BusinessMirror March 07, 2019 by BusinessMirror

‘FORBES’: VILLAR IS NOW RICHEST FILIPINO

1. MANUEL VILLAR

2. JOHN GOKONGWEI 3. ENRIQUE RAZON

DEPT. OF SCIENCE AND TECHNOLOGY

7. ANDREW TAN

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

5. TONY TAN CAKTIONG

By VG Cabuag

M 6. RAMON ANG

4. LUCIO TAN

@villygc

ANUEL B. VILLAR, who steered the family business of building affordable but quality houses, is now the Philippines’s richest man, according to Forbes magazine. Villar topped the 2019 Forbes billionaires list with a net worth of $5.5 billion, unseating shopping mall magnate Henry Sy Sr., who passed away recently, and other Filipino-Chinese tycoons. John Gokongwei Jr. came in second with $5.1 billion. His family is in the airline, manufacturing and real-estate businesses. Continued on A12

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

Thursday, March 7, 2019 Vol. 14 No. 148

Diokno eyes RRR cut as he takes BSP helm N

By Bernadette D. Nicolas @BNicolasBM & Bianca Cuaresma @BcuaresmaBM

EWLY appointed Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said he is considering to “expedite” the cut in the reserve requirement ratio (RRR) following the continued deceleration in the country’s inflation in the early months of 2019, but acknowledged that “timing” is important. Diokno said this on Wednesday ahead of his meeting with the Monetary Board on Thursday. Aside from cutting the RRR, Diokno said he may also instruct the technical staff to review the

interest rates, and the banks’ compliance with the agri-agra law. “Maybe we can expedite the reduction of the reserve requirement [ratio]; that’s needed. It’s the policy of [the late Governor]

Nesting [Espenilla]. That is really high, because basically it’s a tax on banks,” Diokno said. However, Diokno quickly clarified that the matter of hastening the cut in RRR is still subject to review.

“We will look at the timing. Timing is important. We saw that the deceleration of inflation looks good, so maybe we will need two [percentage] points reduction in March and April.”—Diokno

Nonetheless, Diokno said he agreed with BSP Deputy Governor Diwa Guinigundo’s earlier statement that it is still “premature” to talk about a possible reduction in RRR with the year-to-date inflation still averaging above target. Diokno echoed Guinigundo’s assertion that proper timing should be considered in cutting the RRR. “We will look at the timing.

Are we building another debt bomb? Rene E. Ofreneo

LABOREM EXERCENS

HE technocrats describe the nation’s “Build,Build, Build” (BBB) program as the “boldest” and “most ambitious.” The budgetary outlay for the BBB program is mind-boggling: P2.2 trillion for 75 infra flagship projects to be built up to the year 2022. The coverage of the program: 11 major road projects, nine railway projects (extending the present railway lines of 77 kilometers to 1,900 kilometers), 21 bridge projects, nine airport projects, 19 water projects, four port-development projects and development of a “Clark Green City”. The foregoing list does not include yet a number of big private sectorinitiated projects under the Public-Private Partnership (PPP) Program, such as the San Miguel’s “aerotropolis” proposal. We are, in the words of the Duterte administration, in the “golden age of infrastructure.” Continued on A11

Price of rice imports to hold steady despite weak peso–economists

@caiordinario

WEAK peso will not have much of an impact on the domestic price of rice for now as imports from traditional sources, such as Vietnam, remain relatively low, economists said on Wednesday. The National Economic and Development Authority (Neda) acknowledged that the foreignexchange rate will be a major factor in determining the cost of rice imports following the effectivity of the rice trade liberalization law. The law, which replaced the quantitative restriction on rice with tariffs, is expected to significantly hike demand for cheap imports. As the Philippines is a net-food importing country, Philippine Institute for Development Studies Senior Research Fellow Roehlano Briones said a strong peso will be beneficial for the country, but this will hurt exporters and make them less competitive. In 2007 Briones said the peso was at parity with the Indian rupee at around 47 to the dollar. While both currencies have depreciated

against the greenback, the rupee’s depreciation was far greater and allowed exports to boom. “I suppose in terms of that narrow concern of being able to buy affordable food, yes [a strong peso is beneficial],” Briones told the BusinessMirror in an interview on Wednesday. “But where do we find the balance between getting affordable food from abroad and dollar-earning activities? My answer to that is, as usual, let the market decide. Let the market determine the exchange rate,” he added. Reports indicated that Vietnam rice prices have been on the decline. The price of 5-percent broken rice is around $340 to $345 per metric ton, which is lower by $105 per MT compared to the average price last year. Briones also noted that data from the Food and Agriculture Organization (FAO) showed that international rice prices have significantly dropped to around $400 per MT in 2017. If rice prices remain steady at these rates or even decline, Briones said there is a “good chance”

PESO EXCHANGE RATES n US 52.0370

See “Peso,” A4

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 6 sections 48 pages | 7 DAYS A WEEK

See “Diokno,” A2

By Cai U. Ordinario

2017 EJAP JOURNALISM AWARDS

S&P keeps PHL growth forecast

inflation and a growing economy will help the market. BDO Unibank Inc., the country’s largest money manager with $20 billion, is scooping up laggards with cash from some of its gainers.

N T ER NAT IONA L c red it watcher S&P Global Ratings said the Philippines is still expected to grow at 6.4 percent for 2019, unchanged from their previous views of the economy despite the declining inflation trend and the appreciation of the local currency in recent months. In a webcast on Wednesday a f ter noon, S& P A si a Pac i f ic economist Vince Conti said their forecast for the country’s growth in 2019—despite being significantly better than most emerging economies in the region—is only “marginally better” than the 6.2 percent gross domestic product (GDP) performance of the country in 2018 despite seemingly better metrics at the start of 2019. Conti explained that growth for this year is expected to be dampened by a combination of weak global trade, as well as the lingering effects of the “necessary” aggressive rate hike made by the Bangko Sentral ng Pilipinas in 2018. The S&P economist said global trade is “not in a good space at the moment” and Philippine exports are expected to slow, particularly as demand for electronics—one of the country’s main exports—

See “Hot market,” A2

See “S&P,” A4

LARGEST TOURISM TRADE FAIR Tourism Secretary Bernadette Romulo Puyat (center, in blue dress) leads the opening of the Philippines’s booth at the ITB Berlin, which opened on Wednesday at Messe, Berlin. Joining her at the three-day expo are some 20 private tourism stakeholders, such as Rajah Tours Philippines Inc., El Nido Resorts Group, Crimson Hotels, Intas Destination Management, Baron Travel Corp. and Ansett Holidays, among others. In the evening, the Department of Tourism will be premiering to foreign travel agencies, tour operators, media and influencers, its refreshed brand campaign anchored on the “It’s More Fun in the Philippines” slogan. ITB Berlin is considered the largest tourism trade fair in the world, attracting over 11,000 exhibitors from 180 countries and 170,000 visitors.

PHL managers unfazed as hot market gets cold

UST a month ago, Philippine shares were flirting with a bull market. Then came the brutal breakup and since then, they’re back to being some of the world’s worst performers. But the nation’s biggest fund

managers are closing an eye on the reasons for the sell-off—a rebalancing of indexes and last year’s corporate earnings that weren’t good enough. Instead, they’re doubling down on Philippine equities on bets that slowing

n JAPAN 0.4652 n UK 68.5744 n HK 6.6291 n CHINA 7.7565 n SINGAPORE 38.3895 n AUSTRALIA 36.8578 n EU 58.8486 n SAUDI ARABIA 13.8766

Source: BSP (6 March 2019 )

News

BusinessMirror

A2 Thursday, March 7, 2019

BSP: PHL getting more credit rating upgrades T By Bianca Cuaresma

@BcuaresmaBM

HE Philippine economy is looking at more credit rating upgrades “in the coming years,” due largely to its robust growth story and ability to sustain expansion amid global headwinds, a Bangko Sentral ng Pilipinas (BSP) official said on Wednesday. In a recent speaking engagement in Makati City, BSP Deputy Governor Chuchi Fonacier said the Central Bank is “very optimistic” about getting more upgrades, especially “with the way the local economy is growing.” Fonacier, in her speech, said the Philippine economy “has been growing consistently for the past 20 years notwithstanding events such as the global financial crisis and bouts of commodity price fluctuations.” “Over the medium term, we remain optimistic about the country’s growth prospects. Notwithstanding the challenging external environment, the annual growth target for the next three years has

been maintained at 7 to 8 percent on the back of solid domestic demand,” Fonacier said. The deputy governor also expressed confidence in the country’s ability to push further its growth path this year despite forecasts of a slower global growth for 2019. The International Monetary Fund (IMF), for example, released its World Economic Outlook (WEO) in January 2019, cutting its global 2019 growth projection to 3.5 percent, from the 3.7 percent outlook earlier. “While we are not completely immune from the external headwinds, we believe that we have sources of resilience that will keep the economy stable,” Fonacier said.

“Over the medium term, we remain optimistic about the country’s growth prospects. Notwithstanding the challenging external environment, the annual growth target for the next three years has been maintained at 7 to 8 percent on the back of solid domestic demand.”—Fonacier

Of the three major credit watchers, only S&P Global Ratings has a “positive” outlook on the Philippine economy’s ratings. A positive outlook indicates a possibility of an upgrade in the next 12 to 18 months following its review of the economy. Moody’s Investors Service and Fitch Ratings, meanwhile, assigned a “stable” outlook to their rating on the Philippines, which means that the rating will likely remain unchanged in the coming year. In a webcast on Wednesday, S&P Director for Financial Institutions Ratings Ivan Tan said it is important for S&P to see improvements in the country’s fiscal metrics, the direction of the fiscal deficit and the quality of its fiscal program. In April 2018, S&P revised its

SSS prexy and CEO Dooc resigns By Rea Cu

@ReaCuBM

HE president and CEO of the Social Security System (SSS) has submitted his resignation letter to President Duterte, in line with the implementation of the new SSS charter. In a statement on Wednesday, SSS President and CEO Emmanuel F. Dooc said that he turned in his letter to the President on March 5, at the same time Republic Act 11199, or the Social Security Act of 2018, took effect. “Yes, I voluntarily and irrevocably stepped down from my position as president and CEO and vice chairman of the SSS upon the effectivity of the new SSS charter yesterday. This will give President Duterte a free hand to appoint my successor who is deserving and worthy of his trust. I believe that I am leaving SSS in a better shape than when I found it,” Dooc told the BusinessMirror in a text message. It was pointed out that his resignation is also in line with

Diokno. . .

