BusinessMirror January 15, 2020

CRACKS SIGNAL TAAL’S FURY STILL RAGING

By Lorenz S. Marasigan @lorenzmarasigan

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A crack that began from a bridge in Lemery town, and was no wider than a finger, widened and deepened—till it extended to this house—as tremors relentlessly shook a huge area of Batangas, an indication of Taal Volcano’s continuing seismic activity. Even the national highway and several major roads in Lemery were riddled with cracks as of Tuesday. BERNARD TESTA

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HE tremors caused by the eruption of the Taal Volcano have caused cracks on a number of national highways and roads in Batangas, prompting an “in-depth assessment” of roads and bridges in the area.

While noting that the roads are still passable, the Department of Public Works and Highways (DPWH) listed such affected roads as: Palico-Balayan-Batangas Road, K0121+520 and K0121+630, in Barangay Sinisian East; and at the K0127+430 section in Barangay Palanas, both in Lemery, Batangas.

Also affected is the Lemery-Taal Diversion Road, K0128+(-80), K0128+550 section, which sustained major cracks and settlement due to ground shaking. Reportedly, the cracks stretch

for 3 kilometers, but the road is still passable.

“Roads have been assessed but no further work will be implemented for the time being with the continuous ground movement and ashfall,” the agency said.

As part of mitigation processes, the department installed warning signs for motorists and deployed workers to further assess the extent of damage on the roads, while manpower and equipment continue to conduct the clearing of ashfall in the area.

“As soon as full assessment is done, and no ground movement can hamper construction activities, DPWH will immediately repair cracks and settlement along affected national roads,” the agency said.

A BusinessMirror team interviewed Lemery residents who said they had been experiencing relentless tremors from Taal Volcano’s activity

Wednesday, January 15, 2020 Vol. 15 No. 97

Initial Neda estimate: Taal hit costs ₧7.6B

By Cai U. Ordinario @caiordinario & Ma. Stella F. Arnaldo @akosistellaBM

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Special to the BusinessMirror

AAL Volcano’s eruption has resulted in economic losses of P7.63 billion for the province of Batangas, but the National Economic and Development Authority (Neda) maintained this amount is not significant enough to slow GDP in the first quarter.

Socioeconomic Planning Secretary Ernesto M. Pernia said the Neda’s preliminary estimate does not yet include the other losses incurred by the government and the private sector.

Pernia said the estimate is not even 1 percent of the country’s P9.2trillion GDP in 2018, which was estimated using constant prices.

“Total economic losses comprise provincial income—gross value

added—plus provincial wealth [and] public and private structures,” the Neda chief told the BusinessMirror via SMS. When asked about the estimated cost of prolonged volcanic activity

“This will greatly impact our economic growth for the first quarter of the year.... Just imagine the flights canceled, businesses in the area that stopped operations, and [its effect on] tourism.”—Oplas

for Batangas, Pernia said the Neda has yet to crunch the numbers.

However, De La Salle University economist Maria Ella C. Oplas told the BusinessMirror she expects Taal Volcano’s eruption will “significantly” impact the country’s economic performance, particularly in the first quarter of the year.

since Sunday. The residents of Barangay Sinisian East in Lemery woke up to cracks on the roads, bridges, and underneath some homes.

One major crack started at the bridge and was only a finger wide and deep. But after continuous tremors, it widened to 2 inches. Some cracks are more than 5 inches wide and deep. Most of the residents are now staying in evacuation centers or relatives’ homes nearby.

As the shaking continued throughout Tuesday, residents said they are scared of the big bang because of their elders’ story of Taal’s big eruption in 1911. They told BM the cracks seem “alive” and keep on getting bigger, wider and deeper. “It is good the air doesn’t smell of sulfur yet. The water is hot. Lemery is near the sea and we have hot springs. This must all be related to the volcano,” said resident Boy Dimailig in Filipino. With a report by Bernard Testa

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AGRI DAMAGE AT P600M AFTER VOLCANO ERUPTS

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By Jasper Emmanuel Y. Arcalas

OUTHERN Luzon farmers and fishermen lost nearly P600 million worth of crops and other produce, and the losses could increase due to the probable fish kill in Taal Lake caused by the volcano’s eruption, the Department of Agriculture (DA) said.

In its latest bulletin report on Tuesday, the DA said Taal Volcano’s damage to the farm sector rose to P577.59 million, from the agency’s initial estimate of P74.55 million.

The volcanic eruption affected 2,772 hectares of rice, corn, coffee, cacao, banana and high-value crops, as well as 1,967 animals, according to the DA’s report.

The DA report showed that assorted vegetables accounted for 56.10 percent, or about P323.91 million, of the reported agricultural production losses; while losses from bananas stood at P121.02 million and coffee,P63 million.

Tilapia prices

The DA said the price of tilapia sold in Metro Manila wet markets could go up as supply thinned after the eruption of Taal destroyed an estimated 15,033 metric tons (MT) of tilapia.

The DA explained that about 60 percent of the tilapia fish catch in Taal Lake is sold in Metro Manila, which accounts for 40 percent of its total tilapia supply.

The agency attributed this to a probable fish kill in Taal Lake due to increased sulfur and acidity level after the volcano acted up.

See “Agri damage,” A2

See “Neda,” A2

Airlines race for recovery flights after ashfall woes

PHL won’t hit growth goals till ’22, must stop fixation on ‘A’ rating

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HE Duterte administration will not be able to hit the growth targets it has set until 2022, which will also prevent it from achieving an “A” credit rating status, according to a local think tank.

First Metro Investment Corp.University of Asia and the Pacific (FMIC-UA&P) Capital Markets Research expects the country to register growth of below 7 percent until 2022. In 2020, the think tank projects growth to only reach 6.2 to 6.6 percent.

FMIC-UA&P Capital Markets Research economist Victor A. Abola said unless the country sustains a growth of 7 percent in the next three to five years, achieving an A credit rating would be impossible.

“Perhaps, I’m looking at different metrics [but] I don’t think we

PESO exchange rates n

should, in the time or the foreseeable future, even this administration, even the next one, expect an A rating,” Abola said.

He explained that it took countries like Malaysia years to attain an “A” credit rating while Thailand, whose Gross National Income (GNI) per capita is already double that of the Philippines, has not even attained an A rating.

Given these, Abola said a fixation on attaining an A rating would be a waste of the government’s time.

The efforts must be focused instead on activities that would spur economic growth.

These include, he said, efforts to attract more foreign direct investments and boosting the manufacturing sector.

See “Growth goals,” A2

@jearcalas

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Teams from the Department of Public Works and Highways, such as this one in Lemery, Batangas, on Tuesday, have been kept busy clearing roads of debris and ashfall, and opening diversion routes as Taal Volcano’s activity made travel difficult in huge parts of Batangas province. ROY DOMINGO

HE Manila Internationa l A ir por t Aut hor it y (Miaa) on Tuesday suspended for the second day its daily maintenance activity, requiring the closure of the main international runway 06-24 to allow for the recovery flight operations to commence.

“Runway 06-24 undergoes derubberizing and degreasing everyday from 1:30 a.m. to 3:30 a.m.,” said airport manager Ed Monreal.

A total of 516 f lights were affected by the suspension of the main gateway’s operations starting at 6 p.m. last Sunday (January 12) to 9 a.m. Monday (January 13). Of this, 283 are arriving flights while 233 account for departures.

Since the resumption of operations from 10 a.m., Monday until See “Airlines,” A2

US 50.7050 n japan 0.4613 n UK 65.8759 n HK 6.5253 n CHINA 7.3565 n singapore 37.6625 n australia 35.0017 n EU 56.4702 n SAUDI ARABIA 13.5163

Source: BSP (14 January 2020)

News

BusinessMirror

A2 Wednesday, January 15, 2020

‘Uncertainty on contracts, red tape still hounding FDI’

By Cai U. Ordinario

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@caiordinario

HE government’s failure to honor its contracts with investors, as well as bureaucratic red tape in local governments continue to prevent the Philippines from attracting more foreign investments, according to a local think tank.

First Metro Investment Corp.,University of Asia and the Pacific (FMIC-UA&P) Capital Markets Research said foreign direct investment (FDI) is the missing ingredient in the country’s growth story.

The recent decision of the government to review the concession agreements granted to Manila Water and Maynilad, as well as corruption in local government units (LGUs) make investors cautious about investing in the country, said the think tank.

First Metro Chairman Francisco Sebastian said the review of the water concessionaires con-

tracts would make investors “more thoughtful” on how future contracts are drafted.

“But over the long run...this public-private partnership [PPP] is still very attractive. So I think in the end, we are not over that period of review but we’re optimistic that a good solution will be found,” Sebastian said.

“I think there have been some discussions. It will take six months to resolve these issues, but let’s not forget that underlying these projects are the real necessity for these infrastructure projects. So we think that the basic fundamentals of PPPs will, in the end, sustain itself and

“We should remove obstacles. One of the key obstacles for growth, I think, are the LGUs. We have allowed them to grow in power beyond their petty little turfs, and become an obstacle to growth.”—Abola

prove itself worthy of investment by both foreigners and locals,” he explained.

Business at local level

FMIC-UA&P Capital Markets Research economist Victor A. Abola said another setback is the business environment at the local level.

He said many LGUs make it expensive to start a business, or even expand a business by creating fees that are not part of the true costs of doing business.

By continuing these practices, Abola said, LGUs have prevented the country from attaining and maintaining a growth of 7 percent or more.

He said in one instance, he learned of a company that was required to pay a barangay captain P50,000 before it could get the

Growth goals. . .

Neda. . .

Abola noted that as of September 2019, the country’s FDIs reached $5.1 billion, a contraction of 36.9 percent.

Meanwhile, other Asean countries like Vietnam posted FDIs in the level of $25 billion.

Data from the Philippine Statistics Authority (PSA) showed that the country’s manufacturing output has been contracting between December 2018 and November 2019.

“Our energies would be better spent addressing real issues that could accelerate our growth to beyond 7 percent, if not maintain [high economic growth rate],” Abola said.

Based on the 12 p.m. update from the National Disaster Risk Reduction and Management Council (NDRRMC), around 40,752 persons or 9,527 families were affected by the Taal volcano eruption.

A total of 605 flights were canceled, including 243 international flights and 362 domestic flights.

“This will greatly impact our economic growth for the first quarter of the year,” Oplas said. “Just imagine the flights cancelled, businesses in the area that stopped operations, and [its effect on] tourism.”

On Monday, Pernia told the BusinessMirror on Monday that the eruption will have“some negative effect” on the performance of the economy in the first quarter of the year.

However, given its current scale and intensity, Pernia said this will not have a significant impact on first-quarter GDP growth.

Calabarzon, which includes Batangas, accounted for the second largest share of the country’s GDP at 17 percent in 2018, according to data from the Philippine Statistics Authority (PSA). The National Capital Region (NCR) accounted for the largest share at 36 percent.

Of the 6.2 percent GDP growth recorded last year, the NCR, Calabarzon and Central Luzon were the top three contributors.

NCR chipped in 1.8 percentage points; Calabarzon, 1.2 percentage points; and Central Luzon, 0.7 percentage points.

The PSA will release the initial full-year GDP growth estimate for 2019 before the end of the month.

Continued from A1

Growth in 2020

Domestic demand is expected to boost the country’s economic growth this year. The Industry sector is projected to grow 7 percent, while Services will grow faster at 7.1 percent.

Consumer spending will be fueled by low inflation and overseas Filipino workers (OFWs) remittances. Further, the recent increase in job generation will ensure that Filipinos have incomes to spend for various food and nonfood expenses.

Abola noted that the country’s recent economic success of growing the economy above 6 percent already trickled down to poor households, given the lower poverty rate of 16.6 percent in 2018 from 21 percent in 2015.

Apart from these, the government’s infrastructure spending will also boost GDP growth. The government aims to spend 5.7 percent of GDP under its infrastructure catch-up plan. “The Philippine economy will grow faster in 2020 compared to 2019, fueled by stronger consumer spending, easing monetary conditions and growing tourism sector,” First Metro President Rabboni Francis Arjonillo said. Cai U. Ordinario

More cracks. . .

Continued from A8

eruption columns or by massive collapses of the summit lava dome. This also means deadly pyroclastic flows, surges and or lateral blasts and widespread ashfall are generated.

Under this alert level, additional danger areas may be declared.

“In the next few hours, we anticipate hazardous eruption to take place. But the volcanic activity can also stop. We still don’t know for sure what can happen next,” he said.

As such, Alert Level 4 still remains in effect over Taal Volcano, which means that hazardous explosive eruption is possible within hours to days, according to Phivolcs Volcano Bulletin.

Jonathan L. Mayuga

Continued from A1

Tourism losses

Losses in the tourism industry in Calabarzon due to the erupting Taal

Agri damage. . .

However, the DA assured consumers that it is now sourcing additional supplies of tilapia from other producers in Central Luzon, Cordillera Administrative Region, and even Laguna and Rizal to augment Metro Manila’s supply and avert price hikes.

The DA added that the tilapia sourced from these areas will be distributed to Metro Manila markets in coordination with local government units and market masters.

“Moreover, BFAR [Bureau of Fisheries and Aquatic Resources] will be providing production loans for tilapia producers in Central Luzon to intensify production,” it said.

Two days after Taal Volcano’s eruption, the average retail price of tilapia in Metro

Volcano are expected to be major, but not substantial enough to make a dent in the overall tourism arrivals and revenue of the country this year.

Based on an average room rate of P3,500-P5,000 per night, the 88 accommodation establishments accredited by the Department of Tourism (DOT) in the region stand to lose from P4.62 million to P6.6 million over 15 days, as computed by the Hotel Sales and Marketing Association (HSMA).

The 88 accommodations include hotels, resorts, and mabuhay accommodations (tourist inns, pensions, bed and breakfasts, etc.).

Of the 88 accredited accommodations, 16 are in located in Tagaytay City in Cavite, some of which have a clear view of Taal Volcano, which is still on Alert Level 4, while 30, mostly coastal resorts, are located in Batangas province, now under a state of calamity.

Citing figures from the tourism office of Tagaytay City, the DOT-Region 4A office said, “indirect revenue from tourism was P1 billion in 2018. For 2019, they had 1.1 million overnight tourist arrivals and 6.3 million million same-day tourist arrivals.”

The office did not explain what “indirect revenue” meant.

Also, BusinessMirror was informed that DOT-Region 4A “does not collect tourist receipts data.”

In an interview, Tourism Congress of the Philippines President Jose C. Clemente III said, the immediate impact of the Taal eruption would be on “Batangas, which attracts such activities like diving, golf, cultural tours in places like Taal Town, Talisay and so on. In Laguna and Cavite, it also impacts cultural and sports tours.

But the numbers to these areas are not as much to greatly impact overall arrivals of the country.”

The DOT reported earlier that overnight

Continued from A1

Manila markets rose to P124.86 per kilogram (kg) on January 14 from P122.50 per kg recorded on January 13, according to the DA’s market monitoring report.

Interventions

The DA said various interventions for crops and livestock worth P21.7 million will be distributed by its regional office in Calabarzon to 17 local government units (LGUs).

“These interventions include the provision of livestock for restocking [with] rice and corn seeds, high-value crops planting materials and other production inputs,” it said.

The DA added that its attached agency, the Bureau of Animal Industry (BAI), has

necessary permits to expand its business.

On top of the money, Abola said the company was even asked to place one of the barangay captain’s people to work in the company, similar to a ghost employee.

“We should remove obstacles.

One of the key obstacles for growth, I think, are the LGUs. We have allowed them to grow in power beyond their petty little turfs, and become an obstacle to growth,” Abola said.

In the World Bank’s Ease of Doing Business 2020, the Philippines improved its score to 62.8, landing it in the 95th spot of the survey— the second time it got that ranking.

Last year’s score was 57.68, a figure that plunged the country to 124th, from 113th in the 2018 edition.

The country ranked 32nd in getting electricity; 65th in resolving insolvency; 72nd in protecting investors; 85th in dealing with construction permits; and 95th in paying taxes.

However, Manila is lagging in terms of trading across borders (113th); registering propert y (120th); getting credit (132nd); enforcing contracts (152nd); and starting a business (171st).

tourists in the Calabarzon reached 7.48 million, with Batangas accounting for 34 percent of total arrivals or 2.55 million.

Cavite, in which the popular Tagaytay City is located, received 1.08 million overnight tourists that same year. See, “Tourism in Tagaytay, Cavite, Batangas uncertain,” in the BusinessMirror, January 14, 2020.

“The bigger effect is how the duration of the eruption will affect the operations of the airports,”said Clemente. “This will have a greater effect on arrivals. Having regional international airports will help somewhat, but the overwhelming arrivals are still via Manila. A prolonged eruption will disrupt travel patterns to the country,” he stressed.

Total arrivals in the country reached 8 million as of December 27, 2019, while inbound tourism receipts were recorded at P379 billion from January to September 2019.

For his part, Cesar Cruz, president of the Philippine Tour Operators Association, said his own tour operations company, T.R.I.P.S., already had to“cancel one group which was supposed to stay in Tagaytay for two nights January 16-18. This is worth P300,000.” He said these were domestic tourists.

He added, January is still a peak season for tourism because of the cool weather. “[For] those who feel that Baguio City is too far, Tagaytay is a good option,” he explained.

Clemente, who is also president of Rajah Tours Philippines, said their company has “received about 10 cancellations so far due to cancelled flights and general apprehension. It’s a good thing majority of the group is already here. But so far, the guests we have arriving in the next few days are proceeding with their trips here.”

He said this is a 130-person tour group from Canada under the Department of Foreign Affairs’ annual Winter Escapade under the Ambassadors and Consuls General Group Tours. sufficient supply of drugs and biologics that will be provided for affected livestock in the area. The DA said it has two trucks for animal rescue and evacuation.

“As for the Bureau of Plant Industry, a total of 5,000 coffee mother plants and 1,000 cacao seedlings are ready for distribution for damaged coffee and cacao areas,” it said.

“The BFAR will prepare immediate assistance in the form of fingerlings [7 million fingerlings for tilapia; 20,000 for giant freshwater shrimp or ulang; 50,000 for catfish, or hito; 100,000 for bighead carp; and 5,000 fingerlings for silver perch, or ayungin] once aquaculture operations resume,” it added.

The DA also said the National Food Authority is ready to distribute 168,758 bags of rice for those affected by Taal Volcano’s eruption.

www.businessmirror.com.ph

Kuwaiti govt liability in OFW death raised; DOLE eyes total ban

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EN. Sherwin Gatchalian on Tuesday pressed concerned Philippine officials to pursue accountability of the Kuwaiti government for slain overseas Filipino workers (OFWs), as three Filipino maids have been reported killed in high-profile cases in the last two years.

“It is high time to stop these occurrences from happening again,” the senator stressed as he affirmed support for a snowballing clamor to enforce a total ban on the deployment of Filipino household service workers (HSWs) to Kuwait amid findings the OFWs “are the most vulnerable among workers deployed in the area.”

Gatchalian acknowledged the skilled OFWs were “normally protected by their corporations and they go through formal channels, but household service workers normally process their papers under the radar.”

The senator suggested that concerned Philippine government officials summon the Kuwaiti ambassador to the Philippines in the wake of lingering “doubts on the real cause of death” of Jeanelyn Villavende, insisting that Kuwait’s report on the case was ‘nothing but garbage.”

Gatchalian protested the Kuwaiti response as a triple “insult” inflicted on the Philippines and its people. “This is an insult to our government, an insult to our country and insult to Filipino people, especially to the OFWs who’ve been toiling almost blood, sweat and tears in the Middle East,” he said, protesting that “this is a very serious matter and we demand justice, we demand the truth and, this is not how countries and friends treat each other by giving fake reports.”

Total ban pressed

NO overseas Filipino workers (OFW), who are already employed in Kuwait are expected to be affected by the proposed total deployment ban of the Department of Labor

Airlines. . .

Continued from A1

7 a.m., Tuesday (January 14), 360 flights have already left and arrived at the Ninoy Aquino International Airport (Naia).

“We began accepting recovery flights from 10pm last night to 4am this morning. We lifted the daily maintenance closure. We will do it again tonight until airlines are able to fully recover,” Monreal added.

The airport chief explained that Naia is back to operations with daily scheduled flights able to land and take off as expected.

Monreal appealed once more to passengers of affected flights

Poverty rate. . .

Continued from A8

Doing the work

Pernia, himself, admitted that halving poverty to 11 percent by 2022 will not be “a walk in the park.” The first order of battle, he said, is to sustain efforts that helped bring down the country’s poverty rate to 16.6 percent in 2018.

He said more jobs should be created for the poor, and that there is a need to increase incomes to lift more Filipinos out of poverty.

Pernia said the implementation of social programs—like conditional and unconditional, cash transfers and pensions; population and family planning program, and less extreme weather conditions—will help reduce poverty.

“Inclusive, job-generating growth and better-targeted programs helped increase the incomes of the poor. For those in the bottom 30 percent of the population, mean per-capita income increased by 31.9 percent, outpacing the income growth of those in the top 20 percent of households,” Pernia said.

“The government must continue to

and Employment (DOLE) for the Arab country.

Labor and Employment Secretary Silvestre H. Bello made the assurance as the Department of Justice (DOJ) is poised to release the official autopsy report of the National Bureau of Investigation (NBI) on the remains of Jeanelyn Villavende within the week.

Villavende was allegedly killed by her employer in Kuwait last month. An initial report from DOJ, however, showed the Filipino household service worker was also sexually abused.

Justice Secretary Menardo Guevarra said the autopsy report was supposed to be submitted to him

by NBI on Monday, but this was postponed after government offices were suspended due to ashfall from the Taal Volcano eruption.

“Once I get a copy of the official report of the medicolegal of the NBI, we will consider recommending to the governing board of the POEA [Philippine Overseas Employment Administration] to declare a total deployment ban [for Kuwait],” Bello told the BusinessMirror in a phone interview.

“But it will not affect those who are already there since we are no longer deploying them,” he added.

Under a total deployment ban, all job categories OFWs, regardless of whether they are newly hired or returning (balik manggagawa), will no longer be allowed to go to a destination country.

Bello noted that his proposed deployment ban will also cover vacationing OFWs. Currently, only a partial deployment ban for newly hired HSWs is in effect in Kuwait. Bello explained he wanted it to be elevated to a total deployment ban after the Kuwaiti government failed to disclose in its autopsy report that Villavende was also sexually violated .

Latest data from DOLE revealed there are 243,843 Filipinos workers in Kuwait. Butch Fernandez and Samuel P. Medenilla

to keep checking with the airlines or travel agents the status of their flight before peoceeding to the airport.

For updates, passengers may call the following Naia passenger information numbers: ■ Terminal 1 (88771-109 local 2181) ■ Terminal 2 (88771-109 local 2182) ■ Terminal 3 (88777-888 local 2183) Terminal 4 (88771-109 local 2184) MIAA SMS Hotline: ■ 0917-8396242 ■ 0918-9186242 MIAA Hotline 88771-111, or check the MIAA Facebook Page and Twitter @MIAAGovPh.

Recto L. Mercene generate more quality jobs, increase the income of the poor, reduce the vulnerability of the poor through social programs and financial literacy, and the intensified implementation of the National Program on Population and Family Planning [NPPFP],” the Cabinet official said.

He emphasized the need for the NPPFP to be fully funded for the next three years to help further strengthen and broaden its implementation at the local level.

In particular, this will help boost the implementation of sexuality education program in all schools to reduce teenage pregnancies.

Pernia also said it is important to have programs that will encourage savings to increase people’s resilience to disasters, and protection against unexpected income losses or expenses.

“We must remember that we are aiming for comfortable and secure lives for all, so we must be more ambitious in terms of poverty targets,” he added.

“We must unite and work even harder in the next three years as we aim to lift even more Filipinos out of poverty, and make good of our promise to leave no one behind,” Pernia said.

The Nation BusinessMirror

www.businessmirror.com.ph

Navy begins crash course on submarine operations

By Rene Acosta @reneacostaBM

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HE Philippine Navy is beefing up its stock of knowledge and skill in submarine operations, in preparation for its planned procurement of such vessels for the first time.

The acquisition from France of underwater assets was part of the Navy’s effort to upgrade its capability under the overall modernization program of the Armed Forces of the Philippines (AFP).

On Tuesday, Nav y officials and future submariners engaged French military officials and submarine experts in discussion under a four-day subject-matter expert (SME) exchange on underwater operations and warfare.

“In preparation for the upcoming acquisition of the submarine as part of the Philippine Navy’s modernization program, a four-day subject-matter expert exchange with the French Navy SMEs was conducted,” said Lt. Commander Maria Christina Roxas said in a news statement.

The French Navy delegation, who were received at the Navy headquarters upon their arrival, were led by Col. Emmanuel Peltriaux, the nonresident defense attaché to the Philippines.

The mission also included two French submariners, Commander Jean-Christophe Marie and Commander Jeremy Bachelier, whom Roxas’s statement said, are “specialists in French Submarine Forces and Surface Forces.”

France is being eyed as the source of submarines for the Navy, although other countries, including South Korea and Russia, have also expressed their interests in supplying the underwater requirement of the Navy.

The Navy has kept its eye on French Scorpène-class submarine.

Roxas said the French mission was borne by Navy chief Vice Admiral Robert Empedrad’s bilateral talks with Admiral Christophe Prazuck, the chief of France’s Navy, during the Euronaval 2018 Exhibition held in October 2018 in Paris, France.

During their discussion, Prazuck committed to send a team of French Navy SMEs from “different warfare fields to engage the Philippine Navy as consultants, and share best practices and provide recommendations that could contribute to the submarine warfare capability development program of the Philippine Navy.”

Earlier, Defense Secretary Delfin N. Lorenzana signed a nonbinding agreement with France for defense and logistics cooperation, an agreement seen as putting the Philippine military a step closer toward acquiring the Scorpène-class dieselelectric submarine.

Meanwhile, the Navy will send two of its vessels to the Middle East to ferry Filipinos who would be repatriated from Iraq, Libya, Iran and other Middle Eastern states, which are experiencing volatility in their security as result of the death of Iranian Gen. Qassem Soleimani.

A send-off ceremony for the two ships was scheduled at 3 p.m. on Tuesday, with no less than President Duterte presiding over the event as disseminated by the Navy.

Empedrad said both ships are complimented by 130 crewmen each, and over a hundred members of medical team, SWAG (Special Warfare Group) personnel and repair men, who will form a task group.

“Based on the guidance of the President, the main mission is to bring back affected Filipinos from the Middle East,” Empedrad said.

Editor: Vittorio V. Vitug • Wednesday, January 15, 2020 A3

Duterte removes PNP procurement power

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By Samuel P. Medenilla & Butch Fernandez

@sam_medenilla @butchfBM

PPARENTLY outraged over the Philippine National Police’s purchase of allegedly overpriced radar speed guns, President Duterte on Monday night ordered the removal of the PNP power to procure equipment.

Speaking before members of the Philippine Mar ine Cor ps in Tag uig Cit y, the President bared that he ca l led up Inter ior Secretar y Eduardo A ño and asked him to be in charge of the purchasing of equipment,

and firear ms, instead.

Sen. Panfilo M. Lacson backed Duterte’s decision, saying, “the President has all the reason to feel aggrieved because he has always been generous to the PNP when it comes to support, equipment, even

salary, allowances, he gave them everything….”

Lacson, himself a former PNP chief before his election to the Senate, added: “We cannot also blame the President to feel that way. Regarding the legality of withdrawing [the deal], I think the President can always do that, as long there is no violation of Republic Act 9184, the procurement law. And rightly so, because if there is such misbehavior when it involves public funds, it is just right to revoke the authority.”

“I think an investigation is underway to determine who is culpable, responsible for such procurement and overpricing. Imagine, kung sarili niya kinompare niya procurement sa Davao, I only base this on what I read...,” he said.

The radar speed gun, President Duterte added, was priced at

P950,000 per unit, which is significantly higher compared to the P10,000 per-unit price acquired by the Davao local government, to catch overspeeding vehicles.

“I may be wrong, I said, but [I told Interior Secretary] General Año yesterday [January 12], for his office to get the [procurement power of PNP]. I will task him to do the procurement and I expect no corruption,” Duterte said.

And if things still don’t work out at the PNP, he said he will create a new bureau, which was similar to that created by former President Ferdinand Marcos to handle procurement processes.

“I will form the Bureau of Supply. It will handle the purchase,” Duterte said.

He said he will task the new bureau to list all the items to be purchased using international

pricing, which would then made known to the public.

“This will allow the people what the government is buying,” the President said.

Presidential spokesman Salvador S. Panelo, however, said he is unsure if Duterte’s order will lead to the abolition of all of the procurement units of the PNP. But he noted the controversial procurement is now under investigation.

For its part, the PNP explained Duterte may have “misunderstood” that what they were purchasing was an ordinary speed gun instead of a expensive micro digital camera system.

The PNP, however, said it will still abide by Duterte’s order to transfer all of its procurement processes to the Department of the Interior and Local Government. With PNA

Bongbong preps relief PHAPCares donates masks, meds drive for Taal evacuees for Taal crisis responders, victims

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ORMER Senator Ferdinand “Bongbong” Marcos Jr. on Tuesday launched a relief campaign for individuals and families displaced by the recent activity of Taal Volcano.

“Situations like these call for swift action. Ensuring that help reaches those who need it the most should be the top priority for any disaster response. Our experience with [Supertyphoon] Yolanda in Leyte has taught us this fact,” Marcos said.

Reports from the National Disaster Risk Reduction and Management Council (NDRRMC) said that Taal’s “phreatic explosion” on Sunday has affected 5,458 families, or 24,508 individuals, from the provinces of Batangas and Cavite.

As of this writing, evacuation efforts are still ongoing and 15,540 individuals are currently housed in 75 temporary shelters.

The NDRRMC is aiming to evacuate up to 300,000 individu-

als from both provinces.

Marcos’s friends and supporters from the private sector responded positively to his calls for donations a day following Taal’s unrest. “At the rate help is pouring in, we will have enough to conduct an initial relief run in the coming weeks, if not days. I feel humbled and thankful with how people have responded thus far,” he added.

“I and my family are praying that Taal Volcano settles down in the coming days, so we will have a window to reach out to as many as possible,” Marcos said.

In place of cash, encouraged donors to provide much-needed items, such as the following; N95 face mask, bottled water, canned goods, instant noodles, milk for infants, rice, medicines and blankets.

Donations may be sent to: Office of Ferdinand “Bongbong” R. Marcos Jr., Ground Floor, Sunset View Towers 2230 Roxas Boulevard, Pasay City; Telephone: (02) 8821-4591, Facsimile: (02) 8821-4589.

Cam Norte, Mindoro clashes leave two soldiers wounded, communist rebel dead

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WO soldiers were wounded, while a suspected New People’s Army (NPA) rebel was killed after security forces and communist guerrillas clashed in Camarines Norte and Mindoro on Tuesday.

The clashes occurred just a week after the lapse of a holiday cease-fire observed by both sides in preparation for the possible resumption of the peace negotiations between the government and the rebels.

An initial report from the Camarines Norte Provincial Police Office said the encounter occurred at around 6 a.m. in Barangay Sabmakin, Labo, Camarines Norte.

Elements of the Army’s 96th Infantry Battalion and 2nd Provincial Mobile Force Company were on combat operations when they engaged at least 15 rebels, resulting in the wounding of one soldier and the death of a rebel.

The report said the body of the

dead rebel was recovered by government forces.

T he soldiers and policemen launched the operations after they were tipped off about the presence of rebels at Barangay Sabmakin, triggering a 45-minute firefight.

Aside from casualties on both sides, the troops also recovered a K3 squad automatic weapon and an M16.

In Oriental Mindoro, the military also reported that its forces fought with rebels at Barangay La Fortuna in the town of Socorro.

A sketchy report said an Army- enlisted personnel was wounded during the firefight.

The government and the rebels, through the National Democratic Front of the Philippines, went into a cease-fire before Christmas last year as a confidence building measure toward the planned resumption of the peace negotiations. Rene Acosta

RESIDENTS of Barangay Sampaloc, Talisay, Batangas, line up for registration at the Polytechnic University of the Philippines in Santo Tomas. The PUP campus is currently being used as a temporary evacuation center with Taal Volcano’s ongoing eruption. ROY DOMINGO

By Claudeth Mocon-Ciriaco Correspondent

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HE Pharmaceutical and Healthcare Association of the Philippines Cares (PHAPCares) Foundation donated face masks and medicines on Tuesday for the use of evacuees and responders amid Taal Volcano’s restiveness.

The PHAPCares Foundation, in partnership with the Metropolitan Manila Development Authority (MMDA), transported more than 16,500 face masks and medicines for respiratory illnesses, and potable water to evacuation centers in Santo Tomas and Padre Garcia in Batangas.

“We are aware that the health of our countrymen could be compromised as a result of the volcanic eruption. Augmenting needed medical supplies, such as face masks and medicines, are important to cushion the possible health consequences of the volcanic activity on the people and our emergency responders,” said PHAPCares Foundation President

Jannette Jakosalem. The foundation is the corporate social responsibility arm of the PHAP. On Tuesday, MMDA Deputy Chairman Frisco San Juan Jr. received the face and N95 masks and goggles for use of agency responders.

“We thank PHAPCares Foundation for the much-needed face masks, medicines and goggles which are running out of stock and, sadly, being sold at a higher price because of the calamity. It is a must for every responder to wear masks and goggles for added protection,” said San Juan.

On Monday, rescue team and emergency assets of the MMDA were deployed to Batangas to assist residents affected by the volcanic eruption.

