BusinessMirror February 26, 2020 by BusinessMirror

Wednesday, February 26, 2020 Vol. 15 No. 139

‘Curbs on POGO, new ecozones to cut growth’ HE slowdown in the global economy and domestic risks such as restrictions on Philippine Offshore Gaming Operators (POGOs) and a ban on new economic zones in Metro Manila could shave off at least 0.5 percentage points from the country’s growth this year, according to the Asean+3 Macroeconomic Research Office (Amro).

[The] impact is not contained within the property market, considering its backward and forward linkages to the rest of the economy.... Policy restrictions on POGOs and setting up of economic zones will not only affect the NCR.” —Amro

government’s full-year target of 6.5 to 7.5 percent. Amro said the US-China trade tensions, global policy uncertainties and business sentiments will weigh on investment spending

Amro’s assessment of the risk factors facing the Philippine economy, particularly the uncertainties from the external environment.

In its Annual Consultation Report released on Tuesday, Amro said, however, that higher government expenditure will allow the economy to grow by 6.4 percent this year. This is below the

By Cai U. Ordinario

@caiordinario

while domestic risks involving POGOs and economic zones in the National Capital Region (NCR) could dampen the growth of the property market. “The authorities concur with

Continued on A2

@alyasjah

HE country’s trade chief is eyeing to craft a policy that requires all manufacturers to localize at least 50 percent of their products to support the purchase from domestic suppliers. In mandating the whole manufacturing sector to make their products at least 50 percent local, Trade Secretary Ramon M. Lopez aims to have manufacturers support the domestic supply chain and, in turn, generate opportunities for many Filipinos. Lopez explained the policy could also cover infrastructure projects, which means constructors will be tasked to source half of their material requirements from local producers. “If you are a locally funded ‘Build, Build, Build’ project or you

@sam_medenilla

PESO exchange rates n

By Elijah Felice E. Rosales

By Jasper Emmanuel Y. Arcalas

By Samuel P. Medenilla

See “OFWs,” A2

50% LOCALLY SOURCED INPUTS TO BE REQUIRED OF MANUFACTURERS are enjoying incentives from the BOI [Board of Investments], Peza [Philippine Economic Zone Authority] or others, you should be required to increase the local content of your materials,” Lopez told reporters recently.“You buy locally made materials.” He added: “If the cement, steel, pipes, metal sheets are locally made and up to standard, prefer the local. That’s the campaign we will be pushing on a broader scale: buy Philippine made [products]. We will revive awareness to buy locally made.” Purchasing locally, he pointed out, has a multiplier effect on various industries, as it augments not only production but job demand, as well. Further, he said increasing the local content of goods manufactured here improves the country’st industrialization efforts. See “Manufacturers,” A2

PHL meat imports nearly flat on higher global prices

‘Fewer OFWs leaving PHL for Hong Kong, Taiwan, Macau’ VERSEAS Filipino workers (OFWs) continue to arrive in trickles in Hong Kong, Macau and Taiwan even after Manila’s lifting of the travel ban imposed on these areas due to the outbreak of the coronavirus disease 2019 (COVID-19). The Department of Labor and Employment (DOLE) said only a few OFWs have left for Hong Kong, Macau, and Taiwan since the InterAgency Task Force for Emerging Infectious Diseases (IATF-EID) allowed them to return these areas earlier this month. “They [OFWs] are taking precautionary [measures]. Once they hear

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In this photo released by the Department of Foreign Affairs, officials of the DFA and Philippine Embassy in Tokyo, with a Department of Health team, wear protective suits as they prepare for the disembarkation of Filipino crew members on board the Diamond Princess cruise ship at Yokohama Port on Tuesday (February 25). About 400 Filipino crew members were repatriated to the Philippines on two chartered flights. Story on page A2. DFA VIA AP

@jearcalas

HE country’s meat imports last year remained nearly f lat, at around 845,000 metric tons (MT), as the spread of the dreaded African swine fever (ASF) in exporting countries put pressure on the global meat supply. Local traders have projected that total imports in 2019 would settle at the same figure recorded in 2018 due mainly to the jump in international meat prices, particularly pork. Bureau of Animal Industry (BAI) data showed that the country imported 844,971.338 metric tons of meat products last year, just a tad lower than the 848,660.358 MT recorded in 2018. The 18-percent hike in chicken meat imports, which reached a record-high 340,332.312 MT, was enough to offset the 14-percent decline in pork purchases. BAI data

indicated that pork imports last year reached 335,786.89 MT. Historical data from the BAI, an attached agency of the Department of Agriculture, revealed that this was the first time that chicken imports overtook the country’s purchases of imported pork. “[It was] a struggle for pork [imports as] prices [were] too high. Beef [imports] were likely flat, pork [imports] decreased, poultry [imports] likely went up, [total meat imports] may be flat,” Meat Importers and Traders Association President Jesus C. Cham told the BusinessMirror in an interview last month. The United States was the country’s top source of imported meat last year, accounting for 17.29 percent of total purchases, or 146,121.931 MT. However, purchases from the US fell by nearly 8 percent from the 155,931.041 MT recorded in 2018.

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 “Meat,” A2

Source: BSP (24 February 2020)

News

BusinessMirror

A2 Wednesday, February 26, 2020

Cash aid, quarantine await 400 cruise ship workers

By Elijah Felice E. Rosales @alyasjah & Recto Mercene @rectomercene

HE Department of Labor and Employment (DOLE) said it will provide cash aid to the over 400 repatriated Filipino crew members of the cruise ship Diamond Princess, which was quarantined for a fortnight in Japan after some of its passengers were infected with the novel coronavirus (Covid-19).

Labor Secretary Silvestre H. Bello III made the announcement as a team led by the Department of Foreign Affairs was expected to arrive with the workers in two chartered flights on Tuesday night at Clark International Airport. From there, they were to be whisked off by the DFA and Department of Health (DOH) to a special quarantine zone in New Clark City in Capas, Tarlac. Bello said the Overseas Workers Welfare Administration (Owwa)

will be providing P10,000 in financial aid to its active members from Diamond Princess. If some of the beneficiaries opt to no longer work abroad, he said Owwa will provide them with a P20,000 livelihood grant instead. The Filipino crew disembarked from the cruise ship in Yokohama Port, and were bused to Haneda Airport to board two chartered Philippine Airlines A330s on their return flights to the Philippines. The DFA-Philippine Embassy

in Tokyo said they worked closely with the Japan Self-Defense Forces and the DOH medical team to bring home the Filipinos. Foreign Affairs Secretary Teodoro L. Locsin Jr. had laid down a clear policy to bring home overseas Filipino workers (OFWs) wishing to return from virus-affected host countries for as long as they undergo the mandatory quarantine. The task force member agencies, World Health Organization, the Philippine Embassy in Japan, and the Magsaysay Maritime Corp. jointly cooperated for the repatriation of the estimated 460 to 480 Filipinos aboard the cruise ship who requested assistance to return to the Philippines. The approved repatriation plan laid down the respective responsibilities of the DOH, Department of the Interior and Local Government (DILG), Magsaysay Maritime Corp., Owwa and the concerned local government units.

Airlines’ appeal

Meanwhile, airport sources said that local carriers are appealing to

the Task Force to lift the requirement for Filipino pilots and cabin crew to undergo quarantine for 14 days after their flights. “The long quarantine period affects the supply of deployment of cabin crew and pilots for regular flights,” the source said. Meanwhile, Bello said most of the beneficiaries would most likely be redeployed by their manning agency, Magsaysay Maritime Corp. DOLE said out of the 1,500 crew of the Diamond Princess, 538 are Filipinos. During a briefing in Malacañang on Monday, the DFA said some of the Filipino crew were asked by the Diamond Princess management to remain in the cruise ship for its maintenance. Bello commended the Filipino crew, who continued to perform their duties, serving 3,000 passengers despite the spread of Covid-19 within the premises of the cruise ship. He said they are now considering nominating them for their “gallantry” in the next Bagong Bayani Award, which aims to recognize exceptional OFWs.

‘Curbs on POGO, new ecozones to cut growth’ Continued from A1

While the authorities agree that policy restrictions may affect the property market, they believe the impact will be moderate and manageable,” Amro said. The global slowdown alone, Amro said, would shave off 0.5 percentage point from GDP growth. This will also be negatively affected by the “downswing” in the global semiconductor sector. Such downswing will significantly affect the Philippine economy as electronic products comprise the country’s top export. In 2019, data from the Philippine Statistics Authority (PSA) showed electronic product exports accounted for 56.88 percent or $40 billion of total exports amounting to $70.33 billion. The country’s semiconductor exports amounted to $29.46 billion in 2019. “Given the dominance of electronics

OFWs. . .

products in the Philippines’s total exports, a slower-than-expected recovery of the semiconductor cycle can keep exports depressed and dampen growth,” Amro said. On the domestic front, Amro said the moratorium imposed on the issuance of POGO licenses and other industry uncertainties as well as the ban on the creation of new ecozones in NCR would dampen office space demand. Data show a large portion of new office supply in the next five years will be in Metro Manila, Amro said. With this, the government’s restrictions could lead to lower office and housing occupancy rates and rentals. Amro expressed concerns that this will lead to a“cooling off”in the country’s property sector which, in turn, could “cause distress” in the loan portfolios of banks. “[The] impact is not contained within the

property market, considering its backward and forward linkages to the rest of the economy. Also, policy restrictions on POGOs and setting up economic zones will not only affect the National Capital Region. Data shows that working permits have been granted to POGO companies to operate in major cities outside Metro Manila,” Amro said. In the long term, Amro said the Philippines’s efforts to boost its labor productivity will be a challenge. Amro said this is amid recent developments that labor productivity has increased and has been higher than its regional peers in the past three years. Amro said attaining and sustaining high labor productivity will largely depend on the country’s ability to upskill the labor force and facilitate the entry of workers to high productivity sectors such as manufacturing

Meat. . .

Continued from A1

that there’s an outbreak of COVID-19 where they’re supposed to be deployed, they will opt to just wait for conditions to improve,” Labor Secretary Silvestre H. Bello III told reporters in an interview. Bello said this is especially true for OFWs bound for Hong Kong. Employers there, he said, opted to just extend the vacation leave of their Filipino workers. The IATF-EID imposed the travel bans on China, which is considered as the epicenter of the COVID-19 outbreak, and the three areas to minimize the exposure of Filipinos to the dreaded disease. It lifted the travel ban on Hong Kong, Macau, Taiwan amid concerns over the possible displacement of OFWs. A similar ban may be imposed by Manila on South Korea where the number of confirmed COVID-19 cases jumped to 763 as of February 24. This makes South Korea the second country with the most number of COVID-19 cases worldwide next to China which has 142,823 confirmed cases. Citing the recommendation of the DOLE’s office in South Korea, Bello said he believes that the travel ban is unnecessary, as the COVID-19 outbreak is contained in one area and Filipinos have already undertaken precautionary measures against the virus. However, the labor chief said he will support the decision of the IATF-EID, of which the DOLE is a member, on the matter.

Key cuts

BAI data showed that shipments of chicken meat to the Philippines went up due to the double-digit growth in purchases of prime cuts, including chicken leg quarters, and mechanically deboned meat (MDM). The combined import volume of chicken cuts, which includes parts like wings, and chicken leg quarters (CLQ), rose by 20.43 percent to 110,295.822 MT, from 91,585.783 MT recorded in 2018. Industry players attributed the increase to the shift in demand for poultry meat as it was cheaper than pork. Global pork prices doubled because of the jump in China’s demand. China needed to plug the shortfall in its local hog supply after it was drastically

Sangley. . .

Continued from A8

In addition, the Bacoor reclamation projects are also meant to attract investments and new businesses, both foreign and local, whose operations would involve shipment of goods and travel of personnel utilizing either SPIA or the Naia. Bacoor City leaders believe the proposed reclamation project would propel the city’s rise as a new growth center adjacent to Metro Manila, generate at least 700,000 new jobs for its residents and those in nearby areas, and enable the city government to improve the delivery of basic

Edsa. . .

Continued from A8

He was referring to the four-day bloodless regime change that captivated the world as millions of Filipinos massed on the grounds between two military camps, Aguinaldo and Crame, to provide a human shield to rebel soldiers protesting against the Marcos dictatorship. For her part, Vice President Leni Robredo

and services. Last year, Socioeconomic Planning Secretary Ernesto M. Pernia said lowproductivity jobs, particularly in the agriculture sector, remain a concern for the government. Pernia said this is why more needs to be done to further cut unemployment and underemployment. These efforts include implementing well-thought-out and sustainable policies to improve employment growth, particularly in the agriculture sector and overall employment in the country. Pernia said the continued decline in agricultural employment is also largely attributed to rising cost of inputs amid low profit, limited access to credit, poor infrastructure and vulnerability to environmental risks.

cut by ASF outbreaks. The United Nations’ Food and Agriculture Organization’s (FAO) world meat price index peaked at 191.6 in December 2019 as global production played catch-up with the surge in import demand, particularly from Asian countries that have lost millions of hog population due to ASF. On an annual basis, the meat price index rose to its five-year high last year at an average of 175.8 points, FAO data showed. BAI data indicated that imports of chicken MDM, the raw material used by local manufacturers in making processed meat products, expanded by 13.53 percent to a record-high 219,061.866 MT. Beef imports also recorded double-digit growth last year, with purchases reaching 136,415.33 MT, 12.83 percent higher than the 120,901.156 MT recorded in 2018. However, the country’s buffalo meat imports declined 29 percent year-on-year to 31,510.526 MT while purchases of lamb meat rose by 20 percent to 926.281 MT.

services for its people. The reclamation projects are being pushed to provide additional land space necessary for new developments and accommodate the projected growth of the city’s population of around 600,000—seen to double by 2025. As of today, at least 73 percent of the city’s land area is devoted to residential use. Bacoor leaders said the project will also hasten the Manila Bay cleanup drive in compliance with the 2008 mandamus of the Supreme Court with the in-city relocation of ISFs who are at risk in coastal areas. ISFs will be relocated at “Ciudad Kaunlaran in Molino II, while affected families of fishermen will be resettled at the “Fisherman’s Village” in Barangay Alima. Jonathan L. Mayuga

said the 1986 revolution should serve as a warning to anyone who will attempt to clamp Filipinos under an iron-fisted rule. “They will not succeed,” she said, noting that there are people who are working to erase the memory of the People Power Revolution for their own personal agenda. National Capital Region Police Office chief Maj. Gen. Debold Sinas said the simple commemoration of the revolution went well and peacefully, and was over after more than 12 minutes.

“We are very happy that the program was finished peacefully and orderly. As you can see, no one has conducted a rally, demonstration on our Freedom Park. There are only about 1,000 participants for the program, all government employees,” he said. “There are no other stakeholders this morning or nongovernment organizations, and the flag raising and wreath laying went all smoothly and the program lasted for 12 minutes,” he added. Rene Acosta

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Credit-card promos seen boosting tourist spending at PHL shopping fest By Ma. Stella F. Arnaldo

REDIT-card companies Visa and Mastercard will be offering special payment schemes to encourage tourist spending at “The 2020 Philippine Shopping Festival,” to be held the entire month of March. Tourism Assistant Secretary for Branding and Communications Howard Lance A. Uyking told the BusinessMirror,“Mastercard and Visa will roll out promos with their partner-banks for the entire month.” While the credit-card firms and their partner-banks have yet to finalize their promotions for the shopping festival, many merchants usually offer flexible payment terms such as zero-percent interest on three- to 12-months installment plans on select purchases using credit cards. The nationwide shopping festival, the first of its kind in the country, is a project of the Department of Tourism to help boost visitor arrivals. But the DOT official did admit, if it weren’t for the coronavirus disease 2019 oubreak, the agency was aiming for at least a 5-percent increase in arrivals from key markets compared to their arrivals in March 2019. “Had there been no Covid-19, our target was 5 percent especially for South Korean, China, Japan and Southeast Asia versus March 2019,” he said. “But now, this huge sale in airfares, hotels, tours and various brands, has become a mitigation effort instead of an incremental one,” explained Uyking. The DOT has projected tourism revenue losses of some P38.2 billion from the travel bans on mainland China, Hong Kong and Macau. China, where Covid-19 originated, is the secondlargest source of tourists for the Philippines, accounting for 21 percent or

1.74 million tourists, of total arrivals in 2019 which was placed at some 8.2 million. The Chinese are also among the top spenders as a market although on a per-capita basis, they are edged out by Europeans. Meanwhile, restaurants will also have their own promotions during the shopping festival, said Uyking. “Restaurants are also giving discounts. For example, some partner restaurants in Ayala [malls] will give free merienda if you shop there,” he said, underscoring that unlike the usual payday weekend sales, “this is the first time that all the malls are going on sale at the same time,” along with airfares, hotels and tours. Retailers have reported sluggish sales since the Covid-19 outbreak as patrons stay away from malls and restaurants. A report by ABS-CBN quoted Roberto Claudio, vice chairman of the Philippine Retailers Association, saying retailers and restaurants have registered a 30-percent to 50-percent drop in sales, while SM Supermalls said its sales fell by 10 percent to 20 percent. Local products by Filipino artisans and craftsmen are the main feature of the nationwide shopping festival, the DOT officially launched on February 19, along with its partner malls, retail associations, and tourism stakeholders groups. During the shopping fest, foreign and local tourists alike can expect up to 70-percent discount on many Philippine-made products, including food and dining choices, jewelry and fashion, crafts, furniture, and décor, and beauty and wellness products. Based on DOT’s Visitor Sample Survey in 2018, shopping is among the most popular tourist activity in the country, according to 38 percent of survey respondents. (See, “Shopping is more fun in the PHL, say tourists,” in the BusinessMirror, July 5, 2018.)

ABS-CBN. . .

terms set by Congress when it approved the companies’ franchises in 1995.

@akosistellaBM Special to the BusinessMirror

Continued from A8

Puno noted that Section 16 of RA 7925 or the Public Telecommunications Policy Act of the Philippines states that “no person shall commence or conduct the business of being a public telecommunications entity without first obtaining a franchise.” The former chief justice added,“They cannot operate because of that decision and by the laws we have, particularly RA 7925.’” Puno stressed that the NTC also does not have the power to grant a temporary license “without the franchise given by Congress.” “This is also in RA 7925 which defines the powers of the NTC,” he explained. The former chief magistrate’s position contradicts the position of Justice Secretary Menardo Guevarra, who said at Monday’s Senate inquiry into ABS-CBN’s franchise issues that the company should still be allowed to operate considering that some companies were allowed to continue their operation with expired licenses. But, Puno said, this was a practice that has been tolerated but has no basis in law. “That is by mere tolerance, by mere practice, that practice cannot be sustained if you have a decision by SC, and you have a law saying you need a franchise,” he pointed out. Aside from waiting for Congress to act on the renewal of its franchise, the network is also facing a legal battle at the SC after Solicitor General Jose Calida filed a quo warranto petition, asking the SC to cancel the franchises of ABS-CBN and its subsidiary ABS-CBN Convergence, saying the network committed “highly abusive practices” in violation of

Manufacturers. . .

“[That will be the] general policy in manufacturing, not only on automotive vehicles, [to require] preference to locally manufactured supplies or locally assembled products,” he disclosed. Under the Comprehensive Automotive Resurgence Strategy (CARS) program, selected vehicle assemblers are mandated to increase the localized content of their enrolled automobile to 60 percent, from 40 percent. This is part of the state’s plan to encourage building units here than importing them. The CARS program provides incentives to car makers to locally make models with a

Senators move

Senate President Vicente Sotto III earlier allayed concerns that beleaguered ABS-CBN may be compelled to shut down pending renewal of its expiring franchise. “It can continue to operate,” Sotto told BusinessMirror Sunday, clarifying that a franchise is “deemed extended if a bill renewing it has been filed.” On Wednesday, Senate Minority Leader Franklin Drilon is expected to file a Concurrent Resolution to allow ABS-CBN to continue to operate when its franchise expires on May 4. And, while the House of Representatives is still weighing the merits of renewing ABS-CBN’s franchise, a lawmaker has filed a bill extending the existing franchise until the end of the Duterte administration on June 30, 2022. In House Resolution 28, Cebu Rep. Raul del Mar said that since only a few session days are left before Congress adjourns on March 14, 2020, both the House of Representatives and the Senate need additional time to review, assess and determine whether or not ABS-CBN Broadcasting Corp. shall be granted the renewal of its franchise. “This will enable Congress to discharge its constitutional duty of protecting public interest in the grant and repeal of franchises, without trampling on rights to due process and infringing on free press and free speech: Now, therefore, be it resolved by the House and the Senate to extend the franchise of ABS-CBN until the end of this 18th Congress on June 30, 2022,” he added. Joel R. San Juan, Jovee Marie N. Dela Cruz and Butch Fernandez

Continued from A1

production volume of at least 200,000 units for up to six years. In return, each firm is granted up to P9 billion of fiscal support from the government, on top of nonfiscal measures. Toyota Motor Philippines Corp. enrolled its Vios in the CARS program, while Mitsubishi Motors Philippines Corp. registered its Mirage. The long-term plan for these locally made models is for them to be exported, but even Lopez himself admits that goal has to be set aside for now given the high production cost here when compared to Southeast Asian manufacturing powerhouses Vietnam, Thailand and Indonesia.

News BusinessMirror

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Wednesday, February 26, 2020 A3

DA to spend ₧1.3B for crop diversification

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Department of Agriculture (DA) said it will spend P1.3 billion for its crop diversification program which will focus on assisting uncompetitive rice planters shift to high-value commercial crops so they can earn more.

Agriculture Secretary William D. Dar said the amount will come from the P2.3 billion in excess rice tariffs collected under the rice trade liberalization law (RTL), which took effect on March 5, 2019. “We will regularize this program [crop diversification] by 2021 using the excess tariffs [from rice imports],” Dar told reporters in an interview on Monday. Under Republic Act 11203, rice tariff collections exceeding P10 billion could be used for “productivity-enhancement programs for rice farmers seeking to diversify production toward other crops.” “A portion of the excess tariff revenues shall be released to the DA, and shall be used for produc-

tivity-enhancement programs for rice farmers seeking to diversify production toward other crops,” the law’s implementing rules and regulations (IRR) read. Dar said the DA is set to discuss and finalize the crop diversification program as part of the measures it is implementing in line with the enactment of the RTL law. Initially, rice planters would be shifted to planting high value crops suitable in their province or region. Under the draft Philippine Rice Industry Roadmap, a total of 23 provinces will shift from planting rice to other crops which will allow farmers to earn more. The road map indicated that the 23 identified non-priority

FARMERS in Buguias, Benguet, are rushing to harvest their white radish in this photo. The Department of Agriculture is implementing a program that will encourage rice planters to cultivate other crops. LAILA D. AUSTRIA

rice provinces would be transitioned to various commodities and industries, such as abaca, banana, cassava, cattle, coconut, high-value vegetables, livestock, poultry and rubber. Non-priority rice provinces that would shift to planting other crops

are Catanduanes (abaca), Abra (banana), Apayao and Tawi-Tawi (cassava), Batanes, Guimaras, Sulu (banana), Eastern Samar (coconut) and Benguet (high-value vegetables). Rizal, Marinduque, Romblon, Camarines Norte, Siquijor, Northern Samar, Camiguin, Surigao del

Norte, Dinagat Islands, Cebu and Batangas will shift to hog rearing and poultry-raising. Farmers in Mountain Province will be encouraged to plant potatoes and high-value vegetables. Those in Zamboanga del Norte will be asked to go into poultry-

PHL makes first donation to ADB grant fund By Cai U. Ordinario @caiordinario

HE Philippines has made history by making its first donation to the Asian Development Fund (ADF) of the Manila-based Asian Development Bank (ADB). Newly elected ADB President Masatsugu Asakawa said in a statement that he expressed his thanks to President Duterte for the donation in a recent courtesy visit. The amount of the donation remained undisclosed as of press time. Sources, however, told the BusinessMirror that the details of the donation will be revealed at the Annual Meeting of the ADB Board of Governors in Incheon, South Korea, in May. “He [Asakawa] thanked Mr. Duterte for the Philippine government’s first-ever contribution to the Asian Development Fund, which provides grants to ADB’s lower-income developing member-countries in Asia and the Pacific to reduce poverty, and improve people’s quality of life,” the statement read. The ADF was established in 1974 and initially provided loans on concessional terms for ADB’s Developing Member Countries (DMCs). With the merger of

MASATSUGU ASAKAWA

ADB’s ADF, and the Ordinary Capital Resources (OCR) in 2017, ADF “become a grant-only operation.” ADB explained that ADF resources come mainly from contributions from DMCs, which are mobilized under periodic replenishments, and net income transfers from OCR. Since 1974, ADF has been replenished 11 times, the latest of which was ADF 12 which supports grant operations between 2017 and 2020. Around 34 DMCs have provided di-

rect contributions to the ADF including member-nations of Asean—Brunei Darussalam, Indonesia, Malaysia, Singapore and Thailand. The ADB is currently conducting meetings to complete its 12th replenishment or ADF 13 this year. The second meeting was held in Manila two weeks ago. At the dinner hosted by Manila after the courtesy visit, Asakawa congratulated the Philippine government for bringing down the national poverty rate to 16.6 percent in 2018, from 23.3 percent in 2015. Asakawa said this was largely due to the country’s high economic growth rates, job creation and expanded social assistance programs. The government aims to reduce poverty rate to 11 percent by 2022. He also met with Finance Secretary and ADB Gov. Carlos G. Dominguez. Asakawa reiterated ADB’s full support for the country’s growth and development goals, including the “Build, Build, Build” infrastructure development program, and the peace and economic development initiative in the Bangsamoro Autonomous Region in Muslim Mindanao. ADB said Asakawa and Dominguez discussed ways to improve cooperation between multilateral development institu-

tions, particularly ADB and the World Bank. Asakawa noted this will be one of his key priorities during his term. “ADB’s partnership with our host country, the Philippines, has never been stronger,” said Asakawa. “ADB is committed to supporting the government’s effort to reduce poverty and create high-quality jobs for Filipinos by building a competitive economy and caring society.” ADB lending to the Philippines is planned to reach a record high of $3.3 billion this year, with about half supporting the government’s infrastructure program. This will likely include priority projects, such as the South Commuter Railway, the Edsa Greenways Pedestrian Walkways, and the Angat Water Transmission Aqueduct 7, as well as initiatives to boost social protection, sustainable tourism, and capital market development. Last year, ADB’s sovereign lending to the Philippines amounted to $2.5 billion, up from $1.4 billion in 2018. The $2.75 billion Malolos-Clark Railway Project, one of the government’s major infrastructure investments, is ADB’s largest project financing in the Asia and Pacific region to date. Construction work is expected to begin by the middle of this year.

‘Tighter rules on single-use plastics should cover manufacturers’

PLASTICS compose most of the waste at the Taytay Materials Recovery Facility in Barangay Muzon, Taytay, Rizal. BusinessMirror FILE PHOTO By Jonathan L. Mayuga

@jonlmayuga

NVIRONMENTAL groups welcomed the move of the National Solid Waste Management Commission (NSWMC) to impose a ban on the use of selected plastic products in all government offices, saying it will help reduce plastic pollution in the country. Still, many of the groups believe the

NSWMC could have gone for wider coverage of the plastic ban, encompassing more single-use plastic products and beyond government offices, in issuing Resolution 1363. They said more stringent rules in the future should include manufacturing companies that produce plastic products. Resolution 1363 bans the use of “unnecessary” plastic products, like plastic spoon and fork, stirrer, thin plastic

cups, and plastic bags that are “certified” single-use in government offices, including national government agencies, local government units (LGUs), and even government-funded facilities. Sought for comment, Leon Dulce, national coordinator of Kalikasan-PNE said: “An initial selective single-use plastics ban is a welcome move toward reducing plastic pollution in the country.” “The full transition away from singleuse plastics should be fast-tracked by imposing stricter regulations and levies on manufacturing corporations to discourage their use of various other forms of plastics,” Dulce added. Greenpeace Southeast Asia, through its Philippine Country Director Lea Guerrero, said it is good that single-use plastics are finally being banned in government offices. However, she said the resolution is “low in ambition” and “borders on tokenism.” “As it is, based on reports about what is included in the resolution, it’s not an actual ban on single-use plastics. They haven’t banned plastic bags or plastic cups, or disposable PET bottles—just stirrers, straws and cutlery. Plastic bags and cups are allowed depending on their thickness,” said Guerrero. She said allowing thicker plastic bags and cups don’t make sense. “Thicker plastic bags and cups are still disposable. Also, it would be interesting to find out how they’re going

to implement it—who’s going to measure the thickness of the plastic bags and cups used in government offices to see if they fit the regulation?” Guerrero said some LGUS, supermarkets, restaurants and malls have already banned, or are in the process of banning plastic bags and cups. Since government offices don’t rely on plastic bags and cups, Guerrero said it shouldn’t be hard for them to do the same. “It’s disappointing that given their mandate on environmental protection, the DENR [Department of Environment and Natural Resources] and NSWMC could have aimed for much better regulation, but they didn’t,” she said. Von Hernandez, Global Coordinator of Break Free From Plastic, said Resolution 1363 is “inadequate, full of loopholes, and could probably result in the use of more crappy plastic packaging nationwide.” Hernandez noted that it does not cover single-use plastic bottles and Styrofoam cups, which are among the top polluting items regularly found in the group’s waste audits. Secondly, he said the policy is “practically unimplementable” because there’s no designated agency that will measure the thickness of bags and cups. “Experience in other countries has shown that this type of policy approach has resulted in the production and proliferation of more plastic bags in commerce and the environment,” he said.

raising, while Basilan planters will cultivate rubber. Dar added that the remaining P1 billion excess rice tariffs collected last year will go to crop insurance, which is also a program identified under the RTL law. “A portion of the excess tariff revenues shall be released to the Philippine Crop Insurance Corp., and shall be used for the provision of crop insurance to qualified rice farmer-beneficiaries under its existing agricultural insurance programs,” according to the law’s IRR. The Department of Finance on Monday reported that tariffs collected by the Bureau of Customs from importers of rice under the RTL law 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 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.

