BusinessMirror March 06, 2019

NFAC: N.F.A. MAY CONTINUE SELLING RICE

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE National Food Authority Council (NFAC) has approved major changes to the implementing rules and regulations (IRR) of the rice trade liberalization law, including the continued sale of rice by the National Food Authority (NFA).

Agriculture Secretary Emmanuel F. Piñol told the BusinessMirror that the NFA would adopt a “rolling” buffer stock with an “optimal level” of 15 to 30 days’ worth of consumption and would still be allowed to purchase palay beyond that level.

Any volume that would exceed the 30-day stockpile would be sold in the

A WORKER at the National Food Authority (NFA) sweeps the rice grains at their warehouse in FTI, Taguig City. BUSINESSMIRROR FILE PHOTO

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

retail market, especially the old stocks, Piñol added.

“The NFAC feels that the removal of the NFA participation in the market would create an unstable market situation,” he said in an interview.

“I told [Finance Secretary Carlos G. Dominguez III] to not stop the NFA from procuring buffer stock. And it should be a moving buffer stock, and a first-in, first-out policy must be observed,” Piñol added.

The old stocks, he said, would still be sold through rice retailers despite the NFA losing the authority to license them in the domestic market.

However, the price of NFA rice in the market would now be adjusted since the food agency would only be

sourcing its stocks from local farmers, Piñol added.

The new price will be determined by the NFAC in August, when the food agency’s stock of rice imports is expected to be depleted, he added. The NFA’s imported rice stock would still be sold at P27 per kilogram until it is exhausted.

Piñol also said the government will provide the NFA “sufficient funds” to purchase a stockpile equivalent to at least 15 days of national consumption.

Based on the computation of the BusinessM irror, the NFA would need at least P15 billion to be able to build up a 15day stockpile at its present buying price of P20.70 per kg.

BusinessMirror

www.businessmirror.com.ph

A broader look at today’s business Wednesday, March 6, 2019 Vol. 14 No. 147

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Feb inflation at 3.8%, El Niño impact tracked

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By Cai U. Ordinario @caiordinario & Rea Cu @ReaCuBM

HE coming dry spell brought by the El Niño phenomenon is a concern but will not likely affect the country’s inflation rate this year, according to the President’s economic team and local economists.

19

The number of provinces expected to experience drought this year, including Metro Manila. Experts said, while this is a milder El Nino, there’s need for proactive measures to mitigate its adverse impacts on the farm sector and its push on food prices

See “NFAC,” A2

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Strengthening PHL-Japan strategic partnership Teddy Locsin Jr.

FREE FIRE Opening statement of Foreign Affairs Secretary Teodoro L. Locsin Jr. at the joint press conference with H.E. Taro Kono, Japan’s minister of foreign affairs, on February 10, 2019, at Marco Polo Hotel, Davao City.

I

Good morning.

T is my honor and pleasure to welcome to the Philippines, and to the lovely City of Davao, His Excellency Taro Kono, foreign minister of Japan, and his delegation, as the Minister undertakes his first bilateral official visit to our country.

Continued on A10

In a joint statement, the National Economic and Development Authority (Neda), Department of Finance (DOF) and the Department of Budget and Management (DBM) acknowledged that the El Ni ño m ight h a mper food production, but the impact on in-

flation will not be alarming.

The Philippine Statistics Agency reported on Tuesday that inflation slowed to 3.8 percent in February, the same rate it registered in February 2018.

The Bangko Sentral ng Pilipinas (BSP) said the February figure

is consistent with its expectations that price pressures are now further easing, and that it sees inflation to settle to the target range of 2 to 4 percent in 2019 and 2020.

The inflation rate for February 2019 is lower than the 4.4 percent recorded in January.

Meanwhile, the economic team cited data from the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), which showed the El Niño will continue until June 2019.

See “Inflation,” A2

‘New laws to boost factory output’

By Rea Cu

@ReaCuBM

& Butch Fernandez

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HE passage of the rice trade liberalization law and the amendment of economic laws that seek to ease inflation will provide a boost to the country’s manufacturing sector this year, according to the National Economic and Development Authority (Neda).

On Tuesday the Philippine Statistics Authority (PSA) reported that the manufacturing sector’s Volume of Production Index (VoPI) and Value of Production Index (VaPI) for January declined by 4.1 percent and 0.7 percent, respectively. In January 2018, VoPI grew 10.8 percent and VaPI grew 10.9 percent.

Socioeconomic Planning Secretary Ernesto M. Pernia said Republic Act 11203 will help lower the cost of inputs for the manufacturing sector and provide opportunities for production expansion.

“Manufacturing growth outturn in January 2019 showed a moderate improvement coming from December 2018. Nevertheless, with our recent progress in agricultural policy, we can expect manufacturing to recover further,” Pernia said in a statement.

See “New laws,” A12

Full accounting of loan accords under Duterte sought by Senate panel

OFFICIALS from the Executive branch brief the Senate on the status, sustainability and risks of projects under the “Build, Build, Build” program at a hearing on Tuesday (March 5). From left: Assistant Secretary Maria Edita Tan of the Department of Finance-International Finance Group, Neda Assistant Secretary and concurrent Infrastructure Staff chief Roderick Planta, and Neda Assistant Secretary Jonathan Uy. NONIE REYES

‘Hiring of alien labor not precondition for ODA’

By Samuel P. Medenilla

E

@sam_medenilla

MPLOYMENT of foreign workers is not a condition for the approval of official development assistance (ODA) for the government’s “Build, Build, Build” (BBB) projects.

Government officials who are

PESO EXCHANGE RATES n US 51.7610

part of the BBB program made the assurance on Tuesday during a Senate hearing, when questioned by Sen. Nancy Binay.

“When we negotiate a loan, definitely there is no preference for Chinese [workers] as far as the loan agreement [approval] is concerned,” Department of Finance Assistant Secretary Maria Edita

Z. Tan said.

This was echoed by Bases Conversion and Development Authority (BCDA) President and Chief Executive Officer Vivencio A. Pecson, who said the government accords for the BBB all have a clause giving preferential treatment for Filipino workers over their foreign See “ODA,” A12

@butchfBM

HE Senate Committee on Economic Affairs will seek a full accounting and get additional updates on all loan agreements forged by the government under the Duterte administration, as part of efforts to ensure accountability in sourcing financing for major infrastructure projects.

Interviewed after presiding over the first committee hearing to review the status, sustainability and financing of “Build, Build, Build” projects, oanel chairman Sen. Sherwin T. Gatchalian said on Tuesday, “We will ask for a full accounting [of the loan deals] during the upcoming budget season, including updates on at least nine loan agreements.”

Gatchalian, however, did not go into details beyond saying the committee’s request addressed to the Executive was “for purpose of evaluation.”

At the hearing, the Department of Finance (DOF) reported that nine loan agreements funded through official development assistance (ODA) have already been executed under the Duterte administration, amounting to a total of $3.298 billion.

Gatchalian goaded government officials concerned to closely monitor the debt situation.

“I am urging the government to do a simulation of the GDP-debt

$3.298B The total value of nine loan agreements, involving official development assistance (ODA), already executed under the Duterte administration, per the Department of Finance

ratio,” the senator added.

Gatc h a l i a n i nd ic ated t h at senators are keen on getting a briefing on foreign loan deals forged by the government, adding: “I don’t agree with the confidentiality clause of the loan deals. I want to see those contracts because we are the ones who will pay for them.”

The senator took issue with its confidentiality clause, pointing out that “this is public debt...that is why it should be transparent.”

DOF Assistant Secretary Maria Edita Z. Tan rendered the report on the nine loan agreements to the committee.

“I have here nine [loan agreements] executed during this administration. For Japan, we have executed five project loans, China with two and two from Korea,” Tan said.

China-f unded projects under the already executed loan agreements are the New Centennial Water Source-Kaliwa Dam Project and the Chico River Pump Irrigation Project.

n JAPAN 0.4635 n UK 68.2003 n HK 6.5945 n CHINA 7.7139 n SINGAPORE 38.2113 n AUSTRALIA 36.6985 n EU 58.7177 n SAUDI ARABIA 13.8030

See “Loan,” A2

Source: BSP (5 March 2019 )

News

BusinessMirror

A2 Wednesday, March 6, 2019

BI, OWWA team up to catch fakers of OFW E-Cards

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By Recto Mercene

@rectomercene

“With the acquisition of these modern gadgets, the validity and genuineness of an E-Card can easily be checked in a matter of seconds—with the mere stroke of the finger.”

—Medina

O further expedite the processing of departing overseas Filipino workers (OFW) and protect them from fraudsters, the Bureau of Customs has adopted state-of-the-art gadgets provided by the Overseas Workers Welfare Administration (OWWA).

Por t O perat ions Div ision Chief Grifton Medina said he personally received from OWWA Deputy Administrator Josefino Torres six tablets and six bar code readers last Friday, for use by his airport personnel to check the authenticity and validity of OWWA E-cards presented by outbound workers.

Inflation. . .

The OWWA E-Card, available for Balik-Manggagawa OFWs, serves as their exit clearance from the country, as it bears vital information from their overseas employment certificate (OEC).

The E-Card likewise allows OWWA members to avail themselves of OWWA services faster, allow use of the mobile application

Oil prices

Continued from A1

“Around 19 provinces are expected to experience drought this year including Metro Manila. Thus, the government must take proactive measures to mitigate its adverse impacts on the agriculture sector in the immediate term and to increase its resiliency against extreme weather conditions over the medium to long term,”the economic team said.

Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang and University of Asia and the Pacific (UA&P) School of Economics Dean Cid Terosa told the BusinessMirror that while commodity prices may increase due to El Niño, the increase would not be significant for two reasons.

Ang said the El Niño being predicted by the government is only a mild one and may not be as worrisome. He added that the country still enjoys ample food supply and he hoped a good harvest will keep high inflation at bay.

For his part, Terosa said the increase in inflation will not be as high as last year due to base effects. He said the El Niño phenomenon “can create a strong upward push on food prices.

Hence, it can push up inflation. Since inflation was quite high last year, the possible increase in prices this year due to El Niño will still appear low relative to last year.”

BSP chief. . .

mean that some 10 million of the poorest Filipinos will either have to pay as much as P1,225 more annually for the same amount of rice or eat less,” Africa said.

MEANWHILE, economists such as Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III said that while inflation is still bound to meet the targets of the government, the El Niño phenomenon is a concern as well as rising oil prices.

IBON Foundation executive director Sonny Africa told the BusinessMirror that while the recent slowdown in inflation in February was good for millions of Filipinos, the reprieve may be short-lived due to an impending increase in global oil prices as well as the absence of cheap National Food Authority (NFA) rice in the market after February. The latter is seen as one result of the rice tariffication law, which took effect on Tuesday.

Africa said the second tranche of oil excise taxes is probably not yet fully reflected and will likely be seen in the March figures onward.

Philippine Statistics Authority (PSA) Deputy National Statistician Josie B. Perez said the impact of the excise taxes was not observed in the February inflation data.

The IBON executive director also said the reprieve from high commodity prices would be short-lived because of the impact of the rice tariffication law on the availability of cheap rice in the market.

“The spending and consumption of the poorest Filipinos also cannot be underestimated.

The looming end of affordable P27 NFA rice will

Continued from A12

The proposed 2019 budget bill has yet to be transmitted to Malacañang.

Sought for clarification on whether the BSP Governor needs to go through CA confirmation, Justice Secretary Menardo I. Guevarra said the Supreme Court has yet to resolve this issue.

“The new Central Bank act [as amended] has a provision requiring confirmation of the BSP Governor’s appointment by the Commission on Appointments. But that is of doubtful validity because the Constitution has identified specific positions requiring CA confirmation, and the BSP Governor’s position is not one of them. However, that issue is for the Supreme Court to resolve,” Guevarra told the BusinessMirror.

Meanwhile, Diokno also shrugged off doubts on his capability to lead BSP. “What matters is that the appointing authority—President Rodrigo Roa Duterte—has full trust and confidence in my ability to lead BSP,” he said.

Diokno’s appointment came as a surprise as he was not included in the list of names initially being floated as potential candidates for the lead BSP post. The announcement was made by Duterte during Monday’s Cabinet meeting.

He will occupy the unexpired term of the late BSP Governor Nestor A. Espenilla Jr. which will end on July 2023.

Espenilla died on February 23 after battling tongue cancer for more than a year. Panelo said the President had a list of names to choose from. However, he did not enumerate those included in the list.

Abuel is DBM OIC

and as a permanent governmentissued ID. Medina cited past instances when OFWs victimized by syndicates were caught in possession of bogus or invalid overseas employment certificates.

“This system prevents that, as it automatically checks the validity of the E-Card, which contains their OEC information,” explained Medina.

“With the acquisition of these modern gadgets, the validity and genuineness of an E-Card can easily be checked in a matter of seconds—

DUTERTE named Budget Undersecretary Janet B. Abuel as officer in charge of the Department of Budget and Management.

Abuel is currently serving as budget undersecretary for the Local Government and Regional Operations Group.

Diokno had served as budget chief under President Joseph Estrada from July 1998 until Estrada’s ouster in 2001.

Prior to this, he also served as budget undersecretary from 1986 to 1991 during President Corazon Aquino’s term.

Diokno has instituted several major reforms, such as the 1986 Tax Reform Program, which simplified income tax and introduced the valueadded tax and the 1991 Local Government Code of the Philippines.

He also initiated several reforms that would enhance transparency and improve the efficiency of the delivery of government services, including the “What You See Is What You Get” policy that is a simplified system of fund release for the General Appropriations Act.

Lowest since March 2018

THE PSA said the February inflation was the lowest since March 2018 when inflation was at 4.3 percent. Perez said the largest contributors to the slowdown in inflation were food and nonalcoholic beverages; alcoholic beverages and tobacco; and transport.

“This brings the year-to-date average inflation to 4.1 percent, which is now only 0.1 percentage point above the higher end of the government’s inflation target range. We are confident that the successive reforms recently rolled out will sustain this environment and support the growth of the Philippine economy,” the economic team said.

They also said they will closely track developments in the global oil market. While prices have increased by P7 to P8 per liter, pump prices in the country today remain low compared to 2018, they noted.

The Neda, DOF and DBM said the Land Transportation Franchising and Regulatory Board (LTFRB) should also step up efforts to cover more of the targeted beneficiaries of the Pantawid Pasada Program in order to temper a possible demand for transport fare hikes should oil prices keep rising.

NFAC. . .

Continued from A1

At present, the NFA follows this rule in maintaining its buffer stock and selling rice in the market: it should mill the palay within nine months from procurement and sell it within six months, to avoid spoilage.

Republic Act 11203, or the rice trade liberalization law, deregulated the NFA and limited it to a buffer-stocking agency.

However, the law and even the latest version of the IRR did not have a clear provision regarding the future of the NFA’s market participation.

At present, the NFA accounts for about 10 percent of the rice sold in the domestic market.

IRR signing

THERE was no IRR signed during the NFAC meeting and the updated IRR will still undergo “legal scrubbing” to determine if there are provisions contrary to existing laws or measures, Piñol said.

Loan. . .

Continued from A1

Japan-funded projects are the Pasig-Marikina River Channel Improvement Project, Cavite Industrial Area Flood Risk Management Project, Metro Manila Subway project, North-South Commuter Railway, and the Road Network Development Project (RNDP) in conflict-affected areas in Mindanao.

According to Tan, the loan agreement for the RNDP is expected to be signed soon, and is only awaiting the approval of the 2019 GAA. “We always evaluate the terms, we make sure it’s concessional, meaning we usually compare it with our cost of financing.... Concessional interest rate should be lower than commercial compared to dollar yield curve,” she added.

ODA from Korea will fund the Panguil Bay Bridge Project and the New Cebu International Container Port (NCICP) project. “When I say executed it’s about to be implemented,” she said.

56 proposed for ODA funding

NATIONAL Economic and Development Authority (Neda)

with the mere stroke of the finger.”

Medina said the equipment will be given to Bureau of Immigration (BI) personnel assigned to conduct prescreening of OFWs while the latter are still queuing up for processing at the immigration departure counters of the Ninoy Aquino International Airport (Naia).

“This means that we will be able to detect immediately if an E-Card is not valid, even before they reach the immigration counter,” Medina added.

Immigration Commissioner Jaime Morente thanked the OWWA for donating the gadgets to the BI. “This partnership between BI and OWWA shows that government agencies who work together to improve their services are able to achieve so much. This tech upgrade would go a long way in improving our services for our country’s modern-day heroes,” he added.

“Of particular note is the sharp deceleration in inflation for transport to 1.2 percent in February 2019 from 2.5 percent in the corresponding month last year despite the increase in fuel excise tax,” they said.

Nevertheless, the economic team is upbeat that inflation is again starting to become manageable.

Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo said the slowdown in inflation rate in February is proof that the response of the Duterte Administration in addressing inflation last year was effective. He said the Palace expects “further improvement and disinflation” as the economic team remains vigilant in monitoring commodity prices.

BSP on inflation

MEANWHILE, in a statement on Tuesday, the BSP said: “The latest inflation outturn is consistent with the BSP’s expectation of the continued easing of price pressures. Inflation will likely settle within the target range in 2019 and 2020 as previous monetary and nonmonetary policy actions work their way through the economy,” the BSP said.

In line with the movements in the price of rice, the Central Bank said, “The recent enactment of the Rice Tariffication Act will further temper rice prices in the near term and help raise long-run productivity in the agricultural sector.”

The IRR, once edited and finalized, will be endorsed by the NFAC to the three Cabinet officials who will sign it: the Secretaries of Agriculture and Budget and Management, and the National Economic and Development Authority Director General.

Piñol did not give a specific timeline as to when the IRR is expected to be signed but he made an assurance that it would be within the 45-day period prescribed by the law.

Also, interested importers under the new rice trade regime would still have to wait for the IRR to be signed before they can file their applications to import with the Bureau of Plant Industry (BPI), he said.

Piñol disclosed that apart from the changes to the IRR, the NFAC allowed all rice imports that are already in transit before March 5 to enter the country.

“The new import guidelines are already ready, and we will release them the moment the new rice trade regime takes place, when the IRR is already signed,” he said. Piñol added that there will be a ceremonial signing of the IRR, which President Duterte is expected to witness.

Assistant Secretary Jonathan L. Uy said that of the 75 flagship infrastructure projects under the government’s “Build, Build, Build” (BBB), 56 projects are proposed for financing under ODA. He explained that P2.176 trillion is the total estimated cost for the 75 flagship projects under the BBB as of January 2019.

Broken down, P1.983 trillion for about 56 projects were identified for possible ODA funding, 11 projects or P135 billion were identified for funding from the government or the General Appropriations Act (GAA), seven projects under modes of Public-Private Partnership (PPP) which is about P58.2 billion, and one is being looked for as possible private financing.

Uy explained that of the 75 flagship projects of the government 46 projects are in various stages of implementation—16 projects in the process of budget and financing, 19 projects under detailed engineering and procurement, and 11 already under construction.

“The agencies have committed that 28 projects will be completed of about P319 billion [by 2022]...right now, the agencies identified 47 of the 75 [projects] that will entail moving beyond 2022,” Uy said.

www.businessmirror.com.ph

Luzon grid on yellow alert a day after DOE vows stable power

By Lenie Lectura @llectura

A

DAY after the Department of Energy (DOE) said the country will have stable power supply from March to June this year, the Luzon grid was placed on yellow alert on Tuesday due to insufficient operating reserve.

“Luzon grid is on yellow alert due to the unexpected shutdown and limited generation of some power plants and high power demand,” said the National Grid Corporation of the Philippines (NGCP).

This is the first yellow alert notice for the year.

The yellow alert took effect from 11am to 5pm and from 7pm to 9pm.

The grid operator said Luzon’s available capacity stood at 10,115 megawatts while peak demand was at 9,491 MW, leaving reserves at 624 MW. A yellow alert is issued when operating reserves have dropped below the required 647 MW contingency in Luzon, or equivalent to the largest unit in Luzon, which is the 64-MW coal-fired power plant in Sual, Pangasinan.

The plants that went on forced outage are South Luzon Thermal Energy Corp. (SLTEC 1), 150MW; Malaya 1, 150MW; Sual 2, 647MW; Asia Pacific Energy Corp. (Apec), 10MW; Calaca 2, 300MW; South Luzon Power Generation Corp. (SLPG 2), 150MW; SLTEC 2, 50MW; SLPG 4, 25MW; Pagbilao 3, 420MW; and San Miguel Consolidated Power Corp. (SMCPC 1), 150MW. In all, 2,0220MW of power-generating capacity was not delivered to the grid due to the sudden plant outage.

Meanwhile, the capacity of the following plants was derated: Masinloc

1 from 315MW to 300MW, Masinloc 2 from 344MW to 270MW, and SMCPC 2 from 150MW to 120MW. The DOE reported the other day that peak demand in Luzon is expected to happen in May at 11,403 MW. In the Visayas, power demand is expected to peak at 2,299 MW. In Mindanao, peak demand could reach 2,130 MW. The DOE said there is enough supply to support the rising demand for electricity during the period amid the possible impact of El Niño.

While El Niño is seen to have the greatest impact in Luzon due to the number of hydroelectric power plants (HEPPs) in the area, the grid will continue to be under normal conditions, the DOE assured.

In the Visayas, power conditions will likewise be normal given the minimal number of HEPPs and the marginal HEPP contribution share of 0.6 percent of the dependable capacity in the region.

Similarly, the Mindanao grid will also be stable despite having a hydro capacity share of 27.5 percent, due to the contributing capacities of coal-fired power plants.

DOE Assistant Secretary Redentor Delola said some 1,272.2MW of new power capacity should be available between March and July this year. Of this, Luzon is expected to produce 571.2MW of new power-generating capacity, the Visayas with 300MW and Mindanao with 401MW. The agency has also rescheduled the maintenance shutdown of some power plants that are supposed to go offline a week before and after the May 13 elections.

Lacson laments budget bill ‘tinkering,’ but House appro chief defends GMA

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EN. Panfilo Lacson, vowing to raise “a big legal issue,” on Tuesday decried last-minute tinkering of the 2019 budget bill even after the final version of the annual money measure had already been ratified by both the Senate and the House of Representatives.

“The 2019 national budget is doomed, but not to our own liking,” Lacson lamented, vowing to challenge its legality. “I will raise a big legal issue before my colleagues in the Upper House out of this latest scheme that our Lower House counterparts led by their Speaker [Gloria Arroyo] is resorting to, in order to manipulate the ratified bicameral committee report.”

In a statement, Lacson reported that based on information shared by several members of the House of Representatives themselves, he intends to question “other manipulations being undertaken by the House leadership on the ratified bicameral report prior to the printing and enrollment of the budget measure.”

The leadership of the House of Representatives denied the allegation that Arroyo is manipulating the bicameral report on the proposed P3.757-trillion General Appropriations Act (GAA), saying the two chambers follow the same rules and procedures in crafting the national budget.

House Committee on Appropriations Chairman Rolando Andaya Jr., in a statement, reminded Lacson that the proposed budget is a product of both the Senate and the House of Representatives.

Lacson asserted that “Speaker Gloria Macapagal Arroyo has no business or legal authority to prepare and impose the menu list of the Department of Health

appropriations for Health Facilities Enhancement Program [HFEP] worth P25 million in individual allocations for her favored congressmen, including a P2.5-million allocation for the purchase of an ambulance; while only P8 million are being distributed to those who did not support her election as Speaker.”

Worse, Lacson added, “exercising this latest brazen, illegal act after the bicameral committee report has been adopted and ratified by both houses smacks of grave abuse of discretion on the part of Speaker Arroyo, not to mention a clear violation of the 1987 Constitution, specifically Art VI Sec 26 paragraph 2, which states thus:”...Upon the last reading of a bill, no amendment thereto shall be allowed...”

Lacson continued: “I maintain, and I trust that majority of my colleagues in the Senate will agree, that such realignments ordered by Speaker Arroyo prior to the printing of the proposed 2019 budget [are] clearly unconstitutional and inappropriate.”

Andaya’s rebuke

ANDAYA took on Lacson’s allegations: “If the procedure being undertaken by the House is illegal, then the Senate is equally guilty if on its part it had itemized the pet amendments on the budget by the senators.”

According to Andaya, “ The House is itemizing the appropriations therein, fleshing out lumpsum funds, without departing from the approved specifications of the House-Senate approved budget, and by so doing make the budget more transparent and easy to scrutinize.” Butch Fernandez and Jovee Marie N. Dela Cruz

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Wednesday, March 6, 2019 A3

Pact tightens watch on suspected drug lords’ bank accounts

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By Rene Acosta

@reneacostaBM

HE Philippine Drug Enforcement Agency (PDEA) and the AntiMoney Laundering Council (AMLC) have tightened the lid on the financial transactions of suspected drug lords, and even terrorists, with the signing of a memorandum of agreement (MOA) on Tuesday that seeks to stop the laundering of money from the illegal-drugs business.

The MOA was signed by PDEA Director General Aaron N. Aquino and AMLC Executive Director Mel Georgie, as the antidrug agency ramps up its operations against illegal drugs in the country in coordination with other law-enforcement agencies.

The MOA zeroed in on the actual coordination process and requirement of and from each party in rendering support to combat money-laundering activities in relation to illegal drugs.

“Under the agreement, both parties have expressed their desire to promote and encourage cooperation to effectively prevent, control, detect and investigate unlawful activities under Section 3 of the Anti-Money Laundering Act [AMLA],” Aquino said.

The parties likewise pledged to cooperate in the areas of information exchange and capacity-building measures, including the exchange of studies, researches, information on current, new and emerging trends and typologies in money laundering and terrorism financing. Joint trainings may be undertaken by PDEA and AMLC to ensure the interoperability of their respective personnel.

Under the MOA, the parties agreed to include terrorism financing as a predicate offense and subject to the common provisions of assistance; establish a feedback mechanism to enable parties to monitor effectiveness and improve on the information shared; designation of focal persons to facilitate enhanced coordination and cooperation; and strict confidentiality of information shared, among others.

According to Aquino, aside from financing terrorism, laundered money comes from the production and trafficking of dangerous drugs, while banks and other regulated entities have become conduits for laundering drug money.

“Drug lords hide their profits to make it appear they were acquired through legitimate means. We need to track down their drug-money trail and prevent them from using their affluence and influence to evade punishment,” he said.

The PDEA and AMLC are members of the National Law Enforcement Coordinating Committee-Sub-Committee on Anti-Money Laundering and Countering the Financing of Terrorism (NALECC Sub-Committee AML/CFT), and of the Enforcement Cluster of the Interagency Committee on Illegal Drugs (ICAD).

The AMLC is the primary government agency mandated by the law to implement and enforce Republic Act 9160 or the AMLA of 2001 to protect the integrity and confidentiality of bank accounts and to ensure that the Philippines shall not be used as a money-laundering site for the proceeds of any unlawful activity.

“The PDEA may request for financial information to support an ongoing investigation to any violations of the antidrug

SC disbars female lawyer for ‘influence peddling’

By Joel R. San Juan

T

@jrsanjuan1573

HE Supreme Court on Tuesday announced the disbarment of a lawyer who collected a huge sum of money from relatives of an accused by promising to secure his acquittal before the Court of Appeals (CA).

Ordered to be stricken off from the Roll of Attorneys effective immediately was lawyer Marie Frances Ramon.

Ramon was found guilty of violating the Lawyer’s Oath, Canons 1, 7 and 10, and Rules 1.01, 1.02, 7.03, 10.01, 10.02 and 10.03 of the Code of Professional Responsibility and Grave Misconduct, whose disbarment is without prejudice to the civil or criminal cases pending and/or to be filed against her.

“Atty. Ramon has tarnished the image of the legal profession and has lessened the public faith in the Judiciary. Hence, the ultimate penalty of disbarment must be imposed upon her,” the Court said.

The administrative complaint stemmed from the joint complaintaffidavit for disbarment filed by CA Associate Justices Fernanda Lampas-Peralta, chairperson of the Sixth Division, Stephen C. Cruz, senior member of the Fifth Division, and Ramon Paul L. Hernando, then-junior member of the Fifth Division, now a member of SC. The CA justices accused Ramon of representing herself as a lawyer who can influence appellate court justices to secure an acquittal of an accused; defrauding the relatives of an accused to amass a large amount of money; and committing the crimes of estafa and falsification.

Based on the findings of the Integrated Bar of the Philippines (IBP) Commission and the recommendation of the IBP Board, which was adopted by the Court, Ramon lured Maria Rossan de Jesus into giving her a huge sum of money by promising to secure the acquittal of her cousin Tirso Fajardo.

Ramon, according to the investigation, duped her clients by drafting a sham decision regarding the purported acquittal of Fajardo and placed the names of the CA justices on the fake decision although the case was assigned in a different division and assigned to a different CA justice.

law. In return, AMLC may enlist the assistance of PDEA in the detection and investigation of moneylaundering activities and other violations of the AMLA,” Aquino said.

PDEA spokesman Derrick Arnold Carreon said that in preview to the signing of the agreement, three financial investigation workshops clustered in Luzon, the Visayas and Mindanao have been conducted, with personnel of PDEA and AMLC as participants.

Also, three trainings on money laundering and fi-

nancing of terrorism were administered to more or less 150 Drug Enforcement Officers (DEOs) as part of PDEA’s capability-enhancement program.

Carreon said that last year, the PDEA Anti-Money Laundering Desk (AMLD) referred 75 cases involving 102 targeted drug personalities and 64 personalities believed to be involved in illegal-drugs activities to the AMLC for financial investigation.

From 2011 to 2018, AMLC has frozen a total of P2.037 billion worth of assets, which include local and

foreign currencies, real estate, motor vehicles and firearms, from all drug cases referred by the PDEA- AMLD. “The efforts and resources used by PDEA in tracking down and arresting illegal drug dealers and manufacturers will definitely go for naught if we cannot freeze the assets of these criminals while they are being prosecuted,” Aquino said.

“We cannot go on arresting and filing the cases while the drug lords are freely using drug money to buy their way out of prison,” he added.

A4 Wednesday, March 6, 2019 • Editor: Vittorio V. Vitug

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Franchisers stick to ₧1.3-T revenue goal by 2020

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By Elijah Felice E. Rosales

@alyasjah

HE franchising industry on Tuesday got a boost in its bid to achieve its P1.3trillion revenue target by 2020 with the launch of an online platform that matches investors with franchisers.

Easy Franchise General Manager Bubbles Lim said the online platform is designed to further strengthen the franchise industry by matching potential entrepreneurs with the right business for them.

Described as the Grab and Uber of franchising, the online site is intended to streamline the selection of brand for investors. “ E a s y Fr a nc h i s e e l i m i n ate s t he daunting and exhausting task of researching the legitimacy of franchises, their support features, prices and brand equity, as it puts all these in one platform,” Lim explained.

The web site allows users to check what franchise brands fits their budget and location, as well as the popular products in specific places. Currently, Easy Franchise has over 1,000 brands listed in it—all le-

gitimately registered members of industry associations, such as the Philippine Franchise Association Inc. and Association of the Filipino Franchisers Inc. Entrepreneur and TV personality RJ Ledesma, cofounder of Easy Franchise, said the platform is targeting to touch base with overseas Filipino workers (OFWs).

“OFWs want to invest in the Philippines, but they do not know where to get details. OFWs need a retirement

OFWs want to invest in the Philippines, but they do not know where to get details.

OFWs need a retirement plan, and that can come in the form of franchising.”—Ledesma

DOE lists 8 ECs undergoing technical and financial review

By Lenie Lectura

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@llectura

HE Department of Energy (DOE) has identified eight electric cooperatives (ECs) whose technical and financial performance are currently under review.

“We are now talking to eight ECs to fix the system,” said DOE Undersecretary Felix William Fuentebella on Monday.“We are not revoking any franchise. The issue here is how do we protect the good ECs, which are sometimes the target of private entities.… We will concentrate on the ailing ECs and help them.”

The review, among others, aims to identify the challenges of ECs and to find long-term and sustainable solutions. However, the DOE will not hesitate to consider other reasonable and legal options, as provided for under Republic Act 10531, or the National Electrification Administration Law, should ECs fail to live up to their respective mandates.

The eight ECs under review are Lanao del Sur Electric Cooperative Inc., Abra Electric Cooperative, Masbate Electric Cooperative Inc., Maguindanao Electric Cooperative Inc., Ticao Island Electric Cooperative Inc., Sulu Electric Cooperative Inc., Tawi-Tawi Electric Cooperative Inc. and Basilan Electric Cooperative Inc. Fuentebella said results of the review will be out within the first half of the year.

“Discussions are still ongoing. We [intend to hold a] roundtable discussion on March 6,” he said, adding that “it would be up to Congress” if their franchises will be revoked.

As far as the DOE is concerned, Fuentebella said the agency “will have to come up with detailed report” to be submitted to Cusi.

The DOE earlier recommended to the House of Representatives the cancellation of the franchises of 17 ECs. However, this was later withdrawn.

Meanwhile, National Electrification Administration (NEA) Administrator Edgardo Masongsong said his office did not submit a list of ECs whose franchise must be revoked.

“In fairness sa [to the] DOE secretary, meron tayong sinubmit na listahan [we have submitted a list] of 17 electric cooperatives on their status as electric cooperatives, status of their operations.… But, for the record, I did not recommend [the revocation of their franchises],” he said.

Masongsong reiterated that out of the 121 ECs currently operating in the country, only 10 are considered “ailing”— either they are financially bankrupt or technically incompetent—but the NEA is doing everything in its power to help turn them around.

He cited as an example the case of Camarines Sur III Electric Cooperative Inc., which used to swim in over a billion pesos of debts, but has since improved when the NEA stepped in to initiate some reforms.

“Kasama ang Casureco-III doon sa 17, pero mula ’nung tinake-over natin [Casureco III

plan, and that can come in the form of franchising,” Ledesma said.

With over 1,000 brands registered under Easy Franchise, the founders are looking to expand the base to up to 2,000 franchises listed with the platform before the year ends.

On top of this, Easy Franchise is targeting to arrange at least 1,000 contracts of franchise investments this year. The platform will still be banking on food and beverage brands, which comprise at least 60 percent of the total industry.

The online platform was founded by entrepreneurs Joe Magsaysay (Potato Corner), Anton Ojeda (ZomatoPH and BeepbeepPH) and Ledesma (Mercato Centrale and EnterPH).

The franchising industry is seeking to buck economic challenges and hit P1.3 trillion in revenue by 2020. The Philippines has the largest franchise market in Southeast Asia with more 2,000 brands operating in the market.

is included in the group of 17 but as] early as January 2017, [it has improved]. Dati may utang na [It was previously indebted by as much as] P1.2 billion, ngayon [today its debts stands at] P584 million na lang [only]. Ibig sabihin, nagawa natin ang trabaho natin [Which means that we’ve done our job],” Masongsong said.

NEA has called for a dialogue between the ECs and the DOE to find a mutually acceptable resolution to rural electrification policy issues.

Masongsong’s statement came a day after the Philippine Rural Electric Cooperatives Association Inc. (Philreca), the umbrella group of 121 ECs in the country, called for the resignation of Cusi over alleged “abuse of power.”

“It is in this context that the National Electrification Administration calls on the leaders of our electric cooperatives and the officials of the Department of Energy to engage in a dialogue and find bases of unity and work together to reconcile their respective policy positions on issues that are relevant to an industry that affects the lives of 104 million Filipinos,” he added.

As such, Masongsong urged both Philreca and DOE to resolve differences through a constructive dialogue.

“Differences of opinion are part and parcel of any vibrant and dynamic democracy.

But the developed democracies in the world have shown us that the path to prosperity lies in the ability of a nation’s leaders to sit down and work for the collective welfare of [the] people they have sworn to serve. It is my hope that the DOE and our ECs can do the same,” the NEA chief said.

Recently, Philreca passed a resolution declaring Secretary Cusi as “persona nongrata,” and calling for his immediate resignation over what they claimed “biases and pre-conceived negative notions against electric cooperatives, preference to private for-profit corporations and abuse of power.”

The group, likewise, pointed out Cusi’s “lack of genuine knowledge regarding rural electrification and cooperativism, and failure to recognize the success and gains of rural electrification and development not just because of the government through the National Electrification Administration but most especially because of electric cooperatives commissioned and considered implementing arm of the government.”