The health hazards of volcanic ash include respiratory illnesses, eye and skin irritation, accidents and psychological stress. At least 18,187 people are seeking temporary shelters in 76 evacuation centers, the National Disaster Risk Reduction and Management Council said.

“We are particularly concerned with the effects of the ashfall, ground tremors and displacement, especially to the health of women, elderly and children, and those with existing health conditions.

The foundation, along with our members, will continue to closely monitor and assess the needs in anticipation of more people being affected by the eruption,” said PHAPCares Executive Director Dr. Maria Rosarita Quijano-Siasoco.

The foundation also committed to provide other necessities, such as blankets, for the affected families this month.

With disaster preparedness and response as one of its core advocacies, the PHAPCares is also a partner of the MMDA in the conduct of the Earthquake Preparedness and Landslide Search and Rescue Orientation Course, which seeks to capacitate communities in the search and extraction of victims that may be trapped under collapsed structures.

Lawyer withdraws ICC request to probe Duterte, says rap part of LP propaganda

By Joel R. San Juan @jrsanjuan1573

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HE communication filed by a law yer before t he Inter n at ion a l C r i m i n a l Court (ICC) seeking investigation of the alleged crime against humanity committed by President Duterte as a result of his war on drugs is set to be withdrawn.

Lawyer Jude Josue Sabio admitted that the move was part

of the political propaganda of Duterte’s critics, former Sen. Antonio Trillanes IV and Sen. Leila de M. Lima, who is currently detained on drug charges.

“I also fervently request that the legal matter pending with your office, in relation to the war on drugs in the Philippines, should be set aside and thrashed for being just a part of the political propaganda of [former] Sen. Trillanes, Sen. de Lima and their LP [Liberal Party]led opposition, which I do not wish

to be part [of],” Sabio said in his 28-page letter of withdrawal to the ICC. Sabio said that he is set to send an e-mail to Prosecutor Fatou Bensouda, of the ICC Office of the Prosecutor, wherein in his letter he would express his interest to withdraw the 77-page communication, entitled “ The Situation of Mass Murder in the Philippines, Rodrigo Duterte: The Mass Murderer.”

“I will send by e-mail later

my letter [of ] withdrawal that I executed today [Tuesday] addressed to Prosecutor Bensouda regarding my intention to withdraw my earlier ICC communication. I am set to submit it personally with the ICC anytime soon,” he added.

Sabio also claimed that he did not receive the financial support in representing Edgar Matobato, a self-confessed assassin whose deposition was part of the ICC case.

“I am left with no choice, but to formally withdraw from your office the communication that I filed way back on April 24, 2017.

I fervently request that it be expunged, or erased, from the record, and that it should not be used in any way in the ongoing preliminary examination,” the affidavit read.

Sabio was accompanied by lawyer Larry Gadon when he had his letter of withdrawal notarized in Quezon City.

A4

Wednesday, January 15, 2020

The World BusinessMirror

Editor: Angel R. Calso · www.businessmirror.com.ph

US, EU square up for trade brawl after Trump’s China agreement R

Libyan civil war cease-fire talks in Russia break down

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he European Union’s new trade chief will be in Washington for the next three days trying to head off a transatlantic commercial war on several fronts. The prospects for success look slim.

Phil Hogan is due to meet US Trade Representative Robert Lighthizer and other American officials during a January 14 to 16 visit that follows a general fraying of ties in recent months between the world’s biggest economic partners.

W hile US President Donald Trump has held back on a threat to hit European cars and auto parts with tariffs that are much dreaded in the EU, both sides have revived old disputes and triggered new ones as a result of fundamental disagreements over trade policy.

A high-stakes security standoff between the West and Iran adds to the complexity and gloom because Trump’s stance toward Tehran is much more hardline than Europe’s.

This raises the possibility that the White House will use transatlantic commercial questions—and the option of American tariffs—as leverage against EU allies when it comes to Iran.

“The gloves are off,” said Hosuk Lee-Makiyama, director of the European Centre of International Political Economy in Brussels. “There is going to be a lot of fireworks before any underlying progress in resolving US-EU policy differences over trade.”

Trump continues to unsettle Europe three years after entering office with an “America First” agenda that has shaken the global order the US was instrumental in building after World War II. The EU has gone from being perplexed to steeling itself for more disruptions as it fights to uphold

mu lt i l at e r a l i s m , a d e f i n i n g pr inc iple for t he bloc.

The US-EU tensions so far have played out largely in the shadow of a trade war that Trump instigated against China with far bigger economic ramifications. Now the US and China plan to de-escalate their battle during Hogan’s visit by signing a first-phase agreement on Wednesday in Washington.

“It just feels like we are now entering what I call the transatlantic trade and tariff tantrum,” said Heather Conley, a former US diplomat now at the Center for Strategic and International Studies in Washington. “ This is going to be a pretty intense period, I fear.”

The troubles started in 2018 when the Trump administration invoked national-security considerations to impose tariffs on steel and aluminum from Europe. As a US military ally, the EU was infuriated and promptly retaliated with levies on US goods including iconic brands such as Harley-Davidson Inc. motorcycles and Levi Strauss & Co. jeans.

A subsequent US threat to wreak significantly more economic damage by targeting the European auto industry with duties on the same security grounds led to a hastily agreed truce and a pledge by both sides to work toward reducing industrial tariffs across the board.

Since then, the Trump administration has refused to start the tariff-cutting negotiations unless Europe includes agriculture in

them. Also, it imposed levies on EU products in retaliation over government aid to Airbus SE that was deemed illegal by the World Trade Organization, and disabled the WTO’s appellate body.

The EU is pressing ahead with a plan for tit-for-tat tariffs against the US in a parallel WTO case over unlawful subsidies to Boeing Co. The bloc is also advocating a stopgap global arbitration system and expanding the European trade-policy arsenal to allow for sanctions against countries that illegally restrict commerce and simultaneously block the WTO’s dispute-settlement process.

The latest flashpoint is a US plan to apply duties on $2.4 billion of French goods ranging from cheeses to handbags in retaliation over a digital-services tax in France that the Trump administration alleges discriminates against American technology companies, such as Google, Apple Inc. and Amazon.com Inc. Such duties would mark the first time the Trump administration deploys against Europe a policy tool—Section 301 of a 1974 American law—reserved so far for the US trade war against China.

The EU is pleading for more time to reach an international accord on the taxation of digital businesses through the Organisation for Economic Co-operation and Development. The bloc is also vowing a unified response should the US trigger the levies against France.

‘Bumpy ride’

“I think we have a bumpy ride ahead of us,” Sabine Weyand, director general for trade in the European Commission, the EU’s executive arm, told a Brussels conference last month. “If you deal with partners who link up trade policy with security and with industrial policy, et cetera, well, you have to up your game as well.

That will be the challenge for this commission.”

Weyand is the chief civil servant for international commerce under Hogan, an Irish politician who became European trade commissioner on December 1 as part

of a new EU commission led by President Ursula von der Leyen.

Hogan, who has a reputation as a dealmaker, burnished those credentials in mid-2019 while in his previous job as EU farm c h ief. He reac hed a n accord with Lighthizer to give American farmers more access to the European beef market after persuading Austra lia, A rgentina and Uruguay to cede chunks of an EU import quota.

Still, in the eyes of some officials in Washington, Hogan got off to a bad start with regard to the European trade-commissioner post by telling Irish radio on the day of his nomination in September that Trump was “reckless” and needed to see the “error of his ways.” The comments prompted W hite House economic adviser Larr y Kudlow to summon the EU ambassador to the US, according to officials familiar with the event.

Regardless of any political damage that Hogan caused with his blunt words or of his dealmaking skills, the main difficulty for him may simply be the size of the transatlantic gap in views about how trade policy should be pursued in an increasingly interconnected global economy.

The gulf would become even bigger were Trump to view US trade ties with Europe through the prism of his “maximum pressure” Iran strategy, which has included abandoning a landmark international accord to control the Iranian nuclear program. Europe has fought to keep the deal alive.

Treasur y Secretar y Steven Mnuchin last week stepped up US calls on the EU to abandon a payment system meant to shield European trade with Iran from American sanctions, repeating a threat of penalties against bodies in Europe should any transactions take place.

“There is very little that Hogan can actually put on the table to sway Lighthizer,” Lee-Makiyama said. “That leaves the EU facing domestic political pressure for more trade retaliation, which in turn is economically counterproductive.”

Bloomberg News

Vietnam gets reprieve, Thailand on guard after US Treasury report

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he US Treasury gave relief to Southeast Asian nations at risk of being labeled currency manipulators.

In its semiannual report released on Monday in Washington, the Treasury cited 10 countries that are possibly using their exchange rates

to gain an export advantage over the US. Three of them—Singapore, Malaysia and Vietnam—were from Southeast Asia and retained on the list from May 2019, as expected.

Others like Thailand, which were at risk of being added to the monitoring list, were left off.

By rule, the Treasury retains countries on the monitoring list for at least two consecutive reports when they are first cited, hence it kept Singapore, Malaysia and Vietnam on the list.

The Treasury found that Vietnam had violated only one of the three criteria in the latest report, down from two in May. Thailand’s goods trade surplus with the US soared past the critical $20-billion mark in the 12 months through November, according to US Census Bureau data, while its current-account surplus exceeds 2 percent of GDP. However, the currency’s almost 9-percent surge against the dollar last year, the best performer in Asia, means “no one should consider Thailand as one that has tried to manipulate” its exchange rate to gain an export advantage, the nation’s central bank governor said in an interview last week.

Here’s how each of the major

Southeast Asian economies fare in the US Treasury currency report, which is mainly based on data through June 2019: Indonesia and the Philippines: No mention at all in report.

Thailand: Not named on watchlist, though Treasury said it’s close to triggering key thresholds. It met one of the Treasury’s criteria, with a current-account surplus estimated at 5.3 percent of GDP. Singapore: Exceeded two of the three thresholds, with a currentaccount surplus estimated at 17.9 percent of GDP and net foreignexchange purchases of 9 percent of GDP. Treasury remains concerned about high savings rates, while also acknowledging the central bank uses the foreign-exchange rate rather than interest rates as key policy tool.

Malaysia: Exceeded two of the three thresholds, w ith a bilateral goods sur plus of $26 billion and a current-account sur plus of 3 percent of GDP. Vietnam: Exceeded one of three thresholds, with a bilateral goods surplus of $47 billion, the sixthhighest among the US’s major trading partners. Vietnam’s currentaccount surplus weakened to below 2 percent of GDP. Bloomberg News

ussian and Turkish sponsored cease-fire talks to end Libya’s civil war appeared to collapse after eastern military commander Khalifa Haftar left Moscow without signing the agreement.

The country’s UN-recognized prime minister, Fayez al-Sarraj, had signed the deal after a day of negotiations in Moscow brokered

by Russia and Turkey, which seized the initiative from the west in attempting to end nine months of fighting around the Libyan capital, Tripoli.

Haftar asked for a delay until Tuesday to consider signing, Russian Foreign Minister Sergei Lavrov told a news conference on Monday. Hours later, however, Haftar and his entourage left Moscow without agreeing the deal.

Turkey and Russia, which back rival forces, had pushed the fighting parties to accept the ceasefire. The truce began shakily over the weekend and now threatens to fall apart entirely.

“There will be no signing on any document at the expense of the heroic sacrifices and aspirations of the Libyans to salvation,” Haftar’s Libyan National Army said on Twitter early Tuesday, confirming the departure of the strongman and his accompanying delegation from Moscow.

“We have worked with our

Russian partners all day long for t he fact ions i n L ibya to sign a cease-fire letter and we drafted a text,” Turkish Foreign Minister Mevlut Cavusoglu said alongside Lavrov on Monday.

“We have taken into account suggestions, especially from the Haftar side, to reach a mutual understanding.”

Haftar’s departure casts doubt over hopes for an end to the battle over Tripoli. That would have spared Libya further fighting after years of upheaval that has left thousands dead and allowed Islamist extremists to dig in. It would also have removed a key uncertainty for the oil market.

Crude production in Libya, home to Africa’s largest proven reserves, has fluctuated as the warring sides fought over some of the country’s largest fields.

Libya has been enduring its worst violence since the 2011 Nato-backed ouster of Muammar Qaddafi, which ushered in years of instability that divided the country between rival administrations and turned it into a hub for migrants destined for Europe.

Haftar had launched the offensive on Tripoli, which has killed more than 2,000 people and displaced tens of thousands, as the United Nations was laying the ground for a political conference to unite the country. Bloomberg News

U.S. warns vessels transiting Gulf amid tensions with Iran

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UBAI, United Arab Emirates—The United States on Tuesday warned of threats to commercial vessels in and around the Persian Gulf in the wake of its confrontation with Iran.

Tensions have soared since the US air strike earlier this month that killed Gen. Qassem Soleimani, Iran’s top general and the architect of its regional military activities. Iran responded by firing ballistic missiles at US troops in Iraq, without wounding anyone, and accidentally shot down a Ukrainian jetliner near Tehran, killing all 176 on board.

“Heightened militar y ac tivit y and increased political tensions in this region continue to pose serious threats to commercial vessels,” the US said in a maritime warning.

“Associated with these threats is a potential for miscalculation or misidentification that could lead to aggressive actions.”

It said vessels transiting the Persian Gulf, the Gulf of Oman and the Strait of Hormuz— through which one-third of all oil traded by sea passes—could encounter GPS interference or

communications jamming.

It said some vessels have reported communications from “unknown entities falsely claiming to be US or coalition warships.”

It said ships contacted by Iranian forces should identify themselves and say that they are proceeding in accordance with international law. It advised ships to refuse to allow Iranian forces to board but not to forcibly resist them, and to immediately contact the US Fifth Fleet.

Iran was accused of sabotaging oil tankers in the Persian Gulf last year. It denied those allegations, but acknowledged seizing a British-flagged oil tanker in response to the impounding of an Iranian oil tanker by authorities in Gibraltar. The Iranian tanker was suspected of intending to violate sanctions to deliver oil to Syria, a close ally of Iran. Both ships were released weeks later.

The tensions are rooted in President Donald Trump’s decision to withdraw the US from Iran’s 2015 nuclear deal with world powers and to impose “maximum” economic sanctions. The sanctions have devastated Iran’s economy. AP

Iran announces arrests over downing of Ukrainian plane

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UBAI, United Arab Emirates—Iran’s judiciar y said on Tuesday arrests have been made over the accidental shootdown of a Ukrainian passenger plane that killed all 176 people on board just after takeoff from Tehran.

The announcement came shortly after Iran’s president called for a special court to be set up to probe the downing last week of the plane by Iranian forces.

Judiciary spokesman Gholamhossein Esmaili was quoted by Iranian state media saying that “extensive investigations have taken place and some individuals are arrested.

He did not say how many individuals have been detained or name them.”

Iran, which initially dismissed allegations that a missile had brought down the jetliner, acknowledged—three days after Wednesday’s downing and in the face of mounting evidence—that its Revolutionary Guard had shot down the Ukrainian plane by mistake.

“The judiciary should form a special court with a ranking judge and dozens of experts,” President Hassan Rouhani said in a speech televised in Iran on Tuesday. “This is not an ordinary case. The entire world will be watching this court.”

Rouhani called the incident “a painful and unforgivable” mistake and promised that his administration would pursue the case “by all means.”

“The responsibility falls on more than just one person,” he said, adding that those found culpable “should be punished.”

“There are others, too, and I want that this issue is expressed honestly,” he said, without elaborating.

R o u h a n i c a l l e d t h e g ove r n m e nt ’s admission that Iranian forces shot down the plane the “first good step.”

The plane, en route to the Ukrainian capital of Kyiv, was carrying 167 passengers and nine crew members from several countries, including 82 Iranians, 57 Canadians— including many Iranians with dual citizenship—and 11 Ukrainians, according to officials. There were several children among the passengers, including an infant.

Iran shot down the plane when it was bracing for possible US retaliation for a ballistic missile attack on two military bases housing US troops in Iraq. No one was hurt in that attack, which was carried out to avenge the stunning killing of Revolutionary Guard Gen. Qassem Soleimani in an American air strike in Baghdad. AP

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Economy BusinessMirror

NGCP provides update on ₧132.1-B power interconnection projects

By Lenie Lectura

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@llectura

HE National Grid Corp. of the Philippines (NGCP) is currently undertaking six interconnection projects worth P132.1 billion.

“Several interconnection projects are currently in the works,” said the grid operator on Tuesday.

These include the P47.8-billion Stages 2 and 3 of the Cebu-Negros-Panay interconnection project which will establish a 230-kV (kilovolt) backbone to accommodate the transmission of excess power from Panay and Negros toward the rest of the Visayas.

To address the growing demand in Boracay Island and provide additional capacity to support the ongoing developments, preconstruction activities are now underway for the P8.5-billion Nabas-CaticlanBoracay transmission line project.

Also, the P2.4-billion Panay-Guimaras 138-kV transmission line is also in the preconstruction stage.

To maintain the continuous transmission of power toward the major load centers in Mandaue and Mactan during N-1 condition, the P1.9 billion Cebu-Lapu Lapu 230-kV transmission line project is currently being undertaken, with survey and right-of-way activities still ongoing.

Another major interconnection is the P19.8-billion Cebu-Bohol 230-kV interconnection project, which will address overloading issues and enable sharing of power between the two islands, especially with the growing demand in Bohol and will eventually form part of the Leyte-Bohol 230-kV loop system.

The most expensive interconnection

project is the P51.7-billion MindanaoVisayas interconnection project, which is slated for completion in December 2020.

These projects are meant to support the government’s vision to have a unified Philippine grid. “In pursuit of its goal of building One Grid Philippines, power transmission operator NGCP continues to embark on major interconnection projects to realize this vision,” it said.

So far, the NGCP has completed the P6.1-billion Cebu-Negros-Panay Stage 1 submarine cable component, which increases the transfer capacity of the existing corridor.

A second phase of this project is an additional submarine cable for N-1 contingency, which will enable the transmission grid to withstand a major system disturbance with minimal disruption to the system between Negros and Panay islands.

“The only way to forward this vision of a fully interconnected and integrated transmission system is to keep investing in the transmission grid. These projects will greatly benefit the country, energizing the entire archipelago even up to the farthest islands.

This will also prepare the entire Philippine grid for the integration to the proposed Asean Power Grid, promoting power sharing and optimization of generation capacity within the region,” NGCP said.

Other future interconnection projects of NGCP include the Batangas-Mindoro interconnection project; Laray-Cordova 230-kV transmission line project, Bataan-Cavite interconnection project; Bataan-Pasay interconnection project; and the Palawan-Mindoro interconnection project.

Editor: Vittorio V. Vitug • Wednesday, January 15, 2020 A5

No shift in investors’ sentiment to S. Luzon ecozones–Peza chief

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By Elijah Felice E. Rosales

@alyasjah

HE Philippine Economic Zone Authority (Peza) on Tuesday assured investors that sentiment in Southern Tagalog economic zones will not be hampered by the Taal Volcano eruption.

In an e-mail to the BusinessMirror, Peza Director General Charito B. Plaza said the proximity to possible natural calamities is always considered by developers in putting up economic zones.

As such, she bared that Peza requires builders to provide certification that the area where the economic zone will be developed is not prone to disasters.

Plaza assured investors that business sentiment in the Southern Tagalog region will remain positive on developers’ compliance to government requirements for calamity safety, including the Department of Environment and Natural Resources (DENR)-issued environmental compliance certificate (ECC).

“One of the requisites for proclamation of an economic zone is the ECC that is issued by the Environmental Management Bureau of DENR. Before DENR issues such ECC, the EMB requires environmental impact statement for the land development,” Plaza said.

“In Peza’s history, economic zones have not been severely affected by natural calamities, except for few cases of fire and flooding which had been mitigated. Engineers of Peza also ensure maintenance of economic zones in terms of safety and environmental standards,” the Peza chief added.

Citing reports from the ground, Plaza said the eruption of Taal Volcano did not do any damage nor much impact to the operations of economic zone firms. However, she said locators now have to craft their business continuity plans that should outline how they plan to do business in the face of the volcano’s ongoing activity.

“Not much impact, but the locators will now have to craft or update their business continuity plan to address the effects of disasters. This is done by companies globally,” Plaza explained.

“Certainly, the environmental viability of a location for business and investment is crucial factor for sustained business attractiveness of a region. Locations prone to

disasters are risky for capital, labor, land and technological investments. Lives and properties may be put at risk during natural or man-made calamities,” she added.

Plaza specifically cited the Lima Technology Center and the First Philippine Industrial Park, both located in Batangas, which reported no damage, or major disruption to operations and structures, aside from the ashfall that rained not only in the region but reached Metro Manila, and as far as Central Luzon.

A s such, the business v iability of Southern Tagalog will likely remain unchanged, the Peza chief said. Its proximity to ports and the Manila airport, as well as its pool of talent and natural resources, makes it a favored business location for many investors.

“There are major positive points to locate in Region 4A, including its proximity to Manila ports, airports, availability of human resource, utilities, facilities, among others. These are the overriding factors in attracting investors in Region 4A,” Plaza said.

As of Peza’s latest data, Southern Tagalog hosts a total of 60 economic zones, of which, 59 are privately developed and one, the Cavite Economic Zone, is government owned.

The private economic zones there eat up over 3,921 hectares of land area, operating agro-industrial, information technology, manufacturing, medical tourism and tourism locators.

A6 Wednesday, January 15, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Rebuilding businesses after natural disasters

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hen natural disasters strike, one of the primary considerations of the national government is to construct or rehabilitate damaged public infrastructure. Chief among the concerns of the national government and local government units is to ensure that damaged roads and bridges are rebuilt or reopened so that assistance may be delivered to calamity survivors. In the aftermath of Supertyphoon Yolanda (international code name Haiyan), for instance, the national government crafted a plan, dubbed “Build Back Better,” to enable local government officials and communities to incorporate better planning measures in post-disaster recovery.

The post-disaster recovery efforts of the government following natural disasters were mostly focused on the rehabilitation and reconstruction of public infrastructure. This is expected as roads are needed to reach far-flung areas and allow people to avail themselves of government services as soon as possible. However, post-disaster efforts must have a follow-through and it must come in the form of assisting companies in disaster areas so that commerce in affected areas would immediately return to normalcy.

The increasing threat posed by natural disasters not only to far-flung areas, but also to central business districts in the National Capital Region, makes it imperative for the government to include businesses in its postdisaster recovery efforts. In recent years, businesses in the NCR and Region 4A were practically brought to a standstill by floods and strong winds caused by super typhoons. The latest threat to these establishments is the imminent eruption of Taal Volcano, which has the potential to disrupt commerce in Metro Manila and Calabarzon—two of the most populous regions in the country—for a long time.

Metro Manila is home to central business districts—like those in Ortigas, Bonifacio Global City and Makati City—where multinational and homegrown firms are headquartered. More than half a million employees work in Makati City, some of whom live in Laguna and Cavite in Region 4A or Calabarzon because the region is home to affordable houses offered by property firms that have expanded outside of Metro Manila. Calabarzon, the second top contributor to the country’s GDP, is now home to a number of business-process outsourcing firms and is regarded as the Philippines’s second top producer of poultry.

While the phreatic eruption of Taal Volcano on Sunday was not yet regarded as “hazardous,” the ash it spewed forced authorities to cancel classes and work in government offices on Monday. Private companies were also urged by Malacañang to suspend work in view of the health hazard posed by the volcanic ashfall. Economic activity in the country’s major central business districts was at a standstill a day after the volcano erupted. The Bureau of the Treasury suspended the auction for T-bills and the local stock market was also closed for the day. The Bangko Sentral ng Pilipinas suspended clearing operations and banks closed some of their branches due to the volcano’s eruption.

There’s no indication yet as to when Taal will calm down, and it appears that its activity could go on for months. Micro, small and medium enterprises that usually lack resources to immediately recoup their losses would be brought to their knees should the hazardous eruption happen. Unfortunately, a number of MSMEs are not insured against natural disasters, which will make it more difficult for them to reopen their establishments and employ workers who will also need to start earning again.

National and local governments must ensure that economic activity will not be paralyzed should natural disasters, such as the eruption of volcanoes, strike. Post-disaster recovery plans must include businesses, particularly MSMEs, which employ 9 out of 10 Filipino workers. This post-disaster recovery effort should allow businesses, especially MSMEs, to gain access to credit and other resources that will enable them to get back on their feet after a devastating natural disaster.

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Not to Kuwait, please!

Susan V. Ople

Scribbles “Hell is empty and all the devils are here.”—William Shakespeare

I

N my more than 20 years as a labor advocate, I thought I have seen the worst cruelty that employers could inflict on their foreign workers. I was wrong. I recently saw photos of Jeanelyn’s tortured body; the word “cruelty” does not even come close to describe what she went through. She had Sunshine’s face before leaving home, no matter how desperate life in Norala, South Cotabato, had become. Days after Christmas, she left this Earth with the face of a slave that found peace only in death’s presence.

“Adel Mejbel Zaid Alsanea.”

That was the name of Jeanelyn’s direct employer as written on the Philippine Overseas Employment Administration (POEA)-approved employment contract. How sad that we don’t even know how he looks like, and what his personal story is about. The anonymity of her assailants is an injustice in itself. The 26-year-old domestic worker left the country on July 4, 2019, and will be buried in her hometown on the 23rd of this month. As revealed to the media by Justice Secretary Menardo Guevarra, the worker’s tiny body bore old and fresh wounds, with evidence of sexual violence.

She was raped, and beaten.

Read this news report written by Hanan Al-Saadoun as published in the Kuwait Times: “The maid’s sponsor, who had taken her to the hospital, admitted

during interrogations that his wife had beaten the maid until she fainted, adding that she was shocked when he realized at the hospital that she had died. The sponsor was detained and his wife was summoned. She admitted to beating the maid but said she had not intended to kill her.”

“Detectives and forensic experts rushed to the sponsor’s house in Sulaibikhat to examine the crime scene, where they found traces of blood that had been cleaned and evidence that the maid had been brutally beaten.

A case was filed and further investigations are in process.”

No intent to kill? Jeanelyn had a fresh, gaping wound on the side of her head and bruises all over the body. The maid’s sponsor, meaning the male employer, was shocked that their worker died? Did he think she could have endured more? This evil couple deserves no mercy. In a society

that provides for capital punishment, there can be no better justification than the crime that has been done to our innocent kababayan. As Foreign Affairs Secretary Teddy Boy Locsin had said, “There must be blood.”

The local recruitment agency listed as 5 Star Recruitment and Manpower Corporation with office in Cubao, Quezon City, deserves to be investigated.

Had they acted in time to seek the help of the Philippine Embassy in Kuwait to compel the employers to surrender Jeanelyn to the embassy’s care, she would still be alive. According to Administrator Bernard Olalia, the local agency did not report the family’s requests for assistance to the POEA. The agency owners could have sought the help of our labor attaché and Overseas Workers Welfare Administration.

After all, Jeanelyn was an active OWWA member.

The foreign recruitment agency should also be held accountable.

They have an obligation to monitor the Filipino workers under contract with the employers that they chose as clients. In October 2019, the POEA issued a reminder to all recruitment agencies, their foreign counterparts and employers, to submit monitoring reports as proof that they are aware of the living conditions of their workers. I hope that with Jeanelyn’s death, the private sector will now take a more serious look at how they handle the monitoring aspect as part of legal compliance.

I once asked Administrator Olalia, “Do you think it is fair that a recruitment agency is tasked with monitoring the workers that they

deploy given that the natural business inclination would be to deploy more workers to increase profits?”

“Yes,” was his answer. He explained that prior to obtaining a license, new agencies are informed of this monitoring obligation since human lives are involved. The amount of effort and resources, as well as skills and knowledge, being invested by a recruitment agency owner in the screening of employers and foreign partners and especially in the monitoring of their workers, can spell the difference in the mitigation of modern slavery. Lives can be saved that way. Businesses are assured of sustainability, and yes, profits are thus earned the right and decent way.

Kuwait, one of the biggest labor destination countries for Filipino domestic workers, signed a bilateral labor agreement with the Philippines two years ago. What they signed, they failed to implement. As a UN member-state, Kuwait must adhere to the preamble of the UN Charter, which states: “We, the peoples of the United Nations [are] determined…to reaffirm faith in fundamental human rights, in the dignity and worth of the human person, in the equal rights of men and women and of nations large and small.”

Let’s stop sending domestic workers to Kuwait.

Tama na.

Susan V. Ople heads the Blas F. Ople Policy Cen-

ter and Training Institute, a nonprofit organization that deals with labor and migration issues. She also represents the OFW sector in the Inter-Agency Council Against Trafficking.

Shipping’s big bang sends two global industries spinning

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By Jack Wittels | Bloomberg Opinion

wo weeks ago, the vast majority of the world’s ships were forced to change the fuel they use. Some big winners—and potential losers—are starting to emerge from what was a historic switch for the world’s oil refining and maritime industries.

Regulations began on January 1 forcing vessels to sharply reduce emissions of sulfur oxides from burning so-called bunker fuel. If successful, the rules could turn out to be the single-biggest, globally mandated improvement to air quality ever.

The pollutant is blamed for worsening human health conditions like cardiovascular disease and asthma, and causing acid rain.

But the cost of the new fuel has skyrocketed to the point where it recently surpassed diesel and gasoline in Singapore, Asia’s oil-trading hub. The dynamic adds to the cost

of transporting goods and raw materials—a potential impediment to global supply chains since fuel represents the maritime industry’s single-biggest expense.

“The cost of world trade is rising when the bunker costs go up,” said Peter Sand, chief shipping analyst at BIMCO, a trade group for many of the world’s vessel operators. Even if the hike will be largely invisible to end consumers, it’s important to owners, some of whom may end up in financial difficulty if fuel prices stay high, he said.

IMO 2020, as the rule is known,

is a global sulfur cap on marine fuel of 0.5 percent, down from 3.5 percent in most parts of the world. The January 1 start date was set back in October 2016.

The price surge points to significant support for those refineries that make the new product.

Likewise, some shipowners are making fortunes because they invested in kit allowing them to burn the old sulfur-rich variety, which is several hundred dollars a ton cheaper.

Ship shape

Before the rules took effect, some shipowners plowed billions of dollars into exhaust-gas cleaning systems that prevent the sulfur from being released into the air. The equipment allows their vessels to keep using the old fuel without breaking the rules.

Those who invested appear to be

gleaning a competitive advantage because the discount for the old fuel is so big. Supertankers hauling 2 million barrels earned about $20,000 a day more so far this year if they were fitted with scrubbers, according to data from Clarkson Research Services Ltd., a unit of the world’s largest shipbroker. That’s about $7 million a year in savings if the current market were to continue.

Scrubber investments could pay off in less than a year, according to Richard Matthews, head of research at E.A. Gibson Shipbrokers Ltd. Rates for the oil tankers are very high by historical standards, meaning even those without are doing well.

However, where it may become more of an issue is in freight markets that are weak. For example, giant iron-ore carrying Capesizes bulkers built in 2010 earned about See “Shipping,” A7

Opinion BusinessMirror

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Boeing mocked Lion Air’s calls for 737 Max training before deadly crash

Patent law: A bane to consumers Dr. Jesus Lim Arranza

MAKE SENSE

By Ryan Beene & Harry Suhartono Bloomberg Opinion

I

ndonesia’s Lion Air considered putting its pilots through simulator training before flying the Boeing Co. 737 Max but abandoned the idea after the plane maker convinced them in 2017 it was unnecessary, according to people familiar with the matter and internal company communications.

The next year, 189 people died when a Lion Air 737 Max plunged into the Java Sea, a disaster blamed in part on inadequate training and the crew’s unfamiliarity with a new flight-control feature on the Max that malfunctioned.

Boeing employees had expressed alarm among themselves over the possibility that one of the company’s largest customers might require its pilots to undergo costly simulator training before flying the new 737 model, according to internal messages that have been released to the media. Those messages, included in the more than 100 pages of internal Boeing communications that the company provided to lawmakers and the US Federal Aviation Administration and released widely on Thursday, had Lion Air’s name redacted.

But the House committee provided excerpts of those messages to Bloomberg News that un-redacted the Indonesian carrier’s name.

“Now friggin Lion Air might need a sim to fly the Max, and maybe because of their own stupidity. I’m scrambling trying to figure out how to unscrew this now, idiots!,” one Boeing employee wrote in June 2017 text messages obtained by the company and released by the House Transportation and Infrastructure Committee.

In response, a Boeing colleague replied: “What the F%$&!!!! But their sister airline is already flying it!” That was an apparent reference to Malindo Air, the Malaysian-based carrier that was the first to fly the Max commercially.

Doing simulator training would have undercut a critical selling point of the jet—that airlines would be able to allow crews trained on an older 737 version to fly the Max after just a brief computer course.

In a report on the October 29, 2018 accident, Indonesia’s National Transportation Safety Committee cited a failure by Boeing to tell pilots about the new flight-control feature on the jet, called MCAS, and the need to provide training on it so that pilots would be able to better respond to malfunctions.

The report also cited shortfalls in the crew’s ability to perform emergency check lists, fly the plane manually and communicate about the emergency. The copilot, who took nearly four minutes to look up an emergency procedure he was supposed to have memorized, was singled out for repeated failures during training.

The 737 Max was grounded worldwide last March after an Ethiopian Airlines plane crashed following a similar MCAS malfunction.

To be sure, simulator training that didn’t address a malfunction of the system like the one crews in both

Shipping. . .

continued from A6

$4,000 a day so far this year. That’s not enough to even cover operating costs including crewing and repairs.

