BusinessMirror January 27, 2020 by BusinessMirror

PEZA: LET ECOZONES KEEP PAYING G.I.E. By Elijah Felice E. Rosales @alyasjah

DINAGYANG’S DRAW Around 15,000 spectators and visitors lined the streets to watch colorful and brightly-lit floats make their way around the Iloilo Business Park at the weekend for the grand parade of lights, a highlight of the annual Dinagyang Festival. It was capped off by a colorful fireworks display. CONTRIBUTED PHOTO

CONOMIC zone firms will be allowed to keep paying tax on gross income earned (GIE) under their regulator’s proposal to Congress, but the rate will be increased and the perpetuity removed. The Philippine Economic Zone Authority (Peza) last week submitted to Congress its proposed enhancements to House Bill 4157, or the Corporate Income Tax and Incentives Rationalization Act (Citira) bill. The proposal was transmitted upon the request of legislators, who will convene in a bicameral conference once the measure is passed by the Senate.

Under the proposal, locators in economic zones get to maintain most of their fiscal incentives, particularly the payment of GIE in lieu of all local and national taxes availed upon the expiry of their income tax holiday (ITH). As a compromise, the GIE rate is increased from 5 percent at present to 7 percent, of which 5 percent is remitted to the state and 2 percent to the local government. This is also in line with what economic zone firms have been saying: that they are willing to pay higher GIE for as long as the tax perk is retained under the Citira bill. Only locators belonging to the struggling garments and textile industries, and economic zone developers get to pay 5

Monday, January 27, 2020 Vol. 15 No. 109

Tax take from POGOs up 169% to ₧6.4B in ’19

By Bernadette D. Nicolas

@BNicolasBM

HE government collected a total of P6.42 billion in taxes from Philippine Offshore Gaming Operators (POGOs) and their service providers in 2019, according to the Department of Finance.

The 2019 tax collection on the back of an intensified crackdown on errant POGOs showed an increase of 4.04 billion, or 169 percent, compared to the tax take of P2.38 billion from these businesses the

previous year. Finance Secretary Carlos G. Dominguez III vowed there will be no letup in the government’s efforts against tax-delinquent POGOs as the Bureau of Internal Revenue

(BIR) committed to further step up its campaign this year. “Basically we’re going hard against people who are evading taxes,” Dominguez said in a statement on Sunday.

percent of GIE under the Peza proposal.

Perpetuity out In another compromise, the perpetuity of paying GIE is removed by the Peza in its suggested version of the Citira bill. Unlike in the existing setup where economic zone firms can choose to perpetually pay GIE, the proposal caps the period of enjoying the incentive at 20 years, after which locators can pay reduced corporate income tax (CIT). Under the Citira bill approved by the House of Representatives, the rate of reduced CIT is set at 17 percent in 2022, dropping 1 percent every two years to 13 percent by 2030. See “Ecozones,” A2

P25.00 nationwide | 5 sections 30 pages |

DATA BREACHES BEHIND MOA TERMINATION WITH TELESERV, SAYS PSA By Cai U. Ordinario @caiordinario

₧27.35B T

Broken down, BIR collected P5.13 billion in w ithholding ta xes, P644.07 million in income taxes, P91.13 million in value-added taxes (VAT) and percentage taxes, P81.11 million in documentary stamp taxes and P469.13 million in other taxes from POGOs.

HE Philippine Statistics Authority (PSA) said its memorandum of agreement (MOA) with Pilipinas Teleserv Inc. (Teleserv) was terminated due to data breaches. National Statistician and Civil Registrar General Claire Dennis S. Mapa told reporters two cases have been filed against PSA at the National Privacy Commission (NPC) due to data breaches. Mapa said upon learning about reports that birth certificates were being obtained via social media, the PSA investigated and found that the “weak” link in their privacy controls was Teleserv. “When we stopped, accounts on Facebook announced they are stopping their operations because Teleserv was stopped. So it validates that their control is weaker than ours. And we cannot have that data privacy breach primarily because we are in the National ID and that is our commitment,” Mapa said Mapa said, however, that the termination of the contract will not affect PSA’s ability to provide online services. He said PSA Serbilis outlets are ready to provide the same service without the threat of data breaches. He said the PSA plans to open 15 more Serbilis outlets this year. Mapa said these outlets will include Tarlac and Bohol to allow residents there to process their PSA needs without leaving their province.

See “POGOs,” A2

See “MOA,” A2

BIR’s estimate of the total tax liabilities of errant POGOs, for which it issued 170 notices. The goal: collect P2 billion a month, per Deputy Commissioner Arnel Guballa

Govt on track for Feb. 3 fuel-marking deadline

HE government has already marked 2.487 billion liters of fuel in a bid to prevent revenue leakages from oil smuggling. Citing the latest report from the Bureau of Customs (BOC), Finance Secretary Carlos G. Dominguez III told reporters over the weekend that the agency has so far marked 1.787 billion liters as of January 24, while the Bureau of Internal Revenue (BIR), for its part, was able to inject fuel markers on 700 million liters of fuel. Participating companies include Unioil, Chevron, Phoenix Petroleum, Seaoil, Shell, Insular Oil, Filoil Energy, PTT, Petron, as well as Warbucks Industries Corp. (Subic), the latest addition to the list. The government earlier said all gasoline, diesel and kerosene stocks are expected to be marked completely by February 3.

PESO exchange rates n

The government is eyeing to collect at least P20 billion this year because of the fuel-marking program. Prior to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, the government was losing approximately P40 billion in revenues due to petroleum smuggling, according to various independent studies. The joint venture of Switzerlandbased Sicpa SA and SGS Philippines secured the fuel-marking project. For the first year of implementation, a fuel-marking fee of P0.06884 per liter of fuel shall be paid by the government to the fuelmarking service provider. For the second to fifth year of implementation, the fuel-marking fee shall be paid by petroleum companies on top of duties and taxes to be collected by BOC and BIR. Bernadette D. Nicolas

Tourism stakeholders: Ban tourists from China By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

CHINATOWN FESTIVITIES Balloons for sale along Ongpin Street lend color to the festivities and the countdown for the Chinese New Year 2020 celebration in Binondo, Manila, at the weekend, organized by local Filipino-Chinese groups led by Dr. James Dy.

HE Tourism Congress of the Philippines (TCP) is calling for a temporary travel ban on Chinese tourists, while the novel coronavirus continues to spread in mainland China. This developed as Bloomberg reported the Beijing government has been scrambling to contain the spread of the virus by ordering travel agencies to stop selling domestic and international tours. This will likely decrease the number of foreign visitor arrivals in the country, according to TCP President Jose C. Clemente III, although

BERNARD TESTA

US 50.9630 n japan 0.4654 n UK 66.8736 n HK 6.5579 n CHINA 7.3767 n singapore 37.7057 n australia 34.8689 n EU 56.3549 n SAUDI ARABIA 13.5861

See “Tourism,” A12

Source: BSP (24 January 2020)

News

BusinessMirror

A2 Monday, January 27, 2020

VFA junking sparks mixed views; Senate role uncertain

By Samuel P. Medenilla & Butch Fernandez

@sam_medenilla @butchfBM

ALACAÑANG on Sunday insisted that the termination of the Philippines’s Visiting Forces Agreement (VFA) with the United States, as sought by President Duterte, will have no negative impact on the country’s border security. This, as the Senate had yet to firm up a consensus on what exactly its role would be, if ever, in terminating an agreement that it ratified, but which the US Senate did not—casting it, according to one view, in the mold of a mere executive agreement. Meanwhile, the former foreign affairs secretary urged the administration to move slowly on the decision to terminate, and cited five reasons for caution, including the VFA’s supposed essential role in carrying out the 1951 Mutual Defense Treaty (MDT). In a radio interview on Sunday, however, Presidential spokesman Salvador S. Panelo said the VFA merely listed the “privileges” for the foreign side, which he said heavily favored American military personnel. “Under the VFA, if they [American military personnel] committed any crime here, we will not have jurisdiction over them unless the crime is of significant importance to us. They could also send their ships and armed forces here without the need of visa and passport requirements. So in simpler terms, VFA favors the Americans,” Panelo said. Duterte last week directed the secretaries of foreign affairs and national defense to start the process of scuttling the VFA, forged early in the Estrada administration,

Virus. . .

Continued from A12

involves treatment of the interior of the aircraft with insecticides and disinfectants or aerosol as specified by the health body,” the airport doctors said. Meanwhile, as the new coronavirus continues to spread worldwide, Malacañang on Sunday called on Filipinos abroad to take the necessary health precautions. “Our advice to them is to follow the precautions given by local authorities so they will not be infected,” Presidential spokesman Salvador S. Panelo said in a radio interview. He also urged them to exercise the necessary personal measures to fight infection, as endorsed by health officials. The WHO and the Department of Health (DOH) have issued guidelines on how the public could protect themselves from coronaviruses. The recommendations include—regular handwashing for 20 seconds with soap and water; avoidance of touching one’s eyes, nose, or mouth with unwashed hands; avoiding contact with people who show symptoms of respiratory illness, such as coughing and

as he angrily reacted to the cancellation by the US of the visa of Sen. Ronald “Bato” de la Rosa, his first National Police chief who oversaw his controversial war on drugs in its first two and a half years.

Senate’s role

Meanwhile, there is yet no firm consensus in the Senate on what exactly is the chamber’s role in the process of junking the VFA that it ratified, but which the US Senate did not. Given the hazy status of the VFA as either a treaty or an executive agreement, Senate President Vicente Sotto III sounded tentative over the weekend on what would be the treaty-ratifying chamber’s next step. “The way the resolution that ratified the VFA was worded, none,” the senate president replied when asked Sunday if members of the treaty-ratifying chamber have a role to play in abrogating the VFA. Sotto, however, added, “the new ones, we already inserted a proviso that any abrogation must also have the consent of the Senate,” apparently referring to similar, albeit smaller accords the Philippines subsequently forged with other countries after the US. The Senate leader conveyed his support on learning that Foreign Affairs Secretary Teodoro L. sneezing; thoroughly cooking meat and eggs; covering one’s mouth and nose with tissue when coughing or sneezing; and cleaning and disinfecting objects and surfaces. As of January 25, WHO reported 1,320 confirmed cases globally of the novel coronavirus (2019-nCoV), which is said to have originated from Wuhan, China. That city was placed on total lockdown by Chinese authorities last week. Flights to and from Wuhan were suspended by carriers, including those that mount flights to the Philippines. Of the total reported by WHO, 1,297 cases are in China, including Hong Kong, Macau and Taiwan. The rest are in Japan, South Korea, Vietnam, Singapore, Australia, Thailand, Nepal, the United States and France. Hong Kong, Taiwan and Japan are among the top destination countries for OFWs, while the US hosts the most number of Filipino immigrants worldwide.

No confirmed case

DOH said there is currently no confirmed case of 2019-nCoV in the Philippines. The large number of infected people inWuhan has prompted the US government to initiate the repatriation of its nationals in the city. Panelo said the government currently has

Ecozones. . .

Locsin Jr. had confirmed that he and Defense Secretary Delfin N. Lorenzana were directed to start the process of terminating the VFA. Locsin said their immediate move is “first calling the Senate Foreign Relations Committee as the Philippine side sees it as a treaty, while the US side, an executive agreement.” Locsin made the revelation in a tweet on Friday, hours before flying to the US on unrelated matters. “In that case, we should have terminated it a long time ago. It is onesided,” Sotto said Sunday in a text message to the Businessmirror.

Revisit junking—del Rosario

Former Foreign Affairs Secretary Albert del Rosario preached caution, however, and cited “several valid reasons” for fully revisiting the decision to terminate. “First, the VFA is an essential agreement to both the Philippines and the USA in effectively implementing the Mutual Defense Treaty. “Second, without the VFA, making the MDT work would be more challenging, especially since we now have specific external threats as well as more devastating natural calamities,” del Rosario said in a statement on Sunday. He added: “Third, terminating the VFA would serve to actualize our pivot toward China against the strong and vehement objections of our people. “Four th, whi le the V FA is admittedly an imperfect agreement, it would interrupt the benefits of the MDT with regards to the joint training and exercises, the pursuit of modernization, achieving interoperability and prov id i ng a ssi st a nce du r i ng natural calamities.” Finally, del Rosario recalled that “the quick US relief response during the Yolanda disaster was made possible by the VFA. Other countries no plans to do the same. This was echoed by Labor Secretary Silvestre H. Bello III, who told the BusinessMirror in a SMS, that they currently have yet to receive any request for repatriation from any OFW in Wuhan.

Aircraft disinfection

On the aviation authorities’ order to clean aircraft, quarantine officials said there are different procedures to carry out disinsection or disinfection inside the aircraft, such as: ■ Treatment of the interior of the aircraft using a quick-acting insecticide or disinfectant spray immediately before takeoff, with the passengers on board. ■ Treatment of the interior of the aircraft on the ground before passengers come on board, using a residual-insecticide/ disinfectant aerosol, plus additional in-flight treatment with a quick-acting spray shortly before landing; and ■ Regular application of a residual insecticide/disinfectant to all internal surfaces of the aircraft, except those in food preparation. The BOQ and Miaa said that for every arrival at the airport and prior to cargo being unloaded, “every hold of the aircraft must be sprayed with one can of 2 percent d-phenothrin and 2 percent

Continued from A1

The Peza is seeking to stretch to four years, from three years in the bill, the ITH of economic zone firms situated in Metro Manila. It is also proposing the extension of the tax break of those operating in areas adjacent to the nation’s capital to six years, from four years; and of those in the regions to eight years, from six years. Moreover, the Peza deleted in its proposal the whole Chapter III of the Citira bill that creates the Fiscal Incentives Review Board (FIRB) tasked primarily to set and review the general policy on the grant of incentives to investors. The FIRB is chaired by the finance chief, assisted by the secretaries of trade, of socioeconomic planning, of budget and the executive secretary. In petitioning for the removal of the FIRB, the Peza wants to return the authority to confer and administer incentives to investment promotion agencies, including it. The Citira bill, the second package of the government’s tax reform program, was approved by the House last year and is undergoing

wanted to immediately respond but were constrained by the lack of legal arrangements for their troops to enter the Philippines.” At its peak, del Rosario claimed, “the US military efforts included more than 13,000 military personnel, 66 aircraft and 12 naval vessels. The US delivered more than 2,500 tons of relief supplies and evacuated over 21,000 people.” If Duterte wants to improve the MDT and the VFA, “he may wish to accept the invitation to meet President Trump” where, del Rosario said, he could convey his “full expectations pertaining to our bilateral relations.”

Other pacts

Panelo, on Sunday, noted that the Philippines will still honor its other defense agreements with the US for now. “As I said, only VFA will be terminated.... It [termination] does not [cover] all other treaties which are [related] to the security of the Philippines’s alliance with the United States,” Panelo said. He stressed that even without the VFA, the government could still conduct military exercises with the US forces within Philippine territories. Panelo said currently the VFA is still in effect since the government has only started its unilateral cancellation process. Prior to the US visa cancellation of de la Rosa, the US Senate issued a resolution calling for travel restrictions for Philippine government officials seen as involved in the prosecution and detention of Sen. Leila de Lima, Duterte’s critic. Panelo said de la Rosas’s visa issue is just one of the many factors which prompted Duterte to order the junking of the VFA. He said Duterte was irked by the US’s alleged “violation of the country’s sovereignty.” of permethrin.”The number of cans required will be determined by the type of aircraft. The BOQ said if airlines fail to comply with the directives, the bureau will do the spraying and a fee, per can, will be charged to the airline operators. Monreal said that officials and members of the Airline Operators Council (AOC) welcome the BOQ mandate for the passengers’ protection. The BOQ said the usual practice before was for airline staff to submit the canister used in spraying to the quarantine officers on duty as “proof” that they conducted the spraying on the aircraft upon arrival at the Naia. Monreal added that additional hand sanitizers were installed at the immigration counters, customs, airport toilets and at the arrival lobby of the four terminals. “These are easily accessible to all incoming passengers and airport employees to help prevent the spread of the novel coronavirus.” Building attendants at Naia terminals are also advised to clean thoroughly the luggage conveyors after every use using a multipurpose cleaner. Meanwhile, the Department of Tourism and the DOH assured all international tourists that the Philippines is still a “generally safe place” despite the coronavirus or 2019nCoV jitters.

deliberations in the Senate. Its prolonged legislation is sending uncertainties to foreign investors, making it difficult for them to expand operations without a final tax structure in place. These uncertainties may be reflected in investments registered with the Peza that slumped 16.18 percent to P117.54 billion last year, from P140.24 billion in 2018, according to official data. Investments applied by foreigners declined 27.91 percent to P49.25 billion, from P68.32 billion, while those posted by locals slipped 5.04 percent to P68.28 billion, from P71.91 billion. Economic zone firms warned that many of them will be compelled to pack up operations here and relocate to another Southeast Asian economy if their incentives are lifted. This impending capital flight is projected to result in job losses of up to 700,000, according to estimates by the Joint Foreign Chambers of the Philippines—a figure that some ranking Finance officials doubt. Apart from rationalizing incentives, the Citira bill will reduce CIT to 20 percent, from 30 percent at present, which is the highest rate in the region.

www.businessmirror.com.ph

Phivolcs downgrades Taal status to Alert Level 3 By Jonathan L. Mayuga @jonlmayuga

& Rene Acosta

@reneacostaBM

ILLAGERS in some affected areas in Batangas began returning to their homes on Sunday after the provincial government removed the “lockdown” on 12 cities and towns following the downgrading of Taal Volcano’s Alert Level to 3. The lockdown was imposed a couple of days ago after the Philippine Institute of Volcanology and Seismology (Phivolcs) raised Taal’s Alert Level to 4 following the volcano’s phreatic eruption on January 12, spewing ash and lava that forced the evacuation of thousands of residents. In a bulletin issued by Batangas Gov. Hermilando Mandanas that was also disseminated by the National Disaster Risk Reduction and Management Council (NDRRMC) through its spokesman Mark Timbal, the governor gave residents the “option” to return to their homes in the areas previously covered by the lockdown. These areas are the cities and towns of Alitagtag, Balete, Cuenca, Lemery, Lipa City, Malvar, Mataas na Kahoy, San Nicolas, Santa Teresita, Taal, Talisay and Tanauan. The towns of Agoncillo and Laurel remained on lockdown while Volcano Island was put on a “permanent lockdown.” “The Alert Level has been lowered from Level 4 to Level 3, residents of all towns under lockdown, except Agoncillo and Laurel, now have the option to return their respective residences/ place of work,” Mandanas said. “Being still in Level 3, it is strongly recommended that the following be seriously considered in exercising your option—that it is possible that the Taal Volcano may still erupt, and therefore all returning residents must be constantly alert and vigilantly ready to evacuate within one hour should the Alert Level be again raised to Level 4,” the governor said among others.

Phivolcs advisory

In its Volcano Bulletin for Taal issued at 8 a.m. on January 26, Phivolcs said Taal Volcano’s condition in the two weeks following the phreatomagmatic eruption or main eruptive phase on January 12 and 13 has generally declined to less frequent volcanic earthquake activity accelerated ground deformation of the Taal Caldera and Taal Volcano Island edifices and weak

Pogos. . .

Continued from A1

Based on DOF’s estimates, at least P22 billion annually are not being collected in the income taxes from workers employed in POGOs, and other related industries based in the country. For 2019, BIR also shut down the operations of at least four companies operating as POGO service providers but which either failed to register their operations—which allowed them to evade paying the right taxes to the government—or registered their operations but are still not paying the correct taxes. Moreover, the bureau said it has issued 170 notices to collect P27.35 billion in tax liabilities from errant POGOs. BIR’s target was to collect at least P2 billion a month from POGOs, according to BIR Deputy Commissioner Arnel Guballa. Guballa initially estimated that there are

MOA. . .

Continued from A1

Based on PSA’s data, it processed a total of 22.6 million documents in 2019. Transactions made via Teleserv only accounted for 6.5 percent of the total. Mapa said Teleserv used to process 5,000 to 6,000 documents per day, while the PSA Serbilis processes 1,500 to 2,000 documents per day. But since the PSA terminated Teleserv, PSA Serbilis is now processing 5,000 to 6,000 documents per day. “I will answer if Congress will summon us, there’s no problem with that. In terms of volume there’s no problem since my estimate is that... for both [PSA Serbilis and Teleserv] of them, they are accommodating maybe 7,000 to 8,000 per day. Right now, the last time I checked, since I can access the daily volume, they’re at 5,000 to 6,000. There was already an increase,” Mapa explained. One of the two cases filed, Mapa said, had to do with a third party being able to obtain birth certificates of somebody else’s children.

steam or gas emissions at the main rater. As such, Phivolcs downgraded Taal Volcano’s alert status from Alert Level 4 or imminent hazardous eruption to Alert Level 3, or decreased tendency toward hazardous eruption. Phivolcs’ observation based on satellite images noted “net inflation” or less swelling of the landmass. At a press conference, Department of Science and Technology (DOST) Undersecretary and Phivolcs Director Renato Solidum said this does not mean that those evacuated from high-risk areas within the 14-kilometer radius from the main crater of the volcano, particularly the Taal Volcano Island, should be allowed to return just yet. He said concerned local government units (LGUs) should also weigh their option depending on the level of threats. “There is still a lingering threat as the volcano may still suddenly erupt,” he said. “The lowering of the alert status, however, doesn’t mean that the activity or the danger of hazardous eruption is gone. It’s still there but the chances of hazardous explosive eruption is lesser,” he said. According to Phivolcs, if the parameters which Phivolcs use to downgrade or upgrade the alert status of a volcano changes, the agency will immediately inform the public, be it increasing the alert level back to Alert Level 4, or further downgrading the alert status to Alert Level 2. “We are advising those around the lake to be cautious, especially those near in areas where fissures were observed or those near rivers and streams because rain could trigger lahar flow,” he further added. NDRRMC Executive Director Ricardo Jalad said the areas mentioned by Mandanas are located outside the volcano’s 7-km danger zone. “Those who can return [to their residence] are those outside of the 7-km danger zone, except some barangays in Laurel and Agoncillo that incurred severe damage, have fissures, or have houses that were destroyed,” Jalad said. “Last night, our PNP, the AFP, Coast Guard and the Bureau of Fire Protection assessed the extent of damage and they will continue the assessment in order to determine who could return to their homes, but then again, they were seeing that all those living outside the 7-km danger zone can return,” he added.

around 103,000 foreign workers in the POGO industry but based on BIR’s list there are 108,914 employees in 218 POGO service providers. The list was updated after cleaning up the data provided by the Philippine Amusement and Gaming Corp., Department of Labor and Employment (DOLE), Bureau of Immigration, as well as the ecozones. Dominguez earlier expressed support for Albay Rep. Joey Salceda’s plan to file a bill seeking to impose additional taxes on the online gaming industry. These taxes include a 5-percent franchise tax, a 15-percent tax on the salary of any individual who is a permanent resident of a foreign country and employed by a licensed offshore gaming enterprise. Upon Dominguez’s instructions, BIR is also working with DOLE in developing an interagency database of foreign nationals working in the country to effectively monitor and ensure that POGOs pay the correct amount of taxes to the government. Mapa said when they learned about the problems, PSA warned Teleserv regarding the possibility of terminating the MOA, which they eventually did on December 20, 2019. The MOA was signed by former Chief Civil Registrars Tomas Africa and Carmelita Ericta, as well as former National Statistician Lisa Grace Bersales. Mapa said the MOA between the government and Teleserv did not specify Key Performance Indicators that can be used to measure its performance. This, he said, may have led to the data breaches. “The MOA already existed when I arrived. I was just checking what are the controls that they’re doing and apparently [these were] weak,” Mapa said. In the first week of January, PSA announced that Teleserv is no longer authorized to receive requests for civil registry documents from any party. Any transaction made with Teleserv through PSA Helpline Plus will not be honored by PSA. However, online requests for civil registry documents is still available through the PSA Serbilis.

A4 Monday, January 27, 2020 • Editor: Vittorio V. Vitug

The Nation BusinessMirror

OFWs may cite humanitarian grounds for working in Libya

By Samuel P. Medenilla

@sam_medenilla

HE Philippine Overseas Employment Administration (POEA) said overseas Filipino workers (OFWs) in Libya may now cite humanitarian grounds to be given exemption from the existing deployment ban in the African state. Upon the recommendation of Department of Foreign Affairs (DFA), the POEA Governing Board issued a Resolution 12-2019, allowing OFWs working within the 100-kilometer (km) radius of the Libyan capital

of Tripoli, to apply for an overseas employment certificate or exit clearance if they will opt to temporarily return home. To recall, the government imposed deployment restrictions in

the 100-km zone last year due to worsening armed conflict within the said area. The grounds for exemptions from the deployment ban include the following reasons: returned home because of death or sickness in the immediate family; have to accompany and assist member of immediate family for the purpose of relocation, school examinations or registration, and medical treatment; to attend urgent banking and financing transactions; and to file court cases or appear in court hearings. “OFWs can also travel to the Philippines, and back to Libya on other valid grounds or significant events to be determined by the Philippine Embassy in Tripoli,” POEA said in a statement. Those, who are interested to avail

themselves of the exemption may do so by presenting their passport with appropriate visa issued by the Ministry of Foreign Affairs, or work permits issued by the Ministry of Labor of the State of Libya. They should also submit the contract of employment verified, which has the necessary provisions, by the Philippine Overseas Labor Office; medical and life insurance policy provided by the employer; and contingency plan of their employer. POEA stressed that the suspension in the processing and deployment of Libya-bound new workers, skilled workers, household service workers and workers returning to their former employers remains in effect for now. Based on POEA’s records, there are at least 1,000 OFWs in Libya.

Not clean enough, Cimatu says of Manila Bay waters By Jonathan L. Mayuga @jonlmayuga

NE year after launching the P4.7 billion “Battle for Manila Bay,” the Department of Environment and Natural Resources (DENR) said the waters of Manila Bay is now in a much better state. However, despite the gains made possible by the support and cooperation of various stakeholders, Environment Secretary Roy A. Cimatu said much needs to be done. This, as Cimatu led key government officials during the Sewerage Treatment Plant (STP) Turn-On Ceremony along Roxas Boulevard in Manila on Sunday. The ceremony was one of the highlights of the first anniversary celebration of the Battle for Manila Bay. The P100-million STP, a project funded and to be operated by the Metropolitan Manila Development Authority (MMDA), is capable of treating up to a maximum of 3 million liters of wastewater every day, New Zealand-based designer of the STP system Lito Abayan said. The STP has six main treatment tanks, six chemical holding tanks and one water tank. Each treatment tank has a capacity of 75,000 liters of wastewater. “Currently, we estimate that

around 500,000 liters of wastewater per day will be treated,” Abayan told the BusinessMirror in an interview at the sidelines of the event. He cited data provided by Manila Water Co. as basis.

Wastewater

THE interceptor and treatment plant located in front of the Manila Yacht Club is not yet complete with only one estuary, the Estero de San Antonio de Abad having been connected. According to Abayan, the Padre Faura drainage and Remedios drainage would be connected by March as per the target date of the Department of Public Works and Highways (DPWH). By March, Cimatu said the coliform level in Manila Bay is expected to further go down. “This will ensure that no untreated wastewater from the drainage outfalls flows into the bay,” he said. Cimatu expressed confidence that by March, the waters along Roxas Boulevard will be much safer to swim in. He said the high level of coliform bacteria is one of the major challenges faced by the Manila Bay Inter-Agency Task Force tasked by President Duterte to rehabilitate Manila Bay. Citing Environmental Management Bureau data, Cimatu said the fecal coliform count at the Padre Faura outfall is now down to 920,000 most probable number per 100 milliliter from its pre-rehab record of

7.21 million mpn/100ml.

Agencies

FROM 35 million mpn/100ml recorded before the rehabilitation began, Cimatu said the coliform level at the Raja Soliman-Remedios drainage outfall (across the Aristocrat Restaurant) went down to 11 million mpn/100ml. The coliform level at the Manila Yacht Club outfall is now 54 million mpn/100ml from a high of 110 million mpn/100ml. However, he said much needs to be done to achieve the desired standard fecal coliform level in Manila Bay, which is 100 mpn/100ml based on its classification as “Class SB” coastal and marine water. “It was only after Cimatu’s appointment that the DENR and the other mandamus agencies finally started to clean up Manila Bay,” Supreme Court Chief Justice Diosdado M. Peralta said in a keynote speech during post-turn-on ceremonies at the Baseco Beach. Peralta, who reconstituted in December the Manila Bay Advisory Committee, lauded the Duterte administration and Cimatu for “finally stepping up” in rehabilitating Manila Bay, even after a continuing mandamus ordering 13 government agencies to restore Manila Bay’s water to its pristine state was handed down more than 10 years ago. Sen. Cynthia A. Villar, who was present during the ceremonies, also expressed support behind the effort of the Duterte administration to clean up Manila Bay.

However, Villar questioned the initiative of the national government to construct the STPs government fund, while the privatesector partner of the Metropolitan Waterworks and Sewerage System (MWSS) should be the one spending for such project.

Refund

INTERVIEWED by the BusinessMirror and asked what will be her next move given that she learned of the project being funded by the government, she said she will ask the government agencies to explain why it should spend for projects, which private-sector partners, like Maynilad and Manila Water, should be funding. “What else can we do but ask in [a] public hearing why is the government spending money for this,” she said. Villar said that Manila Water and Maynilad should, in fact, refund the government’s expenditure for the project, given that they are the ones who should connect water consumers to proper sewerage for treatment before disposal or discharge to the environment. She noted that in Metro Manila, only around 14 percent of households are connected to proper sewer lines, which means that only 14 percent of wastewater are treated before discharge. Villar added that around 7 million households have no toilets in Metro Manila alone, which means that all these human waste eventually add to water pollution that contributes to the many problems besetting Manila Bay.

www.businessmirror.com.ph

South Korea shortens visa processing time for Pinoys

HE Korean visa processing period starting February 2020 will be reduced to 10 to 15 days, the South Korean Embassy in Manila announced. “The embassy has allotted additional visa staffs for faster processing of Korean visa applications,” its statement dated January 20 read. “Therefore, by the end of February, the current visa processing period of 25 to 27 days will be reduced to 10 to 15 days.” The embassy said the reduced processing period will also be retained during the peak season from March to April.

Applying for a Korean visa prior to purchasing airline tickets is a must, since the issuance is subject to the approval of the consul in charge. Since July 2018, the embassy has only accepted walk-in applicants only for spouses and children of Koreans, holders of visa issuance number, government employees with an official business trip and for those with humanitarian reasons to travel to Korea urgently. Due to the increase in applicants, the embassy in 2018 decided to process all temporary visitors’ visa applications through designated travel agencies. PNA

DENR cites water quality improvement in Bulacan river

BANDO, Bulacan—Water quality of Manila Bay in this part of Central Luzon has shown marked improvement. This was the assessment of the representatives of different government agencies led by the Department of Environment and Natural Resources (DENR) tasked to implement the mandamus of the Supreme Court to rehabilitate Manila Bay. Paquito Moreno Jr., regional executive director of the DENR-Central Luzon, was among the guests during the first anniversary of the “Battle for Manila Bay” held at the Fish Port of Barangay Tawiran in this town on January 26. Moreno said it is imperative to save the seafloors as most of the fish will eventually die due to plastic pollution. The Manila Bay cleanup activities in Central Luzon simultaneously held on January 26 in this town, Barangay Consuelo in Macabebe, Pampanga; and, at the Balanga Wetland and Nature Park in Balanga City, Bataan. Since the launch of the Battle for Manila Bay last year, Moreno said a total of 1.6 million kilos of wastes in Central Luzon were gathered in 1,036 cleanup activities. He said a swimmable area in Manila Bay was also declared in Aguawan Beach in Sisiman village in Mariveles, Bataan, where the fecal coliform level based on DENR’s latest reading was at 21, most probable number that is way below the standard level of 100 MPN. “Many have doubted us and questioned our potentials to win this battle for Manila Bay but a year after this program has been launched, I believe we can all say we are winning this,” Moreno said. Obando Mayor Edwin Santos said the cleanup activity of Manila Bay in Bulacan was launched in Barangay Tawiran in this town, and has shown

a marked improvement in its river system that was included as one of the world’s dirtiest rivers. Santos said before the Manila Bay rehabilitation program was launched, oyster farms together with other fish species in the town’s river system, were badly affected because of the pollution. “One year after the Battle for Manila Bay was launched, oysters, together with other fish species, are now starting to survive and thrive in the Obando River system,” he said. Santos said that before, marginalized fisherfolk in their town always complained that not enough fish were being caught in their municipal waters. “But now fishermen have started to catch fish that are enough to feed their families,” he added. Santos attributed this improvement to the residents’ awareness on proper waste disposal. He said wastes were previously being dumped in the town’s waterways, forcing the local government unit to set up a garbage transfer station in Barangay Tawiran. Santos said the town’s garbage transfer station is now being eyed to be converted into a material recovery facility, where the garbage will be segregated and transformed into recyclable materials. Julie J. Daquioag, regional director of the Department of the Interior and Local Government, said their agency was tasked to regularly monitor the rehabilitation efforts for the Manila Bay cleanup activities. She confirmed that the town of Obando has been “very compliant” with the program and that no showcause orders were issued to its local government units. Santos attributed the diminishing garbage dumping on the town’s river system to the strict implementation of local ordinances and national laws on garbage disposals. PNA

Villar yet to find ‘onerous’ provisions in DPWH deals No repatriation of OFWs from areas with new coronavirus cases–Panelo

UBLIC Works Secretary Mark A. Villar has yet to find any “onerous” provision on existing government contracts, but he ensured that his group has always remained vigilant in safeguarding the public from disadvantageous deals with private concessionaires. Responding to media queries on President Duterte’s tirade against alleged onerous contracts, Villar said his group is “always looking” at road projects with the private sector. “If we can see anything; but as far as road projects are concerned, we have not seen anything onerous,” he said on the sidelines of the inspection of the C3-R10 road section of the North Luzon Expressway (Nlex) on Friday. To recall, Duterte has called for the immediate review of government contracts with the private sector, following what he called onerous deals with Metro Manila’s water concessionaires. Fueled by his indignation for suing the government in an arbitration court, Duterte ordered agencies to scrutinize the contracts, and amend or cancel them if necessary. Based on patterns, contracts, with Ayala Corp. and Metro Pacific Investments Corp.

are being targeted for review. Included in the deals are those signed with Light Rail Manila Corp., which holds the concession for the Light Rail Transit (LRT) Line 1 and Ayala Land Inc., which developed the UP TechnoHub in Quezon City. The contract with Chevron Philippines, which rents a government property in Batangas, was also flagged. For Villar, his group is almost certain that each road development contract is above board. Although, he said, his group will also be open to reviewing the contracts. “We have always taken an eagle-eye perspective for our road projects; any provision with increases have been justified,” he said. Major road development contracts under the public works department include the concessions for the Nlex, Manila-Cavite Toll Expressway (Cavitex), Cavite-Laguna Expressway (Calax) and the Cebu-Cordova Link Expressway. All of which are under Metro Pacific Tollways Corp. Also included in the list of big ticket projects are San Miguel Corp.-led deals, such as the Skyway System, the South Luzon Expressway, and the Tarlac-Pangasinan-La Union Expressway, among others. Lorenz S. Marasigan

HERE was no directive from President Duterte to repatriate overseas Filipino workers (OFWs) from areas affected by the deadly 2019 novel coronavirus (2019nCoV) that originated in Wuhan, China, Malacañang said on January 26. We have not heard of such policy from the President,” Presidential spokesman Salvador Panelo told dZIQ when asked if the Philippine government is eyeing repatriating Filipinos from areas with confirmed cases of 2019-nCoV. The 2019-nCoV, a new strain of coronavirus that began spreading at a seafood market in the central Chinese city of Wuhan in December last year, has started spreading around the world. Confirmed cases of the new coronavirus have been reported in Hong Kong, Macao, Taiwan, Thailand, Japan, South Korea, Vietnam, Singapore, Nepal, France, and the United States, stoking fears of a global pandemic. There have been a total of 1,975 confirmed cases of 2019-nCoV, while another 2,684 suspected cases have also been recorded. The coronavirus outbreak has resulted in 56 deaths as of January 25. Panelo said the government could not force

Filipinos residing and working in areas with confirmed cases of the fatal coronavirus to return home. They’re working there. If they feel they’re safe, you can’t force them to leave because that’s their livelihood, according to Panelo. And, of course, local authorities of countries where they work are doing their best to prevent the spread of the new coronavirus, he added. The Palace official also advised overseas Filipinos to follow the strict precautionary measures imposed by host countries against 2019-nCoV. Coronavirus is a “large family of viruses that cause illness ranging from the common cold to more severe diseases, such as MERSCoV and SARS-CoV,” the World Health Organization (WHO) has said. WHO also cautioned that coronavirus can be transmitted between animals and people. Amid the 2019-nCoV outbreak, Panelo assured anew that the Philippine government is doing its best to ensure the safety of Filipinos. Sending back passengers from Wuhan is among the measures being undertaken by the current administration, Panelo noted. PNA

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PHL removed from EU’s priority anti-piracy list By Elijah Felice E. Rosales

@alyasjah

HE Philippines was dropped from the European Union’s priority list on counterfeiting and piracy, but the economic bloc reported intellectual-property (IP) rights protection here did not improve over the past years. In a recent report, the European Commission cleared the Philippines from any of its priority lists on few complaints of IP rights violation from stakeholders. In spite of the clearance, the country was included in the group of economies whose IP enforcement will be closely monitored. Joining the Philippines in this list are Israel, Morocco, Paraguay, South Africa, Switzerland and the United Arab Emirates. According to the report, “the Philippines was removed from the priority list and included in the group of countries which need to be closely monitored. This is due to the very few complaints received from stakeholders and the increase in the relative importance of other countries for EU right holders.” The Philippines was in the priority list in the 2017 edition of the commission’s report. However, the report claimed IP rights protection in the country failed to improve over the past years, citing studies by the EU Intellectual Property Office and the Organisation for Economic Co-operation and Development. As such, the Philippines remains to be a source of counterfeit products, including leather articles, handbags, pharmaceuticals, footwear, games, toys and sport equipment. It was also named by the report as among the top provenance of small parcel trade in fake jewelry. Teodoro C. Pascua, officer in charge director general of the Intellectual Property Office of the Philippines (IPOPHL), said the removal of the Philippines from the EU priority list only goes to show the effectiveness of the work of the agency and the interagency National Committee on Intellectual Property Rights (NCIPR). “This European Commission report is one of the latest major indicators that manifests the effectivity of the work being done for

Solon files bill to expand market for agri-agra loans By Jovee Marie N. Dela Cruz

@joveemarie

HE chairman of the House Committee on Ways and Means has filed a measure to amend the Agri-Agra Reform Act of 2009, or Republic Act (RA) 10000. Albay Rep. Joey Sarte Salceda said he filed House Bill 6039 in response to the Bangko Sentral ng Pilipinas’s (BSP) request to Congress to pass key financial reform bills that would help the Philippines achieve a credit rating of “A” in two years. “While the intent of the law was laudable, it did not succeed in its objectives primarily due to the fact that farmers and fisherfolk, in the absence of mechanisms and the economic environment to add value to their produce, remained a low-income, high-risk credit market,” he said. Salceda said the law required banks to lend set levels of credit to farmers and fishermen, it also forced banks to choose between giving out high-risk loans or become noncompliant with national policy. “Both choices imply risks to the stability of the financial sector,” he said. To address this, Salceda said the BSP has advocated for reforms that will expand the market for agri-agra loans to include programs and projects that create value in rural communities. “Such reforms will both address the concerns of banks and solve the main cause of the failure of the 2009 law—the lack of income-sustaining value chains for farmers and fisherfolk,” he said. “Also, such reforms would induce broad-based, inclusive and forward-thinking growth in rural communities by extending credit access to programs and projects that align with a more modern vision for agriculture—one that does not focus on volume produce, but also on value created by the agricultural sector,” he added. Also, under the proposal, lending to programs or projects that seek to make financial services like virtual banking available at little or no cost to farmers can be considered in assessing a bank’s compliance with the agri-agra reform law. Salceda said he introduced enhancements to the proposal so that banks could also support missionary financial inclusion projects in rural communities. “Agri-agra requires banks to lend a certain portion of their portfolio to farmers and fisherfolk. Of course, it has not worked to the fullest because farmers aren’t banked in the first place. The farmers are high risk for conventional banks,” Salceda said. “Fortunately, we no longer have to do physical banking because of virtual applications that allow you to open a bank account in your cell phone and borrow from a BSP-registered bank. Virtual banking will grow even more accessible when my proposed Virtual Banking Act is passed. Once that happens, my amendments to agri-agra will also help ensure that even farmers from remote communities can be included in the banking and lending system,” Salceda added. The lawmaker said these agri-agra amendments are crucial, especially the provision on financial inclusion for rural communities.

the past years at IPOPHL and the NCIPR, which it vice chairs. NCIPR officials and officers are committed to going after IPR violators, finding it a meaningful duty to protect the country from the sabotage counterfeiting and piracy brings to an economy, culture and overall national progress,” Pascua said in a statement. However, Pascua debunked the report’s claim that there was no improvement in the country’s enforce-

ment of IP rules and regulations. He said the IPOPHL is now pushing for the amendment of the IP Code to update the country’s general law on IP rights protection. He added the agency created a national IP strategy, which was completed and launched in December of last year. “However, we understand that the report monitored the situation only up to August 31, 2019, after which

several advancements in the local IPR environment worthy of merit were not credited,” said Pascua. “We expect that once IPOPHL’s and NCIPR’s efforts in the last quarter of 2019 are factored in, including the manifold projects and programs we intend to take in the next few years, the European Commission will give a more positive evaluation of the Philippines in its next report,” he added.