The resignation call follows the initial endorsement of Cusi on January 11 to the House of Representatives, through Speaker Gloria Macapagal-Arroyo, for the cancellation of the franchises of 17 ECs. In expressing its opposition, Philreca described the move to cancel the franchises of 17 power co-ops as unjust and biased and was done without prior consultation with the concerned ECs. At the same time, the group said the recommendation has put the EC sector in a negative light.

Tugade tells Cavite LGU: You have until June to submit Sangley airport devt proposal

By Lorenz S. Marasigan @lorenzmarasigan

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HE trans “I will not portation wait for the departunsolicited ment is giving proposal of the Cavite the local governgovernment ment of Cavite because options until the end of will always be June to formalthere. ” ly complete its –Tugade unsolicited proposal to develop the Sangley Airport into an international hub, adding that failure to meet the deadline will prompt the agency to move forward with another “option,” like considering a private sector offer for the project.

Transportation Secretary Arthur P. Tugade said he will no longer be lenient in processing the proposal of the local government unit, as it can delay the government on its target of developing more aviation hubs in the Philippines through 2022.

“I will not wait for the unsolicited proposal of the Cavite government because options will always be there. This option cannot delay what we want to have in [the] government. I’d say, middle of the year would be a reasonable time period for us to wait, otherwise, we need to decide,” he said in an interview.

The Cavite government has yet to indicate how it will fund its proposal to transform Sangley into an international airport. The national government, officials earlier said, is not keen on funding this endeavor.

Tugade said he will keep is options open for Sangley, noting that there is also an unsolicited proposal from Solar Group’s AllAsia Resources and Reclamation Corp.

The proposal of the Cavite government involves the development of Sangley Airport to have a total capacity of 130 million passengers per year and four runways through 2028. The P552.02-billion unsolicited offer, likewise, has a provision for the construction of mass-transit systems and new roads.

On the other hand, All-Asia Resources and Reclamation proposed to spend $12 billion to build the Philippine Sangley International Airport.

While awaiting these to develop, Tugade noted that the government is building up Sangley as an alternative airport for business jets for general aviation.

Currently, the government is building airside and landside infrastructure for the airport expected to be completed by the third quarter of 2019.

Once done, the military will transfer the operations of Sangley to the Civil Aviation Authority of the Philippines.

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

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

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

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Wednesday, March 6, 2019

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China sets robust growth target to shore up cooling economy

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EIJING—China’s government announced a robust annual economic growth target and a 7.5-percent rise in military spending on Tuesday at a legislative session overshadowed by a tariff war with Washington.

In a bid to defuse US and European complaints the Chinese system is rigged against foreign companies, Premier Li Keqiang promised in a speech to the National People’s Congress they will be “treated as equals” with Chinese competitors.

Li, the country’s top economic official, set this year’s growth target at 6 to 6.5 percent, reflecting official determination to shore up a cooling, state-dominated economy and prevent politically dangerous job losses in the face of US tariff hikes and weaker global demand. It is off slightly from last year’s 6.6 percent growth, a three-decade low, but would be among the world’s strongest if achieved.

The premier promised to “promote China-US trade negotiations,” but gave no details of talks aimed at ending the fight with President Donald Trump over Beijing’s technology ambitions and complaints it steals or pressures companies to hand over technology.

Li pledged higher spending on technology development the ruling Communist Party sees as a path to prosperity and global inf luence and more money for education, social programs and public works construction.

Li warned the second-largest economy faces a “graver and more complicated environment” and risks that “are greater in number and size.”

The two-week gathering of the congress’s 3,000 plus delegates in the cavernous Great Hall of the People is China’s highest-profile event of the year, but does little lawmaking work.

Instead, it serves as a platform to highlight plans for the year and set the tone for government work.

President Xi Jinping’s government is expected to use this year’s session to announce measures to support economic growth, including tax cuts and more support for entrepreneurs who generate China’s new jobs and wealth.

Companies and investors are looking for details of how Beijing will carry out promises to curb the dominance of state industry.

Legislators also are due to endorse a law that aims to ease tensions with Washington and Europe by discouraging officials from pressuring foreign companies to hand over technology.

A gathering of noncommunist groups held at the same time draws tech billionaires, movie stars and ethnic minorities to the Chinese capital.

Government spending plans reflect “emphatic pro-growth efforts” and a “commitment to offset external headwinds,” said Vishnu Varathan of

Mizuho Bank in a report.

Proposed tax cuts of up to 2 trillion yuan ($300 billion) would put “significant spending power” in the hands of consumers and companies and help to buoy sagging demand for autos, household appliances and other goods, said Varathan.

The government wants to “ensure a soft landing,” said Varathan.

Li, the No. 2 leader in the ruling party behind Xi, said Beijing will spend more on technology development including artificial intelligence, electric cars, biotechnology and new materials.

China’s emergence as a competitor in smartphones, telecom equipment, solar power and other technologies has increased the range of products available to consumers and helped to drive down prices. But it rattles Washington and other governments that worry Chinese competition is a threat to their industries and employment.

Spending on the Communist Party’s military wing, the People’s Liberation Army, will rise to 1.2 trillion yuan ($178 billion), according to a separate report issued by the finance ministry. China’s total military outlay, the second largest behind the United States, is estimated by independent experts to exceed $220 billion a year when off-budget expenses are added in.

Yue Gang, a military expert and retired Chinese army colonel, said the relatively modest rise in military spending—down from the doubledigit percentage increases of past years—reflected the new economic conditions China is facing.

“It is more urgent for China to prepare for a trade war with the US, instead of a physical war,” Yue said.

“The basic reform of China’s military structure and system are almost completed, and China needs the money to be used for more urgent matters.”

Though smaller than last year’s increase, the defense budget facilitates a massive naval shipbuilding effort and the purchase of cuttingedge aircraft and other high-tech weaponry that help China shore up its territorial claims in the South China Sea and expand its power abroad.

Li said the central government budget deficit would rise from 2.6 percent of total economic output to 2.8 percent, reflecting higher spending to stimulate the economy.

The tariff fight with Trump over Beijing’s technology ambitions has rattled Chinese consumers and investors who also worry about weakening real estate and auto sales. That is prompting some to put off spending, which could

add to downward pressure on economic growth.

News reports say Washington and Beijing might be close to an agreement to end the battle. But the chief US envoy, Trade Representative Robert Lighthizer, said earlier the two sides still had much work to do.

No agreements have been announced on the core of the dispute: US pressure on Beijing to roll back plans for state-led creation of global competitors in robotics and other technology.

Washington, Europe and other trading partners say those violate China’s market-opening obligations.

Some American officials worry they might erode US industrial leadership.

It was unclear whether Trump would be mollified by the technology measure, part of law on foreign investment that state media say the congress is due to endorse.

It would bar officials from using “administrative measures” to pressure companies to hand over technology. Foreign business groups welcomed the proposal but said they need to see details of how it will be enforced to know whether it will improve conditions.

Li tried to reassure investors by promising foreign companies will be “treated as equals” with Chinese enterprises in a “fair and impartial market environment.”

Foreign business groups and governments complain Beijing routinely violates its commitments under the World Trade Organization to ensure such equality, or “national treatment.” They say rules on investment, technology licensing and other facets of business discriminate against foreign companies or shield Chinese enterprises from competition.

Xi and other Chinese leaders have announced changes over the past year including tariff cuts on imported consumer goods and plans to allow full foreign ownership in auto manufacturing. But business groups say those have little impact on operating conditions for foreign companies in China.

Beijing faces a formal WTO challenge filed in July by the European Union against rules on technology licensing the 28-nation trade bloc said improperly hamper the ability of foreign companies to protect and profit from their technology.

Li promised “competitive neutrality,” or equal treatment of stateowned and private companies by Chinese regulators. But he gave no details of how far that might extend for foreign competitors.

“Enterprises under all forms of ownership will be treated on an equal footing,” the premier said. AP

JAPAN COURT APPROVES GHOSN’S RELEASE ON BAIL

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OKYO—The Tokyo District Court approved the release of former Nissan Chairman Carlos Ghosn on ¥1-billion ($8.9 million) bail on Tuesday, ending nearly four months of detention in Japan.

But his release hinges on the court’s decision on an appeal by prosecutors that was filed within hours of the announcement he was going to be granted bail.

The acceptance of Ghosn’s request for bail, his third, came a day after one of his lawyers said he was confident the auto executive would gain his release.

The newly hired attorney, Junichiro Hironaka, is famous for winning acquittals in Japan, a nation where the conviction rate is 99 percent.

Hironaka said on Monday that he had offered new ways to monitor Ghosn after his release, such as camera surveillance. Hironaka also questioned the grounds for Ghosn’s arrest, calling the case “very peculiar,” and suggesting it could have been dealt with as an internal company matter.

He welcomed the decision, telling reporters: “It was good we proposed concrete ways showing how he would not tamper with evidence or try to flee.”

The ¥1-billion bail set by the court is relatively high but not the highest ever in Japan. Among the conditions for Ghosn’s release were restrictions on where he can live, a ban on foreign travel and other promises not to tamper with evidence or try to flee, the court said.

The former head of the Renault-NissanMitsubishi Motors alliance has been detained since he was arrested on November 19. He says he is innocent of charges of falsifying financial information and of breach of trust.

Ghosn’s release from the Tokyo Detention Center might come as soon as later in the day.

In Japan, suspects are routinely detained for months, often until their trials start.

That’s especially true of those who insist on their innocence.

Prosecutors say suspects may tamper with evidence and shouldn’t be released. Two previous requests submitted by his legal team were denied. His previous defense lawyer, Motonari Ohtsuru, had said Ghosn’s release might not come for months.

Hironaka is among many critics of the Japanese justice system who say such lengthy detentions of suspects are unfair. He referred to the situation as “hostage justice.”

Ghosn is charged with falsifying financial reports by underreporting compensation that he contends was never paid or decided upon.

The breach of trust allegations center on a temporary transfer of Ghosn’s investment losses to Nissan’s books that he says caused no losses to the automaker. They also name payments to a Saudi businessman that he says were for legitimate services.

Ghosn’s family had appealed for his release, calling his detention a humanrights violation. Nissan Motor Co. declined to comment on the criminal case but said it was working on strengthening corporate governance. Nissan has dismissed Ghosn as chairman, although he remains on the board pending a decision at a shareholders’ meeting.

“Nissan’s internal investigation has uncovered substantial evidence of blatantly unethical conduct,” company spokesman Nick Maxfield said. AP

FACEBOOK PROHIBITS FOREIGN-FUNDED ADVERTISEMENTS FOR INDONESIA POLLS

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A K A R TA , I n d o n e s i a — Fa c e b o o k s ay s i t w i l l n o t a l l o w f o re i g n funded advertisements for upcoming presidential and legislative elections in Indonesia, the world’s third-largest democracy, hoping to allay concerns that its platform is being used to manipulate voting behavior.

The announcement on Facebook’s web site said the restriction in Indonesia took effect on Monday morning and is part of “safeguarding election integrity on our platform.”

Fa c e b o o k a n d o t h e r I n te r n e t companies are facing increased scrutiny over how they handle private user data and have been lambasted for not doing enough to stop misuse of their platforms by groups tr ying to sway elec tions.

Critics say foreign interests, and Russia in particular, used Facebook to harvest private data and disseminate paid ads that may have influenced the outcomes of the 2016 US presidential election and the UK referendum on leaving the European Union.

Indonesians vote for president and national and regional legislatures on April 17. The presidential campaign pits incumbent leader Joko Widodo against ultranationalist former Gen. Prabowo Subianto, who was narrowly defeated

by Widodo in 2014.

The social-media company, which also owns Instagram and WhatsApp and has about 2.3 billion users for its Facebook site alone, said it’s using a mix of automated and human intervention

to identify foreign-funded election ads.

It said the restriction applies to any ads coming from an advertiser based outside of the country “if it references politicians or political parties or attempts to encourage or suppress voting.”

The company said it had also prohibited f o re i g n - f u n d e d a d ve r t i s e m e n t s f o r Nigeria’s elections in February and for Ukraine’s elections later this month.

Fo r u p c o m i n g e l e c t i o n s f o r t h e Eu ro p e a n Pa r l i a m e n t a n d I n d i a , i t has said adver tisers will need to be authorized to buy political ads and a new tool will provide information about an ad’s budget, the number of people it reached and demographics about who saw the ad, including age, gender and location. AP

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FBI stepping up efforts to root out international corruption

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ASHINGTON—Aiming to crack down on money laundering and bribes to overseas governments, the FBI is stepping up its efforts to root out foreign corruption with a new squad of agents based in Miami.

The squad will focus its efforts not only on Miami but also in South America, a continent that has been home to some of the Justice Department’s most significant international corruption prosecutions of the last several years. The Miami squad joins three others based in the FBI’s largest field offices—Washington, New York and Los Angeles.

“We’re protecting the rule of law,” Leslie Backschies, the chief of the FBI’s international corruption unit, said in an interview on Monday. “If there’s no rule of law,

you’ll have certain societies where they feel like their governments are so corrupt, they’ll go to other elements that are considered fundamental, that they see as clean or something against the corrupt regime, and that becomes a threat to national security.”

The unit aims to identify violations of the Foreign Corrupt Practices Act, a US law that makes it illegal to bribe foreign officials.

The FBI has also been doing outreach to companies in a variety of industries, from oil to pharmaceuticals, to teach them about

red flags that could indicate corruption and encourage the companies to “self-report” potentially improper conduct to the bureau.

“One thing when I talk to companies, I’m like, ‘When you pay a bribe, do you know where your bribe goes? Is your bribe going to fund terrorism?’” Backschies said.

And so far, the cases the unit has brought have resulted in billions of dollars in settlements.

Last September, for instance, the Brazilian-owned energy company, Petrobras, agreed to pay more than $853 million to resolve investigations into allegations that executives paid hundreds of millions of dollars in bribes to Brazilian politicians and political parties. And in December 2016, the Brazil-based construction conglomerate Odebrecht and another petrochemical company agreed to pay more than $3.5 billion to settle charges they bribed politicians around the world through a web of shell companies and offthe-books transactions.

“We’ve seen a lot of activity

Huawei goes on legal warpath with twin North American lawsuits

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U AW E I Technologies Co., no longer content with defending itself against US accusations of espionage and bank fraud, is taking the initiative with a full-blown legal offensive.

The Chinese technology giant intends to file a lawsuit this week claiming the US gover n me nt is over ste pp in g by ba n ni n g Huawei equipment from certain networks, according to people familiar with the matter.

That complaint would come just days after finance chief Meng Wanzhou sued Canada’s government for allegedly trampling her constitutional rights—an effort to discredit the case against her as she awaits potential extradition to the US for bank fraud.

The long-secretive Huawei began to open up this year with founder Ren Zhengfei giving interviews to foreign media and personally denying accusations his company aids Beijing in espionage. But the legal effor t signals a more aggressive assault on its American accusers, who have been trying to persuade other countries to ban Huawei gear from communications networks.

Huawei’s lawsuit against the US is aimed at a law that blocks certain government agencies from using equipment from Huawei and its domestic rival ZTE Corp., the people said. Huawei is likely to argue that it’s unconstitutional to single out a person or a group for a penalty without trial, they said. Huawei declined to comment on the lawsuit, which was first reported by the New York Times.

Meng’s complaint is more personal. In a civil suit filed on Friday, she claims officers failed to immediately arrest her on December 1 in Vancouver on a US extradition request and instead first detained her under the guise of a routine custom check to “unlawfully compel her to provide evidence and information.” The suit, filed in the Supreme Court of British Columbia, is against the Canadian Border Services Agency, a Royal Canadian Mounted Police officer and the Canadian government.

Her action is “probably an effort to raise the stakes for the Canadian government,” Craig Forcese, a law professor at the University of Ottawa with expertise in international and constitutional law, said by e-mail. “One might call it a form of ‘lawfare.’”

Canada’s Justice Minister David Lametti will ultimately be the one to sign off on any ex tradition—Meng’s allegations about her arrest could potentially play into that final decision.

According to the complaint, the officers detained Meng on the jetway as she was getting off a flight, took away two phones, an iPad and a computer, then got her to surrender the passwords to those devices. She was formally arrested only about three hours after her initial detention, the claim says.

Huawei is increasingly in the crosshairs of the US government and its allies, just as it’s pushing for leadership in supplying fifth-generation wireless technology. Countries are preparing to spend billions on the potentially revolutionary equipment aimed at enabling everything from

smart highways to self-driving cars.

Yet, the world’s top provider of networking gear faces the prospect of being shut out of pivotal infrastructure markets, as it faces criminal charges in the US and an American effort to convince allies not to use its equipment. The clash has complicated negotiations between Washington and Beijing as they try to hammer out a trade deal.

It ’s not clear how effec tive Huawei ’s lawsuits will be. The Justice Depar tment has sued Huawei for alleged theft of trade secrets, separate from its case against Meng.

The US is seeking Meng’s handover to face fraud charges, alleging she lied to banks to trick them into processing transactions for Huawei that potentially violated Iran trade sanctions. The allegations date back years—a main pillar of the US case is a July 2013 PowerPoint presentation that Meng gave to a HSBC Holdings Plc. executive.

In the CFO’s suit in Canada, she seeks damages for misfeasance of public office by customs officials, breaches of her constitutional rights and false imprisonment, according to the suit.

“Each of these causes of action has distinct elements—none will be easy to establish,” Forcese said.

Wh i l e Ca n a d a’s Ch a r te r r i g ht s at t a c h to all people, regardless of nationality or immigration status, courts have tended to concur with the government that such rights are “more attenuated at the border,” he said.

One Supreme Court ruling, for example, clearly noted that people don’t expect to be able to cross international borders free from scrutiny.

Whatever evidence Canadian authorities obtained at the airport is likely irrelevant to the bank fraud case, Forcese said. Furthermore, in Canada, extradition hearings aren’t trials, and admitting new evidence is difficult.

That said, extradition judges can rule on constitutional issues, says Gary Botting, a Vancouver-based lawyer who’s been involved in hundreds of extradition cases.

“If the judge finds that the violation of Charter rights negatively impacted the extradition process, including the fairness of the hearing, he or she will be obliged to discharge her,” Botting said. “Then the civil proceedings will begin in earnest.”

Given Meng’s wealth—she’s the daughter of Ren—few believe that financial co m p e n s at i o n i s t h e m o t i vat i o n fo r t h e lawsuit. Shor t of being released, the civil suit could help her defense obtain more disclosure in her ex tradition case.

“The obligation of the parties to provide full disclosure in the civil case may simplify the task of the extradition team,” said Botting.

The civil case is unlikely to undermine any key elements of the extradition case but could still affect the outcome, said Carissima Mathen, vice dean of law at the University of Ottawa. “It is possible that this could feed into an abuse of process claim whereby the extradition judge is asked to throw out the entire thing. If so, then that would delay the main proceedings,” she wrote in an e-mail. Bloomberg News

in South America—Odebrecht, Petrobras. South America is a place where...we’ve seen corruption. We’ve had a lot of work there,” Backshies said.

“But not just South America.

Miami itself, it’s an economic center,” she added. “It’s a big flow of money in and out of Miami. It’s a city where we see individuals hiding their money, through shell companies, through real estate, through boating.”

More broadly, special counsel Robert Mueller’s Russia investigation has shone a spotlight on international corruption. Former Trump campaign chairman Paul Manafort is being sentenced on Thursday in federal court in Virginia on charges that he evaded taxes on millions of dollars in income received through political consulting on behalf of a pro-Russia Ukrainian political party, and that he concealed his money in undisclosed foreign bank accounts.

Prosecutors have scored 34 convictions in cases brought by the international corruption unit

from 2016 until 2018. The cases are often longer-running and more financially complex than other crimes the FBI investigates.

Agents also have to be conscious of any potential political ramifications because international corruption cases can have widespread effects that influence elections and economies, Backschies said. In addition to regular conversations about cases, FBI supervisors meet with lawyers at the Justice Department in Washington each quarter to review potential prosecutions and the possible consequences.

“These cases are very politically sensitive, not just in the US but overseas,” she said. “When you’re looking at foreign officials in other governments—I mean, look, in Malaysia, the president wasn’t reelected. We saw presidents toppled in Brazil. These are the results of cases like this. When you’re looking at high-level government officials, there’s a lot of sensitivities.”

The agents are working to ensure there’s “a place where business

can compete fairly,” and in most cases other governments are glad to accept the FBI’s help in rooting out corruption, Backschies said.

“You can’t just have one agent or two agents in a field office addressing it.... You can’t be working this two hours a week. It’s just not going to work. You need full-time dedicated resources,” she said.

The unit had been splitting cases involving South American countries between the three other offices before Backschies decided they should refocus their resources and add agents in Miami. The new squad will be comprised of six agents, who will start in their roles later this month, plus a supervisor and a forensic accountant.

Unlike other FBI field office squads that focus on violent crime and public corruption and report to local leadership, this one will answer to officials at headquarters in Washington.

“Beverly Hills, New York, Miami—these are cities where we find people hiding their money” in real estate and boating, Backshies said. “They’re attractive cities for that.” AP

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editorial

Surviving El Niño

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WEATHER phenomenon named by Peruvian fishermen after the Christ child is threatening to upset food production in the Philippines.

Dubbed “El Niño,” which is Spanish for “the Child,” it is now wreaking havoc on crops production.

An initial assessment made by the Department of Agriculture (DA) said El Niño has already destroyed at least P150 million worth of major cash crops, such as rice and corn. (See Initial damage to farms from El Niño hits P150M, BusinessMirror, March 4, 2019).

Farmers could incur more losses in the coming months as the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) projected that the country would experience a “full-blown” El Niño in the coming months. From now until June, Pagasa said 19 provinces will likely experience drought, while some 50 provinces could see “way below normal rainfall.” Drought is devastating particularly to farmers planting rice because the crop requires a lot of water. Rain-fed farms in affected areas, or those relying on rain for irrigation, may not be able to plant rice in the first half.

El Niño episodes are not new in the Philippines. The weather phenomenon had wreaked havoc mostly on crops production and forced the government to import some 2 million metric tons (MMT) of rice in 1998 and in 2010. Production of the staple fell as El Niño dried up farms and destroyed standing rice crops.

These episodes, however, should have taught the national government to put in place a mechanism that could be activated once the state weather bureau confirms that El Niño (or La Niña) would affect the country. This would require the cooperation of local government units (LGUs) as agriculture extension services have been devolved to them. Local agriculturists could help the national government carry out activities that will help farmers prepare for and cope with the ill effects of climate change.

There are available technologies that farmers can tap so they can cope with the ill effects of climate change. When El Niño threatened the country in 2016, the Philippine Rice Research Institute (PhilRice) urged farmers to plant early-maturing varieties, such as PSB Rc10 (Pagsanjan), NSIC Rc130 (Tubigan 3) and NSIC Rc152 (Tubigan 10), in lowland irrigated areas. Those in upland areas could consider planting drought-tolerant varieties, such as the PSB Rc80 (Pasig), PSB Rc9 (Apo) and NSIC Rc23 (Katihan 1).

The attached agency of the DA also told farmers to use water-saving technologies, such as controlled irrigation or alternate wetting and drying, aerobic rice, drip irrigation and reduced tillage technology. The DA must reach out to farmers in areas that will be hit by El Niño. While information is available on the web site of PhilRice, not many farmers have access to the Internet. The DA must mobilize municipal agriculture officers in affected areas so they can assist the national government in educating farmers on El Niño-ready technologies.

The onslaught of El Niño comes at a worse time because of the changes in the country’s rice trade regime due to Republic Act 11203. El Niño would only compound the difficulties confronting farmers and traders with the implementation of the rice trade liberalization law. Stakeholders in the rice industry are still adjusting to the changes and it doesn’t help that the rules for bringing in imports remain unclear.

Economic managers expect the law’s implementation to reduce the prices of rice by as much as P7 per kilogram. But its impact will not be immediate, so the government must act fast if it wants to temper inflation. The government must remember that traders took advantage of the depletion in the buffer stock of the National Food Authority and the implementation of the Tax Reform for Acceleration and Inclusion law to jack up food prices last year.

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FREE FIRE Continued from A1

F

OREIGN Minister Taro Kono’s visit testifies to our long-standing friendship and, since 2011, our strategic partnership—one continually affirmed at the highest levels by our leaders. This strategic partnership is anchored on mutually beneficial cooperation founded on a shared adherence to universal values, including freedom, democracy, the rule of law, respect for basic human rights, and a free and open economy, as well as our shared aspiration for peace, stability and prosperity for our larger region.

Today, with our delegations, Minister Kono and I engaged in a candid and, therefore, productive discussion and exchange of views.

We reaffirmed the strength of our strategic partnership, taking stock of progress in broad areas of fruitful cooperation. From there we proceeded to examine our cooperation in defense, maritime security, infrastructure development, human resource development, health, disaster risk reduction and management, and people-to-people exchanges —in each case reaching understandings and making commitments to specific undertakings.

We focused on Mindanao and helping the region reap the dividends of a long promised and much delayed peace. We emerge from this morning’s meeting freshly confident

about prospects for realizing Mindanao’s promise in the wake of positive, indeed striking developments, in bringing Bangsamoro to reality.

The inauguration of the Japanese Consulate-General later this evening demonstrates Japan’s enduring commitment to Mindanao, especially with the ratification of the Bangsamoro Organic Law. That the political exercise took place at all—and that all the parties concerned took part in was victory in itself. It substitutes the narrative of secession and war with a narrative of democracy and progress.

Japan is at the forefront of the road to the realization of Mindanao’s great promise. The Road Development Project in Conflicted-Areas in Mindanao, on which we exchanged notes, is an important step toward that goal by allowing communities

Is Japan the next Saudi?

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

Online Editor Social Media Editor

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Strengthening PHL-Japan strategic partnership

Susan V. Ople

SCRIBBLES

D

URING the oil boom from the ’70s to ’80s, the Kingdom of Saudi Arabia tapped Filipino construction companies to build its infrastructure from desert sands. These companies, aided by the Ministry of Labor during my father’s time as labor secretary, brought our best construction workers and engineers as pioneers in overseas employment. For more than 40 years, Saudi Arabia remains the No. 1 destination country for more than a million overseas Filipino workers (OFWs).

The Kingdom, however, is undergoing somewhat radical political and economic changes. Its Saudization program is deemed irreversible with thousands of Filipinos forced to go home with their jobs offered to Saudi nationals. The steep drop in oil prices and heavy defense spending took its toll on government-funded construction projects that led to massive retrenchment of foreign workers. Un-

til now, thousands of Filipino workers associated with Saudi Oger and MMG construction firms have yet to receive their end-of-service benefits, as well as a considerable amount of back pay since their retrenchment more than two years ago.

After visiting Saudi Arabia in October last year, Labor Secretary Silvestre H. Bello III declared a 30 percent drop in the deployment of OFWs to the

long ravaged by conflict to heal, to live and work in safety, and enjoy the dividends of peace.

On a broader level, we agreed to sustain and further strengthen economic cooperation. The story of Japan’s engagement with the Philippines is about being at the pinnacle of key aspects of international interaction—Japan is the number one source of ODA, she is our largest investor, our second biggest trading partner, and our fourth largest tourism market. I thank Minister Kono for reaffirming Japan’s desire to maintain its eminent stature among Philippine partners in progress.

Infrastructure cooperation figured prominently in our discussions.

In the context of the President’s infrastructure program, Japan’s commitment, generosity and technological know-how is ushering in an era of accelerated modernization.

Nowhere is this more evident than in the upcoming groundbreaking of the Philippines’s first subway, which President Duterte said heralds a new, historic stage in Philippine transportation and urban development.

Such projects set the pace and raise the bar for future collaboration. Both our governments have committed to continue this trajectory.

Our economic cooperation is mutual; we recognized the space that exists for the Philippines to contribute to Japan’s own ongoing economic revitalization. In this world of interconnected economies, Japanese participation in Philippine progress helps drive Japan’s growth.

Just as significantly, we reviewed

our defense and security engagement, and pledged to persist in our efforts to open new doors for cooperation in this field—in terms of equipment, education and training, and other modalities. Japan will stay our steady partner in strengthening our defense capabilities as we modernize our armed forces and bolster maritime security in the region.

This particular area of cooperation does not exist in a vacuum; it takes place in the context, and under the intense pressures of the larger regional security situation. We both recognize that the regional security environment is fraught with challenges, including in the West Philippine Sea and the Korean Peninsula. As maritime countries with unique similarities; as neighbors whose sea-lanes of communication may be similarly affected by recent developments; we recognized the imperative of further bilateral cooperation. At the same time, we acknowledged that keeping and promoting the region’s peace and stability is a collective responsibility; one that must be underpinned by mutual trust, sincere dialogue and functional cooperation.

The two of us come from a productive meeting this morning with a single mind—that our two countries must sustain the effort to keep and to grow the gains of our Strategic Partnership. Building on past achievements, and seizing opportunities offered by the future, this partnership will flourish and endure. Thank you.

Kingdom with the ongoing Saudization program. The labor secretary went to Saudi Arabia to oversee the repatriation of 1,473 displaced OFWs from Azmeel Contracting Corp. He also noted that Saudi nationals have taken over the jobs of Filipino workers in the retail sector.

Enter Japan. Among industry players, the country that most excites our recruitment agencies is Japan. From farm workers to hotel workers, Japan is in need of employees in almost all categories. Unlike in Saudi Arabia, which is very much open in its labor migration policies and programs, Japan is more cautious, preferring to dub its foreign workers as “trainees” or “technical interns”. Whatever the description, there is much talk of Japan being the next Saudi Arabia for our OFWs, mainly because its aging population has led to a severe human resource shortage.

Japan recently passed a controversial law that would enable skilled migrant workers to extend their stay from five to 10 years and bring in family members with a path

toward Japanese citizenship. All foreign workers to be considered under this new law would have to pass a language competency and skills assessment tests. The law would take effect this April. Meanwhile, technical interns, including those from the Philippines, are now eligible for employment as long as basic language requirements are met.

Compared to Saudi Arabia, Japan is not used to having foreign workers in such great number. Unfortunately, in some sectors such as construction and nursing care, the ratio between job vacancies and local job applicants is 4:1. The ultra-conservative Japanese parliament felt it had no other recourse but to reluctantly open its doors wider to migrant workers in order to address the critical shortage of workers in 14 industries. The number of foreign workers needed by Japan is sizable. For caregivers alone, the recruitment industry notes that at most 800,000 would be needed to look after the elderly.

For Elsa Villa, president of the Philippine Association of Service See “Ople,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Meeting the challenge of a new telco player

Firearms bond Dennis B. Funa

INSURANCE FORUM

Atty. Johannes Benjamin R. Bernabe

Competition Matters

T

HE search for a third telco may have presumptively concluded with the selection of Mindanao Islamic Telephone Co. (Mislatel), and the approval given by the Senate to the transfer of controlling interest therein to a consortium led by Udenna Corp. and China Telecom. However, the challenge to ensure that the third telco lives up to the expectations of consumers for fast and reliable Internet and better overall quality of telecommunication services remains to be hurdled.

Indeed, while Mislatel will benefit from the assignment of relatively large swathes of 5G frequency—which is supposed to be the next big thing in terms of delivering hyper-speed Internet—it is not as if the technological hardware needed to provide this service is immediately available. Some experts say it will take another two years before smartphones that can use this frequency will become widely available. In the meantime, Mislatel practically has no 2G frequencies to work with. These frequencies are needed for the delivery of basic call and text functions to consumers, especially those who do not use smartphones. Though some insist that this situation is not a big deal, given that mobile phone users are ditching their old phones for the increasingly affordable smartphones, the latest figures show that at least 1 out of every 3 Filipinos are still not smartphone users. This means that while it awaits deployment of the much-hyped 5G technology, Mislatel is foreclosed from a third of the market.

T hese circumstances highlight the importance of two issues many pundits have been pushing for: first, the implementation of a credible spectrum-management plan that will allocate frequencies rationally and in a pro-competitive manner among telco providers.

Currently, Smart has approximately a total of at least 400 megahertz (Mhz) of bandwidth, while Globe has about 325 Mhz. Mislatel has been assigned around 210 Mhz, 120 of which pertain to the 5G, thus leaving it with only 90 Mhz to work with, at least in the first couple of years of its operation.

Many have questioned the inequity of these allocations, and the Philippine Competition Commission itself had initiated a review of whether the assumption by Smart and Globe of frequencies previously held by San Miguel Corp. subsidiaries was likely to substantially lessen competition. (Note: The conduct of this review was challenged by Smart and Globe before the Court of Appeals, and the case is now pending before the Supreme Court.) A sound spectrum-management plan should preclude hoarding and sitting on bandwidth by telcos that have no reasonable use for these, but rather incentivise optimal use of these frequencies by other telco players. The legal definition and parameters of what constitutes “use” should be reviewed such that mere procurement of equipment without otherwise implementing a preapproved rollout program will not justify retention of assigned frequencies.

Second, the lack of available or sufficient frequencies in certain

bandwidths, such as in the 850900 Mhz range, which is used for the delivery of 2G calls and texts, suggests for many that “national roaming” whereby other telco players can co-use the frequencies held by incumbents, should be allowed by the government, at least during the period that the spectrummanagement plan is not yet fully implemented. Indeed, in other jurisdictions such as the European Union, competition authorities have recognized the validity of agreements that provide for the ability to roam on other telco providers’ network. This ties in with the doctrine of “essential facilities,” where the control over a product by a dominant incumbent(s) leads to certain obligations, including allowing access to the facilities or product held by the incumbent(s), which has been applied in the telecom sector in numerous countries.

The memorandum of agreement between the Department of Information and Communications Technology and the National Grid Corp. of the Philippines, which enabled Mislatel to have access to the nationwide physical infrastructure of NGCP, including the “dark fiber” or unused fiber optics built into it, is certainly a tremendous assist in lowering the start-up cost for Mislatel as it dispenses with the need for constructing its own backbone and helps it attain competitive viability in short order. So does the Common Tower Policy being pursued by the DICT, bogged as it is by issues on whether Smart and Globe can continue to build their own towers and a limit on the number of tower companies should be imposed. The Mobile Number Portability Act recently signed into law by President Rodrigo Duterte, which ensures that the “switching cost” from one telco to another is minimized insofar as it enables consumers to retain their phone numbers, is another boon to Mislatel. This is particularly relevant as, given the oversaturation of mobile-phone subscriptions in the Philippines, Mislatel expects to garner customers from existing Smart and Globe subscribers rather than new users.

The Duterte administration has notably pushed aggressively for the introduction of a third telco to challenge the duopoly of the dominant incumbents, Smart and Globe. How much further is it willing to go?

Commissioner Bernabe served as adviser to the Senate and the House of Representatives in the drafting of, and deliberations on, the Philippine Competition Act. A lawyer by profession, he was a senior fellow at the Geneva-based International Centre for Trade and Sustainable Development and served as the Philippines’s lead trade negotiator on select issues at the World Trade Organization, also in Geneva, Switzerland.

U

NDER Republic Act 10591, otherwise known as the “Comprehensive Firearms and Ammunition Regulation Act”, there are generally two instances when a firearmsrelated bond may be required by the Firearms and Explosives Office of the PNP. First, a bond is required for Licenses to Own and Possess Firearms, including its renewal, issued to individuals (Section 9) and to juridical entities, as well as local government units and government-owned and -controlled corporations, known as the firearm bond. Compliance with the bond requirements is a must before a registration card can be issued for each firearm. A firearm bond is imposed for each firearm registered under a licensed citizen.

Second, a bond is required for licenses issued to manufacturers and dealers of firearms and ammunitions (Section 13), known as the License to Manufacture and the License to Deal, respectively. The purpose of

these bonds is “as security and as a commitment to comply with all the existing laws and regulations of” the implementing rules and regulations. A surety bond is also required for the licensing of gunsmiths, both individuals and juridical entities.

For licenses issued to individuals, a bond is required only for those issued with Type 3, 4 and 5 licenses (Section 9, last sentence).

Type 3 license allows a citizen to own and possess a maximum of 10 registered firearms; Type 4 allows for maximum of 15 registered firearms; and Type 5 allows a citizen, who is a certified gun collector, to own and possess more than 15 registered firearms. Only small arms may

Wednesday, March 6, 2019 A11

be registered by licensed citizens or juridical entities for ownership, possession and concealed carry (Section 10). A license issued to an individual necessarily includes the license to possess ammunition of a maximum of 50 rounds; but more may be allowed for a licensed sports shooter (Section 12). A license to possess shall be renewed every two years, while the registration of a firearm shall be renewed every four years (Section 19). For a license to own and possess to be issued, the applicant must be a Filipino citizen, at least 21 years old and has gainful employment or business or has filed an Income Tax Return for the preceding year (Section 4).