The same carriers fitted with scrubbers earned about $10,000 a day more than that. Not great, but a level they can survive at. If the current market doesn’t improve, those lower earnings might eventually discourage some ship operators from transporting cargoes, something that would help the owners of vessels that do have scrubbers.

Sand, from BIMCO, says that there could even be loan defaults if

disasters encountered might not have saved the jets. Separate decisions had been made not to inform pilots about MCAS, something that has drawn sharp criticism from pilots’ unions in the US. But the prospect of simulator training for Max pilots—and opposition to it within Boeing—were major themes in the latest batch of embarrassing internal company messages released last week.

Lion Air has declined to comment whether it was the carrier discussed in the messages released last week by Boeing but people familiar with the exchanges, who asked not to be identified discussing a private matter, said Lion Air had initially raised concerns about the need for simulator training on the Max but ultimately accepted Boeing’s recommendation that it was unnecessary.

Some of the messages revealed the pressure on employees—and customers—to avoid the additional training. Boeing’s resistance to simulator training for Lion Air pilots was reported earlier by Forbes.

Boeing didn’t respond to a request for comment but said last week that “any potential safety deficiencies identified in the documents have been addressed.”

“These documents do not represent the best of Boeing,” Greg Smith, the company’s interim CEO, said in a message to employees on Friday.

“The tone and language of the messages are inappropriate, particularly when used in discussion of such important matters, and they do not reflect who we are as a company or the culture we’ve created.”

Technical pilot

The communications include a 2017 e-mail from Boeing’s chief technical pilot on the 737 in which he crowed to colleagues: “Looks like my jedi mind trick worked again!” The e-mail was sent two days after the earlier messages expressing alarm about Lion Air potentially demanding simulator training.

Attached was a forwarded email exchange in which the person warned an unnamed recipient against offering simulator training for Max pilots, pushing instead for the computer-based course that regulators had already approved for flight crews transitioning to the Max from earlier 737 models.

“I am concerned that if [redacted] chooses to require a Max simulator for its pilots beyond what all other regulators are requiring that it will be creating a difficult and unnecessary training burden for your airline, as well as potentially establish a precedent in your region for other Max customers,” the Boeing pilot wrote in the forwarded message. With assistance from Alan Levin and Julie Johnsson

the price of compliant fuel doesn’t drop.

Refineries diverge

For oil refiners, IMO 2020 has transformed marine fuel from essentially a waste material sold at a discount to crude into one of the industry’s most valuable products. What’s widely now seen as the dominant new propellant—very low-sulfur fuel oil, or VLSFO—is about twice the price of the old material in Singapore and Rotterdam. A similar trend is playing out for marine gasoil, the other main clean-fuel shippers can use to comply with IMO 2020.

The main new fuel’s high price is in some ways hard to explain. In

Wednesday, January 15, 2020 A7

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S prices of prescription drugs in the country soar to irrational levels, making them practically unaffordable to the poor, especially the elderly, I find it imperative to ask if enough is being done by both the public and private sectors, to give all Filipinos equitable access to medicines.

For the sick and vulnerable Filipinos, depriving them access to costly prescription drugs that are crucial for their survival is practically like killing them softly and slowly. Illegal-drug dependents are even luckier than the impoverished who suffers from illness because the former can still be rehabilitated once they stop using the illegal substance. But depriving the ailing and dying, especially the poor, access to maintenance medicines that are indispensable for their survival is an almost guaranteed ticket to their untimely journey to the great beyond.

While the Generics Act of 1988 was passed to promote, encourage and require the use of generic terminology in the importation, manufacture, distribution, marketing, advertising and promotion,

prescription and dispensing of drugs, if only to make them available at the lowest possible cost, it’s sad to note that there are still many prescription drugs that are not available in generic form, perhaps because of certain patent laws.

Patent rights usually last for 20 to 25 years from the date of filing of patent application. And it confers on its owner the exclusive rights to restrain, prohibit and prevent any unauthorized person or entity from making, using, offering for sale, or importing of patented products, supposedly to enable its owner to recover its research and development cost.

But if medicines are patentable products and pharmaceutical companies lack the moral conscience to reduce the price of their medicines,

even after they have recouped their product development cost within a period much less than 20 years, perhaps, it would be about time for our legislators and policymakers to review the government’s Universal Health Care Program in relation to the country’s patent and generic laws, if only to make the government’s healthcare program truly responsive to present needs.

For starters, the Department of Health can, perhaps, assess the research and development cost of patented prescription drugs to determine if such cost had already been recovered by its patent owner, making its continued charging of high prices till the expiry of its patent practically immoral.

The government has regulatory powers over the sale and distribution of medicines in the country.

But many Filipinos still die each year from preventable diseases because of poverty issues. The poor’s ccess to medicines paramount to patient survival is curtailed because of the country’s high cost of medicines. And this is partly due to patent issues and/or the power of pharmaceutical companies.

If doctors, under their Code of Ethics, can practice medicine to serve mankind irrespective of race, age, disease, disability, gender, sexual orientation, social standing, creed

or political affiliation, with reward or financial gain only a subordinate consideration to service, why can’t pharmaceutical companies do the same?

As a cancer survivor myself, I know the cost of keeping a seriously ill person alive. And I have a strong feeling that President Duterte will not allow the sick, especially the destitute, to be exploited and abused by powerful pharmaceutical companies.

I look forward to the day when Duterte will issue an order requiring drug companies to lower the prices of their prescription drugs for high maintenance illnesses, such as cancer, cardio vascular and pulmonary diseases, among others, if only to make them accessible to the ailing and dying, especially the poor.

In his third State of the Nation Address, Duterte said: “As a government worker, I promise to do whatever it takes to give Filipinos a comfortable life, fighting powerful interests and making sacrifices, my obligation is to promote the greatest good for the greatest number.”

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

2020: Toward a more robust competition regime Arsenio M. Balisacan

Competition Matters

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n last week’s column, I discussed how 2019 proved to be a banner year for the Philippine Competition Commission. Having gained significant experience in the past three years, the PCC confidently flexed its enforcement muscle by deciding on several landmark cases and imposing stiff fines on competition law violators. Our strong position reflects the commission’s commitment to fostering efficient markets and advancing consumer welfare.

By issuing several rules and guidelines that streamline PCC’s processes and clarify the scope of its powers, as well as introducing programs that bolster its operations, the commission looks to further improving the quality of its operations and reducing the risks and costs to doing business in 2020.

Yet, many challenges still need to be overcome. Many sectors that have significant impact on consumer welfare and economic development are still characterized by high levels of market concentration and barriers to entry. Consequently, the full benefits of competition—lower prices, better quality, and wider variety of goods and services—are yet to be felt by most Filipinos.

Therefore, for the year 2020, the commission will prioritize the sectors of telecommunications, retail, energy and electricity, transportation, construction, health and pharmaceuticals, and food and agriculture. In carrying out competition analysis and enforcement activities, we intend to unleash the full economic potential of these sectors that have long been held back by highly restrictive regulation.

This year, the commission’s topmost priority is to effectively investigate anticompetitive agreements and conduct, bearing in mind that effective deterrence requires not only the threat of penalties but also effective detection and prosecution of infringements. With the fully

launched leniency program and the strengthened ability to conduct dawn raids added to our armory of enforcement tools, we are now more equipped to exercise the full range of our investigative powers.

On the mergers and acquisitions front, we will further streamline our review process by issuing several important circulars and guidelines. In the first half of this year, we intend to issue circulars on the process for exemption from compulsory notification of joint ventures under the Neda JV Guidelines, as well as unsolicited public-private partnership projects. Guidelines on merger remedies, which parties may use to inform their proposals for voluntary commitments to the commission, will also be issued within the year.

We will undertake in-depth research to support merger reviews and competition enforcement and to provide inputs for advocacy initiatives. These include competition assessments of sector regulations and market conditions, and an impact evaluation of PCC’s decisions. The commission also intends to conduct

research on the impact of government subsidies on the competition landscape, as well as on industry practices, such as vertical restraints between upstream and downstream segments of various industries.

On the matter of strengthening our enforcement networks, we look forward to solidifying and formalizing interagency ties with other sector regulators, particularly with the Land Transportation Franchising and Regulatory Board, the Intellectual Property Office, and the Department of Information and Communications Technology. These partnerships will effectively speed up investigation of cases and facilitate better policy coordination.

Along with this, the commission plans to formally propose to Congress amendments to the Philippine Competition Act (PCA) to address salient issues that have emerged during its first three years of operations. The proposed amendments will include raising the amount of pecuniary penalties, giving PCC the power to conduct dawn raids without court order, and reinforcing its primary, original, and exclusive jurisdiction over all competition cases. Following global trends, we will

theory, it shouldn’t be more expensive than products like gasoline and diesel because it’s easier to make.

Today’s sky-high prices are the result of both the refining and shipping sectors wanting the other to invest in making it, said Alan Gelder, vice president for refining and chemicals, at Wood Mackenzie Ltd., an energy consultant. There have also been fuel availability issues at some ports around the world, as well as a shortage of barges to deliver, according to Melissa Williams, a marine fuel sales and marketing manager at Royal Dutch Shell Plc. “The impact on refiners isn’t the same across the board,” said Mark Williams, principal refining ana-

lyst at Wood Mackenzie. Refiners in the US Gulf coast which can process high-sulfur fuel oil—the old propellant that has become much cheaper since the switch—are doing very well, he said. But any refiners that lack upgrading equipment and process sulfur-rich crudes will be feeling squeezed.

More broadly, refiners are having to rethink their whole approach to fuel production as other margins are pulled around by the IMO 2020 effect. Low-sulfur feedstocks like vacuum gasoil and straight-run fuel oil that, among other things, can be used to make the new product, have shot up in value relative to crude. If large volumes get diverted to the

maritime market, more traditional outputs like gasoline, that can also be made from them, could tighten.

The diesel market, meanwhile, has largely shrugged off the IMO 2020 boost many were expecting.

Warm weather across the globe is partly to blame, along with recent downward revisions to oil demand growth forecasts, said Steve Sawyer, director of refining at FGE. The result is VLSFO rising above diesel in Singapore, a “bizarre” pricing dynamic, he said.

Looking forward, Sawyer expects VLSFO to remain at a premium to crude as long the crude oil price remains in a $60 to $70 a barrel range.

Gelder and Williams expect the

also explore expanding our mandate to include consumer protection, recognizing the complementarity between competition and consumer protection work.

Recently, the commission and the Asian Development Bank launched the $23.3-million Capacity Building to Foster Competition Project, the first capacity building loan in recent years. This six-year project, currently ongoing, will help strengthen PCC’s institutional capacity while furthering the culture of competition in other government agencies and in the academe.

Further, to cater to the growing appetite for expansion across our country’s major economic centers, PCC will ramp up preparations for the establishment of regional offices in Cebu and Davao, by 2021.

By issuing several rules and guidelines that streamline PCC’s processes and clarify the scope of its powers, as well as introducing programs that bolster its operations, the commission looks to further improving the quality of its operations and reducing the risks and costs to doing business in 2020.

Now, having laid down the future actions on the country’s competition policy regime, the PCC recommits itself to fulfilling its mandate of protecting competitive processes to advance consumer welfare and achieve sustained and inclusive development.

Dr. Arsenio M. Balisacan is the chairman of the Philippine Competition Commission and a professor of economics (on secondment) at the University of the Philippines. Prior to his appointment to the commission, he served as socioeconomic planning secretary and, concurrently, director general of the National Economic and Development Authority. He also served as dean of the School of Economics in UP Diliman.

VLSFO price to fall going forward, while the price of HSFO is set to rise by about 20 percent by the fourth quarter as more shippers fit scrubbers. The IMO transition period, meanwhile, is set to last for a couple more years, they said.

So the current price surge is just the start of a process. Refineries will need to decide if it’s worth spending the money on equipment to make new fuels, and shipping companies will have to consider buying more scrubbers.

“If you’re going to reduce the impact of these extra costs on the overall economy, there’s more investment needed,” Gelder said. With assistance from Jeffrey Bair

A8 Wednesday, January 15, 2020

House panels craft rehab plan for Taal-hit businesses T

By Jovee Marie N. dela Cruz

@joveemarie

HE leadership of the House of Representatives on Tuesday said several committees of the lower chamber are studying the crafting of a comprehensive rehabilitation plan to reinvigorate tourism and businesses that were severely affected in Batangas, Cavite and Laguna by Taal Volcano’s seismic activities.

House Speaker Alan Peter Cayetano said he directed the House Committees on Disaster Management, Agriculture, Tourism, and Trade and Industry to start developing a comprehensive rehabilitation plan for the

affected areas.

“We need to collectively develop for short-term and long-term plans to restore and rehabilitate the affected areas to reinvigorate tourism and business in the af-

fected provinces the soonest time possible,” he said.

Cayetano made t he statement following the Philippine Institute Volcanology and Seismology (Phivolcs) announcement that prolonged eruption of up to seven months could be the worstcase scenario for the volcano’s intense activities.

According to Cayetano, a comprehensive rehabilitation plan will entail funding, logistical and operational support from various national government agencies.

“We know that the local government units and other government agencies are already handling the rescue and relief operations, so Congress can focus more on planning for the rehabilitation efforts,”

Cayetano said.

“Different House committees and relevant government agencies, as well as other urban planning experts can work on this plan to ensure that it is disaster-resilient and sustainable,” Cayetano said.

Currently, Cayetano said the government may use the P16billion allocation under the 2020 General Appropriations Act for the National Disaster Risk Reduction and Management Fund.

Of this amount, the Speaker said P3.3 billion is allotted for aid and relief and rehabilitation services to communities affected by calamities; and P4.2 billion for repair and reconstruction of permanent structures, including capital expenditures.

More cracks detected on Taal Volcano island

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OLCANO experts have detected new cracks in various parts of the volcano island in Batangas as Taal Volcano continues to display magmatic and hydro volcanic activity.

The Philippine Institute of Volcanology and Seismology (Phivolcs) reported in its Volcano Bulletin issued 1 p.m. Tuesday that lava fountains generated 800-meter tall

dark gray steam-laden plumes that drifted to the general southwest.

“New fissures or cracks were observed in Sinisian, Mahabang Dahilig, Dayapan, Palanas, Sangalang, Poblacion, Lemery; Pansipit, Agoncillo; Poblacion 1, Poblacion 2, Poblacion 3, Poblacion 5, Talisay and Poblacion, San Nicolas. A fissure was also documented across the road connecting Agoncillo to

NORTHEAST MONSOON AFFECTING LUZON LOW PRESSURE AREA 350 KM EAST OF HINATUAN, SURIGAO DEL SUR as of 4:00 pm - January 14, 2020

Laurel, Batangas,” it said.

Meanwhile, the Philippine Seismic Network recorded a total of 49 volcanic earthquakes in the Taal region from 2 a.m. to 10 a.m. on Tuesday, including seven that were felt with intensities ranging from intensity 2 to 4 in Tagaytay City.

Interviewed by the BusinessMirror, Lincoln Olayva, Science Research Specialist 1 at Phivolcs,

said the intense seismic activity and the fissuring on the island mean continuous magma intrusion beneath the Taal edifice. “This may or may not lead to a hazardous eruption,” he said.

By this time, he said livestock and domestic animals, including fish in the lake, could have been succumbed or are in extreme danger already.

“It is highly possible that because of the volcanic activity, even fish in the lake are already affected,” he said.

As such, he said the entire volcano island should have been deserted by now, and that it should stay as a “no man’s land.”

“Remember that the entire volcano island is within the 14-kilometer permanent danger zone.

Anyone who are still there on the island are in grave danger,” he said in a mix of Filipino and English.

Thousands of affected communities fled their homes as the volcano started to erupt Sunday afternoon and are sheltered in over 40 temporary evacuation camps put up across Batangas province. Ashfall from the volcano had reached areas as far as Quezon City on Sunday and Monday, prompting Malacañang to suspend classes in all levels, as well as work in government offices on Monday.

The Department of Environment and Natura l Resources (DENR) through its Biodiversity Management Bureau (BMB) deployed field personnel to rescue affected wildlife and bring them to safety.

Members of animal rights group People for the Ethical Treatment of Animals (PETA) are in Batangas to help provide medical attention to affected domestic animals, some of which were left behind on the volcano island as those being evacuated in the past two days were not allowed to bring with them their pets or even livestock.

According to Olayva anything can happen in the next few hours and days, including tsunami. “But this ground fissure is not likely to trigger a tsunami. A tsunami happens in case of flank collapse,” he said, explaining that volcanic earthquakes may lead to a rupture on the island’s wall. When a big chunk of the wall collapses, he said it is like dropping a huge rock in a basin filled with water.

Alert Level 5

This can happen in case of the hazardous eruption which means that the Alert Level over Taal will also be raised from 4 to 5.

Alert Level 5 means magmatic eruption characterized by explosive production of tall ash-laden See “More cracks,” A2

NEDA: GOVT HAS GOOD CHANCE OF CUTTING POVERTY RATE TO 11%

By Cai U. Ordinario

T

@caiordinario

HE National Economic and Development Authority (Neda) on Monday expressed confidence that the Duterte administration will be able to halve the number of poor Filipinos by 2022, particularly if social programs are better targeted.

If the administration achieves its goal of reducing poverty rate to 11 percent by 2022, the Neda said this will be the first time in the country’s history that the figure will be cut in six years.

The Development Budget Coordination Committee (DBCC) recently revised the poverty rate target to a more ambitious rate of 11 percent from 14 percent by 2022.

“This would be the first time in history that the poverty rate will be halved in just six years, a significant contribution and achievement of this administration,” said Socioeconomic Planning Secretary Ernesto M. Pernia.

Pernia noted that the country’s poverty incidence dropped to 16.6 percent in 2018, from 23.3 percent in 2015. This means that the reduction averaged 2.23 percentage points per year, making the previous target achievable by mid-2022.

The Neda chief said the decline was also broad-based, as all regions, except the Autonomous Region in Muslim Mindanao (ARMM), recorded a decline in poverty incidence among population.

Former Socioeconomic Planning Secretary Romulo L. Neri told the BusinessMirror that the Neda’s data indicate that halving poverty by 2022 is feasible.

Neri said growing the economy by 7 percent annually will allow the government to hit this goal.

However, University of Asia and the Pacific School of Economics Dean Cid Terosa said halving poverty by 2022 may be

a tall order for the government.

Tall order

“It will be a challenge to halve the country’s poverty rate to 11 percent by 2022 simply because it will require the economy to grow consistently by about 7 or more percent in the next two years. I believe, however, that the poverty rate can go down to about 15 or 16 percent by 2022,” said Terosa.

While achieving the target is statistically probable, University of the Philippines Diliman School of Economics Associate Professor Toby Melissa Monsod told the BusinessMirror that the government must look beyond income poverty.

Monsod said income poverty is “a very narrow indicator of welfare” and must also be viewed together with health and nutrition indicators, which have worsened in the past 25 years.

“Health and nutrition have not improved and have in fact gotten worse, [such as] maternal mortality, child stunting, and now diseases that were supposed to have been controlled or eradicated,” she said.

“The narrow focus on income poverty is very misleading. We should be concerned for human development outcomes and not just incomes per se,” she added.

Monsod also stressed the difficulty of reconciling the fact that while health and nutrition outcomes have worsened, the Philippines is still aiming to become an upper middle income country.

Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III and said halving poverty to 11 percent is going to be a “fighting target.”

“It’s good to aim high but at the same time recognize the headwinds. Tailwind though is the growth momentum, but it can be dissipated by undisciplined populism and threat of contract/ policy reversals,” Sta. Ana said.

See “Poverty rate,” A2

No more need for special session to augment fund for Mideast repatriation

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R ESIDEN T Duter te has dropped his call to Congress to hold a special session to grant concerned government agencies an additional budget for the repatriation and evacuation of Filipinos in the Middle East.

“Since there is a de-escalation of conflict there, I suppose that is the reason the President did not pursue his request to Congress to call for a special session,” Presidential spokesman Salvador S. Panelo said in media briefing on Monday.

Last week, Duterte asked Congress for more funding a few days after a January 3 United States air strike killed a influential Iranian general in Iraq, prompting the Iranian government to vow retaliation against American forces, who have bases in Iraq and several other Middle East countries where nearly 2 million overseas Filipino workers (OFWs) are located.

However, after Iranian forces fired missile attacks at US forces in two Iraqi bases last week, both countries avoided taking any more provocative acts against one another.

Despite this development, Panelo said the government will continue its repatriation and evacuation

preparations in the Middle East.

“Because we don’t know exactly when it [Middle East tension] will again escalate or de-escalate. So, to be certain that our people there are safe and secure, we will be sending this ship,” Panelo said, referring to the Navy ship, which headed off on Tuesday to the Middle East to serve as transport for evacuated Filipinos.

Currently, BRP Gabriela Silang, a Philippine Coast Guard ship, is now in Malta to help facilitate the evacuation of Filipinos in the Middle East and North Africa if the need for it arises.

In a related development, the Philippine Overseas Employment Administration (POEA) finally issued its governing board resolution imposing a total deployment ban in Iraq last Friday.

The ban will cover the processing and deployment of all OFWs, including crew changes and shore leaves of Filipinos in Iraq.

POEA made the decision based on the recommendation of the Department of Foreign Affairs (DFA).

DFA hoisted a crisis Alert Level 4 in Iraq “in view of the escalating tensions between Iran and the United States.” Samuel P. Medenilla

News BusinessMirror

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Contingency plan to extend assistance to Batangas farmers, fisherfolk sought

By Jovee Marie N. Dela Cruz @joveemarie

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AWM AK ERS on Tuesday called on the national government to draw up a contingency plan for farmers and fisherfolks affected by the eruption of Taal Volcano.

They also called on the Department of Agriculture (DA) to allocate a portion of calamity funds and quick response funds to help ease the damage caused by the ongoing volcanic activity.

Deputy Speaker Michael Romero said containing the economic impact of the Taal Volcano eruption could be a challenge greater than that experienced when Mayon Volcano erupted as parts of Batangas and Cavite—two provinces of the Calabarzon regional economic powerhouse—are affected.

Romero said the DA should make sure food supply lines remain intact to avert any possible inflation impact.

“Tourism, high-value crops farming, and Taal Lake fishing, as well as transport of cargo and travel of passenger to the Port of Batangas City, these would be affected in weeks and months to come,” he said.

The lawmaker said Taal fisherfolk can be relocated to the fishing towns of Laguna de Bay. The relocation, he said, would be the responsibility of the Department of Housing and Human Settlements.

“There should be unconditional cash grants, interest-free loans, and livelihood recovery aid to farmers cultivating coffee, pineapples, bananas, vegetables and flowers,” he added.

For his part, Magsasaka Rep. Argel Cabatbat said the number of affected farmers and fisherfolks must be determined as fast as possible, given that a simple change in wind direction can further damage the agricultural and livestock industry.

“The number of farmers damaged by the eruption must be accounted for,” he said.

Also, Cabatbat said, while the eruption can contribute to more nutrients for our soil, “the shortterm implications to farmers are more destructive than beneficial.

Volcanic ashfall can kill vegetation immediately, contribute to illnesses for livestock, put animals at risk, and drive affected farmers to bankruptcy,” he pointed out.

According to Cabatbat, the estimated damage right now is P75.55 million for 752 hectares of crops, but we also must have to plan for possible fish kill.

The lawmaker, citing the Bureau of Fisheries and Aquatic Resources, said there are 6,000 cages at risk in the Batangas area because of the water’s high sulfur content.

“The tawilis, which can only be found in the Taal Lake, and became a part of the endangered species list just last year, should be closely monitored because [the fish could] be gravely affected by the eruption,” Cabatbat added.

He said what farmers and fisherfolk need are targeted approaches to help cushion the damage to them.

“There’s a problem of safety and survival, which the national and local governments must attend to. And then there’s an issue of livelihood and sustainance, because farmers and fishermen are the top 2 poorest sectors in the Philippines. Losing their livelihood drives them to poverty, and forces them to live a life of subsistence, which is bereft of dignity,” he said.

“We urge the government to draw an agricultural contingency plan, especially for our small farmers. The provincial government of Batangas should consider allocating a portion of calamity funds to target the farming and fisheries sector.

Resources must be poured for marketable crops and fish be harvested immediately, to secure farming machinery, to consider livestock in relief operations, and to set communal areas where animals can graze on ash-free grass,” Cabatbat said.

Grants

MEANWHILE, Agusan Rep. Lawrence Fortun asked the Department of Agriculture to provide outright grants and not loans to displaced farmers and fisherfolks.

“Please do not give loans to farmers who already lost everything because of the Taal Volcano eruption. Must be outright grants with no repayment provision. Our taxes should be enough to cover the emergency aid,” he said.

“Government should also immediately facilitate relocation of displaced farmers and fisherfolk at very affordable terms. They cannot return to the volcano island, so they have to be relocated. I believe it is feasible for government to implement a program for housing and distribution of farmlands to farmers at zero interest and longer and low-installment payment arrangements. Perhaps maximum of P1,000 a month,” he added.

Also, Fortun said government should also consider providing displaced fisherfolk families immediate arrangements for housing in any of the fishing towns of Laguna de Bay. “Inland fishing methods, aquaculture techniques, hydroponic farming, and marine hatcheries can also be provided to the displaced families at zero cost,” he said.

Fortun said the government must ensure that they are all included in the 4Ps of the DSWD and give them Universal Health Care coverage.

Group: Rice import restriction during harvest season will erode RTL gains

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Action for Economic Reforms (AER), an organization engaged in research and advocacy, said restricting rice imports during harvest season will erode the economic benefits from the rice trade liberalization (RTL) law and may even result in unstable prices in the market.

The AER issued the statement on Tuesday, few days after President Duterte promised to farmers that he will not allow rice imports during or near harvest season to avert decline in palay (unhusked rice) farm-gate prices.

“This policy pronouncement of curbing rice imports will erode the gains from the rice tariffication law. This will not stabilize rice prices,” it said.

“History has shown that it is the manipulation of import controls that has created volatile and high prices for the overwhelming majority of Filipinos. Farmers will enjoy higher prices in the short term, but this will

aggravate their long-standing problem of inefficiency and low productivity,” the group added.

The AER proposed that the government should create the correct “conditions” for rice farmers to increase their productivity and become competitive against foreign producers.

“To rely on import control will not solve the problem of weak productivity,” AER said. “ P resident D uter te w a nt s to help farmers, but his idea of helping farmers—by restricting imports during harvest season—ma kes them dependent on a short sighted policy, which

Correspondent

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HE Philippine Red Cross (PRC) has provided the needed assistance and service in the ongoing evacuation of residents affected by the ongoing eruption of Taal Volcano.

PRC Chairman and Chief Executive Officer Sen. Richard J. Gordon said that the PRC deployed five ambulances; rapid damage, and needs, assessment team and welfare desks, while face masks, hot meals and rescue vehicles have also been prepared for the evacuees.

“Philippine Red Cross is on full alert. We are preparing for distribution of food and nonfood items. We advise everyone to take precautionary measures to avoid inhalation of ashes. Report to us any untoward incidents, or call Red Cross hot line 143 in case of an emergency. Our teams are also assessing the immediate needs of the affected residents,” said Gordon, who was at the Red Cross Operations Center from early evening of Sunday until wee hours of the morning on Monday.

Volunteers and staff of PRC Batangas-Na-

will not transform their conditions. Worse, it comes at the expense of hurting the Filipino consumers, including many farmers themselves [because they are net consumers themselves],” it added.

The AER argued that import restriction have always resulted in “price volatility,” which it said “negatively” affects “the overwhelming majority of the people.”

“Even if import restriction would artificially boost palay prices, we have seen that this has not improved the lives of our farmers during the decades that quantitative restrictions existed. Attendant to this is the corruption and damage to institutions that import control brings,” AER added.

AER explained that the surge in rice imports last year was part and parcel of the industry’s transition to a liberalized trade regime.

Furthermore, the group said importers are now adjusting to the new regime and soon enough would reach a new equilibrium with total imports stabilizing.

“If we want to improve the farmers’ well-being, let us help them improve their productivity, precisely what the law intends to do,” it said.

“Resorting to import restriction even if confined to the harvest season will not enable farmers to

achieve increased productivity as the restriction only breed complacency.

President Duterte got it right when he proposed rice procurement, but to combine this with import restriction will be a disaster,” it added.

The Department of Agriculture (DA) earlier said the country’s total rice imports last year reached 3 million metric tons (MMT) following the enactment of the RTL law, which eased the requirements for importing rice.

The surge in imports last year resulted in the decline of the country’s rice self-sufficiency rate, or adequacy level, to its lowest in 10 years to 85 percent, according to the DA. Despite this, President Duterte personally appealed to farmers to give the RTL a chance, citing its longterm economic benefits. The law took effect on March 5, 2019.

The Philippines started and ended the previous decade as the world’s top rice importer, with the country formally overtaking China as the top buyer of the staple last year, based on data from the United States Department of Agriculture (USDA).

Data from the USDA showed that the Philippines’s rice imports in 2019 rose to an all-time high of 3.2 million metric tons, making the country the top buyer of imported rice last year.

Lawmaker pushes passage of underground cable system bill

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O ensure uninterrupted supply of power and telecommunications service during disasters, a deputy majority leader has pushed for the passage of the proposed Nationwide Underground Cable System Act. In House Bill 5845, Bagong Henerasyon Party-list Rep. Bernadette Herrera-Dy said Davao City, Cagayan de Oro City, Cebu City and Baguio City have taken the initial steps to place their utility cables underground.

“Metro Manila and surrounding highly urbanized areas, it seems, have not realized they are being left behind by more progressive governance elsewhere,” she said.

According to Herrera-Dy, one of the immediate and biggest impacts of natural calamities, such as the recent eruption of the Taal Volcano is the interruption to power and communications.

The lawmaker said in order for the affected communities to better cope with the disaster and recover faster, the continuous supply of power is critical.

“The painful and ugly sight of those power and communications cables, and service posts collapsing because of the weight of wet

volcanic ash in Batangas and Cavite reminded me of House Bill 5845, which proposes a nationwide underground cable system,” she added.

With the Taal Volcano eruption, Metro Manila, Tagaytay City, Lipa City and Batangas City now have more reason to bury those cables underground, said Herrera-Dy. “They need not wait for the national government to enact a law.

They simply have to conduct feasibility studies and enact local ordinances, and look for funding outside of their annual budgets. The cities can bid out, or invite private investors, to lay the cables underground.

In biddings, they would use LGUgenerated funds. If they invite private investors, investors’ funds would be used,” she said.

HB 5845 mandates all companies, service providers, industries and other similar entities that use wires and/or cable, especially those that are engaged in the business of telephone, cable, Internet service and power supply to the public to re-

PRC, DPWH renders aid to Taal evacuees in Batangas and Cavite

By Claudeth Mocon-Ciriaco

Wednesday, January 15, 2020 A9

sugbu Chapter are already busy on the ground assisting residents in the ongoing evacuation.

Currently, more than 4,000 families, or 14,491 individuals, are sheltered in 35 evacuation centers in Cavite with 1,361 families, and Batangas with 2,664 families.

“Senior citizens must be taken care of, especially those with respiratory diseases as ashes from the volcano continue to overshadow highways, and coated cars and streets as far as Metro Manila,” Gordon added.

He explained, “Volcanic ash is actually pulverized rock and glass from the volcano.

It is abrasive, mildly corrosive, can conduct electricity when wet and doesn’t dissolve in water. Think of it like sand, but gets scattered by the wind and you can breathe it in. I learned long time ago to always consult scientists in responding to disasters. We were successful in Pinatubo. We will be successful again this time. Thanks to people like Dr. Solidum of Phivolcs and Dr. Kelvin Rodolfo.”

As of 4 p.m. on Monday, lava fountains continue to emanate from the restive volcano, with volcanic earthquakes and frequent volcanic lightning that rained wet ashfall. Alert

Level 4 was raised from Alert Level 2 since Sunday, which warns of a hazardous eruption that could happen within hours to days.

Evacuation has been advised in two cities and 12 municipalities in Batangas province, and nearby towns in Cavite.

PRC-National Headquarters and nearby chapters are monitoring the situation on the ground, and also alerted Red Cross’s 143 volunteers in the affected areas.

Volcano eruptions are not something new to PRC as the foremost humanitarian organization in the country responded to a wide range of disasters in the past year, such as the Sulu bombing, Manila water crisis, measles outbreak, dry spell, dengue outbreak, Zambales/Porac, Batanes and Mindanao earthquakes, polio outbreak and Typhoons Tisoy and Ursula.

The Department of Public Works and Highways (DPWH), meanwhile, said it has assisted some 16,000 residents affected by the eruption of Taal Volcano.

Public Works Secretary Mark A. Villar said the people are now situated in evacuation centers nearest to their vicinity.

locate, and/or install, their wire and cable system underground.

“I propose that the private sector bear the full cost of the underground cable system, because the annual budget cannot bear that burden. For government to do it, there has to be affordable foreign financing from multiple sources and, possibly, the issuance of bonds—bonds like the reconstruction bonds issued after the Luzon earthquake of July 1991,” she said.

Herrera-Dy also said underground cabling can be done in phases nationwide.

“It can be a 10-year program, starting with Metro Manila, Tagaytay, Batangas City and Lipa City. Not

only is underground cabling more secure from volcanic ash, strong winds and floods, it would also enhance the architectural beauty of cities and towns, make them more livable environments,” she said.