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A6 Monday, January 27, 2020 Republic of the Philippines

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

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DEPARTMENT OF LABOR AND EMPLOYMENT Regional Office No. IV-A 4th Flr. Andenson Bldg. II, Brgy. Parian, Calamba City Telefax No.: (049) 545-7362 January 27, 2020

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MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

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Mr. DAWEI YU / Chinese

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MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

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Mr. LU YUAN / Chinese

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Mr. YADI GUO / Chinese

Chinese Customer Service Representative

Mr. YANFENG JU / Chinese

Malaysian Customer Service Representative Chinese Customer Service Representative Position(s): Chinese Customer Service Representative

Chinese Customer Service Representative

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Mr. QUANBIN HOU / Chinese

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Ms. LIXUE ZHANG / Chinese

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Ms. XIAOSI YIN / Chinese

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Mr. LONGWU CHEN / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Ms. WANJUN FENG / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Mr. MINGJUN WU / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Ms. DONGXIAO WEI / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Mr. QIXIANG QIN / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. 125 Address: Brgy. Binakayan, Kawit, Cavite

Ms. XIUQIN TAN / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Mr. ZHAOSHUAI REN / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. 126 Address: Brgy. Binakayan, Kawit, Cavite

Ms. XIAOYAN PENG / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. Address: Brgy. Binakayan, Kawit, Cavite

Mr. SONGHUI JI / Chinese

Chinese Customer Service Representative

MOA CLOUDZONE CORP. 127 Address: Brgy. Binakayan, Kawit, Cavite

Mr. ZONGLIN YANG / Chinese

Chinese Customer Service Representative

Chinese Customer Service Representative Chinese Customer Service Representative

The World BusinessMirror

Monday, January 27, 2020 • Editor: Angel R. Calso

Xi calls situation grave as China scrambles to contain new virus B

EIJING—China’s leader on Saturday called the accelerating spread of a new virus a grave situation, as cities from the outbreak’s epicenter in central China to Hong Kong scrambled to contain an illness that has infected more than 1,200 people and killed 41. President Xi Jinping’s remarks, reported by state broadcaster CCTV, came at a meeting of Communist Party leaders convened on Lunar New Year—the country’s biggest holiday whose celebrations have been muted—and underlined the government’s urgent, expanding efforts to control the outbreak. Travel agencies have been told to halt all group tours, the state-owned English-language China Daily newspaper reported, citing the China Association of Travel Services. Millions of people traveling during the holiday have fueled the spread of the outbreak nationwide and overseas after it began in the city of Wuhan in central China. The vast majority of the infections and all the deaths have been in mainland China, but fresh cases are popping up. Australia and Malaysia reported their first cases on Saturday—four each—and Japan, its third. Canada reported its first case on Saturday in Toronto. Officials said the man is in his 50s, and recently flew from Wuhan to Guangzhou, China, and then on to Toronto on January 23. France confirmed three cases on Friday, the first in Europe, and the US identified its second, a woman in Chicago, who had returned from China. In the heart of the outbreak where 11 million residents are already on lockdown, Wuhan banned most vehicle use, including private cars, in downtown areas starting on Sunday, state media reported. Only authorized vehicles would be permitted, the reports said. The city will assign 6,000 taxis to neighborhoods, under the management of resident committees, to help people get around if they need to, China Daily said. In Hong Kong Leader Carrie Lam

said her government will raise its response level to emergency, the highest one, and close primary and secondary schools for two more weeks on top of next week’s Lunar New Year holiday. They will reopen on February 17. Lam said direct flights and trains from Wuhan would be blocked. In a sign of the growing strain on Wuhan’s health-care system, the official Xinhua news agency reported that the city planned to build a second makeshift hospital with about 1,000 beds. The city has said another hospital was expected to be completed on February 3. The new virus comes from a large family of what are known as coronaviruses, some causing nothing worse than a cold. It causes cold- and flu-like symptoms, including cough and fever, and in more severe cases, shortness of breath. It can worsen to pneumonia, which can be fatal. China cut off trains, planes, and other links to Wuhan on Wednesday, as well as public transportation within the city, and has steadily expanded a lockdown to 16 surrounding cities with a combined population of more than 50 million—greater than that of New York, London, Paris and Moscow combined. China’s biggest holiday, Lunar New Year, unfolded on Saturday in the shadow of the virus. Authorities canceled a host of events, and closed major tourist destinations and movie theaters. Temples locked their doors, Beijing’s Forbidden City and Shanghai Disneyland closed, and people canceled restaurant reservations ahead of the holiday, normally a time of family reunions, sightseeing trips, and other festivities in the country of 1.4 billion people. “We originally planned to go back to my wife’s hometown and bought train tickets to depart this afternoon,” said Li Mengbin, who was on a stroll near the closed Forbidden City. “We ended up canceling. But I’m still happy to celebrate the new year in Beijing, which I hadn’t for several years.” Temples and parks were decorated with red streamers, paper lanterns

and booths, but some places started dismantling the décor. People in China wore medical masks to public places like grocery stores, where workers dispensed hand sanitizer to customers. Some parts of the country had checkpoints for temperature readings and made masks mandatory. The National Health Commission reported a jump in the number of infected people, to 1,287. The latest tally, from 29 provinces and cities across China, included 237 patients in serious condition. Of the 41 deaths, 39 have been in Hubei province, where Wuhan is the capital city. Most of the deaths have been older patients, though a 36-yearold man in Hubei died this week. French automaker PSA Group says it will evacuate its employees from Wuhan, quarantine them and then bring them to France. The foreign ministry said it was working on “eventual options” to evacuate French citizens from Wuhan “who want to leave.” It didn’t elaborate. The National Health Commission said it is bringing in medical teams to help handle the outbreak, a day after videos circulating online showed throngs of frantic people in masks lined up for examinations and complaints that family members had been turned away at hospitals that were at capacity. The Chinese military dispatched 450 medical staff, some with experience in past outbreaks, including SARS and Ebola, who arrived in Wuhan late Friday, to help treat many patients hospitalized with viral pneumonia, Xinhua reported. Xinhua also said medical supplies are being rushed to the city, including 14,000 protective suits, 110,000 pairs of gloves and masks and goggles. The rapid increase in reported deaths and illnesses does not necessarily mean the crisis is getting worse but could reflect better monitoring and reporting of the virus. It is not clear how lethal the new coronavirus is, or even whether it is as dangerous as the ordinary flu, which kills tens of thousands of people every year in the US alone. AP

Markets around the world feel the coronavirus chill

EW YORK—Stocks around the world fell this week on worries that a new type of virus in China may ultimately hit profits for companies from Wuhan to Washington. The World Health Organization has held off on calling the outbreak a global health emergency but says it may become one. The virus has killed more than 41 people and infected 1,200, with the epicenter in the city of Wuhan in central China. The virus can transmit from human to human, which increases its potential spread.

Why are investors worried?

PAST outbreaks of disease have caused sharp losses for stocks, at least temporarily. Stocks in Hong Kong lost about 10 percent in March and April of 2003 when the number of new severe acute respiratorysyndrome(SARS)casesconfirmed was accelerating, for example. Besides the physical toll of illnesses and deaths, fear of disease can cause people to stop traveling, shopping and eating out at restaurants. Even if the disease stays mostly outside the US, it can significantly impact profits for US companies. China accounted for 6 percent of all revenue for S&P 500 companies over the last 12 months, nearly double any other country besides the US, according to FactSet. “It can have broad impacts well beyond China,” Procter & Gamble CFO Jon Moeller told analysts on Thursday.

What US stocks are getting hit hardest?

COMPANIES that get lots of business

directly from China, particularly in the travel industry. Both Las Vegas Sands and Wynn Resorts get the majority of their revenue from casinos in Macao, which is on the southern coast of China. Each lost more than 8 percent this past week. Airlines have been hurt by worries that the outbreak will keep customers from flying not only to and from China but across the region. United Airlines dropped 8.7 percent this week. It has about 5.5 percent of its capacity allocated to US-China/ Hong Kong routes, more than its big rivals, according to Stifel analysts. But the impact could be felt beyond China. Consider Hawaii. Chinese tourists are the highest-spending visitors to the state, shelling out $349 per person per day in 2018. If Chinese vacationers stay home, US hoteliers are vulnerable even if they have no locations in Asia. European luxury companies as a group get about 35 percent of their sales from Chinese customers, including sales made in China and in Europe by visiting Chinese tourists, according to JP Morgan analysts.

So only travel and retail-oriented companies are at risk? NO. Wuhan is also a big industrial center in China, with factories pumping out steel, smartphones and automobiles. That could raise costs for companies further down the supply chain.

Do other recent outbreaks give a road map of what to expect? THE closest corollary to this new coronavirus may be severe acute

respiratory syndrome, or SARS, in 2002 to 2003, which ultimately led to 774 deaths and infected nearly 8,100, according to the World Health Organization. More than 80 percent of the deaths were in China and Hong Kong. Both SARS and the latest outbreak began spreading during the month of December, ahead of the crush of travel scheduled for the Lunar New Year holiday, and travelrelated stocks were among the first and hardest hit. In general, stock markets tend to bottom with the peak in new cases during an outbreak, before rebounding within months, according to JP Morgan strategists. Stocks in Hong Kong recovered all their SARS-related losses by the second half of 2003. The US market was not as impacted and rose steadily for most of the year.

Does this outbreak look like it will follow a similar path? EXPERTS are hopeful this outbreak may not be as severe because China is acting more quickly and forcefully. As for corporate profits, the shift to online shopping in China could help mitigate the effects of people staying away from stores. But the move to digital life also carries risks—Social media is much more popular than it was in 20022003, and panic can shoot quickly through social networks. Any sharp cutbacks in travel, though, will weigh on oil prices. China is the world’s biggest driver for growth in oil demand. Oil fell 2.5 percent on Friday. AP

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The World BusinessMirror

Monday, January 27, 2020 A9

Iranian FM: Tehran still wants to talk with US

UBAI, United Arab Emirates— Iran is not ruling out negotiations with the United States even after an American drone strike that killed a top Iranian general, the country’s foreign minister said in an interview released on Saturday. Mohammed Javad Zarif told Germany’s Der Spiegel magazine that he would “never rule out the possibility that people will change their approach and recognize the realities,” in an interview conducted on Friday in Tehran. There has been growing tension between Washington and Tehran since 2018, when President Donald J. Trump pulled the United States out of the nuclear deal with Iran. The US has since reimposed tough sanctions that have crippled Iran’s economy. But Zarif suggested Iran was still willing to talk, though reiterated his country’s previous demand that, first, the US would have to lift sanctions. “For us, it doesn’t matter who is sitting in the White House, what matters is how they behave,” he said, according to Der Spiegel. “The Trump administration can correct its past, lift the sanctions and come back to the negotiating table. We’re still at the negotiating table. They’re the

ones who left.” In Washington, Trump rejected Zarif’s remarks in a tweet. “Iranian Foreign Minister says Iran wants to negotiate with The United States, but wants sanctions removed,” he tweeted, then added, “No Thanks!” Meanwhile on Saturday, Ali Asghar Zarean, an aide to Iran’s nuclear chief, said Iran’s enriched uranium stockpile has exceeded 1,200 kilograms (2,646 pounds), which is far beyond the 2015 nuclear deal between Tehran and world powers allowed. “Iran is increasing its stockpile of the enriched uranium with full speed,” he said. The claim has not been verified by the UN’s nuclear watchdog. Following the US drone strike on January 3 that killed Revolutionary Guard Gen. Qassem Soleimani, Iran announced it would no longer abide by any of the deal’s limitations to its enrichment activities. It then retaliated on January 8, launching ballistic missiles at two bases in Iraq

housing American troops, causing injuries but no fatalities among soldiers there. In November, the International Atomic Energy Agency said Iran’s stockpile of low-enriched uranium had grown to 372.3 kilograms (821 pounds) as of November 3. The nuclear deal limited the stockpile to 202.8 kilograms (447 pounds). Iran has routinely vowed to begin enriching its stockpile of uranium to higher levels closer to weapons grade if world powers fail to negotiate new terms for the nuclear accord following the US decision to withdraw from the agreement and restore crippling sanctions. European countries opposed the US withdrawal and have repeatedly urged Iran to abide by the deal. Under the agreement, Iran agreed to limit its enrichment of uranium under the watch of UN inspectors in exchange for the lifting of sanctions. Trump has maintained that the 2015 nuclear deal needs to be renegotiated because it didn’t address Iran’s ballistic missile program or its involvement in regional conflicts. The other signatories to the nuclear deal—Germany, France, Britain, China and Russia—have been struggling to keep it alive. Zarif did suggest Iran was also still prepared for conflict with the US, though was not specific. “The US has inflicted great harm on the Iranian people,” he said. “The day will come when they will have to compensate for that. We have a lot of patience.” AP

Protesters in US fear soaring costs if company buys dot-org universe

OS ANGELES—The company that controls the dot-org universe is trying to sell the online registry to an investment firm for more than $1 billion, drawing opposition from activists who protested on Friday and others who fear costs would soar if a for-profit company is in charge of registering the web site suffix. About 20 people representing nonprofits rallied outside the Los Angeles building housing the organization that oversees domain names, the Internet Corp. for Assigned Names and Numbers. ICANN is meeting this weekend and is expected to rule by midFebruary on plans by private-equity firm Ethos Capital to buy the Public Interest Registry (PIR) for $1.1 billion. Holding signs saying, “Save Dot Org,” and chanting, “ICANN, you can stop the sale,” opponents said they were concerned that the cost of registering a dot-org web site will skyrocket. They also worry about the potential loss of freedoms of speech and expression if the registry is in the wrong hands. “Who is going to stand up when the pressure comes from the owners of this private equity firm to get more money off their investment and to raise domain prices?” said Elliot Harmon, activism director of the Electronic Frontier Foundation. “Who is going to stand up for nonprofits when governments come along that don’t have the civil society’s interests at their best hearts, asking them to take down the web sites of their critics?” Ethos Capital and the Internet Society, which runs the registry now, said those concerns are misplaced and the sale is being misunderstood. They said in a statement that prices will remain low, the registry’s managers will stay in place and the infusion of capital will ensure the long-term growth of dot-org. They also rejected assertions that online content would be spied on and censored.

“This notion is baseless and, frankly, a demonstration of the type of speculation that has taken the discussion surrounding the future of .ORG irresponsibly out of context,” the statement said. “Ethos and PIR take freedom of expression very seriously, and the registry’s commitment to free speech will continue unabated.” The protesters hoped to give an ICANN board member a letter signed by 35,000 supporters urging it to block the sale. After two hours, they were beginning to walk away when most of the board emerged to meet with them. Chairman Maarten Botterman said ICANN is looking at the impact of the sale and what guarantees they could obtain for dot-org registrants, though he made no promises. “I think they also understand that if they’re going to destroy the image of dot-org, that they have a problem,” Botterman said. The signatures presented were backed by 700 organizations, including Greenpeace, Consumer Reports, Farm Aid, Girl Scouts of the USA and the American Bible Society. Domain names such as apnews. com have historically been used by computers to find web sites and send e-mail, and their value grew as companies and groups adopted them for branding. The Associated Press, a nonprofit, also uses a dotorg domain, ap.org. Speculators have registered a variety of names under popular domain suffixes such as dot-com and dot-org, and an easy-to-remember name can fetch millions of dollars in the resell market. Owners of popular suffixes can collect hundreds of millions of dollars a year in registration fees. Though domain names are less prominent these days as more people reach web sites using search engines and apps, they are still important for e-mail addresses, billboards and other non-digital advertising.

The dot-org suffix has the distinction of being one of the original domains created in the mid-1980s. Since 2003, dot-org has been managed by the Public Interest Registry at the Internet Society, a nonprofit founded by many of the Internet’s early engineers and scientists. In that role, the registry collects annual fees of about $10 from each of the more than 10 million dot-org names registered worldwide. The Internet Society uses some of that money to finance its advocacy and administrative programs, which include creating technical standards for the Internet. It said proceeds from the sale will fund an endowment to provide more diversified and sustainable resources long term. The group described Ethos Capital as “a missiondriven firm” committed to continuing the registry’s operations. Although dot-org is often associated with nonprofit organizations, it can be registered by anyone, including for-profit corporations and individuals. That won’t change with a new, for-profit owner. Ethos has committed to limiting price increases to 10 percent a year—the same cap that had been in place until ICANN lifted it in June 2019. Critics also fear a new owner could change policies and reduce protections for domain name owners, including nongovernment organizations that operate in authoritarian countries. A web site can suddenly become unreachable, for instance, if the suffix owner decides to suspend a registration. Several advocacy groups, including the EFF and Public Knowledge, wrote a letter to the Internet Society insisting that dot-org “be managed by a leader that puts the needs of NGOs over profits.” The suffix has been in for-profit hands before. Before the Public Interest Registry, Verisign Inc. and its predecessor, Network Solutions, managed dot-org, along with dot-com and dot-net. AP

Teams hunt for quake survivors as death toll hits 31

NKARA, Turkey—Working against the clock in freezing temperatures, Turkish rescue teams pulled more survivors from collapsed buildings on Sunday, days after a powerful 6.8-magnitude earthquake hit the country’s east. Authorities said the death toll rose to at least 31 people. Turkish television showed Ayse Yildiz, 35, and her two-year-old daughter Yusra being dragged out of the rubble of a collapsed apartment building in the city of Elazig. They had been trapped for 28 hours after the earthquake struck on Friday night. The 6.8-magnitude quake also injured over 1,600 people but 45 survivors have been pulled alive from the rubble so far, Turkish President Recep Tayyip Erdogan told a news conference on Sunday in Istanbul. As overnight temperatures dropped to -5 degrees Celsius (23 degrees Fahrenheit), emergency teams set up more than 9,500 tents for displaced residents and distributed 17,000 hot meals. Rescue teams concentrated their efforts in the city’s Mustafa Pasa neighborhood and the nearby town of Sivrice, the closest residential area to the quake’s epicenter. Nearly 600 aftershocks rocked the region as more than 3,500 rescue experts scrambled through wrecked buildings to reach survivors, working around the clock. A 4.3-magnitude quake hit also neighboring Malatya province on Sunday morning, the Turkish Disaster and Emergency Management Presidency said. The agency said 76 buildings were destroyed and more than 1,000 damaged in the quake. Unmanned aerial drones were being used to survey damaged neighborhoods and coordinate rescue efforts. Erdogan said every effort was being made to alleviate conditions and promised to house displaced residents as soon as possible. “Turkey has begun to heal the wounds of this great

disaster in unity, togetherness and coming together,” he said. The president visited the disaster zone on Saturday to inspect the rescue operation, meet with injured people in the hospital and attend the funeral of a mother and son. Erdogan also condemned what he called a “smear campaign” on social media by those questioning the Turkish government’s preparations for earthquakes. A prosecutor in Ankara has opened an investigation into social-media posts about Friday’s quake. Earthquakes are frequent in Turkey, which sits atop two major fault lines. Across Turkey, there was an outpouring of support for victims of the quake. Some soccer clubs announced they would donate the receipts of their weekend matches, while fans of the Fenerbahce soccer club threw scarves and hats on to the pitch during a game in Istanbul, chanting “Cold Elazig, Fenerbahce is with you!” Health Minister Fahrettin Koca said on Saturday that 128 people were receiving hospital treatment after the quake, 34 of them in intensive care but not in critical condition. Victims of the quake were taking refugee in tents, mosques, schools, sports halls and student dormitories. Authorities warned people not to return to homes that could be unsafe. A prison in Adiyaman, 110 kilometers (70 miles) southwest of the epicenter, was evacuated due to damage, with more than 800 prisoners transferred to nearby jails. Friday’s main quake hit at 8:55 p.m in the city that lies 565 kilometers (350 miles) east of Ankara. It’s not the first time Elazig has seen a fatal quake—a 6.0-magnitude earthquake killed 51 people there in 2010. Turkey’s worst quake in decades came in 1999, when a pair of strong earthquakes struck northwest Turkey, killing around 18,000 people. AP

A10 Monday, January 27, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Solving January’s myriad problems

anuary 2020 started off with a geopolitical bang— literally. On January 3, the United States killed Iranian General Qassem Soleimani in Iraq. This led to a valid hypothesis that there would be an immediate escalation and counter-escalation that would lead to wider armed conflict in the Middle East. On the afternoon of January 12, Taal Volcano erupted, spewing ash over the metropolis and devastating wide portions of Batangas province, displacing hundreds of thousands. The potential for a major eruption that could kill many people was on everyone’s mind. As of January 26, a virus that did not match any other known viruses that originated from Wuhan City, Hubei province of China, has infected more than 1,200 people and killed 41. With the novel coronavirus (2019-nCoV) now showing confirmed cases from Singapore to France, concerns of a global pandemic are justified, if premature. As we end January 2020, we may look back and see this month as one for the record books in terms of drama and significance. When something is broken, we first need to react by doing something to fix the immediate problem to stop the situation from getting worse. But then a more permanent solution must be found, otherwise, we face a repeat of the bad situation. The Philippine government organized its resources to repatriate our overseas workers from Iraq after the Soleimani killing. Yet, the situation in that part of the region has been volatile and dangerous for a long time. In September 2018, Filipinos were forbidden from working in Iraq. But, as usual, there were exceptions for “employees of companies holding Iraqi government contracts, overseas Filipino workers [OFWs] working for the governments of member-states of the International Coalition, the US, the United Nations, and other international organizations and nongovernment organizations.” The “deployment ban” to Iraq proved to be ineffective and the permanent solution is now a total deployment ban. In another Middle East situation, since 2018, two (now three) OFWs in Kuwait were murdered. High-level talks between the two nations to protect the 240,000 Filipinos who hold jobs there—more than half being female domestic workers—became the immediate response to the deaths of Joanna Demafelis and Constancia Lago Dayag. With the death of Jeanelyn Villavende, the response was a total ban of all newly hired workers to Kuwait. As the Alert Level over Taal Volcano is down, it may soon be business as usual. It should not be. Taal will eventually have a major eruption. It is only a matter of time. After the 1911 eruption there was talk of a 14-kilometer exclusion zone. Now billions of pesos have been spent in the Tagaytay area. A strong 1990 earthquake devastated Baguio City, and there will be another. But since then it has been business as usual on steroids. China and the world were supposed to have learned from the 2002 to 2003 severe acute respiratory syndrome outbreak. Here we are once again actually depending on the Chinese government to contain the disease. Fortunately, our Department of Health (and Bureau of Quarantine) reacted quickly, and once again their response may save the Philippines. Further, the Bureau of Immigration has started denying applications for visa-upon-arrival by tour groups from Wuhan City, China. However, it is imperative to realize that for 21st-century problems, short-term fixes are not long-term solutions.

Davos conversations Atty. Jose Ferdinand M. Rojas II

RISING SUN

onald J. Trump and Greta Thunberg were in Davos Klosters (Switzerland), with other world leaders and personalities that included HRH the Prince of Wales, for the World Economic (WE) Forum annual meeting. Trump and Thunberg represented the polar opposites, as far as the issue on climate change is concerned. Trump was, as expected, open to positive possibilities about the future. Thunberg was consistent in her stand and called for more urgent action from countries worldwide. “Stakeholders for a Cohesive and Sustainable World” was the theme of the meeting. World representatives discussed pressing issues about the global economy, climate change, geopolitics and health. Filed under “5 things we learned at Davos,” here are some of the highlights from that meeting, based on

Fundamental right to a safe climate Atty. Lorna Patajo-Kapunan

legally speaking

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the WE Forum web site. Climate change is real, and it poses a great threat to our survival. The Secretary-General of the United Nations Antonio Guterres and Prince Charles, both warned that humans are in grave danger because of global warming and the “devastating loss of biodiversity.” The Earth itself will

survive, but we might not. We are reaching tipping points, which make urgent actions necessary. These tipping points could accelerate the dire effects even further. One such tipping point is the melting of the polar ice caps, something that spells disaster for the Earth. This was explained in the meeting by Prof. Gail Whiteman. Businesses are saying goodbye to fossil fuels. That is the trend now, seemingly, as businesses begin to move away from the “fuel of the 20th century.” Company accounting standards for climaterelated risks are being prepared currently and may be ready by the end of the year, according to Mark Carney, governor of the Bank of England. This will push more businesses to transition away from fossil fuels. But, it’s not enough. That is according to Scott Minerd, global chief investment officer of Guggenheim. He said that businesses need

wenty-One young people between the ages of eight and 19 (when the case was filed in 2015) challenged the federal government of the United States for violating their civil rights to a safe climate. The youth plaintiffs were backed up by “Our Children’s Trust,” a nonprofit organization. The complaint was anchored on a novel legal theory—that safe climate is a civil right and that the government has violated it through policies like leasing public lands for coal mining. The youth plaintiffs chose to sue the federal government rather that the fossil fuel companies, which made the case stand out among numerous climate lawsuits. In this unprecedented climate change lawsuit docketed as Juliana v. US, the youth plaintiffs argued that climate change is an urgent, threatening problem. What the plaintiffs wanted was an order from the court requiring the federal government to develop a plan to phase out fuel emissions and draw down excess atmospheric CO2. Unfortunately, a three-judge panel in the US Ninth Circuit Court of Appeals ruled 2-1 to dismiss the Juliana v. US lawsuit on the issue of plaintiffs’ lack of standing to sue the US federal government. The judges agreed with the plaintiffs that climate change is an urgent and threatening problem. Circuit Court Judge Andrew Hurwitz (an Obama appointee) writing for the majority, conceded that climate risks are growing and that young people stand to suffer the worst impacts of rising average temperatures, like increasingly destructive floods and fires. Hurwitz, however, ruled that “reluctantly, the relief sought by the plaintiffs was beyond the constitutional power of

the court. Rather, plaintiffs’ impressive case for redress must be presented to the political branches of government.” However, District Court Judge Josephine Staton thought, otherwise, and in her strong dissenting opinion opined: “It is as if an asteroid were barreling toward Earth and the government decided to shut down our only defenses,” she wrote. “Seeking to quash this suit, the government bluntly insists that it has the absolute and unreviewable power to destroy the nation.” The nonprofit organization, Our Children’s Trust, described the decision as “unprecedented and contrary to American principles of Justice” and has vowed to appeal the ruling in the coming weeks. The Juliana case has been the highest profile lawsuit filed by Our Children’s Trust, having survived several motions to dismiss and intervention by the US Supreme Court. A number of climate-change lawsuits have worked their way through various US Courts. As politicians have

failed to deliver adequate climate policies, courtrooms have emerged as a prominent venue for an agenda to limit emissions. Companies, like Exxon have been sued in various US courts for the climate-related harms caused by their products. While the ruling in the Juliana case was a setback for climate activists, many are undeterred from using the courts to fight climate change and hold polluters accountable. Reportedly some law students have also began to protest against the law firms representing fuel companies in these climate suits, pressuring firms to drop them as clients and urging classmates not to work for them. (Source: www.vox.com, Umair Irfan, January 17, 2020) In 2010, the Supreme Court of the Philippines under then-Chief Justice Reynato Puno took the initiative and issued Rules of Procedure for Environmental Cases because Section 16, Article 11 of the Philippine Constitution, which provides that the “state shall protect and advance the right of the people to a balanced and healthy ecology in accord with the rhythm and harmony of nature” was not a selfexecuting provision. Thus, the writ of kalikasan came into being (a Filipino word for “Nature”). Soon as the writ of kalikasan became available as a special legal remedy against “environmental damage of such magnitude that it threatens life, health and property of inhabitants in two or more cities, or municipalities,” the residents of Barangay Bangkal and West Tower Condominium sought our law firm’s legal assistance in obtaining a writ of kalikasan against First Philippine Industrial Corp. and First Gen Corp. for the environmental damage caused by the massive leakage of their 117-kilometer pipeline (which stretched from Batangas to

solid financial reasons to make the transition. If you “put a price on carbon,” for instance, it may be incentive enough for corporations to take better action. Everyone should plant more trees. This is a climate initiative that will tremendously help the efforts. The 1t.org project “aims to grow, restore and conserve 1 trillion trees around the world to sequester carbon from the air and to protect biodiversity.” Everyone at Davos welcomed the idea, even Trump. Trees are, after all, a “bipartisan issue—everyone’s pro-trees,” said Marc Benioff, Salesforce CEO, who is giving monetary support for the campaign. The country—that includes government, civic organizations, businesses, etc.—needs to get its act together and continue making effort to help save mankind. Out of all the things said in Davos, one message is glaring—urgency is of prime consideration. There is no more time to lose.

the Pandacan Terminal, in Manila) and transported gasoline, jet fuel and kerosene. What started as a two-drum leak at the initial stage became a 1520-drum a day affair into the sump pit of the West Tower Condominium and the entire Barangay Bangkal municipality affecting the life, health and property of the residents and inhabitants therein. Our Law Firm has the distinction of obtaining for the West Tower Condominium Residents and inhabitants of Barangay Bangkal the first writ of kalikasan issued by the Supreme Court on November 19, 2010. That was almost 10 years ago—and still our West Tower and Barangay Bangkal residents and inhabitants are waiting for “remediation, rehabilitation and restoration of the affected Barangay Bangkal environment until full restoration of the affected area to its condition prior to the leakage is achieved” as mandated by the Supreme Court (GR 194239, June 16, 2015, SC En Banc). With the decision in the Juliana v. US case, it is hoped that the Courts will take a more activist stand in safeguarding people’s right to a safe climate and environment. Our Philippine Supreme Court in the West Tower case in 2010 took a step in the right direction by issuing its writ of kalikasan. But as shown by West Tower/Barangay Bangkal case, it takes more than a Supreme Court to issue a favorable ruling. What it takes is political will of the concerned government agencies mandated to safeguard our health and environment—the ”bad” guys who pollute our environment must be thrown in jail for them to learn the hard lesson that respect for the environment is respect for human life. The right to a safe climate is a fundamental right!

Opinion BusinessMirror

www.businessmirror.com.ph

Confronting the novel coronavirus

‘Unhappy’ mayor Siegfred Bueno Mison, Esq.