Official: PUIs in Muntinlupa are free from COVID-19 By Roderick L. Abad

Contributor

@rodrik_28

ABORATORY tests confirmed that five patients under investigation (PUIs) in hospitals in Muntinlupa City are free from the 2019 novel coronavirus (COVID-19), according to the city health officer. Muntinlupa City Health Officer Dr. Teresa Tuliao said that the PUIs have been discharged following the results of the laboratory tests. “We now have zero cases of PUIs in Muntinlupa City after laboratory samples of all admitted PUIs yielded negative results for COVID-19,” she said. “The local government of Muntinlupa is strongly coordinating with the Department of Health [DOH] and Research Institute for Tropical Medicine regarding this health event.” Muntinlupa Mayor Jaime Fresnedi recently ordered the establishment of Muntinlupa 2019nCoV Task Force via Executive Order 2 Series of 2020, as a proactive measure against the spread of the viral respiratory ailment in the city. It spearheads the implementation of DOH protocols and guidelines, and extends full cooperation with the DOH and other national government agencies. The local chief executive gave assurance to his constituents that they are acting on the prevention, containment and control of COVID-19 in Muntinlupa. He also urged the public to practice proper hygiene, observe proper cough etiquette, and live healthy lifestyles to strengthen their body resistance against infections. Early this month, the local government unit (LGU) called for an emergency stakeholders’ meeting to talk about the latest updates on the contagious pneumonia to barangay emergency response units, barangay officials and health workers, mall owners, hoteliers, and other commercial establishment owners. The Muntinlupa City Health Office (MCHO) noted that medical facilities in the city are equipped to respond to emergency situations involving patients with respiratory infections. To deal with infected patients, local hospitals and medical hubs were suggested to observe high standard of infection prevention and control. Ospital ng Muntinlupa, for instance, has set up priority lanes for patients experiencing flu-like symptoms, as well as critical equipment. MCHO gave away 2,000 bottles of alcohol to local residents and boosted its information drive in combatting the spread of COVID-19 through the LGU’s Public Information Office. The city government inspects emerging Chinese restaurants and coordinates with Chinese establishments as a precautionary measure. City residents are encouraged to immediately visit local health centers or Ospital ng Muntinlupa if they experience symptoms of the virus.

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Chinese Customer Service Representative

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Chinese Customer Service Representative

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Chinese Customer Service Representative

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101

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SMART WIN TECHNOLOGY, INC. 4-12F Southwoods Tower 2, Biñan City, Laguna

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Chinese Customer Service Representative

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124

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125

SMART WIN TECHNOLOGY, INC. 4-12F Southwoods Tower 2, Biñan City, Laguna

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162

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163

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165

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Chinese Customer Service Representative

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131

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Chinese Customer Service Representative

167

SMART WIN TECHNOLOGY, INC. 4-12F Southwoods Tower 2, Biñan City, Laguna

MS. JINCUI WANG/ Chinese

Chinese Customer Service Representative

132

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MR. BINGFENG LIU/ Chinese

Chinese Customer Service Representative

168

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Chinese Customer Service Representative

169

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170

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Chinese Customer Service Representative

171

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MS. ZHAODI ZHOU/ Chinese

SMART WIN TECHNOLOGY, INC. 4-12F Southwoods Tower 2, Biñan City, Laguna

MS. SHUANG CHEN/ Chinese

SMART WIN TECHNOLOGY, INC. 4-12F Southwoods Tower 2, Biñan City, Laguna

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SMART WIN TECHNOLOGY, INC. 4-12F Southwoods Tower 2, Biñan City, Laguna

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MR. SHUANG BAI/ Chinese

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MR. YONGHU ZHANG/ Chinese

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MR. SHENGSHI LUO/ Chinese

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MR. SIYUAN MU/ Chinese

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MS. YANJUN HUO/ Chinese

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MR. JUHONG ZENG/ Chinese

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MS. XIAOTING ZHU/ Chinese

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MR. WILSON TAN HANG SOON/ Malaysian

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MR. QUANWEI MU/ Chinese

Chinese Customer Service Representative

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MR. CHANGLIN LI/ Chinese

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A6 Wednesday, February 26, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Dummy Inc.

he chief aim of cooperatives, according to the Cooperative Development Authority (CDA), is to help improve the quality of life of their members. Co-ops can do this by providing goods and services to their members and by increasing their income, savings and purchasing power. The importance of cooperatives in assisting the State usher in economic development, particularly in the countryside, is underscored by the fact that an agency was created to promote their viability and growth. There are 26,000 registered co-ops engaged in various undertakings in the Philippines. The most popular types of cooperatives are credit co-ops (which promote and undertake savings and lending services); consumer co-ops (which procure and distribute commodities to members and nonmembers); producers’ co-ops; and service co-ops. These co-ops enjoy a number of privileges, including exemptions from all national, city, provincial, municipal, or barangay taxes for those with accumulated reserves and undivided net savings of not more than P10 million. These tax exemption privileges, according to the CDA, are what attracted unscrupulous traders to use certain co-ops as dummies for importing rice under the new trade scheme (See, “CDA presses overhaul of rice import scheme,” in the BusinessMirror, February 14, 2020). These tax exemptions are particularly tempting to those who do not want to incur additional costs as rice imports are now slapped a 35-percent tariff. At $360 per metric ton plus the 35-percent tariff, a trader or group will have to spend a minimum of P24.3 million to import 1,000 MT of rice. Sources informed this newspaper that farmers’ co-ops serve as fronts of institutions or firms that wanted to avail themselves of tax exemptions (See, “Pre- and post-rice trade liberalization law, big traders gaming farmer groups,” in the BusinessMirror, October 31, 2019). These co-ops earn a certain percentage or a specific amount for every ton of rice brought into the Philippines under their name. While this arrangement allows co-ops to earn, it also enables unscrupulous players to dodge payment of correct taxes and duties. The law does not prohibit co-ops from importing rice, but their increasing involvement in the rice trade following the enactment of Republic Act 11203 could rob government of much-needed revenue. Shipments that are not meant for their members and are channeled instead to their financiers could cause local rice inventory to swell and pull down farm-gate prices of unmilled rice. The increasing involvement of co-ops in the rice trade could also spell doom for their members who are badly in need of their services. The government must fast-track its investigation so it could identify the financiers of co-ops who are gaming the current rice trade regime. These cheats must not be allowed to profit from local planters, who have already lost billions of pesos due to the drop in farm-gate price of unmilled rice (See “Planters lose P61.77 billion due to rice price drop,” in the BusinessMirror, November 15, 2019). If these traders want to sell imported rice, they must do so legally. The government must put a stop to their despicable practice of using co-ops as dummies in an effort to maximize earnings by not paying the correct taxes.

The 6th love language Aurora C. Ignacio

All About Social Security

amous author Dr. Gary D. Chapman has listed down ways to express and experience love in human relationships in his best-selling book The 5 Love Languages. According to him, these are words of affirmation, quality time, receiving gifts, acts of service and physical touch. For Dr. Chapman, the five languages of love are essential to achieving one simple truth, that is, “relationships grow better when we understand each other.” As I write this final column for the month of love, it got me thinking how the Social Security System (SSS) expresses its love for its members as a social insurance program. Knowing by heart how committed the institution is in providing

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enjoying retirement, SSS remains their solid and supportive ally. And so, to all our members, we earnestly hope that you will continue to treat your monthly contributions not as a burden but as savings that will later translate to meaningful benefits, and more important, one that will secure your future when you retire. We will continue to repay your trust and support to us by safeguarding your hard-earned contributions, guaranteeing that these are paid out to the right beneficiaries, and ensuring that excess contributions would be invested prudently to make the fund grow. This is our mandate and our language of love—one that we take seriously and to heart. Thank you, and belated Happy Valentine’s Day to all! Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

The clock runs out on Malaysia’s new beginning

Just as neighboring Singapore rolls out billions of dollars in fiscal relief to mitigate the impact of the epidemic, decisionmaking in Kuala Lumpur is suddenly imploding, with Mahathir continuing only as interim prime minister. The economy this year could well become an early victim of Malaysia’s shortening political cycle.

Mahathir ruled from 1981 until retirement in 2003, only to return 15 years later to cause the biggest electoral upset in Malaysia’s history. But while his latest government did make an early attempt to remove politicians from state-linked companies and disallow “support letters” that help favored businessmen win contracts, institutions in Malaysia remain far too unreformed and weak to withstand prolonged political flux. What happens next is unclear, though an investment recovery this year can be easily ruled out. Mahathir might yet cobble together the 112 lawmakers needed to form the next government. Or, he may back someone other than Anwar Ibrahim, to whom he was supposed to hand over the top job after about two years. But the prime minister obviously didn’t like his new partner and old enemy enough to commit to a transition date. (Mahathir fired Anwar, who was his chosen successor, in 1998 during the Asian financial crisis. Anwar was

was allegedly stolen from the 1Malaysia Development Bhd, or 1MDB, state investment company and laundered around the world. Najib is on trial for a range of related crimes; the former prime minister rejects the allegations against him. Whatever the outcome, it looks likely that the new dispensation will seek legitimacy by aligning itself with the MalayMuslim majority. The ethnic Chinese and Indian minorities, which had long hoped that Anwar would get a chance to fulfill his promise of making economic entitlements needsbased, rather than centered on race, will be disappointed. Decades of proMalay policies forged in great part under Mahathir have encouraged rent-seeking while prompting young, educated and disillusioned minorities to seek their fortunes elsewhere. When it comes to spawning new-age digital companies, the country is lagging behind its neighbors. Smaller Singapore and poorer Indonesia are both doing better, despite Malaysia making an early start to industrialize its traditional oil and plantation economy. Any emerging coalitions will be too vested in the status quo of public construction contracts to

Andy Mukherjee

Since 2005

BusinessMirror A broader look at today’s business

efficient service with the best programs and policies that will enhance the lives of its members, and in making them feel secure in times of need, I have realized that our best gesture of love is the sixth language, which I prefer to call “the act of giving back.” The term social security, as defined by the International Social Security Association, refers to any scheme mandated by law that insures individuals with a degree of income

security when faced with the contingencies of old age, survivorship, incapacity, disability, unemployment, or rearing children. It, likewise, includes social insurance, social assistance, and universal programs, mutual benefit schemes, and national provident funds, among others. Social insurance is a basic right of every working individual. Regardless of the nature and place of work, SSS reaches out to all workers—whether they are in fishing communities or farmlands in remote areas of the country, or in domestic and professional jobs here and abroad. Throughout the years, the staterun pension fund has effectively and without fail, provided reliable and adequate social protection to working Filipinos from all sectors of society, as well as their beneficiaries, through financial assistance in the form of cash allowances, pensions or loans. From the low points of their lives such as sickness, disability, unemployment, and death, to celebration of milestones like giving birth and

BLOOMBERG VIEW fter being ruled by effectively the same coalition for 61 years, Malaysia just witnessed the alternative collapse in less than two. The crisis sparked by the shock resignation of the 94-year-old prime minister, Mahathir Mohamad, and how it’s resolved will grab all the attention for now. But the arrival of short-cycle politics will cast a long shadow over the Southeast Asian nation and investors will reset their antennae. imprisoned on convictions of corruption and sodomy that he said were a plot to remove him from politics). The 72-year-old Anwar could take a shot at power, though he looks resigned to not becoming the eighth prime minister of independent Malaysia. “Maybe the ninth,” he said at a prayer ceremony at his home as the fall of Mahathir’s government looked imminent. His party, which was allied with Mahathir in an unwieldy coalition, has split. Economic Affairs Minister Azmin Ali, who was also jockeying for the top job, left with a small breakaway faction of 10 other lawmakers. The long-ruling Barisan Nasional regime, which was Mahathir’s political home before he fell out with his successors, is now back in the frame. Backing Mahathir— or his appointee—against Anwar may be the best chance for its elites to revive the old order. The coalition lost its stranglehold on power in 2018 because of popular disgust against then-premier Najib Razak over a scandal in which $4.5 billion

seek a course correction. Unstable administrations also tend to be myopic about spending and taxation. One of the first things Mahathir did upon his May 2018 return was to scrap the goods and services tax, which had lowered Malaysia’s budgetary reliance on its aging oil fields. The GST was deeply unpopular because it was perceived to have raised the cost of living. But Malaysia’s high investment-grade rating probably won’t survive the global electric-vehicle revolution without more diversified sources of government revenue. It’s unclear how committed a new finance minister will be to mediumterm fiscal goals. What should investors make of this muddle? Most of the reassessment may occur in the price of the currency as foreigners get cold feet. Malaysian government debt, on the other hand, might remain in demand from local retirement funds. A slowing economy, which is already starting to weigh on the underperforming equity market, could support bonds. The coronavirus outbreak in China, which absorbs more than a fifth of Malaysian exports, is threatening to crush gross domestic product growth this year to 3.5 percent, according to ING Groep NV, its slowest since the global financial crisis. But just as neighboring Singapore rolls out billions of dollars in fiscal relief to mitigate the impact of the epidemic, decisionmaking in Kuala Lumpur is suddenly imploding, with Mahathir continuing only as interim prime minister. The economy this year could well become an early victim of Malaysia’s shortening political cycle.

Opinion BusinessMirror

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Wednesday, February 26, 2020 A7

Coronavirus will Coconut oil: How it controls Alzheimer’s disease and viruses hammer Iran’s economy By Esfandyar Batmanghelidj

Dr. Jesus Lim Arranza

Bloomberg Opinion

ran is now one of the epicenters of the coronavirus disease 2019 (COVID-19) outbreak outside of China: officials have reported 61 confirmed cases of the virus, resulting in at least 12 deaths. Some reports suggest the true numbers could be much higher that Tehran is letting on. Iran’s neighbors, including major export markets Iraq and Turkey, have closed their borders and canceled air travel. These restrictions could remain in place for months, and will hammer the Iranian economy, which had been showing signs of recovery following 18 months of deep recession triggered by the Trump administration’s reimposition of secondary sanctions in November 2018. While the International Monetary Fund estimates that Iran’s economy contracted 9.5 percent in 2019, non-oil sectors actually managed to grow 0.9 percent in the last three months of the year, led by a recovery in manufacturing. Iranian industry had benefited from resilience in non-oil exports, which averaged $3.5 billion a month over the year. Monthly exports to Iraq averaged around $650 million over the past year, while exports to Turkey averaged around $400 million. Now, the virus is isolating Iran in a way sanctions could not: nonoil exports will be unable to reach regional markets. Concerns for the economy have already gripped Iran’s foreign-exchange markets. The rial has lost about 7 percent of its value since officials announced the country’s first two coronavirus deaths on February 19. (Some of the slide can be attributed to last week’s announcement that the Financial Action Task Force would be returning Iran’s financial system to its “blacklist,” but that decision had been long anticipated.) Fears over the outbreak and its impact on the Iranian economy will drive further volatility in foreign-exchange markets, stoking inflation that had begun to relent. Consumption has been remarkably stable over the last year, even in the face of inflation as high as 40 percent. But Iranian merchants were counting on the traditional sales boost of the upcoming Nowruz holidays, which begin on March 20 and last for two weeks. That is now in doubt. As economist Zahra Karimi notes: “The virus outbreak will keep people from making unnecessary trips, purchases and transactions, aggravating the downturn in the Iranian economy.” In one early indicator, demand for carpet-washing services, part of the “spring cleaning” that Iranian households traditional undertake in advance of the Nowruz holiday, is down 40 percent. The self-inflicted nature of the economic damage has brought sharp

criticism of the authorities from economists and business leaders. In the early days of the outbreak, officials seemed mainly concerned about public diplomacy with China. Keen to preserve the bilateral trade relationship, they kept up flights to China when other countries were canceling them. Much was made of the fact that Iranian exporters were shipping hygiene supplies to China, helping Beijing in a moment of need. Tehran’s iconic Azadi Tower was litup with the call to “Help Wuhan fight the virus.” These acts of solidarity appear to have been prioritized above the mitigation of the threat posed to Iranians. Ali Shariati, a prominent member of the Iranian Chamber of Commerce tweeted with irony, “For our national interest we maintained Mahan Air flights to China and sent them 2 million masks. Now we have coronavirus and no masks…. Isn’t it beautiful?” Pedram Soltani, a vice president of the chamber, described the government’s failure as evidence of “an unbalanced dependence on China” in the Iranian economy. Officials failed to understand that the impact of the coronavirus on China’s economy was bound to depress bilateral trade anyway. In a misguided effort to safeguard its trade relationship with China, Iran has managed to import a fullblown public health crisis. These blunders of governance are all the more damaging at a time when there is significant distrust of the government among many in Iranian society—particularly those who have faced significant economic hardship over the past year. Writing about the ways in which coronavirus relates to Iran’s broader economic and social challenges, Abbas Abdi, a prominent sociologist and politician, argues that the measures imposed by the government to contain the virus may cause additional hardship for “families already under pressure.” As authorities seek to stave an economic crisis, restrictions on use of public transport, closure of food markets and quarantines that would keep people away from their places of work may be as dangerous for state-society relations as the coronavirus itself. As Abdi writes, even before COVID-19 “viruses of poverty, injustice, and despair” were claiming “many victims every day.”

MAKE SENSE

hen I talk about coconut extracts like oil and its health benefits, I do my usual antic to capture the interest of my audience. With an engaging segue, I would tell a short anecdote about an elderly moneylender who never forgot the names, and addresses of people who owed him money and how much they owe him, because he was a regular user of coconut oil. And every time I shared the story, I could see the amusing looks on the faces of, perhaps, the moneylenders and borrowers in my crowd. Anyway, the short story could only be a prank. But the message is not. Coconut oil and the mediumchain triglycerides (MCTs) it contains are effective cure for Alzheimer’s and dementia. And using coconut oil regularly has a protective effect on brain health. In our radio program “Dito sa Bayan ni Juan” last Saturday, together with former Senate President Juan Ponce Enrile who is now aged 97, and Al Tatel, we had for our guest the owner of Tropicana Foods, Chu Seng. Tropicana is one of the country’s leading producers of coconut-based products, like the virgin coconut oil.

Bloomberg Opinion

anada’s federal carbon tax is unconstitutional, an Alberta court ruled, handing a legal victory to opponents of the plan. The national levy represents “a constitutional Trojan horse,” the Court of Appeal of Alberta said in a 4-1 ruling released on Monday. “Buried within it are wide ranging discretionary powers the federal government has reserved unto itself. Their final shape, substance and outer limits have not yet been revealed.” The 273-page ruling represents a legal victory for opponents of one of Prime Minister Justin Trudeau’s signature policy initiatives. The Court of Appeal for Saskatchewan ruled in May that the Greenhouse Gas Pollution Pricing Act was constitutional, and the Supreme Court of Canada has agreed to hear an appeal of that decision. The federal carbon tax is imposed on provinces that haven’t introduced their own plans meeting certain requirements. The

an antiviral agent that fights off a variety of pathogens and viruses. This anecdotal report is backed by a study by Dr. Conrado S. Dayrit, saying that coconut oil does have an antiviral effect and can beneficially reduce the viral load of HIV patients. The positive antiviral action was seen not only with the monoglyceride of lauric acid, but with coconut oil itself. This indicates that coconut oil is metabolized to monoglyceride forms of C8, C10, C12 to which it must owe its antipathogenic activity. Indeed, the coconut, which is considered the Philippines’s tree of life, has much to offer for our health. The health benefits of coconut oil may have been distorted many years back after a demolition PR campaign was launched by its market adversaries. But as the saying goes, you can never hide the truth, especially if it matters most to health and money. And most importantly, amid the global threat of the deadly COVID-19, where in some countries its spread has already reached pandemic levels, it would be wise to consider coconut extracts as a good preventive food supplement for those still free of the deadly COVID-19, or even a cure for those who may have already been infected. This is definitely good for Filipinos because coconut trees are endemic in the Philippines.

Practical help for businesses to accelerate the pace of SDGs By Peter Paul van de Wijs GRI Chief of External Affairs

his year marks just 10 years to go to the deadline for completing the UN Sustainable Development Goals (SDGs). These universally supported targets were always ambitious in their scope—yet what is clearer now than ever before is that quicker progress is crucial in the decade to come. If the world stays on the same pace as the past five years, the goals will not be met with worrying and serious consequences. When launched in 2015, the SDGs ushered in a new era of global development objectives to address the world’s most pressing problems. At the Global Reporting Initiative (GRI), we have been closely involved in the SDGs from the very early stages—because we know that increasing the participation of business is a principle driver in achieving the progress needed to reach these goals. Over the past five years, GRI has collaborated extensively with the UN Global Compact (UNGC) and others to recognize and assess the crucial role of transparency and corporate reporting as a driver for measuring and encouraging progress toward the SDGs. This year will see a number of new projects to further support this work. That includes the new addition of Examples of Corporate SDG Reporting Practices to the resources

Trudeau’s carbon tax ruled unconstitutional by Alberta court By Kevin Orland

Enrile, as an authority of Constitutional law, still has a sharp mind on the Philippine constitution, even as he shared his thoughts on the constitutionality of the Quo Warranto Petition filed by the solicitor general against the franchise of ABS-CBN at the Supreme Court. The former Senate president admits to regularly taking virgin coconut oil until today. Chu Seng explained that MCTs are a top source of healthy fats. They are easily digested and sent directly to the liver and burned as energy, even as they positively affect the body’s metabolism. Chu Seng’s explanation is backed

by former Florida-based neurologist Dr. Mary Newport’s discovery, when her research and interest in Alzheimer’s began after her husband was diagnosed with the disease. In her book, Alzheimer’s Disease: What If There Was A Cure?, she explains that she and her husband were attempting to qualify him for a clinical study using Axona, a medical food, that would perhaps be useful in treating Alzheimer’s. As she studied the patent application for Axona, she realized that it primarily consisted of MCT oil. In her own research, she discovered that a large source of MCTs was coconut oil. She immediately began giving her husband coconut oil, even prior to the study. Within two weeks, Steve exhibited cognitive improvement. Prior to taking coconut oil, he failed a simple “clock test,” drawing incomprehensible circles and numbers. Two weeks after beginning the coconut oil regimen, Steve was able to draw a more logical and accurate clock. (From Remedy Grove online) Meanwhile, amid the global threat of the deadly coronavirus disease 2019 (COVID-19), which in some parts of China has already reached pandemic levels, the lauric acid and caprylic acid contents of coconut oil, both well-known for fighting off yeast overgrowth (Candida), along with bacterial infections, are converted by the body to monolaurin,

system includes a levy on fuels and rebates to households, as well as some exemptions for trade-exposed emitters. Alberta’s attorney general argued the carbon tax infringes on the provinces’ jurisdiction over the development and management of their natural resources and sets a precedent that would allow the federal government to exert further control over the provinces. Premier Jason Kenney’s government also argued that the tax disproportionately hurt the province, which is heavily dependent on its oil and gas industry. Alberta “is unwilling to have the federal government impose carbon pricing measures that fail to account for the unique nature of Alberta’s industries,” the province said in a filing to the court. The attorneys general for Saskatchewan, Ontario and New Brunswick joined Alberta in arguing against the carbon tax. Canada’s attorney general argued that the carbon tax is valid and falls well within Parliament’s jurisdiction because responding to the “existential” threat of climate change requires a national plan.

from GRI, which is focused around 14 sets of examples on how businesses have measured and disclosed SDGs impacts. These examples are now freely available to assist companies and other stakeholders, including aligning the SDGs with business strategy. The highlighted examples recognize that, in different markets and global locations, there are lessons to be learned and shared. Companies included represent a broad array of countries: Brazil, Denmark, France, Italy, Kenya, Mexico, Philippines, Singapore, Spain, Switzerland, Thailand, the UK and the US. Likewise, they are drawn from many different sectors, including chemicals, construction, consumer goods, cosmetics, food and drink, energy, real estate, and telecommunications. The examples cover key themes that are globally relevant for businesses, such as:

n How to disclose SDGs impacts in the value chain; n Engaging stakeholders in prioritizing SDGs; and n Understanding interconnections between the SDGs, and corporate objectives and KPIs. These practical examples complement the existing guidance developed by the GRI-UNGC Business Reporting on the SDGs Action Platform. This resource covers three areas: n Analysis of the SDGs goals and targets; n A guide for integrating the SDGs into corporate reporting; and n How to address investor needs in SDGs business reporting. Meanwhile, we are at the midway point in an engagement project in partnership with Enel, which has involved gathering perspectives from business and policy representatives to set a vision for how reporting, and partnerships, can advance corporate input for the SDGs. A series of interactive, online forums in the second half of 2019 provided input on the changes needed. The next stage will see this work inform regional dialogue events later this year, to translate the lessons learned into action. Looking ahead, we’re excited to be launching the SDGs Corporate Tracker project in Colombia,

developed with the Technical Secretariat of the ODS Commission in Colombia, the UN Development Programme and Business Call to Action. This bold and collaborative approach see equal involvement from the private sector, civil society, academia and governments around the principle that collective action is the only way to achieve sustainability and advance the SDGs. The corporate tracker platform helps measure business contributions to the SDGs and was built based on the experience of the first pilot project in Colombia in 2018. This project mined and aggregated private-sector data on selected SDGs, which informed the Voluntary National Review presented by Colombia to the UN to show their progress. We are exploring opportunities for similar projects in the African and South Asian regions. Stay tuned for more on this work and other initiatives in the coming months, as part of GRI’s continued wide-ranging action and commitments as a global catalyst for increasing corporate input and ambition to support the SDGs.

The Global Reporting Initiative is the independent international organization that helps businesses, and other organizations, understand and communicate their sustainability impacts.

Thailand gives investors reason to cut and run By Clara Ferreira Marques Bloomberg Opinion

decision by Thailand’s constitutional court to ban the second-largest opposition party should be a boost for Prayuth Chan-Ocha, junta leader turned elected prime minister. Future Forward’s leaders were among his highest-profile critics. Yet the long soughtafter victory looks Pyrrhic. The former general’s problems have been piling up. Thailand’s flatlining economy, already suffering from the worst drought in decades, is feeling the shock waves from China’s coronavirus epidemic, which has hurt tourism and manufacturing supply chains. Prayuth is under pressure over a soldier’s shooting rampage earlier this month, which raised troubling questions over the military’s involvement in business. The premier also stands accused by Future Forward of

helping to cover up Malaysia’s 1MDB scandal with the arrest of a whistle-blower, an allegation the government denies. It’s an unappetizing mix for foreign investors, who are already selling out of Thai debt and equities. They have net sold shares worth almost $1.1 billion this year, as of Monday, when stocks entered bear market territory. Even the bumper trading debut of Central Group’s retail arm has faltered. The court’s decision, with its negative implications for stability and democratic transition, offers another reason to cut and run. Future Forward was a headache for Prayuth from the moment it was set up, in the runup to the country’s first general election since a 2014 coup d’etat. Led by a 41-year-old, social media-savvy tycoon Thanathorn Juangroongruangkit, the party promised to overhaul the constitution and reform an economy dominated by a handful of

conglomerates. It met with a string of legal challenges, but still garnered about 6 million votes in the disputed March 2019 poll. By the time of its dissolution, the party held 76 seats in parliament out of 500. Friday’s verdict has clear benefits for the government. The ban on Future Forward’s leaders means some of its seats will be lost, boosting Prayuth’s majority. That may make it easier to push some measures through parliament, after embarrassing wrangles over the budget. The decision hasn’t triggered the sort of mass street demonstrations that Bangkok has seen in the past, at least for now. For investors, though, silencing a credible opposition group is a return to Thailand’s old ways. It’s an avoidable distraction at a time when the government needs to focus on stimulating growth. That means focusing on unlocking budget spending, if the

economy is to hit even pale expectations of 1.5-percent to 2.5percent growth this year. Exports for January, released on Monday, did better than expected, partly thanks to gold, but there is no guarantee that will continue into February, when the impact of the virus will be more keenly felt. Indeed, the Thai economy barely grew in the last quarter of 2019 compared to the previous three months. A contraction looks almost certain in the first quarter of this year. Travel curbs are holding back hundreds of thousands of Chinese arrivals and crimping related business, like the sale of condominiums to mainland tourists. The only positive news for now is the weakening of the baht, whose strength has dented domestic consumption and tourism. The currency, trading at around 31.7 to the dollar, is at its softest since May. If only there were more to cheer.

A8 Wednesday, February 26, 2020

DOJ to issue ‘guidance’ to NTC on ABS-CBN case

HE Department of Justice (DOJ) is set to issue on Wednesday a guidance to the National Telecommunications Commission (NTC) in lieu of a legal opinion on the issue of whether the television giant can still operate pending action by Congress on the franchise renewal bills.