“The national government can start the ball rolling through the National Electrification Administration, implementor of the AntiPowerline Disturbance Act. The NEA can help the LGUs by doing the feasibility studies. The Neda [National Economic and Development Authority] and Philippine Institute of Development Studies can also conduct feasibility studies as part of the current mandates and budgets,” she added. Jovee Marie N. Dela Cruz

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FMIC: PSEi may only reach as much as 8,900 points this year

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By VG Cabuag

@villygc

HE benchmark Philippine Stock Exchange index (PSEi) is seen to grow between 8,600 and 8,900 points this year as the volume on the equities market is underpinned on the growth of corporate earnings, investment bank First Metro Investment Corp. (FMIC) said.

The outlook for the main index is almost the same as its last year’s target of between 8,400 to 8,900, due to geopolitical risks.

This year, the risks that the bank mentioned were mainly the current ones including the tensions between the US and Iran and the presidential elections in the US later this year.

The FMIC outlook is deemed already optimistic as the main in-

Nlex’s multilevel exchange on C3 seen completed in Q1

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XPRESSWAY operator Nlex Corp. said on Tuesday its multilevel interchange along C3 Road is now taking shape and is scheduled for completion this quarter.

Nlex Corp. President Luigi L. Bautista said the group has already installed the massive steel girder for the Nlex Caloocan Interchange, a key step to completing that portion of the North Luzon Expressway.

Nlex Harbor Link Segment 10 was opened in February 2019. It is a 5.65-kilometer, six-lane elevated expressway that originates in Karuhatan, Valenzuela City, over Gov. Pascual Avenue in Malabon City and Caloocan Interchange. It spans 2.6 km from Caloocan to R10, Navotas City.

Nlex Connector, on the other hand, is an 8-km expressway that will be built along the Philippine National Railways (PNR) tracks from the end of Segment 10 on C3/5th Avenue to PUP Santa Mesa, Manila.

“The installation of these girders is crucial in our construction process as we target to open the Malabon Exit

by February 2020, and the entire C3R10 Section by March 2020,” he said.

The interchange will serve as a strategic converging point of Nlex Harbor Link Segment 10, its C3-R10 Section, and the Nlex Connector.

So far, Bautista said, Nlex Corp. has completed most of the bored pile foundations for the C3-R10 Section while column, crosshead erection works, beam launching, and deck concreting are rapidly in progress.

He noted that his group is confident of meeting the project timelines.

“Our team is working double-time to make the C3-R10 Section accessible and provide travel convenience to our motorists,” Bautista said.

Public Works Secretary Mark A. Villar said the interchange is crucial for traffic mitigation, as it will benefit roughly 30,000 vehicles per day, most of which are to and from the ports of Manila.

“The Nlex Harbor Link will significantly impact trade and commerce, while also providing solutions to Metro Manila traffic woes as cargo trucks will have 24/7 access from the port to Nlex,” Villar said. Lorenz S. Marasigan

dex even struggled to go past the 8,000-point mark over the past years.

The FMIC target for the year also represents the price to earnings (P/E) ratio of between 16.8 times and 17.4 times. At the moment, the PSEi’s earnings multiple is at about 14 times.

The P/E ratio is meant to value a company that measures its current

share price relative to its per-share earnings.

Cristina Ulang, FMIC research head, said corporate earnings may grow by at least 10 percent this year, which will shore up more volume to the equities index.

Ulang, however, said the investors are still on a “wait and see” mode at the moment, and many are still waiting for the first quarter results to come out.

“Let the first quarter figures come out, corporate earnings and GDP [gross domestic product] and then you’ll see [the volume] coming from the foreigners. But we [at FMIC] are optimistic that they will return because of the compelling arguments” of the country’s economic fundamentals, Ulang said.

“But we will know the first quarter figures by May; and only by then [can we see],” she said.

There may be six initial public offerings this year, compared with just four last year, FMIC said.

Last year, funds raised from the

PSE only reached P58.6 billion, according to FMIC data, down some 74 percent from the previous year’s P226.8 billion.

“Market developments, such as the emergence of REITs [real-estate investment trust], the introduction of short selling and the implementation of the proposed 25-percent increase in the minimum public float would spur trading activity,” FMIC said.

Ulang, however, said there are still questions on whether the short selling can drive volume to the entire equities market, but the REITs may provide some volume since there are already companies that signified their intent to raise funds through the REITs. Last year, the benchmark index closed at 7,815.26 points, posting gains of 349.24 points or 4 percent from last year’s close. It reached a high of 8,365.29 points and a low of 7,475.16.

Foreign investors are net sellers at P14.5 billion.

SM Prime to sell ₧20B in fixed-rate bonds

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HOPPING mall operator SM Prime Holdings Inc. on Tuesday said it will sell some P20 billion in five- to seven-year fixed-rate bonds.

The company said it will sell a primary offering of P15 billion and oversubscription option of P5 billion, which will form part of its Series K and L Bonds.

The offering is part of the P100billion shelf registration it filed with the Securities and Exchange Commission in December last year.

“The board of directors, on November 4, 2019, approved the said offering and authorized the management to negotiate and finalize the terms and conditions, including pricing, tenor and any increase in issuance amount, and execute any and all documents necessary, to implement the retail bond issue,” SM Prime said.

SM Prime net income grew 18 percent during the three quarters of 2019 ending September to P27.6 billion, from last year’s P23.44 billion on new malls and higher condominium unit sales, propelling its growth.

Consolidated revenues rose 14 percent to P85.03 billion from P74.56 billion last year, while consolidated operating income grew 17 percent to P41 billion, from P34.91 billion last year.

For July to September quarter alone, SM Prime’s net income was up by 22 percent to P8.3 billion from P6.82 billion of the previous year, while revenues increased 13 percent to P27.98 billion from the previous P24.79 billion.

“SM Prime’s recent developments and expansion programs in various progressive cities in the Philippines have contributed significantly to the company’s strong performance in the first nine months of 2019. Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year,” SM Prime President Jeffrey C. Lim said in a statement.

The company’s domestic mall revenues recorded an 8-percent growth to P42.03 billion, from P38.86 billion last year, while same-mall-sales growth was at 7 percent.

SM Prime has 81 malls, 74 in the Philippines and seven in China. In the Philippines, 42 percent of SM Prime’s mall spaces are in Metro Manila, while the rest are located in key provincial cities and emerging provinces. The company opened SM City Olongapo Central in the third quarter of 2019, and SM Center Dagupan in October. VG Cabuag

Villar not endorsing cryptocurrency trading, tags social-media post on alleged pitch a scam F

ORMER Senate President turned full-time businessman Manuel B. Villar Jr. on Tuesday denied endorsing a cryptocurrency trading program.

Villar, now the country’s wealthiest man, issued the statement after several social-media posts said he had endorsed the cryptocurrency during his TV guesting at Gandang Gabi, Vice!.

He called the social-media

post a “scam.” “I wish to warn the public about a false social-media posting claiming that I endorsed a cryptocurrency trading program.

I have never made any such endorsement nor have I engaged in the said bitcoin trading program,” Villar said.

“This is obviously a scam and I ask the public to protect themselves from such unscrupulous act,” he said.

The ads on Facebook link to fake

Villar

Car sales up 3.5% in ’19, but miss 10% growth goal

Workers are seen at a car assembly plant in Laguna, in this BusinessMirror file photo. NONIE REYES

By Elijah Felice E. Rosales @alyasjah

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AR sales in the Philippines recovered by nearly 4 percent last year, but the automotive industry failed to achieve its 10-percent growth target on account of various internal and external factors.

The industry finished 2019 on a positive note by expanding sales by 3.5 percent to 369,941 units, from 357,410 units in 2018, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association.

Both the passenger car (PC) and commercial vehicle (CV) segments posted positive performances, but the former ended with less than 1-percent growth.

Sales of PCs grew flat by 0.16 percent to 109,197 units, from 109,020

units, while sales of CVs improved nearly 5 percent to 260,744 units, from 248,390 units.

Although sales ended in the green, such did not meet the industry’s goal of 10-percent growth last year. Vehicle makers had identified that as their growth objective after falling heavily in 2018 on the confluence of tax hikes, surging inflation, unstable oil prices, among others.

In a statement on Tuesday, Campi President Rommel R. Gutierrez admitted 2019 was a challenging year for the industry, as it was hounded by issues both from within and without. He did not elaborate what those issues are, though.

“The year 2019 has been challenging for the industry due to various internal and external factors. Thankfully, the industry’s collective efforts, supported by sustained economic growth, have

paid off,” Gutierrez said.

“We will not rest on our laurels as we aim for further growth in the coming months, and hopefully for the whole of 2020,” he added.

He said the industry expects sales of vehicle importers and distributors will be sufficient for total sales to reach 410,000 all in all. Car firms have yet to convene on what will be their growth objective for this year.

In terms of share, Toyota Motors Philippines Corp. led the industry, taking 43.79 percent of the market.

Distantly following Toyota were Mitsubishi Motors Philippines Corp. and Nissan Philippines Inc. with market takes of 17.31 percent and 11.54 percent, respectively.

In fourth and fifth places are Suzuki Philippines Inc. and Ford Motor Co. Philippines Inc., accordingly, taking 6.46 percent and 5.91 percent of the market.

news sites claiming Villar was interviewed in a popular talk show where he was supposed to have narrated how he made money from cryptocurrency trading.

The sites had previously made similar claims involving other famous businessmen.

Villar, who lost the 2010 presidential race and returned to steer the family business of building houses in subdivisions and shop-

ping malls, is now the country’s richest man, according to Forbes magazine.

Villar topped the 2019 Forbes billionaire’s list at $5.5 billion, unseating shopping mall magnate Henry Sy Sr., who died last year, and other Chinese-Filipino tycoons.

His listed firms at the Philippine Stock Exchange include Vista land and Lifescapes Inc.; All Home Corp.; and Golden Bria Holdings Inc.

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Megaworld eyes ₧2.3-B take on 5th Mactan condo project

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ROPERTY developer Megaworld Corp. on Tuesday said it is launching its fifth residential development inside the Mactan Newtown in Lapu-Lapu City in Cebu.

The 20-story Pearl Global Residences will have 222 units, adding to its existing 1,836 residential unit inventory in the 30-hectare development.

It will be the 11th residential condominium tower to rise inside

Mactan Newtown, the company said.

The residential tower is expected for completion in 2025. The company is expected to generate P2.3 billion in sales from this project.

The new residential tower offers a mix of unit choices, including an ex-

ecutive studio with either a balcony or a lanai of up to 40 square meters; one bedroom and one executive bedroom with balcony of up to 59 sq m; two bedroom with balcony or lanai of up to 80 sq m; and three bedroom with balcony up to 116 sq m.

To rise near the road leading to the Lapu-Lapu Shrine, the development will offer future residents amenities at the second level that include an adult pool and kiddie pool, fitness center, outdoor lounge and seating areas, children’s play area, function room, game room, reading nook and coworking spaces.

“We got the name from the country’s title of ‘Pearl of the Orient,’ and as we expect more visitors and tourists to come to Mactan Newtown in the coming years, we want this tower to be one of the icons of Filipino pride inside our development,” Noli D. Hernandez, president of Megaworld Cebu Properties Inc., said.

To date, Megaworld has launched 10 residential towers from four residential condominium developments in the Mactan Newtown.

The township is also home to five office towers with a total office inventory of around 81,000 sq m. VG Cabuag

DOE: Legal row between Peco, MORE won’t disrupt Iloilo power

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HE Department of Energy (DOE) has served notice that it will not allow the legal tussle between Panay Electric Co. (Peco) and More Electric Power Corp. (MORE) to disrupt the supply of power in Iloilo City.

“Definitely, DOE is closely monitoring the situation in Iloilo, and we have to ensure there’s no disruption of services,” DOE Director Mario Marasigan said on Tuesday.

The agency, he said, continues to monitor and assess the impact of the court decisions related to the dispute of the two distribution utilities.

“The issue in Iloilo is not on supply, it’s on the operation of Peco there plus their legal concerns with MORE,” added Marasigan.

However, Marasigan doesn’t think there will be a shortage in supply in Iloilo City, since Panay still exports to Cebu and the Wholesale Electricity Spot Market (WESM) is operational in Visayas.

As of Tuesday, Visayas power

reserves stood at 186 megawatts versus available generating capacity of 2,174 MW and demand of 1,988 MW. Recently, the Supreme Court rejected Peco’s petition to transfer the expropriation case filed by MORE to any court outside Iloilo City.

Peco wanted the case transferred to another court “on the possibility that the judge handling the subject case may be subjected to public pressure since all his/her actions are under close scrutiny.”

However, the SC said, “The mere possibility of prejudice is not sufficient to justify a transfer of venue, as aptly argued by MORE.” The High Court also said that Peco failed to present “adequate proof that the accompanying publicity may cause prejudice to it.”

Moreover, Peco “failed to prove that a miscarriage of justice would arise in the event that the subject case continues to be heard in the RTC of Iloilo City.”

Budget hotel chain offers discounted rooms to Taal eruption victims

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EN Rooms offers affordable rates at its selected 38 franchised, or operated, properties to locals and travelers affected by the eruption of Taal Volcano.

Following the continuous ash explosions since the volcanic activity on Sunday, more than 3,000 families in Batangas, and nearby places, have already been evacuated to safe and secured areas.

Due to safety concerns, the Ninoy Aquino International Airport was also shut down, canceling flights that left passengers from local airports nationwide stranded.

To those who need temporary relocation assistance or need to extend their stay due to canceled flights, Zen Rooms offered a 30-percent discount that can be availed by applying voucher code ZENCARES at https://www.zenrooms.com/deals/zencares-taal.

The stranded can use the link to stay in key Zen properties located in Pasay, Taft, Ermita, Tondo, Makati, Bonifacio Global City, Mandaluyong, Ortigas, Quezon City, Quiapo, Tagaytay, Baguio, Bacolod, La Union, Baler and Vigan.

The rooms may be booked at rates as low as P299 per night all-in for a whole private room complete with amenities. The discount is valid until January 16, 2020.

Zen’s 24/7 customer care is available to help with reservations if required.

Zen Rooms told the BusinessMirror that those interested to apply for the voucher do not need to show any proof of residency from the affected areas or canceled flight details.

“We hope to help those who have been impacted by this natural calamity, by providing budget accommodation at rates below our cost line on all our key hotels across the Philippines,” said Amit Shukla, Zen Rooms regional director of marketing.

“Our properties in affected areas are providing face masks to guests, and assisting with relocations to safer areas in Metro Manila. We will continue to assess the situation in the Philippines, and are prepared to offer additional assistance as appropriate,” he added. Roderick L. Abad

The SC resolution arose from Peco’s opposition to the expropriation proceedings initiated by MORE, with the Iloilo City Regional Trial Court in March 2019, as the latter invoked Sections 10 and 17 of Republic Act 11212 to expropriate the distribution assets of Peco in exchange for about P500 million in line with its 25-year congressional franchise to distribute electricity in Iloilo City.

mutual funds

Sections 10 and 17 of RA 11212 granted MORE, as the new distribution utility in Iloilo City, the powers of eminent domain and to expropriate any asset, including existing distribution assets in the city.

MORE had secured the franchise after both chambers of Congress ignored Peco’s application to renew its franchise, which expired on January 18, 2019. Lenie Lectura January 14, 2020

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

January 14, 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 PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

27815 655706575 269814427.5 8014375 3553034 318900616.5 610000 8200 15932570 52143 641910 96617989 1122068.5 920 1199320 10904 17370 462240 21970 25150 144310 103200 34775 961175

19945825 -10507205.5 -87475 812290 -26423491 -5796790 -607810 19464237 -305287.5 -38240 -0 9275

INDUSTRIAL AC ENERGY 2.28 2.3 2.37 2.38 2.28 2.3 2051000 4762430 1.23 1.29 1.27 1.32 1.23 1.23 66000 82480 ALSONS CONS ABOITIZ POWER 33.75 33.8 34.25 34.35 33.5 33.8 1659500 56437050 0.233 0.236 0.241 0.241 0.231 0.236 1640000 384080 BASIC ENERGY FIRST GEN 21.9 21.95 22.45 22.9 21.9 21.9 3566200 79955595 66.4 67.1 66.7 68.8 66.05 66.4 17220 1158276 FIRST PHIL HLDG MERALCO 304.8 305 302 307.8 302 304.8 209810 64003964 10.4 10.42 10.42 10.58 10.28 10.42 7282300 76157020 MANILA WATER PETRON 4.02 4.03 4.04 4.08 4.02 4.03 1720000 6930920 3.87 4.25 4.25 4.25 4.25 4.25 2000 8500 PETROENERGY PHX PETROLEUM 11.74 11.98 11.9 11.98 11.88 11.98 21600 258610 33 33.05 33.4 33.4 32.5 33 147600 4845435 PILIPINAS SHELL 8.78 8.79 8.77 8.79 8.54 8.78 95800 836285 SPC POWER AGRINURTURE 12.3 12.84 12.98 12.98 12.22 12.86 2582000 33343912 2.95 2.99 3.06 3.07 2.91 2.95 3738000 11134070 AXELUM CENTURY FOOD 15.2 15.26 15.18 15.24 15.16 15.2 1901100 28951084 5 5.1 5.2 5.2 5 5 17400 87295 DEL MONTE DNL INDUS 9.39 9.4 9.36 9.48 9.2 9.39 3729800 35055823 7.22 7.23 7.22 7.23 7.22 7.22 121217400 875189648 EMPERADOR SMC FOODANDBEV 79.5 79.6 79.5 80 79.05 79.5 266270 21139830.5 0.54 0.55 0.54 0.56 0.54 0.54 476000 260810 ALLIANCE SELECT FRUITAS HLDG 1.47 1.48 1.44 1.53 1.42 1.48 23296000 34827560 38.5 38.7 37.15 38.8 37.1 38.5 34200 1324035 GINEBRA JOLLIBEE 211.2 212 207.6 212 206.6 212 447000 93380790 6.81 6.96 6.8 7.1 6.8 6.81 14900 103232 MACAY HLDG MAXS GROUP 11.18 11.2 11.3 11.36 11.12 11.18 142500 1596214 PEPSI COLA 1.91 1.92 1.91 1.92 1.91 1.91 559000 1068060 9.36 9.5 9.6 9.6 9.36 9.36 1604500 15115616 SHAKEYS PIZZA ROXAS AND CO 1.92 1.93 2.05 2.05 1.85 1.93 1828000 3530690 5.25 5.28 5.3 5.3 5.28 5.28 8000 42260 RFM CORP ROXAS HLDG 1.76 1.83 1.75 1.75 1.75 1.75 5000 8750 148 149.4 142.5 149.4 141 149.4 1462990 216022047 UNIV ROBINA VITARICH 1.22 1.23 1.23 1.23 1.2 1.22 2997000 3648230 2.5 2.57 2.41 2.57 2.4 2.57 86000 216650 VICTORIAS CONCRETE A 61.45 69.4 65 65 62.7 62.7 200 12908 66.95 69.9 69.95 70 68 68 850 58034.5 CONCRETE B CEMEX HLDG 1.58 1.6 1.67 1.67 1.56 1.58 20725000 33230120 EAGLE CEMENT 13.66 13.88 14.02 14.1 13.5 13.88 590800 8203056 8.95 9.18 9.07 9.3 8.95 8.95 202300 1840667 EEI CORP HOLCIM 13.78 13.9 13.92 13.92 13.78 13.9 54700 757844 15 15.5 14.88 15.68 14.3 15.5 1376900 20396856 MEGAWIDE PHINMA 9.63 9.98 9.62 9.98 9.6 9.98 4000 38790 0.99 1 1 1 1 1 5000 5000 TKC METALS VULCAN INDL 0.93 0.95 0.98 0.98 0.92 0.93 2012000 1891870 2.13 2.16 2.16 2.16 2.12 2.16 67000 144220 CROWN ASIA LMG CHEMICALS 4.6 4.79 4.65 4.65 4.65 4.65 10000 46500 3.33 3.41 3.33 3.41 3.33 3.41 16000 54240 MABUHAY VINYL PRYCE CORP 4.71 4.79 4.8 4.8 4.7 4.7 272000 1278770 32.2 32.4 32.3 32.35 32 32.2 592000 19063920 CONCEPCION 2.06 2.07 2.04 2.07 2.01 2.07 6974000 14260610 GREENERGY INTEGRATED MICR 7.81 7.84 8.1 8.25 7.84 7.84 278400 2225860 1.25 1.29 1.29 1.29 1.25 1.25 44000 55500 IONICS PANASONIC 5.1 5.39 5.39 5.39 5.39 5.39 1500 8085 0.98 1.01 0.98 0.98 0.96 0.97 149000 144790 SFA SEMICON CIRTEK HLDG 7.07 7.1 7.52 7.75 6.98 7.07 3823300 27571885

329110 -11742610 -2999505 -425387 10600696 16925384 -1581980 -11980 -293270 -19777442 -4056860 -395142 9692886 -2143638 -14462801 -669160 -355990 28496160 250488 -315160 266645.0004 38000 -36960 96395468 -120880 32920 -15918090 -4609840 -1088870 109070 -9116114 -2994 -17280 -13320 -479600 115919.9998 -1070520 -109161.9997 1940 -105478

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL JG SUMMIT JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES WELLEX INDUS ZEUS HLDG

53.5 154.1 85.65 25 11.9 65.1 12.02 20.4 33.2 57.1 22.5 189.7 58.15 0.89 2.26 18.02 0.6 3.77 1.16 0.355 846 0.78 173.6 1816

54 154.7 86.8 25.05 12 65.8 12.2 20.5 33.25 58.2 23.45 192 58.5 0.92 2.39 18.48 0.68 3.8 1.2 0.36 870 0.8 177.6 1859

53.5 153.5 85 25.05 11.9 66.5 12.2 20.5 34 57.2 22.5 188 58.1 0.92 2.12 18.02 0.53 3.82 1.16 0.355 855 0.81 175 1855

53.5 155 86.8 25.05 12 66.5 12.2 20.5 34 58.2 22.85 192 58.15 0.92 2.4 18.48 0.62 3.82 1.2 0.36 855 0.81 175 1855

53.25 153 84.05 25 11.82 65 12.2 20.5 33.05 57.1 22.5 185.2 57.9 0.92 2.12 18.02 0.53 3.77 1.15 0.355 840.5 0.78 173.5 1810

53.5 154.7 86.8 25.05 12 65.8 12.2 20.5 33.2 58.2 22.85 192 58.15 0.92 2.25 18.02 0.6 3.77 1.2 0.36 840.5 0.8 173.5 1810

520 4242880 3155420 320500 298000 4853850 50000 400 477100 910 28100 512290 19300 1000 519000 600 29000 122000 19000 70000 170 131000 200 525

0.9 11.8 787 52 11.12 2.91 6.22 0.67 0.92 0.93 6.54 6.73 13 0.206 810 76.25 6.14 0.49 3.76 11.38 0.56 3.8 5 1.19 1.18 190 1055 156.4 0.77 0.203 0.211

0.91 11.84 794.5 52.4 11.16 2.92 6.4 0.69 0.93 0.95 6.67 6.75 13.1 0.227 813.5 76.5 6.64 0.5 3.86 11.6 0.6 3.81 5.04 1.2 1.24 194 1077 157.3 0.79 0.216 0.212

0.92 11.8 794.5 52 11.18 2.91 6.4 0.67 0.91 0.93 6.53 6.61 13 0.204 800 78 6.14 0.5 3.78 11.92 0.58 3.7 4.88 1.16 1.19 186 1074 158.5 0.81 0.203 0.198

0.93 12.32 795 52.5 11.28 2.91 6.4 0.69 0.93 0.95 6.7 6.87 13.1 0.227 824 79 6.14 0.5 3.9 11.92 0.6 3.82 5.04 1.27 1.24 186 1077 159.5 0.82 0.216 0.212

0.88 11.5 775 51.6 11.04 2.85 6.21 0.67 0.91 0.93 6.53 6.6 13 0.204 795.5 75.85 6.14 0.49 3.75 11.38 0.58 3.66 4.68 1.16 1.18 186 1046 156.4 0.76 0.203 0.198

0.9 11.82 794.5 52 11.12 2.9 6.4 0.69 0.93 0.95 6.54 6.73 13.1 0.227 810 76.5 6.14 0.5 3.76 11.38 0.6 3.81 5.04 1.2 1.24 186 1077 157.3 0.79 0.216 0.212

16595000 33100 1576400 1921370 2660200 734000 57500 14000 1839000 428000 388700 12966800 75800 60000 199600 3162270 2000 126000 532000 1103100 26000 42265000 217000 182000 13000 230 478250 208620 1377000 200000 1750000

14999780 391898 1247722455 99950304 29731136 2110610 367715 9420 1692650 400300 2561809 87956835 990410 13390 161612560 243439284.5 12280 62335 2008910 12647072 15100 159395450 1062940 218770 15500 42780 509078385 32819393 1049390 40860 359790

21790 -12100 -32438535 -28666309 -2895190 -89580 397450 876500 -9869143 -25044060 19424108 -37710 3050834 51218870 -49200 2360 9300 83163050 -5210727 6320 -

75.3

76

76

76

75.95

76

33320

2532295

-

17.5 5.39

17.9 5.3

17.9 5.44

17.5 5.24

17.5 5.24

203100 51100

3611290 269496

971250 22894

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 250.95 -4.82% -0.31% -1.08% -0.37% PROPERTY ARTHALAND CORP 0.82 0.84 0.82 0.84 0.81 0.84 967000 801030 4050 ATRAM Alpha Opportunity Fund, Inc. -a 1.3379 -11.09% -0.54% -4.43% -3.19% 8.8 9.1 8.8 8.8 8.8 8.8 1000 8800 8800 ANCHOR LAND ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.5395 -13.86% -4.3% -4.46% -3.77% AYALA LAND 43.85 43.9 44 44 43.5 43.9 17446600 766005535 -71746225 1.31 1.44 1.56 1.56 1.35 1.44 59000 81830 ARANETA PROP Climbs Share Capital Equity Investment Fund Corp. -a 0.8801 -5.94% n.a. n.a.

-1.89% BELLE CORP 1.88 1.9 1.97 1.97 1.84 1.9 2413000 4576060 -182440 0.71 0.73 0.73 0.73 0.71 0.73 120000 86590 A BROWN First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8442 -3.01% n.a. n.a.

-0.6% CITYLAND DEVT 0.83 0.85 0.85 0.85 0.83 0.83 3000 2530 First Metro Save and Learn Equity Fund,Inc. -a 5.2809 -5.19% 1.07% -1.32% -0.89% 0.18 0.188 0.184 0.184 0.184 0.184 40000 7360 CROWN EQUITIES CEBU HLDG 6.5 6.7 6.9 6.9 6.9 6.9 100 690 First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8486 -3.71% -2.62% n.a.

4.7 4.78 4.71 4.78 4.65 4.7 496000 2327790 253190 CEB LANDMASTERS CENTURY PROP 0.55 0.56 0.55 0.57 0.55 0.56 2987000 1664950 -0.59% 0.4 0.405 0.41 0.41 0.41 0.41 40000 16400 16400 CYBER BAY MBG Equity Investment Fund, Inc. -a 102.21 -14.23% n.a. n.a.

-1.08% 18.26 18.32 18.4 18.6 18.26 18.26 619600 11356472 -4172336 DOUBLEDRAGON DM WENCESLAO 9.22 9.5 9.2 9.5 9.2 9.22 59400 554225 -210209 PAMI Equity Index Fund, Inc. -a 51.0053 -1.97% 1.98% n.a.

-0.54% 0.415 0.43 0.43 0.43 0.42 0.425 70000 29800 EMPIRE EAST Philam Strategic Growth Fund, Inc. -a 530.01 -1.95% 0.92% -0.89% -0.52% FILINVEST LAND 1.54 1.55 1.54 1.55 1.51 1.55 21124000 32502630 5883580 1.12 1.15 1.07 1.15 1.07 1.15 846000 913780 GLOBAL ESTATE Philequity Alpha One Fund, Inc. -a,d,8 1.0245 n.a. n.a. n.a.

-0.54% 8990 HLDG 14.68 14.7 14.8 14.8 14.68 14.68 599000 8818680 -458720 1.18 1.19 1.2 1.23 1.19 1.19 2326000 2793190 -1149060 PHIL INFRADEV Philequity Dividend Yield Fund, Inc. -a 1.2813 -2.33% 1.72% 0.08% -0.44% CITY AND LAND 0.73 0.76 0.76 0.76 0.76 0.76 1000 760 Philequity Fund, Inc. -a 37.6568 -2.26% 2.62% 0.04% -0.63% 4.38 4.39 4.26 4.38 4.24 4.38 43885000 190022230 37234030 MEGAWORLD MRC ALLIED 0.243 0.244 0.237 0.248 0.237 0.243 52760000 12819440 29200 Philequity MSCI Philippine Index Fund, Inc. -a,1 1.0116 -2.2% n.a. n.a.

-0.64% 0.41 0.42 0.42 0.42 0.42 0.42 40000 16800 PHIL ESTATES PRIMEX CORP 2.16 2.2 2.15 2.17 2.1 2.16 540000 1153540 12900 Philequity PSE Index Fund Inc. -a 5.1957 -1.03% 2.61% -0.53% 1.11% ROBINSONS LAND 27.3 27.75 27.15 27.75 27.05 27.75 2217700 60997645 -13077830 Philippine Stock Index Fund Corp. -a 867.45 -1.09% 2.53% 1.02% -0.53% 0.335 0.34 0.31 0.34 0.31 0.335 1250000 412550 PHIL REALTY ROCKWELL 2.1 2.15 2.09 2.18 2.07 2.15 265000 576110 -503610 Soldivo Strategic Growth Fund, Inc. -a 0.8206 -8.78% -1.3% -2.98% -3.62% 2.4 2.44 2.47 2.47 2.4 2.44 122000 293890 STA LUCIA LAND SM PRIME HLDG 41 41.05 41.5 41.5 39.65 41.05 25675700 1042955485 148688105 Sun Life Prosperity Philippine Equity Fund, Inc. -a 4.1706 -2.14% 1.88% 0.14% -0.91% 5.75 5.88 5.9 5.9 5.7 5.88 105600 612546 VISTAMALLS Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9956 -1.41% 2.4% n.a.

-0.52% SUNTRUST HOME 1.67 1.68 1.65 1.74 1.6 1.67 14595000 24703800 82450 7.45 7.48 7.52 7.52 7.46 7.48 3465200 25910229 -16974438 VISTA LAND United Fund, Inc. -a 3.6448 -1.26% 3.77% 1.84% -0.23%

Exchange Traded Fund SERVICES ABS CBN 18.22 18.4 18 18.4 18 18.4 136500 2477970 First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 116.3051 -0.76% 3.23% 1.97% 5.41 5.45 5.45 5.49 5.41 5.45 91900 500842 GMA NETWORK GLOBE TELECOM 2030 2042 1980 2048 1978 2042 85795 172884360 45278190 -0.55% 1104 1112 1090 1112 1072 1112 218390 240797665 -21072990 PLDT ATRAM AsiaPlus Equity Fund, Inc. -b $1.0396 8.84% 6.04% 0.95% 1.09% APOLLO GLOBAL 0.045 0.046 0.045 0.047 0.045 0.045 8000000 360600 4.71 5 4.99 5 4.99 5 361200 1805988 DFNN INC Sun Life Prosperity World Voyager Fund, Inc. -a $1.3932 19.82% 9.68% n.a.

1.05% IMPERIAL 1.66 1.74 1.66 1.66 1.66 1.66 12000 19920 0.101 0.102 0.1 0.102 0.1 0.102 530000 53270 ISLAND INFO Balanced Funds ISM COMM 4 4.01 3.75 4.03 3.75 4 12480000 49446250 579420 Primarily invested in Peso securities 1.9 2.15 1.9 1.9 1.9 1.9 1000 1900 JACKSTONES NOW CORP 2.63 2.64 2.49 2.63 2.49 2.63 2507000 6531310 -91650.0003 ATRAM Dynamic Allocation Fund, Inc. -a 1.5455 -9.89% -3.64% -4.54% -1.11% 0.27 0.275 0.285 0.285 0.265 0.275 8020000 2192800 2700 TRANSPACIFIC BR ATRAM Philippine Balanced Fund, Inc. -a 2.1567 -5.57% -1.83% -1.87% -1.12% 2.65 2.68 2.58 2.71 2.58 2.65 940000 2492980 20900 PHILWEB 2GO GROUP 9.6 9.8 9.65 9.8 9.59 9.8 5400 52393 4800 First Metro Save and Learn Balanced Fund Inc. -a 2.6102 -1.44% 1.42% -1.66% -0.81% 18.3 18.6 18.3 18.3 18.3 18.3 201600 3689280 3689280 ASIAN TERMINALS CHELSEA 5.57 5.58 5.33 5.57 5.33 5.57 796500 4377674 267641 First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.2278 n.a. n.a. n.a.