THE PATRIOT

Thomas M. Orbos

STREET TALK

urrently threatening the entire global community is a mutated pathogen—the novel coronavirus or the 2019-nCoV, which traces its origin from the seafood market of Wuhan, in the People’s Republic of China. In just a matter of weeks after its discovery, government administrators of Wuhan have declared a lockdown, preventing all its 11 million residents to leave the city in a move to quell the spread of the disease. Beijing and Hong Kong have already declared a state of emergency separately, canceling all Lunar New Year celebrations. The virus has no known cure for now and, as of this writing, has claimed 41 victims and infected more than 1,400 in more than 10 countries; including the United States, France and our neighboring Asian countries, Singapore, Korea and Japan. Scientists from all over fear that this will be worse than the SARS epidemic in 2004. To date, there remains to be no verified case in the Philippines, but we should not be overconfident. The exponential human-to-human spread of the virus is an offshoot, unfortunately, of the ease of modern travel. In 2018, a total of 4.3 billion passengers, or more than half of the world’s population, traveled to various destinations or an increase 6.4 percent over the previous year. There are no borders to speak of. Technology and the presence of modern airports in secondary, and tertiary, cities globally have brought down travel costs, and have increased air traffic to almost anywhere to the detriment of appropriate air monitoring of countries. A case in point is the chartered flight from Wuhan with 300 passengers that landed in Boracay, despite the travel ban imposed by our government. How does one cope with this kind of situation? Admittedly, this is new territory for everyone and governments worldwide seem one step late in curtailing the spread of the disease. The World Health Organization has yet to make an announcement, while news of the pathogen in various parts of the world continue to escalate. The Chinese government initially branded the ones who made the first pronouncements of the existence of the pathogen as alarmists, and announced that they had it under control. However, despite the succeeding lockdowns of several of its cities, confusion and despair among its citizens prevail as most information are kept from the public. Governments, such as the US, Japan, Singapore, Australia and South Korea, are dealing with this individually. Thermal monitoring in airports worldwide has become stricter, but that will not be enough. The Philippine government should not wait for its first victim to act vigilantly against this global threat. Thankfully, the

Department of Health has initiated preparations, but we need to do more. It will be prudent to begin planning the creation of a presidential interagency task force to oversee preparations as an offshoot of this global epidemic. An inventory of our medicine stock, food and fuel supply is not at all an unnecessary exercise, at this time, as importation of food, medicine and even fuel will be affected. And, correspondingly, monitoring of hoarding and price surges must be done by the trade department. Stricter monitoring at all port of entries will also be needed and, therefore, our immigration personnel should be augmented, possibly by members of the armed forces. Private medical institutions and practitioners may volunteer on call duties to assist the DOH. The foreign affairs department may need a contingency plan with its foreign desks on how to fly our fellow Filipinos out of the affected areas. The sooner the better. As of this writing, the US government is sending a chartered flight to bring their diplomats and citizens out of Wuhan. It may not be long before they may do the same with other cities in China. We may not have the resources that the US has, but it will not hurt to be as prepared. Last, the government communications arm may need to step up its efforts to keep the public posted on this alarming virus. A more informed public is the first line of defense in such a situation. The need for the proper state of preparedness of the whole citizenry cannot be underestimated. In the end, we hope and pray for the best; we do not wish for the worst, but we need to be prepared. Thomas “Tim” Orbos was former DOTr undersecretary for roads and general manager of the MMDA. He is currently undertaking further studies at the McCourt School of Public Policy of Georgetown University. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

ften visited by tourists, this city is perhaps the most recognizable city in the Philippines. Historically, this city has played a major part during the Spanish regime, American occupation and Japanese occupation as it was attacked, and bombed, quite a few times, subsequently occupied by the colonizers and invaders, and eventually restored and beautified, time and again, even today. Serving as a melting pot of different cultures in the region, this city is also known as an educational hub, and considered as one of the best investment areas in the country. One of the products of this highly urbanized city eventually became its mayor, luckily and unhappily. He decided to run with zero political experience, a shoestring budget, and with no or little support from established political parties. Although he served in government for most of his life, he never experienced running in any election. Prior to his mayoralty bid, he was quite controversial as he was imprisoned for his participation in a coup attempt, and he investigated a foiled operation that included his own commander. He received death threats because of his candid testimony in the Senate against his former colleagues in the uniformed service. Five days before the deadline, this “unhappy” mayor filed his candidacy, together with a neighbor who ran for councilor (he lost). This UM did not have any campaign headquarters, until a friend allowed him to use part of a rundown warehouse in the city. He admitted that, during the campaign, he was disrespected by

his constituents owing, perhaps, to the controversial events surrounding his initial service in government. Months before the actual voting, surveys showed him as No. 5 out of seven candidates. Unperturbed, UM still believed that the people of this city were looking for a righteous leader. Fortunately for UM, vote buying, which is prevalent in some areas in the country, is not accepted nor practiced in this city, perhaps owing to the indigenous culture. Known as a man of great faith, this UM was eventually declared a winner with a large winning margin of more than 20,000 votes. What UM perhaps did not realize when he ran for mayor was the immense problems facing the city of his birth. Especially during the influx of tourists, which triples the population of the city, traffic in the city is a nightmare! Air quality in the city is one of the worst in the country. Waste management is virtually negligible. Water sources

Selling sustainability Peachie Dioquino-Valera

DEBIT CREDIT Part Two

et’s take a step back and see how we can scale that green environment wall (so to speak), despite the unconquerable “profits” hurdle. To do this, we should reframe the “S” word as understood by most executives (especially if the company heads are unconverted). Say that you are recommending viable strategies that can solve the company’s problems. Because that is what corporate heads would want to hear, solutions, and not another risk or costly endeavor to be added under their corporate social responsibility to-do list. CSR in the Philippines, despite our CSR law of 2011, is still voluntary in nature. Corporations can still dictate what type of CSR or voluntary programs they would want to implement or adopt. In other countries, governments can specifically mandate CSR activities that would contribute to sustainable development. Language really matters. Remember to choose the other S word—solutions. How do we present sustainability as a strategy or solution? I always like to think that businesses always ponder on how to beat their

competitors, because they are the main blockage toward one’s conquering of the market. Knowing this, you have to handpick your

The Jeff Bezos hack shows vulnerability beyond tech By Lionel Laurent Bloomberg Opinion

he innocuous-looking video file believed to have been used to hack Jeff Bezos’s smartphone says a lot about the technological sophistication of today’s spyware. Within hours of receiving the file and its encrypted downloader from the personal WhatsApp account of Saudi Crown Prince Mohamed bin Salman, the Amazon founder’s phone began transmitting “massive” amounts of data without authorization, according to the forensic report by Bezos’s team (obtained by Vice). While no smoking gun has been uncovered— and experts still have many unanswered questions—the purported attack bears all the hallmarks of spyware, such as NSO Group’s Pegasus, which has exploited weaknesses

in WhatsApp to hack phones. (NSO denies its tech was used in this instance). Yet, the story also says a lot about the non-technological aspects of 21st-century hacking, and what it takes to uncover the secrets of the richest man in the world. Money helps, obviously: This kind of spyware doesn’t come cheap. Saudi Arabia has, in the past, reportedly paid $55 million for the use of NSO’s tools—though the kingdom says it’s “absurd” to imagine it’s behind the attack. Then there’s the relaxed attitude to mobile hygiene on the target’s part: We know from the technical report that Bezos doesn’t use a burner phone, keeps personal selfies on his system and might not even know his iTunes password. The icing on the cake, though, is personal trust. The “last mile” of

the hack seems to have simply come down to getting Bezos’s number and sending him a message. Access, not technology, was the key. This is not a dig at Bezos. Unlike the CEOs and world leaders who have been hoodwinked by undercover pranksters, the billionaire was taken in by the real thing. Who wouldn’t exchange numbers with a crown prince feted by the US media and the White House as a millennial modernizer? The fact that the infamous 4.22MB video file landed in Bezos’s phone on May 1, 2018—just four weeks after the pair exchanged numbers—suggests the hack really began when they first met in April 2018. In the hierarchy of scams, if a phishing hack is disseminated to unsuspecting members of the public, and spearphishing targets one individual,

then securing this kind of personal connection surely tops both. As the owner of The Washington Post, which employed dissident Saudi columnist Jamal Khashoggi, Bezos was a prime target. There has always been a human element to hacking. In the early years of the Internet, Kevin Mitnick, once the world’s most famous hacker, used the term “social engineering” to describe the skill of talking his way into key network infrastructure or obtaining passwords. Today, there’s a multitude of ways hackers interact with the physical world. Stuxnet, a virus specifically used to sabotage Iran’s nuclear program, was reportedly injected directly into machines at the Natanz facility by a double agent using a thumb drive. The long global supply chain of consumer electronics

Monday, January 27, 2020 A11

have become problematic owing to the city’s geographical location. In terms of the bureaucracy, processes, like securing of business and building permits, took longer time than necessary. Government contracts were tainted with kickbacks, which adversely impact the quality of infrastructure projects in this popular city. Within months from assuming office, he was burdened to attend and financially shoulder, from his own pocket, the so-called KBL duties to his constituents—kasal, binyag, libing (wedding, baptism, funeral). Beset with these challenges, this UM always tries his best to influence, inspire, and insist on city employees and constituents to simply do what is right. Of course, being right can be relative. But to UM, there is only one measurement of righteousness, which all believers, like him, already know—the eyes of God. Although he served in the police force, he has yet to adopt draconian measures to impose the will of the city government. For instance, when he discovered that fuel prices in the city were significantly higher as before, this UM simply engaged and encouraged the owner of one of the biggest petroleum companies in the city to lower its rates. When this major player in the oil industry, for the first time in the history of this city, did lower its prices, others soon followed, much to the delight of the residents and tourists, alike. When a major bus company was creating serious traffic problems in the main artery of the city, this UM simply interacted with its management to discuss solutions of bus parking spaces. Nothing was done by force or intimidation. Everything was given out of love for the city, and respect for the mayor.

Eventually, as part of goodwill, the owner donated one of its buses to the city government. Other bus companies followed suit, having seen how this mayor operates—humility over authority. When people call him “sir,” he insists to be called by his first name, Benjie. When people around him say that his vision for the city is a pipe dream, this UM retorts that he is in the business of making impossible things possible. In the Bible, Matthew 19:26 tells us that Jesus said, “Humanly speaking, it is impossible. But with God, everything is possible.” This UM is Benjamin Banez Magalong. He amusingly calls himself a UM since his supposed life after more than 30 years in the police force is not as relaxed as he is unhappily stressed out amid all the challenges in Baguio City. Benjie is unhappy, to the extent that his time with family and for himself was drastically reduced as he is now the mayor of Baguio City. Benjie solicits the assistance of everyone, especially those in Baguio City, to help him change the mindset of the people running the government. He has engaged the services of the Institute for Solidarity in Asia and the Fellowship of Christians in Government to help him in his quest to make Baguio better. Benjie may be unhappy physically, but I am sure that he is happy spiritually knowing that his Godgiven talents are in full use to restore the glory of Baguio City. It may seem impossible, but with God, this UM can spread much happiness in Baguio City. For questions and comments, please e-mail me at sbmison@gmail.com.

employee morale and productivity by stimulating their creative and innovative lobes. It is said that employee engagement and satisfaction also increase when they know they are working for a noble cause. Take, for example, Amazon’s case, where their employees are already boycotting them by not going to work and rallying in front of their building unless the company works against the climate crisis and not for it. They are protesting against the company’s inaction on climate change, plus their environmental impact. See what we did there? Not only did we share a strategy for increasing revenue, but we hit other corporate priorities as well. Plus, we opened the scenery wherein we might possibly face a series of problems if we don’t join the Sustainable bandwagon.

toughest competitors who are ahead of the sustainability game. Tell your executives, or the business owners (if you’re pitching to them), that because their competitors advocated sustainability, their reputation/brand image went up; thus, gaining clients in the form of conscious consumers. This leads to positive feedback (and added trust, for some) from investors, bond agencies, banks, insurers, etc. Moreover, their compliance with environmental regulations reduced their business risks, and relations with regulators improved. And who wouldn’t want expedited permits and a clean (literally, and figuratively) background? We allegedly have companies here who can pay under the table to get rid of compliances and all, but if a company encounters a PR crisis by having an NGO expose their dirty unsustainable laundry, then that has an effect on their customer relations. There will be shareholder pressure, especially if it’s a public company. I mean, bad PR is still bad PR. Change in reputation leads to change in market value. For the social aspect, sustainable strategic planning increases

Peachie Dioquino-Valera is a climate reality leader of Al Gore’s The Climate Reality Project. She is a futures learning advisor of Center for Engaged Foresight. This column accepts contributions from the business community, especially articles on business and economy. These can be e-mailed to boa.secretariat.@gmail.com

offers plenty of opportunities for malicious actors to physically plant microscopic bugs. Phishing is the most common type of hack, according to a UK survey, but cyberphysical attacks are rising. Maybe the personal connection between Bezos and MBS that apparently enabled this hack is, on one level, a sign that iPhone-toting elites are perhaps too quick to trust each other. Spying, even among allies, is always going to be a grim fact of diplomatic life. But the possibility that authoritarian state actors are prepared to deploy weapons grade spyware on their WhatsApp contacts is somewhat of a game changer. Consumers are being advised to learn from Bezos’s errors. This is also something for the Davos set to take on board. If the forensic findings turn out

to be on target, what comes next should be as much about policy and regulation as about tech-savviness. Rules of engagement are needed in the world of state-backed cyber warfare, including spyware. Humanity doesn’t seem well-prepared for the myriad of cyber-security threats coming down the pipe. That’s especially true with the unrelenting march of connected devices and an Internet of Things where physical objects, like cars and critical infrastructure, can be hacked. There, too, we need better regulation and a more interventionist response instead of trusting the market forces driving innovation, as author Bruce Schneier has suggested. Until then, the Bezoses of the world will simply have to guard their secrets and all of their other data more closely than usual.

(To be continued)

A12 Monday, January 27, 2020

Amid virus fears, rules for cleaning planes tightened 1,320

By Recto L. Mercene & Samuel P. Medenilla

@rectomercene @sam_medenilla

IRPORT authorities have ordered the fumigation, prior to landing, of airplanes coming from any Chinese airport or those with connecting flights to China to help prevent the spread of viruses and harmful insects, as authorities worldwide scrambled to stop the spread of the novel coronavirus.

As of January 25, number of confirmed cases globally of the novel coronavirus (2019-nCoV), according to WHO

T he Bureau of Quarantine (BOQ ) and the Manila International Airport Authority (Miaa) on Sunday directed all foreign and local carriers with international

routes to conduct the aircraft disinfection. T he B O Q a nd M i a a G e n eral Manager Ed Monreal also obliged all aircraft operators, handlers, air carriers and airport authorities to conduct fumigation before takeoff at the Ninoy Aquino International A ir port (Naia). “Disinsection and disinfection are public health measures mandated by the International Health Regulations of the World Health Organizations [WHO]. It See “Virus,” A2

DOE: 900 outlets hike excise taxes on fuel By Lenie Lectura

@llectura

VER 10 percent of the 9,003 total fuel retail outlets nationwide have started implementing the third and final tranche of excise taxes on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law. According to the Department of Energy (DOE) Oil Industry Man-

agement Bureau (OIMB), Pilipinas Shell, PTT Philippines, Chevron Philippines, Petrogazz, Seaoil Philippines and Total Philippines have informed the agency of their implementation of additional excise taxes. The DOE said the number of liquid fuel retail outlets implementing this is over 900, or over 10 percent of the 9,003 retail outlets nationwide. Under the TRAIN law, the final

tranche of P1.00 per liter for gasoline, P1.50 per liter for diesel and P1.00 per kilogram for household liquefied petroleum gas (LPG) will be imposed. There will also be an additional 12-percent value-added tax, bringing the total to P1.12 per liter for gasoline and per kg of LPG, and P1.68 per liter for diesel. As of January 24, the DOE said 48 of 67 LPG depots and 40 of 116 liquid fuel depots had imposed additional excise taxes. For LPG re-

filling plants, four of the 297 have already implemented additional excise taxes starting January 10. The DOE made an assurance that it will continue to monitor retail outlets and their implementation of the taxation scheme to “uphold the best interests of all consumers.” “The DOE has been undertaking all necessary measures to ensure that all tranches of excise taxes on petroleum products are properly implemented.

‘Govt must abandon bid to deregulate sugar sector’ EASTERLIES AFFECTING THE COUNTRY as of 4:00 am - January 26, 2020

UGAR industry stakeholders urged anew the country’s economic managers to rescind their proposal to open up the sector after securing the support of lawmakers who opposed it. Various sugar industry leaders said in a statement on Sunday that the approval of House Resolutions 412 and 430 is another “victory”for them and should convince economic managers to drop the plan of liberalizing the sector. “This is another victory for the industry following the unanimous opposition of the Senate as well and we thank those who supported our call, particularly the Sugar Bloc and the Makabayan Bloc,” said Tatak Kalamay Convenor David Alba. Last week, the House Committee on Agriculture and Food approved the two resolutions that opposed the sugar import liberalization, which “would kill the local industry.” “[The passage of the two resolutions] should send a strong message to our economic managers to cease their call for liberalization, because the Legislative branch which represents people from all walks of life, opposes sugar import liberalization,” said National Federation of Sugarcane Planters (NFSP) President Enrique Rojas. During the hearing on the two resolutions, the Department of Finance (DOF) disclosed that it is looking into the implementation of an open tender system for sugar imports in its bid to make the process “more efficient and transparent.” Finance Assistant Secretary Antonio Joselito Lambino II had said implementing an auctiontype importation for sugar is one of the matters under consideration in an ongoing DOF study on how to improve the industry’s efficiency and competitiveness. Lambino disclosed that the DOF has started a series of study groups to scrutinize the sugar industry and determine areas for improvement. He cited a need to establish a “simpler and fairer”import permitting system, noting that one of the concerns in the current system is that only a few people decide on the importation of sugar. Aside from this, Lambino said the current production-sharing agreement between planters and millers merits a review, as it has “[led] to a less efficient milling capacity” in the Philippines. “It seems like incentives are lacking to invest for more efficient milling capacity in the Philippines compared to other countries,” he said. Jasper Emmanuel Y. Arcalas

AVERAGE RETAIL PRICE OF RICE AT 6-YEAR LOW By Jasper Emmanuel Y. Arcalas @jearcalas

HE average retail price of regular-milled rice (RMR) fell by over 12 percent to P36.53 per kilogram (kg), the lowest level recorded for the variety in nearly six years, according to the latest data from the Philippine Statistics Authority (PSA). Figures from the PSA showed that the latest figure was the lowest recorded since the third week of January 2014, when RMR was priced at P36.46 per kg. PSA data indicated that the average wholesale price of RMR also declined by 14.87 percent to P33.02 per kg, from P38.79 per kg recorded in the same period last year. Authorities and experts attribute the drop in rice prices to the surge in imports after the industry was deregulated by the rice trade liberalization (RTL) law in March 2019. The passage of the RTL law was hailed by authorities and some industry experts, calling it one of the biggest reform measures in recent years. The law sought to increase the country’s supply of affordable rice. The Philippines has overtaken China as the world’s top buyer of rice last year after the country’s total purchases surged to 3 million metric tons. Latest PSA data also showed that the average retail price of wellmilled rice (WMR) fell to P41.45 per kg, 8.32 percent lower than last year’s P45.21 per kg. Its average wholesale price dropped by almost 11 percent to P37.24 per kg, from P41.82 per kg last year.

Tourism. . .

Continued from A1

Tourism Secretary Bernadette Romulo Puyat in a news briefing said it was too early to tell if the virus outbreak would have any impact. On Friday, Romulo Puyat said there was a 15.6-percent increase in foreign tourists in the country, reaching 7.4 million from January to November 2019. China was the second top source market for tourists at 1.63 million, after South Korea’s 1.8 million for the year in review. In the first half of 2019, Chinese tourists spent $979.4 million, or some P51 billion, in the Philippines. They were the second-largest spender as a market, after South Koreans. In a message from Madrid where he is attending the Fitur, an international tourism fair in Madrid, Clemente told the BusinessMirror, “In the interest of public health and safety, there may be a need to look into a temporary travel ban on Chinese travelers to the Philippines to stave off the possibility of infections. We should have learned from the lessons of SARS and be proactive this time around.” The Civil Aeronautics Board (CAB) has, so far, banned inbound travel from Wuhan, in the Hubei province of China, which was the reported source of the novel coronavirus infection. Beijing’s Ministry of Culture and Tourism, according to Bloomberg, ordered travel agencies and tourism companies to stop selling tour packages beginning Friday, the start of the Lunar New Year holiday for China. “Yes,” said Clemente, when asked if the new coronavirus will impact on tourist arrivals in the Philippines because of an anticipated drop in Chinese tourists. He warned that people are concerned for their safety, that other markets may also be affected, more so if the infections “hit here [in the Philipines].” During the SARS outbreak in the

Turnaround As the retail prices of rice continued to fall, the average farm-gate price of paddy posted a turnaround during the reference period as it rose by 1.02 percent to P15.79 per kg, from P15.63 per kg in the last week of December. However, the latest average buying price for unhusked rice was 20.85 percent lower than the quotation of nearly P20 per kg last year, data from the PSA showed. Historical PSA data showed that the average farm-gate price of palay is still the lowest in eight years owing to the detrimental effects of higher rice imports. On an annual basis, the average farm-gate price of palay in 2019 settled at P16.20 per kg, 20 percent lower than the average quotation of P20.20 per kg in 2018, the PSA said in a separate report. Also, the average palay price last year was the lowest in eight years as its previous average price of P16.20 per kg was recorded in 2012, according to historical PSA data. “Palay price decreased due to the effect of lower buying price offered by local buyers and traders, presence of imported rice and higher volume of production,” the PSA said. In its recent report on the performance of the agriculture sector, the PSA said total unmilled rice output in 2019 declined by 1.3 percent on an annual basis due to a series of contractions in the previous quarters. Total palay output fell to a threeyear low of 18.814 million metric tons (MT), PSA data showed.

2003, tourist arrivals in the Philippines fell by 1.3 percent to 1.9 million, but recovered in 2004 with a 20.1-percent jump to 2.3 million. Also attending Fitur Madrid, Joey Bernardino, group director for sales and marketing for El Nido Resorts, said, “There is strong interest in the Philippines and a lot of destinations have made a name [for themselves]. But I didn’t encounter any questions [from our buyers] regarding coronavirus, but had several questions regarding Taal Volcano.” Meanwhile, visitor arrivals from the United States reached 954,952 in January to November 2019, keeping them in the third spot among the Philippines’s top source market for tourists. In fourth place was Japan with arrivals at 623,409, based on data released by the DOT. This was followed by Taiwan at 336,004; Canada at 208,199; the United Kingdom, 187,164; and Singapore, 145,579. The DOT failed to release the November 2019 arrivals for Australia and India, which in the 10 months to October, made the top 10 source market for tourists at 226,167 and 112,247, respectively. “If December figures are the same as [2018], for sure we’re getting at least 8.1 million visitors in 2019,” said Romulo Puyat. “Our target as per the National Tourism Development Plan for 2019 was 8.2 million. I would still prefer revenue over the numbers; but [the arrival numbers are] still good,” she said. For his part, DOT Undersecretary for Tourism Development Planning Benito Bengzon Jr. gave assurances the same health screening procedure conducted at the airports to monitor passengers for possible novel coronavirus infection is also carried out on arriving cruise ships. “CIQ [Customs, Immigration, Quarantine] personnel also board the ships. So whatever screening you have in the airport will be the followed for cruise passengers,” he stressed.

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Companies BusinessMirror

Monday, January 27, 2020

PSE: PHL biggest property firm wants to list first REIT Yanson matriarch calls for end to children’s corporate dispute

A trader checks his computer as he monitors the market outlook for the day in this BusinessMirror January 2020 file photo. NONIE REYES

By VG Cabuag

@villygc

HE country’s biggest property firm wants to become the first listing of its Real Estate Investment Trust (REIT) at the Philippine Stock Exchange (PSE).

the country is SM Prime Holdings Inc., with a market capitalization of P1.17 trillion. The REIT’s implementing rules and regulations of the Securities and Exchange Commission (SEC), the Revenue Regulations of the Bureau of Internal Revenue, and listing rules of the PSE were all signed in a special ceremony at the Department of Finance office last week. “There is no question that the regulatory hurdles in operationalizing REITs could not have been resolved if not for [Finance] Secretary Carlos Dominguez’s resolute determination to develop the Philippine capital market,” Monzon said. The REIT law was signed during the Arroyo administration but took more than a decade to be implemented after the Aquino administration placed stricter guidelines, such as slapping value-added tax on the transferred assets on the REIT entity, while the SEC placed higher public ownership on the property

company that will be listed. Meanwhile, the new REIT listing rules removed many restrictions being frowned upon by property firms. But incorporated a policy which mandates reinvestment in real estate and infrastructure projects in the Philippines within one year. REIT companies will be required to provide regular reports on the status of the implementation of their reinvestment plan. “Our peers in Asia have had REITs since 15 to 20 years ago. The PSE will be more competitive in the region with this new asset class,” Monzon said. The PSE said it will conduct forums for stockbrokers to acquaint them with the amendments on the REIT regulations. It will also incorporate REITs in its investment literacy activities to inform the investors of the features of REITs, and the benefits of investing in this asset type, which will be offered as a new product of the PSE.

PSE President and CEO Ramon Monzon said days after the signing of the new implementing guidelines for the REIT Act of 2009, firms started contacting the exchange to discuss their listing plans. “The property firms have long been waiting for industry concerns on REITs to be ironed out. Now that the contentious points have been addressed and the provisions are acceptable to all concerned parties, potential listing applicants have been excited to have their own REITs listed,” Monzon said.

“In fact, just days after the momentous signing event, the president of the biggest property firm in the country met with us to discuss their REIT listing plans and timetable. When a P1-trillion company wants to be the first to have a REIT listing, and a sizable first one at that, you know that the confidence in this new asset class and the support it will get from property companies will be remarkable,” Monzon said. He did not mention the company, but the biggest property firm in

Valenzuela-PayMaya tieup enables business-govt transactions via mobile

IWG signs flexible workspace franchise deal with Damosa Land

HE city of Valenzuela has tapped financial technology player PayMaya Philippines Inc. to deploy digital payments solutions that will enable businesses and residents to transact with the government via their mobile phones. With the partnership, business owners and residents can settle their fees using a PayMaya account, as well as any debit or credit card at the city government’s web site. Included in the list of transactions are business permit renewal, tax payments, and personal identification requests. “As you leverage on PayMaya’s cashless payments solutions, our partnership can definitely help in fostering growth and development in your city,” PayMaya CEO Orlando Vea said. Valenzuela joins other national agencies, such as the Social Security System, Pag-Ibig, Bureau of Internal Revenue, Department of Trade and Industry, National Home Mortgage Finance Corp., and the Department of Science and Technology, in embracing digital payment technologies to help provide better service to citizens. “As part of our commitment to the ease of doing business [EODB] law, we’re constantly improving our integrated permit application system using digital technologies for the benefit of our residents and more than 18,000 businesses in the city. Our partnership with PayMaya is a key component in making our permit processing service more efficient,” Valenzuela City Mayor Rex Gatchalian said. Lorenz S. Marasigan

AVAO—Shared office space provider IWG signed on Friday a franchise partnership agreement with property developer Damosa Land Inc. (DLI) to meet the constant strong demand for flexible working from businesses and professionals in Mindanao. “Damosa has been a partner of ours for four years, and this sort of takes the partnership to the next level in terms of the growth that we see and our vision to really grow the IWG business here,” IWG Asia Pacific Head of Partnership Growth Matthew James Kenley told reporters during the ceremonial contract signing held in their facility at the Regus Damosa Topaz Tower in Lanang. The deal at an undisclosed amount gives exclusivity for Davao-based DLI to develop and operate eight branded centers of IWG in the cities of Davao, Cagayan de Oro and General Santos over the next five years. This includes the Damosa Diamond Tower, which also topped off during the weekend. Located in the Damosa IT Park along JP Laurel Av-

enue, this 17-story landmark is where the first Regus franchise center will be situated once it’s completed by April of this year. In Davao where IWG has been already operating since 2016, the company will still manage its existing centers at the Regus Damosa Topaz Tower (opened in 2016) and Regus Felcris Centrale (opened in 2018)— both owned by the property firm. “Together with Damosa Land, we agreed four years ago that now the time is right to introduce this concept into this market. Since then, we’ve opened a second center. No doubt this has contributed to the extreme 8-percent growth of the economy in Mindanao,” said Lars Wittig, IWG country manager for the Philippines, Thailand, Vietnam, Cambodia and South Korea. “We believe that by expanding into General Santos and Cagayan de Oro, not only will we become an enabler and facilitate further investors from Manila and abroad into this region, but also this is a good launch platform for local entrepreneurs,” he

added. Witnessing the region’s economic growth with a lot of investors from outside coming in over the last few years, DLI First Vice President Ricardo F. Lagdameo is bullish that shared office space will continue to expand in the next couple of years and beyond. “I think that any office building in the future will really have to have some kind of flexible workspace. So that’s why we believe there is really a growth opportunity, and not just here in Davao but, eventually, in other key cities of Mindanao,” he said. IWG global network currently has 3,500 locations across 120 countries. Locally, it has 28 facilities in 10 cities across Metro Manila, Cebu, Davao and Clark. This second franchise deal closed by IWG in the country and in Southeast Asia Being entitles DLI’s workspaces to become part of its globally recognized brands, namely, Regus, SPACES, HQ and Signature, that serve the workspace needs of over 2.5 million entrepreneurs, individuals and corporations daily. Roderick L. Abad

HE matriarch of the Yanson family, which owns the country’s largest bus company, expressed hope that the ongoing intra-corporate dispute involving her children will be resolved soon. During her 86th birthday celebration, Olivia V. Yanson called on to her children to set aside their differences, which involves as to whose camps own the company, even for the benefit of Ceres and Sugbo bus passengers across the country. “My birthday wish is to be loving always. I will continue my charity. I will spend my life in my charity work, through the OVY Foundation,” the Yanson matriarch said in a statement. President Duterte was the guest of honor during her birthday celebration held in Bacolod City. Yanson, also known as OVY, is the cofounder, treasurer and corporate secretary of Vallacar Transit Inc. She was in the news during the past months after her six children figured in an ongoing intra-corpo-

rate battle over the management of the Yanson Group of Bus Cos., the country’s largest bus firm operating across Luzon, Visayas and Mindanao. Four of her children, known publicly as the Yanson Four, were questioning OVY’s stake in the company which she and her late husband Ricardo Yanson Sr. established in 1968. Vallacar is the largest company under the Yanson Group which operates more than 4,000 buses nationwide, and has 18,000 employees serving 700,000 passengers daily. In his message, Duterte acknowledged the support of OVY and the whole Yanson family for their support to the Duterte administration that started during the 2016 presidential election. Duterte also expressed support to OVY and her youngest son Leo Rey Yanson, whose management is being challenged by the Yanson Four—Roy V. Yanson, Ricardo V. Yanson Jr., Emily V. Yanson and Ma. Lourdes Celina V. Yanson-Lopez. Both camps held their separate stockholders meeting for Vallacar and its sister firms. VG Cabuag

Boeing 777X takes first flight into troubled skies for jumbos

oeing Co.’s newest plane, so big that its wings are hinged, finally rumbled into the skies over the Washington factory complex constructed a half century ago for the original jumbo jet. After a delay on Friday because of high winds, the jet took off from Boeing Field at 10:09 a.m. PST on Saturday, and landed successfully almost four hours later. It’s set to fly again on Tuesday and undergo tests for as long as 10 months. First flights typically mark a crowning technological achievement for plane makers, capping years of invention and problem-solving. This flight, however, will be clouded with uncertainty for Boeing. The 777-9 is the plane maker’s first new model since two fatal crashes led to the global grounding of its 737 Max. As the company works to restore its reputation for safety and technical prowess, the new aircraft will face heightened scrutiny from regulators, airlines and investors. Safety aside, there’s concern that the jetliner is simply too big for today’s airlines. The plane is longer than Boeing’s iconic humpbacked 747, and is the first twin-engine jet built to haul a similar load of travelers—426 people in a typical twocabin layout. It’s also the company’s priciest airplane, available for a cool $442.2 million before customary discounts. But sales have stalled since an initial order flurry when the 777X was unveiled at the Dubai Airshow in 2013, and long-expected orders from China haven’t materialized amid trade tensions. “It is feeling like the plane is too big for most

markets, for most airlines,” said George Ferguson, an aviation analyst with Bloomberg Intelligence. The 777-9—the first model of the 777X family—is taking off into a turbulent market for aviation’s behemoths as the fourengine jets it was designed to replace fade into the sunset. Airbus SE is building the last of its A380 double-decker jets, while the future of Boeing’s 747 is very much in question with just 17 orders unfilled and a critical supplier shutting down production. With 115 of the 777X still on order, Emirates accounts for more than half of Boeing’s total backlog. The long-haul carrier is also the largest customer for Airbus’s superjumbo. But as the A380 fades out of the global fleet over the next decade or so, it’s not a given that its operators will adopt the 777X to overcome congested hubs. For now, the trend is to bypass the industry’s biggest airports with smaller longrange jets. “Most airlines that we’re dealing with are not interested in replacing [four-engine jets] with the largest twin-engine wide-bodies,” Steven Udvar-Hazy, chairman and founder of Air Lease Corp., said during a November earnings call. “Actually the trend is the other way,” he added, noting interest in smaller planes like Boeing’s 787 and Airbus’s A350. The market may come around as the 777X takes flight and demonstrates its capability, however. It is an expensive airplane, Udvar-Hazy said, so airlines will likely wait and see how it performs before deciding on orders. Bloomberg News

Monday, January 27, 2020

Companies

STOCK-MARKET OUTLOOK Last week

SHARE prices fell last week, with the benchmark index dipping to the 7,400-point level after investors were spooked by China’s coronavirus, among other global issues. The Philippine Stock Exchange index (PSEi) fell 99.17 points to close the week at 7,623.41 points. The main index fell more than 3 percent during the first two days of the week, dipping as low as 7,442.13 points on Tuesday. It recovered during the next three days with Thursday’s 147.62-point gain, but these were not enough to post a weekly gain. Foreign investors were net sellers at P1.65 billion, while average value of trade for the week was at P5.92 billion. Analysts said investors were also quite happy with the 5.9-percent gross domestic product growth of the country for 2019, as economic growth picked up in the fourth quarter as expected. All of the other subindices were down, with the exception of the Industrial index that rose 251.30 points to close at 9,728.72 points. The broader All Shares index fell 27.62 to 4,523.57, the Financials index shed 36.54 to 1,810.37, the Holding Firms index lost 127.23 to 7,348.36, the Property index declined 73.46 to 3,962.32, the Services index was down 19.36 to 1,544.66, and the Mining and Oil index gave up 175.34 to 7,968.19. For the week, losers edged gainers 135 to 94, and 20 shares were unchanged. Top gainers were Philweb Corp., Axelum Resources Corp., Manila Broadcasting Co., SFA Semicon Philippines Corp., Medco Holdings Inc. and Pacific Online Systems Corp. Top losers, on the other hand, were MacroAsia Corp., SSI Group Inc., Oriental Petroleum and Minerals Corp. A and B shares, Belle Corp., Nickel Asia Corp. and Atok-Big Wedge Co. Inc

This week

Trading is expected to be subdued this week as the Chinese investors are on a holiday for the Lunar New Year break. Other investors will also watch the moves of the US Federal Reserve’s first policy meeting for the year starting on Tuesday, with most expecting for a status quo on its rates. Broker 2TradeAsia said to expect trade volatility for the week as issues on US President Donald J. Trump’s impeachment hearings continue, while the issue on China’s coronavirus will still add to investors’ negative sentiments. “At home, while attention might sway away with sociopolitical headlines, the timing appears ripe to gradually accumulate on large caps that have breached attractive buy levels,” 2TradeAsia said. “Remember that recovery follows after the dust settles, especially for stocks with solid upside prospects,” it said. The broker sees immediate support for the main index at 7,500 to 7,600 and resistance at 7,800 points. Christopher Mangun, research head at AAA Securities Inc., said there are too many concerns for the investors both at home and the global fronts that will keep them out of the market for the meantime. “The PSEi is currently down 2.5 percent for the month of January and with a few days left of trading for the month, it is almost guaranteed that the first month of the year is going to end with losses. The market continues to trade on sentiment with a complete disregard for fundamentals,” he said.

Stock picks

Mangun recommends Fruitas Holdings Inc. as the company that embodies the consumer growth story of the country. “With proceeds from the recent initial public offering, the company will be able to expand at an enormous rate in untapped areas coupled with new acquisitions. They are currently unmatched in the ‘food kiosk’ business and are in the process of cementing their position for years to come,” he said. Fruitas shares closed Friday at P1.83 apiece. Mangun said he also liked Metropolitan Bank and Trust Co. as the Central Bank continues with its accommodative policies that will benefit the banking sector in general. “It is also undervalued compared to its peers,” he said. Metrobank shares closed at P64.55 apiece last week. VG Cabuag

BusinessMirror

First Gen to develop pumped storage hydroelectric facility in Pantabangan By Lenie Lectura

@llectura

IRST Gen Corp. (First Gen) has secured a hydro service contract from the Department of Energy (DOE) to develop a 120-megawatt (MW) pumped storage hydroelectric facility in Aya, Pantabangan, Nueva Ecija. The Lopez-led firm, through First Gen Hydro Power Corp., owns and operates the existing 132-MW Pantabangan-Masiway hydroelectric power plant project in Pantabangan. Once completed, the new Aya project will allow First Gen to store water pumped into a reservoir for use at a later time. “While renewable energy is clean and sustainable, it isn’t always available when it’s needed. But with a pump storage facility like the one we want to build in Pantabangan, we will be able to store some of the energy generated by the dam and deploy it when it’s needed,” said Ricky Carandang, First Gen vice president. A pumped storage facility stores and generates electricity by moving a volume of water between two res-

mutual funds

ervoirs situated at different elevations (upper and lower reservoirs). Aside from energy, pumped storage facilities can be flexibly operated also to provide ancillary services to electricity grid for grid security and stability. The hydro service contract gives the power firm five years to conduct predevelopment stage activities— from a preliminary assessment and feasibility study up to financial closing and declaration of commerciality. First Gen, also through First Gen Hydro, earlier signed a memorandum of understanding with the National Irrigation Administration (NIA), related to the development of the same Aya hydro project. First Gen is also pursuing other hydroelectric projects in Bukidnon, and Agusan del Norte. First Gen is the largest company in the country that provides only clean and renewable power. In 2016 it declared that it would not develop, finance, or operate any coal-fired power plants. Aside from hydro, First Gen power plants run on natural gas, geothermal, wind and solar. These plants have a combined capacity of 3,492 MW at the end of 2019.