“We will reply to the NTC tomorrow but will issue guidance instead of a formal legal opinion,” Justice Secretary Menardo Guevarra said. The NTC earlier wrote the DOJ

seeking a legal opinion on whether media giant ABS-CBN should be allowed to continue with its operation even after its franchise expires on May 4. Guevarra also admitted that

“We were unanimous in holding that there is need for a franchise before the NTC can grant a provisional permit. Without a franchise, the television station concerned has to cease operations.”—Puno

the Justice department is aware of the 1994 memorandum of understanding between the NTC, Kapisanan ng mga Brodkaster ng Pilipinas (KBP) and the House of Representatives which allows broadcast companies to operate for up to four years pending application or renewal of franchise. “It depends on the House of Representatives if that memorandum of understanding would still be considered sufficient. But in my opinion it may have to be refreshed

or replaced by a formal resolution of the house,” Guevarra pointed out.

‘No franchise, stop ops’

Meanwhile, former Chief Justice Reynato Puno pointed out that the Supreme Court had earlier issued a ruling which held that a congressional franchise is necessary for broadcasting companies to continue to operate. “We were unanimous in holding that there is need for a franchise before the NTC can grant a provisional permit. Without a franchise, the television station concerned has to cease operations,” Puno said in an interview over CNN Philippines. Puno was referring to the Court’s ruling in 2003 in the case of Associated Communications & Wireless Services v. NTC. See “ABS-CBN,” A2

‘No labor deal yet, Yukon job offers spurious’

HE deployment of overseas Filipino workers (OFW) to Yukon, Canada has yet to begin pending the signing of the country’s bilateral agreement with the Canadian government. The Department of Labor and Employment (DOLE) said the Yukon government is still studying

the draft of the proposed memorandum of understanding (MOU) that will enable OFWs to be employed in the Canadian territory through a “Nominee Program.” Labor Secretary Silvestre H. Bello III said the Nominee Program is a government-to-government system, which aims to validate the

existence of guaranteed employment offers for OFWs in Yukon. He issued the clarification after getting reports from the Philippine Overseas Labor and Office (Polo) of bogus job offers for Yukon online. “A bilateral labor agreement has yet to be signed by the Philippines

and Yukon, making the reported job offers spurious,” Bello said in a statement. The fake job offers made use of the name of legitimate Yukon HR practitioners to dupe victims into paying $440 in exchange for nonexistent jobs. “We are warning the public to be very cautious of this scam that seemingly capitalizes on the stillto-be finalized labor agreement between the Philippines and Yukon,” Bello said. To avoid falling prey to similar scams, Bello urged jobseekers to first validate the authenticity of any job offer with the Philippine Overseas Employment Administration (POEA) through its web site, poea.gov.ph. He also urged them to report to POEA such suspicious activities to the agency’s e-mail: info@poea.gov. ph. Samuel P. Medenilla

Short, simple rites mark Edsa Revolt’s 34th year

FFICIALS called on Filipinos to preser ve the gains and spirit of the Edsa people power revolution, as its 34th anniversary was celebrated on Tuesday through a short and simple program at the Edsa Shrine with a mere 1,000 people in attendance, mostly from the government. “This historic event we are remembering today symbolizes the Filipino people’s resolve to stand up and come together in the name of freedom and democracy. Three decades hence, may the victories of the People Power Revolution continue to inspire us to unite for peace and inclusive progress now and in the future,” said Defense Secretary Delfin Lorenzana. “I enjoin every member of the One Defense Team to pursue excellence and remain committed to our sworn duty to protect our country and people. Let us cherish and be true to the trust bestowed upon us by our countrymen. May we continue to be instruments in upholding the sacred ideals that our founding fathers and heroes hold dear,” he added. See “Edsa,” A2

THE QUICK BROWN FOX GROUNDBREAKING FORJU OVER THE LAZY DOG.MAY THE BULACAN AIRPORT LAZY DOG SAYS DOTR PROCEED, By Lorenz S. Marasigan @lorenzmarasigan

AN Miguel Corp. (SMC) may break ground for the most ambitious airport project of the Philippines to date, even as the Department of Finance (DOF) sought for clarification on certain provisions of the contract. Transportation (DOTr) Secretary Arthur P. Tugade said the food-toinfrastructure firm’s contract for the construction of the Bulacan International Airport has already been signed, hence, this allows the group to start construction works for the project. “In our opinion, we don’t have any problem in starting the groundbreaking. There are observations like joint and solidary guarantee,” he said. Transportation Undersecretary Ruben Reinoso Jr. explained that this clarification refers to the need for SMC to be “severally liable to the proponent” San Miguel Holdings Corp. (SMHC), which, in itself, cannot finance the undertaking based on its balance sheet. “Somebody has to step in to provide the necessary equity, and this is the parent company,”Reinoso explained. He noted that his group does not see any serious problem in the clarifications being sought. “As a matter of fact, we have already prepared the explanations. Once finished, explained well, and approved, we can start the

groundbreaking,” Reinoso said. He emphasized that the signed contract is above board, adding that it was reviewed by the Office of the Solicitor General and was said to be “compliant with the law.” “We are hoping that in the next few days and weeks, we can hold the groundbreaking,” he said. Tugade noted that his group respects that SMC bigwig Ramon S. Ang has to attend to some “personal matters.” “I’m believing that in due time, we will hold the groundbreaking ceremonies,” he said. The groundbreaking for the Bulacan airport was initially scheduled for December, but the DOF clarification pushed this back indefinitely. The Bulacan airport proposal was two administrations in the making. SMC Group received the notice to proceed for the $15-billion Bulacan International Airport unsolicited proposal on September 18, 2019. To be built on a 2,400-hectare property in Bulakan, Bulacan, just north of Metro Manila, the airport will have four runways, eight taxiways and three passenger terminals. It also has provisions for future expansion to sport six runways and to accommodate 200 million passengers per year. It will help raise tourism levels to 30 million annually, generate over a million direct and indirect jobs, and will contribute roughly P900 billion annually to the Philippine GDP by 2025.

‘Twin land-reclamation projects to complement Sangley airport devt’

HE proposed twin landreclamation projects of Bacoor City in the Province of Cavite could provide the needed additional space and features congruent with the Sangley Point International Airport (SPIA). This was stressed by the Bacoor LGU in a statement, saying no less than the Provincial Government of Cavite, the proponent of SPIA, stressed that additional land-reclamation projects other than the SPIA development are necessary. “In fact, the Sangley Point has been shown to be the most feasible area for the airport-seaport complex with enabling reclamation component. With this, it is necessary for Cavite to provide large parcels of land to accommodate the envisioned developmental growth,” the Bacoor LGU quoted the Provincial Government of Cavite in its application for environmental compliance certificate (ECC) for the proposed, 1,331-hectare Cavite Reclamation Project (CRP). Last month, the Department of Environment and Natural Resources (DENR) and the LGU of Bacoor, Cavite, the proponent of the project, resumed public hearings for the proposed 320-hectare Bacoor Reclamation and Development Project, and proposed 100-hectare Diamond Reclamation and Development Project. Despite their promised benefits, the twin land-reclamation projects are being strongly opposed by residents of the coastal barangays who stand to lose their homes and livelihood. On Monday, the Pambansang Lakas ng K ilusang Mamamalakaya ng Pilipinas (Pamalakaya) held the Climate Strike to demand for climate action from the Duterte

administration. During the event, protesters raised the alarm over the recent study of the US-based science research organization Climate Central’s warning that within 30 years, around 8 million residents in Metro Manila would likely be submerged by the projected sea rise of about 2-7 feet, and possibly more. They said this will be further aggravated by massive land reclamation, and repeated their call to the Duterte administration to stop all development projects related to land reclamation, also called dumpand-fill that destroys coastal and marine ecosystems like mangroves, seagrass beds and corals. Joining the strike were members of the alliance Koalisyon Kontra Kumbersyon at Reklamasyon (KKKR). The reclamation projects along the Manila Bay “will not only affect the integrity of the Philippine marine and coastal ecosystems, but would also result [in] massive dislocation of fishing communities and make them more vulnerable to the devastating impacts of climate change,” they said. Many residents in the Bacoor City’s coastal barangays still rely on fishing and farming oyster and mussel. Bacoor City is strategically located, less than 30 kilometers away from Sangley and just 20 km away from Naia, and would provide an ideal location for the planned road connectors to both airports. With a mixed-use development that includes residential, commercial, hotel and recreation, tourism, as well as a Science Park, the Bacoor reclamation projects would be able to accommodate a large portion of the foreign arrivals at SPIA. See “Sangley,” A2

www.businessmirror.com.ph

Companies BusinessMirror

Wednesday, February 26, 2020

PCC clears Udenna unit’s bid for Chevron Malampaya stake

By Lenie Lectura

@llectura

C Malampaya Philippines Pte. Ltd., a unit of Udenna Corp. (UC) led by Davao businessman Dennis Uy, has secured approval of the Philippine Competition Commission (PCC) to acquire the 45-percent stake of Chevron Malampaya Llc. in the Malampaya deepwater gas-to-power project. “Upon review of the findings and recommendations of the Mergers and Acquisitions’ Office and the Parties’ submissions, the Commission finds that the acquisition by UC Malampaya of shares in Chevron Malampaya will not likely result in substantial lessening of competition,” said the PCC, add-

ing that “there are no horizontal or vertical relationships between the Parties.” The January 22 decision of the PCC also stated that it takes “no further action with respect to the proposed transaction between UC Ma l a mpaya a nd C hev ron Malampaya.”

UC Malampaya signed on October 25, 2019, a sale and purchase agreement to acquire Chevron’s entire stake in the gas project that is being maintained and operated by a consortium led by Shell Philippines Exploration B.V. (SPEx), with 45 percent. State-led Philippine National Oil Co. Exploration Corp. (PNOC-EC) holds the remaining 10 percent. The consortium members were awarded Service Contract 38, allowing them to explore and develop an area in Northwest Palawan, Philippines. “The signing of the share purchase agreement marks an important milestone in the bilateral discussions between Chevron and Udenna over the past 12 months, and demonstrates our close collaboration in achieving a positive outcome for all parties involved,” UC said in November. It added that the company has crafted a plan for the future development of the Malampaya field and

its surrounding fields, to ensure the future of Philippine energy security. The gas field could be depleted by 2024. “The acquisition of Chevron’s interest in the Malampaya gas field marks an important milestone for Udenna, fitting strategically with our long-term ambitions of developing a sustainable clean energy business in the Philippines,” it said. The entry of UC in the Malampaya consortium prompted Uy’s Phoenix Petroleum Corp. and China National Offshore Oil Corp. Gas and Power Group Co., Ltd. to ask the Department of Energy to suspend the permit to proceed with their joint LNG (liquefied natural gas) project. “They are withdrawing their application and they want to reassess and submit a new concept. They want to revisit their LNG terminal project in lieu of the Malampaya development . They are going to tie it together,” Energy Secretary Alfonso Cusi said earlier.

JoyRide enters food-delivery business M

OTORCYCLE-TAXI company JoyRide is set to join the country’s food-delivery space, throwing in a Filipino hat in the foreign-dominated food delivery ring. In a statement on Monday, Noli Eala, JoyRide’s vice president for corporate affairs, said since its pilot testing last December, the company will soon add a food delivery option in its mobile app. “Food delivery is a natural extension of our transport offerings. Since we have an overwhelming pool of bikers, it is really inevitable to venture to this business,” he said. Eala said among the entire delivery service industry, food was the most popular product, adding that the diverse food choices available for its customers “encouraged” the delivery-toyour-doorstep service. He said diversifying the company’s services will also provide more livelihood opportunities, helping not only the company’s customers but also its riders and partner-businesses. “JoyRide also hopes to deliver positive impact into the lives of our people by providing them economic opportunities especially for local businesses and to create jobs for delivery-partners,” he added. In the Philippines, the food delivery industry is dominated by popular Singaporean-owned companies Honestbee and GrabFood, as well as Foodpanda, a company with headquarters in Germany, among many others. After its inclusion in the Department of

By VG Cabuag @villygc

RTIGAS Land Inc., a company jointly owned by the Ayala and SM groups along with the Ortigas family, hopes to grow at double-digit rates annually in the next five to six years as a result of its series of developments in Metro Manila, as it plays catch-up to bigger property developers. Jaime Ysmael, the company’s president, said around 70 percent of the company’s revenues is still coming from the sale of its property development projects such as condominium units and office spaces, while the rest comes from its shopping malls. “But eventually as the new malls and offices come on stream, hopefully the percentage will reverse,” said Ysmael, a former chief finance officer of Ayala Land Inc. The company had a net income of P2.3 billion last year, a growth of several folds from a mere P100 million in profits, when the company transformed from a familycontrolled business in 2014. “We expect to grow double digit in the next five or six years. There are many opportunities,” he said. Ortigas Land said it will spend between P15 billion and P20 billion as capital expenditures in the medium term in order to sustain the

Edwin Rodriguez, business development advisor of We Move Things Philippines Inc. shows the safety features of the JoyRide rider at a press briefing in this file photo. NONOY LACZA

Transportation’s motorcycle taxi pilot program, JoyRide became controversial for its apparent “mysterious” inclusion in the program and alleged ownership of the company by Senator Christopher Lawrence “Bong” Go.

In a press conference in January, the executives of the company clarified that the company’s owners were Ralph Nubla, Jr. and Bea Chua both local prolific businessmen with no connection to Go. PNA

In this February 18, 2020, photo, a view of the latest version of Chinese tech company Huawei’s folding smartphone, the Mate Xs, on display, at a press preview in London. It’s the company’s first folding device to be available internationally and will compete in the niche category with new models from Samsung and Motorola. The company used a video livestream for the phone’s debut instead of a press launch originally planned at a mobile tech show in Spain that was canceled over worries about the virus outbreak. AP Photo/James Brooks

used on a wider range of high-speed 5G network bands. However, the Mate Xs also faces a distinct disadvantage because it lacks the full Android operating system by Google. The Trump administration last year blocked Huawei’s

access to US components and technology on national security grounds, part of a wider trade and tech war between the US and China. Instead, the Mate Xs runs a stripped-down open source version of Android. Users can still down-

load apps but they’ll be from Huawei’s own app store, not the Google Play store. Huawei, the world’s No. 2 phone maker, faces competition from Samsung and Motorola, which recently launched new folding screen smartphones. Faced with stagnating sales as consumers hold on to their devices longer, smartphone makers have turned to foldable technology to rejuvenate the market. It’s unclear, however, whether the pricey devices will appeal to more than just die-hard tech enthusiasts. There are also questions about reliability. Samsung’s first folding device, the Galaxy Fold, was plagued by reports of screens breaking after it was unveiled last year, delaying its launch for months. The phone is expected to go on sale in March priced at 2,499 euros ($2,700) though it’s unlikely to be widely available in the US. AP

company’s growth, an amount that, according to Ysmael, is enough to launch two to three projects a year. “Hopefully more, if we could get more landbank in other areas. But we intend to still continue ramping up to the extent the market is ready. That’s why we want to be in a pushbutton mode,” he said. Last week, Ortigas Land unveiled the residential component of its twotower Galleon in Ortigas Center, from which the company expects to sell some P16 billion as it is one of its most expensive projects to date. The project forms part of three project launches for the year, on which the company is spending a total of P15 billion. The property sector continues to enjoy good fundamentals in general despite current challenges, he said. “There will be hiccups along the way but not major. We believe that as long as the Philippine economy continues to grow at around 5 [-percent] to 6-percent level, we should still be okay as a country. But we also have to be careful as a country. But generally the Philippines still has a lot of advantages,” he said. “The fundamentals are still there. The macro environment is good. The interest rates have gone down, and will continue to come down, and the remittances are still there and still growing. The tourism still has a lot of potential,” he said.

ERC provisionally clears Meralco power deals that had CSP in ’19

Huawei debuts latest version of folding phone ONDON—China’s Huawei unveiled its latest folding smartphone on Monday and its first such device to be available internationally, competing in a niche category with new models from Samsung and Motorola. The company took the wraps off the new Mate Xs by video instead of a press launch, as the tech show in Spain where it had planned to hold the unveiling was canceled over worries about the new coronavirus outbreak. Like its predecessor, the Mate X, which only saw limited release in China last year, the display wraps around the phone’s outside when closed and unfolds to a tablet-size eight-inch screen. The company says there are improvements under the hood, including a redesigned fourlayer screen and upgraded “falcon wing” hinge. It also gets Huawei’s latest homegrown Kirin 990 chipset, a four-lens camera system and can be

Ortigas Land sees income rising at double-digit rates in 5 years

HE Energy Regulatory Commission (ERC) has provisionally approved the Manila Electric Company’s (Meralco) power supply agreements (PSAs) that underwent competitive bidding last year. “The ERC granted provisional authority to implement the PSAs for the 1,200megawatt (MW) baseload capacity on December 23, 2019 and for the 110MW mid-merit capacity on January 30, 2020,” said Meralco. The 110MW forms part of the 500MW, five-year contract that was won by First Gen Hydro Power Corp., Phinma Energy Corp. and South Premiere Power Corp. (SPPC). It was Phinma Energy Corporation’s contract, involving a supply of 110MW to Meralco, that was given the green light by the ERC. The power supply contracts of First Gen Hydro Power Corp. to supply Meralco 100 MW of capacity and SPPC for 290MW have yet to be approved by the ERC. Meanwhile, the ERC-approved 1,200MW power supply contract was forged with PHINMA Energy, SPPC and San Miguel Energy Corporation (SMEC). Meralco successfully concluded the Competitive Selection Process (CSP) for the 1,200MW baseload and 500MW mid-merit capacities, respectively, in September last year. Thereafter, Meralco filed applications for approval of these PSAs with the ERC. With the provisional approval, Meralco can already implement these power deals. The utility firm has lined up a total of three CSPs. The last one— a 1,2000MW supply contract for 20 years—has yet to undergo CSP. Meralco First Vice President and Head of Regulatory Management Atty. Jose Ronald V. Valles said the Third Party Bids and Awards Committee (TPBAC) is currently going over the revised terms of reference (TOR) for the 1,200MW power supply contract. “We wait for their advice as to when will this be published,” he

said, adding that actual bidding may take place in two months if the TOR is published by next week. The publication date of the TOR also depends on the Department of Energy’s (DOE) reply regarding a concern raised by a prospective bidder. “We intend to file a letter to the DOE in response to the query made by a prospective bidder with respect to replacement energy. We will need to await for DOE clarification on that before we finally decide to publish the TOR,” added Valles. He identified the bidder as GNPower, which wants to include in the TOR a 30-day scheduled plant maintenance and a 15-day forced outage allowance instead of a zerooutage allowance. “The concern raised by GNPower was about the obligation for replacement power. They are saying that the generator, prospective bidder, cannot afford to have zero outage allowance. They are asking for 30 days scheduled maintenance and 15 days forced outage allowance to be reflected in TOR,” explained Valles. “Within the outage allowance, the distribution utility will have the obligation to procure the replacement power and charge that replacement power to consumers. But beyond outage allowance, beyond the 30 days and 15 days, the generator will have to procure that replacement power at its own risk,” added Valles.

Revised TOR hailed

Meralco president Ray Espinosa said he is pleased with the outcome of the revised TOR, following the intervention of the DOE, which wanted more power firms to participate in the auction. “That’s why it became important to work out a good terms of reference so we’re able to attract more bidders. I think we have a balance and good TOR already, subject to only one clarification, which relates to the replacement power, obligations related to outages. After that, we should be good to go. Lenie Lectura

Companies BusinessMirror

Wednesday, February 26, 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

Cusi awaits PEMC comments before deciding Iemop’s fate

By Lenie Lectura

@llectura

NERGY Secretary Alfonso Cusi is close to making a decision on the issue involving the allegedly illegal creation of Independent Electricity Market Operator of the Philippines (Iemop). He said last week that he has received a reply from Iemop after the DOE directed it and the Philippine Electricity Market Corporation (PEMC) to submit a performance report on the current electricity spot market structure. “I asked Iemop and PEMC. I’ve

written them a memorandum to state their position and I got already the reply of Iemop and awaiting [that of] PEMC. We will study. From there, I will make a decision,” said Cusi. He did not reveal the contents of Iemop’s reply, saying he would rather

“put it in writing so that there will be no misunderstanding.” Also, the energy chief would have to wait for PEMC’s report. “PEMC asked for an extension. As soon as I get all information from the two concerned bodies I will make my decision,” said Cusi. On the proposal raised by Puwersa ng Bayaning Atleta Party-list Rep. Jericho Nograles to scrap Iemop, Cusi said, “I don’t want to comment on that on the basis of their, what do you call that, on the basis of the information I received.” The lawmaker said the creation of Iemop was a result of a “sweetheart” deal because the selection for an Independent Market Operator to manage the Wholesale Electricity Spot Market [WESM] was conducted “without any competitive

selection process [CSP].” Nograles suggested the transfer of WESM operations back to PEMC. He also alleged that Iemop grew “from a P7,000 capitalization to become a multimillion outfit with a total declared income of more than P100 million for the end of 2018.” The DOE, PEMC and Iemop disputed these. The DOE said a competitive bidding was required only for foreign participants as an option under the Electric Power Industry Reform Act (Epira) if the IMO was created in 2007. “The DOE opted to create a separate entity composed of Filipinos who have acquired the necessary expertise to operate the WESM and ensure that the market will be managed by Filipinos,” the agency said.

SBMA buys ₧3.5-M patrol boat to boost security By Henry Empeño | Correspondent

UBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) has acquired a P3.5-million patrol boat to increase its police visibility in the bay area and strengthen its coastal monitoring and water rescue capabilities. SBMA Chairman and Administrator Wilma T. Eisma, who inspected the just-delivered watercraft on Monday, said it will be used by the SBMA Harbor Patrol to ward off illegal activities on Subic Bay. Subic Bay, which hosts several maritime-based businesses in cargo handling, shipping, boat-building and tourism, stretches from the coast of Subic, Zambales, to Morong, Bataan. Eisma said the new vessel, which was named Sea Horse 1, is the fifth and largest watercraft procured for the SBMA Harbor Patrol. Four smaller boats are currently being used to patrol areas within Subic Bay.

“This [acquisition] is one big step forward in our thrust to safeguard the waters of Subic Bay and to keep the community secure,” Eisma said on Monday. “We will keep on strengthening our security capability with a sustained program for assets buildup,” she added. The new boat is a 32-feet watercraft manufactured by the Stoneworks Specialist International Corp., a Cavite-based firm with more than 20 years’ experience in boatbuilding. SBMA Law Enforcement Department (LED) Manager Vicente Tolentino said it is powered by two 150-horsepower engines capable of pushing its speed to up to 16 nautical miles per hour. The vessel is also ideal for water rescue as it can easily accommodate 20 persons and can hold four sets of scuba gears, Tolentino added. The boat will undergo sea trial this week, and will be formally launched by the SBMA chairman following the sea trial.

Rehab works on MRT 3 3 months ahead of sked By Lorenz S. Marasigan @lorenzmarasigan

HE government is making strides with the rehabilitation efforts for the Metro Rail Transit (MRT) Line 3, dubbed as the most congested overhead railway system in the country, with works now three months ahead of schedule. Department of Transportation (DOTr) Undersecretary Timothy Batan said the contractor, a joint venture between Japanese firms Sumitomo and Mitsubishi, has made immense progress in the rehabilitation works for the system, including the replacement of rails for better and safer commuter experience. “Since we started with Sumitomo last May, the progress with subcomponents are three months advance. We are ahead of schedule,” he said. Already, passengers, he said, are feeling the difference in their commutes via the railway line that runs along Edsa. He explained that passengers now experience smoother rides as the group has already replaced the aging rails in some portions of the train line, such as those that run between Buendia and Taft stations. “We will continue to push Sumitomo to increase the number of running trains from 15 to 20, and

increase the speed from 30 kilometers per hour to 60 kph and bring down headway from 7.5 minutes to 3.5 minutes by July 2021 or earlier—to increase the number of passengers served per day to 600,000,” Batan said.

Dalian trains

This development, he said, will be the precursor of the deployment of the Dalian trains that the government received from the Chinese contractor almost half a decade ago. “If we remember from October to December, we are allowed by Sumitomo to have limited deployment of Dalian trains. We are balancing out the need for overall rehab and deployment of Dalian trains. We are ramping up rehab works so we cannot deploy Dalian trains,” he said. Likewise, he admitted that the government is still negotiating with Sumitomo for the inclusion of the Dalian trains under its upkeep contract. “We already talked with Sumitomo, and we are keen on getting the unit cost of the maintenance of the existing 72 Czech trains [for the Dalian trains],” he said. There are 48 Dalian trains that are still not regularly used on the MRT. These were procured by the previous administration to address the congestion at the railway system.

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% -1.02% Philequity PSE Index Fund Inc. -a 4.9178 -6.66% 0.47% -5.85% 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% 0.05% -0.6% -2.59% Solidaritas Fund, Inc. -a 2.0707 -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% 0.67% -0.76% PAMI Asia Balanced Fund, Inc. -a $1.03 4.88% 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% Philam Bond Fund, Inc. -a 4.4037 12.28% 2.61% 1.7% 0.7% 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% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 4% 1.36% 0.78% 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% Sun Life Prosperity Money Market Fund, Inc. -a 1.2703 3.63% 2.94% 2.45% 0.45% 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."

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Banking&Finance BusinessMirror

BSP to ease rules for banks hit by Covid-19, swine flu outbreaks

he Bangko Sentral ng Pilipinas (BSP) is set to grant temporary regulatory relief packages to banks affected by the recent illness outbreaks that affected the country. The BSP said in a statement on Tuesday they will be giving regulatory relief to banks and quasi-banks (QBs) that have sustained losses due to exposures to borrowers, industries and sectors severely affected by the African swine fever (ASF) and the coronavirus disease 2019 (Covid-19). The BSP is known to extend regulatory relief packages to banks and non-banks in areas affected by typhoons, earthquakes and war to assist in their recovery and allow them to resume normal operations. According to the BSP, while the circular is aimed at providing a framework to systematically grant relief to banks affected by calamities and to support their recovery efforts,

its coverage may be extended to the ASF and Covid-19 events even without a declaration of a state of calamity in specific areas of the country. “This is in recognition of the potentially crippling impact of these events on key industries. We believe that the grant of regulatory and rediscounting relief measures is also applicable to financial institutions whose clients have suffered from adverse effects of these crises,” BSP Governor Benjamin Diokno said. Temporary regulatory relief measures that may be granted include, among others, staggered booking of allowance for credit losses, nonimposition of penalties on legal reserve deficiencies, and non-recognition of certain defaulted accounts as past due. Banks that will avail of the relief measures will be evaluated by the BSP on a case-by-case basis, the central bank said in its statement.

Wednesday, February 26, 2020 B3

Closure of ‘errant’ business earns ₧1.92B in 2019 for BIR

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of Internal Revenue doubled its revenue collections to P1.92 billion last year from temporarily closing establishments the BIR said violated the National Internal Revenue Code. The Department of Finance (DOF) said in a statement on Tuesday that BIR’s tax collection under the program it calls “Oplan Kandado” (shutter plan) posted an increase of 140.76 percent year-on-year from P799.47 million in 2018. Introduced in 2009 through a Revenue Memorandum Order (RMO), “Oplan Kandado” aims not only to maximize the degree of

voluntary compliance among taxpayers, but also to deter tax code violations, PriceWaterhouseCoopers Philippines has written in 2018. The DOF said they were able to close more establishments last year at 743 establishments, equivalent to more than thrice the number of closures it recorded in 2018 at 233. According to the DOF, the BIR also filed a record-high 347 tax cases

involving tax liabilities estimated at P24.02 billion in 2019 before either the Department of Justice (DOJ) or the Court of Tax Appeals (CTA). BIR Deputy Commissioner Arnel SD. Guballa said this is the first time that the bureau filed this many complaints for tax evasion against various individuals and corporations. Likewise, under its “Run after Tax Evaders” program, the BIR filed 309 cases before the DOJ last year for preliminary investigation for tax liabilities of various individuals and corporations estimated at P19.06 billion. Guballa said the amount is a “marked improvement” of 56.85 percent over the 197 cases filed by the BIR in 2018 involving some P15 billion worth of tax liabilities. He also said the bureau filed 38 cases before the CTA for tax liabilities worth P4.94 billion or more than triple the 12 cases filed before the tax appeals court in 2018.

He said the cases filed before the CTA involving close to P5 billion in tax liabilities represent a 480.67 percent increase over the estimated P851.57 million in taxes that the BIR had hoped to collect in 2018 through litigation. As of December 31 last year, the BIR has 118 tax-related cases pending before the CTA, Guballa added. In 2017, the Duterte administration made history by collecting from Mighty Corp. more than P30 billion for non-payment of excise taxes and for use of counterfeit tax stamps—the biggest sum on record raised by the government from a tax settlement with a single corporate taxpayer. That same amount was quoted by President Duterte that he leveled against businessman Lucio C. Tan Sr. in a speech in Qatar that year. The BIR, however, said there is no pending tax-evasion case against Tan that time.