Continued from A1

Timing is important. We saw that the deceleration of inflation looks good, so maybe we will need two [percentage] points reduction in March and April,” he said. The RRR is one of the Central Bank’s liquidity tools to control monetary conditions in the country. It is the portion of depositors’ balances that banks are asked to keep idle in the BSP’s vaults as reserves. Reserve requirements usually affect the earnings potential of the account since these reserves cannot be used for investment and are only parked in the Central Bank. From 20 percent, the BSP reduced the RRR twice last year to 18 percent, infusing additional liquidity to the banking system. Inflation has slowed to 3.8 percent in February, the same rate it registered for the same month in 2018. The February inflation figure fell within the government’s target of 2 to 4 percent for 2019. In 2018, the BSP made aggressive back-

the implementation of the Social Security Act of 2018, as his term expires automatically upon its implementation. “Yes, if I stay it will only be on a holdover capacity,” he added. Under RA 11199, Section 3 B, the SSS president and CEO shall be appointed by the President of the Philippines to manage the operations and programs of the agency and carry out the policies of the Social Security Commission (SSC). “The SSS president shall be appointed by the President of the Philippines and shall be a person of known competence, probity, integrity and recognized expertise in social security, pension fund, insurance, investment, banking and finance, economics, management, law or actuarial science,” the law states. Dooc expressed his gratitude to the SSC for their support and to the SSS management team for their cooperation during his stint. He also thanked the President for his support and for the opportunity to serve in his administration. Under his watch, the SSS posted the highest members’

to-back hikes to the monetary-policy rate to the tune of 175 basis points in the May-toNovember period to address the accelerating trend of inflation then. Under the agri-agra law, the government and private banks should allocate 25 percent of their total loanable funds to the agri-fisheries sector, with 10 percent being distributed to agrarianreform beneficiaries (ARBs) and the remaining 15 percent to the farm sector. However, banks have for years failed to comply with this law, and this has caused banks to pay about P6 billion in penalties over the last two years.

BSP top brass backs Diokno

ALSO on Wednesday, the BSP expressed full support to its new chief, saying preparations are under way for Diokno’s assumption into office on Thursday. BSP Officer In Charge Cyd Tuano-Amador said in a statement the BSP community “welcomes and fully supports”the appointment by President Duterte of Diokno as BSP governor and chairman of the Monetary Board. Diokno replaced Nestor Espenilla Jr., who died in February due to tongue cancer. Espenilla only served the BSP for 19 months, succeeding

contribution collection in the history of the pension fund with P181 billion in 2018, with benefit disbursements also at a high of P180 billion. He also pushed for programs aimed to further help the agency’s members, such as the Loan Restructuring Program, the Calamity Loan Assistance Package and the Pension Loan Program. The Real-Time Processing of Contributions program, which prevents delays in processing of benefit claims as contributions are posted immediately upon payment, was also launched under his stewardship. The Social Security Act of 2018 was signed into law by President Duterte in February and took effect on March 5, with the enactment of the law aimed at strengthening the viability of the pension fund, among others. Dooc joined the state-run pension fund in November 2016, after being appointed by President Duterte to head the agency. Before that, he served as insurance commissioner since 2011.

Amando Tetangco Jr. who served two terms as BSP chief. Both Espenilla and Tetangco were BSP “insiders” as they rose through the ranks of the Central Bank after decades with the BSP. Amador said Diokno—who was budget secretary prior to his appointment as BSP governor—brings with him “a special brand of leadership honed from decades of exposure to different facets of government operations to improve the lives of Filipinos, in cooperation with the private sector, academe and various organizations.” “The BSP community looks forward to his assumption into office tomorrow, Thursday, and to working closely with him to ensure the smooth functioning of the Central Bank to effectively discharge its mandate to promote price and financial stability, to ensure a safe, reliable and efficient payments system, as well as to help sustain economic growth that is inclusive and participatory,” Amador said. In a separate speaking engagement, Deputy Governor Chuchi Fonacier welcomed Diokno’s appointment to the BSP’s top post, saying the entire institution is behind him all the way. “Rest assured that the BSP will continue to deliver on its mandate of price and financial stability

outlook of the Philippines from stable to positive on account of improvements in the Philippines’s policy-making settings which could “support a track record of more sustainable public finances and balanced growth over the next 24 months.” “We may raise the ratings if the government’s fiscal reform program leads to further achievements over the course of the next 24 months. This would support more sustainable public finances and balanced economic growth prospects while maintaining stable fiscal deficits and net general government indebtedness,” S&P said in its April assessment. “We may also raise the ratings if the government’s revenue enhancement measures lead to lower-than-expected deficits, which would have a knock-on effect on net general government indebtedness,” it added. However, S&P said it may revise the outlook to stable if the reform agenda stalls, if the recalibrated fiscal program leads to h igher-t h a n- e x pected net general government debt levels, or if S&P deems that policymaking settings have otherwise regressed against expectations.

Hot market. . . Continued from A1

ATR Asset Management Inc., which runs the nation’s best-performing fund this year, is adding to its winners while cutting back on picks that haven’t paid back as much. “This is a good time to rotate the money from those that ran up sharply and plow it into laggards that promise growth this year,” said Fritz Ocampo, BDO Unibank’s chief investment officer. “Inflation is falling, while the outlook for accelerating economic growth is getting better. This isn’t time to get out.” The Philippine Stock Exchange index lost as much as 6.2 percent from a 10-month high on February 1 as investors had to modify their holdings to reflect changes in equity benchmarks. Those for the PSEi and MSCI Philippines Index already happened, while tweaks in FTSE gauges will take effect in mid-March. But this week things are looking better. First, data showed that inflation slowed for a fourth month in February. And then, the president named a new Central Bank governor, Benjamin Diokno, who is seen as favoring lower interest rates and a weaker peso. When he was the budget chief, he advocated for robust state spending to spur growth. “Diokno’s appointment bodes well for the Philippine economic-growth story and equities,”said Julian Tarrobago, head of equities at ATR. “What would be very interesting under his watch is how the government will monitor, address and manage the fiscal imbalances that will come about from a strong pro-growth strategy.” Bloomberg News and efficient payments system. We welcome him and we are already preparing for Secretary Diokno’s reporting to the BSP,” Fonacier said.

Diokno: I’m qualified

DIOKNO lashed out at his detractors on Wednesday, saying he “doesn’t buy the concept that governorship is the prerogative of those from inside” BSP. “I won’t question his [President’s] decision. No one has the birthright to say that the governor should come from this group or that group. In fact, what is bad is when you appoint a banker. I am very consistent with that statement. Anybody but a banker,” he said. Diokno said it is also the practice of other countries to appoint the lead of the Central Bank from academe. Diokno has since explained that the role of BSP is much broader than being a bank regulator as it is also its role to maintain price and foreign-exchange stability consistent with the country’s growth objectives. Aside from a doctorate in macroeconomics, Diokno said he has experience with the banking sector. He served as independent director of Asia United Bank and chaired the risk committee of that bank.

www.businessmirror.com.ph

‘2019 budget compliant with Charter, ready for Duterte signature soon’

HE chairman of the House Committee on Appropriations on Wednesday assured the public that there is nothing unconstitutional in the proposed 2019 General Appropriations Act (GAA), as it will be ready for President Duterte’s signature this March. In a news conference, Camarines Sur Rep. Rolando Andaya Jr. said the House is now preparing to print the 2019 national budget for submission to the Palace this March 11 or 12. “No changes in the national budget. Nothing illegal, nothing unconstitutional, all within the framework of the bicameral conference committee report, which was signed by members of the bicameral [conference committee] from both houses,” said Andaya. “We will finish it this March and submit it for the President’s signature,” said Andaya. Meanwhile, the lawmaker admitted the P15-billion fund in the national budget to boost the Uni-

versal Health Care Law. Of the P15 billion, he said the House has P4.5 billion and the Senate has P2 billion, while the Department of Health (DOH) has P8.5 billion. According to Andaya, the House distributed the P4.5 billion among its members to tag accordingly, and pointed out that there’s “nothing that the House did which the Senate also did not do.” Earlier, the solon denied the allegation of Sen. Panfilo Lacson that Speaker Gloria MacapagalArroyo is manipulating the bicameral report on the proposed P3.757-tr il lion nationa l budget. Andaya insisted that the two chambers follow the same rules and procedures in crafting the national budget. Andaya also asked the Senate Finance Committee and the House Appropriations Committee to hold a joint press conference to identify each and every amendment made in the 2019 GAA. Jovee Marie N. dela Cruz

Duterte, Mahathir meet again, this time in PHL

RESIDENT Duterte and Malaysian Prime Minister Mahathir Mohammad are set to meet once again on Thursday (March 7) to rekindle economic and political ties between two countries. The 93-year-old leader is on official visit to reciprocate the President’s visit to Malaysia in July 2018. The two leaders will hold a bilateral meeting in the afternoon in Malacañang to discuss cooperation in different areas and exchange views on topics of mutual interest. Earlier, Malacañang said it is possible that Duterte may raise the country’s claim to Sabah during the Malaysian leader’s visit. Prior to the official welcome ceremony, Mahathir will also be

Bank secrecy. . . Continued from A12

due to the restrictive banking laws in the country, or around 33.7 percent of the yearly tax revenues. “It is thus necessary to strengthen measures to ensure that Filipino rightfully declare their taxes.” Aquino added: “In line with the government’s Comprehensive Tax Reform, the lifting of this law secures efficiency in terms of revenue collection by both the Bureau of Internal Revenue and Bureau of Customs.” Moreover, the senator stressed that relaxing the secrecy law also “ensures that our country avoids tax evasion and tax fraud cases.” Aquino also affirmed the state

MICP. . .

