BusinessMirror March 04, 2019 by BusinessMirror

PHILHEALTH TOP ‘18 N.G. SUBSIDY RECIPIENT By Rea Cu

@ReaCuBM

UBSIDIES made by the national government for 2018 amounted to P136.652 billion, with the Philippine Health Insurance Corp. (PhilHealth) taking the biggest share at P52.950 billion, data from the Bureau of the Treasury (BTr) showed. The subsidies for 2018 represented an increase of 4.24 percent over the P131.088 billion made in 2017. Biggest subsidy recipient PhilHealth’s share of P52.950 billion was 12.20 percent higher than the P47.190 billion recorded in 2017. The National Irrigation Administration (NIA) received the second highest amount of subsidy with P28.427 billion, contracting by 5.75 percent from the P30.163 billion

‘PANAGBENGA!’ Wearing colorful costumes symbolizing the creativity of the Cordillerans in showcasing blooms and other products, street dancers from the different schools of Baguio City participate in events highlighting the “Panagbenga Flower Festival” a day before the float parade. SUZANNE JUNE G. PERANTE

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

it received for 2017. The third highest recipient for the year was the Land Bank of the Philippines (LandBank) with P25.622 billion. The government did not provide a subsidy to LandBank in 2017. Total subsidies made to governmentowned and -controlled corporations (GOCCs) for the year amounted to P70.392 billion; major nonfinancial government corporations received P39.240 billion; and government financial institutions, P27.020 billion. For December alone, total subsidies made by the government amounted to P2.181 billion, or a drop of 93.01 percent from P31.227 billion made in December 2017. For that month, the highest recipient was LandBank with P486 billion, and the

Development Bank of the Philippines (DBP) with P484 billion. NIA came in third with a subsidy of P464 billion. A subsidy given by the government to GOCCs aims to help them reduce their costs and support the growth of different sectors, among others. It was reported earlier that the Duterte administration aims to complete its 10-point socioeconomic agenda, which aims to alleviate poverty in the country and improve the social welfare of the Filipinos. The agenda includes investing in human capital development, including health and education systems, and improving social protection programs, including the government’s Conditional Cash Transfer program, to protect the poor against instability and economic shocks.

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Monday, March 4, 2019 Vol. 14 No. 145

Overseas demand for construction labor dips 2M M By Samuel P. Medenilla

@sam_medenilla

ORE Filipinos with constructionrelated skills may have to stay in the country to find work, after all. This comes as overseas demand for them suffered its biggest decline in recent years due to prevailing international market trends and government initiatives.

At the same time, however, Labor Secretary Silvestre H. Bello III also acknowledged there is a policy decision to minimize the deployment of construction workers abroad to meet the urgent need of the private sector for workers in the Philippines, as the government and the private

sector ramp up dozens of key infrastructure projects. The Bureau of Local Employment (BLE) earlier estimated that the country will need to maintain a steady pool of 200,000 available workers to keep up with the 380,000 average additional net employment generated by the

construction sector. Based on the latest available complete data from the Philippine Overseas Employment Administration (POEA), the number of hired civil engineering laborers abroad in 2017 declined by 31.3 percent to 5,295, from 7,718 in the previous year.

The number of OFW deployed abroad per latest POEA data, down by 3 percent from 2.1 million, owing to the big decline in the number of total new hires, for the first time in the last decade. All the top destinations for new hires—five Mideast countries, Hong Kong, Taiwan, Japan, Singapore, Malaysia—saw a reduction in OFW deployment

A similar trend was observed for deployed welders and flame cutters, demand for whom declined by 31 percent in 2017 to 5,141, from 7,437 in the 2016.

Initial damage to farms from El Niño hits P150M By Jasper Emmanuel Y. Arcalas @jearcalas

T least 5,400 Filipino farmers have already incurred losses of more than P150 million due to hotter weather caused by El Niño, an initial damage assessment report of the Department of Agriculture (DA) obtained by the BusinessMirror showed. The damage report indicated that El Niño has affected 6,600 hectares of rice and corn farms in Mimaropa and Region 12 with an estimated total production loss of 6,300 metric tons. Around 70 percent of the total affected farms of 4,600 hectares were planted with palay and the remaining area of 2,000, with corn. The brunt of the damage from El Niño was suffered by 3,090 rice farmers, who lost 5,000 metric tons in produce valued at nearly P130 million. Some 2,300 corn farmers incurred losses amounting to about P24 million. Total corn output dam-

PESO EXCHANGE RATES n US 51.7690

See “El Niño,” A2

Inflation’s slowing not enough to cut RRR By Bianca Cuaresma @BcuaresmaBM

F. Villafuerte Jr. said the 14 government agencies tasked to draft the IRR should finish their job to avoid the mistake committed by bureaucrats who he said had bungled the implementation of the Ease of Doing Business (EODB) Act.

ESPITE the continued deceleration in the country’s inflation in the early months of 2019, global bank HSBC believes it is still not enough for the Bangko Sentral ng Pilipinas (BSP) to shift its gears to accommodation early this year. In a research note, HSBC economists said the expected 4 percent inf lation print for February is still within the upper end of the BSP’s 2 percent to 4 percent target range for the year. “We expect headline inf lation to continue its downward trend in February to 4 percent year-on-year from 4.4 percent in January,” HSBC said. The global bank further said that, due to the continuous moderation of rice prices, upward pressures to the country’s inflation path are now limited, even as oil prices rose recently. “That said, at 4 percent, headline inflation remains elevated and is in the upper band of the Bangko Sentral ng Pilipinas’s [BSP] 2 to 4 percent inflation target.

See “Rice trade,” A8

See “Inlflation,” A2

Avian flu in Orissa

See “PHL,” A8

aged by El Niño was estimated at around 1,300 metric tons. The damage report indicated that 2,900 farmers with production losses of about P123 million were located in Mimaropa while the remaining almost 2,500 farmers were in Region 12. Farmers in Region 12 lost P30 million worth of output. The damage report showed that 96 percent of the El Niño-affected areas or about 6,400 hectares still have a chance of recovery. Of these, about 3,700 hectares are in Mimaropa and some 2,600 hectares in Region 12. At least 200 hectares in Mimaropa have no chance of recovery, according to DA’s initial assessment. The damage report is still being validated by the DA as of press time. Last week, Agriculture Secretary Emmanuel F. Piñol said the DA has set aside funds to indemnify insured farmers and extend production loans to those affected by El Niño.

See “Construction,” A2

P200-billion local hog industry. “The ASF outbreak has already reached Vietnam, making the country more susceptible to the ASF pandemic,” Sinag Chairman Rosendo So said.

AS for the avian flu, the outbreaks of H5N1 Highly Pathogenic Avian Influenza (HPAI) virus were found in Puri, Orissa, India. Birds in these areas were affected by the outbreaks, as confirmed by the National Institute of High Security Animal Diseases in Bhopal, an OIE reference laboratory. Piñol said the entry of poultry products from India must be banned so as to prevent the entry of the HPAI virus to the Philippines, and protect the health of the local poultry population. Under Memorandum Order 03, Piñol banned the importation of domestic and wild birds and their products, including poultry meat, day-old chicks, eggs and semen, from India. The processing, evaluation of the application and issuance of sanitary and phytosanitary import clearance to the listed commodities were also immediately suspended.

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PHL bans AI-hit India’s poultry; farm group seeks Senate hearing on ASF

HE Philippines has temporarily banned the importation of poultry products from India due to reported outbreaks of avian influenza (AI) in the South Asian country. Agriculture Secretary Emmanuel F. Piñol issued a temporary ban on the importation of domestic and wild birds, including their products, originating from India, after Tarun Shridhar, an Indian agriculture official, reported to the World Organisation for Animal Health (OIE) outbreaks of avian influenza. In a separate development, Samahang Industriya ng Agrikultura (Sinag) Chairman Rosendo So is seeking the Senate’s intervention on the dreaded African swine fever (ASF), saying that efforts from the Depar tment of Agriculture (DA) remain inadequate. In a letter sent to Sens. Cynthia A. Villar and Grace Poe, who chair the Committees on Agriculture and on Public Services, respectively, Sinag sought the urgent holding of a public hearing on ASF and the continued decrease in farm gate prices. This, after latest reports showed the ASF has crossed the Asean region, leading the Philippines to ban pork imports from neighboring Vietnam in a bid to protect the

2017 EJAP JOURNALISM AWARDS

LABORERS work at a construction site for a call-center building along Diosdado Macapagal Avenue in Pasay City, one of many areas where the boom in construction is manifest, as the government ramps up the “Build, Build, Build” infrastructure program. ROY DOMINGO

Rice trade lib author: Speed up IRR crafting By Jovee Marie N. dela Cruz

@joveemarie

HILE one of the most i m p o r t a nt a s p e c t s of the Republic Act 1120—the opening of the domestic rice market to private traders— will already come into effect by

March 5, a member of the House Committee on Economic Affairs on Sunday urged the government agencies to work double time and finish crafting the implementing rules and regulations (IRR) of the Rice Tariffication Act within the 45-day deadline. Camarines Sur Rep. Luis Raymund

n JAPAN 0.4645 n UK 68.6612 n HK 6.5950 n CHINA 7.7342 n SINGAPORE 38.2907 n AUSTRALIA 36.7198 n EU 58.8924 n SAUDI ARABIA 13.8051

Source: BSP (1 March 2019 )

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A2 Monday, March 4, 2019

Task force expected to finish Pogo workers’ list in 30 days By Rea Cu

@ReaCuBM

HE members of the interagency task force on the census of foreign nationals working in the country will convene after 30 days, to discuss a complete and clean list of foreign nationals working in offshore gaming operations, in a bid to ensure compliance with Philippine tax laws, particularly in the payment of income taxes. In a statement at the weekend, Finance Secretary Carlos G. Dominguez III said that the DOF and the members of the task force that was instructed to consolidate the list of foreign nationals “will meet after 30 days, at which time” he said he expects “a complete and clean list of foreign nationals working in offshore gaming operations here.” It was earlier reported that the DOF and the Bureau of Internal Revenue (BIR) are working closely with other government agencies, including the Departments of Justice (DOJ) and of Labor and Employment (DOLE), to ensure that foreign nationals working in Philippine offshore gaming operations (Pogo) comply with the country’s tax laws. The interagency task force is led by the DOLE and the Bureau of Immigration (BI). “If we get all that [information], then it is possible that we can begin to collect taxes, enforcing the law on these foreign workers who are operating here. Isn’t that what we really want to do here, enforce the law?” Dominguez said during a recent meeting he requested with

the heads of these agencies to find ways of making foreign Pogo workers pay income taxes to the BIR. He said the list of foreign nationals working for service providers of Pogos should be consolidated and reconciled by the various agencies and offices involved in screening, providing work permits and registering them here in the country.

Task force members

THESE agencies include: the Department of Foreign Affairs (DFA), which screens and issues visas to foreign nationals entering the country; the DOJ, which oversees the BI that, in turn, grants shortterm special work permits (SWPs) to foreigners; the DOLE, which issues alien employment permits (AEPs); Philippine Amusement and Gaming Corp. (Pagcor), which has a list of its licensed Pogos; Department of Trade and Industry (DTI), which oversees the countr y’s specia l economic zones (SEZs) where a few of these Pogos operate; and the Securities and Exchange Commission (SEC), which registers Pogo agents.

The number of Pogo licensees, per BIR Deputy Commissioner Guballa. Of these, 10 are local firms and 44 are offshore operators. Of the local operators, only seven are registered, while only eight of the offshore licensees are registered with the BIR Dominguez said “a good starting point” would be to trace the employers of these foreign workers so that a portion of their salaries could be withheld and turned over to the government as partial payment of their income taxes. Besides ensuring that foreign nationals comply with tax laws, the government must find out who and where all these alien workers are, given the national security implications of their large presence in the country, the DOF chief added. At the meeting on February 19 were Justice Secretary Menardo Guevarra, Trade Secretary Ramon M. Lopez, Labor Secretary Silvestre H. Bello III, Pagcor Chairperson Andrea D. Domingo, BIR Commissioner Caesar R. Dulay, BIR Deputy Commissioner Arnel SD. Guballa, SEC Deputy Commissioner Javey Paul D. Francisco and Deputy Solicitor General Henry S. Angeles. Guballa said BIR data lists 54 Pogo licensees, of which 10 are local firms and 44 are offshore operators. Of the local operators, only seven are registered, while only eight of the offshore licensees are registered

with the BIR. Citing immigration data, Guevarra said that as of June 2018, less than 95,000 foreign nationals were issued by the BI with various forms of temporary work permits as Pogo employees. Domingo, however, pointed out that this figure is not accurate because foreign workers that were given six-month SWPs may have already secured provisional working permits and remained on the list of those still with SWPs, while those with provisional working permits may have already been issued AEPs by DOLE. “The numbers may overlap,” Domingo said. She pointed out that since Pagcor only registers Pogo operators but is not tasked to regulate foreign workers’ visas, the BI and DOLE should be able to compile an accurate list of foreign Pogo workers. Domingo committed to provide the complete list of, and information about, Pogo service providers and require them to provide a list of their foreign workers and their respective salaries. Francisco said the SEC can provide a list of corporations registered as Pogo agents while Lopez said the DTI can forward to the BIR the list of foreign nationals working in SEZs. Under Revenue Memorandum Circular (RMC) 78-2018, all foreign and Philippine-based gaming operators, including those with offshore licenses, must register with the BIR as a prerequisite in the renewal of their Pagcor licenses. This mandates the BIR to identify and monitor tax payments, including remittances of taxes withheld on foreign nationals working for them. With a report by Manuel T. Cayon

PHL BEST IN S.E. ASIA FOR WOMEN EYEING TOP POSTS By Elijah Felice E. Rosales @alyasjah

HE Philippines is the best country among Southeast Asian nations for women aspiring to get senior management posts, according to a survey by international consultancy firm Grant Thornton. Women make up 37 percent of senior management posts in Philippine firms, the survey reported. This was higher than the average of 28 percent in Southeast Asia and 29 percent worldwide. The country was very slightly ahead of Vietnam (37 percent), and bested Singapore (33 percent), Indonesia (32 percent), Malaysia (23 percent) and Thailand (19 percent) in the region. However, the Philippines fell four notches to fifth from being the best country globally for women in business last year. It performed behind New Zealand (44 percent), Australia (42 percent), Nigeria (38 percent) and

Construction. . . Continued from A1

This is the first time that civil engineering reverted to the 5,000 level since 2014. For welders and flame cutters, the last time it was in the 5,000 level was way back in 2010. There were also fewer deployed plumbers and pipe fitters in 2017, at 3,800—lower by 43.2 percent compared to the 6,696 from 2016. This is the lowest deployment figure in the last decade. The three occupations were part of the top 10 occupational groups with the most numbers of deployed Filipino new hires for 2017. The 2018 deployment data from POEA is still not available as of press time.

47%

The percentage of women getting top senior management posts in 2018, making the 37-percent score this year actually the country’s worst performance compared to previous years in the annual survey. It was 40 percent in 2017, and 39 percent in 2016 Botswana (38 percent). This was also the worst performance of the country compared to previous years in the annual survey, after getting 47 percent in 2018, 40 percent in 2017 and 39 percent in 2016. Most roles female workers play in Philippine firms are as human resources director (75 percent), chief finance officer (66 percent) and chief operating officer (53 percent), the survey said.

Paradigm shift OVERALL, the latest deployment figures from POEA showed that the total number of deployed OFWs abroad in 2017 declined by 3 percent to just 2 million from 2.1 million in 2016. This could be attributed to the significant decline in the number of total new hires, which dipped for the first time in the last decade. New hires in 2017 fell by 21.2 percent to 459,080 from 582,816 in 2016. All the top destinations for new hires—the Kingdom of Saudi Arabia (KSA), Kuwait, Hong Kong, Qatar, Taiwan, United Arab Emirates, Japan, Singapore, Malaysia and Oman—all saw a reduction in OFW deployment. The five Middle East countries on the list suffered the biggest declines. Rehires, or OFWs with renewed em-

This was followed by sales director (45 percent), chief marketing officer (44 percent) and chief information officer (36 percent). In spite of the above-average performance of the Philippines, there are still barriers here to getting women to top posts. Female executives in the country cited the lack of access to opportunities (55 percent) and finding the time alongside core job opportunities (51 percent) as primar y barriers to career growth. They also said caring responsibilities outside work and lack of access to networking opportunities (both at 47 percent) are hindering them from being successful in their roles. On the other hand, Philippine firms are rolling out measures to preserve gender balance in their workspaces. The survey reported these initiatives include ensuring equal access to developmental work opportunities (70 percent), providing mentoring and

ployment contracts, increased from 1.69 million in 2017 from 1.4 million in the previous year.

Oil-related THE recruitment industry attributed the lower demand for Filipino construction workers abroad to the prevailing economic woes faced by oil-dependent countries in the Middle East, where most OFWs are employed. Recruitment leader Lito Soriano attributed this to the “unsteady” price of oil. “From 2007 to 2009, the price [of oil] was at $100 per barrel. Now, it is around 50 [dollars per barrel] so their economies are not ready for that pressure,” Soriano told the BusinessMirror in an interview. He said this led to fewer construction projects in Kuwait, Oman, KSA

coaching (66 percent), and enabling flexible working (56 percent). Companies here also review their recruitment approaches constantly (55 percent) and set targets for gender balance at leadership levels (51 percent) to give women the space they deserve in top posts. Grant Thornton International Global Leader for Network Capabilities Francesca Lagerberg said the figures this year “are incredibly encouraging, and a strong indication that gender parity is starting to be taken seriously by businesses.” “External factors, such as increasing organizational transparency, gender pay gap reporting and highly visible public dialogue, like the #MeToo movement, appear to be making businesses wake up to the change that is needed,” Lagerberg said in a news release. Grant Thornton obtained the response of 4,900 senior executives and decision makers from 35 countries and territories for the survey. The survey had 73 respondents from the Philippines.

and Bahrain. Soriano said they expect the slowdown in new construction projects in the Middle East will persist in the next two to four years. As for the decline in the deployment of OFWs with nonconstruction skills in the Middle East, he said it may be the result of their governments’ policy decision to minimize their hiring of migrant workers. “These countries are now coming out with an exit strategy to remove their dependence on migrant workers because they need to provide employment to their nationals,” Soriano said. He said this may translate to more displacement of OFWs in the Middle East in the coming years. “ The government should be ready for this with the necessary

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‘Matatag’ office to help carry out ADB-funded climate project for poor By Cai U. Ordinario

@caiordinario

HE i nteragenc y Soc i a l Development Committee (SDC) has approved the creation of a technical advisory group that will focus on urban poor housing concerns, the National Economic and Development Authority (Neda) said. In an interview, Neda Undersecretary Rosemarie G. Edillon told the BusinessMirror that the MultiAgency Technical Assistance and Team Advisory Group (Matatag) will be tasked to help implement an Asian Development Bank (ADB)funded Technical Assistance on climate-change resilience for the urban poor. The ADB’s Regional Technical Assistance (Reta) on Advancing Inclusive and Resilient Urban Development Targeted at the Urban Poor covers Indonesia, Bangladesh and the Philippines. “It’s really for the Reta of ADB. We just constituted an advisory group, so it’s also a multiagency [body] and it’s for the urban poor. It’s actually to improve the resilience of the urban poor communities, also with respect to planning,” Edillon said. Edillon said Matatag will be chaired by the Neda and cochaired by the Housing and Urban Development Coordinating Council (HUDCC), since the main thrust is to resolve housing concerns of the urban poor. The $5-million Reta on Advancing Inclusive and Resilient Urban

El Niño. . .

Continued from A1

He said the DA is ready to “immediately” release crop insurance payments to farmers who will incur losses due to the weather phenomenon. The agriculture chief said the “assistance and inter ventions” provided to farmers will be based on reports from the DA regional field offices and the El Niño task force. The DA will also be “guided by the maps” provided by the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), Piñol added.

Inflation. . . Continued from A1

This is likely to keep the BSP from any monetary-policy accommodation, including cutting banks’reserve requirement ratio (RRR), despite lower levels of liquidity in the financial system,” HSBC said. Cash supply circulating in the economy grew to its slowest pace in about seven years in January, the BSP reported just last week, as demand for credit further eased during the month. Data showed that domestic liquidity— broadly measured as M— grew 7.6 percent in January this year, the slowest reintegration program,” Soriano said.

Local demand MEANWHILE, local demand for construction workers is still on the rise amid the growing number of infrastructure projects from both the private and public sector. The Bureau of Local Employment (BLE) earlier estimated the country will need to maintain a steady pool of 200,000 available workers to keep up with the 380,000 average additional net employment generated by the construction sector. For 2019, Labor Secretary Silvestre H. Bello III said there should be 800,000 to 1 million additional construction workers. With this in mind, Bello instructed POEA to reduce by 80 to 90 percent the deployment of Filipino construction

Development Targeted at the Urban Poor is funded by the Urban Climate Change Resilience Trust Fund under the Urban Financing Partnership Facility, which is administered by the ADB. The Reta aims to help urban centers meet Sustainable Development Goal (SDG) 11, which focuses on making cities and human settlements inclusive, safe, resilient and sustainable. Specifically, the Reta will identify opportunities for strengthening the resilience of the urban poor, including risk assessments on the impact of climate change and disasters on the urban poor, as well as how it affects urban povertyreduction efforts. The Reta also aims to use climate change and disaster-risk information to design pro-poor resiliencebuilding investments, as well as undertaking preparatory work to strengthen the resilience of the urban poor. “The activities may be implemented nationwide or for specific urban areas, depending on urban poverty trend, the level of climate and disaster risk, the existence of social protection and/or community-driven development projects,” ADB documents stated. Philippine Statistics Authority (PSA) data show the proportion of local governments in the country that adopt and implement local disaster risk-reduction strategies in line with national disaster riskreduction strategies is very low in Region 6 or Western Visayas, at only 25 percent. The state weather bureau projected last week that a weak El Niño is affecting the country. Pagasa said it could develop into a full-blown El Niño in the coming months. By end-March, Pagasa projected that nine provinces—five in Luzon, including provinces belonging to Mimaropa, and four in Mindanao—will suffer drought. Over the next months until June, Pagasa projected that 19 province—13 in Luzon, five in the Visayas, and one in Mindanao— will likely experience drought. The Pagasa forecasts also that in March alone, about 50 provinces will experience below-normal rainfall while 22 more will see “way below normal” rainfall status. growth for liquidity in the country since September 2012. “We expect a 100 basis point cut to the RRR in the second quarter, once inflation is more firmly within the BSP’s target,” HSBC added. The BSP Department of Economic Research projects February inflation to settle anywhere between 3.7 percent and 4.5 percent. In their February meeting, the monetary board scaled back their inflation forecast to 3.1 percent on average for this year, down from the 3.2 percent forecast announced by the BSP in their December meeting. For 2020 the inflation forecast is broadly unchanged at 3 percent. The Philippine Statistics Authority is set to release the country’s February inflation numbers on March 5. workers. He said this is to accommodate the request of the private sector to minimize the deployment of Filipino workers with construction skills, which they need. Despite numerous job opportunities, many OFWs would still opt to work abroad, since they get a higher pay there, the DOLE earlier said. “We really have a really urgent need for construction workers. And this is the reason why we slowed down in the deployment of construction workers,” Bello said. Bello said the slowdown in the deployment for Filipino construction workers may be in effect beyond the term of President Duterte, since many of his administration’s massive infrastructure projects will still be in the process of completion when he leaves office in 2022.

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Editor: Vittorio V. Vitug • Monday, March 4, 2019 A3

SC finds former employee guilty in multimillion scam By Joel R. San Juan @jrsanjuan1573

FORMER executive assistant in the office of retired Associate Justice Jose P. Perez has been found guilty by the Supreme Court (SC) of less serious dishonesty for his role in luring court employees into investing their hard-earned money in a multimillion business scheme that turned out to be a scam. In a 29-page decision penned by Associate Justice Alexander Gesmundo, the Court en banc imposed a fine against Ramdel Rey de Leon in the amount equivalent to his oneyear salary to be deducted from his benefits, considering that de Leon already resigned from the Court on April 30, 2015, and could no longer be suspended. Aside from less serious dishonesty, de Leon was also found guilty of conduct prejudicial to the best interest of the service, violations of SC Administrative Circular 5-88, and Section 5 of Canon III (Conflict of Interest) and Section 1 of Canon IV (Performance of Duties) of the Code of Conduct for Court Personnel. The complaint was filed by former Court Attorney VI in the office of Justice Perez and now-Pili Regional Trial Court (RTC) Judge Vivencio Gregorio Atutubo III, Deputy Division Clerk of Court Teresita A. Tuazon, and Court Attorneys Delight Aissa A. Salvador and Joevanni A. Villanueva. The Court held that although there was no direct evidence to prove that de Leon was in partnership with his brother Rammyl and a certain Ferdinand John Mendoza, there is still basis to hold him administratively liable having acted as a recruiter for the “check-rediscounting” business venture. “Indubitably, respondent actively participated in the series of transactions and dealings with complainants, from the time he accepted all the monies and placed it in the account of Mendoza. This constitutes as sufficient evidence to find that respondent had some involvement in the business of rediscounting checks as a ‘recruiter

of third-party investors,’” the Court held. Records showed that in 2012 de Leon took advantage of his close friendship and trust with complainants and enticed them into parting with their money and investing in his alleged business transactions. de Leon also said Mendoza was a longtime friend of his brother. Based on the scheme and as explained by de Leon, Mendoza was into check-rediscounting with the suppliers and/or contractors of San Miguel Corp. (SMC). De Leon explained that SMC paid the suppliers of raw materials or other products after 90 days from the date the contract was awarded and/or upon compliance/completion of the contract. These suppliers or contractors would then approach the agents of Mendoza for them to liquidate or sell the value of their contracts at a discounted price so that they would be liquid and compliant with SMC’s requirements. Thereafter, Mendoza would contact his brother and other people willing to pool in cash to accommodate said contracts. After pooling the cash, Mendoza would then issue post-dated checks as advance payments for their capital contributions and earned interest. For all the capital investments, Mendoza would issue three postdated checks: the first check to cover the principal, which would run and mature after 60 days, and the two subsequent checks to cover the 5-percent interest per month. On June 18, 2014, respondent averred that his brother broke to him the news that Mendoza was missing and nowhere to be found. The Court held that respondent is guilty of less serious dishonesty because he had not been honest in his dealings with the complainants. “In spite of the knowledge regarding the collapsing investments and suspicious default payments of Mendoza, respondent continued to accommodate and accept the investments of complainants up to May 2014,” the Court said. “If the respondent was truly concerned for complainants’ invest-

ments, he should have immediately disclosed the truth about the suspicious transactions at the very first instance and he should not have received any additional investments from complainants anymore,” the Court added. “Instead, respondent turned a blind eye to the suspicious circumstances regarding Mendoza’s payments, which eventually lead to the disappearance of complainants’ investments.” The Court said that based on the complaint affidavit filed by de Leon’s brother against Mendoza, it was admitted that Mendoza had been defaulting in the payment of Rammyl’s investment as early as January 2014. “Considering that respondent and Rammyl are brothers, it was improbable that the two would not share such crucial information regarding the failing investment,” the Court pointed out. Furthermore, the Court said De Leon committed another dishonesty when he did not truthfully disclose the actual rate of interest earned from the rediscounting business of Mendoza. Respondent admitted that complainants only received 5-percent interest per month from their investments. Glaringly, respondent did not divulge to complainants where the remaining 1-percent to 3-percent interest went. “It goes to show that respondent is not truly straightforward regarding the interest earned in the said anomalous rediscounting business. Complainants went further by stating that the said remaining one to three percent interests were pocketed by respondent and Rammyl as their commission for the investment transactions,” the Court said. “In any case, it is clear that respondent did not honestly deal with complainants regarding their hard-earned monies.” Furthermore, the SC said de Leon should be held liable for committing conduct prejudicial to the best interest of service as his transactions happened within the premises of the Court that placed the image of the judiciary in “a bad light.”

Soldiers recover 2,025 loose firearms in Central Mindanao By Rene Acosta @reneacostaBM

HE Army’s 6th Infantry Division (ID) based in Central Mindanao reported it had already confiscated or received a total of 2,025 loose firearms. The campaign against loose firearms, initiated by 6th ID commander Major Gen. Cirilito Sobejana, aimed to ensure that only authorized individuals are allowed to possess and carry firearms in Central Mindanao where the government is battling terrorist groups,

especially the Bangsamoro Islamic Freedom Fighters. Sobejana said the campaign also supported the drive of the Philippine National Police to recover at least a million firearms that are in the hands of unauthorized civilians in the whole of Mindanao. Over the weekend, at least nine loose firearms were turned over to the members of the Alpha Company of 90th Infantry Battalion during ceremonies in the Barangays of Talitay in the province of Maguindanao. The firearms were surrendered by residents of Barangays Poblacion,

Pageda, Kilalan, Macadayon, Manggay and Kiladap, all of Talitay. The surrender of firearms was facilitated by Datu Fajad Midtimbang, the president of the Association of Barangay Captains of Talitay. The weapons surrendered included two M-16 riffle, five shotguns, a homemade M-14 rifle and one locally made .38-caliber revolver with assorted ammunition. Sobejana said he welcomed the surrender of the weapons, adding that he considered the act as a show of support to the 6th ID’s campaign to recover loose firearms.

No slow night after Customs confiscates 1,500 live tortoises

USTOMS agents announced they foiled an attempt to smuggle into the country about 1,500 live tortoises on Saturday night. Customs District Collector Carmelita M. Talusan said the turtles were found inside four pieces of luggage found abandoned at the baggage carousel area. We suspect somebody informed the passenger his or her illegal shipment had gone through the x-ray scanner, Talusan said. “So the passenger decided to leave

them unclaimed,” she added. Talusan said they were alerted to the smuggle attempt by the personnel manning the x-ray scanner. The Customs agents were told the x-ray revealed images of tortoises that were wrapped in duct tape. Talusan said they suspect this was done to prevent the animals from moving. She added the tiny amphibians were brought into the country by a Filipino traveler from Hong Kong late Wednesday night onboard Philippine Airlines flight PR 311.

Ta l u s a n s a i d t h e s e i z e d items were turned over by the Customs bureau to the Wildlife Traffic Monitoring Unit of the Department of Environment and Natural Resources on March 3. The shipment is composed of the Star, Redfoot, Sulcata and Red-eared slider tortoises. Talusan said illegal wildlife trading is a violation of Republic Act 10863 (Customs Modernization and Tariff Act) and RA 9147 (Wildlife Resources Conservation and Protection Act). Recto Mercene

INTERNSHIP PROGRAM The B

usinessMirror and De La Salle University College of Liberal Arts recently signed a Memorandum of Agreement launching the Ambassador Antonio L. Cabangon Chua internship program for journalism. Signing the MOA are Jazmin Llana,PhD, dean of the College of Liberal Arts; and BusinessMirror Publisher T. Anthony C. Cabangon. Witnessing the signing are DLSU Prof. Gerardo Mariano (left), Prof. Michael Aquino and BusinessMirror editor in chief Lourdes M. Fernandez. NONIE REYES

A4 Monday, March 4, 2019 • Editor: Vittorio V. Vitug

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Govt told to use Metro Manila Marina crafts perks program for PHL maritime industry lands for socialized housing By Jovee Marie N. Dela Cruz

@joveemarie

HE chairman of the House Committee on Housing and Urban Development said there are more than 3,000 hectares of land that could be used by the new Department of Human Settlement and Urban Development (DHSUD) for socialized housing and urban development. Negros Occidental Rep. Alfedo Benitez said these lands are located in Metro Metro Manila. “Three thousand plus hectares of land are all located in Metro Manila, and half of these are idle. The majority of these lands are owned by government centers in Quezon City,” Benitez told reporters. Benitez said 1,234.85-hectare land is government-owned and currently being occupied by informal settler families (ISFs), while the 2,185-hectare public land is idle and ready for housing programs. “[Under the law creating the DHSUD] the new housing department can now acquire all those government lands and facilitate the disposition of unused properties that are owned by the government for socialized housing. We need areas as the prime ingredient for success-

ful housing program is land,” he said. According to Benitez, housing needs of Filipinos could balloon to 6.8 million before President Rodrigo Duterte’s term ends in 2022. He said at least 1 million units should be constructed every year to address the country’s backlogs.

Joint effort

BENITEZ said the government can tap the help of private sector in addressing the country’s housing problems. He said these lands or properties are “perfect sites” for government and private-sector socialized housing programs. “The private sector can now participate through a joint venture and as codeveloper of certain properties,” he added. Also, Benitez said the government should push through with its plan of transferring government offices to the provinces to spur development while addressing the country’s housing backlogs. “Overpopulation, traffic congestion and high vulnerability to natural disasters have made Metro Manila or the National Capital Region a pariah among world cities,” he said. “The Department of Transportation is al-

ready in Clark, all other departments’ administrative offices should also be relocated to decongest Metro Manila. That’s also the only way to develop the countryside if we bring government outside the capital,” he added. According to Benitez, it is only the government that can afford to go in an area that is not developed. He said medium-rise buildings could be constructed in the areas that will be vacated by these government agencies. The lawmaker also stressed the need to rethink and develop a master plan that will decongest Metro Manila. Benitez noted that several countries that relocated government agencies have flourished. These include South Korea, Malaysia and Brazil. “Relocation of capitals has already been done by several countries. Malaysia, for instance, built a new administrative capital to ease decongestion in Kuala Lumpur. Putrajaya is envisioned to be ‘green’ and ‘intelligent’ city, with wide parks and open spaces, and strong ICT infrastructure. Its aesthetic design also shows distinct Islamic character to reflect Malaysian identity and heritage as predominantly Muslim country,” he said.