Grab raises $850M to bankroll expansion into financial services Emerging-market bonds on fire but worries remain

rab, Southeast Asia’s most valuable startup, raised more than $850 million from Japan’s Mitsubishi UFJ Financial Group (MUFG) Inc. and TIS Inc. to bankroll its expansion into financial services in the region. The sum includes $706 million from MUFG, Japan’s largest bank, and $150 million from TIS, a provider of data center and cloud services, according to joint statements from the companies. Backed by SoftBank Group Corp., Grab has been expanding into financial services, building on its ride-hailing, food delivery and e-wallet offerings in an effort to become a one-stop shop for ondemand services in Southeast Asia. Tie-ups between tech startups and banks are becoming more common in the region, where widespread smartphone use promises greater access to clients who have traditionally been neglected by the financial system. Grab will co-develop financial products and solutions with the two investors, President Ming Maa said in a statement. The investments demonstrate “their confidence in Grab’s super-app strategy and our ability to build a sustainable long-term business,” he said. For Tokyo-based MUFG, the alliance will deepen its expansion in Southeast Asia, where it has been buying large stakes in banks to make

up for weak growth opportunities at home. The lender’s biggest investment in a tech startup also reflects its digital push under Hironori Kamezawa, who is set to become chief executive officer in April. “We are excited to be able to provide customers with next-generation financial services by combining Grab’s advanced technologies and data management expertise with our financial knowledge and knowhow,” Kamezawa, who is currently chief digital transformation officer, said in the statement. Grab will give “first-choice bank” status to MUFG and its Southeast Asian units, including PT Bank Danamon Indonesia and Bangkokbased Bank of Ayudhya Pcl. While the startup doesn’t disclose its number of users, it says its app has been downloaded onto more than 166 million mobile devices in the region. The partners will jointly develop a new “scoring model” for lending by using data on each other’s customers, Masakazu Osawa, a senior official involved in MUFG’s digital transformation, said on a call with reporters. The data sharing would require the customer’s consent, he added. Under Grab’s deal with Tokyobased TIS, the companies will work together on digital payments infrastructure in Southeast Asia and Japan to enable better adoption of cashless options, the firms said in a separate statement. Bloomberg News

merging-market bonds are on fire, but there’s a worrying subtext to the rally as investors grow increasingly concerned about the long-term economic impact of the coronavirus. While the dollar-denominated debt of developing nations advanced for an 11th week in the five days through Friday, the longest winning streak in eight years, indexes of stocks and currencies retreated as the spread of the virus showed few signs of slowing. That’s left bonds more disconnected from stocks and currencies than at any time this year. The divergence underlines the concern that the rally may have less to do with the strength of emerging economies than the scramble for returns in a world where demand for havens is sending yields in the biggest economies ever lower. Warren Buffett, speaking to CNBC on Monday, said investors such as life insurers were “stupid” but “very human” for responding to low interest rates by taking more risks. The yield on the benchmark 30year US Treasury bond dropped to an all-time low on Friday as the number of infections outside of China accelerated, fueling worries the epidemic will dent the world economy. US 10year yields fell below 1.4 percent on Monday for the first time since mid-2016. “The search for yield is supported by a perception that global yields

A foreign currency dealer looks at a monitor in a dealing room of KEB Hana Bank in Seoul, South Korea. Bloomberg

will remain low for the foreseeable future,” said Anders Faergemann, a London-based senior portfolio manager at PineBridge Investments, which manages about $100 billion. “Yet, the resilience we have seen in EM hard-currency bonds—both sovereign and corporate—tells a story of continued support for the asset class and further capital inflows.” MSCI Inc.’s index of emerging currencies dropped last week for the fourth week in five, sinking below its 100- and 200-day moving averages, levels that signal the potential for further declines. The MSCI stocks gauge slumped 2 percent. It may not be as gloomy as some

fear. Sara Grut and Caesar Maasry, analysts at Goldman Sachs Group Inc., say the relative safety of emerging-market debt is being driven by expectations that the virus’s impact will be temporary, and that easing by central banks will reduce the risk that the turmoil leads to defaults or restructurings. “The downside risks, which tend to matter most for the pricing of credit risks, appear relatively contained,” they said in a note. The drawback, though, is that bonds may be less likely to rally along with equities and currencies if the virus is contained and sentiment improves, they wrote.

History repeats as sales tax hike pushes Japan toward recession

apanese housewife Matsuko Mitsui had been meaning to buy a new air conditioner for years, but it took the looming sales tax hike in October to spur the 64-year-old to finally make the purchase. Like many people in the country, she isn’t planning to splash out again anytime soon, leaving the economy teetering on the edge of recession. And that was before the spreading coronavirus gave yet more cause for caution. “These days, I really scrutinize the price tags,” Mitsui said. She isn’t her family’s breadwinner, but she says the heightened price consciousness she senses in herself and in people like her is linked to the squeezing of household finances by higher taxes and meager wage gains. Japan saw a 6.3-percent economic contraction in the last three months of 2019, fueling criticism of Prime Minister Shinzo Abe’s decision to carry out the tax increase at a vulnerable time for the economy. After factoring in the early signs of impact

from the coronavirus, analysts now believe the economy is falling into recession. The downturn comes at a bad time for Abe, whose support is already falling because of scandals and doubts over his government’s handling of the coronavirus outbreak. Three surveys published last week found the approval rating of his cabinet had dropped. The logic behind the tax increase is that the government needs more money to provide pensions and health care for the growing legions of elderly like Mitsui, while reining in the developed world’s largest government debt pile.

Undoing progress

The thinking of reflationists is that the policy priority should be to ensure a strong growth cycle before any pulling on the nation’s purse strings. A tax increase risks sapping the economy and undoing progress toward reflation, they argue. “There’s absolutely no reason to raise the sales tax. Absolutely no need,” said Takuji Aida, chief Japan

economist at Societe Generale SA. “It’s described as a tax increase in preparation of further aging, but the government isn’t a household. Just because you’ll need money later, doesn’t mean you need that money now.” The Abe administration had tried to learn as much as it could from 2014, when a slightly larger increase in the tax helped snuff out the initial momentum of Abenomics. A higher sales tax then hadn’t meshed well with the goal of sparking higher prices, higher wages, higher consumption and higher growth. So the government came up with a range of ideas to support demand and limit the impact of the tax this time around. But those measures, including rebates on cashless payments that mystified older generations, failed to prevent an 11 percent quarterly slide in consumption after the tax. It’s increasingly clear that the sales tax hit isn’t simply a problem of a single quarter. Growth figures from previous increases show that the blow to the economy endures.

In the 10 quarters before each tax move and the 10 quarters after the contraction that followed, annualized quarterly growth has weakened by an average of at least 0.5 percentage point after each move. For the 1997 bump, the difference was 2.9 percentage points, though this coincided with the Asian financial crisis and Japan’s own banking sector bust-up.

Bad moments

Abe likely thought he had found a sweet spot for raising the tax ahead of an Olympic year that would support the economy through extra construction investment and 40 million visitors. But a global downturn, a super typhoon and now the coronavirus have changed the narrative. “The timing was terrible,” said Harumi Taguchi, a Tokyo-based principal economist at IHS Markit on the October hike. Given the residual effects from the China-US trade war, the fall in production and struggling wages, more direct fiscal support was needed at the time of

the tax hike, she said. Abe’s stimulus package unveiled in December, which notably gave scant mention to the tax increase, was therefore a case of too little, too late. For its part, the Bank of Japan has stayed on the sidelines. Its support for the economy already extends well beyond the measures employed by other major central banks. BOJ Governor Haruhiko Kuroda, himself a former finance ministry official, has supported the tax hikes of the Abe administration. But with the negative side effects of the central bank’s stimulus building, the BOJ would likely prefer the government to step in first if the economy needs further help.

Price to pay

IN a country where the working age population is set to shrink by more than a third between 2015 and 2060, there is a clear need for more revenue to pay for medical, pension, welfare and elderly care bills that have already been rising at a steady clip for decades. Even with the short-term

In South Korea, where the government raised the country’s infectiousdisease alert to the highest level following a surge in new cases, the central bank was due to convene an emergency meeting Monday related to the coronavirus outbreak, ahead of the scheduled monetary-policy meeting on Thursday. “It is no longer the problem of whether the Bank of Korea will cut or not, it is now whether it will cut once or twice,” said Min Gyeong-won, an economist at Woori Bank. As policy makers struggle to find new ways to boost growth, attention is turning to fiscal policy. China said it will increase fiscal and monetary stimulus this year, while Malaysia will unveil an extra economic-stimulus package on Thursday. The start of February data releases will also give investors a clearer picture of the virus’s impact on global growth. Coronavirus concerns aside, Malaysian Prime Minister Mahathir Mohamad submitted his resignation to the king on Monday, and his party exited the ruling coalition after infighting over his successor came to a head. South African Finance Minister Tito Mboweni budget’s on Wednesday could be key to determining whether Moody’s Investors Service downgrades the nation’s debt to junk. Argentina’s debt negotiations will continue, while Lebanon’s bondholders are bracing for a potential default next month. Bloomberg News

blows to the economy, overall tax revenue has mostly increased after each previous hike, though the goal of balancing the budget looks as elusive as ever. So unless strong economic growth can push up corporate and income tax revenues, further sales tax hikes can’t be ruled out. “If aging is going to continue and Japan is going to repay its debts, we cannot avoid increasing taxes,” said Yasunari Ueno, chief market economist at Mizuho Securities Co. “There is the matter of timing, but I support raising the sales tax.” For younger workers, that means higher taxes loom. Momoko Oda, a 31-year-old translator living in the outskirts of Tokyo, is among those who will have to shoulder the costs of an aging society as the years go by. “It does feel unfair, but what can you do?” she said, noting the growing number of people relying on their pensions. “It’s not as if I even have great expectations for my own pension. I’m making my own plans since I expect to get barely anything anyway.” Bloomberg News

Wednesday, February 26, 2020

The World BusinessMirror

Global infections top 80,000, South Korea reports 9 deaths

he spread of the coronavirus outbreak to countries from Italy to Iran sparked concerns about a pandemic, with the number of cases worldwide topping 80,000.

Infections in South Korea, the worst affected country after China, rose to nearly 900, with nine dead, as the US, Japan and Hong Kong issued travel warnings to the country. Among those infected is a Korean Air cabin crewmember. China’s death toll rose by 71 to 2,663. The government said it will continue to ban flights to and from Hubei, which reported 499 more cases, and will keep the strictest control measures for the province. The head of the World Health Organization called the new cases “deeply concerning,” but said the outbreak isn’t yet a pandemic. The WHO said an experimental drug Gilead Sciences Inc. is testing may be the only one that will work for the virus.

Italian tourist tests positive

An Italian staying on the Spanish island of Tenerife tested positive for the virus and a second test to confirm the case will be carried out in Madrid, the government said. The case would be Spain’s third and the first on the island, one of Europe’s top holiday destinations for winter sun. Tenerife, the largest of the Canary Islands, attracted more than 5.7 million tourists last year. The tourist, a doctor, had come from Lombardy, a region of northern Italy that is a focus of an outbreak of the virus, Efe news service reported. Spain’s two previously confirmed patients no longer have the infection.

HK schools extend closure

Hong Kong extended school closures by four weeks until at least the end of the Easter break. The city will hold written university exams as scheduled from

March 27 but postponed oral tests, Education Secretary Kevin Yeung said in a briefing. Students in the city, which has 81 confirmed coronavirus cases, haven’t attended classes since the Lunar New Year break began in late January. In a Februar y 12 letter to Hong Kong Chief Executive Carrie Lam, the city’s international schools warned that a prolonged shutdown could cause families to leave Hong Kong and force some schools to shut permanently.

Japan cruise ship death

A fourth passenger from the Diamond Princess cruise ship in Japan has died, NHK reported. The patient was in his 80s and had the coronavirus, according to NHK. Three others from the ship have also died, though pneumonia was cited as the cause of one of the deaths. The cruise ship that was quarantined for 14 days off of Yokohama has been the source of about 700 infections.

$2.5 billion to battle virus

The Trump administration said it has asked Congress for $2.5 billion in supplemental funding to battle the spread of the coronavirus. More than $1 billion of the money would go toward creating, manufacturing and distributing a vaccine, according to a person familiar with the matter. The money would also be used to “support preparedness and response activities, and to procure much needed equipment and supplies,” said Rachel Semmel, a spokesman for the Office of Management and Budget. House Appropr iations Comm it tee C h a i r m a n Nit a L owe y

Workers wearing protective suits spray disinfectant as a precaution against the coronavirus at a market in Bupyeong, South Korea, Monday, South Korea reported another large jump in new virus cases Monday a day after the the president called for “unprecedented, powerful” steps to combat the outbreak that is increasingly confounding attempts to stop the spread. Lee Jong-chul/Newsis via AP

s a i d t he re q u e s t e d s u m “ i s woef u l ly i n su f f ic ient.”

Temasek freezes pay

Temasek Holdings Pte, Singapore’s state-owned investment firm, said it will implement a company-wide wage freeze and ask senior management to take bonus cuts and voluntary pay reductions starting in April amid the coronavirus outbreak. About 26 percent of Temasek’s holdings were in China as of March 2019, including multibillion-dollar stakes in Alibaba Group Holding Ltd. and Industrial & Commercial Bank of China Ltd. With the money saved, Temasek said it will donate to staff volunteer initiatives and support the community as needed through unspecified measures.

Avigan drug

Fujifilm Holdings Cor p. rose as much as 8.8 percent on Tuesd ay a f ter Japa n’s hea lt h m inister sa id t he cou nt r y pl a ns to recommend its Av iga n d r ug to t reat coronav ir us. Av iga n, a n a nt i- i n f luen z a medication developed by Fujifilm and Toyama Chemical Co., has previously been used to treat Ebola. A test dosage showed effects in mild and asymptomatic patients, Yomiuri reported last

week. China’s National Health Commission is also studying the efficacy of Avigan.

US cases now at 53

There are now 53 people in the US with the novel coronavirus, the Centers for Disease Control and Prevention said on Monday The American cases include 12 people who tested positive for the condition known as Covid-19 after traveling to areas where the virus is spreading widely. Additionally, two spouses of people in that group contracted it from direct human-to-human transmission. Three others were diagnosed after being repatriated from Wuhan, China, the outbreak’s epicenter, on State Department flights, while 36 had previously been aboard the contaminated Diamond Princess cruise ship.

WHO: Not yet a pandemic

The increase in the number of cases in Italy, Iran and South Korea is “deeply concerning,” the head of the World Health Organization said at a press briefing in Geneva. Countries need to do everything they can to prepare for a potential pandemic, Director-General Tedros Adhanom Ghebreyesus said. The disease hasn’t reached that stage, which is defined by an uncontrollable geographical spread. Bloomberg News

Amid China virus fears, even a haircut is a major operation

EIJING—Need a trim in Beijing? You might have to wait. Even getting a haircut has become a challenge in China now that most barbershops are temporarily shut to avoid public gatherings amid the virus outbreak. Customers must maintain a distance of no less than 1.5 meters (5 feet) between chairs—that is, if they manage to make an appointment. Barbershops have to call customers who made reservations on the day of their appointment to ask if they have a cough or a fever, symptoms of pneumonia caused by the virus that causes COVID-19, according to information on the web site of the Beijing Hairdressing and Beauty Association. “Now we try to wash hair faster and cancel unnecessary services so as to cut down on the time with customers. We keep the door open every day. Once the customers who made reservations arrive, we will disinfect their hands and shoe soles,” said Fu Jun, founder of JF Pro Salon. “These are the measures we take to ensure safety.” Just 130 Beijing barbershops were allowed to open by Monday, only a tiny fraction of the more than 20,000 that usually operate across Beijing, Fu said.

A barber cuts a client’s hair near a disinfection notice at a hair salon in Beijing on February 24. Monday is the second day of the second month of the Chinese lunar calendar, traditionally an auspicious time when people rush into barbershops to get new haircuts. Getting a fresh look on the day is thought to bring good luck for the year ahead, but getting a haircut has become a challenge in China now that most barbershops are temporarily shut to avoid public gatherings amid the virus outbreak. AP/Olivia Zhang

Of JF Pro Salon’s eight Beijing shops, four have been allowed to open since February 16. Fu said 40 percent of its employees are back to work. Others are in self-quarantine, required by the government of all who have returned from out of town. And some are unable to return at all because of the suspension of transport services from many places. Monday is the second day of the second month of the Chinese lunar

calendar, traditionally an auspicious time when people rush into barbershops to get new haircuts. Getting a fresh look on the day is thought to bring good luck for the year ahead. In past years, more than 200 customers would flock to each of his shops on this special day, Fu said. But today only about 100 customers made reservations in the four shops that are open. Fu said his business can basi-

cally make ends meet but things must be much harder for other barbershops. One of JF Pro Salon’s customers on Monday was designer Ge Songyue, a regular of another of Fu’s shops who came from the other side of the city to get his hair cut on the auspicious day. “I think we should trust each other and let life get back to normal. If we need to have our hair cut, let’s just do it,” Ge said. AP

Editor: Angel R. Calso

UAE limits flights to Iran from Dubai over virus outbreak

UBAI, United Arab Emirates—Dubai International Airport, the world ’s busiest for international travel, said on Tuesday that the United Arab Emirates is limiting flights to Iran over the outbreak of the new coronavirus, just a day after it spread across multiple Mideast nations from the Islamic Republic. The airport’s announcement came after Bahrain said it would suspend all flights from Dubai and Sharjah for 48 hours over the virus as an infected passenger transited Dubai to the island nation. The airport said in a statement to The Associated Press that “all flights to and from the Islamic Republic of Iran, with the exception of Tehran, have been suspended until further notice.” It added that “all passengers arriving on direct flights from Tehran will receive thermal screening at the airport.” The Emirati government did not immediately acknowledge the ban and did not immediately respond to a request for comment. Bahrain counted its first case of the coronavirus that causes the COVID-19 illness on Monday in a school bus driver who transited Dubai while coming from Iran. Later, it confirmed a second case, also a traveler from Iran via Dubai. Officials at Sharjah’s airport could not be immediately reached. Duba i ha s been screen ing passengers on incoming f lights from China, where the outbreak began. Long-haul carriers Emirates and Etihad are among the few international airlines still

f lying to Beijing. However, the outbreak in Iran only became public in recent days. Iran’s government said Monday that 12 people had died nationwide from the new coronavirus, rejecting claims of a much higher death toll of 50 by a lawmaker from the city of Qom that has been at the epicenter of the virus in the country. The conflicting reports raised questions about the Iranian government’s transparency concerning the scale of the outbreak. Afghanistan, Kuwait, Iraq and Oman also announced their first cases of the virus on Monday and connected them to travel with Iran. The UAE, a federation of seven sheikhdoms on the Arabian Peninsula, has reported 13 cases of the new virus. Most of those were connected to Chinese travel. Meanwhile, Kuwait raised the number of its infected cases from three to five people. All five were passengers returning on a flight from the Iranian city of Mashhad, where Iran’s government has not yet announced a single case of the virus. The state-run Kuwait News Agency reported the two latest cases on Monday evening in two women whose nationalities were not disclosed. Kuwait had halted over the weekend transport links with Iran and was evacuating its citizens from Iran. Also, Oman, which has good ties with Iran, has halted flights with its Persian Gulf neighbor. Qatar and the United Arab Emirates are the only two Gulf countries that still have direct flights to Iran. AP

Airline, cruise stocks pummeled on fear of spreading coronavirus

he stocks of American Airlines and several cruise lines were among the worst performers in the Standard & Poor’s 500 index on Monday, as investors fret that the new coronavirus could take hold outside China and further disrupt international travel. Shares of Norwegian Cruise Line Holdings Ltd., Carnival Corp. and Royal Caribbean Cruises Ltd. tumbled about 9 percent. American Airlines Group Inc. shed 8.5 percent, and Delta Air Lines Inc. and online travel agency Expedia Group Inc. fell more than 6 percent. After the market closed, United Airlines said it was withdrawing its estimate issued just last month of its full-year 2020 earnings because of uncertainty around how long the virus outbreak will last. The airline stood by its firstquarter earnings estimates, saying that a drop in fuel prices and a new credit-card deal will offset revenue lost because of the virus. United, like its US and international counterparts, has suspended flights to mainland China and Hong Kong. United said in a regulatory filing that there is no demand for flights to China, and that March bookings tumbled 75 percent for other flights across the Pacific. United said that if the virus runs its course by mid-May and travel on trans-Pacific routes returns to normal over five months, the airline could still hit its goal of 2020 earnings between $11 and $13 per share. Before United’s news, CFR A Research lowered its investment rating on United Airlines Holdings Inc. to “hold” from “buy.” The

firm says United is even more dependent on international revenue than American or Delta. However, United’s stock ended down a relatively modest 3.3 percent. United investors might have been partially mollified by unrelated news that the airline extended a credit-card agreement with Chase and Visa through 2029, increasing the deal’s 2020 cash contribution to the airline by an estimated $400 million. The extension was announced after the market closed on Friday. Fears about the new virus’ effect on the global economy grew after a spike in new cases reported in Italy, South Korea and Iran. Italy imposed travel restrictions in some areas to prevent the virus from spreading. There are signs that the impact on travel in China, where the virus started, may be hitting a plateau or even easing. OAG, an aviation-data firm, said Chinese airlines scheduled an increase of more than 25 percent in seats on domestic flights this week, the first gain in more than a month. However, OAG cautioned that the capacity increases could be “smoke and mirrors”—that Chinese airlines could cancel flights at the last moment. “Monitoring the actual number of flights operated in China this week will be interesting,” the firm said in a report. China is the world’s secondbiggest air-travel market. In the last six weeks, Chinese airlines have canceled nearly the number of seats that airlines offer between the United States and Western Europe during an entire year, OAG said. AP

The World BusinessMirror

www.businessmirror.com.ph

Oil edges up following sell-off with virus fallout still unknown

il recovered some of its losses following the biggest drop in almost seven weeks as investors attempted to gauge the economic consequences of the fast-spreading coronavirus and whether it would become a global pandemic. Futures in New York staged a partial recovery after tumbling 3.7 percent on Monday amid a broad market sell-off driven by a sharp uptick in cases and deaths from the virus in South Korea, the Middle East and Europe. Prices extended their recovery after Saudi Energy Minister Prince Abdulaziz bin Salman expressed confidence in the Opec+ partnership, saying the group hasn’t made a decision yet on whether to extend or modify its production-cut agreement. Crude had rallied over the past couple of weeks on optimism the virus would be mainly contained within China and the global economy would avoid a major slowdown. Those assumptions are now in doubt following the rapid spread over the past few days, which is also likely to put more pressure on Opec and its allies to take action to stabilize oil markets. “Sentiment took a beating overnight and I suspect there’s a bit more to come, considering the growth indicators we’ve seen outside China,” said Daniel Hynes, senior commodity strategist at ANZ Banking Group Ltd. in Sydney. “Up until now, concern had been centered on China itself and this does raise the stakes a fair bit.” West Texas Intermediate for April delivery rose 0.8 percent to $51.83 a barrel on the New York Mercantile Exchange as of 2:40 p.m. in Singapore. It slumped $1.95 on Monday to close at $51.43, the lowest since February 13. Brent for April settlement added 0.8 percent to $56.74 on the ICE Futures Europe exchange after falling 3.8 percent on Monday. The global crude benchmark traded at a $4.91 premium to WTI. At least 12 people have died in Iran while Kuwait and Bahrain confirmed their first cases of the coronavirus as the worldwide infection toll rose past 80,000. The head of the World Health Organization called the outbreak’s spread “deeply concerning,” but said it wasn’t a pandemic yet. Vitol Group, the world’s biggest independent oil trader, estimates the virus is currently reducing China’s oil demand by about 4 million barrels a day, or around 4 percent of global consumption. While Vitol and others are positioning for a demand rebound, forecasts for when that will come may now need to be pushed back as the outbreak goes global. Russia—which had asked for more time before committing to additional production cuts recommended by Opec+ officials—may be forced to agree to the reductions if the rapid spread of the virus pushes oil prices down further, according to Vandana Hari, the founder of Vanda Insights in Singapore.

Bloomberg News

Wednesday, February 26, 2020

Trump’s India visit moves from pomp to trade and military talks

EW DELHI—President Donald J. Trump’s two-day visit to India turned to substance on Tuesday after opening with a heavy dose of pomp and pageantry, but few concrete accomplishments were expected from the whirlwind trip. Trump kicked off his second day on the subcontinent with an elaborate outdoor welcome ceremony in front of the grand Rashtrapati Bhavan Presidential Palace in New Delhi. Cannons fired as the president’s armored car, nicknamed “ The Beast,” rolled through the palace gates accompanied by a parade of red-uniformed guards on horseback. The ceremony included hundreds of military officials, marching with instruments and swords, as well as an official greeting by India’s president and its prime minister, Narendra Modi. Trump and Modi are expected to talk trade and announce an arms deal on Tuesday as part of a jam-packed day in the Indian capital that will include a joint statement with Modi, meetings with business leaders and embassy officials, a solo news conference and an opulent state dinner

before the president heads back to Washington. But Trump has made clear that little progress is expected on the trade front, despite rising tensions between the countries after the Trump administration imposed tariffs on Indian steel and aluminum exports. India responded with higher penalties on US agricultural goods and restrictions on medical devices, prompting the US to strip India of its decades-old trade preferences. Trump told reporters on Monday that he’s in “no rush” for a trade agreement with India. Eyes also will be on whether Trump criticizes Modi over a new citizenship law that provides a fast-track to naturalization for some migrants who entered the countr y il lega l ly while f leeing religious persecution, but excludes Muslims, raising fears that the countr y is

US President Donald Trump reviews a guard of honor during a ceremonial reception at Rashtrapati Bhavan, the Indian Presidential Palace, in New Delhi, India, on Tuesday, February 25, 2020. AP/Alex Brandon

moving toward a religious citizenship test. Trump ty pically refrains from publicly rebuking world leaders for humanrights abuses during his overseas trips. He spoke at length on Monday about measures his administration had ta ken to combat the threat of “radical Islamic terrorism.” Trump’s comments came during a mega-rally in the world’s largest

Syrian father teaches daughter to laugh when the bombs fall

E I RU T— A b d u l l a h M o hammed would do anything for his d aughter, even forcing himself to laugh with her at the sound of bombs to help her overcome her fear. In Idlib, that’s a lot of laughter. The province in northwestern Syria is the last opposition-held stronghold in the war-ravaged country. It has been the subject of a ferocious military campaign and relentless bombardment by Russia-backed Syrian government troops since early December. More than 900,000 civilians have been on the move since then, displaced from their homes. Many now live in tents, abandoned buildings, makeshift shelters and in open fields near the Turkish border. As the advancing troops neared his hometown of Saraqeb two months ago, Mohammed fled with his wife and daughter further north to the town of Sarmada, where they are now staying in an abandoned house offered to him by a friend. Mohammed and his daughter, three-year-old Salwa, became overnight celebrities after a video they shot was shared widely on social media—a reminder of the horrors faced by children in Syria. In the video, Salwa, wearing a pink dress, stands on a sofa next to her father. Mohammed asks his daughter: “Is that a plane or a shell?” “A shell, and when it falls we will laugh!” she replies. As the boom of the explosion is heard in the distance, the little girl jumps slightly and then bursts into hysterical giggles as her father laughs along and says: “It’s funny, right?” Moh a m me d s a id he c a me up w it h t he ga me to help h is

In this Sunday, photo, Abdullah Mohammed plays with his daughter, three-year-old Salwa inside a house he recently fled to, near the Syrian-Turkish border, in Sarmada, Syria. Mohammed would do anything for his daughter, even if that means forcing himself to laugh with her at the sound of exploding bombs, to help her overcome her fear. Mohammed and Salwa became an overnight celebrity after a video they shot spread on social media, widely shared as a reminder of the horrors faced by children in Syria. AP/Ghaith Alsayed

d aughter cope w it h her fea r. Salwa had been hearing bombs all her life. As a baby there was no fear, but that changed after her first year. One day, they were at home in Saraqeb during Eid al-Fitr, the three-day Muslim holiday that marks the end of the holy month of Ramadan. Children outside were celebrating with firecrackers, and a big one exploded nearby. “She was frightened, but I took her out and showed her that children were playing and laughing... she was convinced,” he recalled. That was how he got the idea to connect the sound of bombs with laughter and kids playing, and to film himself laughing with her every time warplanes hit. He said now every time they hear the jets or outgoing artillery shells, Salwa turns to him and waits for his reaction. He pulls out his cell phone for a selfie video and

they wait for it—and then they burst into laughter. On a recent day, Mohammed sat watching Salwa as she played with plastic Lego bricks, her hair in pigtails and wearing a blue dress. He said the war has wiped out the hopes and dreams of his generation and those of their children. “The most I hope for is to stay alive, along with my daughter and everyone else,” he said. “We forgot about the bigger hopes, they don’t exist anymore.” Mohammed gets emotional talking about it. He says he realizes the bombs they’re laughing about could be ending someone’s life at that same moment. “Maybe it hit a tent or a child, and this is not funny of course. This is very sad. But I’m laughing so that this doesn’t affect my daughter. And if the shell were to fall on us, better that we die laughing than to die scared.” AP

cricket stadium—part of an elaborate welcome for a president who revels in pomp and pageantry. Everywhere he went, Trump was greeted by thousands of cheering Indian citizens, troops of traditional dancers and roadways lined with posters and billboards celebrating his visit. Trump and first lady Melania Trump also went on a stunning sunset tour of the famed Taj Mahal.