January 24, 2020

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

January 24, 2020

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

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

53 155.7 82.15 25.1 12.1 64.5 20.45 31.2 59.2 22 187 59.5 3.16 18.46 4.1 0.42 850 0.83 171 1856

54.6 156 82.25 25.15 12.16 64.55 20.5 31.3 59.25 22.5 190 59.8 3.23 18.48 4.15 0.43 880 0.85 178.9 1934

53 155.5 82.15 25.1 12.18 64.7 20.5 30.95 59 22.15 188 60 3.04 18.02 4.15 0.42 850 0.83 173 1865

53.5 156.9 82.55 25.15 12.18 64.75 20.5 31.4 59.25 22.2 190 60 3.35 18.46 4.15 0.435 850 0.85 173 1865

53 155.4 82.15 25.05 12 64 20.5 30.8 58.85 21.95 186.1 59.5 3 18.02 4.05 0.415 850 0.82 170 1855

53.5 156 82.25 25.1 12.1 64.55 20.5 31.2 59.2 22 190 59.8 3.16 18.46 4.15 0.42 850 0.85 172 1855

4000 597160 3024200 104000 344300 2744860 10000 947100 9370 62400 94090 15020 1927000 95400 58000 1140000 10 195000 3500 105

213100 93101406 248803391 2608840 4153590 177213529.5 205000 29473810 554087 1374840 17781153 897735 6135070 1760920 239750 477200 8500 162750 601022 195525

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE LIBERTY FLOUR MACAY HLDG MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA EUROMED MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

HOLDING & FRIMS

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

2.15 1.22 32.85 0.227 20.75 66.4 297.4 10.4 3.96 11.78 31.5 9.05 12 3.6 15 4.9 8.88 7.23 74.9 0.58 1.82 37.25 215.8 30.05 6.9 11 1.85 9.5 1.74 5.21 1.64 0.119 162 1.29 2.45 62.5 67 1.64 13.6 9 12.84 14.92 9.8 1 0.97 2.16 1.62 3.01 4.7 30.6 1.96 7.74 1.3 4.75 1.23 11.48

2.16 1.27 33.3 0.232 21.2 66.5 302.4 10.42 4 11.96 31.55 9.1 12.02 3.61 15.34 5 8.99 7.24 78 0.59 1.83 37.3 217 42 7.07 11.1 1.86 9.52 1.77 5.3 1.76 0.122 162.1 1.3 2.56 66 70.95 1.65 13.64 9.1 12.9 15 9.95 1.02 0.99 2.17 1.69 3.18 4.71 32.5 1.99 7.75 1.31 5.25 1.25 11.5

2.25 1.23 33.2 0.231 21.25 66 299.8 10 4 11.72 32 8.84 12.06 3.36 15.48 5 8.9 7.22 73 0.56 1.78 37.05 211.6 42 6.9 10.92 1.87 9.48 1.76 5.3 1.8 0.119 162 1.22 2.56 62.5 67 1.75 13.7 8.88 12.84 14.96 9.67 1 1 2.12 1.69 3.01 4.71 31.5 2 8.05 1.35 5.2 1.31 11.52

2.28 1.23 33.3 0.232 21.5 66.85 302.4 10.64 4.04 11.98 32 9.2 12.06 3.71 15.48 5 9 7.23 78 0.62 1.87 37.25 217 42 6.9 11.16 1.89 9.5 1.77 5.3 1.8 0.12 163.4 1.31 2.56 62.5 67 1.76 13.7 9.1 12.9 15 9.95 1.03 1.01 2.17 1.69 3.18 4.71 31.5 2 8.05 1.36 5.7 1.35 12.06

2.13 1.23 32.55 0.227 20.7 66 290 10 3.9 11.72 31.35 8.84 11.9 3.23 15.36 5 8.81 7.22 73 0.55 1.77 37 211 42 6.89 10.9 1.85 9.48 1.74 5.24 1.76 0.119 160 1.2 2.56 62.5 67 1.62 13 8.88 12.84 14.78 9.67 0.99 0.97 2.12 1.69 3.01 4.7 30.6 1.95 7.68 1.29 5 1.19 11.2

2.15 1.23 33.3 0.232 21.2 66.4 302.4 10.4 4 11.96 31.5 9.1 12.02 3.6 15.36 5 8.88 7.23 78 0.59 1.83 37.25 217 42 6.89 11 1.85 9.5 1.76 5.24 1.76 0.12 162 1.3 2.56 62.5 67 1.64 13.6 9.09 12.9 15 9.95 1.02 0.99 2.17 1.69 3.18 4.7 30.6 1.99 7.74 1.3 5.37 1.25 11.48

4172000 4000 916300 540000 750100 14510 118100 17236700 1635000 36400 18900 187900 1735500 16769000 1900 6000 557900 276500 102240 8206000 60264000 151300 596560 100 5300 26700 787000 81600 301000 18000 21000 400000 1164330 25979000 3000 240 190 34030000 1707000 6600 167500 811200 2100 678000 780000 31000 8000 8000 22000 600 2886000 194700 512000 11000 5403000 5983500

0.86 11.22 740 52.85 10.98 2.7 0.75 0.95 0.97 6.42 6.19 13 0.208 786.5 5.15 75.2 6 0.485 3.71 10.08 0.58 2.56 3.34 4.35 1.19 1.19 190 1032 146 0.85 183.2 0.21 0.22

0.87 11.36 741 52.95 11.1 2.72 0.76 0.98 1.03 6.5 6.2 13.1 0.226 791 5.4 77 6.72 0.5 3.85 10.2 0.6 2.99 3.35 4.63 1.23 1.22 192 1036 150 0.86 199.9 0.217 0.238

0.86 11.3 730 53 11.06 2.68 0.76 0.97 1 6.59 6.3 12.98 0.209 790.5 5.41 76 5.95 0.5 3.69 10.12 0.6 2.56 3.5 4.32 1.2 1.22 175 1046 145.7 0.88 203.4 0.21 0.222

0.88 11.8 745 53 11.1 2.74 0.84 1 1 6.59 6.4 13.1 0.209 792 5.41 77 6.72 0.5 3.75 10.58 0.6 2.56 3.5 4.64 1.24 1.22 190 1049 150 0.92 203.4 0.216 0.222

0.86 11.2 730 51.3 10.86 2.67 0.74 0.95 0.99 6.42 6.2 12.98 0.209 781 5.41 74.65 5.95 0.485 3.69 10.02 0.58 2.56 3.32 4.32 1.19 1.22 175 1025 144.2 0.85 180 0.21 0.22

0.86 11.36 740 52.95 11.1 2.72 0.76 0.95 0.99 6.42 6.2 13.1 0.209 791 5.41 77 6.72 0.5 3.71 10.2 0.6 2.56 3.35 4.63 1.23 1.22 190 1032 150 0.88 199.9 0.216 0.22

6376000 24500 198800 775000 881500 2993000 4555000 902000 62000 125200 7447500 56200 50000 60200 100 727730 20000 212000 632000 7648200 142000 5000 25285000 17000 158000 1000 780 396510 149950 545000 6100 630000 410000

15.5 5.14

16 5.14

15.42 5.14

15.5 5.14

158700 461000

9084970 4920 30208820 122870 15906880 962953.5 35046060 179313026 6479550 434352 598890 1693438 20851146 59765600 29366 30000 4971789 1999079 7761163.5 4740020 110238380 5634885 127502338 4200 36561 292324 1466800 774892 526200 94440 37410 47900 188391765 33077510 7680 15000 12730 56779250 23176584 59556 2159820 12129924 20531 677810 762720 66770 13520 24930 103500 18630 5717370 1501619 669320 58410 6743450 70202872

106500 -29208489 -110420856 -536085 -726030 -85195032.5 -22669720 -264159 1018959 -290595 19020 738400 17000 356977 -335380 -1361440 -4658475 319260 -482050 28496480 -32140 -347944 -114225 -282100 -9955150 -480000 -10802 355392 -1810392 -760004 56000 -82440 5538650 21202088 -59252 360290 -660070 -94440 -17800 69630306 -179140 -2022660 -7941070 -48810 -3881110 -9030 270 1910100 -132692 26870 361308

5520660 82560 277516 146905800 15645475 40758291.5 -3093299.5 9721184 -2157162 8097190 -1182930 3588120 -205740 867120 61920 807038 433422 46797049 -33014339 733696 -9100 10450 47337590 -24248445 541 55349428 7468350.5 130005 104175 2359670 -826400 79647490 51798646 83200 12800 84903150 -31651090 74630 192250 1220 145430 409136790 -161154070 22,102,794( 10,155,041.9996) 482700 1120314 -5940 135330 90410 44200

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds PROPERTY ARTHALAND CORP 0.82 0.83 0.82 0.83 0.81 0.83 496000 407280 ALFM Growth Fund, Inc. -a 246.24 -7.66% -1.39% -1.65% -2.24% AYALA LAND 41.3 41.4 41.35 41.7 41 41.4 30293000 1255608370 -199767805 ATRAM Alpha Opportunity Fund, Inc. -a 1.3252 -10.38% -1.42% -4.26% -4.11% ARANETA PROP 1.51 1.54 1.54 1.54 1.51 1.54 27000 41460 BELLE CORP 1.67 1.7 1.64 1.73 1.61 1.7 2373000 3993290 -386290 ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.4519 -16.37% -5.59% -4.78% -6.15% A BROWN 0.69 0.7 0.71 0.72 0.69 0.7 747000 524420 Climbs Share Capital Equity Investment Fund Corp. -a 0.8616 -9.34% n.a. n.a. -3.96% CROWN EQUITIES 0.182 0.186 0.182 0.186 0.182 0.186 300000 54640 CEB LANDMASTERS 4.6 4.65 4.63 4.65 4.6 4.6 368000 1698880 -1227230 First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8275 -5.14% n.a. n.a. -2.57% CENTURY PROP 0.52 0.53 0.52 0.53 0.51 0.53 3340000 1756920 First Metro Save and Learn Equity Fund,Inc. -a 5.1876 -6.45% -0.09% -1.64% -2.64% CYBER BAY 0.39 0.4 0.415 0.415 0.39 0.39 2310000 917050 DOUBLEDRAGON 17.98 18 17.84 18.06 17.84 18 1909500 34372072 -4187858 First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8299 -6.46% -3.79% n.a. DM WENCESLAO 9.27 9.46 9.27 9.48 9.27 9.27 225400 2110835 -316096 -2.78% EMPIRE EAST 0.405 0.41 0.415 0.415 0.41 0.41 660000 270800 FILINVEST LAND 1.51 1.52 1.53 1.53 1.51 1.52 3227000 4879760 578000 MBG Equity Investment Fund, Inc. -a 101.88 -17.08% n.a. n.a. -1.4% GLOBAL ESTATE 1.1 1.11 1.11 1.11 1.07 1.11 696000 754280 PAMI Equity Index Fund, Inc. -a 49.9243 -5% 0.89% n.a. -2.65% 8990 HLDG 14.72 14.74 14.72 14.74 14.72 14.72 398300 5862978 PHIL INFRADEV 1.2 1.21 1.2 1.23 1.19 1.2 1073000 1291590 Philam Strategic Growth Fund, Inc. -a 518.81 -4.93% -0.08% -1.29% -2.62% CITY AND LAND 0.72 0.75 0.75 0.75 0.75 0.75 3000 2250 Philequity Alpha One Fund, Inc. -a,d,8 1.0042 n.a. n.a. n.a. -2.51% MEGAWORLD 4.28 4.29 4.28 4.3 4.26 4.28 10295000 44029250 -20755370 MRC ALLIED 0.247 0.249 0.245 0.25 0.241 0.249 16070000 3983470 -106550 Philequity Dividend Yield Fund, Inc. -a 1.2563 -4.77% 0.67% -0.23% -2.38% PHIL ESTATES 0.405 0.42 0.405 0.405 0.405 0.405 90000 36450 Philequity Fund, Inc. -a 36.8838 -5% 1.52% -0.25% -2.67% PRIMEX CORP 2.22 2.24 2.24 2.29 2.2 2.24 553000 1237550 ROBINSONS LAND 28.05 28.3 28.35 28.35 27.6 28.3 597000 16794245 4282295 Philequity MSCI Philippine Index Fund, Inc. -a,1 0.9941 -5.02% n.a. n.a. -2.36% PHIL REALTY 0.365 0.37 0.37 0.37 0.36 0.365 900000 328550 18000 Philequity PSE Index Fund Inc. -a 5.0862 -4.11% 1.39% 0.66% -2.63% ROCKWELL 2.07 2.1 2.1 2.1 2.05 2.08 37000 76810 -2060 SHANG PROP 3.07 3.17 3.19 3.19 3.15 3.17 38000 120540 44520 Philippine Stock Index Fund Corp. -a 849.17 -4.16% 1.32% 0.56% -2.63% STA LUCIA LAND 2.5 2.55 2.46 2.58 2.46 2.55 1382000 3485250 Soldivo Strategic Growth Fund, Inc. -a 0.8017 -11.64% -2.34% -3.4% -5.84% SM PRIME HLDG 40.75 40.8 41.15 41.35 40.8 40.8 7855400 321592710 -1007015 VISTAMALLS 5.73 5.87 5.85 5.87 5.73 5.87 21700 127129 Sun Life Prosperity Philippine Equity Fund, Inc. -a 4.0567 -5.48% 0.49% -0.39% -3.62% SUNTRUST HOME 2.04 2.07 2.2 2.23 2 2.04 19734000 41666790 Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9747 -4.46% 1.2% n.a. -2.61% VISTA LAND 7.26 7.29 7.29 7.3 7.22 7.29 8288700 60407977 -3892466 United Fund, Inc. -a 3.5494 -3.64% 2.3% 1.06% -2.84% SERVICES Exchange Traded Fund ABS CBN 17.02 17.2 17.5 17.8 17.04 17.04 407600 7105874 GMA NETWORK 5.31 5.35 5.32 5.35 5.3 5.31 427100 2267987 First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 113.9036 -3.86% 2.02% 1.5% MANILA BULLETIN 0.41 0.435 0.405 0.435 0.405 0.435 60000 25750 -2.61% GLOBE TELECOM 2004 2010 2004 2048 1990 2004 17235 34569880 -7928390 PLDT 1055 1061 1054 1061 1040 1061 22230 23507470 -6248510 ATRAM AsiaPlus Equity Fund, Inc. -b $1.0383 8.88% 5.97% 0.75% 0.96% APOLLO GLOBAL 0.047 0.048 0.044 0.047 0.044 0.047 10100000 472900 Sun Life Prosperity World Voyager Fund, Inc. -a $1.4194 20.02% 10.31% n.a. 2.95% DFNN INC 4.91 5.2 4.99 6 4.91 5.2 298000 1601440 IMPERIAL 1.56 1.77 1.54 1.54 1.54 1.54 4000 6160 Balanced Funds ISLAND INFO 0.105 0.107 0.109 0.111 0.105 0.107 3640000 385040 Primarily invested in Peso securities ISM COMM 3.88 3.89 3.82 3.93 3.8 3.88 1691000 6557470 282280 NOW CORP 2.55 2.56 2.45 2.56 2.42 2.55 2399000 5993430 ATRAM Dynamic Allocation Fund, Inc. -a 1.5344 -11.21% -4.08% -4.68% -1.82% TRANSPACIFIC BR 0.28 0.29 0.29 0.29 0.28 0.285 2800000 796850 ATRAM Philippine Balanced Fund, Inc. -a 2.1242 -7.48% -2.62% -2.15% -2.61% PHILWEB 3.79 - 2.59 3.79 2.59 3.79 35560000 121968560 538220 2GO GROUP 9.4 9.59 9.6 9.69 9.4 9.59 5700 53963 1880 First Metro Save and Learn Balanced Fund Inc. -a 2.5852 -2.18% 0.74% -1.85% -1.76% ASIAN TERMINALS 16.28 18.6 18.5 18.6 18.5 18.6 300 5560 First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.2256 n.a. n.a. n.a. CHELSEA 5.39 5.4 5.35 5.47 5.31 5.4 600800 3239421 CEBU AIR 83.8 84.95 83 84.95 83 83.8 17790 1487352.5 -665101 -1.27% INTL CONTAINER 132.5 132.6 132.5 132.5 131.5 132.5 622140 82353259 -28371131 Grepalife Balanced Fund Corporation -a N.S. N.S. N.S. N.S. N.S. LBC EXPRESS 12.94 13.7 13.86 13.86 13.86 13.86 400 5544 LORENZO SHIPPNG 0.88 0.94 0.94 0.95 0.94 0.95 11000 10350 NCM Mutual Fund of the Phils., Inc. -a 1.9435 1.85% 1.78% 0.52% -1% MACROASIA 12.16 12.26 12.98 13.14 12.12 12.16 3839800 47838104 -10882922 PAMI Horizon Fund, Inc. -a 3.7202 2.76% 0.84% -0.5% -1.82% METROALLIANCE A 0.94 1 0.94 0.94 0.94 0.94 28000 26320 METROALLIANCE B 0.95 0.99 0.99 0.99 0.99 0.99 11000 10890 Philam Fund, Inc. -a 16.6554 1.49% 0.7% -0.55% -1.8% PAL HLDG 7.45 7.5 7.4 7.5 7.4 7.5 3400 25480 Solidaritas Fund, Inc. -a 2.1037 -2.22% 0.44% 0.4% -1.04% HARBOR STAR 1.35 1.37 1.49 1.49 1.31 1.35 9147000 12592840 327750 ACESITE HOTEL 1.35 1.42 1.4 1.42 1.33 1.42 120000 168140 Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.7722 -0.92% 1.07% -0.19% -2.37% GRAND PLAZA 10.02 13.34 12.9 13.88 12.6 13.34 1100 14456 1300 Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.9957 n.a. n.a. n.a. -1.97% WATERFRONT 0.59 0.61 0.6 0.61 0.6 0.61 229000 137500 CENTRO ESCOLAR 7 7.05 7.05 7.05 7.05 7.05 100 705 Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.9737 n.a. n.a. n.a. -2.28% IPEOPLE 8.12 9.42 9.42 9.42 9.42 9.42 100 942 Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.9701 n.a. n.a. n.a. -2.33% STI HLDG 0.62 0.63 0.61 0.64 0.61 0.62 15823000 9860280 251500 BERJAYA 3.2 3.22 3.05 3.34 3.05 3.2 2272000 7298190 -61050 Sun Life Prosperity Dynamic Fund, Inc. -a 0.9465 -1.74% 0.24% -1.26% -2.9% BLOOMBERRY 10.32 10.34 10.2 10.32 10.2 10.32 1655500 17,013,270( 9,180,803.9999) Primarily invested in foreign currency securities PACIFIC ONLINE 2.71 2.72 2.13 3.15 2.12 2.72 4622000 12948450 -2088580 LEISURE AND RES 2.73 2.75 2.43 3.1 2.43 2.75 5255000 15079100 -673280 Cocolife Dollar Fund Builder, Inc. -a $0.03839 8.35% 2.84% 1.92% 0.42% MANILA JOCKEY 3 3.18 3.15 3.15 3.15 3.15 5000 15750 PAMI Asia Balanced Fund, Inc. -a $1.0468 10.19% 5.02% 1.09% 0.86% PH RESORTS GRP 4.3 4.69 4.9 4.9 4.9 4.9 1000 4900 PREMIUM LEISURE 0.56 0.57 0.55 0.59 0.55 0.56 13805000 7853470 -2186760 Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9942 14.91% 8.01% 4.62% 2.13% ALLHOME 11.24 11.3 11.4 11.44 11.2 11.3 970300 10958508 Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1434 10.35% 4.77% n.a. 1.29% METRO RETAIL 2.06 2.08 2.05 2.08 2.03 2.06 476000 977640 -465429.9997 PUREGOLD 39.65 39.8 39.7 39.8 39 39.8 811400 32043835 -2335665 Bond Funds ROBINSONS RTL 77.55 79 79.5 79.5 77 79 119420 9364094 -553253 Primarily invested in Peso securities PHIL SEVEN CORP 139.9 140 135.5 140 135.5 139.9 83950 11388022 523369 SSI GROUP 2.55 2.56 2.56 2.6 2.47 2.56 1047000 2634610 43940 ALFM Peso Bond Fund, Inc. -a 358.19 3.98% 2.75% 2.2% 0.11% WILCON DEPOT 18.82 18.84 18.78 18.9 18.76 18.82 2001600 37700510 24030666 ATRAM Corporate Bond Fund, Inc. -a 1.9046 2.47% 0.41% -0.75% 0.14% APC GROUP 0.43 0.44 0.46 0.465 0.425 0.44 2560000 1118300 EASYCALL 8.8 8.83 8.55 8.83 8.44 8.8 57800 500393 Cocolife Fixed Income Fund, Inc. -a 3.1222 4.74% 5.12% 5.15% 0.19% GOLDEN BRIA 438 448 437 438 437 437 180 78710 Ekklesia Mutual Fund Inc. -a 2.2229 3.81% 2.01% 1.69% -0.09% IPM HLDG 5.05 7.5 7.5 7.5 7.5 7.5 2000 15000 PRMIERE HORIZON 0.4 0.405 0.42 0.445 0.39 0.4 60030000 25325150 -404800 First Metro Save and Learn Fixed Income Fund,Inc. -a 2.351 5.75% 1.99% 1.36% -0.34% SBS PHIL CORP 9.19 9.2 9 9.19 9 9.19 16300 149215 Grepalife Fixed Income Fund Corp. -a P N.S. N.S. N.S. N.S. N.S. MINING & OIL Philam Bond Fund, Inc. -a 4.3471 12.06% 2.25% 1.34% -0.59% ATOK 10 10.78 10.92 10.92 10 10 26800 271426 APEX MINING 1.08 1.09 1.12 1.12 1.09 1.09 1570000 1733750 -131300 Philequity Peso Bond Fund, Inc. -a 3.7596 5.54% 2.57% 0.71% -0.75% ABRA MINING 0.0014 0.0015 0.0015 0.0015 0.0015 0.0015 4000000 6000 Soldivo Bond Fund, Inc. -a 0.9618 5.81% 1.24% -0.07% -0.26% ATLAS MINING 2.5 2.51 2.49 2.5 2.49 2.5 150000 374850 COAL ASIA HLDG 0.27 0.275 0.27 0.27 0.27 0.27 10000 2700 Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.056 8.67% 3.9% 2.07% -0.65% CENTURY PEAK 3.11 3.18 3.24 3.24 3.11 3.11 755000 2369810 Sun Life Prosperity GS Fund, Inc. -a 1.685 7.69% 3.36% 1.53% -0.95% FERRONICKEL 1.54 1.55 1.53 1.55 1.49 1.55 1743000 2669250 39280 GEOGRACE 0.204 0.212 0.213 0.213 0.203 0.212 1380000 283620 Primarily invested in foreign currency securities LEPANTO A 0.095 0.098 0.094 0.098 0.094 0.095 3030000 288720 ALFM Dollar Bond Fund, Inc. -a $469.74 4.47% 2.71% 2.71% 0.32% LEPANTO B 0.092 0.101 0.094 0.101 0.094 0.1 250000 24370 MANILA MINING A 0.0078 0.0079 0.0078 0.0078 0.0078 0.0078 1000000 7800 ALFM Euro Bond Fund, Inc. -a Є219.91 3.12% 1.76% 1.29% 0.08% MARCVENTURES 0.8 0.81 0.81 0.81 0.8 0.81 448000 360490 ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2096 6.52% 3.07% 2.32% 0.2% NIHAO 1.01 1.04 1.04 1.04 1.01 1.04 105000 106200 NICKEL ASIA 3.13 3.17 3.12 3.24 3.1 3.17 3124000 9883790 -750210 First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 4.02% 1.46% 1.45% 0.39% OMICO CORP 0.45 0.47 0.45 0.45 0.45 0.45 10000 4500 Grepalife Dollar Bond Fund Corp. -a N.S. N.S. N.S. N.S. N.S. ORNTL PENINSULA 0.71 0.73 0.72 0.73 0.69 0.73 54000 37820 PX MINING 2.92 3 2.92 2.95 2.9 2.95 205000 598310 PAMI Global Bond Fund, Inc -a $1.1016 6.07% 1.47% -0.47% 0.58% SEMIRARA MINING 21.05 22 21.5 22 21 22 242500 5238005 -14995 Philam Dollar Bond Fund, Inc. -a $2.4205 10.31% 3.45% 2.59% 0.69% UNITED PARAGON 0.0057 0.0064 0.0058 0.0058 0.0058 0.0058 2000000 11600 ACE ENEXOR 8.02 8.1 8.11 8.35 8.09 8.1 102900 842712 130118 Philequity Dollar Income Fund Inc. -a $0.060537 5.97% 2.31% 1.87% 0.37% ORNTL PETROL A 0.01 0.012 0.011 0.011 0.01 0.01 39600000 410700 Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2165 11.11% 3.06% 2.56% 1.3% ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 100000 1100 PHILODRILL 0.01 0.011 0.01 0.011 0.01 0.011 200300000 2203100 Money Market Funds PXP ENERGY 8.86 8.93 9 9 8.8 8.93 364400 3227109 -179036.0001 Primarily invested in Peso securities PREFFERED ALFM Money Market Fund, Inc. -a 126.09 3.91% 2.88% 2.21% 0.25% HOUSE PREF A 98 99.8 99 99 99 99 32230 3190770 First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0298 n.a. n.a. n.a. CPG PREF A 100.9 101.9 101.9 101.9 101.9 101.9 1000 101900 DD PREF 100.5 100.9 101 101 100.5 100.9 60060 6052035 0.34% FGEN PREF G 105.2 108.3 105.2 105.2 105.2 105.2 14810 1558012 42080 Philam Managed Income Fund, Inc. -a 1.2502 5.76% 2.92% 1.59% -0.52% MWIDE PREF 100 100.1 100.1 100.1 100 100.1 131780 13179106 PNX PREF 3A 101.5 102 101.5 101.5 101.5 101.5 28590 2901885 Sun Life Prosperity Money Market Fund, Inc. -a 1.2671 3.69% 2.91% 2.4% 0.2% PNX PREF 4 1030 1040 1030 1030 1030 1030 990 1019700 Primarily invested in foreign currency securities PCOR PREF 3A 1040 1049 1040 1040 1040 1040 450 468000 -208000 PCOR PREF 3B 1050 1060 1050 1050 1050 1050 40 42000 Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0384 2.05% n.a. n.a. 0.12% SMC PREF 2C 76.9 77 77 77 76.6 77 77570 5964836 Feeder Fund SMC PREF 2E 74.9 75.1 75.1 75.5 74.8 75.5 33560 2511814 SMC PREF 2F 76 76.5 76.05 76.05 76 76 101510 7717260 Primarily invested in foreign currency securities SMC PREF 2H 75.7 75.9 75.65 75.65 75.65 75.65 5000 378250 ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $1 n.a. n.a. n.a. 1.01% SMC PREF 2I 75.3 76 76 76 76 76 196670 14946920 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."

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

15.38 5.12

2482300 2369540

WARRANTS LR WARRANT

1.32

-2467900 -2318140

1.33

1.21

1.53

1.21

1.33

2340000

3209610

ITALPINAS 3.88 KEPWEALTH 10.2 XURPAS 0.87

3.89 10.34 0.89

3.81 9.5 0.85

3.94 11 0.89

3.75 9.42 0.85

3.88 10.2 0.89

76000 2268600 3364000

295110 23306468 2941660

-555818 -5280

FIRST METRO ETF

114.4

SMALL & MEDIUM ENTERPRISES

EXHANGE TRADE FUNDS 113.7

114.2

115

113.6

114.4

9270

1059218

11400

www.businessmirror.com.ph

Banking&Finance BusinessMirror

B.I.R. RDO 24 conducts relief ops for Taal disaster-stricken Pinoys

CA delays payment of arrears by shuttered AMA Rural Bank

S RUDY ESPERAS

FFICIALS and employees of Bureau of Internal Revenue (BIR)-Valenzuela or Revenue District Office (RDO) 24 conducted relief operations for those affected by the Taal Volcano eruption in Batangas. Rufo B. Ranario, head of RDO 24, said that they distributed canned goods, bottled water, blankets, toiletries and slippers to the residents of San Juan, Batangas, who were affected by volcano eruptions last January 12. Ranario said the relief goods came from the donation of all RDO 24 personnel. He also clarified the relief operations were their initiative and that donations from his personnel were voluntary. “It’s not payback but we have obligations to help others,” Ranario said. He added, if given another chance, they are willing to do more charity works for those affected by the eruption. Eunice Celario

Perspectives

Risk perceptions and realities change

ay goodbye to everything you thought you knew about risk. We are seeing significant changes in the way risk is both perceived and managed. In the past, perceptions of risk were largely based on some time tested historic fundamentals. Investors trusted certain truisms— Organisation for Economic Co-operation and Development (OECD) markets were inherently low-risk; emerging markets were high-risk, for example. But no more. In today’s environment, few of these notions remain valid. The fundamentals are unreliable. The macro “rules of thumb” now serve only as the barest of guides; objective due diligence has never been more important. The problem is that — while the ground shifts underneath the historic risks — we, as an industry, are facing a set of evolving risks that must now be much better understood and managed; cyber risks, technology risks, political and social risks, funding and financing risks, to name a few. These risks increasingly require a much more sophisticated (and analytical) approach if managers hope to fully understand and measure their potential incidence and significance. On the positive side, these tectonic shifts in the world’s risk environment are creating new opportunities for those looking for higher margins. As we note in Trend 4 (“Winds of globalization blow from the East”), infrastructure capital and capabilities are flowing into new markets and new sectors as investors look to take advantage of the gap between risk perceptions (which influence pricing) and risk realities (which influence rewards). On the negative side, construction companies are getting squeezed as risk/reward ratios shift, and margins come under further pressure. This, in turn, is limiting construction companies’ ability to reinvest into innovation, capabilities and technologies, thus undermining their longer-term viability. In fact, in the most recent Global Construction Survey, KPMG International found that only 1 in 5 construction companies were properly investing in innovation; an equal number admitted they were doing nothing at all while the vast majority essentially said they were playing around the edges. The future risk seems increasingly worrying.

Look back: What did we predict?

IN 2019, we predicted that “a growing number of infrastructure players are looking to emerging markets for new opportunities—and better yields and margins.” As the weakness of the construction sector becomes clearer, expect to see more governments follow the lead set by markets, such as the United Kingdom, Australia and Hong Kong, where policymakers are actively implementing programs aimed at improving the future resilience of domestic construction companies. More emphasis will come as more infrastructure owners, both public and private, realize it is in their interest to proactively support and invest in the health of their construction supply chains. Over the coming year, we also expect to see significant changes in the way that risk is measured and managed. Rather than allowing received wisdom to inform decisions, infrastructure providers, investors and owners will start to leverage predictive analytics, and scenario planning as ways to create robust forecasts of future trends and expectations. Much more sophisticated use of data and AIdriven decision-making will also help mitigate risks. Our view, however, suggests that the greatest changes will come in the perception of risk. Indeed, as executive management, risk managers and investors start to use data and analytics to achieve a better understanding of their risks, we expect to see much greater alignment between risk perception and reality, thereby, addressing an issue we have been deeply concerned about for several years. As this happens, don’t be surprised to see a handful of fast- movers start to reap disproportionate rewards as they use their proprietary risk insights to uncover new and highly profitable opportunities ahead of their competitors. The excerpt was taken from the KPMG article Emerging Trends in Infrastructure. © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Printed in the Philippines. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

Monday, January 27, 2020 B3

By Bernadette D. Nicolas

@BNicolasBM

tate-run Philippine Deposit Insurance Corp. (PDIC) has announced that the payment of deposit insurance to more than 8,000 depositors of the shuttered AMA Rural Bank of Mandaluyong Inc. will have to wait longer as the Court of Appeals (CA) issued a writ of preliminary injunction preventing them from further pursuing deposit insurance and liquidation operations in the closed AMA bank.

This development came a day before the 60-day temporary restraining order (TRO) issued by the CA on November 25 last year was about to expire.

In statement on Friday, the PDIC immediately expressed “grave concern” on the latest development, saying the court order “further delayed the processing and payment

of deposit insurance claims for valid deposits in the bank.” “This injunction, including the refusal of AMA Bank officers and employees to account for and turn over the assets and records of the bank, and the previous issuance by the [CA] of a TRO against [the] PDIC to implement the closure of AMA Bank, all contributed to the delay in the payment of insured deposits,” it said. The injunction will be in effect pending the CA’s decision on the case. In spite of the injunction order, the PDIC stood firm that AMA Bank remains closed and under liquidation by the state insurer, which is also the sole authority to manage and administer closed banks under the law. PDIC has also since assured the depositors that it is committed to pay the insured deposits maintained in the AMA Bank despite the recent challenges. Depositors, as well as clients of AMA Bank were also advised to communicate only with PDIC. In 2019, PDIC has paid a total of P1.18 billion in deposit insurance, or

92.25 percent of the total amount of deposit insurance claims of depositors from banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas. Before end-2019, the state deposit insurer conducted payout operations for 10 out of 11 closed banks. Of the 11 closed banks, it is only in AMA Bank where the PDIC was unable to conduct payout operations due to the TRO. As of June 2019, AMA Bank reported total deposit liabilities of 1.4 billion for 8,434 deposit accounts. PDIC, an attached agency of the Department of Finance, is mandated under the law to insure the deposits of all banks which are entitled to the benefits of insurance. PDIC also has the authority to help depositors have quicker access to their insured deposits should their bank close, resolve problem banks while these are still open, hasten the liquidation process for closed banks, and mete our stiffer sanctions and penalties against those who engage in unsafe, and unsound banking practices.

Credit bureau operator inks deal with academe to ensure reforms

HE Credit Information Corp. (CIC) announced on January 22, it formally forged partnership with the University of the Philippines Public Administration Research and Extension Services Foundation Inc. (UPPAF) as one of the latter’s agency partners for the implementation of its “Regulatory Support Program for National Development” or Respond. According to the state-run CIC, the UPPAF was awarded a five-year grant to cover the period from April 2019 to April 2024, by the United States Agency for International Development to provide support for the implementation of the Respond project. The project pursues interventions that will enhance market competition, strengthen regulatory capacity and governance, and promote citizen engagement and advocacy. During the partnership forum held last December 2019, UPPAF Respond’s Chief of Party Enrico L. Basilio shared that the project is “envisioned to enhance competitiveness and ultimately contribute to higher

OFFICIALS and staff of the Credit Information Corp. and the University of the Philippines Public Administration Research and Extension Services Foundation Inc. pose during the signing of agreement between CIC and UPPAF for the latter’s “Regulatory Support Program for National Development” project.

levels of investment and trade, inclusive growth and self-reliance.” “We hear stories of people who are denied credit because someone may have had a similar name and the transactions are attributed to them, or a person may be denied credit because of a previous transaction or negative action that they have engaged in so they are in a negative list even if they long since fulfilled their obligation,” CIC President and CEO Jaime Casto Jose P. Garchitorena was to have said during the forum. CIC, the country’s sole public credit registry, has established a solution—the online dispute reso-

Goldman’s diversity pledge won’t apply to boards in Asia

S Goldman Sachs Group Inc. moves to increase diversity on corporate boards, the investment bank isn’t extending the initiative to a particularly challenged region—Asia. Chief Executive Officer David Solomon revealed this week that starting in July the bank won’t handle initial public offerings for companies that lack either a female or diverse director. But the rule applies only to IPOs in the United States and Europe. Asia’s exclusion is striking, given how common all-male boards are in the region. Other bastions of male dominance, including Latin America and the Middle East, also went unmentioned. A Goldman spokesman said the bank will consider implementing the plan in Asia and other regions over time after consulting with its clients, as diversity awareness improves in those areas and that it will consult with its clients in those areas to improve board diversity. “Nowadays there’s no excuse for companies to have nondiverse, all-male boards,” said Fern Ngai, CEO of Community Business, a Hong Kong-based group that advocates for responsible and inclusive business practices. Goldman “should include Asia. I don’t see why they don’t.” Goldman is initially targeting regions where corporations have come further in making women a part of top-level decision-making. In California, new legislation mandates board diversity, with fines for noncompliance. Asia lags behind not just the US and Europe, but also global leader Africa in the proportion of women on company boards, McKinsey Global Institute reported late last year. A study by index provider MSCI Inc. of companies in its global benchmarks last month showed about 33 percent of firms in Japan had no female board members, 1-percentage point worse than China and Hong Kong. By comparison, that figure was 1 percent in the US, while it was 94 percent in the Saudi Arabia. Recent high-profile IPOs in Asia showed a paucity of female representation, with no women on the boards of Xiaomi Corp. and Meituan Dianping, which raised almost $10 billion combined in 2018. Goldman had a leading role in both those offerings. The bank was the biggest underwriter of IPOs in the US and Europe last year. It had a more modest market share in Asia, coming in 19th, according to Bloomberg league tables. Goldman was an adviser on 86 IPOs in 2019, ranking sixth globally among underwriters. Bloomberg News

lution process, in recognition of the borrower’s rights to dispute any incorrect or inaccurate information on their credit reports obtained through the credit information system. The ODRP is also in response to the prevalence of false financial data in the market. Garchitorena, likewise, stated the need for the active participation of all stakeholders involved, “The first step will be instilling among the contributing entities [banks, cooperatives, microfinance institutions and government financial institutions with lending facilities, among others] the necessity to comply and the implications of

noncompliance to a regulatory body like the CIC, and then getting the support of all other regulators that co-regulate these entities,” he said. “We have to convince the rest of the bureaucracy to respond properly to this particular matter of online dispute resolution and the correction of credit information for the benefit of Filipinos.” Per the memorandum of understanding signed by UPPAF and CIC, the former shall provide technical assistance to the latter in the implementation of regulatory programs including dispute resolution. The two shall collaborate and jointly plan, develop and implement annual work programs on the provided technical assistance that will support the fulfillment of the targets and objectives of the Philippine government, according to Garchitorena. “In order to realize [this objective] of a strongly rooted, comfortable, and secure life for all Filipinos, the country’s financial ecosystem shall be anchored on a reliable credit registry,” he added.

