and All-Star pitchers Yu Darvish of the Cubs and Trevor Bauer of the Reds. Manfred said he’s never seen so much “commentary from players about other players.” The commissioner said MLB reached out to the players’ association for player cooperation after early efforts in making progress in the investigation were unsuccessful. Manfred said that cooperation came in exchange for blanket immunity for players, an agreement reached to end a stalemate. “One of the principal complaints seems to be that the Houston players were not disciplined,” Manfred said. “And that lack of discipline immunity was negotiated with the union that represents the players.” Union Head Tony Clark said in a statement Tuesday night that “any suggestion that the association failed to cooperate with the commissioner’s investigation, obstructed the investigation, or otherwise took positions which led to a stalemate in the investigation is completely untrue. We acted to protect the rights of our members, as is our obligation under the law.” The players’ association also said it has been working with MLB for the past two weeks on potential rules changes regarding “sign stealing, in-game technology and video, data access and usage, club audits and disclosures, player education, and enforcement—including the potential for player discipline.” “We have made it clear to MLB that no issue is off the table, including player discipline,” the statement added. As for not stripping the Astros of the 2017 World Series title, Manfred said he was “very concerned about opening the door to altering results that took place on the field. There are a lot of things that have happened in the history of the game that arguably could be corrected. And, I just think it’s an impossible task for an institution to undertake.”

LeBron: He needs to listen to players’ ire L

EVEN LeBron James joins the anti-Astros chorus, voicing his anger against Rob Manfred on social media Tuesday. AP

OS ANGELES—LeBron James is stepping to the plate for ballplayers furious over Major League Baseball (MLB) Commissioner Rob Manfred’s handling of the Houston Astros’ signstealing scam. The four-time National Basketball Association Most Valuable Player and star with the Los Angeles Lakers unleashed in two tweets Tuesday, echoing calls for harsher punishments made by baseball stars Mike Trout, Aaron Judge and Cody Bellinger, among others. “Listen I know I don’t play baseball but I am in Sports, and I know if someone cheated me out of winning the title, and I found out about it I would be...irate!” James tweeted. “I mean like uncontrollable about what I would/could do! Listen here baseball commissioner listen to your... players speaking today about how disgusted, mad, hurt, broken, etc. etc. about this. Literally the ball is in your court [or should I say field] and you need to fix this for the sake of Sports!” James’s tweets included the hashtag #JustMyThoughtsComingFromASportsJunkieRegardlessMyOwnSportIPlay. Manfred issued a report last month detailing Houston’s cheating scheme during its 2017 World Series championship season involving a video monitor and a trash can located near the team’s home dugout. Manager AJ Hinch and General Manager Jeff Luhnow were banned for one year by the league and subsequently fired by Houston. The only

player mentioned in the report was since-retired Carlos Beltrán, who lost his job managing the New York Mets in fallout from the scandal. No other players have been punished because Manfred promised them immunity as part of the league’s investigation. The Astros staged a team-wide apology last week at the start of spring training, but many players from the 29 other clubs say Houston’s remorse felt insincere. Rather than opening spring camps with sunny optimism as usual. Trout, a three-time MVP, ripped Houston and questioned MLB’s discipline. Bellinger claimed the Astros stole the ‘17 title from his Dodgers. Judge, runner-up to Houston’s Jose Altuve in the ‘17 MVP race, said the Astros “cheated and you didn’t earn it.” “That’s how I feel,” Judge said Tuesday. “It wasn’t earned. It wasn’t earned the way of playing the

game right and fighting to the end and knowing that we’re competing, we’re competitors. The biggest thing about competition is laying it all out on the line, and whoever is the better player, better person comes out on top. To know that another team had an advantage that, nothing you can really guard against, I just don’t feel like that’s earned.” AP

Punishment for players sought for future sign-stealing offenses

ajor league players could be punished for future sign-stealing violations in the wake of the Houston Astros’ scandal that only resulted in discipline for managers, coaches and executives. Commissioner Rob Manfred and Union Head Tony Clark both said Tuesday that Major League Baseball (MLB) and the players’ association are discussing potential rules changes regarding sign stealing and technology. “Written proposals have been exchanged, and we have made it clear to MLB that no issue is off the table, including player discipline,” Clark said in a statement. Houston Manager AJ Hinch and General Manager

Jeff Luhnow were banned for one season by Manfred and subsequently fired by the team last month after MLB released the findings of its investigation into the Astros. Former Bench Coach Alex Cora is expected to be disciplined when baseball announces the results of its probe into the Boston Red Sox, who cut ties with Cora as manager due to his involvement with Houston’s illegal sign-stealing in 2017 and 2018. Carlos Beltrán, the only Astros player mentioned in the MLB report, was not disciplined by the league but was let go in his new role as New York Mets manager. No players were punished by MLB, and opponents

from other teams have expressed dismay over that fact since spring training opened last week. Many have also called for Manfred to strip Houston of its 2017 World Series title. Manfred said he’s never seen so much “commentary from players about other players.” The commissioner said Tuesday that MLB reached out to the union seeking player cooperation in the probe after initial investigation efforts were unsuccessful. Manfred said the union asked for player immunity in exchange for that cooperation, and Manfred agreed “because we were at a bit of a stalemate,” he said.

Responding to Manfred’s comments Tuesday, Clark said MLB contacted the union to inform it of the investigation on November 13, the day after The Athletic published an article detailing Houston’s scheme. Clark said the players’ association and MLB agreed on player immunity later that day. “Any suggestion that the association failed to cooperate with the commissioner’s investigation, obstructed the investigation, or otherwise, took positions which led to a stalemate in the investigation is completely untrue,” Clark said. “We acted to protect the rights of our members, as is our obligation under the law.”

Clark said Astros players were never informed of MLB rules regarding technology-aided sign stealing and noted the commissioner had said after past sign-stealing transgressions years before that club personnel—and not players—would be held responsible for future violations. He added that among the items now being discussed with the league are “potential rule changes affecting sign stealing, in-game technology and video, data access and usage, club audits and disclosures, player education, and enforcement—including the potential for player discipline.” AP

Your words, Lord, are spirit and life

HE law of the Lord is perfect, refreshing the soul; the decree of the Lord is trustworthy, giving wisdom to the simple. The precepts of the Lord are right, rejoicing the heart; The command of the Lord is clear, enlightening the eye. The fear of the Lord are true, all of them just. Let the words of my mouth and the thought of my heart find favor before You. Oh Lord my rock and redeemer. Come to me all the days of my life. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

REELING: THE TERROR AND MAJESTY OF WAR: ‘1917’ D4

Thursday, February 20, 2020

❸

❶ ❶ KARLSKIRCHE

or Saint Charles Church, a Baroque church in Vienna completed in 1737, was dedicated by the Holy Roman Emperor Charles VI to Saint Charles Borromeo, who was known as a healer of plagues.

❷ MIRABELL

Gardens was seen in the movie The Sound of Music.

❸ SEEN at the

Vienna International Airport.

❹ THE streets of

Vienna are mostly empty on Sundays as most restaurants and establishments are closed.

❷

❹

Travel in the time of coronavirus: Part 1 TEXT & PHOTOS BY DINNA CHAN VASQUEZ

OW it can be told, the Philippine government ban on travelers from Taipei was issued just hours before I was to arrive in Manila from Vienna via layovers in Bangkok and Taiwan. I was in Europe for over a week with 16 other people as part of an incentive trip of the company for which I am a consultant. We left Manila on February 1, a Saturday, via EVAAir. It was the height of fears about the coronavirus. The day before, I also had a cold, and I was sneezing and coughing. Imagine the faces of people at the airport every time I did that, even though I would cover my nose and my mouth with a tissue or handkerchief. Anyway, EVAAir is such a cool airline because it provides masks for its passengers and I wore them throughout our journey from Manila to Taiwan to Bangkok and, finally, Vienna. The flight, including layovers, took over 16 hours. We arrived in Vienna, Austria, on a weekend, which meant that many of the restaurants and establishments were closed. Austria is a country that shares its borders with Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Italy, Switzerland and Liechtenstein. Technically, if you have a Schengen visa, you can visit the neighboring countries like we did. These countries are accessible by train or bus. Vienna is a beautiful city. All I know about it is that it has beautiful churches and it is where the Vienna Boys Choir comes from. We stayed at Aparthotel Bianca, which is a 15-minute walk from the Reumannplatz Underground Station (Line U1) and a five-minute drive from the A2 motorway. OK, maybe we took a bus to the Reumannplatz Underground Station instead of walking but it was very cold most of the time. That’s our excuse. Anyway, we had an early dinner at a restaurant that served schnitzel, those fried thin slices of veal, pork, chicken, mutton, beef or turkey usually served with potatoes and/or salad. The restaurant was recommended by the person at our hotel’s front desk. The food was good and the servings large. An average meal in Vienna is about €5 to €7.50, €1 equivalent to about P54+. Tip for those traveling on a budget: it is best to bring 3-in-1 coffee sachets, biscuits and cup noodles if you want to save money.

