BusinessMirror February 25, 2020

PHL’S 1ST SUBWAY SYSTEM ‘ON TRACK’

By Lorenz S. Marasigan @lorenzmarasigan

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HE government is on track in building the country’s first subway system, and it is, according to the contractor for the tunnel-boring component of the deal, even ahead of schedule.

Shimizu Corp. Director Monichiro Tsuchiya said his group is finishing the assembly of a boring machine in Yokohama, Japan, where government officials will be inspecting it before it is delivered to the Philippines sometime in June.

“We are accelerating one month from July to June to assemble a boring machine,” he said. “We are on schedule.”

Akihiko Fujiyoshi, executive director-Railway Division of the Oriental Consultants Global, briefs Transportation Secretary Arthur Tugade as they unveil the subway tunnel boring machine (TBM) parts for the Metro Manila Subway Project on Monday. NONIE REYES

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A total of six tunnel boring machines were ordered by the Department of Transportation (DOTr) to jump-start the construction of the so-called project of the century, which aims to provide better mobility and connectivity between the capital’s main financial hubs and airport.

“The boring machine is manufactured for specific designs and it is designed based on the soil and earth,” Transportation Secretary Arthur P. Tugade said. “When they come and put it in June or July or August or September, the boring will start.”

“We are on schedule on the partial operability,” he added, referring to a 2022 opening of some portions of the subway system. Full completion is set for 2025.

Tuesday, February 25, 2020 Vol. 15 No. 138

‘No hard impact of virus on remittances growth’

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By Samuel P. Medenilla

@sam_medenilla

HE worldwide spread of the coronavirus disease 2019 (Covid-19) is not expected to make a significant dent on overseas Filipino worker (OFW) remittance growth this year.

Based on the latest government estimates, Cabinet Secretary Karlo Nograles said the impact of the travel ban imposed by the government for China, Macau, Hong Kong and Taiwan in previous weeks will only reduce by 0.8 percent the anticipated 3-percent growth in remittances for 2020.

“We were expecting this to increase to $34.5 billion US dollars in remittances this year with a

projected growth rate of 3 percent. But because of this Covid-19 epidemic, we have adjusted our growth projections to 2.2 percent, and now expect $34.2 billion US dollars in remittances for 2020,” Nograles said during a press briefing on Monday.

Despite the decline, Nograles said OFW remittances this year are still expected to be record high through higher remittances

in other countries.

They are pinning their hopes on remittances from other countries with large concentrations of OFWs—the United States, United Arab Emirates and the Kingdom of Saudi Arabia‚ to offset the slowdown remittances from China, Macau and Hong Kong.

Historically, he said China accounted for only 0.1 percent of total OFW remittances, while

$34.2B Revised projected remittances for 2020 after Covid-19 is factored in, down from $34.5 billion

Macau and Hong Kong account for 0.4 percent, and 2.7 percent, respectively.

The government imposed a travel ban for China, Hong Kong and Macau in January and for Taiwan earlier this month.

The Inter-Agency Task Force for Emerging Infectious Diseases (IATF-EID) opted to completely lift the travel ban for Taiwan on February 14.

It also imposed a partial travel ban for Hong Kong and Macau on Tuesday, allowing some Filipinos including OFWs and Filipino students, to head to both areas.

See “Remittances,” A8

Already, spare parts for the boring machines have arrived in the Philippines.

These will be used to reassemble the whole machine once it arrives in Manila.

Funded by an official development assistance package from the Japan International Cooperation Agency (Jica), the Metro Manila Subway System is envisioned to be a 25-kilometer underground mass transportation system that connects major business districts and government centers between Quezon City and Pasay.

It is expected to serve around 370,000 passengers per day in its opening year.

“This project is really progressing very fast,” Jica Philippines Senior Representative Kiyo Kawabuchi said.

P25.00 nationwide | 4 sections 34 pages |

PHL PRODUCTIVITY TOP IN SE ASIA–JETRO POLL

By Elijah Felice E. Rosales

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@alyasjah

HE Philippines has the highest productivity in the manufacturing sector in Southeast Asia, as Japanese investors find the minimum wage here most appropriate for the level and volume of work completed by laborers.

In the 2019 Jetro Survey on Business Conditions of Japanese Companies in Asia and Oceania, the Philippines took the top position in the appropriateness of the minimum wage from the perspective of productivity.

“The proportion of companies that answered that the minimum wage in the country/region was appropriate from the perspective of productivity was the highest in the Philippines, followed by Laos and Myanmar. The proportion was the lowest in Indonesia, followed by Cambodia and Australia,” the survey reported.

The survey said 74.2 percent of Japanese firms find the daily pay set by the government in the Philippines appropriate for the labor force’s level of productivity.

On the other hand, 6.5 percent

find it not appropriate, while 19.4 percent have no answer.

Trailing the Philippines is Lao PDR with a productivity approval of 66.7 percent from Japanese investors, followed by Myanmar at 60.9 percent and Vietnam at 50.9 percent.

Fur ther, 4 4.5 percent of Japanese firms said Thailand’s minimum wage is on a par with its level of productivity, while Malaysia had 39.7 percent of productivity rating. Singapore received 31.5 percent of productivity approval from its Japanese investors, while Cambodia and Indonesia had the lowest at 24.2 percent and 23.7 percent, respectively.

In terms of future business plan, the Philippines ranked third in the region on number of Japanese firms that look to expand this year. The Jetro survey reported nearly 52 percent of Japanese businesses here are eyeing to expand operations in 2020.

This number was lower than those recorded in Vietnam and Myanmar, posting expansion ratings of 63.9 percent and 61.6 percent, respectively.

See “Productivity,” A2

‘More Pinoy travelers fear flying’

Govt to invalidate unused SPS-ICs for rice imports

ILIPINO travelers are now scared to fly, according to the Civil Aeronautics Board (CAB), as they fear contracting the dreaded coronavirus disease 2019 (Covid-19) during their trips.

Carmelo Arcilla, the executive director of the commercial aviation regulator, said his group has recorded a “dampening” of the appetite to travel to and from the Philippines.

“Overall they are taking a hit specifically in territories such as China, Hong Kong and Macau,” he said. “There is an overall dampening of desire to travel.”

The three territories account for a large chunk of the operations of local airlines Cebu Pacific, Philippines AirAsia and Philippine Airlines.

Globally, Arcilla said, the rate of no-show passengers is increasing, while airline bookings have conversely gone down.

According to the International Air Transport Association (Iata), Covid-19 has a potential to cut passenger demand in the AsiaPacific region by 13 percent yearon-year.

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By Jasper Emmanuel Y. Arcalas

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See “Travelers,” A2

PESO exchange rates n

Several Cabinet secretaries, led by the Department of Trade and Industry’s Ramon Lopez (third from left) and Department of Agriculture’s William Dar (fourth from left), inspect chicken stalls at the Nepa Q Mart in Quezon City on Monday, as suggested retail prices (SRP) for certain basic items took effect. With them are Interior Secretary Eduardo Año (second from left). NONOY LACZA

Oil firms to hike prices for gas, diesel, kerosene

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il firms said Monday they will implement increases of P0.30 per liter for gasoline products, P0.20 per liter for diesel and P0.35 per liter for kerosene.

The price adjustment takes effect

6 a.m. of Tuesday, February 25.

Pilipinas Shell, PTT Philippines, Total Philippines, Phoenix Petroleum, Seaoil Philippines and PetroGazz announced the price adjustment on Monday morning.

The price adjustment reflects

movements in the world oil market, they said. Other oil firms are expected to follow suit.

Last week, gasoline prices went up by P0.35 per liter, while diesel and kerosene prices went down by P0.10 per liter each. Lenie Lectura

@jearcalas

HE Philippines will void all unused import clearances for some 1.8 million metric tons (MMT) of rice issued last year to protect local planters who will harvest their crop starting next week.

Agriculture Secretary William D. Dar on Monday also announced that the Bureau of Plant Industry (BPI) will no longer issue sanitary and phytosanitary import clearances (SPSICs) to farmers’ organizations that serve as dummies of unscrupulous traders.

Dar made an assurance that invalidating SPS-ICs issued in 2019 will not cause a shortfall in rice supply, as the Philippines has stocks sufficient for at least three months. Apart from this, he said 175,000 metric tons (MT) of imported rice entered the country in January.

“We will void unused SPS-ICs because we have rice inventory good for 90 to 94 days. Plus harvest is coming,” he told reporters in an interview.

The chief of the Department of Agriculture (DA) said he has instructed BPI Executive Director George Culaste to find out why there are still unused SPS-ICs, some of which were issued a few months af-

ter the effectivity of the rice trade liberalization law (RTL).

He added the government may indicate an expiration date for the SPS-ICs to force traders to bring rice into the Philippines within a specified period of time.

Data from the BPI, an attached agency of the DA, showed that there were some 1,752 unused SPS-IC at the end of 2019. The BPI issued a total of 4,069 SPS-ICs from March 5 to December 31, 2019, for 3.63 MMT of imported rice.

The agriculture chief urged traders to desist from applying for SPS-ICs during harvest so as not to depress the farm-gate price of unhusked rice. He said the BPI may approve fewer SPS-ICs during harvest.

The enactment of Republict Act 11203, or the rice trade liberalization law, deregulated the rice industry and eased import requirements.

Under the law, traders must secure SPS-ICs from the BPI prior to purchasing imported rice.

Schemes

Dar also said the government will stop issuing SPS-ICs to farmers’ cooperatives and associations that serve as dummies of unscrupulous rice traders and importers.

US 50.7670 n japan 0.4562 n UK 65.7382 n HK 6.5194 n CHINA 7.2251 n singapore 36.2389 n australia 33.4199 n EU 54.9248 n SAUDI ARABIA 13.5343

See “SPS-ICs,” A2

Source: BSP (24 February 2020)

News

BusinessMirror

A2 Tuesday, February 25, 2020

www.businessmirror.com.ph

BOC’s rice tariff collections at ₧1.71B

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By Cai U. Ordinario

@caiordinario

HE Department of Finance (DOF) on Monday reported that tariffs collected by the Bureau of Customs (BOC) from importers of rice under the rice trade liberalization law (RTL) reached P1.71 billion as of February 14.

In a report to Finance Secretary Carlos G. Dominguez, the BOC said the figure is 23.1 percent lower than the P2.22 billion it collected in the same period last year.

The DOF noted that the RTL was not yet in effect in January to February 14 last year. The law was signed into law by the President on February 14, 2019 and took effect

on March 5, 2019. “The government has ample means to do even more to make our agricultural production more efficient and extend direct aid to small farmers,” Dominguez said in a statement.

The BOC said the P1.71 billion it collected came from traders who imported 209,320 metric tons of rice from January 1 to February 14.

The volume is 61.8 percent lower than the 759,810 MT brought into the country during the same period in 2019.

Last year, the BOC collected a total of P12.3 billion under the RTL from 2.03 million metric tons of private-sector imports.

The DOF said tariffs collected from rice imports of private traders since the enactment of Republic Act (RA) 11203 will benefit palay

growers as such revenues are earmarked for the annual P10-billion Rice Competitiveness Enhancement Fund (RCEF).

The fund was set up under RA 11203 to finance farm modernization by directly providing local growers with wider access to credit and training along with funds for mechanization and inputs like fertilizer and high-quality seeds.

The excess of P10 billion collected for RCEF will also be used to finance other programs to boost the yields of farmers and improve their global competitiveness.

Section 13(c) of RA 11203 states that 10 percent of the P10-billion RCEF shall be made available in the form of credit facility with minimal interest rates, and with minimum collateral requirements

NSWMC bans ‘unnecessary’ single-use plastics in govt offices

By Jonathan L. Mayuga

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@jonlmayuga

he National Solid Waste Management Commission (NSWMC) has approved a resolution that will effectively ban selected single-use plastics in all government offices nationwide, a move welcomed by environmental groups with skepticism.

Environment Secretary and concurrent NSWMC Chairman Roy A. Cimatu signed Resolution No. 1363, Series of 2020 directing the Department of Environment and Natural Resources (DENR) to prepare and implement the ban on the use of “unnecessar y” single-use plastic products by national government agencies, local gov-

ABS-CBN. . .

Continued from A8

Provisional franchise

This led Minority Leader Franklin M. Drilon to say that it’s better for the network to get a provisional franchise from Congress, an option that Justice Secretary Menardo Guevarra had also deemed more viable.

In turn, Katigbak affirmed that ABS-CBN management is confident the media giant is in full compliance with existing laws.

“We would also like to state that we have not broken the law or violated any of the provisions of our franchise,” Katigbak told the Committee on Public Services chaired

by Senator Grace Poe. “We thank the Senate for inviting us today, and we welcome the opportunity to shed light on the issues that have been raised against us.”

But Senator Ronald dela Rosa, an administration ally, however, was not inclined to let the chance pass to pour out a grievance: “Porke powerful kayo winawalanghiya ninyo ang gobyerno [Just because you are powerful, you are disrespecting the government]; that is my complaint.

This is a government of law. But if you say you did not do it, I just want

Travelers. . .

ernment units (LGUs), and all other government-controlled offices.

Created by RA 9003, NSWMC is an inter-agency body under the Office of the President.

It is mandated to oversee the implementation of solid waste management plans and prescribe policies to achieve the law’s objectives.

Aside from the DENR, the NSWMC is also composed of the Departments of Agriculture, Interior and Local Government, Public Works and Highways, Science and Technology, and Trade and Industry.

Its members are the League of Cities of the Philippines, Metropolitan Manila Development Authority, Philippine Information Agency, Technical Education

to remind you to just do your job.”

Addressing the Senate committee hearing on ABS-CBN franchise renewal, Katigbak recalled that when Eugenio Lopez Jr. founded ABS-CBN, Lopez Jr. had “decreed that ABS-CBN’s business was to be in public service,” adding that this “led to a clear articulation of our long-standing mission, to be In the Service of the Filipino.”

He claimed that in the last 25 years of its existing franchise, ABS CBN executives believe they have delivered a service that is meaningful and valuable to the Filipino people. “Our TV shows entertain, inform, and inspire our audience and in a recent Pulse Asia survey, 70 percent of all Filipinos tuned in to ABS-CBN last year. That to us is a validation that the shows we produce remain important and relevant to the public.”

The ABS-CBN officials told the committee that overseas, The Filipino Channel or TFC is “one of the primary connections of our OFWs to the Philippines. More than 3 million individuals tune in to TFC to stay in touch with home, or to help ease the pain of their loneliness and sacrifice.”

He, likewise cited how the media giant—the second oldest in the region—has used its resources

Continued from A1

This means that regional carriers are set to record an 8.2-percent contraction in terms of revenues. For 2020, the Iata forecasts that this will translate into a $27.8-billion revenue loss for the region’s carriers.

It noted that the estimates are based on previous experiences during the outbreak of the SARS virus in 2003. It also assumes that the outbreak will be limited to China.

“These are challenging times for the global air-transport industry,” Iata Director General Alexandre de Juniac said. “Airlines are making difficult decisions to cut capacity and in some cases routes.”

Closer to home, local carriers have stopped their Chinese operations to help the government prevent further cases of Covid-19 in the country. Lorenz S. Marasigan

and Skills Development Authority, and representatives from the recycling and manufacturing/ packaging sectors.

Covered by the ban are cups less than 0.2 millimeters in thickness, drinking straws, coffee stirrers, spoons, forks, knives, “labo” or thin and translucent plastic bags, and thin-filmed sando bags lower than 15 microns.

In a a statement, Cimatu said the NSWMC resolution is a “major step” to curb the use of singleuse plastic items that “pollute our waterways, kill marine life and contribute to our country’s increasing solid waste.”

The DENR will come up with specific guidelines for the implementation of the plastics ban, which now forms part of the government’s “solid waste

for corporate social responsibility. “The ABS-CBN Foundation continues to provide public service through its programs like Bantay Bata and Sagip Kapamilya. Bantay Bata has rescued thousands of children from child abuse, and has given them new hope in life. Sagip Kapamilya has provided relief goods to victims of natural or manmade calamities and has provided help to over 12 million families since 2009.”

Nonetheless, he conceded that, “we are not a perfect organization.

Where we have shortcomings, we acknowledge them, and we work to correct them.”

Katigbak added, in apparent reference to the pending quo warranto petition filed against them by the Office of the Solicitor General: “We would also like to state that we have not broken the law or violated any of the provisions of our franchise. We thank the Senate for inviting us today, and we welcome the opportunity to shed light on the issues that have been raised against us.”

This even as other oppositors, led by Estelita Tamano of the Federation of International Cable TV and Telecommunications Association of the Philippines, manifested their strong objection to ABS-CBN’s franchise extension.

Productivity. . .

Continued from A1

Indonesia came behind the Philippines with 50.7 percent of its Japanese investors expanding, while Cambodia had 50 percent, Lao PDR 50 percent, Thailand 44.7 percent, Singapore 43.9 percent and Malaysia 42.1 percent, according to the Jetro survey.

The Japan External Trade Organization, or Jetro, is a Japanese government-affiliated organization that promotes trade and investment with the country’s economic partners. Yearly, it comes up with a survey measuring the business situation of Japanese investors in various countries and region. For the 2019 survey, the Jetro compiled the insights of 139 Japanese firms in the Philippines, of which 73 are in manufacturing and 66 in nonmanufacturing industries.

avoidance and minimization strategy.”

The United Nations has estimated that land-based sources, including plastic waste that has been blown into rivers and creeks by wind, are responsible for 80 percent of the world’s marine debris.

With the policy in place, the DENR expects all national government agencies, LGUs and government-owned and controlled corporations (GOCCs) and government-funded facilities to strictly abide by the rule.

Initially, only eight singleuse plastic items were included in the ban because not all singleuse plastics or disposable plastic products can be replaced by a more environment-friendly option.

SPS-ICs. . .

Continued from A1

“We don’t want farmers’ cooperatives to be used [by unscrupulous traders] That’s a bad practice.

We will not allow that. We have the list and once they come forward, we will not give them the clearance,” he said.

The DA earlier disclosed that it has identified the farmers’ organizations, particularly cooperatives, that are being used by unscrupulous traders who want to take advantage of the tax exemption privileges of coops.

Dar said the DA will strengthen its partnership with the CDA in weeding out these cooperatives.

He said he will request the CDA to submit all the financial statements of all registered cooperatives in the past three years to determine if they are capable of importing rice.

Cooperatives, farmers’ groups and associations edged out companies and traders in terms of rice imports under the new trade regime, as they cornered a total of 1 MMT of the staple at the end of 2019.

BPI data obtained and analyzed by the BusinessMirror showed that at least 120 multipurpose and farmers’ cooperatives, organizations and irrigators’ associations imported 1.043 MMT from March 5 until December 31, 2019.

The volume imported by farmers’ organizations was 28 percent higher than the 810,548.85 MT of rice imported by the 96 traders, rice millers and corporations, which included the likes of Puregold Price Club Inc. and Davao-based firm Davao San-Ei Trading Inc. Documents obtained by the BusinessMirror showed a discrepancy between the financial capacity of some irrigators’ associations and the volume of rice they are importing (See “Farmer groups ‘top rice importers’–are they?,” in the BusinessMirror, November 21, 2019).

to rice farmers and cooperatives.

The rest of the RCEF will be set aside for farm machinery and equipment; rice seed development, propagation and promotion; and rice extension services, as provided under RA 11203.

Data from the Department of Agriculture (DA) showed disbursements from the fund reached P1.52 billion. Out of the P10 billion, P4.5 billion has been obligated.

In terms of extension services, out of the P1-billion allocation, around P879.029 million or 87.9 percent has been obligated. Of the obligated amount, around P327.6 million, or 37.27 percent has been disbursed.

As for credit, the P1-billion allocation has been fully obligated.

The Land Bank of the Philippines (LandBank) and Development Bank

of the Philippines (DBP) obligated P500 million each.

For LandBank, around P358.25 million, or 71.65 percent of the P50 0 -mi l l ion a l locat ion, has been disbursed. The DA said DBP has disbursed P283.5 million, or 56.7 percent of the P500-million obligation.

On top of paying tariffs, DOF said rice importers are required under RA 11203 to secure sanitary and phytosanitary import clearances (SPS-IC) from the DA’s Bureau of Plant Industry (BPI), which assumed the food safety regulation function of the National Food Authority (NFA) under this law.

This requirement will ensure that rice imports are free from pests, and diseases, that could affect public health and local farm production.

ABS-CBN hearing uncharted territory, Poe says as she seeks more info from agencies

By Butch Fernandez

@butchfBM

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FTER presiding on Monday over the Public Services Committee hearing on the ABS-CBN franchise and other broadcast franchise applications, Sen. Grace Poe admitted the committee “stood in the midst of unexplored territory,” and asked several regulatory agencies to submit more information and data to the panel to speed things up.

Clarifying “some preliminary points,” Poe said in a mix of English and Filipino, that “a franchise is an act of legislative grace. This not a right that is availab le to everyone, but a privilege given only to those who can carry out the duties that it entails.”

Second, she said, “a franchise is a responsibility to serve the people. As such, franchise holders are accountable first and foremost to Congress as the representatives of the people. All franchise holders remain under our guidance.”

Poe pointed out that ABS-CBN is not an exception, and “is a test case for every broadcasting entity that forms part of the economy. We thank them for their service to the nation and we continue to stand for press freedom.”

The Senate panel, she said, will“take note of the recommendation of the DOJ for a resolution which will extend ABS-CBN’s franchise pending renewal.”

Poe noted that the NTC had acknowledged that several violations do not automatically lead to franchise cancellation, which she likened to “capital punishment.”

At the same time, she reminded the authorities concerned to submit to the panel

by Wednesday (February 26): ■ The NTC guidelines on the issuance of temporary permits pending renewal of a franchise; ■ A real breakdown of employee numbers of ABS-CBN given the network’s oft-cited “11,000” figure and the Department of Labor and Employment’s roughly 5,000; ■ Position paper from the Philippine Competition Commission (PCC) on the imminent closure of a major broadcast corporation; and ■ Total economic impact of the imminent closure, including total taxes.

“If the NTC decides to give the provisional license for ABS-CBN to operate, this is not a special treatment, it’s been done before. In fact, based on the precedence, if it is not given with no concrete reason, it is going to be more of the exception than the rule,” said Poe, before adjourning Monday’s hearing.

Go seeks fair, balanced reporting

Meanwhile, administration Senator Christopher Bong Go demanded fair and balanced reporting from ABS-CBN amid its franchise renewal woes even as Go offered “to appeal to PRRD to save the jobs of the network’s employees.”

“In the exigency of fair and balanced reporting,” he demanded impartiality from ABS-CBN after the senator denounced alleged black propaganda aired by the network against then mayor and, now, President Rodrigo Duterte during the 2016 campaign period.

Go said the negative advertisement

aired by the network was “paid for by former senator and then vice presidential candidate Antonio Trillanes IV,” even as ABS-CBN “failed to air some of the advertisements that the President had paid for during the campaign period.”

During the Senate public hearing on the network’s franchise, Go said that the grievances of Duterte against ABS-CBN are valid, citing the Fair Elections Act which states that “All members of media, television, radio or print, shall scrupulously report and interpret the news, taking care not to suppress essential facts nor to distort the truth by omission or improper emphasis. They shall recognize the duty to air the other side and the duty to correct substantive errors promptly.”

Go said in his opening statement:“It is unfair to allow a negative ad (to air) a week before the election and then not approve legitimate ads for then presidential candidate Mayor Duterte.

It says so in the Fair Elections Act.”

Not aired by GMA

The ad he referred to featured children asking questions about the demeanor of a candidate who curses, among others, in reference to Duterte. A court order stopped its airing by ABS-CBN. Rival network GMA, also invited by Senator Poe to the hearing, was asked if GMA had aired the same ad twice and then pulled it out when the petition against airing was filed by Duterte’s camp. GMA’s First Vice President for Legal Affairs Atty. Ma. Luz Delfin replied in the affirmative to Poe, but on Monday night issued a clarification.

“I wish to clarify my statement during the Senate Hearing on the ABS-CBN Franchise Renewal held earlier today, February 24, 2020.

“The political advertisement against then presidential candidate Rodrigo Duterte featuring minors, which was discussed during the Senate Hearing, was not aired on GMA after it was disapproved by the Network’s internal election committee.

I was instead referring to another political advertisement, which was aired on GMA.” Enjoining ABS-CBN to rectify the issue, Go demanded impartiality from the network, saying, “Media networks are supposed to be neutral and impartial.”

He added, “But if this is the case--if some media networks and some political elites and economic elites can get together and destroy the candidacy of one candidate--tama nga ang Pangulo na labanan ang mga elitista at oligarkiya na kasalukuyang naghahari sa ating bansa [then the President is right in fighting the elitists and oligarchs who still lord it over our nation],” he added.

Go said the President wants nothing but balanced and fair reporting from the media.

“The President hasn’t been asking for anything ever since. . . . Fair reporting: that is all the President wants. [Just the truth]. Nothing more, nothing less,” Go said in a mix of English and Filipino.

Then, expressing his concern for ABS-CBN employees who could lose their jobs over the nonrenewal of the network’s franchise, Go said that he would still appeal to the President to reconsider his position. “Nonetheless, [if you ask me], I will also appeal to the President, for the simple reason [that I don’t want anyone to lose his job].”

www.businessmirror.com.ph

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BARMM taps Unicef to boost children’s right to education

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AVAOCITY—TheBangsamoro autonomous government signed a program agreement with the United Nations Children’s Fund (Unicef) to help it “strengthen efforts to uphold children’s rights to education in the region.”

The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) said the memorandum of agreement with Unicef—signed on February 20—aims to provide education services to children in hard-to-reach communities.

Part of the agreement was also to develop the capacity of the BARMM’s Ministry of Basic Higher and Technical Education (MBHTE) to eventually develop the Bangsamoro Educational Reform and Development plan. The BERD is a sectoral plan for the region and also assisted separately

by Unicef Philippines.

“I am grateful for the support of Unicef Philippines in this endeavor, which will focus on expanding our services in the areas of early learning, basic education, alternative learning, and emergency preparedness and response,” MBHTE Minister Mohagher Iqbal said.

Iqbal said the Bangsamoro Organic Law has mandated the Bangsamoro government to prioritize the welfare and rights of every child across the Bangsamoro regardless of their socioeconomic status, religion and tribal affiliation.

“Our goal here is to provide all children in the Bangsamoro access to contextualized and holistic education,” Iqbal added.

The MBHTE, meantime, said it would also seek cooperation with the Washington, D.C.-based Global Partnership for Education (GPE) in a bid to strengthen the region’s education sector plan.

On its web site, the GPE describes itself as “exclusively dedicated to giving more children in the poorest countries, especially girls, the education they need to unlock their full potential.” The organization said it works in close to 70 developing countries and has mobilized more than $7 billion for education.

“We are slowly harvesting the benefits of peace in the Bangsamoro,” Iqbal said adding there would come a time “when there is no Bangsamoro child left behind in terms of education.”

Manuel T. Cayon

Editor: Vittorio V. Vitug • Tuesday, February 25, 2020 A3

Lopez’s media firm bucks SolGen’s gag-order motion

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By Joel R. San Juan

@jrsanjuan1573

UBLICLY listed ABS-CBN Corp. opposed on Monday the motion filed by the Office of the Solicitor General seeking the Supreme Court’s issuance of a gag order against it and subsidiary ABSCBN Convergence Inc. The media conglomerate’s move is in connection with the quo warranto petition the OSG filed seeking the cancellation of its legislative franchises.

The company majority owned by the Lopez clan has yet to release a copy of its motion opposing the motion for the issuance of a gag order, as well as its comment to the quo warranto petition filed by Solicitor General Jose Calida.

Based on an article on the com-

pany’s web site, ABS-CBN argued that the issuance of a gag order will “not only violate press freedom but also deprive the public of vital information relating to its franchise issue.”

“The sub judice rule should not be applied to impair, through prior

restraint, the fundamental freedoms of speech and of the press that serve as bedrocks of a democratic society,” the network said in the article.

In its motion for the issuance of a gag order, Calida accused the respondents of engaging in propaganda “to elicit public sympathy, sway public opinion and, ultimately, to influence the resolution” of the quo warranto case that the OSG filed against the companies.

The OSG’s motion enumerated several news, commentaries, interviews and statements that came out from the network that it said tend to influence the outcome of the resolution of the petition.

ABS-CBN Corp. said in the article on its web site: “To presume that the Members of the Honorable Court would be unable to render impartial judgment merely because of public discussion of the issues involved in the Petition is to diminish their intelligence, experience and independent thought.”

The OSG filed a quo warranto petition before the SC last February 10 seeking the forfeiture of

PHL deports 9 Japanese nabbed for telecom fraud

Tokyo gives $3.47M for migration, population projects in Mindanao

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HE Japanese government is extending $3.47 million worth Official Development Assistance (ODA) grants to the International Organization for Migration (IOM) and the United Nations Population Fund (UNFPA) for projects in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

In a statement, the Japanese Embassy said the IOM will receive a total of $2.12 million while the UNFPA will receive $1.35 million.

The IOM will conduct a program to improve health facilities in Basilan, Sulu, and Tawi-Tawi (Basulta), while the UNFPA will help former anti-government women guerillas reintegrate into society.

“The Bangsamoro region may have a long way to go, but the Government of Japan—by itself and through such committed partnerships—will be with the region throughout the entire process,” Japan Ambassador to the Philippines Koji Haneda said at Monday’s signing ceremony for the grants. “We hold firm to our clear vision of a peaceful and prosperous Bangsamoro region where no one is left behind.”

The IOM’s “Project for the Capacity Building of the Bangsamoro Transition Authority [BTA] for Strengthening Health Care Services in Remote Islands” aims to support the development of the BARMM through the provision of solar power generation systems in the Basulta area.

The Japanese Embassy said the project’s attempt to make solar power ubiquitous will lead to lower daytime electricity costs.

IOM Chief of Mission in the

Philippines Kristin Dadey said in her speech at the signing ceremony that the overarching goal of the project is to promote peace and prosperity in Mindanao. She said helping improve health facilities in the region is part of the priorities of BARMM’s Interim Chief Minister, Murad Ebrahim.

Meanwhile, the UNFPA’s “Project for the Capacity Building of the BTA for Supporting Social Reintegration” targets former female soldiers. The project aims to empower former female members of the Moro Islamic Liberation Front-Bangsamoro Islamic Armed Forces and members of the Bangsamoro Islamic Women Auxiliary Brigade.

The project will help them reintegrate into society as “para-social” workers who will provide psychosocial support to survivors of genderbased violence and advocates for the prevention of child marriages.

“The project will assist the new BTA in reducing maternal mortality and enhancing family planning in BARMM in line with the new Bangsamoro Development Plan, as well as promote intergenerational dialogues at the grassroot level to promote peace building and non-violence,” Iori Kato, UNFPA country representative in the Philippines, said in his speech on Monday.