For licenses issued to manufacturers and dealers of firearms and ammunition, including its renewal, one of the requirements is a surety bond.

The secretary of the Department of the Interior and Local Government or the chief of the Philippine National Police shall indicate the amount of the bond before the issuance of the license (Section 13). A surety bond is also required for manufacturers of reloading machines. A license to deal, including its renewal, authorizes the purchase, sale and general business in handling firearms and ammunition, major and minor parts

Bloomberg Opinion

A

GROUP of senators from both parties are threatening to sanction Saudi Arabia over the killing of a US-based journalist after a briefing

by Trump administration officials failed to quell their concerns.

“The Senate is going to have to decide whether to impose its own

sanctions,” Republican Senator Marco Rubio of Florida after the briefing on Monday for members of the Senate Foreign Relations Committee on the administration’s response to a request that President Donald J. Trump order a full investigation of Washington Post columnist Jamal Khashoggi’s death.

Democratic Senator Bob Menendez of New Jersey said after Monday’s briefing that sanctions “should be levied.”

Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016.

E-mail: dennisfuna@yahoo.com.

The dark side to making tax returns public

land, November 1, when the returns are available, is known as “National Jealousy Day”) and exposes wealthy individuals to criminals who covet their money. The privacy argument was the reason the US stopped disclosing individuals’ tax returns in 1926, just two years after public availability began. Security motivated Japan’s abolition of the practice in 2005, after 55 years; in Japan, only the wealthiest taxpayers, up to 440,000 of them at the system’s high point in the 1970s and early 1980s, were subject to the disclosure regime.

The Nordic countries have stuck to their guns, though. The practice of public disclosure, which dates back to the 18th and 19th centuries, fits these countries’ communal, egalitarian ethos, though it’s also been

criticized for privacy and security reasons.

In Finland a person’s tax information is obtainable by visiting a tax office; in Sweden, the tax authorities provide information over the phone and take the requesters’ names to pass on to the tax filer; in Iceland, the data can only be viewed for two weeks a year. Norway makes it the easiest—the data are available on the Internet, and for a time, there were apps that allowed the curious to look up the incomes of everyone living near a particular location or to rank Facebook friends by income. Now, the searches can no longer be conducted anonymously, and the number of searches has dropped considerably, but it’s still a widespread practice.

When Internet disclosure was introduced in Norway in 2001, reported incomes jumped by about 3 percent, likely due to a shaming effect.

But if the transparency helps the Nordic governments boost tax revenue, it also makes life worse for people at the lower end of the income distribution. Perez-Truglia discovered that the 2001 change increased the gap in life satisfaction between the wealthier and poorer Norwegians by 21 percent and the gap in self-reported happiness by 29 percent. “The rich may be happier because they learned that they were richer than they thought, while the poor may be unhappier because they learned that they were poorer than they thought,” Perez-Truglia wrote.

This implies, according to the economist’s calculations, that income comparisons account for 22 percent of the modern Norwegian’s happiness perception. Even in a country with one of the lowest inequality levels in the developed world, it’s important for people to keep up with the Johansens. And especially in such a country, people tend to see their income as closer to the average than it really is.

The results obtained by PerezTruglia covered a period before the Norwegian government de-anonymized the tax return searches, so perhaps that move has smoothed the negative well-being effect somewhat.

The economist suggests that it would be a good policy to combine nonanonymous specific searches with an opportunity to access an anonymized tax return dataset for research and comparison purposes: Perhaps that would make comparisons less painful.

I like the idea of access to reliable income data, and I’d like to see Trump’s tax returns, too. I doubt, however, that it would serve the greater good in most countries to make tax return data available. Envy is part of human nature, and it doesn’t make sense for governments to feed it, especially in countries with an economic model that stresses effort rather than fairness. The Scandinavian practice is really for countries that have more or less conquered inequality—and even there it can put lots of people in a gloomy mood.

and one of the founders of Jepca, said that the Philippine government and recruitment industry must work hand-in-hand to protect the lucrative and dynamic Japan labor market from those who wish to exploit it for short-term gain.

Jepca stands for Japan Employment Providers of the Philippines and Consultants Association, a POEA-recognized industry association. “We are thinking of proposing to the POEA that a prequalification and certification process be adopted to ensure utmost professionalism among recruitment

agencies with a keen interest in the Japan market.”

Administrator Bernard Olalia of the Philippine Overseas Employment Administration anticipates that Japan will be the next biggest labor destination country for Filipinos. An average Filipino caregiver in Japan can earn upward of P50,000 net of taxes. Once a Filipino worker is accepted as a technical intern, the Japanese principal will shoulder the tuition fee for his or her language training here in the Philippines.

Japan’s stable economy, lucrative

salary scales, and proximity to the Philippines make it a better option for our skilled workers to consider.

To keep this market secure and stable, the POEA and our Philippine Embassy, especially the office of the labor attaché, must streamline processes. Vietnam, Cambodia and Indonesia are considered our main competitors for the Japan market.

We don’t need to diminish our safeguards for the protection of OFWs, but we certainly need to speed up the process in deploying qualified workers to a first-world country such as Japan.

Leonid Bershidsky

BLOOMBERG

P

RESIDENT Donald J. Trump has been able to stymie Democrats’ demands to see his tax returns, arguing that his information should remain strictly private. This wouldn’t be an issue in Norway, Sweden, Finland and Iceland, where all individuals’ tax files are accessible to the public. But the practice of full openness has drawbacks: it undermines the well-being of poorer residents, according to a new study by Ricardo Perez-Truglia from the University of California, Los Angeles.

Making everyone’s income tax returns available is seen as a way to increase the risk for cheaters. Jealous neighbors or ill wishers could report to the authorities when someone’s declared income looked out of sync with their consumption or lifestyle.

There’s a public benefit in opening up data about the kinds of tax minimization strategies people use, and in figuring out the true extent of income inequality rather than relying on “softer” data from surveys. It helps the media’s mission to be able to look at the tax returns of the rich and powerful: The Trump saga is a case in point.

The two main objections to public disclosure are privacy and security.

Opening up the returns sometimes appeals to negative impulses (in Fin-

Ople. . .

continued from A10

Exporters Inc. or Pasei, there is a stark difference between Japan and Saudi Arabia, aside from the obvious cultural and geographic differences.

“Japan has a different economic status than Saudi Arabia, thus, a different need for migrant workers. Also, Japan’s domestic politics that governs migration is entirely different from Saudi Arabia whose openness makes foreign labor welcome.”

Nora Braganza, the president

Senators threaten Saudi sanctions after Trump misses deadline

By Erik Wasson

of firearms, accessories, spare parts, components and reloading machines (Section 3 [f] and 16). And again, one of the requirements is the dealer’s surety bond.

It is observed that the amounts of bonds are not indicated in the implementing rules and regulations. These need addressing.

The premium rate for such firearms bonds is now regulated by Circular Letter No. 2018-47, dated September 13, 2018, re: Amended Rules and Regulations on the Issuance of Bonds. The rates for these bonds are provided for in Schedules I and II, attached to the said Circular Letter.

The rate for firearm bonds of up to P15,000 is 1.92 for individuals; 2.880 for the ROTC armory; and 3.840 for the dealer’s bond. A specific schedule of rates is provided for higher amounts of bond in Schedule II. The bond rates are to be computed per secured firearm. Surety companies authorized to issue firearms bond are mandated to abide by the premium rates issued by the Insurance Commission. In other words, they are tarrified and regulated.

Foreign Relations Chairman Jim Risch didn’t call for sanctions, but said lawmakers would be discussing what to do next. “This is a work in progress, and we will not let it go,” the Idaho senator said in a statement.

The lawmakers sought the briefing after the Trump administration didn’t make a determination by a February 8 legal deadline to report to Congress whether the Saudi government was re-

sponsible for Khashoggi’s killing. The missed deadline prompted criticism from Republicans and Democrats.

In October, the former chairman of the Senate Foreign Relations Committee, Bob Corker of Tennessee, and Menendez, the top Democrat on the panel, sent a letter to the administration invoking the Magnitsky Act of 2016 to demand an investigation of Khashoggi’s death and determine

whether new sanctions should be imposed on Saudi Arabia.

Instead of a determination under the act, Secretary of State Michael Pompeo sent a letter last month describing “ongoing efforts to seek justice” in the case. The letter prompted Risch to seek Monday’s briefing, which was delivered

by Manisha Singh, acting undersecretary of state for economic growth, energy and the environment, and Andrea Gacki,

director of the Treasury Department’s Office of Foreign Assets Control.

Senator Lindsey Graham, a South Carolina Republican, called the briefing “a complete waste of time.” He added, “We are going to get with our members and find a way to push the system.”

Senator Jeff Merkley, an Oregon Democrat, said senators are discussing “if the president is not going to act, then should we as a Senate act.”

2nd Front Page BusinessMirror

A12 Wednesday, March 6, 2019

www.businessmirror.com.ph

Diokno as BSP gov: Here’s what experts see

S

OME local economists were surprised by the President’s decision to appoint an outsider as Bangko Sentral ng Pilipinas (BSP) governor, but others described Budget Secretary Benjamin E. Diokno, a noted economics professor who has served in two administrations, as competent.

The strongest endorsements came from UP School of Economics Professor Toby Melissa Monsod and University of Asia and the Pacific School of Economics Dean Cid Terosa.

Terosa said, however, the timing of his appointment at the BSP is unfortunate given the corruption allegations at the Department of Budget and Management (DBM). Still, he thinks Diokno’s competence will eventually “appease the market.”

“Secretary Diokno is technically competent but allegations of cor-

ruption in the DBM may weaken market response to his appointment. It’s unfortunate that he was appointed as BSP Governor amid raging corruption issues raised by the opposition, but his readiness for the job will soon appease the market,” Terosa said.

Despite such concerns, the Bankers Association of the Philippines (BAP) welcomed Diokno’s designation as successor to the veteran central banker Nestor Espenilla Jr., who died recently at age 60 after serving just a little over a year at the helm of the BSP where he

had risen from the ranks. Finance Secretary Carlos G. Dominguez III also hailed Diokno’s appointment to the BSP. Related story in Banking and Finance page, B3.

Advice to Diokno

MEANWHILE, alluding to the ongoing tiff of Diokno with some House leaders, Terosa said, “My advice for him is to deflect all these corruption allegations with resolute and prudent actions that will stabilize the price environment.”

Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III congratulated Diokno and expressed hope that he will “stay the course.” He said this meant “asserting BSP’s independence.”

To Ateneo School of Government (ASOG) Dean Ronald Mendoza, the President’s appointment of Diokno to the BSP did not come as a surprise given the President’s track record.

“At this point very little surprises me as far as Duterte appointments go,” Mendoza said, apparently referring to past ob-

Does BSP chief need CA approval?

By Bernadette D. Nicolas

I

@BNicolasBM

NCOMING Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said he doesn’t need to go through confirmation proceedings at the bicameral Commission on Appointments (CA).

CA, which confirms the appointments made by the President, is composed of members of the two chambers of Congress. Diokno has been at loggerheads with ranking House leaders over the 2019 budget. House Appropriations Committee Chairman Rolando G. Andaya Jr. accused Diokno of making

anomalous insertions in the 2019 national budget.

“No,” Diokno said in a text message to the BusinessMirror when asked if he will still have to go through CA’s confirmation.

The BSP charter states: “The Governor of the Bangko Sentral shall be head of a department and his appointment shall be subject to confirmation by the Commission on Appointments.”

For its part, Malacañang did not deny that Diokno will undergo CA confirmation but expressed confidence that because of Diokno’s competence, integrity and expertise, he will get the CA nod.

NORTHEASTERLY SURFACE WINDFLOW AFFECTING LUZON AND VISAYAS EASTERLIES AFFECTING MINDANAO as of 4:00 pm - March 5, 2019

“Well, that’s their call. We have a good man there, we have an experienced man, we have an expert man, we have a man of integrity,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a briefing on Tuesday.

Moreover, Panelo also said he doesn’t think that the budget issues will impede the approval of his appointment.

The House of Representatives earlier said it will continue its investigation into alleged insertions in the 2019 budget even after the budget is passed.

See “BSP chief,” A2

“Secretary Diokno is technically competent but allegations of corruption in the DBM may weaken market response to his appointment. It’s unfortunate that he was appointed as BSP Governor amid raging corruption issues raised by the opposition, but his readiness for the job will soon appease the market.”—Terosa

servations that Duterte was inclined to “recycle” officials facing controversies—first letting them go, and then naming them to other positions.

Analysts’ take

THE surprise appointment of Diokno as Central Bank governor may put pressure on the currency on concern monetary policy might be influenced by the government, analysts said.

The peso slumped 1 percent to 52.24 per dollar in Manila, its biggest drop since August 2013 and leading declines among emerg ing-m a rket c u r renc ies.

New laws. . .

Continued from A1

“The decline in prices of rice and agricultural commodities brought about by the appreciation of the peso and the increase in supply of rice imports will improve consumer outlook and prop-up domestic demand,” he added.

Pernia said other measures that should be “aggressively” pursued to attract new investments and reduce the cost of expanding production capacity of existing firms include the full implementation of the Ease of Doing Business-Efficient Government Service Delivery Act of 2018.

The Neda chief said this will yield significant improvements in the business and regulatory environment across all levels of governance.

Also eyed by the economic team is the passage of the amendment to the Public Service Act, as well as the proposed amendments to the Retail Trade Liberalization law.

Pernia said the amendment to the Public Service Act will help encourage competition in the air, maritime and road transport, as well as logistics services.

The Retail Trade Liberalization law, Pernia said, aims to reduce barriers to the entry of foreign investments by easing the equity and capitalization requirements.

Pernia said these legislative efforts will help the manufacturing sector, particularly the small and medium-sized enterprises (SMEs).

“The proposed amendment on the Foreign Investments Act of 1991 could be another boost to the manufacturing sector. Considered as a priority bill, it is expected to lower the employment threshold from 50 to 15 direct employees for foreigners investing $100,000 in SMEs,” he said.

“These measures are vital considering that manufacturing is expected to be dampened by less optimistic business and consumer outlook in the first quarter of the year. Higher domestic oil prices, rising adjustment in electricity rates, and weather disturbances are expected to exert upward price pressures on the cost of inputs,” Pernia added.

Factory output

THE PSA reported that the declines in food, basic metals, nonmetallic mineral products, chemical products, tobacco, fabricated metals, and machinery (except electrical), contributed to the low manufacturing output in January.

Meanwhile, the PSA traced the VaPI’s decrease to the decline in 11 industry groups led by basic metals with a drop of 13.5 percent.

The list of products that posted contractions in VaPI included chemical products, food, vegan and animal oils, coconut products, and other products.

Meanwhile, average capacity utilization rate in January 2019 for total manufacturing was recorded at 84.2 percent, which is slightly higher than the 84.1 percent posted in January 2018.

The sectors with the highest average capacity utilization were petroleum products with 89.7 percent followed by basic metals with 88.6 percent and nonmetallic mineral products at 86.3 percent. Cai U. Ordinario

Some Central Bank watchers had expected Duterte to name one of the three deputy governors, or someone from the banking sector to succeed Espenilla.

“It is seen negative in view of the Central Bank’s independence as the new governor was selected from the government side,” said Masakatsu Fukaya, an emergingmarket currency trader at Mizuho Bank Ltd. in Tokyo. “There could be some speculation the Central Bank may shift to easy monetary policy

especially as data today showed inflation slowed in February more than expected.”

Alan Atienza, treasurer at Philippine Bank of Communications, said that, based on his recent stint as budget secretary, Diokno’s inclination will be toward policies that will support or enhance economic growth. “We should see reserve and rate cuts this year that will support and fund the government’s ballooning budget deficit.” Reports by Cai U. Ordinario and Bloomberg News

‘KEEPING M.D.T. VAGUE TO BREED CONFUSION, NOT DETERRENCE’

By Rene Acosta

‘C

@reneacostaBM

ONFUSION and chaos,” and not deterrence against conflict, will be the outcome of keeping the ambiguities in the country’s Mutual Defense Treaty (MDT) with the United States, the country’s defense chief said on Tuesday, contradicting the belief aired by Foreign Affairs Secretary Teodoro L. Locsin Jr. Secretary Delfin N. Lorenzana said the vagueness is something that will not help the Philippines’s cause, especially in times of crisis, as he pushed for a review of the 1051 treaty—a matter he raised first in November 2018 as he noted how the past decades’ developments in the South China Sea warranted a clearer commitment by the US in defending its key ally in the region.

Lorenzana was reacting to Locsin’s remarks during a joint news briefing with US Secretary of State Mike Pompeo on Friday. The country’s top diplomat said that “in vagueness lies the best deterrence,” referring to the“non-definitive”1951 treaty with the Americans.

“I do not believe that ambiguity or vagueness of the Philippine-US Mutual Defense Treaty will serve as a deterrent. In fact, it will cause confusion and chaos during a crisis,” Lorenzana said as he made his position, five days after the meeting of Locsin and Pompeo in Manila.

“The fact that the security environment now is so vastly different and much more complex than the bipolar security construct of the era when the MDT was written necessitates a review of the treaty,” he added.

ODA. . .

Continued from A1

counterparts. “I think as a general rule, if the work can be done by Filipino labor, it will be done by Filipino labor,” Pecson said.

Restricted numbers

BINAY made the inquiry amid growing public concern that foreign workers are being given priority for the BBB projects.

The concern stemmed from reports of Chinese nationals participating in the construction of the Estrella-Pantaleon Bridge and the Intramuros-Binondo Bridge in Metro Manila, which are funded by Chinese grants.

Department of Public Works and Highways (DPWH) Director Alex Bote admitted some foreign workers may still be allowed to participate in BBB projects if such is requested by the country’s lenders.

“This demand for manpower will be included in their technical proposal, which would still need to be validated [before being approved],” Bote said.

Even if approved, he said only 20 to 30 percent of the total manpower

Review should have been in 1992

IN fact, Lorenzana pointed out, the Philippine government should have even moved for the automatic review of the treaty immediately after the US bases at Subic and Clark were shut down 26 years ago, a year after the Senate voted not to renew the US bases treaty. Lorenzana said the US, as a treaty partner that uses the South China Sea or the West Philippine Sea as a passageway, should have done something when Beijing began its assertive actions in the territory.

“A couple of years after the US left the bases, the Chinese began their aggressive actions in Mischief Reef—not an armed attack but it was aggression just the same.

The US did not stop it,” he said. It was in reference to Beijing’s move in 1995 to build what it first called“fishermen’s shelter” in the disputed waters.

Aside from the country’s territorial tiff with China, Lorenzana is concerned about the possibility of the country’s being dragged into the fray once the US and China go into a shooting war, given that the Philippines is also obligated by the treaty to aid the Americans.

“The Philippines is not in a conflict with anyone and will not be at war with anyone in the future. But the United States, with the increased and frequent passage of its naval vessels in the West Philippine Sea, is more likely to be involved in a shooting war,” he said. “In such a case and on the basis of the MDT, the Philippines will be automatically involved.”

“It is not the lack of reassurance that worries me. It is being involved in a war that we do not seek and do not want,” Lorenzana said.

for a project are usually allocated for foreign workers.

Master record

TO allay fears against foreign workers taking over local construction jobs, the Department of Labor and Employment (DOLE) said it was recently given the mandate to create the master list of all foreign workers in the country.

All of them will now also be required to get the Alien Employment Permit (AEP) from DOLE. Labor Assistant Secretary Joji Aragon said these were among the agreements made at the interagency meeting called by the Department of Finance (DOF) last month to address the growing number of foreign workers.

“As far as monitoring is concerned, they all have to submit [records of foreign workers] to the Department of Labor,” which is the sole authority in issuing licenses and work permits, she said.

As of March 5, Bureau of Local Employment (BLE) said only the two Chinese-funded BBB bridge projects have reported employment of foreign workers, particularly Chinese nationals.

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, March 6, 2019

MPIC core income grows 7% to ₧15.1 billion in 2018

M

By VG Cabuag

@villygc

ETRO Pacific Investments Corp. (MPIC), a conglomerate with investments in power, infrastructure and hospitals, said its core net income grew 7 percent to P15.1 billion last year from P14.1 billion in 2017, lifted by an expanded power portfolio, continuing traffic growth on all domestic roads and bigger volumes across its businesses.

Power accounted for P10.8 billion, or 55 percent of net operating income; toll roads contributed P4.4 billion, or 23 percent; water contributed P3.8 billion, or 19 percent;

the hospitals group provided P771 million, or 4 percent; and the rail, logistics and systems group had a net loss of P248 million. “Our earnings growth reflects meaningful volume

increases for all our businesses, supported by years of high investment and our continuing emphasis on operational efficiencies,” said Jose Ma. K. Lim, the company’s president and CEO. “Our borrowing costs are rising principally because of such significant investment plans, and it may take some time before our new road, water, energy and logistics projects are completed and able to make a contribution to earnings. The timing mismatch between investment and profits may influence our nearterm profit outlook, which we are addressing,” Lim said.

Progress on long-running differences with regulators over tariffs is helping MPIC’s bottom line, he said.

“In water, following a constructive and professional rate rebasing, we were awarded a 16.2-percent tariff increase—excluding inflation—to be implemented on a staggered basis. The regulator also approved a

5.7-percent inflation-linked tariff increase on January 1.

“We are seeing a partial resolution of some of our long-pending tariff issues. That’s the good news. Regrettably, the shape of the resolution in the form of staggered tariff increases and concession extensions does not provide sufficient immediate cash flows to cover the up-front financing costs of our current expansion program,” MPIC Chairman Manuel V. Pangilinan said.

“Continuing strong demand for the services we provide, against a backdrop of steady economic growth, underpins our optimism for 2019— albeit it is too early to give earnings guidance for the year. Our focus over the medium term is to build out the many new infrastructure assets we are working on in roads, water, light rail, energy and logistics in order to deliver value to our shareholders,” he said.

Public, private sectors urged to embrace Pro-AV technologies

T

HE government and private sectors are encouraged to learn more and deploy the latest, most innovative and relevant Professional AudioVisual (Pro-AV) Technologies and Integrated Experience Solutions to further improve their means of communication and collaboration, as well as operations.

An information-technology (IT) expert said it’s high time the local market adopted these kinds of innovation, given that the Philippines shares a lot in common with its peers in the region as regards to obsolete conditions of their public infrastructures.

“Many countries in Southeast Asia invested in infrastructure a long time back, and we felt they have never updated or replaced them sometime. That’s the reason why a lot of them tend to be behind the United States, Europe, Japan and Hong Kong in terms of public infrastructure technologies like those used in traffic management or public security. But the moment they have funds to replace all those aging technologies, then they can leapfrog to be of the same level with those fully developed countries,” InfoCommAsia Executive Director Richard Tan told reporters during their media briefing held in Makati City on Tuesday.

With the government’s plan for fast-speed railway systems and road network expansions to ensure better traffic management, for instance, he said this opens an opportunity to upgrade.

“There are a lot of technologies that can help your country develop a very good public infrastructure,” Tan said, referring to various ProAV technologies readily available in the market that can be used in the “Build, Build, Build” program of President Duterte.

These solutions, he added, can also play a critical role in the country’s participation to the Asean Smart Cities Network, where it collaborates with neighboring economies for smart and sustainable development.

This is by way of elevating standards in public service, from traffic management to national defense and security, he noted. Roderick L. Abad

B1

Bloomberry income reaches ₧7.16B in 2018

R

AZON-LED Bloomberry Resorts Corp. said it registered a record net income of P7.16 billion last year, up 18 percent from the previous year’s P6.06 billion, as the gaming volume of its flagship gambling site in Entertainment City surged.

The operator of Solaire Resort and Casino said its net profit grew despite the unrealized foreign-exchange losses from its South Korean operations and higher interest expenses incurred, resulting from the full drawdown of the P73.5-billion syndicated loan in the first half of 2018.

The proceeds of the loan were used to retire previous debt facilities and finance the acquisition of land from the Philippine Amusement and Gaming Corp. (Pagcor), where Solaire and its Phase Two expansion area is located within Entertainment City.

“I am pleased to report that Bloomberry continues to be a trailblazer in the Philippine gaming and entertainment scene with our worldclass integrated resort offering, Solaire Resort and Casino, delivering record revenues and profits in 2018.

We look forward to 2019 and to sowing the seeds of our future growth, as we anticipate to break ground on our second integrated resort in Quezon City this year,” said Enrique K. Razon Jr., Bloomberry’s chairman and CEO. Net revenues for the year grew 16 percent to P38.22 billion, from the previous year’s P33.08 billion, as a result of the strong performance of Solaire’s gaming and nongaming operations.

Last year total gross gaming rev-

enues at Solaire rose 14 percent to P50.97 billion.

Solaire’s VIP volumes in 2018 were the highest ever for the property at P810.23 billion, increasing by 2 percent despite the ramp-up of the newest player within Entertainment City.

Full-year mass table drop and electronic gaming machine coin-in at Solaire also reached record-highs of P44.89 billion and P211.88 billion, representing growth of 22 percent and 15 percent, respectively.

“Growth in our mass-gaming segments was supported by a 14-percent annual increase in property visitation to 6.64 million, robust domestic discretionary spending and the increasing participation of international gaming patrons,” he said.

In the fourth quarter of 2018, total gross gaming revenues at Solaire reached P13.23 billion, 29 percent higher than its record in the same period in 2017.

In Korea, despite the gambling prohibition on locals and deteriorated tourist visitation, Jeju Sun reported a 19-percent increase in annual gaming revenues to P484 million.

“Strength in both the Philippines and Korea gaming segments enabled the company to grow its consolidated gaming revenues to P48.23 billion, representing an increase of 14 percent against revenues in 2017,” it said.

For its nongaming segment, the company recorded its highest-ever consolidated nongaming revenue of P6.61 billion, an 11-percent growth year-on-year. VG Cabuag

DNL sees continuing double-digit profit growth to P3.18B this year

C

SPECIAL RAMEN NOODLES dishes.

Osaka Takoyaki Japanese Restaurant along Macapagal Boulevard in Pasay City serves special ramen

ROY DOMINGO

Smart outpaces Globe in mobile-data service in latest Open Signal report

By Lorenz S. Marasigan @lorenzmarasigan

S

MART Communications Inc. won in almost all of the five “experience” matrices in the mobile data game in Open Signal’s report this month, while Globe Telecom Inc. continued to be king in terms of availability, albeit by only one percentage point.

Based on Open Signal’s Mobi le E x per ience Ph i l ippi nes Report published this month, Smart won in the video experience, download speed upload speed and latenc y matr ices, while it tied with Globe in the 4G availability category.

In terms of video experience, Smart got 44.4 points, which puts it on the “fair” range. This means “videos experienced shorter load times and fewer playback interruptions, especially at lower resolutions.”

Globe garnered 28.4 points,

which is included in the “poor” rating for video experience in Open Signal’s matrix.

Overall, Open Signal noted that video experience in the Philippines is definitely in need of improvement as it “had the lowest overall Video Experience score on the 69 countries we analyzed.”

“That indicates mobile video quality in the Philippines is poor, suffering from long load times and frequent stalling even at low resolutions,” the report read.

Download speeds in Smart’s network averaged 9 Mbps, beating Globe’s average of 5.5 Mbps. Both operators showed upticks in their speeds, with Smart coming from 7.5 Mbps last year, while Globe was at 5 Mbps.

“Mobile broadband speeds are improving in the Philippines, though average connections are still well below most of the developed world,” the report noted.

For upload speeds, Smart’s mobile network was also faster compared to Globe. Smart’s average upload speed was at 3.2 Mbps, while that of Globe was almost half of Smart’s at 1.7 Mbps.

In terms of latency, Smart’s network had a lower latency score of 69.4 points versus Globe’s 74.6 points, which means that Smart users have a “better experience on a host of mobile applications and services,” such as web browsing and multiplayer gaming.

Globe, however, won by 0.9 points against Smart in terms of 4G availability. Globe’s availability score settled at 71.7, while Smart reached 70.8.

Open Signal is a crowd-sourced data research agency. The latest report on Philippine mobile operators was based on 270,433 total devices and 933.21 million measurements from November 2018 to January 2019.

HEMICAL manufacturer D and L Industries Inc. (DNL) is aiming to sustain double-digit profit growth this year after recurring income rose 10 percent to P3.18 billion last year, from the previous year’s P2.9 billion.

Alvin D. Lao, company president, said during the last quarter of 2018, net income reached P785 million, flat year-on-year as customers held back orders on concern over inflation and interest rates.

“That has changed after inflation peaked late last quarter,” Lao said.

He added interest rate may go down and business is always better during an election year, even if it’s not a presidential election.

He said DNL is planning to ramp up its exports and send more sales and marketing teams overseas to promote its products.

The company’s gross profit reached a record high of 22 percent in the fourth quarter of 2018, bringing the full-year blended margin at 19 percent.

The margin expansion is a result of the company’s increased focus on research and development, and demonstrates the company’s ability to effectively pass on price changes to customers.

The company aims to further grow both margins and market share, by continuing to develop specialized products in accordance to specific customer needs.

Exports as percentage of total revenues stood

at 24 percent in 2018. In the fourth quarter alone, exports as percentage of total revenues reached a high of 27 percent.

In peso terms, export revenues declined by 8 percent, mainly due to lower commodity prices which were passed on to customers. The average prices of coconut oil and palm oil were down 39 percent and 14 percent in 2018, respectively.

The food ingredients segment remained the largest contributor to group exports, accounting for 39 percent of total export sales, followed by specialty plastics at 31 percent.

“The continued growth in the high-margin specialty food segment, which managed to post a 10- percent year-on-year volume growth, remains encouraging, representing the continued strength of recurring business,” Lao said.

Chemrez, meanwhile, had a 30-percent earnings growth in 2018, largely driven by the strong performance of the oleochemicals segment, which more than offset the weakness in the other specialty chemicals segment. Oleochemicals is the chemical compound derived from vegetable or animal fats and oil. Chemrez manufactures oleochemicals solely derived from coconut oil.

The net income of the specialty plastics group grew by 13 percent year-on-year in 2018, despite higher prices of petrochemical-based raw materials, while the aerosols group posted a 12-percent net income growth in 2018, with volumes growing faster at 29 percent. VG Cabuag

ATI: Yard utilization at Manila Harbor now at 65%

Y

ARD utilization at the Manila South Harbor has reached its optimal level this month, after industry stakeholders collaborated to free up the port and ease cargo flow.

In a statement, port operator Asian Terminals Inc. (ATI) said yard utilization at the Manila South Harbor was at 65 percent as of Monday, a significant drop from the high 90-percent rate in previous weeks.

ATI said this is thanks to “concrete steps taken by its stakeholders, the cooperation of importers and the support of the Bureau of Customs [BOC] and the Philippine Ports Authority [PPA].”

Last month, the port operator and six international shipping lines decided to share vessels and optimize terminal resources to remove 10,000

twenty-foot equivalent units (TEUs) of the empty containers from Manila every week.

The company is also eyeing to transfer more overstaying boxed cargoes from Manila to Batangas in the coming weeks, after the BOC approved the relocation of 470 TEUs of cargo in the past weeks.