Aparthotel Bianca provided a substantial breakfast of breads and pastries, cold cuts and cheese, spreads, coffee and juices, but there were many days when we had to leave early so we couldn’t partake of this scrumptious spread. You can also buy breads and pastries at the bakeries in the train station. They are quite expensive but worth the price, if I may say so. Anyway, on our first day in Vienna, we went to Karlskirche or Saint Charles Church. Located on the south side of Karlsplatz in Vienna, the Baroque church is dedicated to Saint Charles Borromeo. Saint Charles was known as a healer for plague sufferers. Like some big churches in this part of Europe, there is a fee required to enter Karlskirche, which was built in the 18th century. The architecture of the church is a mix of many ancient elements, including Greek and Roman influences. The church was the last work of the eminent Baroque architect Johann Bernhard Fischer von Erlach and completed by his son Joseph Emanuel Fischer von Erlach. Charles VI, Holy Roman Emperor, pledged to build the church after a plague epidemic. I did not get to enter the church as I thought it was closed but my companions went inside (I think the entrance was €8 and they only take cash) because they needed to use the restroom and they said the view was breathtaking when they went up. To go around everyday, we paid €8 for the Vienna Pass (24 hours). The pass ticket that covers all networks (underground, train, tram and buses, including Nightline buses) within the inner zones. There are 24-, 48- or 72-hour ticket variations for flexibility. The Vienna Pass works on an honesty system. You validate/activate the pass when you use it the first time. There are rarely any inspections. I never encountered any inspections during our time in Vienna but my companions did. It is funny that when we took public transportation, people would generally ignore us, even if anyone in the group sneezed or coughed. This was true of younger people, even mothers with children. The older people, however, would look at us warily and some would even move away if we sat beside them. It was understandable though. Reports about the coronavirus were indeed alarming at the time. We did not take it personally as I think they did not mean it personally, too. On the second day, we went to Parndorf Fashion

Outlet, which houses many brands and restaurants. To get there, we took a bus in front of the Opera House (for €15, I think). It was 30 minutes from Vienna. Here was the fun part. I did not go to many stores at Parndorf. I mostly went to the sportswear outlets. At Adidas, the Falcons were priced at around €52 (about P2,800+). I would buy them here in Manila for P6,000. Shoes at Nike averaged P2,800 to P3,200. It was surprising how the styles at the outlets were current and not dated. Birkenstocks were also a good buy at Parndorf, costing less than P3,000 for the models that are priced at nearly P6,000 here. The brands at Parndorf include Prada, Armani, Bally, Gucci, Tommy Hilfiger, Polo Ralph Lauren, Guess, Diesel and Desigual. There are also outlet stores for Lindt, Manner and Milka, if you’re looking for chocolates and wafers to bring home as pasalubong. Manner Wafers are a good pasalubong because the hazelnut-cream filled wafers are light and not too sweet. They are perfect with coffee or tea. The Manner logo is a picture of Vienna’s famous Saint Stephen Cathedral (more on this later). Josef Manner’s first store in the 1890s was beside the cathedral. The Archdiocese of Vienna agreed for Manner to use the cathedral in its logo in exchange for funding for its repairs. Another good pasalubong for chocolate-loving family members, friends and colleagues are Mozart balls or Mozartkugel. This confection is made of pistachio marzipan and nougat, and covered in chocolate. Originally known as the Mozart bonbon, the Mozartkugel was named after composer Wolfgang Amadeus Mozart. Mozart, along with Ludwig van Beethoven, Marie Antoinette, Sigmund Freud, Nikola Tesla, Franz Kafka and Hedy Lamarr were Austrian. Adolf Hitler was also Austrian and not German as most people, including myself, thought. Day three of our trip was spent in Salzburg. We took a train from Vienna to Salzburg for around two hours and 26 minutes. The trains are comfortable and have clean water closets or Wcs, as restrooms as known in most of Europe. Salzburg is famous for being the shooting location of the film classic The Sound of Music, and also for Mirabell Gardens, the Felsenreitschule and Schloss Leopoldskron. More on travels in the time of coronavirus next week.... ■

MAKING ROOM FOR MORE EASE into a weekday urban getaway complete with the luxury of space. Staycations are now made more meaningful as there is room for the people that matter the most. Discovery Suites (www. discoverysuites.com) in Ortigas Center is a haven to create more memorable moments with the property’s special weekday rates for big suites. Truly spacious at 105 square meters and 140 sq m, respectively, Discovery Suites’ two- and three-bedroom suites mimic the elegant aesthetic of a classic home. Both rooms feature a living area furnished with a lounge sofa, coffee table, cable television, and a mini component that make it conducive for conducting professional and social affairs. Each suite is also equipped with fully functioning dining and kitchen facilities. These include a refrigerator, cooking stove, complete cooking and dining ware, microwave, and coffeeand tea-making facility. Book a stay and treat the entire family to a weekday staycation. Each booking comes with complimentary buffet of scrumptious breakfast favorites, Internet access, and access to Fitness Center, Kiddie Playroom and Swimming Pool. Rates start at P9,000 for a two-bedroom suite, and P11,200 for a three-bedroom suite. This promotion is available for stays from Sunday to Thursday, until November 26, 2020. Blackout dates apply.

THE two-bedroom suite with living area

Thursday, February 20, 2020

Entertaining BusinessMirror

Perfect burgers depend on the right meat. Here’s a pro tip CLASSIC Beef Burgers, the recipe of which appears in the cookbook The Ultimate Burger. DANIEL J. VAN ACKERE/ AMERICA’S TEST KITCHEN VIA AP

OMETIMES simple is best, and for quick weeknight burgers or a backyard barbecue for a crowd, store-bought ground beef is certainly convenient. But with so many options available in supermarkets, we knew we would need to find the right cut of beef with the ideal amount of fat to produce tender, juicy burgers. Generically labeled “ground beef” can be a combination of different cuts with little beefy flavor that yields fatty, greasy or mushy burgers. Hoping for better luck with singular cuts of meat, we tested ground sirloin, round and chuck. Ground sirloin left us with dry burgers and ground round was flavorless and gristly, but 85 percent lean ground chuck gave us burgers with rich flavor and a tender, moist texture. Our first few batches of burgers puffed up like tennis balls, but we quickly figured out that slightly indenting, or dimpling, the center of each burger helped the burgers cook to a perfectly even thickness. You can serve these burgers simply with classic condiments, lettuce and sliced ripe tomatoes.

CELEBRITIES BORN ON THIS DAY: Rihanna, 32; Brian Littrell, 45; Willie Garson, 56; Sidney Poitier, 93.

ARIES (March 21-April 19): Learn something new. If you don’t like what you are doing, find something you do enjoy and add it to your daily routine. Life is about living and striving to make the most of it. Don’t give up; get moving. ★★★

TAURUS (April 20-May 20): Put more energy into your pursuits. You’ve got what it takes to make a difference, so don’t fall short when others are counting on you to lead the way. Engage in talks and offer suggestions. Personal improvements can be made. ★★★★★

GEMINI (May 21-June 20): Truth matters. Situations will spin out of control quickly. Relationships will be damaged if you aren’t honest or if you surround yourself with false allies. Get to the bottom of what’s going on, and clear up any misunderstanding quickly. ★★

CANCER (June 21-July 22): Share your feelings and collaborate with someone you love to come up with viable solutions that will make your life and your relationship better. Look at every option, and choose the one that offers you the freedom to express your creativity. ★★★★

Servings: 4 Start to finish: 30 minutes

e grate in place, cover and open lid vent completely. Heat grill until hot, about five minutes. Clean and oil cooking grate. Season patties with salt and pepper. Place patties on grill, divot side up, and cook until well browned on first side, two to four minutes. Flip patties, top with cheese, if using, and continue to cook until browned on second side and meat registers 120°F to 125°F (for medium rare) or 130°F to 135°F (for medium), three to five minutes. Transfer burgers to platter and let rest for five minutes. Serve burgers on buns. For a gas grill: Turn all burners to high, cover, and heat grill until hot, about 15 minutes. Leave all burners on high. Clean and oil cooking grate. Season patties with salt and pepper. Place patties on grill, divot side up, and cook until well browned on first side, two to four minutes. Flip patties, top with cheese, if using, and continue to cook until browned on second side and meat registers 120°F to 125°F (for medium rare) or 130°F to 135°F (for medium), three to five minutes. Transfer burgers to platter and let rest for five minutes. Serve burgers on buns. ■

LEO (July 23-Aug. 22): It’s up to you to bring about change. Don’t let anger be your vehicle when desire should be what motivates you to move forward. An opportunity is only as good as what you do with it. ★★★

TAIWAN’S AUTHENTIC FLAVORS NOW HERE

PURE and authentic, the taste of Taiwan’s premium milk tea goodness is now closer to home with I’Milky Philippines. Driven by the “less is more” philosophy, I’Milky focuses on a pure and unassuming lifestyle, perfectly captured by a strict adherence to quality, natural ingredients, devoid of artificial components. Each sip is freshly crafted to ensure the best drinking experience until the last drop. With ingredients carefully sourced from Taiwan, premium milk tea cravings are now just a drive away. I’Milky’s curated menu features delightful flavors, such as Taro Milk Tea, Natural Brown Sugar Milk Tea and Strawberry Milk Tea. Fresh tea and soy-based options are also available, adding variety into the mix. The I’Milky store concept is also a sight to behold, designed to be a perfect haven for avid milk tea aficionados, with its minimalist interior, and light and airy atmosphere. The unassuming lifestyle is present not just in the drinks themselves, but the entire space, allowing you to just enjoy every sip and every moment. “We are so excited to bring a healthy, delicious and truly authentic milk tea experience in the Philippines. What’s so good about I’Milky is our passion for the simple and natural. No fuss, no drama, just a drink that you’d definitely crave for,” says Roxanne Farillas, one of the owners of I’Milky around these parts. “Our goal is always to elevate and expand our customer’s drink experience, and bring a slice of wonderful places like Taiwan, and their amazing drink culture, closer to home.” Discover the premium milk tea goodness at TriNoma, Robinsons Place Manila and Ayala North Exchange.