Haneda said the assistance to Mindanao is through the JapanBangsamoro Initiatives for Reconstruction and Development (J-BIRD).

Since 2006, the J-BIRD has been implementing peace-buildi ng i n it i at ives i n M i nd a n ao through the Japan International Cooperation Agency. Cai U. Ordinario

By Recto Mercene @rectomercene

N

ALMOST EMPTY

This photo dated February 24, 2020, shows a sparse number of passengers at the check-in counters at the arrival hall inside the Ninoy Aquino International Airport Terminal 3. The sight is becoming more frequent as appetite for travel has gone down after more countries reported cases of the coronavirus disease of 2019, according to the Civil Aeronautics Board. NONIE REYES

Clash in Sulu leads to death of ASG members, wounding of troops

By Rene Acosta @reneacostaBM

T

WO alleged members of the Abu Sayyaf Group (ASG) were killed while two soldiers were wounded during a clash on Sunday in Sulu between the two forces.

Armed Forces Western Mindanao Command (Westmincom) spokesman Major Arvin Encinas said elements of the 15th Scout Ranger Company engaged a group of the ASG at Barangay Bakong, Patikul, at around 1 p.m. on Sunday.

The terrorists were reportedly under the combined group of ASG

Commander Radullan Sahiron and subleader Hatib Hajan Sawadjaan.

Sawadjaan is suspected to be the leader of the Islamic State group in the Philippines.

Encinas said it was during the firefight that the ASG members, identified as subleader Taullah Abdurasa, alias Amah Ollah, and Baby Ollah were killed. He added two firearms were recovered near the bodies.

Encinas said two Scout Rangers were also slightly wounded during the firefight and are already undergoing treatment. Mortar teams delivered fire support to the

Rangers during the clash.

“Pursuit and deliberate offensives continue to pressure and pound down [the ASG members], constricting their movement and preempting terror ploys,” Encinas quoted Westmincom Commander Lt. Gen. Cirilito Sobejana as saying.

“We build up combat and intelligence operations to debilitate the militants in Sulu,” he added.

The ASG in Sulu were reported to be holding five Indonesian kidnap victims and a local doctor whom the group abducted last month in the province.

Medical listing scheme seen negatively affecting OFWs’ clearance bid

By Samuel P. Medenilla @sam_medenilla

O

VERSEAS Filipino workers (OFW) could face a harder time getting their medical clearances with the implementation of a medical registration scheme, which did not go through the necessary stakeholder consultation, according to migrant advocate groups.

In a joint statement, the Migrant NGO Forum and the Blas F. Ople Policy Center (BFOPC) blasted the decision of the Department of Foreign Affairs (DFA) and the Department of Health (DOH) to reactivate the Gulf Health Council (GHC) Expatriates Medical Check-up online program. The groups said some clinics could abuse the scheme for their own gains.

“OFW groups and various re-

the legislative franchise of ABSCBN Corp. and subsidiary ABSCBN Convergence.

Calida accused the company of being engaged in broadcasting for a fee, which is beyond the scope of its legislative franchise.

He added that the television network has been allowing foreign investors to take part in the ownership of a Philippine mass media entity, in gross violation of the foreign interest restriction of mass media provided under Section 11, Article XVI of the Constitution.

Calida said the network’s management also violated its franchise when it launched and operated a pay-per-view channel in “ABS-CBN TV Plus” and the “KBO Channel” without prior approval or permit from the National Telecommunications Commission.

With regard to its subsidiary, ABS-CBN Convergence (formerly Multi-Media Telepony Inc.), the government accused the latter of resorting to corporate layering scheme in order to transfer its franchise without the necessary Congressional approval.

cruitment agencies have been opposing the said online medical registration scheme being pushed by the [GHC] due to data privacy issues and the huge potential for corruption and cartelization of mandator y predeployment medical tests,” the joint statement said.

Migrant NGO Forum Secretar y-General Luther Calderon decried the alleged irregularity in

the decision of both agencies.

“There was no transparency in the process and the agreement was reached without even the knowledge and participation of the POEA [Philippine Overseas Employment Administration],” said Calderon, who also heads the nonprofit group Kabalikat ng Migranteng Pilipino Inc. “This makes the entire agreement suspicious, if not downright anomalous.”

BFOPC Head Susan Ople urged the DFA and DOH to temporarily defer the implementation of the scheme and focus on the coronavirus disease of 2019 instead.

Migrant NGO Forum and the BFOPC also calls on the lawmakers to probe the new registration scheme. They plan to formally appeal to leaders of both Houses “to seek a legislative investigation into the said agreement.”

INE Japanese nationals arrested by the Bureau of Immigration (BI) for engaging in telecommunications fraud victimizing residents in Japan were deported to Japan.

Dana Krizia M. Sandoval, spokesman for the BI, said the suspects boarded a Japan Airlines flight at the Ninoy Aquino International Airport (Naia), bound for Narita in the morning of February 24.

Sandoval said the deportees were identified as Irie Dai, Ishii Kyogo, Hamaoka Kantaro, Maeyama Takuto, Tanaka Kazuya, Yoshida Takeshi, Murata Seiichi, Kouki Shouji and Imizumi Ryo. They comprised the first batch of deportees from among 36 Japanese who were arrested in Makati City last November 13 by agents from the BI fugitive search unit (FSU).

Sandoval said the agency has yet to firm up the date of deportation of the other remaining Japanese held at the BI Detention Center in Camp Bagong Diwa, Taguig City.

Earlier, a summary deportation order was issued by the three-man BI Board of Commissioners against these aliens, paving the way for their eventual return to Japan.

The board also directed that they be included in the bureau’s blacklist of undesirable aliens to prevent them from reentering the Philippines.

In a two-page order, the board said that, as fugitives, these Japanese should be expelled from the Philippines because their continued presence here “poses a risk to public interest.”

It was reported that operatives of the BI-FSU caught the foreigners in the act of operating several work stations to conduct phishing operations, which defrauded many of their compatriots in Japan. Documents provided

by Sandoval said Japanese authorities alleged that the suspects are members of organized crime group.

Authorities further alleged that combined losses incurred by the suspects’ victims have amounted to more than ¥2 billion or more than $18 million.

A4 Tuesday, February 25, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Neda: STI will make PHL more prosperous

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By Cai U. Ordinario

@caiordinario

HE Philippines cannot rely solely on the government’s infrastructure program to transform the country into “a globally competitive knowledge economy,” according to the National Economic and Development Authority (Neda).

Socioeconomic Planning Secretary Ernesto M. Pernia made a pitch for investments in “suprastructure,” such as quality Science, Technology & Innovation (STI) education, to make the country’s recent economic success sustainable.

Pernia said now is the right time to invest in an STI ecosystem not only because of the country’s economic growth but also because of the recent credit rating upgrades it has received.

“Although hard infrastructure investments are important to provide mobility and connectivity across some national regions, this is not nearly enough if we want to become a globally competitive knowledge economy,” he said in a speech during the Second Business Intelligence and Data Analytics Short Course held in Makati City.

“We have enough room to spend and invest in the country’s future without getting into financial straits or what they also call a ‘debt

trap,’” he added.

Pernia said the credit ratings upgrade from Standard & Poor’s Global Ratings to “BBB+” is considered the highest in Philippine history.

Early this month, Pernia said, Japan-based Rating and Investment Information Inc. (R&I) upgraded the country’s credit rating to BBB+.

Fitch Ratings followed through, Pernia also said, raising the country’s outlook from “stable” to “positive” and affirmed the BBB rating.

Pernia said the government has begun investing in innovation through the recent signing of the implementing rules and regulations (IRR) of the Innovation Act. Neda said the government will establish a P1 billion revolving fund to finance the initial implementation of the Innovation Act. The IRR of the Innovation Act provides that the innovation fund should be continuously funded

through replenishments or the annual General Appropriations Act. Pernia said the use of the fund will depend on the country’s absorptive capacity when it comes to undertaking R&D projects. However, Trade Secretary Ramon M. Lopez said a cap will be placed on how much will be given to each project.

Lopez said this will be part of the guidelines that will crafted by the National Innovation Council (NIC) which will be chaired by the President.

He said the government and private-sector entities can tap the fund provided their project is screened and approved by the NIC. The Neda, Department of Trade and Industry, and the Department of Science and Technology recently signed the IRR of the Innovation Act. Pernia said the law and its IRR will help transform the Philippines into a globally competitive economy amid the technological disruptions created by the Fourth Industrial Revolution.

In the 2019 Global Innovation Index, Pernia said, the Philippines ranked 54th out of 129 economies, leaping 19 places from the previous year. With this, the country has become a part of the “innovation achievers” cluster.

Pernia said the passage of the law will pave the way for the country to increase the government’s budget for research and development (R&D) to 1 percent of GDP. This is the standard set by the United Nations Educational, Scientific and Cultural Organization for R&D investments.

Data privacy: What consumers want businesses to know

the benefits in doing so.

When it comes to privacy for example, 67 percent said “they have little to no control over how their data is used,” and 60 percent said “they expect the companies they do business with to have an eventual data breach” which makes sense given that 34 percent polled said that one or more companies that have their data already have had a breach.

What consumers want from businesses

CONSUMERS, the report said, have a reasonable expectation for privacy with the data they provide the private sector; 84 percent of consumers will take their business elsewhere if they don’t trust how a company is handling their data, and 85 percent said they wish there are more companies they could trust with their data.

Comparatively, 90 percent of business leaders recognize that customer trust is a competitive advantage of the future, but less than half of business leaders consider privacy and security to be a top priority for firms.

Consumers and security

I

By Henry J. Schumacher

RECENTLY came across a new report from PwC, “Consumer Intelligence Series: Trusted Tech Report,” and feel that some of the findings are important for us to “absorb.”

The biggest surprise for me was the strong global unity of consumers in their yearning for trust. Across countries as diverse as the United States, Canada, the United Kingdom, China, and India, between 80 percent and 90 percent of consumers said they wished there were more companies they could trust with their data. I am not sure whether Philippine consumers would reach 80 percent to 90 percent also.

Bethebetterchoice,betrustworthytocustomers

BUSINESSES cannot afford to bet their future on the hope that no competitor will give consumers a better option tomorrow. The goal for a business is to become the better choice by building much-needed trust.

Consumers know they trade data for ‘free’ apps MORE and more global consumers understand the old concept of “there’s no such thing as a free lunch,” meaning, they recognize the implicit contract in which they give up data for “free” apps and sites. Most consumers (76 percent) recognize that sharing data with companies is a “necessary evil,” but recognize

CONSUMERS want companies to provide trust and to offer them control over their data. That is what the Philippine Data Privacy Act offers to local consumers; it’s up to Filipinos to see it implemented and enforced.

To improve data privacy and security is primarily the job of business—not consumers, or the government.

This statement of business leaders is certainly not acceptable: “privacy and security are hard to prioritize among all the other things that we must accomplish at my company. It’s hard to invest in something that “feels invisible,” like behind-the-scenes security.

Let’s be very clear about this: consumers want to see data security/privacy made a core corporate value, no third-party sales of their data, the option to choose how their data is used and clarity about how they can set privacy settings.

How to keep consumers

DECLARE privacy and security a core value, so consumers can hold you to it.

Choose privacy and security by design; weave it throughout the entire organization.

Prove to customers that you respect them.

Should a breach occur, act quickly and transparently.

The future of business and trust

THERE is a clear direction to build trust on privacy: don’t sell consumers’ data, give them control, and only use what you need.

Feedback would be appreciated, from consumers and from business leaders; contact me at schumacher@eitsc.com.

www.businessmirror.com.ph

‘Policy tweaks to make PHL manufacturing more competitive’

By Jovee Marie N. Dela Cruz

“Tariffs are the immediate jurisdiction of the Committee on Ways and Means. The committee is studying how to optimize tariff rates as a safeguard.

Antidumping, countervailing, and other trade laws now in effect were also authored by this representation.”

—Salceda

@joveemarie

A

LEADER of the House of Representatives on Monday said the decision of some multinational companies to shutter their operations in the Philippines has trained the spotlight on some of the weaknesses of the country’s manufacturing sector.

In an aide memoire to the leadership of the lower chamber, House Committee on Ways and Means Chairman Joey Sarte Salceda said Congress may explore policy options related to power costs, logistics, and trade remedies and safeguards. Salceda also said his committee will study “national factors” like the cost of doing business.

Salceda added that the Department of Trade and Industry (DTI) and other relevant agencies should study possible trade remedies.

He said the DTI may be called to the House to brief the leadership on its proposals, given the trade-related aspects of manufacturing issues in the country.

“Tariffs are the immediate jurisdiction of the Committee on Ways and Means. The committee is studying how to optimize tariff rates as a safeguard. Antidumping, countervailing, and other trade laws now in effect were also authored by this representation,” he said.

However, Salceda said Honda, Wells Fargo & Co., and Nokia are leaving the Philippines not because of country-specific reasons, but because of issues of cost and competitiveness within their respective companies.

“There are firm-specific issues among all the cited companies. Wells Fargo was slapped with a $3-billion fine in the United States. Honda has been overwhelmed by competition in the small-sedan segment. And Nokia has retreated globally as a technology firm,” he said.

“Nonetheless, the Philippines can improve on basic issues of power cost, logistics and trade remedies.

Decisive action from the Executive is needed to cushion the impact on

displaced workers. In the medium to long term, we must ensure that there is an adequate social safety net for unemployment and labor displacement,” he said.

By Honda’s own admission, the lawmaker noted that its main issue is cost competitiveness, with the company saying that it hopes to meet “customer needs in the Philippines for reasonably priced and good quality products.”

“My office is studying what impact trade remedies and safeguard measures could have [been] done to protect the company [Honda]. We may be able to learn something that allows us to protect the other car manufacturers this time,” he said.

“As historical car sales data would show, the company’s competitiveness issues have been years in the making, as its market share has been chipped away by competitor Toyota,” said Salceda.

He also noted that US-based bank Wells Fargo & Co.’s decision to downsize its Philippine operations is part of the company’s “global workspace strategy,” which “indicates that the company wants to reduce costs after having been hit by a $3-billion fine.”

The planned closure of Nokia Technology Center Philippines, Salceda said, is due to the company’s problems in its home country, Finland, where it will slash 180 jobs to save €500 million on operating costs.

‘Pass Citira’

SALCEDA said the immediate passage of the Corporate Income Tax

and Incentives Rationalization Act (Citira) will allow the local business sector to recover from the decision of some multinationals to leave the Philippines. Citira is now awaiting Senate approval.

“As soon as Citira is passed, we will be able to end the wait-and-see mode of companies, and turn these pledges into actual investments and, hence, create jobs to offset losses from recently announced closures,” he added.

He said the House Committee on Ways and Means is open to adopting a Senate Citira that is “fiscally acceptable,” includes the Fiscal Incentives Review Board expansion, and does not facilitate transfer pricing and other “corporate maneuvers” to avoid taxes.

Job losses

SALCEDA said the the Department of Labor and Employment (DOLE) should ensure that adequate measures are in place to assist workers that may be displaced by decision of multinationals to shutter or downsize their Philippine operations.

He said d isplaced workers should be prioritized in the skills retraining from Technical Education and Skills Development Authority.

“We will need to act decisively in support of displaced workers.

Definitely, the government must bring the necessary support, such as reskilling, the Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers [TUPAD] of the [DOLE], and some form of financial support to those who will lose work,” he added.

He said his committee is drafting a framework for unemployment insurance in the country in the coming weeks, saying the government needs to strengthen the social safety net.

“There are factors we could improve on, like labor productivity and research and development support—both of which need to be strongly incentivized and are, in fact, at the heart of Citira,” he said.

Govt inspecting hog farms in Visayas for ASF infection

By Jasper Emmanuel Y. Arcalas @jearcalas

G

OVERNMENT veterinarians and quarantine authorities are now investigating hog farms in Visayas after the Bureau of Animal Industry (BAI) had identified some “pigs under investigation” (PUIs) in the island that may be infected with African swine fever (ASF).

“We are investigating PUIs in Visayas. At the moment nothing is confirmed, yet,” BAI Director Ronnie D. Domingo, who is also the country’s chief veterinarian, told reporters in an interview.

When pressed for specific information, Do- BLOOMBERG mingo did not added any additional details. However, he said areas in the Visayas that have PUIs are “really few.”

Nonetheless, Domingo said the PUIs in Visayas were identified earlier this year. He said the government is employing two types of surveillance in determining possible ASF cases in the country.

The first one is called indicatorbased surveillance wherein the government gets its information through regular reporting undertaken by authorities while the other one is called evidence-based surveillance which is based on information spread on the ground like Facebook posts and gossips.

“This year we received information from the Visayas that there are these events in these areas. So, we

coordinated with the local government units [LGUs] to investigate,” Domingo said.

To date, the Philippines has culled about 230,000 hogs to control and contain the spread of ASF, which is fatal to pigs.

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.

Commercial farms

DOMINGO urged LGUs to slap penalties on those who would bring in live hogs or pork products to their areas through civilian cars (see “PHL winning battle vs swine fever but

may lose the war,” in the BusinessMirror, February 20, 2020).

The BAI official said the agency received reports that pork-related products are being smuggled into other areas using civilian cars.

“People now know our strategy that only livestock carriers are being held at checkpoints, so they use civilian cars to transport pork products,” he said. “The LGUs should impose penalties for violators to deter this kind of practice.”

Domingo also disclosed that a commercial farm in Central Luzon had depopulated its farm. However, he did not say if the pigs were struck

by ASF. Because of this, he said the BAI has intensified its surveillance of commercial farms in the Philippines.

www.businessmirror.com.ph

The World BusinessMirror

Mahathir offers resignation in Malaysian political upheaval

IN this February 22, 2020, file photo, Malaysian Prime Minister Mahathir Mohamad speaks during a press conference in Putrajaya, Malaysia. Malaysia’s alliance government under 94-year-old Prime Minister Mahathir is threatening to unravel less than two years after a historic election victory ousting the coalition that had ruled the country since independence. AP PHOTO/VINCENT THIAN

K

UALA LUMPUR, Malaysia— Prime Minister Mahathir Mohamad tendered his resignation to Malaysia’s king on Monday while his political party quit the ruling alliance in a shocking political upheaval less than two years after his election victory.

The prime minister’s office said in a brief statement that Mahathir, 94, submitted his resignation to the palace at 1 p.m. but gave no further details.

The stunning turn of events come amid plans by Mahathir’s supporters to team with opposition parties to form a new government and thwart the transition of power to his named successor Anwar Ibrahim.

Minutes before his resignation was offered, Bersatu said it would leave the four-party Alliance of Hope and support Mahathir as the premier.

Shortly after, in another surprising announcement, Bersatu said it also received Mahathir’s letter to resign as party chairman. Eleven other lawmakers, including several Cabinet ministers, also announced they are quitting Anwar’s party to form an independent bloc.

The withdrawal of more than three-dozen lawmakers means the ruling alliance has lost its majority in Parliament, throwing the country into an uncertain future and sparking fears of more turmoil over how the political drama will play out.

Opinions are divided on whether Mahathir is quitting for good or making a tactical move to buy time to cobble together a new majority to form a government.

Malaysian King Sultan Abdullah Sultan Ahmad Shah, who met Bersatu and several other leaders on Sunday, met Anwar on Monday afternoon and has summoned Mahathir to the palace. Analysts said the king could decide on which faction has the support or dissolve Parliament for snap elections.

The political drama unraveled on Sunday with maneuvers aimed at keeping Mahathir in power and thwarting Anwar, replaying their decades-old feud. Anwar was Mahathir’s deputy during Mahathir’s first stint as premier but fell out politically before reuniting in the political pact that ousted a corruption-tainted government in the May 2018 election. Mahathir has refused to set a date to relinquish power despite a pre-election agreement to hand over power to Anwar.

Anwar confirmed late Sunday there were attempts by some Bersatu members and “traitors” from his party to form a new government in a “betrayal” of their political pact.

But he was calm and called it a “small trial,” saying he has overcome harder times. He even joked that while he may not be Malaysia’s eighth prime minister, he could be the ninth.

Anwar and several alliance leaders met Mahathir at the premier’s residence on Monday. Anwar later told reporters that he was satisfied with the meeting where Mahathir insisted the reform agenda must continue and indicated he wouldn’t bow down to those attempting to grab power.

Ironically, the maneuvers would restore to power the Malay party of disgraced former leader Najib Razak, who with several of his party leaders are standing trial for corruption. It would also propel to national power a fundamentalist Islamic party that rules two states and champions Islamic laws. The two Malay parties still have strong support from ethnic Malays, who account for 60 percent of Malaysia’s 32 million people.

Mahathir has remained silent as many Malaysians reacted with dismay and shock on social media, saying moves to form a “backdoor” government would be unethical and that a new election should be called if the ruling alliance collapses. AP

Iran reports 50 coronavirus deaths

D

UBAI, United Arab Emirates— Iran’s semiofficial ILNA news agency is reporting that the death toll from the new coronavirus in the city of Qom is 50.

The report on Monday says the 50 deaths took place since February 13.

An official from Qom, Ahmad Amiriabadi Farahani, said more than 250 are in quarantine in the city, which is a popular place of religious study for Shiites from across Iran and other countries.

The death toll in Iran from the new coronavirus that originated in China was previously reported at 12. Authorities closed schools across much of the country for a second day and as neighboring

countries reported infections from travelers from Iran, prompting several to shut their borders to Iranian citizens.

The report comes after Iran’s health ministry on Sunday raised the death toll from the new virus that first emerged in China in December to eight, amid concerns that clusters there, as well as in Italy and South Korea could signal a serious new stage in its global spread.

The outbreak in Iran has centered mostly on the city of Qom, but spread rapidly over the past few days to

people in at least four other cities, including the capital, Tehran. Iranians also went to the polls on Friday for nationwide parliamentary elections, with many voters wearing masks and stocking up on hand sanitizer.

Officials said people who illegally traveled to Iran from Pakistan, Afghanistan and China were the “source” of the infection.

Travelers infected with the virus from Iran were confirmed in Canada and Lebanon last week. In more recent days, the United Arab Emirates reported a married Iranian couple had been found to be infected.

Kuwait said on Monday that three people returning from the Iran were infected with the virus, among them a Saudi national, while Bahrain reported a citizen returning from Iran had also been found to have the virus.

Countries bordering Iran have taken preventive measures to limit the spread of the virus from Iranian

C

“The reality of this report shows the gravity of the social, economic and political crisis in our country,” said Miguel Pizarro, a Venezuelan opposition leader.

Venezuelan President Nicolás Maduro has been largely reluctant in recent years to invite international organizations to provide assessments of the nation’s humanitarian ordeal, though the World Food Programme said it was granted “full independence” and collected data throughout the country “without any impediment or obstruction.”

“WFP [World Food Programme] looks forward to a continuation of its dialogue with the Venezuelan government and discussions that will focus on the way forward to provide assistance for those who are food insecure,” the agency said in a statement.

There was no immediate response to the findings by Maduro’s government.

The survey found that 74 percent of families have adopted “food-related coping strategies,” such as reducing the variety and quality of food they eat. Sixty percent of households reported cutting portion sizes in meals, 33 percent said they had accepted food as payment

travelers, with some barring Iranians from entry altogether.

Iran is already facing diplomatic and economic isolation under US pressure. The virus threatens to isolate Iran even further as countries shut their borders to Iranians.

Authorities in Iran shuttered schools in at least 10 provinces across the country. Tehran University also suspended classes and shuttered its dormitories for several days. Those who live in student dorms were asked to return to their home towns and continue classes through the Internet where possible.

Soccer fans across the country will not be allowed to attend matches, and shows in movie theaters and other venues were suspended until Friday. Authorities have begun daily sanitization of Tehran’s metro, which is used by some 3 million people, and public transportation cars in the city. AP

Italy tries to contain virus as neighbors fear its spread

C

ODOGNO, Italy—Police manned checkpoints around quarantined towns in Italy’s north on Monday as authorities sought to contain the COVID-19 virus that has made Italy the focal point of the outbreak in Europe and fears of its spread.

At least 190 people in Italy’s north have tested positive for the virus and four people have died, including an 84-year-old man who died overnight in Bergamo. But officials still haven’t pinpointed the origin of the contagion, which by Monday had spread to more than a half-dozen regions and prompted Austria to temporarily halt rail traffic across its border with Italy.

Italy’s neighbors Slovenia and Croatia, which are popular destinations for Italian tourists and whose own citizens often travel to Italy, were holding crisis meetings on Monday, although neither has reported any cases.

While Italian authorities canceled soccer matches and closed schools, theater performances and even Venice’s famed Carnival, they also sought to calm fears by noting the virus’ low mortality rate compared to the seasonal flu. The four people who died were all elderly and two of them had other serious ailments.

Speaking on state-run RAI news, virologist Ilaria Capua of the University of Florida noted that Italy’s high number of cases were due to the fact that Italy was “actively seeking them out.”

More than 3,000 people have been tested for the virus, most of whom had direct contact with those infected.

“It is likely that the more we look, the more we will find,” Capua said. But she stressed that the majority of cases likely wouldn’t even require a doctor’s visit and that Italy’s numbers are “very analogous to what we will see in many other European countries.”

Italy, however, wasn’t taking chances and effectively sealed off a dozen northern Italian towns where more than 100 of the cases were found. On Monday, police wearing face masks manned checkpoints along the road into Codogno, southeast of

CARABINIERI (Italian paramilitary police) officers set a roadblock in Codogno, Northern Italy, on Monday, February 24, 2020. Italy scrambled to check the spread of Europe’s first major outbreak of the new viral disease amid rapidly rising numbers of infections and a third death. Roadblocks were set up in at least some of 10 towns in Lombardy at the epicenter of the outbreak, to keep people from leaving or arriving. AP PHOTO/PAOLO SANTALUCIA

Milan, where the first patient to test positive for the virus was hospitalized last week.

Residents wearing face masks and gloves lined up at Codogno’s supermarket to stock up on food, only to find out the market was still closed on orders of the mayor.

The fears even spread to Lombardy’s capital, Milan, Italy’s financial hub, where the final two runway shows of Milan Fashion Week scheduled for Monday were canceled. While most fashion houses held shows as usual on Sunday, Giorgio Armani and Laura Biagiotti presented their col-

UN study: One of every three Venezuelans is facing hunger

ARACAS, Venezuela—One of every three people in Venezuela is struggling to put enough food on the table to meet minimum nutrition requirements as the nation’s severe economic contraction and political upheaval persists, according to a study published on Sunday by the UN World Food Programme.

A nationwide survey based on data from 8,375 questionnaires reveals a startling picture of the large number of Venezuelans surviving off a diet consisting largely of tubers and beans as hyperinflation renders many salaries worthless.

A total of 9.3 million people—roughly one-third of the population—are moderately or severely food insecure, said the World Food Programme’s study, which was conducted at the invitation of the Venezuelan government. Food insecurity is defined as an individual being unable to meet basic dietary needs.

The study describes food insecurity as a nationwide concern, though certain states, like Delta Amacuro, Amazonas and Falcon, had especially high levels. Even in more prosperous regions, 1 in 5 people are estimated to be food insecure.

Editor: Angel R. Calso • Tuesday, February 25, 2020 A5

for work and 20 percent reported selling family assets to cover basic needs.

The issue appears to be one that is less about the availability of food and more about the difficulty in obtaining it. Seven in 10 reported that food could always be found but said it is difficult to purchase because of high prices. Thirty-seven percent reported they had lost their job or business as a result of Venezuela’s severe economic contraction.

Venezuela has been in the throes of a political and humanitarian crisis that has led over 4.5 million people to flee in recent years. Maduro has managed to keep his grip on power despite a push by opposition leader Juan Guaidó to remove him from office and mounting US sanctions.

Maduro frequently blames the Trump administration for his nation’s woes, and his government has urged the International Criminal Court to open an investigation, alleging that the financial sanctions are causing suffering and even death. The nation’s struggles to feed citizens and provide adequate medical care predate US sanctions on the Venezuelan government.

In addition to food, the survey also

looked at interruptions in access to electricity and water, finding that 4 in 10 households experience daily power cuts. Four in 10 also reported recurrent interruptions in water service, further complicating daily life.

Noting that the survey was done in July through September, Carolina Fernández, a Venezuelan rights advocate who works with vulnerable women, said she believes the situation has deteriorated even more. While it was once possible for many families to survive off remittances sent by relatives abroad, she said, that has become more difficult as much of the economy is dollarized and prices rise.

“Now it’s not enough to have one person living abroad,” she said.

Fernández said food insecurity is likely to have an enduring impact on a generation of young Venezuelans going hungry during formative years.

“We’re talking about children who are going to have long-term problems because they’re not eating adequately,” she said. Those who are going hungry include people like Yonni Gutiérrez, 56, who was standing outside a restaurant that sells roasted chickens in Caracas on Sunday. AP

lections behind closed doors, streaming live for the fashion public.

On Monday, the Lombardy region reported the death of the fourth victim and that it had registered 38 more cases beyond the 152 reported nationwide late Sunday, bringing Italy’s total to at least 190.

Italy’s vice minister for health, Pier Paolo Silveri, said the country was appealing to Italians’ “civic sense” to abide by the containment measures for the two weeks that the northern quarantine has been imposed. AP

A6 Tuesday, February 25, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Right to truth

P

residential Spokesman Salvador Panelo said in a TV interview: Lawmakers “have no business being members of Congress” if they will decide whether or not to extend the franchise of ABS-CBN Corp. based on what President Duterte says.

What is fundamentally at stake here is the responsibility of the legislature to conduct its constitutional functions and the Executive department’s acknowledgment of this responsibility.

In fact, in the heated debates among members of the House of Representatives last week as to why that chamber should open hearings on ABS-CBN, the most compelling motivation for House members came from Buhay Party-list Rep. Lito Atienza. He told colleagues, let’s not do this for ABS-CBN, or for the President or for whomever. Whatever happens, Congress should not abdicate its duty to hold hearings in a timely manner, otherwise, “magsara na lang tayo. [we might as well close shop].” He apparently feared Congress was moving toward either becoming the tainted institution that Marcos so easily discredited as part of his justification for shutdown during martial law; or the interim Batasang Pambansa where he was part of a tiny opposition that struggled to offer legal alternatives to the dictatorship’s critics.

President Duterte has built a formidable political machinery and loyal following in the House of Representatives, where his leadership has gone virtually unquestioned.

Would the dynamics of conflict and cooperation between the Executive department and Congress remain the same with regard to ABS-CBN’s franchise renewal?

The Filipino people, perhaps, expect congressmen to toe the President’s line, but they hold the Senate to a much higher standard, or at least used to.