Continued from A12

and empty containers at 100 percent and 93 percent, respectively, on January 3. “The Manila port’s efforts have already resulted in the drastic decline of the yard utilization for laden and empty containers,” said POM District Collector Rhea Gregorio. Gregorio said authorized personnel conducted an inventory of empty containers at the ATI yard by virtue of the letter of authority issued by Customs Commissioner Rey Leonardo B. Guerrero, while overstaying empty containers were issued demand letters and Decrees of Abandonment. In partnership with its stake-

participating in a wreath-laying ceremony at Rizal Park in Manila. In the morning, he will also be attending a business forum in a hotel in Makati. Afterward, he will be paying a courtesy call on Former President and House Speaker Gloria Macapagal-Arroyo and Senate President Vicente C. Sotto III. After the bilateral meeting, there will also be an exchange of gifts and Duterte will host a state banquet for the Malaysian Prime Minister to cap the visit. This is Mahathir’s first visit to the Philippines since he assumed his position as the 7th Prime Minister of Malaysia in 2018. During his previous term as Prime Minister, he undertook bilateral official visits in the country in 1987 and 1994. Bernadette D. Nicolas policy combatting both domestic and global tax evasion, money laundering and other financial crimes. “It is also the policy of the State to promote harmonious and supportive international relations and to comply with international standards on transparency,” the senator said. At the same time, Aquino assured that “it is likewise the policy of the State to protect all persons, natural and juridical, from any unauthorized or unlawful inquiry or access into data or information deemed confidential by specific law or covered by the Data Privacy Act.” It will be recalled that Duterte, in partially vetoing the tax amnesty package recently, had cited the absence of the bank secrecy lifting provision, among others, as reason for the veto. Butch Fernandez

holders and the Asian Terminal Inc., the POM has implemented measures to address the problem of high yard utilization at the port, with it shipping out overstaying laden containers to the ATI yard in Santa Clara, Batangas, to free up space inside the port. “About 400 overstaying containers had been transferred from the POM to the ATI facility. The removal of the remaining containers is ongoing,” she added. Moreover, monitoring at the South Harbor showed a decline in the number of vessels at queue from as high as 21 vessels to only six vessels as of March 5, 2019. “The continued decline in the utilization level of the POM is a clear manifestation of a robust partnership between the government and the private sector,” she said.

www.businessmirror.com.ph

BusinessMirror

Thursday, March 7, 2019

A4 Thursday, March 7, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Budget approval delay taking its toll on DOTr infra projects

By Lorenz S. Marasigan

@lorenzmarasigan

DEPARTMENT of Transportation (DOTr) official admitted on Wednesday that the delay in the passage of the proposed 2019 budget has affected several big-ticket infrastructure projects, including the Metro Rail Transit 3 (MRT 3) rehabilitation project, Metro Manila subway construction and the North-South Commuter Railway connecting Tutuban, Manila, to Malolos, Bulacan. Transportation Undersecretary for Railways Timothy John Batan said MRT 3 rehabilitation project is “most affected” by the delay in the passage of the budget. “The MRT 3 rehab is the most affected because, as I explained earlier, buying the new rails and all the new spare parts for the new system should all be done upfront,” Batan said in Filipino. In a separate statement, the Transportation department clarified that what is pending is the DOTr’s advance payment of P3 billion to Sumitomo under the Rehabilitation and Main-

tenance Agreement due to the pendency of the enactment of the 2019 General Appropriations Act, which is the funding source for the project. Despite this, the DOTr said it was fortunate that rehabilitation and maintenance provider Sumitomo Corp. agreed to advance the purchase of major components for the rehabilitation, which included rail tracks and train parts for the general overhaul of the MRT 3’s 72 train cars. As for the subway, the DOTr also has a balance that needs to be paid for additional right of way acquisition

aside from the P500 billion worth of initial payment. Nonetheless, the DOTr also assured the public that they have a plan to meet their timeline for all the projects as they await the passage of the 2019 budget. The rehabilitation of MRT 3 is still on track to be completed in 26 months, the DOTr assured. Once rehabilitated, the MRT 3 will return to its high-grade infrastructure condition. It will increase the number of its operating train sets from the current 15 to 20 at peak hours, double the train operating speed to 60 kilometers per hour, and slash by half the time between trains from the current seven to 10 minutes down to 3.5 minutes. The subway system, funded by an official development assistance package from the Japan International Cooperation Agency, will span 36 kilometers, with 15 stations, crossing seven local governments, passing three of Metro Manila’s business districts, and connecting all these to Manila’s main airport in almost 30 minutes or less. The subway will also be inter-

connected to the Metro Rail Transit Lines 3 and 7, and the Light Rail Transit Line 1 (LRT 1) via the common station. It will also be linked to the LRT 2 in Anonas, Quezon City. It is designed to have a physical run-through into the future Philippine National Railways Calamba via FTI Station— meaning, one can board the subway in Valenzuela, then go to Calamba, Laguna, without changing trains. The subway is designed to carry 1.5 million people per day through the initial 19 train sets configured with eight cars each. It will boast a speed of 80 kilometers per hour to cross multiple cities in just half an hour. Due to the Congress’s failure to pass the budget before yearend, the government is operating under a reenacted budget at least for the first quarter of the year. This also comes at a time that the administration plans to usher in the “the golden age of infrastructure” through its “Build, Build, Build” program as it aims to spend up to P9 trillion to roll out 75 flagship infrastructure projects.

The MRT 3 rehab is the most affected because, as I explained earlier, buying the new rails and all the new spare parts for the new system should all be done upfront.”—Batan

Peso continued from a1

ON Wednesday, officials and employees of the NFA took offense at Edillon’s remark in a local radio program that some households buy NFA rice “for the dogs.” NFA’s OIC Administrator Tomas Escarez said this remark was “a slap in the face of more than 10 million poor Filipinos who have, through the years, relied on the low-priced, good-quality NFA rice for their daily meals.” “This is the highest form of arrogance, an insult to the more than 10 million Filipinos who eat NFA rice, not to mention the more than 4,000 NFA employees who risk their lives to reach far-flung areas and islands to serve the poor,” Escarez said in a statement. The rice trade liberalization law, which took effect on March 5, amended the two-decade-old Republic Act (R A) 8178, otherwise known as the Agricultural Tariffication Act of 1996.

By Jovee Marie N. Dela Cruz @joveemarie

OUSE Speaker Gloria Macapagal-Arroyo urged the Philippine Ports Authority (PPA) on Wednesday to stop charging weighbridge fees in the transport of goods through the roll-on, roll-off (Roro) shipping system. Arroyo issued the statement following an oversight meeting of the House Committee on Transportation in Hilongos, Leyte, on Tuesday on the nautical highway and particularly the shipping cost of goods via Roro. Arroyo said the House Committee on Transportation found out that the land travel portion of moving products has had the most significant impact on the cost of goods. Weighbridge fees, she stressed, should be done away with to ease the costs faced by truckers and farmers, particularly those transporting agricultural goods through the Roro system from Mindanao to Luzon. “As a result [of these fee], the agricultural goods have become almost prohibitively expensive by the time they enter the Luzon market,” said Arroyo. “It’s an additional cost to the industry. So we have a resolution here that since it’s a PPA function, they should not charge that function. Because there are five charges that they can make and weighing charges are not part of it,” she said. “They [PPA] will continue to weigh, but they cannot charge.”

Allay

MEANWHILE, Arroyo allayed fears that PPA collections will suffer a dent due to her proposal and maintained that it was an imple-

By Elijah Felice E. Rosales @alyasjah

Forex

‘For the dogs’

STOP CHARGING WEIGHBRIDGE FEES TO RORO SHIPPERS, GMA TELLS P.P.A. mentable measure. “[The Department of Public Works and Highways] doesn’t collect for its services. They can do it… and now the trade is even more than before,” she said. “When they compared the price of conventional and Roro, it’s okay for a 10-wheeler. It’s cheaper. But when you come to 20 and 40, Roro becomes more expensive because of the land portion of the travel. So the truckers have to unbundle the cost in the land. That will be the work of the TWG [technical working group] of Congressman Manny Zubiri [of Bukidnon],” the Speaker stated. Moreover, Arroyo said the panel also learned that the high cost of commissioning reefer vans is prohibitive to small farmers. “As such, the committee identified compartmentable reefer vans so that products of multiple small farmers can be consolidated and the cost become more manageable,” she added. Arroyo is pushing for the revival and expansion of the Roro transport system to decongest the airports and to lower the prices of goods in the country. A r royo launched t he Roro system during her presidency in 2003, which connected the three main islands of the Philippines, to travel faster and increase trading among provinces. The Roro was developed pursuant to Executive Order 170. It was developed to connect Luzon, the Visayas and Mindanao to reduce the high cost of transporting people, goods and services through an integrated national highway system. S he s a id t he go ve r n me nt should revitalize and expand the Roro to further spur growth in the regions.

RCEP a done deal by end of the year

that the landed cost of imports would settle at P18 per kilogram to P19 per kg, or around P18,000 to P19,000 per container. NEDA Undersecretary for Planning and Policy Rosemarie G. Edillon told the BusinessMirror that the government expects the landed cost of rice to reach P18 per kg. However, this price and the resulting retail price are dependent on factors such as the exchange rate and the “resourcefulness” of traders in procuring the most affordable quality rice from countries like Vietnam and Thailand. “For now, yes [the landed cost will be P18 per kg but] it will not always be that way. It also depends on the exchange rate. The price may even be higher. But there can be a different program to address access of poor consumers,” Edillon said. “Given the very low price of P27 per kg, it is not surprising that some upper middle class families buy [rice sold by the National Food Authority or NFA], not for their own food consumption but for other purposes,” she added.

www.businessmirror.com.ph

MECHANIZED CLEANUP The Department of Public Works and Highways has started massive desilting works at Manila Bay on Tuesday. A fleet of equipment consisting of more than two dozens of amphibious excavators, dumping scows, dump trucks, debris segregator, street sweepers and vacuum sewer jet cleaners were deployed for the cleanup drive to be undertaken in different strategic locations in an operation dubbed as DPWH Sagip Manila Bay. An estimated 225,000 cubic meters of silt will be removed across the approximately 1.5-kilometer stretch of Manila Bay from Manila Yacht Club breakwater to US Embassy. NONIE REYES

S&P. . . continued from a1

slows. Trade disputes are also seen to dampen overall trade growth across the world, thereby affecting the numbers of the country. Investment growth, on the other hand, is also expected to be affected by the 175-basis-point interest rate hike set out by the Bangko Sentral ng Pilipinas (BSP) in 2018 in an effort to bring inflation back to target. With inflation as one of the major concerns in the Philippines’s 2018 growth story, S&P economists agree that easing inflation pressures are expected to be positive for the country’s growth story for 2019. In 2018, higher global oil prices, increase in taxes and supply shocks to food put inflation on an acceleration path, to peak at 6.7 percent in September and October before being mitigated by both monetary and nonmonetary policies by the national government. Latest data from the Philippine Statistics Authority (PSA) showed that inflation fell back on track within target in February—yielding a 3.8-percent growth for the month. This is within the 2- to 4percent target set by the government for this year up until 2021. The easing inflation path, S&P analysts said, are seen to give the BSP the policy space to potentially “cut rates a couple of times toward the end of the year.” Should the BSP decide to reverse its tightening moves and cut its rates this year, Conti said the pace of their adjustments will be “slow” to make sure not to put inflation at risk again. S&P currently rates the Philippines at “BBB” with a positive outlook. Bianca Cuaresma

Transco eyes to wipe out remaining debts to RE developers this month

HE National Transmission Corp. (Transco) intends to settle its remaining outstanding liabilities to renewable-energy (RE) developers this month. Transco is the administrator of the FiT (feedin-tariff) allowance, or FiT-All fund, which is used to pay eligible RE developers under the FiT system. Transco, however, was previously unable to pay RE developers on time. The state firm said the backlog in payments owed to RE developers was caused by a combination of a number of factors though not attributable to Transco. One of these is the delay in the approval by the Energy Regulatory Commission (ERC) on Transco’s yearly FiT-All application. From a backlog of P4 billion last year, the amount has been trimmed to P200 million because the ERC has approved its FiT-All application. “After our next payment, we may have fully paid it all. Then we will try to build the buffer,” said Dina Dizon, head of Transco’s FiT team. Lenie Lectura