KUYA J CAFÉ + RESTAURANT OPENS IN DECA MALL FOODIES and coffee lovers in Tondo and nearby areas no longer have to travel far as Kuya J opens its second Kuya J Café + Restaurant at Deca Mall in Tondo, Manila. Now, customers can get a taste of comforting coffee brews like the rich Kuya J Café House Blend, creamy and warm cappuccino, and chocolatey tablea coffee, along with Pinoy dessert treats, such as the guava cake, tablea cake and salted egg cheesecake. Foodies can also enjoy single servings of Kuya J’s best

By Eugenia Last

CLASSIC BEEF BURGERS

Divide ground beef into four equal portions, then gently shape each portion into 3/4 inch-thick patty. Using your fingertips, press center of each patty down until about 1/2 inch thick, creating slight divot. For a skillet: Season patties with salt and pepper. Heat oil in 12 inch skillet over medium heat until just smoking. Transfer patties to skillet, divot side up, and cook until well browned on first side, two to four minutes. Flip patties, top with cheese, if using, and continue to cook until browned on second side and meat registers 120°F to 125°F (for medium rare) or 130°F to 135°F (for medium), three to five minutes. Transfer burgers to platter and let rest for five minutes. Serve burgers on buns. For a charcoal grill: Open bottom vent completely. Light large chimney starter filled with charcoal briquettes (6 quarts). When top coals are partially covered with ash, pour evenly over grill. Set cooking

Today’s Horoscope

HAPPY BIRTHDAY: Focus on what’s important. As long as you take care of your responsibilities and don’t let emotional matters dictate what you do or the decisions you make, you will come out on top. Letting someone interfere in your affairs will end up holding you back, and causing confusion and uncertainty. Mind your own business, and aim to be productive. Your lucky numbers are 5, 12, 22, 25, 31, 37, 48.

BY AMERICA’S TEST KITCHEN The Associated Press

1 1/2 pounds 85 percent lean ground beef 1/2 teaspoon table salt 1/4 teaspoon pepper 1 teaspoon vegetable oil, if using skillet 4 slices cheese (4 ounces) (optional) 4 hamburger buns, toasted if desired

www.businessmirror.com.ph

VIRGO (Aug. 23-Sept. 22): Share your thoughts, feelings and emotions with the people who mean the most to you. Forming an alliance with those who want to stand by your side and strive to reach similar goals will encourage you to finish what you start. ★★★

LIBRA (Sept. 23-Oct. 22): Don’t lose sight of what you want. Giving in to someone who is critical or demanding will not help you reach your goals. Make changes that will result in greater opportunities, as well as personal and financial freedom to grow and excel. ★★★

SCORPIO (Oct. 23-Nov. 21): Learn through observation and experience. Put more time and effort into the pursuits that bring you the most joy. Be honest with yourself and others about what makes you tick and encourages you to live life your way. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): You’ll face uncertainty and confusion if you reveal your plans. If you want to pursue something, take action instead of talking about what you want to do. Change happens when you mark your path and follow through. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Consider what you have, what you need and what to do next. Simplify your life by letting go of what you no longer need. Trust in your judgment, abilities and needs. ★★★

AQUARIUS (Jan. 20-Feb. 18): Stick to your plan, and don’t stop until you reach your destination. Trust in your ability and get the facts straight. If you rely on someone else, you will be disappointed. Don’t let what others say or do sidetrack you. ★★★★★

sellers, such as the Grilled Scallops, Beef Caldereta and Chorizo Dinamitas. Gracing the opening were (from left) Kuya J Group Marketing Director Ton Gatmaitan, Kuya J COO Richard Joseph Li, Kuya J Group President Winglip Chang, singer Pops Fernandez, Kuya J Café + Restaurant Deca Mall franchise owners Cherry Rocha, Aileen Rocha and Joanne Rocha, with Comisario Central Inc. COO Anton Dator, and 8990 Holdings Inc. Chairman Emeritus Luis Yu Jr.

PISCES (Feb. 19-March 20): Choose wisely. Don’t base your decisions on what someone tells you. Problems with a friend or relative should be dealt with carefully. Disillusionment will set in if someone you trust doesn’t live up to his or her promises. ★★ BIRTHDAY BABY: You are curious, imaginative and charming. You are resourceful and energetic.

‘chemistry countdown’ BY JORDAN HILDEBRANDT The Universal Crossword/Edited by David Steinberg

ACROSS 1 Trees giraffes graze on 8 Addis ___ 13 Compact Toyota 14 Concludes a real-estate deal 15 Legalizes gambling? (C to B) 17 Mahomes and others: Abbr. 18 Silence 19 It’s “just a number” 20 Ergo 22 Picnic lunch in Yellowstone, say? (B to Be) 25 “___ is me!” 26 (That makes me so mad!) 27 Puts to work 28 Facebook chitchat, informally 29 Villain’s base 31 Some are rock-hard 33 Learn about cat boxes? (Be to Li) 39 Amazement 40 Sound of sirens 41 Vow renewal words 42 “___ all be OK” 45 Issa in Insecure 46 French or artichoke condiment

47 Assignment for a USDA inspector? (Li to He) 52 Refer to 53 Supporting vote 54 Currency in Germany 55 Potential beneficiary of nepotism 56 Eased into a vegetarian diet? (He to H) 61 Gas pump rating 62 Columnist with hints 63 Sporty car roofs 64 LASIK prerequisite DOWN 1 Card with an A 2 Goal in Risk 3 They invented algebra 4 Cookout throwaways 5 Not feeling well 6 Pub selection 7 Malia’s sister 8 Hi or bye, in Hawaii 9 ___ choy 10 Crazy Rich people in a 2018 film 11 Any of the “You Should Be Dancing” singers

12 14 16 20 21 22 23 24 26 30 31 32 34 35 36 37 38 42 43 44 48 49 50 51

Equity + liabilities Suffix meaning “world” Hitchhiking seed: Var. Branch offshoot A house is not one, in song Step on it to slow down Sportscaster Andrews Blast of wind Positively beam Spreadsheet division Fake name Tendency to anger 1 on the Mohs scale Welcoming Basis of Marie Kondo’s brand Menu with Cut and Paste Scratching post material Pain relief brand with an oxymoronic name Bad thing to get caught in Result in Laments loudly Firework feature ___ Poetica Producer of Accutane

52 55 57 58 59 60

Roberts who wrote Ladies of Liberty Laddie or lassie Part of a track record? Unimaginative Tinder opener Suffix for “percent” Alternative to com or org

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

www.businessmirror.com.ph

Thursday, February 20, 2020

FROM left: Meagan holding her favorite John Green book in front of her bookshelf, where she keeps her most-loved books; Marcus holding the very first Dorling Kindersley book I bought him, while surrounded with his most-loved series of Busy Books, Captain Underpants, Goosebumps and Pokémon books; Meagan during one of our alone times, where we just decided to have a Starbucks-reading chillax hour together.

SUMITOMO PARTNERS WITH LEGO TO ENCOURAGE CREATIVE LEARNING By Ed Uy IT was supposed to be just another weekday afternoon for the young students of San Joaquin Elementary School in Santo Tomas, Batangas, until Sumitomo Heavy Industries (Philippines) Manufacturing & Services (SHIMS) arrived and transformed their afternoon into school day of memorable fun and creative learning. As part of its corporate social responsibility (CSR) efforts, Sumitomo partnered with Lego to give the kids an opportunity to explore the limits of their creativity and passion. From its inception, SHIMS has operated on the belief that “serving society is a benefit to the company.” Today, this commitment to reaching out and making the world a better place can be seen in their numerous CSR efforts all over the world. The SHIMS and Lego partnership for the event in San Joaquin Elementary School is the latest in a longrunning and continuing series of philanthropic campaigns from the company. “Partnering with Lego for this CSR event is a very special opportunity for the kids of Santo Tomas,” shares Hiroji Okamoto, president and CEO of SHIMS. The opportunity to spark something new and creative inside the minds of the next generation is a task the company is happy to support. San Joaquin Elementary School is not the only beneficiary of this partnership. The company has reached out and helped kids using Lego through sponsored CSR events before at other locations. For the Lego workshop and free play period, participating children were given the chance to recreate a miniature Lego version of a real-life excavator machine by Sumitomo Construction Machinery Co. Ltd, which is the division that manufactures and sells construction machinery. They even flew in a real master builder, Jumpei Mitsui, to inspire the next generation of creative builders. Mitsui is one of only fourteen Lego Certified Professionals in the entire world, with each one having received special recognition from the Lego company for his or her building proficiency. Mitsui personally designed the 97-piece Sumitomo Excavator Kit that the children were tasked to complete. Mitsui says that despite the seemingly high number of pieces, he kept the kit simple enough for even young children to figure out by themselves. His main challenge was keeping that simplicity without sacrificing the accuracy and the “coolness” of the model. It was a difficult balancing act to be sure but judging from the delighted faces of the children participating in the event, it was one that Mitsui succeeded in achieving. The Sumitomo Excavator Kit is modeled after a real-life piece of the SH210-6, which is one of the most fuel-efficient hydraulic excavators of the Sumitomo Construction Machinery Co. Ltd. Here in the Philippines, Sumitomo’s hydraulic excavators are distributed by Macro Construction Equipment and asphalt pavers by Kurashiki Equipment Philippines Corp.