88.75 88.85 87.15 89 87.15 88.85 163290 14497659 -532263 CEBU AIR -0.31% INTL CONTAINER 133.1 135 134 135 130.6 135 2126760 282759810 44261557 13 13.94 13.94 13.94 13.94 13.94 200 2788 LBC EXPRESS Grepalife Balanced Fund Corporation -a N.S. N.S. N.S. N.S. N.S. MACROASIA 13.9 13.92 14.7 14.9 13.9 13.92 1804500 25456854 -9890700 1 1.1 1 1 1 1 3000 3000 1000 METROALLIANCE B NCM Mutual Fund of the Phils., Inc. -a 1.9576 3.3% 2.27% 0.7% -0.28% PAL HLDG 7.31 7.5 7.5 7.5 7.31 7.5 14300 106694 PAMI Horizon Fund, Inc. -a 3.7676 5.35% 1.27% -0.2% -0.57% 1.31 1.32 1.35 1.35 1.24 1.31 2075000 2672580 411760 HARBOR STAR ACESITE HOTEL 1.32 1.42 1.36 1.36 1.31 1.32 441000 583660 16.8555 3.72% 1.18% -0.28% -0.62% Philam Fund, Inc. -a 1.76 2.01 1.84 2.01 1.84 2.01 41000 75610 -64400 DISCOVERY WORLD 9.54 11.9 11.78 12 9.54 11.9 2300 26278 GRAND PLAZA Solidaritas Fund, Inc. -a 2.1255 -0.35% 1.13% 0.75% -0.01% WATERFRONT 0.6 0.63 0.6 0.63 0.6 0.63 632000 383570 Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.8353 1.53% 1.82% 0.2% -0.74% 6.91 7 7.05 7.05 7.05 7.05 1000 7050 CENTRO ESCOLAR FAR EASTERN U 890 893 893.5 893.5 890 890 230 204800 Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 1.0057 n.a. n.a. n.a.

-0.98% 0.6 0.61 0.61 0.62 0.6 0.61 2311000 1404530 -390520 STI HLDG Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.9909 n.a. n.a. n.a.

-0.55% BERJAYA 3.57 3.58 3.3 3.59 3.26 3.57 1594000 5595130 -56960 10.76 10.88 10.6 11.14 10.6 10.88 7508500 81783104 20128354 BLOOMBERRY Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.9878 n.a. n.a. n.a.

-0.54% PACIFIC ONLINE 2.34 2.37 2.4 2.4 2.34 2.34 35000 82510 -30600 2.45 2.53 2.54 2.54 2.43 2.45 55000 135230 LEISURE AND RES Sun Life Prosperity Dynamic Fund, Inc. -a 0.9656 1.16% 1.16% -0.97% -0.94% MANILA JOCKEY 3.18 3.21 3.22 3.22 3.19 3.21 651000 2081450 Primarily invested in foreign currency securities 4.75 5 4.46 5 4.46 4.75 19600 90826 PH RESORTS GRP PREMIUM LEISURE 0.6 0.61 0.58 0.61 0.58 0.6 4341000 2581880 -584750 $0.03823 7.96% 2.54% 1.97% 0% Cocolife Dollar Fund Builder, Inc. -a ALLHOME 11.52 11.54 11.56 11.56 11.48 11.54 1309900 15098848 -3058772 2.09 2.1 2.12 2.16 2.09 2.09 1369000 2886590 -1238610 METRO RETAIL PAMI Asia Balanced Fund, Inc. -a $1.0432 10.09% 5.01% 1.15% 0.51% PUREGOLD 39.65 39.75 39.7 39.85 39.35 39.65 447800 17,733,485( 1,519,344.9996) Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9385 14.71% 7.53% 4.5% 0.71% 77.4 79 79.4 79.5 77.8 79 367710 29149154 -7888854.5 ROBINSONS RTL PHIL SEVEN CORP 137 138 139.5 139.5 137 138 230 31680 Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1327 10.02% 4.39% n.a.

0.35% 2.7 2.71 2.68 2.73 2.68 2.7 1833000 4956680 -877560 SSI GROUP WILCON DEPOT 18.46 18.48 18.4 18.6 18.2 18.48 2547500 46980170 5071896 Bond Funds 0.395 0.4 0.405 0.41 0.4 0.4 960000 387000 APC GROUP Primarily invested in Peso securities EASYCALL 8.55 8.86 8.84 8.85 8.84 8.84 4700 41560 429 438.2 440 449 429.2 438.2 33300 14625766 GOLDEN BRIA ALFM Peso Bond Fund, Inc. -a 358.11 4.17% 2.75% 2.28% 0.09% IPM HLDG 7.5 8 8 8 7.95 8 20000 159897 159897 ATRAM Corporate Bond Fund, Inc. -a 1.9034 2.63% 0.4% -0.68% 0.07% 0.34 0.345 0.345 0.35 0.34 0.345 4860000 1688550 -110000 PRMIERE HORIZON SBS PHIL CORP 9.43 9.44 9.39 9.48 9.35 9.43 335800 3157925 Cocolife Fixed Income Fund, Inc. -a 3.119 4.76% 5.13% 5.16% 0.09%

MINING & OIL Ekklesia Mutual Fund Inc. -a 2.2219 4.01% 1.89% 1.81% -0.14% ATOK 10.2 10.8 10.94 10.94 10.94 10.94 100 1094 2% 1.39% -0.39% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3498 5.86% 1.03 1.04 1.09 1.09 1.02 1.04 1805000 1872840 -376550 APEX MINING ABRA MINING 0.0014 0.0015 0.0015 0.0015 0.0014 0.0014 96000000 134500 Grepalife Fixed Income Fund Corp. -a P N.S. N.S. N.S. N.S. N.S. 2.51 2.54 2.49 2.55 2.49 2.51 485000 1211670 -1061410 ATLAS MINING BENGUET B 1 1.2 0.99 1.13 0.99 1.13 5000 5510 Philam Bond Fund, Inc. -a 4.3449 13.35% 2.01% 1.46% -0.64% 0.27 0.275 0.27 0.275 0.265 0.27 480000 127650 -106000 COAL ASIA HLDG Philequity Peso Bond Fund, Inc. -a

3.7566 5.79% 2.55% 1.17% -0.83% CENTURY PEAK 2.95 2.96 3.03 3.03 2.95 2.96 1081000 3219810 746280.0001 7.07 7.21 7.2 7.2 7.08 7.08 10700 75805 DIZON MINES Soldivo Bond Fund, Inc. -a 0.9592 6.48% 0.91% -0.12% -0.53% FERRONICKEL 1.62 1.63 1.64 1.71 1.63 1.63 3806000 6267510 -767000 Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0543 9.43% 3.85% 2.36% -0.7% 0.198 0.202 0.202 0.202 0.199 0.199 20000 4010 GEOGRACE LEPANTO A 0.1 0.101 0.101 0.101 0.1 0.101 240000 24060 Sun Life Prosperity GS Fund, Inc. -a 1.685 8.46% 3.35% 1.72% -0.95% 0.0083 0.0084 0.0084 0.0084 0.0084 0.0084 1000000 8400 MANILA MINING A MANILA MINING B 0.0084 0.0096 0.0083 0.0083 0.0083 0.0083 1000000 8300 -8300 Primarily invested in foreign currency securities MARCVENTURES 0.89 0.9 0.9 0.9 0.9 0.9 12000 10800 ALFM Dollar Bond Fund, Inc. -a $468.85 4.45% 2.62% 2.74% 0.13% 1 1.02 1.02 1.02 1 1.02 32000 32040 NIHAO NICKEL ASIA 3.05 3.18 3.18 3.25 3.05 3.05 13688000 43099500 -11536430 -0.03% ALFM Euro Bond Fund, Inc. -a Є219.67 3.41% 1.64% 1.28% 0.425 0.445 0.42 0.425 0.42 0.425 870000 365450 OMICO CORP ORNTL PENINSULA 0.73 0.75 0.76 0.76 0.75 0.75 6000 4550 ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2083 6.85% 2.94% 2.51% 0.09% 3.05 3.1 3.21 3.21 3.05 3.05 481000 1492300 -1022280 PX MINING First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 3.61% 1.33% 1.37% 0% SEMIRARA MINING 21.9 22 22 22.2 21.4 21.9 492900 10827330 1881690 8.97 8.99 9.58 9.58 8.71 8.97 2265300 20480521 216456 ACE ENEXOR Grepalife Dollar Bond Fund Corp. -a N.S. N.S. N.S. N.S. N.S. ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 900000 9900 0.01 0.011 0.01 0.011 0.01 0.011 83100000 861900 PHILODRILL PAMI Global Bond Fund, Inc -a $1.0976 5.75% 1.2% -0.62% 0.22% PXP ENERGY 9.59 9.6 10.16 10.16 9.52 9.59 1043200 10080088 -582624 Philam Dollar Bond Fund, Inc. -a $2.4076 10.06% 2.98% 2.68% 0.16%

PREFFERED

Philequity Dollar Income Fund Inc. -a $0.0603922 5.89% 2.23% 1.97% 0.13% HOUSE PREF A 99.75 99.8 99 99.8 99 99.75 9210 918695 Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1834 10.41% 2.45% 2.62% 0.26% 500.5 502 501 502 500.5 500.5 5200 2604775 AC PREF B1 ALCO PREF B 100.4 101.5 100.4 101.5 100.4 101.5 150 15214 Money Market Funds 500 504 500 500 500 500 610 305000 AC PREF B2R CPG PREF A 101.2 101.3 101.2 101.5 101.2 101.3 9540 965906 -50600 Primarily invested in Peso securities 100.1 100.9 101 101 100 100.9 7920 793730 DD PREF ALFM Money Market Fund, Inc. -a 125.92 4.05% 2.19% 0.11% 2.87% SMC FB PREF 2 990 1000 985 1000 985 1000 150 149250 106 110.7 110.7 110.7 105 110.7 80 8799 FGEN PREF G First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0292 n.a. n.a. n.a.

GLO PREF P 501 505 501 505 501 505 200 100680 -40080 990 994 994 994 994 994 10 9940 GTCAP PREF B 0.28% MWIDE PREF 101 102.3 100.7 100.8 100.7 100.8 20 2015 Philam Managed Income Fund, Inc. -a 1.2502 6.16% 2.92% 1.59% -0.52% 100.4 102 102 102 102 102 100 10200 PNX PREF 3A PNX 107 108.7 107 108.8 107 108.8 110 11950 PREF 3B Sun Life Prosperity Money Market Fund, Inc. -a 1.2657 3.71% 2.9% 2.38% 0.09% PNX PREF 4 1028 1029 1029 1029 1029 1029 680 699720 Primarily invested in foreign currency securities 1050 1200 1040 1040 1040 1040 90 93600 PCOR PREF 2B PCOR PREF 3B 1047 1050 1050 1050 1050 1050 465 488250 Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0378 2.09% n.a. n.a.

0.06% 77 78 76.8 78.5 76.8 77 42310 3252660 SMC PREF 2C SMC PREF 2D 75 75.2 75 75 75 75 500 37500 Feeder Fund 74.9 76 76 76 76 76 30 2280 SMC PREF 2E Primarily invested in foreign currency securities SMC PREF 2F 76 76.5 76.5 76.5 75.8 76 53200 4038056 75.1 75.4 75.4 75.4 75.4 75.4 6000 452400 SMC PREF 2G ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $1 n.a. n.a. n.a.

1.01% SMC PREF 2H 75.15 76.4 75.15 75.15 75.15 75.15 20000 1503000 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."

SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.22 5.24

WARRANTS LR WARRANT

1.26

1.33

1.36

1.36

1.33

1.33

20000

26810

-

ITALPINAS 3.97 KEPWEALTH 10.2 0.87 XURPAS

4.15 10.24 0.88

4 10.4 0.88

4.15 10.5 0.88

3.86 10.24 0.83

4.15 10.24 0.88

337000 210300 3421000

1333090 2176400 2925130

-532280

FIRST METRO ETF

116.6

SMALL & MEDIUM ENTERPRISES

EXHANGE TRADE FUNDS 116

116.3

116.6

115.5

116.6

6290

730531

106736

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Investors lap up short-term debt papers on uncertainties

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Wednesday, January 15, 2020 B3

Govt aims for 19% increase in collected revenues, taxes

S the Taal Volcano erupts, the Bureau of the Treasury (BTr) raised P16.875 billion of the P20-billion on offer on Monday’s auction as it decided to fully award bids for the 91-day Treasury bill (T-bill) while partially awarding the 182-day and 364-day securities.

Except for the 364-day T-bill, tenders for the securities were oversubscribed. National Treasurer Rosalia V. de Leon told reporters that the market is looking closely at the Taal eruption’s “emerging” impact on the local economy, as well as the hike in oil prices in the world market due to the US-Iran tension, among others.

“Basically we see that [investor behavior was] because of faster-thanexpected December inflation and, of course, events both domestic and external,” de Leon said.

She explained that on the domestic front, investors are still monitoring the impact of the Taal eruption.

“They still have to see–everything is very fluid, emerging–what happens to the local economy [especially on the] affected areas.”

De Leon said that at the external front is the tension between Tehran and Washington.

“So, we also see oil prices creeping up and that also all adds up in terms of what would be the inflation for the coming months. So [these factors are] being priced in the bids in today’s

auction,” she explained.

As for the slight undersubscription of the bids for the 364-day Tbill, de Leon explained this is a sign that people do not want to take the risk that comes with investing in a longer-term security. The 91-day Tbill worth P6 billion on offer fetched an average auction rate of 3.328 percent, higher by 14.9-basis points from 3.179 percent recorded in the previous auction. Total amount of tenders for this security amounted to P8.994 billion. Also, bids for the 182-day T-bill worth P6 billion on offer were also slightly oversubscribed as this reached P6.8 billion.

However, the auction committee decided to accept bids at the average auction rate of 3.587 percent, resulting to awarded bids amounting to P4.85 billion while the rejected bids was posted at P1.95 billion. The average rate for this security is 15.2-basis points higher than the previous auction rate at 3.435 percent.

As for the 364-day T-bill, it was partially awarded at P6.025 billion as the auction committee accepted bids at a higher average auction rate of 3.896 percent. This is higher by 27.2-basis points than the previous auction rate of 3.624 percent.

The security was a bit undersubscribed as tenders only reached P7.42 billion lower than the P8 billion on offer. Bernadette D. Nicolas

Century-old BPI staying put in PHL

US drops China as currency manipulator ahead of trade deal

By Bianca Cuaresma @BcuaresmaBM

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OCAL banking giant Bank of the Philippine Islands (BPI) is not keen on setting up shop outside the archipelago just yet, as the lender said it would rather focus on improving the efficiency of domestic operations.

In a recent dialogue with the BusinessMirror, BPI Executive Vice President and Corporate Banking Head Juan Carlos L. Syquia said BPI would rather focus onshore as growth prospects in the Philippines remain “solid.” Syquia added there is a lot to be done in their local banking operations that would need their full focus of resources and manpower.

In recent years, several foreign banks have entered the local banking sector because of two developments: the Philippines’s liberalization of foreign bank policies and the ongoing developments toward banking integration in the region.

Most of the foreign banks who entered local operations, as well as those who have expressed their desire to participate in the Philippine banking industry, are from Asian nations and will be under the banking integration program.

Local banks, meanwhile, have not been keen on setting up operations abroad despite their potential market of servicing many overseas Filipino workers.

Syquia said that as of the moment, it is not efficient for a local bank to set up shop in neighboring jurisdictions due to the stringent regulatory requirements–particularly onshore capital needs, as banks will have to fulfill capital requirements both in their home country and abroad.

BPI is also looking at onshore funding sources to finance its operation and expansion plans.

In a separate statement last Tuesday, the bank said it is offering peso fixed-rate bonds in the aggregate principal amount of up to P3 billion, with an option to upsize.

“We are confident that investors will continue to support BPI’s fund raising initiatives, as backed by the Bank’s robust credit metrics,” BPI Treasurer Dino R. Gasmen said.

The bonds will have a tenor of two years and an interest rate of 4.2423 percent per annum, paid quarterly.

The minimum investment amount us at P1 million in increments of P100,000, thereafter.

The offer period will be from January 13 to 17, 2020, and the issue and listing date will be on January 24.

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By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of Local Government Finance (BLGF) of the Department of Finance has set a P307.08-billion collection target for all provincial, city and municipal treasurers in a bid to push local government units to “optimize their local taxing and revenue-raising powers.”

This year’s target is 19­ percent higher than last year’s original target of P257.58 billion, composed of own-source revenues of local government units (LGUs) from realproperty tax (RPT), local business, and other taxes, fees and charges, and receipts from operations of local economic activities and enterprises.

By end of 2020, local governments are expected to collect P136.188 Billion or 44 percent of their target rev-

he Trump administration on Monday lifted its designation of China as a currency cheat, saying the nation has made “enforceable commitments” not to devalue the yuan and has agreed to publish exchange-rate information.

The change in the US stance was outlined in the US Treasury Department’s semiannual foreign-exchange report to Congress. The document was released two days before America and China are set to sign a phase-one trade agreement in the East Room of the White House at 11:30 a.m. in Washington, according to people familiar with the plans.

The document listed no major US trading partner as a currency manipulator among the 20 economies it monitors for potential manipulation. Switzerland was added to the monitoring list, while China, Japan, Korea, Germany, Italy, Ireland, Singapore, Malaysia, and Vietnam remained.

“China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability,”

enues after the renewal of business permits and licenses, and deadline of local tax payments.

Broken down, the full-year target for local treasurers per LGU level is P54.19 billion or 18 percent for provinces; P213.71 billion or 69 percent for cities; and P39.21 billion or 13 percent for municipalities.

Per revenue source, the bulk will come from local business and other taxes at P126.19 billion or 41 percent, followed by real-property taxes

Treasury Secretary Steven Mnuchin said in a statement released last Monday in Washington.

The Asian nation’s commitment was made as part of the first phase of a US-China trade deal, according to the 45-page report. The US and China have been negotiating since the August 5 designation on China, which came in response to what the Treasury said was Beijing’s “concrete steps to devalue its currency.”

“China has never been a currency manipulator and the US’s latest conclusion is in line with the truth and international consensus,” Chinese Foreign Ministry spokesman Geng Shuang told reporters in Beijing, on Tuesday.

“China will continue to deepen our currency market reform, improve our currency system and keep the rate basically stable at an equilibrium level.”

Yuan gains

Bloomberg News reported earlier Monday that the Treasury would lift the designation on China, news that sent the yuan to a six-month high.

at P107.19 billion or 35 percent; fees and charges at P43.91 billion or 14 percent; and P29.79 billion or 10 percent from receipts from economic enterprise of LGUs. The region with the highest collection target for 2020 is the National Capital Region at P122.06 billion or 39 percent followed by Region 4A and Region 3, with P46.08 billion or 15 percent and P28.93 billion or 9-percent targets, respectively.

Leading the provinces with the highest 2020 collection target is Rizal at P3.14 billion, while Quezon City topped the list of cities with the biggest target collection at P22.78 billion.

Cainta, Rizal is targeting P0.70 billion for this year, making it the municipality with the highest collection target.

The target for RPT is based on the LGU’s total current collectibles and cumulative five-year realty-tax delinquencies, while targets for local business tax and other taxes, fees and charges, and receipts from economic enterprise/s are based on the previous year’s actual collections plus an incremental factor based on

Chinese 100-yuan banknotes are arranged for a photograph in Hong Kong, China. Bloomberg

The designation in August further escalated the trade war with Beijing after the country’s central bank allowed the yuan to fall in retaliation to new US tariffs.

The report urges China to “increase public understanding” between the People’s Bank of China and the “foreign-exchange activities of the state-owned banks, including in the offshore RMB market.” Treasury said the PBOC “appears to have largely refrained” from

the gross regional domestic product and inflation rate.

The setting of annual local revenue collection target is part of the performance evaluation of local treasurers who are under the administrative and technical supervision of the DOF, through the BLGF, and as one of the indicators in Chapter 15 of Philippine Development Plan (PDP) 2017 to 2020.

Local treasurers are given until February 28, to request the BLGF for adjustment of the fiscal year 2020 targets, in cases of new local legislation adjusting the rates of taxes, fees and charges, closure of business establishments, windfall collections from the previous year that the LGU cannot collect anymore for the current year, reassessment of properties due to natural and man-made calamities, local tax relief programs, among others, subject to validation by the BLGF. The BLGF Central Office already issued the preliminary targets for all provincial, city and municipal treasurers last December 2, 2019, and the final targets will be released on March 31, 2020.

intervention in 2019.

The report was officially due in mid-October but was delayed as the US and China negotiated over trade.

Designation as a currency manipulator comes with no immediate penalties but can rattle financial markets. Currency policy has emerged as Trump’s latest tool to rewrite global trade rules that he says have hurt American businesses and consumers. He has made foreign-exchange policy a key piece of trade deals with Mexico, Canada, South Korea and China.

Treasury has also expanded the number of countries whose currency and economic policies are scrutinized to 20 from 12.

Countries with a current-account surplus with the US equivalent to 2 percent of gross domestic product are now eligible for the list.

Other thresholds include persistent intervention in markets for a nation’s currency, and a trade surplus of at least $20 billion. Countries that meet two of the three criteria are placed on a monitoring list. Bloomberg News

Credit Suisse Group halts work Bank of Thailand avers ready to take on Chinese gay dating app IPO additional steps to rein in its currency

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REDIT Suisse Group AG has stopped working on the upcoming US initial public offering of Chinese gay dating app Blued, according to people familiar with the matter.

Credit Suisse joins other investment firms, including Citigroup Inc. and Bank of America Corp., that in recent months have dropped off the US debuts of high-profile Chinese companies. The Swiss bank has halted work on a number of US listings

by Chinese companies, as concerns grow about a potential sector downturn and level of investor demand.

Since the summer, Credit Suisse’s name has vanished from the listing documents of podcast app Lizhi Inc., bitcoin mining machine maker Canaan Inc. and drone company EHang Holdings Ltd., the filings show.

It wasn’t clear why Credit Suisse dropped off Blued’s IPO, but it did so before the company filed publicly, as opposed to Lizhi, Canaan and EHang. Blued founder Geng Le didn’t immediately respond to an email query during non-business hours.

A spokeswoman for Credit Suisse declined to comment.

Founded in 2012 by former policeman Geng, Blued has become an icon for the Chinese LGBTQ community and attracted more than $130 million in venture capital as of March last year. Besides providing dating

services to 40 million users, the app also offers live streaming and connects men who want to become parents with overseas surrogates.

The services are part of Blued’s larger strategy to diversify its business and generate revenue.

Blued has said it’s eyeing an IPO ideally in the US, which offers a simpler process and deeper capital markets. The trick for Geng will be convincing investors he can expand his operations in a country where gay people have few legal protections and every new service pushes the frontiers of government tolerance and social acceptance. Citigroup and Bank of America stopped working last year on the listing of Ucommune Group Holdings Ltd., the largest rival to WeWork in China.

US listings by Chinese companies in 2019 were plagued by poor performance and pared-down fundraising targets, which in turn has dented investor demand already weakened by US-Chinese trade tensions. Shrunken deal sizes mean the fee pool also gets smaller, making deals less attractive to banks.

The 33 Chinese companies that listed in the US last year have dropped by an average 13 percent from their IPO price, and only 9 of them have risen since their floats, according to data compiled by Bloomberg. Bloomberg News

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HAILAND’S central bank is ready to take additional steps to rein in the currency, Deputy Gov. Mathee Supapongse said.

The Bank of Thailand and the government remain concerned about the baht’s appreciation and continue to discuss the issue, Mathee told reporters in Bangkok Tuesday. The bank’s foreign-exchange intervention has helped to boost reserves and curb the baht, he said.

The Bank of Thailand has taken several steps in recent months to limit gains in the baht after it surged almost 9 percent against the dollar in 2019, the best performer among Asian currencies. The strong currency has hurt the nation’s exports, prompting calls for further action from the government.

Mathee said it’s not the central bank’s job alone to manage the baht.

“The central bank is like the last door to defend the baht,” he said.

“The first door is the private sector and the second door is the government. We all need to help out.”

If the central bank is left to solve the baht problem on its own, “they will need to use strong medicine to handle it,” said Mathee. “And it may not benefit much. If all parties help, they can use milder measures which will benefit all parties.”

The baht’s sharp moves during the year-end to new year holiday seasons might have prompted renewed aggression from the Thai central bank

on stemming gains and intervening in the market, said Masakatsu Fukaya, an emerging-market currency trader at Mizuho Bank Ltd. That could mean slight downward pressure on the currency in the near term, Fukaya said.

The baht was little changed at 30.250 per dollar as of 11:55 a.m. in Bangkok, after weakening to as low as 30.323 earlier. Efforts by the authorities to curb the strength in the baht were helped by the release of the US report on currency policies of major trading partners, showing Thailand narrowly avoided a watchlist designation.

The US did note in the report that Thailand is closer to violating two of three criteria to make the monitoring list. In response, Mathee said “we are not complacent” around how Thailand is being judged on dealing with the baht’s movements.

“We will continue to closely watch out and manage the currency in our capacity and conditions,” said Mathee, citing “many tools” to do so.

Separately, the Bank of Thailand published a foreign-exchange code of conduct on its web site, outlining ethical and governance practices for market participants.

Gov. Veerathai Santiprabhob said last week the central bank will relax restrictions

on capital outflows again, in an effort to ease upward pressure on the baht. Those steps includes boosting the amount of proceeds exporters can hold overseas to $1 million.

Finance Minister Uttama Savanayana said Monday any steps authorities take to curb gains in the currency won’t disrupt the “market mechanism” of the baht.

Some of the steps already taken by the central bank include: n Interest rates cut twice last year to match a record-low 1.25 percent; n In July, measures were imposed to counter short-term inflows; and n In November, rules on capital outflows relaxed.

The government also plans to issue measures to boost imports on capital goods and machinery for investment to help reduce pressure on the baht. Bloomberg News

B4 Wednesday, January 15, 2020

First WMS to be held in PHL on February22

NGCP’s project Linang gains recognition from WWF Philippines

N

ational Grid Corporation of the Philippines's Linang initiative, a sustainable farm to table program, was recently recognized as the Food Pillar Awardee by the World Wide Fund for Nature-Philippines (WWF Phiilippines).

The award is given to companies who displayed outstanding, innovative, and consistent support because of its long standing partnership with WWF Philippines.

Project Linang is one of NGCP’s corporate social responsibility projects that aims to help reduce hunger incidence by teaching communities to grow their own food. The project also promotes farming as a means of sustainable livelihood and a way of introducing new technologies and means of farming to the communities.

“We saw the need for more than just handouts and decided that it would be better to encourage families to do their own farming and move towards sustainable and self-sufficient living. Since the Philippines is highly reliant on agriculture, it makes sense to empower individuals in improving their means of sustainable livelihood through Linang,” said NGCP. NGCP partnered with WWF Philippines from the inception of the program to engage schools and communities in a five-month series of lectures and hands-on training in backyard

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gardening, including how to generate income through this practice, market studies, financial literacy training, and savings mobilization.

Allan Sumagaysay, a teacher at one of the schools, shared, “Binebenta namin yung mga gulay sa mga guro, magulang, bata, at mga residenteng gustong bumili.” He further added that he is happy that the students are more interested in gardening than engaging in less productive activities such as internet surfing and gaming.

From its inception, Linang has produced 14 agro-enterprise clusters, 24 group savings and loan associations, with a total of 23 rural

communities, and 1,134 individuals assisted in sustainable farming methods.

“We are very happy to receive this award not only as a recognition of our efforts in promoting sustainable farming and agroenterprises, but also because we see the fruits of this project in the number of families and communities we have helped and will still be able to help in the near future,” NGCP mentioned.

NGCP is a Filipino-led, privately owned company in charge of operating, maintaining, and developing the country’s power grid, led by majority shareholders Henry Sy, Jr. and Robert Coyiuto, Jr.

HE World Marketing Summit 2020 will be held for the first time in the Philippines at Solaire Resort and Casino on February 22, 2020.

The theme of this year’s summit is “Building Digital Economy through Marketing” to be led by Cherry B. Motil, World Marketing Chief Marketing Officer and President of International Modern Marketing and Association, the summit will feature global and local speakers in the field of marketing, artificial intelligence, big data analysis and harnessing global appetite for mobile and e-commerce.

There will also be an interactive discussion on the business challenges and opportunities in the 21st century.

The summit has been held in the previous years in more than 20 countries including Japan, Canada, USA, India, United Kingdom, Italy, Turkey, Thailand, Myanmar and Pakistan and still targeting to reach 30 countries by the end of the year. WMS promises a better world that encompasses respect and passion to global citizens, the Mother Earth and mostly to the Great Creator.

A thousand participants from businesses, corporate world, academe, technical and technology agencies from

agencies and private sectors are expected to draw ideas and information that will impact the next generations.

The World Marketing Summit was founded by the Father of Modern Marketing, Professor Philip Kotler in 2010 in Abu Dhabi together with Sheikh Mubarak Al Nahyan.

WMS’s headquarter is in Toronto, Canada and has country representatives all over the globe. It strives to be neutral and unbiased and is not tied to any political, partisan or national interests.

The first WMS was held Dhaka, Bangladesh with 60 speakers and 4,000 attendees. The second WMS was held in Kuala Lumpur, Malaysia in 2013. From 2014 to 2016 it was held in Japan. In 2017, WMS was held in four different countries including Canada, Bahrain, Korea and Japan and in 2018, WMS was held in 8 different countries including Chile, Bolivia, Italy, Turkey, India, Singapore, Korea and Japan.

With the prime objective to create a better world through marketing, knowledge and creativity, WMS hopes to influence mindsets, support feasible actions for change and craft operating models to improve economic wealth, environmental wellness and human well-being.

SM FOUNDATION MEDIA THANKSGIVING LUNCH. The recent Media Thanksgiving lunch hosted by SM Foundation Inc. was graced by the SMFI program directors and officers, and by SM matriarch herself, Nanang Felicidad T. Sy. SMFI thanked its friends from various media publications for their unwavering support in sharing #SocialGood stories from the foundation. In attendance were the ALC Media Group headed by Marvin Estigoy, vice president, advertising sales.

Epson achieves EcoVadis Gold for CSR category

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PSON has been awarded a Gold rating for CSR by independent assessors EcoVadis for the third year in succession. The top rating, which reflects Epson's commitment to achieving the highest possible international CSR standards, also acknowledges Epson as being "Outstanding" in Sustainable Procurement and highlights its excellent achievement in Labour & Human Rights and for its actions to preserve the Environment.

The overall results show a 5 per cent increase on the previous year with a significant score increase in Labour & Human Rights, placing Epson in the top 2 percent for CSR in its industry* Minoru Usui, global president of Epson says: "Corporate Social

Responsibility is at the heart of everything we do at Epson and this excellent achievement in CSR is as important and valuable to our business as financial success."

"Epson's aim is to be an indispensable company, which means we must create unique, long term value by producing excellent products that exceed our customers' expectations, address societal needs and, importantly, sustain our environment. As a business we have aligned all our activities to the Sustainable Development Goals (SDGs) of the United Nations and we are committed, above all else, to creating a better and more sustainable future."

EcoVadis - an independent, trusted and collaborative platform

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MERALCO RATES DOWN TO START OFF 2020. The Manila Electric Company (Meralco) announced a Php 0.41 per kilowatt hour (kWh) reduction in power rates to welcome the new year. The downward adjustment this month equates to PhP 82 in total savings for a typical household consuming 200 kWh. Notably, this month’s overall rate is significantly lower than that of January 2019. Meralco Public Information Office Head Joe Zaldarriaga (in photo) explained that the overall rate reduction is primarily due to the cost reduction of power from Meralco’s Power Supply Agreements (PSAs). For more information, customers may visit Meralco’s website at www.meralco.com.ph or its social media accounts on Twitter (@meralco) and Facebook (www.facebook.com/meralco).

By Bobby Caina Calvan

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The Associated Press

ALLAHASSEE, Florida—Florida lawmakers began considering on Monday whether they would allow college athletes to profit from their fame, a move that comes as the NCAA looks into possibly removing its long-standing prohibition against it.

Florida would follow the lead of California, which last year ignored pleas by the NCAA to keep the prohibitions in place.

The NCAA had argued that allowing the practice “would erase the critical distinction between college and professional athletics,” and would give California schools an unfair recruiting advantage.

College sports generate billions of dollars in revenue, including $1 billion annually for the NCAA. But none of that money is allowed to go to college athletes.

Ever since California decided to allow college athletes to earn money from their prowess in the sports arena, a growing number of states are looking into similar action.

Similar efforts are under way in Georgia, Maryland, New York, South Carolina and Washington, among others. Members of Congress may also be taking up the effort.

Under pressure, the NCAA last fall announced that it would take action to lift the money making ban for the 450,000 athletes under its purview. But it did not commit to a specific time line for doing so.

As a result, Florida and other states are pressing ahead, just in case the NCAA later balks.

But there’s also the matter of staying competitive, particularly with California colleges that might now have an advantage in recruiting marquee players to their programs. That would be a big concern in sports-rabid states, such as Florida, which has some of the country’s highest-profile sports programs.

NCAA rules have long prevented players from hiring agents. The California law prevents athletes from losing scholarships, or being thrown off teams because of endorsement deals. The law won’t go into effect until 2023, which was meant to give the NCAA time to take its own steps to address the issue.

In Florida, three House committees encompassing about half the chamber’s 120 members—in the education, commerce and judiciary committees—convened collectively on Monday to begin considering the issue, which has gotten bipartisan support and Gov. Ron DeSantis’s endorsement.

Florida has more than 11,000 student athletes, many who play sports that might not get the same limelight as football and basketball, but nevertheless achieve acclaim in their own sport.

“The most frequently heard argument against this bill is that we cannot turn college sports into professional sports,” said State Rep. Chip LaMarca, who is sponsoring one of the bills seeking to give college athletes financial benefits.

“Everything about collegiate sports is professional: from the coaches and facilities to the television broadcasts,” LaMarca said. “However, when it comes to using their Godgiven right of their name, image and likeness, it is demanded that student athletes are amateurs for the sake of amateurism.”

Tennessee, meanwhile, has self-reported an NCAA violation that involved a football player advertising the sale of a replica version of his jersey on Facebook.

The incident was among of the seven Level III and Level IV violations that Tennessee reported over the last six months. The reports were obtained Monday through a public records request.

The Facebook-related violation involved a football player permitting the use of his name and image to promote a commercial project. The player wasn’t identified.