On Tuesday, the couple participated in a wreath-laying ceremony at Raj Ghat, a memorial to Mohandas Gandhi in New Delhi at the site where the famed Indian independence leader was cremated after his assassination in January 1948. Trump had visited Gandhi’s home on Monday, donning a prayer shawl and inspecting the spinning wheel once used by the celebrated pacifist. AP

FBI official warns: Russia wants to see US ‘tear ourselves apart’

ASHINGTON—Russia wants to watch Americans “tear ourselves apart” as the United States heads toward elections, an FBI official warned on Monday. David Porter, an assistant section chief with the FBI’s Foreign Influence Task Force, accused Russia of conducting brazen operations aimed at spreading disinformation, exploiting lines of division in society and sowing doubt about the integrity of US elections and the ability of its leaders to govern effectively. Porter spoke at an election security conference on Capitol Hill just days after conflicting accounts emerged of a closeddoor briefing intelligence officials had given to House lawmakers on threats from Russia and other nations in the 2020 election. That briefing focused attention on the possibility that Russia could work to aid President Donald Trump’s reelection. Democratic rival Sen. Bernie Sanders has said intelligence officials told him that Russia was looking to boost his candidacy, too. Porter did not address the briefing or whether Russia had a preference for particular candidates. But he said Russia was generally engaged in “information confrontation” aimed at blurring fact from fiction, eroding American confidence in democratic institutions and driving wedges into society’s fracture lines. “The primary objective is not to create a particular version of the truth but rather to cloud the truth and erode our ability to find it, creating a sentiment that no narrative or news source can be trusted at all,” Porter said. The FBI formed the Foreign Influence Task Force after widespread interference by Russia in the 2016 presidential campaign. The task force was initially intended to focus primarily on Russia, but it also works to counter influence operations— including hacking and more cover t methods—from adversaries including China, North Korea and Iran. US officials see China as an aggressive threat, particularly when it comes to espionage and theft of intellec tual

property, but Porter said Beijing’s goal was less about sowing general chaos in the US and more about promoting and developing its own economic standing in the world. “To put it simply, in this space, Russia wants to watch us tear ourselves apart, while it seems that China would rather manage our gradual economic decline over the course of generations,” Porter said. Intelligence officials have not commented publicly on the February 13 briefing given to members of the House Intelligence Committee. One intelligence official said lawmakers were not told that Russia was working directly to aid Trump. But other people familiar with the meeting said they were told the Kremlin was looking to help Trump’s candidacy. The people spoke on condition of anonymity to discuss the classified briefing. Carrie Cordero, a former Justice Department national security lawyer, lamented the lack of public information about the briefing and the underlying intelligence, particularly since a recent Senate Intelligence Committee report faulted the Obama administration for not being sufficiently transparent about Russian election interference ahead of the 2016 presidential contest. She said it remains unclear from the news reporting exactly what message was communicated to the committee. “What I have really been encouraging is that the government be more forthcoming of information that is more indicative of the current election threats,” Cordero said. Other speakers at the symposium, whose sponsors included the Center for Democracy and Technology and Penn State Dickinson Law, focused on more domestic threats to election security. Lawrence Norden, the director of the Election Reform Program at the Brennan Center for Justice, said he was concerned that there were no federal regulations governing the vendors who supply local election infrastructure. “I do think this is a real weakness going into 2020, and the solution as always in elections is to hope for the best and prepare for the worst,” Norden said. AP

B6 Wednesday, February 26, 2020

I Love Cacao exhibits at SM City Lucena

Pointing the way to a smarter city

Seated is Engr. Sancho A. Mabbirano (DOST Region II Director). Sanding , from left: Dr. Christopher P. Monterola (Aboitiz Chair in Data Science), Dr. Enrico C. Paringit ( Executive Director, DOST - PCIEERD ), Bernard Dy ( Mayor of Cauayan, Isabela), and Dr. Erika Fille T. Legara (Academic Program Director, Master of Science in Data Science).

ROJECT PATURO - Platform for Tracking and Assessment of Urbanization - Related Opportunities was launched during a kick-off meeting held at the Analytics, Computing and Complex Systems Laboratory of the Asian Institute of Management (ACCeSs@AIM) on February 5. Funded by the Philippine Council for Industry, Energy and Emerging Technologies Research and Development (DOST-PCIEERD), the project is a partnership between ACCeSs@

AIM, the College of Computing Studies, Information and Communication Technology of the Isabela State University - Cauayan Campus, and the Local Government Unit of the City of Cauayan, Isabela. The Honorable Bernard Faustino M. Dy, Cauayan City Mayor, Professor Mary Jane S. Bitanga, Dean of ISUCCSICT, Dr. Enrico C. Paringit, Executive Director of DOST-PCIEERD, Engineer Sancho A. Mabborang, Regional Director of DOST-Cagayan Valley, and an ACCeSs@AIM

team, led by Aboitiz Chairs in data science Drs. Christopher Monterola and Erika Fille T. Legara (PATURO Project Leader) participated in the kick-off meeting. PATURO is the first and only project approved under DOST-PCIEERD's 2019 "Convergence of Philippine Technologies for Smarter City Development" grant call. The project aims to formulate a robust and reliable index of a city's status, emerging from diverse interactions among those which make up the city - its people and their movements, land, infrastructure (particularly its transportation network) and various economic activities. A key component of the project will be a "real-world sandbox" of a city: datadriven models which will capture the interactions between key components of the city. This platform will enable policymakers to rapidly assess the impact of "what-if" scenarios (such as plans to develop new business districts), and support data-driven decision-making and responsive governance, especially for the development of a smart city in service of its constituents. Mayor Bernard Dy of Cauayan City, for his part, is enthusiastic about the project. “We are equally excited to be working with the team and we look forward to see project PATURO progress in Cauayan City. Data science is quite a complicated concept for a city with an agricultural setting as Cauayan City, but we believe in the importance of how we can make use of data to create an impact in the lives of the people in the city, and we are just grateful to have found the right partners for this project.” he says.

Government officials graced the occasion , from left: SM City Lucena Asst. Mall Manager Eng. Russel Alegre; Dennis Arpja, DA Region 4A Techinical Director; Jenny Suarez-Lopez; DTI - Reg4A Technical, DTI Quezon OIC Leila Cabreros and DTI Region 4A Director Susan Palo.

HE Bean to Bar story of Cacao is on center stage in the First Quezon Cacao Festival, a 5-day exhibit at the Event Center of SM City Lucena last February 12-16. Mouth-watering local concoctions with tablea were showcased including Tablea ice cream, Champorado ( glutinous rice porridge with tablea), tablea chami (popular local flour noodles). The regional festival also featured other Cacao products from Batangas, Cavite and Laguna. Ms Jenny Suarez-Lopez, Chief-of-

staff of Quezon LGU represented Gov. Danilo Suarez, said it’s high time for the cacao industry to be recognized, especially in Quezon which, as of Dec 2019, has more than 2,026 planted hectares of cacao in Calabarzon. The event is jointly mounted by the Department of Trade and Industry- Quezon, the Provincial Government of Quezon, Department of Agriculture Region 4-A and AGE Communications. The event was also featured at GMA7’s Unang Hirit during it’s launch on it’s first day. Innovative tech and help from Japan. Hiyasumi Nangatome of the Junca Group Company stresses a point. The Junca Group is behind the Junca platform which is a new technology that aims to provide financial services such as foreign currency, international and domestic remittances, online payments, and virtual currency. The platform includes fintech, ATM cards, and wallet services. The Group also supports scholarships and humanitarian works such as those projects by the United Nation World Peace Association (UNWPA) headquartered in Japan which aims to help resolve the face mask shortage in the country due to the covid-19. UNWPA is aiming to launch a local branch this April.

Sports

THE tales of financial struggle come from some of the best athletes in the world. AP

BusinessMirror

| Wednesday, February 26, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

ELITE ATHLETES STRUGGLING FINANCIALLY T

By Eddie Pells

The Associated Press

HE comments could easily have come from any middle-class town where workers have trouble making ends meet: “No pension plan, no chance of structural income over a longer period of time.” ... “I will not have savings until the mortgage of my house is paid off.”... “My parents still have to help me pay for my food.” In this case, however, the tales of financial struggle come from some of the best athletes in the world. In a survey of nearly 500 elite athletes spread across 48 countries, many of them gearing up for the Olympics later this year, an athletes’ rights group found that 58 percent said they did not consider themselves financially stable. Even greater majorities said they did not receive “the appropriate amount of financial compensation” from the International Olympic Committee (IOC) or the national federations that send them to the Games and other major events. And 57 percent answered “Yes” when asked if the IOC should pay athletes to attend its events. Over the last year, the advocacy group Global Athlete

received responses from 491 athletes spread across six continents, about 200 of whom identified themselves as Olympians or Paralympians, and the rest of whom compete at an elite level in their country or at an international level. The responses painted one of the most thorough pictures of the long-documented reality of competing at the highest levels of Olympic sports: Hardly anyone gets rich, while the majority are poor and largely beholden to the bureaucracies that fund this diverse cross-section of what are, by and large, niche sports. As part of the survey, athletes who said they did not consider themselves financially secure were given the chance to explain. There were 89 responses, most of which sounded similar themes: n “Can’t train without funds but trying to get work around training is not easy and continually told if you miss sessions you don’t get selected.” n “No stable job, living off casual work and supported by my mom. My sport provides no money for me.” n ”Paycheck depends on how I perform at a major championships once every two to four years. If I do not perform well in one moment, I cannot financially support myself.” Last year, sparked in part by a ruling from a German

court, the IOC allowed national Olympic committees to relax guidelines on what’s known as Rule 40—a rule that restricts athletes from fully cashing in on their marketing potential while the Olympics are ongoing. A handful of countries made changes. But were they enough? Four out of five athletes in the survey agreed that they should be given the right to “build and sell their own image right at the Olympic Games,” which is often the only time many of them will have such a massive platform. The IOC and its affiliates have long argued that they need an uncluttered advertising space, especially during the Games, to preserve the value of Olympic sponsorships, which, in turn, allows them to provide the huge stage on which the athletes compete. That reality wasn’t lost on many of the 111 athletes who responded when asked for comments about how to gain control of their brand during the Olympics. One example: “Loosening of Rule 40...but not 100 percent free exposure as the money IOC get from their sponsors aids the smaller sports over the following four years.” But the reasons for the financial instability goes deeper than Rule 40. It speaks to issues involving training stipends, living expenses, insurance and post-career opportunities. Dozens of stories circulate in Olympic years about athletes

holding bake sales and starting GoFundMe pages to make ends meet. Many national federations have tried to improve conditions for their athletes in all these areas, but according to those surveyed, they’ve largely fallen short. The Olympics and its affiliated sports hold a particularly unique leverage over athletes, when compared to many professional sports and leagues. They run the biggest, most prestigious event in the world, while the thousands of athletes spread across dozens of countries have struggled to band together to speak with one voice. It often leaves the athletes, without whom there would be no Olympics, in the position of taking what they’re given, without much chance to negotiate. Athletes were also asked a series of questions about whether they are well-represented on the multitude of boards and committees that make decisions about Olympics sports across the globe. Eighty-seven percent said “Yes” when asked if they thought athletes should have at least half the votes within sports organizations when rules that affect them are being developed. It’s not an uncommon formula in sports leagues such as the National Football League and Major League Baseball where the players unions hold great sway. But in the Olympic space, it’s a far-fetched notion. For instance, the US Olympic and Paralympic Committee, under scrutiny about this very issue, recently rewrote

bylaws to bring athlete representation up to 33 percent on most of its governing bodies. Athletes also answered a series of questions about their general welfare in the international sports system. Majorities said their rights were respected by organizations ranging from the IOC to their national Olympic federations. But when it came to specifics—for instance, whether they received appropriate care in areas of mental health, post-career transitions and ongoing medical care (both during and after their careers)—a plurality of athletes answered “No” in every instance. Not all the responses were negative. Of the 42 percent of athletes who said they considered themselves financially stable, 66 filled out the comments section to explain why. Despite the more positive outlooks in these answers, most were sprinkled with reminders of the reality of being an elite athlete in sports that only hit the big stage once every four years. A sampling: n “Have a good understanding of how to budget and started investing money once I became an athlete. The athlete salary is not high so I started saving.” n “My own perseverance to have a great career after sport.” n ”It is my sport, not my job.”

Italian soccer could be played without fans because of virus R

OME—The Italian government is moving toward having soccer matches played behind closed doors in affected areas as authorities try to contain a spreading virus that has made northern Italy the focal point of the outbreak in Europe. Thursday’s Europa League match at San Siro between Inter Milan and Ludogorets was the first to be confirmed as going ahead in an empty stadium, with the Italian club releasing a statement on Monday night. Bulgarian side Ludogorets added that UEFA has said it is monitoring the situation and will react immediately if anything changes. Serie A President Paolo Dal Pinto sent a letter to the government on Monday asking that games no longer be postponed in the affected areas but played without fans in attendance— noting there is little time for makeup dates considering all elite soccer competitions must be completed by May 24 because of the upcoming European Championship. Sports Minister Vincenzo Spadafora also proposed the closed-door plan to Italian Premier Giuseppe Conte—although no final decision had been made. “Playing all sports behind closed doors for the next week could be possible, because then fans can more easily stay at home,” said Maurizio Casasco, the president of the Italian federation for sports physicians. “But the clubs have to be in agreement. “There’s more than just soccer in Italy. It’s an issue that regards all sports.” Four Serie A games scheduled for the previous round on Sunday were postponed, including Inter Milan’s game against Sampdoria at San Siro Stadium. Also Monday, the first board meeting for the Milan-Cortina Olympics was changed to a videoconference instead of being held in Milan. Members of the newly created board of directors for the 2026 Games called in from their respective offices in the Lombardy and Veneto regions, the areas hardest hit by the virus, the Italian Olympic Committee said. Juventus, which is based in Turin, is scheduled to host Inter next Sunday in the return of former Coach Antonio Conte. Other games scheduled for northern Italy next weekend include UdineseFiorentina on Saturday and AC Milan-Genoa on Sunday. Lyon was in contact with UEFA and French authorities over concern about the 2,500 to 3,000 Juventus fans traveling over the border to a Champions League game in the French city on Wednesday. Juventus shares fell 11 percent on the Milan stock exchange in early trading on Monday, forcing a suspension in trading.

A MAN wearing a sanitary mask walks past the Duomo gothic cathedral in Milan. AP

Juventus also announced its museum at the Allianz Stadium would remain closed through Saturday. Stadium tours also were suspended. Italian Olympic Committee President Giovanni Malagò said Sunday playing games behind closed doors was “problematic.” However, it may be the only solution for now. With fewer concerns in southern Italy, Napoli’s Champions League match against Barcelona on Tuesday was slated to be played as planned. Serie C canceled all games in its A and B leagues, which have teams in the north. Volleyball and rugby games were also suspended nationwide through next weekend. Civil protection officials said more than 200 people had tested positive for the virus in Italy and five people had died, including two elderly men in northern Lombardy. It is the highest number of cases outside Asia, and underscores the limits of Italy’s prevention protocols, which are the most stringent in Europe. Officials still hadn’t pinpointed the origin of Italy’s outbreak and were struggling to contain the number of cases, which by Monday had spread to a half-dozen regions and prompted Austria to temporarily halt rail traffic across its border with Italy. In South Korea, local soccer authorities indefinitely postponed the start of the 2020 season. The K League made the announcement after an emergency meeting in Seoul as the country grapples with the outbreak. The number of reported cases in South Korea reached 763 on Monday, including seven deaths. Mainland China has reported 2,592 deaths among 77,150 cases. Also in Asia, the Japanese hockey federation canceled its national women’s team’s games against North America’s top players because of the virus. The Italian Winter Sports Federation suspended all of its events throughout the country for an entire week, although it said that “for now” next weekend’s World Cup ski races in La Thuile in the Valle d’Aosta region were still to go ahead. Those races are operated by the International Ski Federation, which has already canceled races this season in China that were slated to test the course for the 2022 Beijing Games. Women’s super-G and Alpine combined are scheduled for next Saturday and Sunday, respectively. The Italian federation said it is “in constant contact with the authorities” over the developing situation. Italy is also slated to host the World Cup ski finals in Cortina d’Ampezzo from March 18 to 22. Holding the ski races without fans could also be an option. AP

Spo

Business

C2 Wednesday, February 26, 2020

REMEMBERING KOBE L

OS ANGELES—Kobe Bryant’s wife remembered him as a devoted father and husband who arrived early for school pickups, and wrote heartfelt cards and letters. Rob Pelinka, Bryant’s longtime agent and close friend, recalled his final texts from the National Basketball Association (NBA) superstar minutes before he was killed last month in a helicopter crash. Bryant was attempting to secure an internship for the daughter of another friend who was sitting with him in the chopper. Michael Jordan called Bryant “a little brother” and said that when he died, “a piece of me died.” Bryant’s athletic achievements were only part of the reason roughly 20,000 people gathered Monday for a public memorial service honoring him at Staples Center in downtown Los Angeles. The event offered another chance to celebrate Bryant, his 13-year-old daughter, Gianna, and the other seven victims of the crash with tears, memories and laughs. Los Angeles already knew Bryant was much more than a basketball icon. His friends and family told the world. “I couldn’t see him as a celebrity, nor just an incredible basketball player,” Vanessa Bryant said. “He was my sweet husband and the beautiful father of my children. He was mine. He was my everything.” The ceremony included musical numbers by Beyoncé, Alicia Keys and Christina Aguilera. The event concluded with a screening of Dear Basketball Bryant’s Academy Award-winning short film about reluctantly saying goodbye to his passion upon his retirement from the Lakers in 2016. Fans, many wearing Bryant’s jersey or team colors, filled the seats at the arena where Bryant played for the final 17 seasons of a two-decade NBA career spent entirely with Los Angeles’s

most popular sports franchise. The mourners included Lakers legends Jerry West, Kareem Abdul-Jabbar, Magic Johnson and Pau Gasol. NBA Commissioner Adam Silver joined Jordan, Shaquille O’Neal, Phil Jackson, Dwyane Wade and dozens of current NBA players. Celebrities, such as Kanye West, Kim Kardashian, Jennifer Lopez and Alex Rodriguez also attended. After Jimmy Kimmel welcomed the crowd, Vanessa Bryant provided a poignant window into the family’s life with Gianna and her three sisters—Natalia, Bianka and Capri. She emphasized Kobe Bryant’s paternal devotion, which had only grown after his retirement from the Lakers. “God knew they couldn’t be on this Earth without each other,” said Vanessa Bryant, who had been with Kobe since 1999. “He had to bring them home to have them together. Babe, you take care of our Gigi. And I got Nati, Bibi and Coco. We’re still the best team.” Vanessa Bryant was followed on the podium by basketball stars Diana Taurasi and Sabrina Ionescu, and University of Connecticut women’s Coach Geno Auriemma. Kobe Bryant was a passionate advocate for women’s basketball, and Gigi Bryant was a promising young player who aspired to play at UConn. “If I represented the present of the women’s game, Gigi represented the future, and Kobe knew it,” said Ionescu, the Oregon star who was mentored by Bryant. Pelinka referred to the day of the crash as “when the axis of the world seemed to shift forever, for all of us.” Pelinka was also Gigi Bryant’s godfather, and the families were close. He revealed that Bryant had texted him asking for help in getting an internship with a baseball agent for teenager Alexis Altobelli, who lost her parents and younger sister in the crash. “Kobe lived to make other people’s lives

better, all the way up to his final text,” Pelinka said. Jordan, the Chicago Bulls star whose career was wrapping up as Bryant’s was starting in the late 1990s, praised Bryant as “one of my dear friends. He was like a little brother.... As I got to know him, I wanted to be the best big brother that I could be.” O’Neal and Bryant joined the Lakers together in 1996 and won three consecutive championships during eight tumultuous seasons in purple and gold. Although their relationship was often rocky in public, O’Neal said the two were always friendly in private, even comparing their dynamic to John Lennon and Paul McCartney. Calling Bryant “a loyal friend and a true Renaissance man,” O’Neal said the pair “pushed each other to play some of the greatest basketball of all time.” O’Neal also got the biggest laugh in the somber service with a profane joke about an exchange in which Shaq told Kobe there was no “I” in team, but Bryant responded by noting that there is an “M-E.” The ceremony began with Beyoncé performing her songs “XO” and “Halo” with dozens of backup musicians. Keys performed Beethoven’s “Moonlight Sonata” later in the program, and Aguilera sang “Ave Maria.” 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. Lakers star LeBron James surpassed him on the night before Bryant’s death. Hours before the service, Vanessa Bryant sued the owner of the helicopter that crashed in the fog. The wrongful-death lawsuit claimed that the pilot, Ara Zobayan, was careless and negligent by flying in cloudy conditions.

VANESSA BRYANT: He was mine. He was my everything. AP

The National Transportation Safety Board has not concluded what caused the crash on the outskirts of Los Angeles County but said there was no sign of mechanical failure. A final report is not expected for a year or so. Money from ticket sales at the sold-out memorial will be given to the Mamba and Mambacita Sports Foundation, which supports youth sports programs in underserved communities and

MICHAEL JORDAN: He was a little brother...a piece of me died. AP

teaches sports to girls and women. Samantha DeJesus, 32, and her brother George Galano, 31, paid $448 for their two seats. DeJesus said she got notified late that she had received tickets in a lottery and wasn’t sure if she wanted to pay that much. But the siblings, who saw their first Lakers game at the Forum against the Utah Jazz in the 1990s, said they couldn’t miss it.

IONESCU MILESTONE

Embiid’s career-high 49 pts power Philadelphia

HILADELPHIA—Joel Embiid sank a 3-pointer for a career-high 49 points, flashed a big smile, cupped his ear to get the crowd screaming even louder and did a little dance. When the Big Man is having fun, he’s almost impossible to stop. Embiid also grabbed 14 rebounds, Tobias Harris had 25 points and the Philadelphia 76ers beat the Atlanta Hawks, 129-112, on Monday night. Missing All-Star Ben Simmons for the second time in three games because of a back injury, the Sixers mixed up their starting lineup and got 15 points from Furkan Korkmaz in a reserve role. Embiid carried them. “I said before the All-Star break I was going to have a different mindset, be aggressive,” Embiid said. “I said I was going to get back to having fun. Having fun comes in different forms. I don’t have to always be smiling and laughing. I can have fun just dominating the game.” The Sixers need consistency from Embiid to move into position for home-court advantage in the first round of the playoffs. They pulled within a half-game of Miami for fourth place in the Eastern Conference following the Heat’s overtime loss at Cleveland. “With the news of Ben, he has to come out and play the way he did,” Sixers Coach Brett Brown said. “When he comes with that activity, that mentality, that energy, he makes a statistician work and we’re going to win a lot of games.” Harris praised Embiid for his “dominance” and added: “He can do that every single night if he wanted to.” Trae Young led Atlanta with 28 points despite missing nine of 11 from three-point range. De’Andre Hunter added 22 and John Collins had 21 for the Hawks. After trailing by 21 in the first half, the Hawks outscored Philadelphia 23-9 to start the third quarter. They closed out the period with an 8-0 run and took a 92-91 lead into the fourth after Young nailed a three. The Sixers went up to stay on four consecutive free throws by Embiid. Harris sank a 3-pointer to extend the lead to 105-98. Embiid’s dunk and 19-footer put Philadelphia up by 15 with 3:08 left, and the All-Star center heard “MVP!” chants when he went to the foul line in the final minutes. Embiid made 14 of 15 free throws and 17 of 24 from the floor. He hit a three in the final minute to set his personal best. His previous high was 46 against the Lakers on November 15, 2017. AP

DeJesus called the ceremony “very emotional” and cried throughout. “I loved every single eulogy that was given,” she said. “You knew it was meant from the heart.” Galano said he’s struggled to accept the tragedy since January 26 and the memorial brought him closure. “Now it’s just reality,” he said. “I’m glad they did this so we could move on and heal.” AP

Sabrina Ionescu is the first player, man or woman, to reach 2,000 points, 1,000 assists and 1,000 rebounds.

TANFORD, California—Oregon star Sabrina Ionescu is the first player, man or woman, to reach 2,000 points, 1,000 assists and 1,000 rebounds. Ionescu hit the milestone on a defensive rebound with 1:47 remaining in the third quarter for the third-ranked Ducks against No. 3 Stanford on Monday night, only hours after she spoke at the memorial service for Kobe Bryant and daughter, Gianna, in Southern California. Ionescu got to 1,000 assists in a win at UCLA on February 14. She notched her NCAA-record 25th career tripledouble at California on Friday night—also most in the men’s or women’s game. She came into Monday’s game needing nine rebounds for the 1,000 mark. Two-time National Basketball Association Most Valuable Player Stephen Curry sat courtside for the second straight game to support Ionescu and women’s basketball. AP

Grandma, 84, sinks putt and wins car

XFORD, Mississippi—All that 84-year-old Mary Ann Wakfield needed to do to win a new car was sink a putt across the entire length of the court at the University of Mississippi’s basketball stadium. Wakfield did just that during a promotional segment at Saturday’s game between Ole Miss men’s basketball team and Alabama. The golf ball she struck rolled 94 feet from one end line to the other before dropping into a flag-marked hole. The crowd erupted into applause as Wakfield

flashed an astonished grin and clapped a hand over her head. Her prize for the long-distance putt: a 2020 Nissan Altima from a local auto dealer. Keith Carter, athletic director at Ole Miss, congratulated Wakfield by tweeting, “What an incredible moment. Enjoy your new car.” Wakfield’s good fortune Saturday wasn’t shared by the Ole Miss basketball team, which lost 103-78 to Alabama. AP

WILDER BLAMES PREFIGHT COSTUME

AS VEGAS—Deontay Wilder says an elaborate outfit he wore on his ring walk wore him down so much that he didn’t have the legs to withstand Tyson Fury in their heavyweight title fight Saturday night. Wilder also said he would execute a clause in his contract for a third fight with Fury, hopefully sometime this summer. “This summer with no fights in between,” Wilder told The Associated Press in a phone interview Monday. “I’m a warrior and I’m ready to go again, but we’re going to change a lot of things in camp.” Wilder said the outfit—which he said was a tribute to Black History Month—weighed him down and that his legs weren’t right by the time the fight started. Wilder said the entire getup, including a mask, weighed some 40 pounds, and he knew by the end of the second round that his legs were gone. Wilder also said his assistant trainer, Mark Breland, was acting against previously agreed upon instructions when he threw in the towel to end the fight at 1:39 of the seventh round and would not likely be in the corner in a third fight. “We had many discussions for years about this situation and for him to still do it after Jay [Deas,

Wilder’s main trainer] told him not to do it really hurt me. And then I heard he was influenced by another fighter in the audience and it makes a lot of conspiracy theories in your head why he did it. It didn’t make sense.” AP

DEONTAY WILDER says his costume wore him down before Tyson Fury did. AP

orts

sMirror

uisita starts defense of its title when the 34th Philippine Airlines Seniors Interclub golf team championships kick off on Wednesday at the Negros Occidental Golf and Country Club (NOGCC) and the Bacolod Golf Club in Bacolod City. Luisita is hoping for a good start, according to Luisita captain Jeric Hechanova. “It is important for us to play well on the first day and, hopefully, lead or just a few strokes behind the leaders,” said Hechanova who is fielding virtually the same team that scored a three-point victory over Canlubang last year in Cebu City. Only Edmund Yee is not around for Luisita, his spot taken by returnee Jingy Tuason. The other Luisita players are Eddie Bagtas, Benjamin Sumulong, Chino Raymundo, Chito Laureta, Rafael Garcia, Rodel Mangulabnan and Demetrio Saclot. Hechanova said they are counting on their veterans to deliver, “but nevertheless try their best and display good sportsmanship to the highest level.” Standing in Luisita’s way are Canlubang, NOGCC and Cebu Country Club (CCC) which complete the championship division. “The courses’ conditions are the best that I have ever seen,” said Canlubang star Tommy Manotoc who squeezed in 24 holes in both courses last Monday. “Light rains made the fairways softer.” Manotoc, who at 70 remains Canlubang’s leader, will be backstopped by Abe Rosal, Zaldy Villa, Rolly Viray, Damasus Wong, Abe Avena, Mari Hechanova and Rene Unson. NOGCC, led by veteran Francis Gaston, looms as tournament dark horse while CCC hopes to duplicate its success in the regular PAL Interclub last year. Ninety-five teams are seeing action in the four-day tournament divided into four other divisions aside from the championship: Founders, Aviator, Sportswriters and Friendship. NOGCC, formerly Marapara, will host the championship and Founders divisions on the first and fourth day of competition with the rest of the rounds to be played at Bacolod GC (Binitin). The Molave scoring system will be used in the fourday event. Par is worth three points while a birdie and bogey are worth four and two, respectively. An even par round is worth 54 points. The field is divided into five brackets: Championship, Founders, Aviator, Sportswriter and Friendship. Each team is allowed to field four players for each round, but only the top 3 scores are counted. Each player can only play a maximum of two rounds. The seniors tournament precedes the 73rd men’s regular event set from March 4 to 7 with CCC defending its title. National flag carrier Philippine Airlines is the host of this prestigious international sporting event. The platinum sponsors are Asian Air Safari, Vanguard Radio Network, Fox Networks Group and Radio Mindanao Network Inc. Major sponsors include The Boeing Co., University of Mindanao Broadcasting Network, Avolon Aerospace Singapore Pte. Ltd., Rolls Royce, Manila Broadcasting Co., Primax Broadcasting, Rolls-Royce Singapore Pte. Ltd., and Cignal TV Inc.

Wednesday, February 26, 2020

LUISITA STARTS DEFENSE OF SRS TITLE Al Mendoza alsol47@yahoo.com

THAT’S ALL

Santisima fought a scared fight

TCC KICKS OFF NEW SEASON

Tony Lascuña targets his third The Country Club Invitational crown.