EGOTIATORS of the 16 parties to the Regional Comprehensive Economic Partnership (RCEP) have agreed to intensify engagements for the remainder of the year to conclude the long delayed trade deal. At the seventh RCEP Intersessional Meeting, trade ministers of the negotiating economies affirmed their collective determination to conclude talks this year. They argued more work needs to be done on market access and textbased negotiations, which are the crucial points for finalizing the long delayed RCEP. “The ministers urged all [negotiating countries] to address specific sensitivities while working toward achieving commercially meaningful and balanced outcomes,” trade ministers said in a joint statement. “The ministers remained confident that with collective commitment and pragmatism, the chapters and annexes that would comprise the RCEP agreement can be concluded soon. The ministers reiterated that it is the collective responsibility of all [parties] to ensure progress by overcoming negotiation challenges and finding solutions to the remaining issues through constructive agreement,” they added. They agreed that engagement must be strengthened for the remainder of the year that includes the convening of more intersessional meetings, to ensure progress is made toward the conclusion of the trade deal. Trade Secretary Ramon M. Lopez said “the momentum is there,” but negotiators are just wary of the various legal and economic developments of negotiating countries. Negotiators are having a difficult time concluding the RCEP largely due to the differing levels of com-

“The momentum is there, so negotiators must work doubly hard to meet the objectives of the agreement while mindful of the various legal and economic development of the countries. ”—Lopez

mitment of the parties. While Australia and Japan are pushing for a more aggressive liberalization of sectors under the trade deal, China and India reportedly want slower tariff reduction. “The momentum is there, so negotiators must work doubly hard to meet the objectives of the agreement while mindful of the various legal and economic development of the countries. There is full commitment from all ministers to fully address, as early as possible, the remaining issues in negotiations to ensure conclusion before yearend,” Lopez said. Trade ministers agreed to convene next for the eighth RCEP Intersessional Meeting in August. RCEP is a proposed trade agreement led by the 10 member Asean with their free trade area partners Australia, China, India, Japan, New Zealand and South Korea. It will cover trade in goods, trade in services, investments, intellectual property, dispute settlement, among others. In 2016 the combined gross domestic product of RCEP negotiating countries amounted to $23.8 trillion. The 16 RCEP parties account for almost half of the world ’s population, over 30 percent of global GDP and more than 25 percent of world exports. It is dubbed the most ambitious trade agreement, once concluded, next to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

The Nation BusinessMirror

www.businessmirror.com.ph

CIMATU LAUDS DENR-SMC TIE-UP TO BOOST BAY REHAB By Jonathan L. Mayuga @jonlmayuga

NVIRONMENT Secretary Roy A. Cimatu lauded food and beverage giant San Miguel Corp. (SMC) for its commitment to clean up the Tullahan-Tinajeros River System, one of the major river systems draining into the heavily polluted Manila Bay. This, after the SMC, led by President and COO Ramon Ang, on Monday formally entered into a memorandum of agreement (MOA) with the Department of Environment and Natural Resources (DENR) under the Adopt-A-River Program, a priority initiative of the agency and a key strategy to fulfill the Supreme Court’s continuing mandamus to clean up Manila Bay. “Let me laud and thank [SMC] for heeding the call and joining us on this massive rehabilitation effort to clean up this very important river system,” Cimatu said in a news statement. “By working together, we hope to send a stronger message on how committed we are in securing a healthier future for our rivers and creeks that empty into Manila Bay,” the DENR chief added. Cimatu said the Tullahan-Tinajeros River System has to be rehabilitated considering that it got failing marks in almost all the physicochemical standards set for Class C waters. Class C waters are for propagation and growth of fish and other aquatic resources; for recreation such as boating, fishing or similar activities; and for agriculture, irrigation and livestock watering. The 59-kilometer TullahanTinajeros River System, which starts from La Mesa Dam in Quezon City and drains into the Manila Bay at Centennial Park in Navotas City, is one of the dirtiest waterways emptying into the bay. SMC pledged P1 billion for the dredging and cleanup of the river system, including the purchase of backhoes, cranes with a claw, dump trucks, barges and fuel. Ang said the company will invest by buying barges, backhoes, cranes with clamshell and dump trucks, as well as lighting and generators, for the cleanup.

Under the MOA, the parties agree to develop and implement a comprehensive program intended to reduce pollution in the river system. They will also coordinate and participate in the regular planning and implementation of the Tullahan-Tinajeros River System: AdoptA-River Program. For its part, the DENR will ensure the reduction of the pollution of the river system, undertake regular water quality monitoring, provide technical assistance to local government units traversing the river system, and establish appropriate materials-recovery facility/system in concerned barangays. It will also facilitate actions against violations of Republic Acts 9275 (Clean Water Act), 9003 (Ecological Solid Waste Management Act) and 6969 (Toxic Substances, Hazardous, and Nuclear Waste Control Act); and provide information and education campaign with the communities concerned, among others. On the other hand, SMC will assist in the dredging and cleanup plan provided by the DENR, lend equipment and provide operators for these; provide funding for equipment operations, such as fuel and logistics cost; remove garbage through surface cleanup; and engineering solutions, such as the installation of trash traps and other similar measures.

Conflict of interest?

MEANWHILE, environmental groups under Kalikasan-People’s Network for the Environment raised questions over possible conflict of interest in the DENR-SMC partnership. Leon Dulce, national coordinator of Kalikasan-PNE, said the P1billion fund allotted by the company can serve as “soft payment,” to fasttrack various reclamation projects of SMC in Manila Bay. “San Miguel’s P1-billion rehab is highly suspicious because it comes alongside its push for its Aerotropolis and ExpresswayDike reclamation projects across Northern Manila Bay. We fear that it might serve as ‘greenwashing’ to cover up for these destructive projects, at best, or grease money for the railroading of reclamation, at worst,” he said.

NCRPO chief sacks EPD, Pasay top cops after extortion incidents

By Rene Acosta

@sam_medenilla

ANDIDATES are now required to file their Statement of Contributions and Expenditures (Soce) before they could assume their new elected positions under a new set of rules released by the Commission on Elections (Comelec). Under its Resolution 10505, the poll body made Soce a precondition before candidate could function in their elective posts. “No elected candidate shall enter upon the duties of office until he filed his Soce. The same prohibition shall apply if the electoral party which nominated the winning candidate fails to file Soce,” the 13-page issuance said. If elected candidates fail to submit their Soce within the six months from their proclamation, the office they were supposed to hold, will be declared “vacant.” “After the lapse of the said period and the candidate failed to assume office, a permanent vacancy occurs for which said office shall be filled-up in accordance with the Constitution or law,” the resolution read. The new rule will apply to all candidates except for elective barangay and Sangguniang Kabataan (SK) offices. Erring candidates will also face administrative fines and even per-

petual disqualification from holding public office depending on the number of times they have committed the offense. For the 2019 polls, the deadline for the submission of Soce is on June 12. RN 10505 states that the deadline for the submission of Soces will now be final and nonextendible. Other provisions of the Omnibus Rules and Regulations Governing Campaign Finance and Disclosure amended by the new issuance is its imposition of a P1,000 penalty for an “incomplete” Soce. “A Soce is considered incomplete when: any or all the required documents are unsigned or not notarized; it lack details and entries in any or all the documents; there is a missing document and receipt,” the resolution said. It also imposed the following penalties for candidates except barangay and SK elected candidates, with belated Soce filing. For president, vice president, senators, house of representative, national political parities, the penalty was set at P10,000. A P8,500 fine shall be imposed for provincial political parties. Er r ing regiona l gover nors, regional vice governors for Autonomous Reg ion in Musl im Mindanao (ARMM), provincial governors, provincial vice governors at P8,000.

@reneacostaBM

ATIONAL Capital Region Police Office (NCRPO) chief Police Maj. Gen. Guillermo Eleazar relieved on Wednesday the chiefs of the Eastern Police District (EPD) and Pasay City Police Station from their posts for “command responsibility” following the arrest of two policemen in robbery extortion cases. Eleazar removed EPD director Police Brig. Gen. Bernabe Balba and Pasay City Police Station commander Police Col. Noel Flores from their posts upon the approval of National Police chief Director General Oscar D. Albayalde.

Eleazar’s action against the two police officials followed his decision hours earlier to relieve all of the 15 members of the EPD-District Drugs Enforcement Unit (DDEU) and the 27 personnel of the Pasay City Police’s Station Drugs Enforcement Unit

(SDEU) following the arrest of two of their members in two successive entrapment operations. On Tuesday night, elements of the NCRPO’s Regional Special Operations Unit arrested Police Cpl. Marlo Quibete, a member of the DDEU, after he allegedly received P20,000 in extortion money from complainant Eva Cabansag at a fastfood restaurant in Pasig City. The money was supposed to buy the freedom of Cabansag’s live-in partner, Aries Ochoada, who was reportedly arrested by members of the DDEU in a drug buy-bust operation in Marikina City. Cabansag claimed that Quibete also allegedly took a gold necklace from her and asked for P100,000 more in exchange for Ochoada’s release. The policeman also reportedly forced her to sign a “deed of sale” in order to make it appear that the couple were selling their motorcycle to the policeman.

Eleazar said that it appeared the head of the DDEU and other members of the unit were well aware of the “transaction” with Quibete. Also on Wednesday, members of the PNP Counter Intelligence Task Force (CITF) and Intelligence Group arrested Police Cpl. Anwar Encarnacion Nasser during an entrapment operation inside the Pasay City Police Station 1. Nasser, a member of the SDEU, reportedly demanded P100,000 from the live-in partner of a drug suspect whom he and other members of his unit have arrested in an anti-illegal-drugs operation. The CITF said that Nasser’s cohorts, Police Lt. Ronaldo Frades, chief of the SDEU, and Police Patrolman Anthony Fernandez and Police Sgt. Rigor Octaviano, escaped by passing through the backdoor of their unit’s office, taking along with them the marked money amounting to P100,000.