Homegrown fintech firm offers money tips

riente Express Techsystem Corp. (OETC), the Filipino fintech company behind Cashalo, recommends adopting smart money management practices and taking advantage of digital credit solutions to help Filipinos develop responsible financial management habits. One way to financial well-being is the “50-30-20 Budgeting Rule.” “Budgeting can sometimes be overwhelming but this rule makes things simple,” OETC said. “This rule offers an easy method to help you with managing your finances wisely—allocate 50 percent of your income on your basic needs like food and utilities; 30 percent on your wants like shopping, travel plans and hobbies; and 20 percent on your savings.” According to OETC the rule “not only teaches you discipline but also gives you an easier time to map out your budget plan and ensures that your monthly income is spent equally in terms of importance and benefits.” Another way the OETC said is the “Automatic Savings Plan [ASP].” “Saving money is best when you’re half-aware that you’re actually doing it. This is how the ASP works to help you with your finances because all you have to do is automatically deposit a fixed amount of money into your savings account at specified intervals,” the OETC said. “You’ll have no time to second-guess your decisions with this savings plan; hence, you can keep your savings steadily flowing without having to manually deposit funds into your respective bank accounts.” Another way the OETC said can help to better financial wellbeing is the “’Shop Now and Pay Later’ Digital Credit Solutions.” “Often important big-ticket items, such as appliances or office supplies to improve your home or grow your business are hard to accommodate. However, with digital credit solutions that enable expenditure over time, these investments can now be made hassle-free,” the company said. With the right mindset and discipline, you can build your own financial future—one that is filled with the stability you need and the freedom you want, the OETC said. Rizal Raoul S. Reyes

Green Monday BusinessMirror

B4 Monday, January 27, 2020

China unveils plan to reduce single-use plastics by 2025

hina’s top economic planner said it would cut the production and use of plastic over the next five years, helping reduce one of the world’s biggest sources of plastic pollution.

By the end of this year, nondegradable plastic bags will be banned in places, such as supermarkets and shopping malls in major cities, as well as in the country’s ubiquitous food delivery services, according to a plan released by the National Development and Reform Commission (NDRC) last week. China will significantly reduce the use of disposable plastic in e-commerce, express deliveries and takeaway food by 2022, while promoting alternative materials, the NDRC said. The nation will also establish a system for producing, distributing, consuming, recycling and disposing of plastic products by 2025.

T he u se of pl a st ic i n t he world’s most populous nation has risen as online shopping and food delivery apps have become part of everyday life, even in rural areas. Alibaba Group Holding Ltd., which organizes a 24-hour shopping marathon every year, has been criticized for shipping 1 billion packages in a single day. The ease with which food can be ordered online, often with waiting times of only 10 to 15 minutes, means an increase in plastic bags, containers and utensils that are then discarded. China has taken steps to address the deluge of plastic, including introducing a mandatory recycling system that’s being piloted

Scavengers pick up plastic bags at an open dump on April 2, 2008, in Chongqing Municipality, China. The Chinese government has announced a nationwide ban on stores distributing free ultra-thin plastic bags from June 1, 2008. The new rule says all retailers have to clearly indicate the price of their plastic bags and charge customers for the bags. Chinese people use up to 3 billion plastic bags a day, which caused about 5 million tons of crude oil used to make plastic bags for packaging every year, according to reports. Photo by China Photos/Getty Images

in cities, such as Shanghai. The country will also completely ban the import of plastic waste, the NDRC said, without giving a deadline. T he A sian nation w ill ban nondegradable, single-use plastic straws nationwide by 2020, it said, with the goal of reducing the “intensity of consumption”

of such plastic utensils by takeout services in urban areas by 30 percent in 2025. By 2022, some delivery services in major cities, including Beijing and Shanghai, will be forbidden from using nondegradable packaging, with the ban extended to the whole country by 2025. Bloomberg News

Albay village execs told: Follow waste management policies

AR AGA, Albay—The Municipal Environment and Natura l Resources Office (Menro) here has warned all barangay chairmen against nonadherence to the strict implementation of waste management programs, particularly the “no segregation, no collection” policy. Menro Chief Henry Jacob, in a meeting with chairmen of the 54 villages last week, said there is no exemption as far as the full implementation of Republic Act 9003, or the Ecological Solid Waste Management Act, is concerned. “ We are a l l required to ma ke sure that in ever y barangay, we h ave t he m ater i a l s recover y faci lit y [MR F],” he sa id. Jacob sa id communit ies should be disciplined on garbage disposal. Violators, includ-

Menro Chief Henry Jacob (second from left) presides over a waste management meeting with 54 barangay chairmen of Daraga, Albay, on January 17. He told the local officials to strictly abide by the Ecological Solid Waste Management Act, particularly the waste segregation policy. Office of the Mayor, Daraga/PNA

ing barangay officials, must be penalized for negligence. He said the Barangays of Malabog and Busay were adjudged as models for 100-percent compli-

ance with environmental solid waste management policies. He also said their goal is to make all villages compliant in fulfillment of their promise in the

10-year municipal solid-waste management plan. Jacob called for regular environmental inspection in every subvillage and the conduct of information and education campaign among villagers. He added that the Department of the Interior and Local Government municipal office is regularly monitoring the compliance with R A 9003. Meanwhile, he alerted the barangay chairman of Mi-isi, which is located along the slope of Mayon Volcano, regarding the rampant illegal quarrying in the area. “We will act on it immediately and file charges against those responsible. Our main concern, this time, is to prevent the possible lahar f lows toward populated areas due to continuous quarrying,” he said. PNA

www.businessmirror.com.ph

Occ. Mindoro town vows to strictly ban plastics By Jonathan L. Mayuga

@jonlmayuga

lastics—bags, eating utensils, cups, straws and coffee stirrers—and other disposable or single-use plastics are now banned in the municipality of San Jose in Occidental Mindoro. This, as the Department of Environment and Natural Resources (DENR), together with the province’s town officials joined forces to intensify environmental protection efforts through a memorandum of agreement (MOA) establishing the municipality as a local chapter of Tayo Ang Kalikasan (TAK). The MOA signing held at early this month was attended by DENR Mimaropa officials, led by Regional Executive Director Henry Adornado; Ernesto Tañada, Occidental Mindoro provincial environment and natural resources officer; Mayor Romulo Festin; and San Jose Municipality Chief of Police PLt. Col. William Sagmayao. As a local chapter of TAK, San Jose shall strengthen the ordinance it previously issued on waste segregation at source, and on the prohibition of disposable or single-use plastics to reduce the volume of plastic wastes that pollute portions of the Mangarin Bay and Pandurucan River. Data from the river and coastal cleanup drives held in March during the World Water Day, and in September as part of the International Coastal Cleanup Day last year revealed that plastic debris

were among the top wastes collected in Mangarin and Pandurucan. Plastic wastes are also included in the average 25 tons of trash generated by the town every day. TA K is a DENR c a mpa ig n that engages communities as partners in addressing environmental issues and challenges. El Nido in Palawan and Puerto Galera in Oriental Mindoro were also launched as TAK local chapters to improve solid waste management amid the islands’ ongoing rehabilitation. Still reeling from the devastation caused by Typhoon Ursula, the Municipality of San Jose in Occidental Mindoro welcomed the endeavor and showed its support by gathering close to 130 residents and leaders of barangays, partner-agencies, the academe, and nongovernment organizations in the capacity building and stakeholders forum held after the MOA signing. Festin stressed the role of the local government units (LGUs) in implementing var ious environmental rules and regulations, such as Republic Act 9003, or the Ecological Solid Waste Management Act, and the corresponding penalties awaiting those who fail to fulfill their duties and responsibilities. “We are often reminded by [Environment] Secretary Roy Cimatu that environment protection is not only the duty of the DENR or the LGU. It is everybody’s responsibility to take care of nature,” Adornado said.

U.N. panel: Climate change can be cause for asylum

ERLIN—A UN human-rights panel has ruled for the first time that people fleeing the effects of climate change may be entitled to claim asylum, even as it dismissed an individual plaintiff ’s case against his deportation from New Zealand. Th e U N H u m a n R i g ht s Co m m i t te e published its ruling last week in the case of a man from Kiribati who was sent back to the Pacific island nation after being denied asylum by New Zealand in 2015. The Geneva-based panel, which monitors states’ compliance with the 1966 International Covenant on Civil and Political Rights, concluded that although the deportation was legal, similar cases

might in the future justify asylum claims. The ruling has no immediate legal impact, but it is likely to be cited by people who say their rights are endangered by the impacts of climate change—such as violent storms and sea level rise. The plaintiff in the case, Ioane Teitiota, had argued that he, and his family were threatened by the lack of fresh water and violent land disputes as the ocean encroaches on Kiribati. The panel concluded that he had failed to provide sufficient evidence for his claims and that while Kiribati is likely to become uninhabitable, there is still a chance the island’s government might avert this. AP

Bangladesh court orders 231 factories closed to save river

HAKA, Bangladesh—Bangladesh’s High Court has asked authorities to shut down 231 factories surrounding the highly polluted main river in the nation’s capital, lawyers and activists said last week. Manzil Murshid, who filed a petition with the court seeking its intervention, said the factories are mainly small dyeing, tanning and rubber plants operating without approval from the Department of Environment. Such factories often are able to operate with the backing of i nf luent i a l pol it ic i a ns or by bribing government officials. The court’s decision on the factor ies near the Bur iganga River was hailed by environment activists despite some previous court orders that were not carried out by government authorities, Murshid said. Murshid represents Human Rights and Peace for Bangladesh, a domestic advocacy group. He said the decision came after the environment department submitted a report on 231 factories that operate illegally and contribute highly to the pollution. The court also asked the

officials to prepare “a complete list of illegal factories or factories without eff luent treatment plants” operating in and around Dhaka within three months. “ This is a good decision. The court has asked the authorities to disconnect water, electricity and other utility ser vices for factories that are polluting the Buriganga,” he told The Associated Press on Tuesday. A matul K arim, who represented the Department of Environment in the case, said the court’s order came after a thorough examination of the history of the factories, the level of pollution of the river and overall damage to the environment. “The Department of Environment has the power to shut the factories in question, but it was not easy to do so because of the complex legal procedures and ot her ad m in ist rat ive l im it ations. So the High Court’s decision will make the work easier for the department to go ahead,” Karim said Tuesday. Dha k a has four nearby r ivers t hat are under t hreat f rom pol lution. T he Bur iganga is a major gateway for t he capita l

Laborers work at an aluminum recycling factory near the Buriganga River on the outskirts of Dhaka, Bangladesh, in this August 2016 photo. AP/A.M. Ahad

a nd c o n ne c t s t he c ou nt r y ’s m a ny sout he r n co a s t a l d i s tricts through a network of major r ivers. W hen t he Mugha ls established Dha k a as t he capi-

ta l in 1610, t he bank s of t he Bur iganga became a major lo cation for trade. T he r iver a lso was once Dha k a’s ma in source of dr ink ing water.

Many big tanneries polluted the Buriganga for decades, but under pressure from environment a l g roups at home a nd abroad, author ities relocated

them to a distant site outside Dhaka in 2017. Syed a R i z wa na Hasa n, a prominent environmental activ ist and chief executive of the Bangladesh Environmental Law yers Association, said gover nment depar tments lacked “adequate motivation” in doing their job properly, and the High Court needed to intervene. “The Department of Environment does not need the court’s decision to do the job, they have enough power, but I wonder why they don’t do that on their own,” she said. “ The factories should be closed as they had enough time to become compliant but they failed.” S he i k h R ok on , s e c re t a r y general of the Riverine People advocacy group, said they welcomed the court decision and efforts in recent years by the administration of Prime Minister Sheikh Hasina to evict slums and illegal factories in Dhaka and elsewhere. “The High Court’s latest decision is a wider one. It has specifically targeted the polluters,” he said. “We must save the rivers, they are our lifeline.” AP

Biodiversity Monday BusinessMirror

Asean Champions of Biodiversity Media Category 2014

Monday, January 27, 2020

Editor: Lyn Resurreccion

Rare species survivors being sought amid Australia flames

ustralia’s unprecedented wildfires season has so far charred 40,000 square miles (104,000 square kilometers) of brushland, rainforests, and national parks—killing by one estimate more than a billion wild animals. Scientists fear some of the island continent’s unique and colorful species may not recover. For others, they are trying to throw lifelines. Where flames have subsided, biologists are starting to look for survivors, hoping they may find enough left of some rare and endangered species to rebuild populations. It’s a grim task for a nation that prides itself on its diverse wildlife, including creatures found nowhere else on the planet—such as koalas, kangaroos and wallabies. “I don’t think we’ve seen a single event in Australia that has destroyed so much habitat and pushed so many creatures to the very brink of extinction,” said Kingsley Dixon, an ecologist at Curtin University in Perth. Not long after wildfires passed through Oxley Wild Rivers National Park in New South Wales, ecologist Guy Ballard set out looking for brushtailed rock wallabies. The small marsupials resemble miniature kangaroos with long floppy tails and often bound between large boulders, their preferred hiding spots. Before this fire season, scientists estimated there were as few as 15,000 left in the wild. Now recent fires in a region already stricken by drought have burned through some of their last habitat, and the species is in jeopardy of disappearing, Ballard said. In prior years, his team identified a handful of colonies within the national park. After the recent fires, they found smoking tree stumps and dead animals. “It was just devastating,” said Ballard from the University of New England in Armidale. “You could smell dead animals in the rocks.” But some wallabies, his team discovered, were still alive. “All you can do is focus on the survivors,” he said. Australia’s forests and wildlife evolved alongside periodic wildfires. What’s different this year is the vast extent of land burned—an area as big as Kentucky—against a backdrop of drought and searing temperatures attributed to climate change. Last year, among the driest in more than a century, saw temperatures that routinely topped 104 degrees Fahrenheit (40 degrees Celsius). Not all animals will perish in the blazes. Some can shelter in rock crevices or hide deep in underground burrows. Yet, when survivors emerge into a fire-scorched wasteland, they will face hunger, thirst and nonnative predators, including introduced foxes and feral cats. Since fires swept through parts of Oxley Wild Rivers National Park nearly two months ago, there’s been little rain and no green shoots. So Ballard’s team has trekked through the ashcovered forest carrying water and sacks of sweet potatoes, carrots and food pellets. “There are so few left that, with a species this rare, every individual counts,” he says. Elsewhere in New South Wales, conservation workers are dropping vegetables from airplanes into scorched forests, hoping that wallabies and other species find a meal. In the state of Victoria, authorities estimate that brush-tailed rock wallabies lost 40 percent of their habitat as did another rare marsupial—the long-footed potoroo—according to a preliminary damage assessment. The full toll on Australia’s wildlife includes at least 20 and possibly as many as 100 threatened species pushed closer to extinction, according to scientists from several Australian universities. “The worry is that with so much lost, there won’t be a pool of rare animals and plants to later repopulate burnt areas,” said Jim Radford, an ecologist at La Trobe University in Melbourne. The fires could knock out rainforest species dating back to the time of the Gondwana supercontinent, before the modern continents split apart, he said. University of Sydney ecologist Christopher Dickman estimated that more than 1 billion animals have been killed so far. His calculations took previously published animal density numbers for different vegetation types and multiplied that by acreage burned. He says that number does not include bats, amphibians, insects or other invertebrates. The wildlife toll includes tens of millions of possums and small marsupials known as gliders, which live in tree tops and can leap extraordinary distances by using a parachute-like membrane of skin between their ankles and wrists. State officials in Victoria predicted more than a 25 percent reduction in glider numbers from the fires. “The implications for some species are pretty grim,” Dickman said. “If we can’t protect them here, they’re gone. No one else has them.” AP

Distressed wildlife from Taal find haven in nearby Mount Maculot By Jonathan L. Mayuga

@jonlmayuga

leeing wildlife from Taal Volcano eruption-affected areas in Batangas has found a haven in nearby Mount Maculot in Cuenca town, an official of the Department of Environment and Natural Resources (DENR) said. Assistant Secretary Ricardo Calderon, concurrent director of the DENR’s Biodiversity Management Bureau, said reconnaissance conducted by the DENR-BMB discovered that Mount Maculot has become the temporary home to animals from forests affected by the eruption of the Taal Volcano. “A n i m a l s i n st i nc t ive ly go away to escape danger. We are hoping that they can find a temporary home in nearby forests,” Calderon said. Mount Maculot is a popular site for trekkers and nature lovers. Cuenca is near Labangan Bay in Taal Lake. It is bounded by the towns of Alitagtag, San Jose and Mataas na Kahoy. “Our drone captured images of monkeys on Mount Maculot. But there are several of them in the area. Two were seen foraging on a bamboo tree,” Calderon said. “It is likely that the birds and other animals from forest affected by the volcanic eruption have fled there [Maculot] because it was not severely affected,” he said.

The Taal Volcano and the entire Taal Lake forms part of the Taal Volcano Protected Landscape. It is also identified as a key biodiversity area because it is home to numerous threatened plant and animal species, including those that are unique to the area. According to Calderon, a preliminary assessment conducted by the DENR in the areas in Batangas revealed around 8,000 hectares were covered with ash. T his include the estimated 2,400 -hectare volcano island, w h ic h i s co ve re d b y most ly cogon grass and shr ubs w ith severa l trees. “Mostly, the affected forests are in Agoncillo and Talisay,” said Calderon, former director of the DENR’s Forest Management Bureau. However, he said it is highly possible that most of the wildlife that was able to flee before the eruption has found a haven in the nearest unaffected forests like Mount Maculot. “We learned that during the eruption, a lot of birds even from

Birds rest on top of roofs covered in volcanicash at a park near Taal Volcano in Tagaytay, Cavite province, on January 19. AP/Aaron Favila

the volcano island were seen flying away from the volcano,” he added. Mount Maculot has a relatively intact and dense forest cover. “In the next few days, our drone will fly over forests in Talisay [municipality],” he said. Since the eruption of Taal Volcano on January 12, around 20 million tons to 30 million tons of volcanic deposits, including ash, were spewed out by the volcano, one of the world’s smallest but second-most active volcano in the Philippines, next to Mayon Volcano in Albay province. T h e DE N R - B M B h a s d i s patched a team to Batangas to rescue distressed wildlife that

may have been captured by residents as the animals flee their natural habitats. So far, the DENR has in its possession a hornbill that was turned over to DENR Undersecretar y Benny Antiporda by a member of the Cavite Educators Lions Club. Antiporda is a member of the Lion’s Club. Meanwhile, it was learned that the DENR-BMB wildlife rescue team is unable to search abandoned structures around Taal Lake, which have since been covered with ash. Besides, a total lockdown is in effect in 15 Batangas towns within the 14-kilometer danger zone.

Part of the team’s mission is to appeal to the public not to harm distressed wildlife but help in their rescue and rehabilitation. Only one team is doing the rounds to save distressed wildlife in Batangas. “Right now, since our field personnel are also busy helping in the relief operations, our wildlife rescue team are doing their best, searching areas outside the danger zone,” Calderon said. He added that many domesticated animals, including livestock, were affected by the ash. It is highly possible that wildlife thriving around the lake is affected, he noted.

BEYOND VOLCANIC ERUPTION

Forest fires pose serious threat to biodiversity W

ith the devastation brought by Taal Volcano’s eruptions to the people and to the environment so far, authorities in the Philippines are on heightened alert. The provinces of Batangas and Cavite, and Tagaytay City, a component city of Cavite, have declared a state of calamity. According to the National Disaster Risk Reduction and Management Council, a total of 81,067 families, or 316,989 persons, were affected in the provinces of Batangas, Quezon, Laguna and Cavite. Of these, 39,811 families, or 147,873 persons, are sheltered in around 500 evacuation centers, while 30,325 families, or 119,106 persons, are receiving relief support outside rehabilitation centers. The volcanic eruption’s estimated damage to agriculture in Batangas, Laguna and Cavite so far totaled P3.215 billion.

(Hydrophis semperi). This species is one of the only few snakes of its type that breeds in freshwater and is the only known freshwater sea snake in the Philippines. The faunal species that can be found within the TVPL are the bato-bato, pugong parang, maya, uwak, Brahminy kite, kiliaoan, kasay-kasay, tree sparrow, kingfisher and fruit bats. DENR Assistant Secretary Ricardo Calderon, also the concurrent BMB director, said around 8,000 hectares of forest, including the forest on the volcano island that is estimated to have a total land area of 2,400 hectares, were covered in ash and are potentially damaged. Volcanic ash contains toxic mineral deposits that are harmful to plants and animals as they are to humans. He said the DENR-BMB would conduct an assessment on the damage as soon as the situation in the area normalizes.

Damaged ecosystems, threatened wildlife

Beyond volcanic eruption

Beyond these, however, experts are looking at the more intrinsic values that may be lost or are not properly accounted for during disasters: the damage to ecosystems and the wildlife in the area. According to the Department of Environment and Natural Resources (DENR), the damage to ecosystems and wildlife, collectively called biodiversity, could not be overemphasized. Taal Volcano, the Taal Lake and the surrounding environment is a protected area known as Taal Volcano Protected Landscape (TVPL). The DENR-Biodiversity Management Bureau (BMB) said wild faunal species found in the area consist of white and brown heron, crow and other common bird species. Also, the TVPL is known to host a good number of monitor lizards, different species of snakes and frogs. More important, the lake is home to different kind of fish species, including the famous tawilis and maliputo, the only freshwater species of their kind that can only be found on Taal Lake, on top of the common bangus, tilapia, hito, dalag, biya and ayungin. Taal Lake is also home to a venomous sea snake

Experts agree that volcanic eruption may trigger forest fires. Department of Science and Technology (DOST) Undersecretary and Phivolcs Director Renato Solidum said it is possible for volcanic activities like lava fountaining and lava flows to start forest fires. “In fact, one netizen who was documenting activities near the crater showed a burning tree,” he said. Calderon agreed, and added that the withering of trees and other vegetation is a cause for alarm. “Even when the forest or vegetation is green, like in Benguet, forest fires happen,” he said. Asean Centre for Biodiversity (ACB) Executive Director Theresa Mundita S. Lim said in an interview that forests near an erupting volcano, because of the intense heat, could easily catch fire. “If there is an adjacent forest, especially when the vegetation has dried up, fire can quickly spread out,” she added.

Fire prone

The Philippines is prone to forest fires, especially during the summer or dry season, when trees and other forest vegetation begin to wither and dry up.

With a total land area of 30 million hectares, around half of which are classified as forestlands. The Philippines is struggling to conserve and expand, through massive reforestation, its existing forest, that is estimated to be not more than 7 million hectares. Despite its dwindling forest cover, the Philippines boasts of dense forests, which are hit by forest fires from time to time. According to the Bureau of Fire Protection (BFP), a total of 226 forest fires happened in 2019. More than half of these, or 137, happened in the Cordillera Autonomous Region. Forest fire incidents are also high in Region 6 with a total of 43 fire incidents recorded from January 1 to December 31, 2019. According to newly designated DENR Forest Management Bureau (FMB) director, Ludy Wagan, forest fires is deadly and destructive. She said forest fires occur because people are not conscious of its deadly and destructive potential. Most forest fires, she said, are caused by lit cigarette butt irresponsibly thrown by smokers while they are trekking or naturetripping. Others are caused by campfires that were not put out before the campers leave. But the more common cause of forest fires, she said, is the slash-and-burn farming practice in upland areas. “When portions of the forest are burned for kaingin, sometimes, they become uncontrollable, causing fire to spread,” she said in Filipino. She said the DENR-BMB is currently crafting information, education and communication materials with focus on forest fires. “Forest fires can be very destructive. It can destroy an entire forest and kill wildlife,” she said, citing the Australian wildfires crisis. So far, it was estimated that over 1.25 billion animals have died in the several months of ongoing Australian wildfires, and that almost half of the population in Australia were directly affected with health problems.

It can happen here

The ACB said catastrophic forest fires like that in

Australia could happen in the Philippines or any country in Southeast Asia because of numerous factors, including the effects of climate change Lim said this can happen if forests are degraded, or worse, dried up, making it prone to fire, underscoring that a healthy forest can somehow protect itself from deadly fires. “Most forest types here have enough moisture to stave off uncontrolled wildfires. Even peatland forests, though rich in natural gas, will not burst into flames. it will not be disturbed and allowed to dry up,” she said. According to Lim, there may be certain forest types that need to burn periodically, like pine forests, such as those in Baguio City and other highly elevated areas in order to help in their natural regeneration. “So ideally and under normal circumstances, the Philippines, and the rest of Asean should not experience what has happened to Australia. However, as we all are observing nowadays, we are no longer under the ‘old normal’ circumstances. Our summers are getting warmer and we are experiencing earlier and prolonged warmer weather,” she said. According to Lim, a biodiversity expert, the country’s natural forests, if undisturbed, should be more resilient to such extreme conditions. Unfortunately, she said most of our forests are being fragmented and converted into plantations. “Our peatlands are being cultivated and converted unsustainably, and we have seen that this can actually lead to wildfires in the region, that are difficult to manage and control,” she said. However, Lim said there is still a chance for recovery. “The Asean still has around 40 percent of forest cover as of 2015, and if we are to protect and sustainably manage what remains of the natural forest out of this 40 percent, and restore and expand it, through measures based on indigenous knowledge and the best available science that integrates biodiversity in the methodology, then we could prevent the more uncontrollable wildfires in the future,” she said. More important, she said indigenous people’s

(IPs) knowledge is a boost in early detection of forest fires, and prevention, such as “controlled burning” matters. “Their [IPs] knowledge on native vegetation in the area is also important for ecosystem restoration programs,” she said.

Learning lessons

With its limited resource and manpower, the BFP, whose mandate on fire prevention and protection include the vast forest, have learned its lessons from the Australian wildfire, and is now becoming more aware of the destructive potential of forest fires. The data on total land area affected by forest fires in the Philippines was not immediately known and neither was its estimated damage to agriculture, or to forest ecosystems. Senior Supt. Gerrandie S. Agonos, BFP spokesman, explained to the BusinessMirror that the BFP’s focus used to be only in preventing and fighting structural fire in highly urbanized areas. Before, he said, BFP statisticians were not required to include in their annual reports the area damaged by forest fires. “Now, we are required to include it in our annual report,” he said in Filipino. He said the BFP is seeking a budget for the BFP’s modernization to build its firefighting capability, adding that unlike other countries, the Philippines has very limited resources like helicopter or airplane equipped with the fire-fighting capability to fight forest fires. “So whenever our firefighters go out to put off a forest fire, they are armed with a pick, a shovel, mano a mano [hand-to-hand]. They cut down trees, clean areas to isolate the fire, and that’s it,” he said. But he said the BFP is not in any way reluctant in what he says is very important—educating the communities about fire prevention. “The best way to fight fire is not to start one,” he said. According to Agonos, in coordination with the local government units and the DENR, information campaigns are being conducted, targeting upland communities on how to prevent and help fight forest fires. Jonathan L. Mayuga

B6 Monday, January 27, 2020

A village of hope: Anchor Land visits Bantay Bata’s Children’s Village ASUS Philippines launches new and improved ‘Platinum Protection Warranty’ service

(From left) Francis Garcia (Asus marketing head for consumer PC), Polo Deng (Country Manager - Service), Lenny Lin (Business development manager - Gaming PC), Francia Avila (Asus expert series lead), Leoren Violan (Asus product marketer for gaming PC).

SUS Philippines is leaving no stone unturned when it comes to providing its fans and users the best kind of product experience. Following a milestonefilled 2019, which saw the brand celebrate its 30th year globally, ASUS Philippines is starting the new decade with a bang, with the launch of the new ASUS Platinum Protection Warranty (PPW), taking service innovation and user experience to a whole new level. The new service provided covers all customers who purchase any ASUS, ROG or ExpertBook Laptops starting January 1, 2020. The ASUS PPW includes coverage

for accidental damage within the first year of the warranty, at no additional cost. On top of this, ASUS laptop users can still also maximize the already existing after-sales services such as the 2 Years Global Warranty and the ASUS Premium Care, which ASUS users can enjoy altogether*, making it the Perfect Warranty package for your ASUS, ROG or ExpertBook Laptops. The 2 Years Global Warranty upholds ASUS Philippines’ Gold Standard in aftersales service and is honored not only within the country but also in 193 countries worldwide. ASUS Premium Care also lets customers take advantage of ASUS’

Authorized Service Partners’ expertise for their laptops’ internal maintenance, ensuring longer lifespan and improved overall performance. The main highlight of the ASUS PPW is the “Local Accidental Damage Package”, or LADP, and covers accidental damage such as drops, falls or other collisions, liquid and electrical damage, and even acts of nature such as earthquakes, floods and typhoons. For ASUS laptops that are eligible under the PPW, ASUS will shoulder 100% of the labor cost and 80% of the part replacement cost. “2019 was a BIG year for ASUS, and more so for ASUS Philippines. Year after year, we launch innovative products and introduce exciting promos for our end-users, and now, as we welcome a new decade, we focus our first efforts of 2020 towards launching a new aftersales service that will help all our new ASUS users enjoy and have a worryfree experience with their laptops. With the ASUS PPW, we assure our fans that we will be with them every step of the way,” said Lenny Lin, ASUS Philippines Business Development Manager for Gaming PC. For full mechanics of the ASUS PPW, click visit: www.asus.com/PH/ ASUS_Website_Information/PlatinumProtection-Warranty

ANCHOR LAND DONATES PHP 2.4 MILLION AS PART OF ITS CONTINUED SUPPORT TO THE CHILDREN RESCUED BY ABS-CBN FOUNDATION'S BANTAY BATA 163 PROGRAM. in photo from left to right Anchor Land’s PR and Corp Comm Junior Associate Madel Marfil, PR and Corp Comm Head Romil Hernandez, and President Elizabeth Ventura; and ABS-CBN Foundation’s Marketing Lead Sheryl Gabuya and Marketing Specialist Lucille Alonzo.

HE Children’s Village in Norzagaray, Bulacan is home to the children rescued from abuse, neglect and abandonment. Each of them found a home in this 2.5 hectare community, giving them a safe place to start anew and pursue a bright future. A project of ABS-CBN Foundation’s Bantay Bata 163, the village nurtures the children with love, care and intervention on their way to healing, in partnership with private organizations like Anchor Land. Volunteers of the property developer brought love and happiness to the children, giving them papier mache forms of boats and trains to paint. In exchange for the generosity of their visitors, the children showed off their talents through dancing and singing. The afternoon was filled with contagious happiness, spreading joyous laughter in the village. “There are so many donors, but Anchor Land is one of our most trusted donors. They went out of their way to give the kids boats and trains to paint. To the kids, painting frees their minds and helps them focus on thinking

about the wonderful colors of life. This simple activity helps them dream what their futures are going to look like. It was not only an education tool, but a tool to recuperate from their painful memories in the past.” Sheryl Gabuya of ABS-CBN Foundation said. The children at the village receive help for holistic healing through physical and psychosocial means, stimulating a loving and caring environment as a form of alternative child care. They are also provided with added support from donors like Anchor Land. Anchor Land has been supporting Bantay Bata since 2012. This year, the company gives medical support to over 240 young beneficiaries, covering the vaccines for the children of the village, as well as medical assistance for dengue patients in Bantay Bata offices, and a number of medical surgeries. Anchor Land’s support to Bantay Bata is part of its efforts in caring for the communities through its deep and enduring commitment to transforming the lives of those who are in need.

34th Photo World Asia kicks off January 30 in Makati

Photo World Asia 2020 Speakers Meeting held January 16 at Max’s Greenbelt 1, Makati.

HE Federation of Philippine Photographers Foundation (FPPF) announces the holding of Photo World Asia 2020 from Jan 30 to Feb 4 in Makati. It is the 34th edition of the annual international conference of photographers and photography trade show. at the Asian Institute of Management in Makati, Philippines Chairman for Photo World Asia 2020 is multi-awarded photographer Engr. James S. Singaldor of Samahang ng mga Litratista ng Rizal (SLR) camera

club. He will be overall in-charge of preparations for the activities at the photography trade show in Glorietta Ayala Malls, and the international photographers’ conference at the AIM Convention Center in Makati. Photo World Asia is an annual event that has been going on since 1987 under FPPF, a non-profit organization of photographers dedicated to the promotion of photography in the Philippines. There are two components of the event: the photography

trade show at the Glorietta Ayala Malls will showcase the latest trends and products in the industry, with major camera manufacturers and photography suppliers participating, while the international photographers’ conference at the Asian Institute of Management (AIM) is the venue for photographers to learn from each other’s experiences. Theme for Photo World Asia 2020 is “Travel and Lifestyle”. Renowned photographers are scheduled to speak at the conference. The photography trade show at the Glorietta Ayala Palm Drive is free and open to the public, as the international photographers’ conference at the AIM in Makati, scheduled on Jan 31-Feb 2, requires registration and entrance fee. (For more details, visit the FPPF official website: http://www.photoworldmanila. com/2019/12/23/registration-nowopen-photo-world-asia-2020/)

POGO Industry biggest driver in 2019 property market

By Stephanie Joy Ching

HE year 2019 ended on an unusual note for the office property market. With a record high of 1.7 million sqm in office space demand, 2019 saw the rise of demand from the Philippine Offshore Gaming Industry (POGO). The industry is accountable for the highest demand for office space in Metro Manila, Pampanga and Cebu. Leechiu Property Consultants (LPC) CEO David Leechiu disclosed that the POGO sector’s demand doubled from 443 thousand sqm in 2018 to 738 thousand sqm in 2019. Meanwhile, the Information Technology and Business Process Management (ITBPM) demand lowered by 14% from 2018’s demand due to “the scarcity of office spaces and tax incentives.” In LPC’s annual report, they noted that IT-BPM transactions “dampened significantly” in the latter half after the issuance of Administrative Order 18. The order, which halted the processing of new economic zones in Metro Manila, put the IT-BPM sector “into

a wait and see mode” due to the “uncertainty in the market.” “This is a rather unusual trend because most BPOs will lease towards the end of the year.” said Mr. Leechiu in a media briefing last December 2019. Despite this, LPC is optimistic that the next year will see the sector “grow rapidly and aggressively.” Due to uncertainties in large economies abroad, they predict that bigger companies will end up offshoring jobs to India and the Philippines. In terms of the local setting, Mr. Leechiu stated that the BPO sector “have sold and committed to vacancies this year, so many of our clients are looking for more space next year.” Meanwhile, POGO transactions peaked during the second and fourth quarters. During this time, they were taking up “entire buildings in the Bay Area, Quezon City and Makati City.” They also precommited to 127 thousand sqm of space one to two years ahead of completion. This

is unusual, as POGOs would rather take up already existing space. “That shows you the confidence they have in their future,” commented Mr. Leechiu, “They are confident in the future prospects of the country.” Indeed, the future does seem bright for the country. LPC noticed a significant number of transactions in the nearby regions of Pampanga and Cavite. A significant number has also been made in Cebu. Mr. Leechiu stated that these areas, particularly Clark, is “the new frontier” due to the “combination of international access, better connections to Metro Manila via rail and other new roads in addition to existing tax incentives and massive amount of available talent.” “It’s very good to see the proportions move outside of Manila,” he said, “but I have to stress that in order for the provincial sites to grow, we need Manila to grow. It’s only in Manila that they will be able to build the community, the labor, management talent, the culture at a scalable level. Only after they’ve done that can they move this management talent to manage provincial sites.”