What is the purpose of ‘good reading’? Part II MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

AST week I shared how I discovered my love for “good reading.” This week, let me share with you my kids’ unique journeys and their individual takes on what good reading means for them. My daughter, now 13, has always loved visual books. Ever since she was a baby, when I read her a book, her eyes would be wide open roaming around the whole page. Later on, she enjoyed audio and paper books because this was what I gave her whenever she was in her car seat and I was in front driving. Her favorite book as a toddler was Found You, Little Wombat! by Angela McAllister. Meagan has always been a funny and talkative person. It was innate for her to tell me fun facts and stories, ask me a million questions, and research more on her own when a person interests her. In one of my trips she asked me to buy her a book of jokes. She ended up really loving the whole series from National Geographic, called Weird But True. It was also lucky that I discovered the Who Was and Who Is series by Penguin Randomhouse in a Barnes & Noble bookstore in the United States. Because Meagan liked adventures, she enjoyed Geronimo and Thea Stilton books. When she got into basketball, my husband introduced her to the biographies of basketball

players. The first book she read was Yao Ming’s, because of our last name. Her most favorite basketball biography to date is Shaq Uncut by Shaquille O’Neal with Jackie MacMullan, It was in middle school that she discovered fiction and went through her Harry Potter stage. Today, she likes books by John Green, especially Turtles All the Way Down, as seen on the photo above. My son, now 10, had a very different journey. As a baby, he would shove the book I was reading to him to the floor. Then one day I discovered that if I let him flip the pages himself, we got through more pages. So, I would only read one sentence of each page then let him flip the page. My son during his toddler years was a quiet and focused boy who could play with his toys alone continuously for hours. As he grew up, he loved collecting toys. When he was at his Marvel Avengers stage, I complemented his toy collection with story books, as well as the Avengers version of Busy Books. Busy Books is a storybook box that contains the storybook, little action figures and a poster. My most successful purchase for him was actually an accidental purchase of a Dorling Kindersley (DK) Marvel Reference book from an airport bookstore, because there were no Marvel storybooks. It was here where he started to buy reference books for the current toy he was interested in. When he reached grade school, I wanted to challenge him to expand his reading beyond facts. It was hard because no book I used for Meagan worked. So I would inject a visit to a bookstore during our weekly alone time together. After the third visit, finally he found a book he liked, Captain Underpants by Dav Pilkey. This series has 12 books and he rushed to finish one installment to get to the next. I then realized he was reading books like he was collecting toys. I discovered that each of my kids had their own purpose and comfort when they read. My daughter

sees books as her window to discover new things. It is her way of getting closer to people she admired. For my son, he sees his books as his source of information and “phygital” play. He would always have his Pokémon or Yokai book nearby. He couples his YouTube time of his favorite toys with his reference books, then draws them out with colored pens. Below are some tips I recommend for developing your child’s love for good reading: n CREATE THAT “READING BOND.” Like what I shared last week, try to have a ritual every morning and every night to read to your baby. Position your baby either near your armpit or your nape, where your body scent is strong. This gives your baby comfort and makes for a strong bonding moment. n CREATE A “READING SURROUNDING.” I have always surrounded my kids with books. When they come to our room, they see the same experience. My daughter’s wish at nine was to have one big secret room of books in our house where she can go to relax. She ended up saving for a Muji beanbag and made that her reading haven. n SET TIME FOR GOOD READING ROUTINES. Even when my children were only a few months old, I would bring them to the bookstore every chance I got. I would pick a book, find a corner and read to them. When they got older, they picked the books and I would read to them. Now, they go on their own and we meet at the counter with a pile of books. I would put a limit on the toys they buy, but I never put a cap on books no matter how many they want to get. n MAXIMIZE PHYGITAL PLAY WITH BOOKS. Throw in mixed media to match interests. When both my kids turned two, I read them this DK book on dinosaurs and supplemented this with a documentary video on the same subject. Marcus’s story above is the best example of this. More about good reading next week.... n

Mood changes related to vitamin B deficiency, according to experts GROWING old is tough especially when vitamin deficiencies weigh you down with all its signs and symptoms. Take, for example, fatigue, shortness of breath, disturbed vision, pale skin, mood changes, and “pins and needles sensation” on the hands and feet, and many others that are all attributed to vitamin B deficiency. “B vitamins are important for making sure the body’s cells are functioning properly. They help the body convert food into energy [metabolism], create new blood cells, and maintain healthy skin cells, brain cells, and other body tissues,” according to the web site Medical News Today. There are eight types of B vitamins, namely: thiamin (vitamin B1), riboflavin (vitamin B2), niacin (vitamin B3), pantothenic acid (vitamin B5), vitamin B6, Biotin (vitamin B7), folate (vitamin B9) and vitamin B12. Collectively, these are called vitamin B complex. Many associate nerve problems like numbness or tingling sensation, medically known as peripheral neuropathies, with low levels of B vitamins but making the connection with mood changes is not very common. MENTAL-HEALTH LINK THE Mayo Clinic explains: “Vitamin B12 and other B vitamins play a role in producing brain chemicals that affect mood, and other brain functions. Low levels of B12 and other B vitamins, such as vitamin B6 and folate may be linked to depression. “Low levels of a vitamin can result from eating a poor diet or not being able to absorb the vitamins you consume. Older adults, vegetarians and people with digestive disorders may have trouble getting enough B12.” Although there is still a need for more research of vitamin B and its relation to mental health, one theory stands out:

TOMAS MARCELO AGANA III (from left), Pharex president; Gema Gochuico, chief executive officer of Estima; Coney Reyes; Maan Tolentino, senior product manager of Pharex; Edelyn Agapito, marketing director of Pharex; and Vicente Pozon, chairman of Estima

vitamin B12 helps break down a brain chemical called homocysteine. Having too much homocysteine in the brain may cause mental-health problems. FIGHT VITAMIN B DEFICIENCY THERE are many sources of B vitamins available today such meat (red meat, poultry, fish); whole grains (brown rice, barley, millet); and fruits (citrus fruit, avocados, banana). Other sources are eggs and dairy products (milk, cheese); legumes (beans, lentils); seeds and nuts (sunflower seeds, almonds); and dark, leafy vegetables (broccoli, spinach). If a person cannot get enough from their usual diet and fortified foods, other dietary supplements may help. Fortiplex is composed of not just three but five B vitamins. It contains high doses of vitamins B1, B6 and B12, which are necessary for managing nerve damage and mood disorder.

The added vitamins B2 and B3 help improve the benefits of bodily process and emotional functions. Fortiplex is a product of Pharex Health Corp. Recently, Pharex named seasoned actress Coney Reyes as the brand’s health ambassador. “I am very pleased to be part of the Pharex family, more so to be spreading awareness about the importance of vitamin B to my fellow senior citizens. Health is also something I am passionate about,” shared Coney. Coney added, “For people my age, it is common to experience nerve problems like numbness or tingling and muscle weakness. Also, if you’ve observed, older people tend to be easily irritated and annoyed by the most trivial things. The mood swings are sometimes inexplicable.” Fortiplex is a product that is recommended for adults 60 years old and above experiencing neuropathies, and decline in physical, emotional and mental faculties.