THIS file photo shows the Balamban building dock in Cebu. By Lorenz S. Marasigan @lorenzmarasigan

HE Maritime Industry Authority (Marina) is crafting an incentives program for domestic shipping, shipbuilding and ship repair to enhance the investment climate in the Philippines and attract more private-sector participation in the maritime industry. The maritime regulator said it is strengthening the implementation of the Domestic Shipping Development Act of 2004, which provides for the granting of incentives for shipping players, such as exemptions from value-added tax (VAT). Citing data from 2014 to 2017, Marina said there is a need for “increased awareness among stakeholders” of the provisions of the law, as only 103 out of 2,148 imported ships were granted VAT incentives during the three-year period. “Hence, the Marina has committed to formulate an attractive financing scheme and to review existing incentive programs for the players in the domestic shipping and shipbuilding industries,” the statement read. Marina said it will also review regulations to accelerate fleet-modernization programs, as well as modernize naval ships and maritime security assets. “The enhancement of shipbuilding re-

search and development, modernization of shipyard facilities and provision of regular training for shipyard personnel will also be prioritized,” the statement read. Marina noted that it is now easier for shipping players to operate in the Philippines, after the government deregulated the domestic shipping industry, which promoted ease of doing business by reducing the processes needed for operations. “This resulted to a steady increase in the issuance of the certificate of public convenience since 2010, allowing more shipping operators to take part in the enhancement of the navigability within Philippine borders by serving existing routes, as well as new routes,” the statement read. It added that “through the availability of needed materials locally, the installment of modern shipbuilding and ship-repair facilities, and the improvement of the quality management system, Philippine shipyards may increase its capability to construct an average of 500 gross tonnages to 2500 GT of tankers or roll-on/roll-off passenger ships for the domestic market.” Marina will also set a vessel-retirement program for ships that fail to meet the minimum classification standards of a government-recognized classification society to uphold maritime safety and environmental protection.

SBMA revenue shares to local governments hit ₧1.87 billion By Henry Empeño | Correspondent

UBIC BAY FREEPORT—Revenue shares released by the Subic Bay Subic Bay Metropolitan Authority (SBMA) to neighboring local government units (LGUs) have reached a total of more than P1.87 billion, after it distributed last week the dividends for the second half of 2018. SBMA Chairman and Administrator Wilma T. Eisma said in a media briefing last Wednesday that the SBMA had released the latest shares totaling P222.13 million to the eight LGUs contiguous to and affected by operations of the Subic Bay Freeport Zone. The latest releases brought total shares distributed by the SBMA in the last nine years to P1,872,082,051.04, SBMA records showed. The individual checks for the latest LGU shares were handed over by SBMA Senior Deputy Administrator Ramon Agregado to representatives of the eight LGUs at the SBMA Board Room on Tuesday. The biggest shares went to Olongapo City at P51.66 million; followed by Subic, Zambales, with P33.96 million; and Dinalupihan, Bataan, P27.62 million. Other recipients were San Marcelino, Zambales, which received P26.62 million; Hermosa, Bataan, P23.12 million; Castillejos, Zambales, P20.79 million; Morong, Bataan, P19.3 million; and San Antonio, Zambales, P19.035 million. The revenue shares were funded by corporate taxes collected from registered Subic Bay Freeport enterprises, which pay a 5-percent tax on their gross income earned within the zone.

Three percent of the 5-percent corporate tax directly goes to the national treasury, while the other 2 percent is distributed to neighboring LGUs as revenue share. The amount that an LGU gets from the SBMA collection is determined according to population (50 percent), land area (25 percent) and equal sharing (25 percent). LGU shares in the last nine years that the SBMA had directly released them had been growing in proportion to the growth of business and investment in the Subic Bay Freeport Zone. Last week’s release of P222.13 million was 66 percent bigger than the P147.13 million released by the SBMA in August 2018 for the revenue shares for the first half of 2018. However, Eisma said the Subic agency does not have any record of the projects funded by the LGU shares since the law did not require the local governments to report to the SBMA how they disbursed the shares. “We just hope that the LGUs are using the shares properly and accountably because these releases are precisely intended for them to be able to keep pace with the developments in the Subic Bay Freeport,” Eisma said. According to SBMA records, Olongapo City has received a total of P448.45 million in LGU shares since 2010, the biggest among the recipients. Subic comes next with P280.38 million; Dinalupihan, P234 million; San Marcelino, P225.51 million; Hermosa, P192.41 million; Castillejos, P165.82 million; San Antonio, P163 milion; and Morong, P162.35 million.

Agriculture/Commodities

Monday, March 4, 2019 • Editor: Jennifer A. Ng

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‘Rice fund to hike farm mechanization level’

A FARMER uses a hand tractor with a three-disc plow attachment developed by the Philippine Rice Research Institute. PHOTO FROM WWW.PHILRICE.GOV.PH

By Jasper Emmanuel Y. Arcalas @jearcalas

HE Philippine Center for Postharvest Development and Mechanization (PhilMech) vowed to use the funds it will receive under the rice trade liberalization law to raise farm mechanization level to 4 horsepower per hectare (hp/ha) by 2024.

PhilMech Applied Communication Division Chief Rodolfo P. Estigoy said the attached agency of the Department of Agriculture (DA) wants to increase the current 2.31 hp/ha mechanization rate in six years. Estigoy said this will be made possible by the P5-billion subsidy that PhilMech would receive under Republic Act (RA) 11203. The money, he said, would be used to grant equipment to farmers in 57 major rice-producing provinces. “We are optimistic that we will reach the 4 hp/ha farm mechan i zat ion level after six years,” he said in an interview with the BusinessMirror on Sunday. Under the RA 11203 or the rice trade liberalization law, PhilMech would receive P5 billion or half of the P10-billion rice competitiveness

enhancement fund (RCEF). The allocation is aimed at hiking the mechanization level of rice farmers by giving them farm equipment. Estigoy said PhilMech is planning to distribute “packages of technology” to at least 200 municipalities this year and is targeting to cover 1,200 municipalities and cities over the next six years. The package of technology that would be provided to farmers’ organizations, cooperatives, and irrigators’ associations would include farm equipment that they could use for land preparation and even for milling and drying, according to Estigoy. He said some of the equipment that may be distributed to farmers include tractors, mechanical transplanter, combined harvester, dryers and even rice mills. PhilMech expects to start distributing equipment to farmers by the fourth quarter of the year. Estigoy said it would take time for the agency to procure the equipment given the procurement rules that it must observe. “The equipment will be distributed to farmers in time for the second rice cropping season or the main cropping season,” Estigoy added. He said PhilMech would form a separate project implementation team that would focus on fulfilling the agency’s role under RA 11203. The agency will hire at least 50 people to form the team. Estigoy also said PhilMech may divide the Philippines into five zones to fast-track the distribution of farm machinery: Luzon A and B, the Visayas, Mindanao A and B. RA 11203 converted the quantitative restrictions (QR) on rice into tariffs. It also mandated the government to set up the RCEF which would consist of tariffs collected from rice imports. The Philippines scrapped the non-tariff measure after more than two decades when the special waiver on the special treatment on rice lapsed on July 1, 2017. Economic managers pushed for the removal of the rice QR as the nontariff measure made milled rice more expensive. They projected that the scrapping of the QR would slash rice prices by as much as P7 per kilogram.

Govt wants to adjust tariff rate on poultry MDM to ease inflation T HE government is keen on imposing a lower tariff rate on mechanically deboned meat (MDM) of poultry to further temper inflation, even as concessions are set to lapse on March 5, when the rice trade liberalization law takes effect. Deliberations on the petition of local meat processors to maintain lower tariffs on MDM are ongoing at the Cabinet-level Committee on Tariff and Related Matters (CTRM). Meat processors said lower tariffs would ensure that canned goods would remain affordable. National Economic and Development Authority (Neda) Assistant Secretary Mercedita A. Sombilla told the BusinessMirror that the CTRM is inclined to impose “a tariff lower than 40 percent but higher than 5 percent on MDM imports.” “We could see from the data that meat products contributed to inflation. [The CTRM] will lift [the tariff rates] but they will not put it at 40-percent [level],” Sombilla said in an interview last week. Philippine Association of Meat Processors Inc. (PAMPI) urged the government last year to retain the lower tariff rate on MDM so that canned goods and processed meat products will remain affordable. MDM is a raw material used by the industry to manufacture products such as hot dogs and chicken nuggets. The lowering of tariffs on MDM imports was among the concessions made by the Philippines in securing the nod of World Trade Organization (WTO) members to extend its right to impose quantitative restriction on rice imports. Agriculture Undersecretary for Policy and Planning Segfredo R. Serrano said concessionary rates on some agricultural products should automatically go back to the 2012 levels once Republic Act 11203 or the rice trade liberalization becomes effective on March 5. This was stipulated in Executive Order (EO) 23 issued by President Duterte, which extended the concessionary rates until June 30, 2020, or when a law related to rice tariffication is enacted, whichever comes first. The Bureau of Customs (BOC) shall implement the tariff changes and no other requirements are needed to do it, Serrano added.

‘Not inflationary’

SOMBILLA noted that the President

must issue an EO to implement the tariff modifications on MDM imports to override EO 23. “They are now trying to come up with an EO that will change the rates on MDM.” The President could modify tariff rates as indicated in the Customs Modernization and Tariff Act provided that any adjustment underwent due process and was recommended by the Neda. Furthermore, the President could only exercise such power when Congress is not in session. Congress is currently on a break and sessions would resume on May 20. However, the United Broiler Raisers Association (Ubra) is opposing the proposal of the CTRM to implement a tariff rate lower than 40 percent on MDM. Ubra President Elias Jose Inciong said a 40-percent tariff would not have an impact on inflation, citing an assessment made by the Bangko Sentral ng Pilipinas (BSP). “The processors could not dispute our numbers. This, of course, assume that they are following the industry health standard of a 20-percent maximum inclusion rate,” Inciong told the BusinessMirror . “Also, the processors failed to show any benefit to the consumers because of the absence in the labels of the inclusion rate. Price is what you pay, value is what you get,” he added. If the government will not revert the MDM tariff to 40 percent, Inciong said his group would make an appeal to the President. “The government will be throwing away potential revenues of P4.5 billion without any clear benefit to the consumers,” he said. Serrano earlier disclosed to the BusinessMirror that the CTRM decided to retain the 5-percent tariff on MDM imports despite the assertion of the BSP and the Tariff Commission that a 40-percent tariff would not be inflationary. He explained that the Tariff Commission found that reverting tariffs on MDM imports to its 2012 level of 40 percent would not have a “substantial” economic impact. The DA official added that the BSP has already factored in the 40-percent tariff on MDM in its inflation forecast. Citing the BSP’s study, he said the government would still achieve its inflation targets even if the tariff level on MDM imports would go back to its 2012 level. Jasper Emmanuel Y. Arcalas

BFAR lifts 3-month ban on sardine fishing in Zamboanga

HE Bureau of Fisheries and Aquatic Resources (BFAR) said the three-month ban on sardine fishing in the waters off Zamboanga Peninsula has ended on March 1. The BFAR, an attached agency of the Department of Agriculture (DA), announced the lifting of the eighth Zamboanga closed season for sardines in a ceremony held on Friday. Agriculture Undersecretary for Fisheries and BFAR Director Eduardo B. Gongona said the annual moratorium on sardine fishing allowed the species to freely spawn under “optimum conditions.” “In recent years, the country started reaping the benefits of the sardine closed season as demonstrated by the consistently positive growth in sardine production,” Gongona said in a statement. He noted that sardine catch rose to 147,000 metric tons in 2016 and 160,000 MT in 2017, from 140,000 MT in 2015. Citing a report by the Philippine Statistics Authority, Gongona said the output of the subsector went up by 0.92 percent on an

annual basis in 2018. “Catch from other fish species aside from sardines also increased by 73 percent from 2015 to 2016 based on the monitored landed catch of the National Stocks Assessment Program of BFAR Region 9,” Gongona said. He added that this is supported by anecdotal evidence that show increased sighting of big and high-value fish species like tuna which feeds on small fish like sardines. To sustain this positive trend and attain the government’s target of 100-percent fish sufficiency by 2022, Gongona said the management measure must be maintained. He also pushed for more investments in postharvest facilities to facilitate production. Gongona said the DA has allocated P400 million from the Production Loan Easy Access of the Agricultural Credit Policy Council to provide fishing communities with post-harvest facilities. Gongona said BFAR hopes to replicate the success of the closed sardine fishing season in other coastal municipalities and cities

through one of its banner conservation programs, the “Malinis at Masaganang Karagatan: The National Search for the Country’s Outstanding Coastal Community.” “We believe that when we protect our municipal waters, we protect not only our commercially important fish stocks like sardines but the entire fisheries industry,” Gongona said. The sardine closed fishing season was initiated in 2011 under the DA-Department of the Interior and Local Government Joint Administrative Order 1 and was implemented until 2014 for the conduct of scientific research to determine the spawning months of sardines. Immediately after, a closed season for sardines in portions of East Sulu Sea, Basilan Strait and Sibuguey Bay was officially established by virtue of the BFAR Administrative Circular 255 series of 2014. Closed fishing seasons for other fish species are also observed in other fishing grounds like the Visayan Sea, Northeastern Palawan, Davao Gulf and Cagayan.

NIA purchases vehicles, heavy equipment to monitor construction activities

HE National Irrigation Administration (NIA) said it has acquired 91 units of vehicles and heavy equipment costing P154.7 million to monitor and evaluate the status of the agency’s ongoing construction, and operations and maintenance (O&M) activities. The vehicles and heavy equipment were turned over by the winning bidder, Nissan Philippines and Mantrade, to NIA top management in a ceremony at the NIA grounds in Quezon City last Friday.

“The purchase of light/transport and heavy equipment constitutes the threeyear refleeting program of the agency from calendar year [CY] 2017. For CY 2017, NIA purchased 34 units of light/transport vehicles and 17 units of heavy equipment,” NIA Administrator Ricardo R. Visaya said in a statement. For CY 2018, the NIA said it acquired 91 units of light/transport vehicles and 18 units of heavy equipment. Five units of heavy equipment and 91 units of light/transport

vehicles are set for procurement this year. As of December 31, 2017, NIA maintained in operating condition 3,245 units of heavy, light/transport, other support, and special equipment in support to the operations and maintenance of irrigation systems nationwide. “The agency has a total of 383 existing heavy equipment. Out of which, only 23 units are in good operating condition and 360 units are very old, less reliable and operating intermittently,” Visaya said.

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Editor: Angel R. Calso • Monday, March 4, 2019 A7

China considers legal changes on technology to placate US

EIJING—In an unusual step, China’s ceremonial legislature is due to endorse a law meant to help end a bruising tariff war with Washington by discouraging officials from pressuring foreign companies to hand over technology. The battle with China’s biggest trading partner is overshadowing the National People’s Congress, the country’s highest-profile event of the year. It brings 3,000-plus delegates to the ornate Great Hall of the People in Beijing for two weeks of speeches, meetings with senior leaders and political ritual to endorse the ruling Communist Party’s economic and social-welfare plans. A gathering of noncommunist groups held at the same time brightens Beijing’s drab winter, drawing tech billionaires, movie stars and ethnic minorities in distinctive traditional dress. That gives President Xi Jinping’s government a platform for advertising changes aimed at ending the fight with President Donald Trump that has disrupted trade in goods from soybeans to medical equipment. The technology measure is part of a proposed law on foreign investment that aims to address complaints by Washington, Europe and other trading partners that China’s system is rigged against foreign companies. Trump cited complaints Beijing steals or pressures companies to hand over technology when he slapped punitive tariffs on $250 billion of Chinese imports in July. Europe, Japan and other trading partners disapprove of the tariff hikes, but echo US complaints. China has balked at changing its strategy for nurturing technologies that American officials worry might challenge US industrial dominance. But communist leaders face pressure to reach a settlement after economic growth sagged to a three-decade low of 6.6 percent last year. On the domestic front, com-

panies and investors are hoping officials announce details of how Beijing will carry out promises to curb the dominance of state industry and support entrepreneurs who generate much of China’s new jobs and wealth. They are looking for details of a promised cut of up to 1.3 trillion yuan ($200 billion) in value-added and other taxes. The congress opens on Tuesday with an annual “work report” on government plans by Premier Li Keqiang, the No. 2 ruling party leader behind Xi and China’s top economic official. State media have cited other potential topics including revising China’s patent law— another source of foreign complaints—and measures to encourage foreign investment in agriculture and technology and developing free-trade zones. Chinese officials deny Beijing steals or pressures companies to hand over trade secrets and technology. But they are trying to mollify Trump and other governments by promising better legal protections. “I think the [American and European] complaints have been reflected in the revision of the law,” said Citigroup economist Li-Gang Liu. Under the proposed law, officials would be barred from using “administrative methods to force technology transfers.” The chairman of the American Chamber of Commerce in China, Tim Stratford, called the measure a “step forward.” But business groups say they need to see how it will be enforced. It was unclear whether the vaguely worded measure would appease Trump. The American Embassy in Beijing said it had no comment. Companies have been disappointed in the past after “hearing positive words,” said

US, S. Korea end military drills after summit collapse

HE United States and South Korea agreed to end their biggest annual joint military drills in a bid to ease tensions with North Korea, a move that comes just days after Donald J. Trump and Kim Jong Un failed to reach an agreement on denuclearization at a summit in Vietnam. US Acting Secretary of Defense Patrick M. Shanahan and South Korea’s Defense Minister Jeong Kyeong-doo decided to conclude the Key Resolve and Foal Eagle series of the exercises, the Pentagon said on Saturday. They will be replaced by a modified exercise called “Alliance” running from March 4 to March 12 that will focus on “strategic, operational, and tactical aspects of general military operations,” the Combined Forces Command said in a separate statement. The move “reflected our desire to reduce tension and support our diplomatic efforts to achieve complete denuclearization of the Korean Peninsula in a final, fully verified manner,” the Pentagon said. South Korea’s defense ministry confirmed the decision, saying it was done to pursue “permanent peace on the Korean peninsula.” Ending the military drills meets a long-standing demand of North

Korea and reflects skepticism on behalf of Trump, who questioned their price tag in comments after the Kim summit collapsed. In Vietnam North Korea had demanded that some sanctions be lifted in return for its moves to halt nuclear and missile tests, while the US sought more action on dismantling its enrichment facilities and weapons systems. “North Korea will likely use this as something they earned from the recent negotiations with the US,” said Baek Seung-joo, a South Korean lawmaker and former vice defense minister. “This clearly shows a weakened US-South Korea military readiness when you are not conducting these drills, as the Foal Eagle was a practice of how the US forces would be deployed to South Korea in the situation of a crisis on the peninsula.” Kim pledged to meet Trump again in a statement released Friday through North Korea’s state-run news agency KCNA, a report that offered a more optimistic outlook than the regime’s top diplomats gave in a rare news conference hours earlier. Kim expressed appreciation for Trump’s “active efforts toward results” and called the summit talks “productive.” Bloomberg News

Stratford, a former deputy US trade representative. The European Union Chamber of Commerce in China said the law’s

“vague language” gives regulators too much discretion. The focus on “administrative methods” would leave officials free to use other

pressure tactics, it said. The state press has cited other potential topics including revising China’s patent law—another source

of foreign complaints—and measures to encourage foreign investment in agriculture and technology and developing free-trade zones. AP

News

BusinessMirror

A8 Monday, March 4, 2019

₧80-B delinquency in BIR books eyed for amnesty

By Rea Cu

@ReaCuBM

T least P80 billion worth of tax delinquencies are pending in the books of the Bureau of Internal Revenue (BIR), which can now be tapped under Republic Act 11213, or the Tax Amnesty Act of 2019, the Department of Finance (DOF) has reported. Finance Undersecretary Mark Dennis Y.C. Joven revealed the tax delinquencies data filed under the BIR based on the research of the DOF, at the recent Tax Management Association of the Philippines Inc. (TMAP) general membership meeting at the Makati Diamond Residences. “From our research, there’s around P80 billion worth of delinquencies pending in the books of the BIR. And this is not moving, probably in the last decade or so, and if at all, it increases. We also have the BIR’s batting average on tax evasion cases, which we know is not very good. So we needed a mechanism to ensure that we clear the dockets and free the time of BIR employees to proceed against really errant

taxpayers and involving more recent cases,” Joven said. He explained that although the entire P80 billion cannot be captured—as some of the taxpayers with delinquencies may no longer be located or the taxpayer may be deceased—the government would still benefit to the extent that it can collect whatever revenues it can to fund its programs. “We won’t be able to capture 100 percent. There’s a percentage of it with a certain likelihood. Just like bad debt, there is only a portion that you can collect...but it’s already big [and better than] not being able to collect it,” he added. Joven pointed out that with the signing into law of the Tax Amnesty Act of 2019, delinquent taxpayers may be encouraged to

“We won’t be able to capture 100 percent. There’s a percentage of it with a certain likelihood. Just like bad debt, there is only a portion that you can collect...but it’s already big [and better than] not being able to collect it.”—Joven

apply for amnesty as this will help them start anew. “The other key component of R A 11213 is the tax amnesty on delinquencies. The tax amnesty on delinquencies intends to wipe the slate clean for availing taxpayers. It also helps the government unclog administrative and judicial dockets of slow moving cases,” he said. Earlier, the DOF pointed out that potential revenues from the implementation of the Tax Amnesty Act of 2019 are estimated at P27.54 billion, lower than the estimated potential revenues of P63.5 billion under its original amnesty proposal. Joven explained that potential revenues from RA 11213 decreased to P27.54 billion due to the exclusion of the general tax amnesty, lifting of the bank-secrecy law and the automatic exchange of information (AEOI) provisions.

Under the original tax amnesty proposal of the DOF, which includes the said provisions, estimated revenue collections was seen to reach as high as P63.5 billion. Mea nwh i le, t he bic a mera l conference-approved bill, which only removed the provision on the lifting of the bank secrecy law and AEOI and retained the other provisions proposed by the DOF, was seen to generate an estimated P34.34 billion in revenues. The DOF-proposed tax amnesty measure, which is under its Package 1B of the Comprehensive Tax Reform Program (CTRP), includes measures of an estate tax amnesty, which is estimated to generate P6.28 billion, general tax amnesty with P13.63 billion, tax amnesty on delinquencies with P27.16 billion, lifting of the bank-secrecy law for criminal cases, as well as the AEOI with P16.6 billion. Joven explained that the DOF is confident the government eventually pass a general tax-amnesty measure with the proper safeguards, namely, the lifting of the bank-secrecy law, as well as the AEOI provisions. It was earlier reported, that President Duterte partially vetoed the general amnesty provision under the Tax Amnesty Act of 2019, which was signed on February 14, retaining only the provisions on estate tax amnesty and the amnesty on delinquency taxes. T he sig ned measure, R A 11213, seeks to enhance revenue administration and collection by granting an amnesty on all unpaid internal revenue taxes imposed by the national government for taxable year 2017 and prior years. This is with respect to the estate tax and other internal revenue taxes and tax on delinquencies.

PHL. . .

Continued from A1

Agriculture veterinary quarantine officers and inspectors at all major ports were tasked to stop and seize all shipments of Indian poultry products into the country.

Major loss from ASF AFRICAN Swine fever affects only pigs, and not humans or other animals. But it is a severe viral disease affecting domestic and wild pigs, causing major production and economic losses. In drawing attention to what it called lack of firmer action by the DA on the ASF, Sinag noted that 13 countries have already reported new or ongoing outbreaks in the current period—nine in Europe (Belgium, Hungary, Bulgaria, Latvia, Moldova, Poland, Romania, Russia and Ukraine), three in Asia (China, Mongolia and Vietnam); and Zimbabwe in Africa. And yet, So said,“the quarantine and border control measures at our airports and seaports, and other contingency preparations supposedly being carried out by the DA remain inadequate.”

Farm-gate prices down APART from ASF, the industry group is also urging lawmakers to look into the concerns of backyard farmers over the progressive decrease of farm-gate price for hogs in the last six months. “Imported pork is flooding the local market, some are being brazenly sold in wet markets. At no moment in our country’s history have we been importing this much pork,” said So. He cited data that the Philippines imported 392 million kilograms of pork and 311 million kg of chicken, up 29 percent and 18 percent, respectively. With a report by Jasper Emmanuel Y.

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BLUE RIBBON TO PROBE CUSTOMS FIRE IN MANILA By Butch Fernandez

@butchfBM

HE Senate Blue Ribbon Committee is poised to open an inquiry into the fire that broke out at the Bureau of Customs (BOC) main headquarters in Manila in late February, just as the agency was busy resolving the operational problems contributing to ports congestion which businesses have been complaining of. Sen. Richard J. Gordon, the Blue Ribbon panel’s chief prober, said on Sunday, however, they still need to fix the date for the initial committee hearing on the Customs fire incident. Given the BOC’s operational failures that have been blamed for worsening ports congestion, some quarters had worried that vital BOC records on duties due the government may have been damaged by fire. “Not yet,” Gordon told the BusinessMirror over the weekend when asked to confirm if the Blue Ribbon panel has scheduled a hearing date to assess the extent of the BOC fire damage. The senator gave assurances that the Blue Ribbon panel will look into the matter even as Congress is still in recess, adding that they just needed to gather relevant facts about the fire incident. He indicated that committee probers were already in the process of outlining the course of inquiry, after which they would line up resource persons who will be summoned to testify at the hearing. While Congress has adjourned and will not resume regular sessions until May 20, Gordon

Rice trade. . . Continued from A1

“Other provisions of the law need to be threshed out through the IRR, including the need for the National Food Authority (NFA) to maintain a nationwide rice buffer stock, the imposition of special rice safeguards, and mechanisms to ensure the effective implementation of programs under the Rice Competitiveness Enhancement Fund (RCEF) for the benefit of the country’s palay growers,” said Villafuerte, a coauthor of the law, in a statement Under Republic Act 11203 or the Rice Tariffication Act, 14 government agencies led by the Department of Agriculture; Department of Budget and Management and the National Economic and Development Authority, after consultations with affected stakeholders, are tasked to promulgate the IRR of the law 45 days from its effectivity. “The swift crafting of the IRR for the Rice Tariffication Act will enable the government to carry out President Duterte’s overriding objective of signing this into law, which is to dramatically pull down the retail cost of rice and prevent a repeat of the elevated inflation rate last year,” Villafuerte said. Besides the DA, DBM and Neda, the other government agencies involves in crafting the IRR are the Land Registration Authority, National Irrigation Administration, Land Bank of the Philippines, Agricultural Training Institute, Department of Agrarian Reform, Philippine Rice Research Institute, Development Bank of the Philippines, Philippine Crop Insurance Corp., Department of Environment and Natural Resources, Technical Education and Skills Development Authority, and the Philippine Center for Postharvest Development and Mechanization. According to the lawmaker, lifting quantitative

clarified that the Blue Ribbon Committee is empowered to convene and call for hearings motu propio, or even without any resolution filed by a senator and referred to the Blue Ribbon, during the long congressional break. “We just need more time to gather the facts about the matter,” Gordon added. Earlier, Senate President Vicente C. Sotto III also told the BusinessMirror there was no obstacle to a motu propio inquiry by the Blue Ribbon, despite the congressional break. Sotto said the way the Blue Ribbon worked, no referral was necessary from the plenary. “Puwede hearing anytime, [A hearing may be called anytime], especially Blue Ribbon,” he told the BusinessMirror. T he f ire occur red at the BOC ’s main headquarters at the port of Manila, just as the agency’s officials were reaching out to stakeholders who had ra ised ser ious concer n over t he mont hs-long congest ion— pa r t ly bl a med on operational failures at Customs, and partly on the failure of shipping lines to take out prompt ly empt y containers from the dockyard. At least two key initiatives by stakeholder—shipping lines, port operators Asian Terminals Inc. and International Container Terminal Services Inc. and logistics groups—had been hailed by Customs as notable contributions in the effort to resolve the congestion. The ports congestion’s impact on trade and commerce was acknowledged by no less than the National Economic and Development Authority.

restrictions on rice, which will liberalize the entry of relatively cheaper imports, is the “logical sequel to the decisive measures that the President took last year to rein in inflation,” which was largely driven by the price spiral in rice and petroleum products. Under the new law, a tariff of 35 percent will be imposed on imported rice originating from Asean countries. For countries outside Asean, the tariff is 40 percent within the 350,000 metric ton minimum access volume, and 180 percent if above this MAV quota. The law also earmarks P10 billion for the RCEF, of which P5 billion will be allotted to far m mechanizat ion, P3 bi llion to seedlings and P1 billion to expanded rice credit assistance. Earlier, Villafuerte said the RCEF will help the agriculture sector gain access to lending facilities to boost their incomes and make them competitive in the global market. As provided under the law, the RCEF will have a minimum annual allocation of P10 billion for six years, and tariff revenues from rice imports in excess of P10 billion shall be appropriated by the Congress for this sector, based on a menu of programs in the rice tariffication law. Earlier, House Committee on Agriculture Chairman Jose Panganiban confirmed the convening of the oversight committee to ensure the proper implementation of the Rice Tariffication Act. As chairman of the agriculture committee, Panganiban said he would head the oversight committee. Earlier, Speaker Gloria Macapagal-Arroyo called for the proper implementation of the recently signed Rice Tariffication Act to help the people by further easing inflation. Panganiban urged the government to ensure that the “safety net for local farmers” in the form of a fund supposed to be set aside to improve the rice sector is used properly.

A10 Monday, March 4, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

PHL: ‘Best’ in freedom of expression?

HE 2019 edition of the World Justice Project’s annual Rule of Law Index placed the Philippines at the 90th spot out of 126 countries covered by the report, up three notches from the 2017-2018 list. From the World Justice Project (WJP) website: “Each edition of the WJP Rule of Law Index relies on more than 110,000 household and expert surveys to measure how the rule of law is experienced and perceived in practical, everyday situations by the general public around the world. Performance is assessed using 44 indicators across eight categories, each of which is scored and ranked globally and against regional and income peers: Constraints on Government Powers, Absence of Corruption, Open Government, Fundamental Rights, Order and Security, Regulatory Enforcement, Civil Justice and Criminal Justice.” The Philippines being up three places since the previous report sounds good. However, there are mixed results in the individual categories. These are the eight broad measures and our global ranking: Constraints on Government Powers—71, Absence of Corruption—63, Open Government—51, Fundamental Rights—105, Order and Security—115, Regulatory Enforcement—83, Civil Justice—99 and Criminal Justice—113. Further, nations are compared in their region (East Asia and Pacific) and by economic status (lower middle). The results from the following two indicators within the broad categories may come as a surprise. The Philippines ranks at the top, both regionally and in our economic class, for “Freedom of Expression” and “Right to Information.” From WJP: “Freedom of Opinion and Expression are effectively guaranteed measures where an independent media, civil-society organizations, political parties and individuals are free to report and comment on government policies without fear of retaliation.” That certainly conflicts with what we are hearing in the news almost every day. “Right to Information measures, where requests for information held by a government agency are granted, whether these requests are granted within a reasonable time period, if the information provided is pertinent and complete, and if requests for information are granted at a reasonable cost and without having to pay a bribe.” Again, this seems to be a contradiction from what is being commented on about our government. Nonetheless, here is the purpose of our comments on the conclusions of the Rule of Law Index and why the press and media are sometimes a little lazy in providing complete information. A report like this is based on opinions gathered from a survey, and the methodology is the key to the findings. In Manila, Cebu and Davao, 1,008 Filipinos were questioned, supplemented by the input of 24 experts, primarily attorneys. While the opinions of the expert panel are current, the public survey was conducted in 2016. Of our neighbors, only Thailand’s results are from 2018; the rest (Indonesia, Malaysia, Singapore and Vietnam) are from 2017. It is not that the methodology or the results are flawed. But we can question how public opinion from 2016 is necessarily the same as in 2018. It is like looking at a two-year-old family photograph. Things change. Since 2005

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The new laws on health and business Atty. Jose Ferdinand M. Rojas II

RISING SUN

N February 20, President Duterte signed two new laws: Republic Act 11223 and Republic Act 11232. The former is also known as the Universal Health Care Act, and the latter is the new Corporation Code. These are significant developments in the fields of health and business that will indeed touch the lives of every Filipino. Under the Universal Health Care Act, every Filipino is automatically enrolled in the National Health Insurance Program or the Philippine Health Insurance Corp. It gives everybody an affordable access to quality medical care in private or government hospitals in the country. Also included in the legislation is the improvement of medical facilities in the local government units. The details of implementation are still vague at this point because

Mandatory ROTC Atty. Lorna Patajo-Kapunan

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it will take a few months still before the implementing rules and regulations are finalized. This is something that we need to watch out for. One of the changes will be about the amounts of member contributions, as well as the policies or processes related to this. The budget that will be used to implement this law will come from the members’ contributions, of course, and from the Philippine Charity Sweepstakes Office,

N line with President Rodrigo Duterte’s pronouncement that the Reserve Officers Training Corps program should be revived to “instill patriotism and love of country among our youth”, the House of Representatives Committee on Basic Education and Culture tackled House Bills 5097, 5113 and 8651 all seeking the revival of ROTC for Grades 11 and 12 (senior high school) in public and private schools nationwide. House Deputy Speaker Raneo Abu (Author of HB 5113), appealed to the House Leadership to pass the Mandatory ROTC bill, which he said is “aimed at promoting the prime duty of the government to serve and protect the people”. A counterpart bill has been introduced in the Senate (SB 189) by Senator Emmanuel D. Pacquiao. Under HB 5113, the mandatory two-year Basic ROTC program for Grades 11 and 12 will form part of the basic curricula for senior high school education and is a requisite for graduation, in pursuance of the provisions of the National Defense Act and the 1987 Constitution, “with the objective of producing well-trained and preserved reservists for military and civic service” (Section 3 [a]). Exempted from ROTC are (a) those who are certified by the Armed Forces of the Philippines Surgeon General to be physically or psychologically unfit; (b) those who have undergone or are undergoing similar military training; and (c)

those who may be exempted from training for valid reasons approved by the Department of National Defense upon recommendation of the student’s school (Section 4). Generally, HB 5113 will introduce basic military training for students in order to motivate, train, organize and utilize them for national defense preparedness or civil-military operations. Its principal author, Cong. Abu, said, “The rationale of this is for Filipino citizens to defend the state at all cost, and in a collective effort to make the Republic of the Philippines a real Southeast Asian superpower in the near future.” (Explanatory Notes). HB 5113 faces stiff opposition from children’s rights advocates who claim that ROTC only teaches

Philippine Amusement and Gaming Corp., Department of Health (DOH), income from “sin” taxes and the government’s subsidy to PhilHealth. According to the DOH, P257 billion is needed to implement the Universal Health Care Act in the first year alone. The government’s systems as far as medical or health services are concerned will have to be adjusted to align with the new systems under the new law. On the other hand, the 38-year old Corporation Code was amended via RA 11232, which makes it easier for businessmen to do business in the Philippines. There is a series of important changes brought about by the revised law. First is the validity of one-person corporations, as opposed to the old requirement of five stockholders to form a corporation. Secondly, the new law removes the provision about setting a minimum authorized capital stock. The amended law also changed the previous 50-year term into a perpetual corporate term for existing and future corporations,

unless specified in the article of incorporation. Additionally, corporations with expired papers are now allowed to revive their business, under this new law. To align with the advancements in technology, the new law mandates the Securities and Exchange Commission to implement an electronic filing and monitoring system, which allows stockholders to participate in meetings remotely, via videoconference or teleconference. Likewise, the directors and trustees can cast their votes remotely during special meetings. These are just some of the highlights of the new law. It is one way to promote a competitive economy and improve our business climate. It’s also an appropriate answer to the dismal performance of the country in the “ease of doing business” worldwide ranking (124th out of 190 countries). Hopefully, with this new legislation, we will see not only an improvement in our ranking but also in the overall condition and performance of businesses in the Philippines.