NADAL VS. KYRGIOS

IT IS A RIVALRY! By Howard Fendrich The Associated Press

ELBOURNE, Australia—Maybe he was simply bored by the questions. He certainly was physically and emotionally spent after the longest win of his career. So Nick Kyrgios slumped forward, his crossed arms leaning on a table, as he spoke to reporters in a monotone at the Australian Open. Until, that is, the subject of his upcoming fourth-round showdown against Rafael Nadal was raised. That’s when Kyrgios sat up at attention and declared: “I’m super-excited, honestly. Playing one of the greatest tennis players on center court at your own Slam—it’s pretty damn cool.” Moments later, he added: “That’s why you play, I guess.” It’s also why we watch. When the topseeded Nadal, a 33-year-old from Spain, and the 23rd-seeded Kyrgios, a 24-year-old from Australia, meet at Melbourne Park (it’ll be Monday, local time; Sunday night EST), there’s no telling what will happen. “Unquestionably great for the sport,” said International Tennis Hall of Fame member Pat Rafter, who won the US Open twice. “The way they both hit the ball will make it a classic.” There’s more to it than that, though. The truth is, tennis needs more of these matchups: Kyrgios versus Nadal; young versus old; up-and-comer seeking validation with his first Grand Slam title versus all-time great trying to equal Roger Federer’s record of 20 majors; big serve versus baseline supremacy; the trick-shot artist versus the grinder who

hate each other too much, given how little they’ve interacted away from the court. “I don’t know him personally, honestly,” Nadal said. Hours later, Kyrgios said something similar. “I don’t really know Rafa. I’ve never, like, hung out with him or anything like that. So I don’t really know how he is,” Kyrgios said. “I don’t really dislike him.... I mean, I don’t know him at all. Hell of a tennis player. Don’t know him as a person. I’m sure he’s OK.” Yet, they exchanged barbs through the media after Kyrgios beat Nadal in Acapulco last year. When they played at Wimbledon in July—a win for Nadal that gave him a 4-3 head-to-head edge—Kyrgios ripped a shot right at Nadal’s midsection, then refused to apologize. “It’s clear, of course, that when he does stuff that, in my opinion, is not good, I don’t

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| Monday, January 27, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

like [it]. When he plays good tennis and he shows passion for this game, he is a positive player for our tour—and I want my tour bigger, not smaller,” Nadal said. “When he’s ready to play his best tennis and play with passion, [he] is one of these guys. When he’s

THE dichotomies provide an incredibly intriguing aspect of their rivalry, which dates to when a teenage Nick Kyrgios shocked Rafael Nadal at Wimbledon in 2014.

plays every point like his life depends on it; the do-it-hisway guy who’s been fined thousands of dollars and was put on probation by the Association of Tennis Professionals Tour versus the say-allthe-right-things, never-in-trouble statesman. The dichotomies provide an incredibly intriguing aspect of their rivalry, which dates to when a teenage Kyrgios shocked Nadal at Wimbledon in 2014. And make no mistake: It is a rivalry. There is some distaste on each side, even if both men sought to make the point that they can’t really

doing the other stuff, of course I don’t like [it].” Kyrgios is a showman who says and does things that create drama. Just look at his fifth-set tiebreaker victory over No. 16 Karen Khachanov that lasted nearly four-and-a-half hours Saturday night, with what sounded like all of Australia cheering right along: Kyrgios took a medical timeout for glute pain, bloodied his hand by diving for a

ball, argued with the chair umpire over a time violation warning, hit 33 aces, wasted one match point in the third set and another in the fourth, and was two points from defeat in the fifth. Nadal needed less than 100 minutes to win his ho-hum third-rounder, notable merely for how flawlessly he played. “At the end of the day, we’re two different tennis players. We go about it completely different. After Wimbledon [in 2019]—I lost, I got beaten by the better player—I shook his hand, looked him in the eye, and said, ‘Too good,’” Kyrgios said. “Regardless, if we don’t like each other or whatever, I think there’s a layer of respect. He’s one of the greatest of all time. I also read that

Kenin stops Gauff run in Aussie Open’s 4th round M

ELBOURNE, Australia—Coco Gauff’s latest history-making Grand Slam run at age 15 ended with a 6-7 (5), 6-3, 6-0 loss in the Australian Open’s fourth round to Sofia Kenin on Sunday. Like Gauff, Kenin is a young—although, at 21, not quite as young—American and she reached her first major quarterfinal with the victory. “I just needed to calm down, relax, try my best and fight,” the 14th-seeded Kenin said. “I’m just so speechless.” In her previous match, the 67th-ranked Gauff beat Naomi Osaka to become the youngest player in the professional era to defeat the reigning women’s champion at the Australian Open. But Gauff did not play as well this time, winding up with 48 unforced errors, more than twice as many as Kenin’s 22. After dropping the opening set, Kenin immediately tilted things her way, breaking in the initial game of the second and never letting that lead slip away. When it ended, appropriately enough, on a missed backhand by her opponent, Kenin dropped her racket at the baseline and covered her face as tears welled in her eyes. “She’s such a tough player. Had a tremendous 2019,” Kenin said, referring to Gauff with words that also apply to Sunday’s winner. “All respect to her.” Just before Gauff announced herself last season by becoming the youngest qualifier in Wimbledon history and beating Venus Williams en route to the fourth round, Kenin strode onto the Grand Slam stage at the French Open by upsetting Serena Williams to get to the round of 16 at a major for the first time. Gauff’s power is impressive. One tiny indication: She slammed a forehand into the net so hard that it dislodged a piece of a sponsor’s white plastic sign. Kenin can’t copy that. But thanks to her relentless ball-tracking and a bit of in-your-face attitude with a racket in hand, Kenin surged up the Women’s Tennis Association rankings from 52nd to 12th in 2019 while winning her first three tour-level singles titles plus a couple in doubles. Next up is another first-time Slam quarterfinalist: 78th-ranked Ons Jabeur of Tunisia, a 7-6 (4), 6-1 winner against 27th-seeded Wang Qiang. It was Wang who surprised Serena in the third round. Also advancing was last year’s runner-up in Melbourne, twotime Wimbledon champion Petra Kvitova, who was down a set and

Coco Gauff walks away from the court following her fourth-round loss to compatriot Sofia Kenin. AP

he thinks I’m good for the sport. There’s a layer of respect that we both have for each other. Doesn’t necessarily mean we like each other, but...we’re going to go out there and give contrasting styles and personalities.” So it’s fine to tune in to see how well he’ll handle his emotions as much as how well he’ll handle Nadal’s down-the-line, topspin-lathered lefty forehand. Or to see how well Nadal deals with Kyrgios’s distractions as much as the 6-foot4, 187-pounder’s 140 mph aces-in-waiting. Pick one to support. Or don’t. Either way, tune in. And enjoy. Or as 2003 Wimbledon runner-up Mark Phillippoussis put it: “Find a nice comfy couch and get out the popcorn!”

a break before coming back to defeat No. 22 Maria Sakkari, 6-7 (4), 6-3, 6-2. “From the beginning, it was a lot of nerves out there. I didn’t feel the best. I was just, you know, too tight, and everything was flying,” Kvitova said. Eventually, she worked out the issues, began to swing more freely and took control. Kvitova’s quarterfinal opponent will be No. 1 seed Ash Barty—trying to become the first Australian to win the nation’s Grand Slam tournament since the 1970s—or No. 18 Alison Riske of the United States. Also on Sunday, defending champion Novak Djokovic moved into a quarterfinal against No. 32 Milos Raonic. Djokovic defeated No. 14 Diego Schwarzman, 6-3, 6-4, 6-4. Raonic beat 2014 US Open champion and 2018 Australian Open runner-up Marin Cilic, 6-4, 6-3, 7-5, with the help of 35 aces. Perhaps just as noteworthy: The Canadian produced 30 more aces than Cilic, a big server himself. Raonic has 59 holds in a row, and won all 12 sets he has played so far en route to his third quarterfinal in Melbourne. He was the runner-up at Wimbledon in 2016, but hasn’t been to a Grand Slam semifinal since while dealing with a series of injuries in recent seasons. “I haven’t gotten to do this much over the last two years,” Raonic said, “so it means a lot to me.” He has been overshadowed of late by other, younger Canadians: Bianca Andreescu, who won the US Open last year at 19 but missed the Australian Open with a knee injury; and Denis Shapovalov, 20, and Felix Auger-Alissime, 19, who both were seeded among the top 20 men at Melbourne Park but lost in the first round. At Melbourne Arena, Gauff won the toss, elected to serve and proceeded to hand over a quick break, accumulating four misses, including a backhand that hit the net tape and popped back onto her side. Kenin shouted “Come on!” while the ball was still in the air. She soon took leads of 2-0 and 4-2, as a tentative Gauff was trying to feel her way into the match. But then Kenin faltered, a bit of inexperience revealing itself when she opted not to challenge a forehand of hers that was called out—and a TV replay showed was in. That mistake granted Gauff her initial break chance of the afternoon, which Kenin then donated by sailing a forehand long. Suddenly it was four-all, and they headed to a tiebreaker, where Kenin blinked first. She had avoided even one doublefault until then, but offered up two as Gauff went ahead 5-2, used a 119 mph (191 kph) serve to set up a forehand winner for 6-2 and, after letting set points slip away, closed it when Kenin netted a backhand. AP

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Rahm wrests lead at Torrey Pines, but Rory—even Tiger—lurk behind

AN DIEGO—Jon Rahm is playing some of his best golf with two victories and a runner-up in his last four tournaments. He was at his best Saturday at Torrey Pines, holing a chip for birdie and a full gap wedge for eagle to start his round. Even after a seven-under 65 for a one-shot lead in the Farmers Insurance Open, Rahm knows, as well as anyone, that the hard work is still in front of him, mainly because of whoever might be behind him. Three years ago, that was Rahm. He made two eagles over the last six holes for a 66 to capture his first Professional Golfers Association (PGA) Tour title. This year, it could be Ryan Palmer and Rory McIlroy in the final group, maybe even Tiger Woods from five shots back. “The back nine three years ago? It will do absolutely nothing, really,” Rahm said. “The only thing it’s going to do is keep me focused, no matter how good I’m playing, knowing that somebody can come and do the same thing.” After a two-hour fog delay, Rahm had the ideal start. He chipped in from just off the green at No. 1. Then, he hit a gap wedge from 111 yards that landed short of the hole and rolled in for an eagle. Equally important was saving par on No. 5, and then on Nos. 12, 14 and 15, each of them feeling just as good as birdies. It led to the low round of the day. He was at 12-under 204 and had a one-shot lead over Palmer, whose card was a mixture of birdies and bogeys until a 10-foot birdie on the 17th gave him a 71.

Rahm and Palmer have good history. They were teammates at the Zurich Classic in New Orleans and won. This time they’re on their own, with company. McIlroy can go to No. 1 in the world with a victory, and after a poor finish on Friday, he got it right this time. McIlroy hit a five-iron from a bunker on No. 12—the third-toughest hole of the day— to six feet for birdie. He also powered a three-wood over the water to 20 feet on the par-five 18th that set up an easy birdie for a 67. That left him three shots behind and in the final group with Rahm, the first time they’ve played together on Sunday on the PGA Tour. “It was nice to shoot a good third round here and get myself a little bit closer,” McIlroy said. “There’s a lot of guys like 6-, 7-, 8-under par. Need to go out and try to replicate what I did today. If I can do that, I’ll have a good shot.” Woods finished with a 15-foot putt—his longest of the round—on the par-five 18th and hopes it will give him some momentum going into Sunday. Never mind that the putt was for par. He sent his wedge over the green and into the bunker, and another dropped shot could have been costly. The par salvaged a 69 that got him within five shots. It wasn’t a bad score, it just felt like way after the start. Woods opened with two birdies in three holes, chipped in for par, added two more birdies for a 32 and suddenly was within two shots of the lead as he goes for a ninth victory at Torrey Pines, and a record 83rd in his PGA Tour career. AP HILARY KNIGHT feels a little intimidated by the challenge in front of her. AP

Chinese officials announce they are closing the National Stadium until at least next Thursday to “prevent and control” the spread of the virus.

‘BIRD’S NEST’ OFF LIMITS T

Women’s 3-on-3, shots from stands highlight NHL skills event

AINT LOUIS—Hilary Knight stood among the National Hockey League’s (NHL) best players, and felt a little intimidated by the challenge in front of her. At the time, she was in the glare of the spotlight shooting pucks from the stands at targets on the ice as part of one of the newest events at the All-Star Skills Competition. Of course, Knight and some of the best women’s hockey players were in the spotlight all Friday night with their three-on-three game standing out as the highlight of the festivities. “To be able to make history tonight, and have a lot of fun doing it is a dream come true,” Knight said. “It was a great opportunity for everyone, a great opportunity for fans who aren’t introduced to women in the sport, and also that young girl who is looking at the TV and can now see a women’s hockey player, and aspire to be that.” The US-Canada women’s three-on-three, and the mix of hockey and Top Golf spiced up the skills competition by showcasing the kind of offensive skill that has become the norm in the sport. Eight NHL All-Stars, Knight and Canadian women’s captain Marie-Philip Poulin from a platform behind one of the nets took aim at targets on the ice. It was something different and entertaining, if not a little awkward. “We were elevated pretty high,” Toronto Maple Leafs forward Mitch Marner said. “It was just a weird feeling. You don’t really know how much power to put into it or anything.” A subject of booing from Blues fans all night,

Chicago Blackhawks winger Patrick Kane beat Marner and Saint Louis’ Ryan O’Reilly to win the “shooting stars” event. It got mixed reviews, even from the first champion. “It was fun to win it,” Kane said. “I think I’m a fan of kind of the original skills stuff.... But I understand where they’re trying to go with it where they’re trying to create some different events.” The women’s three-on-three was a smashing success as a new event. Canada beat the United States, 2-1, as Rebecca Johnston and Melodie Daoust silenced “U-S-A! U-S-A!” chants with a goal apiece, and Ann Renee Desbiens was the biggest star with 18 saves. The sellout crowd of 18,069 was engaged for all 20 minutes of the exhibition, which was full of breakaways and terrific goaltending. “I think this shows how great of hockey players we are,” US forward Kendall Coyne Schofield said. “You could see the skill, you could see the puck movement, the speed, etc., and for the NHL to allow us to have this platform to play the game we know we can play in front of so many people, it really shows the strides that this game is making, and we’re making it together and collectively.” In the first event of the night, New York Islanders forward Mathew Barzal ended Connor McDavid’s three-year reign as winner of the fastest skater competition. At 13.175 seconds, Barzal finished four-hundredths of a second ahead of McDavid and narrowly missed breaking the record set by Dylan Larkin in 2016. AP

HE National Stadium in Beijing is among several public buildings to have been closed by Chinese authorities as they battle to contain the outbreak of the coronavirus, which is sweeping across the country. The National Stadium, more commonly known as the Bird’s Nest, was the centerpiece of the 2008 Summer Olympic and Paralympic Games, hosting the Opening and Closing Ceremonies and the athletics. It is also due to be involved in the 2022 Winter Olympics and Paralympics when it will become the first stadium in history to host the Opening Ceremonies of both Summer and Winter Games. Chinese officials announced they are

HILADELPHIA—LeBron James was a teenager when he first met Kobe Bryant at a youth basketball camp, in awe of his idol and ears open as the Los Angeles Lakers star offered advice to the prodigy that has lasted to this day. “I was just listening,” James said. “I was just trying to soak everything up I could. I remember one thing he said was that if you want to try and be great at it, and want to be one of the greats, you’ve got to put the work in.” James put in the work, and followed Bryant’s path—from making the leap from high school straight to the National Basketball Association, to winning NBA titles and, eventually, to playing in Los Angeles. With a driving right-handed lay-up, James no longer chased Bryant, he zoomed past him for third place on the NBA’s career scoring list. “I’m just happy to be in any conversation with Kobe Bryant, one of the all-time greats to ever play,” James said.

the virus rose to 41 today, with more than 1,300 infected globally, but most of the cases and all of the deaths so far have been in Wuhan, where officials have imposed severe restrictions on travel and public

closing the National Stadium until at least next Thursday to “prevent and control” the spread of the virus. An ice and snow show taking place on the pitch to help celebrate the Chinese New Year has been canceled. The Chinese government have ordered the shutdown of a number of tourist attractions to try to control the spread of the deadly virus that has infected hundreds of people across the country. A range of Lunar New Year festivities have been canceled to try to contain the virus, and Beijing’s Forbidden City has also been closed temporarily. Parts of the Great Wall of China have also been closed. The number of people to have died from

gatherings. Wuhan was due to host two major Olympic qualifying events next month, but both have now been moved. The Asian and Oceania boxing qualifying

With a tribute to Bryant written on his Nikes, James scored 29 points in front of a roaring 76ers’ crowd, but the Lakers fell short in a 108-91 loss to Philadelphia on Saturday night. James scribbled “Mamba 4 Life” as he chased Bryant, the five-time champion, in Philly. Fans stood with phones pointed toward the court, waiting to capture a slice of history that came when James scored the milestone basket with 7:23 left in the third quarter. James entered 18 points shy of passing Bryant, and the lay-up gave him 33,644 points. James stands third with 33,655. Bryant finished his career with 33,643, all with the Lakers. “Continuing to move the game forward @ KingJames. Much respect my brother #33644,” Bryant tweeted. James waved to the Philadelphia crowd that gave him a rousing standing ovation when the mark was announced by the public address announcer. The Sixers also posted a graphic of

the NBA’s top 10 career scorers with images of James in Lakers and Miami Heat jerseys. The 35-year-old James entered averaging at least 25 points (25.2 ppg) for the 16th straight season, and has played 44 games this season. Kareem Abdul-Jabbar is the NBA’s career scoring leader with 38,387 points, and Karl Malone is second at 36,928. James is on pace to pass AbdulJabbar in about three seasons. The top 4 scorers in NBA history played for the Lakers, who signed James as a free agent in 2018. James passed Bryant in Philadelphia, where the retired Lakers star was born. James, who played in eight consecutive NBA Finals, has 6,911 postseason points with Cleveland and Miami that do not count in the official total. James’s stories in the locker room on Bryant seemed to stretch on as long as his list of milestones. Like another time when he was still in high school and was gifted a pair of red, white and blue Nikes from Bryant. James wore a size

event, originally due to start in Wuhan on February 3, has now been moved to Amman in Jordan and rescheduled for March. The Asian Football Confederation (AFC), meanwhile, moved one of its qualifiers for the women’s tournament at Tokyo 2020 from Wuhan to Nanjing, 550 kilometers away. Group B will be led by hosts China, who will take on Australia, Thailand and Chinese Taipei. Australian goalkeeper Lydia Williams admitted they were relieved when the tournament was moved away from Wuhan. “It’s good to see that we’re not going to Wuhan,” Williams told The Daily Telegraph in Sydney. “We were kept in the dark, I think for a good reason, our Federation, while Fifa and the AFC were all in discussions about our Plan B.” “But our staff really did a top job of communicating and making sure that, until they had something concrete, they weren’t going to comment on it,” she added.

Insidethegames

LEBRON JAMES books the milestone in his career, but the Lakers lose to the Sixers. AP

15, Bryant was a 14, but he wore the sneaks anyway. Or the way James was inspired how Bryant always found some sort of slight to use as fuel to improve. James would have a “dream come true” when he lined up side-by-side with Bryant as teammates in the 2008 Olympics, as part of the “Redeem Team” and led Team USA to a gold medal in Beijing. “There’s just too much. The story is just too much,” James said. “The story doesn’t make sense. Make a long story short, now I’m here in a Lakers uniform, in Philadelphia where he’s from.” AP

Giannis thrills Neymar, Mbappé as Bucks down Hornets in Paris

Paris Saint Germain’s Kylian Mbappé (left) and Neymar enjoy the Bucks-Hornets game in Paris. AP

ARIS—With the world’s two most expensive soccer players cheering him on in Paris on Friday night, Giannis Antetokounmpo took a while to entertain them. The Greek star found his rhythm late in the game, and had 30 points and 12 rebounds to help the National Basketball Association (NBA)leading Milwaukee Bucks beat the Charlotte Hornets, 116-103, for their eighth straight win. The first NBA regular-season game in France drew some famous faces to the Bercy Arena, among them are Paris Saint-Germain (PSG) stars Neymar and Kylian

Mbappé—France’s World Cup-winning star. “It’s insane. The crazy part is that we’re really big fans of them, and they’re big fans of the team. You never expect them to know who we are and what we do, and be fans of the Bucks,” said Antetokounmpo, the NBA MVP and PSG fan. “But it was amazing they came to the game. They came to the locker room afterwards, we exchanged jerseys, took pictures with them.” Milwaukee improved to 40-6. The Bucks have the best 46-game start in franchise history. They were 39-7 in 1970-1971 season when they went

on to win the NBA championship. It was slow going early on, however, for a sluggish-looking Bucks side which had perhaps done a little too much sightseeing in recent days, including a visit from Antetokounmpo to PSG’s stadium. “I only practiced once before the game. It’s kind of hard to get into a rhythm. We weren’t moving the ball as much,” said Antetokounmpo, who had his fourth triple-double of the season on Monday against the Chicago Bulls. “Hopefully, we can learn from the game. Close to the third quarter, the bench

came back in and did a great job. In the fourth quarter, we were able to close out the game.” Eric Bledsoe added 20 points and five assists for the Bucks, while Malik Monk led Charlotte with 31 points. “I thought Malik was fantastic, made plays for us. He’s an incredible athlete,” Hornets Coach James Borrego said. “The challenge now is to do it on a night-to-night basis.” The Hornets have lost eight in a row—the longest for the Hornets since dropping 10 straight in the 2014-15 season. AP

orts

sMirror

Monday, January 27, 2020

EFREN ‘BATA’ REYES

PRADERA CHAMP Reigning Philippine

Open champion Clyde Mondilla (left) receives his trophy from Pradera Verde Golf and Country Club Operations Manager Joey Seran after pulling off a come-from-behind victory in the International Container Terminal Services Inc. Pradera Verde Classic of the Philippine Golf Tour Asia, rallying from five down in regulation and beating Tony Lascuña, Englishman Joe Knox, Japanese Toru Nakajima and Rupert Zaragosa in the most crowded playoff finish in local tour history. ROY DOMINGO

LEGEND LIVES ON! T

HE magic may have waned, but the legend lives on. Efren “Bata” Reyes remains one of the top draws in Philippine sports even at the age of 65 as shown with his inclusion on the national team for carom in last month’s 30th Southeast Asian Games. The iconic player with the charismatic smile still packed them in and was easily the most sought after member of the men’s billiards and snooker team. Reyes, with his deteriorating eyesight, only settled for a bronze in the men’s carom (one cushion)—not exactly his mastery—in the SEA Games, but nonetheless, was an inspiring presence on the team that bagged 12 medals, four of them golds. For all his greatness, “The Magician” has yet to conquer the SEA Games—his best finish a bronze, five times to be exact, and all of them in men’s carom. Yet, that doesn’t create a bit of a dent on the legend that is the man from Mexico, Pampanga, who has achieved so much on the pool table, where he’s been universally acknowledged as the greatest player of all-time. Reyes will be honored with a Lifetime Achievement award by the Philippine Sportswriters Association (PSA) during the traditional San Miguel Corp. (SMC)-PSA Awards Nights on March 6 at the Centennial Hall of the Manila Hotel. At the same time, Reyes will be the special guest speaker during the gala night in a rare function for a man known for a few words. He is the second athlete to be the guest speaker of the event presented by the Philippine Sports Commission (PSC), Milo, Cignal TV, Philippine Basketball Association and Rain or Shine after Olympian Bea Lucero last year. Team Philippines will be feted as the Athlete of the Year from the country’s oldest media organization for defying the odds and winning the overall championship of the 30th SEA Games. Reyes, incidentally, was a three-time winner of the Athlete of the Year trophy solely given by the PSA

THE Philippine Sportswriters Association will honor the legendary Efren “Bata” Reyes for the umpteenth time.

Hermosa, Corpuz lead winners in Subic

atthew Justin Hermosa ruled the boys race and Lady Samantha Jhunace Corpuz topped the girls’ category to lead the winners’ roster of the National Age Group Triathlon (NAGT) Series Leg 1 that lured close to 600 participants at San Bernardino at the Subic Freeport on Sunday. Hermosa clocked 33 minutes and 42 seconds to win the 13-15 age group of the Super Sprint Distance event, with his Go For Gold teammate Jacob Kennedy Lipunan (34:40) finishing third.

MALIXI TEEN TO WATCH IN LADIES OPEN

ianne Malixi, coming off an explosive start to a new season, sets out for another major championship run, joining a crack mix of local and foreign bidders in the Philippine Ladies Open set from February 18 to 20 at the Manila Golf Club in Forbes Park in Makati City. Malixi beat 30th Southeast Asian Games team gold medalist Abby Arevalo on the third sudden hole to top the National Stroke Play, which used to be the Philippine Amateur Open, at Riviera three weeks ago in a victory that further underscored the growing repute of the rising 12-year-old who racked up three victories in the National Amateur Tour last year. That included a triumph in the Philippine Junior Amateur Open at Sherwood Hills where she won the overall championship despite playing in a lower age-group category. The

in 1999, 2001 and 2006. For the Lifetime Achievement award, Reyes, whose humble beginnings and simple demeanor endeared to Filipino masses, was a hands-down choice following the massive success he achieved on the local and world stage. The long list of honor include being the best player to win world championships in two different pool disciplines, having reigned as both world eight-ball and nine-ball champion, was the first non-American to win the US Open 9-Ball Championship, became the inaugural winner of the World Cup of Pool in tandem with good friend Francisco “Django” Bustamante, acknowledged as the winningest

Dash Aron Ramirez (34:26) wound up second. Palarong Pambansa 400-meter freestyle swimming record holder Corpuz, on the other hand, finished the race organized by the Triathlon Association of the Philippines in 37:45), beating Kira Ellis (38:49) and Jeanna Mariel Canete (39:59). Ronel Victor Cruz (1:05:53), Lorenzo Joaquin Solda (1:07:38) and Daniel Nazarro (1:09:56) finished 1-2-3 in the male 16-19 Sprint Distance race, while James Estrada (1:11:20), Jeric Angeles (1:13:31) and Jess Belonia (1:16:22) made the

player in the history of the Annual Derby City Classic with five titles and won the largest prize money in the history of pocket billiards after topping the IPT World Open 8-Ball Championship worth $500,000. Known for his legendary ability to “kick safe” the ball, Reyes topped the billiards money list five times, including a record earnings of $646,000 in 2006. While still active, he was already inducted into the Billiard Congress of America’s Hall of Fame in 2003. Last year, the PSA honored bowling great Bong Coo and cycling champion Paquito Rivas with the Lifetime Achievement award. podium of the male 16-19 class. Rex Marvin Superiano clocked 1:13:35), Eli Javier booked 1:14:31) and Alex Niño Silverio registered 1:15:16 in the male 30-39 class with Juan Baniqued (1:03:12), Charles Jeremiah Lipura (1:03:34) and Irienold Reig Jr. (1:04:09) topping the Junior Elite Men (16-19) division. Karen Manayon (1:09:28), Moira Frances Erdiano (1:10:02) and Gene Quiambao (1:11:27) took the first three spots in the Junior Elite Women category of the race held in cooperation with the Philippine Sports Commission, Philippine Olympic Committee and the Subic Bay Metropolitan Authority.

FTER two tough wins and a two-day break, Mighty Sports coach Charles Tiu is looking for a better performance from his boys when they play Tunisia’s Es Rades in the Dubai International Basketball Championship on Monday at the Shabab Al Ahli Club in the United HE Philippine Sports Commission (PSC) celebrated its 30th anniversary on Friday with little fanfare but with a noble effort of helping in the Taal Volcano eruption relief effort. And for PSC Chairman William Ramirez, the PSC at 30 is more of a celebration for its employees. “The employees are the heart and soul of this anniversary celebration,” Ramirez said in his addresse tp the employees after a Holy Mass was celebrated at the newly refurbished Rizal Memorial Coliseum. The PSC has donated the budget intended for the anniversary celebration to the victims of Taal Volcano’s eruption. The celebration thus was filled with heartfelt gratitude and melancholic remembrances of what had transpired in the agency for the past 30 years. “I humbly acknowledge those who have stood as chairman before me, all who steered the PSC ship in the direction that they know and believed in the hearts to be the best of the Philippine

Liverpool’s campaign in perspective ONE of the biggest stories in sports these days is Liverpool Football Club’s pursuit of its first Premier League title, the trophies and records they are taking and smashing, and their undefeated run. That makes for plenty of copy and talk show fodder just about anywhere. Let me wade in. I find it a bit surprising that lately—week after week—football pundits talk about Liverpool not playing well and winning games by the skin of their teeth. In my opinion, it is doubly harder for Liverpool because of the following: n They are reigning UEFA Champions League, UEFA Super Cup, and Fifa Club World Cup champions and combined with their being title favorites, it all adds to the pressure.

n There is the burden of the keeping the streak going. Yes, they may not talk about it, but there is immense pride in keeping it going. n And everyone wants to knock them off their perch even if to deny them a season of being invincible. Every team has circled those Liverpool dates in red; no pun intended. Let’s compare this Liverpool 2019-20 season to Arsenal’s 2003-04 season when they were undefeated and won the Premier League title. Team

Arsenal Liverpool

One Goal- Draws from wins from Aug-Jan Aug-Jan. 8 7 11 1

Goals for Aug-Jan 42 54

Goals against Aug-Jan 14 15

Clean Sheets 8 9

Goals for last Goals against in last 20 mins by 20 mins by opponent team Aug-Jan Aug-Jan 2 5 8 4

What can we infer from this data? Thus far, Liverpool is better. They have more wins and fewer draws than Arsenal. The Reds also have more goals, more clean sheets, and more late goals. Liverpool has won two cups in this season – the UEFA Super Cup and the Fifa Club World Cup. They were runners-up in the FA Community Shield. Arsenal scored more goals early but conceded slightly more in the last 20 minutes. At that point in time (January of 2004), Arsenal was in contention for the League Cup, FA Cup, and the UEFA Champions League. The Gunners reached the semi-finals of the FA Cup and the League Cup, were runners-up in the FA Community Shield. Entering the 2003-04 season, Arsenal were the defending champions, but crucial losses late in the season to Blackburn and Leeds plus three draws saw Manchester United move past them for the title. They

others, all primed up for three days of battle of shotmaking and mental toughness for the crown held by now pro Yuka Saso the past two years. Meanwhile, registration is ongoing with fee pegged at P10,000 for local participants and $300 for foreign entries, inclusive of one practice round with organizers also targeting to draw Class A and B players. For details/reservations, e-mail to Kathy_uy@yahoo.com or secretariat@ wgap-golf.com. Entry forms can also be downloaded at www.wgap-golf.com. Also on the early list are Crystal Neri, Suzette Kirchner, Cynthia Birch, Stella Barnes, Grace Atienza, Nora Suzuki, Joy Sevilla, Tessie Blair, Rose Tarpley, Mimi Salinas, Gilda Medestomas, Emiri Sunga, Ina Guingona, Sophia Abarcas, Martina Miñoza, Rhea Langamin, Marichi Ojeda, Leanna Carmona, Alice Liang and Kiara Montebon.

Arab Emirates. Two weeks after the team was formed, Mighty Sports played two straight games barely a day after arriving in the ultra-modern city on Wednesday and the flaws were evident as it struggled to beat host UAE and Syria’s Al Ittihad.

Game time is at 9 p.m. (1 a.m. Tuesday Manila time) with Mighty Sports, backed by Creative Pacific of Bong Cuevas, Go for Gold, Oriental Game, Gatorade and Discovery Primea, out to firm up its hold of the Group A lead in the 11-team tournament. “We welcomed the two-day off for it gave us ample time to correct the mistakes we did in our past two games,” Tiu said. “After running some plays during the break, hopefully we can play much better against the Tunisian club.” Team owner Alex Wongchuking was already pleased with what he saw in the team’s 77-72 win over the Syrian club so he expects a different Mighty Sports squad to show up against the Tunisian team. Although it was naturalized Andray Blatche who carried most of the scoring load, Wongchuking was delighted with the contributions made by Isaac Go, Dave Ildefonso and Jamie Malonzo. The three combined for 16 points as they held their grounds against beefier rivals to the delight of the predominantly Filipino crowd. “They’re indeed the future of Philippine basketball as they showed great resolve against taller defenders,” Wongchuking said. Filipino migrant workers, however, are looking for a breakthrough performance from former Ateneo King Eagle Thirdy Ravena. Easily the most popular in the team, the 6-foot2 Ravena is still trying to find his offensive rhythm after being held to just four points in two games. “He will have his time to shine, there’s no doubt about that,” Wongchuking said.

Sports. I am privileged to be in their ranks. Marami pong salamat sa inyong lahat,” Ramirez said. Among the 10 chairmen of the commission, Ramirez is on his second tour of duty as chairman—a first in the PSC. He headed the agency when the Philippines as host won the overall championship of the Southeast Asian Games in 2005 and again last year as chef de mission of Team Philippines. Assistant Secretary Joseph Encabo of the Presidential Management Staff also addressed his former co-employees at the PSC. “I think we’re not just celebrating 30 years of public service, I think it’s more than 30 years because the sacrifices that you have rendered to the Filipino nation and to the country itself— overtime, travel, leaving behind your families, those are the additional time that you have shared to the PSC,” he said. Also present were PSC Commissioners Celia Kiram, Arnold Agustin, Ramon Fernandez and Charles Raymond Maxey.

“Mabuhay po ang Philippine Sports Commission. Ipagpatuloy po natin ang pagseserbisyo ng wagas.” Kiram said. Agustin told the staff “to continue working together to achieve our goals for the Philippine sports” adding that the construction activities to uplift facilities will continue as the board is united in their desire to leave a lasting and practical legacy to Philippine sports. “If we are all united and we work hand-inhand, we can never go wrong,” said Maxey as he recalled his days as a media man covering the PSC. Basketball legend Fernandez could not forget the experience when he stepped foot at the Rizal Memorial Sports Complex when he was only 16 years old. He underscored the importance of sports in the lives of people saying “Hindi lang ito sports. Ang importante, we make a difference in our jobs. So let’s work together and, hopefully, magpatuloy ang swerte, at magkaroon tayo ng Olympic gold this year.”

ANDRAY BLATCHE holds his ground in Dubai.

PHILIPPINE Sports Commission employees, led by Chairman William Ramirez, celebrate their 30th anniversary in a simple ceremony at the newly refurbished Rizal Memorial Coliseum.

Bleachers’ Brew

bespectacled shotmaker, who dreams of playing in the Ladies Professional Golf Association (LPGA) Tour someday, also reigned in the Philippine Amateur Open Match Play and Northern Luzon Regional Championship. But she braces for a stronger, tougher challenge in the upcoming event, organized by the Women’s Golf Association of the Philippines and accredited by the World Amateur Golf Ranking, with fellow young campaigner Eagle Ace Superal, Arnie Taguines, Mafy Singson, Junia Gabasa, Mariel Tee, Nicole Abelar, Laurea Duque, Sam Dizon and Arevalo bolstering the local roster. But the locals will have their hands full against a slew of top and rising foreign players from Taiwan, Japan, Australia, Singapore, Malaysia, South Korea and Saipan, among

Mighty dribblers eye third victory vs Tunisian team in Dubai hoops

RAMIREZ: EMPLOYEES HEART AND SOUL OF PSC T

Rick Olivares bleachersbrew@gmail.com

were five points off United in the final tally. So entering the 2003-04 season, they were still favorites. Liverpool on the other hand, even if they won the UEFA Champions League had lots of questions. They lost the Community Shield to Manchester City at the start of the season. In all the previous seasons when they finished second in the Premier League, they disappointed in the next. This one has been much different. They have a 40-match unbeaten run dating back to the 2018-19 season. They need to cap the season with their first Premier League trophy. An undefeated season is gravy. What they are after are more trophies. More silverware further validates what they are doing and will help in attracting more and better players to the club (not to mention more revenue). However, going back to my initial premise, I think the reason why they are not at their free-flowing best is the opposing clubs have been trying to play them better. They are also a little more pragmatic on defense. During manager Jurgen Klopp’s early years with the club, they leaked a lot of goals because they committed more players forward. They are selective in their press now and have placed a premium on defense. They have a 16-point lead against defending champions Manchester City and have a game in hand. This has been their best stretch of December and January matches in all the seasons where they challenged for the title. In those failed campaigns past, it is these months is where their dreams came crashing; where they coughed up leads. Some might point to the slip of former captain Steven Gerrard against Chelsea several years ago (and the loss to Crystal Palace) or the loss to Man City last year as what killed their chances, but in my opinion, it is the December chill and the January brain freeze that has let them down. Now they are past that. A new set of challenges await them. This remains an interesting season and I am not listening to those who say that, “It’s over!” I hear you Alberto Moreno.