HE Philippine Golf Tour (PGT) ushers in a new decade with its flagship championship—The Country Club Invitational—unfolding March 4 and featuring an elite 32-player field all geared up for four days of battle of power, stamina and mental toughness at the windswept TCC course in Laguna. Two-time champion Tony Lascuña and 2013 titlist Frankie Miñoza head the select cast in the country’s richest championship—P5 million— outside of the Philippine Open, upbeat but wary of their respective chances against the tour’s revered names and rising stars making up the Top 30 in the 2019 PGT Order of Merit ranking.

They, however, will also have to deal with the Tom Weiskopf-designed layout, feared for its sheer length and unsettling hazards and roughs, not to mention its undulating surface and the wind that come into play in most holes. Kim Joo-hyung pooled a two-over 290 to edge Filipino-German Keanu Jahns by one in a thrilling finish last year, keeping the crown at the hands of the Korean-Americans for the second straight year after Micah Shin humbled Miguel Tabuena in 2018. But Kim, Shin and some of the past champions, including Juvic Pagunsan and Angelo Que, both three-time titlists, and Tabuena, won’t be around to chase for another diadem to honor previous

commitments although the depth of the field remains as talent-laden as ever with Clyde Mondilla also going for back-to-back wins at TCC after ruling the Solaire Philippine Open last year. There are also the likes of young guns Ira Alido and Reymon Jaraula, and veterans Jay Bayron, Jhonnel Ababa, Michael Bibat, Elmer Salvador, Ferdie Aunzo, Jerson Balasabas and Zanieboy Gialon along with foreign bets Guido van der Valk of the Netherlands, American Lexus Keoninh, Kei Matsuoka of Japan and Spain’s Marcos Pastor. Completing the roster in the event, put up by International Container Terminal Services Inc. boss Ricky Razon to honor the memory

of his father and ICTSI founder Don Pocholo, himself an avid golfer, are Rufino Bayron, Nilo Salahog, Richard Sinfuego, James Ryan Lam, Fidel Concepcion, Rico Depilo, Albin Engino, Rene Menor, Paul Echavez, Elmer Saban, Mhark Fernando, Gerald Rosales and Art Arbole. The PGT Qualifying School for local and foreign players, meanwhile, is set March 9 to 13 at Splendido Taal Golf Club with action resuming in the ICTSI Summit Point Challenge from March 25 to 28, to be followed by the Delimondo National Pro-Am from May 11 to 16, also at Splendido and the ICTSI Royal Northwoods Challenge from May 26 to 29 in San Rafael, Bulacan. For registration and details, visit pgt.ph.

San Miguel Beer ‘donut’ team in Philippine Cup S

PHILIPPINE Basketball Association Chairman Ricky Vargas and Commissioner Willie Marcial (seated second and third from left, respectively) are flanked by league Treasurer Silliman Sy (seated left), Vice Chairman Demosthenes Rosales (seated right), Cignal/TV5 President Robert Galang and Governors Eric Arejola (NorthPort), Raymond Zorilla (Phoenix), Mamerto Mondragon (Rain or Shine), Robert Non (San Miguel Beer), Al Francis Chua (Barangay Ginebra) and Al Panlilio (Meralco). ROY DOMINGO

Aquino rules Stage 3, bags red jersey By Ramon Rafael Bonilla

JERRY AQUINO JR. tops Tuesday’s race that again goes down as a sprint finish.

AGA CITY—Jerry Aquino Jr. save his best for a sprint ending to Tuesday’s Stage 3 not only to emerge the day’s fastest but also the new leader of the 10th Ronda Pilipinas. Displaying the pedigree from his sprinter dad Jerry Sr. who pulled off similar conquests in the fabled Marlboro Tour, Aquino burned rubber for Scratch It in another wild finish to dominate the short but hilly 119-kilometer stage from Legazpi City in two hours, 47 minutes and 12 seconds. Aquino, 27, edged Go for Gold skipper Ronnel Hualda and Bicycology-Army’s Dominic Perez in a massed finish. “It was always my dream to wear the leader’s jersey so it was really a dream come true,” Aquino said. The 10-second bonus from the stage win gave

Aquino a temporary ownership of the leader’s red jersey with a seven-second edge over two-day leader Mark Julius Bordeos of Army-Bicocylogy. Hualda settled for second, Dominic Perez of Team Army-Bicycology was third, Under-23 standout Aidan James Mendoza of 7-Eleven was fourth and two-time champion Jan Paul Morales was fifth. Celeste Cycling Team’s Roel Quitoy, Philippine Navy-Standard Insurance’s Junrey Navarra and Go for Gold’s Ronnilan Quita jumped from the peloton in the climb in Sagñay 50 kms to the finish. The peloton, however, caught up with the leaders in the Camarines Sur capital of Pili, making the race a sprint inside the last 5 kms. The race resumes on Wednesday with Stage 4—the longest at 206 kms—from Daet in Camarines Norte to Lucena City.

AN MIGUEL Beer will be a hunted prey in the Philippine Basketball Association Philippine Cup that kicks off a week later than its original schedule on March 8. With five-time Most Valuable Player June Mar Fajardo recovering from a fractured right tibia, the Beermen are a virtual “donut” team—without the behemoth Cebuano manning the center position—giving the other teams the opportunity to strike. “This year will be the hardest for us,” San Miguel Gov. Robert Non told Tuesday’s press conference for the all-Filipino conference at the Conrad Manila. “We normally miss June Mar for one to three weeks. This time we don’t know if he can be available in the second or third conference.” The Beermen are the five consecutive Philippine Cup champions with Fajardo as their man. With him sitting out at least the entire opening conference, the 45th season is

shift of the tide and safety of the other swimmers. “My comeback swim is easy and fun. It’s my first time to swim with 12 other swimmers who are mostly into triathlon sports,” he said, adding it was a privilege to help boost the confidence of neophyte swimmers defying the fears in deeper waters. The Sibugay Bay was his 35th crossing—he has 17 marathon swims in and outside the country. He has been known for his long-distance and open sea crossings to promote his environmental and water sports tourism advocacies.

Macarine admired the efforts of local leaders in preserving and protecting the marine environment in Buluan Island. Philippine Sports Commission Commissioner Ramon Fernandez witnessed the successful crossing of Macarine and his team. “We are promoting open-water swimming in the country because we are endowed with thousands of islands across the country with a good climate. Other countries abroad only have six months a year when they can swim into the open water,” Fernandez said. PNA

potentially a free-for-all affair. The Philippine Cup fires off at the Smart Araneta Coliseum with the annual Leo Awards that will honor the previous season’s top individual performers. Shortly after the opening ceremony, San Miguel Beer faces Magnolia in the lone encounter at 7:30 p.m. “Still, we will fight. I hope the team could adjust fast,” said Non, hoping that their other bigs, including Moala Tautuaa, could fill Fajardo’s big shoes. Greg Slaughter, the 7-foot giant, meanwhile, did not sign with Barangay Ginebra for a contract extension, fanning speculations he is on his way to NorthPort in exchange for Christian Standhardinger. Another center, Raymond Almazan, has yet to recover from a knee injury that slowed him down during Meralco’s losing effort in the Governors’ Cup Finals against Barangay Ginebra. Ramon Rafael Bonilla

THERE is no question about Emanuel Navarrete being a fine fighter. His record speaks for itself. For one, he is the world super bantamweight champion. For another, he had a 30-1, win-loss record before he destroyed a hapless Jeo Santisima on Sunday for the Mexican’s 27th knockout win in 31 victories. For Santisima to have lasted 11 rounds was his only shining moment against Navarrete. I say that with a tinge of sadness in my heart. The Masbate-born Santisima was a sorry spectacle from Round 1 up to when referee Russell Mora stopped Navarrete from inflicting more harm on our poor Jeo at the 2:11 mark of that fateful penultimate round. At first, I couldn’t believe what was happening. I’ve seen Santisima’s previous fights. He was devastating with his power-packed combination punches. He was hard to hit. And, most of all, he was as ferocious as a tiger when unleashing his machine-gun shots. But on this day in Sin City that is Las Vegas, Nevada, he made the mortal sin a fighter must never commit—with impunity even: Not throwing killer punches practically the entire fight. Sadly, Santisima allowed Navarrete to pummel him with shots at will. It was forgivable for Santisima to test the waters in the first two rounds by being gun-shy in the first six minutes of the fight scheduled for 12 rounds. But when Santisima continued that stance from Round 3 onwards, I knew he was doomed. For Chrissakes, Santisima climbed the ring not to win but to lose, and to get hit and not to hit. For practically 10 rounds, Navarrete transformed him into a virtual punching bag as Santisima—susmaryosep!—never even tried to mix it up even just once. In short, he wasted not only his time staying in the roped arena but, cruelly, that golden opportunity to realize his dream of becoming a world champion. In boxing, it is hardest to clinch a world title shot—that’s what Santisima threw out the window. Just like that. Up to now, I’m still baffled why Santisima fought a scared fight. Santisima’s record is awesome to begin with: Nineteen wins in 21 fights—his two losses, both on points, the result of recklessness. Only three of his 19 victims survived his knockout power. Did Navarrete, 25, hypnotize him into submission? But through it all, I would still pray and hope that Santisima could recover from this loss and learn his lessons well. He is only 22. There is so much time left for him to bounce back. THAT’S IT Philippine Airlines must really be bleeding that bad so that we fully understand its painful move to scrap the PAL Media Golf tournament on March 2 and 3 in Bacolod as part of the company’s cost-cutting measures. It is just a side event anyways—salimpusa. What’s truly of consequence are the PAL Seniors and PAL Men’s Championships pushing through as scheduled from February 26 to March 7. No whining, please. What’s one year ditched between friends? Cheers, Cielo and Josen!

Penn State taps UE’s Catantan U

NIVERSITY of the East (UE) girl’s fencing star Sam Catantan is headed to Penn State College to represent the prestigious school in the US NCAA Division I. Catantan was the most dominant junior athlete—six-time champion and five-time Most Valuable Player—in the University Athletic Association of the Philippines (UAAP) fencing tournament. She helped UE win a ninth straight girls’

‘Pinoy Aquaman,’ 12 others swim across Zamboanga Sibugay Bay FTER a 27-month hiatus, environmentalist and long-distance swimmer Ingemar “Pinoy Aquaman” Macarine swam across the Zamboanga Sibugay Bay along with 12 others on Monday morning. Macarine returned into open-water swimming and crossed the 2.7-kilometer crossing from Buluan Island to the shores of Buluan village in Ipil town in Zamboanga Sibugay. Macarine’s original swim course was originally set for 3.5 kilometers from Buluan Island to Serendipity Isle but was cut short because of the

SAM CATANTAN is bringing her act to the US NCAA.

crown in Season 82, her last season in the league. Catantan said she earned her spurs by simply heeding her coach’s instructions. “I just always listen to my coach and train everyday—and to be always humble,” Catantan said. Behind Catantan’s heroic, UE rallied past University of Santo Tomas, 45-44, in the girls’ team saber final to complete a six-gold sweep with a 45-30 win also over UST in the girls’ team epee final. An Asian U23 gold medalist, Catantan emerged as the MVP once more, leaving a lasting legacy for the Junior Warriors’ program. “She is going places—from UE to UAAP and now to the US NCAA,” UE Coach Amatov Canlas said. “It’s not only Penn State which is interested in Sam, there are many more.” Ryniel Berlanga

No heading balls for kids 12 and under in practice L

ONDON—Children up to the age of 12 will be banned from heading a soccer ball in practice sessions in England, Northern Ireland and Scotland as authorities look to address the potential long-term impact on health of head injuries. The governing bodies of the three regions announced the new heading guidelines on Monday, months after a Scottish study found former professional players there were less likely to die of common causes, such as heart disease and cancer compared with the general population but

Sports BusinessMirror

| Wednesday, February 26, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

There will be no change in terms of heading in matches, taking into consideration the extremely limited number of headers which actually occur in youth matches.

MLB: CHEATING PART OF SPORTS By Ronald Blum The Associated Press

EW YORK—Attempts at cheating are a part of sports, Major League Baseball (MLB) said in urging a federal judge to dismiss a lawsuit by fantasy contestants. Five men sued MLB, MLB Advanced Media, the Houston Astros and the Boston Red Sox in federal court in Manhattan, claiming fraud, violation of consumer-protection laws, negligence, unjust enrichment and deceptive trade practices by teams that violated MLB’s rules against the use of electronics

to steal catchers’ signs. The five said they participated in DraftKings fantasy baseball contests. “Rules violations—large and small, intentional and unintentional, technical and game-changing—are a never-ending source of sports television, talk radio, Web and elevator commentary by sports pundits and fans alike,” MLB said Friday in papers submitted to US District Judge Jed Rakoff. “And fans’ general awareness of the potential for infractions is underscored in this case by the fact that clubs were publicly disciplined for electronic sign-stealing violations during the 2017 regular season.” MLB Commissioner Rob Manfred ruled

last month the Astros violated sign-stealing rules during home games en route to their World Series title in 2017 and again in 2018. He suspended Manager AJ Hinch and General Manager Jeff Luhnow for one season each, and both were fired by the team. Manfred fined the Astros $5 million, the maximum under MLB rules and stripped the team of its next two first- and second-round draft picks. He also is investigating allegations against the Red Sox. In its papers, MLB cited a 2010 opinion by Judge Robert Cowen for a 3rd US Circuit Court of Appeals panel that upheld the dismissal of a suit

by a New York Jets season ticket-holder against the National Football League, New England Coach Bill Belichick and the Patriots over the Spygate scandal. “It appears uncontested that players often commit intentional rule infractions in order to obtain an advantage over the course of the game,” Cowen wrote. MLB maintained “plaintiffs got exactly what they bargained for: contests determined by baseball players’ actual performance on the field, whatever the contributing factors, predictable or unpredictable, may have been” and added “not one plaintiff claims to have lost any fantasy baseball contest as a result of signstealing or otherwise.” Houston submitted papers to dismiss, citing the Astros’ better performance on the road in 2017: The Astros hit .279 at home with 395 runs and 115 homers at home versus road stats of .284, 501 runs and 123 homers. In Lakeland, Florida, José Altuve insisted he tuned out the hecklers. He couldn’t avoid a pitch that grazed him. “He was hit in the foot. That ain’t nothing, you know what I mean?” Houston Astros Manager Dusty Baker said Monday after an 11-1 win over Detroit at half-empty Joker Marchant Stadium. “It wasn’t intentional.” Altuve was loudly booed when he was introduced for his spring training debut, cheered when he struck out and called a cheater by several fans. Quite a difference from past years, when the diminutive AllStar second baseman was among the most popular players in the majors. But that was before Altuve and his Houston teammates were implicated in the sign-stealing scandal that’s rocked baseball. “We just heard a lot of noise, and that’s it,” Altuve said. Altuve and fellow starters Alex Bregman, Carlos Correa and Yuli Gurriel all played for the first time in the exhibition season. After

more likely to die with dementia. The guidelines say there will be a “graduated approach” to heading in practice for kids from 12 to 15, while the heading will be restricted to one practice session per week for kids 16 and 17. There will be no change in terms of heading in matches, taking into consideration the extremely limited number of headers which actually occur in youth matches. The Scottish study did not state that heading a ball was the cause of the increased prevalence of neurodegenerative conditions among soccer players, but the decision to update the guidelines was taken to “mitigate against any potential risks,” the English Football Association (FA) said in a statement. “This guidance is a responsible development to our grassroots coaching,” FA Chief Executive Mark Bullingham said, “without impacting the enjoyment that children of all ages take from playing the game.” The associations said the guidance had been produced in parallel with the UEFA medical committee, which is seeking to produce Europe-wide guidance later this year. AP Houston opened the Grapefruit League in the stadium it shares with the World Series champion Washington Nationals, this was the first time the Astros were away from their complex—providing a taste of the reaction they might receive on the road this year. “We were focused on playing baseball. We know that we need to go on the field and get ready and prepared for the coming season,” Altuve said. “That’s what we’re thinking about right now.” Actually, the reception during the visit to Tigertown USA in Lakeland, Florida, was fairly tame compared to what it figures to be during the regular season. Early arrivals in the announced crowd of 4,891 were discouraged by ushers from gathering near the Astros dugout unless they had box seats along the third base line. Hecklers aired their voices after batting practice, booing during introduction of lineups and each time Altuve, Bregman, Correa and Gurriel stepped up to the plate. Altuve got some cheers, too, when he was charged with an error for dropping a throw by Bregman from third base on a force play. The quartet was treated to one more round of boos when they left the game and made the long walk up the first base line to the visiting clubhouse. Altuve took a third called strike to a round of cheers in his first at-bat, then lined a crowdquieting RBI double into the left-field corner his next time up.

José Altuve booed, nicked by pitch in spring debut for Astros. AP

Altuve showed no signs of being upset when he was grazed with a pitch by Tigers reliever Nick Ramirez after the batter before him, Myles Straw, homered in the fifth inning. The 2017 American League Most Valuable Player was replaced by a pinch runner.

Nascar regroups after Ryan Newman accident

AS VEGAS—This we know: Ryan Newman might very well be the toughest man in Nascar. The Purdue graduate with an engineering degree has, for 18 seasons, railed against the dangers of superspeedway racing. He’d been airborne in his car too many times for his comfort, and his scathing criticism of Nascar’s approach to racing at Daytona and Talladega got him fined for his bluntness. Now he has a head injury from yet another airborne accident, this one on the last lap of the Daytona 500, and his streak of 649 consecutive races ended Sunday at Las Vegas Motor Speedway. He could have been killed; in a statement, he intimated he understands it should have been a fatal accident. But he survived, walked out of the hospital with his daughters less than 48 hours after the crash and is now healing while eagerly awaiting clearance to return to his No. 6 Ford. “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 said. And with that, a long emotional week for Nascar came to an end. The Cup Series went racing again, Joey Logano won at Las Vegas for the second consecutive year and Ryan Blaney proved he has shaken off the demons that haunted him after his car triggered Newman’s crash. Ross Chastain was a suitable replacement for Newman and the entire Roush organization was able to take a collective breath and return

its focus to winning races. Newman wants to be the one to publicly discuss his ordeal, Roush President Steve Newmark said, so the statement is all Newman is ready to offer for now. He said he avoided any broken bones or internal injuries, and doctors are pleased with the way he’s healing. It is Newman’s right to handle the situation any way he chooses. But the long week took its toll on the Nascar community and the lack of information made fans fear the worst for the 42-year-old Indiana native. It took almost 20 minutes to get Newman out

Joey Logano does a burnout after winning at the Las Vegas Motor Speedway. AP

of its car, which was upside-down and on fire when it came to a stop. Nascar reconstructed the safety team response and said a paramedic had entered Newman’s car 35 seconds after it came to a stop and was working on the driver the entire time. The unsettling moment of Newman’s extraction came when the safety team brought out several black screens in an attempt to shield the scene. Mike Helton, president of Nascar when Dale Earnhardt was killed at Daytona in 2001, acknowledged to The Associated Press the negative connotation assumed when an accident scene is covered. AP

Challenged to love even the unlovable

EAR God, and to continue, this injunction is far more demanding than the well-established commandment to love one’s neighbor as oneself. No leader has ever asked so much of His followers, Jesus did. And His whole life (and not just praying for those who were insulting Him on Calvary) was a constant living out of the command to love one’s enemies and do good to them for, as the Son of God, He had become a human being exactly to give His life for his very enemies—all sinners! In the crisis going on in nature and human disaster, oh God, we need you to let unity and forgiveness be part of the peace we are seeking for. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

Google updates terms in plain language after EU scrutiny

BY RACHEL LERMAN The Associated Press

AN FRANCISCO—Google is attempting to make sure people know exactly what they’re signing up for when they use its online services—though that will still mean reading a lengthy document. The company updated its terms of service on Thursday—its largest update to the general use contract since 2012—in response to a pair of court orders in Europe. As Britain leaves the European Union, Google also announced that the United Kingdom customers will now legally be part of its main US operations rather than a separate European center based in Ireland. The company says the move won’t change how the UK customers’ data is protected or stored. The UK officials have said they will still abide by the EU privacy rules, called General Data Protection Regulation (GDPR), for now. Google has been updating its policies and tweaking

what’s allowed on its services as scrutiny of the tech industry heats up in the US and Europe. Google, Facebook, Twitter, and other digital companies have been under a spotlight as regulators and consumers examine just how much the companies know about their users and what they do with that information. Facebook updated its terms of service last year to clarify how it makes money from user data. Google says it hasn’t changed anything significant in the document, but rather used plain language to describe who can use its products and what people can post online. “Broadly speaking, we give you permission to use our services if you agree to follow these terms, which reflect how Google’s business works, and how we earn money,” the document reads. The new document is now about 2,000 words longer than it was before, in part because Google included a list of definitions and expanded it to cover Google Drive and Chrome. The new terms take effect in March. Google’s privacy policy is separate, and was

substantially updated in 2018 after Europe enacted broad-reaching privacy laws. The company also updated its “About Google” page to explain how it makes money from selling advertisements, often informed by the vast amount of customer information it collects. As for UK customers, the switch to US operations restores Google’s practice prior to last year. Google had switched UK, and other European customers to Ireland last year as the GDPR privacy law took effect. The switch back is likely to avoid having a third country’s law apply to the UK data, said Mike Chapple, a professor of information technology at the University of Notre Dame. “Google is one of the first companies that’s trying to untangle this messy legal aftermath of Brexit,” he said. If it left UK customers to Ireland, Google could risk “double-jeopardy for fines and other sanctions” in the case of any breach because it would be subject to both the UK and EU laws, said Michael Veale, a lecturer at University College London. ■

realme X50 Pro 5G powered by Snapdragon 865 launched THE world’s fastest-growing smartphone brand, realme leads the transition to faster connectivity with the launch of its first 5G flagship smartphone, the “5G Speed Flagship” realme X50 Pro 5G (bit. ly/2HUnuTw), at the livestream product launch event in Madrid, Spain. Realme X50 Pro 5G is among the first to be powered by the Qualcomm Snapdragon 865 5G processor, supporting DualMode 5G network. More than a trailblazer in the 5G technology, it is a competitive flagship powerhouse built with 64MP Hawk Eye AI quadcamera, 32MP ultra wideangle In-

Display dual selfie camera, 90Hz refresh rate Super AMOLED display, and 65W SuperDart Flash Charge for maximum performance. As realme’s first 5G flagship smartphone, the X50 Pro 5G supports the two kinds of 5G networks, namely SA (standalone access) and NSA (nonstandalone access) including world’s mainstream 5G frequency bands n1, n3, n41, n78 and n79. A wider coverage of network integration allows users to easily access ultra-fast connectivity worldwide. To provide users with a better 5G experience, realme X50 Pro 5G features a unique Smart 5G technology that supports smart switch from 4G to 5G based on the signal environment. This intelligent adjustment of network strategy properly allocates bandwidth and battery optimization to effectively reduce power consumption by 30 percent. It also supports the sixth generation of Wi-Fi that remarkably improves the quality of Internet connection. Network speed and stability are further improved as it allows both 5G and dual Wi-Fi to be online simultaneously. Realme ensures to offer the best possible smartphone performance to keep up with advanced 5G technology through Qualcomm Snapdragon 865 5G processor paired with Adreno 650 GPU and LPDDR5 DRAM. Leaving no room for lag, the X50 Pro 5G is among the first to offer this overall boost in speed performance while efficiently reducing power

consumption. The realme 5G speed flagship comes with 5D Stereoscopic Ice Cooling Pro technology composed of heat dissipation materials to stabilize its best performance even with longer usage. Aside from the latest 5G technology, realme is committed to elevate the flagship user experience by providing the best competitive features in display, camera and software. Redefining entertainment and gaming experience, the X50 Pro 5G is built with a 90Hz refresh rate display that increases frame rate by 50 percent compared to ordinary smartphone displays, and a 180Hz sampling rate that improves touchscreen sensitivity and smoothness. It is also equipped with ultra large 6.44-inch Samsung Super AMOLED display which offers an aspect ratio of 20:9 and has an up to 92-percent screen-to-body ratio. Based on the highly appreciated 64MP Hawk Eye AI quad-camera, realme X50 Pro 5G features 64MP ultra wide-angle quad camera on the rear and dual camera on the front, with a variety of upgraded stylish functions, such as HDR and Nightscape modes. Content creators can also make use of its 4K resolution video, UIS and UIS Max ultra video stabilization. Realme X50 Pro 5G is built with a brand-new realme UI based on Android 10, adhering to the “Real Design” which manifests as authenticity, youth, simplicity and design as reflected in its Moss Green and Rust Red color variants.

SUI GENERIS: MANAGEMENT BY OBJECTIVES D4

Wednesday, February 26, 2020

U.S. EXPERT SAYS 5G TIFF COULD AFFECT INFORMATION EXCHANGES MADRID—The top US diplomat for cyber-security policy says he welcomes European Union moves toward recognizing the risks at stake in 5G technology, but warned that the US will not be able to share top-level information with countries that choose “untrusted” vendors, such as China’s Huawei. Robert Strayer, deputy assistant secretary for Cyber and International Communications and Information Policy at the US State Department, told journalists in Madrid that a new EU “5G toolbox” recognized security risks in 5G technology, and that vendors must be trustworthy. “There is a recognition that did not exist a-yearand-a-half ago in the European Union and, elsewhere, that there are serious supply chain risks to 5G technology, that there are such things as high-risk vendors that operate in countries that do not have democratic checks and balances, and that those types of countries present serious risk to our 5G networks” in their entirety, the official said. Strayer was in Spain as part of a European tour as President Donald J. Trump’s administration puts pressure on allies to avoid Chinese tech firm Huawei in next-generation mobile networks. The US fears China’s communist leaders can use the company to tap into communications in equipment Huawei sells globally. Strayer recognized that Spain and other countries would make up their own minds, but he reiterated recent US warnings about the consequences of not following Washington’s lead. “If countries adopt untrusted technology in their 5G networks, that will jeopardize our ability to share information at the highest level,” Strayer said. AP

SCORE 50-PERCENT OFF YOUR N.B.A. LEAGUE PASS WITH GLOBE

AVID National Basketball Association (NBA) fans can now watch their favorite teams compete against their rivals anytime and anywhere with the NBA League Pass, now made more affordable with Globe (www.globe.com.ph). With its partnership with NBA recently extended, Globe is now selling NBA League Pass vouchers at special discounted rates for customers to various storefronts, such as Lazada and Shopee. Globe Prepaid, TM, Postpaid and Platinum customers can avail themselves of the following NBA League packages via Lazada and Shopee at 50-percent off until February 26: NBA50—three hame pass, NBA285—one-month NBA League Pass. Simply visit the Lazada or Shopee official Globe malls, select your preferred NBA League package and click BUY NOW. Wait for the voucher to be sent to your e-mail, log in to watch.NBA.com/packages, and enter your code upon redemption and check out of your selected league pass package. Globe Prepaid customers can also watch upcoming NBA games with these offers and GoSAKTO90 with free 1GB daily for NBA and other GoWATCH&PLAY apps, 2GB data, unlimited allnet texts and more valid for seven days. Just register via the GlobeOne app or by texting GOSAKTO90 to 8080. So what are you waiting for? Subscribe to Globe NBA League Pass to see your favorite players and their teams battle it out in the most followed basketball league in the world. Watch the games live and watch them from legitimate sources only with Globe NBA League Pass.

Wednesday, February 26, 2020

Pet Corner BusinessMirror

New to the ‘pawrenting’ life? Here’s what you need to know to be the best pawrent for your pet AMANDA GIESE on Amanda to the Rescue Season 2 ANIMAL PLANET

HE amount of happiness one feels in owning a pet can never be measured or expressed. You get a new best friend, a companion for life and a partner-in-crime. With your own animal pal, you will be giving countless treats and going on endless adventures together. That is, however, not all what it means when you become a pet owner. Here are five tips on how to be the best “pawrent” you can be for your pet. 1. RESEARCH ON WHICH IS THE RIGHT PET FOR YOU. There are many kinds of pets to choose from. Whether a dog, cat, bird or a fish, the choices are endless, but choosing your next companion isn’t just about how they look like. It’s about how they cohesively fit with your own personality which will enable you to give that animal your energy level, and one that suits your lifestyle. As Amanda Giese, founder of Panda Paws Rescue, suggests, some pets and dog breeds aren’t for everyone. Take, for example, dalmatians, that are “full of spice. A lot of people are drawn to them because they’re spotted and so unique-looking, and they’re beautiful, but they are a ton of energy. They’re not a dog for everyone. They’re very stubborn.” Pets will always have this adjustment period once brought home. Each breed will react differently but soon enough, they will have adjusted to their new surroundings. Make sure that you will have everything set up before they arrive as this will help you greatly moving forward. 2. APPLY A STRICT HEALTHY DIET. It’s not just about choosing the right food that gives the nutritional requirements but it’s also when you would be feeding your pet. Feeding your pet at random can lead to being under or overfed which could lead to giving them health issues in the future. Depending on the breed of the animal, you will know how many times in a day you should feed it to give it the nourishment it needs. There’s no right answer when it comes to this. Simply observe your pet and see how they react to a certain type of food. Just make sure that it’s healthy and balanced. 3. START HOUSE TRAINING ASAP. The last thing you would want is for your new animal companion to become destructive around your home. Teach them where they can go to take a potty, where they should be sleeping, what they shouldn’t be chewing on and where they’re supposed to stay. Animals are able to learn basic obedience as soon as they come home. Using simple training cues and commands help

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Sanya RichardsRoss, 36; Corinne Bailey Rae, 41; Mark Dacascos, 56; Michael Bolton, 67. HAPPY BIRTHDAY: You’ll be drawn to unusual pastimes and people. Learn all you can and you’ll discover more about who you are and what you want to pursue. Personal growth is favored, and getting involved in activities and events that will bring clarity and resolve to the uncertainties of the past will lead to bright new beginnings. Your lucky numbers are 1, 12, 19, 25, 33, 42, 46.