President Duterte has time and again said that the country adheres to the Rule of Law, and under our Philippine Constitution, international treaties and protocols are part of the law of the land. As the Philippines is a signatory to Opac, then we must respect our obligation under Article 2 thereof to “ensure that persons who have not attained the age of 18 years are not compulsorily recruited into the armed forces.”

rily recruited into their armed forces. Key in determining the legality of the draft HB 5113 regarding ROTC will be whether this training “controls entry into the armed forces,” e.g., on completion of the training, whether students are enlisted as reserve officers. If they are, this is likely to be interpreted as a breach of Opac Article 2,” according to the ICRC. The ICRC strongly recommends that the authorities revisit the draft HB 5113 to ensure compliance with the Philippines obligation under Article 2 of the Opac, for the purpose of ensuring that persons who have not attained the age of 18 years are not compulsorily recruited into their armed forces. In particular, students in Grades 11 and 12 (senior high school level under RA 10533) must not enter into the armed forces, i.e., on completion of the training, be enlisted as reserve officers. DND Chief of Legal Operations Atty. Norman Daanoy argued that HB 5113, “a product of six-monthlong workshop and consultation, is not a violation of international protocols.” He added: “We are not training child soldiers for warfare. The objective of the protocol is to avoid training children for warfighting or to become soldiers. We are not training children in high school to become soldiers.” (Inquirer.net, December 11, 2018). The expressed legislative intent of HB 5113 and similar bills seeking to make mandatory ROTC training—

students brutality, fascism, corruption and impunity. The killing in 2001 of University of Santo Tomas student Mark Welson Chua in an ROTC-related violence prompted the passage of Republic Act 9163 or the National Service Training Program, which made ROTC voluntary. In an Official Position Paper of the International Committee of the Red Cross, it was noted that with the current educational setup in the Philippines (K-12), students in Grades 11 and 12 (senior high school level under RA 10533) would tend to be around 15-17 years old. The Philippines is State party to the Optional Protocol to the Convention on the Rights of the Child on the Involvement of Children in Armed Conflict (Opac). Its Article 2 says that State Parties shall ensure that persons who have not attained the age of 18 years are not compulso-

See “Kapunan,” A11

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The bomb that blew up in Game over? 2008? There’s a new one

By Satyajit Das | Bloomberg Opinion

INANCIAL markets have short memories. Of late, they’ve convinced themselves that collateralized loan obligations (CLO) are much safer instruments than the collateralized debt obligations (CDO) on which they’re based and which helped precipitate the 2008 crisis. They’re wrong—and dangerously so. Current CLOs outstanding globally total around $700 billion, with annual new issues of over $100 billion. That’s broadly comparable to subprime CDO volumes in 2008. Both Bank of England Governor Mark Carney and former Federal Reserve Chairman Janet Yellen have warned about potential risks; regulators in Japan, where banks have been big CLO buyers, are particularly concerned. The structure of CLOs is economically similar to CDOs. Each pools multiple loans to create synthetic, bond-like investments. Investors buy a slice (or tranche) of the underlying interest and principal cash flows of the portfolio. A defined order of which investors get repaid first and which bear the most losses allocates risk differentially. High-risk CLO equity pieces, which are unrated, are first in line for losses and last for repayment. Less-risky subordinated or mezzanine pieces, typically rated anywhere between BBB and B, rank ahead of equity. Low-risk senior pieces, typically rated A or better, rank first for payments and only bear losses if the equity and subordinated pieces are completely wiped out. CLOs, like CDOs, are designed to increase the leverage on a portfolio of debt. In other ways, CLOs are indeed set up to be safer. Rather than mortgages, subprime or otherwise, they repackage corporate loans, primarily leveraged loans, as well as consumer credit, such as automobile loans. Investors in better-rated tranches have greater protection than they would have in CDOs, as higher levels of losses are required before they lose money. Until recently, they could also rely on the fact that the banks structuring these packages had to retain a minimum amount of the riskiest securities to ensure that they had skin in the game, better aligning their interests with those of investors. The kind of dodgy innovations we saw in 2008 (remember CDO Squared?) haven’t recurred. Nevertheless, many risks remain. How safe or not CLOs are is contingent on several factors: the credit quality of the underlying loans—as judged by the risk of default and the extent of loss if there is a default—as well as the correlation between default and losses within the portfolio. Several aspects of this risk aren’t well-understood. The credit quality of the leveraged loans, which underlie the bulk of CLOs, is poor, typically not investment-grade. Borrowers are highly leveraged. The loans increasingly have minimal investor protection, with over 70 percent lacking any covenants that would allow monitoring of financial condition and early intervention to manage problem borrowers. This exacerbates the risk of higher losses.

Kapunan. . .

continued from A10

which is “to inculcate in the youth patriotism and nationalism and encourage their involvement in public and civic affairs is laudable.” While I agree that these values cannot be taught in a classroom setting and that physical training is necessary, I disagree that this should be mandatory for Grades 11 and 12 when students are ages 15 to 17. Only students at least 18 years old should be covered by the mandatory ROTC program. President Duterte has time and again said that the country adheres to the Rule of Law, and under our Philippine Constitution, international treaties and protocols are part of the law of the land. As the Philippines is

Investors assume that the portfolios are safer because they’re diversified. Yet, relative to mortgages, corporate-loan portfolios typically are made up of fewer and larger loans, which increase concentration risk. Leveraged loans are highly sensitive to economic conditions and defaults may be correlated, with many loans experiencing problems simultaneously. Even buyers of high-quality tranches, who may be insulated from actual losses, face the possibility of mark-to-market write-downs, where the current value of securities declines. Relatively minor losses could impact such investors by reducing the protection for higher tranches and triggering rating downgrades. Similarly, general problems in credit markets, where margins increase, will decrease values. Where investors are leveraged, falling values will result in margin calls. Hedge funds invested in riskier tranches will face withdrawal of funding and redemptions. Some investors, such as mutual funds, may be forced to sell because of loss or rating triggers. Japanese banks, which have bought up to 75 percent of AAA CLO tranches and perhaps 1/3 of all CLOs, finance their holdings by borrowing dollars and euros in the interbank markets. Losses may create difficulties in rolling over funding, leading to a liquidity squeeze. As in 2008, that would accelerate declines in prices. As we saw in December, problems with CLOs may result in a contraction of credit. CLOs purchase 50 to 60 percent of all leveraged loans, just as CDOs funneled funds into mortgages. The demand from CLOs has underpinned decreases in the price of credit and looser lending terms. In the case of a downturn, the risk is that CLOs will create adverse feedback loops. Banks will be stuck with unsold inventories of underwritten loans. Falling prices, rising spreads and tightening credit availability will cause credit markets to seize up. Tighter credit will feed into the real economy, setting off losses, selling and price declines. Fears about the financial position of banks and investors will create contagion as depositors refuse to fund banks and investors demand their money back. There are too many parallels to 2008 for comfort. Investors, many with uncertain expertise and weak holding power, have increased their exposure in the search for higher returns, which can be as high as 20 percent for the riskiest equity pieces. Bankers have aggressively underwritten leveraged loans and structured CLOs, earning around $2.8 billion last year. Built into this speculative episode, like its predecessors, is a euphoric flight from reality and blindness to risks that continue to rise. a signatory to Opac, then we must respect our obligation under Article 2 thereof to “ensure that persons who have not attained the age of 18 years are not compulsory recruited into the armed forces.” Rather than rush the passage of HB 5113 only to be later challenged as being violative of international protocols and our treaty obligations, it may be best to amend the proposed bill to make ROTC mandatory at college level, for students 18 years old and above. There may be other infirmities in the bill, in that it fails to provide safety nets to prevent graft and corruption and to curb hazing and other forms of violence. All the more reason for the authors of the bill to open the measure to more consultation. Let the debates continue!

Siegfred Bueno Mison, Esq.

THE PATRIOT

FEW years ago, Tom, my brother-in-law in the United States, was laid off from work. He was an engineer for Motorola, a reputable electronic gadgets (mobile phone) manufacturer. He was summarily terminated from employment after his many years of productive and loyal service to the company. He was principally responsible for over a hundred patents where his technical competence was put to good use by the product development team of Motorola. Already in his 50s when he was let go, Tom had to move out of state, from Florida to Texas, so he can be gainfully employed. Only after a few years with Dell, another reputable electronics company, Tom was again laid off. With debts to pay, as well as the responsibility to financially shoulder his children’s college education, Tom persevered and never wavered. He is now employed, though in a company not as big as Motorola or Dell. Albert, another brother-in-law was recently laid off from work after 21 years! Although there were several circumstances in the past, which made him consider leaving the company, Albert opted to stay out of sheer loyalty to the company. Since most if not all employment contracts in the United States are at-will contracts where employees can be terminated anytime, with or

without cause, Albert is now exploring his employment options, hopefully within the Bay Area as well. Knowing that Albert is firmly grounded in his faith, he is hopeful that such event will only make his faith stronger. In the Bible, Isaiah 40:31 tells us, “but those who hope in the Lord will renew their strength. They will soar on wings like eagles; they will run and not grow weary, they will walk and not be faint.” I truly admire how my brothersin-law, in their 50s, handled these unpredictable events. For some people, being laid off at the age of 50 can be considered “game over.” It is difficult to start over again, especially in this digital age where the younger millennial

Monday, March 4, 2019 A11

generation appears to have the advantage over the experienced yet not as tech-savvy middle-aged people like Tom and Albert. A few months before I turned 50, I too was practically laid off from my government employment. Though my faith then was not as strong as Tom’s and Albert’s, I managed to overcome that sense of paralysis and the feeling of shying away from the public eye. I knew I had to find another job. I have seen a few colleagues from Philippine Airlines whose spirits were crushed when they were involuntarily separated from employment. The Filipino culture seemingly attaches a social stigma of incompetence or integrity issues whenever employment relations are severed. From a practical point of view, being laid off should lead us to take action, but only after taking some time to regroup. In my case, after two months of reflection and weighing my options, I updated my resume and started sharing to everyone the fact that I was looking for work. Some people solicit professional assistance to improve their resume. Some people engage the services of a headhunter or a placement firm. Some attend networking groups or join professional organizations to get more exposure and build contacts. Some people spend more “me-time”, either exercising or doing recreational activities, which they could not do while employed. One of the simple things I did when I

Moving forward with Cipag Joel L. Tan-Torres

DEBIT CREDIT Part Seven

AN the Filipino Certified Public Accountant be a prominently recognized global CPA? In this article on the Cipag series, I will expound on the answer to this “G” (or globalization) question. The accountancy profession of the Philippines does not lag behind in the accounting world in terms of number of qualified professional accountants and its history. Per latest statistics from the Professional Regulatory Board of Accountancy, there are over 192,000 CPAs in the Philippines. This number of Filipino CPAs ranks high among the bigger global accountancy bodies, including those from the India Chartered Professional Accountants with over 282,000; those from the CPA Australia with over 162,000; and the over 208,000 members of the Association of Chartered Certified Accountants. The recently merged Association of International Certified Accountants numbering over 431,000 members

leads the pack. In terms of history, the PRBOA has been in existence for over 95 years, which makes our accountants members of the oldest accountancy profession in Asia. After the Philippines, the accountancy professions in India and Japan are next in the existence of their profession in Asia, with both of them being about 75 years this year. Our CPAs are globetrotting, working and holding prominent positions in such countries as the United States, Canada, Australia, Singapore, the various countries of Europe and the Middle East. They are globally sought after and recognized for their knowledge of the international accountancy rules and standards and competence in various kinds of work.

I am not aware of information on the number of Filipino CPAs working overseas, but I am certain that these comprise a significant number based on my discussions with Filipino accountants abroad. However, I note that despite the large number of Filipino CPAs here and abroad, there are not too many Filipinos involved in the leadership positions in the major global accountancy organizations. The accountants in our neighbors in Asia, such as Singapore, Indonesia, India and others, are engaged quite actively in seeking appointments to the various boards and participating in activities of such global or regional bodies, such as the International Federation of Accountants and Asean Federation of Accountants. In the case of the Philippines, the few Filipino CPAs who have attained prominent positions in the global accountancy organizations are the late Washington SyCip, the president of Ifac from 1982 to 1985; Estelita Aguirre, the president of Afac from 2014 to 2015; Luzviminda Chatto, board member of the International Public Sector Accounting Standards Board from 2019 to 2012; and this writer who is a member and Philippine representative to the United Nations Conference on Trade and Development Inter-governmental Working Group of Experts on

was laid off was to insure that I wake up at the same time I rose from bed when I was employed, which was around 6 a.m. or earlier. What I failed to do, however, which I think my brothers-in-law did when they were laid off, was to pray. I recently learned that the best way to pray is to consistently go to a quiet place at a designated time, preferably in the morning. Such a quiet place can be anywhere from your balcony with a view or within the confines of your toilet where everything is serenely calm. With all the worries and concerns that accompany the experience of being laid off, there is a greater need to focus on Jesus for guidance and direction. I am sure that Tom did it then, as I am sure that Albert is doing it now. Being laid off should never be “game over.” At first glance, it seems to be a very unfortunate event. But for those who believe, like Tom and Albert, they found solace and confidence in Romans 8:28 that says, “And we know that in all things God works for the good of those who love him, who have been called according to his purpose.” We simply have to remain steadfast and, like an arcade game where you put in more tokens to continue playing the game, we just have to put in more spiritual food, through prayer and reading His word, to keep our systems going. For questions and comments, please e-mail me at sbmison@gmail.com.

International Standards of Accounting and Reporting, from 2016 to 2022, and the Philippine representative to the Asean Chartered Professional Accountants Coordinating Committee, from 2014 to 2018. It is also worth mentioning that another CPA, Heidi Mendoza, is currently the Undersecretary General for the United Nations Office of Internal Oversight. This is quite an impressive list of Filipino CPAs who have been recognized in the global accounting community with their appointments to prominent positions. However, with the large number of Filipino CPAs, there should be more of us who should be engaged in these various international accountancy organizations. Now, back to the question….can the Filipino CPA be a prominently recognized global CPA? We can and we should. Joel L. Tan-Torres is a Certified Public Accountant who placed No. 1 in the May 1979 CPA Board Examinations. He was the former commissioner of the Bureau of Internal Revenue from 2009 to 2010 and the chairman of the Professional Regulatory Board of Accountancy from 2014 to August 2018. He is a partner of Reyes Tacandong & Co. This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat.@gmail.com.

Startling near-halt to economy stokes fear of Canadian recession By Theophilos Argitis Bloomberg Opinion

ANADA is on recession watch after its economy almost stalled at the end of last year. Gross domestic product grew by just 0.1 percent in the fourth quarter, or 0.4 percent annualized, Statistics Canada said on Friday. It’s a weak enough number that could easily be revised into a contraction as new data come in. And there may be no immediate relief to start 2019. Most economists have been expecting the first three months of this year will be even weaker because of the impact of oil production cuts mandated by Alberta’s government. While the slowdown was expected, the picture is much bleaker than anyone anticipated with weakness extending well beyond the battered energy sector —reflecting a confluence of headwinds from the impact of higher interest rates to global trade tensions denting business and household confidence. Though the labor market is still quite strong, Friday’s numbers suggest Canada may have few

reserves to weather any new shocks. “Judging by the employment numbers, we’re not close to a recession but we’re in a sluggish growth environment where one more piece of bad news that isn’t currently out there could certainly send us there,” Avery Shenfeld, chief economist at CIBC Capital Markets, said in a telephone interview. The economic accounts data released on Friday were bad all around. Consumption spending grew at the slowest pace in almost four years, housing investment fell by the most in a decade, business spending dropped sharply for a second straight quarter, and domestic demand posted its largest decline since 2015. The only thing that kept the nation’s economy from contracting was a buildup in inventories as companies stockpiled goods—which doesn’t bode well for future growth. The question now is what the weakerthan-expected data suggests about the economy’s ability to rebound to more normal growth levels. Most economists expect it will. There are clear transitory factors at

play, such as the decline in oil prices at the end of last year and Alberta’s temporary production cuts. Prices for crude have recovered this year, and the mandatory curtailments are being dialed back. Another thing giving policy-makers comfort is a robust jobs market, with employment up more than 300,000 over the past year. A contraction in output—if there is one—isn’t sufficient to be classified as a recession without job losses. For example, Canada’s economy shrank for two straight quarters in 2015—what some call a “technical recession”—but the weakness wasn’t broad-based enough to be designated as recessionary.

Elephant next door

THE US economy, meanwhile, is doing well, with annualized growth of 2.6 percent in the fourth quarter, and that should continue providing a lift to Canadian exports. While growth rates in the two countries can diverge in any one quarter, Canada’s economy usually keeps pace with the American one over time. Canada hasn’t slipped into a recession without the US also

contracting since 1951. Which is why most economists are still expecting the current soft patch will come to an end this spring, with growth forecast to accelerate closer to 2 percent for the rest of the year. “There is no denying that Canada is facing a perfect storm at present,” Brian DePratto, a senior economist at Toronto-Dominion Bank, said in a report on Friday on why an outright recession is unlikely. “It remains most likely that the current slump will give way to a modest growth recovery in the second half of 2019,” he said, while acknowledging a technical recession is a possibility. One effect from the slowdown will probably be for the Bank of Canada —which has raised interest rates five times since 2017—to rethink further hikes from here, economists said. This may help to bolster confidence. Other reasons to believe underlying growth will remain robust include a recent acceleration in population, DePratto said. No one, however, expected the economy would need to come back from such a low point.

Editor: Efleda P. Campos

Companies BusinessMirror

Monday, March 4, 2019

Change in Meralco meter system to cause minimal power rate hike

By Lenie Lectura

@llectura

PLAN to modernize the metering system of the Manila Electric Co. (Meralco) will result in an increase in power rates by only a few centavos and not P0.23 to as much as P0.39 per kilowatt hour (kWh). Meralco Senior Vice President Alfredo Panlilio said the utility firm would seek a meeting with the Energy Regulatory Commission (ERC) to clarify the numbers. The ERC is currently evaluating Meralco’s pending Advanced Metering Infrastructure (AMI) application. Based on initial rev iew, the commission said an average rate adjustment of P0.2309/kWh will be added to the customers’ electric bill if the smart meters will be shared by all Meralco customers, while an average rate adjustment of P0.3972/kWh if charged only to Meralco bulk customers. When sought for comment,

Panlilio said there would be a rate increase “but not the rate as mentioned by the ERC.” “It’s too much. I think we have to sit down with them. It’s much, much lower than that. I actually don’t know where that number came from, what’s the basis. We’re looking at a few cents. When we presented, it was 4 cents to 5 cents,” Panlilio said. Panlilio said Meralco wants to present the benefits to the commission, as well as AMI’s corresponding rate adjustment. “What we plan to do with Attorney Vallez is to sit down with [ERC Chairman Agnes Devanadera] again, show her the business

case we showed in the past. It’s really about clarifying what the business case is all about.” He said the basis for any rate adjustment in relation to the rollout of the smart meters is the cost of the meter itself. “At the end of it, the basis is higher meter prices, that was about $98 per meter. But meters now are down, lower, at the $75 level. But the number I gave you can be lower. What we are trying to do is make the meter agnostic. We’re redesigning the network as meter agnostic and we can hopefully bring down te meter prices further,” the Meralco official said. AMI is an integrated system of smart meters, communication networks and data management systems that enables two-way communication between utilities and customers. The smart meters can handle prepaid and postpaid electricity services. Subscribers with smart meters can manage their electricity usage and budget through consumption information, alerts and notifications. Meralco registered 6.5 mil-

lion customers. The company is targeting to have 3 million of its customers shift to smart meters four years from now. “We welcome these state-ofthe-art technologies that will help consumers manage their electricity consumption. However, we must see to it that the installation of AMI should not adversely affect the consumers in terms of paying higher electricity rates,” Devanadera said. Meralco filed its application for approval of its AMI project with the ERC in March 2017 in accordance with the “Rules to Govern the Implementation of AMI by Distribution Utilities and other ERC-Authorized Entities.” The pending application involves 1 million smart meters. Consumer group Laban Konsyumer Inc. proposed that Meralco shoulder the cost. “Unless Meralco agrees to shoulder it and not pass it on to consumers, then that’s okay. The timing is not good. Electricity rates are high and summer is already here which means power rates are likely to go up,” LKI President Victor Dimagiba said.

SEC defers submission of new GIS

HE Securities and Exchange Commission (SEC) has deferred the submission of the new general information sheet that contains the beneficial ownership of companies. In its meeting, the SEC deferred the submission of the new format of GIS, a document that every company needs to submit with the agency, to June 30 this year. The SEC issued Memorandum Circular 17, series of 2018, last November for use of the new GIS that includes beneficial ownership information. The rule should have been complied with by January this year. The memorandum circular required all SECregistered domestic corporations to apprise the agency of all relevant changes in their submitted beneficial ownership information as they arise. This means updated GIS shall be submitted within seven days after such changes occurred or became effective. The SEC last year issued various circulars saying

it needed to comply with implementation of the amended Anti-Money Laundering Act. Various civil society organizations earlier said they will ask the SEC to postpone the implementation of a memorandum circular passed late last year that seeks to place additional submission requirements from all the nonprofit organizations that ask in details their source of funds and the disbursement of money. Many of the groups said they were not consulted when the SEC passed its Memorandum Circular 15 series of 2018 and they are prepared to question the said ruling up to the Supreme Court. The SEC issued the memorandum titled “Guidelines for the Protection of SEC Registered Non-Profit Organizations from Money Laundering and Terrorist Financing Abuse” in November last year. The rule was published last November 8 and will take effect six months after or on May 7. VG Cabuag