People are now beginning to step up and demand that each House representative and senator come clean, disavow special or personal interests and vote for or against the ABS-CBN measure based solely on its merits, not because there is a quid pro quo arrangement.

The Senate Committee on Public Services conducted its own inquiry on the ABSCBN franchise renewal despite apparent moves by the Office of the Solicitor General (OSG) to gag witnesses.

The OSG had asked the Supreme Court to issue a gag order enjoining ABS-CBN Corp. and its subsidiary ABS-CBN Convergence Inc. from issuing statements in connection with the quo warranto petition that it filed seeking the revocation of the network’s legislative franchise.

Sen. Panfilo Lacson said such an order may have a chilling effect on witnesses called to testify at the Senate hearing.

Incidentally, in the same hearing, veteran journalist Roby Alampay told senators that what is happening to ABS-CBN is already having a chilling effect on media organizations.

Senate Minority Leader Franklin Drilon said the SolGen’s move would not prohibit senators from requiring witnesses to appear and testify before the Public Services Committee.

He said the Constitution and various jurisprudence have many times upheld the power of the Senate to conduct inquiries in aid of legislation and to exercise its oversight power.

The truth about the ABS-CBN issue is still out there—ready to unravel. This is why we urge the House to tackle the bills concerning ABS-CBN’s franchise renewal.

Filipinos today are celebrating the 34th anniversary of the Edsa People Power Revolution.

Not a few political analysts have noted that our people’s seeming apathy over political events has more to do with their frustrations over Edsa, more than anything else. It could well be, they say, that Filipinos see politics, and all politicians for that matter, as dirty and corrupt. For them, it doesn’t matter anymore who is in power. It would just be more of the same, so why bother?

Or, it could be that most peaceful Filipinos are just tired of people power. It could be that they’re just too busy making ends meet that they don’t have any time left for protests.

We must always remember, though, that once upon a time, through dramatic but nonviolent protests, Filipinos were able to oust a dictator, and for that our nation was hailed by the entire world.

We have experienced the iron hand of absolute presidential power before. We have seen draconian measures handed down under various names and guises.

It is almost unbelievable that more than three decades after Edsa 1986, we again find ourselves in very intolerant times. But as Thomas Jefferson once said, “The price of freedom is eternal vigilance.”

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he Philippine economy will surely feel the impact of the COVID-19, especially on tourism, but the outbreak may not make much dent on the trajectory of our growth.

Our Cabinet secretaries and the leadership of President Duterte are not showing any signs of panic over the virus outbreak. This is encouraging because poise and a calm assessment of the situation will assure the public that the government is on top of the situation.

Several foreign financial institutions have agreed that the coronavirus will scale down economic growth in the Asia-Pacific region, China in particular, because of the disruption to global supply chains.

But the impact will be less severe on the Philippine economy, which I believe is still poised to expand over 6 percent this year.

The government is pursuing the “Build, Build, Build” program without letup and creating more job opportunities in the process, an assurance that the Philippines will offset the negative effects of the coronavirus. The BBB serves as a stimulus plan that I believe will help spur household spending.

Finance Secretary Carlos Dominguez III is unfazed over what is happening in China and the rest of the world. According to him, increased public spending on infrastructure and social services, backed by a low inflation rate and an expansionary monetary policy, would allow the government to “dramatically increase” the pace of economic growth this year.

Dominguez remains optimistic on the country’s economic outlook.

He sees the higher economic growth target realistic despite the challenges posed by the Taal Volcano eruption, the African swine fever and the coronavirus disease.

The unexpected challenges facing the Philippines early this year could dampen growth, but Dominguez said they would not be significant enough to change the economic targets for this year, now that the 2020 national budget has been passed on time.

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Accelerated government spending and a more accommodative monetary policy ensure a stronger economic growth over the medium term. The Bangko Sentral ng Pilipinas (BSP) can preempt unforeseen dampeners to the economy as long as it pursues further interest rate cuts to reduce the cost of borrowing in the country.

The Monetary Board, the policy-making body of BSP, on February 6 trimmed the benchmark interest rates by 25 basis points to 3.75 percent amid the benign inflation environment. It reduced the interest rates on the overnight lending and deposit facilities to 4.25 percent and 3.25 percent, respectively.

BSP Governor Benjamin Diokno prefers to be conservative when he said last week that he saw no further cut in interest rate right now despite the spread of the novel coronavirus that some analysts say might dampen economic growth. He says any move by monetary authorities, however, will depend on the available vital economic data and latest developments. Analysts earlier noted that the spread of the disease could prompt central banks in Asia to cut interest rates to bolster economic growth.

I think we should be more upbeat and proactive on the economy and give it further push to safeguard its growth amid external threats.

Global financial institutions, in fact, are less worried over the

‘OMG, Honda closes down!’

T. Anthony C. Cabangon

BusinessMirror is published daily by the Philippine Business Daily Mirror

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Stimulus plan, rate cuts to sustain growth goals

OUTSIDE THE BOX

I

T must be nice to live in a world that extends intellectually only as far as the eye can see. It makes thinking about issues easy if not accurate or complete. It comes down to either some of these folks have flawed and incompetent analysis or they are intellectually dishonest, perhaps, on purpose.

The headline reads: “Honda factory closure affects 387 workers in Laguna.” That is unfortunate for those workers and their families, as well as a minor problem for the Philippine economy. And this headline makes perfect sense: “Honda Cars PH closure shocks workers.”

However, even the workers union admitted that the company had recently reduced the production of its BR-V models from 35 to 38 units to only about 18 a day. Further, it had already been announced that the factory would stop production of its “City” model starting this February.

The “thought-leaders” rushed to

discover that the Honda factory was closing because of the Tax Reform for Acceleration and Inclusion tax law, “political uncertainty” and, of course, all things “Duterte.”

Except, Honda Motor Co. announced as early as 2017 that it was reviewing its global manufacturing with the thought of restructuring its production. The company has more than two dozen primary facilities around the world. Guess which factory closing they announced first.

October 15, 2017: “Honda has just announced that it will close one of its traditional assembly plants in Japan as part of a restructuring of its resources.”

If the “experts” took at least 30 seconds to do some cursory research, they would have discovered this.

February 19, 2019: “Honda has today announced it will restructure its global manufacturing network. This restructure comes as Honda accelerates its commitment to electrified cars. The significant challenges of electrification will see Honda revise its global manufacturing operations, and focus activity in regions where it expects to have high production volumes.”

Not only are Electric Vehicles changing the automobile industry but sales are falling. This came out about the same time as the Honda announcement. “Car sales around the world are expected to see their steepest year-over-year decline in 2019 since the financial crisis. Global car sales are expected to fall by about 3.1 million in 2019, a bigger drop than in 2008,” Fitch Ratings economics team said.

February 2019 was a busy news month for Honda. “Honda to end production of Civic models at Turkey plant in 2021.” Also on February 19, 2019: “Honda has confirmed it will close its Swindon [UK] car plant in 2021, with the loss of about 3,500 jobs. The Japanese company builds

Philippine economy despite the coronavirus outbreak and other external headwinds.

S&P Global Ratings, for instance, may have reduced its 2020 growth forecast for the Philippines to 6.1 percent from the previous 6.2 percent due to the coronavirus disease.

In the same breath, however, S&P believes the Philippines will continue to outperform most of its peers in the region.

Its 6.1-percent gross domestic product growth forecast for the Philippines this year is higher than the 5 percent for China, 4.9 percent for Indonesia, 4.3 percent for Malaysia, 1.2 percent for Singapore and 2.2 percent for Thailand.

S&P sees Vietnam (6.2 percent) and India (6.4 percent) expanding faster than the Philippines this year.

The rating agency predicted that the Philippines would likely grow stronger at 6.4 percent in 2021, next only to Vietnam’s 6.6 percent.

And if it is any consolation, S&P believes Hong Kong and Singapore will be most affected by the coronavirus outbreak, with Australia, Korea, Taiwan, Thailand and Vietnam heavily affected. Less affected by the disease are Japan, Indonesia, Malaysia and the Philippines.

The situation does not really look bleak despite the newspaper headlines. We have good reasons to remain optimistic.

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

160,000 Honda Civics a year in Swindon, its only car factory in the EU.” Also on that same day: “Honda says it will stop making autos in Argentina in 2020.” A week later, “Honda plant closings shift work to North America.”

Honda has only a 5-percent share of the Philippine automobile market and its sales declined by 12.6 percent between 2018 and 2019. Nissan’s sales increased by 22 percent and industry leader Toyota posted a 5.9percent increase. Overall auto sales went up 3.3 percent.

Yes, Wells Fargo bank is closing its Philippine operation and moving to India with the loss of 700 jobs. Wells has 12,000 employees in India and just paid a $3 billion fine for fraud.

Nokia is closing its R&D center with also 700 jobs lost. Note that Nokia’s global revenue is down over 50 percent since 2008.

Maybe there is more to business decisions than what the thoughtleaders think there is. Or maybe they just do not care about the facts.

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.

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Tuesday, February 25, 2020 A7

Edsa Revolution: Unprecedented in the annals of history Reforming the realproperty valuation Manny F. Dooc system in the Philippines TELLTALES

Atty. Rodel C. Unciano

Tax Law for Business

A

S we are again in the season of payment of real-property taxes, I hear several stories and concerns involving the proper valuation of real properties. Many are surprised with the sudden increase in real-property values as basis in the assessment of RPT without a clear legitimate reference as to the market value of the property being assessed.

Valuation of real property in the Philippines has become a perennial concern to many taxpayers and to tax administrators alike. This is a major concern many of us encounter not only during payments of realproperty taxes, but also in time of payment of internal revenue taxes on transactions involving real property, the valuation of which, pursuant to the 1997 Tax Code, is the fair market value of the property as determined by the commissioner of Internal Revenue, or the fair market value as shown in the schedule of values of the provincial and city assessors.

This is apparently because of the cumbersome determination of the fair market value of real property currently in place, which is a key determinant in RPT and other applicable taxes in the disposition of real property.

To date, no single agency is responsible in ensuring correct valuation of real property, yet in almost all transactions involving sale or disposition of real property, determination of fair market value of real property is almost always necessary, pursuant to existing laws.

Under the 1997 Tax Code, as amended by TRAIN law, the commissioner of Internal Revenue is authorized to divide the Philippines into different zones or areas, and shall determine the fair market value of real properties located in each zone or area, upon mandatory consultation with competent appraisers, both from the private and public sectors.

Under the law, this is supposed to be subject to automatic adjustment once every three years. However, over the last three years, record of the Department of Finance shows that only 60 percent of Revenue District Offices under the Bureau of Internal Revenue (BIR) have updated their zonal values.

On the other hand, under the Local Government Code of 1991, provincial and city assessors across the country are mandated to prepare a schedule of fair market values for the different classes of real property situated in their respective jurisdictions for enactment by ordinance of the concerned Sanggunian. The assessors are mandated, by law, to prepare revisions of real-property assessment and classification every three years. However, this has not been transformed into reality. Study

shows that only 37 percent of local government units (LGUs) have updated the schedule of market values.

The outdated real-property valuation references, both in the BIR and the LGUs, have led to a situation where taxpayers oftentimes employ their own system of property valuation while administrators, on the other hand, likewise, employ their own system and methodology, which is entirely different from the system adopted by the taxpayers. Hence, the squabble.

House Bill 4664, to be known as Real Property Valuation and Assessment Reform Act, aims to remedy the situation through the development and maintenance of a just, equitable, impartial and nationally consistent real-property valuation based on internationally accepted valuation standards, concepts, principles and practices. It aims to improve the quality of valuation of local governments and making the revisions frequent, efficient, transparent, reliable and attuned to market developments.

A single valuation base for taxation, which is a principal feature of the bill, is, therefore, a welcome development that will hopefully end the dilemma that taxpayers have been facing for decades everytime they pay real-property taxes and other taxes on disposition of real properties, such as transfer taxes, capital gains tax/withholding tax, documentary stamp tax, valueadded tax, among others. This will certainly speed up transactions involving real property as the single valuation base will also be used as benchmark for other purposes, such as right-of-way acquisition, lease, rental, etc.

Indeed, the reforms are expected to foster private investors’ confidence and build the public’s trust in the valuations of government.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

T

oday is the 34th anniversary of the People Power Revolution, also known as the Edsa Revolution. The peaceful revolt actually started on February 22, 1986, and culminated on February 25, after President Ferdinand E. Marcos fled the country.

Those were the heady four days of People Power marked by a sustained campaign of peaceful and nonviolent resistance against a despotic regime. It was a bloodless uprising, which toppled the 21-year rule of a tyrant and dictator.

The Edsa People Power was precipitated by a series of events as far back as August 21, 1983, the day when opposition icon, former Sen. Benigno S. Aquino, returned to the Philippines after years of exile in the United States. His murder stirred majority of the Filipinos from political stupor and passive acceptance of the oppressive regime for over two decades, foisted upon them by a tyrannical regime led by Marcos and his military cabal headed by Gen. Fabian Ver. This saw the beginning of mass demonstrations initially held in the Makati Commercial District, regularly conducted every Friday. These massive protests quickly multiplied in many other places, like Cebu, Iloilo, Davao and in many regions of the country. There was a regular Sunday run of protesters from Luneta to the Baclaran Church. The movement bred anti-establishment

newspapers, like Malaya, Philippine Daily Inquirer and many others, which published articles critical of the ruling regime. The widespread mass actions were coupled by civil disobedience against the government. The protesters were led by such varied groups as the Unido, headed

by Doy Laurel, ATOM organized by the martyr’s brother, Butch Aquino, PDP-Laban of Nene Pimentel, Liberal Party remnants, the labor groups and the Makati business groups, and a motley of opposition groups whose common aim was to oust Marcos and to restore democracy in the country.

It was also called the Yellow Revolution because of the yellow t-shirts, ribbons, and banners worn or displayed by the participants. Unfortunately, the yellow tag has been used indiscriminately at present by the people who may be ignorant of its historical significance or by the

very people and their minions whose pelf, power and privileges had been stripped by the yellow movement they now deride. The mounting disenchantment of the people and the growing unpopularity of the regime rocked by widespread protests and massive civil disobedience, resulted in the US putting a strong pressure on Marcos to conduct an election to heed the people’s clamor. The snap elections were conducted on February 7, 1986, with Cory Aquino running for president against Marcos.

The Comelec declared Marcos the winner although the independent canvassing body, the Namfrel, had Aquino winning against Marcos. The snap elections were marred by massive electoral frauds documented by the Comelec canvassers who staged a walkout during the counting. After the Comelec had proclaimed Marcos the winner, Cebu Cardinal Ricardo Vidal issued a declaration that when “a government does not of itself freely correct the evil it has inflicted on the people then it is our serious moral obligation as a people to make it do so.” To those powerful words, Vidal also added: “Now is the time to speak up. Now is the time to repair the wrong...that depends fully on the people, on what they are willing and ready to do.” And the people proceeded to do what they were ready to do. And so there was Edsa People Power. The Reform the Armed Forces Movement led by Lt. Col. Gregorio Honasan II set into motion their coup attempt, which was discovered by Marcos and his military cohorts who ordered the

Is coal dying, or dead, in the Philippines?

By Viking Logarta & Sara Jane Ahmed

Y

es to the first, and a nuanced no to the second.

President Duterte said in his State of the Nation Address last year: “We recognize the urgent need to ensure the sustainability and availability of resources, and the development of alternative ones. In this regard, I trust that Secretary Cusi shall fast-track also the development of renewable-energy sources, and reduce dependence on the traditional energy sources, such as coal.”

The Department of Energy (DOE) is not only aware of this growing dependence and growing grid instability as a result, but also welcome support to help address challenges of the rapidly developing power sector terrain.

The DOE has determined that there is already an excess of coal plant capacity (and of other so-called base load capacity) in the grids, causing instability. It is not just coal, however, as Energy Undersecretary Felix William Fuentebella has emphasized to us, but also fossil (natural) gas and geothermal. Because of the excess capacity, at current levels of demand, the coal and other generators are contributing too much in the market, displacing mid-merit and peaking plants that are more capable of balancing supply with demand.

It is clear that the power market is evolving into one that requires more system flexibility and reliabil-

ity of the network. Currently, the Luzon-Visayas grid has significant surges and drops in variable energy generation, mainly solar. It is right for the DOE to aim for sufficient flexibility to enable the absorption of more VRE. The New Energy Outlook 2019 report published by Bloomberg New Energy Finance (BNEF) forecasted that the last coal power capacity addition to the Philippine power grid would be in 2023, likely the 1,200-megawatt Atimonan plant, if it is built at all. Moreover, coal capacity utilization would peak in 2034, resulting in a 16-percent generation share by 2050, down from 55 percent today.

The DOE values the BNEF forecasts because their reports are addressed to investors who need the best available information to be able to manage risk-return prospects, and avoid stranded costs.

Fuentebella opines that other forecasts are tainted by politics, driven by supplier interests. For example, the International Energy Agency, which came out with a Southeast Asia Outlook, models 4 gigawatts per annum of coal installation in 2018, but final investment decisions dropped from 8 GW in 2014 to below 2 GW in 2018, and well below that in 2019.

Global capital is fleeing the thermal coal sector in terms of financing, insuring or investing. So far, over 100 banks and insurers/reinsurers, with assets under management or loans outstanding in excess of $10 billion, now have formal coal exit policies. Included in the exit are 40 percent of the top 40 global banks and 20 globally significant insurers.

Momentum-wise, every two weeks, a bank, insurer or lender announces new restrictions on coal.

The lenders of last resort in Asia seem to be China, Japan and South Korea, providing capital subsidies for new coal plants via their export credit agencies. This means future liability on the side of the Philippines and the public balance sheets of China, Japan and South Korea, should they be left with stranded assets.

The ultimate question is whether or not these costs should be and can be shared between ratepayers,

Fears of global virus spread grow as cases spike beyond China

By Rachel Chang Bloomberg Opinion

T

he emergence of new centers of coronavirus infection outside of China is fueling concern the outbreak could become a global pandemic, rattling financial markets and stoking anxiety over the potential hit to economies.

While the outbreak in China appears to be becoming more predictable, the virus is taking hold in other parts of the world, with increasing infection and death tolls in South Korea, Italy and parts of the Middle East sparking the most alarm.

These bursts of infections could drive a second peak in an epidemic that’s already killed more than 2,400 in China and severely disrupted global business and travel activity.

In Italy and Iran, the mortality rate from the pneumonia-causing virus appears to be much higher than

that in China, hinting at hundreds or thousands of still-undiscovered cases of infection. In South Korea, which has the most in-country cases outside of China, the government raised its public health alert to the highest level, allowing it to quarantine cities, delay the start of school and restrict people’s movements.

Stocks and higher-yielding assets retreated across Asia on Monday, as investors grappled with the implications of the widening outbreak.

Not just China

“There is now very justifiably concern that this is a global pandemic and not just a China issue,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The markets were taking consolation earlier on from the maturing spread cycle in China, which may no longer be the pertinent metric to follow now if it

plotters’ arrest, including then Defense Secretary Juan Ponce Enrile.

They were urged to surrender and end their stupidity. Threatened with arrest, Enrile sought the help of then PC chief Fidel Ramos, who joined him in Camp Aguinaldo where the plotters were camped. Cardinal Sin and Butch Aquino lent their support and a mass of people gathered along Edsa to protect Enrile, et al. The rest is history.

The People Power, unprecedented in the annals of history, was historic because in a Gandhi-like fashion, people through sheer numbers ousted an abusive ruler from power without resorting to violence and carnage. No wonder it was hailed around the world and was used by other countries as template in dislodging their own tyrants. It was a victory not only for the Filipinos, but also for all peace-loving citizens of the world who disdain dictators.

The Edsa revolt gave the world the concept of People Power and added a new term in our lexicon. For those who took part in Edsa and witnessed the transformation of the Filipinos from passive victims of oppression by the ruling dictator to brave-hearted people undaunted by the great perils they confront, Edsa was their finest moment. Around the world, people celebrated the event with awe. CBS News correspondent Bob Simon broadcasted: “We Americans like to think we taught the Filipinos democracy. Well, tonight they are teaching the world.” And to those who seek to rewrite our history, don’t rob our nation of its proudest moments!

is the spread outside of China that’s causing concern.”

In China, still home to the vast majority of the almost 80,000 cases of infection that have emerged globally, there are some signs the outbreak has stabilized, and the economy is starting to move past the state of stasis that’s gripped it since the Lunar New Year holiday.

While mistrust lingers over shifting data from Hubei province, new cases of infection released daily appear to have stabilized at several hundred, while the same metric at the China-wide level has been declining for three days.

Crises elsewhere

There has also been an uptick in the number of recoveries from the virus in China and other Asian countries like Singapore. In the rest of China outside of Hubei, more than half of all cases are now declared recovered

and discharged from hospital: 7,996 patients have officially recovered out of 12,863 total cases of infection in the country, excluding Hubei. In Singapore, fully recovered patients now has a number of 47 out of a total of 86.

Underscoring the shifting mood in China, six provinces—including manufacturing center Guangdong— downgraded their emergency threat levels on Monday, paving the way for restaurants and shops to reopen. Local factories, where monthlong shutdowns have disrupted global supply chains for everything from watches to lobsters, are coming back to life.

Still, China appears to be at a dilemma over how to restart its ailing economy without prematurely lifting the draconian measures that’s managed to slow the virus’s spread.

In an unusual public flip-flop, Wuhan announced that there would be some easing of quarantine over the city that’s been in place since January

23. Hours later, the statement was deleted and another saying that the announcement was “unauthorized” was issued. The quarantine remains in effect.

And the cautious optimism over the situation in China is overshadowed by the growing crises in other regions. South Korea now has more than 750 confirmed cases of the virus, and will send 1,000 hospital beds to Daegu, ground zero for the virus’s spread there. Screening will be expanded to all residents who show symptoms of infection in the city, with Vice Health Minister Kim Gang-lip telling reporters Monday there was a high risk of “nationwide spread” if they aren’t able to contain the disease.

South Korea warned the epidemic poses a risk to its fragile economic recovery as airlines halted flights and travel agencies canceled group tours to the country. Samsung

taxpayers or investors. Before reaching this answer, the government should decide where responsibility ultimately lies in a liberalized power market while taking into account the spirit of the Electric Power Industry Reform Act of 2001, which prescribes that outcomes of wrong decisions should not be passed on to ratepayers.

Is there also a case for taxpayers and investors to share some of the burden, however small, as their contribution to climate-change mitigation—given the magnitude of climate impacts? We think so. However, government needs to determine who is in the best position to manage or afford the burden of transition risk, and more important, whether there are other sectors where this share is taken on by ratepayers and taxpayers, or simply absorbed by investors.

Whether coal is dying or dead is immaterial; there is no “might” about this. Investors are fleeing the sector at an increasing rate and systematic management of this known transition risk must be undertaken with dispatch.

Viking Logarta is energy policy advisor of the Institute for Climate and Sustainable Cities. Sara Jane Ahmed is energy finance analyst of the Institute for Energy Economics and Financial Analysis.

Electronics Co. and LG Electronics Inc. are among major companies taking precautions as the outbreak rapidly gathers pace. ”I don’t think it can be contained and there is a long way to go before reaching the turning point,” said Ben Cowling, a professor of epidemiology at Hong Kong University. “The roles will soon be reversed—countries that had banned travel from China may soon see China ban travel from them.”

Restaurants closed

Italy is becoming a virus hot spot, raising alarm levels given the European Union’s policy of free movement of people and goods within the 27-nation bloc. The Italian government canceled the remaining days of the Venice Carnival at the weekend and universities and restaurants have been closed with three deaths and at least 140 infections recorded.

A8 Tuesday, February 25, 2020

ABS-CBN: ‘No agenda’ in Duterte ads E

By Butch Fernandez

@butchfBM

CHOING President Duterte’s complaint, senators took turns on Monday airing their gripes before beleaguered ABS-CBN executives for the non-airing of their political ads in previous elections, even as network President and Chief Executive Officer Carlo L. Katigbak insisted they have not violated franchise rules.

Katigbak apologized on behalf of the network if they had offended Duterte for failing to air some of his ads in the 2016 elections, saying the failure did not mean they were taking sides, but that it was simply the result of their need to comply with the mandatory cap on election

campaign airtime.

Compounding the non-airing of his ads, Duterte had complained that the network aired political ads from Sen. Antonio Trillanes IV, maligning him, until it was stopped by a court order.

Majority Leader Juan Miguel Zubiri said he suffered a similar

fate as Duterte when his ads were not aired, and pointed to Sen. Sherwin Gatchalian as having been a victim of the network’s failure to project in timely fashion the slots it would give to candidates who pay for airtime.

The non-airing of Duterte’s local ads (the network said its record shows its aired his national ads) gave the network a hard lesson, said Katigbak, and they tried to improve their procedures in succeeding elections.

“Kami din, hindi na-air ang political ads namin [Even us, our ads weren’t aired], but we cannot do anything,” said opposition Sen. Francisco Pangilinan, president of the Liberal Party, referring to the last national elections where the Lopez-led network was seen

by some critics as partial to antiDuterte groups.

However, Pangilinan promptly gave assurances they are not inclined to penalize ABS-CBN for the sake of its workers. “We will not do that to the extent that it will affect ABS-CBN employees.”

Asked by Senate President Pro Tempore Ralph Recto about the National Telecommunications Commission’s predisposition assuming that Congress fails to act on the franchise when it expires by March 30, NTC Commissioner Gamaliel Cordoba said ABS-CBN would be given a provisional authority to operate for the meantime—a provisional grant that could be withdrawn at any time, however, for Justice Secretary Menardo Guevarra (right) takes his oath before testifying at the Senate hearing on ABS-CBN’s franchise. Network executives who attended are Chairman Martin Lopez (from left), perceived franchise violations.

See “ABS-CBN,” A2

Bangkok outpaces Mla as SE Asia auto hub

By Elijah Felice E. Rosales

M

@alyasjah

ANILA is losing out to Bangkok in the race to become the automobile center of Southeast Asia, and proof of this is Honda’s closure of its assembly plant here and the eventual transfer of production to Thailand.

Trade Secretary Ramon M. Lopez on Monday admitted the Philippines lost Honda’s production

to Thailand, where the vehicle assembler is now producing at a rate of 200,000 units annually. He also conceded the cost of production here is higher than in Thailand, and this is largely the reason Honda is shutting down its Laguna plant to transfer its manufacturing.

“If you read between the lines [based on] their statement, it has something to do with their allocation. In cases like that, it has something to do with cost competitive-

NORTHEAST MONSOON AFFECTING NORTHERN AND CENTRAL LUZON as of 4:00 pm - February 24, 2020

ness. That means it’s cheaper for them to produce in other countries where their production is on a high volume,” Lopez told reporters after meeting Honda executives.

“Case in point is the 200,000plus units [made] in Thailand, while here it’s only 7,000 units to 8,000 units. There’s a huge difference in terms of spreading the fixed cost,” he explained.

Honda Cars Philippines Inc. (HCPI) on Saturday announced it is

closing its assembly plant in Santa Rosa, Laguna, as part of its parent company’s decision to rationalize global production.

The Laguna plant manufactures Honda BR-V and City models and has a maximum production capacity of 15,000 units yearly. Honda’s decision to cease domestic production is expected to result in job losses for over 380 workers.

According to Lopez, Honda has no plans of selling its Laguna plant, although he bared that vehicle assemblers from all over the world, mostly from China, are inquiring about it.

“Mostly, they are Chinese brands who entered the Philippine market,” Lopez said when sought who are the vehicle assemblers keen on doing local production. “We are not saying they will open up here, but they are the ones inquiring [our department].”

“There are Korean brands here, as well, but most of them really are Chinese brands that have recently entered. There are car firms who are addressing their issues and rationalizing their resources. On the other hand, there are those who are aggressive and expanding,” the trade chief said.

In spite of Honda’s decision to abandon its Philippine assembly, Lopez is hopeful the firm will make a comeback in the near future, when the business environment is conducive for the large-scale production of automobile units. He said it’s mainly the reason his agency is seriously considering imposing a safeguard measure on vehicle imports to protect local assemblers.

“Honda expressed apprehension if there will be a safeguard duty placed. That’s really more of an advantage to local assemblers because the safeguard duty will hit imported units. I hope it could be a factor for them to decide to stay, but it’s beyond the local operations,” he said.

“Maybe the headquarters can consider that in the future. We are not saying they will come back here, but considering all factors there’s a possible basis for that,” Lopez added.

The Department of Trade and Industry is investigating a petition to apply safeguard measure on motor vehicles. The petition, filed by trade union Philippine Metalworkers’ Alliance, seeks to increase tariff rates on cars to prevent the further loss of jobs in the motor vehicle manufacturing sector.

Based on records, imports of passenger cars rose 17.85 percent to 180,939 units in 2015, from 153,531 units in 2014; jumped 31.53 percent to 237,995 units in 2016; and went up a little over 2 percent to 243,129 units in 2017.

It dropped nearly 15 percent to 207,248 units in 2018, which was attributed to the new tax policy.

Atty. Mario L. Bautista, President and CEO Carlo L. Katigbak, COO-Broadcast Ma. Socorro V. Vidanes, and Head of the Corporate Services Group Mario Carlo P. Nepomuceno. ROY DOMINGO

HOUSE PANEL TO ‘STUDY FIRST’ ABS-CBN PAPERS BEFORE SETTING HEARING

By Jovee Marie N. dela Cruz

T

@joveemarie

HE chairman of the House Committee on Legislative Franchises said on Monday the panel will “study first” all the position papers before hearing the proposed franchise renewal of ABS-CBN Corp.

In an interview, House Committee on Legislative Franchises Chairman Franz Alvarez said his panel is now accepting position papers from stakeholders, concerned individuals or groups supporting, or opposing, the ABSCBN’s franchise renewal.

Alvarez said they are now coordinating with the National Telecommunication Commission (NTC) so that ABS-CBN could continue its operation after the lapse of the franchise period on May 4.

Earlier reports put the expiry at March 30, but on Monday, Justice Secretary Menardo Guevarra corrected this date, saying expiry is reckoned not from the date of the grant of franchise but from its effectivity date.

Alvarez reiterated the hearing for the franchise would start in August as earlier stated

by House Speaker Alan Peter Cayetano.

“The process is correct to accept all the position papers.

We all know that there are several positions, right?” Alvarez said.

“There are many anti-, as well as pro-renewal. So we would accept the position papers so that

Remittances. . .

Continued from A1

Agri exports, labor impact

In a related development, Nograles said Covid-19 is also expected to have a minimal impact on the exports of agricultural exports, particularly of bananas bound for China.

Nograles stressed there is now a slowdown in the export of bananas to China because of the dreaded virus. “ W h i l e t he re w e re pre v i ous logistical issues during the Chinese Lunar New Year break, this was only a temporary setback, and our banana exports to China have returned to normal,”

the committee can review everything,” he added.