ARIES (March 21-April 19): Do your own thing. Do your best to accomplish things and to make sure that you don’t let conflict or disgruntled individuals stand between you and your goals. Know what you want, and go after it without hesitation. HH

TAURUS (April 20-May 20): Get involved in functions that are informative and will help you gain experience in order to make better decisions about your future. Signing up for a course, or visiting a place you have never been before will lead to more options. HHHH

GEMINI (May 21-June 20): Keep busy and avoid a feud. Letting someone irritate you will lead to a breakdown in your relationship. If someone puts demands on you, make an excuse to avoid getting into a situation that is emotionally manipulative. HHH

CANCER (June 21-July 22): Express what you want to accomplish and who you would like to include in your plans. A new business partnership looks promising. Collaboration will help you iron out any minor problems. HHH

LEO (July 23-Aug. 22): Stay focused on what you can accomplish, and refuse to let others interfere. Don’t be tempted to spend money in order to impress people. Keep your emotions and your financial situation private, and don’t act impulsively. HHH

provide a sense of structure and set of rules for your animal friend. Keep in mind that you would have to be patient with the them. Animals respond better to positive reinforcement. Giving punishment does not usually have the desired effect as most of the time, it could only confuse or scare them. Harsh punishment may even lead to aggression. 4. SOCIALIZE EARLY. Bring your animal friends to parks, malls or different play centers to experience new people, new situations and new places. Getting your animal companion to socialize early will develop a healthy behavior with other animals and people. It’s important to get your new pets used to a variety of people, animals, places and sounds so as in the future, they will not react poorly.

5. FIND A GREAT VET FOR YOUR PET. Before bringing the pet home, the first place you will bring them to is the vet, and all pets need a great veterinarian. They will be the ones to tell you what you need to know about your pet’s needs. Educate yourself on how to keep your pet healthy and do well on this new chapter of pet ownership. Overall, what it means to be an amazing pawrent is to be responsible.You need to commit to your pet and accept responsibility for its life as they rely on their owners to live. Learn more on how to become the best pawrent you can be from Amanda Giese and her family in Amanda to the Rescue Season 2 every Monday at 9 pm only on Animal Planet (www.animalplanet.com). n

BILL TO BAN DECLAWING CATS INTRODUCED IN MICHIGAN

46 malnourished dogs turned over to Humane Society

TIFFANY MEYER, director of the Humane Society of Ashland County, talks to reporters at the Claremont Avenue Veterinary Clinic while holding one of the dogs that were surrendered by the owner and taken into custody. AP

www.businessmirror.com.ph

ASHLAND, Ohio—Dozens of malnourished dogs have been turned over to the Ashland County Humane Society in Ohio. Forty-six mixed breed dogs ranging in age from puppies to five years old were voluntarily surrendered by the owners Wednesday, some with large patches of missing fur and visible rib cages, the Times-Gazette reported. The dogs are a combination of terrier, beagle and chihuahua. The director of the Humane Society, Tiffany Meyer, said hopefully lawmakers will consider an ordinance to limit the number of dogs allowed on a property. Dog warden Joe Eggerton said neighbors had complained beginning about a year ago and that the owners had been cited. The owners—or owner— have not been identified. “I feel that things got out of control for” the owners, Meyer said. The county prosecutor’s office is reviewing the case and said it is too early to say if charges will be filed. AP

LANSING, Michigan—A Michigan legislator has introduced a bill that, if eventually passed and signed, would prohibit the declawing of cats unless it is for a clear medical or therapeutic reason. The Detroit News reported on Friday that House Bill 5508 could make Michigan the second state to ban declawing cats, following New York. State Rep. Nate Shannon, a Sterling Heights Democrat, introduced the proposal on Thursday with the backing of at least 20 other lawmakers. It’s been referred to the Committee on Agriculture. Under the proposed bill, those who break the declawing law could be fined up to $1,000. Some pet owners declaw their cats in hopes of preventing unwanted scratching inside a home. But the Humane Society of the United States says declawing for a cat is akin to cutting off part of a person’s finger. It says the procedure is “unnecessary surgery that provides no medical benefit to the cat.” The National and Michigan Humane Society also opposes declawing unless it is for a medical purpose. The Detroit News reports that declawing a cat is unlawful in Los Angeles, Denver and San Francisco. And it is illegal in much of Europe. AP

VIRGO (Aug. 23-Sept. 22): Get involved in organizations or groups that interest you. Making a point of backing your beliefs by volunteering or protesting in order to bring about change will lead to new friendships and greater opportunities. Romance is featured. HHHH

LIBRA (Sept. 23-Oct. 22): Stay focused on your responsibilities and what’s expected of you. If you fall short, someone is likely to complain or meddle in your affairs. Put your energy into something constructive that will make an impression, instead of resulting in criticism. HH

SCORPIO (Oct. 23-Nov. 21): Opportunities are present. Don’t waste time pondering whether to take part or not. Dive in and see what develops. What you learn and the people you meet will expand your interests, as well as your plans. Romance is highlighted. HHHHH

SAGITTARIUS (Nov. 22-Dec. 21): Hold on to your cash, go over your personal finances and don’t leave anything to chance. Trust only in what you discover, not what others infer. Misinformation is apparent along with deception and manipulation. Focus on saving, not spending. HHH

CAPRICORN (Dec. 22-Jan. 19): Dig in and do your own thing. Your dedication and desire will make you more appealing to someone you are trying to impress. A serious change in the way you live or your personal status looks inviting. HHH

AQUARIUS (Jan. 20-Feb. 18): Learn by watching what others do and you’ll gain an inside view of the errors made and what to do in order to offset failure. Sometimes it’s best not to be in the lead position. HHH

PISCES (Feb. 19-March 20): Participate in events that will help bring about change. A gesture made will be appreciated and lead to new friendships, greater knowledge and ideas that will help shape your future plans. HHHHH BIRTHDAY BABY: You are unique, creative and humanitarian. You are intuitive and heartfelt.

‘out of steam’ BY MATTHEW STOCK The Universal Crossword/Edited by David Steinberg

ACROSS 1 Up and at ‘em 6 Org. in many Supreme Court cases 10 Source of peeps 14 Pack away 15 Lamb serving 16 Scandinavian capital 17 Francis and his predecessors 18 Drinks in some urns 19 Mousetrap brand 20 View one’s notifications, on many a smartphone (see letters 2 to 6) 22 Rolled sandwiches 23 Fall foliage, e.g., on a drive 24 You ___ what you sow 25 Suffix for “lime” 26 Minor malady 29 Gets cracking on an essay (4 to 8) 33 Progresso container 34 Judo belt 35 Be in the hole 36 Great American Ball Park team (9 to 13) 43 Ignores an alarm 44 Arthur of Mame fame

5 Gait between a walk and a canter 4 46 Travels like Amelia Earhart 50 Use a pepper mill 52 URLs with no destinations, or a theme hint 54 Participate in a relay 55 Zooey’s New Girl role 56 Like many films shot on iPhones 57 Happily-after link 58 Soothing plant 59 Rosetta ___ 60 Says “I do” to 61 Tears 62 Nuns’ counterparts DOWN 1 Nile biters 2 Packs away 3 Off-___ (tangential) 4 “Let me say it again...” 5 Mails again 6 Role player 7 Like granola bars’ texture 8 Mortgage, for one 9 Brown shipping van co. 10 Onetime descriptor for Obama

1 Sci-fi emergency vessel 1 12 Sow’s chow 13 Oodles 21 Word before “space” or “sleep” 22 Modern lead-in to a disappointed remark 24 Where Simone Biles won four Olympic golds 26 Plugging away 27 Front-page filler 28 Number of syllables in “Firenze” 29 It’s often evaluated on a :) to :( scale 30 Inconspicuous 31 Ages and ages 32 Org. hidden in “Elgin Baylor” 33 Keeps in the loop, briefly 37 Rubik’s Cube octet 38 Polo shirt maker 39 Butterfly catcher 40 “Ditto,” in a footnote 41 Magic ___ (genre with an oxymoronic name) 42 Erode 46 Author of many fables 47 Flower spots

48 Conclude with 49 Lizard with a tapering tail 50 Sprouted up 51 Five-star review, e.g. 52 Bagel seller 53 Observes 55 What preserves preserves?

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Wednesday, February 26, 2020

‘The sky is blue again’: Weinstein’s accusers express relief

N DINGDONG, JENNYLYN MAKE VIEWERS SWOON IN ‘DOTS PHL’ ON February 10, GMA’s local adaptation of the global phenomenon, Descendants of the Sun (DOTS), premiered worldwide and has since been setting social-media abuzz with swooning comments of its production, cinematography and headline stars. In Facebook, Canadian user Chen Chen commented the series was worth the wait: “I love it! Good job on the casting and the Philippine adaptation itself [has been] worth the wait. Watching from Canada!” Donah Bascar, likewise, praised the onscreen chemistry of its lead stars, Dingdong Dantes as Captain Lucas Manalo and Jennylyn Mercado as Dr. Maxine dela Cruz: “Nakakakilig ang DongJen sa Pinoy version, both are amazing actors.” During the pilot episode, Descendants of the Sun trended nationwide and worldwide on Twitter where users were tweeting their kilig-filled sentiments. @reeoo_JSzzySg said, “Excuse me @dingdongdantes and @MercadoJen, bakit grabe kayo magpakilig? Iba eh! #DescendantsOfTheSunPh has its own Pinoy touch but has that K-drama vibe also.” Likewise, @JimLhen tweeted out: “Matutulog akong nakangiti at in love dahil sa inyo Maxine at Lucas.” On Instagram, @zeny1972 praised the cast members’ solid portrayals of their roles: “Ang galing-galing nina @dongdantes, @mercadojenny, @jascurtissmith, @nacinorocco, kakakilig silang apat, magagaling pang umarte, alpha team at medical team super the best.” Meanwhile, on YouTube, Lemuel Rico commended the production. “Grabe ’yung production! ’Yung cinematography, ’yung color grading, ’yung scoring, lahat superb!” he said. After Capt. Lucas (Dingdong) lied about his real occupation, Dr. Maxine (Jennylyn) ended their relationship. To her surprise, both of them are deployed to Urdan for a medical mission. Now that they are forced to work together, can they set aside their feelings for each other, or will they reconcile and grow closer? Their epic love story unfolds in Descendants of the Sun (The Philippine Adaptation), which airs weeknights after Anak ni Waray vs. Anak ni Biday on GMA.

By Jocelyn Noveck The Associated Press

EW YORK—Actress Mira Sorvino broke down in tears as she described her reaction to the guilty verdict against Harvey Weinstein: relief—that the fallen movie mogul would not go unpunished. A tinge of disappointment, that he was acquitted of the most serious charges, two counts of predatory sexual assault. But most of all gratitude, to the six accusers who were brave enough to testify—and the jurors who believed them. “Harvey Weinstein has haunted many of our lives, even our nightmares, long after he initially did what he did to each one of us,” Sorvino said shortly after Monday’s verdict, in an emotional phone call with reporters and fellow accusers. “We’ve finally taken that power back, we have exposed his evil.” “He will rot in jail as he deserves, and we will begin to have some closure,” she said. For accuser Zoe Brock, the relief was palpable: She’d “expected the worst,” she said from New Zealand, “because for sexual assault victims, the worst keeps happening.” Brock said she’d feared Weinstein would not only be totally acquitted, but that he’d “make a comeback and he’d go to the Oscars and win again.” “But that’s not gonna happen,” Brock said, “because now Harvey Weinstein is a convicted rapist, and right now he’s sitting in...jail, and I’m so happy about it.” In what was unquestionably a landmark moment for the #MeToo movement, Weinstein was convicted of raping an aspiring actress in 2013 and sexually assaulting another woman in 2006, but found not guilty of predatory sexual assault, a charge that could have resulted in a life sentence. The most damaging conviction carries a maximum sentence of 25 years. Weinstein’s attorneys vowed to appeal; he has maintained that any sex was consensual. For most of the accusers, the most powerful image—captured in courtroom sketches—was of the once all-powerful producer being led away in handcuffs. “For once he won’t be sitting comfortably,” said actress Rose McGowan, one of Weinstein’s earliest accusers. “For once, he will know what’s its like to have power wrapped around his neck.” McGowan called the verdict “a huge step forward in collective healing.” “Every one of us who’s come forward, we have a name, we have a history, we have a life,” McGowan said. “We are more than Weinstein. But today because of the brave women who bared their deepest hurts for the world to see, he’s on Rikers Island.” While Weinstein had been expected to go to the jail at Rikers Island, he was being held Monday evening in a locked unit at Bellevue hospital. He recently had back surgery, and his lawyers have said he needs medical attention. A number of accusers said the day’s biggest triumph was that women were finally being believed in their claims of sexual assault. “I have a renewed sense of faith that women will be believed when they come forward,” said Caitlin

IN this courtroom sketch, Harvey Weinstein (center) is led out of Manhattan Supreme Court by court officers after a jury convicted him of rape and sexual assault on February 24, in New York. The jury found him not guilty of the most serious charge, predatory sexual assault, which could have resulted in a life sentence in New York. AP

Dulany. “We were really hoping to change the world with this, and today is a good indication that we are on that road. “It’s like the sky is blue again,” she said. Many spoke of the need to shore up laws governing sex crimes. Among them was actress Rosanna Arquette. “Moving forward we must actively pursue strengthening laws and closing loopholes in our criminal systems,” she said on the telephone call, “so that more rape cases will be prosecuted and rapists will be held accountable for their crimes. But today, let’s focus on the progress that has been made with the first guilty verdict in the MeToo era.” Earning special praise from her fellow accusers was Sopranos actress Annabella Sciorra, on whose testimony the charges of predatory sexual assault hinged. Sciorra told the court that Weinstein had

barged into her apartment, raped her and forcibly performed oral sex on her in the mid-1990s. The actress called her testimony “painful but necessary.” “I spoke for myself and with the strength of the 80 plus victims of Harvey Weinstein in my heart,” she said in a statement. “We can never regret breaking the silence.” Sorvino, describing the bonds that had formed between the accusers, spoke of getting an unexpected phone call from Sciorra in late 2017, when Sorvino had first made allegations against Weinstein. They’d known each other for years, but didn’t know they had a darker connection. They spoke for two hours on the phone, Sorvino said. Soon after, Sciorra decided to come forward with her own story, to journalist Ronan Farrow. “The era of impunity for powerful men who rape people is over,” Sorvino said. “We did this together.” n

Box office goes ‘Sonic’ again but hears ‘Call of the Wild’

LOS ANGELES—The hedgehog edged the sled dog by a nose at the box office. Sonic The Hedgehog zoomed to the top of the box office with a take of $26.3 million in its second weekend while audiences ignored critics and heeded The Call of the Wild as the Harrison Ford CGI dog flick finished a close second with $24.8 million, according to studio estimates on Sunday. It was a strong weekend for both films, with each outperforming expectations and overcoming early doubts about design problems. Paramount Pictures’s Sega video-game adaptation Sonic The Hedgehog was a laughingstock when its first trailer was released last year, but after a delay and a title-character makeover, the film has now spent two weeks atop the box office and brought in over $200 million globally. 20th Century Studios’s The Call of the Wild was also

mocked by many on social media for its CGI dog— the first five film adaptations of Jack London’s 1903 novel all used real ones—and reviews were decidedly mixed with a Rotten Tomatoes score of 62 percent, but moviegoers bought into the digital dog and his 77-year-old costar, who would have won the weekend were it not for a late surge from Sonic. “For Call of the Wild heading into weekend the estimates were all over the place, as low as 10 million for the weekend, some saying it could do 15, maybe 20,” said Paul Dergarabedian, senior media analyst for Comscore. “So like Sonic it over-performed.”

In a very distant third with $7 million was Harley Quinn: Birds of Prey in its third week. The weekend’s other wide release, Brahms: The Boy II starring Katie Holmes, was fourth with just $5.9 million. That was a disappointing opening at a time of year when horror films often do well. Twenty-twenty appears to be bucking that trend with family films thriving in the early weeks of the year. “Sonic and Call of the Wild represent two PG-rated movies where that void in the marketplace for families is the key to their success in this part of

the year, a time that’s usually dominated by awards holdovers and R-rated films,” Dergarabedian said. And those family audiences may be why critics didn’t matter for the top 2 films. “PG-rated films are more immune to reviews and are more about the audience. If a kid wants to go see a film, they’re going to go see it” he said. Best picture winner Parasite continued its postOscars surge in a week where its victory was mocked at a rally by President Donald J. Trump, bringing in $3.2 million in North America, where it has earned nearly $50 million. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to Comscore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Sonic the Hedgehog, 26.3 million, ($38.3 million international) 2. The Call of the Wild, $24.8 million, (15.4 million international) 3. Harley Quinn: Birds of Prey, $7 million, (10 million international) 4. Brahms: The Boy II, $5.9 million, ($2.2 million international) 5. Bad Boys for Life, $5.86 million, ($8.1 million international) 6. 1917, $4.4 million, ($9.4 million international) 7. Blumhouse’s Fantasy Island, $4.2 million, ($3.9 million international) 8. Parasite, $3.1 million, ($8.9 million international) 9. Jumanji: The Next Level, $3 million, ($1.3 million international). 10. The Photograph, $2.8 million. AP

SONIC (voiced by Ben Schwartz) and James Marsden in a scene from Sonic the Hedgehog. AP

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Wednesday, February 26, 2020

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EATING DISORDERS ARE ABOUT EMOTIONAL PAIN—NOT FOOD BY MICHELE PATTERSON Ford Dickinson College IN her documentary Miss Americana, music icon Taylor Swift disclosed her history of eating disorders. Her revelation underscores the fact these disorders do not discriminate. According to the advocacy and awareness organization Eating Disorders Coalition, they strike all genders, races, ethnicities and socioeconomic backgrounds. Despite their prevalence—the problem is worldwide—myths about eating disorders abound. Such as that they are a choice. They are not. Or they’re not a big deal. They are. Or that a person with an eating disorder is always severely underweight. Not always. As a licensed psychologist and psychology professor, I find it’s common for my clients and students to say, “A little food helps me with my anxiety” or “I’m not thin enough to have an eating disorder.” Such beliefs often prevent people from recognizing they have a problem. More is involved in an eating disorder than food, or body image. Someone gripped by one is attempting to regulate some very difficult and complicated emotions. WHAT IS AN EATING DISORDER? EATING disorders fall into three basic categories: disorders of restriction, or anorexia; bingeing, known medically as binge eating disorder; and bingeing followed by compensation—such as self-induced vomiting—which is called bulimia. Unpacked further: Restriction means limiting calories so much that weight loss is more than expected for a given height and weight. This does not necessarily mean the person will appear emaciated. Someone who was at the 90th percentile for weight, for example, could still be considered anorexic if they reduced their weight to the 70th percentile. Bingeing is more than simply overeating. It’s out-of-control eating, leading to extreme feelings of fullness and guilt, typically within a couple of hours after a meal. By bingeing, a person can check out of life circumstances to focus only on food. With bulimia, a binge is followed by an action to compensate for the calories consumed. Purging is one of them, but there are others, including exercise, particularly when it’s taken to an extreme. Although exercise is often overlooked as a form of compensation, a person addicted to it has more than three-and-a-half times the likelihood to be diagnosed with an eating disorder than a person a without one. It should be emphasized that not all of these disorders always result in weight loss. Those with binge eating disorder and bulimia may be at or above expected weight. THE ROOT OF AN EATING DISORDER EATING disorders aren’t about managing weight. Rather, they’re a way to manage emotions. When my clients describe what it’s like to restrict themselves from food, they often talk of being “empty” and feeling “numb” to the world. Take someone dealing with a trifecta of guilt, shame and embarrassment. Bingeing is exceedingly effective at burying these emotions. So is compensation, a tool to give the sufferer a break from the emotional turmoil. The relief they receive is a reinforcer, and it’s extraordinarily powerful. Purging, overeating, compensating—it all feels good. Very quickly, the pattern is repeated. SOME ANSWERS SIMPLY changing eating patterns won’t work. Instead, sufferers must first identify the feelings they’re experiencing. Then comes a search for better strategies to deal with those feelings. In the interim, nothing feels as good as the eating disorder. But slowly, as healthy behaviors take over, they become more reinforcing than the disorder. With February 24 marking the beginning of National Eating Disorders Awareness Week, there’s one thing you need to remember if you know someone with an eating disorder. They are experiencing significant emotional pain; the eating disorder is an attempt to communicate that pain. If food or exercise appears to be running the life of a family member, friend or colleague, you can help by focusing on them and their lived experience—and not exclusively on the food.

Management by objectives SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

N the first operational planning I attended, I got lost in a lot of new terms. A veteran supervisor even chided me by asking if I knew what a KPI or a KRA was. My department manager, gracious as ever, explained to everyone what it was for my benefit, and later on laid out our Key Result Areas and asked each one of us what our department should do for the year which will contribute to attaining the KRAs for the year. My previous organization did not involve their employees in planning for the year, so I was thrilled to be part of charting where we were headed. Little did I know the whole organization was actually following Management by Objectives (MBO) introduced by Peter Drucker in his 1954 book The Practice of Management. Management by Objectives is a personnel management technique, as well as a strategic management process where leadership and employees agree on set objectives and goals, assess and monitor progress, and evaluate what could have been done better. This allows people managers to translate organizational goals into challenging but realistic action plans for their teams, and allows employees to evaluate how their unique skills and competencies will contribute to the overall goals. Ideally, this will help employees buy into the goals and objectives of the organization because they understand how they contribute to the bottom line, and since the action plans came from the employees themselves, they would be committed and invested in its success. The problem with being given target goals without consultation from the managers and employees is that it makes them feel as order-takers rather than being part of the decision-making process. Ideally, when employees are given the opportunity to participate in

corporate planning, it helps them become committed to the set goals and more engaged in the attainment of those goals. The downside of being given handed-down objectives is the tendency of people to look for shortcuts to achieve the goal, which could lead to substandard products and services because the focus is to achieve the goal at all cost. Worse is when managers are forced to achieve goals and objectives they think are not even realistic, which cripples them from taking the time to think of new ways of doing things or improving processes because they are too preoccupied with meeting the target deliverables. Others would take this as a challenge, but when people keep getting pushed, they break. The first step in MBO is setting goals. The organization’s senior leadership has the overall picture of where they want the organization to go. While the bottom line for most organizations is profit, leadership has to also take into account the overall personal and professional development of its people. This is especially the case when everything is being automated for the sake of efficiency and people are anxious about losing their job to artificial intelligence and robots. I especially abhor it when an organization calls for an entrepreneurial mindset and malasakit, and in the same breath tell its employees to look for another organization if they cannot cope with change. While employees understand the need for change and being engaged in the fulfillment of the organization’s overall objectives, they should not sacrifice their own personal aspirations and job security. In the end, people will look for an organization that will take care of them even in the midst of change and uncertainty because they will always look for an organization that will not just think about profit but also give its employees the opportunity to progress professionally and personally. If the goals and objectives of the company are aligned to its employees’ aspirations and needs, it will become easier for them to take on the next step. People managers will then meet with their teams to outline specific objectives and develop action plans to achieve organizational objectives. These should be aligned with the employee’s own expertise and competencies, and should reflect a balance of the organization’s and the employee’s personal

objectives. When employees lay down what they can do to the attainment of the organizational goals and objectives, it becomes easier for them to participate and meaningfully contribute their expertise even if it is not in their job descriptions. Job descriptions can only do so much to outline what an employee is expected to do. It does not allow for flexibility in meeting the ever-increasing demand for employees to do their job as they grow in the company. That line “or any other responsibilities as may be assigned from time to time” is a loose and vague assignment which employees specifically hate because it gives license to the company to assign projects and other tasks which are not actually aligned to the key performance indicator of the employee, or, worse, the employee does not have the skill to actually carry them out. But when employees draft for themselves what they need to do as it aligns with the organizational own and their own, it becomes easier for the organization to have engaged employees who have committed themselves to mutually acceptable goals. An important element of management by objectives is the element of reward for achieving intended objectives during the evaluation phase of the process. Employees need to understand what is in it for them for helping in achieving the goals. If organizations call for an entrepreneurial spirit or malasakit, they should also be willing to share the profits to their employees. Rewards can be in the form of recognition, team reward or even performance-related pay. The organization needs to understand which of these will actually motivate their employees—which is easier said than done. But organizations need to do this if they want to retain their employees. When management is done properly, people clearly understand what is expected of them and how their work contributes to the overall organization goals. It also clears up any confusion on who is expected to do what because it prevents redundant work of different departments. Every employee is enjoined to contribute to the organizational goals and objectives by developing their own strategies and improving processes to achieve the agreed objectives. It also encourages open communication when employees negotiate for realistic goals, at the same time, challenging themselves to develop not just professionally but personally, as well. ■

Food supplement touts to make body energized, remove pains of hangover NUTRIPLUS Laboratories Corp. introduces its newest product: WrecOver (www.wrecover.ph), the food supplement that helps prevent hangovers, provides liver and brain protection, and ensures a fun night without worry for next-day hangovers for anyone planning to drink out and celebrate. WrecOver prides itself on being the very first anti-hangover capsule that is approved by the Food and Drug Administration of the Philippines. The presence of an affordable, easily carried and consumed hangover-prevention vitamin pill is especially handy in a country that regards social drinking as an integral part of human interaction, whether it’s cracking open a cold one with the barkada on a Friday night, or bringing

out the champagne to celebrate a successful presentation or promotion. With a portable, resealable, pocket-sized packaging, WrecOver is a more hassle-free, more easily-consumed antihangover solution. WrecOver is a great defense against hangovers and the harmful effects of alcohol. It is also a food supplement with a special, triedand-tested formulation, including high-quality ingredients, such as vitamin B-Complex for a more energetic body, vitamin C for detoxification and stress reduction, Zinc and Magnesium to boost the immune system, Silymarin for liver protection, Ginkgo Biloba for brain protection and improved mental awareness, Taurine for liver protection and mental clarity, and N-Acetyl

Cysteine to detoxify alcohol. Product literature says three WrecOver capsules should be taken before consuming any alcoholic beverage, and the remaining three before sleeping. The initial trio of pills will prepare the liver and shield it from the incoming alcohol-consumption, while the final three pills will replenish the system with the much-needed nutrients lost via urination and ensure that the consumer will wake up with no headache, fatigue or other hangover symptoms come the next morning. Even when not drinking alcohol, you can take one to two capsules a day for brain performance enhancement, liver protection, energy production and improved productivity.

BusinessMirror

Editor: Tet Andolong

Wednesday, February 26, 2020 E1

New Gateway to enhance malling in Quezon City By Rizal Raoul S. Reyes

@brownindio

uezon City residents will have additional shopping options when Araneta City opens the P3-billion New Gateway mall in the last quarter of 2020.

NEW Gateway façade

City map

Rowell Recinto, senior management consultant of the Araneta group, told reporters recently that the New Gateway will provide new offerings to the people to cater to the current tastes and preferences,

particularly the millennials. The eight-story mall will feature the Smart Araneta Coliseum, Novotel Manila, Gateway Tower, Parking Garage South Building, and the soon-to-open ibis Styles

Hotel in an integrated development that provides synergies in shopping, dining, entertainment, hospitality, business, amenities, and experiences all tied together by excellent connectivity and access. “The New Gateway will provide the lifestyle that people are looking for which we did not have before. We will now have places where you can eat, drink and have coffee after watching a concert or any activity in Araneta City,” Recinto told reporters after the topping off ceremony of the New Gateway He said the Araneta group saw

an opportunity in that area as a lot of young people, specifically the millennials who are working in the business-process outsourcing (BPO) companies are pursuing a different lifestyle. “This gives Araneta City extended hours in the night to give what the promenaders need while they are in Araneta City,” he pointed out. As a result, Araneta City has started extending its operating hours. The establishments that will operate in the New Gateway will be a blend of the old brands and new ones in the apparel and dining sections with the introduc-

tion of the new in the apparel and dining sections. Recinto said local and international brands will populate over 400 shops, and more than 100 restaurants and food choices. The New Gateway will also feature 18 cinemas and a 3,700-square-meters supermarket. The 190,000-sq-m New Gateway will offer both breadth and depth of choices for fashion and accessories, dining, entertainment, nightlife, leisure and wellness, and gadgets and gaming. Spiritual requirements will have a place as the New Gateway will put

a 500-seat air-conditioned chapel, while a 700-sq-m Atrium will be used for events like product launches, runway shows, performances and many more. Art aficionados will have a chance to check the latest exhibits at Gateway Gallery and an open-air Topiary Park, an air-conditioned Oasis floating park, and gardens where guests can have their own personal time. Greater connectivity and footpaths will link the New Gateway to the other areas of Gateway Square and the Araneta City. Araneta City claimed parking is going to be a breeze as Gateway Square will have 3,000 parking slots. Recinto said Araneta City has still a lot of land bank that can be redeveloped in the future. These are the areas of Shopwise, Farmers Market, and the flower garden near Farmers Market is a lot of areas that can developed. “For example, the Shopwise site is a 2,000-sq-m property which can accommodate many tenants for future vertical developments,” Recinto said. The New Gateway is conveniently accessible from the metropolis’ main road arteries Edsa, Aurora Boulevard, and P. Tuazon Boulevard in Quezon City, and the MRT 3 and LRT 2. In addition, Araneta City serves as a hub for other transport systems, such as jeepney, UV express, provincial buses and airport shuttle services.