Companies BusinessMirror

Monday, March 4, 2019

PSE STOCK QUOTATIONS

March 1, 2019

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

ASIA UNITED 58.5 58.9 58.9 58.9 58.9 58.9 1000 58900 58900 BDO UNIBANK 123.7 124 129 129.7 121.5 123.7 5501340 689794823 -276696150 BANK PH ISLANDS 83.7 84 84.2 85.95 83.3 84 3504570 292976672.5 -42447507 CHINABANK 27.8 27.9 27.7 27.9 27.6 27.8 184600 5128815 -528300 EAST WEST BANK 12.12 12.2 12.52 12.56 12.08 12.12 1232500 15143528 -3456230 METROBANK 75.2 75.5 76.5 77.2 75.2 75.2 5269350 401986529 -111303722 PB BANK 13.98 14 14 14 13.96 13.98 14600 204058 -7000 PHIL NATL BANK 49.5 49.7 50 50.45 49 49.5 380710 18900339 3470742 PSBANK 58.35 58.5 59.3 59.3 58.35 58.5 1060 62259 -3611 PHILTRUST 114.5 121 114.5 114.5 114.5 114.5 50 5725 RCBC 26.45 26.6 26.5 26.5 26.45 26.5 41900 1110185 145615 SECURITY BANK 162 162.5 165.9 168 155.1 162.5 834800 134527568 -9804747 UNION BANK 61.65 62.1 64 64 61.65 61.65 11000 684427 -120321 BRIGHT KINDLE 1.34 1.4 1.4 1.4 1.34 1.34 253000 342940 13400 BDO LEASING 2.23 2.29 2.24 2.24 2.23 2.23 15000 33490 COL FINANCIAL 18.2 18.32 18.2 18.32 18.2 18.3 31700 579506 FERRONOUX HLDG 4.36 4.48 4.36 4.48 4.36 4.48 36000 158190 FILIPINO FUND 7.9 8.24 7.82 8.96 7.82 8.24 1200 10200 MEDCO HLDG 0.465 0.475 0.46 0.485 0.46 0.46 130000 60350 MANULIFE 795 800 800 800 800 800 10 8000 NTL REINSURANCE 1.01 1.02 1.07 1.07 1.01 1.02 858000 881470 -130850 PHIL STOCK EXCH 184.7 185 185 185.5 185 185 1640 303452 SUN LIFE 1805 1830 1840 1840 1840 1840 15 27600 VANTAGE 1.13 1.14 1.14 1.14 1.13 1.13 16000 18180 INDUSTRIAL ALSONS CONS 1.46 1.47 1.49 1.49 1.46 1.46 757000 1110190 ABOITIZ POWER 34.4 35 34.9 35.5 33.1 35 2423300 83,310,435( 28,317,115.0001) BASIC ENERGY 0.24 0.246 0.247 0.247 0.24 0.246 580000 139810 FIRST GEN 20.9 21.3 20.95 21.3 20.6 21.3 2915800 60909610 16776590 FIRST PHIL HLDG 74.75 74.8 75.1 76 74.5 74.75 203260 15201328.5 323084.5 MERALCO 367 369 369 376 367 367 262960 96953538 -11215234 MANILA WATER 27 27.25 27 27.25 26.85 27.25 182600 4952730 -829425 PETRON 6.67 6.69 6.68 6.74 6.66 6.69 5483000 36669211 3162149 PETROENERGY 3.8 3.81 3.82 3.82 3.8 3.8 175000 665160 PHINMA ENERGY 1.31 1.32 1.29 1.31 1.29 1.31 4506000 5856940 -375700 PHX PETROLEUM 11.8 11.84 11.82 11.98 11.78 11.8 126900 1514612 -131416 PILIPINAS SHELL 48.45 48.5 48.8 48.8 48 48.45 465000 22544145 2547065 SPC POWER 6.39 6.4 6.48 6.48 6.38 6.4 584500 3740130 38400 VIVANT 16 16.98 16 16 16 16 800 12800 AGRINURTURE 15.78 15.8 16 16.48 15.8 15.8 1523600 24319840 -2584920 BOGO MEDELLIN 89.05 98 98.3 98.3 98.3 98.3 10 983 CENTURY FOOD 15.08 15.3 15.4 15.5 15.02 15.08 350300 5389152 -796082 DEL MONTE 6.4 6.49 6.4 6.4 6.4 6.4 2800 17920 11520 DNL INDUS 11.16 11.18 11.68 11.68 11.16 11.16 3128200 35803604 -15300540 EMPERADOR 7.6 7.63 7.6 7.61 7.5 7.6 574400 4365062 -120647 SMC FOODANDBEV 100 100.1 102.4 102.4 98.9 100 506410 50705146.5 -254227 ALLIANCE SELECT 1.02 1.03 1.04 1.05 1 1.02 3459000 3516400 3060 GINEBRA 26.3 26.95 26.3 26.95 26.3 26.95 406200 10946375 JOLLIBEE 308 309 309.4 315.8 305.8 309 1837490 566883472 39123064 MACAY HLDG 10.5 10.96 10.8 11.28 10.2 10.96 20100 216274 -14004 MAXS GROUP 11.88 11.92 12.4 12.4 11.78 11.88 465600 5560708 -773840 MG HLDG 0.206 0.213 0.199 0.206 0.199 0.206 1280000 260180 PEPSI COLA 1.41 1.42 1.41 1.45 1.4 1.42 9221000 13077550 -2483850 SHAKEYS PIZZA 12.44 12.46 12.4 12.44 12.36 12.44 552300 6848356 572840 ROXAS AND CO 1.82 1.84 1.87 1.87 1.82 1.84 1292000 2358890 SWIFT FOODS 0.13 0.136 0.128 0.13 0.128 0.13 500000 64800 UNIV ROBINA 137 137.8 136.7 140 136.5 137 1280890 176389503 -6302504 VITARICH 1.64 1.65 1.69 1.69 1.59 1.64 4859000 7927960 -393000 VICTORIAS 2.66 2.7 2.67 2.7 2.67 2.7 21000 56220 CEMEX HLDG 2.36 2.4 2.38 2.43 2.31 2.4 7232000 17207500 4583150 DAVINCI CAPITAL 6.04 6.05 6.05 6.05 6.04 6.04 32700 197739 -50820 EAGLE CEMENT 15.84 15.96 16 16 15.8 15.96 182900 2917672 1304054 EEI CORP 8.71 8.75 8.74 8.95 8.61 8.75 882900 7699284 -65610 HOLCIM 9.19 9.2 9.32 9.32 9 9.19 689800 6324710 -1276999 MEGAWIDE 19.4 19.6 20 20.5 19.48 19.48 5515600 112129445 -971539 PHINMA 8.84 9.2 8.88 8.88 8.88 8.88 200 1776 TKC METALS 1.03 1.05 1.08 1.08 1.02 1.05 261000 272790 VULCAN INDL 1.27 1.28 1.3 1.3 1.24 1.27 4401000 5549390 158160 CROWN ASIA 1.84 1.9 1.88 1.9 1.84 1.9 421000 790860 22640 EUROMED 1.66 1.83 1.66 1.66 1.66 1.66 7000 11620 LMG CHEMICALS 4.37 4.38 4.38 4.38 4.38 4.38 2000 8760 MABUHAY VINYL 3.64 3.79 3.82 3.82 3.78 3.79 19000 72450 PRYCE CORP 5.98 6 5.97 6 5.97 6 30500 182285 -29800 GREENERGY 3.35 3.37 3.49 3.49 3.34 3.35 13454000 45639430 -940100 INTEGRATED MICR 12.88 12.9 13.08 13.08 12.7 12.88 1080700 13907480 5838018 IONICS 1.71 1.75 1.71 1.75 1.7 1.75 79000 134750 PANASONIC 5.88 6.09 5.88 5.88 5.88 5.88 7000 41160 SFA SEMICON 1.38 1.39 1.34 1.39 1.34 1.39 92000 125810 CIRTEK HLDG 28.7 29.5 29.1 29.5 28.5 29.5 140900 4135120 -1196540 HOLDING & FRIMS ABACORE CAPITAL 0.75 0.76 0.72 0.76 0.72 0.75 31141000 23254040 -638170 ASIABEST GROUP 20.7 20.75 21 21.1 20.2 20.7 92500 1915195 AYALA CORP 930 932 926.5 938.5 923.5 930 359000 333063990 -78161700 ABOITIZ EQUITY 59.3 60 61 61.85 58.5 60 2149460 128309445.5 -46159035.5 ALLIANCE GLOBAL 13.58 13.7 13.7 13.9 13.52 13.7 6901500 94403572 11296424 ANSCOR 6.51 6.61 6.6 6.61 6.6 6.61 700 4625 ANGLO PHIL HLDG 0.79 0.8 0.78 0.81 0.77 0.79 283000 220230 ATN HLDG A 1.52 1.53 1.43 1.53 1.43 1.52 49549000 74318700 ATN HLDG B 1.51 1.53 1.43 1.52 1.43 1.51 8256000 12273480 571170 COSCO CAPITAL 7.7 7.72 7.86 7.87 7.6 7.7 1074200 8299473 540417 DMCI HLDG 11.18 11.22 11.56 11.6 11.08 11.18 6137700 69177388 -22849388 FILINVEST DEV 13.64 13.7 14 14.2 13.6 13.7 121000 1664560 202802 FORUM PACIFIC 0.24 0.255 0.243 0.265 0.24 0.24 1020000 257470 -12150 GT CAPITAL 930 938 940 967.5 920 930 189050 176701155 -95988485 HOUSE OF INV 6.12 6.2 6.2 6.2 6.2 6.2 50000 310000 JG SUMMIT 65 65.8 66.1 67.9 63.85 65.8 3369280 218680321 104964.5003 JOLLIVILLE HLDG 5.5 5.86 5.5 5.5 5.5 5.5 5100 28050 LODESTAR 0.58 0.6 0.6 0.61 0.58 0.61 67000 39320 LOPEZ HLDG 5.06 5.12 5.1 5.13 5.02 5.12 2554100 12911415 -1303841 LT GROUP 15 15.24 14.8 15.24 14.76 15.24 1396200 20806278 4680366 MABUHAY HLDG 0.55 0.56 0.56 0.57 0.56 0.56 157000 87940 METRO PAC INV 4.57 4.58 4.76 4.8 4.55 4.57 40047000 185259190 -34575120 PACIFICA 0.04 0.041 0.04 0.041 0.04 0.041 4800000 193200 PRIME ORION 2.86 2.87 2.94 2.94 2.86 2.87 1668000 4816210 273300 PRIME MEDIA 1.14 1.2 1.14 1.14 1.14 1.14 16000 18240 SOLID GROUP 1.33 1.35 1.34 1.35 1.33 1.35 146000 194520 13300 SM INVESTMENTS 936.5 940 944 954 934.5 940 409960 385307655 -114309950 SAN MIGUEL CORP 170.5 170.7 170.7 173.4 169.5 170.7 647820 110536121 23608901 SOC RESOURCES 0.78 0.82 0.78 0.78 0.78 0.78 25000 19500 SEAFRONT RES 2.36 2.44 2.37 2.37 2.36 2.36 4000 9460 TOP FRONTIER 278 284 281 284.8 271.4 284.8 1220 343984 -52958 WELLEX INDUS 0.245 0.246 0.244 0.246 0.244 0.245 970000 237080 ZEUS HLDG 0.365 0.37 0.36 0.38 0.36 0.37 32820000 12169000 -187450 PROPERTY ARTHALAND CORP 0.86 0.88 0.89 0.89 0.85 0.88 2073000 1791870 ANCHOR LAND 10.22 10.6 10.58 10.58 10.22 10.22 800 8212 1058 AYALA LAND 43.15 43.2 43.8 44.1 43 43.2 9124800 395648945 -76836050 ARANETA PROP 1.85 1.94 1.97 1.97 1.85 1.85 49000 92870 -27750 BELLE CORP 2.55 2.56 2.59 2.6 2.55 2.55 688000 1763150 -165750 A BROWN 0.79 0.8 0.79 0.81 0.79 0.8 675000 538300 12000 CITYLAND DEVT 0.9 0.92 0.92 0.92 0.92 0.92 1000 920 CROWN EQUITIES 0.247 0.25 0.248 0.25 0.247 0.247 4900000 1211440 CEBU HLDG 6.6 6.85 6.5 6.87 6.5 6.85 19900 134791 CEB LANDMASTERS 4.15 4.19 4.28 4.29 4.12 4.19 727000 3072610 -571710 CENTURY PROP 0.48 0.485 0.485 0.495 0.48 0.48 20330000 9864150 -362900 CYBER BAY 0.425 0.435 0.425 0.425 0.425 0.425 30000 12750 DOUBLEDRAGON 21.1 21.3 21.6 21.65 21.05 21.1 321400 6819400 -1863220 DM WENCESLAO 9.74 9.8 9.7 9.89 9.6 9.7 356400 3446725 71040 EMPIRE EAST 0.5 0.51 0.52 0.52 0.5 0.5 6605000 3329240 300000 EVER GOTESCO 0.13 0.136 0.128 0.13 0.128 0.13 280000 36260 FILINVEST LAND 1.43 1.44 1.5 1.5 1.43 1.44 16918000 24518850 -19693220 GLOBAL ESTATE 1.26 1.27 1.27 1.27 1.23 1.27 1430000 1779190 8990 HLDG 12 12.04 12.24 12.24 11.8 12.04 1037900 12531238 -2456100 PHIL INFRADEV 2.09 2.1 2.1 2.12 2.08 2.1 1911000 4007480 -177550 CITY AND LAND 0.86 0.87 0.86 0.87 0.86 0.87 20000 17300 MEGAWORLD 5.1 5.15 5.17 5.19 4.96 5.15 23095900 116676480 -9082720 MRC ALLIED 0.415 0.42 0.425 0.43 0.415 0.42 19620000 8243200 4150 PHIL ESTATES 0.46 0.475 0.455 0.46 0.455 0.46 50000 22900 PRIMEX CORP 2.86 2.89 2.85 2.9 2.84 2.89 264000 756840 -142500 ROBINSONS LAND 22.65 22.8 23.45 23.55 22.4 22.8 3978600 90969160 38993865 PHIL REALTY 0.47 0.48 0.47 0.47 0.47 0.47 320000 150400 ROCKWELL 2.07 2.08 2.04 2.07 2.01 2.07 1108000 2273920 -350200 STA LUCIA LAND 1.52 1.54 1.46 1.57 1.42 1.54 14484000 21656540 4000 SM PRIME HLDG 37.6 37.95 38.05 38.3 37.5 37.95 8648000 327264815 -96513930 STARMALLS 6.66 6.71 6.8 6.8 6.65 6.71 200200 1344156 VISTA LAND 7.25 7.4 7.31 7.4 7.24 7.4 47614500 351354300 -278953532 SERVICES ABS CBN 21.35 21.8 22.2 22.7 21.3 21.35 125700 2705620 GMA NETWORK 5.71 5.72 5.73 5.73 5.7 5.72 56600 323417 MANILA BULLETIN 0.62 0.63 0.65 0.65 0.6 0.63 2665000 1640780 GLOBE TELECOM 1890 1903 1900 1909 1880 1903 32450 61214940 -9336650 PLDT 1028 1030 1040 1046 1025 1030 211705 217862950 1822865 APOLLO GLOBAL 0.046 0.048 0.047 0.048 0.046 0.048 29400000 1380400 IMPERIAL 1.92 2.07 1.91 1.91 1.91 1.91 19000 36290 ISLAND INFO 0.128 0.129 0.129 0.129 0.128 0.129 2890000 370220 ISM COMM 5.86 5.87 5.92 5.98 5.86 5.87 1737700 10259369 -720148 JACKSTONES 3.04 3.17 3.04 3.19 3.04 3.19 3000 9270 NOW CORP 2.95 2.96 2.93 3.02 2.93 2.96 1146000 3397350 -161350 TRANSPACIFIC BR 0.44 0.455 0.45 0.455 0.44 0.44 17420000 7808750 -2418650 PHILWEB 3.03 3.04 3.09 3.1 3.03 3.03 576000 1754000 2GO GROUP 12.24 12.38 12.46 12.46 12.24 12.24 17000 210882 CEBU AIR 81 82.85 84.1 84.9 80.6 81 250060 20479198 -4031841 CHELSEA 6.01 6.02 6.07 6.1 6 6.01 986300 5958367 -593472 INTL CONTAINER 112.9 113 114.5 114.5 111.2 113 3009930 339064008 31872609 LBC EXPRESS 15.4 15.6 15.7 15.7 15.7 15.7 1000 15700 LORENZO SHIPPNG 0.89 0.92 0.92 0.92 0.89 0.89 217000 193400 MACROASIA 19.12 19.26 19.08 19.34 18.86 19.12 23164700 437,910,460( 429,178,431.9996) METROALLIANCE A 2 2.02 2 2.02 2 2.02 151000 302620 METROALLIANCE B 2.01 2.16 2.01 2.01 2.01 2.01 10000 20100 PAL HLDG 10.9 11.1 11.28 11.28 11 11.1 61900 685126 HARBOR STAR 2.84 2.88 2.86 2.89 2.85 2.88 452000 1296560 -14400 ACESITE HOTEL 1.29 1.33 1.28 1.28 1.28 1.28 2000 2560 BOULEVARD HLDG 0.064 0.065 0.065 0.066 0.064 0.065 54900000 3563100 DISCOVERY WORLD 2.07 2.26 2.1 2.1 2.1 2.1 52000 109200 -98700 WATERFRONT 0.68 0.69 0.67 0.68 0.67 0.68 348000 234340 CENTRO ESCOLAR 7.71 8.26 7.72 7.72 7.71 7.71 4300 33175 FAR EASTERN U 890 904 905 905 890 890 310 276050 IPEOPLE 10.86 11.18 10.9 11.18 10.86 11.18 7600 82640 STI HLDG 0.71 0.72 0.73 0.73 0.7 0.72 2439000 1732410 -496620 BERJAYA 2.87 2.9 2.91 2.91 2.85 2.9 234000 671090 -97310 BLOOMBERRY 11.32 11.34 11.4 11.52 11 11.32 12503400 140920284 -89452740 LEISURE AND RES 3.29 3.3 3.27 3.35 3.26 3.3 283000 928070 -49500 MANILA JOCKEY 4.73 4.9 4.99 4.99 4.72 4.72 269000 1270040 4990 PH RESORTS GRP 5.18 5.24 4.98 5.18 4.96 5.18 270000 1371750 PREMIUM LEISURE 0.96 0.97 0.98 0.99 0.96 0.97 12144000 11799240 -1009740 TRAVELLERS 5.62 5.65 5.59 5.65 5.57 5.65 2506200 14066776 -5942040 METRO RETAIL 2.92 2.95 2.97 2.97 2.88 2.92 1977000 5753840 1642660 PUREGOLD 46.8 47.25 47.05 47.45 46.3 46.8 437400 20500490 2689815 ROBINSONS RTL 86 86.5 86 87.5 85.25 86.5 417360 36004080 -17833558.5 SSI GROUP 2.26 2.27 2.28 2.28 2.23 2.27 2837000 6378670 3762289.9999 WILCON DEPOT 14.38 14.4 14.64 14.64 14.38 14.4 1233400 17851924 815962 APC GROUP 0.435 0.44 0.435 0.44 0.435 0.44 1630000 712900 EASYCALL 15.06 15.1 15 15.34 15 15.1 103100 1563014 -3050 GOLDEN BRIA 357 366.8 370 372.8 350.2 366.8 5050 1823334 IPM HLDG 7.14 7.23 7.14 7.14 7.14 7.14 7600 54264 PAXYS 3.15 3.24 3.2 3.24 3.2 3.24 51000 164580 -6340 PRMIERE HORIZON 1.28 1.29 1.29 1.32 1.27 1.29 19356000 25039810 -167650 SBS PHIL CORP 8.3 8.69 8.32 8.32 8.3 8.3 26300 218469 77270 MINING & OIL ATOK 13.06 13.28 13.4 13.4 13.06 13.28 900 11970 APEX MINING 1.52 1.54 1.54 1.55 1.52 1.52 1033000 1585780 -367670 ABRA MINING 0.002 0.0022 0.0021 0.0021 0.002 0.0021 802000000 1682700 210000 BENGUET B 1.2 1.38 1.2 1.2 1.2 1.2 1000 1200 COAL ASIA HLDG 0.3 0.31 0.3 0.3 0.3 0.3 210000 63000 CENTURY PEAK 2.2 2.21 2.2 2.2 2.19 2.2 674000 1478260 DIZON MINES 7.8 8.1 8.02 8.09 7.8 8.09 300 2391 FERRONICKEL 1.48 1.5 1.48 1.5 1.47 1.5 1175000 1755980 1239530 GEOGRACE 0.275 0.285 0.247 0.305 0.247 0.285 36950000 10673820 14100 LEPANTO A 0.125 0.128 0.125 0.126 0.125 0.126 1380000 173840 MANILA MINING A 0.0091 0.0095 0.0091 0.0091 0.0091 0.0091 21000000 191100 MARCVENTURES 1.09 1.11 1.11 1.12 1.09 1.09 70000 77280 NIHAO 1.04 1.08 1.09 1.1 1.04 1.08 405000 426750 54080 NICKEL ASIA 2.73 2.75 2.75 2.78 2.71 2.73 2178000 5945680 -843260 OMICO CORP 0.6 0.64 0.62 0.65 0.6 0.61 787000 475570 238200 ORNTL PENINSULA 0.95 0.96 0.96 0.97 0.95 0.95 747000 716980 -66830 PX MINING 4.02 4.03 3.99 4.02 3.91 4.02 1709000 6757920 -433400 SEMIRARA MINING 21.7 21.75 22.5 22.5 21 21.75 1818600 39476870 -1914780 UNITED PARAGON 0.0081 0.0085 0.0085 0.0085 0.0082 0.0082 11000000 92000 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.012 6300000 75700 PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.013 31700000 380700 PHINMA PETRO 3.15 3.2 3.22 3.22 3.15 3.15 49000 155810 PXP ENERGY 14.88 14.9 14.94 15 14.82 14.88 542900 8077660 -1735216

PREFFERED HOUSE PREF A AC PREF B2 ALCO PREF B DD PREF FPH PREF C GLO PREF P GTCAP PREF B PNX PREF 3A SMC PREF 2B SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

94.8 481.8 100 96.5 450.4 480.2 899 98.8 75.15 73.45 71.75 74.15 73.8 71 72.6

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

20.05

95 490 100.9 97 476.8 496 900 100.9 75.45 73.9 73.35 74.9 74.5 73.45 73.5

96 490 100 98 450.2 480.4 900 100.9 75.1 73.4 73 74.4 74.5 73.5 73.5

96 490 100 98 450.2 480.4 900 100.9 75.45 73.4 73 74.4 74.5 73.5 73.5

95 490 100 97 450.2 480.2 900 98.8 75.1 73.4 72.85 74 74.5 71 72.55

95 490 100 97 450.2 480.2 900 98.8 75.15 73.4 72.85 74.1 74.5 71 73.5

480 1890 6220 2660 50 510 220 720 130 10 2140 64110 150 61110 11820

45880 926100 622000 258170 22510 244968 198000 71178 9776 734 155981.5 4754049 11175 4394700.5 861522.5

494900 90000 36500 148300 -

20.65

20.15

20.05

86800

1742290

-110600

WARRANTS LR WARRANT

1.91

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.74 XURPAS 1.39

1.95

1.92

1.91

69000

131810

4.76 1.4

4.79 1.49

4.82 1.49

4.74 1.36

4.74 1.39

394000 21385000

1882800 29896060

833830

EXHANGE TRADE FUNDS FIRST METRO ETF

114

114.1

115.9

116

114.1

13480

1546341

3423

Editor: Efleda P. Campos

Aboitiz gets OPS as it readies to rehab Laguindingan Airport

By Lorenz S. Marasigan

@lorenzmarasigan

HE government has granted the original proponent status (OPS) to Aboitiz InfraCapital Inc. for its unsolicited proposal to rehabilitate and expand the Laguindingan Airport in Misamis Oriental, a senior official said. Transportation Undersecretary Manuel B. Tamayo said the board of the Civil Aviation Authority of the Philippines approved on Tuesday last week the proposal of Aboitiz, paving way for the transportation depart-

ment to review the proposal, then submit it to the National Economic and Development Authority (Neda) for evaluation. “For us, it will be a quick review because they submitted a complete

Criminal raps vs UEA BIEN leaders dismissed

HE Makati Prosecutor’s Office dismissed charges of alarms and scandal and malicious mischief filed by Alorica Teleservices Inc. (ATI) versus 12 individuals, including leaders of the Unified Employees of Alorica (UEA) and the BPO Industry Employees Network (BIEN), on grounds of insufficient evidence. In a joint resolution signed by Makati City Senior Assistant Prosecutor Kareen T. TacordaEvangelista, approved by Deputy City Prosecutor Josefa D. Laurente, the charge of alarms and scandal was dismissed citing “the mere holding of a picket/rally is not among the alarms and scandal

contemplated under the law.” The charge of malicious mischief was also dismissed for insufficiency of evidence as the persons who committed the spray painting were unidentified by the complainant and were not among the named respondents. The decision further cited that “the complainant’s allegation of conspiracy [by the respondents to commit malicious mischief] is based merely on conjecture.” BIEN President Mylene Cabalona noted the decision is a welcome development as these charges arose from an ongoing labor dispute between UEA and Alorica.

proposal. We will then give it to the Neda for review,” he said in a chance interview. The deal will go through several review from Neda sub-agencies, such as the Investment Coordination Committee, and the Neda Board, which is composed of Cabinet officials and chaired by President Duterte. “After that, we will schedule the Swiss Challenge. We are talking about a second quarter of 2019 schedule for the start of the Swiss Challenge,” Tamayo said. Aboitiz first submitted its proposal for the development of Laguindingan Airport—bundled with several other airports—in March 2018. It was thumbed down by the Duterte administration in April, as it revised

its policy on airport proposals. The company then submitted separate offers for the airports in Laguindingan and Bohol in August; the latter was approved in September. A revised proposal for Laguindingan was submitted in December. Aboitiz InfraCapital has “identified an experienced international airport operator” to work with on the P42.7-billion project. It has also tapped design and engineering firm Arup as consultant for the technical studies and masterplan of the Laguindingan proposal. Aside from the two airport proposals, Aboitiz is part of the Naia Consortium, which proposed to rehabilitate, operate, and expand the Ninoy Aquino International Airport.

briefs

UY-LED PH RESORTS DEFERS FOLLOW-ON OFFERING

DENNIS UY-LED PH Resorts Group Holdings Inc. (PHR) has decided to defer its follow-on offering, but said it is still “eager” in pursuing the plan. The Udenna Group’s tourism and gambling business arm said it deferred its follow-on offering “after its recent investment initiatives and careful consideration of its buiness strategies.” “During the course of PHR’s road show and marketing efforts, it was presented with more strategically suitable alternative options for its funding needs. Thus, upon careful consideration, PHR has decided to defer its offering,” company President Raymundo Martin M. Escalona said in a statement. VG Cabuag

MERALCO PREXY TO MOVE TO PXP

OUTGOING Manila Electric Co. (Meralco) President Oscar S. Reyes is set to assume a new post within the Manuel V. Pangilinan Group of Companies. “To PXP Energy,” Pangilinan replied when asked what will be Reyes’s next assignment. “He will dig for oil,”Pangilinan said in jest. Pangilinan added that Reyes will assume his new post on May 28. He will be replaced by Ray C. Espinosa. Lenie Lectura

STOCK-MARKET OUTLOOK LAST WEEK

SHARE prices plunged last week as investors cashed in on their gains and the rebalancing of the MSCI index that saw heavy flows from blue-chip firms. Some were rattled on the meeting between the leaders of the US and North Korea. The benchmark Philippine Stock Exchange index (PSEi) fell 320.36 points to close at 7,641.77. This was the index’s fourth weekly decline and the biggest weekly loss of the main index since June last year. “We expected investors to stay on the sidelines last week because of the shortened trading week and the US-NoKor summit held in Hanoi. Most of the trading last week was done by foreign investors while locals stayed out, except for some that took funds off the table as the sentiment continued to dwindle,” said Christopher Mangun, research head at Eagle Equities Inc. The main index was down three of the four trading days of the week. Last Monday was a public holiday to mark the Edsa People Revolution. Trading value was still high at an average of P8.67 billion, while foreign investors were net-buyers this week with P3.04 billion. “Foreign money has been flowing into our market since the beginning of the year, but because of this dismal February performance, we have seen it slow down as they reassess the situation. The strengthening of the local currency has provided them an incentive to invest in equities,” he said. All other subindices went down led by the All Shares index that shed 153.90 points to P4,729.93; the Financials index fell 71.29 to 1,683.39; the Industrial index declined 340.16 to 11,338.01; the Holding Firms index plunged 327.95 to 7,692.97; the Property index gave up 119.69 to 3,925.99; the Services index dropped 59.97 to 1,518.42; and the Mining and Oil index was down 250.12 to 8,359.73 Losers edged gainers 169 to 60 and 23 shares were unchanged. Top gainers were Philippine Racing Club Inc., ATN Holdings A and B shares, Philodrill Corp., EEI Corp., Chemical Industries of the Philippines Inc. and Concepcion Industrial Corp. Top losers were F and J Prince Holdings Corp. A, Omico Corp., Asiabest International Inc., Macay Holdings Inc., DMCI Holdings Inc. and Bright Kindle Resources and Investments Inc.

THIS WEEK

SHARE prices may recover this week, partly as a result of bargain hunting as investors weigh in on the results of corporate income for 2018. “Prospects for the upcoming infra bond float, retail treasury bonds and other corporate issuances in succeeding quarters are likely to carry weight on investors' portfolio matrix, not to mention their respective risk appetite for the initial semester,” broker 2Tradeasia said. Meanwhile, Papa Securities Inc. said the PSEi could see a short-term bounce in the near term due to the recent fall. “But upside could be limited near its breakdown point of 7,830, or the recent low on February 19,” Gabriel Jose F. Perez of Papa Securities said.

STOCK PICKS

BROKER Regina Capital and Development Corp. gave a hold recommendation on the stock of International Container Terminal Services Inc. after it has been trading sideways after its failed attempts to breach the P122 level. “The selling continued last week, but indicators remain slightly bullish,” it said, giving a target price on the stock at P114 per share. ICTSI closed last week at P113 per share. The broker gave the same advice on the stock of PLDT Inc. after its shares started to form a downtrend when it failed to trade above the 260-day moving average (MA) at P1,340 earlier this year. “Strong and continuous selldown pushed the stock to its 14-year low; it is now trading below its MAs. For now, we recommend to hold, but keep an eye on the stock as it is about to test the strong psychological level at P1,000,” the broker said. PLDT shares closed Friday at P1,030 apiece. VG Cabuag

MUTUAL FUNDS

March 1, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 258.27 -10.12% 2.96% 1.86% 2.39% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5752 -1.42% 13.08% 4.21% 9.33% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0343 -11.14% 4.32% 0.8% 3.36% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9215 - 6.65% N.A. N.A. 3.48% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8403 N.A. N.A. N.A. 2.39% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4021 -7.08% 2.58% 1.56% 2.49% MBG EQUITY INVESTMENT FUND, INC. -A 123.39 5.54% N.A. N.A. 5.95% ONE WEALTHY NATION FUND, INC. -A 0.8537 -11.52% -4.39% N.A. 2.56% PAMI EQUITY INDEX FUND, INC. -A 50.6618 -9.09% 4.16% N.A. 2.96% PHILAM STRATEGIC GROWTH FUND, INC. -A 532.26 -8.44% 2.96% 1.54% 3.4% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.2812 -7.02% 4.44% 4.69% 2.17% PHILEQUITY FUND, INC. -A 37.7763 -7.37% 5.37% 3.96% 3.12% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0063 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.1215 -8.71% 5% 3.96% 3.28% PHILIPPINE STOCK INDEX FUND CORP. -A 854.7 -8.61% 4.79% 3.89% 3.16% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.8976 -6.35% 3.1% N.A. 4.23% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2071 -7.11% 4.94% 2.82% 3.65% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9834 -8.97% 4.69% N.A. 3.05% UNITED FUND, INC. -A 3.6132 -4.71% 6.86% 3.64% 3.2% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 114.2752 -8.35% 5.91% 4.98% 3.18% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0104 -9.91% 8.98% 1.6% 8.75% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2491 -4.43% N.A. N.A. 13.03% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6969 -6.77% 0.45% -0.94% 2.77% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2714 -6.45% 2.52% 1.03% 2.82% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.5969 -5.04% 0.27% -1.01% 2.09% GREPALIFE BALANCED FUND CORPORATION -A 1.3348 -7.4% N.A. N.A. 2.34% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.8882 -3.98% 2.27% 1.7% 2.45% PAMI HORIZON FUND, INC. -A 3.5873 -6.98% 0.78% 0.61% 1.64% PHILAM FUND, INC. -A 16.2345 -5.99% 1.06% 0.72% 2.05% SOLIDARITAS FUND, INC. -A 2.1109 -4.85% 2.3% 2.44% 1.86% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.7688 -5.08% 2.26% 1.77% 3.22% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9718 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9636 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9624 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9546 -5.18% 1.91% N.A. 3.57% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03571 1.48% 0.28% 1.59% 1.3% PAMI ASIA BALANCED FUND, INC. -A $0.9875 -8.28% 5.57% -0.01% 5.48% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6193 -3.08% 6.84% 2.19% 9.4% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0716 -4.64% N.A. N.A. 6.1% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 345.69 2.47% 1.99% 2.08% 0.67% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8638 -0.35% -0.47% -0.4% 0.25% COCOLIFE FIXED INCOME FUND, INC. -A 2.9941 5.39% 5.26% 5.26% 0.78% EKKLESIA MUTUAL FUND INC. -A 2.1482 2.04% 1.31% 1.82% 0.83% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2255 0.54% 0.25% 0.82% 0.73% GREPALIFE FIXED INCOME FUND CORP. -A P 1.5939 -1.02% -0.57% 0.23% 1.89% PHILAM BOND FUND, INC. -A 3.9237 -1.34% -0.99% 0.33% 0.1% PHILEQUITY PESO BOND FUND, INC. -A 3.5816 2.56% 0.83% 1.16% 1.83% SOLDIVO BOND FUND, INC. -A 0.9098 0.19% -0.65% N.A. 1.93% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8345 1.76% 1.02% 1.5% 2.48% SUN LIFE PROSPERITY GS FUND, INC. -A 1.5736 1.4% 0.55% 0.99% 2.19% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $451.76 2.24% 2.11% 2.97% 0.78% ALFM EURO BOND FUND, INC. -A Є214.93 1.03% 1.39% 1.56% 1.07% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.153 3.1% 1.52% 2.14% 2.42% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.025 1.21% 0.81% N.A. 0.81% GREPALIFE DOLLAR BOND FUND CORP. -A $1.6987 -1.55% -0.99% 0.88% 0.5% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC -A $1.051 0.4% -1.01% -2.34% 1.29% PHILAM DOLLAR BOND FUND, INC. -A $2.2245 2.34% 0.76% 2.72% 2.45% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0575958 1.37% 1.04% 1.78% 1.08% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9321 - 0.27% 0.11% 1.92% 2.09% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 121.85 3.36% 2.07% 1.71% 0.84% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0032 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.188 2.32% 0.89% 0.63% 0.52% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2268 2.95% 2.38% 1.73% 0.64% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0201 2% N.A. N.A. 0.41% * - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE. **** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.). ***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

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Banking&Finance BusinessMirror

Perspectives

Strategies to take control of genomic data: Five pillars Part 1

S regulators bed down rules on privacy and consent, R&D heads are thinking about how to speed up the pace of innovation. The future research agenda, therefore, should address the commercial, regulatory, technological and ethical challenges of getting new products to market quicker. All Life Sciences companies need robust internal policies for keeping data safe, secure and reliable; policies that extend to all customers/patients, suppliers and partners, ensuring anonymity and pseudonymity, and avoiding any data tampering. With fake news, data leaks and breaches hitting the headlines, trust in data has become a hugely important issue. In this section we outline the five pillars of a robust genomic data strategy.

Standardized sequencing and analysis

THE science behind genomics should be reproducible, to ensure that results are reliable and can be compared. Reproducibility is the “litmus test” of robust science. Regrettably, R&D units and sequencing labs often sequence on different platforms, using a variety of software and analysis techniques. Without a common standard, something as simple as the amount of time a blood sample spends in a centrifuge, or the temperature during testing, can distort findings and prevent meaningful comparisons. With more and more community platforms being used to access biobanks and other repositories, there are literally dozens of strategies available to sequence genomes. According to one study on technical analysis: “Each approach makes trade-offs between the cost of sequencing, time to results, and type and frequency of errors. This means that different approaches may produce different results and these differences may have important clinical implications. To move toward precise genomic medicine, we must be able to reliably sequence and decipher the difficult regions of the genome.” There is some hope that from a data perspective, use of blockchain technology can help bring greater consistency to sequencing during clinical trials. With its immutable nature, this technology helps to ensure traceability and data integrity, so trials can be automated and standardized.

Privacy

TO maintain and foster individuals’ trust, personal data should be used for limited purposes and in line with the expectations set with the individual at the point of data collection. Privacy notices should be clear and accessible to individuals whose genomic, health and lifestyle data is being collected. Due consideration should also be given to the best format for notice requirements: for instance, “Just in Time” notices can go a long way toward meeting the transparency requirements for individuals using wearable devices. Organizations using genomic data must also consider the most suitable legal basis for processing the data (with attention given to the GDPR requirements and other privacy laws applying to the organization), and establish their ethical position on using individuals’ data for medical research.

Governance

COMPANIES should appoint a data protection officer (DPO) to oversee information technology, Legal and other functions involved in processing genomic information, to vouch for reliability, trustworthi-

ness and completeness of data, and confirm legal consent for its use. One of the key governance goals is to balance the desire for new products with a commitment to accurate and credible trial reporting, to avoid any inaccuracies that could backfire in future. How data is processed is not just a regulatory matter—security should also be considered.

Cyber security

LIFE Sciences companies and the industry together will need to commit more resources to managing cyber risk as the threat continues to evolve—with high stakes. European governments have regular meetings with major life sciences companies to participate in crossindustry working groups. Cyber security is everyone’s responsibility—and it starts at the top. Leadership and all members of the executive management team should be committed, and that commitment should radiate throughout every level of every department. Best practice for cyber security involves raising awareness, performing training and simulation exercises, monitoring threats, assessing and detecting vulnerabilities, establishing processes to address weaknesses, adopting disclosure policies and building systems that mitigate cyber risks.

Cloud technology

IN safeguarding data, the guiding principle is to constantly assume the possibility of a breach. Cloud technology providers are increasingly expected to provide a high baseline of security. Consequently, Life Sciences companies and their cloud security providers should be carefully assessed to ensure compliance with Hipaa (Health Insurance Portability and Accountability Act of 1996), the GDPR, and other regulations to minimize the impact of data breaches. In assessing the security of cloud technology providers, Life Sciences companies should also check for encryption techniques for transmitting and stationary data, assurance over third party contracts and security vetting of employees and other insiders.

Managing access to genomics data

IDENTITY and access management technology is increasingly important for managing general and privileged access to assets for employees, customers and other third parties. This technology is important not only for security, but also to streamline digital transactions across the Life Sciences ecosystem.

The excerpt was taken from the publication, titled “Driving value from genomics in Life Sciences: Rising to the data challenge.” © 2019 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative (“KPMG International”), 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.

SSS relaxes rules for pensioners wanting to borrow from fund

HE Social Security System (SSS) on Saturday announced the relaxation of rules under its Pension Loan Program (PLP). “Previously, a retiree pensioner must be receiving his monthly pension for at least six months to qualify for the SSS pension loan,” SSS President and CEO Emmanuel F. Dooc said in a statement issued over the weekend. “But through our new issuance, even if they are receiving their regular monthly pension for just a month only and it is already posted in the system, they are already qualified to avail of a pension loan.” Dooc said the SSS revised the provision under the fund manager’s Circular 2018-021 that said qualifying applicants must be receiving their regular monthly pension for at least six months. The new guideline hence allows retiree pensioners with at least one month posted regular pension and “active” status of pension to apply for a pension loan. The state-run pension fund said there are more

than 1.2 million retiree pensioners who can qualify for the PLP. The PLP was offered to pensioners starting September 3, 2018, the 61st year of the SSS. The SSS said the PLP is its response to clamor from senior citizens to put an end to the growing incidence of pensioners falling victims to loan sharks and steep interest rates. These senior citizens also sought help with their shortterm needs like emergency medical expenses. “We hope that our pensioners opt to avail of the SSS pension loan in times of emergency expenses,” Dooc said. “Aside from the low-interest rate, we also make sure that they will still receive a portion of their monthly pension so that not all of it goes to loan repayment which is happening now when they borrow from loan sharks.” Dooc said the loan will incur an

interest rate of 10 percent per annum until fully paid computed on a diminishing principal balance, which shall become part of the monthly amortization. On a monthly basis, the interest rates translates to 0.83 percent to 3.5 percent. As of February 28, SSS pension loan releases reached P638.33 million. Among the 166 branches receiving PLP applications, the SSS Bacolod branch approved the most number of PLP applications at 1,982 and released more than P41.53 million. Diliman branch, on the other, released the highest amount of pension loans amounting to P41.80 million for the said period. The top 5 branches with the most number of approved PLP applications were Victorias branch in Bacolod with 1,472 approved applications for a total release of P31.02 million; Cebu branch, 1,096 approved applications at P27.20 million; and Bago branch, with 1,002 approved applications at P21.06 million. “The loanable amount may not be as huge as what others may be offering, but it sure does serve its purpose to assist them in their short-term financial needs, such as emergency

GSIS earmarks P1.2-B loan for members in Camarines provinces hit by calamity

HE Government Service Insurance System (GSIS) announced recently it is allocating around P1.2 billion for its active members and old-age pensioners in the provinces of Camarines Norte and Camarines Sur hit by Tropical Depression Usman. The application deadline is on March 17. Currently, a total of 24,314 active members with no existing emergency loan may apply for P20,000. In addition, there are 14,107 active members who have not yet fully paid their emergency loan may borrow P40,000, from which the remaining balance will be deducted. To qualify, active members must be working or residing in the calamity declared areas, not be on leave-of-absence without pay, have no arrears in paying monthly mandatory life insurance or social insurance premium contributions, and have no unpaid loans for more than six months. They should also have a minimum net take-home pay

of P5,000 after the monthly premium contributions and loan amortizations have been deducted. Active members may apply through the GSIS Wireless Automated Processing System kiosk in all GSIS branch and extension offices, provincial capitol, city hall, select municipal offices, government agencies and shopping malls. A total of 6,927 old-age pensioners in the areas may personally apply for a P20,000 loan. Pensioners who are also active members may apply for the loan only once. Emergency loan is payable in 36 equal monthly installments at 6 percent interest rate per annum. It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date. Loan proceeds are electronically credited to the borrower’s GSIS electronic card or unified multi-purpose identification card.