“ATI is currently complementing ongoing portefficiency measures by developing more container yard facilities outside the Port of Manila, which are expected to be operational by the second quarter,” the company’s statement read. It noted it is likewise expanding the role of its Santa Mesa container yard to accommodate cleared overstaying laden boxes, in accordance with recent directives of the port regulator. Lorenz S. Marasigan

B2

Companies BusinessMirror

Wednesday, March 6, 2019

PSE STOCK QUOTATIONS

March 5, 2019

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

ASIA UNITED 58.5 59 59 59 59 59 18000 1062000 BDO UNIBANK 127.5 127.6 125.7 128 125.6 127.5 1425880 181571340 BANK PH ISLANDS 83.9 84.95 85.15 86.95 83.9 83.9 944610 80267931.5 CHINABANK 27.6 27.65 27.75 27.75 27.6 27.65 63100 1746030 EAST WEST BANK 12.32 12.44 12.2 12.5 12.2 12.44 419200 5219254 METROBANK 75.9 76 76.8 77.4 76 76 1356080 103922390 PB BANK 13.78 13.8 13.88 13.88 13.8 13.8 13900 191980 PHIL NATL BANK 52.05 52.25 51.15 52.6 51.15 52.25 791620 41278184 RCBC 26.55 26.85 26.55 26.85 26.5 26.85 4900 130390 SECURITY BANK 161.5 161.9 162 162.3 160.6 161.9 247200 40036088 UNION BANK 61.25 61.55 61.55 63 61.2 61.25 18660 1147370 BRIGHT KINDLE 1.35 1.4 1.35 1.4 1.35 1.4 18000 24350 BDO LEASING 2.32 2.34 2.34 2.44 2.3 2.34 233000 550160 COL FINANCIAL 17.9 18 18.36 18.36 18 18 50500 909724 FIRST ABACUS 0.6 0.63 0.59 0.63 0.59 0.63 117000 70150 FERRONOUX HLDG 4.33 4.46 4.36 4.46 4.33 4.46 162000 704850 IREMIT 1.46 1.57 1.48 1.57 1.44 1.57 21000 31110 MEDCO HLDG 0.46 0.47 0.465 0.465 0.46 0.465 920000 425800 MANULIFE 795 810 800 800 795 800 420 335700 NTL REINSURANCE 0.99 1.01 0.99 1.01 0.98 1.01 104000 104300 PHIL STOCK EXCH 183.2 185.4 181.3 185.4 181.3 185.4 960 176589 SUN LIFE 1800 1820 1805 1805 1805 1805 70 126350 VANTAGE 1.13 1.14 1.13 1.14 1.13 1.14 29000 32870

INDUSTRIAL ALSONS CONS 1.44 1.45 1.47 1.48 1.44 1.45 591000 856060 ABOITIZ POWER 34.25 34.9 35 35.2 34.25 34.25 2388100 82412300 BASIC ENERGY 0.235 0.239 0.238 0.244 0.235 0.235 3200000 756330 FIRST GEN 21.8 21.85 22 22.2 21.8 21.85 2283400 50095540 FIRST PHIL HLDG 73.6 74.35 73.4 74.7 73.3 74.35 37140 2757237 MERALCO 368.2 370 370 370.2 367.4 368.2 170690 62885152 MANILA WATER 26.75 27.3 27.1 27.3 26.7 27.3 142700 3876135 PETRON 6.64 6.65 6.64 6.69 6.63 6.65 2294600 15257762 PETROENERGY 3.75 3.8 3.83 3.83 3.8 3.8 269000 1022280 PHINMA ENERGY 1.32 1.33 1.34 1.34 1.32 1.32 6623000 8800860 PHX PETROLEUM 11.74 11.9 12 12.22 11.7 11.9 360500 4287148 PILIPINAS SHELL 48.5 48.55 48.25 48.6 48.25 48.55 589100 28586350 SPC POWER 6.38 6.4 6.38 6.44 6.38 6.4 199000 1273089 AGRINURTURE 15.7 15.9 15.4 16.6 15.4 15.96 313700 5053042 BOGO MEDELLIN 89.55 98.2 98.25 98.3 98.25 98.3 130 12773 CNTRL AZUCARERA 16.12 16.5 16.5 16.5 16.5 16.5 100 1650 CENTURY FOOD 15.38 15.48 15.12 15.42 15.12 15.38 89600 1373050 DEL MONTE 6.15 6.2 6.3 6.4 6.2 6.2 44200 276632 DNL INDUS 11.28 11.3 11.26 11.44 11.26 11.3 281200 3195040 EMPERADOR 7.59 7.6 7.63 7.63 7.6 7.6 118200 898323 SMC FOODANDBEV 101.1 102.9 100.5 102.9 100.5 102.9 98150 10050176 ALLIANCE SELECT 1.01 1.02 1.03 1.04 1.01 1.02 946000 961400 GINEBRA 25.8 26.85 26.85 26.85 25.8 26.85 480200 12865190 JOLLIBEE 309 309.8 309 311 309 309 682530 211654296 LIBERTY FLOUR 52.05 54.95 52.05 52.05 52.05 52.05 40 2082 MACAY HLDG 11.8 11.9 12.64 12.64 11.7 12 39200 471566 MAXS GROUP 11.94 12 11.84 12 11.84 11.94 138100 1644734 MG HLDG 0.201 0.208 0.202 0.202 0.2 0.201 940000 188820 PEPSI COLA 1.37 1.4 1.38 1.39 1.36 1.38 5483000 7536890 SHAKEYS PIZZA 12.48 12.5 12.7 12.7 12.34 12.5 430200 5376816 ROXAS AND CO 1.84 1.87 1.84 1.84 1.84 1.84 14000 25760 RFM CORP 4.66 4.75 4.66 4.68 4.65 4.66 132000 617130 SWIFT FOODS 0.13 0.135 0.136 0.136 0.131 0.131 70000 9220 UNIV ROBINA 138 138.8 138.2 140 137.2 138 630920 87138251 VITARICH 1.64 1.65 1.6 1.65 1.6 1.65 4538000 7302990 VICTORIAS 2.63 2.7 2.7 2.77 2.63 2.7 383000 1019350 CONCRETE B 71.1 80.5 71.1 71.1 71.1 71.1 30 2133 CEMEX HLDG 2.4 2.41 2.38 2.42 2.38 2.4 3577000 8591060 DAVINCI CAPITAL 6.01 6.28 6 6.28 6 6.28 3100 18630 EAGLE CEMENT 15.82 15.98 15.84 16 15.82 15.82 186500 2976224 EEI CORP 8.55 8.58 8.7 8.73 8.5 8.55 2121500 18,138,395( HOLCIM 9.53 9.6 9.8 10.2 9.45 9.53 5967300 58878757 MEGAWIDE 19.7 19.72 19.58 19.8 19.54 19.72 1412000 27833574 PHINMA 8.84 8.99 9 9 8.85 8.99 1100 9822 TKC METALS 1.01 1.02 1.03 1.07 1 1.02 655000 665560 VULCAN INDL 1.24 1.25 1.26 1.27 1.23 1.25 1875000 2338800 CROWN ASIA 1.87 1.89 1.91 1.91 1.89 1.89 26000 49340 MABUHAY VINYL 3.55 3.7 3.64 3.7 3.6 3.7 19000 69580 PRYCE CORP 5.98 5.99 5.97 5.99 5.97 5.99 12000 71646 CONCEPCION 40.45 42.5 41.9 42 41.9 42 1400 58765 GREENERGY 3.29 3.3 3.33 3.36 3.26 3.3 13144000 43335350 INTEGRATED MICR 12.4 12.44 12.62 12.64 12.4 12.4 622300 7783218 IONICS 1.69 1.7 1.71 1.71 1.64 1.69 232000 387980 PANASONIC 5.9 6 6 6 6 6 46200 277200 SFA SEMICON 1.35 1.39 1.4 1.4 1.35 1.35 88000 119720 CIRTEK HLDG 28.8 29.8 29.3 29.8 28.75 29.8 78300 2313265

HOLDING & FRIMS ABACORE CAPITAL 0.77 0.78 0.76 0.79 0.76 0.78 17572000 13656850 ASIABEST GROUP 20.6 21 21.3 21.4 20.55 21 20700 430845 AYALA CORP 935.5 936 940 940 932 935.5 190160 177919020 ABOITIZ EQUITY 58.45 58.9 59.9 60 58.4 58.9 1941080 114379757.5 ALLIANCE GLOBAL 13.94 13.98 13.94 14.06 13.8 13.94 6360300 88480400 ANSCOR 6.5 6.6 6.51 6.51 6.5 6.5 165400 1075105 ANGLO PHIL HLDG 0.77 0.8 0.8 0.81 0.77 0.77 52000 41040 ATN HLDG A 1.44 1.45 1.48 1.48 1.43 1.44 10031000 14573330 ATN HLDG B 1.43 1.45 1.47 1.48 1.43 1.45 1587000 2309610 COSCO CAPITAL 7.62 7.66 7.57 7.66 7.5 7.62 204700 1551977 DMCI HLDG 11.18 11.2 11.3 11.34 11.18 11.2 6602200 74054176 FILINVEST DEV 13.84 13.88 13.6 13.88 13.44 13.84 104500 1429674 FORUM PACIFIC 0.232 0.235 0.233 0.235 0.233 0.235 30000 7010 GT CAPITAL 938 944.5 959.5 960 925 938 111570 104668440 HOUSE OF INV 6.12 6.19 6.15 6.19 6.12 6.12 23700 145456 JG SUMMIT 66.8 66.9 66 67.55 65 66.9 3637680 243556086.5 LODESTAR 0.56 0.59 0.6 0.61 0.56 0.59 432000 243370 LOPEZ HLDG 5.02 5.07 5.09 5.13 5.02 5.07 117800 598306 LT GROUP 15.18 15.5 15.4 15.5 15.14 15.5 488400 7464160 MABUHAY HLDG 0.56 0.58 0.55 0.58 0.55 0.58 364000 206420 METRO PAC INV 4.67 4.69 4.6 4.69 4.6 4.69 14730000 68461010 PACIFICA 0.038 0.04 0.04 0.04 0.039 0.04 30900000 1211000 PRIME ORION 2.99 3 2.95 3.05 2.95 2.99 2151000 6447590 PRIME MEDIA 1.12 1.21 1.12 1.12 1.12 1.12 52000 58240 SOLID GROUP 1.35 1.39 1.34 1.39 1.34 1.39 31000 41590 SM INVESTMENTS 941.5 945 940 954 940 941.5 244750 230571465 SAN MIGUEL CORP 169.3 169.4 169 170.3 168.9 169.4 873930 148214165 SOC RESOURCES 0.76 0.79 0.78 0.78 0.75 0.75 543000 413530 TOP FRONTIER 270.6 280 284.6 284.6 270.6 270.6 12860 3612896 WELLEX INDUS 0.246 0.25 0.255 0.26 0.25 0.25 3500000 888850 ZEUS HLDG 0.385 0.39 0.41 0.415 0.38 0.39 51010000 20048200

PROPERTY ARTHALAND CORP 0.85 0.86 0.87 0.87 0.85 0.86 605000 518380 AYALA LAND 43.05 43.25 43 43.55 43 43.25 19086400 824894895 ARANETA PROP 1.9 1.95 1.9 1.9 1.9 1.9 114000 216600 BELLE CORP 2.57 2.58 2.58 2.64 2.56 2.57 1480000 3853320 A BROWN 0.79 0.8 0.79 0.8 0.79 0.79 1170000 924600 CITYLAND DEVT 0.89 0.91 0.9 0.92 0.89 0.9 401000 358160 CROWN EQUITIES 0.245 0.249 0.241 0.25 0.24 0.25 4130000 1010070 CEBU HLDG 6.85 6.86 6.86 6.86 6.79 6.86 109600 750399 CEB LANDMASTERS 4.21 4.22 4.17 4.21 4.12 4.21 167000 692860 CENTURY PROP 0.47 0.475 0.475 0.48 0.465 0.475 11640000 5481450 CYBER BAY 0.415 0.42 0.42 0.42 0.415 0.42 720000 301250 DOUBLEDRAGON 21.3 21.4 20.95 21.5 20.9 21.3 202300 4309005 DM WENCESLAO 9.66 9.7 9.7 9.87 9.66 9.66 852800 8244287 EMPIRE EAST 0.5 0.51 0.5 0.52 0.5 0.52 111000 55880 FILINVEST LAND 1.46 1.47 1.45 1.47 1.44 1.46 5534000 8077250 GLOBAL ESTATE 1.24 1.25 1.22 1.27 1.22 1.25 1520000 1904430 8990 HLDG 11.74 11.86 11.74 11.92 11.72 11.86 314900 3719770 PHIL INFRADEV 2.03 2.05 2.07 2.09 1.99 2.05 5305000 10761380 CITY AND LAND 0.83 0.86 0.81 0.88 0.81 0.83 21000 17660 MEGAWORLD 5.31 5.33 5.33 5.34 5.29 5.31 21770700 115569205 MRC ALLIED 0.405 0.41 0.405 0.41 0.4 0.405 4020000 1631700 PRIMEX CORP 2.79 2.8 2.86 2.88 2.79 2.8 124000 347730 ROBINSONS LAND 22.9 23 23 23.25 22.4 22.9 2117600 48546435 PHIL REALTY 0.46 0.465 0.465 0.465 0.46 0.46 30000 13900 ROCKWELL 2.05 2.08 2.13 2.13 2.05 2.08 294000 609900 SHANG PROP 3.13 3.15 3.15 3.15 3.13 3.15 7000 21990 STA LUCIA LAND 1.57 1.59 1.59 1.6 1.53 1.59 3235000 5116690 SM PRIME HLDG 37.35 37.45 38.5 38.5 37.35 37.35 7699000 289779545 STARMALLS 6.81 6.95 7 7.09 6.81 6.81 537800 3741109 PTFC REDEV CORP 40.05 45.15 40.05 43 40.05 40.05 500 20320 VISTA LAND 7.05 7.16 7.21 7.21 7.02 7.16 19521700 138922225

SERVICES ABS CBN 21 21.35 21.5 21.7 21 21 162700 3461900 GMA NETWORK 5.72 5.73 5.73 5.82 5.73 5.73 945500 5443628 MANILA BULLETIN 0.63 0.64 0.61 0.69 0.61 0.64 9958000 6506250 GLOBE TELECOM 1879 1882 1868 1899 1868 1879 23530 44220405 PLDT 1073 1075 1050 1076 1037 1075 156495 166711285 APOLLO GLOBAL 0.046 0.048 0.047 0.048 0.046 0.048 2200000 103600 ISLAND INFO 0.127 0.13 0.128 0.129 0.128 0.128 1480000 189710 ISM COMM 5.76 5.77 5.77 5.8 5.76 5.76 1075900 6208945 JACKSTONES 3.02 3.19 3.19 3.19 3.19 3.19 10000 31900 NOW CORP 2.88 2.89 2.91 2.93 2.84 2.89 2594000 7459550 TRANSPACIFIC BR 0.435 0.44 0.45 0.45 0.435 0.44 6360000 2797800 PHILWEB 2.88 2.9 3.08 3.08 2.81 2.9 5730000 16834980 2GO GROUP 12.1 12.3 12.38 12.38 12.1 12.3 15800 193782 ASIAN TERMINALS 14.32 15.76 15.76 15.76 15.76 15.76 600 9456 CEBU AIR 82.95 83 80.85 83.9 80.85 83 45540 3783160.5 CHELSEA 5.79 5.8 5.85 5.92 5.77 5.79 803300 4669275 INTL CONTAINER 112.8 113 117.5 118 112.8 112.8 2515340 286737864 LBC EXPRESS 15.5 15.96 15.4 15.4 15.4 15.4 100 1540 LORENZO SHIPPNG 0.9 0.91 0.89 0.92 0.89 0.91 22000 19950 MACROASIA 19.4 19.42 19.12 19.52 19.06 19.4 1825200 35403078 METROALLIANCE A 1.95 1.97 2 2.03 1.96 1.97 384000 759930 PAL HLDG 10.06 10.46 10.9 10.9 10.02 10.02 102700 1069856 HARBOR STAR 2.75 2.76 2.83 2.83 2.74 2.76 1051000 2909590 BOULEVARD HLDG 0.068 0.069 0.068 0.071 0.068 0.069 169090000 11693590 DISCOVERY WORLD 2.05 2.14 2.08 2.08 2.07 2.07 35000 72600 WATERFRONT 0.67 0.68 0.68 0.68 0.67 0.67 1455000 983450 FAR EASTERN U 890 903 890 890 890 890 990 881100 IPEOPLE 10.72 11.1 10.72 11.16 10.7 11.16 1500 16112 STI HLDG 0.71 0.72 0.72 0.72 0.7 0.72 2418000 1705700 BERJAYA 2.8 2.81 2.85 2.88 2.8 2.8 301000 845000 BLOOMBERRY 11.4 11.42 11.26 11.54 11.26 11.4 8291200 94612760 PACIFIC ONLINE 8.8 9.22 9.22 9.22 9.22 9.22 7500 69150 LEISURE AND RES 3.29 3.31 3.33 3.33 3.29 3.29 195000 643400 MANILA JOCKEY 4.72 4.96 4.71 4.71 4.71 4.71 2000 9420 PH RESORTS GRP 5.07 5.2 5.1 5.23 5 5.2 56800 290193 PREMIUM LEISURE 0.92 0.93 0.9 0.94 0.9 0.92 4684000 4314440 TRAVELLERS 5.61 5.63 5.6 5.66 5.59 5.63 1913000 10731460 METRO RETAIL 2.88 2.89 2.87 2.95 2.87 2.89 415000 1204580 PUREGOLD 48 48.05 47.3 48.5 47.3 48 850900 40838965 ROBINSONS RTL 85.1 85.75 86.15 86.15 84.2 85.1 656690 55894094 PHIL SEVEN CORP 135.5 139.8 135 140 135 139.8 120220 16237580 SSI GROUP 2.3 2.32 2.28 2.32 2.24 2.32 5371000 12282660 WILCON DEPOT 14.78 14.88 14.64 14.88 14.4 14.88 2602800 38276674 APC GROUP 0.43 0.44 0.44 0.44 0.435 0.435 110000 47900 EASYCALL 16.74 16.78 15.72 16.9 15.5 16.78 918700 14985510 GOLDEN BRIA 362 368.8 370 370 358.2 368.8 6320 2311788 PAXYS 3.16 3.44 3.44 3.44 3.44 3.44 1000 3440 PRMIERE HORIZON 1.27 1.28 1.31 1.34 1.26 1.28 35257000 45749080 SBS PHIL CORP 8.3 8.58 8.6 8.6 8.3 8.3 67000 558966

MINING & OIL ATOK 13.12 13.26 13.26 13.26 13.26 13.26 1100 14586 APEX MINING 1.51 1.53 1.52 1.53 1.51 1.51 480000 727400 ABRA MINING 0.0021 0.0022 0.0021 0.0022 0.0021 0.0022 2410000000 5061500 ATLAS MINING 2.91 2.95 2.92 2.95 2.9 2.91 448000 1303710 BENGUET A 1.26 1.28 1.33 1.33 1.28 1.28 304000 393670 BENGUET B 1.2 1.38 1.2 1.2 1.2 1.2 3000 3600 COAL ASIA HLDG 0.3 0.305 0.31 0.315 0.3 0.3 1870000 565600 CENTURY PEAK 2.2 2.22 2.19 2.28 2.19 2.22 2626000 5884340 DIZON MINES 7.75 7.95 7.77 8.02 7.75 7.75 13100 102600 FERRONICKEL 1.49 1.5 1.5 1.5 1.48 1.5 1459000 2176390 GEOGRACE 0.25 0.26 0.28 0.28 0.25 0.25 12040000 3058400 LEPANTO A 0.123 0.125 0.123 0.126 0.122 0.125 1070000 131700 LEPANTO B 0.13 0.132 0.128 0.128 0.127 0.127 1020000 129960 MANILA MINING A 0.0084 0.0085 0.0091 0.0091 0.0084 0.0084 118000000 1004000 MANILA MINING B 0.0084 0.009 0.009 0.009 0.0084 0.0084 158000000 1342600 MARCVENTURES 1.08 1.1 1.06 1.1 1.06 1.1 147000 161170 NIHAO 1.04 1.09 1.08 1.09 1.04 1.09 49000 52310 NICKEL ASIA 2.81 2.82 2.8 2.83 2.78 2.81 1564000 4385670 OMICO CORP 0.62 0.64 0.66 0.66 0.62 0.62 155000 97790 ORNTL PENINSULA 0.94 0.96 0.97 0.97 0.95 0.95 864000 827140 PX MINING 4.01 4.05 4.08 4.11 4.01 4.01 4488000 18027010 SEMIRARA MINING 19.88 19.9 20.4 20.8 19.8 19.9 4465800 89391608 UNITED PARAGON 0.0074 0.0077 0.008 0.0082 0.0074 0.0074 133000000 1026100 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.012 17100000 205400 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 27800000 333600 PHILODRILL 0.011 0.012 0.012 0.012 0.012 0.012 14500000 174000 PHINMA PETRO 3.16 3.3 3.3 3.3 3.3 3.3 1000 3300 PXP ENERGY 14.42 14.6 14.56 14.78 14.4 14.42 330800 4794818

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 ALCO PREF B DD PREF SMC FB PREF 2 FGEN PREF G FPH PREF C GTCAP PREF A GTCAP PREF B LR PREF MWIDE PREF PNX PREF 3A PCOR PREF 2A PCOR PREF 2B SFI PREF SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H

94.2 463.2 495 100 97 966 102.1 450.2 871 894 0.98 100 99 971 998 1.7 75.05 76.5 72.6 72.5 74.5 73.8 71.65

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20.2 5.61 1.9

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.57 XURPAS 1.33

114.3

31200 -116102175 -36812163.5 -23216456 1043250 143060 274308 -50668324 -155088 -2585525 -2300542 -56140 -133327 10750 -44810 -19828610 538900 -42185700 7261242 13860 -583208 -28100 -541653430 -38000 -598620 27800 -312240 749713 66370 -684050 -16800 -107930 9000 -2851660 -1287588 84450 37327721 -40500 -4171275 2130 -175219280 577308 -56741795 -5572295 -38392985 12759 -85800 396000 -7138950 12200 1331143 31900 -9056782 31476684 21970 38360 -72400 -493680 126950 -28240 -38853940 -25950 -769380 -6306516 139010 11388285 -24019804 181994 644580 24177428 69600 3440 -59080 229910 -76710 -185910 44890 12500 -127420 85000 -884110 16218960 -2438728 -844626

95.95 473 497 100 97 975 104 450.2 900 900 0.99 100 99 971 998 1.8 75.2 76.65 73 72.5 74.3 74.4 72

95.95 473 497 100 98 975 104 450.2 900 900 0.99 101 99 971 998 1.8 75.2 76.75 73 72.5 74.3 74.4 72

95.95 472 497 100 96.2 975 102.1 450.2 899 894 0.99 100 98.8 970 998 1.8 75 76.5 73 72.5 74.3 74.4 72

95.95 472 497 100 97 975 102.1 450.2 899 894 0.99 101 98.8 970 998 1.8 75 76.5 73 72.5 74.3 74.4 72

10 4210 130 100 7260 1940 6000 1000 420 1930 208000 11130 2200 770 250 2000 26270 64060 6200 4180 1400 5000 43330

959.5 1987220 64610 10000 703337 1891500 614500 450200 377790 1734330 205920 1113130 217490 747470 249500 3600 1970747.5 4902543.5 452600 303050 104020 372000 3119760

-1987220 510500 69300 -3600 -365000 -

20.7 5.82

20.2 5.82

20.2 5.84

20.2 5.82

20.2 5.82

47800 52800

965560 307985

-36360 306234

1.92

1.9

1.9

1.9

1.9

22000

41800

-

4.58 1.34

4.78 1.34

4.8 1.34

4.57 1.31

4.58 1.33

464000 8405000

2163290 11114830

-18560 -2756120

EXHANGE TRADE FUNDS FIRST METRO ETF

-109480 -32016270 -94190 7591475 507609 -45244764 790100 -5531373 -3547300 -619460 -10888355 -587792 83758 -219113 -131352 -684000 -1371681 -39780 -28030012 -1286000 -60150 -2736630 -72522 -421170 -7860 1029615.9998 -53290 135000 -481970 2,940,140.0005) -13711090 20555770.0002 -50900 9550 -47766 -186810 2523832 -150020 -170990

95 475 497 100.6 98 975 104 476.8 899 900 0.99 101 100 985 1039 1.8 75.45 76.75 73 73 74.95 74.5 72

WARRANTS LR WARRANT

767000 -16076700 -25682145.5 -550350 -604812 -74789289.5 5132789 -21270 -27970488 -530176.5 11660 -0 -8950 79353 -15819.9999

115.3

115.2

115.6

114.3

114.3

5700

656845

115200

Editor: Efleda P. Campos

MREN launches PV project in major Mindanao mall

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By Lenie Lectura

@llectura

ENLO Renewable Energy Corp. (MREN), the renewable-energy arm of listed company MRC Allied Inc., broke ground on its 1.1-megawatt (MW) solar photovoltaic (PV) rooftop project in one of the major malls in Mindanao.

The groundbreaking ceremony was attended by MREN, MRC and mall executives.

MREN earlier signed a memorandum of agreement for the development, design, construction and installation of at least a 1.1-megawatt (MW) solar PV rooftop system as part of the pilot project of its ambitious solar PV program.

“Under the MOA, MREN will be the project developer and owner of the solar facility while a private entity, owning and operating the mall, will be the power offtaker,” MREN said.

With a total investment estimated at P67.4 million, the solar-power project will be good for a cooperation period of the parties of 20 years from the issuance of the acceptance certificate, the MOA said.

From just a property company, MRC Allied has successfully diversified into other businesses such as renewable energy recently.

The company is further expanding its solar-energy footprint through the development of a 1.1-MW solar PV rooftop project as part of its 200-MW target capacity for the next two years.

UAE private companies cut jobs at fastest pace in a decade

C

OMPANIES in the United Arab Emirates’s non-oil private sector cut jobs at the fastest pace in almost a decade as lower crude prices and a struggling property market dented business confidence.

The employment tracker in Emirates NBD Purchasing Managers’ Index fell to 47.5 last month, its lowest level since August 2009, according to a report compiled by IHS Markit for Emirates NBD PJSC. The PMI for the UAE fell to 53.4

in February from 56.3 in January, and was the lowest reading since October 2016.

While economic growth in the UAE, the second-biggest Arab economy, is expected to accelerate to 3.1 percent this year from an estimated 2.9 percent in 2018, softer oil prices and a weak realestate market are putting pressure on jobs. Real-estate prices in Dubai, the region’s trade and tourist hub, have fallen about 22 percent since the end of 2014, according to data

JCB teams up with Robinsons Bank Corporation to widen JCB card acceptance in the Philippines

JCB and Robinsons Bank Corporation forge a new partnership for JCB merchant acquiring and card issuing business in a ceremonial signing on March 4, 2019 at Crowne Plaza Manila Galleria. (L-R: Elfren Antonio Sarte, President & CEO of Robinsons Bank; Lance Gokongwei, Chairman of the Board of Robinsons Bank; Kimihisa Imada, President & COO of JCB International; Mikihisa Asano, Current Country Head of JCB Philippine; and Yusuke Matsui, Incoming Country Head of JCB Philippines.

M

ANILA/TOKYO—RobinsonsBankCorporation (Robinsons Bank), a fast-growing bank under JG Summit Holdings, Inc., one of the biggest conglomerates in the Philippines, and JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., have forged a new partnership for JCB merchant acquiring and card issuing business.

The partnership allows the acceptance of JCB cards at merchants that use Robinsons Bank payment terminals and payment gateway at their place of business.

Robinsons Bank is focused on delivering high-quality payment solutions not only for the JG Summit conglomerate but also for other service providers in the Philippines. The bank takes pride in gaining presence in the evolving payment industry alongside partnerships with more establishments in order to widen its coverage. This strategic move is aligned with Robinsons Bank’s initiative towards customer centricity.

The new partners said the joint endeavor between Robinsons Bank and JCB will benefit all JCB cardmembers in the Philippines and overseas.

JCB is a global brand based in Japan with a total of 120 million card members worldwide. JCB card members will be able to use their JCB cards at all establishments that engage Robinsons Bank as their payment service provider.

In 2019, JCB card members will also be able to transact at other retail outlets such as Cebu Pacific, one of the largest airline companies in the Philippines.

According to Kimihisa Imada, President and CEO of JCBI, “The Philippines continues to be one of the most important markets for JCB’s global business expansion and we are excited to welcome our new partner to the JCB network. I am sure that this partnership with Robinsons Bank will bring more benefits and convenience to all JCB cardmembers. We are also looking forward to exploring further business opportunities such as Robinsons Bank - JCB Card issuance soon.”

For his part, Elfren Antonio S. Sarte, President and CEO of Robinsons Bank, said, “We are very pleased to kick off 2019 by having JCB on board.

With the relative advancements of electronic payment, Robinsons Bank is geared up to offer flexible payment solutions to complement JCB’s product offerings. We are confident that this alliance will benefit customers in the Philippines and overseas, as we offer more avenues of efficient and competitive financial services to provide the best experience.”

JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981.

As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and card member base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide.

from the Bank of International Settlements. Almost 9 percent of businesses surveyed said they had lower headcount compared with January, it said.

Some firms reported operating with the minimum level of staffing in a bid to keep costs down, according to the report. “Staff costs were broadly unchanged last month, again reflecting a relatively soft job market.”

Saudi Arabia’s job market is also under pressure. The employ-

MUTUAL FUNDS

ment index in the biggest Arab economy was the lowest level in nearly five years. Employment in the oil-rich kingdom’s private sector was “broadly unchanged” with less than 1 percent of firms saying they increased hiring.

The Emirates NBD UAE Purchasing Managers’ Index is based on data compiled by IHS Markit from monthly replies to questionnaires sent to purchasing executives in about 400 private-sector companies. Bloomberg News

March 5, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 257.3 -10.42% 1.67% 1.87% 2.01% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5733 -0.74% 12.15% 4.27% 9.2% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0105 -11.73% 2.77% 0.65% 2.75% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9153 -7.44% N.A. N.A. 2.78% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8366 N.A. N.A. N.A. 1.94% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.3636 -7.83% 1.92% 1.28% 1.75% MBG EQUITY INVESTMENT FUND, INC. -A 123.49 5.42% N.A. N.A. 6.04% ONE WEALTHY NATION FUND, INC. -A 0.85 -11.72% -4.53% N.A. 2.11% PAMI EQUITY INDEX FUND, INC. -A 50.4628 -8.83% 2.56% N.A. 2.56% PHILAM STRATEGIC GROWTH FUND, INC. -A 529.85 -8.23% 1.51% 1.32% 2.94% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.278 -7.32% 3.43% 4.49% 1.91% PHILEQUITY FUND, INC. -A 37.6601 -7.6% 4.04% 3.81% 2.81% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0021 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.101 -8.89% 3.45% 3.76% 2.87% PHILIPPINE STOCK INDEX FUND CORP. -A 851.29 -8.79% 3.18% 3.67% 2.75% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.8927 -6.34% 1.62% N.A. 3.66% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.1885 -7.44% 3.46% 2.65% 3.19% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9795 -9.15% 3.15% N.A. 2.64% UNITED FUND, INC. -A 3.5905 -5.4% 4.96% 3.55% 2.56% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 113.8454 -8.52% 4.29% 4.76% 2.8% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0044 -9.2% 7.71% 1.45% 8.1% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2523 -2.42% N.A. N.A. 13.32% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6923 -6.92% -0.33% -0.99% 2.49% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.264 -6.73% 1.62% 0.97% 2.48% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.5867 -5.36% -0.22% -1.25% 1.69% GREPALIFE BALANCED FUND CORPORATION -A 1.3309 -7.54% N.A. N.A. 2.04% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.8841 -4.28% 1.58% 1.56% 2.22% PAMI HORIZON FUND, INC. -A 3.5757 -6.87% -0.08% 0.43% 1.31% PHILAM FUND, INC. -A 16.1817 -5.82% 0.23% 0.56% 1.72% SOLIDARITAS FUND, INC. -A 2.1077 -4.87% 1.74% 2.43% 1.71% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.7587 -5.26% 1.46% 1.68% 2.94% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9703 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9609 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9596 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9515 -5.54% 1.17% N.A. 3.23% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03569 1.57% 0.18% 1.55% 1.25% PAMI ASIA BALANCED FUND, INC. -A $0.9834 -7.82% 4.79% -0.13% 5.04% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6247 -1.7% 6.53% 2.35% 9.56% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.072 -3.8% N.A. N.A. 6.14% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 345.84 2.55% 2.02% 2.08% 0.72% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8644 -0.28% -0.32% -0.34% 0.28% COCOLIFE FIXED INCOME FUND, INC. -A 2.9963 5.38% 5.28% 5.26% 0.86% EKKLESIA MUTUAL FUND INC. -A 2.1493 2.09% 1.37% 1.79% 0.88% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2291 0.78% 0.15% 0.84% 0.9% GREPALIFE FIXED INCOME FUND CORP. -A P 1.5943 -0.96% -0.87% 0.54% 1.91% PHILAM BOND FUND, INC. -A 3.9229 -1.32% -1.02% 0.38% 0.08% PHILEQUITY PESO BOND FUND, INC. -A 3.582 2.66% 0.79% 1.18% 1.85% SOLDIVO BOND FUND, INC. -A 0.9101 0.15% -0.7% N.A. 1.96% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8347 1.83% 1.01% 1.53% 2.49% SUN LIFE PROSPERITY GS FUND, INC. -A 1.574 1.48% 0.53% 1.04% 2.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $451.78 2.21% 2.07% 2.94% 0.78% ALFM EURO BOND FUND, INC. -A Є214.88 1% 1.35% 1.52% 1.05% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1539 3.23% 1.51% 2.12% 2.5% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.025 1.21% 0.68% N.A. 0.81% GREPALIFE DOLLAR BOND FUND CORP. -A $1.6939 -1.89% -1.16% 0.78% 0.22% 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 $1.0493 0.03% -1.05% -2.52% 1.13% PHILAM DOLLAR BOND FUND, INC. -A

$2.2219 2.19% 0.6% 2.62% 2.34% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0575915 1.38% 1.02% 1.71% 1.07% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9203 - 0.71% -0.1% 1.82% 1.68% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 121.91 3.41% 2.09% 1.71% 0.89% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0036 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.1885 2.36% 0.9% 0.64% 0.56% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2273 2.98% 2.39% 1.74% 0.68% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0204 2.02% N.A. N.A. 0.44%

* - 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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Security Bank president sees 2019 GDP to hit 6.9%

C

By Ashley Manabat

Correspondent

LARK FREEPORT—Security Bank Corp. (SBC) President and CEO Alfonso L. Salcedo Jr. expressed optimism over the Philippine economy during a forum the bank organized here.

“The economy looks rosy and I am optimistic that the consensus growth of 6.4 percent will be achieved and may even reach 6.9 percent,” Salcedo said here on Thursday sans citing the bases of his statement.

Nonetheless, the SBC chief is so optimistic he believes this freeport will be the next Metro Manila.

“There’s a lot of space you have in Clark as the anchor footprint infrastr ucture here w ith the airport [new terminal building],

which is being built, the train will be constructed, there is the Nlex [North Luzon Expressway], etc.,” Salcedo said here on Thursday. “I could rattle it off why Clark will be the other metropolis that will be complementing Makati.”

He added that he believes “the solution is to decongest and create metropolises outside Metro Manila.”

“From the macro level, we see this area as a cutting edge in terms of gross domestic product [GDP] growth,” Salcedo said. “When we talk about Clark, the airport, the SEA [Southeast Asian] Games happening this year, [Udenna Corp.

CEO] Dennis Uy putting up a whole ecosystem here—it’s exciting.”

Salcedo cited that one of the bank ’s executive, George Ong,

“who handles our banking central, also has a lot of clients here.”

“He was here since yesterday calling clients,” he said during the first economic forum that the bank organized. “I do think this would be the next growth center.”

“I’m very excited to be here,” Salcedo said at the Marriott Hotel. “The key people of SBC are here. We have been doing eco fora every year but mostly in Makati.

This year we wanted to do it differently, to have smaller groups for better interaction with our clients,” he said.

Salcedo’s views were echoed by National Economic and Development Authority (NEDA) Regional Director Leon Dacanay Jr. who provided a rosy landscape of Central Luzon’s economy.

PSBank posts flat net income growth in 2018

T

HE Philippine Savings Bank (PSBa n k) posted a f l at growth year-on-year as its net income for 2018 amounted to P2.7 billion, the same figure it recorded in 2017.

In a disclosure to the Philippine Stock Exchange, the thriftbanking arm of the Metrobank Group, reported that although it posted a flat growth for the year, it recorded an increase in other

financial components.

The bank’s total assets amounted to P237.7 billion for the year, which is 6.5-percent higher than the previous year of P223.3 billion.

Its total gross loans reached P156.7 billion, expanding by 7.1 percent year-on-year from P146.3 billion in 2017.

PSBank said its total deposits of P200.7 billion improved by P11.8 billion or 6.2 percent compared to

the P188.9 billion it recorded in the previous year. The bank added that its total capital adequacy ratio was at 13.9 percent, while its common equity Tier 1 ratio was at 11.3 percent.

B ot h r at io s , it s a id , a re above the minimum level required by the Bangko Sentral ng Pilipinas.

“PSBank proactively responded to last year’s challenges brought

about by higher interest rates and inf lation by focusing on sales and improving on its operat ing ef f ic ienc ies, w it hout compromising its commitment in providing excellent customer service,” PSBank President Jose Vicente Alde was quoted in the disclosure as saying.

PSBank has 250 branches and 575 ATMs strategically located nationwide. Rea Cu

Widening Russia money-laundering scandal hits Europe bank shares

A

MONEY-LAUNDERING scandal involving Western financial institutions and the former Soviet Union widened, sending shares of banks lower across the continent.

Raiffeisen Bank International AG led declines, dropping as much as 11 percent after Bill Browder’s Hermitage Fund filed a report to Austrian prosecutors saying the bank helped launder funds that originated in Russian criminal activity. Dutch banks fell after a report that the three largest were used by a group labeled the Troika Laundromat to move cash from Russia.

Almost daily revelations are exposing the breadth of suspicious activity that has enmeshed banks across the continent. With investigations under

way in Baltic members of the European Union that once were Soviet states, the Nordic countries, the US, the UK and elsewhere, it may be months before the full extent is uncovered.

A picture is forming of Nordic banks that, often via their Baltic units, became hubs for Russian criminals who channeled funds to the West.

Nordea Bank Abp allegedly handled about €700 million ($793 million) in potentially dirty money, some of it linked to the death of Russian lawyer Sergei Magnitsky, according to Finnish broadcaster YLE on Monday.

Nordea Chief Risk Officer Julie Galbo said in an interview late on Monday that much of the allegations were already known publicly and the bank was trying to establish whether

any were new. Any suspicious behavior would be reported to the authorities, she said.

Separately, the Guardian reported in the UK that an estimated $4.6 billion was sent to Europe and the US from a Russian-operated network of 70 offshore companies with Lithuanian accounts. The newspaper cited data on banking transactions obtained by the Organized Crime and Corruption Reporting Project, or OCCRP, and 15min.lt, a Lithuanian website. The Guardian said there’s no suggestion that the end recipients of funds were aware of the original source of the money.

The two reports are part of a broader OCCRP investigation into the Troika Laundromat. It’s the fourth

such scheme that the group has uncovered with the help of news media.

The others were the Proxy Platform, the Russian Laundromat, and the Azerbaijani Laundromat.

Accounts at the three largest Dutch banks were used by the Troika Laundromat to move cash from Russia, according to Dutch magazine De Groene Amsterdammer, which is part of the OCCRP journalist group. About €43 million were paid to the Rabobank account of Dutch yacht builder Heesen for construction of two boats, the newspaper said, while approximately €190 million went through bank accounts at an ABN Amro unit that later became part of Royal Bank of Scotland. The banks declined to comment. Bloomberg News

Wednesday, March 6, 2019

B3

Overcoming your fears of money challenges “The only thing we have to fear is fear itself”–Franklin Roosevelt.

F

EAR is a very powerful emotion that causes people to behave positively or negatively.

There are some who allow fear to paralyze them. And there are also some who use fear to motivate them to move forward.

When it comes to handling money, fear is a major factor that affects the way people behave toward their decision.

Fear of losing out

WHEN it comes to money, fear is undoubtedly a hindrance to investing.

According to the Bangko Sentral ng Pilipinas, only 3 percent of Filipino adults invest in bonds, funds and stocks. Many prefer to put their trust in guaranteed instruments, such as banks, Social Security System or Government Service Insurance System and the Home Development Mutual, or Pag-ibig, Fund.

They are afraid to invest in other financial instruments for fear that their investment will lose value due to the volatility of the market. They also suffer from analysis paralysis, which cause them not to invest at all.

Just like the American people during the Great Depression, their fear will just make matters worse later in their future. Even if there is a desire to grow their money, their fear is stronger than their dream and the result will be no action.

A perfect example is a person who inquires about investments and having all the information he wanted, decides not to push through out of fear of the market going down when he has really no basis for his fear.

Fear of missing out

COMMONLY known by the acronym FOMO, the “fear of missing out” as defined by Wikipedia is a “pervasive apprehension that others might be having rewarding experiences from which one is absent.”

Especially in money matters, this kind of fear may be good as it will prompt a person to act than to be passive.