Wanted Russian fraudster faces deportation after arrest in Manila

HE Bureau of Immigration (BI) on Wednesday announced the arrest of a Russian who is wanted in his home country for largescale fraud. The suspect, identified as Likharev Anton, 37, was arrested while trying to extend his temporary visitor’s visa at the BI’s head office in Intramuros, Manila. Likharev was apprehended by Immigration Officer Catalino Alfonso and staff Justin Marcial of the BI Tourist Visa Section after records showed that the Russian arrived in the country in 2016 as a tourist and has not left since. The Russian is also the subject of a summary deportation order signed by the BI Board of Commissioners in December 2018, following information that he is wanted by Russian courts for large-scale crimes involving acquisition of other people’s property by means of deceit, in violation of Article 159, part 4 of the Criminal Code of the Russian Federation. It can be recalled that in 2017, Likharev made headlines after being ar-

New Comelec rule: Soce first Five Navy warships before assumption of new post back on sea patrol By Samuel P. Medenilla

Editor: Vittorio V. Vitug • Thursday, March 7, 2019 A5

IVE vessels that went through dry dock maintenance were deployed on Wednesday to different operating units of the Philippine Navy to beef up sea patrols on the country’s territorial waters. Rear Adm. Danilo Rodelas, commander of the Navy’s Philippine Fleet, led the deployment of the five ships from the Navy’s base at Sangley Point in Cavite. Navy spokesman Capt. Jonathan Zata said the resumption of sea duties by BRP Manuel Gomez (PC388), BRP Heracleo Alano (PC376), BRP Tausug (LC295), BRP Subanon (LC291) and BRP Bacolod City (LS550) came following the dry dock repairs and maintenance of all the vessels. “The most honorable call and excellent service to the Navy is sea duty. I see many examples of valuable and brave sailors who, for me, prove that the soul, spirit and life of our Navy is indeed strong,” said Rodelas in sending off the ships. “The deployment of these naval assets to the different naval forces takes the accomplishment of the Philippine Navy’s mission one sure step ahead,” he added. Zata said the deployment plays a very crucial role in the Navy’s effective conduct of maritime patrol operations, internal security operations and logistics support missions. The deployment came as the military grapples with reports of alleged harassments by Chinese ships of Filipino fishermen in the West Philippine Sea by denying them entry into rich fishing grounds in the territory. Rene Acosta

rested for violation of the Fisheries Code of the Philippines and a municipal ordinance when he killed a green sea turtle with a spear in Dauin, Negros Oriental. He denied that he intentionally

killed the turtle and insisted that he has no knowledge that the area is a marine sanctuary. “These men deserve commendation for their vigilance, which led

to the arrest of this fugitive…. We will not allow fraudsters like him to hide in the Philippines, as they pose a risk to public interest,” the BI chief said. Joel R. San Juan

Thursday, March 7, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Thursday, March 7, 2019 A7

Thursday, March 7, 2019

BusinessMirror

www.businessmirror.com.ph

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) Division with Telephone No. 400-6011.

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

www.businessmirror.com.ph

BusinessMirror

Thursday, March 7, 2019 A9

In the ad material of Notice of filing of Application for Alien Employment Permits published on February 20, 2019, the position of Ms. Kaizu, Yuki under P.I PHILIPPINES, INC. should have been read as Admin Manager/Accounting and not as published. While in the application published on February 22, 2019, the position of Mr. Zhang, Zhen under GLOBALTECH MOBILE ONLINE CORP. should have been read as Software Programmer and not as published. 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) Division with Telephone No. 400 6011.

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

A10 Thursday, March 7, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

The real meaning of public service

UBLIC utilities like power distribution companies are given franchises to serve the needs of the people in their constituent communities. As such, they render service in the public interest. But the “public” in “public service” turns into a joke when utility companies start making people’s lives miserable. This happens when they put their business concerns before the public’s interest. What is happening in Zamboanga City is a case in point. Since early February, about a million residents have been complaining of frequent power outages, not because of inadequate power supply, but because of unresolved issues involving a power generator and an electric cooperative. A news item published online on February 5 by Politiko Mindanao, a social news and blog site, said: “The Western Mindanao Power Corp. [WMPC] has started to curtail its power supply to Zamboanga City Electric Cooperative Inc. [Zamcelco], resulting to rotational brownout in the city. The company started Monday, February 4, the temporary suspension of power supply to Zamcelco after the latter failed to settle its total past due accounts of P235 million.” The WMPC is a 100-megawatt diesel power facility in Sangali, Zamboanga City. It’s one of three diesel power facilities put up by the Alcantara Group in the 1990s to help alleviate the power shortage in Mindanao via an energy conversion agreement (ECA) with the National Power Corp. From 1997 to 2015, WMPC’s sole customer was Napocor. When its ECA with Napocor ended, WMPC began implementing its power sales agreement with the Zamcelco, supplying up to 50 MW of electricity to Zamboanga City power consumers. Zamcelco last year went through the process of selecting an Investment Management Contractor that would manage the co-op. In September 2018, Crown Investment Holdings Inc. (Crown) was awarded the IMC contract. Crown took over the management of Zamcelco in January 2019. Zamcelco, however, has been unable to meet timely payments to WMPC for the power dispatched to the co-op. By the middle of January 2019, Zamcelco had about P300 million in unpaid bills to WMPC representing vouchers for power delivered in October, November and December 2018. As diesel fuel constitutes about 90 percent of generation costs, WMPC said it became unfeasible to continue ordering fuel from its suppliers without Crown/Zamcelco settling unpaid obligations. WMPC reportedly sent demand letters to Crown/Zamcelco twice in January and again on February 1, asking for payment and informing the power co-op that its current diesel fuel supply would run out on February 4. On February 2, WMPC received a response from Crown dated February 1, which said that Crown was looking into the possibility of overcharging on the part of WMPC, and that pending its examination of the bills from the power generator, all payments were being withheld. It likewise requested that WMPC reconsider the decision to cease operations on February 4. On February 3, Sunday, WMPC published an open letter to the people of Zamboanga City informing them that due to Zamcelco’s failure to pay its bills, it would not be able to continue advancing fuel costs and that since the current supply is about to run out, the WMPC plant would stop operating at 1:30 p.m. on Monday (February 4). On February 8, at the behest of Rep. Celso Lobregat, NEA Administrator Edgardo Masongsong and local government officials, a meeting was held with representatives of Crown/Zamcelco and WMPC to find a solution to the problem. During the conciliatory talks, Crown reportedly agreed to consider a temporary solution, for it to pay P150 million to enable WMPC to buy fuel while the issues are being threshed out. Obviously, no payment was made because WMPC’s plant operations are still on hold as of this writing. We hope that both parties can swiftly resolve their dispute out of court to avoid a stalemate that would create distrust. If both parties choose litigation as a way to settle the issue, we see prolonged and more frequent power outages. This should not happen in a region with a happy problem of power surplus. Making Zamboangenos suffer because of an avoidable impasse involving a power generator and an electric cooperative is simply unacceptable. Putting the welfare of citizens above everything is the essence of public service.

‘Stkmkt’ investing advice for newbies John Mangun

OUTSIDE THE BOX

HEN I became a professional stock-market investor in 1976, I honestly never thought that 46 years later I would still be in this game. But then again if you are a normal 26-year-old, you do not think much beyond then next weekend or two. That is not necessarily a bad thing.

Short-term thinking makes you focus on immediate situations and teaches you how to quickly adapt and make changes. The idea that a fairly young adult should map out a five-year plan is wonderful and useful to some people. Goals are important, too. Thinking about winning the basketball championship and what you are going to wear to the awards banquet is fine. But in order to get to that banquet you had better be concentrating on making the next lay-up. The other downside to “planning for the future” is that many people use this

A perspective on national security

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

Online Editor Social Media Editor

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

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

Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–San Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

as an excuse for not getting anything productive done today. The one question that relatively new stock-market investors ask me is to recommend stock-market literature. I suggest you search for “20 Must Read Investing Books.” If you are short on time, look for “5 Must Read Investing Books.” If you are in prison for a heinous crime, try “100 Must Read Investing Books.” If the book was written before the end of World War II, read it as a history book. There are a few of these that have general ideas that can help. It is like

every person that competes whether in war, sports, or business must read The Art of War attributed to Sun Tzu. The Intelligent Investor by Benjamin Graham is an example, as is Reminiscences of a Stock Operator about Jesse Livermore. Stock-market investing advice given before the US went to a debt-based reserve currency in 1971 relating to company valuations is also somewhat obsolete. As I wrote a couple of weeks ago, even Warren Buffett is slowly abandoning some of the financial analysis “Ten Commandments” that held for decades. All books on stock-market valuations would have made investors run from the Japanese stock market from 1984 to 1989. The Nikkei 225 went from 10,000 to near 40,000. The same might be said of the Philippine stock market from 2009 to 2019. Further, the 1987 “Black Monday” crash in the global markets was “unexpected.” This also coincided with most hedge funds adopting “computer trading untouched by human hands.” Most of the stock-market books of the 21st century center on words of wisdom from hedge fund operators who invest millions if not billions of dollars. Certainly these are interesting. But can you—or should you—learn to drive a car

Cecilio T. Arillo

DATABASE

ATIONAL security is not just about the military and the police securing the seat of power against the enemies of the state. More than that, it is about having food, jobs, education, health, infrastructure, water, electricity, markets, information, technology, copyrights, public order, public health and safety for the majority of our people, if not for all individuals.

Neither is national security static nor a passive condition. Rather, it is vibrant and contextual, adjusting to situations as they develop or as they can be foreseen, involving the interplay of dynamic forces. Nor should national security be treated as an occurrence that we have to take as it is and as it comes; rather, we should shape it rationally, all the time. We should manage it or its deterioration will control us. We must constantly monitor it and understand it from the perspective of history and the requirements of the future. And we must invest in its stability, for without such investment, we might lose not just our collective security, but our nationhood, as well. National security starts with nationhood. Officially, it was not until 1946 that the Philippines became an independent nation. Before that, it was neither a nation nor independent. It was just an archipelago of settlements that had to face common enemies for them to develop a sense of nationhood, with some of the patriots seeking not independence but parity with citizens of the colonial master.

It, in fact, was a colony with a population as diverse as it was dispersed, its tenuous national unity vulnerable to the contrarian forces of regionalism and ethnocentric factors. The Philippines has been invaded four times, by the Spaniards, by the British, by the Americans and then by the Japanese before it attained formal nationhood. She was under foreign rule for around 425 years, and since then, has been formally independent for only 69 years. Our history, therefore, is much shorter as a sovereign state than our history as a colony.