Business

E2 Wednesday, February 26, 2020

Anchor Land in Manila Chinatown Amor Maclang

first dibs in real estate Part 2 Warehousing

With the increase of small to medium businesses was the significant demand for office spaces and warehousing facilities. Our solution: the One Soler and the Juan Luna Logistics Center. Offering modern and spacious cutting-edge facilities, these projects became instrumental to the success of many passionate entrepreneurs in the area.

One Soler

This 10-story establishment is Anchor Land’s first development that offered warehousing, office and commercial spaces in Manila Chinatown.

Juan Luna Logistics Center

The underserved demand for warehousing facility will be addressed

through the rise of Juna Luna Logistics Center in Divisoria. This 29-story development will offer spacious storage spaces with quick access to 168 Shopping Mall, offering a very strategic location close to Binondo’s commercial district, malls, offices, churches, hos pit a l , sc hool s a nd ot her necessities. Juan Luna Logistics Center will only have seven to eight warehousing units per floor, and will come complete with five freight elevators, and provision for toilet and kitchen in each unit.

Ultra luxury

Anchor Land raised the bar of luxury in Manila Chinatown through the Anchor Grandsuites, a new landmark of timeless luxury, and the Anchor Skysuites, the world’s tallest Chinatown structure to date, businessmen, executives

Cornell Parksuites—this 50-story residential condominium is Anchor Land’s third project designed to provide a brand-new environment conducive for students. One Legacy Grandsuites—the 69-story development offers an exclusive collection of premium residences along Benavidez Street.

and high-income families can celebrate the height of their success in premium, opulent homes that can be passed down to generations.

Anchor Grandsuites

Anchor Grandsuites is another iconic luxury landmark that will elevate the living conditions of the Manila Chinatown community. Located along Masangkay Street, this 63-story residential development will provide two-bedroom to five-bedroom residences, complete with two levels of well-appointed amenities. Anchor Grandsuites is of timeless value that will be home to many genera-

tions of hardworking executives and families.

Anchor Skysuites

Known as the world’s tallest Chinatown structure upon its completion, this 56-story skyscraper is towering above the world’s oldest Chinatown as a landmark of Anchor Land’s unprecedented brand of luxury and opulence. With a very prime address along Ongpin Street, this 56-story luxury skyscraper is the most coveted place in the district, built with typical units with three to five bedrooms, bi-level units with four to five bedrooms, two townhouse units, and the penthouse unit with five bedrooms and a private lap pool. The property also boasts four levels of luxurious amenities, promoting wellness, fitness and entertainment, complemented with the breathtaking skylines of Manila. Anchor Skysuites is truly an outstanding masterpiece of Anchor Land, built to elevate lifestyles in Manila Chinatown.

15 years and moving to the future

In the last 15 years, Manila Chinatown has experienced our drive to innovate our commitment to serve. And as we continue to change the landscape of this community for the better, we know that this is only the beginning of greater things to come.

One Financial Center

The 45-story premier development is the first to offer office units to own in Manila Chinatown. Ideal for any kind of business, One Financial Center will have spacious office units with flexible setups, hassle-free parking spaces in nine floors and modern features, like high-speed elevators and CCTV. The development will rise at the gateway of the financial district along Quintin Paredes Street, close to Ongpin, Juan Luna and Reina Regente Streets,

and is within walking distance to 168 Shopping Mall, 999 Shopping Mall, and the Lucky Chinatown Mall.

Divisoria Logistics Center and Recto Logistics Center

Anchor Land will also develop the Divisoria Logistics Center and Recto Logistics Center— state-of-the-art warehousing facilities strategically positioned between commercial landmarks and our other residential developments for the benefit of wholesale traders operating in the area.

Cornell Parksuites

This 50-story residential condominium is Anchor Land’s third project designed to provide a brand-new environment conducive for students. R ising a long Masa ngk ay Street, this development contributes into Anchor Land’s vision to revive Manila Chinatown as Manila’s rising prime business district. It is planned to transform the Chinatown’s school belt into a new residential community, offering ideal permanent homes that upgrade the living conditions of families with children enrolled in the Chinatown’s prestigious schools. The property lies just a few minutes from Manila Chinatown’s school belt, thus making it the new ideal home address that promotes a culture that nurtures relationships between parents and their children while responding to the growing demand for homes close to schools and businesses in Manila Chinatown.

One Legacy Grandsuites

The 69-story development offers an exclusive collection of premium residences along Benavidez Street. Each residence has two to five bedrooms. There is also a distinct collection of bilevel residences. Designed with the lifestyle upgrade needs of the residents in mind, the development is complete with two levels of modern amenities and cutting-edge features that ensure an unparalleled experience

Cornell Parksuites Bedroom—rising along Masangkay Street, this development contributes into Anchor Land’s vision to revive Manila Chinatown as Manila’s rising prime business district.

of luxury and prestige in touch with the residents’ discriminating taste for quality.

Becoming a CBD

Manila Chinatown will no longer be known for being the world’s oldest Chinatown alone. It will soon regain its reputation as Manila’s central business district (CBD), with a unique identity defined by the community’s rich culture, and values inherent in every individual and family that serves as the pillars of the Chinatown community. With Anchor Land as the preferred developer, Manila Chinatown is envisioned to be the preferred district for high-quality properties, where family values and cultures are preserved, where lifestyles and living conditions set the benchmark for high-end living, where businessses strive and legacies are passed across generations. In the last fifteen years, Anchor Land created masterpieces that are not just functional, not just comfortable, not just stateof-the-art, but address specific needs that are tailor-fit to your season in life—developments where modernity and heritage come together. By listening to you, the customers, Anchor Land is able to make the vision of a better Manila Chinatown a reality and they look forward to serving you in the next 15 years ahead. We are Anchor Land—developing properties made for you.

About Anchor Land

Anchor Land is a publicly listed developer, distinguished for our unique portfolio of properties in and out of Metro Manila. We develop residential, commercial, office, warehousing, and hotel and resort properties. Currently, our properties are expanding in Binondo, Roxas Boulevard, Bay City, Parañaque, Pasay City, San Juan City and Davao City. Putting the best interests of our customers and stakeholders at a premium, their brand has been trusted by many generations of families, businessmen and real-estate investors.

sMirror

Editor: Tet Andolong

Colliers sees positive outlook for property market this year By Roderick L. Abad @rodrik_28

ONTINUOUS public infrastructure spending under the Duterte administration’s “Build, Build, Build” program will further push the real-estate industry’s growth this year, according to Colliers International. The government’s target to allocate 6 percent of the country’s gross domestic product on infrastructure is seen to create a positive effect on projects of property developers in major locations. Per the leading global real-estate services and investment management company, the construction of airports, bridges, railways and toll roads in key areas nationwide unlock land values and strengthen the demand for transit-based developments. By end of 2020, Colliers expects that about 1 million square meters of office space will be added to the total supply. There will be a net takeup of 960,000 sq m. Vacancy rates will reach 6.2 percent, up 5.5 percent from the previous year. In the first nine months of 2019, the Philippine Offshore Gaming Operators (POGO) were the main drivers of the office segment absorbing 441,700 sq m of space, comprising 37 percent of the total takeup in Metro Manila during the period. Expected to house most offshore gaming firms by then are the Bay Area, Ortigas Center and Quezon City which, in turn, will contribute to the lease rate hike in these sites. Outside the National Capital Region (NCR), POGOs are seen occupying more spaces in Cebu, Cavite and Clark this year. The company estimates that around 15,610 housing units will add to the overall inventory in 2020. These will exceed the average of 10,700 units completed annually from 2016 to 2018—the periods when the industry gained from the “trickle-down impact of offshore gaming demand.” Despite this, however, Colliers anticipates a shortage of skilled construction workers as a challenge this year, which may lead to the slowdown of completion of residential projects in the Metro. Amid the headwinds and the uncertainty brought on by the proposed tax reforms, it maintains that the rollout of infrastructure projects in major areas outside of the metropolis, ending in the rise of urban townships, will propel the office and residential supply outside the NCR. The firm suggests that investors and developers should consider Davao for this kind of development. Metro Manila traffic is here to stay, but not until the construction of train lines, expressways and subways are finished within 2022 to 2025. Mindful of this situation, developers have opted to build co-living residential places near business hubs. Colliers recommends integrating childcare facilities, cooking areas and private lounges to cater to the needs of the main market of young professionals and employees of both outsourcing and non-outsourcing companies. It’s also likely that the cohabitation trend will trickle down to key areas outside of the Metro. Since college students are another potential market to tap in 2020, developers already consider building condominiums near universities. Colliers said that their average monthly budget for a dorm in Metro Manila is around P4,001 to P6,000 while their commute allocation is more than P4,500. This determines the amount they are willing to pay for rent to be near enough to walk or to take one bus, UV Express, or point-to-point ride to school or work. The retail subsector of real estate will have about 310,000 sq m of new space this year, which is seen to increase vacancy rates to 12 percent and lease levels at 1 percent compared to 2 percent in 2019. Given that around 1 million sq m of new leasable retail supply will be finished in the next three years, Colliers believes that mall operators need to implement innovative rental strategies to attract tenants and fill the space. For NCR mall developers, for instance, Colliers cites that the demand will be coming from flexible workspace operators, who are “scrambling to find suitable space” in premium locations, such as Makati and Bay Area due to office vacancies between 0.5 percent and 1 percent. Meanwhile, redeveloping malls into a more lifestylecentric destination is another magnet for younger mallgoers and retain old consumers, resulting in improved consumer retail traffic and increased foot traffic. Pipelined for the hospitality industry are 3,300 new hotel rooms to be completed and likely to be absorbed by the sustained growth in foreign arrivals. This will bring occupancy rates to about 70 percent, according to the property management services provider. Based on data from the Department of Tourism, tourist arrivals hit 6.8 million from January to September of last year, or 15 percent more than the number of foreign visitors during the same period in 2018. This trend is projected to drive the hospitality sector forward, with higher hotel occupancy and spending in tourist destinations in and out of Metro Manila. Specifically, Colliers gives a hint for developers to put up three- and four-star hotels in Quezon City to address its lack of quality accommodation to cater to major tourist groups. Outside of NCR, it suggests them to consider airports being developed, such as those in Clark, Pampanga; and Cavite, Bulacan, and Davao when looking for areas of development.

Double investment at Aquamira

HE province of Cavite continues to strengthen its ground as one of the most ideal locations to invest and build a home. Once referred to as the bedroom community of Metro Manila, Cavite has undeniably managed to transform into one of the most industrialized and fastest-growing provinces near the Metro given the influx of new businesses and the roll out of key infrastructure projects. Such significant developments have also allowed the province to gain more attention from home buyers, investors and developers. Among the first developers to tap the potential of Cavite was trusted property builder Sta. Lucia Land Inc., which currently has a number of completed and ongoing projects, all of which are meant to cater to the growing demand of quality developments in the area. “Cavite is such a valuable market for us. We have long seen its

potential thus we made it a point to establish our presence here early on. As a developer, it is important that we are aware of where the market is going and what it wants because that would help define the success of our project. Cavite is one area where you still have a huge market, individuals who are waiting for the right offering at a good price,” said Sta. Lucia Land Inc. President Exequiel Robles. “We are aware of the importance of having a strong presence in an area like Cavite were land values have jumped by a whopping 300 percent. And we don’t see it changing direction anytime soon, given its proximity to Metro Manila and the completion of numerous infrastructure projects that are set to directly benefit Cavite. But what’s crucial here is the kind of

project that you will be offering. How will you make your product standout given that all the developers already have presence here,” Robles added. Sta. Lucia Land is thus giving Cavite the Aquamira Resort and Residences, located inside the 600-hectare Saddle and Clubs Leisure Park in the municipality of Tanza. Here, buyers and investors have the option to own a villa—surrounded by the clear and calming view of the water—and turn this into his or her second home. More than 100 units, measuring 28 square meters each, meanwhile opens to a sweeping view of the pool. Robles believes that a unique offering such as Aquamira will offer Caviteños a community that has ample space for people to grow, enjoy nature and find respite from the Metro’s hustle and bustle. “For our latest offering, we decided to create a sanctuary that not only provides respite but also allows owners to possibly earn. The Aquamira Resort and Residences is the first of its kind in a condotel development as it is built around a water park, thus giving investors and owners that feeling of being on vacation every day,” Robles explained. Here, one can readily enjoy the re-

sort’s top-of-the-line amenities that make for the perfect recreation and relaxation. These same world-class facilities and the ambience offered by Aquamira Resort and Residences also provides a conducive, excellent venue for team building. In fact, the Sta. Lucia Lady Realtors recently held their team building here. Apart from giving a fresh take on what luxurious living is all about, Aquamira Resort and Residences is also offering an attractive investment pull because the lifestyle you can enjoy here can also be shared with others since it is also a full-service condotel. “Buying a unit at Aquamira is like buying into a different kind of lifestyle, one that is truly ideal especially in today’s fast paced world. As it is surrounded by nature and built with well-thought-out amenities, buyers and vacationers can truly find respite and will surely have the time of their life here. Also, it’s the kind of investment that would allow you to earn as it functions as a condotel, wherein you get 30 room nights free while all throughout the year, our competent property management group will have your unit rented out, taken cared of to guarantee you good returns,” Robles concluded.

A welcome alternative to business travelers and families in the bustling Entertainment City

IGHLIGHTING the consistent growth of the homegrown hotel brand, Seda will open its fourth property in Metro Manila in the Bay City area alongside other internationally prominent hospitality chains. Seda Manila Bay, along Aseana Avenue in Parañaque City, will have 350 rooms intended for both business and leisure travelers, as well as those attending meetings, conventions and exhibits in the area. Seda’s 12th property nationwide will focus on its superior location within an AyalaLand community, the hotel’s warm contemporary vibe and superior service. These qualities have successfully propelled the brand nationwide in only seven years since its launch. The 13-story Seda Manila Bay will be stacked above the expansive retail podium of Ayala Malls Manila Bay offering guests extensive dining and retail options from close to 1,000 merchants. It will be at the center of a dynamic community easily accessible from the Ninoy Aquino International Airport and the Makati Business District through the Naia Express-

Seda Manila Bay, along Aseana Avenue in Parañaque City, will have 350 rooms intended for both business and leisure travelers, as well as those attending meetings, conventions and exhibits in the area.

way, P2P (point-to-point) buses and to other major business districts through other transport modes. Seda Manila Bay will further offer Filipino hospitality raised to global standards combined with the brand’s signature cozy contemporary ambience. These two qualities, in addition to the location of Seda hotels in thriving AyalaLand communities, have garnered the chain a high guest

repeat rate, according to Andrea Mastellone, Seda Hotels’ senior group general manager. “We are confident our amenities will appeal to families and guests on business trips in the Entertainment City,” citing the 30-sq-m deluxe rooms and 45-sq-m executive suites, as well as the 54-sq-m family suite with a master’s bedroom, children’s room and living area.

The hotel will include Seda’s signature all-day dining outlet Misto and Straight Up roof deck bar which will offer the most scenic views of the famous Manila Bay sunset. It will also have a ballroom and meeting rooms, a swimming pool with play equipment for kids, a children’s play room and game room. Mastellone disclosed that Seda hotels are favored by both business travelers, who stay at the hotel on week days, as well as families on staycations or traveling together on the weekends. Mastellone anticipates that on top of the hotel’s rooms and amenities, Seda Manila Bay guests will also be drawn to the offerings of the fivelevel mall within its complex. Ayala Malls Manila Bay will have 10 cinemas and special zones, including a Filipino Village, Korea Town, China Town and Japan Town when it is fully completed. It will have a central garden with sculptures by Filipino artists and a sunset view. “Like all our other Seda hotels, Seda Manila Bay will offer guests an exceptional and memorable experience,” he said.

Entrepreneur

E4 Wednesday, February 26, 2020 • Editor: Vittorio V. Vitug

BusinessMirror

www.businessmirror.com.ph

Lady entrepreneur faces the challenge of mixing business and beauty contests By Roderick Abad

Contributor

@rodrik_28

HE business world is pretty tough. Because of stiff competition, only the brave, unconventional and, sometimes, crazy ones survive—the real entrepreneurs. This was how 25-year-old Alexangela “Gila” Salvador managed to enter, play and stay in the tough world of enterprising people.

At the age of 17, while on her sophomore year taking up BS Management at the Ateneo de Manila University, she opted to drop out because of pecuniary problems. According to her, this is the result of her decision not to rely on her parents for financial support. She just wanted to do things on her own. Even without any experience, Gila was passionate to start her first business enterprise in 2013 when she put up Paperplanes Manila, a small online shop selling notebooks and phone cases. Thanks to her initial investment of P4,000 that she received from her godparents as Christmas aginaldo, plus her creativity, the small business grew into a brand for customized gifts. Her growing reputation earned her thousands of clients and, of course, enabled her to earn her first seven-digit income at the age of 18.

Her immediate success inspired her to dream big. She then rolled out her earnings to establish a tarpaulin business called the Graphic Factory. Using the experience and skills she gained from these ventures, she later on put up an interior design and construction company named Madhouse Design Studio at the age of 19; a restaurant chain business, Mad Cafe Inc., at 24; and just last year a property firm that builds a hotel and resort, Mad Hostel Siargao, and Mad Dev Realty that develops lots into commercial and residential spaces— all under holdings company Maddev. “Everything [in my business], is about branding,” Gila said, explaining why the word “Mad” is always included in the corporate names of her enterprises. “It has something to do with my mindset and creativity. I noticed [that my] ideas [are always] out-of-the-box, unique. So [I made

BUSINESSWOMAN Alexangela “Gila” Salvador fields questions from the media during a press conference held at Madcafe PH in Congressional Avenue, Quezon City.

them to sound like] madness, crazy.” Looking back from where she started, the undergraduate-turnedentrepreneur conceded that she did not expect at all that her online store and graphic design business would diversify into interior design and construction, restaurant, hotel and real estate. “I really believe that everything I’ve gone through was for a purpose. It’s like everything culminated to what it is today,” she said. “That’s the beauty of starting small and dreaming big—anything that you want to do, you’re just enjoying along the way, and then, it grows gradually.”

Inspired by her father, who is also a businessman, Gila is hands-on insofar as managing her own business is concerned. Whether at the cafe, client’s house or construction site, she’s always ready to get her hands dirty doing manual work if needed. No wonder, she’s an inspiration for her hundreds of employees. With the ongoing construction of Mad Hostel in General Luna, Siargao, she has been going there almost weekly to oversee its development, in time for its projected completion and opening in 2021. This accommodation facility will also have a Mad Cafe. The company, she bared, plans

to grow its three coffee outlets to five by the end of this year. Being immersed in these entities taught her so many things, which helped mold her into the kind of a woman she is today—modern and empowered, who knows what she wants and goes after it. “The beauty of being enterprising lies in the power it brings—you can be anything you want to be. With employment, you follow a specific path. In entrepreneurship and enterprise, you can create any product, any business and choose how it will grow, and how it will be marketed. It’s your own personality that’s be-

coming a product. Like everything that I’ve created [like the] Mad Cafe, that’s me. So that’s the beauty of everything that you build,” she said. Driven, as ever, Gila does not rest on her laurels despite the success in her chosen career. Given her beautiful physique, apart from her intelligence, she has given her shot in pageantry for the first time when she decided to join in the Binibining Pilipinas 2020 pageant, which culminates on April 26 at the Smart Araneta Coliseum. With her advocacy on self-reliance and independence, she represents her parents’ native town of Nueva Ecija to vie for the crown against 38 candidates. She said: “The [usual] advocacy is to alleviate poverty. I wanna get away from the poverty mindset. If someone’s poor, you donate. I really believe that in self-reliance and independence, you find power within yourself. You solve your own problems. You empower yourself instead of asking for help.” Although she has no specific target titles to win in the beauty contest, she said that she’s just doing her best and having fun. If there were important values in entrepreneurship that she can apply in this competition, these would be self-discipline and the resilience to bounce back. “In the world of business, somehow I’m not a beginner anymore. But in this pageant, I’m such a neophyte. It makes me humble in a way that when they’re saying I don’t know how to walk or pose, I take it as a challenge to become better. The entrepreneur in me wants to show that I may start off weak, but I want to finish strong,” Gila said.

China’s start-ups on the ropes Exit of Indonesia’s tech whiz kid is a warning to start-ups after virus freezes funding A

hina’s highest-flying technology startups are struggling to stay afloat after the coronavirus outbreak threatened to paralyze critical venture capital funding. Investment in an industry that runs on faceto-face contact and gut instinct has fallen off a cliff since the epidemic erupted in January. Venture capital funds slashed start-up investment by 60 percent in January from a year ago, London-based consultancy Preqin estimates. That’s because angel investors, and venture capitalists accustomed to road testing new technology or grilling entrepreneurs in person now shun interaction and work from home. China’s tech industry—which prides itself on honing online communications from social media to mobile payments—is, thus, ironically stumbling thanks to the lack of the most basic forms of human contact. If the situation persists—and there are few signs that stringent nationwide quarantine measures will unwind soon—that jeopardizes a swath of the millions of start-ups that collectively represent an important growth driver for the world’s secondlargest economy. It’s a double whammy for an industry that in 2019 grappled with volatile capital, a slowing economy and US-Chinese tensions. “As an entrepreneur who went through SARS in 2003, I fully understand the challenges entrepreneurs face,” Neil Shen, the founding partner of Sequoia Capital China, said in a statement. “We will fully stand by to provide help and support to the companies we backed in any way possible,” said Shen, regarded by many as one of the country’s most prominent tech investors. A backlash against China’s tech champions in 2019 had begun damping a decade or more of go-go optimism and investment that fueled one of the fastest, and largest, creations of wealth the world has seen. Trade curbs imposed by Washington soured investor interest, suppressing deal flow. On a global stage, WeWork’s implosion fanned caution around potentially overblown tech valuations. The euphoria that created more than 100 unicorns, or billiondollar firms, in China dissipated toward the end of last year. The outbreak was the last thing China’s tech sector needed. “This hasn’t been the start to the Year of

the Rat that China was hoping for,” said Ee Fai Kam, head of Preqin Asian operations, adding that the setback is “coming on the back of a bruising 2019 when trade and tech tensions with the US caused investors to exercise an abundance of caution.” Following the Lunar New Year break, some of the country’s most prolific investors— including those at Matrix Capital and Genesis Capital— confined themselves to home, calling off meetings and mothballing visits to companies. “A lot of our projects require on-site due diligence and we are wary to push forward deals without it,” explained Snow Hua, a managing partner at Cherubic Ventures. Others are trying to engage and mitigate the damage to their existing portfolio companies through virtual conference calls. Sequoia China is planning to organize two investment sessions for early-stage start-ups via the conferencing service Zoom. So far, investors from more than 50 venture capital houses had signed up. At the same time, red-hot sectors from artificial intelligence to ride-hailing and online property are reeling. Last week, China’s largest company by market value, Alibaba Group Holding Ltd., warned of a significant hit to revenue growth in the March quarter from an epidemic that’s wreaking havoc across broad swathes of the Chinese economy. Didi’s daily active users fell 54.1 percent on January 27 compared with January 16, before the Lunar New Year break, according to data compiled by Aurora Mobile Ltd. Even those benefiting from a short-term spike in orders—such as online grocery delivery firms—are wary of longer-term fallout. 58 Home, the maid and home-maintenance service owned by a Chinese Craigslist equivalent, is said to have delayed its planned US initial public offering after the coronavirus outbreak crippled customer demand. Others, such as Uber-backed Didi Chuxing or rental start-up Danke, may begin to suffer as the capital winter drags on. “It’s going to be a tremendous challenge for a lot of start-ups,” said Wang Jun, chief financial officer for fresh produce delivery firm Missfresh. “It’s winter time for capital flow, and companies need to produce blood on their own to become cash-positive.” Bloomberg News

chmad Zaky spoke with unusual candor after taking the stage in Jakarta that October afternoon. People stopped chattering and lowered their phones when he began recounting the decade he spent building one of Indonesia’s most successful start-ups. What none of the hundreds in the cavernous hall knew then: it was his last big public act as chief executive of Bukalapak.com. Unbeknown to the crowd, the 33-yearold self-taught computer whiz was on his way out. After a series of failed experiments and missteps—including an abortive attempt to go toe-to-toe with Alibaba-backed rivals—Zaky had lost his board’s confidence that he could lead a vastly expanded company into its next phase of growth. Just months away from ceding the reins of the $2.5-billion e-commerce outfit he built from the ground up, he spent much of the speech reflecting on his decade-long stewardship. “I’m not smarter than you. My success rate is maybe 10 percent,” he told the nowsilent audience. “Back then, I was an engineer focusing on the product,” he added. As the company grew, “I was thinking I have to be a leader.” Yet some of his backers had doubts Zaky was the right person to lead Bukalapak given its current complexity, people familiar with the matter said. That may surprise industry observers for whom Zaky’s name had become synonymous with Indonesian e-commerce. He acquired something akin to folk hero status because, unlike many fellow founders, the self-effacing executive from a Java village made it big without Ivy League degrees or billions from the likes of SoftBank Group Corp. His departure in January sent a signal to Southeast Asia’s largest start-ups, which unlike Silicon Valley remains largely founder-driven. From Grab’s Anthony Tan and Tan Hooi Ling to Tokopedia’s William Tanuwijaya, they rode a funding boom fueled by a mobile explosion to create some of the world’s largest tech start-ups. But they also burned enormous amounts of cash in pursuit of growth. Now that economic uncertainty is squeezing funding and WeWork’s epitomized the perils of placing expansion above profitability, the time

has come for corporate mavens to take the reins, some argue. “It’s the coming-of-age” of Southeast Asia’s tech scene, said Paul Santos, managing partner at Singapore’s Wavemaker Partners. “It’s the end of an era of unbridled ambition and hopefully the beginning of a period of sustainable growth.” Zaky is only the second founder-CEO to leave a Southeast Asian unicorn, following Gojek’s Nadiem Makarim, who became Indonesia’s education minister. While the former’s departure seemed sudden, it was the culmination of a gradual separation, the people said, asking not to be identified discussing internal matters. Some of Zaky’s decisions rankled investors. Bukalapak—which means “open a stall”—succeeded by becoming the go-to bazaar for shoppers seeking bargains. But a few years ago, in his zeal to bring more mom-and-pop stores into the network, Zaky pushed too hard for ever-lower prices, disrupting market pricing and upsetting some consumer brands, they said. Later, as Bukalapak expanded, Zaky grew ambitious and tried to take on rivals like SoftBank-backed Tokopedia and Alibaba Group Holding Ltd.’s Lazada by flogging pricier goods. Bukalapak backtracked when it realized it was getting too far away from its roots. Then in 2019, he incensed followers of popular Indonesian President Joko Widodo after tweeting that the government was spending too little on R&D and suggested a new leader might beef up the budget: #UninstallBukalapak becoming a trending topic on Twitter. Discussions about a changing of the guard began long before that. Zaky had talked with his board about wanting to pursue his passion of helping young entrepreneurs. But that coincided with increasing pressure for the start-up to turn a profit, one reason why it announced 10-percent job cuts. Directors felt that, while Zaky had been instrumental in Bukalapak’s early days, the company had outgrown him and proposed bringing on an experienced executive. In December, the board appointed a successor in Rachmat Kaimuddin, a former director of finance and planning at PT Bank Bukopin that Zaky himself and a cofounder recommended.

“As start-up capital raising and profitability come under pressure, we should expect to see more CEO exits. Not just for underperformance, but for other reasons that were ignored under hyper-growth,” said Suresh Shankar, founder and CEO of Singapore-based Crayon Data. “Travis-like [behavioral], Adam-like [financial engineering] or Moonves [CBS, alleged sexual misbehavior] exits will become more common. Sometimes one of these causes or the other will be used as the excuse, to make company underperformance seem more palatable.” Unlike Uber’s Travis Kalanick, Adam Neumann of WeWork or CBS’s Leslie Moonves (who denied allegations of impropriety), Zaky leaves Bukalapak with his reputation largely intact. He will remain an adviser to Bukalapak while chairing his own foundation to support start-ups. Born in central Java in 1986 to school teachers, Zaky got his first PC (an Intel 486) from his uncle at the age of 10—the only one in his village. By the time he got to high school, he was competing in national competitions, and eventually enrolled in the prestigious Bandung Institute of Technology. There, he met Nugroho Herucahyono, with whom he started Bukalapak in his dorm room. College friend Fajrin Rasyid left Boston Consulting Group to join them in 2011. By the end of the first year, they’d run out of money and considered throwing in the towel. Then a chance meeting with Japanese venture capitalist Takeshi Ebihara revived the start-up (Zaky tagged along with a friend to a meeting.) To his surprise, Ebihara offered to invest in Bukalapak. He also provided early guidance to the founding team. One of the lessons was the importance of control. Zaky was cautious about raising too much money to avoid dilution. While Tokopedia and Grab raised billions, Bukalapak raised less than $500 million from investors including PT Elang Mahkota Teknologi, better known as Emtek, Singaporean sovereign fund GIC Pte. and Jack Ma’s Ant Financial. “I want to make sure I have a large stake, like Mark Zuckerberg,” Zaky said in an interview in 2016 at Bukalapak’s offices in Jakarta, decorated with replicas of bird cages to convey the Asian bazaar aesthetic and slogans like “Get Sh*t Done.” Bloomberg News