According to Alvarez, witnesses and resource persons will be summoned after all position papers have been carefully studied and all issues threshed out at the committee level.

House Committee on Legislative Franchises Vice Chairman Antonio Albano assured the public that the committee will consider all the position papers officially submitted to the committee and study them even during session break.

Under the calendar of session, Congress is set to take a break from March 14 to May 3. It will resume session on May 4 to June 5 before the adjournment sine die from June 6 to July 26.

Meanwhile, the House, together with the NTC, is coordinating with the Department of Justice for a legal opinion on whether or not the network can continue its broadcast operations beyond the duration of its license until Congress finishes deliberations.

There are, he said, precedents where, “ in similar situations, the NTC allowed the operations of networks— like GMA, Radyo Veritas and PT&T—to continue while hearings were ongoing on their expired franchises.”

In line with the current hearing in the Senate on the ABS-CBN franchise, he also reiterated that the speaker and the House members respect the Senate’s decision to conduct its own public hearing on the matter ahead of the Lower House.

Nograles said. Nograles, however, was still unable to give updates on the effect of the Covid-19 on local employment.

Government economic managers earlier estimated the prolonged travel ban because of the virus could translate to thousands of displaced workers, particularly in the tourism, as well as in the manufacturing sector.

“We are still assessing its effect on tourism and trade—imports and exports are included in this.

On Wednesday, we will look at its possible effects [on both sectors],” Nograles said.

During the meeting, he said they will also determine how to “counteract” the impact of Covid-19 on these sectors.

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If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Companies BusinessMirror

Tuesday, February 25, 2020

B1

Suntrust to rent main hotel and casino in Westside City

S

By VG Cabuag

@villygc

UNTRUST Home Developers Inc. will give an annual rent of $10.6 million a year to the gambling arm of Andrew Tan, Travellers International Hotel Group Inc., for the lease of the main hotel and casino in its development in Entertainment City.

automatically be renewed, subject to applicable laws, for another 25 years unless, otherwise agreed upon by the lessor and the lessee, on the same terms and conditions of the lease agreement or such other terms, and conditions, as the lessor and the lessee may agree in writing.”

Suncity added, “The annual rental was determined by reference to the assessment of an independent valuer on the indicative market value of the project site of $340 million.”

The Suntrust board earlier entered into a co-development agreement with Westside City Resorts World Inc., the $2-billion integrated casino and resort owned by Tan. Other developers inside the property are Malaysia’s Genting Resorts, which was supposed to be the Westside’s casino’s operator, Megaworld and Travellers International, which was

recently delisted from the Philippine Stock Exchange.

Suntrust, along with Suncity, earlier said it will develop Westside’s main hotel and casino “and Westside is to appoint Suntrust as the sole, and exclusive, operator and manager of the main hotel casino on the principal terms, and conditions, that are set out in this announcement.”

Suncity group is known to have extensive experience in the leisure and entertainment business, and is actively seeking investment opportunities in integrated resort projects worldwide, including Cambodia, Philippines, Myanmar, South Korea, Japan, Russia and Vietnam.

Other than investments in integrated resorts, the Suncity Group is also engaged in integrated resort consultancy services, as well as travelrelated products and services.

In its disclosure, Suntrust, now 51 percent owned by Hong Kong-listed Suncity Group Holdings Inc., will give the amount to Tan’s property development arm Megaworld Corp. and gambling unit, which is developing Westside City, the fourth integrated

resort and casino to rise in Entertainment City.

Suncity said in its disclosure in the Hong Kong stock exchange that it will start the rent “commencing from the date on which the handover of the project site is delivered to SunTrust until August 19, 2039, which shall

Pru Life hikes hospital benefit to account for Covid patients

2 issues ‘critical’ for Naia Consortium’s Swiss challenge to move to next step

T

HE threat of the novel coronavirus disease 2019 (Covid-19) has prompted Pru Life UK to grant an additional P1,000 daily hospital benefit for its policyholders if they are hospitalized due to the dreaded disease.

In a statement, Pru Life said this may be claimed if the policyholder is admitted into hospital for at least 12 hours, with a cap of 10 days, beginning February 20 to April 20, 2020.

This benefit, Pru Life said, also benefits all customers of Pru Life UK whose life insurance policy is in force with the Hospital Income Rider, issued on or before January 31, 2020.

“We value everyone’s health and want to make sure our clients have additional protection during health emergencies, such as the novel coronavirus outbreak.

We can assure them that we will have them covered against emerging infectious diseases,” Pru Life UK President and CEO Antonio de Rosas said.

The additional benefit makes Pru Life the first insurer in the Philippines to offer additional protection against Covid-19.

Last week, the Department of Health (DOH) vowed to expedite its efforts to trace the contacts of the three confirmed cases of Covid-19 in the country to prevent the infection from spreading further.

Of the 280 contacts of the first two cases, 221 have completed the required 14-day home quarantine.

Meanwhile, 14 are still on home quarantine. The remaining 45 contacts were admitted as patients under investigation (PUI)—of these, 31 have been discharged, two are still currently admitted, six are under strict monitoring and six are already outside the country.

On the third confirmed case, a total of 255 (34 percent) out of 740 contacts were traced, including copassengers and individual contacts from hotels and hospitals.

Currently, 172 (67 percent of traced contacts) have been interviewed. Of these, 155 have completed their home quarantine. Of the 17 symptomatic contacts admitted as PUIs, 15 have already been discharged, and two are now out of the country. Cai U. Ordinario

Higher energy sales in ’19 boost Meralco’s core profit to ₧23.8B

By Lenie Lectura @llectura

T

HE Manila Electric Co. (Meralco) posted higher core profit in 2019, mainly on account of higher energy sales registered last year.

Core profit stood at P23.8 billion at end-2019, or 6 percent higher than the P22.4 billion it posted in 2018.

Reported net income remained at P20 billion during the 12-month period. This included foreign-exchange gains or losses, and other one-time exceptional transactions.

Revenues, meanwhile, went up by 5 percent to P318.31 billion.

“Gross revenues grew to P318.3 billion, 5 percent more than the P304.5 billion in 2018, as a result of higher energy sales volume and higher pass-through generation charges brought about by higher average fuel prices, a weaker peso and higher spot prices at the Wholesale Electricity Spot Market [WESM], from March to July 2019,” Meralco Chief Finance Officer Betty Siy-Yap reported in a news conference Monday.

The year 2019 saw 51 Yellow Alerts and 15 Red Alerts in Luzon versus only seven Yellow Alerts in 2018.

Electricity sales grew by 6 percent to 46,871 gigawatt-hours, mainly on account of strong residential volume at 14,589 GWh, which accounted for 31 percent of the total energy sales volume last year.

Philippine Offshore Gaming Operators (POGOs) and the steady contribution of the business process outsourcing (BPO) sectors boosted the growing customer base outside

Metro Manila. These contributed to a 6-percent increase in commercial sales volume at 18,483 GWh. “Commercial sales volume was supported by the positive business outlook and the continuing volume from the POGO and BPO sectors.

Food and beverage retailers accounted for 40 percent of the total commercial spaces, while hotel and restaurant business continued to grow during the year,” Meralco said.

Industrial sales, meanwhile, grew by only 4 percent due to the slow year-on-year sales of the semiconductor industry.

When sought for comment, Meralco President Ray Espinosa pointed out after the briefing that residential and commercial sectors are the main drivers of the utility firm’s improved energy sales.

“The property sector is buoyant, not just for POGO, which is on the commercial side, but also on the residential side. More residential units are turned over and occupied, that contributes to energy sales,” he said.

He said this development is likely to be sustained, citing the schedule of property developers in terms of development completions and turnovers.

Meralco’s customer base grew by 4 percent to 6.9 million customers as of end-2019.

“The initial operating results in January 2020 and indicative for February are positive. We will continue to execute our investments with significant ambition in power generation, and other strategic and high growth areas amid the challenges,” said Meralco Chairman Manuel V. Pangilinan in a statement.

The representatives of the conglomerates that comprise the Naia Consortium are seen in this 2018 file photo. From left: Metro Pacific Investment Corporation’s Kris Anne Arasula; Asia’s Emerging Dragon Corporation’s Lorna Pangilinan; AC Infrastructure Holdings Corp.’s Janet Bautista; Aboitiz Infra Capital Inc.’s Jimbo Reverente; Alliance Global Inc.’s Carla Uykim; Filinvest Development Corporation’s Terry Coronel; and JG Summit Holdings Inc.’s Jourdan Lee. NONIE REYES

By Lorenz S. Marasigan @lorenzmarasigan

N

AIA Consortium, a group of seven conglomerates that proposed to redevelop the Ninoy Aquino International Airport, has to address two issues relating to manpower absorption and the provision of a people mover system inside the airport complex.

During the first Transport Talks this year, Department of Transportation (DOTr) Undersecretary Ruben Reinoso Jr. explained that these two issues are critical to move forward with the Swiss challenge for the deal.

“We will convene a meeting. One of the outstanding issues are the people move; what they are proposing is a bus rapid transit, but Miaa has reservations because there might be issues of security on the tarmac,” he said, referring to the Manila International Airport Authority.

The bus rapid transit system, he explained, is proposed to be deployed inside the Naia complex, which may pose security risks.

“We also have issues on the employees of Miaa. Under the original talks, no one will be laid off, but the new proposal gives existing [employees] 180 days before being laid off,” Reinoso said.

Thus, there’s a need for a negotiation between the Miaa and Naia Consortium.

“We will make the concerns of the primary grantor, Miaa, clear,” he said.

The negotiation, to be set based on the availability of negotiating panels for both sides, will be led by Presidential Adviser for Flagship Programs and Projects Vivencio Dizon.

The government has 80 days from the approval of the National Economic and Development Authority Board to finish this negotiation initiative. The Neda Board approved the project on November 28 last year.

“We hope we will be able to meet that deadline,” Reinoso said.

The unsolicited proposal, which underwent several changes since it was first submitted a few years back, entails increasing the capacity of the country’s main gateway to 65 million passengers per year.

Based on an indicative timeline, the P102-billion Naia rehabilitation will be implemented in three phases.

The first phase, which starts in 2021, will involve the reconfiguration of the existing airport terminals to increase their capacity to 47 million passengers annually from 31

million passengers per year currently. This will take a year to complete.

The second phase will see the development of a new passenger terminal building, annexing the second terminal of Naia. It will also expand the third terminal, improve the apron baggage and boarding areas, as well as upgrade the airside facilities through a new taxiway and modernized air-traffic management equipment.

With these improvements, the capacity of Naia by 2023 should be increased to 58 million passengers per year.

The third phase involves the construction of new terminals and the expansion of the existing ones to raise Naia’s capacity to 65 million passengers per year by 2024. It will also involve the development of airside facilities and upgrading works for general utilities, a car park area, passenger connection and miscellaneous facilities corresponding to the increased capacity.

Naia Consortium is composed of Aboitiz InfraCapital Inc; AC Infrastructure Holdings Corp.; Alliance Global Group Inc.; Asia’s Emerging Dragon Corp.; Filinvest Development Corp.; JG Summit Holdings Inc.; and Metro Pacific Investments Corp.

SMC-DENR TULLAHAN PROJECT

The Department of Environment and Natural Resources (DENR) and San Miguel Corporation (SMC) on Monday (Feb. 24) formally launched the Tullahan-Tinajeros river system dredging project. The project is a vital part of the Manila Bay rehabilitation program and will help address flooding in low-lying areas near the river such as Bulacan province. SMC, a long-time partner of the DENR in cleanup efforts for the Tullahan River, has pledged P1 billion for this project. It acquired brand-new backhoes, cranes, barges, tug boats and dump trucks and will also provide manpower and logistics support. Environment Secretary Roy Cimatu (4th from left) and SMC President and COO Ramon S. Ang (3rd from left) inspected the new equipment in Navotas with (from left) SMC VP & Special Assistant to the President Col. Ariel Querubin, DILG Usec. Epimaco Densing, Navotas Mayor Tobias Tiangco, Malabon Mayor Antolin Oreta, MMDA Chairman Danilo Lim, and Bulacan Governor Daniel Fernando. PHOTO COURTESY OF SMC

B2

Companies BusinessMirror

Tuesday, February 25, 2020

PSE STOCK QUOTATIONS

February 24, 2020

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

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

52.15 143.3 81.6 24.95 11.28 60.1 12.04 31.2 51.8 20.4 161 57.5 17.82 0.55 3.52 1.04 0.41 810.5 0.74 172.9 1810 1.17

52.95 143.7 81.7 25 11.4 60.15 13.18 31.25 52.15 20.45 162.9 57.9 17.96 0.63 3.68 1.14 0.42 849.5 0.75 173 1870 1.19

52.95 146 82.05 25.1 11.44 60.85 12.5 31.85 52.2 20.5 170 58 18.38 0.53 3.7 1.06 0.41 810.5 0.75 173 1815 1.17

52.95 146 82.45 25.1 11.44 61 12.5 31.85 52.2 20.5 170 58 18.38 0.63 3.73 1.06 0.42 810.5 0.75 173 1815 1.19

52.95 143 81.6 24.9 11.18 59.35 12.04 31.15 51.8 20.25 161 57.5 17.9 0.53 3.5 1.06 0.41 810.5 0.75 173 1810 1.16

52.95 143.3 81.6 25 11.28 60.1 12.04 31.2 52.15 20.4 161 57.5 17.96 0.63 3.68 1.06 0.41 810.5 0.75 173 1810 1.17

5350 2079490 2161070 184900 209900 2051930 4700 173500 470 58800 770140 13400 120600 9000 38000 10000 510000 10 104000 470 205 479000

283282.5 298734835 177055802.5 4620325 2391890 122834076 56680 5456955 24395.5 1202195 125719093 770955.5 2,159,650( 4870 136290 10600 209300 8105 78000 81310 371195 562620

-84581309 -40203019 -674230 -74438 423730 -1811860 -82933622 -534905.5 2,155,973.9999) -72750 -

INDUSTRIAL AC ENERGY 2.12 2.13 2.27 2.27 2.11 2.13 4439000 9559630 ALSONS CONS 1.2 1.22 1.22 1.22 1.22 1.22 12000 14640 ABOITIZ POWER 31.7 31.75 31.7 31.75 31 31.7 844100 26537915 0.22 0.225 0.225 0.227 0.225 0.227 320000 72480 BASIC ENERGY FIRST GEN 19.7 19.9 20.05 20.35 19.62 19.9 804200 15944130 FIRST PHIL HLDG 62.9 63.05 66 66 62.45 62.9 116850 7578048.5 MERALCO 262 263 262 263.2 260.4 262 368110 96392744 12.12 12.16 12.22 12.22 12 12.12 3666900 44283102 MANILA WATER 3.46 3.47 3.46 3.5 3.44 3.46 1085000 3753290 PETRON PETROENERGY 3.48 3.74 3.48 3.74 3.48 3.74 28000 99260 PHX PETROLEUM 11.2 11.3 11.32 11.6 11.2 11.2 108800 1230688 28.2 28.3 29.5 29.5 28.1 28.3 225000 6407580 PILIPINAS SHELL 9.16 9.26 9.26 9.3 9.16 9.26 157300 1452686 SPC POWER AGRINURTURE 7.62 7.74 7.81 7.81 7.25 7.74 1648400 12489230 AXELUM 2.91 2.94 3.16 3.16 2.9 2.91 2933000 8642120 14.12 15.4 14.32 15.4 14 15.4 3400 48540 CNTRL AZUCARERA 15 15.26 15 15.1 14.9 15 789200 11838042 CENTURY FOOD DNL INDUS 8.15 8.18 8.25 8.4 8.15 8.15 724800 5934965 EMPERADOR 7.63 7.66 7.59 7.69 7.58 7.63 1058300 8074659 73 73.25 73.95 74 72.55 73.25 266010 19483191.5 SMC FOODANDBEV 0.65 0.66 0.63 0.66 0.62 0.65 2614000 1673320 ALLIANCE SELECT FRUITAS HLDG 1.78 1.79 1.88 1.9 1.75 1.78 26412000 47574370 GINEBRA 33.5 35.5 35 35.5 35 35.5 14700 520850 185.5 185.6 190.2 190.2 185.2 185.6 1239120 232575932 JOLLIBEE 34.05 42.95 35.05 35.05 34.05 34.05 800 27825 LIBERTY FLOUR MACAY HLDG 6.54 6.9 6.54 6.54 6.54 6.54 2000 13080 MAXS GROUP 9.62 9.64 9.7 9.7 9.62 9.64 62400 600659 MG HLDG 0.153 0.158 0.153 0.158 0.153 0.158 700000 107600 1.82 1.83 1.83 1.83 1.81 1.82 674000 1224190 PEPSI COLA 9.15 9.2 9.05 9.2 9 9 49700 451635 SHAKEYS PIZZA ROXAS AND CO 1.64 1.65 1.61 1.65 1.52 1.65 1521000 2443120 RFM CORP 5.1 5.26 5.2 5.26 5.2 5.26 3000 15690 0.117 0.12 0.117 0.12 0.117 0.12 70000 8220 SWIFT FOODS 146.5 147 148.4 150.9 146.5 146.5 878060 129983551 UNIV ROBINA VITARICH 1.15 1.16 1.22 1.22 1.12 1.16 11325000 13263870 VICTORIAS 2.4 2.52 2.4 2.4 2.4 2.4 9000 21600 60.3 63.8 60.9 60.9 60.3 60.3 790 47884 CONCRETE A CONCRETE B 62.05 70.95 62.05 62.1 62.05 62.05 160 9928.5 CEMEX HLDG 1.41 1.43 1.49 1.49 1.36 1.41 10846000 15157990 DAVINCI CAPITAL 4.66 5.45 5.4 5.4 5.4 5.4 200 1080 11.8 11.86 11.9 11.9 11.8 11.8 47900 565744 EAGLE CEMENT 8.48 8.5 8.51 8.51 8.5 8.5 156800 1333100 EEI CORP HOLCIM 13 13.38 13.56 13.56 12.84 13.38 2021400 26946790 MEGAWIDE 14.08 14.34 14.6 14.8 14.08 14.08 476300 6764296 9.4 9.5 9.64 9.65 9.4 9.4 100500 955559 PHINMA TKC METALS 0.86 0.9 0.88 0.92 0.84 0.9 241000 209340 VULCAN INDL 0.94 0.96 0.94 0.96 0.93 0.96 389000 365350 CHEMPHIL 185.2 227.8 228 228.8 228 228 290 66160 2.09 2.15 2.1 2.15 2.09 2.15 52000 109910 CROWN ASIA EUROMED 2.85 2.94 2.67 3.12 2.67 2.94 7802000 23241800 4.68 4.9 4.7 4.9 4.68 4.9 57000 267590 LMG CHEMICALS MABUHAY VINYL 2.94 3.29 2.92 2.92 2.92 2.92 5000 14600 PRYCE CORP 4.75 4.8 4.81 4.81 4.8 4.8 1060000 5088010 1.56 1.57 1.58 1.58 1.54 1.56 6814000 10633520 GREENERGY 4.96 5 5.27 5.27 4.9 4.96 1248700 6239924 INTEGRATED MICR IONICS 1.2 1.24 1.22 1.31 1.18 1.25 422000 525790 PANASONIC 4.71 5.05 5.05 5.05 5.05 5.05 500 2525 1.06 1.09 1.17 1.17 1.06 1.06 1969000 2190800 SFA SEMICON 7.72 7.8 8.39 8.39 7.72 7.72 1112000 8746732 CIRTEK HLDG

469720 -14544015 -6129188 -3992216.5 -54325834 2944528 -128390 -53016 -4937310 7179685 1900 9800 -189176 -3226980 1244016 -88066 -484610 390500 -4886657 -76996 -15800 178930 9895 1640 90 -1200 -23410614 -328320 21600 -811090 -106258 1700 -12809430 -1592430 10240 -2678410 -7051200 -2128234 -40719.9998 4570

HOLDING & FRIMS ABACORE CAPITAL 0.86 0.87 0.87 0.88 0.86 0.86 17514000 15179590 ASIABEST GROUP 9.99 10.02 10.28 10.28 10 10.02 26100 263666 AYALA CORP 718 720 740 740 720 720 193290 140054405 49.55 49.95 50.4 50.4 49.5 49.55 459270 22760675 ABOITIZ EQUITY 10.18 10.2 10.28 10.28 9.93 10.2 12987500 132188606 ALLIANCE GLOBAL AYALA LAND LOG 2.34 2.35 2.55 2.55 2.35 2.35 1392000 3345180 ANSCOR 6.11 6.34 6.11 6.35 6.11 6.35 200 1246 0.67 0.68 0.68 0.68 0.68 0.68 36000 24480 ANGLO PHIL HLDG ATN HLDG A 0.91 0.93 0.94 0.94 0.9 0.93 425000 387260 ATN HLDG B 0.91 0.95 0.95 0.95 0.95 0.95 400000 380000 COSCO CAPITAL 6.21 6.24 6.26 6.26 6.16 6.21 164400 1020617 5.38 5.4 5.6 5.6 5.31 5.4 10629300 57290306 DMCI HLDG 11.62 12.56 12.3 12.58 12.3 12.58 80100 989060 FILINVEST DEV FORUM PACIFIC 0.22 0.226 0.22 0.22 0.22 0.22 100000 22000 GT CAPITAL 725 728 736 736 721 725 65350 47308690 73.5 74.15 73.35 74.15 72.85 73.5 622020 45589644.5 JG SUMMIT 6.2 6.6 6.2 6.2 6.2 6.2 10000 62000 JOLLIVILLE HLDG LODESTAR 0.48 0.495 0.485 0.495 0.485 0.49 110000 53800 LOPEZ HLDG 3.96 3.99 4 4.05 3.81 3.96 476000 1889810 9.09 9.13 9.5 9.5 9.01 9.09 3001100 27435180 LT GROUP 0.55 0.59 0.59 0.59 0.59 0.59 1000 590 MABUHAY HLDG METRO PAC INV 3.06 3.07 3.18 3.18 3.05 3.06 20033000 61634200 PACIFICA HLDG 4.22 4.5 4.26 4.26 4.25 4.25 14000 59590 1.08 1.11 1.08 1.09 1.05 1.09 82000 88180 PRIME MEDIA SOLID GROUP 1.11 1.16 1.1 1.11 1.1 1.11 181000 199440 SYNERGY GRID 156 173 160 160 155 155 100 15650 SM INVESTMENTS 1010 1013 1015 1028 1002 1010 198520 200607825 SAN MIGUEL CORP 131.9 132.4 133 133 131.1 132.4 165050 21793150 0.77 0.79 0.79 0.8 0.77 0.79 26000 20580 SOC RESOURCES TOP FRONTIER 163.5 168 162.3 169.9 155 169.9 5050 831869 WELLEX INDUS 0.222 0.228 0.22 0.23 0.22 0.23 90000 20590 ZEUS HLDG 0.179 0.18 0.183 0.194 0.175 0.18 70530000 13445510

803950 -61814635 -12889831 22726450 421020 611 380000 536351 -27238047 571260 14250140 -25672961 39400 -5617217 -15508650 -99200 -61209560 14325049 -559472 139950

PROPERTY ARTHALAND CORP 0.78 0.79 0.79 0.79 0.77 0.79 690000 534960 AYALA LAND 41.25 41.4 41.4 41.55 40.7 41.4 10745500 442159690 ARANETA PROP 1.5 1.69 1.65 1.75 1.65 1.7 157000 272640 1.5 1.51 1.58 1.58 1.5 1.51 2928000 4434470 BELLE CORP 0.62 0.63 0.63 0.65 0.61 0.63 873000 536140 A BROWN CITYLAND DEVT 0.8 0.82 0.81 0.82 0.78 0.8 766000 606760 CROWN EQUITIES 0.172 0.178 0.171 0.18 0.171 0.179 1190000 213180 4.51 4.55 4.58 4.58 4.5 4.51 357000 1611570 CEB LANDMASTERS 0.5 0.51 0.5 0.51 0.495 0.51 14207000 7159355 CENTURY PROP CYBER BAY 0.35 0.375 0.365 0.365 0.35 0.35 2080000 746350 DOUBLEDRAGON 17.3 17.4 18 18 17.3 17.3 488600 8533070 8.98 9.13 9 9 8.89 9 33100 296691 DM WENCESLAO 1.34 1.35 1.4 1.41 1.33 1.34 27653000 37574740 FILINVEST LAND GLOBAL ESTATE 1.02 1.03 1.04 1.04 1.01 1.03 2247000 2294760 8990 HLDG 14.68 14.7 14.7 14.74 14.7 14.7 1520400 22360320 1.01 1.04 1.08 1.1 1 1.04 2219000 2275320 PHIL INFRADEV 0.71 0.77 0.73 0.73 0.7 0.73 109000 77820 CITY AND LAND MEGAWORLD 3.67 3.68 3.8 3.8 3.62 3.67 35335000 130594670 MRC ALLIED 0.198 0.199 0.2 0.202 0.196 0.199 15090000 2982920 0.45 0.455 0.44 0.455 0.435 0.455 25190000 11460450 PHIL ESTATES PRIMEX CORP 2.05 2.06 2.05 2.08 2.05 2.06 79000 162230 ROBINSONS LAND 25 25.1 24.7 25.3 24.6 25 1602900 39855485 PHIL REALTY 0.305 0.32 0.31 0.31 0.305 0.305 200000 61200 1.95 2.03 1.96 1.96 1.95 1.95 6000 11750 ROCKWELL SHANG PROP 3.04 3.12 3.04 3.06 3.04 3.04 11000 33540 STA LUCIA LAND 2.4 2.49 2.4 2.49 2.4 2.49 80000 194700 SM PRIME HLDG 40.1 40.2 40.5 40.5 40 40.1 10441500 419536450 VISTAMALLS 5.1 5.18 5.1 5.18 5 5.18 71300 363769 1.61 1.63 1.7 1.72 1.6 1.61 5757000 9383920 SUNTRUST HOME VISTA LAND 6.81 6.88 6.85 6.88 6.81 6.88 2703300 18507033

-80004885 -1429250 -35610 300890 13600 34500 3264746 -12553 -18494770 207834 -30600 7699.9999 23094400 -139430 -15821305 -128739965 -185768

SERVICES ABS CBN 23 23.05 19.68 23.25 19.66 23 4290300 93987806 GMA NETWORK 5.39 5.4 5.4 5.42 5.38 5.39 282600 1524721 MANILA BULLETIN 0.435 0.445 0.44 0.46 0.44 0.445 1280000 578100 1881 1889 1885 1917 1880 1881 44595 84129205 GLOBE TELECOM 1013 1015 1012 1027 1011 1013 69790 70958450 PLDT APOLLO GLOBAL 0.044 0.046 0.047 0.048 0.043 0.046 5900000 261000 DFNN INC 3.8 4 3.81 4 3.8 4 19000 72430 0.099 0.101 0.098 0.103 0.095 0.1 2210000 220640 ISLAND INFO 1.59 1.6 1.66 1.68 1.56 1.59 19721000 31648280 ISM COMM NOW CORP 2.09 2.1 2.2 2.2 2.07 2.1 1964000 4151600 TRANSPACIFIC BR 0.234 0.235 0.236 0.236 0.235 0.235 3380000 794600 2.85 2.86 3.18 3.18 2.85 2.86 3433000 10244860 PHILWEB 8 8.3 8.2 8.38 8 8 38200 313398 2GO GROUP ASIAN TERMINALS 17.5 18 18 18 18 18 500 9000 CHELSEA 3.97 3.98 4.13 4.13 3.88 3.98 1362000 5436520 76.2 76.25 79.6 79.75 76.25 76.25 138660 10854407 CEBU AIR 115 115.7 117.3 117.3 115 115 952870 110445355 INTL CONTAINER LBC EXPRESS 11.7 12.14 12.14 12.14 12.1 12.14 4600 55748 MACROASIA 9.9 9.92 10 10 9.79 9.9 4456700 44149509 1.5 1.59 1.97 2.14 1.43 1.59 24993000 43732060 METROALLIANCE A METROALLIANCE B 1.55 1.64 1.87 2.08 1.5 1.5 1288000 2363210 PAL HLDG 7 7.3 7 7.3 6.9 7 20500 143430 HARBOR STAR 1.08 1.09 1.13 1.14 1.05 1.09 1831000 1981790 1.35 1.45 1.32 1.45 1.32 1.45 8000 11420 ACESITE HOTEL BOULEVARD HLDG 0.044 0.045 0.044 0.045 0.044 0.044 2600000 115000 WATERFRONT 0.54 0.55 0.56 0.57 0.55 0.55 446000 246490 CENTRO ESCOLAR 6.52 6.74 6.52 6.52 6.52 6.52 14100 91932 FAR EASTERN U 890 895 890 895 890 890 9750 8684740 0.57 0.58 0.57 0.58 0.57 0.57 3386000 1,930,040( STI HLDG 2.71 2.73 2.72 2.85 2.7 2.77 138000 378490 BERJAYA BLOOMBERRY 8.79 8.83 8.97 8.97 8.78 8.83 686000 6,075,115( PACIFIC ONLINE 1.99 2.04 2.04 2.05 2.04 2.05 5000 10230 1.94 2 1.96 1.96 1.93 1.93 150000 291110 LEISURE AND RES 0.54 0.55 0.55 0.56 0.53 0.55 17629000 9580300 PREMIUM LEISURE ALLHOME 10.34 10.36 10.4 10.4 10.24 10.36 1500800 15531512 METRO RETAIL 1.74 1.75 1.79 1.79 1.75 1.75 619000 1088560 37.75 37.95 38 38.3 37.55 37.9 583800 22172635 PUREGOLD 70.8 71 72.1 72.1 70.8 71 190130 13497554 ROBINSONS RTL PHIL SEVEN CORP 151 152 150 151 150 151 8590 1292890 SSI GROUP 2.05 2.06 2.14 2.14 2.02 2.05 3494000 7250700 18.66 18.7 18.76 18.78 18.6 18.66 266900 4988242 WILCON DEPOT 0.39 0.4 0.405 0.405 0.39 0.4 1120000 443350 APC GROUP EASYCALL 6.9 7.3 6.98 7.38 6.92 6.92 38100 269580 GOLDEN BRIA 418 423.8 418 418 418 418 130 54340 0.3 0.305 0.315 0.315 0.3 0.3 6100000 1837500 PRMIERE HORIZON 8.73 9.19 8.73 9.2 8.73 9.2 57000 508369 SBS PHIL CORP

-12808665 -40184500 -40100 370580 105000 165210 8200 -9000 86100 -2438917 -64031311 13132335 -35430 34280 -884360 12388 1,452,929.9999) -14000 2,604,729.0001) 15660 274550 -209434 -8499260 5971103 389890 822000 2587458 -424000 -