Historical perspective

THAT heritage has a direct influence on our national security. More than four centuries of exploitation by colonial masters had depleted much of our resources that could have made us more prosperous today. Our colonial masters had twisted our loyalties and values and skewed our perspectives over this long period of religious, political and cultural indoctrination. They had deprived us of precious experience in self-rule; their divide-and-rule strategy left a deplorable

legacy that continues to keep us divided to this day. Worse, their central authority had left our people in various states of ungovernability: resentful, skeptical, suspicious, rebellious, fatalistic, irresolute, individualistic, regionalistic and myopic. This situation did not end with the formal grant of independence to us by the United States in 1946. We continued to be dominated by America, and we remained susceptible to other foreign powers. The Second World War reduced our economy to ruins, and we had to depend on American help to recover; but in doing so, we had to grant so-called parity rights to American citizens and companies in the exploitation of our natural resources. As a safeguard against non-American invasion, we also had to agree to the establishment of American military bases on our soil. And so, for the next decades after the formal grant of independence, American interest shaped our national security. The end of the Second World War was the beginning of the Cold War, pitting the Western powers led by America against the Communist powers led by the Soviet Union and Red China. We were drawn into the Cold War because of our alliance with America and because of the presence of the US military bases in the Philippines. The communist powers, to challenge American hegemony in this part of Asia, lent support to the local communist movement, which had then been outlawed by Republic Act 1700 or the Anti-Subversion Law. It was a period when nationalism was rising among the newly independent states of the so-called Third World. Among many of these nations and former colonies, the common theme was antiimperialism. The communists exploited this situation. The late national security expert, Dr. Galileo Kintanar, recalled

from the person who won the 24 Hours of Le Mans endurance race? I suggest you start with Reading Financial Reports for Dummies. Every investor should know how to understand money going into a corporation, money leaving, and the subsequent profit and loss and why. Then move to Stock Charts for Dummies and Candlestick Charting for Dummies. And, at last, read Stock Investing for Dummies. The most critical mistake investors make is that they never have practiced stock investing. If you are not making money no matter the time of your experience, stop now. Sell everything and put your money in the bank. Then take the next month “paper trading” the market. The most important book you will ever read about stock-market trading is the one you write yourself. Every trade must begin with a few sentences about why you bought and every position you close must have the reason you sold. That is how you learn to invest in the stock market.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

in a series of interview with this writer that a leading communist in China at the time, M.N. Roy, described the process as “painting nationalism red.” “So, in the Philippines, the communists infiltrated nationalist movements and established ostensibly nationalist organizations, in order to broaden and increase their influence,” Kintanar said. The roster of the Movement for the Advancement of Nationalism on its founding in 1967 included such nationalists as Dr. Salvador Araneta, Teofisto Guingona Jr., and Dr. Sotero H. Laurel, as well as activists who were to rise high in the Communist Party of the Philippines: Jose Ma. Sison, Nilo Tayag, Fernando Tayag, Ibarra Tubianosa, Jose Luneta, Arthur Garcia, Hermenegildo Garcia IV, Monico Atienza, Leoncio Co, Manuel Collantes, Satur Ocampo, Carolina Malay, Julius Fortuna, and Milagros Astorga, among others. The same roster listed “Nur Mizhuarie” as a charter member, along with Sen. Lorenzo Tañada, Orlando Mercado, Haydee Yorac, Ruben Torres, Felixberto Olalia, Rolando Olalia, Dr. Nemesio Prudente and Renato Constantino, who subsequently distinguished themselves as dissidents, with some becoming government officials. As a consequence, the nascent Philippine government found it hard to distinguish between communists and nationalists. This was just what the communists wanted as part of their strategy: to bait the government into treating nationalist organizations as communist fronts, and thereby press moderates to turn into radicals and radicals into rebels. It was part of the strategy of fomenting a revolutionary situation and of giving depth and breadth to the communist insurgency.

To reach the writer, e-mail cecilio.arillo@ gmail.com.

Opinion BusinessMirror

www.businessmirror.com.ph

Peco and common tower: Against self-interest A tale of two disputes Msgr. Sabino A. Vengco Jr.

ALÁLAONG BAGÁ

Val A. Villanueva

BUSINESSWISE

WO pressing business issues that BusinessWise has been following since last year are still very much in coffee-shop conversations, and are more likely to remain in the news unless a final settlement is inked soon. Only a just conclusion favorable to the general populace could put these issues to rest. After all, they adversely affect the consuming public who is fed up with always getting the raw end of the deal. At the center of both disputes are two entities who are fighting tooth and nail to advance their respective interests. The Cacho clan of the Panay Electric Co. (Peco) is fighting a congressional and presidential approval, which ended its franchise to provide electricity to the province of Iloilo; while Presidential Adviser on Economic Affairs Ramon RJ Jacinto is now embroiled in legal woes for his intransigence in pushing for his controversial common tower duopoly. In Jacinto’s case, his stubborn posturing is seen by many as a looming election concern for the administration’s candidates. Advocacy and civil-society groups have expressed frustration with the way Jacinto has been aggressively pushing for his “flawed” and “self-serving” common tower duopoly project, which he insists could solve the country’s slow Internet connectivity. Just a couple of months ago, the Filipino League of Advocates for Good Governance filed conflict-of-interest charges against Jacinto before the Presidential Anti-Corruption Commission. FLAG maintains that Jacinto’s project is illegal and violates provisions of the Philippine Competition Act or Republic Act 10667 and RA 6713, with the latter bound to stir controversies in the coming midterm elections. Jacinto is pushing for a duopoly in the construction of an estimated 50,000 cell towers to serve around 113 million telco subscribers in the country. FLAG founder Ed Cordevilla denounced Jacinto for violating RA 6713, the Code of Conduct and Ethical Standards for Public Officials and Employees, specifically Section 7a, which states that “public officials and employees shall not directly or indirectly have any financial or material interest in any transaction requiring the approval of their office.” FLAG noted that Jacinto’s family is into steel manufacturing, and tower construction is 100 percent a steel-based project. Cordevilla, who is also the president of the Ang Tao Muna at Bayan party-list, also questioned Jacinto’s moral fitness, referring to RA 3019, or the Anti-Graft and Corrupt Practices Act, Section 3. Industry sources cite another questionable deal entered by Jacinto. In August 2009, the Court of Appeals ordered Jacinto to return the Philippine National Bank’s Gil Puyat Avenue, Makati, property after his failure to settle a loan amounting to over P6 billion for the purchase. The CA also restored to the bank possession of certain Tagaytay properties owned by RFR Development Corp. that Jacinto used as loan collateral. Jacinto’s RJ Ventures obtained a loan from PNB in the amount of P2.94 billion, equivalent to 80 percent of the purchase price, with the Makati property as security. To pay for the additional down payment of P368 million that PNB required, Jacinto’s Rajah Broadcasting borrowed P350 million from PNB for relending to RJ Ventures, with a pledge of 70 percent shares of stocks in Rajah and 40 percent shares of stock in First Women’s Credit Corp. Rajah also took out another loan from PNB in the amount of P100 million, using the radio network’s broadcasting equipment and a real-estate mortgage over certain properties in Tagaytay of RFR Development, which held itself out as “accommodation mortgagor.”

Cachos not giving up on Peco

IN the case of the Cacho family-owned Peco, close to a century of negligent consumer service and facility upgrade has resulted in the revocation of its electricity distribution franchise in Iloilo City. MORE Electric Power Corp. now holds the congressional franchise through RA 11212, which President Duterte signed on February 14. According to insiders, MORE Power has been reaching out to the Cachos to arrive at a just compensation package for taking over Peco’s assets. MORE Power plans to install new transmission poles or rehabilitate existing ones so they could be deemed safer to the public and nearby establishments. Leaning electric poles laden with a spaghetti-like load

of wires from different companies, including telephone and cable companies, was an issue that Peco failed to address adequately before Congress decided to give the congressional franchise to MORE Power. The Cachos, unfortunately, continue to defy the mandate that the Senate and the House of Representatives granted to MORE Power. Peco’s owners insist that MORE Power should put up its own electricity-distribution system, even as it plans to secure a legislative franchise when a new Congress convenes in June so that Iloilo could have two power utilities. They believe that they should be able to add 25 more years to their initial 95 years of running the city’s power utility, despite their failure to wisely invest in modern facilities that would have prevented the city’s continuous power outages and inefficient distribution and billing systems. Peco also announced it would question in court any “unconstitutional expropriation” by MORE Power of its assets “without due process,” indicating that Peco intends to go all the way to the Supreme Court to stop the power of eminent domain that Congress granted to MORE Power. As a typical authority granted by Congress to public utilities, RA 11212 entitles MORE Power to take “immediate possession, operation, control, use and disposition of the properties sought to be expropriated, including the power of demolition” once it has initiated expropriation proceedings and deposited in the bank the full assessed value of the Peco distribution asset it wants to take over. MORE President Roel Castro says he preferred that expropriation proceedings be the last option and instead remains hopeful he could convince Peco’s owners to sit at the negotiating table. MORE Power’s major stockholder, tycoon Enrique Razon Jr., is reported to have already set aside P2 billion to fund the new utility’s capital investments to put up all the transmission facilities in Iloilo City. To ensure that Iloilo City consumers will enjoy continued electricity service as MORE Power builds up its electricity-distribution system, Peco has been allowed to operate for two more years, under a provisional certificate of public convenience and necessity from the Energy Regulatory Commission, which should not be construed as extending Peco’s franchise. During this transition period, MORE Power may exercise the right of eminent domain over existing distribution assets that are owned by Peco, and has been guaranteed speedy issuance of the licenses or permits it needs. Even one of the Cachos’s original supporters in government, Senate Minority Leader Franklin Drilon, who is an Ilonggo, has expressed frustration over their continued obduracy amid the fait accompli handed by Peco’s failure to convince the people of Iloilo City through the City Council, the Senate and House committee members, and President Duterte that Peco should remain in operation. Are the Cachos adopting a typical strategy of Iloilo’s electricity oligarchs to secure a bigger pay for their old, dilapidated distribution assets, considering my sources’ claim that the settlement cost the Peco owners sent to MORE Power included a bill for “prospective loss of income?” Are they afraid to get a low assessment value for their aging distribution assets that Congress declared should be based on the “tax declarations, current audited financial statements and rate-setting applications of the owner or owners of the property or properties being expropriated?” Or is it just the typical coño arrogance we always see from the old rich? The Cachos believe that they should get 25 more years to their initial 95 years of running the city’s power utility, despite their failure to wisely invest in modern facilities that would have prevented the city’s continuous power outages and inefficient distribution and billing systems.

For comments and suggestions, e-mail me at

HE season of Lent launches us in a 40-day journey to the summit of the Easter Triduum of the passion, death and resurrection of Jesus Christ. The temptations in the desert at the start of His ministry reveal to us Jesus’ fundamental option as against the self-interest the devil blandly tried to entice Him with (Luke 4:1-13).

Not by bread alone “FILLED with the Holy Spirit,” that is, in and aided by the divine presence, Jesus stayed in the wilderness for 40 days in prayer and fasting prior to His proclamation of the gospel of salvation. Identified in the Jordan as the Son of the heavenly Father (Luke 3:22), Jesus was targeted by the devil, pouncing on Him repeatedly to undermine His filial relationship with God. Each time in what appears to be a three-act drama, Jesus made a confession of faith to God as He affirmed His total obedience to the will of the Father. Self-interest is what hinders complete submission to the divine will. And the devil knows that self-

interest begins originally in the stomach. Terribly hungry after fasting so long, the personal need of Jesus clamored for satisfaction. The devil’s practical if taunting suggestion, “If you are the Son of God, command this stone to become bread.” The devil aimed to disorient Jesus. Jesus’ answer from Deuteronomy (8:3) made unmistakable that He would not seek bread only for Himself, because His food is to do the Father’s will (John 4:24); in fact, by the Father’s will, He would become the Bread from heaven for all.