However, the person, out of haste and greed, risks committing an error by having a herd mentality and join the bandwag-

Edmund Lao

PERSONAL FINANCE on without studying the investment offered. This is primarily the reason why scams proliferate.

In the past, many people were duped by scams that offer was 5-percent interest per month. People invested because they were told that many celebrities also invested. They forgot that those people were also human beings who are prone to committing mistake due to greed.

The saying “haste makes waste” in this situation holds true. By hurrying to invest without researching, the probability of losing the whole investment is higher and will be more painful than letting the opportunity pass by due to the fear of loss.

What to do

THERE is saying that it is not about knowing what to do, it’s doing what you know.

It is important that you have good information but equally essential is knowing what you do with what you know. Since fear is the enemy of will, you have to make will more powerful than your fear.

With regards to personal finance, the only antidote to fear is to be financially literate. By learning the basics of personal finance, we have the knowledge on the different ways to invest our money intelligently.

We will be able to evaluate offers and make sound decision based on logic. Emotions will be never be a part of the equation.

We can act the way Superman did to protect himself and win. Even the late Bruce Lee said: “Knowing is not enough, we must apply. Willing is not enough, we must do.”

Are you willing to overcome your fear?

Edmund Lao is registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 75th RFP program this April 2018.

To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Sectors welcome Diokno as new Central Bank head firmed Diokno’s appointment.

This means Diokno would have to relinquish his post as secretary of the Department of Budget and Management (DBM), which he held upon the president’s appointment on June 30, 2016.

The President has also appointed Undersecretary Janet B. Abuel as officer in charge of the DBM.

BAP, PeMA

PRESIDENT Rodrigo Duterte surprised Central Bank watchers by naming his budget secretary, Benjamin Diokno, on Monday as governor of the monetary authority. The peso slumped the most in more than five years. BLOOMBERG NEWS

By Rea Cu

L

@ReaCuBM

EADERS in the private and public sectors have welcomed the appointment of Budget Secretary Benjamin E. Diokno as new governor of the Bangko Sentral ng Pilipinas (BSP).

Finance Secretary Carlos G. Dominguez III told reporters in a text message that Diokno’s knowledge on the inner working of the government as well as expertise in macroeconomics will contribute to his successful stewardship of the BSP.

“All of these will contribute to his successful stewardship of the BSP as its next governor and chairman of the Monetary Board,” Dominguez said. “His competence is unquestionable, owing to his deep expertise in macroeconomics and extensive senior management experience in government and the private sector.”

President Duterte appointed Diokno as the new BSP governor during a meeting of his cabinet on Monday evening. Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo con-

THE Bankers Association of the Philippines (BAP) also welcomed Diokno’s appointment.

“The BAP is optimistic that the reformist brand of leadership of the new BSP governor will pave the way in continuing the necessary reforms and policies to strengthen the Philippine banking industry,” the organization said in a statement issued on Tuesday.

With the latest development, the BAP said that the association will remain committed in its role as a partner of the national government in building a strong economy through an empowered Philippine banking sector.

The Philippine eMoney Association (PeMA) said it also looks “forward to a continued partnership with the BSP under the leadership of the new Governor in promoting

financial inclusion as a key pillar for sustainable growth.”

BDO

IN reply to a phone message from the Philippine News Agency on Monday night, BDO Unibank Inc. chief market strategist Jonathan Ravelas said Diokno, who also headed the interagency Development Budget Coordination Committee (DBCC) on a concurrent basis, has an edge in the Central Bank.

“He has a bird’s eye view of the economy. He will be able to fine tune what’s needed to support growth shifting from the current 6 percent to a higher gear,” Ravelas said.

He added that Diokno’s time at the DBM “highlights his commitment to keep fiscal discipline which will be the balancing force to support the government but maintain independence.”

“He is a good communicator.”

Stellar past

DIOKNO’S past senior managerial positions included being chairman and

CEO of the Philippine National Oil Co. and chairman of the Local Water Utilities Administration.

He was also formerly independent director of the Asia United Bank, chairman of the Board of Regents of the Pamantasan ng Lungsod ng Maynila and chairman of the Board of Trustees of the Ospital ng Maynila Medical Center.

Diokno also served as fiscal adviser to the Philippine Senate and senior advisor of the International Tax and Investment Center. He has been consultant to the World Bank, Asian Development Bank, European Commission, and the US Agency for International Development for work in

the Philippines, China and transitioning economies like Vietnam, Cambodia and Mongolia.

Diokno would be replacing the late BSP Governor Nestor A. Espenilla Jr., a career central banker, who died on February 23 after more than a year of battling cancer. With PNA

B4

Agriculture/Commodities

Wednesday, March 6, 2019 • Editor: Jennifer A. Ng

BusinessMirror

www.businessmirror.com.ph

‘Duterte wants to hike DA budget tenfold’

P

By Jasper Emmanuel Y. Arcalas @jearcalas

RESIDENT Duterte is keen on increasing the budget of the Department of Agriculture (DA) tenfold to nearly P500 billion in 2020 to ensure the country’s food security, Agriculture Secretary Emmanuel F. Piñol said on Tuesday.

During the Cabinet meeting on Monday, Piñol said the President had instructed him to submit a budget proposal for 2020 that is “10 times bigger” than its present budget of almost P50 billion.

Quoting the President, Piñol said Finance Secretary Carlos G. Dominguez III would be instructed to give the DA the budget it needs to boost the country’s food production.

“President Rody Duterte last night assured Filipino farmers and fishermen that agriculture and fisheries will be given a bigger budget share to be able to produce more food for a rapidly growing population,” the agriculture chief said in a social-media post.

“Over the last two years, agriculture was given a measly share of the national budget with the DA getting less than 2 percent of the total budgetary pie,” he added.

Piñol said Duterte “emphasized” during the Cabinet meeting “the need for bigger support to agriculture” to meet the increasing demand for food of the country’s growing population. “[The President told me to] make use of every available area to grow food,” Piñol said in his Facebook post.

The DA had proposed a budget of P200 billion for 2018 but the agency was given only P56 billion.

For this year, the DA made a pitch for an allocation of P120 billion,

FILE PHOTO

but it received only P49.9 billion. “ The President’s announcement of greater budgetary support to agriculture came just in time as the DA starts its three-day Internal Budget Hearing today [Tuesday] at the Agricultural Training Institute [ATI] compound in Quezon City,” he said.

“With the President’s major

policy pronouncement last night, the DA will adjust its budgetary proposals with correspondi ng t a rgets to be ac h ieved ,” he added.

Piñol said Duterte also instructed him to give “greater” focus on agricultural infrastructure, as well as the “farm-to-market food chain to ensure that farm-

ers and fishermen are able to sell their produce at a fair price.”

Economic managers had blamed the sluggish performance of the agriculture sector for the government’s failure to hit its growth target of 7 percent to 8 percent for 2018. The agriculture, fisheries and forestry sector was the laggard among all economic sec-

tors last year, according to data from the Philippine Statistics Authority (PSA).

The DA said in January that typhoons, including a super typhoon, made farm production difficult in 2018, causing full-year expansion of the sector to settle at 0.56 percent, lower than the 4 percent recorded in 2017.

In its quarterly report, the PSA noted that the crops subsector production in 2018, which contributes about half of the total output, declined by nearly 1 percent due to the series of typhoons that battered the country.

Total palay output last year fell by 1.09 percent to 19.066 million metric tons, from 19.276 MMT recorded in 2017. Rice production in the fourth quarter alone declined by 2.20 percent to 7.156 MMT, from 7.317 MMT in the same period of 2017, according to the PSA. “This was attributed to the reduction in area harvested brought by the effects of habagat in Ilocos region and Central Luzon, and the damages caused by typhoons Henry, Inday, Josie, Luis, Ompong and Rosita in Northern Luzon,” it added.

Data from the PSA also indicated that 11 more crops, including corn and some high-value crops, recorded production declines. The PSA attributed this to the reduction in harvest area and unfavorable weather conditions.

Senate eyeing overhaul Incentives allowed NFA to buy more of warehouse receipts law unmilled rice from farmers in Jan-Feb to boost food production

A

BILL aiming to overhaul the country’s warehouse receipts system to help boost farmer’s productiv ity, introduced by Sen. Sherwin T. Gatchalian, has been sponsored

by Sen. Aquilino L. Pimentel III, chairman of the Senate Committee on Trade, Commerce and Industry.

Gatchalian said in a statement that he filed Senate Bill (SB) 2171, otherwise known as the Philippine Warehouse Receipts Act of 2019, because agriculture remains to be a central pillar of the Philippine economy, which account for 9 percent of GDP. “The legislation is a ‘winwin for farmers and consumers’ since it is expected to help boost the countr y’s agricultural productivity and food security, while improving farmers’ margins in the long run,” Gatchalian said.

To promote economic activity by increasing farmer’s access to low cost credit, the measure establishes a simplif ied moder n f ramework for the storage of goods in warehouses through the creation of an online registry system where all electronic warehouse re ce ipt s c a n b e re g i s t e re d and accessed.

The Securities and Exchange Commission (SEC) would be tasked to create and maintain the registry. Warehouses would also be tasked to maintain a subregistry for goods deposited in their custody.

T he mea su re a l so est ab lishes a warehousing accreditat ion counci l composed of the chairman of the SEC, the secretary of the Department of Trade and Industry, the secretary of the Department of Finance, the secretary of the Department of Agriculture, and three warehousing experts who would be in-charge of accredit-

ing warehouses and warehouse operators.

The council would be tasked to institute a system of accreditation for warehouse operators and warehouses; issue certificates of accreditation to qualified warehouse operators and warehouses, as well as monitor their performance to ensure their continuing compliance with the provisions of the bill.

The council would also be tasked to place under probation, suspend or revoke accreditation to any warehouse or warehouse operators that do not meet the criteria for accreditation set forth by the council.

T he mea su re est abl i shes a warehouse relief assurance fund, managed by the SEC, w h ic h wou ld b e t a s k e d to cover losses involving warehouse receipts stemming from Reg istr y based fai lures, including but not limited to the ir retr ievable destr uction of the Registry.

Pimentel said most banks and other financial institutions do not accept warehouse receipts as collateral for loans as they do not have confidence in its economic value.

Aside from upgrading the century-old warehouse receipts law, Pimentel said the bill also provides an option for agricultural producers to safely store and delay the sale of their products, as well as help reduce postharvest losses and improve product quality.

“With the passage of this bill, banks and other financial institutions will be more confident in extending credit collateralized by warehouse receipts. This will ultimately benefit our farmers and other micro, small and medium enterprises as this will enable them to easily borrow for their working capital needs,” Pimentel said.

A

HEAD of the peak of harvest season, the National Food Authority (NFA) said its palay procurement from January to February jumped by 2,100 percent due to the food agency’s higher buying price.

The NFA said it was able to purchase 232,447 bags of palay, or 11,622 metric tons (MT), from local farmers during the two-month period, higher than the 10,960 bags recorded in the same period last year.

“The NFA procurement activities are obviously revitalized by the agency’s new buying price, increased from P17.70 to P20.70 per kilogram for clean and dry palay,” NFA OIC-Administrator Tomas R. Escarez said in a statement.

“More farmers are selling their

harvest to NFA after the NFA Council approved the additional of P3 per kg Buffer Stocking Incentive [BSI] last October 2018,” Escarez added.

Based on the data provided by the NFA, local palay procurement was highest in the following provinces: North Cotabato (59,734 bags), Sultan Kudarat (52,045 bags), Tarlac (14,376 bags), Oriental Mindoro (13,433 bags), South Cotabato (11,204 bags), Isabela (10,965 bags), Capiz (10,659 bags) and Occidental Mindoro (9,591 bags).

“We want to recognize the continuing efforts of our officers and staff in the field. Despite the fact that it is not a peak procurement month, they were still able to serve our farmers,” Escarez said.

“In, particular, our office in Region 12 covering the provinces of North Cotabato, Sultan Kudarat, and South Cotabato exceeded their target by 6,149 percent. The NFA was able to procure 122,983 bags of palay from the three provinces alone,” he added.

Escarez said the food agenc y would further beef-up its pa lay procurement t his year as the NFA has been confined to buffer stocking under the rice trade liberalization law, or Republic Act 11203.

For this year, the NFA is targeting to expand its palay purchases to 7.78 million bags, or 389,000 MT. The food agency was able to buy 1.24 million bags, or 62,000 MT, from local farmers in 2018.

“With the implementation of the rice trade liberalization Law signed by the President last February 14, NFA is expected to have a higher market participation now in palay procurement as farmers will also take advantage of the bigger incentives offered by the government,” Escarez said.

Based on the trend in NFA’s procurement, he noted that palay harvests are no longer confined to the traditional summer crop from March to May and main harvest from October to December.

He added t h at NFA mu st now be ready for palay procurement all year-round. All personnel, logistics and procurement funds will be made available anywhere in the country where NFA operates. Jasper Emmanuel Y. Arcalas

Goldman Sachs is toning down its bullish outlook on commodities

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OLDMAN Sachs Group Inc. is turning cautious on commodities after months of recommending them to investors.

Raw materials are no longer significantly undervalued and further price increases will require data showing better demand and tighter supply, analysts including Jeffrey Currie wrote in a March 4 report.

However, a stronger-than-expected recovery in global economic growth could boost commodity indices, and there are still some industrial metals that offer relatively good value, according to the bank.

“From this point, positive returns will need to be justified by further evidence of improving fundamentals,” the analysts wrote.

“The risk-reward of being outright long commodities is therefore less compelling now compared to a few months ago, and we recommend a neutral portfolio position in commodities.”

That represents a shift in stance by the long-time bull, which had stood firm on its recommendation even when raw materials were roiled over the past year. Just in January, Goldman stuck with its bet after say-

A CONVEYOR stands at the Hi-Crush Partners LP sand mining facility in Kermit, Texas, on June 20, 2018. In the West Texas plains, frack-sand mines suddenly seem to be popping up everywhere. CALLAGHAN O’HARE/BLOOMBERG

ing it was “hoodwinked” by a shift in investor sentiment that pummeled prices in late 2018 and admitting its justification for owning commodities “failed spectacularly” in the fourth quarter.

There’s been a strong “Goldilocks” rally that’s helped raw materials recover from the late-2018 sell-off, the bank said, referring to a scenario that signals ideal market conditions. Its economists predict

that global macroeconomic data will probably turn stronger as some hurdles to growth, such as a US government shutdown, are removed and some nations including China ease monetary policy to spur activity.

“While this looks like it would point to even more upside for commodities, we believe that commodities have now reached a level where they are no longer significantly undervalued relative to their current

fundamentals,” the Goldman analysts wrote in the report.

Some data in energy markets is encouraging, according to Goldman.

The bank said late last month that oil prices could rally further as top Opec member Saudi Arabia cuts output faster than US shale drillers can fill, and supply disruptions in Venezuela are likely to accelerate in coming months. Still, it warned that such an advance could prove fleeting.

Elsewhere, “better data is not yet apparent,” the analysts said.

In China—the world ’s biggest consumer of metals, energy and grains—February manufacturing data was disappointing, as are property sales, which signal weaker demand for metals. That may improve in coming months as credit data suggests that the Asian nation is willing to ease policy in response to economic growth rates that are running significantly below targets, Goldman said.

The bank’s near-term commodity forecasts remain bullish, with the Enhanced S&P GSCI gauge predicted to rise another 5 percent over three months. Bloomberg News

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Zambo Sibugay town coconut farmers receive ₧1.2-M assistance package

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OCONUT farmers in the town of Buug, Zamboanga Sibugay, are getting the much-needed boost from the Department of Agrarian Reform (DAR).

A statement from the DAR said a farmers’ cooperative in Buug recently received some P1.2 million worth of assistance.

The Del Monte Coconut Farmers Credit Cooperative (Delcofacco) received a hauling truck, 20 units of weighing scales, and rubber boots for Delcofacco’s buy and sell copra business, the DAR said.

The package of assistance was funded through the DAR’s Linking Smallholder Farmers to Markets (LinksFarm) project. The DAR said the LinksFarm has chosen the municipality of Buug as its pilot area in the province.

The project will benefit the coconut farmers and farmers’ associations from the said town through capacity building, marketing assistance and agricultural extension.

The Delcofacco is also a beneficiary of another DAR program for its coconut coffee processing and manufacturing.

The DAR said it provided Delcofacco a total of P550,000 of financial aid: P300,000 for the construction of a coconut coffee

processing center; P235,000 for product enhancement and training; and P15,000 for product laboratory testing.

With the newly constructed processing center, the co-op can now manufacture safe, quality and market-ready coco coffee products and increase the volume of its production.

The processing center will also prevent contamination from destructive elements such as insects.

During the turnover ceremony on February 27, DAR Provincial Chief Mohammad Dassan Adju told Delcofacco officials to recognize the role being undertaken by the DAR after land distribution.

“The DAR will continue doing its function of facilitating development, especially in rural communities,” Adju was quoted in the statement as saying.

“Having been chosen as the beneficiary of the project gave us so much pride,” Delcofacco Chairman Violeta Cordero said, assuring the agency the cooperative will maintain and sustain the project.

Linksfarm and the VLFED are nationwide projects of the DAR, which both aim to empower farmers into becoming agro-entrepreneurs. Jonathan L. Mayuga

Editor: Dennis D. Estopace • Wednesday, March 6, 2019

Addicts in Sarangani who went into rehab among recipients of P4-M livelihood aid

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By Manuel T. Cayon |

@awimailbox Mindanao Bureau Chief

AVAO CITY—Drug addicts who graduated from the governmentfunded rehabilitation program would be among the recipients of a new livelihood-assistance program of the Department of Labor and Employment (DOLE) in Sarangani province.

The Provincial Administrator’s Office of Sarangani said the identified beneficiaries would come from persons with disability, illegal-drugs traders and users who surrendered, and former communist rebels who met the minimum application and interview requirement.

“As to corresponding liveli-

hood a nd st a r ter k its, some wou ld receive sar i- sar i store ne e d s , c a r p e nt r y t o o l s , k a k a n i n [r i c e c a k e] u t e n s i l s , manicure sets and other tools,” DOL E R eg ion a l D i rec tor Si sinio B. Cano said after turning over a check to Governor Steve Chiongbian Solon on February 27.

The check was worth P4,150,388 for livelihood assistance to 392 beneficiaries in Sarangani province.

Cano said the DOLE Integrated Livelihood Program (DILP) was mandated under Department Order 173. She said this program is considered “an important strategy towards the transition of the informal workers.”

Solon and Cano signed on February 27 at the Provincial Governor’s Office the memorandum of agreement for the implementation of the DILP through accredited co-partner or proponent beneficiary.

“We need a lead to sustain this,” Provincial DOLE Head Domingo Baron said. “This would not be easy.”

Elsewhere in the province, provincial officials facilitated on Februar y 28 the distribution of schools supplies and medicines for children at the Fa le l K esbu ng IP Integ rated School in Barangay Tamadang of

Diokno to Duterte: Cimatu: Boracay rehab still a work in progress Thank you for remembering my father

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AC L OB A N, L e y te — Hum a n-r ight s l aw yer a nd senatorial candidate Jose Manuel “Chel” Icasiano Diokno thanked President Duterte for remembering his father, former Sen. Jose W. Diokno, as he underscored the importance of respecting the human rights of every Filipino, especially the poor.

“Actually, I’m thankful that he mentioned my father, that he still remembers my father,” Diokno said in Filipino after visiting the relocatees of Typhoon Yolanda at Pope Francis Village, Diit, Tacloban City. He said he hopes Duterte would also remember that his father is regarded as the father of human rights in the Philippines.

During his tirade on the Otso Diretso senatorial slate, Duterte said Diokno was nothing like his father.

Diokno just shrugged off the President’s comment, saying the Chief Executive should instead look at his father’s advocacy of protecting the human rights of every Filipino.

“Talagang kailangan natin na igalang ang karapatan ng lahat, lalong lalo na ng mga mahihirap,” Diokno said. “Hindi naman puwedeng sabihin na mura lang ang buhay nila dahil ang buhay ng lahat ng tao ay mahalaga, mayaman man o maliit na tao. [We really need to respect the rights of all, especially the poor. We can’t say human life is cheap because the lives of all people a re impor t a nt, whet her r ic h or small].”

“At dapat isulong mismo ng ating pamahalaan ang paggalang sa dignidad ng tao, pati sa mga kababihan, at paggalang din sa ating lahat ng pangangailangan ng bayan [Our government should lead in respecting human dignity, especially women, as well as respect for all of our people’s needs],” Diokno added. Diokno pointed out that Duterte should focus on issues that concern the welfare of the Filipino people, instead of unleashing baseless tirades to defend his senatorial bets.

NVIRONMENT Secretary Roy A. Cimatu is asking for patience in relation to the snailpaced rehabilitation of Boracay, four months after it was reopened in October last year.

“We know the roads are still dusty. We ask for patience, [the Boracay rehabilitation] is still a work in progress,” Cimatu said in a statement.

The Boracay Inter-Agency Task Force (BIATF) recently held its second meeting for 2019 in Taguig City.

“The task force members still meet regularly to monitor the implementation of our plans in restoring the island and review policies or regulations,” he added.

As secretary of the Department of Environment and Natural Resources (DENR), Cimatu chairs the BIATF. Secretaries Eduardo Año of the Department of the Interior and Local Government (DILG) and Bernadette Romulo Puyat of the Department of Tourism (DOT) serve as cochairs.

Aside from regular meetings, officials of the 11 BIATF memberagencies have been regularly visiting the island to personally check on the rehabilitation’s progress, according to the DENR. Part of the ongoing progress on the island, which Cimatu reported on, was the expected completion by June of a government hospital that would address the medical needs of tourists and workers alike.

He added that the Department of Public Works and Highways (DPWH) would soon eliminate “unsightly overhead “spaghetti” cables and place them underground.

The DPWH has been working closely and extensively with electric companies in relocating electric poles affected by the road widening.

Accomplishments, plans

DPWH Assistant Regional Director Jose Al V. Fruto said that in the first phase of the rehabilitation, the agency had completed the 4-kilometer stretch of the main road from Cagban Jetty Port to the Elizalde property, as well as the 600-meter road along Bulabog beach.

Fruto added that the agency aims to make 5 kilometers of sidewalks walkable by mid-March and a total of 15 to 20 kilometers of roads completed by the end of the two-year rehabilitation period.

Meanwhile, Puyat reported that as of February 18, the DOT had accredited more than 300 establishments, equivalent to more than 11,600 rooms.

Permission has also been granted for the conduct of three events on the island, including a fashion week from April 29 to May 1.

On the other hand, the DOT has barred cruise ships from visiting the island on the following dates: April 16 to April 23, which includes Holy Week; for the rest of the sum-

mer from April 24 to May 31; for observance of All Saints and All Souls Days, from October 26 to November 8; and, for the conduct of the Southeast Asian Games from November 23 to December 19.

For demolition

CIMATU also confirmed that both the DENR and the DILG have identified for demolition 10 establishments that have been noncompliant to regulations on easement along the beach and road.

Those named were: Boracay Plaza Resort, Willy’s Rock Resort, Little Prairie Inn, Watercolors Dive Shop, Blue Lily Hotel, True Home, Exclusive Dawn VIP Boracay Resort, New Wave Divers, Steve’s Cliff and Calveston International.

The environment chief said that some of the resorts continued to operate despite violations. They would be given 15 days to self-demolish or have their properties demolished by the government.

Año said that this was a “time of reckoning” for some of the violators who had failed to finish demolishing their properties, and for others who had adopted a “wait and see” stance towards the demolition.

The DILG chief also stated that law-enforcement agencies have already formed a task group to “implement to the letter all ordinances and regulations in the discipline zone.” Jonathan L. Mayuga

DOT pushes new tour program in E. Samar

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ACLOBAN CIT Y—The Department of Tourism (DOT) in Eastern Visayas is pushing for a new tour program in Eastern Samar following the return of the historic Balangiga Bells.

Karen S. Tiopes, DOT regional director, said on Tuesday that the publicity generated from the return of the Balangiga Bells in December last year “also gave a mileage in terms of awareness.”

“It has actually placed Balangiga on the tourism map,” Tiopes said. “In fact, since its return until the end of January, the municipality already welcomed over 22,000 visitors.”

She added they conducted an assessment of the existing tour in Balangiga and identified the gaps.

“We now have a list of things that will be done within three months and tasks that will be completed in six months or more,” Tiopes said while lauding the tourism initiatives

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of the provincial government.

She said tourism “is one of the priorities” of the local government.

The tourism director said that DOT has accredited 16 “homestay” places in Divinubo, Borongan, and another two in Hernani in Eastern Samar.

According to her, the DOT has evaluated all these homes to determine if they meet the homestay standards. Tiopes added the government agency also trained the owners of these houses.

“For Balangiga, we have yet to assess the homes of those that the local government unit has identified for homestay. This will be part of the medium-term ‘To Dos’ for Balangiga,” she said. “Priority projects will be training for the stakeholders and front-liners to make the Balangiga Historical Tour market- and visitor-ready.”

The tourism director, however,

maintained that many local governments also have tourism initiatives already.

Some are beneficiaries of the Yolanda Recovery and Rehabilitation tourism infrastructure and livelihood project, according to Tiopes.

Meanwhile, Eastern Samar Provincial Tourism Officer Franklin N. Robedizo said that aside from the Balangiga historical tour, they are also developing a Samar Island Tourism Master Development Plan.

Robedizo added they are also formulating a tour program for the Tubabao Island Dobrota Tour, in a bid to nominate the country’s largest forest protected area-Samar Island Natural Park as a world heritage site and biosphere reserve.

“Tourism program is a priority development agenda, more particularly, as a key economic driver to lower the poverty incidence in the province,” he said. PNA

Kiamba town.

The ZDK Car Trading and Rui Enterprises handed out the items.

With them were Vice Governor Elmer T. de Peralta, Board Member George F. Falgui and Tamadang Barangay Captain Juanito A. Sampan.

A lso from February 19 to 22, some 300 students f rom different municipalities in Sarangani received new and fully e x amined read ing gl asses in an outreach program initiated by the provincial government through its Serbisyong Sarangani Outreach Program.

The province partnered with the Latter-Day Saint Charities, Department of Education and Crystal Lenses Optical.

The beneficiaries included 52 students from Pangyan National High School in Glan, 140 students from Malalag Cogon Integrated School in Malungon, 87 students f rom Daan Suyan Integ rated School in Malapatan and 35 students from Pag-asa Integrated School in Alabel.

B6 Wednesday, March 6, 2019

Insular Life now issues e-policies

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NSULAR Life has started rolling out electronic insurance policies (epolicies) for its new clients. New clients with valid e-mail addresses will be able to access and review an advanced copy of their approved insurance contract in the customer portal, even before the agent delivers the printed policy to them.

The customer portal is a digital dashboard created for each Insular Life client. This dashboard contains all the information about the client’s policy/ies, housed in a secure platform.

“The client can access his or her customer portal any time, any where.

Clients will be able to perform various transactions, including fund switching or monitoring [of] the performance of their funds,”said Diana Rose Tagra, first

vice president for new business division.

Tagra explained that since last year, the company has been laying down several digital initiatives, from onboarding clients to servicing them, for an end-to-end digital journey.

“We will continue to strengthen customer servicing through innovative digital solutions,” Tagra added. “This is in line with our ambition to become the Filipino’s most preferred life-insurance provider and the most digitally connected life-insurance company in the country.”

The portability of the e-policy—clients can access their policy details anywhere there’s Internet—makes it an ideal option versus paper-printed versions, which can be easily be lost.

Your guide to the Building Code IRR

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ELAYS in construction permits and clearances arise due to the conflicting interpretation of the Building Code of the Philippines among government authorities, technical professionals, property owners and developers.

The Center for Global Best Practices (CGBP) will host “Property Developers’ Guide to the Building Code IRR of the Philippines” to be held on March 20 and 21 at the Edsa Shangri-La Hotel. Visit www.cgbp.org for a complete list of Best Practices programs.

This two-day program is designed to provide a clear guideline to the 2005 implementing rules and regulations (IRR) of the Building Code of the Philippines. This program is to help different stakeholders align their referral codes in architecture, structure, plumbing, electronics, sanitation, electrical, mechanical and interior design to the building code. Attendees will learn valuable insights on how to fast-track building permits, updates on the latest government issuances, memoranda, and decided cases on conflicts affecting building construction and maintenance, as well as remedies to stoppage orders.

Participants will also learn the nitty-gritty on how to address the issues concerning delays in getting approval for clearances, permits, inspections of ongoing and finished construction projects and many more.

This program will feature Engr. Agustin S. Torres, who was part of the oversight committee on the crafting and implementation of the revised IRR

of the Building Code of the Philippines. He presently serves as a consultant at the DPWH National Building Code Development Office and the local government unit of Quezon City. He is also a technical expert on adjudication cases involving construction-related lawsuits.

He has over 40 years of experience in the construction industry and is a consultant of many local and international firms, especially in solving their most challenging issues in dealing with the government. He was formerly the head of the structural and signs section of Quezon City LGU. He finished with the degree of Bachelor of Civil and Sanitary Engineering at Mapúa Institute of Technology and earned his postgraduate degrees in urban and regional planning from the University of the Philippines, and public management from the Ateneo School of Government.

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 sector, based on Department and Management Circular 563 dated April 22, 2016. Interested participants are encouraged to avail themselves of the early-bird and group discounts for three or more attendees. Seats are limited and preregistration is required.

Registration is open to the general public. This program is accredited by the PRC Board of Civil Engineering Council. Civil engineers attending this training will earn CPD points. CGBP is also an accredited training provider of the Civil Service Commission.

Duty Free Philippines nominated for 2019 Moodie Davitt Digital Awards

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UTY Free Philippines Corp. (DFPC) has been shortlisted for two categories at this year’s Moodie Davitt Digital Awards.

The country’s only duty and tax-free travelretail company is nominated for the Best Use of Facebook and Best Use of Instagram, among 170 shortlisted finalists across 21 categories.

DFPC is nominated along with Changi Airport, Dubai Duty Free, Copenhagen Airport, Delhi Duty Free Services, The Shilla Duty Free, Bristol Aiport, Lotte Duty Free, among others.

On its sixth year The Moodie Davitt Digital

Awards recognize best practice in social and digital media, and marketing among airports, airport retail, and food and beverage.

Winners will be revealed later this month, after an extensive evaluation by The Moodie Davitt Report in-house panel led by chief technology officer Matt Willey.

“This year’s final lineup represents a diverse geographical masterclass of digital innovation and excellence. It also throws up some intriguing trends in the industry’s use of digital media,” Willy said in an article published in the Moodie Davitt report.

MAGSAYSAY MARITIME CORP. RECEIVES TOP AWARD FROM PAG-IBIG FUND

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AGSAYSAY Mar itime Cor p. (MMC), one of the leading shipping companies prov iding qua lit y crew ing ser v ices for the world ’s maritime and cruise industries, was recent ly recog ni zed by t he Home Development Mutual Fund (Pag-IBIG Fund) as the Top OFW Recr uitment/Manning Agenc y, for hav ing the highest membership sav ingscol lection in 2018.

The award was given on the deliberation of the 2018 Pag-IBIG Fund chairman’s report, t it led “ Tiwa l a at Ta ng k i l i k ng Miyembro, M a t a t a g n a P o n d o ”, a t t h e P h i l i p p i n e International Convention Center (PICC).

“It is testament to our unwavering support for the Pag-IBIG Fund ’s campaign to encourage its members to save and save more,” MMC President Arnold B. Javier said.

The Pag-IBIG Fund was established to help address the need for a national savings program and an affordable shelter financing for the Filipino worker.

Photo shows Javier (in photo, fourth from left) receiving the award from Pag-IBIG Fund executives led by chairman Eduardo D. del Rosario (third from left) and Chief Executive Officer Acmad Rizaldy P. Moti (fifth from left).

They are joined by (from left) law yer Robert John S. Cosico, officer in charge, deput y CEO for suppor t ser v ices c luster a nd c h ief legal counsel; Marilene C. Acosta, deput y CEO for home lending operations cluster; A lexander Hilario G. Aguilar, deputy C EO for me mb er ser v ices c luster; and law yer Marcial C . P i m e n t e l J r. , vice president for lega l and genera l counsel group.

Sports BusinessMirror

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| Wednesday, March 6, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PRESIDENT Donald Trump welcomes the North Dakota State Bison to the White House. AP

Burgers and fries for football champs at White House W

ASHINGTON—The smell of burgers and fries wafted through the State Dining Room as President Donald Trump celebrated the championship football players from North Dakota State on Monday with fast food, like he did when he honored the national champion Clemson Tigers.

Trump told the football team he could have had White House chefs prepare a meal, but “I know you people very well.”

The players laughed with the president while eyeing stacks of Big Macs and Chick-fil-A sandwiches on a long table in the center of the room. A side

table was piled with bags of french fries, kept warm under a light.

Trump served a similar spread that included hundreds of hamburgers to Clemson’s players in January. He said he personally paid for that meal because much of the staff in the White House residence had been furloughed by a

government shutdown.

The Bison, who have the most titles in the NCAA Football Championship Subdivision, ended the season on January 5 with a 38-24 win over Eastern Washington University. Quarterback Easton Stick threw five touchdown passes, including two to Darrius Shepherd,

who was named Most Outstanding Player with five catches and 125 yards.

It was the Bison’s seventh national title in eight years.

“When you play with passion and love...and relentlessly reach for excellence, nothing is impossible,” Trump said. AP

ANOTHER UNITED KOREA IN SPORTS? S

By Rob Harris The Associated Press

OUTH KOREA’S soccer leadership has sent a proposal to North Korea to jointly bid for the 2023 Women’s World Cup and is awaiting a response.

Combining to stage the Fifa showpiece could be a significant move toward building peace on the Korean Peninsula, which remains technically at war because the 195053 conflict ended in an armistice, not a peace treaty.

The neighbors have been encouraged to bid by Fifa President Gianni Infantino, with the decision due to be taken in March 2020 by the governing body’s ruling council.

Chung Mong-gyu, the president of South Korea’s soccer association who sits on the Fifa Council, is pursuing the bid after gaining the initial support of his government.

“With regard to the possible joint bid with DPRK Football Association for the 2023 Fifa Women’s World Cup, we have sent our proposal to DPRK FA and are currently waiting to receive their official response,” Chung said in a statement to The Associated Press on Tuesday, referring to North Korea by its official name, the Democratic People’s Republic of Korea.

South Korean soccer officials tend to communicate with their counterparts in the north through the East Asian Football Federation.

There is a March 15 deadline to submit an expression of interest to Fifa. The bidding registration would then have to be sent by April 16 and countries have until October 4 to present bid books to Zurich-based Fifa.

With Australia, Colombia, Japan and South Africa also exploring bids, the 2023 Women’s World Cup looks like being the most hotly contested hosting contest since the tournament began in 1991.

Fifa has also imposed the most rigorous bidding regulations to date—emulating most of the bidding process last year for the men’s World Cup that saw a joint bid from the United States, Canada and Mexico win the right to stage the 2026 World Cup.

SOUTH KOREA’S Soyun Ji (center) is congratulated by teammates after scoring their fifth goal against Argentina during their Cup of Nations match in Sydney recently. AP

There will be an assessment of human rights and risk reports for all bidding nations, inspections of facilities and evaluation reports.

That could be a barrier to North Korea staging a World Cup, given concerns about human-rights abuses, prison camps for dissidents and an absence of religious and speech freedoms.

A bid could also be hindered by the US-led international sanctions that include restrictions on sporting equipment

being sent to North Korea.

A summit between President Donald Trump and Korean leader Kim Jong Un broke down last week in a dispute over how much sanctions relief Washington should provide Pyongyang in return for nuclear disarmament steps.

South Korea President Moon Jae-in has been actively pushing for

Video review for Women’s World Cup backed by Fifa

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URICH—The Fifa panel overseeing Women’s World Cup preparations recommended on Monday using video review to help referees, clearing the path for final confirmation next week.

The plan has strong backers in Fifa President Gianni Infantino and UEFA leader Aleksander Ceferin, who chaired Monday’s meeting of the organizing committee for world soccer competitions.

At a meeting in Miami next week, Fifa’s ruling council is set to ratify video assistants being deployed to help women referees at the June 7 to July 7 tournament in France.

The video assistant referees will likely include men helping advise all-female teams of referees and assistants.

No domestic women’s competition uses VAR. The Associated Press revealed in February that Fifa was set to use VAR at its women’s showpiece after months of uncertainty.