MINING & OIL ATOK 11.02 11.3 11.6 11.6 11 11.46 11000 121980 APEX MINING 1.11 1.12 1.1 1.13 1.08 1.12 4554000 5060630 -35880 0.0013 0.0014 0.0013 0.0014 0.0013 0.0014 50000000 66000 ABRA MINING ATLAS MINING 2.25 2.39 2.24 2.25 2.24 2.25 102000 229480 BENGUET B 1.1 1.17 1.1 1.1 1.1 1.1 4000 4400 4400 COAL ASIA HLDG 0.27 0.275 0.27 0.27 0.27 0.27 100000 27000 2.93 2.94 2.95 3.03 2.94 2.94 1222000 3623180 CENTURY PEAK DIZON MINES 6.57 6.79 6.89 6.95 6.57 6.57 7900 52651 FERRONICKEL 1.22 1.24 1.3 1.3 1.22 1.23 2787000 3488880 -123290 GEOGRACE 0.199 0.202 0.2 0.202 0.199 0.202 480000 96000 0.094 0.095 0.094 0.095 0.094 0.095 360000 33850 LEPANTO A LEPANTO B 0.094 0.096 0.091 0.096 0.091 0.096 160000 14700 MANILA MINING A 0.0074 0.008 0.0078 0.008 0.0078 0.008 8000000 63200 MARCVENTURES 0.7 0.71 0.71 0.71 0.71 0.71 64000 45440 0.98 1 1.01 1.01 0.98 1 37000 36720 7980 NIHAO 2.5 2.52 2.55 2.55 2.5 2.5 2492000 6250560 -469920 NICKEL ASIA ORNTL PENINSULA 0.62 0.66 0.67 0.67 0.62 0.62 80000 49820 PX MINING 3.08 3.09 3.03 3.17 3.01 3.08 1786000 5521680 -40260 19.5 19.54 19.84 19.88 19.4 19.5 476700 9315374 -6832720 SEMIRARA MINING 0.0037 0.0049 0.0049 0.0049 0.0048 0.0048 14000000 67600 UNITED PARAGON ACE ENEXOR 6.71 6.81 7.04 7.17 6.7 6.71 141400 965042 -71947 ORNTL PETROL A 0.0096 0.0097 0.0096 0.0097 0.0095 0.0096 9000000 86500 0.01 0.011 0.012 0.012 0.011 0.012 751500000 9017900 ORNTL PETROL B PHILODRILL 0.01 0.011 0.01 0.011 0.01 0.011 32700000 336500 PXP ENERGY 7.24 7.29 7.6 7.6 7.2 7.24 646200 4763358 152828

PREFFERED HOUSE PREF A 99.85 100.5 100 100 99.85 99.85 2500 249866 AC PREF B2R 500 501 500 502 500 502 320 160580 101.5 103 102 103 102 103 6800 699500 CPG PREF A DD PREF 101 101.4 101 101 101 101 7800 787800 GLO PREF P 502 508 502 502 502 502 1100 552200 GTCAP PREF A 997 999 999 999 997 997 8190 8180810 981 1000 1001 1001 1000 1000 310 310030 GTCAP PREF B MWIDE PREF 100.5 101.3 100.5 100.5 100.5 100.5 12000 1206000 PNX PREF 4 1050 1060 1050 1050 1050 1050 3000 3150000 PCOR PREF 3A 1060 1065 1060 1060 1060 1060 5400 5724000 1080 1128 1080 1130 1080 1080 9080 9837020 108500 PCOR PREF 3B 77.5 77.6 77.6 77.6 77.5 77.6 10790 837196 SMC PREF 2C SMC PREF 2F 76.6 76.85 76.6 76.6 76.5 76.5 16100 1231660 SMC PREF 2H 76 76.3 76 76 76 76 1000 76000 75.5 76 76 76 76 76 64600 4909600 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 17 17.3 16 18.06 15.8 17 2425600 41912434 -4271540 GMA HLDG PDR 5.18 5.2 5.3 5.3 5.2 5.2 105900 552230

WARRANTS LR WARRANT 1.02 1.08 1.09 1.09 1.02 1.08 67000 69310

SMALL & MEDIUM ENTERPRISES ITALPINAS 3.01 3.05 3.2 3.35 2.9 3.01 313000 957580 205950 KEPWEALTH 9.17 9.18 9.43 9.64 9.12 9.17 288600 2667158 0.79 0.81 0.84 0.84 0.79 0.8 1328000 1066510 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 108.5 110.5 110.5 110.5 108.1 108.5 15170 1653421 89923

www.businessmirror.com.ph

AgriNurture taps Vnesto Capital for a $100-M facility

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By VG Cabuag

@villygc

LOBAL investment bank Vnesto Capital has expressed interest in financing the expansion projects of listed firm AgriNurture Inc. (ANI), a company led by businessman Antonio Tiu.

In a disclosure, the company said its board of directors has accepted Vnesto’s letter of intent to finance ANI’s projects for up to $100 million.

AgriNurture can access up to $100 million of long-term financing, which shall be a long-term loan with interest pegged at Treasury bill rates plus a spread of 3 percent.

“The final amount and terms of the long-term financing deal would be finalized upon completion of the due diligence process. Upon the acceptance of the LOI, the formal application process officially commenced,” the company said in a

disclosure. Vnesto Capital is a USbased global investment bank that provides long-term project financing and equity capital for enterprises in emerging markets.

ANI’s board of directors also authorized the company to subscribe to additional shares of Binangonan Rural Bank Inc., which owns one of the few electronic money issuer licenses issued in the country by the Bangko Sentral ng Pilipinas.

The move is part of a plan to establish a closed-loop agricultural ecosystem being envisioned by ANI, the company said.

Together with the rural bank, ANI’s e-wallet can now be in sync with ATM cards of the bank and allow farmers to access cash anytime anywhere.

The bank has a license on financial technology platforms that can improve the access of Filipino farmers, especially those in remote areas, to Agri Agra Micro Financing, the company said.

Earthright Holdings Inc., the parent firm of ANI, has acquired a significant stake in Binangonan Bank via a subscription agreement to hike the bank’s capital.

The partnership will launch a full digital banking platform in the first half of the year aimed at providing microfinancing to farmers.

ANI president Antonio Tiu said the company also received the green light from the board to submit unsolicited proposals to the Department of Agriculture and National Food Authority in relation to agency’s Ri-Co or Rice and Corn Project.

ANI seeks to form a partnership with DA to participate in the project as the company ANI seeks to introduce the

Rice and Corn Blend to the NFA as alternative staple food.

“This is a paradigm shift in the Agri sector transforming palay growers into producers of value-added finished products. The Ri-Co farmers will be able to access financing through e-vouchers to be made available via the ecosystem of ANI,” the company said.

ANI is an exporter of agriculture products and hopes to ride on the growing demands from neighboring countries with aging and declining farmers.

The company ventured into the importation and trading of rice in the first quarter of 2015 and has since then participated in NFA’s rice importation program for the private sector.

ANI conducts its business through operating divisions and wholly owned or majority-owned subsidiaries.

The Philippine core operations group is organized into three business units, namely export, local distribution, and retail/franchising with brand names such as Big Chill and Tully’s.

EDC inks MOA with host communities

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NERGY Development Corporation (EDC) has committed to set aside one centavo per kilowatt-hour (P0.01/kWh) of its total electricity sales to its host communities.

A memorandum of agreement (MOA) was signed recently between EDC and its beneficiaries in compliance with the Department of Energy’s (DOE) Circular DC201808-0021 that requires energy generation companies and energy resource developers to directly provide their Energy Regulation (ER) 1-94 benefits.

Under Rule 29(A) of the Electric Power Industry Reform Act of 2001’s Implementing Rules and Regulations (Epira–IRR), 25 percent of the P0.01/ kWh of the total electricity sales shall be set aside for Development and Livelihood Fund (DLF) and another 25 percent shall be set aside for the Reforestation, Watershed Management, Health and Environment Enhancement Fund (RWMHEE) for use by the host region, province, city or municipality and its barangays, which are required to establish the corresponding trust accounts.

The funds used to be released by the DOE. While the exact amount is still being computed, EDC will be able to directly remit this benefit to its beneficiaries on a quarterly basis beginning this year once they have opened the trust accounts.

Ormoc City Mayor Richard Gomez and Municipality of Kananga Mayor Manuel Vicente M. Torres were present for the ceremonial MOA signing held at the Ormoc City Gov-

ernment’s Multipurpose Hall.

Signatories to the memorandum included: barangay captains Eric Gonzaga of Lim-ao, Kananga, Leyte; Angelito Napoles of Tongonan, Kananga; Wilma Taneo of Tongonan, Ormoc City; Hilario Singson of Milagro, Ormoc City; Richard Impas of Lake Danao, Ormoc City; and Rodelito Cantay of Cabintan, Ormoc City.

These barangays are hosts of EDC’s 711-megawatt (MW) Leyte Geothermal Project, the company’s biggest geothermal facility that also possesses the world’s largest geothermal steamfield.

“Being able to directly disburse our partner communities’ benefits as hosts of our geothermal facilities will also help us strengthen our relationship with them as we provide them with the necessary guidance on the use of the funds for community projects” said Atty. Allan V. Barcena, head of EDC’s corporate social responsibility (CSR) and public relations group.

The MOA specifies that the host barangays are to submit their annual work program for the tangible projects where the funds will be used, as well as report on the status of the said projects at the end of each year.

EDC’s Leyte geothermal facility that straddles Ormoc City and the Municipality of Kananga currently supplies more than 30 percent of the country’s installed geothermal capacity. It is also responsible for putting EDC and the Philippines on the map as the world’s third largest geothermal producer. Lenie Lectura

AirAsia relaunches service to Ho Chi Minh

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UDGET carrier AirAsia has relaunched its services to Ho Chi Minh City along with the mounting of more domestic flights in the Philippines ahead of the summertime peak travel period.

“With the first flight out on March 29, 2020, Ho Chi Minh City will be AirAsia’s 16th international destination from Manila,” the carrier’s Philippine CEO, Ricky Isla, said in a statement.

“We are pleased to announce our newest services to Ho Chi Minh City after being held over for eight months. As an Asean airline, we aim to increase regional connectivity and to provide more business and leisure opportunities in Vietnam to our AirAsia guests.”

To celebrate the relaunch of this destina-

tion, AirAsia said it is having a flash sale to Ho Chi Minh City, offering all-in promotional fares from as low as P1,499 for Big Loyalty Members available on airasia.com from February 24 to 27, 2020, for travel between March 29, 2020 and September 30, 2020.

Ho Chi Minh City was formerly called Saigon, the capital of French protectorate Cochinchina. This city located in the south of Vietnam was named after the most important leader of the Vietnamese nationalist movement. Today, Ho Chi Minh City is known to be the business hub of Vietnam and a popular tourist destination often visited for its French architecture amid tall skyscrapers, fresh local cuisine and historical attractions. Recto L. Mercene

mutual funds

February 24, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 238.92 -10.09% -2.16% -3.2% -5.15% ATRAM Alpha Opportunity Fund, Inc. -a 1.2435 -21.82% -3.87% -5.12% -10.02% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.3361 -19.05% -6.33% -5.83% -9.3% Climbs Share Capital Equity Investment Fund Corp. -a 0.8284 -12.82% n.a. n.a.

-7.66% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8039 -6.53% n.a. n.a.

-5.35% First Metro Save and Learn Equity Fund,Inc. -a 5.0385 -8.77% -0.98% -2.98% -5.44% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8014 -8.8% -4.65% n.a.

-6.12% MBG Equity Investment Fund, Inc. -a

95.7 -22.8% n.a. n.a.

-7.38% PAMI Equity Index Fund, Inc. -a 48.2433 -7.43% -0.17% n.a.

-5.92% Philam Strategic Growth Fund, Inc. -a 504.03 -7.55% -0.93% -2.79% -5.4% Philequity Alpha One Fund, Inc. -a,d,8 0.9819 n.a. n.a. n.a.

-4.68% Philequity Dividend Yield Fund, Inc. -a 1.2185 -7.17% -0.38% -1.71% -5.32% Philequity Fund, Inc. -a 35.7923 -7.48% 0.54% -1.58% -5.55% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.964 -6.67% n.a. n.a.

-5.31% Philequity PSE Index Fund Inc. -a 4.9178 -6.66% 0.47% -5.85% -1.02% Philippine Stock Index Fund Corp. -a 821.09 -6.63% 0.43% -1.18% -5.85% Soldivo Strategic Growth Fund, Inc. -a 0.7746 -14.3% -3.32% -5.06% -9.02% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.9247 -8.9% -0.26% -1.93% -6.76% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9423 - 6.86% 0.26% n.a.

-5.85% United Fund, Inc. -a 3.4652 -5.97% 1.96% -0.19% -5.15% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 110.2078 -6.25% 1.11% -0.26% -5.77% ATRAM AsiaPlus Equity Fund, Inc. -b

$0.9985 -0.42% 2.91% -0.21% -2.91% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4316 15.36% 3.84% 9.38% n.a.

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.533 -10.94% -3.85% -4.82% -1.91% ATRAM Philippine Balanced Fund, Inc. -a 2.0947 -8.78% -2.84% -2.62% -3.96% First Metro Save and Learn Balanced Fund Inc. -a 2.555 -3.19% 0.51% -2.73% -2.91% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.2146 n.a. n.a. n.a.

-6.08% NCM Mutual Fund of the Phils., Inc. -a 1.9274 1.01% 1.63% -0.28% -1.82% PAMI Horizon Fund, Inc. -a 3.6879 1.41% 0.52% -1.26% -2.67% Philam Fund, Inc. -a 16.4835 0.17% 0.4% -1.38% -2.81% Solidaritas Fund, Inc. -a 2.0707 0.05% -0.6% -2.59% -3.47% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.705 -3.16% 0.71% -1.11% -4.11% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.9872 -0.3% n.a. n.a.

-2.81% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.9536 -3.36% n.a. n.a.

-4.3% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.9473 -3.93% n.a. n.a.

-4.62% Sun Life Prosperity Dynamic Fund, Inc. -a 0.9256 -4.56% -0.2% -2.53% -5.05% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03909 9.47% 3.48% 2.23% 2.25% PAMI Asia Balanced Fund, Inc. -a $1.03 4.88% 0.67% -0.76% 3.5% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0314 12.02% 7.39% 4.2% 3.08% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.153 8.59% 4.38% n.a.

2.14% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 359.33 3.98% 2.75% 2.29% 0.43% ATRAM Corporate Bond Fund, Inc. -a

1.9089 2.51% 0.5% -0.51% 0.36% Cocolife Fixed Income Fund, Inc. -a 3.1387 4.91% 5.15% 5.16% 0.72% Ekklesia Mutual Fund Inc. -a 2.2424 4.41% 2.28% 1.89% 0.78% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3687 6.34% 2.25% 1.42% 0.41% 12.28% 2.61% 1.7% 0.7% Philam Bond Fund, Inc. -a 4.4037 Philequity Peso Bond Fund, Inc. -a 3.7864 5.87% 2.86% 1.34% -0.05% Soldivo Bond Fund, Inc. -a 0.9748 7.17% 1.64% 0.26% 1.09% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0957 9.32% 4.39% 2.54% 0.64% Sun Life Prosperity GS Fund, Inc. -a 1.7043 8.37% 3.73% 2.06% 0.19% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $472.1 4.63% 2.74% 2.74% 0.83% ALFM Euro Bond Fund, Inc. -a Є221.3 3.1% 1.77% 1.34% 0.71% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2173 5.82% 3.12% 2.5% 0.84% 1.45% 1.36% 0.78% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 4% PAMI Global Bond Fund, Inc -a $1.11 5.59% 1.41% 0.01% 1.35% Philam Dollar Bond Fund, Inc. -a $2.469 11.12% 3.99% 3.15% 2.71% Philequity Dollar Income Fund Inc. -a $0.0608751 5.89% 2.34% 1.93% 0.93% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2717 11.57% 3.7% 3% 3.04% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 126.48 3.88% 2.96% 2.24% 0.56% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0317 2.92% n.a. n.a.

0.53% Philam Managed Income Fund, Inc. -a 1.2588 6.08% 3.11% 1.71% 0.17% 3.63% 2.94% 2.45% 0.45% Sun Life Prosperity Money Market Fund, Inc. -a 1.2703 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0399 2% n.a. n.a.

0.26% 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."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Govt fully awards P20 billion T-bills on ‘healthy demand’

By Cai U. Ordinario @caiordinario

T

he Bureau of the Treasury (BTr) Auction Committee fully awarded P20 billion worth of Treasury Bills (T-Bills) on Monday.

The BTr said total bids reached P70.9 billion, more than 3.5 times the P20 billion offering.

The government accepted P6 billion worth of bids for the 91-day and 182-day T-bills and P8 billion worth of bids for the 364-day T-bills.

“The Auction Committee fully awarded bids for the Treasury bills given healthy demand,” the BTr said in a statement. “Rates across all tenors went below previous auction and secondary market levels.”

BTr data showed the 91-day T-bills worth P6 billion was awarded in full with bids hitting P21.596 billion. Interest rates for the debt instrument settled at 3.003 percent, a 6.9-basis point drop from 3.072 percent posted in last week’s auction for the same tenor.

The 182-day T-bills worth P6 billion was also awarded in full at P21.06 billion with bids oversubscribed by more than three times.

The T-bills fetched an auction rate of 3.365 percent, lower by 5.5 basis points from the 3.42 percent posted in the previous auction.

Meanwhile the 364-day T-bills worth P8 billion on offer posted an average auction rate of 3.787 percent. This is 4.9 basis points lower than the 3.836 percent recorded in the previous auction.

Tenders for this tenor reached P28.21 billion.

Last week, National Treasurer Rosalia V. de Leon told reporters the rates have gone down across all tenors as a result of the lingering concern on the virus outbreak and over expectations of another rate cut by monetary authorities.

De Leon said they are still monitoring the market for the dollar-denominated bond issuance but given the lingering concern on the virus outbreak, she said “it is still very tepid for the moment in terms of other issuances.”

She added that fiscal authorities are still monitoring the situation and hinted at acting on other issuances on reduced concerns on Covid-19 and when the risk sentiment in the market ebbs.

Personal finance and fortuitous events

M

any people have goals and many develop plans in order to achieve the goals.

Goals and plans can cover both the financial and non-financial desired states.

However, we live an unpredictable world. There is only a certain extent that we can actually have in order to predict and influence the future.

Things keep on changing.

An example of a major change would be fortuitous events, which are events that happen by accident.

The key is to prepare well. Get an umbrella before it rains. Make sure the spare tire is ready.

One practical form of preparation would be having an emergency fund. This can be considered to be a financial safety net to address future adverse situations.

Not everything is a real emergency though. A sudden product sale in the mall is not an emergency. A sudden online promotion is not an emergency.

An emergency is one that can potentially make one worse-off and strain financial resources in the process. Being able to track monthly cash inflows and cash outflows would be a good first step in building the fund.

The emergency fund can be maintained at a level that is equivalent to six months of the monthly lifestyle expenses of an individual. The expenses should take into account both individual expenses and family expenses especially in the case of breadwinners.

Where should one put the emergency fund?

Ideally, the emergency fund should be placed in liquid assets or those assets that could be readilyconvertible to cash when the emergency happens. Bank accounts and liquid money market accounts are popular options.

Another practical form of preparation would be having ample life insurance.

Death comes like a thief in the night. Having the right insurance coverage will support families even beyond lifetimes.

In case one gets to live a long life, the right insurance coverage can also help one make the most out of retirement life. In case one gets afflicted with sickness, many insurance policies likewise have riders that will be able to pay for future medical expenses.

Premiums may be higher but savings may potentially be higher too.

Another practical form of preparation would be having ample health

Genesis Kelly S. Lontoc

personal finance insurance.

A big chunk of Filipinos are employees and many have access to benefits related to health insurance as part of company benefits and general government benefits. However, the coverage can vary across roles, levels and sectors.

When employees move or decide to get out of the corporate setting, the health insurance benefits may decline. Hence, it may be prudent for one to also get a personal health insurance policy as a contingency measure.

Another practical form of preparation would be having ample nonlife insurance. This is best availed not for all assets but mainly for assets that play a central part in core lifestyle.

An example would be getting non-life insurance for the house to address possible adverse events like damage. An example would be getting non-life insurance for the family vehicle to address possible adverse events like road accidents.

How then should one choose the right insurance provider for the fortuitous events? The good news is that there are reputable companies and many upright insurance professionals in the country.

Maybe, one basis of choice would be to look at the financial strength of the provider over time. Another basis could also be the range of services offered by the insurance company and the relevance to one’s financial situation. Another basis could be knowing the general reputation of the provider in terms of stakeholder care.

Life happens. In as much as we would like to control everything in this world, we simply cannot. We can either do nothing or do something about the fortuitous events.

The emergency fund and various insurance options are things we can have in order to mitigate risk in the future and allow us to enjoy life. At the end of the day, preparing well through the financial tools can give us valuable peace of mind tomorrow.

Gemmy Lontoc is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, attend the 82nd RFP program in March. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Tuesday, February 25, 2020 B3

San Miguel: Let courts rule on PSALM case vs SPPC

S

By Lenie Lectura

@llectura

an Miguel Corp. (SMC) criticized the government for releasing willy-nilly disputed figures to gain public approval in an ongoing case concerning the Ilijan power plant.

The conglomerate has urged the Department of Finance (DOF) and the Power Sector Assets and Liabilities Management Corp (PSALM) to give the country’s justice system a chance instead of resorting to trial by media.

SMC said its power arm South Premiere Power Corp. (SPPC) has not received any billing statement from PSALM for the alleged unpaid amount of P23.94 billion.

“We are one with the DOF and PSALM in wanting to have closure to the case,” SMC President Ramon S. Ang said. “However, premature closure by distorting the facts through the court of public opinion is only compromising the integrity of our justice system.”

The legal dispute between SPPC and PSALM has been pending with the Mandaluyong Regional Trial

Court (RTC) since 2015.

“Let us not undermine the integrity of the court and return to basics. We choose to be on the side of law instead of presenting a good yet misleading story. Let us stick to the facts of the case and let the court decide,” Ang added.

Ang is reacting to a series of stories coming out in the mainstream media quoting the DOF as running after SMC over its alleged unpaid debts to PSALM, through SPPC, on the 1,200-megawatt Ilijan power plant. To expedite its resolution, SPPC filed a motion for PSALM to produce documents in order to have full disclosure of the facts.

However, instead of just proceeding with the discovery process by submitting the requested documents, PSALM filed a motion to hear other defenses unrelated to

the merits of the case, which the RTC and the Court of Appeals have both denied.

The RTC has also indefinitely enjoined PSALM’s termination of the Independent Power Producer Administrators (IPPA) agreement in favor of SPPC while the case remains pending. Such injunction has been upheld both by the Court of Appeals and the Supreme Court, according to SMC. PSALM recently said that SMC owes the government P23.94 billion and that the amount is based on the company’s bid to become the IPPA of the Ilijan Power Plant. It added that SMC should thus bear the “financial consequences” of its bid.

However, the main dispute between PSALM and SPPC is due to differing interpretations in computing-generation payments provided for under the IPPA agreement, not in the figures stated in SMC’s bid documents.

Generation payments are based on actual generation data and the determinants of revenues derived from the capacity of the Ilijan power plant, both of which could not be reasonably determined and, thus, would not be information included in the bid when the IPPA for the plant was bid out, Ang explained.

He added that of the P314.6 billion paid by SPPC to PSALM as IPPA of the Ilijan power plant, about

P240.7 billion paid as of January 31, 2020, by SPPC is considered as generation payments.

In a statement, Ang said PSALM failed to explain its reasons for claiming an additional amount of P23.94 billion in generation payments and related charges from SPPC. Ang explained that the dispute stems from PSALM’s erroneous use of prices in the Wholesale Electricity Spot Market in computing for generation payments beginning January 2013 to date. SPPC used the tariff rate approved by the Energy Regulatory Commission (ERC) for the Ilijan power plant, when appropriate, as required under the IPPA agreement in computing generation payments to PSALM. This approach is also consistent with the baseload nature of the Ilijan power plant and the fact that its capacity is contracted in full to bilateral customers, primarily Meralco, which pays a tariff rate approved by the ERC. SPPC has also not received any billing statement from PSALM claiming the alleged unpaid amount of P23.94 billion, Ang was quoted in the statement as saying.

“Interestingly, PSALM has released the figure to the media instead of informing affected party SPPC or SMC,” Ang said. “Based on PSALM’s last billing statement to SPPC, it is claiming just P15.63 billion.”

Japan’s finance minister warns world over China’s digital yuan

J

apan’s Finance Minister Taro Aso warned the world off China’s digital yuan, saying more work is needed before any issuance.

China is expected to introduce the currency later this year, and Japanese officials have repeatedly expressed reservations about such a move.

“There is a big risk in a central bank digital currency unless the regulation is well-sorted,” Aso told reporters in Riyadh, where G-20 finance chiefs held a meeting this weekend. “I would say ‘hold on’ for the issuance of a government-backed digital currency, at least for now.”

The G-20 communique said Sunday that risks associated with a digital currency should be evaluated and appropriately addressed before its issuance. China’s plan and Facebook’s efforts to launch its own Libra currency have sparked central banks around the world to get up to speed on how digital currencies would function and what their impact could be.

Aso said nations should be aware of the risk of China suddenly ditching its digital currency and causing a chaos in the global economy.

The Bank of Japan is teaming up with other major central banks to

assess potentially developing their own digital currencies. While Japan currently has no plan to issue a digital currency, concerns are growing among lawmakers that a digital yuan being proposed by Chinese authorities could destabilize an economic order that has been revolving around the US dollar.

“We sense the digital yuan is a challenge to the existing global reserve currency system and currency hegemony,” Norihiro Nakayama, a senior lawmaker in Prime Minister Shinzo Abe’s ruling party, told Bloomberg this month.

The wide use of a digital yuan could lead to more trading in the currency, expanding its reach, while possibly crippling the yen’s status.

Japan still relies more heavily on cash than most other developed nations, a situation the government is trying to change by offering shopping rebates on purchases made with credit cards or by other electronic means. Cashless payments accounted for fewer than 20 percent of all transactions in 2016, compared with 65.8 percent in China, according to a government report last month.

Bloomberg News

Central banker who declared inflation dead now battling it

E

ven in a world where more than a decade of ultra-low interest rates has largely failed to ignite prices, there’s still room for a surprise—as one Hungarian central banker has found.

Deputy Governor Marton Nagy told a conference in Budapest in October that inflation was effectively dead globally and near-zero borrowing costs were here to stay. Snap forward just four months and he’s facing the fastest ramp-up in prices in the European Union.

His central bank, one of the planet’s most dovish, has begun to act—steering interbank interest rates higher to tame inflation. Price growth is elevated across Europe’s east and has already prompted hikes in benchmark borrowing costs elsewhere.

Investors are now weighing whether Hungary’s policy pivot will amount to more than the fleeting bouts of support they’ve witnessed in the past for the forint, which traded near a record-low against the euro on Monday.

The key determination for currency traders is whether this is “a more material shift in direction,” Goldman Sachs said in an emailed note. “Without a clearer path” toward higher rates, the forint will “move back to its weakening trend.”

Inflation rocketed to an annual 4.7 percent in January, the most in seven years and way above the official 3 percent target. The jump left Hungary with one of the lowest real

Marton Nagy, vice president of the Bank of Hungary, also known as Magyar Nemzeti Bank, poses for a photograph after a news conference in Budapest, Hungary. Hungary’s central bank has extended its Funding for Growth Plan into 2016, seeking to boost banks’ lending via new facilities, according to a National Bank of Hungary statement. Bloomberg

interest rates globally.

‘All tools’

Currency investors have more attractive options close at hand: the nearby Czech Republic delivered the world’s first rate hike of 2020 this month, its ninth since 2017.

Hungary has pledged to “use all available tools” to contain inflation and is draining liquidity pumped into the system in recent years to keep borrowing costs close to zero. That’s tightened monetary conditions by the equivalent of two quarter-point rate hikes in the past month.

The central bank has room to do more without touching its official benchmark, which at 0.9 percent

is still 30 basis points above interbank rates.

Major monetary-policy decisions are usually only taken once a quarter, the next possible time coming in March. But the bank holds monthly

meetings, with another set for Tuesday, when its statement will be scrutinized for evidence of a shift in policy.

Nagy isn’t alone in misreading inflation: Poland’s central bank is also grappling with an upswing in prices that it didn’t predict.

And Nagy, who despite being just 43 has worked at the central bank for 18 years, has been right in the past to the extent that his colleagues invariably voted with him on big decisions.

In slashing interest rates, he correctly predicted inflation would also ease. In harnessing the central bank’s firepower, he helped transform the recession-stricken economy into one of the EU’s fastest growing.

His recent remarks could yet serve as a warning for others.

“The lesson” from central and eastern Europe “is that inflation across the Western world is likely hibernating rather than dead,” said Emiel Van den Heiligenberg, head of asset allocation at Legal & General Investment Management in London.

Bloomberg News

B4 Tuesday, February 25, 2020

UP Beta Sigma will hold shooting competition

Palawan farm destination gets gov’t boost for dairy production

Y

AMANG Bukid Farm, one of Palawan’s most visited tourism destinations, is embarking on dairy production to help improve the nutrition of school children, especially those in public schools.

This after the farm at Barangay Bacungan availed of a soft loan from the Philippine Carabao Center (PCC) to raise imported and high quality breed of carabao that can be a good source of milk and other dairy products.

Some 11 Murrah buffaloes were initially given by the Nueva Ecija-based state animal propagation hub in a “publicprivate partnership scheme” to the Puerto Princesa City farm destination, according to Dr. Arnel del Barrio, PCC executive director.

“This is part of our carabao enterprise development wherein we help cooperatives, individual farmers (and) families by lending them the carabaos like a soft loan. Beneficiaries like Yamang Bukid Farm repay it with another carabao which will be given to (another beneficiary),” Del Barrio said.

Ten female buffaloes (also technically known as cows) and a bull were received

by Yamang Bukid Farm and were promptly shipped from Nueva Ecija midweek.

PACQUIAO: Inspiration message

T

HE UP Beta Sigma Fraternity Shooting Club is holding the Jesus R. Jayme Shooting Competition, the 1ST Beta Sigma Cup, on March 21 and 22 at the Armscor Facility in Marikina City to help raise

Hezir Rabaya, popularly known as Sir Rabz, is a hardworking and dedicated farming employee of Yamang Bukid Farm. He finished the Facilitators' Learning Workshop for Farmer Livestock School on Dairy Buffalo Production (FLS-DBP) hosted by PCC in August 2019. He led farm workers in preparing the 11 Murrah buffaloes granted by the Philippine Carabao Center (PCC) to the farm.