Serve, do not tempt, the Lord

Next to food and at times even more urgent is the desire for wealth and

Thursday, March 7, 2019 A11

power. Rebuffed by Jesus’ foremost concern to be doing the will of God, the devil proposed next another enticement to derail Jesus: secular power and worldly glory, but at the price of worshipping him. To aspire for political power in furtherance of self-glorification is common enough. But to worship the devil in order to become someone in this world is to selfdestruct. Once more Jesus responded with the wisdom of Scripture that the Lord alone is to be worshipped and served (Deuteronomy 6:13). It is obviously part of the intoxication with worldly power to think that one has come up with a substitute for God Himself; against this ancient secularism, Jesus would remain wholeheartedly faithful to God. The encounter between Jesus and the devil climaxed in Jerusalem at the temple, for Saint Luke the center of the unfolding mystery of salvation in Jesus for all humankind. Goading Jesus on to do what it takes to be popular, to impress and charm the public, the devil quoted Psalm 91:11 to dare Him to test the protection of God. But Jesus would not test God, unlike the Israelites who tested the Lord in the wilderness. Alálaong bagá, as we begin our own 40 days (Kuaresma) of the Lenten season, in the light of what

Are we building another debt bomb? Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

OW will the BBB program be financed? Well, through a combination of direct government appropriation, borrowing and contribution of the private sector, largely through the PPP program. This means mobilization of resources through increased taxes (hence, the TRAIN tax measure in 2017) and increased borrowings from ODA aid givers (multilaterals and bilaterals) and private commercial banks, foreign and domestic. Most of the BBB projects shall be built by the government under the hybrid PPP program, meaning the government builds the infras and turns these over to the private sector to manage the operations and maintenance. One clear outcome of the BBB implementation will be the rising level of national indebtedness. The government, however, hastens to explain that there is nothing to worry about increased borrowings in support of the BBB program. The present debt-to-gross domestic product ratio is a manageable 42 percent, down from a high of 75 percent in 2004. Further, former DBM Secretary and now Central Bank Governor Ben Diokno added: Economic growth in the coming years is expected to outpace national indebtedness. Is there an assurance that this scenario of debt sustainability shall be the case in the coming years? In this regard, one should be reminded that the BBB program is not exactly exceptional. A similar BBB program was adopted by President Ferdinand Marcos in the 1970s. Right after he declared martial law in September 1972, Marcos launched a massive debt-driven infrastructure-development program. The World Bank immediately supported this program by declaring the Philippines as an “area of concentration.” Together with its sister organization, the International Monetary Fund, the World Bank worked closely with the Marcos technocrats led then by Finance Minister Cesar Virata and Neda DG Gerardo Sicat in forming the Consultative Group of Creditor Countries for the Philippines. The idea was to enable the Philippines to secure, through the CGCCP, ODA funds coming from the multilaterals (World Bank, Asian Development Bank and International Monetary Fund) and the bilaterals (e.g., the export-import banks and other aid bodies set up by the Organisation for Economic Co-operation and Development countries) in support of the infrastructure development under the New Society of President Marcos. In 1976 or four years after the declaration of martial law, the external debt of $2.7 billion (end of 1972) doubled to $6.7 billion. In another four years or in

1980, the total debt reached $17.2 billion. In short, a quintupling of external debt in eight years! Like in the present BBB program of the Duterte administration, a long list of infra projects was also lined up then— roads, power projects, dams, bridges and so on. And like what is happening today, questions were also raised by concerned observers—in the late 1970s—if the swelling national indebtedness under the Marcos regime could be managed by the government. The answer of the economic technocrats then was an affirmative “yes.” They explained that the economic growth being fueled by the infra building boom meant the loans could be handled by an expanding economy. Then the 1980s came. The government had to engage in compensatory financing when the medium-term loans of the 1970s began maturing and the global situation became difficult for the national economy because of the oil and commodity price shocks in 1979-1980. The external debt quickly ballooned to $24.8 billion in 1983. In this pivotal year, the debt bomb also exploded. The Philippines was officially declared by the creditors at default because of its inability to service its huge pile of loans. This forced the Marcos administration to even engage in barter trade and set up a separate Central Bank in Binondo just to ration dollars and import precious commodities and raw materials. The peso plummeted, the political crisis deepened (especially after the murder of Senator Benigno Aquino at the airport tarmac), and the entire nation had to endure a painful crisis of survival. So can the Philippines avoid a recurrence of the debt crisis and the debt explosion that happened under the Marcos regime? Will the economy continue to grow and outpace national indebtedness as Diokno and other government officials have been saying? Again, it is important to learn from the experience of the Philippines during

the Marcos period. The debt bomb exploded because of the failure of the real sectors of the economy to grow, at a pace enough to strengthen the capacity of the country to service the growing debt. During the 1970s, the construction sector grew. And so did the agricultural sector, with the Masagana 99 delivering rice self-sufficiency for the country in just a few years. But the industrial sector was problematic. The technocrats tried to promote industrial development under a narrow program of labor-intensive export-oriented (LIEO) industrialization. The sector failed to grow in an even, balanced and dynamic manner, in sharp contrast to the experience of our neighboring Asian countries such as South Korea and Taiwan. The garments industry grew but the domestic textile industry started to decline, no thanks to the spread of smuggling associated with the duty-free importation privilege extended to garments exporters and the unexplained bias of the technocrats against domestic industrial producers. The toy industry grew but it quickly disappeared. The electronics assembly industry developed but has remained, up to the present, as an assembly industry, unable to grow at a higher level as what happened in the case of Malaysia and South Korea. On the other hand, the domesticoriented industry that made the Philippines Number Two in Asia after Japan in the 1960s gradually wilted under the LIEO program of the technocrats. The technocrats dismissed these industries as rent-seeking industries, for they were allegedly dependent on the trade protection provided by the policy of import substitution, which was implemented by the government through a program of import and foreign-exchange controls. The technocrats openly declared their preferential bias for an outwardlooking industrial policy based on the flow of foreign investments in an open economy. In contrast, in postwar Japan and later, in the Asian NICs of South Korea, Taiwan and even Singapore, the governments pursued export promotion side by side with import substitution within the overall framework of building up an integrated industrial system. At any rate, what happened in the 1970s-1980s was that the rising indebtedness became a full-blown debt crisis because of the overall failure of the economy to grow under the LIEO program. The debt crisis was simply a mirror of the larger industrial and economic crisis. Which brings us to the present golden age of infrastructures being proclaimed by the Duterte administration. What is the assurance that the economy, meaning the real sectors of the economy, shall grow fast enough to enable the present and future governments to service the huge debt we are now rapidly accumulating under the BBB program? Right now, one sector—agriculture

Jesus did against the devil in the desert, we Filipinos do have to face up to definite issues that demonize us as a people. Gnawing needs and poverty can really tempt people to sell themselves and even their children for bread. To survive, some are ready to betray all trusts, or to give up sacred birthright for a bowl of lintel, subscribing to the devil’s maxim that self-interest above all is simply common sense. Or, that nothing beats having power and being in control. Culturally, we Filipinos are fascinated with the malakas, the strong one, and the maganda, the beautiful one, which in the prostitution of power easily become the slopes to class domination, sterile dynasties and puerile self-perpetuation cluttering the pages of our history. The devil does not seem to have to work overtime in selling to us his addictive spiel; we have in abundance the garden varieties of self-interest: the hungry poor, the power-mad and the crowd illusionists. Amidst our claimed religiosity, so much seem in accord only with our self and vested interests. We need help. Jesus said He is the way, and He has run the distance. Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

—is faltering and has been going down. More than 90 percent of the agricultural land—those devoted to palay, coconut, sugar, corn, tobacco and abaca—are down and so are the farmers tilling them. The Lilliputian share of agriculture to GDP, less than 10 percent, is likely to shrink further, unless real reforms are made. As to the industrial sector, there are some positive developments. The Department of Trade and Industry secretary, coming from a more nationalistic section of the industrial establishment, has been campaigning for grassroots entrepreneurship and has been pushing for the revival of Philippine industry. However, the DTI’s Manufacturing Resurgence program is still limited. The country cannot forge forward if the economy shall grow only based on the growth of light industries such as the snack and beverage industry that predominates the manufacturing sector today. Nor will the country forge ahead solely on the basis of what some economic advisers are trying to push: increased participation in the global value chains of the multinationals. The problem with the latter strategy is that the rise of new technologies such as AI and robots now enables the multinationals to reshore or bring back facilities they have outsourced globally under their GVC systems. Also, unlike our neighbors such as Thailand, we are not part of the hubs of any major GVC such as the car GVC. And, finally, based on the experience of Japan, South Korea and now China, the challenge is how to develop our own homegrown GVCs and promote an integrated industrial system. The economy is also facing some headwinds. The nation’s life savers— overseas migration and call-center/ business-process outsourcing sector— are now beginning to weaken. As the Neda DG admitted in 2017, the call center-BPO sector is now in a plateau. Chatbots and software automation are obviously whittling down a number of jobs from the sector. As to migrant worker deployment and remittances, official statistics indicate a decline since 2017. The reasons are not difficult to find: rising xenophobia in developed destination countries, localization program in the Middle East and, yes, new technologies eroding the demand for imported cheap labor. So, given the foregoing developments, how can the economy continue to grow and outpace rising national indebtedness? Can the economy grow solely on the basis of growth in the construction industry? Yes, the present debt to GDP ratio is fairly low. But was this not also the situation during the early years of martial law? The point is that a policy of debt borrowing should be carefully calibrated with a program ensuring a balanced and sustainable growth for the economy. Can we avoid a debt bomb explosion scenario?

2nd Front Page BusinessMirror

A12 Thursday, March 7, 2019

www.businessmirror.com.ph

MICP, shipping lines tackle port congestion By Rea Cu

@ReaCuBM

HE Manila International Container Port (MICP) of the Bureau of Customs (BOC), together with officials from international shipping lines doing business in the country, has agreed to load out more empty containers per day, to bring yard utilization to ideal levels and resolve the recurring issues in returning empty containers.