After the player made the post, which has since been deleted, a Facebook friend of his paid the player $300 for four jerseys. The player said the jersey manufacturer was an acquaintance of someone from the player’s hometown.

The player said he intended to give the $300 to that acquaintance, but could never reach the jersey

N.C.A.A. ATHLETES: AMATEURS OR PROFESSIONALS? manufacturer to confirm shipment.

The buyer was disappointed over the delay in receiving the jerseys, and contacted school administrators on December 4. Compliance officials then determined a violation had been committed.

The player paid the compliance office $300, which was refunded to the buyer. The player and the buyer were Facebook friends, but didn’t know each other personally.

The player also had no direct contact with the jersey manufacturer.

The player received education on the rules, and was held out of athletic competition until the NCAA reinstated him on December 19. School officials said that if they can identify the jersey manufacturer, they will send a cease-and-

desist order on the production of any commercial products containing the name, image or likeness of Tennessee student-athletes.

Other football-related violations included the staff putting special additions to an area outside of an athletic facility for a paintball game, while unofficial visitors were on campus, two walk-on players participating in a practice session while not enrolled full-time and the assistant director of on campus recruiting texting logistical information regarding an official visit to a prospect more than 24 hours before his unofficial visit.

Other violations included a sports

information staffer providing a hyperlink to a recruiting service in a tweet on the school’s women’s soccer account, a swimmer using her name and image to promote her own personal jewelry company and a women’s basketball assistant calling a prospect who hadn’t yet reached the permissible age to receive such calls.

Andrew Donovan, Tennessee’s senior associate athletics director for regulatory affairs, said in a statement that “Level III violations are a byproduct of a healthy compliance program. There are thousands of NCAA rules and interpretations of those rules, so it is expected that inadvertent, minor violations may occur on occasion.”

Sports BusinessMirror

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| Wednesday, January 15, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

DESERT MONSTER! Driver Mathieu Serradori of France and codriver Fabian Lurquin of Belgium race their Century during Stage 8 of the Dakar Rally in Wadi Al Dawasir, Saudi Arabia, on Monday. AP

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Ex-IAAF president: I want to clear up all of this, I will clean my honor P

ARIS—The corruption trial involving the former president of track and field’s governing body was suspended Monday shortly after it began.

Lamine Diack, the former head of the International Association of Athletics Federations (IAAF), has been charged with far-reaching corruption and doping cover-ups.

At the opening of the hearing, the prosecution asked that the two-week trial be delayed to weigh new evidence received from Senegal, where Diack was born. His son, Papa Massata Diack, also charged in the case, lives in Senegal, shielded from an international arrest warrant issued by France.

The prosecution also asked for the delay to clear up a procedural technicality regarding one of the charges against Papa Massata. There will next be a hearing in April to see whether a new trial date in June is feasible.

Addressing the court, the 86-year-old Lamine asked that in the wake of the delay he be allowed to travel to Senegal to visit his elder brother, who recently celebrated his 100th birthday. Diack has not been allowed to leave France since his arrest in 2015. But he promised the court that he would come back to France if allowed to travel, saying he wants to clear his name.

“I want to clear up all of this,” Lamine said. “I will clean my honor.”

The court refused his request.

Leaving the hearing, Lamine said: “I have a lot to say, but not now.”

The trial had been expected to detail evidence that Russian athletes paid millions of dollars to hide their suspected doping so they could compete at the Olympics in 2012 and other competitions.

Diack, who served as president of the sport’s governing body for nearly 16 years, is accused of soliciting the payments.

Prosecutors said they received the new evidence—three thick folders of notes that they held up in court—on Monday only hours before the hearing opened. They said it included statements that Papa Massata Diack made to investigators in Senegal and banking details from three of his consultancy firms.

Lamine Diack (center) arrives at the Paris courthouse on Monday. AP

Lamine Diack’s lawyer, William Bourdon, said delaying trial was bad for everyone. He pleaded for Diack to be allowed to leave France, saying: “This man will come back, and explain himself.”

In refusing to lift the travel ban, the court noted that France wouldn’t

be able to get Lamine back from Senegal if he refused to return of his own accord because the west African nation does not extradite its citizens.

As IAAF president, Lamine Diack was one of the most influential men in Olympic sports, presiding over an era when Usain Bolt made track and

field wildly popular. But Lamine’s legacy, and the IAAF’s credibility, took a beating after he stepped down in 2015. He was arrested in France, and investigators revealed accusations of athletes being squeezed for payments to cover up their doping cases.

He is being tried for corruption, money laundering and breach of trust. Prosecutors say he directly or indirectly solicited €3.45 million ($3.8 million) from athletes suspected by the IAAF of doping who paid to have their names cleared so they could continue competing.

Prosecutors also charged Lamine for involvement in a $1.5-million payment from Russia for use in electoral politics in his native Senegal. Prosecutors say the money was creamed from sponsorship and TV rights deals, negotiated with Russian officials.

Prosecutors say the money was to finance presidential and legislative election campaigns in Senegal in 2012, in exchange for slowing down doping cases targeting Russian athletes.

Lamine is also accused of having enabled his son, Papa Massata, to embezzle IAAF sponsorship revenue from Russia’s VTB Bank, Chinese oil firm Sinopec and broadcaster CCTV, South Korean tech giant Samsung and others.

The money laundering charge, alone, carries a possible jail term of 10 years.

Papa Massata Diack also faces corruption, money laundering and breach of trust charges. Senegal has refused France’s extradition requests for the former IAAF marketing consultant. His legal team said in court on Monday that he would not attend the hearing.

But he has been heard in Senegal, interviewed by investigators in November. The statements he made then form part of the new evidence submitted Monday by the prosecution.

Also being tried for corruption and present in court were a lawyer who advised Lamine, Habib Cisse, and a doctor, Gabriel Dolle, who oversaw drug-testing at the IAAF and is accused of taking payments to delay doping cases. Two Russians are also on trial, but did not attend the hearing: Valentin Balakhnichev, a former IAAF treasurer, and Alexei Melnikov, a coach who led Russia’s long-distance running program. AP

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Top-ranked Barty overcomes late collapse to advance to third round A

DELAIDE, Australia—If 2019 was a breakout year for No. 1-ranked Ash Barty, the Australian star is finding 2020 to be an early challenge.

After losing in her first appearance at last week’s Brisbane International, Barty appeared to be cruising in the final set of her second round match against Anastasia Pavlyuchenkova on Tuesday at the Adelaide International.

Up 5-2, French Open and Women’s Tennis Association Finals champion Barty lost three games in a row before breaking the Russian player in the 11th game, then serving for the match for the third time, finally prevailing for a 4-6, 6-3, 7-5 win.

Pavlyuchenkova missed an overhead backhand at the net to help give Barty the late break, then hit a backhand long on Barty’s first match point.

“I think I was able to find something at the end,” Barty

said. “Credit Anastasia, we’ve always had very close ones, she pretty much controlled the whole match.”

Barty, who received a first-round bye, advanced to the quarterfinals with the win and will aim to improve on her starts and finishes before the Australian Open begins next Monday in Melbourne. ln earlier matches, 2017 US Open champion Sloane Stephens lost, 6-2, 6-2, to Australian qualifier Arina Rodionova, No. 8-seeded Marketa Vondrousova beat Tatjana Maria, 6-3, 6-0, and Maria

Sakkari had a 7-5, 6-2 win over fifth-seeded Vitalia Diatchenko.

No. 201-ranked Rodionova, a 30-year-old who endured two three-set wins in qualifying just to reach the main draw, was in control from the first game when Stephens lost her serve.

“I was pretty relaxed today,” Rodionova said.

“From winning those two really tough matches in qualifying, I feel like I deserve to be in the main draw.”

In men’s play at the same tournament, Dan Evans beat Alexander Bublik, 7-5, 6-2.

Indian Sania Mirza, meanwhile, won her first doubles match since returning to the WTA Tour following the birth of her son with Pakistan cricketer Shoaib Malik.

Mirza and Nadiia Kichenok beat Oksana Kalashnikova and Miyu Kato, 2-6, 7-6 (3), (10-3), in Hobart on Tuesday to advance to the quarterfinals at the Hobart International.

The unseeded duo will face the American pair of Christina McHale and Vania King in the next round.

The 33-year-old Mirza is playing at her first tournament since the China Open in October 2017, and is using a protected ranking. She plans to play at the Australian Open, which starts next Monday. Indian media has reported she will play mixed doubles with fellow Indian doubles specialist Rohan Bopanna.

It will be Mirza’s first Grand Slam tournament since the birth of her son, Izhaan, in October 2018. AP NO. 1-RANKED Ash Barty is finding 2020 to be an early challenge. AP

2 more lifters set to lose Olympic medals for doping

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UDAPEST, Hungary—Two more weightlifters face being stripped of their medals from the 2012 Olympics over doping.

The International Weightlifting Federation has said Romanians Roxana Cocos and Razvan Martin are suspected of using banned steroids after their 2012 samples were re-tested using modern technology.

The IWF said Cocos’ sample contained two different banned steroids and Martin’s three.

They join more than 50 other lifters who

have failed re-testing from the 2008 and 2012 Olympics, which has left the medal standings in weightlifting almost unrecognizable compared to the original results.

Cocos is the silver medalist in the women’s 69-kilogram category. If she is disqualified, Kazakh lifter Anna Nurmukhambetova would inherit second place, while Ubaldina Valoyes of Colombia would move up to the bronze spot.

Martin won bronze in the men’s 69-kg event, and his medal could pass to North Korean Kim Myong-Hok. Martin’s already been banned once

for doping from 2013 to 2015.

A Turkish lifter who didn’t win a medal, Erol Bilgin, could also be disqualified. He was eighth in the men’s 62-kg event.

The results come at a time when the IWF is itself under pressure over alleged doping coverups and financial irregularities, something the organization denies.

The International Olympic Committee has called for the allegations—first reported by German broadcaster ARD—to be investigated by the World Anti-Doping Agency. AP

rally drivers yield to SAUD

Driver Orlando Terranova of Argentina and codriver Bernardo Graue of Argentina struggle in the sand in their Mini on Monday. ap

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ADI AL-DAWASIR, Saudi Arabia— Carlos Sainz stayed in front at the Dakar Rally as the leading drivers struggled with navigation on Monday in the absence of the motorbike riders who canceled their stage in homage to Paulo Goncalves.

Goncalves died on Sunday after crashing in the Saudi Arabia desert. The popular Portuguese was competing in his 13th Dakar. The motorbike and quad racers decided to cancel their stage.

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ELBOURNE, Australia—Smoke haze and poor air quality caused by wildfires temporarily suspended practice sessions for the Australian Open at Melbourne Park on Tuesday, but qualifying began later in the morning in “very poor” conditions and amid complaints by at least one player who was forced to forfeit her match.

At the Kooyong Classic exhibition in Melbourne, former No. 1-ranked Maria Sharapova struggled in the heat and smoke, and her match against Laura Siegemund was called off late in the second set. Siegemund won the first set in a tiebreaker, but players and officials decided to stop play at 5-5 in the second.

“Both players are feeling the smoke, so we are going to stop the match at this point,”the umpire said.

At Melbourne Park, Slovenian Dalila Jakupovic was leading her first-round Australian Open qualifying match against Switzerland’s Stefanie Voegele when she dropped to her knees with a coughing spell. Ranked 180th, Jakupovic was a setup and one point away from a tiebreaker in the second set when she experienced breathing difficulties and

OS ANGELES—Tyson Fury leaned into the microphone, and issued an audacious prediction to Deontay Wilder regarding their heavyweight rematch.

“You’re going to sleep in two rounds,” the English champion said Monday.

Wilder replied by picking up his own microphone and loudly sniffing it, mocking Fury for his past problems with drug abuse.

When these two unbeaten heavyweights got together in downtown Los Angeles on Monday, they picked up right where they left off across the street in December 2018.

Their thrilling split draw at Staples Center has led to a rematch February 22 in Las Vegas, and both men claim they expect a knockout victory in what’s likely to be the most-anticipated heavyweight title fight in recent years.

Although both fighters are skilled in the craft of promotional hyperbole, it was still a surprise when Fury (29-0-1, 20 KOs) declared he can knock out Wilder within the first six minutes at the MGM Grand Garden Arena.

A knockout prediction is no surprise at all

coming from Wilder (42-0-1, 41 KOs), whose peerless punching power dropped Fury twice in their first bout. The fight’s most memorable moment was Fury’s stunning rise from a 12th-round knockdown that had left him flat on his back.

“I’m prepared for more than ever,” Wilder said. “I told Fury two years ago I was going to baptize him, and I did just that. Rising up is part of the baptism. I told him he was going to go, ‘Timber!’ And he did just that. This time around, it’s called unfinished business. He won’t be able to get back up. This time, I’m going to knock him out.”

Aside from the fighters’ charismatic personalities and their penchants for wild public statements, this matchup is fascinating because it pits Fury’s boxing skills—which are impressive for any fighter, let alone a hulking heavyweight— against Wilder’s ferocious punching power, which is, likely, unmatched in the sport. AP

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HOWARD, LAKERS STRETCH STREAK

OS ANGELES—LeBron James scored 23 of his 31 points in a dominant second half, and Dwight Howard added season highs of 21 points and 15 rebounds in the Los Angeles Lakers’ ninth consecutive victory, 128-99, over the Cleveland Cavaliers on Monday night.

James added eight assists while passing Isiah Thomas for sole possession of eighth place on the National Basketball Association’s (NBA) career list. The longtime Cavaliers superstar led a decisive run during the third quarter and poured it on in the fourth for the Lakers, who still haven’t lost since Christmas.

Los Angeles won its third straight game without Anthony Davis, who is out with a bruised backside.

Kevin Love had 21 points and 11 rebounds for Cleveland in the third stop of a six-game road stretch. Two days after the Cavs posted a surprising win at powerhouse Denver, they couldn’t keep up with a franchise icon who hasn’t slowed down since he moved to the West Coast.

Returning from a one-game absence with an apparent case of flu, James improved to 2-0 against the Cavaliers since he departed for the second time in 2018. James had 32 points and 14 rebounds in his return to Cleveland in November 2018, and he was injured last January when the Cavs beat the Lakers at Staples Center.

Tristan Thompson had 17 points and 10 rebounds for Cleveland. Collin Sexton and Darius

Garland added 16 points apiece.

Cleveland jumped to a 14-point lead in the first half while most of the Lakers played listlessly, but Los Angeles ran away from the middle of the second quarter onward.

James, who passed Thomas with his 9,062nd assist, is the NBA’s leader with a career-best 10.7 assists per game while molding himself into a virtuoso playmaker alongside Davis.

While James took control with 12-for-16 shooting, Howard capped another outstanding game in his bounce-back season with his ninth career 3-pointer in the fourth quarter.

The Orlando Magic, meanwhile, made a pair of costly defensive mistakes in the final 80 seconds.

Evan Fournier’s quick change of mind and a big shot

by Aaron Gordon more than made up for it.

Gordon made a three-point play with 1.1 seconds remaining, and the Magic beat the Sacramento Kings, 114-112, on Monday night in Sacramento.

“That’s a terrific win,” Orlando coach Steve Clifford said. “That to me was more of a win where we fought like hell, and made big plays at the end than it was a lot of stuff that you’re going to look at and say we’re on our way.”

TYSON FURY tells Deontay Wilder: “You’re going to sleep in two rounds.” AP

Los Angeles Lakers center Dwight Howard dunks as Cleveland Cavaliers guard Dante Exum watches helplessly. AP

Gordon and Fournier made it possible with their freelancing at the end.

De’Aaron Fox put the Kings ahead, 112-111, with a three-point play with 15 seconds left. After a timeout, Orlando inbounded the ball to Fournier, who went up for a shot at the right

elbow before passing down low to Gordon.

“I got to my spot, but I saw two bodies in the air,” Fournier said. “I was literally about to shoot, and I saw AG and I had to pass it.”

Facing a double-team and with his back to the basket, Gordon flipped the ball up and in.

He was fouled by Cory Joseph, and made the ensuing free throw to give the Magic their fifth

19-minute lead over 13-time winner Peterhansel down to 13.

There are four stages to go.

“It’s the first time we’ve driven without the bikes’ tracks and...the navigation is complicated when you have to follow a course in the dunes, there is always a tendency to deviate,” Peterhansel said. “On the hardest part, Nassar was out in front and we followed him. It’s impossible to go fast opening the way. The

‘SMOKE GETS IN YO

Fury predicts early KO of Wilder in heavyweight rematch

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The cars raced on, and Sainz opened the way cautiously without the benefit of motorbike tracks to judge the 477-kilometer loop around Wadi Al-Dawasir.

Sainz gradually fell off the pace, and lost time to title rivals Nasser Al-Attiyah and Stephane Peterhansel. But the Spaniard stayed in their dust trails and saw his lead over defending champion Al-Attiyah cut by more than three minutes to less than seven, and his

win in seven games.

“I was going to rebound. I thought Evan was going to shoot it, but he made a great play,” Gordon said. “It was a good pass, and I just put it on the rim. It went in. Evan did the hard part. He set the whole play up.”

Gordon finished with 19 points and nine rebounds in his return to Orlando’s lineup after missing one game with calf tightness. Nikola Vucevic had 26 points and 15 rebounds, and Fournier scored 25 points.

Gordon’s game-winner came after the Magic blew a pair of defensive assignments down the stretch.

“What was disappointing is [those] plays are just blown coverages on stuff we covered in detail ad nauseam this morning,” Clifford said.

“Should have never happened.”

Fox had 31 points, 10 assists and eight rebounds for Sacramento. Nemanja Bjelica set career highs with 34 points and eight 3-pointers.

“Orlando knocked down shots, and made plays down the stretch,” Kings Coach Luke Walton said.

“You don’t want to come down to these one-point games because crazy things happen. You have to take care of business before that.” AP

retired from the match.

“I was really scared that I would collapse,” Jakupovic told Australian Associated Press. “I don’t have asthma and never had breathing problems. I actually like heat.

The physio came again, and I thought it would be better.

But the points were a bit longer, and I just couldn’t breathe anymore and I just fell on the floor.”

Jakupovic said it was “not fair” that officials asked players to take the court in those conditions.

“It’s not healthy for us. I was surprised, I thought we would not be playing today but we don’t have much choice.”

Former Wimbledon semifinalist Eugenie Bouchard needed some medical assistance during her first qualifying match before beating You Xiaodi, 4-6, 7-6 (4), 6-1.

Organizers said further decisions on match scheduling would be made using on-site data and in close consultation with its medical team, the Bureau of Meteorology and scientists from the Environmental Protection Agency in Victoria stated.

Melbourne started the day with hazardous air pollution as smoke from wildfires in Victoria’s east and in southern New South Wales state drifted through.

The central business district, close to where

Abap monitors pneu in Tokyo Olympics q

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HE Association of Boxing Alliances in the Philippines (Abap) is closely monitoring the situation in Wuhan following an outbreak of pneumonia weeks ahead of the Asia and Oceania qualifier for this year’s Tokyo 2020 Olympics.

Abap Secretary-General Ed Picson said the China host city and participating countries are keeping their fingers crossed before the event is held February 3 to 14.

Picson told the Philippine Sportswriters Association Forum at Amelie Hotel Manila on Tuesday that apprehensions remain, despite a letter they received from the International Olympic Committee (IOC) Boxing Task Force that said there are “no travel restrictions and extra measures are needed.”

The IOC letter also said that the World Health Organization has outlined that “China has strong public health capacities and resources to respond, and manage, respiratory disease outbreaks,” and that the WHO does not recommend measures for travelers to Wuhan, which is 1,152 kilometers north of Beijing.

Picson said two countries are willing to take over as

Lacuna vows to supp

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HE newly elected members of the Philippine Olympic Committee (POC) Athletes Commission have guaranteed their fellow athletes of a bigger voice, and a shoulder to rely on, for the next four years.

“We will be the bridge between the athletes and the POC,” said swimmer Jessie Khing Lacuna, a veteran of the Rio de Janeiro 2016 Olympics.

“We are here to provide the link,” Lacuna told Tuesday’s Philippine Sportswriters Association Forum at Amelie Hotel Manila.

Lacuna was elected to the commission last Saturday along with Francesca Altamonte of softball, Nikko Huelgas of triathlon, Jake Letts of rugby and

orts

sMirror

Wednesday, January 15, 2020

GIN KINGS FACE LIMPING BOLTS

B MERALCO’S Raymond Almazan is down with a knee injury.

DI DESERT

ARANGAY Ginebra San Miguel targets a 3-1 lead over a Meralco side limping with the absence of center Raymond Almazan on Wednesday in the Philippine Basketball Association Governors’ Cup Finals.

The 6-foot-8 reliable big man Almazan fell awkwardly on his left knee in the first quarter of Game Three. He never returned to the game which the Gin Kings won, 92-84, on Sunday night.

Almazan suffered a lateral meniscal tear in his left knee and will definitely miss Game Four set for 7 p.m. at the Smart Araneta Coliseum.

He stands the risk though of missing the entire best-of-seven series.

The Bolts have definitely made adjustments with Almazan out for Wednesday night and Head Coach Norman Black assured

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OUR EYES’ Melbourne Park is located, recorded overnight hazardous levels of fine particles in the air and the EPA categorized the air quality as “very poor.”

Firefighters in the region spent the night being called out to fire alarms triggered by the smoke haze.

PLEDGE FOR WILDFIRE HELP

OUNG gun Dave Ildefonso confirmed on Tuesday that he has left National University (NU) to rejoin his high-school team Ateneo de Manila.

In a social-media post, Ildefonso said that he is bringing his act again for the Katipunanbased squad after playing for two years with the Bulldogs in the University Athletic Association of the Philippines.

He said one factor that pushed him to return to Ateneo was his aspiration of representing the country in big tournaments abroad.

“I have made the decision to return to Ateneo to continue my basketball journey. My biggest basketball dream has always been to represent the country in major international meets and I feel that this is the best path to that fulfillment of my dream,” he said.

He was part of the strong Ateneo juniors team that won the UAAP title in Season 80 A SPECTATOR wears a mask as smoke haze shrouds Melbourne during an Australian Open practice session at Melbourne Park in Australia on Tuesday. AP

THE International Tennis Federation (ITF) and the groups that run the US Open, French Open and Wimbledon pledged a total of $400,000 on Monday to help the relief efforts for the Australian wildfires.

The donations, initiated in London, will go to the Australian Red Cross.

The death toll in Australia has risen to at least 27, while the fires have destroyed more than 2,000 homes and scorched an area larger than the US state of Indiana since September. Four of the casualties have been firefighters.

The fire threat is most acute in rural communities, but wildfire smoke has choked some of Australia’s largest cities.

The year’s first Grand Slam tennis tournament, the Australian Open, is scheduled to start January 20 in Melbourne. AP

umonia outbreak qualifiers in Wuhan

port athletes’ needs Samuel Morrison of taekwondo.

Lacuna told the forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel Manila and the Philippine Amusement and Gaming Corp. that since the commission is required to have at least two Olympians (one male, one female), Rio Olympics silver medalist Hidilyn Diaz of weightlifting may be accommodated as the fifth member in place of Morrison.

Lacuna, 26, has indicated his availability to serve the commission full time after announcing his retirement from competitive swimming. As chairman of the commission, he could attend the POC General Assembly with voting power.

played his best Finals game so far with 21 points—17 coming in the third period when the Gin Kings roared to a 23-point advantage.

Ginebra’s scoring blitz with Almazan in the lockers nursing his knee was difficult to match, Black admitted.

“Our biggest concern is the fact that when Raymond was not around. You saw what happened with Japeth, he pretty much ran wild out there on the court,” Black said. “We will just try to find a way to fix it.”

Chris Newsome paced the Bolts—who stole Game Two, 104-102—with 24 points, while Durham added 23 points, 13 rebounds and seven assists.

Ildefonso confirms return to Ateneo

bikers give us a lot of help with the navigation.”

The eighth stage was a first-time win for French driver Mathieu Serradori, who became the first amateur to take a stage in 32 years. Serradori manages a company that specializes in electricity.

He rose to the occasion through the valleys and canyons in the last half of the stage.

Former Formula One champion Fernando Alonso achieved his best stage finish, second despite a puncture, and Orlando Terranova was third. AP

host of the Olympic qualifier, including Thailand and even the Philippines, which recently hosted the 30th Southeast Asian Games.

“With our recent hosting of the SEA Games, we have the mechanics in place,” Picson told the forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel Manila and the Philippine Amusement and Gaming Corp.

He, however, doubted if China would give up the hosting chorse because it has other venues elsewhere other than Wuhan that can stage multi-nation events.

Picson said the Abap would field as many as eight athletes to the qualifiers, including five male and three female boxers, most of them gold-medal winners in the recent SEA Games.

Picson said the Asia and Oceania qualifiers are the best route for Filipino boxers to qualify for Tokyo 2020 because of the number of slots offered—six slots in the men’s 52 kg, 57 kg and 63 kg and women’s 51 kg, including the four semifinalists and two boxers who lose to the eventual gold and silver medalists.

import Allen Durham and the rest of the Bolts are ready to fill the void.

“It’s a big blow. Raymond has been playing great this series—rebounding, defense, putback and scoring. So, it’s a big loss,” Black said. “We’ll see if he can come back but if not, everybody else got to step up,” he added.

Almazan’s absence gives Barangay Ginebra the advantage in the shaded lane with its big men especially for Japeth Aguilar, who has been exceptional in the series. He made a decisive block on Durham in Game One which they won, 91-87, and scored 23 points, grabbed four rebounds on top of his seven blocks in Game Three.

Justin Brownlee churned in his usual numbers of 24 points, nine boards and nine assists on Sunday night, while Stanley Pringle

Onte, Bona sizzle in Treñas netfest

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oung Alexandra Onte and Kendrick Bona came away with a pair of straight-set triumphs to share MVP honors in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Mayor Jerry Treñas national age-group tennis tournament at LaPaz Plaza courts in Iloilo City over the weekend.

Onte toppled top seed Aleeva Suace, 6-1, 6-0, in the girls’ 12-under finals then the rising local star crushed Dolores Hofileña, 6-2, 6-3, to pocket the 14-under diadem in the Group 1 tournament presented by Dunlop.

Fellow Ilongga Althea Martirez, however, foiled her bid for a third crown, scoring a 6-4, 6-2 victory in the 16-U finals before blasting Abigail Aguirre, 6-0, 6-1, for the 18-under plum to likewise complete a two-title feat in the second leg of a 40-leg junior circuit put up by PPS-PEPP headed by President and CEO Bobby Castro.

Bona also stamped his class in the boys’ side, whipping Ian Iturriaga, 6-0, 6-2, for the 12-under crown then the Puerto Princesa find and MAC’s Crankit Tennis Academy protégé warded off Elemar Sealza, 6-3, 7-5, in the 14-under finals.

Maharlika Warrior at Fort Santiago

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HE Maharlika Warrior Obstacle Course Race (OCR) invades Fort Santiago in Intramuros on March 15 with beginners, age groupers and elite athletes seeing action.

Inspired by the gallantry of the ancient Filipino warrior, Maharlika is the country’s first and all original Filipino OCR series.

Competitions will be in the Mandirigma (beginners), Sultan (age groupers) and Alamat (elite) categories.

“We are an all original Filipino-inspired OCR series so there was no other choice but Intramuros. It’s a cultural cradle with so much historical weight and part of this new armada of stories is Maharlika,” Stephen Ku, CEO of

WorldWide Womb Asia, said.

Early bird tickets start at P1,800. Regular tickets are pegged at P2,150 for Mandirigma, P2,650 for Sultan and P2,750 for Alamat. For more details, visit www. maharlikawarrior.com and follow Maharlika Warrior on Facebook and @themaharlikawarrior on Instagram.

Set against the historic backdrop of Intramuros, Maharlika’s first-ever course is inspired by the mooneating beast, Bakunawa.

With 6 kilometers and more than 20 obstacles— spanning from Fort Santiago to Baluarte de San Gabriel— the twists and turns of the race are designed to mimic the body of the dragon-serpent and its legendary story.

along with fellow prodigy Kai Sotto.

Ildefonso transferred to NU and joined his brother Shaun and father, former pro player Danny who was serving at the Bulldogs’ coaching staff.

The athletic forward averaged 17.1 points and 5.9 rebounds, but his efforts fell to a losing cause as the Bulldogs finished deadlast in the eliminations with a 2-12 won-lost card in Season 82.

“It’s never a goodbye. No matter where my basketball journey takes me, I will always carry with me the memories and lessons that I gathered while wearing the NU jersey,” Ildefonso said.

“NU will always be a part of the person that I will become,” he added.

Under league rules, Ildefonso will complete a year residency before he could wear the Ateneo jersey. He still has three years of eligibility in the UAAP. Ramon Rafael Bonilla

DAVE ILDEFONSO confirms his transfer in social media.

Folayang fights ‘The Wolverine’

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duard “Landslide” Folayang, Filipino martial arts veteran and two-time One lightweight world champion, is confident he has enough left in the tank to bag another shot at the title this year.

The Team Lakay stalwart lost the lightweight belt in Tokyo early last year, falling to Japanese Shinya Aoki via first-round submission at One: A New Era. It was a painful setback, but did little to deter Folayang’s fighting spirit.

This year, Folayang vows to return as a better competitor and show fans he has what it takes to be champion again.

“2019 has been an absolute roller-coaster ride for me,” Folayang said. “I started the year off as champion but fell short of victory against Shinya [Aoki] in Tokyo. That’s a loss that I learned a lot from and it was a very tough experience to deal with. I can honestly

say however that I am a much better martial artist because of it.”

Folayang also got the opportunity to challenge multiple-time lightweight champion Eddie “The Underground King” Alvarez, a more than recognizable name in the mixed martial arts scene.

Despite dominating Alvarez in the early going, Alvarez scored a come-from-behind victory on the strength of his wrestling and submission skills. The American secured a rearnaked choke midway through the first round, earning a spot in the One Lightweight Grand Prix Championship Final, which he eventually relinquished due to injury.

For Folayang to return to title contention, he has to be perfect to start the year.

Folayang will face Pakistan’s Ahmed “The Wolverine” Mujtaba at One: Fire and Fury at the Mall of Asia Arena on January 31.

Two other local bets hurdled their respective final round opponents with Rafael Santiago thwarting Lourain Jallorina, 4-0, 1-4, 4-1, for the 10- PPS-PEPP unisex title and Nickel Nowlakha escaping with a 5-7, 6-4, 10-7 decision over Joshua Raymundo in the 18-under division.

Raymundo, from La Carlota, took the 16-U crown with a 6-3, 6-2 romp over Benedict Santiago.

Next up is the PPS-PEPP Fr. Fernando Suarez Open from January 27 to February 2 in Cebu featuring the men’s singles and doubles, the juniors Group 1 and the Legends 40s, 50s and 60s divisions.

Registration is ongoing. For details, call

PPS-PEPP Sports Program Development Director Bobby Mangunay at 09154046464.

Joenel Llavore and Danny Sajonia, meanwhile, routed Rodel Borres and Aaron Palomo, 8-2, to pocket the 40s plum in the Legends category of the event sanctioned by the Unified Tennis Philippines made up of PPSPEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg. Llavore made it a double victory as he teamed up with Jovy Morante to edge Borres and Jun Sorbrevega, 8-7(3), in the 50s finals, while Gene Caymo and Marnel Teruel held off Elmer Albes and Raymund Tabuga, 8-5, for the 60s crown.

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Al Mendoza alsol47@yahoo.com

THAT’S ALL

To survive, Meralco’s defense must hold

MERALCO has no choice but to defeat Barangay Ginebra today if it still seriously nurses hopes of staying alive in the Philippine Basketball Association’s (PBA) Governors’ Cup Finals.

How the Bolts will do it, it might help if their coach, Norman Black, could seek guidance from Lakers mentor Frank Vogel.

Boston Coach Brad Stevens regularly calls Vogel for help, a habit he developed as Stevens admitted in a USA Today interview that “I leaned on Vogel, when I accepted the Celtics job in 2013.”

See what I mean, Norman?

For, definitely, a Game Four loss tonight in the best-of-seven title playoffs would wallop the Bolts into a 3-1 hole, a situation that will absolutely give the Gin Kings the luxury of just winning once in the remaining three games to wrap up the crown.

And, at this stage, Ginebra looks well-poised to do it, having already claimed a second crown in three meetings with Meralco since 2016.

How to stop the Gin Kings from pocketing a third title against the Bolts is for Black to map out a plan to blunt Tim Cone’s coaching prowess—if only for tonight.

At least a Meralco win would be huge as it will somehow delay, if not possibly deflect, a strongly predicted Ginebra victory.

To do it, Black must, first and foremost, devise a fool-proof dragnet to block the incursions of slashthe-lane master Stanley Pringle.

Didn’t Pringle pounce repeatedly on the paint in Game Three’s critical third quarter, scattering 17 of his 21 points in that frame for an irreversible 20-point, 78-58 edge going into the last canto?

What happened to Meralco’s vaunted defense that magnificently held in the first two quarters, resulting in Ginebra’s supposedly manageable margins of 24-21 and 43-42, respectively?

If Pringle had escaped virtually unscathed, so did Justin Brownlee (24 points), Japeth Aguilar (23) and LA Tenorio (11).

If four guys could shoot double figures in wild abandon, where was Meralco’s defense?

And, yes, in Ginebra’s 21 assists in Game Three, the last two proved fatal—coming yet from Brownlee, whose two feeds in the dying seconds to Tenorio and Aguilar produced five devastating points that secured a 92-84 victory after the Bolts had closed in at 82-87 from 23 points down.