Some men with experience working as VARs at the 2018 World Cup in Russia took part in trials at a boys’ youth tournament in Qatar last month with Women’s World Cup match officials.

“The tests were quite positive,” Infantino said on Saturday. “I would of course wish that we do use VAR at the Women’s World Cup.” US women’s national team coach Jill Ellis, who brought up the issue at the men’s World Cup last summer in Russia, said on Monday evening that the decision was “fantastic.” The United States is in Tampa, Florida, for a SheBelieves Cup tournament

match against Brazil on Tuesday night.

“It’s great news. I think everyone in our sport realized it was such a positive, and to have now the same access to the same technology, I think it’s great,”Ellis said. “It’s going to be an intense World Cup, and I think having the benefit of VAR is important.”

High-scoring forward Sam Kerr, meanwhile, has been selected as captain of the Australian women’s soccer team by new coach Ante Milicic.

Milicic, who took over as head coach after Alen Stajcic was fired under controversial circumstances last month, made the announcement as the Matildas prepared for their first match against New Zealand in Sydney in the four-team Cup of Nations tournament. AP

JAPAN’S Emi Nakajima (left) and the US’s Abby Dahlkemper reach for the ball during the second half of their SheBelieves Cup match recently in Chester, Pennsylvania. AP

reconciliation with the North. At summits over the past year, the Koreas agreed vowed to resume economic cooperation and to jointly bid to stage the 2032 Summer Olympics.

Qualifying games for the 2022 World Cup, meanwhile, will begin in Asia in June, though political tensions between Qatar and its neighbors mean Fifa’s push to expand the tournament is still uncertain.

Fifa’s committee for organizing competitions confirmed on Monday the Asian Football Confederation will kick off the global program. Details from other continents “will follow in due course.”

This gives Fifa until early June to decide on organizing a 32-team World Cup hosted by Qatar, or a 48-team event, which would need to spread games around the Middle East.

Fifa President Gianni Infantino has persistently pushed for an expanded World Cup, despite a limit of 28 days to play the tournament from November 21 to December 18.

However, Qatar seems unlikely to agree on giving up some of the hosting rights it won in 2010.

Qatar is building just eight stadiums for a 64game tournament, while 12 is the ideal number for 48 teams playing 80 games.

Fifa’s decision making runs through its ruling council meeting next week in Miami, and again in Paris days before the June 5 congress of 211 member federations.

Fifa members could favor giving themselves 16 more qualifying slots regardless of diplomatic tensions caused by an ongoing boycott of Qatar by regional rivals.

Pressure on Qatar has been led

by Saudi Arabia and the United Arab Emirates. If Qatar eventually agrees to share hosting, Kuwait and Oman are thought more acceptable options.

A June kickoff for qualifying leaves up to three years to complete a program that typically runs to more than 800 games.

Qualifying for the 2018 World Cup took two-anda-half years, from a preliminary game in March 2015 between East Timor and Mongolia through a November 2017 playoff involving Peru and New Zealand.

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HEAT ON IN ILAGAN

By Ramon Rafael Bonilla

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LAGAN City—The sweltering heat is expected to give way to the warm reception of this city at the heart of Cagayan Valley and is expected to provide top-notch local and foreign athletes who will see action in the Ayala Philippine Athletics Championships starting on Wednesday at the City of Ilagan City Sports Complex.

The Isabela capital has rolled out the red carpet for the third straight year for athletes from 17 countries in the annual competition organized by the Philippine Athletics Track and Field Association, and supported by Ayala, Milo, Soleus and Ilagan City.

As formidable as the participants are, all eyes will be on the Filipinos who are out to prove their spots on the national team, with the Philippine Open serving as gauge on who will be fielded in the 30th Southeast Asian Games the country is hosting in November and December.

“We’re looking for athletes who will qualify for the national team. The best five performers here will be in the training pool.

Then, we’ll choose the top 3 for the SEA Games,” Patafa Training Director Renato Unso said.

“We will have a running leaderboard starting from now until September so this is the best time to qualify, though we will still have weekly relays in June,” he added.

Zambo dribblers unbeaten in four

Leading the cast for the nationals are debuting Filipino-American pole vaulters Natalie Uy and Alyana Nicolas, who loom as heavy favorites with their personal bests of 4.30 meters and 3.93 meters, respectively.

Those numbers, especially Uy’s, are good enough to shatter the 4.10-m gold medalclinching performance of Thailand’s Chayanesa Chomchuendee in the 2017 SEA Games in Kuala Lumpur.

Uy and Nicolas will be the first from among 30 national athletes to plunge into action on Wednesday with the women’s pole vault final set at 2 p.m.

Singapore 2015 SEA Games bronze medalist Donovant Arriola also hits the field in men’s long jump at 7 a.m. in a bid to claim the first of the 38 gold medals at stake in Day One. Not to be left behind are middle distance runners Marco Vilog and Carter Lily together with other jumpers like EJ Obiena (men’s pole vault), Mark Harry Diones (men’s triple jump) and Janry Ubas (men’s long jump).

Comprising probably the best sprint cast in years are Filipino-American standouts Kristina Knott, Kyla and Kayla Richardson, Robyn Brown and multiple SEAG gold medalist Eric Cray, together with local mainstays Clinton Bautista, Anfernee Lopena, Michael del Prado, Zion Corrales, Francis Medina and Eloisa Luzon.

Another top sprinter, Trenten Anthony Beram, meanwhile, will be missing this year’s action because of still undetermined reasons.

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AMBOANGA-FAMILY’S Brand Sardines beat Imus, 83-78, for its fourth straight win in the Maharlika Pilipinas Basketball League Datu Cup on Monday night at the Strike Gym in Bacoor, Cavite.

NATIONAL team shoo-in Eric Cray is likely to just play it safe.

Phoenix faces Rain or Shine

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National team shoo-in Cray is likely to just play it safe with bigger tournaments in line for him other than the SEA Games.

The 30-year old Cray will compete in the Asian Athletics Championships in Hong Kong from March 15 to 17 and the World Championships in Yokohama, Japan, on May 12 and 13.

“I’m pretty confident with my training so Zamboanga moved up to fifth place of the southern division with a 12-12 won-lost record, overtaking Bacoor, which dropped an 82-71 loss to the General Santos City Warriors also on Monday night.

I’m just going out and compete,” said the fourtime SEA Games gold medalist. “It’s just part of the build up. I’ll be playing it safe to just prepare my body for SEAG and other Athletics Championships.”

Cray will skip his pet 400-meter hurdles event and will only race the 200 and 4x100 relay.

With Reed Juntilla taking over on offense and Harold Arboleda finishing with another double-double performance, Zamboanga picked up an important win as it gears up for the playoffs.

A former player of the Barako Bull in the Philippine Basketball Association, Juntilla bucked a slow start and knocked in 18 of his 22 points in the second half to provide Zamboanga the scoring spunk it needed just when Imus was about to rally.

While Juntilla took care of offense, his fellow ex-pro Harold Arboleda sparkled on both ends.

The hardworking 6-foot-3 forward finished with 21 points and 10 rebounds as he complemented Juntilla’s outside shooting with his solid inside game.

General Santos City strengthened its hold of No. 4 with a 13-10 card in the southern division.

HOENIX and Rain or Shine try to close in on the twice-to-beat bonus in the quarterfinals when they face separate opponents in the Philippine Basketball Association Philippine Cup on Wednesday at the Smart Araneta Coliseum.

The league-leading Fuel Masters (7-1 won-lost) take on the Magnolia Hotshots (1-3) in the main game at 7 p.m., while secondrunning Elasto Painters (7-2) battle Columbian Dyip (3-5) at 4:30 p.m.

Phoenix formally entered the quarterfinals by beating Alaska, 94-80, on Friday. Head Coach Louie Alas encouraged his players to stay consistent and keep their feet on the pedal as the All-Filipino conference enters the final stretch.

“We may be in the playoffs already but we’re not done, yet,” Alas said. “We’re eyeing that twice-to-beat incentive because that would put our one foot inside the semifinals.

That’s our goal.”

Alas also reminded his wards to prepare for a long and tough battle as they face San Miguel Corp. (SMC) teams in their final assignments.

“Our last three games are against SMC teams. We start against Magnolia, then Ginebra and San Miguel Beer. It will be hard as all those squads are heavyweights,” Alas said.

Calvin Abueva will lead the Fuel Masters and will be getting the support from Matthew Wright, Jason Perkins, RJ Jazul and Alex Mallari.

Abueva has been the cornerstone of Phoenix’s offense with double-digit averages of 17.5 points and 11.5 rebounds.

Magnolia goes for its second win as a follow up to its victory in Cagayan de Oro City on Saturday against Meralco, 92-86.

NBA RESULTS Brooklyn 127, Dallas 88 Miami 114, Atlanta 113 San Antonio 104, Denver 103 New Orleans 115, Utah 112 Phoenix 114, Milwaukee 105 Sacramento 115, New York 108 LA Clippers 113, LA Lakers 105

Worst team Suns pull rug from under top-notch squad Bucks

SUNG-HYUN PARK brings her world No. 1 act to Philippine

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HIS is one tournament Sung-hyun Park expects not to lose.

A day after emerging as the world No. 1 following her victory in the Women’s World Championship on Sunday, the Korean ace flaunts her world-class skills here, her sights trained on marking her rise to the top with a victory in the first $100,000 The Country Club Ladies Invitational beginning on Wednesday at the wind-raked TCC layout in Santa Rosa, Laguna.

Her early clash with Filipina Ladies Professional Golf Association (LPGA) Tour campaigner Dottie Ardina, and top amateur and reigning Asian Games gold medalist Yuka Saso should stir up interest although a lot of aces are raring to sneak into early contention and get a piece of the spotlight.

They include Taiwan LPGA stalwarts Babe Liu, Hsin Lee, Tzu-Chi Lin, Ching Huang and Chia Pei Lee, former LPGT winners from Thailand, led by multi-titled Yupaporn Kawinpakorn, Ploychompoo Wilairungrueng, Saruttaya Ngam-usawan, Renuka Suksukont and Wannasiri Sirisampant and local talents in Princess Superal, Pauline del Rosario, Cyna Rodriguez and Chihiro Ikeda.

Park, the new Solaire Resort and Casino brand ambassador who conducted a clinic among amateurs and pros alike after arriving from Singapore on Monday, Ardina and Saso slug it out on No. 1 at 11:40 a.m. when playing conditions are expected to be hot and windy.

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HOENIX—The Phoenix Suns have had a dreadful season, one of growing pains, long losing streaks and blowout losses. However, on Monday night they put together a performance that was far from that of the team that came in with the National Basketball Association’s (NBA) worst record.

Kelly Oubre Jr. had 27 points and 13 rebounds, and the Suns rallied from a 10-point fourth quarter deficit to beat the NBA-best Milwaukee Bucks, 114-105, on Monday night.

“We can’t back down when a team goes on a run,” Oubre said. “We’ve got to make our own, too, coming back at them.”

Devin Booker added 22 points and Deandre Ayton had 19 points and 12 rebounds, including a key layup with 35.8 seconds to play that gave the Suns a fourpoint lead.

Booker and Ayton teamed up on the play when Ayton rolled to the basket.

“He preached to me all the time about that move, about how guys overplay him sometimes and how the lane is right there for me,” Ayton said.

The Suns outscored the Bucks 38-23 in the final quarter and swept the two-game season series with Milwaukee.

All-Star Giannis Antetokounmpo had 21 points and 13 rebounds, and Malcolm Brogdon scored 19 points for the Bucks, who have lost two straight games for the first time this season. Milwaukee shot 36.8

THE Suns’ Kelly Oubre Jr. is fouled by Bucks center Brook Lopez. AP

percent as a team.

“It’s kind of hard to think we lost to Phoenix twice,” Antetokounmpo said. “But they played better than us. They came out there and set the tone.”

“I don’t think we take them as seriously as we should,” Brogdon said. “It’s just a lack of focus.”

The Bucks led by 16 points in the first half, only to trail by three in the third quarter.

Milwaukee, the team with the NBA’s best road record coming in, couldn’t put away Phoenix in the final quarter.

Booker swished a three-pointer with 2:37

to go for a 100-98 Suns lead, and Oubre’s corner three made it 103-100. Brogdon got a favorable high bounce on a three to tie it, but Tyler Johnson and Ayton scored the next two baskets unanswered for the Suns.

The Suns finished by making seven of eight free throws in the final 24.1 seconds.

“We’re finding our rhythm. We’re finding ways to pull out games,” Oubre said.

The Bucks took a 31-20 lead into the second quarter. They were up 40-24 after Lopez made a three with 8:32 to play in the first half. AP

Woods withdraws from Palmer golf with neck strain

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RLANDO, Florida—Tiger Woods has withdrawn from the Arnold Palmer Invitational with what he describes as a neck strain.

Woods announced his decision on Monday on Twitter. He says his lower back is fine and he has no

concerns over the long run. Woods says he’s had the neck strain for a few weeks and it hasn’t improved with treatment to the point he feels he can play.

This is the first time the 43-year-old Woods has withdrawn from a tournament in two years, shortly before his fourth back

surgery to fuse his lower spine.

Woods is an eight-time winner at Bay Hill.

He says he hopes to be ready the following week for The Players Championship.

Woods has played three times this year, with his best finish a tie for 10th in Mexico City. AP

orts

sMirror

Wednesday, March 6, 2019 C3

SOUTHWOODS CHASES HISTORY M

ANILA Southwoods chases its place in Philippine Airlines Interclub history starting on Wednesday by sending out Japanese teenager Yuto Katsuragawa to anchor its opening round five at exclusive Cebu Country Club here.

Nonplaying skipper Thirdy Escano still doesn’t have his complete opening round roster penciled out until late last night, but bared that the prolific Katsuragawa will coming out for the first 18 holes as the Carmona-based squad seeks a fifth straight title.

And unlike in the previous four championships where Southwoods practically went untouched, Escano is expecting a tougher battle this time, hence, leaving no stones unturned in terms of preparing the team was concerned.

“The ball is round, so we made sure that we come [to Cebu] as prepared as we can be,” Escano said as the team spent the eve of the 72nd playing of the country’s unofficial team

championship sampling the Cebu CC and Mactan Island Golf Club more.

“And another thing going for us is that we have chemistry in the team,” he added. “That will go a long way when it goes down to be a close fight.”

Luisita is out to spoil Southwoods’s bid to tie Canlubang’s record of five straight titles, with Jeric Hechanova assembling a team that has experience and youth.

The Luisitans have tapped the services of Rupert Zaragosa, a longtime Cangolf ace whose father, Boyet, was part of so many victorious Sugar Barons teams in the 1990s.

Luisita won the Senior title by dethroning Canlubang by three points last Saturday, and Hechanova said that the idea of a rare sweep of the tournament is certainly enticing, though he believes that they are the underdogs.

“They’re still very strong,” Hechanova said of Southwoods.

Lady Realtors snap five-game skid with 4-set victory over Tornadoes

e soil. PHOTOS BY STEPHANIE TUMAMPOS

PARK WATCH ON AT COUNTRY CLUB The two-time Major champion also topbilled yesterday’s pro-am tournament where she played the Tom Weiskoph-designed layout for the first time although the familiarity factor won’t seem to be a problem for a player boasting of raw power off the mound, solid ballstriking and a magnificent short game.

“Her ball-striking is head and shoulders above lots of people. She’s long and she’s straight,” her caddie David Jones told LPGA. com after her Singapore romp that saw here battle back from four down off erstwhile world No. 1 Ariya Jutanugarn then beat Aussie Minjee Lee by two. “If we had a driving stat right now for strokes gained off the tee, hands down she would be No. 1, both last week in Thailand and again in Singapore. She hits her irons good and

high, and she’s a good putter. So when you add all those things together, there’s not many weaknesses in her game.”

Whether it’s a drawback or a plus, Ardina and Saso still vowed to make the most of their rare chance to be ranged against the Seoul ace, along with the other bidders for the top $17,500 purse in the 54-hole championship organized by Pilipinas Golf Tournaments Inc. and cosanctioned by the TLPGA. “While she [Park] has the edge in length with her height and power, the TCC remains a tough course to score on, especially the greens which are very difficult to read,” said Ardina, also noting the layout’s new setup following a recent renovation that further

makes it doubly challenging.

“I’ll try to cash in on my short game,” said the diminutive Princess Superal, who tees off two flights ahead at 11:20 a.m. with Ching Huang, winner of the International Container Terminal Services Inc. Champion Tour at Midlands last year, and Thai Chonlada Chayanun.

In between is another explosive group featuring multi-titled Yupaporn Kawinpakorn and former LPGT champion Renuka Suksukont, while a slew of others are ready to go and join the chase for top honors in the richest, biggest tournament on the seven-year LPGT calendar.

S

TA. Lucia finally snapped its five-game skid as it turned back Foton, 13-25, 25-21, 25-23, 25-22, in the Philippine Superliga Grand Prix on Tuesday at the Filoil Flying V Centre in San Juan.

Casey Schoenlein delivered the killer blows in the third and fourth sets to tow the Lady Realtors to their second victory.

Schoenlein tallied 13 points, while partner Molly Lohman had 12 points for the Lady Realtors, who got back on the winning track.

The locals also stepped up for Sta. Lucia as Pam Lastimosa had nine points on top of 12 digs and seven excellent receptions, while Jho Maraguinot chipped in nine hits and 15 receptions in a wellbalanced offensive.

“I like it because they played more relaxed. They enjoyed inside the court, which is something that we lost in our previous games. I’m very happy with it,” Sta. Lucia mentor Babes Castillo said.

“The issue ever since is how do we

finish? Now, I think this is a good experience for them, they get to know how to finish the game, they get to know how to play in tight situations.”

After a sluggish first set, the Lady Realtors got their act together in the succeeding sets, where they engaged the Tornadoes in a toe-totoe battle.

The Lady Realtors fought back from a 19-21 deficit in the fourth set with Amanda Villanueva delivering a cross-court hit and a service ace for a 22-22 count.

Schoenlein slammed back-toback spikes for match point, 24-21, before Selime Ilyasoglu committed a crucial attack error to hand the Lady Realtors the victory.

“I like how we played. Hopefully, we can carry this into the second round,” Castillo said.

Courtney Felinski had 23 kills, four aces and a block for a 28-point effort, while Ilyasoglu and Elaine Kasilag chipped in 15 and nine points, respectively, for two-time champion Foton, which suffered its fifth loss in six games.

Cami Clark Golf Cup set on Friday

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LARK FREEPORT—The Sixth Cami Clark Golf Cup will blast off at the Mimosa Golf Course at 8 a.m. on Friday.

The tournament will be played at the championship Mountainview course of Mimosa where golfing greats like Tiger Woods once played.

Set against stunning foothill mountains and luscious greens of plants and trees, Mimosa Golf Course was designed by Nelson and Haworth, one of the world’s well-respected and soughtafter golf course design companies.

Among the major sponsors for this year’s tournament are San Miguel Corp., Smart Communications, Philippine Amusement and

Gaming Corp., Liwayway Marketing (maker of iconic snack Oishi prawn crackers), Cherrylume, Mileage Asia, Development Bank of the Philippines, Agila ng Bayan, NLEX Corp. and Hausland Development Corp.

The Clark Cup series is organized by the Capampangan in Media Inc. (Cami), a 15-yearold organization of senior Capampangan journalists in cooperation with the Clark Development Corp.

It seeks to promote the sporting values of golf and raise funds for Cami’s ongoing journalism-related projects including its muchneeded Medical Assistance Program.

Ashley Manabat

CARLOS RISES TO OCCASION

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OTS CARLOS makes sure she’s always at her best every time she fights for University of the Philippines (UP) in the University Athletic Association of the Philippines (UAAP) Season 81 women’s volleyball tournament.

Bringing out her A game in every outing, Carlos, again, led UP in snapping De La Salle’s three-game unbeaten run with a stunning 21-25, 25-20, 25-21, 20-25, 15-12 victory on Saturday at the Smart Araneta Coliseum.

The Lady Maroons captain didn’t only provide fire power on offense with 19 points—all coming from attacks—but she also took care of floor defense with 18 excellent receptions and 17 digs in their biggest win of the season so far that earned herself the Collegiate Press Corps UAAP Player of the Week honors.

“My mantra is to always play my best— because my teammates need me,” said Carlos as

UP ended De La Salle’s 14-game winning streak dating back to last season.

De La Salle and University of Santo Tomas (UST), meanwhile, hope to get back on track as they collide at the resumption of matches on Wednesday at the Filoil Flying V Centre in San Juan City.

Coming from tough losses, the heavyweight matchup between the Lady Spikers (3-1 won-lost) and Golden Tigresses (2-2) is set at 4 p.m.

Far Eastern University (2-2) and University of the East (1-3) clash at 2 p.m.

UST lost to FEU, 19-25, 25-20, 25-19, 27-25, last Saturday.

In softball, National University (NU) scored an abbreviated 7-0 win over Ateneo to seize solo second place on Monday at the Rizal Memorial Baseball Stadium.

The Lady Bulldogs needed only five innings to chalk up their fifth win in seven contests.

Ramon Rafael Bonilla

FOTON’S Elaine Kasilag tries to score against Sta. Lucia Realty’s Jho Maraguinot and Molly Lohman.

4,000 runners take part in ScholaRUN in Pasay City

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ORE than 4,000 runners—including 200 employees of Chevron Philippines Inc. (CPI), marketer of Caltex fuels and lubricants—and Chevron Holdings Inc. took part in the Eighth AmCham ScholaRUN over the weekend at the Central Park of the SM Seaside Complex in Pasay City.

The fun run is an annual fund-raising initiative of the American Chamber of Commerce Foundation Philippines Inc. (AmCham) to help send students to school.

The runners answered the gun at 5 a.m. for the 3K, 5K and 10K categories.

“We’re glad to be institutionalizing ScholaRUN as part of our employee program, promoting wellness and, at the same time, supporting a good cause, which is to fund the scholarship program of the foundation,” Manager for Policy Government and Public Affairs Atty. Raissa Bautista shared.

AmCham Foundation has been fueling learning for many years now, providing scholarships to high school, vocational and college students since 1986.

Through its member-companies, the organization sponsors tuition, uniforms,

subsistence allowances, school supplies, project fees and even on-the-job training and employment assistance.

To date, the program has helped more than 2,000 youth scholars graduate and secure good employment. A number of former scholars are now employed at reputable Filipino and multinational companies.

“We’re really pleased with the participant turnout. We exceeded 4,200 runners, that’s the highest ever and a lot more than the number we had last year,” AmCham Foundation President Ed Feist said.

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

Main menu on in PAL Interclub

CEBU CITY—The premier Philippine Airlines (PAL) Interclub Golf offering is on and the nation’s sporting attention has shifted to the tournament’s Men’s Regular’s 72nd edition in this Queen City of the South.

With the 33rd staging of the PAL Men’s Senior (February 27 to March 2 at Cebu Country Club and Club Filipino de Cebu) done away together with the PAL Media Golf (March 3 at CCC and March 4 at Alta Vista), all eyes will be on Manila Southwoods from today to March 8.

Will Southwoods make it an amazing fifth straight domination after scoring a fourth straight victory in 2018 in Bacolod?

Southwoods’s tremendous strides have become a hot clubhouse topic for one single reason: Its vise-like grip of the PAL Interclub since 2015 had effectively broken the stranglehold of the tournament by Luisita and Canlubang— Canlubang most especially.

For a long time, Canlubang’s policy of herding talents, mostly from the Visayas and Mindanao, produced a long string of PAL Interclub victories, not to mention that its golf stable would consistently parade players carrying the national colors.

Not anymore and, like the rest of the golfing community, I also do not have the faintest idea on why Canlubang just decided to fade away from the scene. A pity.

But Southwoods has taken over Canlubang’s league-leading role, reaping the dividends as shown by its consistent victory in the PAL Interclub, courtesy of its talented youngsters and established veterans.

By the way, congratulations to Luisita for winning its 17th PAL Seniors crown.

Team captain Jeric Hechanova did a hell of a job shuffling his gritty pack from Tarlac with adroitness, turning back one challenge after another from perennial rival Canlubang to win in yet dramatic fashion.

Also my salutations to Inquirer’s Jong Arcano, who emerged PAL Media Golf champion, highlighting his improbable final-round eight-under par net 64 with a hole-in-one on No. 14 of scenic Alta Vista.

Tommy Inigo, the newly minted general manager of Davao’s Palos Verdes, placed second and JayJay Neri, the chairman of the best-selling SunStar Cebu, placed third after scoring a fat 10 on one hole that derailed his bid in his maiden appearance.

I didn’t do well this year after placing third last year in Bacolod and being in the top 5 in 2016 in Clark and 2017 in Davao.

But who remembers non-winners?

Only champs matter.

Anyway, there’s 2020 to look forward to (either in Davao or Clark?).

The thing is, never quit. The future assures us continuity of hope. The PAL Media Golf, as always, is one battle worth participating in. A test of will—and character. I won it last in 1997. Seems like only yesterday. Love it.

THAT’S IT Jaime J. Bautista, as PAL president and chief executive officer, has an extremely very busy schedule, indeed. But still, he made it a point to hit the ceremonial tee shot signaling the blastoff of our two-day PAL Media golf at the Cebu Country Club on March 3. Just recently, Jimmy unfurled his whopping “P78, $78” promo to celebrate PAL’s 78th founding. The program to highlight Asia’s longest-operating airline covers more than 2 million seats to nail a product innovation aimed at capturing a five-star quality service rating worldwide. If I know Jimmy, he will no doubt again succeed on this—in smashing fashion yet. Cheers!...Hello to my balikbayan QC neighbor Wilmer Embuscado, who is playing again in the PAL Interclub in Cebu. His teammates from SF Maharlika Golf Team of San Francisco, CA, USA, are Bert de la Rama, Paul Tan, Fortune de la Rama, Artit Lastrilla, Art Transmer, Dennis Pascua, Rexsus de la Cruz, Vicente Sotto, Melvin Columna, Arnel Videna, Oscar Yatco, Ed Cabanayan and Chriss Carson. Good luck!

, SKI RESORTS YES. SKI RACING, NO.

By James Ellingworth

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The Associated Press

RASNAYA POLYANA, Russia—In the five years since the Sochi Olympics, Russians have been flocking south to enjoy their subtropical ski slopes.

The mountains above the Black Sea resort city are full of weekend skiers, with nearly a million visitors making the trip each winter. That’s quite a change for a country used to thinking of skiing in terms of grueling crosscountry marathons, not exhilarating Alpine speed.

“People who aren’t interested in Alpine skiing come to see [the Olympic sites] and tick it off their list, then they see it and put some skis on,” Anastasia Popkova, the coach of the Russian women’s ski team, told The Associated Press.

Popkova learned to ski in the hills around the coalmining Siberian city of Mezhdurechensk, a rare enclave of Alpine skiing in Russia. Growing up in the 1990s, there was plenty of passion for the sport, but none of the luxury of Sochi’s Rosa Khutor resort, last week’s home of Russia’s first World Cup event since 2012.

Even before bad weather forced the races to be abandoned, the World Cup was near-invisible in Russian newspapers and the dozen state sports channels on TV. Any airtime not taken up with soccer or the cross-country skiing world championships—where Russia is a major power— was swallowed up by the University Games in Siberia.

Built as part of Russia’s $50-billion sports and infrastructure spend around the 2014 Olympics, Rosa Khutor is a boom town. The resort’s deputy CEO, Alexander Belokobylsky, has worked at Rosa Khutor since 2005, when the Sochi Olympics were still a dream. He claims 920,000 people visited last winter, with growth of 5 to 10 percent expected this season. All but 3 percent were Russians.

Typical Sochi skiers are “government officials, businessmen, employees of big companies,” often from faraway Moscow, said Maia Lomidze, head of Russia’s Association of Tour Operators. She warned, though, that Sochi could face hard times if the upper middle class gets bored of its new hobby.

“The demand will stay just as high as it is now, at least for the next two, three years,” Lomidze said. “After that, they’ll need to get creative, to shake things up because people could get sick of it and want something new.”

It’s far from clear if Sochi’s resorts would have made economic sense to build without government support for the Olympics, though Belokobylsky said the resort makes an operating profit.

In the past, Sochi was known almost exclusively as a summer destination. With its subtropical climate and long beaches on the Black Sea, many Russians spent their vacations swimming in the sun.

An hour away in the Caucasus mountains, Rosa Khutor has a strong family focus, with children making up many of those enjoying the thick powder last week on the slopes. Heavy snowfall meant it was impossible to create the icy, hard surface needed for downhill and super-G racing, but left good conditions for novices. Rosa Khutor management is staking its future on those children bringing their own families in a few decades.

However, Russia’s ski tourism boom doesn’t translate to a love of racing.

Sports BusinessMirror

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| Wednesday, March 6, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

TOURISTS walk next to the Olympic rings at the mountain resort of Krasnaya Polyana near the Black Sea resort of Sochi. AP

“Alpine skiing isn’t our national sport, definitely not,” Belokobylsky said. “We’ve got hockey, that’s ours, but not Alpine skiing just yet. However, a lot of our athletes in snowboard and freestyle are getting into the elite. If you don’t have good results from the [professional] athletes, then there’s not huge interest in that event around the country.”

Even before the World Cup races were canceled, many of the weekend skiers had no idea they were even

planned. About 50 people gathered to watch a ceremony to promote the event on Saturday evening, but the crowd thinned out after some song-and-dance numbers, before 10 of the world’s top female skiers—none of them Russian—took to the stage for the draw.

Russia’s enthusiasm for ski holidays doesn’t yet mean a new generation of would-be pro racers. For one thing, most of Sochi’s skiers live far away from any mountains in flat central and western Russia, though the resort

offers programs for talented local kids. Russia’s colossal state sports system funds the national team, but if it isn’t winning medals, it isn’t a priority.

“The state supports sport and that’s great, but they need to understand that when a team’s going to the Olympics... that this sport will bring back a medal,” said Popkova, the national team coach. “We can’t tell them we’re targeting world championship medals with 100 percent certainty.”

In a country where Mikaela Shiffrin, Bode Miller and

Lindsey Vonn are obscure figures rarely seen on TV, hosting a World Cup event is a way to remind the Alpine ski world that Russia’s still there.

“It’s about being part of a big family,” Popkova said. “We have the resources and we can use Olympic facilities, and we have to use them. If we don’t do that then it’s not clear how we hosted the Olympics with these great conditions and we’re not doing anything with them. Maybe we’re not interested, that’s what people could think.”

2 AUSTRIAN CYCLISTS ADMIT TO DOPING T

WO Austrian cyclists have admitted to doping in the aftermath of five athletes being detained in dramatic raids as part of a targeted operation against a worldwide drugs network at the International Ski Federation (FIS) Nordic Ski World Championships in Seefeld.

Austrian media reports that Stefan Denifl and Georg Preidler have both come forward, with the latter telling the Kronen newspaper that he “couldn’t live with this secret any longer” and had handed himself in to police in Graz.

A German team doctor, identified as Mark Schmidt, and two assistants were arrested in a separate raid in Erfurt last week as part of the investigation into an alleged international doping ring.

“The past few days have been a nightmare,” Preidler said.

“I didn’t know if I would get found out. I didn’t know whether this doping doctor had concealed everything.”

Preidler stated that he had been sought out by the doping ring and had only begun doping “recently.”

He claimed that his professional successes had been “clean.”

“It was the biggest mistake of my life,” Preidler added.

Preidler has resigned from his team Groupama-FDJ, which said in a statement that the rider presented a “spontaneous and immediate” resignation prior to making his confession.

“Given the seriousness of the facts and in total opposition to the ethical principles still defended by the team and its sponsors Groupama and FDJ, Marc Madiot [general manager] took note of his resignation and made it effective immediately,” the statement read.

Groupama-FDJ also stated that it has already contacted several organizations, including the International Cycling Union (UCI), Movement for a Credible Cycling and French Anti-Doping Agency, to inform them about the

case and to reiterate its commitment to the transparency and the fight against doping.

Prosecutors announced that another cyclist—Austrian media as Denifl—had admitted to doping offenses.

The UCI said it was aware of the news regarding the two riders.

“As it was not implicated in this investigation, which was not aimed at cycling, the UCI does not have any firsthand information concerning confessions made by cyclists,” the UCI said.

“The UCI has asked the Cycling Anti-Doping Foundation, the independent body mandated by the UCI to define and lead the anti-doping testing strategy and investigations in our sport, to request the cooperation of the Austrian authorities and the World AntiDoping Agency to ensure

all information directly or indirectly concerning cycling is handed over without delay.

“The UCI will also ask the CADF to offer any assistance that could help the investigation.”

All five skiing athletes detained in Seefeld have been provisionally suspended.

In a statement on Friday, the FIS confirmed it had provisionally banned Kazakhstan’s Alexei Poltoranin and the Estonian duo of Karel Tammjarv and Andreas Veerpalu pending an investigation.

Max Hauke, reportedly caught in the middle of a blood transfusion in a video which emerged on Thursday (February 28), and Dominik Baldauf have received the same sanctions but fall under the jurisdiction of the Austrian National AntiDoping Agency.

According to German newspaper Frankfurter Allgemeine Zeitung, blood bags and other items associated with doping were seized during the raid.

It has been claimed as many as 40 blood bags were taken by German police. Insidethegames AUSTRIAN media reports that Stefan Denifl and Georg Preidler have both come forward, with the latter telling the Kronen newspaper that he “couldn’t live with this secret any longer” and had handed himself in to police in Graz.

God of Salvation

D

EAR God of Salvation, You anoint missionaries to spread the Good News and share Gospel love. In company with saints and martyrs we pray: Guide us in Your truth, Oh God. Endow us with every gift we need from the Spirit so we can also spread Your Word. Animate Your Church with a love for the abandoned, forgotten and rejected. Further dialogue and understanding between Catholic and Orthodox Churches. May God make our steps solid in faith and bless us with patience in our suffering, through Jesus Christ our Redeemer. Amen.

GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL

Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

SPIELBERG’S PUSH AGAINST NETFLIX AT THE OSCARS HITS A NERVE D3

BusinessMirror

Wednesday, March 6, 2019 D1

Leveraging technology for social impact

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By Jt Nisay

ANUAL processes and outdated software continue to be a top challenge for nonprofit organizations, where back-end operations take up time and resources that could otherwise be spent on the organization’s core mission, according to Wipfli’s Nonprofit Financial Priorities Benchmark 2018 survey.

Cloud enterprise resource planning giant Oracle Netsuite recognized the gap and established the Social Impact program, designed to empower nonprofits and social enterprises of all sizes to grow their mission through cloud technology. Since 2006, the program has helped more than 1,300 nonprofits around the world streamline business processes with a suite of cloud software.

“It’s not always about having NetSuite at the center, but as the connector,” said Peggy Duvette, Oracle NetSuite Social Impact senior director, in a recent visit to the country. “Being a true global company, we looked at driving social change, particularly how we can empower communities of action to have a voice.”

The Social Impact program has three pillars, composed of product donations and discounts, capacity building and pro bono services to support a nonprofit in its mission. The goal is for Social Impact customers to successfully implement, utilize and accelerate their impact on NetSuite through the entire customer lifecycle.

The first component of the program is Suite Donation, in which nonprofits of all sizes are provided with a base donation of the company’s nonprofit solution with no-cost activation. The standard donation could power a small organization’s financial management operations with no recurring cost.

Next is Suite Capacity. It involves providing a lifetime of community and learning opportunities to nonprofits to improve their organizational capacity with access to leading operational practices in technology planning, outcomes management, and so on.

The last one is Suite Pro Bono. NetSuite employees are partnered with Social Impact customers to help them solve challenges and use NetSuite more effectively. Under the Suite Pro Bono program are several initiatives, including quarterly pro bono projects, the annual Hackathon 4Good and the global Buildathon 4Good projects.

Duvette, a former executive at a charity, said she relates to the plight of nonprofits that have to deal with technology despite lacking familiarity. “I know how important it is to have good back-end operations as my employees used to spend 20 to 30 hours a month on it,” she said.

Duvette joined NetSuite more than four years ago, around the same time of the first Hackathon 4Good, in which NetSuite employees and developers help NetSuite nonprofit customers address a challenge they face using the platform. Through the event, Duvette realized the company’s capacity to innovate, and she pushed to use it toward social impact.

Her vision aligned with Debra Askanase, Oracle NetSuite Social Impact program manager and also a former executive director of a charity. The two worked on a program where nonprofits could go to an event for one day and leave with an implementable solution that could, for one, save them 20 hours a month on operations.