RCBC takes lead in PPP project to alleviate Metro Cebu traffic

Think ahead and make practice a priority

NO system can ever be completely secure, so continuous threat monitoring and regular testing of organizational cyber security practices is a must, to stay on one’s digital toes and avoid any security or privacy lapses. A crisis response plan is another important safeguard, to build the capability to respond swiftly and appropriately should a breach occur, to stop any further leaks, and communicate openly to stakeholders and the media.

Monday, March 4, 2019

CBC is taking the lead in financing one of the country’s biggest infrastructure projects, the Cebu-Cordova Link Expressway (CCLEx), an 8.5-kilometer toll bridge that will connect mainland Cebu and the island of Mactan via Cebu City and Cordova, Province of Cebu. It is envisioned to be an iconic infrastructure project under a public-private partnership (PPP) arrangement with the local governments of Cebu City and Cordova Municipality. With RCBC Capital as the CoLead Arranger and RCBC Trust and Investment group as the mandated Facility Agent and Security Trustee, CCLEx is expected to be completed by 2021 to decongest traffic conditions in the existing bridge connections of Marcelo Fernan and Mandaue Bridges. With improved traffic flow, the project is seen to spur economic growth in the regions it traverses.

“We are excited about this opportunity to be involved in a financially viable project that will bring significant impact in the economy of Cebu,” RCBC Deputy CEO Eugene Acevedo said at the signing ceremony. Also present at the signing were Mayors Thomas R. Osmeña of Cebu City and Mary Therese P. Sitoy-Cho of Cordova, the senior management of Metro Pacific Tollways Corp. Group (MPTC), a subsidiary of MPIC; members of the local government units of Cebu and Cordova. Official Signing of the Facility Agreement was held last December 28, 2018. RCBC is the biggest lender to the P19-billion project finance facility of CCLEC where a total of six lenders participated. Proceeds from the facility will partially finance the first PPP outside Metro Manila and the first bridge venture of the MPIC Group.

medical expenses,” Dooc said. The loan repayment term of the loanable amount will be payable in three, six or 12 months, depending on the multiple of the loan amount and will be deducted from the monthly pension of the borrower. The maximum loan that can be borrowed is P32,000. The new guideline also allows other government-issued identifications cards aside from the Social Security Card or unified multi-purpose identification card as a form of identification document. Other acceptable identification cards are: alien certificate of registration issued by Bureau of Immigration; driver’s license issued by Land Transportation Office; firearm registration, license to own and process firearms, and permit to carry firearms outside of residence from the Philippine National Police; National Bureau of Investigation Clearance; passport; postal ID; seaman’s book; and voter’s ID. “In absence of a primary ID Card/ document, filer shall present, submit any two valid ID cards/documents, both with signature and at least one with photo,” the circular read. Rea Cu

British, Filipino firms to reveal impact of TRAIN on companies

BRITISH consultancy firm and Filipino audit company will reveal the implications to national and international companies of the Duterte administration’s Tax Reform for Acceleration and Inclusion (TRAIN) Package 2. A statement by Reyes Tacandong & Co. said the analysis comes from a 12-month study by London, United Kingdom-based global research and consultancy firm Oxford Business Group (OBG). The statement said the tax, audit and advisory firm would help produce the OBG report that “will look in detail at what the changes to the current tax regime will mean for foreign firms located in the country’s Special Economic Zones, where key incentives are set to be withdrawn.” “It will also consider the positive impact that the move to reduce the rate of income tax paid by enterprises by 1/3 to 20 percent is expected to have, especially on smallerscale entities,” Reyes Tacandong & Co. said. “Other aspects of the reforms covered by the report will include the country’s plans to digitalize the tax administration, mainly the implementation of electronic invoicing [e-Invoicing] and e-Sales reporting requirements, which were introduced under the TRAIN Package 1.” “�� With the implementation of the Package 2 fast approaching and the digitalization drive gathering pace, there is much for investors eyeing the Philippines’s potential to consider when making their decisions,” Charlotte Van Camp, OBG’s country director in the Philippines, was quoted in the statement as saying. Train Package 2, or the Tax Reform for Attracting Better and High-Quality Opportunities bill, aims to reduce the corporate income tax, as well as instituting reforms in the country’s fiscal incentives system. The Department of Finance continues to urge Congress to place the Trabaho bill (House Bill 8083) in the front burner. The DOF claims this law will generate some 1.4 million jobs, mostly in small and medium enterprises, over the next decade and create a business environment conducive to inclusive growth. Rea Cu

Green Monday BusinessMirror

B4 Monday, March 4, 2019

www.businessmirror.com.ph • Editor: Lyn Resurreccion

10 illegal-fishing hot spots revealed

LMP, Oceana ink partnership vs illegal fishing

he struggle to stop, fight and deter illegal fishing in the country’s municipal waters attained heightened level with the forging last week of a partnership between League of Municipalities of the Philippines (LMP) and Oceana, an international marine advocacy organization. At the same time, a pioneering online reporting, Karagatan Patrol Facebook group, was launched to encourage citizens to report illegal-fishing activities. Meanwhile, based on analyzed data from satellite sensor, called Visible Infrared Imaging Radiometer Suite (VIIRS), and in full support of the government’s full implementation of the ban on commercial fishing in municipal waters, Oceana last week released its list of top 10 hot spots nationwide based on frequency of illegal-fishing activities at nighttime in municipal waters in 2018. T hey are Zamboanga Cit y;

Tongkil, Sulu; Hadji Muhammad Ajul, Basilan; Santa Cruz, Marinduque; Cuyo, Palawan; Linapacan, Palawan; Languyan, Tawi-tawi; San Francisco, Quezon; Araceli, Palawan; and Magsaysay, Palawan. In the 2014 data from VIIRS, Hadji Muhammad Ajul was in Rank 31 but swung upward to Rank 3 last year. The same goes for San Francisco, which was in Rank 16 in 2014 but went up to Rank 8 in 2018. LMP agreed to promote the Karagatan Patrol Facebook group (https://tinyurl.com/KaragatanPatrol ) to encourage citizens’ reporting of illegal fishing.

The reports can be posted on the group page or e-mailed to karagatan.patrol@gmail.com. Oceana will relay the information to the appropriate agencies and monitor actions taken. Similarly, feedback will be provided to the reporter and will be published in the Karagatan Patrol Facebook group. Commercial fishing is banned in municipal waters under the Fisheries Code, as amended in 2015, which has stringent measures to fight illegal, unregulated and unreported fishing, such as vessel monitoring technolog y

for all commercial fishing vessels from 3.1 gross tonnage and beyond. The Department of the Interior and Local Government issued in April 2018 its implementing guidelines to all coastal cities and municipalities, to regulate and monitor all fisheries activities under its jurisdiction. “The ocean means food, livelihood and beauty. It is life itself in a sense. We are happy and excited to partner with Oceana in addressing issues that seek to protect the ocean and the people,” said Mayor Ma. Fe Brondial of Socorro, Oriental Mindoro, and LMP national president.

Negros Or declares Renewable Energy Day

egros Oriental will obser ve Renewable Energy Day on March 5, the first province in the Philippines to institutionalize unequivocal support and commitment to renewable-energy sources through an annual commemorative local government event. Gov. Roel Ragay Degamo recently signed Executive Order 2218 declaring Renewable Energy Day in Negros Oriental every 5th of March. This followed a similarly groundbreaking executive order signed in March 2018, declaring Negros Oriental as an environment-friendly and clean-energy province.

The province is host to several renewable-energy power plants that generate clean, reliable power through geothermal, solar, hydro and wind sources, contributing substantially to the electricity needs of the Visayas region. “Consistent with these directives and ideals, the province of Negros Oriental shall prioritize the utilization of clean, renewable energy, which is abundant in the province; to continuously protect and develop such renewable-energy sources and, at the same time, shun operations and activities, including sourcing and use of energy sources that are destructive to the environment and harmful to its

citizens’ health and livelihood,” the declaration stated. “Such detrimental operations and activities are primarily caused by the operation of power plants run by the burning of fossil fuels, such as coal,” it cited. The observance of the first Renewable Energy Day in 2019 is seen as a culmination of a weeklong celebration in the province that is focused on increasing awareness and information about renewableenergy sources, engaging the public, especially the youth, in pro-environment initiatives and causes, and showcasing the positive effects and benefits of “greener” and reliable energy.

“Making my province, Negros Oriental, as an environmentfriendly said and clean-energy province is one of the toughest decisions I have made as governor,” Degamo said in his message in the 2018 State of Nature Assessment organized by environmental group Green Convergence with the Forest Foundation of the Philippines and Energy Development Corp. held in Baguio City. “I want to share our experience so that it can serve not just as an example, but an inspiration, on how we can achieve a cleaner energy future not just for individual communities but for the entire country,” he added.

Firefighters tackle a blaze on moorland above Marsden, northwest England, on February 27, 2018. Photographer: Oli Scarff/AFP/Getty Images

Britain’s winter heat wave means wildfires and chronic pollution

ondon last week has been warmer than parts of the Middle East as an influx of warm Saharan air caused record winter temperatures in Britain. A high of 21.2 degrees Celsius (70°Fahrenheit) was recorded in southwest London last week, the highest in winter months since the country started recording weather systematically in the mid-19th century. It’s a temperature normally associated with a pleasant summer’s day in the UK and more

than double the seasonal average. But while Britons enjoyed unbroken hours of warm sunshine, the w inter heat wave helped start wildfires—a phenomenon typically associated with high summer—and left some parts of the countries with worsening air quality. Firefighters fought a blaze covering 1.5 square kilometers of moorland in West Yorkshire, according to the British Broadcasting Corp. Flames also engulfed an area

of Arthur’s Seat, a rocky outcrop overlooking the city of Edinburgh. In East Sussex, hundreds of miles to the south, two fires broke out in Ashdown Forest, an area made famous as the setting for the “Winnie the Pooh” stories. “This warm weather cannot be dismissed as a one off,” Caroline Lucas, the Green Party’s only member of parliament, wrote in the Independent newspaper. “This is part of a wider global trend of record-breaking temperatures and extreme weather patterns.”

The flow of air northward from the Sahara desert has also contributed to worsening levels of pollution as sand particles combined with local pollution from cars and trucks, made worse by high pressure and a lack of wind. The Department for Environment, Food and Rural Affairs warned of elevated levels of pollution in London and across the Midlands. Temperatures were expected to drop in the second half of last week with rain forecast for much of the country. Bloomberg News

LMP Secretary-General Mayor Abraham Burahan of Panglima Tahil, Sulu, welcomed Oceana as a strong partner in ensuring safe, healthy and sustainable oceans and the livelihoods of those dependent on abundant seas. “We look forward to a very fruitful partnership as we move to heighten our actions that will benefit our people,” Burahan added. “We welcome this highly significant collaboration with the LMP to bring back fisheries abundance in our waters. It is timely as our oceans are buffeted by simultaneous pressures from humanity, aggravating

and aggravated by the destructive impacts of the climate crisis we all face. We need to work together closely now, more than ever, and manage sustainably our fisheries, to protect our oceans and feed our people,” said Gloria Estenzo Ramos, vice president of Oceana in the Philippines. “Despite the prohibition, commercial fishing vessels continue to hound the narrow body of waters between Cebu and Negros Island. We were helpless without the decisive enforcement of the law. It was only after the effective cooperation of [Central Visayas] enforcement agencies in Tañon Strait that we experienced bountiful fish catch. We have a strong law but this should be tied with efficient and competent implementation,” said Veda Raunillo, fisherfolk from Guihulngan, Negros Oriental. Working to protect and restore the world’s oceans, Oceana in the Philippines aids the government in analyzing data from VIIRS to detect by satellites supposedly dark environment, such as large bodies of water, artificial light sources or superlights. These are likely used by fishing boats, such as purse seiners and ring netters, which were found inside prohibited areas in municipal waters.

Aramco eyes LNG deals in new gas strategy

audi Aramco aims to become one of the world’s largest players in natural gas and the company is eyeing projects in Russia, Australia, America and Africa to kick-start a global business in the liquefied form of the fuel. “Gas is a major market and we want to be one of the largest players,” Amin Nasser, the chief executive of Saudi Arabia’s staterun oil company, said in an interview in London. “There’s appetite to invest in natural gas and LNG [liquefied natural gas].” Asked whether the company, formally known as Saudi Arabian Oil Co., will have made a major overseas investment in gas in a year’s time, Nasser responded: “I hope so.” Natural gas is turned into a liquid by super cooling it to minus 162 degrees Celsius (minus 260 degrees Fahrenheit). After that, the LNG gets loaded onto massive ships and transported around the world. The liquefaction technology, which was developed commercially in the 1960s and 1970s, gave natural gas access to global markets, allowing it to reach countries from Japan to Spain. The world’s biggest oil companies have invested heavily in natural gas and LNG, with Royal Dutch Shell Plc. and Exxon Mobil Corp. operating large projects from Qatar to Australia. In many ways, Western oil companies also see natural gas as part of their energy transition strategy: it is far less polluting than crude oil, releasing less carbon dioxide that contributes to climate change.

Gas strategy

The push into natural gas is a change of strategy for Aramco, which is already the world’s largest oil exporter. The company, fully owned by the Saudi government since its nationalization in the 1970s, has a relatively small natural gas business today, which focuses on meeting local demand. Nasser wants to change that, starting gas exports both from fields in Saudi Arabia but also

from outside the kingdom. “We are in discussions with Russia, Australia, America and Africa,” Nasser said, declining to name any of the companies involved in the talks. In the past, Saudi officials have said the kingdom is talking about taking a stake in a Russian project known as Arctic LNG 2 controlled by Novatek PJSC. Saudi Arabia’s efforts to build a global natural gas business follow in the footsteps of regional rivals, including Qatar, one of the world’s largest LNG exporters. The US is also emerging as a large LNG shipper, thanks to booming natural gas production from shale fields, from Texas to Pennsylvania.

Downstream investments

The gas shift comes as Aramco also invests heavily in oil refining and petrochemicals, in an effort to secure long-term outlets for its crude production. The company is mulling over its first-ever international bond later this year to help finance the acquisition of a majority stake in local chemical company Saudi Basic Industries Corp. The kingdom has promised an initial public offering of Aramco by late 2020 or early 2021, after shelving plans originally targeting 2018. Aramco is also planning to boost the kingdom’s domestic use of natural gas, aiming to replace the bulk of the 400,000 bar rels a day or so of cr ude oil and refined products that Saudi Arabia burns to generate electricity. The oil freed by using gas instead for electricity generation could be exported, earning hard currency. At peak times during the torrid desert summer, Riyadh burns as much as 800,000 barrels a day of crude to produce electricity to meet peak seasonal demand for air conditioning. “We plan to eliminate most oil burning for electricity by 2030,” Nasser said. “As a strategy, we will replace oil with gas.” Bloomberg News

Biodiversity Monday BusinessMirror

Asean Champions of Biodiversity Media Category 2014

Monday, March 4, 2019

Editor: Lyn Resurreccion • www.businessmirror.com.ph

World Wildlife Day

Focus: Conservation, protection of ‘life below water’ Story by Jonathan L. Mayuga @jonlmayuga

arine species conservation and protection. That is the focus of the rehabilitation of Manila Bay, the Department of Environment and Natural Resources (DENR) said last week.

Environment Secretary Roy A. Cimatu said in a statement the government is keen to have Manila Bay rehabilitated and maintained to level four for swimming and other recreational activities, and, more importantly, restored to its traditional use as a fishing ground and reinstated as a vital wetland area. Cimatu issued the statement in time for the country’s celebration of World Wildlife Day. It is celebrated globally by United Nations member-countries every March 3, the day of the adoption of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) of which the Philippines is a signatory. The World Wildlife Day was proclaimed on December 20, 2013, at the 68th session of the United Nations General Assembly. “ This year’s celebration reminds us of the importance of the marine life as one of the natural resources that we need to sustain, thus, giving us more reasons to continue the ongoing efforts to save Manila Bay and other bodies of water in the Philippines,” Cimatu said.

Manila Bay covers 190 kilometers of coastline from Cavite to Bataan. World Wildlife Day is celebrated this year with the theme, “Life Below Water: For People and Planet,” which, Cimatu said, could not be more timely in the light of the ongoing rehabilitation of the heavily polluted Manila Bay. Together with other government agencies and local government units, the DENR launched t he massive c leanup and rehabilitation of Manila Bay on Januar y 27. Since then, several establishments have been issued ceaseand-desist orders, notices of violations and show-cause orders for discharging untreated wastewater into the bay. According to Cimatu, World Wildlife Day 2019 and the Manila Bay rehabilitation align closely with Sustainable Development Goal 14 on life below water focuses on marine species. The DENR has lined up several activities to mark the local celebration of World Wildlife Day 2019 from March 2 to 5. They include an exhibition of a mural and

Navotas fishermen prepare their fishnets. Pamalakaya Public Information Desk

other paintings featuring marine wildlife species and the Benham Rise and film showings on March 2 and 3 at SM Aura. Director Cr isanta Marlene

Rodriguez of the DENR’s Biodiversity Management Bureau said this year’s celebration serves as an opportunity to renew commitments, award deserving authori-

This year’s celebration reminds us of the importance of the marine life as one of the natural resources that we need to sustain, thus, giving us more reasons to continue the ongoing efforts to save Manila Bay and other bodies of water in the Philippines.”—Cimatu

ties in promoting environmental laws and inculcate knowledge on the marine species among the youth. Rodriguez said the DENR, the Bureau of Fisheries and Aquatic Resources of the Department of Agriculture and the Department of Tourism will come up with a joint administrative order to renew their commitment for marine wildlife tourism on March 4. She said the DENR has also partnered with the United States Agency for International Development (USAID)-Protect Wildlife Project for the 6th Wildlife Law Enforcement Award, which recognizes distinct individuals who have provided invaluable

assistance and unqualified support to DENR in enforcing the provisions of Republic Act 9147, or the Wildlife Act of 2001. It will be held on March 5 at the Ninoy Aquino Parks and Wildlife Center in Quezon City. In the past years, the DENR has conferred the award to more than 300 recipients from various enforcement partner agencies, civil-society organizations and private individuals. “The awarding ceremony will also serve as a venue for the DENR to call for stronger support and greater commitment for each of the awardees and their respective institutions to curb illegal wildlife trade,” Rodriguez added. There will also be a simultaneous event in the afternoon for the academe, including the fourth National Wildlife Quiz Bee “to encourage the students to give attention to wildlife both nationally and internationally and to raise their awareness and appreciation of the Philippine wildlife conservation.” Grade 9 students from various public high schools in the National Capital Region, Central Luzon and the Calabarzon region shall be participating in the competition, which is co-organized with the US Department of Interior, International Technical Assistance and the USAID-Protect Wildlife Project. Meanwhile, together with the USAID-Protect Wildlife Project, there will also be a ceremonial awarding of five thesis and dissertation projects on biodiversity conservation from the University of the Philippines (UP) Diliman, UP Los Baños and the University of Santo Tomas.

Endangered Napoleon wrasse seen in Palawan after 5 yrs T

he Napoleon wrasse fish is a known gentle giant creature distinguished by interesting patterns on its scales. It has hump on its head like a Napoleon’s hat, which further protrudes as it ages. No wonder it is one of the favorite fishes divers want to encounter across the world. Its meat is one of the most expensive luxury foods in the Southeast Asia. The divers group, Dive the World, reported that the Napoleon wrasse is valued around $100 per kilogram in restaurants in Hong Kong. As the number of Napoleon wrasse decreases at a fast and alarming rate, its price inevitably increases. The fish is on the World Conservation Union’s (IUCN) “Red List of Threatened Species,” and is listed for protection on the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). Fortunately, the endangered Napoleon wrasse, including the dugong (sea cow), which is classified by the IUCN as “vulnerable,” have been spotted in Palawan, Philippines, after half a decade of absence.

The return of the Napoleon wrasse

In Coron, Palawan, the Tagbanua Tribe and the fisherfolk community rejoiced after witnessing again the endangered Napoleon wrasse, the sea cow (dugong), more sea turtles and schooling fishes swimming in the waters of the Bulalacao marine protected area (MPA). The year 2018 has been a successful milestone in the community folks’ efforts to restore their marine bidoversity, which was destroyed by enormous cyanide and dynamite fishing activities over the past decades. Pacifico Beldia II, Marine Biodiversity Conservation manager of Malampaya Foundation Inc. (MFI), shared: “We started to notice the remarkable recovery of fish stocks, especially the grazer species like parrotfishes, siganids and acanthurids. These species groups tend the reefs to prevent algal overgrowth that smothers the live corals.” Beldia said they also “started noticing the recovery of small pelagic fishes, fusiliers and scads, indicating the eradication of illegal fishing practices in both the No Take and Sustainable Use Zones.” He added that in the succeeding years, “we

saw the endangered Napoleon wrasse in all of our permanent transect sites and, this year, we saw the black-tip shark in one of the No Take Zones and a dugong in the seagrass bed just near the community wharf. Sea turtles sightings became more and more common, as well.” A comprehensive biophysical assessment in 2012 determined that 90 percent of the surveyed reef areas in Bulalacao were overfished and showed signs of damage from blast fishing and other unsustainable fishing practices like the use of compressor or hookah fishing. Taking the lead in conservation efforts is the MFI, the social arm of the Malampaya joint-venture par tners Shell Philippines Exploration, Chevron Malampaya Llc. and Philippine National Oil Co.-Exploration Corp., supported by the Coron Municipal Agriculture Office, the National Commission on Indigenous People and the Tribal Leaders and Indigenous Peoples’ Organization—all intensively working against the persistent illegal and destructive fishing activities in the area. In November 2014, the Bulalacao MPA was launched, which was graced by the tribal leaders of the Tagbanua tribe and the parish priest who led the blessing of the first boundary marker deployed in one of the No-Take Zones. This is one of MFI’s priority biodiversity conser vation projec ts, emphasizing the importance of grassroots representation, participative approach in decision-making, social preparation and advocacy, research, habitat restoration and conservation, and the provision of conservation incentives in the form of livelihood projects and skills training scholarships. “The process of formalizing the conservation covenant with the Tagbanua Tribe and fisherfolk sector of Brgy. Bulalacao took MFI and the Coron Local Government took two years. The various sectors made sure that all sociocultural restrictions are satisfied while doing all the resource assessments,” Beldia said. Emphasizing the significance of vertical and horizontal linkages in marine conservation initiatives, MFI engaged into joint activities. This includes the rehabilitation of coral reefs and mangroves; species restocking; construction of MPA guardhouses; training of community volunteers in enforcement as Bantay Dagat; training in supplementary livelihoods, such as enviro-farming; and provision of the necessary

The endangered Napoleon wrasse www.dive-the-world.com supplies and equipment for the activities. They also established collaborations with the academe, such as with Western Philippines University in Puerto Princesa, Palawan.

Sorry state of the Bulalacao seas

“I was doing that for five years, every day. When we were done with an island, [we found out] it was really destroyed,” recalled Sabino Flores in Filipino. Over the past decades, the Bulalacao area was dominated by deadly fishing activities brought about by the influx of irresponsible and unlawful foreign traders and fisherfolks. Cya n i d e a n d d y n a m i te f i s h i n g, l o c a l l y known as bungbung, were among the most destructive methods. Formerly one of the known ilegalistas (fishermen using illegal methods), Flores used to own four fishing boats. He was raking in

P150,000 every 15-day cycle, catching live reef food fish like coral trout (known locally as suno), as well as lobsters. This heartless illegal fishing, which prevailed over a long period of time, left the marine waters with tremendous damage, indicating a serious threat to the livelihood of the community people. An hour of fishing then would yield a 10-kilogram catch. Currently, it’s just 2 kg for an all-day fishing. It became even harder for locals as outsiders came to the hardly surviving seas for their resources.

Inspiring courage, strength to restore Bulalacao’s marine biodiversity

Seeing the tremendous damage, Flores was bothered by his conscience, prompting him to help form the Bulalacao Fishermen Multipurpose Cooperative. He convinced his fellow fishermen

My income lessened, but my conscience was freed from the guilt that there would be nothing left for the future generations to come.” —Flores

to give up the bad habits and illegal methods of fishing that destroyed the marine ecosystem. “My income lessened, but my conscience was freed from the guilt that there would be nothing left for the future generations to come,” he said. A most significant milestone during his term was the establishment of the Bulalacao marine protected area. It covers 3,298 hectares of ocean divided into no-take zones and multiple-use areas meant to safeguard the corals and fish stock around Bulalacao’s 13 sites. With the help of the MFI, which has been doing marine conservation work in the municipality since 2012, the people of Bulalacao witnessed the progress of the MPA from a barangay resolution to a municipal ordinance, until its approval in November 2014. Rogelio Pavia, a member of Bantay Dagat, said, “Of course we don’t want to destroy our ocean. What would happen if we all did bad things? That wouldn’t be right in the eyes of God and the law. I am proud of what I do. This is where I draw courage and strength, because we are getting support.” Pavia and other fishermen in the locality currently serve as members of the Bantay Dagat of Bulalacao MPA, tasked with protecting it from fishermen involved in illegal fishing and patrolling the perimeters of the area to secure its continuous recovery. Juanito Adezas Jr., a boat operator for the Bulalacao-based Hikari Pearl Farm and a volunteer diver for MFI’s Marine Biodiversity Conservation Program, considers himself an eyewitness to the development that the MPA has brought to Bulalacao. “I’m happy because there are more fishes, and the coral reefs are back in their healthy form. I can see the difference. The illegal fishers could not do anything because there is a law now, and they’d be going against the government and the barangay if they continue,” he said in Filipino.

Pushing for a healthier marine life in the Asean region

Dr. Theresa Mundita S. Lim, executive director of the Asean Centre for Biodiversity (ACB), praised the participatory approach of the MFI in recovering the marine life in Bulalacao while strengthening the indigenous people and fisherfolks in the local community. “We have to learn from this very valuable

experience and encourage more collective efforts on local, national, regional and global levels to conserve our marine biodiversity; promote responsible and sustainable use of resources and livelihood; save marine habitats; stop single-use plastics that harm our healthy waters; and continuously combat illegal and destructive activities,” Lim, an international biodiversity expert and marine conservation advocate, explained. Lim noted that the economic benefits of Asean’s marine biodiversity are immense. It is estimated that the total potential sustainable annual economic net benefits per square kilometer of healthy coral reefs in the region range from $23,100 to $270,000 arising from fisheries, shoreline protection, tourism, recreation and aesthetic values. She said the continuous overexploitation of coastal and marine resources, habitat change, pollution and climate change, among many other drivers of biodiversity loss, threaten the rich marine resources of the region. “Studies revealed that in the Asia-Pacific region alone, a total of 11.1 billion plastic items, such as shopping bags, fishing nets, diapers and tea bags, are entangled in coral reefs, which, according to scientists of Journal Science, is likely to increase by 40 percent by 2025. Plastic pollution, besides overfishing and climate change, puts our marine resources and habitats at faster and higher risk of deterioration,” Lim said. She cited examples of good practices in marine conservation. Indonesia, one of the Asean member-states, enacted a ban on plastics to curb marine degradation in its seas with the aim to reduce the single-use plastics like styrofoams and shopping bags by 70 percent in the Bali area. In Singapore, the National Parks Board and private-sector partners are embarking on a big project to restore its coral-reef ecosystems in the Small Sisters’ Islands Marine Park. The project is part of efforts to protect the coral reefs around Singapore and enhance marine biodiversity in the island’s surrounding waters. In the Philippines, Lim lauded the recent pronouncement of President Duterte ordering the Department of Environment and Natural Resources to take the lead in a massive cleanup campaign in Manila Bay.

Em-Em S. Mandanas/ACB

B6 Monday, March 4, 2019

P.C.S.O. GRANTED WITH NEW I.S.O. CERTIFICATION

HILIPPINE Charity Sweepstakes Office (PCSO) General Manager Alexander Balutan said that the agency has been awarded with the ISO 9001:2015 Quality Management System cer t if icat ion focusing on leadership, risk-based thinking and context of the organization. “ISO 9001 is the title of an ISO standard that outlines the requirements an organization must maintain in its quality system. ISO 9001:2015 is the current version of the standard. It helps agencies or companies meet their customers’ requirements for our products/services while fulfilling regulatory requirements,” Balutan said. The PCSO was certified under the ISO

9001:2008 Quality Management System certification by third-party auditor TUV Rheinland Philippines in December 2016, for the conduct and management of online-lottery draws and processing of prize claims amounting to P5,000 and above, and support processes. For the past three years PCSO has maintained its certification. “ISO certification gives confidence to our public that they have equal chances of winning, and that we have strict implementation when it comes to our draw procedures. It also gives us the chance to be at par with other gaming counterparts all over the world,” Balutan added. Aimee C. de Viterbo, officer in charge of the Gaming Technology Department of

PCSO, explained that the ISO mandates every organization to transition from the 2008 to the 2015 version of the standard to make its processes relevant and compliant with the requirements of the new version. I n order for t he PC SO to be compliant within its new standard thrust, PCSO includes the process of the outpatient medical services as part of its core processes. “As we endeavor to comply with the requirements of the standard, we had to improve our core and support processes. It is the requirement of the standard that each organization certified under the QMS to continuously improve,” de Viterbo said.

SUN LIFE PAYS P4B IN CLAIMS, MATURITIES IN 2018

UN Life of Canada (Philippines) Inc. (Slocpi) kept its commitment to clients in 2018, as it paid a total of P4 billion in claims and maturities. T he said amount comprises of individual death- and living-benefit claims, group benefits and maturities in life insurance and pre-need. “We aim to be our clients’ lifetime partner in their financial journey,

and there is no better testament to this than the payment of claims and matur ities,” Slocpi President and chief agency distribution officer Alex Narciso said. Moreover, Slocpi also strives to ensure convenience in its claims process by offering a quick turnaround time. In fact, the company can pay incontestable claims following certain criteria of up

HONOR AND EXCELLENCE Executive secretary Salvador Medialdea (right) was recently awarded as one of the Distinguished Bedans for 2019 in ceremonies held at the annual red-and-white ball at the Fiesta Pavilion of the Manila Hotel. Medialdea received the distinction for government service. Also awarded as Distinguished Bedans together with Medialdea are former press secretary and presidential spokesperson lawyer Michael Toledo (center) for media and communication; and lawyer Jeremy Parulan for law (private practice).

SM CENTER SANGANDAAN WINS OUTSTANDING CITIZEN AWARD FOR INFRASTRUCTURE IN CALOOCAN CITY

to P5 million within three hours, which is one of the fastest turnaround times in the life-insurance industry. “From our growing agency force, which is now at 14,000 nationwide, to opening more client centers [and] launching more digital tools, we shall exert [the] needed effort to serve more Filipinos in their financial journey,” Narciso added.

Caloocan City Mayor Oca Malapitan (right) awards SM Center Sangandaan, represented by mall manager Emmanuel Gatmaitan, the Outstanding Citizen Award for Infrastrucuture at the 57th cityhood anniversary held in the Caloocan City hall grounds.

M Center Sangandaan received the Outstanding Citizen Award (Oca) for Infrastructure at the celebration of the city’s 57th cityhood anniversary held in the Caloocan City hall grounds. The mall was cited as an Outstanding Partner in Infrastructure Development, as it continues to grow in number of malls built in the city to serve the community with better dining and retail experience. The Oca aims to recognize the outstanding

performances and contributions of Caloocan residents to the community in six different categories, or as they call “6 pillars of governance”, which are good governance, peace and order/public safety, education, infrastructure, livelihood and health; that will serve as avenue toward the continued city innovation and development. SM Center Sangandaan, SM Prime Holding’s 55th mall, has served Caloocan City residents since it opened on October 23, 2015.

TAGANITO MINING BOOSTS PWD WELFARE WITH P1.2-M LIVELIHOOD PROJECT

ITH an initial P1.2-million funding for a poultry farm in barangay Cabugo in Claver, Surigao del Norte, Taganito Mining Corp. (TMC) recognizes the rights of persons with disabilities (PWDs) to opportunities and economic freedom. TMC and the Dapja native chicken-poultry farm launched a livelihood project with PWDs in Cabugo. The project duly acknowledges the rights of PWDs to a sustainable livelihood and an empowered future. TMC provides the funding and technical support, in cooperation with the Department of Agriculture, to ensure the project is sustainable. Dapja members, on the other hand, conducted a bayanihan to build the farm, and take turns in manning, managing and monitoring the poultry farm. Dapja is a 35-man strong people’s organization whose members are PWDs and their family, all from barangay Cabugo. Dapja is a local term, which means “rocks surrounded by water”, that the group has taken as their official name.