In fairness, Meralco had defense but, alas, it was not sustained.

Vogel’s gospel is defense wins games, a timeless formula that he brought to Lakerstown after leading Indiana to back-to-back Eastern Conference Finals—losing each time, sadly, to the LeBron James-led Miami.

But Vogel, a biologist by profession, now has the luck of coaching James, AP’s male player of the decade.

Los Angeles is now atop the Western Conference, looking certain of re-entering the playoffs after six straight failures in as many seasons.

As to offense, Vogel, 45, has this tip: “I give freedom for everybody to shoot but there must be accountability.”

You keep misfiring, you pay the price.

Meralco must mend fences tonight—or die.

Early.

THAT’S IT Does it make sense seeing Dave Ildefonso return to Ateneo from National University in the next UAAP basketball season, leaving behind his brother, Shaun, to continue wearing the Bulldog jersey? Is Dave going to do it in revenge of the sacking of his father, Danny, as an assistant coach at NU?...Best wishes anew to Des and Auring Bautista for celebrating their 50th year of married life!... And thank you once again for the endless love of Baguio Country Club GM Anthony de Leon. You are one of a kind, GM! Also to Ms. Lanie Licudine. Cheers, Lanie!

SOAP CAMPAIGN Chooks-to-Go

of Bounty Agro Ventures Inc. (BAVI) seals a memorandum of agreement with Special Olympics Asia Pacific (SOAP) for a yearlong campaign to benefit people with intellectual disabilities (PIDs) at the Discovery Suites in Ortigas Center on Tuesday. Photo shown are (from left) Campaign Ambassador Kobe Paras, champion triathlete Nikko Welgas, Chooks to Go President Ronald Mascariñas, SOAP Consultant Kaye Chastine Samson and Southeast Asian Games gold medalist Jaime de Lange. The campaign is dubbed “Kaya ‘Yan, Manok ng Bayan.” NONOY LACZA

Sports

Barcelona axes manager Valverde in midseason

BusinessMirror

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| Wednesday, January 15, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE United States’s Megan Keller (5) celebrates her goal with Dani Cameranesi (24), Emily Matheson (8) and Annie Pankowski (27) during the first period of a rivalry series women’s game against Canada in Hartford, Connecticut, last month. AP

NHL PUTS PREMIUM ON WOMEN’S GAME T

By John Wawrow The Associated Press

HE National Hockey League (NHL) is increasing its promotion of women’s hockey by adding a threeon-three game between US and Canadian national team members to its All-Star festivities later this month in Saint Louis.

The women’s game will happen during the January 24 and 25 weekend that showcases the top players in the NHL, according to three people with direct knowledge of the plans who discussed them Monday with The Associated Press on condition of anonymity because the NHL isn’t set to reveal its plans until later this week.

The plan to hold the three-on-three game has been in the works for months, with as many as 24 players set to participate after the final rosters were being established late last week, two of the people told AP. The game was first reported by ESPN.com.

This isn’t the first time the NHL has invited female players to attend its All-Star game.

Two years ago, with Team USA training nearby in advance of the Winter Olympics, the NHL invited three American players to be on hand but not participate. Last year, four players were invited and American Kendall Coyne

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Schofield made a huge splash by becoming the first woman to participate in the skills event and then finished seventh in the fastest skater competition.

What’s difficult to gauge is what signal the NHL might be sending by having a number of the world’s top female players sharing the spotlight when women’s hockey is in a state of flux.

The uncertainty arose in late March, when the six-team Canadian Women’s Hockey League (CWHL) announced it was folding due to financial reasons after 12 seasons, leaving the US-based five-team National Women’s Hockey League (NWHL) as North America’s lone professional league.

A majority of players, however, balked at making the jump to the NWHL and instead vowed to not play professionally in North America this season. Eventually, nearly 200 top players formed the Professional Women’s Hockey Players’ Association (PWHPA) to push for a league they say must have a sustainable economic model.

The PWHPA has since launched a series of barnstorming tours, with its most recent stop in Toronto this past weekend. The NWHL, in the meantime, is in the middle of its fifth season and featuring teams made up of patchwork rosters with a handful of association players having returned to play.

The NHL has avoided the appearance of playing favorites, first between the CWHL and NWHL, by providing

EW ORLEANS—President Donald J. Trump turned sports fan for an evening as he watched No. 1 Louisiana State University (LSU) and No. 3 Clemson battle it out in the College Football Playoff championship.

Trump flew to Louisiana for Monday’s night’s game at the Superdome in New Orleans, accompanied by first lady Melania Trump.

“It’ll be a great game. It’ll be something that a lot of people want to see,” he said as the couple departed the White House.

The president and first lady walked onto the field shortly before the game for the singing of the National Anthem. Fans from both teams cheered him loudly.

Some greeted him with cheers of “USA, USA.” Others chanted, “Four more years.”

The first couple left before the fourth quarter and the final score: LSU 42, Clemson 25.

Trump was in friendly territory. He secured a nearly 20-point victory in Louisiana, in the 2016 presidential election.

Trump is also familiar with the two teams. He took in an LSU game in November when the team went up against Alabama.

He also met with many of Clemson’s coaches and players when they visited the White House in January 2019, after winning last season’s national championship. That visit occurred during a partial government shutdown. With much of the White House staff on furlough, Trump arranged for a fast-food buffet of burgers and pizza. White House cups bearing the presidential seal held the fries.

Monday’s game featuring two undefeated teams offered Trump a brief break from another turbulent period in his presidency as House Speaker Nancy Pelosi prepares to send two articles of impeachment to the Senate and tensions between the US and Iran continue to simmer.

Sen. Lindsey Graham, Republican, South Carolina, who predicted a championship for Clemson, flew with Trump aboard Air Force One to Louisiana for the game. Graham is an outspoken supporter of Trump who opposes the president’s impeachment. Sen. Tim Scott, R-SC, also hitched a ride to the game.

While Trump has routinely sparred with professional athletes during his time in office, college football has managed to avoid similar political controversies.

The president attended the Army-Navy football game last month and was warmly welcomed at the LSU-Alabama game.

“Regardless of your political views, that’s pretty cool, having the president at the game,” LSU quarterback Joe Burrow said at the time.

Trump drew a mixed response last fall when taking in a mixed martial arts match in New York City. He also was jeered and booed at a World Series game in Washington. AP

each league $75,000 annually (the NHWL received the CWHL’s share once the Canadian league folded).

The NHL selected only national team players to participate in the three-on-three event; all of them are PWHPA members.

Commissioner Gary Bettman has supported the idea of the NHL forming its own league, but not at the expense of pushing an existing league out of business.

Bettman has said he doesn’t want the NHL to appear like a bully.

At the same time, he’s also said the NHL didn’t believe in either the CWHL or NWHL’s business models.

NWHL founder and commissioner Dani Rylan has taken offense to the NHL questioning its investor-backed business model. In October, Rylan went so far as to say the NWHL has proven it can be viable without NHL support and a lack of highprofile players.

The NWHL has instead focused on adding private investors to generate revenue and fill in the gaps left after the NHL Buffalo Sabres and New Jersey Devils cut ties with teams in their respective markets. The league has also turned to increasing its profile on social media by having all its games broadcast on Twitch.

ADRID—Barcelona made a rare coaching change midway through the season, replacing Ernesto Valverde with former Real Betis manager Quique Setién on Monday.

The move came four days after the loss to Atlético Madrid in the semifinals of the Spanish Super Cup, a result that significantly increased pressure on Valverde.

The club said it reached an agreement with Valverde to terminate his contract.

Setién, a 61-year-old Spaniard who used to be a midfielder for Atlético Madrid, is known for setting up teams that often mimicked Barcelona’s attacking-minded style.

“Throughout his career he has been a proponent of possession-based, attacking football that has been attractive to the fans,” Barcelona said.

The club called Setién, who will be officially introduced on Tuesday at Camp Nou Stadium, “one of the most experienced coaches in Spanish football.” He was contracted to June 2022.

It is the first time since 2003 that Barcelona has made a change in the middle of the season. Louis van Gaal left the club that January, and since then six other coaches have begun their stints at the start of the season.

Valverde was in charge of the team practice on Monday, which happened before the club’s board of directors met to seal his fate. Valverde met with club president Josep Bartomeu for about an hour before leaving the team’s training center.

His departure came with Barcelona leading the Spanish league, and a few weeks from facing Napoli in the round of 16 of the Champions League. Barcelona drew three of its last four Liga games, though, and pressure on Valverde increased after the team conceded two late goals in a 3-2 loss to Atlético in the Spanish Super Cup, in Saudi Arabia.

The list of possible Valverde replacements also reportedly included former Tottenham Coach Mauricio Pochettino and reserve team manager Javier García Pimienta. The Netherlands manager and former Barcelona star Ronald Koeman also has been a perennial contender for the Barcelona job.

Many rumors initially linked former Barcelona midfielder Xavi Hernández with the club’s coaching job. Qatari club Al-Sadd—where he currently coaches—said the Spanish club was negotiating with the Spain great. Xavi said he met with Barcelona sports director Eric Abidal on Friday, in Doha, but did not reveal the nature of the meeting. He said he always dreamed of one day coaching Barcelona but was committed to Al-Sadd for now.

There were doubts related to Pochettino’s name after he said sometime ago he would never coach the Catalan club. The Argentine manager used to play and coach for Barcelona’s city rival, Espanyol.

Setién had been with Betis since 2017 until deciding to take some time off at the end of last season. He previously coached smaller Spanish clubs, such as Racing Santander, Las Palmas and Lugo.

Setién didn’t win significant titles as a coach but was the last one to beat Barcelona at Camp Nou Stadium—in 2018, a 4-3 win by Betis in the Spanish league.

Most of his playing career was with Racing Santander, though it was with Atlético that he won the 1985 Spanish Super Cup. The 55-year-old Valverde had always been criticized by some Barcelona fans. The Spanish Super Cup defeat to Atlético added to the perception many supporters had that Valverde’s side threw away leads against important rivals.

He had a good record since arriving in 2017, leading Barcelona to back-to-back Spanish league trophies, but the club had tough Champions League eliminations in the last two seasons. It was humiliated at Liverpool 4-0 after winning the first leg 3-0 in the semifinals last season, and the previous year it squandered a 4-1 first-leg lead against Roma in the quarterfinals.

Valverde’s job was also in jeopardy at the end of last season after Barcelona lost the Copa del Rey final to Valencia.

He helped the club win the Copa del Rey in 2017 to 2018, as well as last season’s Spanish Super Cup. In 163 matches with Barcelona, he won 108, lost 20 and drew 35. AP Valverde

Trump cheered loudly at college football title game

President Donald J. Trump and first lady Melania Trump attend the NCAA College Football Playoff national championship game on Monday, in New Orleans. AP

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God of justice

EAR God, You display Your faithful love to all who call upon You for deliverance. In faith, we pray: God of the living, be merciful. For those who await for an organ transplant, healing of illness or relief from pain. For women who seek help for an unplanned pregnancy. For those who are restless or unhappy in their lives. For those whose love for others are taken for granted because of indifference. May God show us mercy and answer us on the day we call, through Christ, whose coming is certain and whose day draws near. Amen.

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

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

Life BusinessMirror

‘JOKER’ LEADS OSCAR NOMS; ‘1917,’ ‘IRISHMAN’ CLOSE BEHIND D3

Wednesday, January 15, 2020

Why Sonos has already lost its patent suit against Google THE wireless speaker Sonos Play:5. Last week, the company filed a lawsuit against Google for alleging patent infringement.

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BY JOE NOCERA Bloomberg News

F you’re not a patent aficionado, you have probably never heard the phrase “efficient infringement.” Not to blow the punch line, but it’s yet another example of how big tech companies use dubious means to squeeze their smaller rivals. When critics complain that Facebook, Google, Apple Inc. and Amazon are squashing innovation, this is the sort of tactic they’re talking about.

I first heard the phrase some years ago when I looked into a patent dispute between Apple and the University of Wisconsin. The Wisconsin Alumni Research Foundation, which owns the university’s patents, had sued Apple over its use of an innovation that university scientists had dreamed up and patented in the mid-2000s. Apple had installed it in iPhones and iPads without bothering to negotiate a license, and had been using it with impunity for years before the case finally went to trial. A jury found for the foundation in 2015, and ordered Apple to pay $234 million.

That was actually a victory for Apple.

Consider: Apple got free use of valuable technology that it took from a smaller, less powerful entity. Losing at trial was unfortunate, perhaps, but the $234 million was just another business expense. Pocket change, really, considering Apple’s size.

How common is this kind of move? Boris Teksler, Apple’s former patent chief, told The Economist recently that “efficient infringement, where the benefits outweigh the legal costs of defending against a suit, could almost be viewed as a ‘fiduciary responsibility,’ at least for cash-rich firms that can afford to litigate without end.”

In other words, stealing patented technology is practically required if you’re focused on shareholder value. And who isn’t these days?

What brings this to mind is a lawsuit filed

by Sonos last week against mighty Google.

The suit contends that the search giant (2018 revenue: $136.8 billion) has been infringing patents that belong to the smaller company (2018 revenue: $1.1 billion) since 2015, specifically those covering wireless home speakers. Google and Sonos were once allies; now, Google’s Chromecast devices, which use the technology in question, compete directly with Sonos’s audio systems. Among other benefits, this alleged infringement allowed Google to reap “$3.4 billion in Google Home revenue in 2018 alone,” according to the Sonos complaint.

For three years, according to the complaint, Sonos tried to get Google to focus on the infringement, sending the larger company notices informing it that it was violating as many as 100 of its patents. The two companies held talks to settle the matter.

But with negotiations getting nowhere—at least in Sonos’s view—it sued Google over five of the most important patents.

Needless to say, Google says it did nothing wrong and that it developed its technology independently of Sonos.

(This, by the way, is not a particularly strong argument; independently derived technology can still infringe another company’s patents.) “We dispute these claims and will defend them vigorously,” said Jose Castaneda, a Google spokesman.

Well, of course, Google will fight the case. That’s what efficient infringement is all about. Assuming Google uses the standard playbook, it will first go to the patent office and employ a relatively new process called the inter partes review to try to have dozens of Sonos’s patents invalidated. Even if that fails, it will soak up 18 months, or so, and several million dollars. Then it will file motions and countermotions to drag the case out as long as possible. That should consume

three or four more years. And if, in the end, Sonos wins, all it will get is money, which is one thing Google has plenty of. What Sonos will never be able to do, even if it prevails, is stop what it contends is the infringing. Thus, just like Apple in the Wisconsin case, Google wins even if it loses.

“What is the definition of a patent?” asked Brian Pomper, the executive director of the Innovation Alliance, which represents small- and medium-size patent holders. “It means you have the right to exclude others from your invention.” He added, “How can a patent be meaningful if you don’t have the right to exclude others?” But that’s where we are. Companies like Sonos have virtually no leverage to stop bigger companies with deep pockets from infringing their patents.

In a sense, this state of affairs is one of the unintended consequences of the scourge of patent trolling that was so common 15 years, or so, ago. Patent trolls were companies that bought up broad patents and then sued hundreds of companies, claiming infringement. Many companies paid just to be rid of them.

In 2006, with the issue of patent trolls much in the air, the Supreme Court decided a case, eBay Inc. v MercExchange Llc., that flipped patent law on its head. Before the eBay case, plaintiffs who could show their patents had been infringed could almost always obtain an injunction preventing the defendant from using the infringing technology. That meant that the infringer would have to pull products off the shelves, or find a work-around, unless it negotiated a license as part of a settlement, which was often the result.

In its eBay decision, the court established a four-part test that judges had to apply to grant an injunction. As a practical matter, this complicated test, which includes whether the plaintiff would suffer “irreparable harm” and even whether the public interest would be served if an injunction was granted, means that judges stopped granting injunctions. The decision put a huge damper on the business model of the patent trolls, but it also took away the leverage small companies needed to protect their patents.

Five years later, Congress passed the America Invents Act, which made changes in patent law. One of those was the creation of a Patent Trial and Appeal Board, which could rule on the validity of already-granted patents. This, too, had its benefits; for instance, it makes it easier for generic drug companies to challenge Big Pharma’s patents. But it also gave the big tech companies another useful tool: They could force patent holders to spend time defending their patents, instead of moving forward with their lawsuits.

With all the leverage now on the side of the Big Tech, is it any wonder that efficient infringing became standard operating procedure? (Quick reminder: Google denies infringing Sonos’s patents.)

As anyone who has a Sonos system knows, it makes a terrific product. But consumers can get an audio experience from Google and Amazon that may not be quite as good but is less expensive. (Sonos says that Amazon has also infringed its patents, but that it doesn’t have the financial wherewithal to sue both Google and Amazon at the same time. In its response, an Amazon executive stressed that Sonos was a partner and that it was working to integrate Sonos and its Alexa digital assistant.)

For now, at least, the Sonos brand is strong enough to hold its own against these giant companies. But without the ability to protect its patents, you have to wonder how long that will be the case.

Without true patent protection, innovation is harmed. That’s what Sonos v Google truly represents. ■

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Wednesday, January 15, 2020

Pet Corner BusinessMirror

www.businessmirror.com.ph

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Today’s Horoscope

THE barbet is a sociable French water dog that has made the American Kennel Club’s list of recognized breeds.

A DOGO Argentino, the powerful Argentinian big-game hunter which has made the American Kennel Club’s list of recognized breeds.

The club announced that the dog can now compete in traditional, breedjudging shows.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Drew Brees, 41; Regina King, 49; Chad Lowe, 52; Mario Van Peebles, 63.

HAPPY BIRTHDAY: Turn this into a year to remember.

Stop thinking about what you want to do or to have; make your dream come true. Making plans with someone you enjoy working with or being around will lead to a better relationship, as well as progress toward achieving your goals. Use your energy wisely. Fitness and manual labor will bring better results than anger.

Your lucky numbers are 5, 13, 23, 25, 33, 38, 47.

PHOTOS: AP

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ARIES (March 21-April 19): Stop being in such a rush. Do it right the first time so you won’t have to go back and fix the errors you made. Look at the big picture and focus on perfection, as well as completion. Romance is highlighted. ★★★

Hello, dogo: 2 new breeds get the American Kennel Club’s nod

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BY JENNIFER PELTZ The Associated Press

EW YORK—A powerful Argentine biggame hunter and a sociable French water dog have made the American Kennel Club’s list of recognized breeds.

The club announced Tuesday that the barbet and the dogo Argentino are now part of the 195-breed pack. That means they can now compete in many traditional, breed-judging dog shows (many agility trials and other canine events are open to all dogs, purebred or not). The newcomers can’t vie for best in show at the famous Westminster Kennel Club show until 2021, however.

The newcomers are “offering dog lovers very different choices,” AKC spokesman Gina DiNardo said in a statement.

The curly coated, bearded barbet (pronounced “bar-BAY”) has a long history as a hunter’s helper in France, where accounts of it go back centuries.

Traditionally finders and retrievers of waterfowl, barbets—like some other breeds around the globe— dwindled during the world wars, but fanciers eventually built their numbers back up.

The medium-size dogs have a cheery, friendly reputation and often take to agility contests,

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ASIA’S BIGGEST DOG SHOW COMES TO ARANETA CITY

THE biggest dog show in Asia is coming to Araneta City with the staging of the Philippine Circuit at the Smart Araneta Coliseum from January 16 to 19.

Boasting a roster of both local and international entries, the Philippine Circuit, hosted by the Philippine Canine Club Inc., will be bringing no less than the cream of the crop of dog breeds. Dog lovers can look forward to seeing everpopular Yorkshire Terriers, Great Danes, Pomeranians and rare breeds best it out in a series of adorable challenges.

The Grand Circuit has even been known to showcase the Bichon Frise, the Affenpinscher, Caucasian shepherds, and a Pharaoh hound. The exhibitors will compete in 12 different shows where they will be judged according to their performance based on the standard of their breed by jurors from Asia, Europe and the Americas. This prestigious event is guaranteed to only bring the best to casual dog owners and aficionados alike.

The Philippine Circuit is happening at the Smart Araneta Coliseum in Araneta City for the fifth straight year this 2020.

Araneta City is best suited to host the event and the center is now pet-friendly, where registered animal companions can freely roam through the Pet Pals initiative. Pet owners simply need to avail themselves of the free Pet Pal ID at any mall concierge to enjoy this privilege.

Tickets to the Philippine Circuit are available at www. ticketnet.com.ph or via the Araneta City Mobile app.

enthusiasts say.

The dogo Argentino, developed by an Argentine doctor in the last century, is a large, strong and tenacious dog designed to hunt animals as large as mountain lions and wild boars. Aficionados prize the breed’s loyalty and athleticism, but dogos also are among breeds that have been banned in some places.

Even the AKC cautions that only experienced dog owners should get them.

“They are affectionate and loyal, but owners do need to have caution to make sure a dogo fits with their lifestyle” and any local regulations, said club spokesman Brandi Hunter. The AKC opposes any breed-specific laws.

While dogos can be protective of their people, owners also need to take care to protect them—from sunburn, which can strike under their short, white coats. Fans of particular breeds often spend years building up to recognition by the AKC, the nation’s oldest purebred dog registry. The designation requires having at least 300 dogs of the breed spread around at least 20 states.

Dog breeding is the subject of considerable debate.

Critics say it leads to puppy mills and short-circuits pet adoptions. Defenders argue there’s a place in dogdom for conscientious breeders and for canines bred for certain traits or purposes. ■

c

GEMINI (May 21-June 20): Put your time and effort into partnerships. Know what you want, and don’t be afraid to ask for it. The only way positive change will happen is if you initiate it yourself.

Don’t wait; just do it. Romance is encouraged. ★★★

d

CANCER (June 21-July 22): Ignore what others do; move on to whatever you want to accomplish. If you waste time stewing over situations you cannot change, you will miss out on a chance to do something great. Let your creative imagination lead the way. ★★★★

e

LEO (July 23-Aug. 22): Don’t give up when you should be getting started. Take a new approach to an old plan, and you’ll discover a way to make it work. A personal change will improve your life, your appearance or your health. Romance is featured. ★★

f

VIRGO (Aug. 23-Sept. 22): Network, socialize, plan a gathering or take on a creative project. Most of all, keep moving.

Don’t let someone bring you down because he or she isn’t interested in what’s important to you. Avoid indulgent or costly situations. ★★★★★

g

LIBRA (Sept. 23-Oct. 22): Not so fast.

Before you decide to implement change, you’d be wise to find out if anyone disapproves or if there are regulations you need to abide by. Avoid discord, do your own thing and make physical improvements. ★★★

h

SCORPIO (Oct. 23-Nov. 21): Listen to what others plan to do, and consider how you can contribute. Participating will be a good way to meet new people and build stronger relationships. Don’t feel you have to keep up or pay for others. ★★★

i

SAGITTARIUS (Nov. 22-Dec. 21): Stick close to home. Set goals and get things done. Purge what you don’t need, and make room for people and things that bring you the most joy.

Don’t trust someone who is trying to butter you up with compliments. ★★★

j

CAPRICORN (Dec. 22-Jan. 19): Pay closer attention to what’s going on at home. How you treat loved ones will make a difference when you want someone close to you to pitch in and help.

Home improvements will add to your convenience and comfort. ★★★★★

Arizona schools use therapy dogs to assist mental health MESA, Arizona—An Arizona school district is using four-legged therapy counselors as part of a pilot program to help students deal with issues related to mental health, officials said. The PAWsitive Peers therapy dog program was implemented in five schools in Mesa, The Arizona Republic reports.

Students at East Valley Academy, Johnson Elementary School, Kino Junior High School, Rhodes Junior High School, and Mountain View High School interact with dogs in counselors’ offices and classroom visits.

School employees volunteer to adopt the dogs that are trained using a curriculum developed at Yale University to

TAURUS (April 20-May 20): Make a point to take care of your responsibilities yourself.

If you rely on others, you will end up being disappointed. Take a closer look at an opportunity to see a way to make it work for you. ★★★

make it like they came to talk about that, so they can kind of sit and pet him,” Koch said. The Maricopa County Health Department said 29 children ages 11 to 17 died by suicide in 2018, up from 23 the previous year. Two Mountain View students died by suicide in 2019, officials said.

Republican Gov. Doug Ducey signed the Mitch Warnock Act in September. The law expanding suicide prevention and awareness training in public schools is named after a teen who died by suicide in 2016.

The idea for the PAWsitive Peers program came after a team of Mesa Public Schools administrators visited schools in New York City using therapy dogs. AP

create a bond between humans and the animals, officials said.

At Mountain View, students visit with a dog named Sawyer while experiencing panic attacks or thoughts of suicide. Sawyer is also brought in when teachers discuss difficult topics such as the Holocaust. Mountain View Counselor Ariel Koch adopted Sawyer in Flagstaff after he was found wandering when he was eight months old.

The dog with black, brown and white hair draws students to Koch’s office who may not have visited before. Students who said they only came to visit Sawyer have discussed issues such as depression or parental divorce, Koch said.

“They don’t have to look at me and they don’t have to

k

AQUARIUS (Jan. 20-Feb. 18): Don’t let an emotional incident get in the way of your responsibilities. Take care of business first to avoid getting into an argument that will disrupt your plans. ★★

l

PISCES (Feb. 19-March 20): Someone you have worked with will have a suggestion that will help you get ahead. Networking will encourage you to update your résumé or present your skills differently. Your intuition will help you make good choices. ★★★★ BIRTHDAY BABY: You are friendly, sincere and helpful.

You are goal-oriented and stylish.

‘support group’ BY PETER SILZER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Early educational lesson 5 You love, in Latin 9 DJ’s supply 12 Evil-natured 14 Yard parts 15 For a farm machine?

17 Not in use 18 “Moving right along...,” e.g.

19 ___ Valley (city near Los Angeles) 20 Facts and figures 21 Teacher’s favorite 23 For a metric weight unit?

25 For the sovereign government?

30 Rage 31 Stuff in Bubble Wrap 32 Trash, like a plan 34 Discontinues 38 Bamboozle 40 Large bags 42 Whiffenpoofs’ college 43 Eco-friendly energy type 45 Old-fashioned showdowns 47 Solo on the big screen 48 Jr.’s son

50 52 56 57 58 61 65 66

For an imperial weight unit?

For actress Shelley or Nia? Internet picture extension Kachina doll maker Anthracite, for one Trees, shrubs and such Last word in prayer People who say “aye,” or an alternate title for this puzzle 68 Competed on The Voice 69 Exam often taken in a blue book 70 Tennis center?

71 Usually nocturnal insect 72 Some are named for queens DOWN 1 Band aids?

2 Unadorned 3 Plumbing problem 4 Ab strengtheners 5 Santa ___ 6 PC alternatives 7 Start to freeze?

8 Walk angrily 9 Wood whose smell can kill 71-Across larvae

10 11 13 14 16 22 24 25 26 27 28 29 33 35 36 37 39 41 44 46 49 51 52 53

Triangle in the Greek alphabet Locomotive power Welcomes Antsy “FourFive-Seconds” singer, to her fans Diplomacy Surgery sites, briefly Quarterback’s option Puerto ___ Spoken Stepped (on) Relish Pressure source at school Diamond Head locale Think ahead Post, as a letter Posting, as a letter Tedious crossword puzzle, say 2016 Olympics host All gussied up Machu Picchu builder Recently Terrible twos, e.g.

Like the numerals on a sundial

54 55 59 60 62 63 64 67

Starts the bidding Hebrew folklore figure In addition Lean to one side Done (with) Civil rights icon Parks Creative endeavors “Not happenin’!”

Solution to yesterday’s puzzle:

www.businessmirror.com.ph

OSCARS 2020

Show BusinessMirror

‘Joker’ leads Oscar noms; ‘1917,’ ‘Irishman’ close behind

JONATHAN PRYCE as Cardinal Jorge Mario Bergoglio in a scene from The Two Popes.

T

By Jake Coyle | The Associated Press

ODD PHILLIPS’S much-debated supervillain origin story and R-rated box-office smash Joker topped all films with 11 Academy Awards nominations, while Martin Scorsese’s elegiac crime epic The Irishman, Quentin Tarantino’s 1960s Los Angeles fairy tale Once Upon a Time...in Hollywood and Sam Mendes’s World War I tale 1917 all trailed close behind with 10 nods apiece.

Those four were among the nine films nominated for best picture, in nominations announced on Monday to the 92nd Academy Awards. The others were: Parasite, Little Women, Marriage Story, Jojo Rabbit and Ford v Ferrari.

While Joker was expected to do well on Monday, the academy’s overwhelming support for a movie that was far from a critical favorite was unexpected. The film’s nominations included best actor for Joaquin Phoenix and best director for Phillips.

The results for The Irishman, Once Upon a Time...in Hollywood and 1917 were nearly just as good.

The 10 nominations for The Irishman tied the most for a Netflix film, following Roma last year. Scorsese (a one-time winner) was nominated for best director for the ninth time. The film also won nods for Al Pacino, Joe Pesci and its de-aging special effects.

1917 followed up its Golden Globes win and strong opening weekend at the box office with nominations not just for its technical achievement (including Mendes’s directing and Roger Deakins’s cinematography), but for best screenplay, too.

Once Upon a Time...in Hollywood was also nominated in just about every category it was expected to, including Tarantino for directing and screenplay, best actor for Leonardo DiCaprio and best supporting actor for Brad Pitt.

For the 87th time, the academy selected all-male directing nominees despite a year in which women made historic gains behind the camera. The most likely candidate was Greta Gerwig (Little Women), who was the last woman nominated, two years ago for Lady Bird. “Congratulations to those men,” said Issa Rae, who presented the nominees alongside John Cho. There were some surprises. Awkwafina, who was poised to become just the second Asian-American nominated for best actress (the first, 1936 nominee Merle Oberon, hid her South Asian heritage), wasn’t nominated for her acclaimed leading performance in The Farewell. Also overlooked was Frozen 2, the highest grossing animated film ever; Beyoncé, for her Lion King song; or the hit documentary Apollo 11.

Most glaringly, Jennifer Lopez, long considered a supporting actress front-runner for her performance in Hustlers, was also denied her first Oscar nomination.

Those oversights left the Oscars with their least diverse field since the fallout of #OscarsSoWhite pushed the film academy to diversify its membership. The only actor of color nominated was Cynthia Erivo, the British actress, for her Harriet Tubman in Harriet. The other nominees for best actress are: Scarlett Johansson, Marriage Story; Saoirse Ronan, Little Women; Charlize Theron, Bombshell; Renée Zellweger, Judy.

The nominees for best actor are: Antonio Banderas, Pain and Glory; DiCaprio, Once Upon a Time...in Hollywood; Adam Driver, Marriage Story; Jonathan Pryce, The Two Popes; Phoenix, Joker. The nominees for best supporting actress are: Kathy Bates, Richard Jewell; Laura Dern, Marriage Story; Johansson, Jojo Rabbit; Florence Pugh, Little Women; Margot Robbie, Bombshell.

The nominees for best supporting actor are: Tom Hanks, A Beautiful Day in the Neighborhood; Anthony Hopkins, The Two Popes; Pitt, Once Upon a Time...in Hollywood; Pesci, The Irishman; Pacino, The Irishman. The nominees for best international film are: Corpus Christi, Poland; Honeyland, North Macedonia; Les Miserables, France; Pain and Glory, Spain; Parasite, South Korea.

The best director nominees are: Bong Joon-ho, Parasite; Mendes, 1917; Phillips, Joker; Scorsese, The Irishman; Tarantino, Once Upon a Time...in Hollywood. This year’s nominees will, for the second straight year, go without a host.

The 92nd Academy Awards will take place February 9 in Los Angeles at the Dolby Theatre. ABC will, again, broadcast the show, viewership for which last year rose 12 percent to 29.6 million. n

Wednesday, January 15, 2020

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Image BusinessMirror

Wednesday, January 15, 2020

www.businessmirror.com.ph

Hitting the mark SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

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HETHER you are setting personal or professional goals this year, it is important you develop a strategy for achieving them. More so if your goal is diametrically opposite to your current situation. But the important thing about goal setting is understanding the need to either improve something or lose something which hampers your growth and development. Either way, you set goals not only to improve yourself but also for the benefit of people you work and interact with on a daily basis.

Identifying personal and professional goals can be tricky if you do not know what you want to achieve. A clear understanding of your strengths and opportunities for improvement will help you in being clear about what you want. It also helps if you list down what excites you and inspires you to get up in the morning. A clear goal helps in focusing your time and energy into something which you enjoy doing. A good way of identifying your goals is to look back on the previous year and evaluate which activities you spent more time in. That will help you gauge, more or less, what you want to achieve for this year. If you realize that you spent quite a chunk of the previous year on something which did not add value to your personal or professional growth, you need to make a decision if you will continue with those activities.

After you have decided which goals you want to achieve this year, write them down into a goal statement following the SMART format. SMART is an acronym for specific, measurable, achievable, realistic and time-bound. It is an effective approach you can use to ensure you attain your goals by clearly stating them. One of the reasons people do not achieve their goals is because they do not exactly know when they have achieved those goals. They are either complicated (e.g., get married and have kids), vague (e.g., lose weight), or unrealistic (e.g., be a billionaire at the end of the year). While these goals are certainly achievable down the line, they are open to a lot of variables and there is not enough information to know-how if you have reached success within the specified time, if there is one at all.