MIAMI, HERE WE COME! Sports BusinessMirror

| Monday, January 27, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Steven Wine The Associated Press

IAMI—It’s appropriate the Super Bowl to end droughts is Miami-bound. The Kansas City Chiefs are playing in the game for the first time in 50 years against the San Francisco 49ers, who have a chance to win their first National Football League (NFL) title in 25 years. And the game is returning in Miami for the first time in a decade, lured back after a stadium renovation costing more than $550 million. The Who wouldn’t recognize the stadium. They performed at halftime the last time the Super Bowl took place in Miami, in 2010. Now the game is back for the 11th time, the most of any city, as the NFL concludes its centennial season on February 2. “We’re thrilled to be back in Miami,” said Peter O’Reilly, NFL executive vice president of league events and club business development. “It feels like the right way to finish this 100th season, because we’ve had so many great games here.” Miami is where Vince Lombardi won his final NFL title in the second Super Bowl; and where Joe Namath delivered on his guarantee; and where Peyton Manning and Drew Brees won their first championship rings. But the Dolphins’ stadium, which opened in 1987, needed a significant makeover to remain part of the Super Bowl rotation. Team owner Stephen Ross, who also owns the stadium, spent his own money on the multiyear renovation. “The Super Bowl would not be here had it not been for massive private investment by the Dolphins,” said Rolando Aedo, an executive with the Greater Miami Convention and Visitors Bureau. Ten years between, Super Bowls matched the longest such stretch for Miami. “It was painful,” said Rodney Barreto, chairman of the Miami Super Bowl Host Committee. “But all credit to Stephen Ross, who wrote the big check to modernize the stadium.” Upgrades included new seats, suites, concessions, bathrooms, pedestrian bridges and tunnels, and a canopy to protect spectators from sun and rain.

an amusement park. “There are so many things to do even if you’re not in the stadium on game day,” O’Reilly said. “The week has evolved a lot since 2010. It has really become a nine-day celebration leading up to the game.” Miami has changed, too. The weather may be hotter and the traffic is worse than 10 years ago, but there has also been a revival of downtown and surrounding neighborhoods. There are new museums and condo towers, and huge construction cranes dot the handsome skyline. “We urbanized our downtown,” Barretto said. “Ten years ago, you wouldn’t see people out after 8 at night. Now, at 11 at night, you see them walking their dogs. “These neighborhoods that were in their infancy 10 years ago now have nightlife. And Miami Beach is still Miami Beach. We’re excited about people coming to see all the new things.” Word will spread—the NFL has accredited more than 6,000 media from about 25 countries. For Miami, Aedo said, the benefits of such attention are incalculable. “There’s always lot of discussion about economic impact, but the amount of coverage around the globe is priceless,” he said. “And Miami, more than any other US city, is global.” Miami is also a playground for the wealthy, who will bring their private jets to town and make up much of the crowd on Super Sunday. “It’s corporate America; it’s not Joe Football Fan,” Barreto said. “There will be hardcore football fans there, but this will be major corporations entertaining their top partners and salespeople. Its like an open checkbook, the money being spent.” Everyone involved in hosting next week’s game agrees that 10 years without a Super Bowl is too long. Garfinkel laughed when asked about Miami’s chances of landing the February 2025 game, the next one to be awarded by the NFL. “We’ll definitely put our name in the hat when the time comes,” Garfinkel said. “We want to put on a good show first.”

SCOREBOARDS display Super Bowl LIV Miami at the Hard Rock Stadium as San Francisco 49ers offensive linemen Justin Skule (right) and Ross Reynolds (center) practice at the team’s training facility in Santa Clara, California. AP

New trees and plazas transformed the grounds into much more than a parking lot, and the complex is now the home of the Miami Open tennis tournament. The stadium in the suburb of Miami Gardens also plays host to the college football championship, Miami Hurricanes games, international soccer matches and concerts. “It’s maybe the only place in world where you can see Patrick Mahomes, Serena Williams, Lionel Messi and Jay-Z all in the same venue,” said Tom Garfinkel, the Dolphins’ president and CEO. While the stadium looks much different from 10 years

ago, when Brees and the Saints beat Manning and the Colts in the title game, the Super Bowl has changed, too. Opening night will be Monday at Marlins Park, Super Bowl LIVE is a free fan event in downtown Miami’s Bayfront Park, and a three-night music festival is planned at the Heat’s arena. Those events didn’t exist a decade ago. In addition, the Super Bowl Experience will turn the Miami Beach Convention Center into

Spanish league president condemns racism, fans’ street clashes

ARCELONA, Spain—Spanish football was marred by a player being racially abused during a league game on Saturday, along with street clashes between rival fans outside stadiums before two matches. The league president said the incidents had done “serious damage to Spanish football.” Athletic Bilbao forward Iñaki Williams said that he was a victim of racial abuse from fans while playing at Espanyol in the city of Barcelona. “I suffered racist insults, something that no one wants to hear and has no place here,” Williams said after the 1-1 draw. Williams, who is black, played 82 minutes of the match before being substituted. TV broadcaster Movistar showed Williams confronting a section of Espanyol fans who were taunting him with monkey chants while a Bilbao teammate was taking a corner kick. “People should come to enjoy themselves, to help their team. This is a sport about friendship,” Williams said. Espanyol condemned the incident, and said it is working to identify the fans involved. “Espanyol strongly condemns any expressions of racism in a football stadium,” the club said. “The club is investigating the racist incident produced by a few fans against Iñaki Williams.” Williams did not say if he had reported the incident to the referee, whose report did not mention the racist chants.

Ultra fan groups clashed in the street before the match at Espanyol on Saturday, and also outside Valencia’s stadium before a game against Barcelona. Video on social media showed groups of men tossing tables from bars and exchanging blows during both incidents. “Today we have taken a step back in the work that we began years ago,” Spanish league President Javier Tebas tweeted. “The violent incidents in Barcelona and Valencia [and] the racist insults against Iñaki Williams do serious damage to Spanish football. La Liga assumes responsibility, and will look along with the clubs to find what we did wrong.” In Reading, England, Cardiff fans were warned over alleged racist and homophobic chants in an FA Cup fourthround game on Saturday. With the score at 1-1 between Reading and Cardiff in the 26th minute, an announcement was made over the public address system at Reading’s Madejski Stadium calling on “away fans” to cease the chants , which were described as “not acceptable.” It wasn’t immediately clear exactly which chants the announcement referred to. Cardiff said it will consult with Reading and with the police. “We will conduct these conversations with the relevant authorities before making any further comment,” the club said in a statement. Welsh team Cardiff plays in the second-tier

Championship after being relegated from the Premier League last season. The game finished 1-1, meaning there will be a replay under FA Cup rules. Cardiff and Reading will also meet again next week in a league game at Cardiff’s stadium. In Berlin, the German soccer federation says it has a “special responsibility” to support Holocaust Memorial Day as its former President Felix Linnemann was directly responsible for sending victims to be murdered at the Auschwitz extermination camp. The DFB said on Friday that Linnemann, who led the federation from 1925 to 1945, “was directly involved in the registration of Sinti and Roma as the head of the Hannover Criminal Police control center, which was the preliminary stage for their deportations to Auschwitz. Several hundred people are said to have been deported to the extermination camp, and killed there on the basis of a direction signed by Linnemann.” Linnemann, who joined the SS on May 1, 1940, spent six months in a prisoner camp in Lüneburg Heath after the war. He died in 1948. Many clubs and fan projects, from the Bundesliga to the third division, will remember the atrocities of Nazi Germany with various campaigns, and announcements, in and around games this weekend as part of the “Never Again” initiative. Monday marks 75 years since the liberation of Auschwitz.

Athletic Bilbao’s Iñaki Williams says he is a victim of racial abuse from fans while playing at Espanyol in the city of Barcelona. AP

“This year, since more than 20,000 Sinti and Roma murdered in Auschwitz are also being commemorated in addition to the many Jewish victims, we feel a special responsibility,” DFB President Fritz Keller said, referring to Linnemann’s actions. “This incredible horror, this unprecedented suffering, that was inflicted on people is all the more painful because football, which today stands for understanding and diversity, and opposes racism and discrimination, did not oppose it at that time. Quite the opposite: it was complicit,” Keller said. “That’s why it is our special duty to ensure that these crimes are never forgotten. Especially today, because not everyone in Germany wants to remember them anymore. We owe it not only to the millions of victims, but also to the coming generations.” AP

Oh Lord, how I love Your Law

EAR God, my meditation all the day! Your command makes me wiser than my foes, for it is with me always. I have more insight than all who teach me, for I ponder Your decrees. I have gained more understanding than my elders, for I keep Your precepts. I keep my feet from every evil path, to obey Your word. I have not turned away from Your decrees; You Yourself have taught me. How sweet is Your promise to my tongue, more than honey in the mouth. I gain understanding from Your precepts, and so I hate all false ways, (Psalm 119:97-104). I praise You, Lord, all the days of my life. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

AND THEN SOME: CURATING A SENSIBLE TRAVEL MAKEUP KIT (OR, AT LEAST, TRYING TO) D4

BusinessMirror

Monday, January 27, 2020

Miss Philippines UK: A milestone 40th year MISS PHILIPPINES UK 2019 WINNERS Third Runner-Up Pauline Joyce Alviz, Second Runner-Up Kiarra Pingul Ferreira, Miss Philippines UK 2019 Keishia Quijano and First Runner-Up Claire Margaret Orr MISS PHILIPPINES AND MR. PHILIPPINES UK FACEBOOK

ONDON, United Kingdom—Throwback to 1973. Picture this: Miss Philippines Evangeline Pascual at the Miss World 1973 competition at the Royal Albert Hall. Towering. Stunning. Charming. Still, she lost the title to the gorgeous Marjorie Wallace of the United States. A hundred days into her reign, Wallace was caught kissing singer Tom Jones while engaged to racing champion Peter Revson. Too controversial, and “having failed to fulfill the basic requirements of the job,” Wallace was dethroned. Pascual, however, declined to assume the title. Still distraught even years after what they felt was an injustice done to a beautiful kababayan, Filipinos who were among the first batch of overseas workers who settled here decided to form a pageant that will showcase Filipina pulchritude. “It started with the holding of the Miss Philippines pageant way back in 1977 which was organized by the first Filipino association in the UK. In the absence of other events of similar nature, this became the highlight of the year for the Filipino community in the UK,” reminisced Eva Macadangdang, the petite powerhouse behind the Miss Philippines UK Productions (MPUK). On September 21, 2019, the MPUK celebrated the 40th edition of the pageant. I was privileged to be invited as one of the judges for this milestone, on the strength of being a columnist for BUSINESSMIRRO� as the lone media person on the panel. I was introduced to Macadangdang by Marie Cordero Fairbank, the head of Parkfleet Consultancy and Services, and Topline Global & Investment Ltd. UK, and the doyenne of Fil-Brits in London. As with my coverage at national, city or barangay pageants, the Porchester Hall at Bayswater was filled with screaming fans deliriously rooting for their candidates who came from all over the UK. Keishia Quijano, a 20-year-old musical prodigy from Tunbridge Wells, Kent, was crowned the winner. She also won best in casual wear, Miss Charity and Miss

Friendship. “Ending the night with four titles, including Miss Philippines UK, was so unexpected,” Quijano said. She was trained by London’s top Filipino beauty guru, Philip de Vera. “Thank you to the girls who I proudly shared the stage [and many weekends of rehearsals] with. You are all beautiful, both inside and out. Also, I am so thankful for those of you who voted for me for Miss Friendship. It means so much to me and I will forever treasure that. I love you so much!” Claire Margaret Orr emerged first runner-up and best in evening wear. Kiarra Pingul Ferreira was second runner-up. And third runner-up was Pauline Joyce Alviz. The other contenders were April Rose Piccio, Leslie Mae Penilla, Lisa Mendoza Dixon and Danelle Nichole So.

Championing Real Beauty REAL Beauty at The SM Store is all about starting 2020 with a clean slate. Realigning reemerging, reimagining, and refreshing. From bespoke beauty and headlining makeup to ageappropriate skin care and achieving your very best hair, The SM Store has everything you need to be the real you. ■ Skin is in. Shine on and meet the Korean trend of Glass Skin. From daily cleansing rituals to new in products that help you achieve lit-from-within perfection, these skin heroes are leading the charge. ■ Challenge convention with neon or glittered makeup, as well as bold colored lipstick, or refresh the classic look that never goes out of style. Dare to be seen, come as you are, whoever you are. Show your real (inner) beauty. Every new year is a chance to celebrate you. Check out The SM Store Real Beauty catalogue filled with the best beauty ideas plus the latest in fashion, shoes, bags and accessories. And don’t forget the voucher next time you’re in the store to get the special discount.

“I’ve always been proud of my Filipino heritage, but also that I have had the opportunity to grow up in the UK. Both are part of my identity and entering Miss Philippines UK is my way of celebrating what makes me who I am,” said Quijano, who has a resemblance to Binibining Pilipinas World 1994 Cara Subijano. “Regardless of the result, I am proud to share with the world that I accept who I am, where I came from and I’m incredibly proud of it.” Quijano flew to the Philippines, via sponsor Royal Brunei Airlines, after her victory. She was a guest in the TV show Umagang Kay Ganda, where she shared screen time with Miss Universe 2013 Third RunnerUp Ara Arida. She also witnessed Michelle Marquez Dee crack the Top 12—in a field of 111—at Miss World 2019 held in London. With a little polish and intense

preparations, Quijano can be a future contender at any of the national pageants. A standout for me is the Portuguese-Fil/Brit Ferreira, whose mom Melissa hails from Pampanga, who had in her corner jet-setting designer John Herrera, London model Kacey Coleen and the Dabawenyo UK group led by Midz Mirabueno Dagamac. At 18, she still has a long way to go before she can seriously take on our rigid pageant system. “I joined Miss Philippines UK for both the experience of pageantry but also as a way to meet new people and make friends. It’s also another way to gain a higher platform for me to share my voice in order to spread awareness to the indigenous children of Davao City who have no access to quality education and health,” Ferreira revealed. Over the years, the pageant (which also produces Mister Philippines UK) has created a great impact not only within the Filipino community but also among the British public as it enhances a deeper awareness of our culture and respect for the Filipino identity among the next generations. Ida Labit was the first winner. In succeeding years, the MPUK produced Binibining Pilipinas 2017 Top 15 finalist Christagale Borja (who was the 2019 MPUK pageant host) and Binibining Pilipinas World 1999 Lalaine Edson; Kimberly Escartin, a finalist at Miss Universe Great Britain 2017; and renowned dancer Len-len Delfino. Also an outstanding alumna is Rachel Grant, who was the Bond Girl named Peaceful in Die Another Day (2002). She also has royal blood. Her grandfather, the late Baron Raymond de Longueuil, whose mother was Ernestine Maude Bowes-Lyon, was second cousin to Queen Elizabeth II. Perhaps, the most famous product is Myleene Klass, one of the UK’s top celebrities. She’s a singer, pianist, author and model. With her pop group Hear’Say, their first two singles reached No. 1, in the UK singles chart. She has presented several top-rating TV programs. Filipinos will know her as the excited host of Miss World 2013 when Megan Young won. “We are delighted that in one little way, we are able to promote Philippine culture and tourism. It is a great feeling to observe the contest get stronger and stronger every year,” Macadangdang declared. “For the past 40 years, Miss Philippines UK has inspired young Filipino women to reveal their beauty and personality, talent and skill, academic excellence and artistic ability, waiting to be discovered and recognized.” ■

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BusinessMirror

Monday, January 27, 2020

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Todayâ&#x20AC;&#x2122;s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Patton Oswalt, 51; Alan Cumming, 55; Bridget Fonda, 56; Cris Collinsworth, 61. HAPPY BIRTHDAY: Preparation and organization will be essential this year. Getting everything in order will help ease stress and encourage positive change. The less you have to feel responsible for, the better. An emotional change should go along with clearing the clutter from your life. Getting tangled up in someoneâ&#x20AC;&#x2122;s affairs will lead to confusion, uncertainty, anger and disengaging from relationships. Your lucky numbers are 7, 12, 18, 26, 31, 34, 46.

ARIES (March 21-April 19): Fulfill any promises made, and get on with your day. Stay focused on responsibilities, tying up loose ends and helping someone in need. The more you do, the better you will feel. Personal growth will change your life. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

ARMANI

CHANEL

GIVENCHY

Chanel delves into founderâ&#x20AC;&#x2122;s orphanage past in couture show BY THOMAS ADAMSON The Associated Press

ARISâ&#x20AC;&#x201D;A humble stone fountain, overgrown shrubs and flowers, and white sheets drying on a line met Pharrell Williams and other curious guests at the Chanel show inside the Grand Palais. The set recreated the landscape house founder Gabrielle â&#x20AC;&#x153;Cocoâ&#x20AC;? Chanel viewed as a child after her mother died and her father sent her away to an abbey orphanage. If such a lowlyâ&#x20AC;&#x201D;and sadâ&#x20AC;&#x201D;setting seemed like an unusual choice to showcase high-priced and normally joyous couture, it was an intentional move by designer Virginie Viard to demonstrate how Chanel mixed high and low in her fashion. Here are some highlights from the second day of Paris Fashion Week haute couture shows for springsummer 2020.

courtyard like they were in a trance. A take on a convent schoolgirl uniform opened the show as a signature Chanel tweed skirt-suit. It was cut sharply, with a round ecclesiastical white collar and baggy white preppy ankle socks. Mosaic patterns in panels evoking stained glass appeared on an equally strict jacket in pastel blue and sand. Apart from the occasional flash of color, most of the designs came in black and white. â&#x20AC;&#x153;What interested me in this [abbey] was the paradox between the sophistication of haute couture and the simplicity of this place,â&#x20AC;? Viard said. â&#x20AC;&#x153;The strict suits of the pupils rub shoulders with structured dresses of an ethereal finesse.â&#x20AC;? Viard has less humor and a stricter aesthetic take than the flamboyant Karl Lagerfeld, her predecessor who died last year. And this more austere theme gave the French designer a platform to design more naturally with her own voice.

CHANEL DELVES INTO FOUNDERâ&#x20AC;&#x2122;S ORPHANAGE CHILDHOOD CHANEL, Viard discovered, had been profoundly inspired in all her designs by the ancient Cistercian Abbey of Aubazine, in the French region of CorrĂ¨zeâ&#x20AC;&#x201D; with its flowers, uniforms and stained-glass artistry. The theme made for a more haunting collection than normalâ&#x20AC;&#x201D;a mood emphasized by loud, spooky music and models that slowly crisscrossed the

GIVENCHYâ&#x20AC;&#x2122;S TIMELESSNESS MUSICIANS were suspended mid-air while seated on chairs attached to stone columns for Givenchyâ&#x20AC;&#x2122;s historic Left Bank show venue. They played dramatic classical music to accompany springâ&#x20AC;&#x2122;s equally dramatic coutureâ&#x20AC;&#x201D;an accomplished series of varied designs that made it seem as if designer Clare Waight Keller canâ&#x20AC;&#x2122;t put a foot wrong. The clothes spoke for themselves,

without the need for cultural references, through deft plays of proportion. A long charcoal tuxedo coat had a magnificent shape, with a truncated full skirt billowing out unexpectedly at knee level in a clever reinterpretation of a known silhouette. Vividly colored silk ruffles didnâ&#x20AC;&#x2122;t just appear as details on gowns, but Keller used them to construct the structure and silhouette of trapeze-shaped garments that teemed like dense, oversize petals. ARMANI LOOKS TO COLOR, ASIA THE iconic Place Vendome square was the enviable location for Italian design legend Giorgio Armaniâ&#x20AC;&#x2122;s latest display. For Armani, couture is about celebrities and razzmatazz, and the show was no exception as actresses Reese Witherspoon and Juliette Binoche held court. The Asian-themed designs, though beautifully constructed, were secondary to that, sadly, and tended toward the repetitive. Statement colorâ&#x20AC;&#x201D;sometimes overly boldâ&#x20AC;&#x201D;also defined the spring aesthetic. But the exhaustive show held no surprises. A structured white silk tuxedo in a crossover design opened the show. The model wore a stiff black wig, a styling feature that appeared throughout the show. The signature tuxedo led to a terracotta obi belt on hot pink loose pants and a V-neck tuxedo in imperial blue. â&#x2013;

FERRAGAMO CELEBRATES NEW YEAR OF THE RAT TWENTY-TWENTY rings in the Year of the Rat, the first of the 12 Chinese zodiac signs. As the first in the 12-year cycle of signs, people adopting the Rat as their zodiac are generally regarded as positive and hardworking. This bodes well for the New Year, and its positivity is amplified with the bright, auspicious reds featured throughout the highlighted items this festive season in the Salvatore Ferragamo collection. Foulards are featured in a fun way, with varying â&#x20AC;&#x153;Earth mouseâ&#x20AC;? motifs against different color backgrounds that are sure to give a sense of delight

to the celebrations. Of course, for those looking for something a little more in-line with more somber occasions, Salvatore Ferragamo has created a red silk scarf illustrated with beautiful floral blossoms befitting the integrity of the Chinese New Year. Small leather goods are emblazoned with a stylized Salvatore Ferragamo logo, from small to medium clutches to spruce up the proceedings, to wallets from the same collection. For those looking for a more toned-down look, you can finish the look with a flourish from Salvatore Ferragamoâ&#x20AC;&#x2122;s leather belt options.

TAURUS (April 20-May 20): Itâ&#x20AC;&#x2122;s up to you to bring about change. Stop waiting and start doing. Update your look, and search for new ways to use your skills. Offer solutions, and be willing to lend a helping hand. Something good will transpire. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

GEMINI (May 21-June 20): Put more thought into job responsibilities. Donâ&#x20AC;&#x2122;t count on someone to do the work for you. Expect someone to try to tempt you to do something that is indulgent or that could upset someone you love. Be firm and say no. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): Put in the time, and reap the rewards. Donâ&#x20AC;&#x2122;t be shy if you have an idea or think you can solve a problem; speak up. Your input will cause some controversy, but in the end, it will lead to personal gain. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): Put a limit on your generosity. If you overspend, you will be left short when it comes time to pay your bills. Clear thinking should take precedence over impulsive action. Handle a challenge with care. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

VIRGO (Aug. 23-Sept. 22): A change will lift your spirits and encourage you to participate more in your community. Networking events will allow you to show off your skills and bring about positive change. A partnership looks promising. Choose patience over aggression. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Take your time, think matters through and take a wait-and-see approach regarding whatâ&#x20AC;&#x2122;s going on around you. Donâ&#x20AC;&#x2122;t get upset over the changes someone makes. Chose to take a pass instead of offering criticism or complaints. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): A change of scenery will lift your spirits. Chill out, and enjoy the process of preparing for something that looks promising. Show affection, and be innovative in the way you approach a lifestyle change. Personal improvement is on the rise. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SAGITTARIUS (Nov. 22-Dec. 21): Be careful how you handle friends and relatives. Offer sound solutions if asked for your input. Donâ&#x20AC;&#x2122;t engage in gossip or listen to someone who is offering a speculative point of view. Truth and facts matter. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CAPRICORN (Dec. 22-Jan. 19): Review projects, and see if there is any value in revisiting an old idea or plan. Getting together with someone you havenâ&#x20AC;&#x2122;t seen in a while will be a reminder of things you used to love doing. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Think and do. Following through with your plans will keep you occupied. Donâ&#x20AC;&#x2122;t worry about the changes someone is making. Accept inevitable change, and carry on doing your own thing. Question motives if someone is too complimentary or generous. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

PISCES (Feb. 19-March 20): Help a cause. Reach out to someone from your past. A chance to address a matter that was left undone will encourage you to move forward. A change should be made for the right reason, not out of anger or revenge. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are talented, suspicious and aggressive. You are engaging and idealistic.

â&#x20AC;&#x2DC;shady businessâ&#x20AC;&#x2122; BY LEONARD WILLIAMS The Universal Crossword/Edited by David Steinberg

ACROSS 1 Tablet array 5 Toast topping 8 Wear away 14 â&#x20AC;&#x153;Easier said ___ doneâ&#x20AC;? 15 Genre related to goth 16 Help dishonestly 17 Julieâ&#x20AC;&#x2122;s role in Doctor Zhivago 18 Cheating at bridge? 20 Ad ___ (2019 sci-fi film) 22 Olympic blade 23 One way to get a good hand? 26 Photo 29 What even unmotivated judges do 30 HVAC measure 31 Indeterminate large amount 33 Protects 36 Former baseball brothersâ&#x20AC;&#x2122; surname 37 Result of not emptying your pockets? 42 Daughter of Catelyn Stark 43 Garden gastropods 44 Log-in need 47 $5 Fill Ups chain 48 Covert org. 51 Place to purchase a Christmas tree

52 56 57 58

Correcting a sales tag? Corned beef ___ Al ___ (firm) â&#x20AC;&#x153;Canâ&#x20AC;&#x2122;t Get Enoughâ&#x20AC;? band, or a business that practices 18-, 23-, 37and 52-Across? 64 Second noble gas 65 Grammy-winning Grande 66 Springfieldâ&#x20AC;&#x2122;s Szyslak 67 Leave out 68 Enthusiastic affirmative 69 School support grp. 70 DC team DOWN 1 â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s about time!â&#x20AC;? 2 Spockâ&#x20AC;&#x2122;s stunner 3 To some degree 4 Eat greedily, with â&#x20AC;&#x153;downâ&#x20AC;? 5 2016 also-ran Bush 6 Brest buddy 7 Make and ___ 8 They may eat meals in saucers 9 Starâ&#x20AC;&#x2122;s trait, perhaps 10 Government rule, briefly 11 Org. that ranked comedy films

12 13 19 21 24 25 26 27 28 32 33 34 35 37 38 39 40 41 45 46 48 49 50 53 54

Mafia boss Small work unit School in Troy, NY Election campaignâ&#x20AC;&#x2122;s purchase List-shortening abbr. Special glows Hungarian dog breed Compass, for Safari Drink quickly Planet with polar ice caps Equipment ___ & Bradstreet Mamba or anaconda Attack like a bear Words of approximation Russian rejection â&#x20AC;&#x153;Whatâ&#x20AC;&#x2122;s the ___?â&#x20AC;? (â&#x20AC;&#x153;Does it matter?â&#x20AC;?) Epic hero of Spain Galaxy competitor Joker and The Godfather The movies, as an art Enthusiastic about something Insurance sellers Xfinity, e.g.: Abbr. Gold medalist, informally

55 58 59 60 61 62 63

Fifth noble gas Chesapeake, for one â&#x20AC;&#x153;___ you for real?â&#x20AC;? Insult Coral island ___ too shabby Roll call affirmative

Solution to Fridayâ&#x20AC;&#x2122;s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Monday, January 27, 2020

FROM left: Ariella “Ara” Arida, Catriona Gray and Megan Young

Actress Rosie Perez says she was told of Weinstein rape By Tom Hays, Michael R. Sisak & Jennifer Peltz The Associated Press NEW YORK—Do the Right Thing actress Rosie Perez testified on Friday that fellow screen star Annabella Sciorra told her in the mid-1990s that Harvey Weinstein had raped her, but that she couldn’t go to the police because “he’d destroy me.” Taking the stand at the former Hollywood mogul’s rape trial, Perez said her friend Sciorra had told at some point in 1993, her voice shaking on the phone, that something had happened to her: “I think it was rape.” Perez said she asked if Sciorra knew who had attacked her, but Sciorra wouldn’t say, at the time. But months later, on another phone call from London, she said Weinstein was harassing her and she was scared, Perez said. “I said, ‘He’s the one that raped you,’” and they both began crying, Perez testified. “Please go to the police,” Perez said she told her friend. She said Sciorra responded: “I can’t—he’d destroy me.” On Thursday, Sciorra told jurors that the movie producer pushed his way into her New York apartment, pinned her on a bed and forced himself on her in 1993 or 1994. She said Perez was one of a few people she told about the encounter before coming forward publicly in 2017. Weinstein denies ever having nonconsensual sex. His lawyers said Perez shouldn’t be allowed to testify, but Judge James Burke decided to allow it. Defense lawyer Damon Cheronis pressed Perez on why she didn’t go to police, or to Sciorra’s home, when the actress first told her about the alleged assault. “Because I was being respectful,” Perez said. Weinstein, the studio boss whose downfall energized the #MeToo movement, is charged with forcibly performing oral sex on former production assistant Mimi Haleyi in his New York apartment in 2006 and raping an aspiring actress in a New York hotel room in 2013. Sciorra is among four additional accusers who are expected to testify against him as part of an effort by prosecutors to show that Weinstein made a habit of preying on women. The 67-year-old producer of such Oscar-winning movies, like as Chicago and The King’s Speech, could get life in prison if convicted. Sciorra, 59, is best known for her work on The Sopranos. Perez, 55, was in 1989’s Do the Right Thing and 1993’s Fearless, which brought her an Oscar nomination for best supporting actress. Sciorra told the jury that she spiraled into cutting herself and drinking heavily after the alleged rape. On Friday, friend and fashion model Kara Young testified that a fidgety Sciorra “seemed a mess,” with long cuts on her legs, when the two watched the Academy Awards together in 1994. Weinstein’s lawyers seized on Sciorra’s actions after the alleged assault, asking such questions as why Sciorra made the 1997 Weinstein-produced film Cop Land if he had raped her a few years earlier. Sciorra said she wasn’t aware of Weinstein’s involvement until she had agreed to appear in the movie. The defense has also questioned why Weinstein’s accusers stayed in friendly contact for years with a man they say had assaulted them. Prosecutors sought to give jurors some answers Friday from a forensic psychiatrist who testified about the same topic at the Pennsylvania trial that led to Bill Cosby’s 2018 conviction on charges of sexually assaulting a woman. Dr. Barbara Ziv told Weinstein’s jury of seven men and five women that most sex-assault victims continue to have contact with their attackers, who often threaten retaliation if the victims tell anyone what happened. Victims are “hoping that this is just an aberration,” she said, and they tell themselves: “I can put it in a box, and forget about it. I don’t want it to get worse.... I can handle this physical trauma, but God forbid this ruins the rest of my life.” Victims can end up blaming themselves “without knowing that their behavior is entirely expected,” said Ziv, who has described herself as an expert on “sexual assault victim behavior” that evaluated more than 1,000 such people. She did not, however, evaluate any of Weinstein’s accusers, and his lawyers seized on that point. The Associated Press does not typically identify people who say they have been victims of sexual assault, unless they come forward publicly, as Sciorra and others have done.

Beauty queens continue to invade show business I

N this country, the biggest doors that automatically open for beauty queens who have finished their reign and relinquished their crowns are those from the entertainment circuit. Take, for instance, Ariella Arida, who finished third runner-rp in the Miss Universe 2013 held in Moscow, Russia. Before she won the top crown of Binibining Pilipinas, Arida competed at the Miss Philippines Earth the previous year. Now carrying the screen name Ara Arida, this chemistry graduate from the University of the Philippines Los Baños succumbed to the lure of show business a few years ago by way of a small role in the TV series Playhouse. She was then “exploring the possibilities” if she would fit as an actor in the crazy jungle that is the Philippine television industry. Last year, Arida became more determined to be an actor and took on a bigger supporting role role in The Killer Bride, which just ended its airing two weeks ago. According to cynical TV followers, her character Tatiana de la Torre did not make any mark and could

be played by just any beautiful celebrity. Not to dampen her spirits, but Arida does better as one of the hosts for Umagang Kay Ganda, the early morning show of the network. She is more natural and spontaneous exchanging banter with her more popular cohosts. But like the beauty queen aspirant she was before bagging the Miss Universe Philippines crown, Arida continues to seek greener pastures in the local acting scene. She is very chummy with the owners of a leading fashion retail chain, who are very influential in the entertainment industry. Her new manager is line producing a new movie where she is part of an ensemble cast. The movie is titled Coming Home, and it is the comeback movie of actor-politician Jinggoy Estrada who was incarcerated for many years because of graft and corruption. Arida plays the mistress to Estrada in her introductory movie role. We wonder if the backlash on these controversial comebacking actor-politician would rub on Arida, and those who work with them in their new projects. Another beauty queen who took on hosting chores recently for a noontime variety show is Miss Universe 2018 Catriona Gray. Although it was announced that Gray will only be a guest cohost, many reckon that she should have waited a little longer so she could play her cards better. She is a very popular Miss Universe anyway, and bigger opportunities might be waiting for her outside the country. Our very first Miss World Megan Young also had the world on her feet after her reign in 2013, but she chose to star in the local remake of Marimar

in 2015, a bad decision because the series did not in any way catapult this lovely beauty queen into a bigger celebrity. In fact, she was immediately included in the “mediocre wannabe actors” lists of many hardnosed critics. Young did a few forgettable TV shows with her mother studio and starred in a movie called Our Mighty Yaya, which has zero recall value. Miss Universe Philippines 2016 Maxine Medina and Reina Hispano Americana 2017 Winwyn Marquez are now working on a cable series titled Beauty Queens. Despite years of trying to find their niche in this already crowded industry, both have not found the project that will propel them to big-time status. Both Medina and Marquez broke up with their showbiz boyfriends last year. Medina ended her romance of many years with model-actor Marx Topacio, while Marquez broke up with actor Mark Herras. It is interesting to note that Gray also broke up with her boyfriend of six years, model Clint Bondad, during her reign in the early part of 2019. Our beauty queens should try to emulate the likes of Miss World 1994 Aishwarya Rai and Miss World 2000 Priyanka Chopra, both from India; Miss Universe 1993 Dayanara Torres of Puerto Rico and Miss Universe Israel 2004 Gal Gadot who became worldwide sensations and A-list celebrities because of the right decisions they made, and the people they chose to love and associate with. But we cannot force them if they do not want to. Maybe they believe in destiny and the stars. But as they say, every thing is a decision. We still wish them the best of luck. n

New GMA prime-time series unveils touching tale between friends turned foes Beginning today, January 27, the mostsensational rivalry erupts between friendsturned-mortal enemies from two different regions on GMA Network’s TV adaptation of the hit 1984 movie by Regal Films, Anak ni Waray vs. Anak ni Biday. The much-awaited reimagining of the classic film is headlined by two of the network’s brightest stars: Barbie Forteza as Ginalyn, and promising young actress Kate Valdez as Caitlyn. The drama also highlights famous tourist destinations from the provinces of Leyte and Ilocos, namely, the iconic San Juanico Bridge and the thrilling Paoay Sand Dunes. Barbie shares that she took classes to learn the Waray dialect, but what she mostly enjoyed was immersing herself in their culture: “Tinuro sa amin how they live, kung papaano sila magtrabaho para sa family nila. Nakakatuwa kasi parehas na may strong personality ang mga taga-Leyte at Ilocos. Ang sarap gampanan ng role ko kasi very empowering siya, especially sa mga kababaihan. Kilala ang mga Waray na palaban, at hindi papatalo.” Kate says she’s happy to be working with Barbie for the first time in this soap: “Actually noong workshop pa lang, sobrang

BARBIE FORTEZA and Dina Bonnevie

ramdam ko na very warm si Barbie. Naramdaman ko ’yung care niya sa akin as an ate. Kaya excited ako na maka-work ko pa siya sa maraming eksena.” The drama also introduces the exciting reunion of seasoned actresses Snooky Serna as Amy and Dina Bonnevie as Sussie in their most colorful roles, yet. Snooky, who portrayed the role of Biday’s daughter in the original film, shares

KATE VALDEZ and Snooky Serna

what makes this TV adaptation unique from the movie: “’Yung version namin ngayon, they put a little bit more of drama in it. It’s not a complete copy of the original story. They give it a different twist, altogether, so we have a different story. Ang pareha lang ay sina Waray at Biday, perennial mortal enemies talaga sila.” Dina, who has no trouble speaking Ilocano after marrying a native, reveals why

she opted to accept the role of Biday: “After a long time, Snooky and I will be working together again. I really welcomed it because I haven’t done comedy in a long time. Excited ako kasi kakaiba, and I won’t have to cry buckets of tears.” Also in the cast are Migo Adecer, Jay Manalo, Teresa Loyzaga, Faith da Silva, Jean Saburit, Tanya Montenegro, Benedict Cua and Celia Rodriguez as Zenaida, Sussie’s elitist and controlling mother who makes Amy’s life a living hell. Anak ni Waray vs. Anak ni Biday also features the special participation of Lovi Poe as young Sussie and Max Collins as young Amy, respectively, during their younger years for the pilot week; together with Jason Abalos, Pinky Amador, Mike “Pekto” Nacua, Yanna Asistio and Franco Gray Nerona. This original series, created by the GMA Entertainment Group headed by the SVP for Entertainment Group Lilybeth G. Rasonable, is directed by Mark Sicat dela Cruz. Viewers from across the globe can catch their favorite GMA shows via network’s international channels GMA Pinoy TV, GMA Life TV and GMA News TV International. For the program guide, visit www. gmapinoytv.com.