Hezir Rabaya, one of the farm’s managers who fetched the herd said a concrete barn was built on a hill overlooking the sprawling farm to house the animals.

“We have enough facilities and personnel for this project,” said Rabaya who underwent training on quality milk production at PCC recently. The YB employees are the ones who will help him in taking care pf the imported water buffaloes and in doing the milk production.

Del Barrio said Yamang Bukid can also include dairy and milk production a component to its ATI-accredited trainings and further boost its capabilities as a learning site.

The sprawling farm tourism draw, which attracts at least 5, 000 visitors weekly, is known for its well-manicured gardens of ornamental plants, succulents, among others and is into sustainable farming of vegetables and other crops.

FPG Insurance fetes top brokers for 2019

FPG INSURANCE’S TOP BROKER. AON Insurance and Reinsurance Brokers Philippines, Inc. aced the list as FPG Insurance’s Top Broker for gross premiums written for 2019. Receiving the award is AON Insurance Commercial Risk Solutions & Affinity Vice President Sonny Ang (third from left). With Ang are (from left) FPG Regional Managing Director Stephen Blasina, AVP Alodia Fernandez, new FPG President and CEO Gigi Pio de Roda, Corporate Business Group Head Beth Villamil, and outgoing president Ramon Dimacali. FPG Insurance offers a comprehensive suite of corporate insurance products from motor fleet insurance, business travel, property, marine, casualty, financial lines, health and accident, surety bonds, and engineering.

F

PG Insurance, the major player in the general insurance industry, recognized its top brokers for 2019 at the annual Brokers’ Night held recently at the Fairmont Hotel in Makati City. AON Insurance & Reinsurance Brokers Philippines, Inc., one of the

leading risk insurance advisors in the world and in the Philippines, aced the list as the Top Broker for gross premiums written for 2019.

Meanwhile, BDO Insurance Brokers, Inc. (BDOI), an SM Group member and BDO subsidiary, and Marsh Philippines,

Inc., a global brokerage leader and among the two of the largest in the country, bagged second and third spots, respectively.

Other awardees who made the list and recognized were Lacson & Lacson Insurance Brokers, Inc., Chinabank Insurance Brokers, Inc., Unicon Insurance Brokers Corporation, Gotuaco del Rosario Insurance Brokers, Inc., Bonifacio Insurance Broker Corporation, Trinity Insurance Brokers, Inc., Eastwest Insurance Brokerage, Inc., Philpacific Insurance Brokers and Managers, Howden Insurance and Reinsurance Brokers Philippines, Inc., and K&A Insurance Brokers, Inc. The brokers and agents present also witnessed the ceremonial change in leadership as outgoing president Ramon Yap Dimacali passes on the baton to Gigi Pio de Roda as FPG Insurance’s new chief executive. Dimacali will be retiring from the CEO position after 18 years with the Group.

FPG Insurance offers a comprehensive suite of corporate insurance products from motor fleet insurance, business travel, property, marine, casualty, financial lines, health and accident, surety bonds, and engineering.

DLSU is the lone PH private university included in the Times Higher Education Emerging Economies Rankings

D

E La Salle University is among the top global institutions in the Times Higher Education Emerging Economies University Rankings 2020. DLSU is in the 351400 bracket, and is for the second year, the lone private university from the Philippines to make it into these rankings.

The emerging economies rankings include colleges and universities in countries identified by the London Stock Exchange’s FTSE Group as “advanced emerging”, “secondary emerging”, or “frontier.” Only 533 institutions from 47 countries met the criteria to be included in the rankings.

The rankings apply the same researchintensive indicators as the THE World University Rankings to evaluate institutions on their

I

N the age of snackable videos, how creative can you get?

In partnership with short-form mobile video app TikTok, SM Supermalls excites netizens and shoppers alike as it hops into the online craze of musical challenges, lip-syncing videos, and other funny antics with the #SMDaresYOU challenge, bringing a whole new level of malling experiences to shoppers!

“SM’s goal is to always provide an optimal family experience for our shoppers. We encourage having fun in SM malls and making these short videos is just one of the many ways to achieve that,” said SM Supermalls senior vice president for marketing Jonjon San Agustin.

Through the #SMDaresYou challenge, SM Supermalls invites TikTok users to showcase their talents and creativity by uploading their own 15-60 second videos on the platform. The videos will range from a variety of topics such as viral online trends, quick tutorials, and fun challenges.

Promoter Score (NPS) program to systematically measure clients’ and intermediaries’ overall satisfaction with the company, and enable service and process improvements thru the feedback of its partners.

With this lifetime partnership, GLAPI launched the enhanced versions of its digital platforms namely, GenConnect, GenPortal, and GenNetwork. Likewise, a 24/7 Call-ADoc feature is added to its current health and wellness programs.

Visit http://generali.com.ph or email customercare@generali.com.ph

Participants must share the videos on TikTok with the hashtag #SMDaresYou and tag SM Supermalls’ TikTok account: @ smsupermalls.

Time to get creative. Take on this fun challenge at SM Supermalls! For updates, visit https://www.smsupermalls.com/ or follow them on all social media platforms @smsupermalls.

It’s boba o’clock! Royal Tea milk tea room is coming to the dessert museum

G

Reynaldo Centeno, GLAPI President and CEO said in his welcome remarks.

Through a digital gallery which displayed life milestones of employees and clients, GLAPI showcased its culture of customercentricity, where its products and services accompany the most important moments in people’s lives.

Aligned with GLAPI’s global strategy of being a Lifetime Partner involves the commitment to excellent performance, empathy, innovation, and responsiveness to feedback. In relation to this commitment, GLAPI has now implemented the Net

teaching, research, knowledge transfer, and international outlook, but are recalibrated to reflect the development priorities of universities in emerging economies.

DLSU is also ranked in other THE 2020 rankings. It is the country’s top-ranked institution in the THE Engineering and Technology and Physical Sciences Subject Rankings. In THE’s Social Sciences Subject Rankings, the University is the only private university among the ASEAN higher education institutions that qualified to be in the list.

The Times Higher Education lists the world’s best research universities, requiring a minimum threshold of Scopus publications, combined with data on teaching, innovation, international outlook, and reputation.

Join the #SMDaresYOU challenge today!

Generali Life Assurance launches its Lifetime Partner strategy

ENERALI Life Assurance Philippines, Inc. (GLAPI), a subsidiary of one of the largest global provider of insurance solutions, launched its global strategy and the company’s innovations, with the aim to improve clients’ access to various benefits and services and adapt better to the Filipinos’ changing needs.

Held recently in Shangri-la at the Fort, Bonifacio Global City, the launch focused on the company’s Lifetime Partner strategy by offering digital platforms to further highlight the company’s mission to deliver relevant and accessible insurance solutions. It was attended by its partners from key industries and graced by GLAPI’s top leaders from the region.

“We celebrate what we have achieved for the industry, but more importantly how our services have valuably contributed to the lives of Filipinos.

Definitely, we will work on continuing what we started, and as we go digital, we are excited for the way forward for Generali Life Assurance Philippines,” Mr.

funds for the victims in the recent Taal Volcano eruption.

The Level 2 Philippine Shooters and Match Officers Confederation-sanctioned match with 10 stages, will also honor Jesus R. Jayme, the late organizing founder and first president of the Beta Sigma Fraternity, which was organized at the University of the Philippines barely a month after the country gained independence in 1946.

Sen. Emmanuel Pacquiao, who will deliver the inspiration message, will lead key government and PNP officials, including Police Lt. Gen. Camillo Cascolan and Director General Aaron Aquino of the Philippine Drug Enforcement Agency (PDEA).

The event organizers said that it was initially planned to raise funds for the Fraternity’s worthwhile projects, but due to the Taal volcano’s eruption they decided to redirect proceeds and designate it “for the needs of those affected by this dreadful disaster.”

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OOOHLALA boba time realness!

Due to popular demand, we’re finally making it happen! A milk tea addition for a perfect combination! The Milk Tea Room is The Dessert Museum’s first tie-up! We’ve partnered with ROYAL TEA to make this Boba Paradise come to life! And, really, it’s basic math—it’s not a complete dessert experience without the ideal beverage, right?

Once you get tired of jumping around the different themed rooms, quench that thirst

in our new ROYAL TEA Milk Tea Room.

Watch Out for these Oh-so BOBAmazing, IG-perfect Spots and Activities! Start your journey by choosing your PEARLsonality between being a Boba Bae or a Boba-corn. Be careful which path you choose tho (it says a lot about your flavor).

Walk your way to milk tea realness as you stroll through our Giant Straw Noodle Forest.

If that ain’t intense for you, then lose those calories by dancing your way through our Tapioca Disco Tunnel.

Ever heard of the exciting game of Beer Pong? We have it, but make it milk tea. Play the most intense game of Milk Tea Pong. In this game though, you’d wish you’d lose to drink all the milk tea that you want.

Uh-oh, watch out for the weather in this room because forecast is Cloudy with a HUGE chance of Boba. Also check out who will reign on our Boba Throne. Last but not the least, literally GET on our GIANT HUMAN Claw Machines where you can try your best to (no promises, you gotta work hard for it) get even more freebies when you buy a full size milk tea from Royal Tea. We’re located at Unit 124, 126, 127a, Coral Way, S Maison Mall, Conrad Hotel Manila, Mall of Asia Complex, Pasay City.

You can either walk-in or book online at www. dessertmuseum.com.

Sherpa team to summit Mt. Everest in five days in winter

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ATHMANDU, Nepal—Four experienced Sherpa guides say they will attempt to climb to the top of Mount Everest in the span of less than a week during the brutal winter season to set a new record on the world’s highest peak.

The team is flying on a helicopter to the Everest base camp on Monday and will begin the ascent on Tuesday.

Team leader Tashi Lakpa, 34, said he and the others plan to reach the 8,850-meter (29,035-foot) summit on Saturday, make a

quick descent and return to Kathmandu, Nepal’s capital, on Sunday.

“The last teams that scaled the peak in winter did it in two months, but we are planning to do it in five days. We are attempting to set a new mountaineering record,” Lakpa said Monday in Kathmandu.

The team members will be battling extreme cold, high winds and piled-up snow and ice as they try to become the first to reach the top of Everest in the winter in 27 years.

Only a handful of climbers have reached the mountain’s peak during that season. The feat was first accomplished in 1980, and has not been done since 1993.

Everest is mainly scaled during the spring climbing season in April and May, when weather conditions are favorable.

There are already two foreign teams on the mountain this winter who have been battling rough weather for the past few months.

Team leader Lakpa said he and the others have been training on other mountains in

preparation, acclimatizing their bodies to the high altitude.

Between the four climbers, Lakpa has scaled Everest eight times, while the others have done it three times, twice and once.

Lakpa said it was also an attempt to bring glory to Nepalese climbers. Nepalese climbers and guides, who were once relegated to support staff, have recently been emerging out of the shadows of their Western peers, setting new mountaineering records. AP

A BIRD flies in the backdrop of Mount Everest as seen from Namche Bazar in the Solukhumbu District in Nepal. AP

Sports VIRUS IMPACTS ITALIAN SPORTS BusinessMirror

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| Tuesday, February 25, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Olympic qualification tournament has been moved from Wuxi in China to Jordan’s capital Amman because of the coronavirus outbreak.

The continental qualifier is set on April 10 and 11. The two-day was the latest sporting event to be impacted by the outbreak.

The virus originated in China, with the country now subject of travel restrictions from several nations.

World Taekwondo President Chungwon Choue confirmed Amman stepped in to replace Wuxi as host of the Asian qualifier in a letter to member national associations.

ESPORTS MATCHES IN SEOUL POSTPONED

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By Andrew Dampf The Associated Press

OME—Holding soccer games behind closed doors without fans in attendance is a problematic solution, Italian Olympic Committee (CONI) President Giovanni Malagò said Sunday as authorities scrambled to contain a rapidly rising number of COVID-19 cases in the country and a third death from the virus.

CONI, the Olympic committee, oversees all sports in Italy.

Four matches in the top Italian league scheduled for Sunday were postponed after the government ordered a ban on all sporting events in Lombardy and Veneto—the regions in the heart of the outbreak—and later Turin.

Besides refunding vast numbers of tickets—some 60,000 fans were slated to attend Inter Milan’s game against Sampdoria on Sunday at the San Siro stadium in Milan before it was postponed—Malagò noted Italian fans’ tendency to go stand outside stadiums where matches are played behind closed doors and cheer on their team from the parking lot.

“It’s going to cause a public safety issue,” Malagò told Sky Italia. “That’s particularly problematic at this moment when police are busy with other situations and won’t be able to stand outside a soccer stadium.

“It’s a matter of public health,” Malagò added.

Italian authorities announced that they are shutting down Venice’s famed carnival events in a bid to stop the spread of the virus, as numbers of infected persons in the country have soared to at least 152—the largest amount of cases outside Asia.

Veneto regional Gov. Luca Zaia said the shutdown will begin Sunday evening. Carnival, which draws tens of thousands of visitors to the lagoon city, would have run through Tuesday.

Nearly all of Italy’s confirmed cases are clustered in the north, with 110 in Lombardy and others in the regions of Veneto, Emilia-Romagnia and Piedmont. Only two cases have been found in the south, a Chinese couple in Rome earlier this month.

The death on Sunday of an elderly woman, who was already suffering from cancer and who contracted the virus, raised the nation’s death toll to three, said

Lombardy regional official Giulio Gallera. All three deaths occurred in the north.

The Atalanta versus Sassuolo and Hellas Verona versus Cagliari Serie A games were also called off while Torino’s match at home to Parma was postponed hours before kickoff on Sunday, following new cases in Piedmont.

Parma, which had already traveled to Turin, spent Sunday practicing at Juventus’ training facility.

The only Serie A games to go ahead Sunday were Lazio’s 3-2 win at Genoa and Roma’s 4-0 home win against Lecce in the capital. Some fans at the games wore protective face masks.

Also postponed: Milan’s game against Fiorentina in the Serie A women’s league; a women’s Six Nations rugby match between Italy and Scotland scheduled for Legnano near Milan; as well as a long list of lower-league and children’s games across all sports.

There was no immediate announcement on when the postponed Serie A matches might be made up.

“It is right to take precautionary measures and understand where the problem starts,” Lazio Coach Simone Inzaghi said. “We must not underestimate what is

LONDON Spitfire fan Rick Ybarra of Plainfield, Indiana, reacts after London wins the second game against the Philadelphia Fusion during the Overwatch League Grand Finals at Barclays Center in New York in 2018. AP

happening, football is moving in the right direction.

“The answer isn’t playing matches behind closed doors, because the fans are the heart of our sport. It is right to share football with the fans, we need to find an alternative solution for this problem.”

There are also concerns over Inter’s Europa League match against Ludogorets, with the second leg scheduled for Thursday in Milan. The Bulgarian side has written to UEFA to request more information about the situation.

Juventus, which is based in Turin, is scheduled to host Inter next Sunday in the return of former Coach Antonio Conte.

“Right now, the sports world must not try to go its own way,”Malagò said. “It absolutely needs to share the indications of the authorities, first and foremost the government. Dialogue is ongoing with all of the clubs affected.

“We have to take it one day at a time,” Malagò added.

“If someone tells you today that they have an answer to what will happen, they are lying.”

AMMAM TO HOST TAEKWONDO QUALIFIER

The World Taekwondo, meanwhile, confirmed the Asian

THE Overwatch League is postponing three weeks’ worth of scheduled matches in Seoul amid reports that Asia’s virus outbreak is spreading in South Korea.

The league previously postponed matches scheduled for three cities in China this month and rescheduled them for March in Seoul due to the COVID-19 illness, which is caused by a newly identified coronavirus that has infected tens of thousands of people, mostly in China.

Those matches, along with previously scheduled home dates for the Seoul Dynasty, have now been postponed.

“In order to protect the health and safety of our players, fans, and staff, we are canceling plans to host OWL 2020 matches in South Korea in Weeks 5, 6, and 7, including the Seoul Dynasty home event,” the league said in a statement. “We’ll share more info about when and where matches will take place at a later.”

South Korea on Monday reported 161 more cases of the virus in the city of Daegu, bringing the nation’s total to 763 cases and seven confirmed deaths from the outbreak.

This is the first year for OWL’s unprecedented global schedule including host matches for its 20 city-based franchises in Asia, North America and Europe.

The Dynasty is the only franchise based in eSportsobsessed South Korea. The team had planned to host matches spanning March 7 to 22 at the landmark Dongdaemun Design Plaza. The next Overwatch League matches scheduled in Seoul on May 9 and 10.

A Roma fan wears a sanitary mask as he watches the Italian Serie A match between Roma and Lecce at the Olympic Stadium in Rome on Sunday.

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Business

C2 Tuesday, February 25, 2020

SING A SONG FOR FURY L

AS VEGAS—The world has never seen a heavyweight champion quite like Tyson Fury, the British behemoth who gave Deontay Wilder a beat down to win the heavyweight title and then celebrated by leading his fans in a chorus of “American Pie” from the ring at the MGM Grand hotel.

He can fight, he can sing and he can talk. Oh, can he talk.

Before the fight, Fury talked nonstop about how he was going to switch from boxer to puncher to take the heavyweight title from Wilder. After the fight he talked about how he did just that—and will only get better as his career goes on.

“Not bad for a fat guy who can’t punch,” the 6-foot-9 Fury crowed after handing Wilder his first defeat in a fight so one-sided that Wilder’s corner finally threw in the towel at 1:39 of the seventh round of their heavyweight showdown Saturday night. “I had a dream of coming to Las Vegas and taking over. Now here I am.”

It wasn’t supposed to play out like this. Not against an unbeaten heavyweight champion so feared he had knocked out 41 of 43 men put in the ring against him.

Not after Fury plunged into the depths of despair a few years back when his life was spiraling out of control, and cocaine and alcohol had made his weight balloon 37 pounds.

But now the Gypsy King has the heavyweight title once again, five years after first winning it from Wladimir Klitschko.

And, no matter what his fellow Brit Anthony Joshua might say, he should be hailed by all in boxing as the best heavyweight in the world.

“Everybody knows I’m a master boxer,” Fury said. “But that didn’t work the last time. I got a draw, and a draw is a failure to me. The only way I could guarantee I was going to get a win was a knockout.”

The path to greatness in Sin City was a troubled one. Fury had to beat his demons before he could beat the best heavyweights, and then had to beat the skeptics to be considered the best of the best.

Against Wilder he proved he was just that in a fight most never saw coming. Most, that is, who thought Fury was bluffing when he said he would go after Wilder from the opening bell in

the rematch of their draw from 14 months earlier.

He put on a show in a theatrical entrance, wearing a crown and carried aloft on a throne. Then he put a show on in the ring, knocking Wilder down in the third round with a right hand to the head and again in the fifth with a left to the body.

By the time Wilder’s corner threw in the towel, the outcome of the fight had long since been decided. Wilder was taking punches to the head without landing any of his own, and any thought that he might suddenly unleash a right hand to change things was long gone.

And the singing afterward? Well, Fury might not want to quit his night job—one that made him $30 million to 40 million for the signature win of his career.

“Were you not entertained?” Fury asked afterward. “I’ve now finished off my collection.

I’ve won every belt in boxing.”

Unfortunately for Fury, he doesn’t hold every belt in boxing, even after putting on a spectacular show in the biggest heavyweight fight in the US since Lennox Lewis beat Mike Tyson 18 years ago in Memphis. The others belong to Joshua, who won them back in Saudi Arabia in December after being stopped by Andy Ruiz Jr. in their first fight.

But Fury has never lost, and he beat a man who had made 10 title defenses and also entered the ring unbeaten. He did it in a way

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THE path to greatness in Sin City is a troubled one for Tyson Fury. AP

Kobe Bryant is seen with his wife Vanessa and daughter Gianna during the final night of swimming at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London. AP

Los Angeles to honor Kobe, Gianna with public memorial

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OS ANGELES— Thousands of mourners will gather in Staples Center on Monday to say farewell to Kobe and Gianna Bryant.

The basketball superstar and his 13-year-old daughter will be honored in a public memorial at the arena where Bryant played for the Los Angeles Lakers.

Kobe and Gianna Bryant died along with seven others on January 26 in a helicopter crash.

The Celebration of Life will feature speakers reflecting on Kobe Bryant’s impact on his sport and

the world, along with music and retrospectives on Bryant’s on-court achievements. Bryant became active in film, television and writing after he retired from basketball in 2016.

Bryant’s family, dozens of sports greats and many major figures in Bryant’s public life are expected to attend.

Staples Center is sold out for the memorial. The money made from ticket sales will be given to the Mamba and Mambacita Sports Foundation, which supports youth sports programs in underserved communities and teaches sports to girls and women.

Bryant played his entire 20-year National Basketball Association (NBA) career with the Lakers, including the final 17 seasons at Staples Center, which opened in 1999. The five-time NBA champion’s two retired jersey numbers—8 and 24—hang high above the arena where he became

the third-leading scorer in league history until Lakers star LeBron James passed him on the night before Bryant’s death.

Bryant’s death caused an outpouring of grief across Los Angeles, where he remained the city’s most popular athlete into retirement. Dozens of public memorials and murals have been installed around the sprawling metropolis, and thousands of fans gathered daily outside Staples Center to commiserate after the crash.

Symbolic meanings will run throughout the ceremony, which will be held on a 24-foot-by24-foot stage. Vanessa Bryant, Kobe’s wife and Gianna’s mother, chose February 24 as the date in honor of the uniform numbers of Kobe and Gianna, who wore No. 2 on her youth basketball teams.

A private funeral was held for Kobe and Gianna Bryant in Orange County on February 7. AP

Reed wins in wild finish in Mexico Championship

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BUCKS FIRST TO CLINCH PLAYOFF SPOT—AFTER ONLY 56 GAMES ILWAUKEE—The Milwaukee Bucks have a spot in the postseason, only a week after the All-Star Game.

The Bucks became the first team in the National Basketball Association (NBA) to clinch a berth Sunday after Washington lost to Chicago. The Wizards are in ninth place in an Eastern Conference that the Bucks have been running away with for months.

Milwaukee is 48-8, on pace to join the Golden State Warriors (2015-16) and Chicago Bulls (1995-96) as the only teams in NBA history to win 70 games.

“Enjoy this Sunday bucks fans. Earliest playoff clinch in NBA history. It’s not even March yet!!” Bucks Senior Vice President Alex Lasry wrote on Twitter.

The Bucks did clinch on an earlier date than the Warriors, but the NBA season also now starts slightly earlier.

The postseason starts April 18.

In Toronto, Kyle Lowry and the surging Raptors tuned up for their showdown with Milwaukee by pounding the Indiana Pacers.

Lowry had 16 points and 11 assists, extending his career-best streak of doubledoubles to six, and Toronto hammered Indiana, 127-81, on Sunday, the most lopsided victory in Raptors history.

Pascal Siakam scored 21 points and Serge Ibaka had 15 points and a season-high 15 rebounds as Toronto led from wire-to-wire and posted its 13th straight home win over the Pacers. The Raptors won for the 17th time in 18 games and extended their home-winning streak to nine.

That streak will be tested when Giannis Antetokounmpo and the Bucks come north of the border Tuesday night, the first of three meetings between the teams down the stretch. The NBA leaders have won seven of eight heading into Monday’s game at Washington.

“They’re a well-coached team, they’re a well-oiled machine,” Lowry said. “All we can do is worry about ourselves.”

Lowry’s double-double was his 13th of the season. He’s averaging 19.3 points and 10.8 assists over his current six-game run.

that not only thrilled his fans but backed up the case that he is the best heavyweight around.

If any more evidence was needed, oddsmakers at the Westgate Superbook opened betting on a possible Joshua-Fury matchup with Fury a big minus-260 favorite.

First, there might be some more business with Wilder, who has a contractual right for a third fight that he must exercise within 30 days. But after the one-sided beating he took from Fury there would seem little appetite for a rematch, at least immediately.

A Fury-Joshua fight, of course, would be massive in Britain and massively profitable to both fighters. But for now, Fury is on top of the heavyweight division and the decisions are all his.

“We’ve never seen a guy of this size with this ability,” promoter Bob Arum said. “This guy is monstrous at 6-foot-9 and he showed tonight he can punch, as well as he can box.”

Indeed he did, in a fight that drew a record heavyweight title gate of $16.9 million and likely did well in pay-per-view sales. On this night, Fury’s talents were on full display as he took his place on top of a heavyweight division that is suddenly hot once again.

And that’s something to sing about. AP

“I’ve never coached or seen anybody that plays as hard in basketball as that guy,” Raptors Coach Nick Nurse said.

Toronto’s largest lead was 49 points, its biggest of the season. The Raptors led by 40 in a home win over Utah on December 1. The 46-point margin of victory surpassed a 36-point win over Charlotte on November 18.

Matt Thomas scored all of his career-best 17 points in the fourth quarter, Terence Davis had 13 and Rondae Hollis-Jefferson 12. Chris Boucher had nine points and 11 rebounds.

Indiana’s 81 points were the fewest by a Toronto opponent this season. Orlando scored 83 points in a home loss to the Raptors on November 29.

“One of those nights, you know?” Indiana’s Doug McDermott said. “They played extremely well and we probably played our worst game of the year.”

Domantas Sabonis had 14 points and 11 rebounds, Aaron Holiday scored 14 points and Justin Holiday had 12 but the Pacers never recovered from an abysmal first quarter and lost for the first time in three games. Indiana has dropped seven of nine.

Pacers guard Victor Oladipo sat out because of back spasms, with Aaron Holiday starting in his place. Oladipo left Friday’s road win over the Knicks after three quarters because of a sore back, and didn’t practice Saturday.

Friday was Oladipo’s first game without a minutes restriction after he missed the first 47 games of the season while recovering from a ruptured tendon in his right knee.

The Pacers lost another guard with 9:54 remaining in the second quarter when Jeremy Lamb injured his left knee, landing awkwardly after being fouled by Davis on a fast-break drive. Lamb was able to shoot his free throws, but the Pacers immediately fouled to stop play and replace Lamb. He did not return.

Still sore and hobbling after the game, Lamb said x-rays had come back negative, and that he will undergo an MRI Monday.

“Hopefully it’s not too serious and I can get right back on the court,” Lamb said. AP

EXICO CITY—Patrick Reed was more concerned about how to save par than how to answer his critics. He was consumed with navigating around the trees from 152 yards away with a gap wedge more than any chatter about his character.

Reed only plays for himself. And when it feels as though the world is against him, he plays his best.

A week that began with Brooks Koepka saying he thought Reed cheated when he was penalized for swiping away sand in the Bahamas ended with Reed delivering clutch moments down the stretch Sunday to win the Mexico Championship.

Two shots behind with four holes to play, Reed ran off three straight birdies to overtake a faltering Bryson DeChambeau, closing with a four-under 67 for his second World Golf Championships title.

As for the outside noise?

“I’m used to it,” Reed said. “Honestly, it’s one of those things that at the end of the day, all I can control is me and what I do on and off the golf course. And

if I feel like I’m improving each day on and off the golf course and setting a good example for the next generation coming up...then that’s all I can do, and I feel like I’ve been doing a good job of that.”

If questions remain, they have nothing do with his moxie.

Reed made it interesting in the end with a wild tee shot into the trees on the 18th hole, forcing him to chip back to the fairway. He had to two-putt from 35 feet for eighth victory of his Professional Golfers Association (PGA) Tour career.

He one-putted 45 times over 72 holes, an astounding performance on the poa greens of Chapultepec. The birdies at the end might not have mattered without par putts from 10 feet on the 11th and 8 feet on the 13th as DeChambeau was starting to pull away.

“And then after that, the hole seemed to get a little larger,” Reed said.

In a wild final round in which five players had a share of the lead—four were tied heading for the back nine—DeChambeau appeared to seize control with five birdies in a six-hole stretch

starting at No. 9.

Everyone around him faltered—Justin Thomas, Rory McIlroy, Jon Rahm, Erik van Rooyen—everyone but Reed, who played bogeyfree until he only needed a bogey to win.

DeChambeau missed two good scoring chances on the 15th and 16th, and then he three-putted from 65 feet on the par-three 17th to fall into a tie. Reed seized on the moment. Blocked by the edge of the trees left of the 16th fairway, he hammered a hook with a gap wedge that rolled around the ridge and fed down the slope to 3 feet.

Reed never flinched with so much going on around him, on and off the golf course.

He has yet to shake whispers on the tour and heckling from the gallery over the Hero World Challenge in December, when video caught him twice swiping away sand behind his ball in a

waste area in the Bahamas. Reed accepted the two-shot penalty and said a different camera angle would have shown his club wasn’t as close to the ball as it looked.

Koepka became the strongest voice during an interview Monday with SiriusXM in the Bay Area while he was previewing his title defense at the PGA Championship in May. Radio host Sway Calloway asked Koepka if Reed was cheating.

“Uh, yeah. I think, yeah, yeah,” Koepka said, known for speaking his mind. “I mean, I don’t know what he was doing, building sand castles in the sand. But you know, you know where your club is. I mean, I took three months off and I can promise you I know if I touched sand.

“If you play the game, you understand the rules,” he said. “You understand the integrity that goes on. I mean, there’s no room for it.”

Reed said all week that he doesn’t listen to what others are playing, he just plays golf.

All he did Sunday was win. If he had anything to prove, it was only to himself. AP

Patrick Reed makes his approach to the third green during the final round on Sunday. AP

Awesome Chris Panzer Rick Olivares | bleachersbrew@gmail.com

Bleachers’ Brew Chris Panzer, like those German World War II tanks of yore, rolled over Filipino-Australian Robbie Eagles, to defend his Philippine Wrestling Revolution championship belt at PWR Love at First Fight last Sunday at the Power Mac Center.

A limp here, a split lip there, and a body red and obviously sore from the punishment he took from Eagles wasn’t enough to silence his

awesomeness from sounding off.

His long black sweaty mane over his PWR title belt, Panzer, a dead ringer for a young Eddie Vedder of American rock band Pearl Jam—during his younger days of course—posed for photos postfight. Furthermore, he channeled Muhammad Ali. “I took a licking, but I am still ticking and my heart’s still beating,” he deadpanned.

Panzer is the only three-time PWR champion; a fact he made known as one fan confronted him after Eagles’ loss. “You stole the win from Eagles,” the fan exclaimed.

In a cool and calculating manner, Panzer rebutted the fan, “The Astros stole the trophy [in reference to the Houston Astros’ ongoing controversy about sign stealing their way to the World Series].

Me? I outsmarted him [Eagles]. There is a difference.”