Let us use the example of losing weight. To apply the SMART approach, restate the goals into “Lose 15 kilograms by December 31, 2020.” The goal is specific because it states plainly what you want to achieve, which can also be easily measured. Achievability will depend on several factors like your metabolism, amount of exercise, lifestyle, and even environmental factors, but this has to be something you set by yourself and whatever changes you are willing to do to achieve the goal. This goes hand in hand with the goal being realistic. Goals sometimes fail because people set themselves up to fail by setting unrealistic goals they know they can never achieve. You can start small and build yourself up but it is important for you to set realistic goals which are also time-bound so you can easily check your progress, and adjust milestones accordingly. Once you have set SMART goals, you need to break them down into small tasks and activities.

Habits are the building blocks of achieving your goals. Understanding how you go about your activities will help determine the success or failure of your goals. To achieve your goals this year, you need to shape your activities, and understand how each activity contributes to your goal. You need to look at your activities last year and take away anything which will not support your goal this year. Going back to our goal of losing 15 kg by the end of this year, we can break down the expected weight loss into 3.75 per quarter or 1.25 kg per month (and if you want, you can set a weekly target of 0.31 kg per week). However you want to measure it, you can break it down into the most granular way you are willing to track. This

Whatever goal you set for this year is attainable if you are going to be smart about it. It takes careful planning and consideration, and a good understanding of your own tendencies, to create a road map to achieving the best version of yourself. way, you can easily identify your activities which contribute to weight loss and avoid those which contribute to weight gain. Either way, find a way to measure your progress regularly so you can also keep track of your progress and mitigate lapses when necessary.

Another way of supporting your goals and ensuring they are achieved is to create action plans which will target those goals. Goals can be broken down into several action plans to reach it. If we go

back to our example of losing weight, you can list several action plans—monitoring your diet and doing more physical activities. Those action plans can be further broken down. Monitoring your diet can include eating two servings of fruits and vegetables daily in replacement of sweets and fatty foods, and consulting with a nutritionist for a meal plan every month. Doing exercise can be broken down into going to the gym three times a week, engaging in a hobby which involves physical exertion once a week, or

Robinsons Supermarket launches ‘Farm to Table’ campaign ROBINSONS Supermarket has launched a “Farm to Table” campaign to showcase fruits and vegetables sourced and grown locally by farmers, this in the hopes of raising awareness on the sustainability of supporting local farmers.

During the event held recently at Robinsons Place Magnolia, officials of Robinsons Supermarket (www. robinsons-supermarket.com.ph) awarded certificates of recognition to Dizon Farms, Sanctuario Nature Farms, Tublay Organic Farming Practitioners Association Inc., Alexis Lily Farm Enterprises, and Greenery Salad and Herbs for supporting local farmers and participating in the Farm to Table campaign. At the one-day event, shoppers were treated to a wide array

of fresh produce at bargain prices from Robinsons Supermarket’s suppliers.

Also, present at the activity were officials of the Food and Nutrition Research Institute of the Department of Science and Technology headed by

Maxicare forges alliance with Alorica MAXICARE Healthcare Corp. (www. maxicare.com.ph), the country’s leading health-care provider, recently partnered with Alorica, the largest provider of customer experience solutions to the United States market, to provide its employees with accessible, superior and quality health care.

Maxicare unveiled its newest health pod at the Alorica Makati office to provide employees fast and convenient access to health-care services.

The latest health pod is a fully

using the stairs instead of riding the elevator at work.

You can start with small achievable goals and build up from there. The most important thing is to start, even if it is small. There will be days when you will miss a milestone or an action plan. Nevertheless, stick to your goals and if you miss one, as the British would say, “keep calm and carry on.” The important thing is to keep at it until you achieve your goals, or get as close to it as possible. Understanding your pitfalls and pain points will help you create action plans which will mitigate or overcome them.

To keep you in check and help you commit to your goals, be accountable to someone. Sharing your goals to someone and asking them to keep you in line will go a long way in ensuring you stay aligned to your goals. Choose someone who knows you well enough to call your attention when you stray from your action plans but also someone you are comfortable with.

Whoever you choose, make sure they are committed to helping you achieve your goals.

Whatever goal you set for this year is attainable if you are going to be smart about it. It takes careful planning and consideration, and a good understanding of your own tendencies, to create a road map to achieving the best version of yourself. ■

automated system that manages patient queuing, and makes gathering of initial vital signs quick, accurate and hasslefree. With the new health pod, businessprocess outsourcing employees have a convenient and time-saving way to get their letter of authorization.

Other services include taking one’s blood pressure, temperature and body mass index.

In photo are Maxicare Assistant Vice President for Corporate Sales Cecilia David (from left), SAVP for Corporate

Sales Fiona Lava, Lockton Benefits Group VO Head Rhea Ablan, Maxicare Vice President for Operations Roberto Herrera, director for compensation Blessilda Miguel, senior HR manager Raymond Alejandrino, benefits manager for employee experience benefits delivery Leslie Marie Petines, compensation manager Marvin Hernandez, client services manager Princess Gabuya and Lockton Benefits Group AVP Head for Medical Support Services Dr. Mark Roland Malanay.

Dr. Mario Capanzana. They received over P100,000 worth of donation for FNRI’s Nutri TEK (Teknolohiya, Edukasyon at Kabuhayan) Para Sa Lahat program.

The program aims to teach

participants how to make plant-based delicacies like vegetable kutsinta, squash siomai and home-made chocolates. The donation was collected through Robinsons Supermarket’s “Eat the Rainbow” program that encourages consumers to eat multicolored fruits and vegetables.

Now, besides knowing where fresh products are sourced, customers will also see select products labeled as “organic” or Good Agricultural Practice-Certified. All these are part of Robinsons Supermarket’s effort to educate and empower customers to make healthier and better choices.

Over 50 Robinsons Supermarket branches are currently participating in the Farm to Table campaign. The group expects to roll out in all stores soon.

ROBINSONS Supermarket Division Merchandising Manager Ardee Arieta (from left) and Merchandising Director Lyn de Jesus hand over the donation to FNRI Director Dr. Mario Capanzana, Chief Science Research Specialist and OIC Dr. Milflor Gonzales, Supervising Science Research Specialist Idelia Glorioso, and Science Research Specialist II Dexter de Leon

BusinessMirror E1 | Wednesday, January 15, 2020 • Editor : Tet Andolong

Cebu Exchange Tower

Arthaland confident to hit

fivefold growth target

By Rizal Raoul S. Reyes

G

@brownindio

REEN developer Arthaland Corp’s (Arthaland) growth road map is on track as it aims to boost its portfolio by five times in 2024, according to the company’s top official.

Cebu Exchange Tower

Savya Financial Center

Sevina Park

“All projects are in the pipeline.

Moreover, our projects in Cebu Business Park and Cebu IT Park are ongoing, and the two buildings will have the fourth version of the Leadership in Energy and Environmental Design [LEED] rating standard” Arthaland President Jaime Gonzalez said in a recent press briefing held in their office at the Bonifacio Global City (BGC).

Arthaland aims to grow its gross floor area to 500,000 square meters by 2024 from the prior year’s 100,000-sq-m gross development value for the projects worth P60 billion.

The Cebu Exchange is the single largest green-office building in the Philippines with approximately 11 hectares of gross floor area whose first phase is due for turnover in 2020.

Savya Financial Center is a mid-rise twin tower office development project that is expected to create an impact in the busi-

ness in southern part of Metro Manila. It is complemented by a fully integrated retail component.

Launched in early 2019, Savya will be built with modern, smart and sustainable building feature, precertified Gold with the US Green Building Council’s LEED and registered with the Philippine Green Building Council’s Berde. It is a joint-venture project with Mitsubishi Estate of Japan. It is located in Arca South in Taguig City.

Arthaland Executive Vice President Leonardo Arthur Po said the company will also be putting up two high-end residential condominiums in the Legazpi Village area with combined gross floor area of 46,000 square meters. “We will be introducing the concept of sustainable luxury which focuses on conscious luxury living which is mindful of the environment,” Po said.

“It will be a different type of product from other developers.

Arthaland Corp. officials led by its President Jaime Gonzalez (third from left) brief the media on the company’s plans and outlook in 2020. Other officials in the photo are Arthaland Executive Vice President For Business Project Development Christopher Narciso (fourth from left) and Arthaland Executive Vice President Leonardo Arthur Po (sixth from left)

It will have the fourth version of LEED and the third version of Berde,” Po added.

Po also pointed out the Legazpi

projects is an indication that Arthaland is going back to its roots of developing residential spaces.

Meanwhile, Christopher Narci-

so, Arthaland executive vice president for business project development said the capital expenditure of P8 billion will be allotted for the

current projects, as well as the other projects in the pipeline, such as a high-end green residential condominium in Cebu City; green luxury residential condominiums in Legazpi Village and upscale apartments in Sevina Park in Laguna.

Narciso added the new projects will match the company’s current projects which helped the company register P10 billion in reservation sales as of last year just for its three developments currently undergoing construction—the Cebu Exchange, Savya Financial Center and Sevina Park.

Sheryll Verano, Arthaland senior vice president for strategic funding and investments, said the company has landbanks totaling 35 hectares and 8 hectares in Tagaytay City and Laurel, Batangas, respectively. She said Arthaland has yet to finalize the development plans for the two areas.

Gonzalez said 2019 was a good year for the company as the company keeps on growing. “There’s a lot of liquidity in the market,” he said.

“We hope to achieve more in 2020,” Po pointed out.

Business

E2 Wednesday, January 15, 2020

FWD-MCX: A symbolic road to progress Amor Maclang

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first dibs in real estate

OADS are arteries through which the lifeblood of a country’s economic development runs. I cannot overemphasize this fact. Roads link workers to factories, employees to companies, farms to markets, students to schools, families to communities, and the sick to hospitals.

We know that the Philippines has many critical arteries that effectively create connectivity between urban and rural areas and substantially hasten a country’s progress. And one such road is the Muntinlupa-Cavite Expressway, now known as the FWD-MCX.

The road ahead

The FWD-MCX is an expressway that serves essential as the artery between Muntinlupa and Cavite—bridging the South Luzon Expressway (Slex) to Daang

Hari, Cavite, and regularly serving thousands of motorists and commuters every day.

With more than 1 mil lion cars traversing it every month, the FWD-MCX shortened what was once a 20-minute drive from Daang Hari Road to Slex to only a three-minute journey.

But more than just making trips shorter and because of the convenience in transportation it has provided, the expressway allows enterprises to expand their geographic market reach outside

Jose L. Cuisia (from left), FWD Insurance chairman, Peter Grimes, president and chief executive officer of FWD Insurance, and Noel Kintanar, chief operating officer of AC Infra and president of MCX Tollway Inc., during the FWD-MCX launch last December.

of Metro Manila. It is also a critical route for their operations and opens opportunities for them to serve local communities.

The expressway has also particularly pushed for heightened activity in the LGUs in Cavite and Muntinlupa, allowing tremendous growth in their local economies.

In fact, the areas traversed by the expressway have seen an influx of investment ventures from top local and international business players, with FWD-MCX serving as an important conduit for their operations.

Expanding communities

The FWD-MCX’s role in the expansion of communities is also worth noting. Since its opening, it has served as a passageway to the sprawling areas south of Metro Manila.

With several real estate developments emerging in Alabang and Cavite, the FWD-MCX makes these developments more attractive to those looking for residential properties that are just within the outskirts of Metro Manila. Moreover, as the expressway connects the metropolis to emerging neighborhoods and lifestyle centers located south of the Metro, and vice versa, it greatly contributes to the decentralization of lifestyle and business activities in overcrowded Manila.

A partnership for the times

Si nce it s const r uc t ion, t he Muntinlupa-Cavite Expressway has been an important element in the country’s improving transport infrastructure. Pan-Asian life insurer FWD Life Philippines knows this only too well, which

Home

LG introduces new AI-powered washer

A

T CES, LG Electronics (LG) unveiled its most advanced innovation in laundry, deploying artificial intelligence to deliver precision washing for optimal results without the guesswork.

Winner of a coveted 2020 CES Innovation Award, the new LG ThinQ Front Load Washing Machine features an Artificial Intelligent Direct Drive (AI DD) motor along with the company’s AI-powered Proactive Customer Care service.

The AI DD washer builds on 20 years of advancements in LG’s groundbreaking Direct Drive motor, which delivers both effectiveness and efficiency. LG’s new washing machine not only detects the volume and weight of each unique laundry load but also uses AI and advanced sensors to identify fabric types in each load. Using deep learning technology, the washer then compares this information against more than 20,000 data points related to washer usage to program the optimal wash cycle setting for the best results, improving cleaning and extending the life of garments by 15 percent.

LG’s most intelligent washer is able to detect a mixed load of tshirts and pants (different from bedding, delicates, and other fabric combinations) and program the wash cycle to use customized motions, temperatures and times for the optimal wash. And LG’s new user-friendly ezDispense feature takes the guesswork out of detergent dosage by automatically adding the exact amount of liquid detergent and fabric softener customized for each load size at optimal times during the wash cycle for improved results. And when it comes to drying, the new

LG Smart Pairing feature automatically sends the optimal dryer setting for each load directly to the compatible LG dryer for the best results every time.

The intelligent washer can also connect with Amazon Alexa through LG’s ThinQ mobile app to provide notifications when the laundry detergent is running low. Customers can enable Amazon Dash Replenishment via the app to automatically reorder preselected supplies, such as detergent and fabric softener to be delivered right to their door.

To further enhance the laundry experience, the AI DD washing machine supports LG Proactive Customer Care—a smart customer service solution that leverages advanced AI to deliver peace of mind and enhanced customer satisfaction, along with improved product performance and longevity. The service can

immediately alert users to potential problems before they occur, expedite repairs when they are needed and offer useful maintenance tips to keep LG appliances performing their best.

In addition to the AI-powered features, the new LG washer offer additional convenient features that help save users time and deliver superior performance: n TurboWash 360 uses powerful jets to surround clothes from multiple angles so detergent can penetrate deep into fabrics for a complete clean—even for big loads—in under 30 minutes; n 3D Multi Spray shoots jets of water in five different directions simultaneously to quickly break down tough stains; and n LG TWINWash saves time with two washers in one footprint.

Wash small loads in the compact LG SideKick washer below while tackling larger loads up top.

“With our innovative washing technologies and AI-based customer service platform, we are certain that our washing machine with AI DD will exceed all consumer expectations,” said Dan Song, president of LG Electronics Home Appliance and Air Solution Co. “This washing machine sets a new benchmark for convenience with its larger capacity and customized laundry experience.”

Following its CES debut, LG’s new large capacity front-loading washing machine will roll out in North America in the first half of the year with availability in other markets to follow.

See the new AI DD washing machine and more at LG’s booth (#11100, Central Hall, Las Vegas Convention Center) during CES 2020 from January 7 to 10. Follow other exciting CES announcements from LG on social media using #LGCES2020.

is why the company established a partnership that aims to elevate a once-ignored yet crucial transport artery into the nation’s symbolic road to progress.

Last December, FWD and AC Infrastructure Holdings Corp. (AC Infra), fully owned subsidiary of the Ayala Corp. (AC), announced their historical partnership and the newly renamed FWD-MCX through an unveiling and program held at the Acacia Hotel in Alabang. Present at the unveiling were members of the local media, as well as supporters of FWD from various sectors like players from the Philippine Basketball Association (PBA), Asi Taulava and Paolo Bugia.

It seemed that the two companies have found a commonality with their shared vision of the FWD-MCX partnership.

“The FWD-MCX is not only a road to us at FWD, but a notable landmark that stands as a testament to innovation and how far FWD has come in the last five years,” stressed FWD Insurance Chairman and former Ambassador to the US Jose L. Cuisia Jr. during the launch. “Since starting operations in the Philippines in 2014, we have achieved numerous milestones, becoming one of the country’s fastest-growing insurance companies and, more recently, consolidating our place as a top 10 insurer.”

For his part, Noel Kintanar, chief operating officer of AC Infra and president of MCX Tollway Inc., is also optimistic about their partnership with FWD Insurance.

“I am confident that through this agreement, we continue to provide a safe and convenient access for residents of south Metro Manila as this part of the Metro emerges as a business and lifestyle hub,” Kintanar said during the FWDMCX’s inauguration. “More importantly, in collaboration with FWD Insurance, we hope to contribute in efforts to drive local economies forward.”

My friend Peter Grimes, outgoing president and chief executive office of FWD Philippines, said during the program, “This is an exciting new venture for FWD and we’re proud to pioneer a program that has never been done by a Philippine insurer.”

Indeed, it is high time that local companies look to roads and expressways not just as soulless passageways to different destinations in and around cities and provinces but as a collective symbol of how transport infrastructure plays an important role in any country’s development.

Holcim improves customer service with Easybuild

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VER the past years, leading cement maker Holcim Philippines Inc. has launched new products and services that help local builders deliver high-quality structures and grow its business. Aside from these, the company has also focused on digital innovations that enhance customer experience and capture opportunities online.

Among Holcim Philippines’s successful digital tools is online customer service portal called Easybuild, which is used by more than half of its 1,200 business partners nationwide. The latest version launched in 2018, provides customers 24-hour connection with the company for a hassle-free experience in placing orders, checking delivery status, reviewing account history and credit standing, among others.

Easybuild also allows customers to settle their transactions with Holcim, which partnered with Metrobank for the online payment platform. The company plans to tie up with more financial institutions to provide customers payment options.

Customers point to how Easybuild lessens administrative tasks and smoothens their transactions with the company. For example, Easybuild sends SMS and e-mails to users once an order is confirmed. This allows customers to track down their orders, removing the need for constant follow-ups. Easybuild also provides an option to have orders delivered to their preferred sites.

“Easybuild has made business transactions

easier. You can access all the information you need and place an order with just a click,” said Cheeny Jacob, administrative manager of ready-mix concrete producer JJ Horizon based in Iligan City, Lanao del Norte.

Rowell Dy, owner of AGI Hardware in Pagudpud, Ilocos Norte, could not agree more. He said, “Easybuild makes it easier to find the products you want to purchase, place an order, and monitor them unlike before where you need to go through a lot of paperworks.” The latest version of the customer portal comes with a mobile app version, allowing mobile-friendly features and better accessibility to Holcim customers.

“I can say that the app helped us in stock and performance monitoring, especially since all the information we need is already in one platform,” said Roselyn Fung, owner of J+ Hardware in Lala, Lanao del Norte.

Holcim Philippines pioneered the online customer platform in the cement industry in 2002, and sees more opportunities in using digital tools to improve engagement with current partners and reach more clients. The company recently piloted listing its products on digital marketplace, BeamAndGo, to reach overseas Filipinos who are interested in purchasing construction materials for home building and repairs.

Holcim Philippines Senior Vice President for Sales William Sumalinog said customers can count on the company to continuously introduce more innovative products and tools that respond to their needs.

sMirror

Editor: Tet Andolong

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Filinvest City’s green features can help you grow your business

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ILINVEST City is fulfilling its promise to be a futureready next-generation central business district (CBD) with its people-centric master plan. Driven by innovation and technology combined with green developments, the pioneer township provides a refreshing environment in a complete community for the city and its people to breathe.

Surrounding the township with sufficient green and open spaces, Filinvest City created a lush environment that works toward improving the quality of life in the city. This positions Filinvest City as a frontier for economic growth amid a beautiful green setting, making it the Garden City of the Metro South. From top international and local corporations to small and large entrepreneurs who call Filinvest City their home, this Garden City has shaped a healthy business community that has become a benchmark in the Metro South and beyond.

Green living and working spaces are beneficial to everyone, and contributes to “Filinvest Cityzens’” well-being by encouraging physical activities, promoting mental health and developing a sense of community.

Parks are great places to engage in active and recreational activities. The trees in these spaces also create a healthier environment by absorbing carbon dioxide, dust and other pollutants, as well as creating a cooling effect which can counteract the heating effect of pavements and buildings in an urban environment.

Other CBDs, such as Makati, Ortigas and BGC, being already established, have seen diminishing developable land area, making them too congested to welcome new investors. These CBDs also have limited green and open spaces which cannot contain their densely populated districts. While in Filinvest City, its enhanced master plan ensures its position as one of the progressive cities in the country by providing the best

business advantages to businessmen and investors, together with a vibrant backdrop of green and open spaces that truly benefits the locators, residents and guests of the community.

Open spaces provide space for people to gather and interact, thereby creating a sense of community and belongingness, according to a research from The University of Western Australia. Green, open spaces also make people happier and help remedy mild depression since physical activity, social interaction and recreation in a natural environment can help improve one’s mental state. Moreover, it can make city living safer by reducing precursors to crime, like stress and aggression.

“Congestion and lack of accessible open spaces in the Metro has been one of the main causes of stress for many city dwellers.

These spaces are essential for recreation, fitness and relaxation.

And this is the main reason why Filinvest City provides green spaces, parks and walkways. It makes the community a more ideal and productive place to live and work in,” said Don Ubaldo, vice president for townships.

Filinvest City has three major parks, namely, the Spectrum Linear Park, a greenbelt with stimulating and relaxing installations that connects the northern and southern zones of the CBD; the Central Park, the jewel of all greens at Filinvest City, almost 1 hectare of land is envisioned to be a major event space and where people can enjoy a picnic, an outdoor fair or a concert; and the Creekside Park— a waterfront development with

monumental public art nestled in a more natural setting.

There is also the Festival River Park, which is connected to Creekside Park, allowing accessibility and connectivity in the community, it also gives shopping

and dining a whole new experience with its green landscaping anchored on a natural river that runs through Filinvest City, the Festival Water Garden designed to be a serene oasis for shoppers, and the Axis Tower Park with its

water feature and gravity-defying sculpture that serves as a nexus for the four Axis Towers where workers can converge.

A study by John Compton, author of The Proximity Principle confirms that proximity to parks

and open spaces increases property values.

Urban green spaces are valuable environmental resources that enhanced livability. These economic benefits, in turn, influence property values and attract investors. As the only true breathing, garden city in the Philippines, Filinvest City’s value appreciation increased at 300 percent in the last 10 years. It continues its robust land value appreciation, making it an ideal location for companies and investors.

Green spaces are also a driver of productivity. As workplaces become more integrated with everyday life, many employees are seeking out activated third spaces to construct business. This does not only improve the work force’s productivity, it also attracts and retains the best talents who want to work in the best places.

With dedicated green spaces, open spaces intentionally integrated into its master plan, Filinvest City has become a great example of how a high-value, progressive development can coexist with nature, to fulfill its promise of providing residents, workers and investors an environment for a life well-lived.

Megaworld to build upscale village in Cavite P

ROPERT Y giant Megaworld is building its first upscale residential village inside the 251-hectare Arden Botanical Estate in Trece Martires City, Cavite.

Covering around 18 hectares of the estate, the Arden Botanical Village will have 329 lots ranging from 280 to 609 square meters (sq m).

Thoughtfully designed by renowned Filipino landscape architect and environmental planner Paulo Alcazaren, the exclusively gated Arden Botanical Village will be highlighted by the Centrera Park, which is surrounded by natural groves of mature trees, natural waterways and ponds, sprawling lush greeneries, expansive open spaces, promenades, and parks and jogging paths.

The village’s clubhouse will also be part of the Centrera Park, with some carefully curated amenities for the exclusive use of the residents and their guests. A natural swimming pool will be part of the amenities and village landscape, a trend that has gained popularity in European

neighborhoods.

“Arden Botanical Village will be built around the natural features that thrive in the estate, providing purposeful, livable spaces for its residents. Because the location is naturally gifted with greeneries that couldn’t be found in any other residential villages, we want to preserve and highlight them in our development,” said Eugene Em Lozano, Megaworld first vice president for sales and marketing.

Taking inspiration from Scandinavian architecture, Arden Botanical Village will also feature thematic bridges, landscaped walkways, bike lanes and some interactive water features. Houses and village amenities, including the village showroom, will feature minimalist form and clean lines with panoramic windows that look out, and make a pleasant contrast with the village’s verdant landscape.

“Future residents will find themselves enjoying quiet moments with nature around the village, promoting not just physical wellness, but also im-

proves social and mind wellness. This residential development’s suburban charm and gorgeous unique landscape make it a perfect setting for personal retreat, even for the generations to come,” added Lozano.

Lot prices in Arden Botanical Village range from P18,000 to P22,000 per sq m.

Megaworld is expected to generate around P2.5 billion in sales from this first residential project inside Arden Botanical Estate. The village is expected for completion in 2024.

Known to be a “sustainable” estate, Arden Botanical Estate is a joint development of Megaworld and its subsidiary brand GlobalEstate Resorts Inc. Both companies are spending P18 billion to build the development in the next 10 years, that will be highlighted by flower farms and gardens.

The development is just 1.5 hours away from Makati’s Central Business District, and just an hour away from the Ninoy Aquino International Airport.

Entrepreneur

E4 Wednesday, January 15, 2020 • Editor: Vittorio V. Vitug

BusinessMirror

www.businessmirror.com.ph

Farm to Table program aims to transform 1,200 local farmers into ‘agripreneurs’

By Roderick Abad @rodrik_28 & Rizal Raoul S. Reyes @brownindio

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IdeaSpace bares investment plan for top three start-up winners

Contributor

GRITECH social enterprise RiceUp and eco-group GreenEarth Heritage Foundation have partnered with BPI Foundation, the social innovation arm of the Bank of the Philippine Islands (BPI), to educate, empower and guide the farmers throughout its Farm to Table program.

The initiative seeks to increase the produce of local farmers via the latest climate-adaptive technologies to elevate and advance the country’s agricultural sector.

“The new Farm to Table program aims to engage with over 1,200 farmers so they can increase their income by as much as 400 percent,”

said Maricris San Diego, executive director of BPI Foundation.

“By learning innovative, climatesmart and sustainable methods of farming, Filipino farmers can become strong and independent agripreneurs, as well as support our country’s food requirements, while also nourishing the Earth for future

By learning innovative, climatesmart and sustainable methods of farming, Filipino farmers can become strong and independent ‘agripreneurs,’ as well as support our country’s food requirements, while also nourishing the Earth for future generations.”—San Diego

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A tableful of farm newly harvested vegetables wrapped appropriately to ensure freshness.

generations,” she added.

The program will, likewise, explore the potential of the farmers’ yields to reach commercial-scale and become steady producers of rice and other crops for big market players, such as restaurants and hotels.

Technological support and capacity building trainings will help farmers to showcase their fresh harvests to major institutions.

The Farm to Table program has provided eight rainwater harvesting tanks and greenhouses, as well as aided farmer-families increase their income.

On the part of customers, it has given them access to affordable, safe

and nutritious locally produced rice.

With this project, BPI Foundation and its partners will continue to improve the capabilities of farmers through agripreneurship modules on farm schools, money management, financial wellness, basics of costing, computer skills, community organization and environmental protection.

RiceUp is an entity for a cause that empowers farmers through innovation, entrepreneurship, cooperative farming and education. GreenEarth Heritage Foundation is an organization serving farmers at the foothills of the Sierra Madre, in San Miguel, Bulacan.

Fruit, nut bars fastest-growing snack category in UAE

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anufacturers and entrepreneurs need to work to meet the growing demand for sweet biscuits, snack bars and fruit snacks in the United Arab Emirates (UAE) over the next four years.

The Euromonitor Digest, the online publication of the Department of Trade and Industry’s Export Marketing Bureau, said fruit and nut bars are the fastest-growing category with the expansion being driven by the health and wellness trend, as consumers look for more nutritious snack options.

The report said manufacturers are thus enhancing the capacity of fruit and nut bars to take advantage of the health and wellness trend by claiming that such products are healthier than other snack bars because they have less or no artificial sugar.

“Growing from a low base and driven by its compatibility with

A bundle of fruits and nuts. The trade department’s Euromonitor Digest has reported an upswing in the demand for sweet biscuits, snack bars and fruit snacks in the United Arab Emirates over the next four years. Needpix.com

prevailing demand trends and growing manufacturer investment, fruit and nut bars are expected to

maintain strong growth during the forecast period,” it said.

Both domestic and international

manufacturers saw relatively stable value share performances in 2019.

“However, international manufacturers and their brands have a greater presence as they have higher levels of recognition and trust among consumers,” the Euromonitor Digest said.

The report said sweet biscuit companies also ensured that they offer the popular pack sizes of single serving and bulk packs, which encourage consumers to have the mindset to serve sweet biscuits on a tray for the office, or at home.

But while sweet biscuits are often regarded as a healthier snack option than other categories, such as chocolate confectionery, it struggled to maintain its popularity in light of the growing pressure on consumers to prioritize the purchase of staple food items over snacks, it added.

Tourism firms reminded of no accreditation, no biz permit rule

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AOAG CITY—The Provincial Government of Ilocos Norte has reminded all tourism enterprises to secure their accreditation with the Department of Tourism (DOT) before their issuance of business permits.

Provincial tourism officer Ian Ree Raquel on Thursday said the governor has reiterated that all nonaccredited entities, such as those engaged in travel and tours, airline ticketing, and other travel businesses should not be issued with business permit in compliance with the national law.

In previous years, the DOT has received various reports on the proliferation of nonaccredited entities advertising services in different social-media platforms for airline ticketing, travel and tour arrangement, hotel booking, and training offerings.

However, there is no guarantee of the reliability and legitimacy of their products and services.

For the safety and security of the public, Raquel said those who are dealing with tourism-related services must be accredited.

“Noncompliance with the provisions of the national law is punishable,” Raquel said.

Republic Act 9593, or the Tourism Act of 2009, requires tourism enterprises, such as hotels, resorts, inns, and other accommodation establishments, to secure accreditation from the DOT for the issuance of a license or permit to operate.

The DOT accreditation is a certification issued to tourism enterprises after having complied with minimum standards for the operation of tourism facilities and services.

In 2019, the tourism department reported a total of 6,108 primary tourism Local government units in Ilocos Norte set up business one-stop shop in cities and municipalities enterprises and 772 secondary tourism of Ilocos Norte, to speed up the processing of business application and renewal of business permits. enterprises that have been accredited Tourism enterprises are also reminded to secure their Department of Tourism accreditation. nationwide. PNA Photo courtesy of Negosyo Center-Ilocos Norte

fter undergoing a fourmonth long rigorous acceleration program where 20 start-ups worked with mentors to refine their business and financial model, product, operations, and communications, IdeaSpace recently announced it will invest in the top 3 teams for this year’s start-up competition.

This year’s investees include Airship Logistics, a ready-to-use, low-cost end-to-end solution targeted to courier companies looking to improve their operations management; Cocotel, a tech-based aggregator offering property management, construction and design support, and marketing services to value-for-money resorts and hotels; and Experience Philippines, a community travel platform offering themed, gamified travel experiences to domestic and foreign tourists.

IdeaSpace President Rene Meily said the top 3 teams will receive a P1-million investment each, in exchange for equity, along with access to exclusive learning sessions, free use of office space, and linkages to corporate partners, strategic partner resources and investors.

Citing a study by Google, Temasek, and Bain & Co.’s fourth e-Conomy SEA, Meily said they chose start-ups from the travel industry study, stressing that e-commerce and online travel are two of the biggest sectors in the Internet economy in Southeast Asia, with e-commerce’s gross merchandise volume now worth $38 billion

and online travel GMV now worth $34 billion.

“IdeaSpace’s investments reflects our optimism toward sectors that we see as potential sunrise industries for the Philippines, such as e-commerce and tourism,” shared Meily. “Airship looks to support local courier companies as they work to provide quality service in the wake of the exponential growth in the e-commerce sector, while Cocotel and Experience Philippines have built platforms digitizing Filipino hospitality, providing small and medium enterprises opportunities to showcase their businesses and products,” he added.

“These three companies are already gaining traction, even attracting interest from larger local corporations, and they provide a promising view of the kinds of businesses, solutions and services the Philippines will be able to offer as our own digital economy matures,” Meily added.

With the Philippines’s digital economy expected to grow to $25 billion by 2025, Meily urged local start-ups ready to raise the bar to capture the opportunity made possible by a growing digital economy.

“We’re looking for resilient, creative, and disciplined entrepreneurs who understand the pain points they’re trying to solve in industry and society, and who are willing to do the work to build a scalable, sustainable business,” said IdeaSpace Executive Director Diane Eustaquio. Rizal Raoul S. Reyes

Tycoon who owns ‘Fortune’ magazine plans fintech start-up acquisitions

Bitmain Technologies Inc. application-specific integrated circuit units sit on a shelf inside the DMM Mining Farm, operated by DMM.com, ahead of its opening in Kanazawa, Japan. Bloomberg

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financial technolog y start-up cofounded by the owner of Fortune magazine plans to widen the reach of its Southeast Asian remittance platform through acquisitions.

Lightnet, which describes its blockchain-based service as quicker and cheaper compared with traditional banks, may raise fresh capital to pour into purchases, said Chairman Chatchaval Jiaravanon. The company announced a $31-million funding round last week.

“Acquisitions will be the quickest way for growth in a fast-changing environment,” Chatchaval, 57, said in an interview. He’s a member of the billionaire family that controls Charoen Pokphand Group, one of the biggest Thai conglomerates. He bought Fortune magazine and its related businesses for $150 million in 2018.

Chatchaval will face intense competition in the blockchain arena from a host of start-ups, as well as some of Asia’s largest technology firms and traditional financial institutions.

Bangkok-based Lightnet is initially targeting millions of underbanked migrant workers in Southeast Asia, a remittance market it estimates at $150 billion. Chatchaval said he plans to open offices in Singapore, Hong Kong and China—adding to current footprints in Thailand and Vietnam—and double staff strength to 120.

Lightnet’s financing round was led by companies including United Overseas Bank Ltd.’s venture unit and Hanwha Investment & Securities Co. Chatchaval said he wants his platform to process at least $50 billion worth of annual transactions in three years. Bloomberg News