Show BusinessMirror

Thursday, February 20, 2020

GMA earns 9 nominations at 2020 New York Festivals LEADING broadcast company GMA Network scored nine nominations at the 2020 New York Festivals’ World’s Best TV and Films Competition, once again having the most number of short-listed entries from the Philippines. Pioneering mobile journalism newscast Stand for Truth, which is also seen on TV via GMA News TV, earns its first-ever awards nomination as it made it to the finalists in the Coverage of Continuing News Story category for its reportage on the Hong Kong protests. Meanwhile, the “Luzon Earthquake” coverage of GMA News TV’s flagship newscast State of the Nation with Jessica Soho is in the running for Best Newscast category. The coverage saw the newscast delivering the latest developments after a 6.1-magnitude earthquake struck Central Luzon last April 2019. The documentary program The Atom Araullo Specials added two nominations for the country, one for “Babies4Sale.PH” and another for “The Patient is Out.” The Atom Araullo Specials: Babies4Sale.PH is shortlisted in the Best Investigative Report category. The documentary investigated the alarming baby transactions prevalent in social media. The Atom Araullo Specials: The Patient is Out, on the other hand, is nominated in the Human Concerns category. Host Atom Araullo documented the plight of patients from Luzon, Visayas and Mindanao, and zeroed in on the elusiveness of adequate health care in the Philippines. Earning another nomination is the country’s pioneer environmental program Born to Be Wild for its “Big Catch” feature. Short-listed in the Climate Change and Sustainability category, the two-part special by Doc Nielsen Donato and Doc Ferds Recio was an eye-opening documentary on the state of Philippine fisheries, and showed how a country so rich with marine life is slowly depleting its resources. Nominated in the History and Society category is the newsmagazine program Brigada for its “Aeta Squadron/Female Spies” episode which probed the situation of Aeta Squadron 30, whose contribution to defending the country during World War II seemed to have gone unrecognized as they have yet to receive or enjoy any military pension. Investigative Documentaries is also short-listed in the Social Issues category for its “Tulaylay” episode featuring bridges that instead of providing convenience, put the lives of Filipinos at risk because these projects were left unfinished by the government. Meanwhile, eight-time New York Festival World Medalist Reporter’s Notebook is nominated for its “Project Pilipinas: Medical Facility” episode in the Social Issues category. “Project Pilipinas” was an Election Special Series by the investigative newsmagazine program, where hosts Maki Pulido and Jun Veneracion went to the poorest provinces all over the country to check on various government projects that were abandoned and left unfinished. Completing the list of GMA finalists this year is GMA Program Support Department’s TV spot for Bonifacio Day, which is nominated for Best Graphic Design under the Promotion/Open and IDs category. Last year, GMA took home four world medals and a finalist certificate at the New York Festivals’ World’s Best TV and Films Competition.

www.businessmirror.com.ph

The terror and majesty of war: ‘1917’ REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

“I see how peoples are set—against one another, and in silence, unknowingly, foolishly, obediently, innocently slay one another.” —ERICH MARIA REMARQUE IN ‘ALL QUIET ON THE WESTERN FRONT’

OW does one remember a war? How does one imagine violence for people who may not care to remember any kind of trespasses against life and humanity? One has options: a tale that is so heroic it will provide a template for a generation of people who would love, defend and die for their country, or a story that is so small it diminishes the span of a war that altered boundaries and decimated empires. There are other possibilities: enlist a million of soldiers slaying one another or conscript two individuals—regular foot soldiers—with their own tidy memories of loved ones left behind, and small towns and cozy homes barely felt. When these two soldiers heed the summon of their officers without even knowing what awaits them, they move from the bright meadows of wild expanse as they travel in an enclosed horizon of dug trenches. This is the first World War. A different narrator has embraced a different set of filmic decisions in the film 1917. It is not an easy decision because wartime movies are a tired, dead genre. We are familiar with the signposts: the young man who is untested in gore keeps a locket or a photo of loved ones, and he will die in the next scene. Then there in the invincible dozen that will wipe out the entire army and win a war. Then there are the kind soldiers who will save women— beautiful women—and children; when the war is over, these nice-looking soldiers will be back to save the distraught women not from poverty, but from the scarcity caused by the same war that produced gentlemen-saviors. My vote for the better film this year goes to 1917 because it subverts the form of wartime movies. Beginning with the lushness of landscape: the horizon draws our sight to its exquisiteness because it is not the frame for men killing men. It is the anticipation of the lack of colors that will happen when men become intense warriors out to accomplish a task all in the name of war. Thus, 1917 establishes the war that will move us to madness and sadness through an unmoving scene of two young men against a luxuriant field of tall, safe grasses with sprouts of flowers here and there. Then the command is given. One man, Thomas Blake, extends his hand to his friend, Will Schofield, who stands up to be with his friend. It is spring in that place and friendship is warm, cozy. And yet, as they walk through the trenches, the side walls gradually rise. The two messengers are descending to hell. The two comrades are given a life-or-death task. They are to cross through enemy lines with a sketchy assurance that the Germans have abandoned their trenches. There is no sense in that mission; there is no logic in the act of Blake agreeing to do it. Schofield is lost why he agrees to be with his friend. They are sure to die, in a few minutes or after an hour. Blake has an impetus: he is going to warn a large group of soldiers not to continue the attack or else they will be slaughtered. Blake’s brother is one of the officers in that battalion. The other soldier has no incentive. As they walk through barricades and craters

created by bombs, they make us feel how dumb they are. How senseless. Those adjectives do not describe Blake and Schofield; they are perfect modifiers of a war that has no sense and possesses no logic. There, in that space where logic is replaced by a vacuum, war operates. How dare us, therefore, question a landscape of hostilities where only two soldiers walk. How naive we are to think that beauty has no place in a vista of combat. Whoever said war stories should be shot in grimy black and gray resolutions must be thinking of the stock pictures we have confidently curated for many years. If ever we do question the approach of this unusual war film, 1917, it is because it questions those realities canonized in previous war films. It is 1917, and the war is still going on for years now. It is happening in France, a location that is adjacent to the other countries and empires whose boundaries, and reach, are being altered. If there is a strategy that we can find in this film, it is not the strategies of warfare, but the wisdom of allowing us the luxury to walk through bombed shelters, dead corpses, mutilated hands and heads only to surface again in verdant plains. Up above, planes fight each other in dogfights that do not even have the ferocity of the wildest dogs. But people die. Planes fall because it is war. In ruins, one meets up with enemies resting in darkness. In the shadows also are found women and babies, and a quick reminder that, despite the war, soldiers have emotions and they can forego survival all for a helpless infant. How does one write about a war that is not ancient, but, at the same time, is not current enough to be familiar to us? Erich Maria Remarque wrote a book about World War I in 1929. The book tells us how the quiet in the warfront could be the most destructive silence in the world. Written from the viewpoint of a young German soldier, the book was adapted into a film in 1930. The

famous attack where soldiers in the trenches wait for the running enemies to get near them so they could shoot them like wild animals is available online. It is an extended shot, which ends with the running soldiers jumping into the trenches and engaging the other soldiers in fistfights, knife-stabbing and other physical mayhem. Sam Mendes brings back the silences of war. The silences come in many forms: in the pauses of characters where one does not know if the enemy would be kind; in the resignation of soldiers not to fate but to faith in the goodness of victory in war. These silences are also the fissures that should be there between muddy fields and swirling rivers dammed by dead men but are banished by the camera—our eyes—that bends over branches, slithers through cracks and enter any kind of consciousness available in a land without peace. All these in long takes. The message (if we can call it that) of 1917 is delivered finally in the final scene where a lone tall tree goes bigger because a lone soldier walks slowly to it. As in the beginning of the film, the landscape is once more flourishing. Follow the technique of the film because a few minute walk (of film time) back from that lush landscape is war at its vilest; a look beyond the greenery—the future—is the prospect of more cruel wars. World War I began in 1914 and ended in 1918. Twenty-one years later, World War II came. It would last from 1939 to 1945. 1917 is directed by Mendes from his screenplay written with Krysty Wilson-Cairns. It garnered 10 nominations in the 92nd Academy Awards, winning best cinematography for Roger Deakins; and two more awards for best sound mixing and best special effects. The film is produced by Dreamwork Pictures, Reliance Entertainment, New Republic Pictures, Mogambo, Neal Street Productions and Amblin Partners. ■

Elton John cancels New Zealand shows as he battles pneumonia WELLINGTON, New Zealand—Elton John canceled his two remaining New Zealand shows late Tuesday as he continued to suffer from a bout of pneumonia. The shows have been rescheduled for next year. Earlier this week, John needed to cut short a performance in Auckland after he lost his voice and needed medical help onstage. John said in a statement on Tuesday he was “incredibly disappointed” and sent his sincerest apologies to his fans. It was not immediately clear if his illness would affect other dates on his tour, which next moves to Australia. Video clips posted online by fans at Sunday night’s performance showed John breaking down in tears as he told the cheering crowd he couldn’t go on any longer. The 72-year-old singer said he had walking

pneumonia and was assisted off stage. Tour promoters Chugg Entertainment initially said that John was recovering and the tour would go on as planned, aside from pushing back the next performance by one day to Wednesday. But on Tuesday night, the promoters released another statement, according to the New Zealand Herald. “Despite the best efforts of a performer who never wants to disappoint his fans, upon further consultation from doctors and specialists, it has this evening been decided that Sir Elton John’s two remaining Mount Smart Stadium, Auckland, performances will be rescheduled to Friday 15th and Saturday 16th January 2021,” it said. John said he’d be back. “I always want to be able to give 100 percent and