Their efforts materialized into the November 2017 launch of

DEBRA ASKANASE (left), Oracle NetSuite Social Impact program manager, and Peggy Duvette, Oracle NetSuite Social Impact senior director, talk to the media at Makati Shangri-La in between Oracle NetSuite Social Impact’s Buildathon 4Good to the Philippines.

Buildathon 4Good, an all-day event that gathers NetSuite employees and Social Impact organizations to team up and scope out solutions, develop specifications and build at least one business automation in NetSuite for each organization.

“It’s truly meant to be a collaborative event,” Askanase said. “There is co-learning between the employees and the organizations.”

Whereas Hackathon 4Good participants design prototypes and build in a sandbox, the Buildathon iteration is about building to actual implementation to be rolled out on the same day.

Askanase said one of the biggest takeaways from the inaugural event was the “tremendous impact” they could make in one day. “When we saw the solutions that were created at the end of that day, that’s when we realized we were onto something.”

The inaugural event was held in the Philippines. Duvette credited the location choice to the country’s sizeable NetSuite employment pool, along with the fact that 57 percent of nonprofit organizations in the

Asia Pacific region are in the country.

“The Social Impact program is not just in the business of giving away technology. We’re in the business of helping the charities leverage that technology, and we need employees to be part of that,” Duvette said. “That’s why, in essence, the Philippines was a perfect market for us to pilot a lot of initiatives, and our pro bono efforts really took off thanks to the Filipinos.”

The Buildathon’s launch was such a success that when Duvette presented the results to NetSuite founder Evan Goldberg, his immediate response was how to bring the project to scale.

In 2018, NetSuite Social Impact held six Buildathon 4Good events around the world, participated by 137 employees and 32 organizations. There are 10 planned iterations for fiscal year 2019, seven of which are in North America.

The project recently returned to the Philippines for the one-day event at Makati Shangri-La. It was the biggest run of the event to

date with 65 NetSuite employees and 10 organizations. Some of the organizations that participated were Gawad Kalinga Enchanted Farm, Coca-Cola Foundation, Theo and Philo Chocolate Factory, Zuellig Family Foundation and Organic Options.

Duvette said there’s an incomparable level of fulfillment in knowing they can help people who are in the business of helping. “When I go to an event like this, to be able to help charities in their day-to-day operations, so that they can go back and they can spend more time on their mission, that gets me energized.”

Askanase echoed the sentiment, saying, “It’s like instant gratification when you can you hear it at the end of the day in the presentations; you’ll see it in the faces of people as they give you hugs at the end. It’s great.”

Duvette, however, maintained that their line of work never ends.

“We have much to learn,” she said. “There’s a lot we can still develop and create. This is just the beginning of that journey.”

Latest Viber brings new, improved features ONE of the world’s leading messaging platforms, Viber is making its app sleeker and more secure than ever. Viber 10, the latest update, includes a bunch of new features designed with ease and privacy in mind.

One of the things Viber users will notice first is its brand-new design, which allows for simple navigation, easy access and a singular calls screen. It’s a fresh new layout that makes your messages look less cluttered and cleaner than ever. Users can also customize their chat experiences and get all private and group chats, Communities, chatbots, and favorite public content in one main chat list. In the updated “calls” screen, users can find their most recent calls, access phone book contacts and manage their Viber Out subscriptions.

“At Viber, we are all driven by our core mission to make our product faster, simpler and safer. The new Viber 10 lets people connect easily and intuitively, while as always ensuring users’ privacy and data protection. We hope our users will enjoy these changes as much as we do—it’s a whole new Viber!” says Djamel Agaoua, CEO of Viber.

Along with these design fixes, two newly added features—the hidden-number chats and Viber group calls—highlight Viber’s value as an efficient and private communication app. The hidden-number chats feature in Viber Communities allow users to engage and message with one another without having to exchange phone numbers. This allows spontaneous and casual

interactions with the new people users meet through Communities, while ensuring they remain safe. The Viber Group Calls feature enables up to five users to make a group voice call by adding people to an existing call or by starting one right from an existing group chat. This feature will initially roll out for voice calls, followed by video at a later date.

With its fresh design and boosted performance, Viber 10 continues the company’s commitment to 100-percent user data privacy, with full end-to-end encryption set by default on all private conversations, group chats and calls. The latest version is now available for users worldwide on the Apple App Store and Google Play Store.

Huawei Mate X wins GLOMO Award for Best New Connected Mobile Device at MWC19 THE Huawei Mate X foldable 5G smartphone has won GSMA’s prestigious “Best Connected Mobile Device of Mobile World Congress 2019” award with its Falcon Wing Mechanical Hinge, leading 5G communication capability, innovative human-smartphone interaction and Huawei SuperCharge during Mobile World Congress (MWC) Barcelona 2019.

This special and most coveted award is given by the organizer GSMA for newly released or soon-to-be-listed mobile products, representing the highest recognition in pioneering future technologies. Earlier this week at MWC19 Barcelona, Huawei won a number of GSMA GLOMO Awards, including “Best Smartphone of the Year” for the class-leading HUAWEI Mate 20 Pro. “Our congratulations to all of the winners and nominees of the GSMA’s GLOMO Awards 2019,” said John Hoffman, CEO of GSMA Ltd. “The GLOMOs are a testament to the incredible innovation and ingenuity shaping our industry, and it is truly an outstanding achievement to have been selected by our esteemed judging panels.

We thank all of our entrants, judges, sponsors and partners for supporting the 2019 GLOMOs.” “It has been one of the most exciting and keenly contested years in for Best New Connected Mobile Device at MWC 2019 as can be seen in the shortlist. In a group of standout devices, the judges felt that Huawei Mate X showed more innovation and helped move the smartphone category into a new era. The combination of a folding screen and the inclusion of 5G impressed the judges in a very closely fought award,” said the GSMA judges.

“On behalf of our entire team at Huawei, I would like to thank the GSMA, including Mr. John Hoffman, its CEO and director, and his team for this award. We are very excited and honored. This year, 5G is on—including the devices, the networks, the chipsets—all coming together online. Two thousand nineteen is the year in which we transform the way we connect, bringing new and incredible possibilities to all our lives. Thank you again,” said Kevin Ho, president of Handset Business, Huawei Consumer Business Group.

Huawei Mate X, the world’s fastest 5G foldable phone and the first super terminal to connect consumers with 5G intelligent life, is featured with a high strength flexible OLED panel, the Falcon Wing Mechanical Hinge, 7nm multimode modem chipset Balong 5000, and a high-capacity 4500 mAh battery that supports the world’s fastest 55W Huawei SuperCharge. These high-end technologies are revolutionizing the traditional form of mobile phones, bringing unprecedented human-smartphone interaction experience, and leading the innovative exploration of the smartphone industry.

The GSMA represents the interests of mobile operators worldwide, uniting more than 750 operators and nearly 400 companies in the broader mobile ecosystem, including handset and device makers, software companies, equipment providers and Internet companies, as well as organizations in adjacent industry sectors. The GSMA also produces the industry leading MWC events held annually in Barcelona, Los Angeles and Shanghai, as well as the Mobile 360 Series of regional conferences.

KEVIN HO (left) at John Hoffman with the awardwinning foldable Huawei Mate X.

D2

Wednesday, March 6, 2019

Pet Corner BusinessMirror

Cat that lived 6 years in Alaska general store gets evicted

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www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Shaquille O’Neal, 47; Connie Britton, 52; D.L. Hughley, 56; Rob Reiner, 72.

HAPPY BIRTHDAY: Channel your energy into something that will pay off, not something that will just allow you to tread water. Getting ahead and stabilizing your financial position will put your mind at ease. Refuse to let what others do or say consume you or cause you to do something foolish. The way to a better future is common sense and hard work. Your lucky numbers are 8, 13, 24, 29, 31, 37, 45.

a

ARIES (March 21-April 19): Concentrate on what you need to do in order to keep things running smoothly. Today is about maintenance more than gains. See what needs adjusting, and leave time for a little pampering. Everything will fall into place.

«««

b

TAURUS (April 20-May 20): Do what you can to help others, but not at your own expense.

Only do what’s feasible, and make suggestions that will teach others to do for themselves. Be sure to leave enough leisure time to rejuvenate. ««««

c

GEMINI (May 21-June 20): Consider how best to protect your health and property from anyone trying to take advantage of you. Don’t believe everything you hear. Someone will exaggerate about a situation in order to get you to help out or pay his or her way. ««

d

CANCER (June 21-July 22): Leap into action.

Don’t waste time dealing with people who are overreacting or inconsistent. If you want to get ahead, you have to stay focused and follow through with your plans. Be blunt and say what’s on your mind.

«««««

e

H

OMER, Alaska—A cat named Stormy that has spent more than six years as a fixture in a remote Alaska general store is being forced out after officials notified the store owners that the cat’s presence violates food safety standards.

The Fritz Creek General Store near the small city of Homer has been home for Stormy since 2012, The Homer News reported on Thursday.

The slightly overweight black cat often lounges on one of the store’s wooden chairs or solicits customers for a scratch on her head.

The state Food Safety and Sanitation Program received a complaint

about Stormy and an environmental health officer saw the cat in the store, said Jeremy Ayers, section manager for the agency.

State food safety code prohibits pets in facilities that serve food, except for police dogs and service animals.

Enforcement of the pet prohibition is not usually high on officials’ priorities list, but the complaint and the officer’s observation meant that action needed to be taken, Ayers said.

Stormy is part of the store’s and the rural community’s culture, said Linda Chamberlain, who frequents the general store. Several people visit the shop just to greet the cat, she said.

Certain regulations may work in Alaska metropolitan areas like Anchorage, but they do not always account for special circumstances in other places, Chamberlain said.

Stormy might even make the store more hygienic, said Al Breitzman, a Fritz Creek regular, who said the cat helps reduce the rodent population.

The general store is owned by Sean Maryott and Diana Carbonell.

They didn’t return the newspaper’s call seeking comment.

Sean Maryott’s sister, Bridget Maryott, said Stormy will live with her family. AP

Martha Stewart partners with Canadian cannabis firm

By Dee-Ann Durbin The Associated Press

NO, you’re not smoking something. Martha Stewart has entered the fast-growing—but still legally murky—cannabis market.

The domestic diva who brought us hemp yarn is now partnering with Canada’s Canopy Growth Corp. to develop new products containing CBD, a compound derived from hemp and marijuana that doesn’t cause a high.

First to come, she said, will be a “sensible product for pets.” Neither Stewart nor Canopy Growth is saying if that would be a dog or cat treat, an infused pet food or some other product. They also aren’t saying when and where the products will go on sale, partly because they still face regulatory hurdles.

Even Canada, which legalized marijuana last year, is still working out the rules for CBD-infusion in foods.

Proponents say CBD offers health benefits from relieving pain to taming anxiety. Others urge caution until more research is done.

The US legalized hemp cultivation at the end of last year, but the US Food and Drug Administration recently warned that is still illegal to add CBD or THC—the compound that gives pot its high—to human or animal food and transport it over state lines. It has also cracked down on CBD-infused

TV personality Martha Stewart attends a special screening of Disney’s Mary Poppins Returns in New York. Stewart said on Thursday she is partnering with Canopy Growth Corp. to assist in developing new products that contain non-psychoactive CBD and other hemp-derived cannabinoids. First to come will be offerings for pets. AP

products that make health claims.

Starting in October, New York City will fine restaurants if they offer CBD-infused food or drinks.

California has also banned hemp-derived CBD as a food additive.

Still, most in the cannabis industry expect those hurdles will eventually fall as the federal government clarifies the law and public opinion changes. Already, 33 US states allow adult-use of medicinal marijuana.

The global market for legal and illegal cannabis is estimated at $150 billion today, according to Euromonitor; by 2025, it estimates the legal market alone will be worth $166 billion.

Cannabis is poised to disrupt pet care, health care, beauty care and food and beverages. Last fall, Corona beer-owner Constellation Brands invested $4 billion in Canopy Growth and is working on CBD beverages.

Others are already in the pet space despite the FDA’s warnings. Earlier this week, Denver-based cannabis company Dixie Brands said its pet wellness brand, Therabis, will begin selling hemp-based CBD soft chews for cats in April. It has been selling dog treats since 2016.

Stewart’s tie-up with Canopy may not be a surprise to her fans. In 2015, she baked brownies on The Martha Stewart Show with marijuana aficionado Snoop Dogg, and hinted that Snoop could add a little weed if he wanted to.

LEO (July 23-Aug. 22): Slow down and think before you make a move. Look at every angle, and consider what will save you money.

Personal adjustments should not cause disruptions in your life or the lives of those you love. «««

f

VIRGO (Aug. 23-Sept. 22): Get out and try something new. Surround yourself with people who have something to offer. Enjoy getting together with others; you will get an honest opinion that will be helpful when making a personal decision. «««

g

LIBRA (Sept. 23-Oct. 22): Take a moment to review what you’ve done, where you are and what you want to do moving forward. Don’t let someone’s negativity get in the way or cause you to miss out on something you want to pursue. «««

h

SCORPIO (Oct. 23-Nov. 21): Learn from someone with experience. Check out what’s new in your neighborhood or get involved in a movement that promises to bring about positive change in your community. Anger solves nothing, but taking intelligent, positive actions solves a lot. «««««

i

SAGITTARIUS (Nov. 22-Dec. 21): Any changes you want to make should be looked at carefully.

Refuse to let anyone interfere with your plans or distract you from getting things done. Protect against situations that could lead to injuries. Choose peace and love over discord. ««

j

CAPRICORN (Dec. 22-Jan. 19): You can make a move as long as you don’t jeopardize your health or an important personal relationship. Much can be accomplished, but you have to go about it the right way. Being reasonable and intelligent will make your life easier. ««««

k

AQUARIUS (Jan. 20-Feb. 18): An unexpected change to the way you feel or the way someone treats you will leave you wondering what to do next. Stick close to home, and take care of personal finances and domestic matters that need to be handled with care. «««

l

PISCES (Feb. 19-March 20): Stick to the rules and regulations, and follow procedures you know will work. Staying on top of your expenses as well as your promises will help you avoid being taken advantage of by someone who is indulgent. ««« BIRTHDAY BABY: You are opportunistic, playful and extravagant. You are impulsive and ambitious.

‘cutting board’ BY ANDREA CARLA MICHAELS & MICHAEL WIESENBERG The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Installed, as tile 5 Japanese or Javanese 10 Geek ___ (nerdy style) 14 Otherwise 15 “You betcha!”

16 Dill, e.g.

17 Princess Anna’s sister 18 Video game pioneer 19 Cupid alias 20 Willie Nelson genre 23 “Laughing” critter 24 Say again 25 Start for “carte” 27 Open grazing area 31 Pampering place 34 Rush into battle 39 A dromedary has one 41 Borders on 42 “Ditto!”

43 Not in jail, perhaps 46 Gymnast’s top score 47 “Iron Mike” of boxing 48 Down in the dumps 50 Revolutionary War gun

5 ___ Dame 5 59 Salad ingredients that bookend 20-, 34- and 43-Across 62 Touched down 63 Employee’s reward 64 Redding of soul 65 Devil’s food ___ 66 Core i9 processor maker 67 Kurylenko of Oblivion 68 Sized up 69 Blasts of wind 70 Say it ain’t so DOWN 1 Human sponge 2 Brass or bronze 3 Problem 4 Star Trek: TNG character Troi 5 Rent-___ 6 Mythical goat/man 7 Slack-jawed 8 Mad Men agent, informally 9 Cacophony 10 They’re spotted on safaris 11 German mister 12 Press, as clothes

3 Eye-logo network 1 21 Baby powder 22 star Reid 26 Captain with a whalebone leg 28 Pretty cool 29 Jacks, e.g.

30 Home for Adam and Eve 31 Whiskey glass amount 32 Peewee 33 Rock band gear 35 Lawyers’ org.

36 Dirt road groove 37 Sporty VW 38 Those, in Tijuana 40 Publicized 44 “Movin’ ___” (“The Jeffersons” theme) 45 Da ___, Vietnam 49 Be altruistic, say 51 Parsley garnish 52 Reeves of Speed 53 Makes a long story short?

54 Best Buy buy 56 Car owner’s paper

7 Queen’s rule 5 58 One-pager, for one 59 Potter’s wheel lump 60 Quarterback’s cry 61 Morays and congers 62 Miss no questions on

Solution to yesterday’s puzzle:

Show

Wednesday, March 6, 2019

Spielberg’s push against Netflix at the Oscars hits a nerve

By Lindsey Bahr

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The Associated Press

OS ANGELES—When Steven Spielberg speaks about the business of Hollywood, everyone generally listens and few dissent. But reports that he intends to support rule changes that could block Netflix from Oscars-eligibility have provoked a heated, and unwieldy, debate online this weekend.

It has found the legendary filmmaker at odds with some industry heavyweights, who have pointed out that Netflix has been an important supporter of minority filmmakers and stories, especially in awards campaigns, while also reigniting the ongoing streaming versus theatrical debate.

Spielberg has weighed in before on whether streaming movies should compete for the film industry’s most prestigious award (TV movies, he said last year, should compete for Emmys), but that was before Netflix nearly succeeded in getting its first best picture Oscar for Alfonso Cuaron’s Roma at last week’s Academy Awards. Netflix, of course, did not win the top award—Green Book, which was produced partially by Spielberg’s Amblin Entertainment, did.

Still, Netflix was a legitimate contender and this year, the streaming service is likely to step up its awards game even more with Martin Scorsese’s The Irishman, which The Hollywood Reporter said may also gunning for a wide-theatrical release. A teaser ad aired during the 91st Oscars for the gangster drama said “in theaters next fall,” instead of the “in select theaters” phrasing that was used for Roma.

But Netflix also isn’t playing by the same rules as other studios. The company doesn’t report theatrical grosses, for one, and it’s been vexing some more traditional Hollywood executives throughout this award season and there have been whispers in recent weeks that a reckoning is coming.

Now, Spielberg and others are planning to do something about it by supporting a revised film academy regulation at an upcoming meeting of the organization’s board of governors that would disqualify Netflix from the Oscars, or at least how the streaming giant currently operates during awards season.

This year Roma got a limited theatrical qualifying run and an expensive campaign with one of the industry’s most successful awards publicists, Lisa Taback, leading the charge. But Netflix operates somewhat outside of the industry while also infiltrating its most important institutions, like the Oscars and the Motion Picture Association of America. Some like Spielberg, are worried about what that will mean for the future of movies.

“Steven feels strongly about the difference between the streaming and theatrical situation,” an Amblin spokesman told IndieWire’s Anne Thompson late last week. “He’ll be happy if the others will join [his campaign] when that comes up. He will see what happens.”

An Amblin representative said on Sunday there was nothing to add.

Netflix has its strong defenders, which include the A-list talent it has attracted for its projects. Ben Affleck, speaking at the premiere of his new Netflix film Triple Frontier, said the streaming service is “heavily invested in telling stories.”

“It’s very exciting because you get the sense you’re defining where the future of cinema and distribution is going, you know? Already, people are watching movies on more and more platforms than they ever had, and you get a sense that your part of sort of the emerging transition,” Affleck told The Associated Press on Sunday.

Some see Spielberg’s position as wrong-minded, especially when it comes to the Academy Awards,

FILMMAKER Steven Spielberg

which requires a theatrical run to be eligible for an award. Many online have pointed out the hypocrisy that the organization allows members to watch films on DVD screeners before voting.

Filmmaker Ava DuVernay tweeted at the film academy’s handle in response to the news that the topic would be discussed at a board of governors meeting, which is comprised of only 54 people out of over 8,000 members.

“I hope if this is true, that you’ll have filmmakers in the room or read statements from directors like me who feel differently,” DuVernay wrote.

Some took a more direct approach, questioning whether Spielberg understands how important Netflix has been to minority filmmakers in recent years.

Franklin Leonard, who founded The BlackList, which surveys the best unproduced scripts in Hollywood, noted that Netflix’s first four major Oscar campaigns were all by and about people of color: Beasts of No Nation, The 13th, Mudbound and Roma.

“It’s possible that Steven Spielberg doesn’t know how difficult it is to get movies made in the legacy system as a woman or a person of color. In his extraordinary career, he hasn’t exactly produced or executive produced many films directed by them,” Leonard tweeted on Saturday. “By my count, Spielberg does one roughly every two decades.”

Netflix’s film account tweeted that it was dedicated to give film access for people who either can’t avoid the movie tickets or live in towns without theaters and also “Letting everyone, everywhere enjoy releases at the same time.”

It’s important to note that Netflix didn’t produce Beasts of No Nation, Mudbound or Roma, but rather acquired them for distribution. But if Oscar campaigns are no longer part of the equation in a Netflix-partnership, top-tier filmmakers are likely to

take their talents and films elsewhere.

Others, like First Reformed filmmaker Paul Schrader, had a slightly different take.

“The notion of squeezing 200+ people into a dark unventilated space to see a flickering image was created by exhibition economics, not any notion of the ‘theatrical experience,’” Schrader wrote in a Facebook post on Saturday. “Netflix allows many financially marginal films to have a platform and that’s a good thing.”

But his Academy Award-nominated film, he thinks, would have gotten lost on Netflix and, possibly, “relegated to film esoterica.” Netflix had the option to purchase the film out of the Toronto International Film Festival and didn’t. A24 did and stuck with the provocative film through awards season.

“Distribution models are in flux,” Schrader concluded. “It’s not as simple as theatrical versus streaming.”

One thing is certain, however: Netflix is not going away any time soon and how it integrates with the traditional structures of Hollywood, like the Oscars, is a story that’s still being written.

Sean Baker, who directed The Florida Project, suggested a compromise: That Netflix offered a “theatrical tier” to pricing plans, which would allow members to see its films in theaters for free.

“I know I’d spend an extra 2 dollars a month to see films like Roma or Buster Scruggs on the big screen,” Baker tweeted. “Just an idea with no details ironed out. But we need to find solutions like this in which everybody bends a bit in order to keep the film community [which includes theater owners, film festivals and competitive distributors] alive and kicking.” n AP Writer John Carucci contributed to this report.

GMA increases nationwide lead in February

BARBIE FORTEZA and Mika de la Cruz of Kara Mia

LEADING broadcast company GMA posted better numbers in February, which resulted in increased margins over its competitor, based on the latest data from the industry’s widely trusted ratings service provider Nielsen TV Audience Measurement.

For the month of February (with February 24 to 28 based on overnight data), GMA registered an average total day people audience share of 38.4 percent in the National Urban Television Audience Measurement (Nutam), which topped ABS-CBN’s 34.6 percent. Per day part, the network got 33.9 percent people audience share in the morning block, versus rival’s 28.5 percent.

GMA subsequently won in the afternoon block with 39.2 percent people audience share surpassing the 34.7 percent of ABS-CBN. The network also secured its leadership in the hotly contested evening block with 39.5 percent as against competition’s 36.9 percent.

The network, likewise, maintained its stronghold in the viewer-rich areas of Urban Luzon and Mega Manila, which respectively account for 72 and 60 percent of all urban viewers in the country.

GMA registered an average total day people audience share of 42.1 percent in Urban Luzon, which was way ahead of ABS-CBN’s 29.2 percent.

In Mega Manila, based on official data from February 1 to 23, the network kept its dominance with an average total day people audience share of 43.9 percent, versus

competition’s 26.6 percent.

Moreover, GMA shows also ruled the list of toprating programs in Nutam for the said period. Kapuso Mo, Jessica Soho (KMJS) solidified its position as the most-watched show among urban viewers nationwide, following its recent overnight people rating of 19.2 percent, which is its highest rating to date.

KMJS was followed by Onanay, Pepito Manaloto, Kara Mia, 24 Oras, Daddy’s Gurl, Magpakailanman, Daig Kayo ng Lola Ko, Studio 7, and Cain at Abel. Included in the list as well were the political romantic comedy TODA One I Love, Amazing Earth, 24 Oras Weekend, Imbestigador, Wowowin, Eat Bulaga, Kapuso Movie Night, Tadhana, Asawa Ko Karibal Ko and Wish Ko Lang!.

GMA similarly dominated both Urban Luzon and Mega Manila lists, taking nine spots out of the top 10 programs.

Meanwhile, GMA is investing over P1 billion to complete the second phase of its digitization project which encompasses the production, post-production, content management and distribution of GMA and GMA News TV’s programs.

This phase includes the commissioning of the Digital Terrestrial Transmitters that now provide superior digital TV signal reach, enabling the viewership of GMA programs through digital-enabled TV sets and set-top boxes in various areas in the country, including Mega Manila, North Central Luzon, Cebu and Davao.

BLIND SPOT BRUCE C.

RELATIONSHIP WOES

THERE really is trouble in paradise despite continued denials from both parties. The actress and actor have supposedly been a couple for a number of years and they’ve generally been happy except for one or two challenging times, such as right now. The actor has been going out a lot without his girlfriend’s knowledge and, naturally, she’s pissed about it. She is also set to do a movie with another actor. We don’t know how he feels about that. It’s sad if the relationship is encountering some problems, as fans look up to them as the ideal couple.

NOT A GENTLEMAN IS the celebrity behind his fans bashing his erstwhile partner? While a lot of people look at the celebrity as a gentleman and a kind person, he is actually the opposite in person. He has told his fans that his former partner is a flirt who probably sleeps around and whenever she is involved with another guy, he is the first to slut-shame her. He is believed to be behind the online attacks of his fans on the poor girl, who is called a flirt, a whore and other bad names. Next time you call this celebrity nice, please remember what he has done to this poor girl.

TRUE LOVE THE guy has found love again after being dumped by his former girlfriend, who went on to become an international star of sorts. The guy and his new girlfriend, an actress, reconciled again after being apart for a long time. The actress says she is ready for a long-term commitment while the guy knows that the actress is the right woman for him. Despite these feelings, the couple is being cautious. Yes, they aren’t that young but they still want to be sure about things.

THRIFTY TO A FAULT

THERE is nothing wrong with being thrifty and frugal. It is okay to save for the future.

But it seems the actress has taken this to the extreme. She has been frugal to the point that people have been wondering if she is financially troubled or paying off a lot of debt (she is not).

She recently launched a new product and it is funny that she sold them to employees of their network. I mean, how frugal is that? She likes to bring home food from tapings and always asks caterers for extra portions. The actress says she is just being practical.

D3

D4 Wednesday, March 6, 2019

Image BusinessMirror

www.businessmirror.com.ph

Balancing act

M

ARK TWAIN once said, “Find a job you enjoy doing, and you will never have to work a day in your life.”

That may be true but it doesn’t mean you will never get tired. There will be days when your passion cannot keep up with your mortal body and you just have to take a break. And when that happens, it is okay. Work may make up most of your day but it does not mean everything should revolve around it. There has to be balance between your personal and professional lives. And when you find your professional life encroaching on your personal life, it is time to take a break.

Breaks during work can give you the pick-me-up you need to get through the day. And taking frequent five minute breaks can help your productivity and creativity, because you allow your brain to reset and

take a breather. The same principle applies to your work throughout the year. Instead of taking one long vacation, you can take “small-cations.” According to psychotherapist Jonathan Alpert, author of the book Be Fearless: Change Your Life in 28 Days, it is better to take frequent smaller vacations because there are more opportunities for new experiences and anticipation of more vacations that it becomes like a reward interspersed within the year. Rather than one long vacation, which is likely to lull you into disconnecting from work and reality at a stretch, frequent short vacations of up to four days can help you enjoy the break more because you can easily calm any anxiety that may arise from being away from work too long. So go ahead and plan your next small-cation. Your new experiences just might give you the inspiration you need to make your work better.

And when taking a break, yes, disconnect from work. Turn off all work email notifications. If you are using a company-issued mobile phone, leave it in the house. An officemate used to say before leaving for home that work will always be there and you will never run out of it. But if your work is the kind that would need your input immediately, set a minimal amount of time for it. Inform your staff or your team that you can only give feedback on those times. Otherwise, leave the company phone out of your vacation. You need to spend quality time with

your family, friends, or loved ones to recharge and reconnect. You owe it to yourself for working so hard.

Speaking of working hard, do not forget to take care of yourself. Oftentimes, you work so hard that you forget there are other aspects in your life and you need to find time to nurture them also. Take, for example, your health. Exercise can do wonders not only for your body but also for your productivity and creativity. When you exercise, your brain gets more oxygen, you get rid of toxins in your body through sweating, and your body is primed to do overcome the rigors of the day. You also release endorphins and adrenaline which help your body cope with stress and minimize its effects on you. After all, the blind cannot lead the blind. If you are leading a team, you have to keep fit not only to meet the demands of work but to have enough energy left for your other activities.

Find time for your friends. Your friends keep you grounded and provide a safe environment where you can just be you. Oftentimes at work, you put on your manager’s hat and you do whatever it takes to get the job done, and it can be taxing especially when you have to adopt a role you are not used to. But with good friends, you can let your hair down and just enjoy their company. Avoid negatrons—people who suck the life out of you. Surround yourself with people who bring out the best in you but are

not afraid to call you out on your opportunities for improvement. Good social relationships help you build your confidence and provide you the support you need when work becomes demanding.

Aside from good company, find a hobby—one that you enjoy. It can be a sport, a craft, or just about anything you would like to try for the first time. I remember the first time I went mountaineering.

It was in my college days when the church pianist, Onard, invited us to join him in his yearly climb to Mount Pulag, the second-highest mountain in the Philippines. Reluctant, I accepted the invite together with some who were as curious as I was. It was utterly tiring—but also the most rewarding experience. I have rekindled this hobby recently when I climbed Mount Kupapey, Mount Fato, Mount Batolusung and Mount Batulao. I grew up near the beach but hiking gives me a new perspective—literally and figuratively. When I go hiking, I have a better appreciation of what I have and the comforts I enjoy, and it gives me a boost in self-confidence after doing something arduous. So find something you enjoy doing and take time out to do them. A hobby could just be the thing you need to enjoy your work more.

Finding balance with work and your personal life is not a choice but a necessity. You owe it to yourself to take a break once in a while and to enjoy it with friends and family. As Ron Jenson would say in the title of his book, Make a Life, Not Just a Living.

Changes in your business? You should plan, talk to staffers

By Joyce M. Rosenberg The Associated Press

Diamond Hotel gives back to the elderly TRUE to its mission to give back to the community, Diamond Hotel Philippines recently turned over a donation to Kanlungan ni Maria, an organization with an advocacy to support homeless and abandoned elderly.

During the holiday season, the hotel conducted a charity drive and encouraged its guests to give joy to the elderly by giving a donation; in exchange Christmas ornaments with their names were placed at the lobby Charity Tree. The hotel wishes to extend its gratitude to all the guests who shared their blessings and showed kindness to its charity beneficiary.

In the photo are (from left) Christian Sanchez, Diamond Hotel Ugnayan chairman; Melanie Pallorina, Diamond Hotelpublic relations manager; Archie Prado, Kanlungan ni Maria secretary; Vanessa LedesmaSuatengco, Diamond Hotel general manager; Rev. Fr. Antonio Gerardo “Bong” Sanchez, Kanlungan ni Maria head; Sr. Marivic Caliso, SHC, Kanlungan ni Maria OIC-admin; Sunshine Robles, Diamond Hotel director of sales and marketing; and Jeffrey de la Paz, Diamond Hotel human resources manager.

Diamond Hotel Philippines (www.diamondhotel. com) is at Roxas Boulevard corner Dr. J. Quintos Street, Manila.

NEW YORK—As Nick Haschka bought four small horticultural businesses over the past two years, he had to help his new employees navigate almost constant change.

“They’ve had to get used to a new owner, new management style, and many new processes and tools,” says Haschka, owner of The Wright Gardner in South San Francisco, California.

Small-business owners who recognize the impact that change can have on employees can limit the fallout by helping staffers with the transition.

Mishandling change—whether it’s a new boss, office or procedures, or a turn in the company’s finances—can prompt staffers to leave or hurt their productivity. Change can also be more than a one-time event. It can be continuous, or, as in the case of Haschka’s business, periodic.

Haschka has taken several steps to help his new employees weather the changes. He’s worked with the previous owners to prepare staffers, many of whom drew some comfort from the fact that their former bosses felt secure about handing their businesses over to Haschka. And he’s sat down and talked to his new team members.

“There’s usually a lot of shock at the beginning when employees find out their owner is leaving and passing the torch to us,” Haschka says. “But we try to make it easy on them by listening and being responsive to their needs.”

He also asks his current employees to help.

“The employees from the previous acquisitions are in a good place to represent and be a sounding board for the new employees—they’ve all been in that place before, and recently,” he says.

Human resources consultants say business owners need to plan well and do a lot talking with staffers.

“People, no matter whether change is good or bad, fear change,” says Jay Starkman, CEO of Engage PEO, an HR provider based in Hollywood, Florida. “The only way to get through that fear is communicate, communicate, communicate. And when you think you’ve communicated enough, communicate again.”

Even a move to a new location requires change management.

A year ago, Dave Cyphers bought a building in Crofton, Maryland, 10 miles (16 kilometers) away from the office he had rented for his marketing company. Cyphers, who has 18 staffers, made them part of the planning process. He took longtime senior employees to see the building before he bought it, and discussed with each worker how the move would affect their commutes. He discussed the new seating plan with them, and gave each money to decorate individual work areas.

“You work hard to put a team together. The last thing you want to do is blow it all up by saying, ‘We’re moving, let the chips fall where they may,’” says Cyphers, owner of The Cyphers Agency.

Start-ups can go through significant changes, and while staffers expect their companies to evolve, sometimes the direction is

unexpected.

When Brad Weisberg started his insurance claims technology company, consumers were his target market. After about a year, he realized there were few chances for people using his service to be repeat customers, and that he needed to pivot his company and cater to businesses instead. The change wasn’t so simple—for one thing, he had to convince investors that it was the right thing to do. And Weisberg’s 12 staffers, who understood the world of tech start-ups, worried about the company’s future.

“They were very anxious,” says Weisberg, whose company, Snapsheet, is based in Chicago. “They had taken a chance on me. They had left jobs to come with me.”

Weisberg helped his staffers by showing them his analysis of the company’s situation. They were all start-up and tech-savvy, and after Weisberg explained the situation to them, they were on board.

Helping staffers through uncertain political or economic times is difficult because an owner can’t provide answers. Soon after British voters decided in June 2016 that their country should leave the European Union, many companies lost business because no one knew how Brexit would affect trade and the economy.

“We had six live projects that, while they didn’t fire us, simply wanted to ‘pause.’ Pausing is death to a small business,” says Monica Parker, who with her husband Julian Pollitt owns Hatch Analytics, a London-based company that helps businesses analyze employees’ behavior. They didn’t know whether the firm would survive and had to prepare their staff for all possibilities.

“We felt being honest and transparent was better that carrying the stress ourselves and more ethical than possibly dropping very bad news on the team at the last minute,” Parker recalls.

Staffers were empowered by having heard the truth, and responded by asking what they could do to help. A few months later, when business returned to normal, they were grateful to share in that success, Parker says.

Owners, however, need to strike a balance between the company’s and staffers’ needs.

Dave Munson tried to make change pain free and found that hurt the business. The owner of Saddleback Leather, a manufacturer of leather goods, realized in 2015 that having most of his employees work remotely cost the business time, money and efficiency. He told his 50 far-flung staffers they’d have to move to the company’s Fort Worth, Texas, headquarters or leave.

But he also said staffers who decided against moving could take their time looking for a job. And they did: It took three years to complete the transition, further draining the company’s finances and productivity.

Munson says he learned his lesson.

“It’s like pulling duct tape out of your hair,” he says. “There’s no easy way to do it, you just have to do it.”

BusinessMirror E1 | Wednesday, March 6, 2019 • Editor : Tet Andolong

HERMOSA’S Building in Las Piñas (artist’s perspective)

CAMELLA LAUNCHES COHO

By Rizal Raoul S. Reyes

T

@brownindio

HE competition in the condominium market is expected to get tighter either this year or next year as the Villar group aims to slug it out with the other property titans by offering affordable condominiums to the local market.

THE Orchard’s Building in Lipa City (artist’s perspective)

VLL Chairman Manny Villar

In a recent press briefing, Vista Land & Landscapes (VLL) Camella Condo Homes (Coho) Chairman Manuel B. Villar Jr. said the company is going to apply the formula to Coho that has catapulted Camella Homes into a market leader in the affordable housing segment. “We are now ready to compete with the big boys in the condominium sector.”