The champ took affront to any suggestions that his being a part of Mr. Sy’s Group of Talents is a collection of villains. “People are just jealous of our success. There’ll always be haters, man. Besides, people are envious of the sexiest devil in the PWR.” He followed that up with a guffaw of a man who knows only glory inside the ring.

All three of MSG’s wrestlers successfully retained their belts. Prior to the main event of Eagles versus Panzer, the tag team of Sandata and Main Maxx defeated the KakaiBros in a street fight. While the

duo did not need any interference or a well-timed assist from Mr. Sy, their victory didn’t sit well with the fans who packed the venue.

Just then, another fan called out MSG’s impresario...“Mr. Sy!” “Yes?” answered back the bespectacled man with the vision and a plan.

“I hate you!”

“Thank you,” offered Mr. Sy who then walked off as if nothing had happened.

“You see?” Panzer pointed out to Mr. Sy’s deftness (or sleight of hand depending on where you stand with regards to MSG). “That is class. Pure class in the face of haters and the lack of respect.”

The fans or detractors (again depending on what side of MSG’s fence you stand on) were left dumbfounded. And Panzer...went on to pose for more selfies.

And the MSG and Panzer blitzkrieg rolls on.

orts

sMirror

Tuesday, February 25, 2020

Youngsters take center stage in Gilas Pilipinas rout of Indons

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HE Samahang Basketbol ng Pilipinas (SBP) lauded the efforts of the national men’s team—especially the youngsters—after the team’s 30-point victory over Indonesia on Sunday.

“What we saw in the game against Indonesia was just a glimpse of what could be and we’re all excited to explore what’s next in the development of our young players and the whole team,” the SBP said on Monday, a day after the nationals blasted the Indonesians, 100-70, at the BritAma Arena in Jakarta in the Fiba Cup qualifiers.

Perez

Sports media tapped for PSHOF

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HE Philippine Sports Hall of Fame (PSHOF) is forming a Review Committee composed of select sports media practitioners to help evaluate the nominees for the fourth enshrinement in November.

According to Reublic Act 8757 also known PSHOF Act, only a Screening Committee consisting of the Philippine Sports Commission chairman, Philippine Olympic Committee (POC) president, Games and Amusement Board (GAB) chairman, two members from POC accredited national sports associations and two members from the private sector could select the inductees.

“It is for this reason that the PSC, for the longest time, has been seeking the help of our partners from the sports media in the evaluation process of the Hall of Fame. We recognize their knowledge of the history of our country’s sports legends,” PSC Chairman William Ramirez said.

The formation of a “review committee” was first implemented during the term of PSC Chairman Harry Angping in 2010.

The seven-member committee will help evaluate the nominees.

Nominations of inductees for the fourth enshrinement will open on March 1.

SPORTS WITHOUT BORDERS

The Filipinos, however, started flat—no thanks to foul trouble—but found the rhythm behind Thirdy Ravena, Roger Pogoy and CJ Perez.

Ravena exploded for 23 points he spiked with eight rebound, three assists and two blocks, while Pogoy added 16 points and six boards.

Perez made 11 points in interim Coach Mark Dickel’s first victory as a national mentor.

Lester Prosper and Brandon Jawato sat out the game after failing to complete their documents as naturalized players for Indonesia.

The home team held fort and trailed by nine points, 37-28, before the halftime break and inched closer, 51-54, in the third period behind a four-point play conversion by Arki Wisnu.

But after Ravena took an unsportsmanlike foul from Wisnu, the game’s complexion changed and Gilas pulled ahead, 62-51, entering the final period.

The Filipinos were on fire after that and built a 94-62 spread with two minutes left.

“The Samahang Basketbol ng Pilipinas extends our congratulations to Program Director Tab Baldwin, interim Head Coach Mark Dickel, all the members of the coaching staff and all the players for a job well done,” the SBP said.

“The SBP also thanks the PBA [Philippine Basketball Association] through Commissioner Willie Marcial and the Board of Governors for once again making their players available for this cause,” the statement added.

Kiefer Ravena and Juan Gomez de Liaño each had 10 points for Gilas, which returns to action on November 27 against South Korea and Thailand three days after.

“The future of Philippine basketball is bright,” the SBP concluded.

Ramon Rafael Bonilla

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The Jewish Jordan HURDLES gold medalist Eric Cray has a strong chance of qualifying for Tokyo 2020.

events were set in China and were rescheduled

by World Athletics (formerly International Alliance of Athletics Federations) because of the outbreak.

Obiena and Petrov will reveal their revised program on Tuesday.

Three-time Southeast Games 400-meter hurdles gold medalist Eric Cray, meanwhile, has a strong chance of qualifying for Tokyo 2020. He needs to meet the qualifying standard of 48.80 seconds or make the world’s top 50 by the end of the qualifying date of June 29. The qualifying period started May 1 last year.

Like Obiena, Cray was forced to adjust his preparations after the postponement of the two major championships in China.

Cray competed in two indoor meets in New Mexico and ran the 400 m to work on strength and

endurance before the US outdoor season starts in March. He ended the indoor season this month with a time of 47.80 seconds in the 400 meters and will be competing in several top-notch races in the US in the next four or five months.

Indiana University-based William Morrison also achieved a distance of 20.21 meters in the shotput in a meet in Indiana earlier this month. The new Philippine record compared favorably with the Tokyo 2020 qualifying standard of 21.10 meters.

In a phone conversation Morrison had with Patafa President Philip Ella Juico earlier this month, Morrison expressed confidence in meeting the qualifying standard “with a lot of hard work and technical adjustments.”

Florida-based Kristina Knott, who won the 30th SEA Games 200-m gold medal, also

tinkered with her program. She will compete in the Texas relays and then move to Orlando, Florida, to train until the rest of the outdoor races are confirmed for April and beyond.

Knott will also compete in San Antonio and Austin, all in Texas, and in Japan and Italy.

Pole vaulter Natalie Rose Uy, the 30th SEA Games pole vault champion and bronze medalist in the Asian Championships in Doha last year, recently set a new Philippine indoor record of 4.25 m.

Uy, now based in Kentucky under Coach Becky Holliday, also competed at the Pole Vault Summit in Nevada.

SEA Games surprise marathon winner Christine Hallasgo also proved her victory was no fluke by winning the Milo National Marathon early month in Tarlac City.

Tugawin makes Vizcayanons proud with Stage 2 triumph

By Ramon Rafael Bonilla

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EGAZPI CITY—Ryan Tugawin struck while the big guns watched each other to snatch Stage Two honors of the 10th Ronda Pilipinas on Monday.

Tugawin, riding for Team Tarlac Central Luzon but a native of Solano in Nueva Vizcaya, was the unassuming protagonist in a six-cyclist finish for the 154.5-km stage that started in Sorsogon and finished on a circuitous finale in front of city hall.

With Ismael Grospe Jr. of Go for Gold, former champions Jan Paul Morales and

SOLANO pride Ryan Tugawin pulls the rug from under the favorites.

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ON’T look now but Aylja “Jaja” Santiago is reaching for the sky as she hones in the prestigious Japan Women’s V.League.

Santiago has made her presence felt in the continent and earned a niche in the Federation Internationale de Volleyball (FIVB) web site, featuring her in an article, entitled “Jaja Santiago: Standing Tall For My Country.”

The former National University standout was featured for her campaign with Saitama Ageo Medics that clinched bronze in the league, where she plays as an Asian import.

The article tackled the 24-year-old Santiago’s experience in the league.

“Ending the season with a podium finish in the

Ronald Oranza of Philippine Navy-Standard Insurance and Reimon Lapaza of Celeste Cycles and another Navyman George Oconer outhustling each other, Tugawin sprinted from the blind side to grab his first stage victory in three hours and 50 minute and 37 seconds.

Grospe wound up a close second and Oconer a whisker third in the stage that saw Mark Julius Bordeos of Bicycology-Army holding precariously to the leader’s red jersey for another day.

“I was just sticking with them from behind but when I found a space on the side, I went for it,” said Tugawin, 30, a farmer in his native

Solano.

It was Tugawin’s best finish after settling for second place effort in a stage in Guimaras last year.

Morales, Oranza, Lapaza and teammate Roel Quitoy, Jericho Jay Lucero of Go for Gold and Mark Galedo of 7Eleven CliqqAir21 broke away early in the race but were eventually swallowed by the peloton in the final 5 kms.

The race transformed from a chase to a sprint finish with Tugawin getting caught in a fierce rivalry among the Navymen and 7-Eleven riders who also put premium on

the team classification.

Bordeos’s general classification lead was cut to three seconds with Jerry Aquino Jr. of Scratch It at second spot, followed by Oconer and Rustom Lim of 7-Eleven at third (6:56:40) and Galedo at fifth place (6:56:47).

The race resumes with a short 119-km ride to Naga City on Tuesday.

Jaja Santiago stamps mark in Japan volleyball league Japan V.League was very fulfilling as an athlete,” Santiago told the FIVB. “All the hard work and sacrifices that my team Ageo Medics made were worth it in the end.”

“It was a quite an enriching journey for me.

It included many challenges along the way, but it was a rewarding one to cap off my first two season as a professional athlete,” she said.

“In my second year it was easier to cope with all the difficult situations that I encountered. I became more comfortable, happy, well-focused in practice and I felt I had a better connection with all the players in the team. I learned a lot from my teammates and my coaches,” she added.

The FIVB feature showed Santiago’s photos she

Vincent Juico

@VJuico Instagram vpjp_j, vince.juico@gmail.com

PHL ATHLETICS BETS TARGET TOKYO SLOTS

IVE athletes of the Philippine Athletics Track and Field Assiciation (Patafa) resumed their relentless pursuit for berths to the Tokyo 2020 Olympics in various qualifiers overseas despite the coronavirus outbreak.

Pole vaulted EJ Obiena, on the other hand, is now mapping out with his personal coach, Ukrainian Vitali Petrov, their general preparation plans for the Filipino pole vaulter’s Olympic stint. Obiena already qualified for Tokyo 2020 and his plans center around competitions and training in Chula Vista in California and Europe.

Obiena, who jumped 5.80 meters to qualify for Tokyo, was all set to compete in the Asian Indoor Championships and the World indoor Championships in March, but both

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posted on her Instagram account.

Generika-Ayala’s new team captain Rhea Dimaculangan, meanwhile, ready to face the challenge with her revamped team.

The 28-year-old setter out of University of Santo Tomas has brought her acts to Generika this season in the Philippine Superliga (PSL) Grand Prix.

This time, she’s not only a playmaker, she’s the captain of the team.

Dimaculangan is a dependable player even before she turned professional. She led UST to its 16th—and last title in collegiate league in 2010—and has been plying her trade since then.

After she graduated, she joined the Philippine Air Force and was one of the team’s solid

pillars that led to numerous Finals appearances. She crossed to Foton Tornadoes (now known as Chery Tiggo) in 2016.

With a star-studded lineup, Dimaculangan immediately made a huge impact and helped Foton to a runnerup finish in her first year. She did so by serving to power players Jaja Santiago, Sisi Rondina, EJ Laure, Patty Orendain and Angeli Araneta.

The Batangueña helped the Tornadoes to backto-back titles in the Grand Prix then transferred to Petron where she won four PSL championships.

And now, Dimaculangan is set for another journey with a new team. Ryniel Berlanga

JAJA SANTIAGO is making her presence felt in the Asian volleyball scene.

Tamir Goodman averaged 35.4 points per game as a junior in high school. Goodman was recruited by the University of Maryland in 1999 but never played for the Terrapins because there was a conflict with him playing in games that fell on the Sabbath.

According to his web site, TamirGoodman.com, Tamir was ranked the 25th best high-school player in the country. He gained national attention after averaging over 35 points per game his junior year, all while remaining faithful to his Orthodox Jewish upbringing. Goodman was named Most Valuable Player of the prestigious “Capital Classic All-Star Game,” an award won by Shaquille O’Neal, LeBron James and other stars.

Goodman then made history as the first Jewish basketball player to play D-I college and professional basketball without playing on the Jewish Sabbath. Despite receiving a full scholarship to No. 1 ranked University of Maryland, Tamir chose to play for D-I Towson University as their schedule better accommodated his religious observance.

The first freshman to start at Towson in over a decade, Goodman was presented the Coach’s Award for his performance on the court and in the classroom.

Goodman was a devout Orthodox Jew who, understandably, would not play on holy days of obligation. The film Hacksaw Ridge comes to mind, a biographical about Private First Class Desmond Doss who, as a Seventh Day Adventist, refused to carry or use a weapon of any kind.

Goodman wasn’t fighting in any war but both men are devoted, and passionate, about their faith and their religion.

According to espn.com, “That scholarship to Maryland never came to be after a disagreement with the coaching staff. He instead attended less-glamourous Towson, where his career lasted less than two years. Goodman then signed with the Israeli pro league, playing for four teams in five seasons amid a succession of injuries.

It was basketball that thrust fame onto the student at a tiny Jewish day school near Baltimore.

The 6-foot-3, 159-pound Goodman averaged 35.4 points as a junior at the Talmudical Academy.

He wore a yarmulke on the court and wouldn’t play on the Sabbath from sundown Friday to sundown Saturday—and he was headed to Maryland.

Goodman struggled through injuries the summer between his junior and senior years, and the whispers grew that he wasn’t Atlantic Coast Conference material. After meeting with Maryland Coach Gary Williams in September 1999, Goodman announced he wouldn’t become a Terrapin after all, saying there was friction over his refusal to play on the Sabbath.

Towson agreed to schedule its games so there wouldn’t be any conflicts. As a freshman, he averaged six points and four assists in 23 starts. But his playing time decreased following a coaching change—and then it was all over.

Goodman filed a police complaint after a game in December 2001, accusing Coach Michael Hunt of holding a chair over the player’s head in a frightening manner and kicking a stool that hit Goodman’s leg.

He later asked prosecutors not to pursue assault charges, but didn’t return to the team.

“I was completely broken, spiritually, physically,” Goodman said. “I didn’t want anything to do with basketball.”

Despite a brief playing career, Goodman has no regrets stating “In some ways I think I’ve experienced a lot more than a lot of 27-yearolds,” Goodman said. “But I feel like the most blessed person in the world.”

Goodman retired at the age of 27, where most professional basketball players are at the peak of their powers.

The Players Tribune says “This is a story about one kid living his dream and not letting others define his success.”

Goodman was a viral sensation in a time before social media. Dubbed the “Jewish Jordan,” Goodman’s life story is a constant balancing act between his faith and his love of the game.”

It was a challenge for Goodman to strike a balance between his faith and playing the game he loves.

These days, Goodman is a successful businessman, coach, educator and a motivational speaker.

He runs a summer basketball camp in his native Israel. Goodman has coached and handled over 5,000 kids teaching and mentoring them about the values that the sport of basketball teaches, values like teamwork, discipline and hardwork.

He runs camps all over the US with countryman, NBA player Omri Caspi. Goodman Goodman is one of those could’ve, would’ve and should’ve stories that what if then Maryland Head Coach Williams allowed him to sit out games that fall on the Sabbath.

Sports

Bumgarner, a.k.a. Mason Saunders

BusinessMirror

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| Tuesday, February 25, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

‘LETS GO, CHEATERS!’ A FAN holds a sign during a spring training game between the Houston Astros and the Washington Nationals on Sunday in West Palm Beach, Florida. AP

By Chuck King

The Associated Press

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EST PALM BEACH, Florida—Away from their friendly cocoon, Alex Bregman and some of the bigger names on the Houston Astros are about to see—and hear—how fans really feel about what happened.

No hooting or hollering at Houston’s most prominent sign stealers Sunday. Once again, the primary offenders were out of the Astros’ lineup.

For the second straight day, Astros Manager Dusty Baker didn’t start any of his stars against Washington Nationals at the spring training park the teams share.

“It seems like a bit of a cop out to me,” Nationals fan Josh Kohn said. “This is the first two games

of spring training. This is what the guys in Major League Baseball [MLB] live for. They want to be out there. I have to imagine even the players are a little upset that they can’t play today, but I understand why they are not out there.”

Kohn also attended Saturday night’s rainedout Grapefruit League opener between these same clubs, wearing a shirt that read “bang foul poles, not trash cans”—an homage to Howie Kendrick’s home run in Game Seven of the World Series that gave Washington the lead over the Astros for good.

Several Astros fans asked Kohn to pose for pictures with them.

“I don’t think we have as much grief with them because we beat them,” Kohn said. “If we lost it would be different. The Dodgers are pretty upset. I think it’s nice that we can start

the season off like, ‘Hey guys, remember what happened last year?’”

José Altuve, Bregman, Carlos Correa and Yuli Gurriel—all starters in 2017—are expected to make their exhibition debuts on Monday when Houston travels to Lakeland to face Detroit. The trip takes over 2 1/2 hours each way.

Though Houston was technically the visitor on Sunday, the game against the Tigers will be the Astros’ first true road game of the spring.

In January, MLB stripped the Astros of their top draft choices for the next two seasons, and suspended Manager AJ Hinch and General Manager Jeff Luhnow—the pair subsequently fired—following an investigation that found Houston players illegally stole signs during their 2017 World Series championship season and again in 2018.

Newman suffers head injury, no internal damage in crash

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AS VEGAS—Ryan Newman said he suffered a head injury in his crash on the last lap of the Daytona 500 but did not disclose details in a statement from the driver read before Sunday’s race at Las Vegas Motor Speedway.

“I was fortunate to avoid any internal organ damage or broken bones. I did sustain a head injury for which I’m currently being treated,” Newman wrote in a statement. “The doctors have been pleased with my progression over the last few days.”

There is no timetable for Newman’s return to racing, but Roush Fenway Racing said the 42-year-old Indiana native is determined to get back to the track.

“He has expressed unequivocally that this is where he wants to be and he wants to be back in a race car,” said Roush President Steve Newmark, adding that once he returns, Newman wants to be the one to address his health personally.

“Ryan actually wants to be the one in front of you to answer those questions,” Newmark said. “He and I talked about that and he’s kind of chomping at the bit to get back here and I think he feels that would be most appropriate for him to be behind the mic answering a lot of those questions.”

Roush Fenway gave its first detailed account of the harrowing ordeal that began when Newman, while leading the last lap of the raindelayed Daytona 500, was involved in a crash that sent him hard into a wall, airborne, hit in the driver side door by another car, then trapped in an upside-down Ford on fire as rescue workers tried to free him from the damaged vehicle.

He was hospitalized Monday night in what Roush officials called serious but not lifethreatening condition—which Newmark said they did not learn until Newman’s father passed along the information from doctors roughly two hours after the accident.

Newman walked out of the Daytona Beach hospital roughly 42 hours later appearing unscathed and holding hands with his two young daughters. The photo of that moment, Newman said in his statement, was a testament to the Roush Fenway Racing organization “that built me a car not only fast enough to lead the final seconds of the Daytona 500, but strong enough to do its job under great distress, allowing me to survive such an accident.

“I am truly indebted to each of you and it is unlikely I will ever be able to properly express to you how much the diligent effort with which you conduct your craftmanship has affected me and my family. I hope you took pride in the photograph of me walking out of the hospital hand-in-hand with

my daughters on Wednesday. Thank you. I can’t wait to get back in your race car.”

Newmark opened the news conference by reading Newman’s lengthy statement, which began with an apology from the driver for not being in Las Vegas. Ross Chastain will drive the No. 6 Ford on Sunday at Las Vegas Motor Speedway as Newman’s streak of 649 consecutive starts dating to the 2002 season opener comes to an end.

“I have spoken with Jack Roush and he has assured me that the No. 6 car will be waiting and ready for my return,” Newman concluded in his statement. “I’m looking forward to getting behind the wheel and battling for another race win in the Roush Fenway Ford.”

Newmark said Newman intends to race for the 2020 Cup championship this season, and he plans to ask Nascar for an exemption to qualify for the

playoffs once he’s medically cleared to return.

Newmark briefly touched on the emotions of the Roush organization after the accident, and said the team had to force employees to leave Daytona and return to North Carolina to prepare for Las Vegas rather than sit outside the hospital waiting for updates.

“It probably fits right in to the definition of an emotional roller coaster—we went from what we thought was seconds away from winning the Daytona 500 with Ryan...it was looking like it was going to be a storybook race for us and a great start to the season, and all of that changed in an instant,” Newmark said. “We go from not caring about the race, not caring about the competition, in fact I’m not sure that we knew who had actually won the race until a few hours later because the whole later was on Ryan’s safety and well-being.” AP

Ryan Newman poses with his daughters, Brooklyn Sage (left) and Ashlyn Olivia, at the Halifax Health Medical Center in Daytona Beach, Florida, after he recovered from the ugly crash. AP

Even without the stars being on the field Sunday, some fans couldn’t resist yelling their disapproval.

Dressed in a Yankees t-shirt and cap, Ron Scelfo shouted “Let’s go, cheaters” as Astros right fielder Kyle Tucker walked to the plate for the game’s first at-bat.

Other fans sporadically yelled “cheaters” at quiet points early in the contest.

“What they did was cheating,” Scelfo said.

“The World Series should be taken away from them—the World Series title.”

As per policy, Ballpark of the Palm Beaches staffers prevented a couple fans from entering with signs, though some fans wrote makeshift messages on sheets of paper once inside the gates. One sign that did elude stadium officials and found its way behind the Nationals dugout

read “we are the champions of the world.”

Washington General Manager Mike Rizzo and first baseman Ryan Zimmerman hoisted the World Series trophy as part of a pregame ceremony. The Nationals raised a flag beyond the right-center field wall touting the 2019 title, doing so as many of the Astros—the team they defeated to win the championship—made their way from the clubhouse and down the left field line to their dugout.

The loudest ovation of the afternoon came when Kendrick batted for the first time.

“The fans, I’m glad that they appreciate what we’ve done, and it shows,” Nationals Manager Dave Martinez said. “I think the players enjoy it.

They feed off of it. Kudos to the fans.”

Washington’s split squad won the game, 2-1, on Brandon Snyder’s walk-off RBI single.

COTTSDALE, Arizona—Arizona Diamondbacks left-hander Madison Bumgarner has been competing in rodeo events under the alias Mason Saunders and even won $26,560 in a teamroping competition in December, according to a story published Sunday by The Athletic.

Bumgarner told the web site he has discretely competed in rodeos for a while, including in March of last year two days before pitching for the San Francisco Giants in a Cactus League spring training game. He has been roping since he was 15 or 16 years old, and said he’s been at it so long that “it’s just part of who you are.”

The 2014 World Series Most Valuable Player agreed to an $85-million, fiveyear contract with the Diamondbacks in December, about two weeks after winning the rodeo competition in Wickenburg, Arizona.

Bumgarner infamously injured his shoulder in 2017 in a dirt bike accident and missed three months of San Francisco’s season. He apologized at the time and called it a “stupid” decision that likely violated his contract, although the Giants are not believed to have pressed the issue with the four-time All-Star.

Diamondbacks General Manager Mike Hazen told The Athletic he was “not going to get into discussing specific contract language” when asked about Bumgarner’s hobby.

Photos of Bumgarner roping were posted to the Facebook page for Rancho Rio in Wickenburg. Bumgarner—a right-handed roper—said he’s often recognized at rodeo events, but he’s maintained the alias to keep his profile low. He formed the Mason Saunders moniker by shortening his first name and adopting his wife’s maiden name as the surname.

“Something for my wife to call me when we were out in public to keep people from recognizing me,” Bumgarner said. “But you’re going to ruin that for me.”

Bumgarner disputed a widespread narrative that he signed with Arizona “just to have my horses,” but did acknowledge it was a benefit. He also said he may pursue roping more rigorously after his baseball playing days are done. AP

MADISON BUMGARNER has been competing in rodeo events under an alias.

God’s word in my life

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OW seriously do I take Jesus’ commandment to love even my enemies? Do I treat people as I would be treated or as they treat me? Jesus does not seem tired of shocking His disciples. He has already jolted them with the “beatification” of the poor, the hungry, the despised and the persecuted, and the four “woes” addressed to the rich, the well-fed, the satisfied and those who enjoy the favor of the people. Now His shocking power reaches its climax, as He demands that His disciples love their enemies and do good to those who hate them. With the unrest we are now experiencing in this world, oh God, may we be One in Your fold for Peace. Amen.

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

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

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CIRCLES: THE TIME FOR ONIB OLMEDO’S EDGY DISTORTIONS HAS COME D4

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Tuesday, February 25, 2020

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The perfect presents for the home lover

SALVAGED wood panelings at the Omi Center in Ghent, New York (left), and in the bathroom of a private residence in Blue Diamond, Nevada. Both photos are provided The Hudson in New York’s Hudson Valley. The company salvages timbers and boards from city water towers, industrial buildings in the Ohio Valley and agrarian structures up in Canada. AP

Reclaimed wood’s past adds character to décor

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BY KIM COOK The Associated Press

N their new book, Reclaimed Wood: A Field Guide (Abrams, 2019), woodworkers Alan Solomon and Klaas Armster close with an imagined recounting of one tree’s story from sprout to salvage.

The tale begins in the 1500s, when longleaf pine covered a vast area from North Carolina down to the tip of Texas and the Florida Panhandle—“the largest forested lands in North America,” the authors say. Over the next few hundred years, their pine tree grows to 120 feet.

Naturally fire-resistant, it survives storms, woodpeckers, hunters and the Civil War, until it succumbs to loggers in the 1880s. The tree is then brought to a mill, shipped to New York and taken by horse cart along cobblestone streets to lower Manhattan. For the next couple of hundred years, its wood frames commercial lofts that hold hat shops and daguerreotype salons. After demolition in the mid2000s, the pine boards are salvaged by builders to clad the floors of the Park Avenue Armory and make gym bleachers in Baton Rouge, Louisiana.

As the authors write, “the longleaf that had grown in the South and then went North, ultimately kept roots in both places.”

The story describes what could be the life’s journey of many trees whose long-lasting wood was

a primary building material in the development of towns and cities. These days, although many new buildings are made of concrete or brick, there’s a resurgence in using reclaimed wood in everything from ceiling beams to feature walls, furniture, flooring or exterior cladding.

Architects and designers appreciate the narrative that salvaged wood brings to a project, and the physical charm of planed boards with the patina and markings of their life stories.

Solomon and Armster run Sawkill Lumber in Brooklyn, New York, supplying wood salvaged from barns, commercial and industrial sites, and homes to architects, contractors and woodworkers. Sometimes their hardwoods or softwoods are left in their natural state, but the team also “rehabs” beams and boards by refinishing, sanding and giving them coats of protective stains, oils or waxes.

In one case, Solomon says, they acquired wood from dismantled Worcestershire sauce tanks at an old Lea & Perrins plant in New Jersey.

“The wood is high-quality, old-growth Douglas fir, free of knots, with a strong scent of sauce after resawing,” says Solomon, who used some of the wood to clad his own home.

The Hudson Co., which has a mill and showroom in Pine Plains, New York, and showrooms in Manhattan and Ridgefield, Connecticut, salvages timbers and boards from various cities’ water towers, industrial buildings and agrarian structures. It has

also salvaged framing from mushroom farms; the woods—mostly hemlock and cypress—develop unique characteristics over the fungi’s growth cycle.

Company president Jamie Hammel likes the idea that the wood, often used as paneling in residential and commercial projects, is salvaged from an ongoing agricultural process.

“So, in a sense it’s a renewable resource, because the farmers are continuously updating and replacing the boards from the growing beds. In addition, the caramel color wood tones, fine grain, and sculptural textures offer a unique aesthetic,’’ he says.

Jonah Meyer, who owns Sawkille Co., a furniture design studio in Rhinebeck, New York, praises heart pine for its “wonderful stripes. Heart pines come from the beams of America’s first factories and, of course, these were old growth forests that were being cut. Old growth also means slow growth; the rings of the trees are very tight. Nothing grows like that anymore.”

Meyer crafts chairs, tables and other furniture, some of which he paints with woodland scenes or decorative motifs.

When nature sends something his way, he’ll make the most of it.

“Occasionally we find a huge tree that has come down in a storm, so we cut it up for coffee tables and start drying the pieces. They’re amazing to work with—some are almost 45 inches across,’’ he says.

“Over time we get to know the tree, and it’s a good feeling to have saved it from the firewood pile.” ■

HOME is still the best place to spend quality time with your loved ones. There is a myriad of compelling reasons to stay at home after working hours and even on weekends: going out for dinner or strolling in the mall has become risky for your health due to the dreaded spread of a new virus; road traffic remains horrible wherever you go; and there are just too many TV shows and movies that are streamed online for binge-watching.

Giving the home the quick spruce-up has become not only easier with the presence of home specialty stores but also rewarding beyond aesthetics. Just think about how delighted any homemaker would be over such a thoughtful gift that will be enjoyed by not just the recipient but the entire family, as well.

To serve as a guide to those who intend to give something special to their loved ones, Claudine Rodriguez, brand manager of Alessi (www.alessi. com), a house of Italian designer crafts and products, offers five simple tips on how to choose and give such presents that would surely be appreciated.

1. MAKE A LIST OF THE THINGS AND INTERESTS THAT DEFINE THE PERSONALITY OF YOUR SPECIAL SOMEONE. This activity will get you started on the usually tedious and confusing process of choosing the perfect present for your significant other.

2. IDENTIFY THE SPECIFIC NEEDS OF YOUR PERSON. USEFUL ITEMS ARE ALWAYS APPRECIATED AND VALUED. Giving a highly useful tool or equipment will render the impression that you are mindful of his/her priorities and requirements.

3. FIND SOMETHING UNIQUE. You will impress your significant other more if you would buy him/her an item that can never be easily found in the supermarket or department store. “At Alessi, we have a wide range of products that can be perfect as presents because these last a lifetime,” Rodriguez said. Among the toprecommended items are corkscrews by Alessandro or Anna G., Miriam Mirri heart-shaped mugs, or heartshaped coffee spoons.

4. GET CREATIVE WITH THE PACKAGING. First impressions last. Build the excitement by making sure the present you bought is creatively wrapped or packaged. Fortunately, most of the specialty items available as gift ideas at Alessi are already packed beautifully so you won’t have to get stressed out over the wrapping.

5. INCLUDE A LITTLE BIT OF YOURSELF. How about putting a handwritten notecard that comes with the gift? Nothing spells heartfelt better than sincere words of love and recognition in your very own handwriting.

The Alessi store can be found at the flagship store at Bonifacio High Street, and at the Conlins Elements store in Greenbelt 5.

Classroom for students with special needs renovated by interior design volunteers PrayGround, a learning and worship space with the Makati Special Education Center, a school which specifically caters to kids with special needs, was recently renovated under the project Paraluman.

With the aim to provide an entertaining and engaging environment that promotes spiritual journey for the children, the development was conducted by the graduating Interior Design students of the De La SalleCollege of Saint Benilde (DLS-CSB) in collaboration with PrayGround the Feast, an outreach community organization which shares their time, talent and treasures with others.