I’m afraid that, right now, I’m not able to do that. I am grateful for the love and loyalty I have been shown by all of you and I can’t wait to return in January next year to perform my final New Zealand shows,” he said, according to the Herald. The concerts were part of John’s “Farewell Yellow Brick Road” tour. After the New Zealand shows, John is scheduled for seven performances in Australia before traveling to the US and Canada. New Zealand Prime Minister Jacinda Ardern said on Monday she watched John’s shortened show and got to meet him for about five minutes before he started playing. “You could tell that he wasn’t feeling well and he said he wasn’t feeling well,” Ardern said. “So I think you could see that on the stage last night, which I think is just a credit to his commitment to his

fans.” John had told the crowd he was ill but that he didn’t want to miss the show, according to the Herald. He slumped on a stool and required medical attention after performing “Someone Saved My Life Tonight,” but recovered and continued to play. Later, as he he attempted to sing “Daniel,” he said he realized he had no voice left and was escorted off stage. John had just returned to New Zealand after performing at the Academy Awards in Los Angeles. He won an Oscar for best original song for his theme song for the movie Rocketman. According to the Mayo Clinic, walking pneumonia is an informal term for a milder form of pneumonia that isn’t severe enough to require hospitalization or bed rest. It affects the respiratory tract and is most often caused by bacteria. AP

Envoys&Expats

www.businessmirror.com.ph | Thursday, February 20, 2020 E1

EXPAT EXECUTIVE

With the right numbers, country head brings shopping power back to the people

By Rizal Raoul S. Reyes

@brownindio

AVING a young population and a citizenry with high penetration rates of mobile phone usage, the Philippines is experiencing a tremendous level of growth in e-commerce. And the potential seems limitless.

According to database company Statista, 2019 revenues for the local e-commerce market were earmarked to reach $953 million. Moreover, it pointed out that earnings were expected to show an annual growth rate of 10.4 percent. As a result, a lot of online-shopping platforms have taken notice of the Philippines. Singapore-based ShopBack is one of those believers in

the sheer online purchasing power that the country packs. ShopBack Phils. Country Head Prashant Kala recently revealed to Envoys&Expats their plans, then shares his experiences in running local operations. ENVOYS&EXPATS: Tell us your journey into ShopBack Phils.

KALA: Ever since I started working, I always wanted to be with individuals or companies that will make a change or impact in our daily lives. The concept of value is very important to consumers in general, especially in the Philippines. The first time I spoke with ShopBack’s regional team about the company’s vision and mission, I got an instant revelation that the [service will] positively impact the way “netizens” will shop for their daily products, while at the same time, grow the e-commerce industry across the region. We rightly believed that ShopBack is the right platform that can enable consumers to get the best value for money, especially for travel or food. There is also a whole lot of savings that we hope would encourage and enable Filipinos to travel more. I am really happy that I am making this impact every day, as we now have 2 million users in the Philippines.

Describe the current position of ShopBack vis-à-vis its expansion in the Philippines. ShopBack is usually among the top 5 shopping apps in the country (based on Apple Store and Google Play downloads). We are driving strong results to our partners, especially with more than 1,200-percent growth in 2019 compared to the previous year. Our number of partners has also grown by 30 percent over the recent period. Now, we are working not only with online platforms, but also directly with brands as well to help them increase their respective e-commerce footprints. The company is currently growing 40 percent month-on-month in total sales, and drove nearly P1 billion worth of profits for our partners. We (previously targeted) nearly P2 million-plus monthly orders last December. It would have made us one of the biggest e-commerce marketing

platforms on this side of the world. Why is ShopBack bullish on the Philippines? From 2015 to 2018, the country’s e-commerce industry had seen a growth of nearly 42 percent. The future seems very bright as we aim to serve the $10-billion e-commerce market by 2025. Apart from this, if we look at travel, food delivery and ride hailing, we see the local sector growing fivefold to sixfold by 2025. These numbers provide a strong reason to believe that in the Philippines, we are merely scratching the surface for e-commerce. What are your plans to bring more awareness on the company’s cashback rewards programs to more Filipinos? ShopBack is always working to find the right partners that help us reach out to potential users. Partners

like Lazada, Shopee, Klook, Foodpanda and Zalora have always been supportive, as we aim to give bestvalue products and services to new and existing users alike. For the average Filipino shopper, we want to instill the habit of using ShopBack before visiting a favorite online store to yield higher monthly cashback deals plus discounts that will guarantee more savings. In addition, different partner banks and “payment wallets” have been continuously working with us to produce exclusive rewards for their respective users. This way, we get to reach more people and educate them about the perks of using ShopBack. Finally, influencer marketing is something that we are aggressively investing in. Internet celebrities boost our online presence and ensure visibility in diversified demographics. Continued on E2

Envoys& BusinessMirror

E2 Thursday, February 20, 2020

COMPANIES AND ENTERPRISES

Human resources thought leaders to converge in March

UMAN-resource development plays a key role in the development of an organization that business leaders and entrepreneurs must give importance to in their growth road map.

Q2 HR Solutions’ Managing Director Sarah McLeod said human resources (HR) is vital to a family enterprise and small-to-medium enterprises (SMEs) because this will give family members important insights in managing their siblings within an organization. “What entrepreneurs want is to professionalize their organization,” McLeod told reporters in a recent interview. According to her, HR should be “on the table”—whether it’s a large or small enterprise—as it is capable of bringing out the best ideas toward the growth of the organization. For her, HR alone cannot implement changes because it needs to be aligned with the company’s direction. “[It] should bridge the gap between the company and the people,” McLeod said. HR alone cannot implement change, Q2’s executive explained, because it needs to be aligned with the company’s direction. The managing director added that patience is key, as an organization must have a two- to three-year transition program to see desired results. “Every leader must be an [‘HR’ person] in their unit,” McLeod averred.

Meanwhile, Signify’s Chief Learning Officer for Global Human Resources Shubha Shridharan pointed out that SMEs must realize that HR is crucial to the growth of their businesses, as it can train the siblings to take on bigger responsibilities in the future. “A sound HR program must be developed by SMEs, as it can train family members for the future,” Shridharan explained. She believes that merging old and new ideas would be the best for an organization, as it can unite the two parties toward a good cause. For Skillbean’s Cofounder and Chief Executive Officer DM Varun emphasized that HR will serve as a bridge between the first and second generations, as far as charting the future directions of the enterprise is concerned. “Having different mindsets will be a challenge for the business, as they come from different times and backgrounds,” Varun said. Nevertheless, he stressed that these two groups have to deal with change, and HR can help them in the transition. HR, he said, should involve the top management and staff to en-

ASUS’ Nick Wu

HR experts: Signify’s Shubha Shridharan (from left), Q2 HR Solutions’ Sarah McLeod and Skillbean’s DM Varun

sure success. The three HR experts are speaking at the fifth HR Innovation Conference on March 19 at the Dusit Thani Hotel. McLeod will be discussing “Accelerating the Change Curve,” and how an organization can recognize telltale signs, as well as the perfect time to change. Varun, for his part, will talk about “Using Technology to Help Upskill Employee Growth.” Shridharan will dwell upon “Identifying Gaps and Diagnosing the Need for Organizational Change.” Q2 HR Solutions is inviting HR leaders, decision-makers, senior leaders of growing organizations and entrepreneurs, to attend the fifth HR Innovation Conference on March 19, 2020, at Dusit Thani Hotel, Makati City. With “Accelerate: Advancing Or-

ganizational Growth in Disruptive Times,” as its theme, the conference will feature renowned HR experts across Southeast Asia, as well as industry thought leaders who will share HR best practices, including key insights from their respective fields of expertise. The event will bring to the table useful tools to anticipate and manage organizational change, a highly relevant discussion in the HR industry today. “We will share practical tools in diagnosing and building organizations’ change road maps,” McLeod shared. “Aside from an HR Wellness Check booth in the venue, the event will, likewise, provide conference participants with the opportunity to meet and network with senior leaders from various industries.” Rizal Raoul S. Reyes

Pinoy pizza chain opens doors in Phnom Penh

HNOM PENH—To the great excitement of the Filipino community in the Kingdom of Cambodia, Filipino pizza restaurant chain “Yellow Cab” opened its flagship store in the capital city’s Eden Garden Mall last month. Famous for its Original Darla pizza and Charlie Chan pasta, the restaurant is expected to have its grand opening in April this year. Yellow Cab Pizza is owned by the Max’s Group, which also owns the fried chicken restaurant of the same name. Its chain currently operates 101 branches in the Philippines and overseas, including branches in Qatar, the United Arab Emirates, China, Vietnam, Oman and Hawaii, United States. Mongkol Food and Beverages, co-owned by Thomas Giordano and Khorn Chhundara, manages the Cambodian Yellow Cab franchise. According to Giordano, it was actually his parents who first discovered Yellow Cab in Boracay Island a couple of years ago, and believed that it is something that Cambodians will also enjoy. After some years of study and negotiations, they decided to establish Yellow Cab Pizza Co. Cambodia, in partnership with Chhundara, one of the most successful young entrepreneurs in Cambodia who brought the Koi Café Taiwanese franchise to the kingdom. The Philippine Embassy personnel in Phnom Penh recently went to visit the flagship store and sampled the various flavors of pizza, pasta and chicken wings being offered. Aside from having their usual favorites, they were introduced to two pizza flavors not available in the Philippines: cheesy seafood and salmon