The municipality of Claver is a mining community and home to TMC, a subsidiary of Nickel Asia Corp. Dapja President Eddie Gasulas said, “The members of Dapja are committed to make the project successful not only to acknowledge TMC but [also], more important, to show the dependability of the PWDs in Cabugo.” The Dapja poultry farm project started initially with eight cages, 40 hens and eight roosters on a 1-hectare property owned by the family of Gasulas. Engr. Aloysius Diaz, vice president for operations for TMC, who represented the mining company at the launch, said the project is not yet earning in its early stage, but he is excited to see the poultry farm grow and become successful in the near future, for the benefit of the PWDs in Cabugo and Claver. Photo shows Diaz (right) handing a rooster to Gasulas, while TMC resident mine manager Engr. Jun Valeroso holds a native hen.

Sports BusinessMirror

| Monday, March 4, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

INFANTINO: WOMEN ARE NICER THAN MEN A

By Rob Harris

a meeting in two weeks in Miami. “Players now know that it’s not just sufficient to have a look where is the referee, so if he doesn’t see me I can simulate, because he or she will be caught,” Infantino said. “That’s why VAR automatically helps the fight against simulation and diving in a very efficient way.”

The Associated Press

BERDEEN, Scotland—Striving to improve behavior at soccer matches, Fifa President Gianni Infantino sees women as role models for male players. There is less simulation and time wasting in the women’s game, according to Infantino, and it’s time for men to clean up their act to improve the image of soccer. “The men’s game has developed incredibly, positively, but a few maybe side effects have unfortunately developed, as well, that we are fighting now,” Infantino said on Saturday. “Let’s take the example of the women’s game.” Infantino’s admiration for the conduct of female players stands in contrast to predecessor Sepp Blatter, who urged them to wear tighter kits to make the game more popular. “Women are nicer than men, probably, generally,” Infantino said. “Sometimes we men feel that we need to show how strong we are, probably in the human nature, and this is reflected as well in some of the behavior in society, in general, but also on the football pitch.” Infantino was speaking after the game’s lawmaking body, the International Football Association Board, discussed ways of improving on-field behavior at its annual meeting, including treatment of referees. Yellow and red cards for misconduct by team officials are now entered in the laws of the game after successful trials. “When it comes to behavior,” Infantino said, “if there’s something to learn from the women’s game... it’s certainly this: This is much less time lost and wasted on simulations or on other situations we criticize in the men’s game. We are intervening now.” Such as ensuring someone substituted “doesn’t greet all the players before going out [leaving the pitch] and so on—wasting time,” Infantino said. “All the things you don’t see in the women’s game.” Diving has been reduced by the introduction of video review, Infantino said, while announcing his support for VAR at the June 7 to July 7 Women’s World Cup in France. The decision will have to be ratified by the Fifa Council at

HANDBALLS

TO reduce controversies, the handball law has been adjusted. Referees won’t necessarily have to decide if there was deliberate handling, but judge the outcome and whether an unfair advantage was obtained by gaining possession or control of the ball. It won’t be an offense if the arm or hand is very close to the body, but it will be if they are in an elevated position when the ball is handled. But even if a player accidentally handled while scoring, the goal would be ruled out.

KICKS AND PENALTIES GIANNI INFANTINO’S admiration for the conduct of female players stands in contrast to predecessor Sepp Blatter, who urges them to wear tighter kits to make the game more popular. AP

DISRUPTIVE behavior around free kicks should be reduced from June. The attacking team will not be allowed within 1 meter of the defensive wall in an attempt to stop players jostling and matches being delayed by the necessary intervention of referees. In two changes affecting goalkeepers, goal kicks won’t have to leave the penalty area and only one foot will have to remain on the line when facing a penalty.

SUBSTITUTES

MATCH DRAWN THE US midfielder Julie Ertz (top

left) heads the ball against England’s Lucy Bronze during the second half of their SheBelieves Cup match that ended in a 2-2 draw on Saturday in Nashville, Tennessee. The Americans scored twice in each of their first two games of the SheBelieves Cup. They also allowed two goals apiece, and now a pair of ties has the US looking at what must improve before the Women’s World Cup in June. AP

TO speed up the game, players being substituted must leave the field at the nearest point rather than at the halfway line. “It’s a fairly standard time-wasting tactic that when a manager wants to make a substitution, he can send a player to be substituted to the opposite end of the pitch,” said Scottish Football Association Chief Executive Ian Maxwell, one of the eight Ifab members. Fifa has four delegates, and the British nations have the other four, with six votes required for a change to the laws, which come into effect from June.

Changes loom for defensive wall on free kicks in soccer

BERDEEN, Scotland—Defending against a free kick will become a little less disruptive. A change that can be approved on Saturday by soccer lawmakers attempts to stop attacking teams jostling and jumping in defensive walls. They would not be allowed in the barrier alongside defenders, with the change forcing them to keep a minimum 1-yard distance. The tactical advantage for the defending team would be enhanced, and goalkeepers likely would get clearer sight of free kicks being taken. Referees would be freed from focusing on shoving in the wall, which often forces them to intervene. While defenders would still have to be 10 yards from the free kick, attackers would remain able to form a wall on their own in front. That, though, would further inhibit the space for the free-kicker to bend the ball into the net. The law change just needs to be rubber-stamped by The International Football Association Board and would be

introduced from June. Fifa has four delegates, and the British nations have the other four, with six votes required for a change to the laws. “I think it would be a good improvement to the laws of the game,” said Concacaf President Victor Montagliani, one of Fifa’s representatives in Saturday’s meeting as a vice president of the global governing body. There was a flashpoint of controversy in the World Cup last year when England was preparing to take a free kick as its round-of-16 game against Colombia became more heated. Colombia midfielder Wilmar Barrio was booked for appearing to headbutt England counterpart Jordan Henderson amid the pushing in a defensive wall. In the future, if the law change is approved, Henderson would have to be a yard away from Barrio. Also on the agenda in the main annual Ifab meeting is a change to reduce uncertainty on handballs by specifying when an incident is not deliberate. Delegates will also look to allow players being

Aiba opens bidding process for Olympic qualification events despite IOC inquiry

HE International Boxing Association (Aiba) has ignored an ongoing inquiry by the International Olympic Committee (IOC) after the embattled governing body opened the bidding process for Tokyo 2020 qualification events today. In a letter sent to member federations, seen by insidethegames, Aiba Executive Director Tom Virgets invited countries to bid for four continental competitions and the world final qualification event. The launch of the process comes despite the IOC halting all planning for the Olympic boxing tournament at

Tokyo 2020, including qualification, after the organization initiated an inquiry into Aiba last year, and follows athletes expressing concern amid continued uncertainty. Aiba has openly defied the IOC as freezing the “approval and implementation of a qualification system” was among the additional measures the IOC placed on the governing body amid ongoing concerns with its governance, financial management and the integrity of its competitions. The IOC probe could lead to Aiba being stripped of the right to organize the boxing competition at Tokyo 2020. With this threat hovering over the governing body, a

substituted to leave the field anywhere rather than at the halfway line. Former Fifa Senior Vice President David Chung, meanwhile, was banned from soccer for six-and-a-half years on Friday for financial wrongdoing linked to a $20-million building project. Chung was deputy to President Gianni Infantino as the longest-serving of Fifa’s eight vice presidents when he resigned in April during an investigation into construction of new headquarters for the New Zealand-based Oceania Football Confederation. Fifa said its ethics committee found Chung guilty of “having offered and accepted gifts” and “conflict of interest.” Chung was fined 100,000 Swiss francs ($100,000), which he must pay before he can return to work in soccer. The Papua New Guinea official resigned as Oceania president after a Fifa-appointed audit found irregularities linked to awarding of contracts for its headquarters in Auckland. AP breakaway group, led by Kazakhstan’s Serik Konakbayev— who lost the Presidential election to Gafur Rakhimov— offered to oversee and manage the qualification system for the Tokyo 2020 tournament in a letter sent to the IOC. The move was met with anger from the Aiba Executive Committee, which subsequently launched an investigation into what they claim is a “rogue group of Kazakhstani individuals” within the organization. Aiba then said it had “decided to take steps forward in planning the placement of the Olympic qualifications” even though it has not been given the authority to do so by the IOC. The organization said at the time that this process “will be conditional on the progress being made with the IOC, but will be able to give a pathway forward for athletes in their plans towards the 2020 Olympic Games.” In the letter, Virgets is seemingly careful not to call the events Olympic qualifiers as Aiba is barred from using any Olympic properties. Insidethegames

BECKHAM STATUE

Former Major League Soccer team LA Galaxy star David Beckham poses with a statue of himself at Legends Plaza in front of Dignity Health Sports Park in Carson, California, on Saturday. AP

Spo

Business

C2 Monday, March 4, 2019

NBA commissioner Silver: All-Star Game didn’t work B OSTON—National Basketball Association (NBA) Commissioner Adam Silver said he would consider shortening the regular season, but only if the league could develop something meaningful to do to replace the games—and revenue—they would be giving up. Speaking at the MIT Sloan Sports Analytics Conference recently, Silver raised the idea of replacing the All-Star Game with a midseason or preseason tournament in which teams would compete for a separate championship, like they do in European soccer. Or groups of teams could compete in mini-tournaments in Asia or Europe. The problem, Silver said, is how to make these other events meaningful. “The All-Star Game didn’t work,” he said, calling it “an afterthought” of the weekend despite changes like tinkering with the rosters through a player draft that was made public for the first time. “I get it. We put an earring on a pig.” The league is unlikely to make any changes—at least not any time soon—if only because a 70-game schedule like the one Silver discussed would require each team to give up six home games. Although players and coaches would love to see a shorter season, none is excited about taking a 20-percent pay cut. But the analytics conference in Boston’s Bay Bay convention center gives Silver the opportunity to think aloud about ways to make the NBA better. In past years he has addressed possible changes to the draft to discourage teams from tanking, but this year’s hot topic was New Orleans Pelicans star Anthony Davis.

Silver said Davis’s public trade request (through his agent) was a problem for the league, but not all that different than other players who made the request behind the scenes. The more frequent shuffling of stars among teams was an unintended consequence of a collective bargaining agreement that was designed to shorten contracts so players wouldn’t be earning huge salaries long after they were productive. “Maybe that was a mistake,” Silver said. Davis told the Pelicans he would not accept an extension, but the team did not trade him before the deadline and then mulled whether to sit him out to minimize the risk of injury—and maximize its draft position. He is expected to be traded over the summer. “It’s a bad dynamic,” Silver said. “It’s a bit of a mess.” AP

NBA RESULTS Detroit 129, Cleveland 93 Orlando 117, Indiana 112 Miami 117, Brooklyn 88 Golden State 120, Philadelphia 117 Memphis 111, Dallas 81 San Antonio 116, Oklahoma City 102 New Orleans 120, Denver 112 Phoenix 118, L.A. Lakers 109 Utah 115, Milwaukee 111

South dribblers top All-Star game

HE South All-Stars—behind spitfire guard Jeff Viernes—beat the North, 109-84, in the Maharlika Pilipinas Basketball League All-Star Game at the Mall of Asia Arena that wrapped up early Sunday morning. Plucked as a wild card by Davao Occidental Tigers Coach Dulay, Viernes, the high-scoring guard from Batangas City scattered 14 of his 19 markers in the third period when the South team pulled away from a tight game. Viernes was named the Most Valuable Player.

Bacoor’s Gab Banal finished with a double-double of 11 points and 10 rebounds, Batangas City’s Jhaymo Eguilos and Reed Juntilla tallied 11 points each and Davao Occidental’s Mark Yee contributed 10 points in the All-Star day highlight that was played close to midnight on Saturday. The Bataan Risers ruled two side events— Gary David, a 40-year-old former Philippine Basketball Association scoring champion, topped the Three Point Shootout, and his teammates Pamboy Raymundo and Byron Villarias dominated the 2-Ball Challenge.

PHL BETS BAG GOLDS

By Ramon Rafael Bonilla

LAGAN CITY—Filipino bets bled for gold medals but not the athletes from Thailand in the Southeast Asia Youth Athletics Championships on Sunday at the City of Ilagan Sports Complex. Ilagan City’s Hokket de los Santos topped the boys’ pole vault and Zambales’s Mariel Abuan ruled the girls’ high jump to contribute to the Philippines’s haul of three gold, six silver and seven bronze medals in the two-day championships. But the show belonged to Thailand, which booked a 12-gold, five-silver and four-bronze

Ateneo handily beats UE, shares volleyball lead

tally to virtually dominate the competition that ended with only a handful of events left to be contested late afternoon on Sunday. Nevertheless, it was an improvement for the national junior team, which came home emptyhanded from last year’s games in Thailand. De los Santos, 16, cleared listed 4.20 meters to win the gold medal over Singapore’s Elliott Wee Junn (4.10m) and Heng Jee Kuan (3.80m). At 5-foot-11, sky was the limit for the Sta. Barbara National High School student who also plays basketball and volleyball for Cagayan Valley. ““I never expected this win because I’m a newbie in this sport,” the soft-spoken de los

TENEO hardly broke a sweat in beating University of the East (UE), 25-15, 25-21, 25-16, to share the top spot in the University Athletic Association of the Philippines Season 81 women’s volleyball action on Sunday at

Santos said. The 14-year-old Abuan of the Botolan National High School leapt 1.65 meters to top finally win gold after settling for bronze in the 4x400m race on Thursday. Abuan grabbed the spotlight from Vietnam’s Thanh Vy Nguyen (1.61m) and Quyng Giang Pham (1.58m), who placed second and third, respectively. “I’m very happy. I enjoyed the experience,” said Abuan, a seasoned athlete with exposures in Batang Pinoy and Palarong Pambansa. “It was challenging, but I prayed hard because I’m representing the country.” The Filipinos copped silver medals in boys

the Smart Araneta Coliseum. Kat Tolentino unloaded 13 points on eight kills, three blocks and two aces for De La Salle, which recorded its third straight win and tie University of the Philippines (UP) and De La

ATENEO’S Ma. Deanna Izabella challenges the defense of University of the East’s Judith Abil. NONOY LACZA

ZAMBALES’S Mariel Abuan wins the girls’ high jump.

and girls 400m hurdles—Jan Rey Gallano (56.65 seconds) finished behind gold winner Marc Brian Louis of Singapore (55.55), and Charlaine de Ocampo crossed (65.22) wound up behind Thailand’s Arisa Weruwanarak (62.81). De Ocampo also teamed up with Tara Borlain, Ranelo Gili and Jeshrelvan Ombid to take silver in 4x400m mixed relay in 3:40.47 seconds. Tina Rosete heaved the girls’ hammer to 26.83m to finish second behind Indonesia’s Natasya Mahdalita (47.78. Vietnam trailed Thailand in the medals race with six gold, five silver and four bronze medals, followed by Malaysia( 4-3-1). The Philippines ran fifth behind Indonesia (3-1-2). Salle at the top with a 3-1 win-lost card. Coach Oliver Almadro heaped praises for his girls who are on a roll after a season-opening loss to the Lady Spikers. “They accepted my challenge to win convincingly today. They really worked hard for this. They sacrificed a lot,” Almadro said. “We will not stop here so we can have a good outcome in the coming matches.” Madeleine Madayag added 11 points on eight spikes and three blocks, and Jules Samonte contributed eight points that went with 12 excellent receptions and six digs. “We really prepared for this game. We’re able to keep the energy going,” Tolentino said. “There’s more to improve on—still a learning process for us.” There wasn’t much resistance in the first set from the Lady Warriors until the second set when they pulled to within two, 20-22. But Ateneo was quick to react and foiled their foes from Recto. Judith Abil had 14 points and 18 excellent receptions for UE, which fell to 1-3. In men’s play, the Blue Eagles also scored an easy 25-22, 25-19, 25-11 win over the Red Warriors. Anthony Koyfman had 13 points on 10 attacks and three blocks for Ateneo (2-2). UE absorbed its third loss in four games. UE made up for its setbacks in volleyball and took the top of the table after a draw with Adamson University 1-1, in men’s football at the Far Eastern University (FEU)-Diliman field also on Sunday. The Red Warriors now have seven points. Defending champion UP, meanwhile, defeated Ateneo, 2-1. With six points, UP is level with idle University of Santo Tomas (UST) and De La Salle in second place. Frederico Alegre and Mikio Umilin scored in the first half as De La Salle downed National University, 2-1. Women’s action in the Circulo Verde pitch on Saturday saw last year’s runner-up UST beating UP, 2-1, behind Shelah Cadag’s goals in the 64th and 81st minutes. Ramon Rafael Bonilla

ASIAN GAMES GET TOUGHER A

THLETES from countries in Oceania are set to be invited to compete at the 2022 Asian Games in Hangzhou. The number of athletes allowed to compete and in what sports will be decided at a later date. It is expected that sports, such as boxing and rowing, where there are joint Asian and Oceania Olympic qualifying events will feature heavily. The decision was announced at the 38th Olympic Council of Asia (OCA) General Assembly recently in Bangkok. It follows the successful participation of the Oceania countries at the 2017 Asian Indoor and Martial Arts Games (Aimag) in Ashgabat in Turkmenistan. Any athletes from Oceania who compete will be in addition to the quota of 10,000 already agreed by OCA and Hangzhou 2022. Robin Mitchell, president of the Oceania National Olympic Committees, was in the General Assembly to hear the news. Also present were representatives from several

Oceania countries. “We are very pleased with the announcement this morning,” Mitchell told delegates. “Oceania and Asia are very close economically and politically—now we are coming closer together in sport.” There are expected to be at least 27 Olympic sports on the program at Hangzhou 2022. It is unclear, though, at the moment how many will offer Olympic qualifying opportunities. The idea of athletes from Australia and New Zealand and the Pacific countries taking part in the Asian Games has becoming increasingly discussed in recent years. The OCA and Oceania National Olympic Committees have been working together to foster more competition and cooperation between the two regions with the initiative now bearing fruit. Oceania was first invited by the OCA to compete at the 2017 Asian Winter Games, held

in Japanese city Sapporo in February, but was ineligible to win medals. They were allowed to compete for medals at the Aimag, however, and four countries succeeded in making it on the podium. Fiji was the strongest-performing Oceanian nation at Ashgabat 2017 with one gold and one silver. Marshall Islands was the next highestranked country with one silver, while Australia claimed two bronzes and Samoa secured one bronze. Oceania athletes will be eligible for medals at Hangzhou 2022. There is already a precedent for a country from Oceania competing in Asian competition. Australia left the Oceania Football Confederation in 2007 to join the Asian Football Confederation (AFC). The Socceroos now compete in the Asian Cup, hosting and winning the tournament in 2015, and qualify for the Fifa World Cup through the AFC. Insidethegames

orts

sMirror

Monday, March 4, 2019 C3

Broadcaster rules San Miguel Corp. media golf tourney at Wack Wack

RLY Trinidad of radio station DZBB won the overall title at the San Miguel Corporation Media Invitational Golf Tournament held recently at the Wack Wack Golf and Country Club West Course. Trinidad carded a gross score of 74, while the Class A, Class B and Class C championship trophies went to Manila Standard Today’s Roger Garcia (70 net), DZRH’s Ricky Alegre (72 net) and Marlon Purificacion (80 net) of People’s Journal. RMN’s Ely Saludar (71 net) placed second and the BusinessMirror’s T. Anthony C. Cabangon (72 net) ended at third in Class A. The Class B runners-up were DZAR’s Mike Abe and Manila Bulletin’s Ding Marcelo. Abe and Marcelo tied for 72, but the former scored better at 47-50 in the last nine holes. Meanwhile, Class C second and third placers were Balita’s Edwin

Rollon (80 net) and Manila Bulletin’s Badong Hilario (81 net), respectively. Fun hole awards went to ABS-CBN’s Jun Sepe (nearest to the pin), Philippine Daily Inquirer’s Conrad Banal (accurate drive) and Jong Arcano (longest drive). On hand to award the prizes were SMC Media Affairs Group Head Mary Jane Llanes and SMC Media Affairs Group Manager Jayson Brizuela. The tournament, which gathered over 50 reporters from print, broadcast and online, was supported by SMC Asia Car Distributors Corp. through BMW Philippines, SMC Infrastructure, San Miguel Brewery Inc., San Miguel Yamamura Packaging Corp., San Miguel Global Power Holdings Corp., Ginebra San Miguel Inc., Makati Diamond Residences, Northern Cement Corp., San Miguel Pure Foods Co. Inc. and Petron Corp.

HE Country Club (TCC) gears up for three days of top-notch shotmaking from a world-class TCC Ladies Invitational field, but it could also turn into a torture chamber for the competing cast for its length and wind factor that put stern options on precision and mental toughness. “The wind had been unpredictable the past few days, and we’re expecting it to whip up during the TCC Ladies week,” said TCC General Manager Colo Ventosa, who also heads the organizing Pilipinas Golf Tournaments Inc. The event, featuring world No. 2 Sung Hyun Park of Korea, the leading campaigners on the Ladies Professional Golfers Association of Taiwan (TLPGA) and the cream of the local pro crop, unwraps on Wednesday, and there is no better course to hold the richest, biggest event on the seven-year Ladies Philippine Golf Tour (LPGT) than the Tom Weiskopf layout, which boasts of one of the toughest finishing holes in the region—the 365-yard dogleg No. 18 with a big pond on the right and menacing bunkers guarding the green. It could actually play longer than its 6461 yardage in the presence of the wind, and with the increase in yardage comes a significant change in individual hole strategies to take better advantage of the wind as well as the old

SURVIVAL of the

FITTEST and new bunkers, lakes and streams. It could also boil down to bucking the subtle terrors lurking on its sleek putting surface that all but guarantees a wild finish from among the would-be contenders. A select pro cast from the huge 126-player field, including 10 local amateurs, will test the layout one last time in Tuesday’s pro-am tournament where they would be paired with guests and officials of the event’s chief backers, including the International Container Terminal Services Inc., Custom Clubmakers, Meralco, K&G Golf Apparel, BDO, Sharp, KZG, PLDT, Empire Golf and Sports, and M.Y. Shokai Technology.

Bannering the local’s campaign in the 54hole championship are Dottie Ardina, Princess Superal, Pauline del Rosario, Cyna Rodriguez and Chihiro Ikeda, while Babe Liu, Hsin Lee, Tzu-Chi Lin, Ching Huang and Chia Pei Lee headline the TLPGA cast along with former LPGT winners from Thailand, led by multititled Yupaporn Kawinpakorn, Ploychompoo Wilairungrueng, Saruttaya Ngam-usawan, Renuka Suksukont and Wannasiri Sirisampant. For details and reservations for tickets to the TCC Ladies, contact Jocelyn Duque at 09157974751 or e-mail lpgtinvitational@gmail.com.

SOUTHWOODS WINS FOUNDERS DIVISION M

ANILA Southwoods captured the Founders division of the just-ended 33rd Philippine Airlines Senior Interclub golf team championships on Saturday. The Carmona-based squad collected 143 points at the Alta Vista Golf Club for 530 overall, 12 points ahead of Valley Golf Club. Theody Pascual led Southwoods with 52 points and got solid support from Ryan Abdon (48) and Bong Sison (43). Valley matched Southwoods’ final round score behind Eddy Manzanares (52), Abraham dela Cruz (46) and Jimmy Dy (45) to edge third placer Riviera Golf by just two points. Riviera managed only 130 points through Chanyeong Gim (46), Efren Alvez (42) and Manuel Salgado (42) to settle for third place, a point ahead of Negros Occidental. It was Manila Southwoods’ first win in the second-tier division. “We are happy to win, but we’re still a long way to go to compete with the big boys,” said Thirdy Escano who made his seniors debut with Southwoods. Other members of the Southwoods championship squad are Alexander Ignacio, Judd Roy, Danny Samaniego and John Bayani Fontanilla III. In the Aviator division, Fil-Am Hawaii assembled 481 points to beat Zamboanga Golf (473) and Team Coral Ocean Point (472). The winning team is composed of Jhonito Bajuyo, Reynaldo Cabato, Billy Galindo, Wilfred Pacpaco, Pat Viernes, Gem Matas, Richard Ped and Romeo Pacpaco.

SuBIT offers slots on national team

HE NTT Asian Triathlon Confederation (ASTC) Subic Bay International Triathlon (SuBIT) gets going on April 27 and 28 at the Subic Bay Freeport Zone. The competitions are designated as qualifying events for the 30th Southeast Asian Games set from December 1 to 5, also in Subic. Organized by the Triathlon Association of the Philippines (TRAP) in cooperation with the Subic Bay Metropolitan Authority Tourism Department, the annual event will feature races in the Standard Distance (1.5-km swim, 40-km bike and 10-km run), Sprint Distance (750-meter swim, 20-km bike and 5-km run) and Super Sprint Distance (500-meter swim, 16-km bike and 2.5-km run). As stake in the event sanctioned by the ASTC and supported by Philippine Sports Commission, NTT, Philippine Olympic Committee, Standard Insurance, Asian Centre for Insulation Philippines and Gatorade are qualifying points for the 30TH SEA Games and medals and gift items for the top three finishers in each category. SEA Games medalists Nikko Huelgas (gold), John Chicano (silver), Kim Mangrobang (gold) and Claire Adorna (gold) are seeded in the Games. Expected to pose tough challenge are 21-year-old Filipino-Spanish Fer Casares, Edward Macalalad, JC Abad, Mark Hosana, 18th Asian Games veteran Kim Kilgroe and junior champion Karen Manayon of Cebu. Already, 500 participants have registered, including triathletes from Sri Lanka who are competing in the event for the first time.

EDMUND YEE blasts from the bunker and helps Luisita dethrone Canlubang as Seniors champion of the Philippine Airlines Interclub on Saturday at the Alta Vista Golf Club in Cebu City. Luisita finishes the four-day event with 569—three points clear of Canlubang—to snatch its 17th Seniors title. STEPHANIE TUMAMPOS

The other division winners were Baguio Country Club (441) in the Sportswriter and EZ Par Golf Club (395) in the Friendship. Making up BCC are Mar Bustos, Sammy Diciano, Mars Garcia, Edgar Dirige, Benito Ang, Herr Bautista, Ismael Basabica and Ramon Aldana.

EZ Par, on the other hand, is composed of Ping Abela, Jimmy de Guzman, Cesar Lopez, Edgar Sagisi, Victor Zalamea, Luminarias Roberto, Oscar Asuncion and Cesar Cajigas. This year’s Interclub is sponsored by Radio Mindanao Network, Asian Air Safari and Vanguard Radio Network. Also

extending support are ABS-CBN Global Ltd. (The Filipino Channel), Rolls Royce, Primax Broadcasting Network, UM Broadcasting Network (Mindanao), Fox Sports, Cignal TV, GECAS, Boeing, Lufthansa Technik AG, Marco Polo Plaza Cebu, Dusit Thani Manila and Casino Filipino. Official hotel is Quest Hotel

Conference Center Cebu. Luisita won the championship division over rival Canlubang with Del Monte finishing third. The individual title was won by former pro Dan Cruz of Eagleridge who posted 104 points, edging Dong Jin Tak of Orchard and Eric Deen of Cebu Country Club by three.

RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

Scaling that summit TALK about making a lot of noise as the next big team. The Bataan Risers...continue to make noise and rise. The Bataan Risers’ imprint was all over the first ever Maharlika Pilipinas Basketball League (MPBL) All-Star Game on Saturday. Gary David, the lone representative of the team to the AllStar Game, took home individual honors when he won the first ever Shootout Contest. Then the duo of Pamboy Raymundo and Byron Villarias won the 2-Ball Challenge. Just a few days earlier, 1Bataan won the third leg of the Chooks to Go 3x3 Pilipinas tournament—its second leg championship in three tries. It is easy to say that the 3x3 team is an AllStar team as it is made up of Anton Asistio, Chito Jaime, Sean Manganti, Alvin Pasaol and Leonard Santillan, but aren’t the other teams as well? All-Star lineups do not guarantee wins. In my opinion, one huge advantage that 1Bataan has is Pasaol. We have not seen basketball’s version of a force of nature since Calvin Abueva was playing for San Sebastian in the National Collegiate Athletic Association and NLEX in the D-League. Both have similar games as they play undersized at positions manned by taller players. They are highly physical and can play inside and from the perimeter. However, it is their intense desire and will to win that also sets them apart from others. What makes Bataan as a whole is impressive. Their lineup is made up of a few ex-Philippine Basketball Associastion players and a lot of young and talented hopefuls. None of them lead the league in scoring and statistical points, so the two individual contest awards in the MPBL All-Star Day is probably the best recognition Raymundo, Villarias and David have gotten so far. If I may digress for a moment, I love the MPBL. There are vestiges of the late great Metropolitan Basketball Association—the regional ball, the old teams that represented cities and towns. I love that they play in smaller venues that still bring in a lot of paying customers who cheer rabidly because they represent a place where they come from. And that brings me back to the All-Star Game where all the MPBL teams from all over the country are represented. Even if David’s North Team lost the All-Star Game in lopsided fashion, at 40 years of age, his making the All-Star lineup and winning a shootout contest show the man still has something in the tank. And right now, that is that title that has eluded him in his 14-year professional career. It has been a magnificent season for David and the Risers. They’ve made league history for total number of wins and win streaks and matched a record for the most lopsided score. With one match left in the elimination round (against the Pasig Pirates), the Bataan Risers can extend their winning streak to nine. They currently tote a 22-2 record and are already assured of the league’s best record after the elimination round; one that will merit them home-court advantage throughout the play-offs. Now every game is for keeps. The win streak doesn’t matter. The league’s best record doesn’t matter. It’s about winning game after game. To paraphrase American baller Ron Harper when he was playing for the Chicago Bulls, “a record number of wins doesn’t mean a thing without a ring.” Now, the pressure will multiply. Of course, winning the title isn’t a foregone conclusion as the three other top teams in the league reside in their division—Makati, San Juan and Manila. Two of the Risers’ losses came at the hands of Manila and San Juan—away and at home respectively. You can bet that the Risers are itching to get back at them, and scale the summit that they have worked so hard for.

GEARING UP FOR SEAG Members

of the national team of the Philippine Sailing Associated headed by Judes Echauz of Standard Insurance start in earnest their preparations for the 30th Southeast Asian Games off Subic Bay. The national sailors are mastering the Far East 28R boats as they aim to dominate the competition set from November 30 to December 11. NONIE REYES

Sports

ROGER FEDERER wins in Dubai in record fashion as China’s Wang Yafan won her first Women’s Tennis Association Tour title in Acapulco. AP

BusinessMirror

| Monday, March 4, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

The 20-time Grand Slam champion Roger Federer became the second male player to win 100 tour-level tournaments in the professional era when he beat Stefanos Tsitsipas, 6-4, 6-4, in the final of the Dubai Championships on Saturday.

FEDERER JOINS CENTURY CLUB D UBAI, United Arab Emirates—Add a century of career titles to Roger Federer’s staggering list of tennis achievements. The 20-time Grand Slam champion became the second male player to win 100 tour-level tournaments in the professional era when he beat Stefanos Tsitsipas, 6-4, 6-4, in the final of the Dubai Championships on Saturday. Jimmy Connors is the other player to reach the milestone, and the American ended his career on 109 titles. “Welcome to the ‘Triple Digit’ tournament victory club,” Connors said in a Twitter post to Federer, “I’ve been a bit lonely—glad to have the company!!!” By beating a player nearly half his age, the 37-yearold Federer continued his record of winning at least one title every season since his first in 2001 in Milan. Eight of his victories have come in Dubai. “It’s been a long, wonderful journey. I have loved every minute,” Federer said. “It’s been tough, but the sacrifice has been very, very worthwhile, and we’ll see how much more I’ve got left in the tank. “Reaching 100 is an absolute dream come true for me.” As well as his record haul of Grand Slam titles, which includes a record eight wins at Wimbledon, Federer

has won a record six Association of Tennis Professionals Finals and topped the rankings for a record 310 weeks— including 237 straight. In a battle of the generations, Federer avenged his loss to the 20-year-old Tsitsipas, a rising star from Greece, in the last 16 of the Australian Open in January. Federer broke serve in the first game and took the set on his fourth set point. The second set was more even, but Tsitsipas made the first big mistake in dumping an easy shot into the net to lose serve for a 5-4 deficit. His opponent then held serve to love to join Connors in the century club. “I’m so happy I’m still playing,” Federer said. “It all started as a junior world champion. It’s been great. I wouldn’t do it any differently.” Nick Kyrgios won the Mexico Open in Acapulco on Saturday night for his fifth Association of Tennis Professionals (ATP) Tour title, beating second-seeded Alexander Zverev, 6-3, 6-4, in the hardcourt event at The Princess Mundo Imperial. The 23-year-old Kyrgios, ranked 72nd in the world, beat second-ranked Rafael Nadal in the second round, then knocked off Stan Wawrinka and John Isner to reach the final.