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Monday, January 27, 2020

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Curating a sensible travel makeup kit (or, at least, trying to)

ELIEVE me when I say that I really am trying to travel light. I’m going on a 10-day trip soon, and I’m editing my makeup kit to include only essentials. Normally, I would go on a two-day trip with two liquid foundations, two powder foundations and a loose powder—and that’s just for the face. I would also normally bring six lipsticks and two lip balms. I mean, how many lips do I have? It’s not like my makeup is edgy or anything remotely like that. I normally go for a natural look. So here are the makeup items that I have packed (so far): ■ GUERLAIN METEORITES BABY GLOW LIGHT REVEALING SHEER MAKEUP ANTIFATIGUE EFFECT BABY GLOW FOUNDATION SPF25 PA++. This face base, which comes in a tube, is very convenient for traveling because of its size. It is also a good face base if you have non-problematic skin. So if you are someone who wants to conceal scars, dark spots and pimples, this is not the right foundation for you. This is sheer (with light to medium coverage), but has blurring properties and evens out the complexion so you look fresh, and rested, even if you just slept for only three hours. It also has an SPF of 25, which is not much but is still something. There is a slight scent of violets, but nothing too bothersome. ■ SHISEIDO SYNCHRO SKIN INVISIBLE SILK LOOSE POWDER. I know everyone is about the Laura Mercier translucent loose powder, but this Shiseido loose powder is a product that I really like because it is flat and compact, and includes a sponge. The product also doesn’t spill and make a mess inside your makeup kit. I have this in

Radiant. I love the way it sets my makeup and, because of its size, I can also bring this in my bag for touch-ups. I’ll be honest: This is my favorite from the Shiseido Synchro Skin line. ■ MAKE UP FOR EVER MATTE VELVET SKIN BLURRING POWDER FOUNDATION. This waterproof powder foundation has been called a nextgeneration product, which is true. I am in love with this. This has a second-skin finish that is unmatched. It blurs imperfections, and stays on your face even when you sweat. Most days, I just wear this over sunscreen. I love it so much that I have two of this product. ■ TARTE AMAZONIAN CLAY 12-HOUR BLUSH IN NATURAL BEAUTY. If I could only use one blush in my life, it would be this. It’s long lasting, and applies smoothly and evenly. The rosy red blush is finely milled and, in my opinion, one of the best blushes out there. I love that there are minis of this, as the full size of the Tarte Amazonian Clay 12-Hour Blush can be pricey. ■ BENEFIT BROW STYLER. This multitasker has an eyebrow pencil and powder in a slim pencil. Apparently, you’re supposed to use the powder first and fill in with the pencil. The waterproof formula promises 18-hour wear. If you already have well-groomed brows, you can just use the powder. ■ SUNNIES FACE LIFEBROW GROOMING GEL. As far as brow gels are concerned, this is my ride or die. I would not travel without this. It stays on your brows until you decide to take it off, so it’s perfect for long days. ■ HOURGLASS AMBIENT LIGHTING PALETTE. This is a classic that I will never get tired of. I use Incandescent Light as a highlight, and Dim Light as an overall finishing powder. Sadly, I haven’t used Radiant Light a lot as it’s too intense. The powders actually work to diffuse and soften the look of your skin with what the brand calls Photoluminescent Technology. The powders are long lasting and not chalky at all, so they really blend well. ■ LIPSTICKS. Tom Ford Casablanca, Pussycat and Dominic; Sunnies Face Fluffmates in bday and milkshake; MAC in Velvet Teddy and Taupe; Sunnies Face Lip Dip in terracotta and femmebot. ■

Maintaining healthy skin IT is important to have skin that is healthy and radiant. A proven tool to achieving that goal is Proactiv+, a dermatologistdeveloped, scientifically-proven 3-Step Clear Skin System with a new salicylic acid-based formulation. Once it penetrates the skin, salicylic acid dissolves skin debris that clogs pores, acts as an antiinflammatory and helps red-inflamed pimples go away faster. Salicylic acid also loosens and breaks apart the outer layer of the

skin, thereby encouraging exfoliation of the skin and unclogging of the pores. Proactiv+ is a solution for skin problems simplified into three steps to help control and balance oil skin, reduce visible pore size, and make skin smoother and brighter. The system starts with a Skin Smoothing Exfoliator; followed by the Pore Targeting Treatment, which contains salicylic acid that dissolves all the dirt that clogs pores and causes acne. When it has been fully absorbed, proceed to the last step: apply the Complexion Perfecting Hydrator, which diminishes awkward acne marks and brightens the skin. Dermtologists advise that the Proactiv+ 3-Step Clear Skin System be used twice a day to achieve better results. The Proactiv+ 3-Step Clear Skin System is available at Watsons stores and online, and at The SM Stores nationwide.

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Monday, January 27, 2020

To Be a Great Leader, You Need the Right Mindset

By Ryan Gottfredson & Chris Reina

mindset have a heightened receptiveness to all kinds of information, as a way to ensure that they think and act as optimally as possible. Leaders with an implemental mindset, as the name suggests, are more focused on implementing decisions.

he Brandon Hall Group, a human capital research and analyst firm, surveyed 329 organizations in 2013 and found that 75 percent rated their leadership development programs as not very effective. Why aren’t companies getting more bang for their leadership development buck? Our latest research suggests it’s likely to be because most efforts overlook a specific attribute that is foundational to how leaders think, learn and behave—their mindsets.

Growth and fixed mindsets

Decades of research have found that those with a growth mindset are more mentally primed to approach and take on challenges, take advantage of feedback, adopt the most effective problem-solving strategies, provide developmental feedback to subordinates

and be persistent in seeking to accomplish goals.

LEARNING AND PERFORMANCE MINDSETS

Compared to those with a performance mindset, leaders with a learning mindset are more mentally primed to increase their competence, engage in deep-level learning strategies, seek out feedback and exert more effort.

Jozef Micic | Dreamstime.com

We identified four distinct sets of mindsets that have been found to affect leaders’ ability to engage with others, navigate change more successfully and perform in their roles more effectively:

PROMOTION AND PREVENTION MINDSETS

DELIBERATIVE AND IMPLEMENTAL MINDSETS

Leaders with a deliberative

Leaders with a promotion mindset identify a specific purpose, goal, or destination, and prioritize making progress toward it. Leaders with a prevention mindset, however, are focused on avoiding losses. Research has found that those with a promotion mindset are more prone to positive thinking, are more open to change, and demonstrate higher levels of task performance and innovative behaviors. If organizations want their investment in leadership development to more fully pay off, it is essential that they prioritize mindset development, specifically by targeting growth, learning, deliberative and promotion mindsets. As leaders cultivate each, their thinking, learning and behaviors will naturally improve because they are seeing, and interpreting, their situations more effectively. Ryan Gottfredson a professor at California State University-Fullerton. Chris Reina is an assistant professor at Virginia Commonwealth University.

How the venture capital How global leaders should think about solving our biggest problems pitch process is failing female entrepreneurs T By Mark R. Kramer, Marc W. Pfitzer & Helge Mahne

By Kamal Hassan, Monisha Varadan & Claudia Zeisberger

n 2018, only 3 percent of venture capital in the United States went to companies with a female CEO. If we want both better VC outcomes and more gender balance in entrepreneurship, we need to root out the bias hampering ventures at their earliest stages. Our results suggest that by adopting a more data-driven approach to assessing a start-up’s potential and profitability, VCs may see a betterperforming portfolios that include more female-founded firms. Multiple academic studies have shown that there is a strong gender bias in many different elements of the pitch process. The confidence gender gap is one reason pitching frequently gives women short shift; women tend to undervalue themselves compared with men in competitive situations, and consequently come off to potential investors as “less sure of themselves.” Does pitching serve a business purpose that outweighs its blind spots? Most of the VCs we spoke to insisted there is no other way to get an “up close and personal” sense of the venture and the founder. But we would argue that if VC’s instinctive gift for picking winners leads them to choose almost exclusively men, maybe their senses aren’t all they’re purported to be. There are far more important

predictors of venture success than the CEO’s ability to deliver a pitch. Early-stage sales data deliver nonbiased indicators of customer need, product fit, marketing skill, sales funnel and customer relationship management, not to mention the CEO’s ability to assemble and manage a team to deliver results. If the goal of venture investing is to pick the best companies and deliver top quartile returns, it doesn’t make sense to incorporate a step that knowingly leads to selecting startups based on gender and looks. If VCs decide to keep the traditional pitch, one rational choice is to allocate pools of money explicitly by gender. This eliminates gender bias, by having women pitch only against other women. The alternative to gender segregation is to choose to design a pitch-less investment process. We’ve found that funds that don’t consider a pitch invest in eight to 12 times more women than average, even though they do not have an explicit gender mandate and are investing purely on financial performance. This means there is both a strong financial reason and a gender-equity reason to eliminate the pitch from the venture capital process. Kamal Hassan is a founding partner of Loyal VC. Monisha Varadan is a partner at Zephyr Ventures. Claudia Zeisberger is a senior affiliate professor at Insead.

he idea that global companies can take a leading role in social progress is not wrong; the question is how they can do so in a way that realistically achieves social impact and delivers value to their shareholders. High-level global partnerships serve a useful purpose by garnering resources, generating knowledge, and focusing attention on the urgency and importance of the issue at stake. Unfortunately, the one thing these partnerships rarely do is actually solve these problems. A s we h ave lea r ned f rom studying more than a dozen examples, the collaboration must happen at a local level, where all

relevant actors in business, government and civil society must be brought together to create systemic change. A case in point is the way Novo Nordisk, a leading provider of insulin, is fighting diabetes. It recognized that achieving a positive global social impact meant concentrating its efforts in the specific regions where the company’s ability to provide insulin is constrained by a dysfunctional health-care system. When the company entered the Indonesian market in 2003, for example, its sales were stymied by the lack of health-care infrastructure, inadequate training of care providers and limited patient awareness of the disease. Improved diagnosis and patient adherence could have increased

the insulin market fourfold by 2020, saving 4.6 million life years, reducing government health-care costs by $5.8 billion and increasing the country’s gross domestic product by $2.14 trillion. Yet, little progress was being made by the government, social sector organizations or global coalitions. Novo Nordisk estimated that the company could capture up to half that market increase and determined that the potential sales justified an eight-figure investment to launch a regional publicprivate partnership. Working with the country’s Ministry of Health, the Indonesian Society of Endocrinology and the Indonesian Diabetes Association, the company’s local leadership, and funding, catalyzed a new level of cross-sector engagement and

alignment. Diagnostic rates have already improved by 10 percent, generating increased sales for the company, as well as improved health for tens of thousands of Indonesians. Our research has consistently shown that companies that adopt an approach similar to Novo Nordisk’s can successfully lead social progress in ways that deliver improved economic performance for shareholders. That entails working at a local level with the specific partners who can orchestrate change. Mark R. Kramer is a cofounder and a managing director of FSG, a global social impact consulting firm. Marc W. Pfitzer is a managing director at FSG, and Helge Mahne is a director.

Larry Fink isn’t going to read your sustainability report By Mark R. Kramer

n his recent annual letter to CEOs, BlackRock CEO Larry Fink makes the stunning claim that climate change has brought us to “the edge of a fundamental reshaping of finance.” BlackRock has committed to “place sustainability at the center of [its] investment approach.” This is a warning from the world’s largest shareholder that public companies dare not to ignore. It also brings together three corporate roles that have rarely been in the same room— finance, investor relations and

sustainability. If Fink is correct in predicting that capital will increasingly be allocated to those companies with the most sustainable business models, then investors will need new sources of data to understand and anticipate the economic significance of sustainability strategies. Companies will need to communicate very differently with their investors. Disclosing their performance on the most material social issues (determined by the Sustainability Accounting Standards Board), as Fink recommends, is a necessary step. But the more fundamen-

tal question is whether a given business is positioned to thrive in a world transformed by climate change, and financed by investors who care about social impact. And if that message is to be heard by the capital markets, it will have to come through financial statements, quarterly earnings calls and investor briefings, not sustainability reports. What is needed is a new language—or at least a new way of bridging social impact and economic performance. Companies must begin to report on the shared value they create, a new kind of double-entry

accounting system. Alternatively, my colleague George Serafeim has proposed the development of “impact-weighted accounts,”a line item on financial statements that reflects the company’s impact on all stakeholders, the environment and the broader society. This future is not far away, and BlackRock’s financial heft will accelerate its arrival. The need for a new language that bridges sustainability and finance is now. Mark R. Kramer is a cofounder and a managing director of FSG, a global social impact consulting firm.

Education BusinessMirror

E2 Monday, January 27, 2020

Editor: Lyn Resurreccion

Briones: No salary disruption PHL ranks 46 in talent competitive index for teachers in Taal danger zone T

ducation Secretary Leonor Magtolis Briones last week said public-school teachers in the 14-kilometer danger zone of the Taal Volcano would continue to receive their salaries despite not being able to report for duty due to class suspensions.

In a radio interview, Briones pointed out that public-school teachers in Batangas and in affected areas in Cavite will receive their salaries and benefits. “It is not their fault that this disaster happened. The teachers also evacuated,” she said. Briones added that more than 2,000 public-school teachers lost their homes, and some of them continue to stay in evacuation centers. To date, classes remain suspended in Batangas because the public schools there are used

as evacuation centers. “Maybe thousands of public schools are already being used as evacuation centers. We have a law that was passed in 2015 which says that the schools can be used as evacuation centers for a maximum of 15 days,” Briones said. In line with this, Briones urged the local government units to build multipurpose halls, gymnasiums and other structures that can serve as evacuation centers to avoid disruption of classes in the future. Ma. Teresa Montemayor/PNA

DepEd.gov.ph

P&G, World Vision promote school-based solid waste management

s part of its commitment to take progressive action to aid in mitigating plastic wastes, Procter & Gamble (P&G) Philippines and World Vision Development Foundation Inc. have successfully implemented “Pag-asa sa Basura,” an environmental sustainability program that aims to collect and upcycle plastic sachets into school chairs, trash bins and other useful products. Pag-asa sa Basura has partnered with 26 public schools in Malabon and Quezon City for the collection of used pl a st ic sac hets, a nd plastic bottles, in their respective communities. Within the first three months of the program alone, the schools were able to recover over 2.3 million plastic sachets and more than 700,000 hard plastic bottles. In return, students received incentives for every sachet and bottle collected. The program, besides enabling plastic recovery and recycling, aims to promote the importance of proper solid waste management. P&G and World Vision rehabilitated the schools’ materials recovery facilities, and trained

he Philippines is ranked 46 out of a sample of 132 countries in the 2020 Global Talent Competitiveness Index (GTCI) report launched by Insead, a partner and sponsor of the United Nation’s Sustainable Development Goals Tent in Davos, Switzerland, on January 22. The country is in the top quartile in Global Knowledge Skills (32nd), where it scores well in both High-Level Skills (37th) and Talent Impact (29th). The country is also just outside the top quartile when it comes to growing (34th) talent, where its strengths in Lifelong Learning (17th) and Access to Growth Opportunities (24th) offset a weaker Formal Education (88th). The greatest challenges facing the Philippines in terms of talent competitiveness relate to enabling (68th) and retaining (69th) talent, where the priorities should be on strengthening the Regulatory (91st) and Market (86th) Landscapes in the context of the former pillar and improving the Lifestyle (81st) indicators that relate to the latter pillar.

score and GDP per capita. As can be seen, the Philippines’s GTCI score and GDP per capita are, respectively, higher and lower than the corresponding medians of its group of competitors. Thus, it performs well against its competitors and its talent competitiveness is better than would be expected in view of its income level.

Comparison with different groups of countries

Talent competitiveness and technology adoption

The Philippines is classified as a lower middleincome country. Within the region, the country is ranked ninth out of 15 countries. Compared to other regions, it outperforms the top-scoring countries in two of them. It is ranked first within the group of lower middle-income countries (implying that 100 percent of countries rank lower). As for the other income groups, it outperforms the topranked country in one of them.

Comparison with group of competitors

The Philippines’s group of competitors is defined as upper-middle-income and lowermiddle-income countries in East, Southeast Asia and Oceania. In all, the comparison group consists of eight countries. Figure 2 plots how the country fares against each competitor in terms of GTCI

Performance across pillars

The performance of the Philippines is higher than the average of lower-middle-income countries in each of the six pillars. Its greatest showing, comparatively speaking, is in the pillar related to Global Knowledge Skills. With respect to its region, the Philippines outperforms Eastern, Southeastern Asia and Oceania in two of the six pillars. Unlike the case of its income group, the Philippines performs particularly well against its region in the pillar that relates to Growth Opportunities.

This year's GTCI introduces a new component—Technology Adoption—in the Business and Labor Landscape sub-pillar. It aims to capture the extent to which countries are taking steps to be ready at the advent of the Fourth Industrial Revolution. It, therefore, provides a measure of how well countries are enabling the development of talents associated with advanced technologies, such as artificial intelligence and Internet of Things. In the rankings of countries in the GTCI 2020 and in the three variables that relate to the Technology Adoption component, the Philippines, ranked 46th overall, finds itself in the third quartile with respect to Technology Utilization (39th) and in the top quartile when it comes to Investment in emerging technologies (30th). As for the variable Robot Density (50th), Philippines is positioned in the second quartile.

Figure 2: GTCI score and GDP per capita of Philippines and its competitors

Malabon and Quezon City elementary schools showcase Christmas lanterns made out of recycled waste materials during a contest and exhibit under the “Pag-asa sa Basura” program at Panghulo Main Elementary School in Malabon. Shown (from left) are P&G Philippines Corporate Communications Manager Charm Banzeulo, World Vision in the Philippines Corporate Engagement Specialist AJ Renomeron, and representatives from Malabon and Quezon City elementary schools.

teachers and students on proper waste segregation, upcycling and circular economy. “As we continue to take progressive action to mitigate plastic wastes, we aim to champion sustainable innovations through our brands and manufacturing,

and empower Filipino communities to be part of the solution through recycling, upcycling and other waste diversion initiatives,” said Anna Legarda-Locsin, P&G communications head. She added: “The Pag-asa sa Basura program is one of the ways

RECYCLED HERBAL GARDEN A Grade 8 female student of Santiago City National High School cultivates an organic garden with herbal plants using recycled truck tires. Students are encouraged to develop gardens on free spaces in the school campus. Nonie Perante II

we collaborate with stakeholders and consumers for environmental sustainability.” P&G and World Vision’s program was able to orient over 3,000 students and teachers in Malabon and Quezon City on Republic Act 9003, or the Ecological Solid Waste Management Act. Alongside the workshop, Pagasa sa Basura helped establish 21 Solid Waste Management Committees in Malabon and five committees in Quezon City, equipping students and faculty members to practice waste management more effectively inside their campuses and homes. “P&G and World Vision helped significantly [in reducing] the amount of plastic wastes in our community through recycling and upcycling. More important, this program motivated our students to practice proper waste segregation in their homes, as well,” said Genmart Alejandro, Catmon Integrated School Malabon YES-O coordinator. P&G and World Vision are expecting to recover more used sachets and bottles in the coming months, and prevent plastic wastes from ending up in oceans or landfills. “The success of Pag-asa sa Basura inspires us to find more ways to be a stronger force for good and growth in the country. We will continue to collaborate with our partners to inspire positive impact in society and the environment,” Locsin added.

Note: Bubble size indicates country population.

2 PHL teachers are finalists in world’s most dedicated teacher awards

tanley Manaay and John Nicko Macapas Coyoca have been named as finalists in Cambridge University Press’s annual search for the world’s most dedicated teacher, after having been nominated by their students. A public vote is now open to decide who wins, is closing on January 26. The press will announce the overall winner on February 3. Manaay has been a science teacher at Salvacion National High School in Davao del Norte for over a decade, and is dedicated to involving students in environmental action inside and outside the classroom. He is also the local divisional president and school coordinator for the Youth for Environment in Schools Organization, and has traveled across the country to raise environmental awareness. In particular, he is currently working with the Provincial Environment and Natural Resource Office and Department of Education Division of Davao del Norte to support those in remote communities. Coyoca is the math and research cluster head of the Senior High School (SHS) Department at the University of San Jose-Recoletos, where he recently organized the institution’s first SHS Research Summit. A “role model to a growing number of Filipino educators,” he is an innovative in-

structor, and promotes teaching and love of mathematics to students, including leading an annual search for the SHS Mathematician of the Year. He is also a driven youth empowerment advocate, as a founder of the #GetInvolvedNOW campaign, and the chairman and program director of the Cebu Young Leaders Summit. The Philippines is the only nation worldwide to have more than one teacher named as an awards finalist. Other finalists include Tiffany Cavanagh, Trident College Solwezi, Zambia; Meera Rangarajan, RBK Academy, India; Patricia Abril, New Cambridge School, Colombia, and Helen Comerford, Lumen Christi Catholic College, Australia. This year, over 6,000 award nominations from 97 different countries poured into the press, each detailing an inspiring story about an extraordinary teacher. A panel of expert judges have selected their six finalists from the short list released in December, based on whether nominations met the awards criteria. Among the criteria, the judges looked at whether a teacher demonstrated innovative practices, provided fantastic pastoral care and prepared students for their futures beyond school.

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Monday, January 27, 2020 E3

the top Pr trends for 2020

What PR trends can keep me ahead of the game? Part Three

W By Millie F. Dizon

n An interactive content explosion or more engagement; n New roles for chatbots, which they call “a new voice in consumer communications;” n A socialmedia shake-up where they “expect to see more micro-influencers being favored over macro-influencers;” n Brandstanding, which stems from deep authentic values shared by an organization and consumers over grandstanding, which is often about showing off and gimmickry; and n Enhanced personalized brand experiences. Last week, we got more assistance from Valerie Christopherson, the founder and CEO of Global Results Communications, an award-winning public relations firm, through her article “2020 Vision—6 PR trends and predictions for the new year,” which appeared in agilitypr.com. Her take on trends: n Less reliance on the middleman; n More entertainment to animate news; n Success measured in Key Performance Indicators; n Content as the new king; n Attention earned ads; and n Awareness creates demand for good corporate citizenship. We complete our trendspotting this week with “PR Trends for 2020 to Keep You Ahead of the Game,” an article in the Forbes Agency Council Post by Darian Kovacs. Darian, who is the founding partner at Jelly Digital Market-

ArtFairPH 2020: New Programs Announced for Year 8 of Art Fair Philippines to Promote Local Visual Art

MAKATI, PHILIPPINES—Now on its eighth year, Art Fair Philippines remains dedicated to fulfilling its mission of expanding the audience for Philippine visual art. The 2020 edition of the fair, slated from February 21 to 23 at The Link Carpark in Makati City, will present new components that are in line with its mission.

New at #ArtFairPH

Augmenting the learning opportunities at the fair, Art Fair Philippines is introducing a new section called ArtFairPH/Open Studios. This section, complementing ArtFairPH/Talks, will present a series of workshops and demos with respected practitioners in the fields of arts and culture, including a twoday workshop on photography with Paco Guerrero; lighting techniques for photographers with Neal Oshima and Mark Nicdao; and wooden furniture with Benji Reyes. There will also be a demo on watercolor painting techniques with Claude

Tayag; cyanotype workshop with Alexis Oshima and Angela Silva; Rubber cutting workshop with Association of Pinoy Printmakers, and a Sculptural Planter-Making workshop with Rita Gudiño of Tahanan Pottery. Art Fair Philippines 2020 will also introduce the ArtFairPH/Film section, curated by Erwin Romulo, Philbert Dy and Teddy Co. This section acknowledges that cinema, like all art forms, is evolving. It aims to celebrate the last 100 years of Philippine cinema and the possibilities for the next hundred. ArtFairPH/Film will screen a selection of the best featurelength and short films, narrative and experimental, documentary and animation, to showcase the diversity of Philippine cinema. Art Fair Philippines 2020 also welcomes the participation of incubator spaces, ArtFairPH/ Incubators, creative spaces outside the mainstream gallery format, including exhibitors art/n23, Giatay, Limbo, Loadnadito projects, Project 20 and Signum. In this section, art/ n23 will present a virtual reality piece by Issay Rodriguez. Curated by Sandra Palomar, Rodriguez’s work will immerse the audience in a simulated and interactive beehivelike environment. This year, Art Fair Philippines is also proud to present a special cultural exchange project with the Embassy of Italy in Manila, highlighted by the participation

Ssstocker | Dreamstime.com

PR Matters

ith the start of a new year and a new decade, our past two columns have been all about PR trends that are likely to define a new era. This was in response to the letter of Deanna Y., who asked what PR practitioners can look forward to this year. We began with lots of help from Melissa DiGianfilippo and Alexis Krisay of Serendipit Consulting through their PR Daily article, “2020 Vision: The top 5 emerging trends in marketing and PR.” They listed the trends as:

“A good advertorial can help you achieve your goals and get you where you want to be,” Darian says, adding that these are “perfect opportunities to attract attention while providing trusted knowledge to readers.” But what makes a good advertorial? These should make readers “feel a connection to your brand.” And it is key to study your audience—who are they and what do they want? When writing an advertorial, “throw in details to really help consumers understand more about your product. Be persuasive and knowledgeable, and let them know you are a trusted source.”

of influencers. “You see influencers with large followings all the time,” he says, “but do they really have an impact on their followers?” With this, he sees more brands getting on board with micro-influencers, who have been a focus for some time now as they are more within reach.” Because they are more manageable, easier to narrow down, and willing to work alongside you, not for you, Darian says that “micro-influencers make it feel like a true partnership, which tends to help form long-term connections.” Darian believes “micro-influencers are important for brands because they have built trust with niche audiences and can connect your brand to that audience. That makes it easier to narrow down the right influencer for the right task.”

ing and PR, has rounded up four trends which he foresees will be making an impact on PR strategies this coming year.

Advertorial buys will take a bigger piece of marketing 1budgets.

This will be the Year of the Micro-Influencer. Like Melissa

and Alexis, Darian believes that there will be a shift in the role

of Galleria Tiziana Di Caro, a contemporary art gallery from Naples, Italy.

Exciting 2020 edition

As in previous years, Art Fair Philippines 2020, through its ArtFairPH/Projects section, will also feature new commissions in the form of interactive and/or thought-provoking installations by internationally established Filipino visual artists. For this year, Art Fair Philippines is working with art consultant Norman Crisologo, who takes on conceptualized exhibition projects for art galleries, and with Ed Lacson for the exhibition design. The 2020 featured artists include a special exhibition in cooperation with the estate of the late Onib Olmedo. Drawings from the family’s collection will highlight the influence that Olmedo exerted on a good number of artists working today. Other artists mounting special exhibits include Salvador Joel Alonday, Perry Argel, Jaime de Guzman, Roedil Joe Geraldo, Jellyfish Kisses, Gene Paul Martin, and Neil Pasilan. Also in this section is Carlo Villafuerte, the 2020 recipient of the Karen H. Montinola Selection, a private grant created in homage to art patron Karen Montinola. ArtFairPH/Projects is presented by the Bank of the Philippine Islands. Hublot, the Official Timekeeper of Art Fair Philippines 2020, will also present new works by Rodel Tapaya.

More op-eds will be published.

Darian describes a good op-ed as “a structured piece of writing backed up by accurate research.”

Art Fair Philippines is also working with New York-based curator and art historian Carina Evangelista in presenting the works of Sol LeWitt, an iconic American artist known for his contributions in Conceptual Art and Minimalism. ArtFairPH/Talks, created in partnership with the Ateneo Art Gallery and Museum Foundation of the Philippines, will also continue to offer learning opportunities for Art Fair Philippines visitors. There will be a panel on Onib Olmedo with speakers Elmer Borlongan and Allan Cosio, and moderated by Carlomar Daona. Olmedo was an awardwinning artist best known for his expressionistic figurative paintings and for his contribution in founding the Filipino Expressionist movement. Through his art, he depicted the marginalized members of the Filipino culture. Italian Ambassador to the Philippines and known art aficionado Giorgio Guglielmino will also talk about his book The Originals, in which he enumerates 30 various artists that make a difference in the art scene. This year, the fair also continues to develop ArtFairPH/Photo, which aims to boost support for photography as contemporary art and expand its collectability among Filipinos. On spotlight are the works of Filipino contemporary artist Poklong Anading. Other artists and groups in this section

Because they can help connect a business leader with their readers on a personal level, “these are one of the finest tools at our finger tips and can be great for helping articulate your message.” With more readers wanting more of an authentic and personal connection, he sees op-eds as a “good way to reach your audience and pull them in while educating them on a specific topic.”

will garner consumers’ attention. 4Listicles

A listicle is a piece of writing presented in the form of a list. With fewer readers able to stay focused and reading long articles, it makes it difficult to write articles for clients “unless you’re an expert at drawing the attention of the readers within the first three seconds.” As “consumers tend to scan for main points and get bored if the correct information is not at their fingertips, Darian predicts “listicles will be coming back in full force within this next year, as they are the perfect opportunity

include art/n23, bio | trans | forms, Denise Weldon and Tom Epperson Photographs, Luzviminda, Silverlens Photo, Strange Fruit and Tarzeer Pictures. ArtFairPH/Photo is presented by Julius Baer. Also complementing the fair is the 10 Days of Art initiative, a series of events around the Makati Central Business District with participations by galleries, museums, bars, restaurants, and retail establishments in celebrating art beyond the venue of the fair. For schedule and updates, visit www.10daysofart.com.

Premier lineup of exhibitors at Art Fair Philippines 2020

This year, Art Fair Philippines welcomes 61 exhibitors from the Philippines and abroad. The participating exhibitors from the Philippines are: 1335Mabini, GMJ, Altro Mondo Gallery, Archivo 1984, Art Cube, Art Underground, Art Verité, Artery Art Space, art/n23, Association of Pinoy Printmakers, Avellana Art Gallery, bio | trans | forms, Boston Art Gallery, Canvas, Denise Weldon and Tom Epperson Photographs, District Gallery, Eskinita Art Gallery, Galerie Roberto, Gallery of Fine Arts, Galerie Stephanie, Giatay, J Studio, Kaida Contemporary, León Gallery, Limbo, Loadnadito projects, Luzviminda, Mariyah Gallery, METRO, Mono8, Orange Project, Paseo Art Gallery, Pinto Art Museum, Project 20, Salcedo Private View, Secret Fresh, Signum, Silverlens, Strange Fruit, Tarzeer

to pull in readers just long enough to give them the information they are searching for.” With that, it is important to “grab the attention of your readers with something short and sweet. Listicles are efficient, easy and informative. What else do you really need?” With the PR world described as “life in the fast lane,” knowing these trends and what works best for you will help you cope with the changes in this fast-paced world. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie F. Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

Pictures, Tin-aw Art Gallery, Tropical Futures Institute and Ysobel Art Gallery. The Philippines’s leading galleries will be joined by a wider roster of foreign galleries, including Art Porters Gallery (Singapore), Artemis Art (Malaysia), Cayón (Spain), Energy Field (Japan), G13 Gallery (Malaysia), Gajah Gallery (Singapore), GALERIE OVO (Taiwan), Gallery Kogure (Japan), Hanada Gallery (Japan), Kobayashi Gallery (Japan), La Lanta Fine Art (Thailand), Mind Set Art Center (Singapore), Number1 Gallery (Thailand), Nunu Fine Art (Taiwan), SHUKADO (Japan), Vin Gallery (Vietnam), Yavuz Gallery (Singapore), YOD Gallery + Asian Art Center (Japan). The Italian embassy is also bringing Galleria Tiziana di Caro, an art gallery from Naples, Italy. Fair tickets can be purchased in advance at www.artfairphilippines. com. Tickets will also be available at the reception area of Art Fair Philippines from February 21 to 23. For more information, please visit the Art Fair Philippines web site and follow Art Fair Philippines on Instagram (@artfairph) and Facebook (www.facebook.com/artfairph). Art Fair Philippines 2020 is copresented by AyalaLand, Bank of the Philippine Islands, Globe Platinum, Hublot and Julius Baer. The fair is also sponsored by AC Motors, Ayala Land Premier, Make It Makati, and Don Papa. Its official hotel partners are Fairmont and Raffles Makati, and Holiday Inn and Suites.

Perspective BusinessMirror

E4 Monday, January 27, 2020

www.businessmirror.com.ph

Why that green fund you bought might include a coal miner

IN this January 6, 2020, file photo, wind turbines stand on a hill and are surrounded by fog and clouds in the Taunus region near Frankfurt, Germany. Environmentally conscious investing received a lot of attention last week after the world’s largest asset manager said it plans to put climate change and sustainability at the center of its investment approach. AP/MICHAEL PROBST

By Stan Choe

The Associated Press

EW YORK—Environmentally conscious investing received a lot of attention last week after the world’s largest asset manager said it plans to put climate change and sustainability at the center of its investment approach.

The decision by BlackRock Inc. should create more investment opportunities for those interested in funds that take environmental, social and governance issues into account—known as ESG funds— before they buy a stock or bond. Billions of dollars are already flowing into such funds—$20.6 billion last year, up from nearly $5.5 billion in 2018. Green investing isn’t as simple as it sounds, however. Just because BlackRock or any other fund manager slaps an ESG or sustainable label on a fund doesn’t necessarily mean it completely syncs with an investor’s priorities. “I don’t think these things have been very well defined so far,” said Chester Spatt, finance professor at Carnegie Mellon’s Tepper School of Business and former chief economist at the Securities and Exchange Commission. “ESG investing is emerging and increasingly important, and I think this will be a first-order issue on regulators’ agenda in the next few years.” Here’s what investors should know about this type of investing:

WHAT DO ALL THESE ACRONYMS LIKE ESG AND SRI MEAN?

THESE two get used interchangeably sometimes, but “environmental, social and governance” investing can be quite different from “socially responsible investing.” ESG is the more popular acronym now, and it implies managers consider companies’ performance on the environment, social issues and corporate governance before investing in them. The thought is to avoid companies with poor track records on ESG issues that could be exposed to big potential fines or other blow-ups in the future. ESG is as much a tool to reduce risk in investments as anything. SRI, meanwhile, is more akin to investing alongside one’s morals. The term has fallen out of favor with some, though, who worry it’s too reminiscent of the industry’s earliest funds decades ago that simply excluded tobacco companies and other “sin” stocks rather than doing more rigorous analysis.

WILL ANY ESG FUND DO?

NOT by a long shot. Prepare to do

your homework. To see how nuanced things can get, consider BlackRock’s blockbuster announcement. As part of its effort to put climate change at the center of its investment strategy, BlackRock will exit investments in stocks and bonds of certain coal producers. BlackRock is dumping companies that get more than a quarter of their revenue from thermal coal, which is primarily used in power generation and creates lots of carbon emissions. These investments are risky because of the possibility of profit-reducing regulation and because power plants are increasingly switching to natural gas and other fuels. But BlackRock will still invest in companies that mostly sell coal used in steel plants. Furthermore, BlackRock is only eliminating thermal coal producers from the portfolios where its managers are actively choosing which stocks and bonds to own. BlackRock’s index funds, which account for the bulk of its $7 trillion in assets under management, will continue to own coal producers as long as those companies remain in the indexes they track. The most popular index funds tend to track the broad stock market, which means they typically include coal miners, oil explorers and other fossil-fuel companies based on their market value. For its part, BlackRock promises to work with index providers to come up with more and better sustainable indexes, which can lead to new index ETFs. But just like an investor can’t blindly jump into a “growth” or “value” stock

ESG implies managers consider companies’ performance on the environment, social issues and corporate governance before investing in them. The thought is to avoid companies with poor track records on ESG issues that could be exposed to big potential fines or other blow-ups in the future. ESG is as much a tool to reduce risk in investments as anything. fund and assume they know what the manager’s philosophy will be, investors need more details before they consider joining the sustainable investing field.

DO I HAVE TO ACCEPT LOWER RETURNS?

SOME investors, even some big pension funds, assume that limiting the universe of potential investments and having less diversification inevitably leads to either worse returns or more volatility. But several studies have pushed against this. After looking at the performance of more than 10,000 mutual funds and ETFs from 2004 to 2018, Morgan Stanley found there is no consistent or statistically significant difference in returns between ESG-focused and traditional funds. The study also said that sustainable funds may have less violent swings during down markets.

WHAT IF I DON’T WANT TO OWN ANY OIL COMPANIES?

DO your homework before buying. Some funds swear off fossilfuel companies entirely. But others don’t want to completely eliminate

them. Instead, they’ll favor companies that are relative leaders in the industry when it comes to environmental, social and governance issues and own less of the laggards. So, anyone buying a share of BlackRock’s iShares ESG MSCI USA exchange-traded fund shouldn’t be surprised to learn Exxon Mobil is its 20th largest holding. BlackRock discloses that on its website, and it also details the index’s approach in its prospectus.

WHAT DOES IT MEAN TO HAVE A HIGH ESG SCORE?

JUST like companies have credit ratings, they also have ESG scores, assigned by companies like MSCI, Sustainalytics and others. Fund managers often use these scores to help decide whether to include a stock in their fund. But one company can have very different ESG scores from different ratings companies, even though they look at the same sets of data, said Jennifer Coombs, associate professor at the College for Financial Planning. “That’s an area that’s causing angst,” she said. “What’s an investor supposed to do if the same

information is going to move two firms’ scores in the same direction only a third of the time?” Coombs said she’s hopeful such discrepancies can improve over time as regulators require companies to make more disclosures about environmental and other issues.

WHAT ABOUT HIGHER FEES?

SUSTAINABLE funds were notorious years ago for being more expensive to own, certainly compared with broad index funds. But fees have been coming down as more dollars flow into the field, which allows for expenses to be spread across larger pools of dollars. More index funds have also come into the space, which reduces costs. In BlackRock’s iShares family of ETFs, for example, its largest sustainable fund has an expense ratio of 0.15%. That means $15 of every $10,000 invested goes to covering fees annually. That compares with $4 for iShares’ largest ETF, which tracks the broad S&P 500 index. The average stock fund kept $55 in 2018, according to the Investment Company Institute.