Computer brand is Taiwan’s most valuable

AIPEI—Asus has been adjudged as Taiwan’s mostvaluable international brand for the seventh consecutive year, securing a first-place position in the prestigious 2019 Best Taiwan Global Brands survey conducted by Interbrand, the world’s leading brand consultancy. The annual Best Taiwan Global Brands survey is recognized as a key indicator of Taiwan brands’ international performance. The computer brand was recognized during the 2019 Best Taiwan Global Brands Awards ceremony in Taipei, hosted by the Taiwan Ministry of Economic Affairs. “Asus is passionate about technology and driven by innovation to deliver [an incredible experience] for consumers everywhere, which are ideas that sit at the heart of our ‘In Search of Incredible’ brand philosophy,” said Asus Chief Financial Officer Nick Wu after the awards ceremony. “It is, therefore, a significant achievement to have retained the position of Taiwan’s most-valuable international brand for the seventh year in a row.” Wu maintained,

With the right numbers, country head brings shopping power back to the people Continued from E1

How does ShopBack engage with local partners? The company plans to accommodate everyone who has an e-commerce store and caters to the Philippine market, as our growth is highly dependent on being able to innovate quickly and grow our partnerships. We are definitely looking at having more than 500 brands operating in the country on-board by 2020. We are currently working with all major international and local brands, and are also in talks with nearly 50 local favorites as we speak: from some of the most popular food chains, to airlines and local grocery deliveries—even fashion and beauty providers.

YELLOW Cab-Cambodia’s interior with many locals dining. PHNOM PENH PE

teriyaki, which are becoming famous among locals. Giordano was pleased to note that Yellow Cab has been well received by Cambodians, even during its soft opening. He mentioned his plans to open new branches in other parts of the said country and to introduce delivery services, just like in the Philippines. A favorite among Filipinos, Yel-

low Cab-Cambodia’s management is counting on a steady clientele from among the 7,000 Filipinos in the kingdom. Philippine Embassy Chargé d’affaires, a.i. Myca Magnolia M. Fischer said, we welcome the entry of Yellow Cab Pizza in Cambodia, whose rapidly growing economy provides an emerging market for world-class goods and services

from the Philippines. Yellow Cab joins the increasing number of Philippine companies and franchises that are expanding their presence in the kingdom. United Laboratories, San Miguel Brewery, Philippine Airlines, Potato Corner, Jewelmer and Liwayway Food Corp. are some of the Philippine companies currently operating in the Asean state. DFA

“This [distinction] both recognizes and underscores the Asus commitment in pursuing the ‘incredible’ in everything we do. We celebrate today’s success, knowing that our pursuit of perfection continues tomorrow.” Asus has achieved a wide range of goals in 2019, and the company has continued to receive numerous international design and media accolades, demonstrating a commitment to world-class design and innovation. Fortune once again recognized the computer brand as one of the World’s Most Admired Companies, while Forbes named the Taiwanese IT giant in its Global 2000: World’s Best Regarded Companies ranking for the third-consecutive year. Additionally, Asus’s brand of products have received a variety of prestigious awards, including 22 from iF Design, 21 via Red Dot, and four more courtesy of Good Design. According to the technology company, these awards reaffirm the brand’s commitment to design excellence and dedication to create products that exceed user expectations.

Does your background in math help you in your current job? We use data to make meaningful decisions in our day-to-day work. As they say, “Without data, you are just a person with an opinion.” My ease around numbers comes with my mathematics background, and that really helps me make better decisions at work. This also aids me to think logically and take into consideration the specific outcomes we desire for our partners, like, which channels to push them to, or what kind of audience works for what category. The strength of ShopBack is the justification on return-on-investments that we can provide our partners. There has to be careful analysis in achieving that with every major and minor campaign. Numbers should form the basis for every decision we take, and that’s where my background proves to be a lot of help. Your network from your previ-

ous jobs must have helped you find additional partners. Every experience counts in making your journey successful in future. I was with Zomato for nearly seven years, and have been in the Philippines for five of those. I have a strong network of friends and previous clients from the food and beverage industries across the Philippines. They have been a tremendous help not just in getting partners, but also establishing connections with a lot of knowledgeable individuals across sectors. Networks and relationships are very important, as people around teach me a lot everyday. I am really blessed with amazing people around me, who always teach me more about the business, their personal success stories, and especially knowledge about the Philippines. What elements have you discovered about the Philippines since you started working here? Filipinos are very social-media savvy, but we need to work on the trust factor of potential users in the Philippines. They take time to believe in your product; but once you win their trust, then the loyalty of the user will be leaps and bounds ahead. Also, they love quality over quantity. So a provider needs to make sure its service quality is good. An area where we need to grow faster is in the aspect of financial outreach for Filipinos. Credit-card penetration is still low here, compared with other Southeast Asian counterparts. In terms of work force, we have very talented and creative individuals—especially the young, fresh graduates. They are the biggest assets for any organization, given the right guidance and creative space.

&Expats

envoys.expats.bm@gmail.com |Thursday, February 20, 2020 E3

SPEAKING A ‘COMMON LANGUAGE:’

UK envoy on freedom of expression, defense cooperation, higher education

T a recent reception in his residence, Ambassador of the United Kingdom Daniel Pruce stepped into a simulated TV broadcast studio. Simultaneous with intro music, his image appeared in an LCD monitor, then began to perform a stand-upper—enunciating his speech in commendable and almost flawless Filipino. “Inilunsad ng British EmbassyManila noong Pebrero 2019 ang Media Freedom campaign. Layunin nito na ipagtanggol ang kalayaan sa pamamahayag [The British Embassy-Manila launched in February 2019 the Media Freedom Campaign. It aimed to defend the freedom of speech and expression.],” went his opening spiel, which encapsulated his report, before an appreciative audience comprised of members from Manilabased media organizations. Pruce explained the efforts of the embassy a year ago in upholding media freedom in the Philippines. He said that they have touched base and coordinated for the said purpose with numerous entities, which are either in agreement with its goals or otherwise—government officials, media organizations, journalists, the academe and schools, among other institutions. The embassy, he said, conducted caravans and media tours to better understand the pulse and sentiments of stakeholders of the country’s media freedom. “Isang karangalan din na makatrabaho namin ang mga [civil society organization] partners para sa kanilang pagtataguyod ng media freedom sa iba’t ibang paraan [We take pride in being able to work with civil society organization partners, as they uphold media freedom in various ways],” the British diplomat went on to say.

The campaign for media freedom, he said, is conducted by the British government not only in the Philippines, but in other parts of the world, as well. The envoy then delivered his extro, “Ang kalayaan ng media ay ang ating kalayaan. Ito po si Daniel Pruce, nag-uulat. [Freedom in media is our freedom. This is Daniel Pruce, reporting.],” which elicited thunderous applause from those in attendance.

Joint defense meet

IN a quick huddle with the reporters on-hand, Pruce said that the Philippines and the United Kingdom are set to hold a joint defense committee meeting in March. The envoy confirmed that representatives from the National Defense Department and the UK’s Ministry of Defense are expected to deliberate about the possibility of a joint military exercise. “The discussion in March is part of a regular sequence that we have established through our MOU [memorandum of understanding] which we agreed in December 2017,” Pruce explained. “We are working within those parameters to take forward these training exchanges and greater cooperation between our forces.” Malacañang earlier said Manila is open to forging military deals with other nations like the UK, following its decision to abrogate the Visiting Forces Agreement with the

ALL eyes and ears were on Ambassador Daniel Pruce as he delivered his news report on the embassy’s media-freedom initiatives from the year that was—in Filipino. BRITISH EMBASSY-MANILA FB PAGE

United States. Pruce declined to comment on the said issue, but for the part of the UK, he underscored its “very close and developing relationship” with the Philippines on defense and security issues. “We will continue to talk about ways in the period ahead where we can deepen and develop further that cooperation,” he confirmed. The MOU on Defense Cooperation signed between the Philippines and the UK has opened up possibilities for training exchanges and cooperation between the two nations’ forces.

Northern exposure, education

SOME days before, Pruce visited Ilocos Norte in a bid to strengthen ties

with the Ilocano community. The UK envoy convened with Ilocos Norte Gov. Matthew Joseph Manotoc on February 7, at the Provincial Capitol, and then proceeded to the Mariano Marcos State University (MMSU) in Batac City to discuss with students and teachers about the British government’s program on transnational education. Next month, the British Embassy-Manila is co-organizing “Study World UK 2020” in Manila to provide equal opportunities for Filipinos to study in the British Isles, and to create more opportunities for Philippine universities to unlock joint research projects, broaden curricula, access new resource materials, and foster exchanges for both students

and faculty members. In a media interview, Pruce said he takes pride in his government’s contribution to global education. “We are working in collaboration with Philippine universities to promote scholarship grants with UK universities,” he stated. Pruce said the state-run MMSU is also partnering with the Ateneo de Manila University and the British Geological Survey to study the effects of climate change on groundwater resources, or the availability of water and possible consequences of flood and drought. The British envoy also visited the Bislak River in Vintar, Ilocos Norte for its f lood-control system project.