PrayGround the Feast aims to build 100 rooms as part of their advocacy.

Under the guidance of their mentor interior designer Iza Sim, the young

artists utilized their creativity and skills to spruce up the space—from the conceptualization of the overall design and the coordination with the sponsors, contractors and material suppliers, to the actual logistics.

Today, the PrayGround is decked with playful bright pastel color combinations of yellow, blue, orange and pink. It features space-saving furniture pieces, such as a convertible teacher’s desk that can be easily tucked into the entertainment wall cabinet and a mini rock climbing wall that allows the youngsters to play and practice their physical and mental abilities like in an outdoor playground.

The participating Benildeans conducted several fund-raising activities to realize this task.

THE Interior Design students of the De La Salle-College of Saint Benilde (DLS-CSB) with their mentor, interior designer Iza Sim.

THE finished output of the Paraluman renovation mission at the PrayGround of The Feast Makati-Taguig District Outreach Ministry.

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‘Land of Men’ is literary junkie’s dream come true

By Lincee Ray The Associated Press

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DRIENNE MILLER was 22 years old when she landed a job as an editorial assistant at GQ magazine.

The experience provided a solid foundation that eventually opened a door three years later for her to be the first woman to hold the title of literary editor of Esquire.

For years she navigated a maledominated world at a time when print was still king. Although she was surrounded by pompous egos and blatant sexism, Miller found sanctuary at her desk, reading a piece of literature, ready to edit.

The pages of Norman Miller, George Plimpton and Dave Eggers crossed that surface. But it was David Foster

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Rashida Jones, 44; Chelsea Handler, 45; Sean Astin, 49; Tea Leoni, 54.

HAPPY BIRTHDAY: Embrace what life has to offer.

Put the past behind you. Savor only what’s important to you, and offer what you don’t want or need for those who would benefit from your charitable donation. Turn this into a do-good, feel-good year, and the personal reward will bring you satisfying results. Pay attention; your intuition will guide you. Your lucky numbers are 7, 18, 24, 29, 31, 38, 43.

a

ARIES (March 21-April 19): Listen carefully; if you act too quickly, you will make a mistake.

Observe what others are doing, and follow each possibility from beginning to end before making a move. Choose civil action over a force play; you’ll excel.

HHH

Wallace who impacted her life both professionally and personally.

What starts out as an ordinary editing job almost immediately evolves into a deep friendship. Miller permits the reader to behold the complexities of the renowned writer by sharing intimate details of their relationship.

She was his sounding board, his anchor and his advocate.

In the Land of Men: a Memoir (Ecco) showcases Miller’s editing prowess as evidenced by what she chooses to omit.

She has the ability to draw the reader in with an impressive cannon of literary content, yet trusts her writing enough to inject humor when necessary. In the Land of Men is both tender and painful. It’s power and mercy. If you love literature, novels, or anything that has to do with the written word, you will enjoy In the Land of Men. n

b

TAURUS (April 20-May 20): A long shot will pan out for you today. Don’t neglect to see that you are in a good position. Work or financial matters will turn in your favor. An older reliable source will offer stellar information. HHHH

c

GEMINI (May 21-June 20): Sit tight, even if someone tempts you with something that appears to be a sure thing. Take steps to make a positive change to the way you look, your attitude or your relationship. HH

d

CANCER (June 21-July 22): Adjust whatever isn’t working for you. Added discipline will help you follow through with your plans and encourage others to step up and join in whatever it is you are trying to achieve. Personal and professional gains are within reach. HHHHH

e

UST Museum launches book on Italian painter Romualdo Locatelli EIGHTY years after the first exhibition of Italian painter Romualdo Locatelli at the UST Museum in Manila in 1940, a new book about the famous artist, Romualdo Locatelli: An Artistic Voyage from Rome, the Eternal City to Bali, the Island of the Gods, was presented recently to the public at the museum, The book presentation at the UST Museum was most fitting, right in Manila, where Locatelli spent his last years.

The book, edited by Vitorrio Sgarbi, was presented

by Daniela Locatelli, the artist’s niece and president of the Locatelli Art Association.

Presenting an extraordinary selection of the artist’s works, some of which are previously unpublished, accompanied by period photographs, letters and documents from the Locatelli archives, the book introduces readers to his world of torment and wonder—from the early years in Italy, where his first steps were guided by an extraordinary family tradition of artistic practice, to the travels in the East, where his spirit found the ideal home and a stage worthy of his great talent and fascinating personality.

The painting Portrait of a Young Balinese Girl by Locatelli, from the collection of the UST Museum, is featured in the book and was on display during the book launch.

Locatelli (1905-1943) was the foremost Italian practitioner of the particular genre of Orientalist painting, known as “Mooi Indie.” After attending the renowned Carrara and Brera academies (1917-1925), he reached great success in Bergamo and Milan (19251933). The increasing fame made him move to Rome, where he opened his atelier in the most famous art street, Via Margutta.

In the Italian capital (1933-1938), Locatelli soon became the official portraitist of the Vatican high prelates and the royal family. Not satisfied

by the spotlight of fame, he preferred adventure and traveling, in search of new, uncontaminated inspirations: he reached his artistic peak in Bali (1939-1940). He drew inspiration from the whole of Southeast Asia, entranced by the wild, unspoiled landscapes, the intense and sophisticated sensuality of the women, and the mystery and diversity of those unknown shores.

TOM STOPPARD TO RECEIVE PEN AMERICA WRITING AWARD NEW YORK—British playwright Tom Stoppard and the Canadian poet and fiction writer M. NourbeSe Philip are among those being honored next month

by PEN America, the literary and human-rights organization.

PEN announced that Stoppard will receive the $25,000 PEN/Mike Nichols Writing for Performance Award for Leopoldstadt, a new work set in the Jewish quarter of early 20th-century Vienna that the 82-year-old Stoppard has said may be his last play.

The Nichols prize, established last year and named for the late film and stage director, was previously given to the playwright-filmmaker Kenneth Lonergan.

Philip, whose books include the poetry collections Thorns and Salmon Courage and the novel Looking for Livingstone, has won the $50,000 PEN/Nabokov Award for international literature. Others given the Nabokov award include Edna O’Brien and Philip Roth.

PEN will present the awards on March 2 at Town Hall in Manhattan, with Seth Meyers serving as host.

Others receiving prizes will be The Call playwright Tanya Barfield, who will be given the PEN/Laura Pels International Foundation for Theater Award, and Rigoberto González, winner of the PEN/Voelcker Award for Poetry.

Gonzalez’s poetry books include Other Fugitives and Other Strangers, and Black Blossoms. AP

LEO (July 23-Aug. 22): Love is in the stars, but don’t let jealousy kick in and cause a problem. Affirmative and loving action will bring out the best in you. Get involved in humanitarian activities, and you will make a valuable connection.

HHH

f

VIRGO (Aug. 23-Sept. 22): Plan to do something you enjoy with people you feel comfortable with, and you’ll get good results. There will be substantial gains financially and professionally if you pay close attention to detail. A positive change at home will improve your personal life.

HHH

g

LIBRA (Sept. 23-Oct. 22): Don’t put up with meddling, interference or pushy behavior. Take the initiative to remove yourself from any situation causing you grief. Deal with responsibilities quickly, and move on to self-care and pampering. HHH

h

SCORPIO (Oct. 23-Nov. 21): There is some uncertainty regarding doing things with family or pursuing an outside interest.

Consider whether it’s worth it to neglect personal responsibilities. Offer to split your differences and share your plans to avoid hurt feelings. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Keep your promises within reason. Don’t exaggerate or lead someone on, or it will come back to haunt you. Don’t set yourself up for a fall or let anyone back you into a corner. Words matter and truth counts, so do what’s right. HH

j

CAPRICORN (Dec. 22-Jan. 19): Success is within reach. Money and recognition will put you in a good position to dictate what you want to happen. Take the high road, be a humanitarian and speak the truth. HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Stick to what makes you feel good. Nurture your emotional and physical well-being. Give yourself a chance. Rediscover what you enjoy most in life, and challenge anyone or anything that stands between you and your happiness. HHH

l

PISCES (Feb. 19-March 20): A firm stance, knowledge and intuitive guidance will help you make a wise decision. Follow through with speedy action, and you’ll see a remarkable change that will benefit you, as well as others. HHH BIRTHDAY BABY: You are competitive, refreshing and innovative.

You are precise and proud.

‘full of surprises’ BY GREG JOHNSON The Universal Crossword/Edited by David Steinberg

ACROSS 1 Cabinet department concerned with wages 6 Roadside problem 10 Cowboy boot attachment 14 Unaccompanied 15 Baby ___ (The Mandalorian character, to fans) 16 What smells?

17 Man-made animal attraction 19 Made one’s jaw drop 20 Emphatic affirmation 21 NFL team with “G” helmets 23 Web discussion site 26 That doe 27 Small kitchen knife 30 “We need an air conditioner!”

34 Fireplace refuse 35 ___ XING 36 Baltimore bird 37 Lost traction 40 Lead-in 41 Certain radio knobs 42 Futbol chant 43 Stray morally

44 Speed skater inducted into the US Olympic Hall of Fame in 2019 46 They’re planted on Arbor Day 48 Soda holder 49 Pooh’s donkey pal 51 Glasses, for example 54 End of Greenpeace’s URL 58 Explorer with a backpack 59 City about 2.5 hours west of Cleveland 62 Composer Stravinsky 63 Film holder in a canister 64 Criminal-chasing group 65 Zap with a stun gun 66 Beginning on 67 Gin fruits DOWN 1 Hardly hardworking 2 Spiny succulent 3 Cries of disapproval 4 Available for work 5 Bookworm 6 “Oh, by the way...” letters 7 Parking place 8 Gets used (to)

9 British “Later!”

10 “Medicine” sold dishonestly 11 Formidable team 12 Person logging on 13 Merlot and cabernet 18 Physique, for short 22 Mopping or scrubbing 24 Fizzled out 25 “___ be a pleasure!”

27 High-carb plateful 28 Invite to the penthouse 29 Charger that won’t fit in your luggage?

31 Shredded 32 Doo-wop song, probably 33 Frigid temps 35 Cancun currency 38 State with three counties 39 Surveillance gizmo 40 Cunning maneuver 42 Smallest till bill 45 Lifesavers 46 Soldiers 47 Modernize a factory 50 Like the length of “six,” “eight” or

“ten” 1 Change for publication 5 52 Exercise with stretching 53 Gillette razor 55 Really, really 56 Stand up 57 Departs 60 Many an August baby 61 Mall Santa picture taker, perhaps Solution to yesterday’s puzzle:

www.businessmirror.com.ph

Show BusinessMirror

Tuesday, February 25, 2020

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HYUN BIN and Son Ye-jin in the latest hit Korean drama Crash Landing on You.

In Disney version of ‘Extreme Makeover,’ castle gets updated

Cross-border South Korean drama overcomes political risks S

By Juwon Park The Associated Press

EOUL, South Korea—For the South Korean crew behind the latest hit drama Crash Landing on You, recreating the life in North Korea was a painstakingly meticulous process with big political risks.

“At first, we were even told not to use the word ‘chairman’” when referring to North Korean leader Kim Jong Un, said Joo Dong-man, a props manager for the story about a South Korean billionaire heiress who accidentally paraglides into North Korea and falls in love with an army captain.

Apart from its fantastical plot line with prominent stars, like Hyun Bin and Son Ye-jin, the drama has been creating a buzz for its unconventional take on North Korea.

With detailed portrayals of the isolated country down to words, objects and the makeup style, the cross-border love story even drew praises from several North Korean defectors in South Korea.

Behind the effort are people like Joo, who had soaked in almost everything about the secretive regime— collecting details from books, experts and North Korean escapees.

Joo said recreating life in North Korea was a difficult process, simply because there’s no guidebook on multiple hurdles he had to hop over—skillfully and delicately—to accurately depict the country while dodging criticism. He said rules, self-imposed by the production team themselves, were arbitrary and frequently subject to change.

“Later, we got permission [to show propaganda

slogans],” Joo told The Associated Press. He said three names from North Korea’s ruling family dynasty— Kim Il Sung, Kim Jong Il and Kim Jong Un—were banned till the very end.

The surreal plot—cross-border love between beautiful heiress and a handsome North Korean soldier from the top military family—doesn’t fail to show occasional glimpses into the most repressive authoritarian regime in the world. The team had to tread carefully in order to avoid glorifying or misrepresenting the state.

They blurred the portraits of the Kim dynasty, which are mandatory in public places and private homes in North Korea. Objects displaying the faces of the Kims are practically illegal in South Korea, where wearing or possessing them could be considered praising the regime, which is punishable by law. The two rivals are still technically in a state of war.

Since all North Korean adults are required to wear a pin with the leaders’ images to show their loyalty, Yang Hee-hwa, a costume manager, said the cast had to wear them too.

But she devised her own safe way of doing so. “Our badges were almost half or one third smaller [than actual badges],” Yang told AP. The team created scenes that had “the least resemblance to South Korea,” according to Joo. He said the most difficult props was smartphones made in North Korea, which came from a series of meetings with defectors, including one based in Yanji, the Chinese city near North Korea. Joo declined to comment further on the process due to sensitivity of the matter.

Joo brought with him three North Korean phones,

each as much as three times the price of an iPhone.

Joo said some scenes were exaggerated for theatrical reason. One scene where a woman puts together a makeshift plastic shower stall to keep the water warm for longer drew a complaint from one of defectors for being “too condescending.” The defector who advised the team had told him that such method was used in the 1960s.

However, Kang Na-ra, a YouTuber who defected in 2014, said people living in rural parts of North Korea still use it. Kang was one of the escapees who provided real-life depictions of North Korea—from a group kimchi-making session to a popular makeup style that emphasizes the eyebrows.

The South Korean actors speak with a North Korean accent and use expressions less familiar in the South.

The drama series aired its final episode this week.

For Yang, this was an opportunity to create something new. “Everything we did was the first so there wasn’t any benchmark [to follow],” said Yang. “I think we’ve created the benchmark.”

“To be honest, we always showed poor and famished scenes when it comes to North Korea,” Kang said. “But I really like this drama because it shows that North Korea is also a place with people, and they know how to share despite the scarcity.”

The drama is one of a few reminders of Kang’s faraway home. It’s also a distant place for both Joo and Yang, because neither nation allows contact with the other’s citizens.

“I thought about how nice it would’ve been to film in Pyongyang,” Joo paused. “Well, the time will come one day.” n

ORLANDO, Florida—Even Cinderella needs an Extreme Makeover: Home Edition.

Disney officials said on Monday that the iconic Cinderella Castle at Walt Disney World Resort in Florida would be renovated over the next several months. The most noticeable changes will be the addition of gold trim to most of the castle and the darkening of the blue hue on the castle’s turrets. The castle is located in the Magic Kingdom park.

Work on the castle will last through the summer.

Despite the work, shows at the castle will continue as usual, Jason Kirk, a vice president of the Magic Kingdom, said in a blog post.

The renovation is coming during the 70th anniversary of the release of the 1950 classic animated film, Cinderella. AP

NCCA leads nation in celebrating National Arts Month 2020 A PLETHORA of arts and cultural events all over the Philippines makes the whole month of February exciting, colorful and enriching as the Philippines’s prime government agency for arts and culture, the National Commission for Culture and the Arts (NCCA), headed by chairman Arsenio “Nick” Lizaso, executive director Al Ryan Alejandre and deputy executive director Marichu Tellano, leads the celebration of 2020 National Arts Month.

Spearheaded by NCCA’s Subcommission on the Arts (SCA), led by its commissioner Teddy Co, “Ani ng Sining: Philippine Arts Festival” is a series of events in different parts of the country featuring exhibits, workshops, shows, concerts, lectures, tours and others in the seven fields of the arts.

These events aim to showcase the richness of artistic endeavors and heritage of local communities, as well as support and empower the numerous artists in these communities.

Highlighting the bountiful harvest of Philippine arts, Ani ng Sining: Philippine Arts Festival is mainly composed of the flagship projects of SCA’s seven national committees—architecture, cinema, dance, literary arts, music, dramatic arts and visual arts.

The annual celebration of National Arts Month started with the signing of Presidential Proclamation 683 in 1991, declaring February as National Arts Month. Over the years, NCCA, as well as private and government agencies have been organizing events, and activities, to highlight the artistic brilliance of the Filipinos.

More information is available at www.ncca.gov.ph.

‘AIDA’ OPENS CCP MET OPERA IN HD SEASON 7 ITALIAN composer Giuseppe Verdi’s Aida opens on March 10 the seventh season of the Cultural Center of the Philippines’s (CCP) Met Opera in HD, special screenings of the latest operatic productions of the Metropolitan Opera in New York through high-definition digital technology.

Set in ancient Egypt, the four-act drama brings to life the love triangle between a warrior, an Ethiopian slave and a princess. Warrior Radames falls in love with Aida, the Ethiopian slave of Princess Amneris, the king’s daughter. The princess has hidden feelings for the warrior. When the three meet, Amneris jealously senses Radames’s feelings for Aida.

An opera about imperial duty and forbidden love, Aida is sung in Italian.

With music by Verdi, and libretto by Antonio Ghislanzoni, soprano Anna Netrebko sings Aida, going toe-to-toe with mezzo-soprano Anita Rachvelishvili as Amneris and tenor Aleksandrs Antonenko as Radames. Maestro Nicola Luisotti takes the podium.

Composer Camille Saint-Saëns’s operatic take on the classic story of Samson and Delilah takes the cinema stage on April 21. The biblical epic Samson et Dalila stars tenor Roberto Alagna as the heroic Samson, who ultimately falls victim to the seductive power of Dalila, portrayed by mezzosoprano Elīna Garanča. Bass-baritone Laurent Naouri sings the sinister High Priest of Dagon. Completing the cast are baritone Elchin Azizov as the Philistine king Abimélech and bass Dmitry Belosselskiy as the Old Hebrew.

Darko Tresnjak, the Tony Award-winning director of

A Gentleman’s Guide to Love & Murder, made his debut directing the new Met production of the opera in 20 years. Sir Mark Elder conducts.

Catch Verdi’s La Traviata, a tale about a Parisian courtesan who sacrifices all for love, on May 12. In his first Live in HD appearance as the Met’s Jeanette Lerman-Neubauer music director, Yannick Nézet-Séguin conducts Michael Mayer’s richly textured new production, featuring a dazzling 18thcentury setting that changes with the seasons.

Soprano Diana Damrau plays the tragic heroine Violetta and tenor Juan Diego Flórez returns to the Met for the first time in five seasons to sing Alfredo, Violetta’s hapless lover.

Baritone Quinn Kelsey is Alfredo’s father, Germont, who destroys their love.

Georges Bizet’s Carmen is the fourth installment of the MET Opera in HD season, slated on June 23. Set among the Romani people in Seville, Carmen is a gritty tragedy starring the most famous of all operatic vixens. Mezzosoprano Clémentine Margaine is opera’s ultimate seductress, opposite tenor Roberto Alagna. Soprano Aleksandra Kurzak sings Micaëla, alongside bass Alexander Vinogradov as the swaggering bullfighter Escamillo. Louis Langrée conducts Sir Richard Eyre’s lively production.

Come July 21, CCP Met Opera in HD presents Gaetano Donizetti’s La Fille du Régiment, an operatic comedy that mixes hilarious complications with virtuoso slapstick and wonderful singing. Libretto by Georges Henri Vernoy de Saint-Georges and Jean-François Bayard, it follows Marie, the

feisty tomboy raised by a regiment of French soldiers.

Bel canto stars Pretty Yende and Javier Camarena team up for a feast of vocal fireworks on the stage, while baritone Maurizio Muraro is Sergeant Sulplice, with mezzo-soprano Stephanie Blythe as the outlandish Marquise of Berkenfield.

Enrique Mazzola conducts.

Francis Jean Marcel Poulenc’s Dialogues des Carmelites closes the seventh season on August 25, 2020. The Met’s Jeanette Lerman-Neubauer Nézet-Séguin leads an accomplished ensemble in Poulenc’s devastating modern masterpiece of faith and martyrdom.

Mezzo-soprano Isabel Leonard is the young Blanche de la Force, opposite Met legend Karita Mattila as the First Prioress.

The CCP Met Opera in HD series is presented by the CCP, the New York Metropolitan Opera and the Filipinas Opera Society Foundation Inc., in cooperation with the Ayala Malls Cinemas.

All screenings will be held at Greenbelt 3 Cinema 1, at 6:30 pm. Tickets are priced at P450. Season subscription will be P2,400 for six shows. For more information, call the CCP Film, Broadcast and New Media Division at 8832-1125, locals 1702 and 1705. Or visit the CCP social-media accounts and web site (www.culturalcenter.gov.ph).

For subscription and ticket reservations, contact CCP Sales and Promotions at 8832-3706 or e-mail ccpsalesandpromo@gmail.com. You may also inquire at Greenbelt 3 Cinemas Customer Service at 7757-3861 or 62.

GIUSEPPE VERDI’S Aida

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Art

BusinessMirror

Tuesday, February 25, 2020

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SOME of the Onib Olmedo pieces displayed as part of ArtFairPH/Projects at the recent Art Fair Philippines 2020 at The Link in Makati City.

Security Bank, Italian Embassy and Metropolitan Museum of Manila promote revolutionary Italian art THE Metropolitan Museum of Manila (MET), the Embassy of Italy in the Philippines and Security Bank present Arte Povera: The Italian Landscape, an exhibition curated by well-respected art critic Danilo Eccher.

Eccher has lent his expertise as director of renowned European art institutions, including Contemporanea di Trento (1989 to 1995), Galleria d’Arte Moderna, Bologna (1996 to 2000), the Museum of Contemporary Art of Rome (2001 to 2008), and the Galleria Civica d’Arte Moderna e Contemporanea, Turin (2009 to 2014).

“Arte Povera” was an influential, avant-garde movement in Southern Europe in the 1960s and 1970s. It was composed of Italian artists who used everyday materials to create experimental opuses that challenged how the world defined value. Moreover, the movement responded to Italy’s sociopolitical climate at the time, in terms of economics, industrialization and modernization.

This Manila-based showcase will feature works by contemporary Italian masters Jannis Kounellis, Marisa Merz, Mario Merz, Giovanni Anselmo, Luciano Fabro, Giuseppe Penone, Alighiero Boetti, Michelangelo Pistoletto, Gilberto Zorio, Pier Paolo Calzolari and two younger artists from the new generation, Francesco Arena and Gianni Caravaggio.

The collaboration between the MET, the Embassy of Italy in the Philippines and Security Bank (www.securitybank.com.ph) built on shared passions.

The MET has taken pride in being an advocate for making art a source of inspiration for everyone.

Its rallying cry “Art for All” embodies this by bringing the life-changing impact of art to the fore.

Similarly, Security Bank has strived to share the concept of “BetterBanking” with every Filipino. This brand promise has empowered the institution to put the needs of customers first by knowing them best.

This and the MET’s passionate support of the arts go beyond business. Rather, these share a common mission centered around enriching lives and building communities. This puts people in positions to maximize their potential and inspire others to do the same.

Arte Povera is ongoing until April 30.

More information is available at www. metmuseum.ph.

FROM left: Suyin Liu, vice president and corporate communications head of Security Bank; Trickie Lopa, cofounder of Art Fair Philippines; Luis Juan L. Virata, trustee at Metropolitan Museum of Manila; Lisa Periquet, cofounder of Art Fair Philippines; and Tootsy Angara

The time for Onib Olmedo’s edgy distortions has come CIRCLES JT NISAY

jtnisay@gmail.com

‘I

S there a movement to have him declared a National Artist?” a panel attendee asked at Art Fair Philippines over the weekend, during the session that centered on the life and works of Filipino figurative expressionist Onib Olmedo.

“National Artist? I don’t know,” answered panelist, artist and Olmedo’s good friend, Allan Cosio. “Maybe International Artist.”

Olmedo (1937-1996) is heralded by critics for his significant contributions in helping shape the history of Philippine art. A leading figure in the country’s expressionist movement, Olmedo depicted harrowing portraits of the Filipino everyman: Jagged and distorted, but somehow imbued with a penetrating gaze and a message of hope, triumph and resolution.

Cosio said of Olmedo: “He was an intellectual, consummate artist—compassionate, full of humor and wit.”

“Why then,” he added, “is his art not appreciated by the common man, for whom his heart bled? This is an enigma, and I guess will remain so.”

Olmedo was born in Sampaloc, Manila, and worked as an architect as a top-7 board top-notcher before pursuing a full-time career as an artist. He developed a style that was uniquely his own, devoid of foreign influences in techniques and aesthetic. His subjects, meanwhile, often involved his immediate surroundings. One was Aling Tsuping, a neighbor who figured in many of Olmedo’s works.

But in all of the master’s creations, from dark figures during his early years to musicians and ballerinas in the latter stage of his career, a signature constant was the shock value of the depictions to the viewer. During the Olmedo session at ArtFairPH/

Talks, the educational component of Art Fair Philippines copresented by Ateneo Art Gallery and Museum Foundation of the Philippines, Cosio recalled how the artist’s works were typically received by people at the time.

“People thought it was a horror show,” said Cosio, referring to how employees at the old Philam Life building in Manila reacted to Olmedo’s pieces for an exhibit.

“When Onib lived, society matrons would say of his works, ‘I wouldn’t even hang that in my bathroom,’” said the artist’s widow, Bettina. “He was simply way ahead of his time.”

And time, it seems, has finally caught up. The Olmedo widow said she has observed a growing popularity in her late husband’s art, especially among the younger audience, pointing to the large number of millennial attendees who joined the talk and those who flocked to the Onib Olmedo exhibition at one of the highlights of this year’s Art Fair, the improved ArtFairPH/Projects.

‘CHARLIE CHAPLIN OF VISUAL ARTS’ THE panel discussion on Olmedo not only dissected his works, but also painted his life through anecdotes.

Cosio said Olmedo was a compassionate friend. He recalled the time when the two of them were invited by the Iraqi government to visit their country to a program participated in by 400 artists all over the world.

All the Middle Eastern food upset Cosio’s stomach, and he was tied to the hotel room for two days. He said Olmedo decided to forego the organized tours and stayed with him until he got better.

Cosio also shared stories of Olmedo’s sharp sense of humor. He said Olmedo used to drive a beat-up car, for which he was flagged down one day by a traffic enforcer.

“Boss, P20 lang pera ko, pero may paintings dyan sa likod. Pumili ka na lang,” Cosio quoted Olmedo as saying. Cosio continued: “The officer then went to the trunk to have a look at the works. But knowing Onib’s pieces, the distorted figures, the officer said, ‘Akin na lang P20 mo.’”

“Stories like this,” Cosio said, “is why I call him the ‘Charlie Chaplin of visual arts.’”

PAINTER OF EMOTIONS ANOTHER panelist at the Olmedo talk was veteran journalist Vergel Santos.

The two developed a close friendship while working for a woman’s magazine: Olmedo as illustrator, Santos as copy editor.

They used to spend hours together working and chatting and usually both at the same time. They covered everything from sociopolitical discussions regarding martial law to existential issues.

Santos said he has two portraits of him by Olmedo.

One painting was done in 1990, when Santos was working for a newspaper after serving the Cory Aquino administration for a year.

“Olmedo seemed to have put in a great effort to making me look good on that one,” Santos quipped.

The other painting was done a year later, at a time when things weren’t exactly smooth-sailing.

“I look weird in that painting,” Santos said, “but somehow I knew why.”

He said he was dealing with personal matters, on top of figuring out how to make money for the paper he was working for. Olmedo recognized the state of mind of his friend, and was able to capture the emotion and translate it on canvas.

Another story about Olmedo’s special skill was shared during the talk by one of the audience members, who introduced himself as a lawyer.

He said his friend left school one day in the 1990s feeling distraught and dejected. The friend, a girl, came home and saw Olmedo having a sketching session at their house. Her mom asked her to sit down and be drawn by the visiting artist. Despite being tired, she complied to be polite.

Years after, when the family was decluttering the house, the mom saw the sketch and dismissed it as just another piece to be sold. The daughter, however, recognized the work, and saw not only herself in the painting but also her dispirited mood at the time it was being created.

“That’s what made him a genius, and that’s why fakers cannot fake his works,” the lawyer said, “because when you see an Onib, you see the emotion.”

Asked then what he thought Olmedo’s legacy is, Cosio didn’t need even two full seconds to answer: “It’s still growing.” ■

Makati brings art to the people A CITY truly comes alive not because of bustling businesses and crowded streets, but because of art. A city becomes more interesting when art is given much gravity like every important aspect of life. Wall murals make gray urban landscapes more colorful while busking artists give melody and rhythm to the atmosphere. After all, a city without art is a city without a soul.

Makati recognizes the importance of art, which is why creativity is given the right avenue to be seen, heard, felt and enjoyed by citizens. Art can break the monotony of the fast-paced urban life and puts everything into perspective.

The Makati Central Business District (CBD) is home to museums that serve as venues where everyone can appreciate art.

And every year, the city also hosts one of the biggest art events in the country: Art Fair Philippines. The fair, held this from February 21 to 23 at The Link car park, showcases Filipino art and the passionate community

behind it. And like every other year, the stakeholders of the annual event make sure that art goes beyond the limits of the location itself.

One of the initiatives of the fair was the 10 Days of Art, where various art-related events were held simultaneously in and out of Makati during a 10-day period, which ran from February 14 to 23. And to complement this initiative, Ayala Land Inc. and Make It Makati arranged several activities around the central business district.

Now on its 8th year, Art Fair Philippines continued to bring Philippine art to a wider audience. The activities for 10 Days of Art brought art even closer to the people, starting with transformation of a building facade into a canvas by making a bright and colorful impression. Through the form of video projection mapping, Manila-based projection designer G.A. Fallarme and Dutch artist Henk-Gert Lenten lit up the facade of The Link.

The video projection mapping was called “The Art of Now: A Selection of Philippine Contemporary Art,” featuring artworks of various Filipino contemporary artists.The normally still pieces came to life as they were presented as vibrant and dynamic moving images. This illuminated Makati Avenue, giving everybody a glimpse of modern Filipino art in a large scale.

Also included in the initiative were various exhibitions happening in and

out of the city during and beyond the 10 Days of Art period. Some of the exhibits included Lawrence Borsoto’s Nevertheless at Eskinita Art Gallery at Makati Central Square; Material Culture by Daniel dela Cruz at Art Cube Gallery along Chino Roces Avenue; Inscapes: A Retrospective by Agnes Arellano at Ateneo Art Gallery, Ateneo de Manila University; and Arte Povera: Italian Landscape at the Metropolitan Museum of Manila, just to name a few.