Winx breaks Group One world record

YDNEY—Seven-year-old mare Winx set a world record on Saturday for Group One wins following a come-from-behind victory in the Chipping Norton Stakes at Royal Randwick. It was Winx’s 23rd Group One victory and 31st consecutive win since May 2015, although she was forced to work hard to overhaul chief rival Happy Clapper, who had set the early pace and at one stage led by six lengths. Winx won for the fourth straight time in the Chipping Norton Stakes. The Hugh Bowman-ridden Winx won by more than a length from Happy Clapper. The previous record for Group One wins was held by retired Irish horse Hurricane Fly. “The pace was very solid throughout, as you could all see, and we had to make our own way into the race,” Bowman said. “But she is an amazing horse.” Code of Honor, meanwhile, went to the lead midway through the stretch and won the Grade 2 Fountain of Youth Stakes on Saturday, more than likely clinching a spot in the Kentucky Derby with the performance in Hallandale Beach, Florida. Code of Honor finished the 1 and 1/16 miles at Gulfstream Park in one minute and 43.85 seconds for trainer Shug McGaughey and jockey John Velazquez. It was the first time that McGaughey and Velazquez won the Fountain of Youth since 2013—when Orb prevailed, on his way to winning the Kentucky Derby two months later. Bourbon War was second and Vekoma finished third. The win was worth 50 points in the Kentucky Derby qualifying standings for Code of Honor, and that will likely be enough to secure one of the 20 spots in the field at Churchill Downs on May 4. “It was impressive for him to run a race like this,”Velazquez said. Code of Honor returned $21, $8.60 and $5.40. Bourbon War paid $5 and $3.20, and Vekoma returned $3.60. Code of Honor could race next in the Florida Derby on March 30, also at Gulfstream. AP THE Hugh Bowman-ridden Winx wins by more than a length. AP

Kyrgios won for the first time since the Brisbane event early last year, with all five of the Australian’s titles coming on hardcourts. Zverev, the German star ranked No. 3, has 10 ATP Tour victories, winning five times in 2017 and four last year. Earlier, China’s Wang Yafan won her first Women’s Tennis Association Tour title, beating fifth-seeded Sofia Kenin, 2-6, 6-3, 7-5. The 24-yearold Wang, ranked 65th, overcame a 2-0 deficit to win the second set. In women’s

doubles, Victoria Azarenka won a title for the first time since giving birth to son Leo in December 2016, teaming with Zheng Saisai to beat third-seeded Guiiana Olmos and Desirae Krawczyk, 6-1, 6-2. No. 1-ranked Naomi Osaka has a new coach: Jermaine Jenkins. Osaka’s agent confirmed in an e-mail to The Associated Press on Thursday that Jenkins has started working with the two-time major champion. Osaka had tweeted about “taking this moment to thank Jermaine for joining us and coming on board lol.” The move comes two-and-a-half weeks after Osaka surprisingly split from Coach Sascha Bajin, who previously worked with Serena Williams. Bajin began coaching Osaka before the 2018 season, helping her win the US Open last September and the Australian Open last month, when she also rose to No. 1 for the first time. Jenkins was an All-American player in college and then a hitting coach for Venus Williams. The US Tennis Association announced last month that Jenkins was being hired as a national coach for women’s tennis. Jenkins’s younger brother, Jarmere, is a hitting partner for Serena Williams. AP

SEBASTIAN VETTEL shows a lot of promise for the new season.

Ferrari ends F1 preseason with fastest car— and doubts

ONTMELO, Spain—Ferrari can start the Formula One season with the belief it has a car fast enough to give Mercedes a title challenge. If, that is, the Italian team can keep it on the track. Sebastian Vettel concluded the F1 preseason on Friday with the fastest time through the eight days of testing. Vettel’s lap of one minute and 16.221 seconds around the Barcelona-Catalunya Circuit beat teammate Charles Leclerc’s pace-setting time from the previous day. But Ferrari was left with doubts after an electrical issue brought Vettel’s car to a stop on the side of the track, forcing it to be hauled back to the garage. That ended their last chance to test the new car with two and half hours of running left. The setback came two days after Vettel veered off course and crashed into the protective barriers for causes still being investigated by the team. On Thursday, Leclerc was also left stranded when his car stopped and started smoking. “I’m not pleased for where we are at the moment. I think I would like to be faster. We’d like to be more reliable,” Ferrari team principal Mattia Binotto said. “So I think there is still much to do and the season has not started yet.” Also worrying for Ferrari, defending champion Lewis Hamilton finally showed some speed in his Mercedes by clocking the second-best time at just 0.003 seconds behind Vettel. Hamilton’s teammate Valtteri Bottas was next, followed by Renault’s Nico Hulkenberg and Daniil Kvyat in his Toro Rosso. Ferrari finished runner-up as Mercedes won its fifth consecutive championship last season, 84 points adrift in the constructors’ race. Hamilton said before setting his time late on Friday that Ferrari was looking like the stronger team heading into the season-opening Australian Grand Prix in two weeks. “This is going to be the toughest battle,” Hamilton said. “Ferrari’s pace is very, very good at the moment. So the challenge is going to be harder than ever.” Binotto was having none of that talk, though. “I’m happy to know that Hamilton believes that we are faster,” Binotto said. “But I believe that Mercedes will be very, very strong in Australia. I think it will be completely wrong to think that we are faster. The fact that our car is running properly is a good starting point, but we are still not ready for Melbourne, and I’d say it’s a case of a work in progress.” Red Bull, which hopes to also give Mercedes a fight, appears to have even bigger concerns. Max Verstappen was limited to a session-low 29 laps because of trouble with his gearbox. That came a day after Pierre Gasly lost control and went off the track for a second time during the preseason. Kimi Raikkonen’s Alfa Romeo and Kevin Magnussen’s Haas also brought out red flags when they stopped on the track. Williams, which finished in last place in 2018, concluded testing with Robert Kubica at the bottom of the time sheet more than a second slower than the nearest car. AP

Compassionate God

EAR God, You are all-merciful and all-loving. In hope and faith we pray: Incline Your ear to us, oh God. Give patience, wisdom and mercy to those entrusted with the care of children and youth. Assist those who are in transition in status, livelihood, character and location. Give lasting peace to the dying and to all the faithful departed. Let us enjoy the comfort of loved ones and friends near and far. May God strengthen us for every good work and word through Jesus, by the power of the Holy Spirit. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

QUEENS Captivating: Ara Arida, MJ Lastimosa, Rachel Peters, Pia Wurtzbach, Maxine Medina, Shamcey Supsup and Venus Raj PIAWURTZBACH

Life

AND THEN SOME: MAINE MENDOZA FINDS HER PERFECT MATCH WITH MAC STUDIO FIX D4

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Latest and First: Miss Universe 2018 Catriona Gray and Miss Universe 1969 Gloria Diaz BBPILIPINASOFFICIAL INSTAGRAM

Universal Filipinas TOTA PULCHRA MISS CHARLIZE

@misscharlize

COMMEMORATIVE stamp issued by the Philippine Post Office, that’s the next thing to honor Catriona Gray as the fourth Filipina to win Miss Universe. During her homecoming, she had two heartwarming motorcades, had a courtesy call at the Senate, and visited her fellow Bicolana, Vice President Leni G. Robredo. Tourism Secretary Bernadette Romulo Puyat declared Catriona, a whirlwind visit at the Department of Tourism office, as the “perfect tourism ambassador” for “showing the universe through your words and actions that indeed it is more fun in the Philippines! And, for that matter, we can make it more fun forever.” “Catriona’s strong support for the DOT’s efforts along the lines of environmental and sociocultural preservation will most certainly help us promote

the culture of sustainable development,” Romulo Puyat said. During the Miss Universe pageant events, Catriona was virtually a tourism billboard as her outfits essentially promoted the best of the Philippines, traveling the country to tap local artisans to make them, culminating in her “LuzViMinda” national costume by Jearson Demavivas, “Ibong Adarna” preliminary eveningwear and “Mayon Volcano” coronation gown by Mak Tumang. “Promoting the Philippines is something I’ve been really passionate about because I feel if people only knew what we have to offer, the level of interest would just spike and I feel we have so much potential to share to the rest of the world. I hope that in my own way of being Miss Universe 2018, I could work in promoting the Philippines not only through fashion but in every facet I can,” she said. GOLDEN GIRL GLORIA AT one intimate dinner hosted by Binibining Pilipinas Chairman Stella Marquez Araneta, Catriona was welcomed home by Miss Universe 1969 Gloria Diaz, the first Filipina to win the crown. Incidentally, Gloria will be celebrating her 50th year since her crowning on July 19, 1969 at the Miami Beach Auditorium in Miami Beach, Florida. Then 18 years old, she became the third Asian Miss Universe after 1959’s Akiko Kojima from Japan and 1965’s

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PATTERN play. For her: a white sheer dress with black polka dots. For him: a plaid suit and trouser.

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SHE takes a bow with this V-neck sheer kneelength white dress, while he rocks with this monochromatic turn.

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PRINTS charming. For him: leopard print shirt paired with a monochrome oversized suit and trouser. For her: an Aztec printed dress with a keyhole shoulder.

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YOU’LL find the dress of your dreams from the #SMYouthProm collection at SM Stores nationwide.

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FOR THE MODERN PROM DATE PROM season is coming up for your high school-age child or youngest sibling. Over the years, prom and prom fashion have been influenced by the times. And today, it’s much more about individualism, personal taste and expression, as reflected in the SM Youth prom collection. And while traditional prom silhouettes with high-fashion details will always be mainstays, you’ll get the likes with these creative modern expressions. For girls, white totally sweeps the prom dresses of the season in elegant short dresses that flow with feminine touches like sheer fabrics, ruffles and bows. Or if you prefer a bolder, more unconventional look, there are Aztec printed dresses and jumpsuits. For guys, on the other hand, there’s a lot of pattern play with plaids and leopard print accents. They can also rock with monochromes and oversized silhouette. Don’t forget the corsage or boutonnière.

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Apasra Hongsakula from Thailand. Ceylon was still Sri Lanka. Congo competed. England, Scotland and Wales sent separate representatives. Gloria won against some amazing women. Her first runner-up, Harriet Marita Eriksson of Finland, eventually became third runner-up at Miss Europe 1969 and winner of Miss Scandinavia 1970. Top 15 Vera Lúcia Fischer, Miss Brazil, became a sex symbol and noted actress, just like Gloria. Jacquie Perrin, Miss Canada, became an accomplished journalist and pilot. Rosana Vinueza Estrada de Tama of Ecuador was a vice presidential candidate in 1996. Top 15 Maria Julia Mantilla Mayer is the aunt of María Julia Mantilla, Miss World 2004. Top 15 Wendy Dascomb of the US became controversial for her disillusionment over

the pageant, saying that beauty contests were “all wrapped up in selling—sell me, sell a swimsuit.” She had a change of heart and graced the 60th anniversary of Miss USA in 2011. The 1969 Miss Universe pageant also produced another global queen: semifinalist Eva Rueber-Staier of Austria won Miss World 1969. She also became a Bond Girl, playing a recurring role in The Spy Who Loved Me, For Your Eyes Only and Octopussy as General Gogol’s assistant Rublevitch. NINE MUSES AT “Raise Your Flag,” the special tribute to Catriona at the Smart Araneta Coliseum on February 24,

CONTINUED ON D2

Monday, March 4, 2019

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Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Chaz Bono, 50; Patricia Heaton, 61; Mykelti Williamson, 62; Catherine O’Hara, 65. HAPPY BIRTHDAY: Focus on what you can do and how best to help others. Patience, understanding and good advice will turn you into the go-to person for friends and family. Moderation coupled with a responsible attitude will ensure you bypass temptation. Aim for greater stability, and be willing to walk away from situations that offer little but demand a lot. Your lucky numbers are 4, 12, 20, 29, 31, 37, 45.

0917 Lifestyle’s ‘We Bare Bears’ a collection is three times the fun b

ARIES (March 21-April 19): Be receptive, but don’t feel you have to follow or give in to someone who isn’t authentic or reliable. Pick and choose the people you associate with based on morals and integrity, and make changes that are good for you. ★★★★

many wonderful experiences offered by Globe. Launched in August 2016, 0917 Lifestyle has since been offering thematic seasonal collections, such as Camp 917, Holiday and Block Parade. It has also released curated and much-coveted special editions like its 0917 x New Balance 574 Collab. The 0917 x We Bare Bears limited-edition collection is now available on the Globe Online Shop and in these select Globe Stores: Iconic Store BGC, SM City North Edsa, SM City Fairview, SM City Masinag, SM City Taytay, SM Mall of Asia, Market! Market!, SM Aura Premier, SM City Manila, SM City Novaliches, Ayala Malls TriNoma, Fairview Terraces Ayala, Uptown Bonifacio, SM City Marikina, Eastwood Mall, SM Southmall, SM Megamall, Gateway Mall and Greenbelt. ■

RING some fun and sweetness to your closet as 0917 Lifestyle and Cartoon Network join forces for a bear-y special collection—0917 x We Bare Bears. Join the adorable trio of bears—Grizzly, Panda and Ice Bear—that have taken over the Internet as they star front and center in the latest collection from 0917 Lifestyle. The colorful and eye-catching collection consists of limited-edition shirts, sweaters and jackets, all featuring the Internet-famous bears, which you can easily mix and match to pull off the perfect #OOTD. It also features a one-of-a-kind denim jacket with a print of a tiger, inspired by the bedazzled, mystical Jean Jacket the bears found that could shift the wearer’s luck. The 0917 Lifestyle collections are just one of the

Universal Filipinas CONTINUED FROM D1 CURRENT Filipina Reigning: Catriona Gray BRUCE CASANOVA

past Miss Universe Philippines winners were in attendance except for 2012’s Janine Tugonon, first runner-up of that year’s Miss Universe. As much as it was a fete for Catriona’s triumph, the night was also about honoring our representatives’ nine-year unprecedented placements at the Top 10 since 2010. The beautiful Filipinas all wore red, the color of Catriona’s “Mayon” gown by designer Mak Tumang. “Catriona can be considered as the modernday Daragang Magayon. She embodies the Filipina’s beauty, intelligence and burning passion. This lady is definitely on fire! Watch her erupt right before your very eyes and let the lava of grace, goodness and hope flow,” Tumang explained. Miss Universe 2010 4th runner-up Venus Raj wore a bouquet-inspired T’nalak gown by Jearson Demavivas. Miss Universe 2011 3rd runner-up Shamcey Supsup wore a Vin Orias hunter-dressjacket barong tailored suit. Miss Universe 2013 3rd runner-up Ara Arida wore a pantsuit with cape by Erwin Flores. Miss Universe 2014 Top 10 MJ Lastimosa wore a lace gown by Rex Nicdao. Miss Universe 2015 Pia Wurtzbach wore a Maria Clara version by Anthony Ramirez. Miss Universe 2016 Top 6 Maxine Medina wore a red silk halter gown decorated with imitation coral pieces studded with Swarovski crystals by Noel Crisostomo. Miss Universe 2017 Top 10 Rachel Peters wore a gown by Louis Pangilinan: “Red is the color of passion and love. It is often associated with extreme power and strength. The way the dress was designed accentuates Rachel’s divine figure—from the neckline down to the hemline, it compliments her flawless form. The beadworks are also strategically placed to highlight the exquisite shape of the dress. Futhermore, the delicate fabric was chosen to make her luminosity shine more.”

TAURUS (April 20-May 20): Don’t try to impress someone by taking a risk. Stick to the safe route, no matter what others do. You have plenty to gain by using your intelligence and discipline to get what you want. ★★

GEMINI (May 21-June 20): Concentrate on what you can accomplish. Reach for the stars, but be reasonable, even if someone close to you isn’t. Personal improvements can be achieved if you do what’s right and you incorporate moderation into whatever changes you make. ★★★★★

CANCER (June 21-July 22): Encourage others, and you will get the same in return. Set goals and take the road less traveled if it promotes something you’ve been longing to do. Exploring, expressing and experiencing will take you on a journey that will change your life. ★★★

LEO (July 23-Aug. 22): If someone asks you to do something that appears to be dangerous or could cause health problems or upset someone you love, know enough to back away. Call the shots instead of following someone who is a poor influence. ★★★

VIRGO (Aug. 23-Sept. 22): Listen and revise what you hear to suit your needs. Put some muscle behind your plans, and make a difference to the outcome and concerns that matter to you. Learn through observation and from those with more experience. ★★★

BINIBINING PILIPINAS ALL-STARS ASPIRING Binibinis are encouraged to apply until March 15 to become part of an exclusive sisterhood of queens. Download the form at www.bbpilipinas. com. The coronation night has been pushed back to June 2019, perhaps to better train the finalists to the rigors of global competitions. The 2018 batch, after all, produced a Miss Universe (Catriona), our first Miss Intercontinental (Karen Gallman), a Miss International 1st runner-up (Ahtisa Manalo), a Miss Supranational Top 10 (Jehza Huelar) and a Miss Globe Top 10 (Michele Gumabao). Binibining Pilipinas-Grand International Eva Psychee Patalinjug, confounding pageant fans, was unplaced. As I am obsessed with everything all-stars, like the current Project Runway All Stars 7, its final and best edition with an international all-winners lineup, and RuPaul’s Drag Race All Stars 4, riveting TV until Manila Luzon was eliminated, I would love to see Binibining Pilipinas do a separate pageant and adopt such a format for the Miss Universe Philippines crown. For a Binibining Pilipinas All-Stars, only titleholders (except Miss Universe Philippines winners) will be allowed to compete. Runners-up and finalists are not welcome. Past editions have had a wealth of beauties that came close to winning the Miss Universe Philippines title. I would love to see compete, provided they haven’t aged out, are Miss International 2018 1st Runner-up Maria Ahtisa Manalo, Miss Intercontinental 2018 Karen Gallman, Miss Supranational 2017 Top 10 Chanel Olive Thomas, Miss Intercontinental 2017 1st Runner-up Katarina Rodriguez, Miss Grand International 2016 1st runner-up Nicole Cordoves, Miss Globe 2015 Ann Colis, Miss Intercontinental 2015 1st runner-up Christi Lynn McGarry, Miss Supranational 2014 Top 20 Yvethe Marie Santiago, Miss Intercontinental 2014 2nd runner-up Kris Tiffany Janson and Miss Supranational 2013 Mutya Johanna Datul.

LIBRA (Sept. 23-Oct. 22): Take time out to make personal improvements that will make you feel good and make you more marketable. Networking will help you build connections that can help you advance. Look ahead and let go of any baggage you’ve been carrying around. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Do your own thing, and be respectful of what others want to do, as well. A creative idea can turn into a worthwhile investment that will allow you to build confidence and earn a little extra cash. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Question anyone trying to use emotional tactics or false information to push you in a different direction. A change you want to make should be for the right reason, not because you are being pressured. ★★★★

CAPRICORN (Dec. 22-Jan. 19): Hard work will pay off, but don’t neglect to take care of your health and physical well-being. Injury or illness, however insignificant, should not be allowed to turn into something more serious. ★★★

AQUARIUS (Jan. 20-Feb. 18): Take better care of yourself, your relationships and your personal possessions. Emotions will run high and can cause problems if you let anger take over. Channel your energy into something that will benefit you, not hold you back. ★★★

Otherwise, our chances of winning a back-to-back will exponentially increase if Victoria’s Secret and Sports Illustrated model Kelsey Merritt or young screen queen Liza Soberano decides to compete. WinWyn Marquez and MayMay Entrata, God bless them, need to sit down. ■

PISCES (Feb. 19-March 20): It’s OK to dream, but don’t lose sight of what’s possible. Know your limitations and how best to make the most with what you’ve got. Time matters, and preparation and organization will lead to success. ★★★ BIRTHDAY BABY: You are outspoken, innovative and dogged. You are motivated and inspiring.

‘hear our voices’ BY ANDREW KRAVIS, NATAN LAST AND JASA The Universal Crossword/Edited by David Steinberg

ACROSS 1 Sacha Baron Cohen journalist 6 Bonkers 10 Like a boring party 14 Bring a smile to 15 Arab ruler 16 The ___ Duckling 17 Vietnamese sandwich-cooking flame? 19 Sleeper agent 20 Poke tuna 21 Fourth estate 22 Awards for Game of Thrones 23 Sounded, as bells 25 Japan’s region 27 Dryer detritus 29 Became ready to pick 32 Nook 35 Green piece? 36 One of a pentagon’s five 37 Caramelly candies 38 Crow call 39 Play place? 40 Pull an all-nighter 41 “You’ve got mail” company

42 43 45 46 48 52 54 56 57 58 60 61 62 63 64 65

Made lemonade out of lemons “Howdy, partners!” Consider Computer character drawings Chandler’s Duke of ___ Strike down, biblically It’ll give you a leg up ___ double take Page with many authors Villas for villains? Actor Guinness Bulgarian’s neighbor They’re shown to newbies Common race length Author Kingsley Silence breakers’ hashtag, or this puzzle’s theme DOWN 1 Kiddie lit elephant 2 Malcolm X’s Nebraska birthplace 3 Altercation 4 Cigarette residue 5 Part-time worker 6 Checkmate, say 7 Not quite right

8 9 10 11 12 13 18 22 24 26 28 30 31 32 33 34 35 38 39 41 42 44 45 47

Likely site of audience participation Three, in Italy Crash test phase? Narcissist Friend in battle Henna and others Goddess of peace Psychic’s claim, briefly Conductor’s baton during a dirge? Help Medicine tubes: Abbr. One of a cube’s 12 Monopoly card Eyebrow shape Old tales American Idol and congressional runner-up Blueberries for ___ (picture book) Large stadium Take to court Boxer Laila “Hero” martial artist “A” playing card Cocktails, e.g. “Pong” console

49 50 51 52 53 55 58 59

Bring to the screen, perhaps Bull-riding event Catch, as cows Try to hit Freeway sign unit Word for word? NYC subway initials Edgar Allan ___

Solution to Friday’s puzzle:

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AT the recent Dragon Lady conference call: (from left) Maricar de Mesa, James Blanco, Diana Zubiri, Janine Gutierrez, Tom Rodriguez, Joyce Ching and Edgar Allan Guzman.

‘Dragon Lady’ makes debut today IN case you think GMA is done with returning to the well of fantastical stories, well, you thought wrong. This March, the network tells another unusual story about love, revenge and the intriguing legend of dragon worship set in a bustling Filipino-Chinese community via the original afternoon drama Dragon Lady. Headlined by Janine Gutierrez and Tom Rodriguez, Dragon Lady marks the first team-up of two of the network’s prized talents. Premiering today, the series airs right after the longrunning noontime blockbuster Eat Bulaga. Janine plays Celestina Sanchez, a young lady who is born with dragon-like features. Her physical traits and mystical power unleash the independent and fierce lady boss in her, the Dragon Lady that she is destined to be. Tom plays the Filipino-Chinese Michael Chan. Adventurous and nonconformist, he refuses to meddle with the family business. Forced to prove his mettle to his Chinese family, he allows himself to become instrumental in the downfall of Celestina, who he falls for so passionately later on. Playing vital roles James Blanco, Diana Zubiri, Maricar de Mesa, Joyce Ching and Edgar Allan Guzman. Also starring in the series are Odette Khan, Dexter Doria, Lovely Abella, Julie Lee and DJ Durano. The pilot week of Dragon Lady also features Bea Binene as the young Almira, Derrick Monasterio as the young Charles; with Kristoffer Martin, Leo Martinez, Isabelle de Leon, Denise Barbacena, Mosang, Carlene Aguilar and Lorenz Martinez. Rafael Rosell will have a special participation as Matthew Chan, the responsible and hardworking older brother of Michael with a secret of his own. The series highlights that life can be led by luck, hard work and misfortunes. How can a man unlock a woman’s potential and liberate her spirit by unravelling a family’s deeply guarded secret? The series is under the supervision of Lilybeth G. Rasonable, senior vice president of the network’s entertainment group, with Paul Sta. Ana directing. Sta. Ana is known for his well-loved films, such as Oros, Huling Pasada, Mayohan and #Walang Forever. He was also the director of the longest-running soap for 2018, GMA’s The Stepdaughters.

MICHAEL COHEN while testifying in the US Congress.

Nielsen estimates about 16 million watched Michael Cohen NEW YORK—The Nielsen company says that 15.8 million people watched President Donald J. Trump’s former lawyer, Michael Cohen, testify against him on television before a congressional committee. Nielsen estimated the viewership on eight different networks between 9:45 am and 3 pm on Wednesday. The number contrasts with the 20.4 million who watched the daytime testimony of Supreme Court Justice Brett Kavanaugh before a Senate committee last September. Fans of Fox News Channel were responsible for the bulk of the difference. They were far more interested in watching Kavanaugh deny a woman’s accusations that he had groped her drunkenly at a high school party than a lawyer, a convicted felon himself, denounce the president as a racist, con man and cheat. An estimated 5.7 million people watched Kavanaugh on Fox last year, while 2.3 million turned on Fox for Cohen coverage, Nielsen said on Friday. CBS, with 3.06 million viewers, led the networks for Cohen coverage, followed by ABC’s 2.95 million. MSNBC (2.82 million) beat its broadcast sister, NBC (2.48 million). CNN had just under 2.1 million. AP

MAJA SALVADOR with new beau Rambo Nuñez

MAINE MENDOZA and Arjo Atayde

Of breakups and beginnings ALL ACCESS RICKY GALLARDO

rickygallardoTFI@gmail.com

HE love month is over and we march on to a new one bringing all the good vibes and positive emotions, including the lessons learned about people, feelings and relationships. Show business has never been lacking of tales of couples breaking up, lovers getting back together and new relationships being formed. Love stories are, in fact, the real spice of the entertainment business. Maja Salvador looks very happy these days. After a very short-lived and discreet liaison with former model-turned-businessman Rambo Nuñez nine years ago, Salvador has rekindled her romance with Nuñez. The couple have posted some beautiful photos on their respective social-media accounts, and their friends and family members are happy with this unfolding love story. Before Salvador, Nuñez had a much publicized relationship with Kelsey Merritt, who made headlines last year as a Victoria Secret model in the US. But distance and time zones were more than enough for the couple to go on their separate ways. Merritt has already found a new love in Olympic Gold Medalist Conor Dwyer, a member of the US national swimming team. Salvador, who is one of the celebrity jurors for the new show World of Dance Philippines, was rumored to have had short-lived romances with actors Gerald Anderson, Matteo Guidicelli and Carlo Aquino in the past. Let’s wish them well and see how far their love story will go. The case of Angelica Panganiban and Carlo Aquino is altogether different. The former lovebirds were in the course of getting back together, especially when they were heavily promoting their film Exes Baggage during the last half of 2018. But things didn’t work out and they have since kept their distance. We heard Panganiban took it really badly, affecting her so much. She had again fallen deeply for the same man, but the guy just couldn’t bring back those lovely feelings anymore. Their TV commercial for a chicken brand continues to air but it came at the most inauspicious time when the romance had already fizzled out. Tough luck for the brand. Rising star Arjo Atayde has also found true love, and he does not care if this new romance has already attracted tons of bashers from die-hard fans of his new lady love, Maine Mendoza. Known to be unrelenting and oftentimes unreasonable, these fans of Mendoza and her erstwhile showbiz tandem Alden Richards have stormed all possible avenues to “massacre” this budding romance of Mendoza with Atayde before it even starts to blossom. But true love is stronger than any threat, and both Atayde and Mendoza are enjoying each other’s company very much. In fact, they have already traveled overseas together where they can freely shower each other with the affection and attention

they want to give one another. We spotted them quietly sharing a meal at the Bugis Singapore Street Food in Banawe recently. Atayde’s last relationship was with It’s Showtime’s GirlTrends member Sammie Rimando. It lasted for only a year. For his part, the well-loved Richards continues to remain single, and no one in the business

has any clue whether there is a brewing love life in the horizon, or if he is happy being single. He comes off too clean, even too sanitized, which we really do not mind at all. He is a really nice guy, and that is what’s important. Love comes, love goes. Sometimes, love even comes back and takes a second chance. Such is life. ■

D4 Monday, March 4, 2019

Style

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MAINE MENDOZA

Maine Mendoza finds her perfect match with MAC Studio Fix FROM left: ORLY Beauty Builder for Acting Pinky Amador, host Cesca Litton, ORLY Beauty Builder for Journalism Margaux Salcedo and ORLY Beauty Builder for Medicine Geraldine Zamora

AND THEN SOME DINNA CHAN VASQUEZ @dinnachanvasquez luckydinna@gmail.com

AC Studio Fix is one of the lines that come to mind when the word “foundation” is mentioned. Foundation is the base for your makeup and MAC Studio Fix, whether the fluid or the powder form, covers your bases effectively. I have used the powder for years, alternating between NC40 and NC42, depending on the season. I always wished there was an NC38 or NC37 because somehow, NC40 and NC42 would sometimes be too yellow on my skin. Well, my wish was granted last year when MAC added new shades to the Studio Fix foundations (18 new ones for the fluid foundation) and I finally got my NC38. I could not be happier. MAC Studio Fix is really a product line that speaks for itself. The liquid foundation has full coverage and does not have flashback. It is great to wear for parties and events. The powder, on the other hand, is for everyday wear. Thus, the announcement that Maine Mendoza is the new face of MAC Studio Fix in the country is a big surprise. It has never been done in the Philippines. “We chose Maine [as an ambassador] because we wanted someone to represent Filipina beauty. It’s also why we chose her for #MACMaker last year,” said Brand General Manager Gay Lao Chen. Chen called it a “big moment.” We say it is a big deal. I am a longtime MAC user and the only other MAC Studio Fix endorser I know is Chinese singer, dancer and producer Lay Zhang of the KPop boy group EXO. Lay is the main endorser of the Studio Fix product line in China. Maine, whose lipstick for MAC (aptly named mainedcm) sold out in minutes last year, said she has been using MAC Studio Fix even when she was still a student. In fact, during the press conference to announce her being the ambassador, Maine showed members of the press a picture that her fans found of her applying Studio Fix Powder. “I use the powder for the barangay [a segment on Eat Bulaga!] with lip and cheek tint. For the studio and special events, makeup artists like Miss RB [Chanco] use MAC Studio Fix Fluid. I like it because it really matches my skin and it is long-lasting,” said Maine. She wears NC35, the best-selling shade in the country. Maine was asked what her other picks from MAC were and she said she loves Prime + Prime

Fix + and Hint of Colour Lip Oil. Meanwhile, leading global nail polish brand ORLY recently hosted a beauty dialogue featuring Filipino women who have inspired others with their significant contributions in their respective fields. The women include Dr. Geraldine Zamora, whose resolve to help her patients is known in the field of Rheumatology and Internal Medicine; journalist Margaux Salcedo, whose narrative of events and places in her weekly column have gained her recognition; and actor Pinky Amador, who is as talented on stage as she is in the small and big screens. They joined ORLY International Vice President for Sales Nadia Deering in discussing the importance of women helping other women thrive in their areas of expertise. The event emphasized the need for everyone to look at their own uniqueness, especially in this era where one is judged by social media likes and followers. The all-white afternoon tea party at the Marco Polo Hotel also served as the launch of ORLY’s newest innovation, the Gel FX Builder in a Bottle. The product is an all-in-one, brush-on builder application that offers flawless and more natural-looking nail extensions. Elsbeth Schutz, ORLY Ambassador, was also present to train professional nail technicians who will be the primary users of the new product. “The Builder allows for an easier application, has flexible strength that eliminates painful cracking, and follows a fuss-free, soakoff removal that protects your natural nails and allows them to grow,” said Schutz. Deering gave a style report on nail-care trends and top polish colors this 2019, with the nude tones getting a shimmer and glitter upgrade, and the bolder reds and blues being the staples of everyone’s summer wardrobe. Coral and pearl also give a fresh take on the season. ■

BusinessMirror

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Monday, March 4, 2019 E1

How to choose your first AI project

By Andrew Ng

HE rise of AI presents an opportunity for executives in every industry to differentiate and defend their businesses. My advice for executives in any industry is to start small. The first step is to choose one or two company-level pilot projects.

The five traits of a strong AI pilot project:

n Does the project give you a quick win? Choose initial projects that can be done quickly and have a high chance of success. n Is the project too trivial, or too unwieldy in size? Your pilot should be meaningful enough so that a success convinces other company leaders to invest in further AI projects. n Is your project specific to your industry? By choosing a company-specific project, your internal stakeholders can directly understand the value. n Are you accelerating your pilot project with credible partners? Consider working with external partners to bring in AI expertise quickly. n Is your project creating value? Most AI projects create value in one of three ways: by reducing costs, increasing revenue or launching new lines of business.

Setting up your AI project for success

SO what do these traits look like in practice? You will find that AI is good at automating tasks, rather than jobs. Try to identify the specific tasks that people are doing, and see if any can be automated. n Appoint a leader: His or her goal is to build a successful project that will influence the rest of the company’s beliefs about AI. n Conduct business value and technical diligence: Make sure that, if executed successfully, the business leaders agree that this project will create sufficient value. But also make sure it is feasible. n Build a small team: I have seen numerous pilot ideas that were executed with about five to 15 people. n Communicate: When the pilot project hits key milestones, and especially when it delivers a successful result, be sure to give the team an internal platform. Your goal should not be to compete with the leading Internet companies, but to master AI for your vertical industry sector. And remember: The first step is to select the right pilot projects. Andrew Ng is the founder and CEO of Landing AI and an adjunct professor at Stanford University.

HOW TO STOP OBSESSING OVER YOUR MISTAKES

By Alice Boyes

O you ever find yourself endlessly mentally replaying situations in which you wish you’d performed differently? Such rumination isn’t just unpleasant. It’s closely linked to poor problem-solving, anxiety and depression. The good news is that there are effective solutions for breaking out of this rut, and they’re simpler than you might think.

Identify your most common triggers

YOU can’t quell rumination without noticing that you’re doing it, but

When small teams are better than big ones By Dashun Wang & James A. Evans

IGH-IMPACT discoveries and inventions today rarely emerge from a solo scientist, but rather from complex networks of innovators working together in larger, more diverse, increasingly complex teams. This trend reflects an important conclusion that has become a simple prescription: When it comes to teaming, bigger is better. This leads us to ask whether the narrative of relying only on large teams might be incomplete. Our research suggests that team size fundamentally dictates the nature of work a team is capable of producing, and smaller team size confers certain critical benefits that large teams don’t enjoy.