Led by the University of Glasgow and the University of the Philippines, the Bislak River covering the municipalities of Vintar and Bacarra in Ilocos Norte is being studied particularly its characteristics to better understand possible flood scenarios, and enable the two towns to be better prepared for any water-related risks. It was the first time Pruce was able to visit the province since he assumed office as British representative to Manila, in August 2017. He promised to come back to further strengthen friendly relations and stronger collaboration in areas both beneficial to the UK and the Philippines. Mike Policarpio, with reports from Joyce Ann Rocamora and Leilanie Adriano/PNA

PHL to develop ties with EU, UK despite Brexit

U.K. WITH UDENNA Ambassador Daniel Pruce (left), United Kingdom’s Prime Ministerial Trade Envoy to the Philippines Richard Graham (second from right) and UK Trade and Investment Director Richard Colley (right)

convened with Udenna Corp. Chairman and CEO Dennis A. Uy at the Udenna headquarters in Bonifacio Global City, Taguig. The meeting explored possible trade opportunities and strategic commercial partnerships, especially in the fields of education, sports and technology. The visit was part of the British government’s efforts to strengthen connections with local businesses, reaffirming their commitment and willingness to firm up trade linkages between the UK and the Philippines.

HE Philippine government, through the Foreign Affairs department, reaffirmed its commitment to continue developing close relations with both the European Union and the United Kingdom, following the latter’s formal exit from the bloc. “The Department of Foreign Affairs [DFA] remains committed to developing positive relationships with both the UK and the EU,” the agency said in a statement. It urged individuals and corporations doing business in the UK to take note of the withdrawal agreement, and other related documents that may affect their respective industries. The UK officially left the regional bloc, following the European Parliament’s ratification of the withdrawal agreement between the two parties on January 31. Effective February 1, the UK will enter an 11-month transition period which will end on December 30. For international conventions, agreements and arrangements entered into by the EU, the UK will be treated as an EU member-state, and will continue to be bound by the bloc’s rules during the transition. Meanwhile, the DFA referred questions on the subject to the British Embassy in Manila, and the EU Delegation to the Philippines. Joyce Ann Rocamora/PNA

Envoys&Expats BusinessMirror

E4 Thursday, February 20, 2020

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

DAY OF THE RED HAND The Embassy of Belgium, Unicef and various civil-society

partners came together in Davao City on February 12 to commemorate the International Day Against the Use of Child Soldiers (Red Hand Day). Ambassador Michel Goffin (second row,right) pointed out that “the erosion of international humanitarian law and human rights globally, [as well as] the changing nature of conflicts, are becoming a permanent threat to children; attacks on children have been multiplied by three since 2010.” EMBASSY OF BELGIUM FB PAGE

OVER WITH OSEC Ambassador Harald Fries (back row, eighth from right) attended the launch of the #ShutDownOSEC campaign on February 11 with Sen. Risa Hontiveros, Rep. Yedda Marie K. Romualdez (both flanking Fries), Justice Undersecretary Emmeline Aglipay-Villar, other representatives from the Philippine government, the United Nations, private sector and civil society. The campaign calls for better laws to put an end to online sexual exploitation of children. According to the Embassy of Sweden, OSEC has reached epidemic proportions, as the Philippines had been described as a top global source of child sexual-abuse material on the Web, fueled by demand from predators overseas. EMBASSY OF SWEDEN FB PAGE

ENVOY VISITS D.O.T.R. Ambassador Jana Sedivá recently convened with

Transportation Secretary Arthur P. Tugade along with other officials from the Embassy of the Czech Republic and the Department of Transportation, where possible partnerships on various transport projects and programs were discussed. The Czech Republic is known to have one of the most advanced and reliable transportation systems in Europe, where people can easily travel within and outside city centers, its embassy in the Philippines said. EMBASSY OF THE CZECH REPUBLIC FB PAGE

BOOKS FROM INDIA Ambassador Jaideep Mazumdar (right) presented sets of

Bharat Ek Parichay books to the Carlos P. Romulo Library of the Foreign Service Institute of the Philippines on February 13. Officer in Charge (Director General) Celeste VinzonBalatbat received the books on behalf of FSI Philippines. Foreign Affairs Assistant Secretary Meynardo LB. Montealegre of Asia Pacific Affairs (left), representatives from the Department of Foreign Affairs, the library and the Embassy of India in Manila attended the event. The government of the Republic of India established in 2018 Bharat Ek Parichay corners in eminent educational institutions globally. These are considered single-points of reference for information and knowledge about Indian art, culture, religion, philosophy, economy and others through select books. EMBASSY OF INDIA FB PAGE

CELEBRATING PROSPERITY The Embassy of Singapore in Manila hosted a Chinese

New Year lo hei reception for Filipinos, members of the local diplomatic and consular corps on February 6, ushering in the Year of the Rat with a lively and boisterous lion-dance performance. According to the embassy, led by Ambassador Gerard Ho Wei Hong (center), Singapore and the Philippines “crossed a major milestone last year” when both celebrated their Golden Jubilee of diplomatic relations. EMBASSY OF SINGAPORE FB PAGE

‘BORREL’ IN CEBU The Dutch community in Cebu got together, and they had a great time getting to know each other and sharing experiences over a borrel, which roughly translates into a socializing event that typically takes place in the evening. EMBASSY OF NETHERLANDS FB PAGE

FSI earns ISO quality certification

HE Foreign Service Institute (FSI) formally received its ISO 9001:2015 Quality Management System (QMS) certification on January 29. The handover ceremony of the ISO Compliance Certificate was held at the Carlos P. Romulo Library of the Department of Foreign Affairs, with the entire FSI manpower in attendance. “The certificate is the tangible proof of FSI’s commitment to meet customer satisfaction, regulatory compliance, good governance, transparency, predictability and reliability and, ultimately, high-quality service to the country,” FSI Officer in Charge (Director General) Celeste Vinzon-Balatbat said, as she congratulated FSI officials and staff members for their hard work to achieve QMS compliance. Acting Foreign Affairs Secretary J. Eduardo Malaya witnessed the event and, likewise, congratulated FSI for their QMS certification. He noted the “quick progress of FSI in QMS compliance under the leadership of Director General Vinzon-Balatbat,” having completed both the QMS implementation and audit in less than a year. “This certification is a testament not only to what good leadership can achieve, but also to what [the] collective will and effort of empowered employees can accomplish,” Malaya added. SOCOTEC Certification International Philippines Inc., an independent auditor, assessed the FSI for QMS compliance on December 3 and 16, 2019. Business Development and Client Relations Manager Laureen Grace Calmerin represented SOCOTEC in the ceremony. Calmerin told FSI officers and staff that being ISO certified is something to “brag about,” as she explained, “At present, there are 3,730 organizations in the Philippines certi-

fied for QMS. Knowing this, you should feel proud as you are now among those [which] are ISO-certified in the country.” Guests from the Department of Foreign Affairs (DFA) also witnessed the ceremonial handover. The FSI went through a set of training sessions conducted by the Development Academy of the Philippines (DAP) from April to December 2019, courtesy of a P1.3-million technical-assistance grant. DAP’s team members who facilitated the series of QMS coaching classes and seminarworkshops for FSI also attended the ceremony, with Vice President and Managing Director Arnel Abanto. Previously, Vinzon-Balatbat signed a memorandum of understanding with the DAP in February 2019 to secure the technical-assistance grant for the ISO certification process. It covered the following seminars and workshops: Orientation on QMS, QMS Requirements and Documentation, Processmapping and Risk-based Quality Planning, QMS Documentation, Enhancement of Operational Controls and Procedures, Auditing QMS, Root-Cause Analysis and Corrective Action Formulation, 5S (Workplace Cleaning and Organizing Technique), Management Review and Readiness Assessment. She acknowledged DAP’s guidance, assistance and unwavering support throughout FSI’s QMS journey in 2019. “Achieving the certification is not the end goal. We expect to continue this journey, keep finding ways to improve the way we do things, and make QMS a part of our culture, [as well as our] DNA,” the OIC director general pointed out.

THE Foreign Service Institute’s Officer in Charge (Director General) Celeste Vinzon-Balatbat (second from right) receives the ISO certification plaque from SOCOTEC Certification International Philippines Inc.’s Business Development and Client Relations Manager Laureen Grace Calmerin (second from left), witnessed by Development Academy of the Philippines’s Vice President and Managing Director Arnel Abanto (left) and Acting Foreign Affairs Secretary J. Eduardo Malaya (right).

She cited as examples the FSI’s recently implemented document-tracking system that will improve turnaround time tracking for completing actions on tasks, as it plans to develop a dashboard of performance indicators for FSI. The certification is a step toward the institute’s attainment of its vision to be “among the leading institutions in Asia for diplomatic training and foreign-policy research by 2026.” Vinzon-Balatbat’s initiative to pursue ISO certification is in line with FSI’s 2019 to 2026 strategic plans, which include an element of “Improvement of Systems and Processes,” and follows DFA’s earlier example of obtaining ISO certification. According to the FSI, its ISO certification will inspire its personnel to continue to improve their service quality, particularly in research and training.