“We’ve been successful in perfecting the Camella brand. Unless you go outside Metro Manila, you can’t see the Camella condominium projects. Provincial areas are now ready for condominiums at this time,” Villar said.

Under its Coho brand, Camella is not pulling punches as it plans to put up 32 condominiums in 25 cities around the country. Villar also pointed out that this was just the start of the grandiose plan of the company. “We feel that we are

now ready to introduce Coho in a big way,” Villar said.

He added that VLL would be launching Coho at the same time with its horizontal development projects. “We are going to apply the tried and tested Camella formula,” he pointed out.

Units in Coho come in one-bedroom, 30-square meter and a 40sqm, two-bedroom unit, with prices ranging from P2.4 million to P3.3 million. Coho is perfect for young urban professionals and starting families who desire dynamic city living.

The 25 areas covered by Coho are Taguig; Las Piñas; Caloocan; Subic; Bataan; Pampanga; Baliuag; Antipolo; Bacoor; Imus; Tagaytay; Lipa; Palawan; Legazpi; Bacolod; Iloilo; Mactan, Cebu; Talisay, Cebu; Bohol; Dumaguete; Cagayan de Oro; Davao City; Tagum; General Santos;

OLIVERA’S Building (artist’s perspective)

and Butuan.

Villar said VLL could raise the ante by building up to 150 buildings.

But he said the company is taking one step at a time.

The projects will be complemented by either a Vista Mall or commercial strip, featuring brands from VLL affiliate All Value Holdings, such as Coffee Project, Bake My Day, All Day Supermarket, All Home and Vista Cinemas.

At present, there are already 14 existing developments under Coho’s portfolio in Luzon, the Visayas and

Mindanao.

With a track record of more than 40 years in residential real-estate development, Villar said Camella has developed into a strong brand in the industry VLL defines Coho as the epitome of a vertical village. By living in Coho, Villar said an owner could experience tranquility and the relaxing vibe of a suburban community that is sprawling, surrounded by greenery. Moreover, Coho offers generous open space to provide the busy city-dweller with an environ-

ment that promotes well-being and is conducive for nurturing a family.

Unit owners get to enjoy the perks of having a complete range of central amenities: a clubhouse, swimming pool, function hall, landscaped gardens, jogging paths and a fitness gym with modern equipment.

Villar said Coho offers the same quality that has made Camella the leading and preferred brand for horizontal developments—excellent location, safety and security, value for money and a smart investment.

Meanwhile, Coho, according to

Villar, offers the distinct and newgeneration lifestyle and modern experience. This means living an owner is living close to a beautiful mall that offers global retail selections. Through Coffee Project, a resident has an exquisite coffee shop as an extension of one’s living and working space and breakfast table in a charming boulangerie.

Villar said Coffee Project would give a customer his money’s worth because of its superb coffee and beverages; it also serves a wide variety of scrumptious food, like pasta, rice meals, cake and sandwiches. Its exceptional interiors complemented by aesthetically arranged flowers and greens have earned for itself “the most Instagram-worthy” coffee shop tag.

Villar said Coho also takes pride in having a world-class cinema as an entertainment room. Vista Cinemas have the MX4D technology that enables a viewer to “feel” the movie’s motions, jolts, pokes, wind, waterand even scents. Moreover, its VIP Theater is an intimate movie venue specializing in excellent personalized service.

“We want to bring the new lifestyle into the region not just for condominium dwellers but on a nationwide basis,” he pointed out.

“We also want to raise the level of retail in the Philippines.”

Business

E2 Wednesday, March 6, 2019

The lowdown on flexible work spaces in Asia

Amor Maclang

FIRST DIBS IN REAL ESTATE

T

HE infectious Italian passion of Mario Berta has taken the flexible office space community by storm. I have looked at Mario’s work with such great interest because of a mutual point of interest: teching up real estate.

If I don’t see him in tech meetups, I usually bump into him in real-estate industry meets.

FlySpaces, Southeast Asia’s biggest Flexible Office Space marketplace, has shared to regional press the acquisition of its local competitor in Hong Kong, Quikspaces.

An inspiring success story out of the Philippines, FlySpaces continues its upward trajectory with this acquisition, further solidifying Philippines place as a destination for start-ups with its thriving ecosystem. With Singapore and Jakarta deservedly capturing much of the spotlight when it comes to start-up success stories, FlySpaces proudly continues to demonstrate the vi-

ability of Manila as a location where start-ups can grow and thrive.

Quikspaces was founded by Eunice Wong and Jacky Lo and has achieved market dominance as an online booking platform for flexible office spaces after three years of operation, and currently lists more than 1,200 listings on its platform.

The founders and their team will join FlySpaces and its Hong Kong operations. With the acquisition of Quikspaces in Hong Kong, FlySpaces now have on-the-ground operations in five different countries—Philippines, Singapore, Indonesia, Malaysia and Hong Kong.

“We are excited to join Southeast Asia’s largest platform for flexible

office space and join its team while bringing to the table our local expertise and extensive network in Hong Kong. This was a natural fit since Quikspaces will benefit from the large-scale operations and technology that FlySpaces provides, helping accelerate our growth within Hong Kong” Eunice, CEO of Quikspaces, said.

This acquisition is FlySpaces’ second acquisition since its inception three years ago, after previously acquiring Malaysia’s 8Spaces in 2016.

While the coworking industry is booming in Southeast Asia, the booking process for customers remains very manual, requiring them to go one by one and ask for proposals and quotations. FlySpaces and its subsidiaries are working at streamlining all these processes within one integrated platform, enabling customers to quickly discover, book and pay online. FlySpaces is currently developing a suite of tools for space operators to manage all aspects of their coworking business, from space management to end-to-end booking software.

“We are now focusing solely on flexible office space. With the technology we have built, we can transact any sort of real estate, so we are exploring other verticals like co-living, retail and all other types of real estate. We ultimately see FlySpaces as the ‘super app’ for commercial real estate” Mario Berta added.

With the expansion brings new challenges, as the markets in which they operate are all unique. The only thing in common between markets is how much each is different. We tend to evaluate markets from the lens of supply and demand, and all five major markets pose unique challenges. The Philippines, where FlySpaces first started operating, has the biggest appetite for large serviced offices, driven by the BPO sector engine. The supply of larger spaces has exploded in recent years, as newcomers, such as

MARIO BERTA, CEO of FlySpaces Figari and Project T to compete with long-standing local leaders like KMC Solutions. The demand for plug-andplay solutions from multinationals outsourcing their operations to the Philippines is still quite strong, and will continue to shape the supply of office spaces coming onto the market. Although a regional leader in large serviced offices, Manila has lagged behind other cities when it comes to being home to regional brands. With Regus as one of the lone global operators in Manila and grabbing a large chunk of market share in the process—regional brands such as Common Ground, Spaces and WeWork have all taken their time in recognizing the importance and size of the Manila market.

Amaia expands in 2019

AMAL welcomes a more robust 2019

I

N the Philippines, the Mergers & Acquisitions (M&A) market is an emerging industry that is set to make its mark in the coming years.

In other countries where the M&A market is already ripe such as Japan, US or in Europe, the Philippines is at the start of maturity, which is the most ideal time of all, when opportunities abound.

This was recognized by Hideki Tanifuji early on, a Japanese national who has made the Philippines his new home. Back in 2015, Tanifuji already saw the untapped potential of the M&A industry in the country, who said that this is similar to the business climate in Japan in the early 90’s.

Three years later, in 2018, Tanifuji was proven correct. The company that he established, Asian Mergers & Acquisitions Links (AMAL), has been making significant progress in the Philippine M&A field. AMAL has already closed more than a dozen deals, linking Japanese companies to local partners who are in need of additional capital to expand their businesses. It is a win-win situation where both parties can capitalize on each partner’s strength.

“A lot of the more economically mature countries such as Japan are looking for investments or acquisition opportunities in the Asean, specifically in the Philippines. AMAL is leading the way as we have the expertise and the credibility to create a successful M&A deal," said Tanifuji, noting that AMAL has been involved in companies related to real estate, IT, BPO, manufacturing and consumer goods, among others.

Record-breaking 2018

THE year 2018 was a record-breaking year for AMAL. One of its most successful endeavors is bringing to the country a leading Japanese

real-estate company Kyushu Yaesu.

AMAL found a suitable local partner Ecoverde Homes, for Kyushu Yaesu after due diligence and market research.

“In the initial groundwork and meetings with the investor, AMAL set a tone of transparency, giving importance to specific, well-articulated value creation in the partnership agreement. This paved the way for our company and Kyushu Yaesu to reach an agreement that was beneficial to both companies,” said Giovanni J. Olivares, president of Ecoverde Homes.

Today, the partnership is currently building residential houses for the mid- and low-cost market in Cagayan de Oro. After that, they will be looking in various provinces to build their next projects such as townhouses and condominiums.

“AMAL envisions that this project will not only show a successful partnership but also help enhance the quality and expose our local real-estate industry to the best practices of foreign real-estate companies,” said Tanifuji. “At the same time, we want to also show foreign companies that the Philippine real-estate industry is not behind in terms of the designs and of the quality houses that our local developers can build.”

Aside from closing various M&A deals, AMAL was able to transfer to a more spacious and modern office in Bonifacio Technology Center. AMAL was also able to lay the groundwork of establishing a subsidiary in Kuala Lumpur and Bangkok to cater to the Asean market in the first quarter of 2019.

“We are still a young company, but we are continuously growing in operations. In fact, we want to become the top M&A company in the Philippines and one of the leading in Asia. We are now the biggest in

However, 2019 is poised to see this change drastically with many new locations set to open. Singapore, being the most mature of all the markets, is very competitive and is home to the widest range and diversity in supply. Local champions have grown and now become regional brands (JustCo, The Great Room), while numerous large boutique operators have a very strong presence (Collision 8, The Working Capitol)—all leading to a very competitive landscape.

The competition for clients is fierce, which lends itself well to an aggregator platform such as FlySpaces where customers are better able to browse and compare spaces.

“We are seeing a trend of consolidation among brick and mortar

co-working spaces, which has only accelerated and become more visible over the last 12 months. Inevitably, this trend is impacting the aggregators as well, so that customers looking for flexible workspaces across Southeast Asia can benefit from the increased scale that one platform can provide. Our platform ultimately provides customers with a single entry point to discover all kind of flexible work spaces and get full visibility and transparency across all markets, while users can also benefit from best in class technologies, prices and user experience.” said Mario Berta, CEO of FlySpaces.

In 2019 FlySpaces is focused on two key areas: regional expansion and technological growth. They will be focused on growing their share of the Hong Kong market through the acquisition of Quikspaces, while also launching operations in Thailand, Vietnam and Australia.

While 2018 was spent solidifying operations and processes, 2019 will be about building on these efficiencies to grow outward and improve our tech solutions. “We are still only scratching the surface of what FlySpaces can provide as a platform within the commercial real-estate industry, and we have many exciting builds scheduled that will better serve both our clients and flexible workspace partners,” explained Peter Northcott, VP of Marketing and Product at FlySpaces. While some of the large operators such as Spaces or WeWork have their own development team and are building siloed tech solutions, the reality is that 95 percent of all service providers simply do not have the resources, economies of scale or expertise to develop in-house tech solutions.

That’s where FlySpaces comes in— with solutions tailored to level the playing field for all flexible spaces and provide customers with more options at their fingertips than ever before.

A

BRAND-NEW year augurs well for new beginnings.

Thus, top-of-mind property developer Amaia Land jump-started 2019 with the launch of five new projects and the expansion of eight existing developments, presenting a wide range of affordable yet superiorquality housing projects to aspiring homeowners.

The five new Amaia projects will be in the following areas: a townhouse project at new Vermosa estate; a house and lot development in Binangonan, Rizal; a new condominium at Tandang Sora, Quirino Highway; a new townhouse development in Nuvali; and a new building in Capitol Central, Negros Occidental.

Stephanie Lingad, Amaia Land’s COO, said that, “With the launch of these new projects, individuals and families alike may now look forward to settling down in their dream homes in ‘greener, more breathable’ neighborhoods in low-density locales in the Metro.”

Apart from the new five projects,

A PERSPECTIVE of Ecoverde Homes in Cagayan de Oro

the industry in terms of manpower, as we have 90 employees composed of the management team, HR, IT staff, accountants, marketing analysts, consultants and foreign language speakers/translators,” Tanifuji explained.

AMAL currently has five Japanese speakers, two Mandarin speakers and one Cantonese speaker, proving that it has set its sight in the lucrative Japanese and Chinese investors market.

Opportunities for growth in 2019

EN V ISIONING the long-term

growth of the business, AMAL is also aiming to list in SME board of the Philippine Stock Exchange (PSE) by 2020. This is also the main growth strategy of Tanifuji to accelerate growth of the company. Aside from the publicly listed M&A firms in Japan, AMAL will be the only M&A firm to be listed in any Asian stock exchange.

Additionally, AMAL is targeting to be the number one in the Asean region and grow its work force to 200 employees by 2020. www.asian-ma.com

Amaia also disclosed that eight existing projects are set to undergo expansion this year. Lingad confirmed this, saying, “Expansion areas will be opened in Amaia Land’s developments in Sucat, Blanca Building Bicutan, Parañaque; General Trias, Trece Martires, Cavite; Novaliches, Quezon City; Cabuyao, Laguna; Bulacan; and Shaw Boulevard in Mandaluyong City. The expansion will also offer more choices to those who prefer to live either south or north of the metropolis.”

Amaia Land brings the dream of owning of affordable and sustainable homes closer to hardworking Filipinos through easy payment options: cash, deferred cash and bank financing.

Amaia continues to serve its Filipino residents and homeowners with affordable and sustainable development that aims to elevate living experience and create a positive impact on the environment.

www.amaialand.com

sMirror

Wednesday, March 6, 2019 E3

The best of nature living at Bamboo Lane

B

AMBOO Lane, the latest mixeduse and residential project of Pueblo de Oro, provides families with the convenience of city living and the enjoyment of nature all in one development.

With the vision to provide residents with quality and distinct homes, Pueblo de Oro has continued to deliver elegant three-story townhouses in its Cagayan de Oro project since its launch in the middle of 2018.

The 1.6-hectare Bamboo Lane is in close proximity to various schools, malls and lifestyle centers—making it ideal for those looking forward to the convenience and quality of their first home.

Fitted with amenities, such as parks, playgrounds, community jogging paths and ample parking space, Bamboo Lane is also located within the lush trees and foliage of the valley portion of the Pueblo de Oro Town-

ship along San Agustin Avenue— adding to the peace and serenity of the area and providing a welcome diversion from city life.

Each townhouse has two bedrooms and two toilets and bath.

Bamboo Lane also offers units with expandable layouts for easy renovation. Buyers can choose from a bare structure or a complete structure created by Manila-based progressive design firm LPPA Design Group Inc. To ensure the safety of the location, a 50-year flood study was conducted before Bamboo Lane was developed to predict depth of rainfall from storms over a given duration. In addition, an outflow and

6,700-square meter detention pond was built to contain up to 23,000 cubic meters of water runoff from the plateau to the valley before dispersal into the creek to help protect the properties from flooding.

For more than 20 years now, Pueblo de Oro has successfully built quality residential developments across the country—from Cagayan de Oro, to Mactan and Lapu-Lapu in Cebu; San Fernando, Pampanga; Calamba, Laguna, and Batangas. Created with the understanding that a home is one of the biggest investments a family can have, Pueblo de Oro offers residences that are affordable yet built with a strong foundation, and with the safety and security of the family in mind.

The Pueblo de Oro Township is a 400-hectare master-planned development in Cagayan de Oro. SM City Cagayan de Oro, Pueblo Business Park, Pueblo de Oro Golf and Country Club, schools like Xavier University and Corpus Christi, a 40-hectare urban rainforest, and gated subdivisions are situated within the township, making it a one-stop shop for all the family’s needs.

Sturdy low-cost housing to rise in Meycauayan

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ROPERTY developer 8990 Holdings Inc. recently signed a contract with Megawide Construction Corp. for the supply of precast structural elements in their newest housing development in Meycauayan, Bulacan. Megawide will supply precast walls and slabs for more than 5,000 housing units in Deca Homes Meycauayan.

The two-year partnership between 8990 Holdings and Megawide has resulted in high quality residential projects, namely, 22- and the 13-building Urban Deca Homes projects in Ortigas and Tondo, respectively. “We are proud to continue our partnership with 8990 Holdings, said Einstein Chiu, Megawide assistant vice president for precast.

“We custom-build the precast units in our plant in Taytay, Rizal, which has a tightly controlled manufacturing environment.”

I

Signify reports rush to trial LiFi: It’s light Jim, but not as we know it

S

AT the contract signing were (from left) Andrew Entote, 8990 Holdings Inc. acting GM-Luzon; Megawide Assistant Vice President for precast Einstein Chiu; Willibaldo Uy, 8990 Holdings president and CEO; and Alexander Ace Sotto, 8990 Holdings COO.

The Pebble at Acqua Private Residences

MAGINE living in an urban oasis, in a tropical, rainforestinfused setting while being a few steps away from all that you love about the city. That’s Acqua Private Residences, a six-tower community by the historic Pasig River at a point where Makati and

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Mandaluyong cities meet. At the core of this award-winning development of top property developer Century Properties is an impressive central amenity called The Pebble, Acqua’s four-story waterfront clubhouse and the visual focal point of the entire development.

The Pebble is a gleaming white, modern interpretation of a smooth river stone with a large cutout in front providing an almost windowlike vista. It features three iconic waterfalls that seemingly flow into the mighty river below.

The Pebble houses the state-ofthe-art total health, wellness and fitness center, a 25-meter glass lap pool with jacuzzi, café and juice bar, locker rooms, function rooms, expansive lobby, kids’ wall climbing and play area, sophisticated movie room, kids’ playroom and a mini library.

Outside the Pebble is The Eden, a relaxing garden that spans the 6th level podium of all Acqua towers with lush tropical greens, koi ponds,

waterways and mini playground for kids. There is a basketball court for enthusiasts and an outdoor lagoon pool and kiddie pool with waterfalls for families who simply wish to relax and bask in the lovely sunshine.

Five out of six towers in Acqua— Niagara, Sutherland, Detiffoss and Iguazu are already complete, while the last one, Novotel Suites Manila, is scheduled for completion this year.

Acqua Private Residences sits on a 2.4-hectare prime property in Coronado Street, Barangay Hulo, Mandaluyong City. It is accessible via the Makati-Mandaluyong Bridge making it accessible to Makati’s top attractions. www.acqua.com.ph/.

IGNIFY (Euronext: LIGHT), the world leader in lighting, announced it is working with more than 30 customers in Europe, North America and Asia to pilot light fidelity (LiFi). Its LiFi-enabled LED fixtures combine excellent light quality with a fast broadband data connection using light waves, enabling customers to send e-mail, securely access their company network and surf the Internet through their lights.

Philips LiFi-enabled luminaires provide customers with the double benefit of quality, energy efficient LED light and a secure, stable and robust connectivity. LiFi is attracting considerable interest as an alternative or complementary technology to Wi-fi for specific applications and because of the increasing congestion of the radio spectrum. It offers 10,000 times the spectrum of Wi-fi.

Implementation of LiFi technology from Bangalore to Stavanger

CUSTOMERS trialing the groundbreaking technology are located all over the world. In Bangalore, India, managed offices provider Incubex has established a LiFi meeting room to enable the many start-ups and firms it serves to explore the technology.

“Since our inception, we’ve been actively experimenting with and promoting new technologies. We’re giving our 450 plus members at our Manya Tech Park hub, and more than 3,500 members at our 10 other hubs, the opportunity to be the first to get hands on with this new technology which is set to go places. So far, we’ve had great feedback and received lots of inquiries from our members,” said Alap Uttamchandani, founder of Incubex.

Atea, the leading informationtechnology infrastructure company in the Nordics and Baltic region, is piloting LiFi in its office in Stavanger, Norway. The company has installed LiFi luminaires in the lobby of its building so it can demonstrate the technology and have visitors try-out the connectivity.

Telecoms company Orange is another customer, piloting the technology at its office near Paris, France, where LiFi is being tested as a complementary and alternative to other mobile communication technologies.

In Singapore, Republic Polytechnic will install LiFi in its Smart Devices Lab. It intends to give its students new learning opportunities and broaden their exposure to smart lighting technologies. The polytechnic is the first institute of higher learning in Southeast Asia to adopt LiFi.

Broadband Internet through your lights

“OUR initial pilots illustrate the massive potential of this technology,” said Michel Germe, head of LiFi at Signify. “We’ve received hundreds of inquiries from potential customers from all corners of the world, some of which have unearthed applications we’d never considered in detail, such as communication between robots in manufacturing facilities. As well as the 30 pilot projects, we’ve installed LiFi in 26 of our buildings across the world.”

Advantages of LiFi

LIFI offers benefits over Wi-fi as it can be used in places where radio frequencies may interfere with equipment, such as in hospitals, or where Wi-fi signals cannot reach or are weak, such as underground. It’s also ideal for use in environments demanding high security; for example, the back office of a financial institution or government service.

LiFi adds an extra layer of security as light cannot pass through solid walls and a line-of-sight to the light is needed to access the network.

The pilot projects underscore Signify’s commitment to developing innovations to benefit its customers and its leadership in lighting for the Internet of Things (IoT).

Signify became the new company name of Philips Lighting as of May 16, 2018.

Entrepreneur BusinessMirror

E4 Wednesday, March 6, 2019

ASA PHL extended ₧190.18-B loans to 1.7M+ micro entrepreneurs in ‘18

By Rizal Raoul S. Reyes

M

@brownindio

Contributor

ICROFINANCING organization (MFO) ASA Philippines Inc. disbursed a total of P190.18 billion in assistance to micro entrepreneurs across the Philippines as of December 21, 2018, reflecting an increase of 41.4 percent over 2017’s cumulative disbursement of P134.4 billion.

“We left behind an incredible year during which we proudly served client members, an increase of 221,176 clients compared to 2017. I humbly stand before our client members, those who have given ASA Philippines their trust and blessed us with dignity, honor and better financial capability,” said ASA Philippines President and CEO Kamrul Hasan Tarafder, in his message to the staff of ASA Philippines.

He said 2018 was a bright year as ASA Philippines remains focused in helping the marginalized because it is “dedicated to better the life of the poor,” though as it turns out, “the poor reciprocated more than we ever expected.”

Tarafder said the impressive per-

formance of ASA Philippines is going to be a drive to deliver higher quality of service to the marginalized sector in the country. He pointed that its client community services (CCS) spent over P377 million which is equivalent to 17 percent of ASA’s gross revenue or 7 percent of its net surplus. “This 377 million is on top of the 1.30 billion in discounts we proudly repaid to the clients as rebates on their payments,” Tarafder said.

The total rebate of 1.30 billion, he added, was made possible because of the tax rebate ASA Philippines received from the government through Republic Act 10693.

“Credit goes to our client members whom we recognize as our “bosses” as all those CCS funds and rebates

come from their own contribution,” Tarafder added.

He said ASA Philippines capitalizes on human relationships in combination with its ethics and faith to carry on the work in empowering the poor. Moreover, he said, the success of ASA Philippines is attributed in the invaluable relationships established between its client members and the staff.

“Therefore, major credit goes to our staff, in particular our microfinance officers, our heroes who made this wonderful success a reality. It is our MFO who risk their lives every working day, drive long distances to serve the neglected poor in very remote areas,” he said.

Tarafder also praised ASA’s managerial team in guiding the MFOs in the right direction. The correct guidance, he said, enabled ASA Philippines leadership to grow its portfolio by 31 percent, from 13.44 billion in 2017, to 17.66 billion in 2018.

“Their calculated risk-taking and their ability to inspire our BMs and MFOs were major factors in our success,” he said.

Since most of the staff of ASA Philippines come from a less privileged background, Tarafder said the organization is an ideal example on how the poor can help themselves, stressing that “ASA Philippines is an effort of the poor, by the poor, for the poor.”

He also pointed out that it is time

for ASA Philippines to look into other services they can provide to their clients, as Tarafder bared that their intervention in Marawi with a budget of P17 million from its CCS will be repeated this year in other parts of Muslim Mindanao. “We hope these interventions will help in the peace process in the areas where peace is elusive,” he added.

Based on a broader social development and poverty alleviation viewpoint, microfinance is a platform that delivers financial services including uncollateralized loans and savings to the enterprising poor so they can provide self-employment that will lead to a rise in family income and improvement in the quality of life of the marginalized sector.

Unlike traditional financial institutions, Monetary Financial Institutions (MFIs) do not only provide financial services but also uplift the life quality of target communities.

MFIs also have to deal higher risk factors that arise from giving its clients uncollateralized loans.

They provide the void left by banks likely to shun these people due to the risks of delinquency involved.

ASA Philippines said MFIs can play a big difference in reducing the negative effect of these risks because of the approach they take in dealing with clients. Unlike traditional banks, MFI staff will directly communicate with and visit clients to conduct meetings and process transactions. MFIs will also accept savings accounts of very small amounts.

ASA targets poor entrepreneurial women with their own businesses or self-made products. They need to be in good physical condition to maintain their livelihoods.

Providing loans to marginalized women is a common practice within the microfinance industry itself. Through the various interactions of experts in several communities, they observed that giving loans with collateralize loans to women only, greatly minimizes the risk of delinquency. They added women are less likely to have vices and are commonly better in allocating money for household needs.

ASA is not an abbreviation. The word “ASA” in Bangla and Filipino means hope. That is HOPE written in capital letters.

ASA Philippines is an effort of the poor, by the poor, for the poor.”—Tarafder

Alibaba bets on Frenchman to lead Southeast Asia expansion

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N December, Alibaba Group Holding Ltd. put Pierre Poignant in charge of Lazada, the subsidiary spearheading the Chinese e-commerce giant’s high-stakes Southeast Asia (SEA) expansion. The choice was out of character for several reasons. Poignant is a professional manager—a type Alibaba supremo Jack Ma has long disdained. He was part of Lazada’s founding team, also typically disqualifying. Finally, as a Frenchman, he’s one of a very few Westerners to have cracked Alibaba’s upper echelons.

Poignant, 40, takes charge at a fraught moment for Lazada. Since being absorbed by Alibaba, the Singapore company has been roiled by management turmoil—Poignant is the third CEO in nine months—even as it fights a multifront war against well-funded, fleet-footed rivals. In Indonesia, by far the region’s biggest and most promising market, Lazada has fallen behind homegrown players.

The MIT engineer-by-training will have to vanquish regional rivals if he is to achieve Alibaba’s long-held ambitions of becoming a truly global player in the mold of Amazon.com Inc. or EBay Inc. Lazada is the single most important piece of a slowly coalescing international business that for now encompasses mainly sideline businesses in India, Pakistan, Brazil and Russia. With sales growth slow-

ing in China, the eventual goal is to get half of Alibaba’s revenue from abroad.

“Our vision at Lazada is to accelerate progress in Southeast Asia through commerce and technology,” Poignant said in his first major interview since becoming CEO. “This is fully part of the Alibaba vision.”

Southeast Asia is one of the last major unclaimed e-commerce markets in the world, with no dominant player. One reason is that the population of more than 600 million is scattered across four time zones and 11 countries.

Lazada was started in 2012 as an Amazon for Southeast Asia by Rocket Internet, a German company famous for cloning other people’s ideas. Today, Lazada sells 300 million products—from smartphones to Muslim prayer rugs—to consumers in six countries. With a separate site for each, Lazada echoes the look and feel of Alibaba and Amazon. Its Lazmall sells brands directly to consumers, while Marketplace connects smaller merchants with customers. Like its Chinese parent, Lazada hosts ads and lets shoppers rate and review products.

The similarities end there. Where Alibaba serves a largely homogeneous market, Lazada caters to a highly fragmented region with different languages, currencies and buying habits. Necklaces and

PIERRE POIGNANT, chief executive officer and cofounder of Lazada Group SA, poses for a photograph in Hong Kong, China, on February 15.

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headscarf pins are hot sellers in Indonesia, but shoppers in Malaysia tend toward more prosaic items: diapers, juicers and the like.

Delivering packages is a challenge in the region’s chaotic, trafficchoked cities; getting the job done in Indonesia—a sprawling archipelago of more than 17,000 islands—can take weeks. With the exception of Singapore, cash on delivery still rules much of the region. Countless start-ups are trying to tackle the problem with mobile payment services, but there’s no dominant player.

As the first e-commerce company to serve six countries in Southeast Asia, Lazada has the first-mover advantage. Poignant was instrumental

in stitching together a regional logistics network, which includes 31 fulfillment warehouses scattered around Southeast Asia and an outsourced fleet of planes, trucks, motorbikes and bicycles that can get packages to customers in as little as 24 hours in big cities like Jakarta and Bangkok. (Deliveries typically take two to three days.) Lazada has staked a claim on groceries, in 2016 acquiring RedMart, a start-up that’s become a leading e-grocer in Singapore. It intends to take that business to at least one more country this year, Poignant said.

These assets have helped turn Lazada into the region’s largest ecommerce company as measured by traffic. In the last quarter of 2018, it attracted 183.4 million monthly Web visits in six countries, according to the research consultant iPrice.

Tokopedia came in at second with 153.6 million (from Indonesia alone), while Shopee had 147.6 million in six countries. (Lazada declines to disclose revenue or profit numbers.)

Still, competition is ramping up fast. Attracted by a growing middle class armed with smartphones, venture firms and strategic investors alike are pouring money into homegrown online marketplaces. Shopee, which is part of Tencent Holdings Ltd.-backed Sea Ltd., is already its closest regional rival with annual revenue of $270 million in 2018. It

was the most downloaded shopping app in Southeast Asia in 2018, according to App Annie.

Tokopedia, also backed by Alibaba, meanwhile is quickly evolving into a one-stop shop for services, from travel and insurance to mutual funds. In 2017, Amazon launched its Prime Now service in Singapore, offering same-day delivery of everything from chilled beer and meat to books. Meanwhile, a range of companies are muscling into the groceries delivery market.

Nowhere is the e-commerce battle more fiercely contested than Indonesia, a nation of 280 million where the e-commerce market is expected to quadruple to $53 billion by 2025, according to joint research from Google and Temasek Holdings Pte. Tokopedia and Shopee both attracted more monthly visitors than Lazada in the fourth quarter of 2018, says iPrice.

The two companies also outpaced Lazada in monthly active app usage, according to App Annie.

Shopee is pouring on the discounts, offering free delivery and has rolled out such shopper-friendly features as chat and games. Tokopedia also offers a wide range of promotions. To fight back, Lazada last year scrapped commissions it charges its marketplace sellers across the region.

The players are all advertising heavily online, and billboards have sprouted all over Jakarta. Bloomberg News

7-Eleven bares ‘extensive’ Northern Luzon expansion, targets to open 40 C-stores by 2020

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LANS to build up heavy brand presence in the country’s North are under way for world-leading convenience store chain 7-Eleven, as it targets to penetrate the rural outskirts of Cagayan Valley up to Aparri, according to its exclusive local licensor Philippine Seven Corp. (PSC).

The PSC disclosed that, while the expansion campaign has been successfully rolling out since 2017, it aims to further explore potential franchise growth opportunities in far-flung provinces in North Luzon.

“Since 7-Eleven already put up its store network in key cities within Region 2, PSC is eyeing to even expand far north up until Aparri, so as to cater customers

that are located outskirts of the cities,” said PSC Business Development Division Head Ulysses Borral in news statement.

PSC is also targeting to have at least a total 40 stores on a three-year time frame or by end of 2020.

In retrospect, the successful expansion in Region 2 is a two-year project in the making. Last year, PSC opened 14 Cstores in the region. “Cagayan province, specifically in Tuguegarao City, has the most numbers in terms of franchise applications. Most franchisees are willing to have multiple stores,” Borral said.

Other targeted store locations are the upper side of Cagayan province, most likely in areas of Claveria, Aparri and Santa Ana to meet the needs of com-

munities in the northernmost part of Luzon, as well as the province of Apayao.

“We are still eyeing in expanding in upper Cagayan. This is the last frontier of the expansion but its potential is similar to other Region 2 stores that are performing well,” said Borral.

Another key prospect for the C-store giant is Kalinga province in the Cordillera region, as a way of catering to the locals coming from Mountain Province.

The Tabuk City Hall store will be the first 7-Eleven store in Kalinga province.

These developments would enable PSC to reach out to consumers that have yet to know and experience the company’s brand, Borral added.

Another positive aspect of 7-Eleven’s

arrival in Region 2 besides the delivery of modern convenience are increased economic activities such as employment generation. The expansion is expected to generate approximately around 300 to 400 direct and indirect jobs for locals.

Furthermore, as plans to aggressively enter the aforementioned provinces and to dominate the market share for long term, getting into a head-on expansion in those areas logistics and delivery was one of the main concerns and with that, PSC is eyeing on adding a warehouse somewhere in the northern region to cater the Region 2 existing and upcoming stores.

“Continuous effort of coming up with new marketing strategies and forging

partnerships with our trusted suppliers and partners would be a plus on hyping up the 7-Eleven brand in the province; as well as the LGU’s cooperation also is a big help and city government already did their part by posting our soon to open stores in their social-media page,” Borral added.

To date, 93 percent of Region 2 stores (located in Nueva Vizcaya, Isabela and Quirino) are franchise-owned. Nationally, there are 2,561 7-Eleven outlets, 1,473 of which are franchised.

For more details on 7-Eleven’s franchise opportunity offerings, call (02) 7269968, 0920-9508651, 09178711686, e-mail franchising@7-eleven. com.ph or visit www.7-eleven.com.ph.

www.businessmirror.com.ph

WeWork responds to Manila’s demand for coworking space

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HE rapidly growing demand for coworking space in the local market had pushed global coworking space provider WeWork to recently open its first Philippine location at the Uptown Bonifacio Tower Three central to the Bonifacio Global City (BGC) enclave.

“With [the] Philippines a rising economy in Southeast Asia, there is no better time to be here than now.

WeWork is not just about the space, but also the value that we create by providing an inclusive memberdriven experience that fosters an environment of creativity and collaboration across a vibrant global community of individuals, said Turochas Fuad, managing director, WeWork Southeast Asia, at a recent news briefing held at its BGC office.

He added: “As our footprint continues to grow in Manila, we are committed to helping Philippine-based enterprises, freelancers, start-ups, and MSMEs [micro, small and medium enterprises] by harnessing the power of WeWork’s global network and community. We look forward to fostering greater cross-border collaborations and ideation that will spur business growth in the region.”

Fortified by the strong demand from enterprises, start-ups to MSMEs and in joining the WeWork community, he said WeWork will also be expanding its presence to the RCBC Plaza in Makati City by the second quarter of 2019.

He said the over 800 members across the ninth and 10th floor of the Uptown Bonifacio Tower Three Building will boost WeWork’s Southeast Asia total reach to more than 13,000 members in its regional community.

As a proof that it wants to keep the local work force for a long time, Fuad said WeWork has introduced curated elements, such as a games and karaoke room and an indoor garden area among its signature features, where freelancers, start-ups, MSMEs, and enterprises on the lookout to enhancing their work environment and elevating their businesses to the next stage, will be further empowered by its global network.

WeWork has since expanded its footprint worldwide with 425 physical locations in 100 cities in 27 countries. Driven by its expansions in 2018, its Southeast Asia stronghold has seen its footprint grow to a total of 17 locations through new locations in Singapore, and new markets such as Indonesia (Jakarta), Vietnam (Ho Chi Minh), Malaysia (Kuala Lumpur) and Thailand (Bangkok).

Fuad said WeWork has created conducive workspaces to harness the creativity of the people toward growth.

“Apart from creating habitats for creativity and focus, our goal is to shape truly dynamic environments that aim to create better experiences where our members are inspired to go to work everyday. By transforming spaces into beautiful multipurpose and responsive environments that function like an office, but feel like a home for our members, we are very much rooted in our values that demonstrates how every design element and corner in WeWork was considered with the member in mind,” Fuad said.

To bridge the gap between physical spaces and the digital world, WeWork uses software and data to ensure their spaces are designed and built efficiently and ensure connectivity among the communities to ensure they are productive an ultimately happy.

“Our rapid growth was also driven by our technology—the majority of which have been built in-house —which spans research and development, construction, real estate and design, as well as community experiences. Through our WeWork Members Network App, we are connecting members using our in-house, mobile technology—allowing them to extract maximum value from the WeWork ecosystem where our members can connect seamlessly with the community and to manage their workspace experience,” said Fuad.

Rizal Raoul S. Reyes