Large teams develop, small teams disrupt TO examine the effects of team size, we

analyzed over 65 million papers, patents and software products that came out between 1954 and 2014. Our analyses uncovered a nearly universal pattern: Whereas large teams tend to develop and further existing ideas and designs, their smaller counterparts tended to disrupt current ways of thinking with new ideas, inventions and opportunities. Large teams excel at solving problems, but it is small teams that are more likely to come up with new problems for their more sizable counterparts to solve.

Support small teams OUR work has a few key practical implications. In general, large teams remain important on multiple levels, including large-scale work related to patents, software development and other areas. But supporting large teams alone could

stunt the growth of innovative ideas by impeding the flourishing ecology of science and technology. Without small teams, we may never discover the new problems for large teams to solve or the new products for large teams to develop. This means that both types of team are essential for the long-term vitality of innovation: While small teams can drive disruption and innovation, larger teams can pick up the ball and engage in greater development of a given area, as part of a virtuous cycle. Figuring out the right team size for the job may be the first question for tomorrow’s leaders to answer to unlock the potential of their enterprises. Dashun Wang is an associate professor at the Kellogg School of Management at Northwestern University. James A. Evans is a professor at the University of Chicago.

people can’t always spot it in themselves. A great way to get better at it is to think about what has triggered you in the past. Your list might look something like: n Collaborating with people I don’t trust n Being around people who seem smarter or more ambitious n Taking a step up in my career n Making major money decisions Notice if the dominant pattern of your rumination is to blame yourself or blame others. Most heavy ruminators lean toward one or the other.

Get psychological distance

NEXT, you need to put some psychological distance between you and the things you ruminate about. For instance, you might feel concerned

about how you’re perceived by people who have no impact on your success, get hung up about very small amounts of money or see yourself as an underachiever despite the fact that objectively, you’re doing very well.

Distinguish between ruminating and problem-solving

TO shift from rumination to improvement mode, ask yourself, “What’s the best choice right now, given the reality of the situation?” Start by taking one step, even if it’s not the most perfect or comprehensive thing you could do.

Train your brain to become nonstick

AS soon as you notice you’re ruminating, try to distract yourself for a

few minutes.

Check your thinking for errors

SOMETIMES rumination is triggered by cognitive errors. If you’re ruminating about someone else’s behavior and attributing a cause to that behavior, at least entertain the idea that your explanation is wrong and try to accept that you might never know the truth. Rumination is a widespread problem. Before you go into your next “would have, should have, could have” spiral, give one or more of these ideas a go. Alice Boyes is a former clinical psychologist and the author of The Healthy Mind Toolkit and The Anxiety Toolkit.

NETFLIX AND THE ECONOMICS OF BUNDLING By Michael D. Smith & Rahul Telang

HIS is shaping up to be a breakout year for Netflix, in every way but one: Netflix still doesn’t “release” its movies in theaters. This raises an important question. How can Netflix be so successful while rejecting the most important part of the business, the theatrical release? Studios figured out a long time ago how to strategically vary the timing, quality and usability of their movies, so that high-value consumers would voluntarily pay a high price for a movie that other consumers will see for less. The theatrical release was the key to making this pricediscrimination strategy work. Why does Netflix release its movies in theaters on the same day it makes them available for

“free” on its streaming platform? Netflix is not in the business of selling individual movies to many different customers. Instead, it’s in the business of selling many different movies to individual customers—in bundles. Not every consumer assigns the same values to the individual movies in the bundle, but in a large bundle that doesn’t matter: The differences in the individual values average out. The problem is that it’s hard to understand Netflix’s strategy from the perspective of the established business model. In November 2018, John Fithian, president of the National Association of Theater Owners, criticized the streamer, asking, “Wouldn’t Netflix make more money and establish a much deeper cultural conversation by offering a true and robust theatrical run first, and offering exclusive

streaming to its subscribers later?” With all due respect, we believe Fithian has it backward. Couldn’t the studios make more money by playing around with the model that Netflix has adopted? What the company should really be proud of, and what has truly made it an insider in the entertainment business, is that it has come up with newly effective and profitable ways of doing what has always defined success in the entertainment industry: using new technologies to create engaging stories, and using the right business models to bring these stories to the audience. Michael D. Smith is a professor at Carnegie Mellon’s Heinz College and Tepper School of Business. Rahul Telang is a professor at Heinz College.

E2 Monday, March 4, 2019 • Editor: Efleda P. Campos

Education BusinessMirror

Search for exceptional teachers on

HE teacher portrays different roles to students—as parent, disciplinarian, sibling, friend and idol. These are the faces from whom inspiration can be drawn by the youth and help shape the character of students willing to learn. Teachers, who have made a significant difference in the lives of students, deserve to be recognized. Bato Balani Foundation Inc., with the support of Diwa Learning Systems Inc., searches the nation afresh for exceptional teachers who have made outstanding contributions in their profession with “The Many

Faces of the Teacher” program. For 17 years, the program has celebrated educators who have molded the character and built the capabilities of future leaders. This 2019, “The Many Faces of the Teacher” continues its search to give Filipino teachers a bigger voice to be heard.

The search is open to educators of all ages who are actively teaching in private or public, elementary or secondary schools, colleges and universities. The nominee must demonstrate exceptional performance in teaching; has employed creativity, innovation and resourcefulness in teaching; and, importantly, lives out esteemed values in their teaching, family and personal life. Nominees should also have a deep sense of nationalism and are committed to teaching for the benefit of the country and its people. They must be respected in the school and community, and are a role model for students, colleagues and family. They must also be an active member of the community and be engaged in socio-civic activities. The organizers evaluate the nominees based on their integrity

and morality; relationship with students, colleagues, community members and family; commitment and dedication to the teaching vocation; the strength of values/ principles applied in teaching and personal life; and involvement in school and community activities. Nominations from partner organizations, school associations, religious organizations, the Department of Education, as well as school heads, students and teachers, are accepted. To nominate a candidate, download the form and the search mechanics at www.batobalanifoundation.org.ph and send to bbfi@diwamail.com, batobalanifoundation@ gmail.com or at BBFI office, 6/F PDCP Bank Center, V.A.Rufino cor. Leviste Streets, Salcedo Village, 1227 Makati City.

Grade-school students win in app contest

GAME app that will help toddlers and grade-school students build their passion for learning bagged the grand prize in Power Mac Center’s recently concluded “emPOWER UP! Design a Better World: App Development Challenge” for kids. The winning app concept aims to address the United Nations Sustainable Development Goal of Quality Education by integrating valuable lessons during gameplay. The UN said more than 265 million children are currently out of school, 22 percent of whom are of primary-school age. Moreover, 617 million youth all over the world lack basic mathematics and literacy skills. By integrating lessons into something ubiquitous like smart devices, providing quality education doesn’t stop at traditional venues like classrooms, thereby reaching more learners, even in far-flung areas. Games, in particular, help keep children’s minds active and their imagination going. The app, titled “BrainVentures,” puts the player through a series of activities with the help of a digital sidekick. These activities let players explore and develop their skills and creativity along the way. The concept was developed by Derek Joshua Altuna, Alexandria Jillian Braga and Aniela Jenina Lesaca, collectively known as “Team BrainVentures” from De La Salle Santiago Zobel. Power Mac Center Director of Product Management and Marketing Joey Alvarez was all praises for the winners. “Kids nowadays are woke. They understand what’s happening, they know what’s needed and they help create simple but impactful solutions. And because they’re digital natives, they know how to leverage technology to their advantage.” Apart from the iPad units they received, the kids of Team BrainVentures also get to attend free workshops by Power Mac Center’s Apple certified trainers, who will help create and upload their app in the App Store. It is expected to be up and running within the year. Meanwhile,firstrunner-upwinnerTeam Earth Hero (composed of Cameron Sanz, Rebecca de Veyra and Hannah Mallinllin) designed an app for Climate Action, which got them P45,000 worth of Power Mac Center Gift Certificates in prizes. Team Clean ‘Em All (composed of Kaia Mikayla Diola, Enrico Joaquin Abella and Sofia Annika Ysabel Pagilagan) won P30,000 worth of Power Mac Center Gift Certificates for an app on Climate Action and caring for Life Below Water and Life on Land. The emPOWER UP! Design a Better World: App Development Challenge was staged in cooperation with KIDS CAN! Innovation Camp, Asia Society for Social Improvement and Sustainable Transformation (ASSIST Asia), De La Salle College of Saint Benilde HiFi (Hub of Innovation for Inclusion), Yellow Boat of Hope Foundation and I Am VR Panda. An Apple Authorized Training Provider, Power Mac Center continuously empowers and enhances the technical and creative skills of the youth through annual training programs such as the Summer Workshop.

NEW SCHOOL BUILDINGS FOR TUBA, BENGUET SM Prime, through SM Foundation, partners anew with the Philippine Stock Exchange Foundation to address the need for more classrooms in Tuba, Benguet. A new fully furnished, two-story, four-classroom building will soon rise in Tuba after an agreement was inked between SM Foundation and PSEF recently. Among those present during the signing were Department of Education official William Abance, Tuba Mayor Ignacio Rivera, SM Foundation School Building Program Coordinator Juris Soliman, lawyer Rebeca Apil, SMEDD Jeremy Serquina, SMFI’s Marr Lauriel Bringas and Tuba Sangguniang Bayan officials.

DLSU launches seminal book on PHL cinema, film distribution

HE De La Salle University (DLSU) Department of Communication, in partnership with the DLSU Libraries, hosted a formal launch of Philippine Cinema and the Cultural Economy of Distribution on February 21, at the University’s Learning Commons. Written by Dr. Michael Kho Lim, a Department of Communication faculty member who specializes in film production and distribution and the broader area of creative industries,

the book delves into the “complex interplay of culture and economics in the context of Philippine cinema, while scrutinizing the tension, interaction and shifting movements between mainstream and independent filmmaking. It examines the film distribution and exhibition systems, and investigates how existing business practices affect the sustainability of the independent sector. It is the first book that looks into the specifics of the Philippine film dis-

tribution and exhibition system and provides a historical grounding of its practices.” The launch featured a panel discussion on the state of Philippine film distribution, where the author is joined by DLSU University Fellow and Philippine cinema icon Dr. Clodualdo del Mundo and notable filmmaker Baby Ruth Villarama. The event was part of the 12th DLSU Arts Congress, which aims to celebrate the enduring value of the humanities.

Best Practices and Remedies to Avoid COA Disallowances

ITH the intensified campaign of both the national government and the Commission on Audit (COA) in their thrust towards good governance, there has been a clamor for a program to address the issue of COA disallowances and to find solutions for those encountering such problems. To help solve your most pressing challenges regarding these, the Center for Global Best Practices is hosting a one-day special program entitled “Best Practices and Remedies to Avoid COA Disallowances,” scheduled on Friday, March 22, 2019, at the Edsa Shangri-La Hotel, Mandaluyong City. This program will greatly benefit employees, and public officials of local and national government agencies, government-owned and -controlled corporations, public-utility companies, as well as those private entities dealing with the government. Private entities will be guided on how to package a project or supply goods and services to ensure that their business deals will not fall under illegal, extravagant, unnecessary and unconscionable transactions with the government. Lawyers will also gain insights on how to defend their clients on such issues.

This training will explain in full details the adverse common findings (e.g., transfer of funds, travel expenses, collective negotiation agreements, unauthorized benefits and more) that result in COA’s notices of suspension, disallowance and charges. The good news is that there are remedies and defenses to address these issues by providing the right solutions supported by the latest Supreme Court and COA Rulings. This program will feature Alicia C. Manuel, CRFA, CICA, who was an auditor of COA for 31 years and was assigned to various branches of government, including the Department of the Interior and Local Government, Bureau of Fire Protection, National Police Commission and many more. While at COA, she was seconded to international organizations as an international consultant to World Bank, Asian Development Bank and AusAid to monitor large scale projects in various countries. She is the author of the handbook on AFP Internal Auditors, 2017. She regularly lectures on Management Audit and Baseline Assessment Report with the Armed Forces of the Philippines, Philippine Army, Philippine Navy and Philippine Airforce. She is also a consultant at the

Philippine Government Electronic Procurement System. Registration is open to the general public. CGBP is also accredited by the Civil Service Commission. Attendees from the government can earn points for their career advancement and are exempted from the P2,000 limit when attending training conducted by the private sectors based on DBM circular 563, dated April 22, 2016. Interested participants are encouraged to avail themselves of the early payment savings and group discounts for three or more registrants. Pre-registration is required. Check www.cgbp.org, for a complete list of best practices programs including “How to Prepare Unsolicited Proposals for Government Projects,” “What You Must Know About the Procurement Law,” “How to Prepare Your Bidding Documents,” “PPP Certification Course,” “Resolving Right-of-Way Issues,” “How to Joint Venture Effectively with the Government,” “Building Code of the Philippines” and many more. You may call landlines in Manila (+63 2)842-7148/59 and (+632) 556-8968 or 69. This program is accredited by the Professional Regulations Commission. Accountants attending this training will earn CPD credit units.

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Filipino lawyer makes mark in intl arbitration

CAMILLE M. NG speaking as a panelist at the International Chamber of Commerce Young Arbitrators Forum: Caribbean Series: Barbados on “Entrepreneurship and Commercial Arbitration” on September 2, 2016.

AMILLE M. Ng, who was born and raised in Manila and considers it home, has been a trailblazer in the tough field of international institutional arbitration. She hopes more Filipinos would follow her path in settling international issues at a time of so much conflict in the world. For the past three years, Camille has worked as deputy counsel at the International Court of Arbitration of the International Chamber of Commerce (“ICC”), based in New York City. In her position, she has administered hundreds of cases, mostly international commercial cases, and has undertaken numerous presentations and speaking engagements on ICC arbitration to arbitrators, counsels, corporations and law students in various US cities. In September 2016, for instance, she represented the ICC in a Young Arbitrators Forum (YAF) conference on “Entrepreneurship and Commercial Arbitration” held in Barbados, where the keynote speech was delivered by the country’s Minister of Foreign Affairs and Foreign Trade. That same year, she gave the opening remarks for the launch of the Mona International Centre for Arbitration and Mediation in Kingston, Jamaica, and in the next year, was part of a panel for the launch of the Fordham International Arbitration Association. She served twice as a faculty member of the commercial arbitration training program of the New York State Bar Association and has recently been a guest lecturer at Northwestern Law School on ICC arbitration. Before moving to New York, Camille was based in the Netherlands for two and a half years as assistant legal counsel for the Permanent Court of Arbitration (“PCA”) in The Hague. She assisted arbitral tribunals and parties in state-to-

state and investor-state cases that spanned major industries such as oil and gas and construction, and which involved myriad issues, from tribunal witnesses to national corruption. She also worked on diplomatic matters, given the PCA’s standing as an intergovernmental organization. Camille coordinated the drafting of the PCA’s annual report in 2013, a yearly publication that explains the PCA’s dispute resolution services, summarizes its case docket for that year, features the means by which it engaged the arbitral community and explains its activities as an intergovernmental organization. She also coauthored two articles on the case load of the PCA—“The Permanent Court of Arbitration in 2012” and “More in 2013 than Ever Before: Inter-State and Investor-State Arbitrations at the Permanent Court of Arbitration”—that were published by The Hague Yearbook of International Law, a publication that aims to offer a platform for the review of international law developments. Camille’s initial experience in international arbitration was in Singapore when she was a law clerk for distinguished arbitrator Michael Hwang SC, who was frequently appointed arbitrator in international cases all over the world. She joined Hwang’s chambers in Singapore after completing her studies at the NYU@NUS LLM program, where she obtained two LL.M. degree—an LLM in Global Business Law from New York University and an LLM in International and Comparative Law from NUS. Before international arbitration, Camille worked in domestic (US) litigation as part of Chicago’s top law firm, Kirkland & Ellis LLP. She joined Kirkland directly from the University of Notre Dame Law School, where she obtained her degree cum laude. She became an Illinois-licensed attorney who worked for the American Civil Liberties Union while studying for the bar exam. The launchpad to her growing distinction was in the Philippines where Camille graduated from the Ateneo de Manila University with a BS in Management cum laude. She won awards in debating and publicspeaking competitions, once as “best debater in the Philippines” and as an Asian debate champion. She went into advertising after graduation, working as account executive for Ace Saatchi & Saatchi, but then quickly switched gears to law. She may very well be the first Filipino who has worked both at the Permanent Court of Arbitration and at the ICC, or at any two international arbitral institutions, and for a significant number of years.

FWD lights up the way for ‘Solar Lola’ Aytas

N a small tribal community in Bamban, Tarlac, two groups of Ayta women have served as beacons of light. They are known as the “Solar Lolas,” who have trained in Barefoot College, Rajasthan, India, to build solar-powered lamps. The Solar Lolas, who are actually solar engineers, were trained to make, install, maintain and repair solar-powered lamps in their villages, literally bringing light and hope to what was previously a dark, impoverished community. Spearheaded in 2015 by the DiwataWomen in Resource Development Inc. in partnership with the Land Rover Club of the Philippines, Philippine Mine Safety and Environment Association (PMSEA) and with the cooperation of the Clark Development Corp. (CDC) and Bases Conversion and Development Authority (BCDA), the project, aptly named “Tanging Tanglaw,” has been embraced by the majority of the Ayta women in the community. The Solar Lolas’s training at the Barefoot College was made possible by the Indian Government through its Indian Technical and Economic Cooperation (ITEC) program. Tanging Tanglaw Steering Committee Chairman Annie Dee emphasized that the project doesn’t simply involve providing lights to homes but also giv-

ing the Solar Lolas and their communities the means to improve their lives by also teaching them the basics of leading financially sustainable lives. Solar Lola Rosita, 51, shared that upon their return from their training in India, they were full of hope that the solar lamps would significantly change the lives of their fellow tribesmen. But they were faced with the challenge of spending P200 monthly to cover the cost and labor to maintain the solar lamps. For the cash-strapped Aytas with no stable source of income, the modest monthly payment is already too steep a price to pay. “Our financial sustainability program for our IP community in Bamban, Tarlac, is aimed at preparing our Ayta brothers and sisters to manage their resources and guiding them through baby steps to achieve this dream,” Dee said. “By teaching them how to create solar lights, we changed their lives and expectations. We cannot possibly allow them to go back to the dark ages or rely on dole-outs.” FWD Life Insurance Philippines learned of this challenge and decided to help the Aeta communities by helping them with financial literacy and teaching them financial sustainability. Thus, FWD Life’s training project was born.

Marketing BusinessMirror

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Editor: Efleda P. Campos • Monday, March 4, 2019 E3

WHEN PR AND CONTENT MARKETING

SING IN PERFECT HARMONY I

PR Matters

By Ron F. Jabal, APR

N an era where everyone is a media creator and everybody thinks they are storytellers, one can easily think barriers to reach consumers are much, much lower these days. In fact, not a few have declared with such gusto and a lot of whim that maybe PR professionals are fast becoming irrelevant, even obsolete. Without sounding like a “hit-thenerve” apologist for the PR profession (come to think of it, I am an apologist to the core), I dare say we as PR professionals are not becoming passé. Far from it. In fact, there is more demand for us and the creative genius we offer, including our relationships with anything that matters (#PRmatters)—people, channels, journalists, amplifiers and the so-called influencers (once called KOLs—if you don’t know it, look it up!) However, the PR profession today is facing major shifts. While PR still connects brands and people with gatekeepers, it uses different approaches and platforms to adapt. We were growth hackers then; we continue to be growth hackers now in the new economy of multichannel, simultaneous in-your-face-rightnow, vertigo-inducing and go-theextra-mile profession. With increasing demand for ROI (return on investment) and meet-the-business-objective demands from CEOs, CFOs and COOs, and every imaginable “Cs” in the C-Suite, PR professionals have to work a whole lot harder. Nowadays, we need a bigger, broader contact list, as breaking a news story is no longer just the prerogative and power of journalists. News breaks first, more often than not, online. Hence, PR pros need to build connections with new media personalities, on top of maintaining relationships with legacy press dossiers. And since PR professionals are in the business of managing per-

GLOBAL NEWS: THE ONE SHOW 2019 & THE ADC 98TH ANNUAL AWARDS EXTEND DEADLINE FOR SPECIFIC DISCIPLINES UNTIL MARCH 8, 2019 NEW YORK—The One Show 2019 and the ADC 98th Annual Awards are almost ready to be judged, with all physical entries now processed and on their way to our judging location. With the heavy processing out of the way, we are pleased to announce that the following disciplines are open for entries for one more week—until Friday, March 8. These categories have no physical elements, and are scheduled to be the last ones our various juries will see. The One Show 2019: n Branded Entertainment n Green Pencil n Health, Wellness & Pharma n Moving Image Craft n Penta Pencil n Public Relations ADC 98th Annual Awards: n Fashion Design n Motion & Film Craft The One Show is the world’s most prestigious awards show recognizing the best creative work in advertising, interactive, design and branded entertainment. The brightest creative minds from advertising agencies, digital agencies, design agencies, production companies, consumer brands and nonprofit organizations from around the world enter every year. The 2019 winners will be announced on two nights of The One

Show during The One Club for Creativity’s Creative Week, to be held from May 6 to 10 in New York City. Creative Week is the preeminent festival showcasing the intersection of advertising, innovation and creative thinking. In addition to two nights of The One Show, Creative Week also includes the ADC Annual Awards, the dynamic Young Ones Education Festival, inspiring sessions with some of the biggest names in the industry at the Creative Summit, and the exclusive Executive Creative Summit, open to a limited number of top-level leaders (founders, CCOs and managing partners). Get more information on www. oneshow.org If you have any questions, contact the appropriate awards team at oneshow@oneclub.org or adcawards@oneclub.org

CAMPAIGN SPOTLIGHT: LEVI’S KICKS OFF #ISHAPEMYWORLD CAMPAIGN WITH FOUR INFLUENTIAL FILIPINAS FOR THE NATIONAL WOMEN’S MONTH

FOUR Filipinas took the center stage of Levi’s #IShapeMyWorld campaign’s launch on March 1. Al Jazeera correspondent Jamela Alindogan, lupus survivor Tiffany Uy, model Kat Gumabao and transgender woman Heart Diño’s tales of overcoming obstacles, which ultimately strengthened and empowered them to be the women they are today. Alindogan recalled her coverage of the Marawi siege in 2017. Slide by slide, she spoke on her encounters with children in evacuation centers and how being a mother and journalist burdened her with guilt. Guilt when she leaves her home to go to a dangerous place to tell the stories of other people, and guilt when leaving the conflict zone and going back to the

ception, trust, reputation and even brand love, getting attention is no longer an outcome—it has simply become an output: the first step toward achieving the goal of not just affection, but conversion. And in this environment, although it has been used as a potent tool to effect and affect love and conversion, content is key. PR professionals are going back to one of its original roles—the storyteller— on top of its primordial role of storypeddling and placement. It’s not surprising, therefore, that PR and content marketing in today’s PRspeak sit not on opposing sides, but part of a continuum—a lovefest of partners singing in perfect harmony. The product of combining PR strategies and content marketing techniques is an excellent brand visibility. Hence, when you have both in your arsenal, you create brand stories that are in front of the right consumers. Standing out from the clutter these days—what with the absurd number of content creators from professionals, passionate and some “just want to be online sensation” wannabee, is even more difficult. Thus, the role of PR professionals becomes more pronounced. We become custodians of content—the storyteller that tells the story to the right recipients. When we combine the two together, we amplify content. Journalists these days are no longer interested in chest-beating “praise” releases. They look for content that really engages their readers/listeners/viewers—stories that provide more meaning and depth to the conversations. I will never forget one business editor who complained a lot about press releases on tree planting. This editor advises PR practitioners who

comfort of her home. “I started an organization called Sinagtala Center for Women and Children in conflict, years before this war broke out. It was meant to provide toys for children in conflict zones. A lot of people dont know that those who become rebels in many areas—like Jolo, Basilan, Tawi-Tawi—never held toys in their hands. They grew up with guns.” She showed photos of children who were taught what kind of bullets and bombs are dropped into their city before even learning the alphabet. This firsthand experience of seeing the city’s destruction and suffering of people made her use anger to propel into action. “At this point, being popular, being beautiful is simply no longer enough. We now live in a world where we have global leaders who have no respect for institutional authority,” said Alindogan, who surmised that being a woman meant living a life of use and service to others. Alindogan was followed by Tiffany Uy, whose name made the rounds on social media when she graduated cum laude from the University of the Philippines (UP). She called back to memory how she felt invincible before her body betrayed her with the autoimmune disease, lupus. “You have to mess up this girl’s body and make her go crazy, and that’s what it did,” said Uy on how lupus got her confined multiple times and weakened her to the point that she could barely walk. “It’s a sickness that looks okay but basically inside, there are so many struggles that people are not aware of and that’s why we have to use this platform to be able to spread awareness,” she added. Recently, she completed the Spartan Race 2019, a feat that made her reignite the passion she had for the things she wants to do in life.

send this type of press release— “Send me something beyond the treeplanting activity—what’s the story behind this; the rationale, the human face, the struggle, the triumphs and the successes. Go beyond the activity and give me meanings.” The advice is very sound. By providing depth to our stories, our brand message consistency is upheld and observed. We all need to maximize and reinforce our value proposition, brand identity and brand personality through effective telling and retelling of our stories in multiple platforms. Our agency PAGEONE Group has doggedly followed all these basic tenets and have combined both PR and content marketing in the way we manage campaigns for our clients. We consistently create and recreate our clients’ stories in platforms and channels that have become playgrounds of their consumers and stakeholders. Thus, in the process, we do not only achieve the corporate, reputational and business objectives of the clients, but also reap awards as a result of our brand stewardship. In the recent 54th Anvil Awards of the Public Relations Society of the Philippines, we did not just win our third Agency of the Year Award, but also brought home our third Grand Anvil Award and our third Platinum

Award. Thanks to the men and women of the agency who understood the value of the perfect marriage of PR and content marketing. The Energy Development Corp. won the Platinum Award—the best of the best PR tools for the year, for using video blogs as a PR tool to tell its brand story. With the natural beauty of the Negros Islands as the backdrop, EDC told its story of powering infinite possibilities—i.e., proving clean and renewable energy to power consumers. The STI-Education Services Group won the most coveted Grand Anvil Award for its “Computer Lab on Wheels.” The STI-ESG told its brand story and promoted its brand personality through mobile schools that provide ICT education in both urban and rural communities across the country where ICT literacy is a major challenge. And while it only brought home a silver trophy, the campaign of our client URC-Flour and Pasta Division is also a perfect showcase of how brands can creatively tell its story while achieving its reputational and business objectives, as well. To promote its brand of providing quality flour products and its drive as a responsible corporate citizen, URC-Flour and Pasta Division devel-

oped a multimedia toolkit for the use of Grade 11 and Grade 12 students studying bread and pasta production. Given the initial success, URC-Flour and Pasta Division executives vowed to expand this project and campaign to further enhance the learning capabilities of senior high-school students and “help arm them for success in the exciting and lucrative food and hospitality industries.” Indeed, there is a whole suite of examples that I can mention to illustrate that the way forward for PR professionals is through strategic combination of PR and content marketing to bring results that do not just satisfy corporate objectives, but fulfill societal goals, as well (#PRisLife). PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the premier organization for PR professionals around the world. Ron F. Jabal, APR is the CEO of PAGEONE Group and former president of the Public Relations Society of the Philippines. We are devoting a special column each month to answer our readers' questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Perspective BusinessMirror

E4 Monday, March 4, 2019

www.businessmirror.com.ph

THE ART OF THE WALK?

Summit collapse and Trump’s diplomacy

U.S. President Donald Trump and North Korean leader Kim Jong Un take a walk after their first meeting at the Sofitel Legend Metropole Hanoi Hotel on February 28, 2019, in Hanoi. AP/EVAN VUCCI

By Jonathan Lemire & Matthew Lee

The Associated Press

ANOI, Vietnam—President Donald Trump framed the breakdown of his nuclear summit with North Korea’s Kim Jong Un as wisely knowing when “to walk.” But the stunning collapse revealed the limits of his unique brand of personal diplomacy and raised concerns about future efforts to disarm a global threat. Eyeing the history books and a much-needed political victory, Trump bet big on the two-day Vietnam summit only to be forced to explain away its sudden failure. The president and North Korea gave conflicting explanations of what went wrong, though the result actually was a relief to some critics and even some Trump supporters who feared he might give too much away in pursuit of a deal. Trump, the businessman who was elected in part on his boasts of deal-making prowess, said a proposed agreement was “ready to be signed.” But he said he refused to accept what he described as North Korean insistence that all US sanctions be lifted without the North committing to eliminate its nuclear arsenal. “I’d much rather do it right

than do it fast,” the president said. “We’re in position to do something very special.” The North said it had demanded only partial relief from the punishing sanctions. Trump had pushed for the summit, telling wary aides that his personal chemistry with North Korea’s young and reclusive leader outweighed any need for detailed, staff-level talks to iron out differences before either head of state set foot in Hanoi. Secretary of State Mike Pompeo, who along with his special envoy for North Korea, Stephen Biegun, had been leading the preparatory effort, said staff work had achieved some results but that negotiators had intentionally left some of the most contentious issues unresolved.

“We were hoping we could take another big swing when the two leaders got together,” he told reporters as he flew from Vietnam to the Philippines after the summit collapsed. “We did. We made some progress. But we didn’t get as far as we would have hoped we would have gotten.” Pompeo noted that “when you are dealing with a country that is of the nature of North Korea, it is often the case that only the most senior leaders have the capacity to make those important decisions.” Echoing the refrain that “no deal is better than a bad deal”—often used during the Obama administration by critics of its Iran negotiations—there was relief in some quarters that the president had not impulsively agreed to concessions without much in return. “Kudos to him for walking away from the table,” said Jonathan Schanzer of the Foundation for Defense of Democracies, a Washington think-tank that has been highly skeptical of Trump’s efforts with Kim Jong Un. “No deal is, in fact, better than a bad deal.” And White House aides stressed that Trump stood strong. Some observers evoked the 1987 Reykjavík summit between Ronald Reagan and the Soviet Union’s Mikhail Gorbachev, a meeting that ended without a nuclear weapons deal but laid the groundwork for a future agreement. Long-standing US policy insists that American sanctions on North Korea will not be lifted un-

til that country commits to, if not concludes, a complete, verifiable and irreversible end to its nuclear weapons program. Trump, who did not consult with allies South Korea and Japan before breaking off the talks, declined to restate that goal Thursday, saying he wanted to retain flexibility with Kim. But North Korea’s foreign minister, in a rare news conference, said that Trump wasted an opportunity that “may not come again” and that the North’s position wouldn’t change even if there was another round of dialogue. The failure in Hanoi laid bare a risk in Trump’s negotiating style: Preferring one-on-one meetings with his foreign counterparts, his administration doesn’t always do the staff-level advance work intended to make a summit more of a victory lap than a negotiation. “The developments over the past 48 hours highlight in stark fashion the inherent weaknesses of President Trump’s preference for summit diplomacy—international media spectacles that have failed to achieve substantial progress on the key issues, especially denuclearization,” said Paul Haenle, the director of the Carnegie-Tsinghua Center for Global Policy. Unsurprisingly, former Obama administration officials agreed. “At every step of the way, Trump has placed himself, rather than professionals, at the center of this process—and as a result, he’s been outmaneuvered every step of

the way,” the National Security Action, a group of mainly Obama-era foreign policy practitioners, said in a statement. Michael Fuchs, who worked on Asian issues as a State Department official under Obama, said there should be no more summits until the two sides are ready to announce a concrete agreement. “Let the real negotiators from both sides get to work,” he said. “Until then, no more reality TV summitry.” One beneficiary of the Vietnam summit may have been the North Korean leader. The first Trump-Kim meeting in Singapore gave the reclusive nation’s leader an entry to the international stage. The second appeared to grant him the legitimacy his family has long desired. Kim, for the first time, affably parried with the international press without having to account for his government’s long history of oppression. He secured Trump’s support for the opening of a liaison office in Pyongyang, without offering any concessions of his own. Trump’s backing for that step toward normalization provided the sort of recognition the international community has long denied Kim’s government. Experts worried that the darker side of Kim’s leadership was being brushed aside. That includes massive human-rights abuses, prison camps filled with dissidents, an absence of religious and speech freedoms and the executions of government and military officials.

Trump also appeared to accept the North Korean leader’s assertion that he had nothing to do with the 2017 death of Otto Warmbier, an American college student who was imprisoned for allegedly taking a propaganda poster while on a visit to the country. The president said he took Kim “at his word” that he was unaware of the mistreatment Warmbier was subjected to in custody, a remark that drew widespread criticism, even from Trump’s former UN ambassador. “Americans know the cruelty that was placed on Otto Warmbier by the North Korean regime,” former Ambassador Nikki Haley said. Still, Robert Gallucci, who negotiated with North Korea as a senior State Department official during the Clinton administration, said the unorthodox way in which the two North Korea summits were organized may not have been a mistake given the unusual nature of the two leaders. “It does have its down sides, and we just experienced the down side,” Gallucci said. However, Hanoi wasn’t a total disaster as long as the two sides are willing to keep at it. “I’m feeling good because nothing really bad happened, and we have a prospect of using the momentum of the meeting of heads of state to propel working-level discussions, with the understanding here that both sides have invested politically in this, and leaders have invested personally in this, and they want it to work,” Gallucci said.