MICP’s District Collector Atty. Erastus Sandino B. Austria reported on Wednesday that he met with international shipping lines as well as the International Container Terminal Services Inc. (ICTSI) on March 5, to implement solutions in line with easing port congestion. According to Austria, Evergreen Shipping Agency, Wan Hai Lines, CMA-CGM/APL, Ben Line Agencies, Cosco Shipping Lines, KMTC, Hyundai Merchant Marine, TMS Ship Agencies, One Network Express, Yang Ming Shipping, SITC Container Lines, OOCL and Namsung Shipping agreed to each put an additional 100 to 1,800

Twenty-foot Equivalent Units (TEUs) on top of the empty containers they load out on workdays. Austria, who is also the BOC’s spokesman, explained that the carriers will be taking advantage of the additional double transaction slots that ICTSI will be opening on weekends starting March 9 to 10. If the measures agreed upon succeed, the MICP said that it sees around 17,500 empty TEUs loaded out in a week compared to its high average of only 10,000 TEUs. During the meeting, Austria highlighted a large discrepancy between the actual number of empty TEUs being loaded out onto vessels

and the capacity of these ships, a matter that all parties agreed to immediately resolve. “On average, far less than 2,000 empty TEUs are loaded for export in a 24-hour cycle. That is an unacceptable number,” Austria said. It was earlier reported that ICTSI sent an advisory to its clients that it will be accepting double transactions, but only a few consignees returned their empty containers. As a result, the shipping lines committed to persuade their clients to take advantage of the downtime on March 9 to 10 and on every succeeding weekend to return more empty containers. The ICTSI also said that it gives the carriers around three to four days before a ship’s arrival to bring their empty containers at the terminal, instead of three to seven days. The three- to four-day policy, it was explained, is meant to prevent delays in a ship’s schedule. If the ICTSI accepts containers too early, then these will just be stacked at the bottom and loading them on to the vessel will require more crane moves, leading to delays in the loading schedule. Shipping lines also agreed to coload empty containers, explaining that they can bring more

17,500

The number of empty TEUs that can be loaded out in a week, if the measures agreed upon in the MICP’s meeting with shipping lines succeed. This compares with the existing high average of just 10,000 TEUs containers from their depots to the terminal, and have more empty containers loaded out if they are given more time to complete the process.

Port of Manila

Meanwhile, the Port of Manila (POM) has revealed that it is no longer congested as its yard utilization level was down to 64 percent as of February 4. The number of laden containers piled up at Manila South Harbor stood at 78 percent, while empty containers were only occupying 47 percent of the yard. This is lower compared to the recorded yard utilization rate of 98 percent and the number of laden See “MICP,” A2

New panel formed to meet concerns on SDGs By Cai U. Ordinario @caiordinario

HE interagency Social Development Committee (SDC) has approved the creation of a subcommittee to address concerns on the Sustainable Development Goals (SDGs), including financial estimates for Agenda 2030. In an interview, National Economic and Development Authority (Neda) Undersecretary Rosemarie G. Edillon

told the BusinessMirror that the new subcommittee will be placed under the interagency Development Budget Coordination Committee (DBCC). Edillon said the decision was taken, since attaining the SDGs does not only require meeting social goals, but economic and even environment-related goals. “We think that because the SDG straddles the economic dimension, social dimension and environmental dimension, then the obvious oversight is really the DBCC,” Edillon

RIDGE OF A HIGH PRESSURE AREA AFFECTING LUZON EASTERLIES AFFECTING VISAYAS AND MINDANAO as of 4:00 pm - March 6, 2019

said. “We also want to look at the programs, the investments to meet our SDG commitments.” Edillon said the subcommittee will also have technical working groups (TWGs) on social, economic, environment and governance matters. These TWGs will conduct studies on how best to meet the goals, including the cost of meeting them. However, she said the Philippines has already mainstreamed the SDGs in the Philippine Development Plan

(PDP), making it easier for the country to have a financing plan for the SDGs and meeting its development goals in the medium term. The interagency subcommittee on the SDGs will be chaired by the Neda and cochaired by the Department of Budget and Management (DBM). “The way we did it in the Philippines is we have mainstreamed the SDGs into the PDP, but we still want to make sure that what we said we would deliver also gets delivered. And in some cases, it will require policy changes. For instance, this sustainable consumption and production, that will require certain policy changes for the circular economy,” Edillon said. A Commission on Audit (COA) report earlier recommended that the Neda create a subcommittee on the SDGs under the DBCC to ensure that programs to meet the SDGs are adequately funded. The COA report said the Neda, Department of Finance and the DBM should prioritize the use of an “integrated national financing framework” to match resources with results. “They [Neda] should also develop and pursue a long-term financing and risk financing scheme for disaster risk reduction and recovery, as well as climate-change adaptation measures,” the COA report stated. COA also recommended that the Philippine Statistics Authority collaborate with the Philippine Statistical Research and Training Institute and the Department of the Interior and Local Government to support local government units in generating their data for the SDGs. These are crucial in generating the level of disaggregation required to meet the SDGs. Data for the SDGs should be disaggregated according to gender, minority groups and persons with disability, among others. The SDGs comprise 17 goals and 169 targets with 230 global indicators adopted in September 2015. Around 155 indicators with 92 targets under the 17 SDGs are in the approved initial list of SDG indicators for monitoring in the Philippines. The Global Goals aim to end poverty and hunger, promote universal health, education for all and lifelong learning, achieve gender equality, sustainable water management, ensure sustainable energy for all, decent work for all, resilient infrastructure and reduce income inequality between and among countries.

SENATE FRONT-LOADING BANK-SECRECY LIFTING

AKING the cue from President Duterte, the Senate is working to front-load plenary consideration of a bill repealing Republic Act 1405, also known as the Law on Secrecy of Bank Deposits, soon as Congress reconvenes regular sessions in May. This, after Sen. Francis Escudero, chairman of the Committee on Banks, Financial Institutions and Currencies, confirmed on Wednesday that a committee report endorsing the remedial legislation embodied in Senate Bill 1495 repealing RA 1405 is now being circulated for signatures by banks committee members. “We are still routing [the committee report]” Escudero told the BusinessMirror, indicating they still need to get the signatures of majority of the members of the panel for the remedial legislation to be tackled in the upcoming plenary deliberations. Sen. Bam Aquino, principal author

of SB 1495, justified the need to enact a remedial measure repealing the bank-secrecy law, saying this would ensure “an efficient and a reliable tax collection system. In filing the bill, Aquino noted that the Philippines is among the few countries that still have a bank-secrecy law. He recalled that the bank-secrecy law that he now proposes to be repealed was earlier “enacted for the purpose of encouraging individuals to deposit funds in banking institutions in order to encourage economic growth.” But, Aquino observed, “it also protects dubious individuals, allowing them to evade taxes and conceal monetary transactions that may be unconstitutional.” In a statement, Aquino cited findings by the Department of Finance (DOF) that as much as P669.34 billion in taxes and duties are lost annually See “Bank secrecy,” A2

‘FORBES’: VILLAR IS NOW RICHEST FILIPINO HENRY SY’s CHILDREN Continued from A1

Port and gaming tycoon Enrique K. Razon Jr., who controls most of the profitable port facilities in the country and Solaire Resort and Casino in Entertainment City, HERBERT SY was third with $4.8 HANS SY billion. Lucio Tan, who has investments in tobacco, liquor banking and flag carrier Philippine Airlines, was valued at $4.4 billion, the country’s fourth richest; while fast-food king Tony HARLEY SY HENRY SY JR. Tan Caktiong of Jollibee Foods Corp. has $3.9 billion, the fifthwealthiest person in the country. Villar ran for the highest post in the country in 2010 but was defeated by Benig no Aquino III. He then returned to TERESITA SY-COSON ELIZABETH SY Vista Land and Lifescapes Inc., a company that he founded and steered through the Asian financial crisis in 1997 through 1998. Vista Land, known for its subdivisions under the Camella Homes brand, is now one of the country’s biggest property developers, that has shopping malls and office developments to complement its sales of housing units mainly geared for end-users. San Miguel Corp.’s and Eagle Cement’s biggest shareholder Ramon S. Ang came in at sixth with $2.9 billion, and businessman Andrew Tan, who made his fortune by building offices for the business-process outsourcing sector, was seventh with $2.7 billion. Next in the list are the six children of the late Henry Sy Sr. who was ranked by Forbes magazine as the country’s richest man for the past several years. With his death, his fortune has been divided by the magazine among his children. Leading the list is former SM Prime Holdings Inc.’s CEO Hans Sy with $2.4 billion, Herbert Sy who handles the group’s supermarket business with $2.4 billion, SM Investments Corp. executive director Harley Sy with $2.2 billion, SMIC Cochairman and SM Prime Chairman Henry Sy Jr. with $2.2 billion, SMIC Cochairman and BDO Unibank Chairman Teresity Sy-Coson with $2.2 billion, and SM Hotels and Conventions Chairman Elizabeth Sy with $0.19 billion. Also in the list of local billionaires are San Miguel Chairman Eduardo Cojuangco Jr. with $1.4 billion, insurance and luxury car tycoon Robert Coyiuto Jr. with $1.4 billion, tuna canner and restaurant chain owner Ricardo Po Sr. and family with $1.2 billion, and property developer Roberto V. Ongpin with $1.1 billion. Forbes said there are 2,153 billionaires on the 2019 list, down from 2,208 last year. The total combined net worth of this year’s billionaires is $8.7 trillion, down from $9.1 trillion in 2018, the first decline in billionaires and their combined wealth since 2016 and only the second decline in the past decade, it said. “Regionally, Asia Pacific boasts the most billionaires at 767 with a total net worth of $2.5 trillion. Notably, China has the highest number of newcomers this year at 44, as well as the most drop-offs at 102,” the magazine said.

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, March 7, 2019

DOE okays GIS of 11 power firms

By Lenie Lectura

@llectura

HE Department of Energy (DOE) has issued the green light to 11 power firms to proceed with the conduct of a grid impact study (GIS) on their planned power projects with over 1,200 megawatts (MW) of capacity. A clearance for the conduct of a grid impact study is necessary for a power firm before it can proceed with the construction of its power project. Included in the list are the Bat-

tery Energy Storage (BES) system (BES) projects of SMCGP Philippines Energy Storage Co. Ltd., totaling 200 MW. SMCGP plans to put up 20 MW

of BES each in Bohol; Compostela, Cebu; Conception, Tarlac; Lumban, Laguna; Pagadian, Zamboanga del Sur; Samboan, Cebu; Tabango, Leyte; and in Mactan, Cebu. It will also install a 10-MW BES in Masinloc, Zambales; and a 30-MW BES in Zamboanga. SN Aboitiz Power Magat Inc. also plans to put up a BES, with a 20-MW capacity in Isabela. Global Business Power Corp. and Monte Solar Energy Inc. also have plans to put up their BES—6 MW in Toledo, Cebu; and 5 MW in Bais, Negros Oriental, respectively. The list includes the 120-MW geothermal power project of Aragorn Power & Energy Corp.; 300-MW manufacturing plant of Steel Asia Lemery Works Inc.; and the 3 x135-MW

coal plant of FDC Utilities Inc. The latter’s renewable-energy arm—FDC Renewables Corp.—plans to install a 26-MW hydro plant in Pangasinan. Other projects cleared for the conduct of a GIS are the 60-MW and 58-MW hydropower plants of Violago Gold Development Corp. in Tabuk, Kalinga. Solar Valley Energy Solutions Inc. also plans to install a 130-MW solar plant in Isabela. GT Energy Corp. and Bases Conversion and Development Authority plan to put up 18 MW of bunker-fired power plant in Samar and a 69-kilovolt transmission line in Concepcion, Tarlac, respectively. Their applications for the conduct of GIS were approved by the DOE in January and February this year.

Duterte commends Eternal Plans on 38th anniversary

RESIDENT Duterte has commended leading pre-need company Eternal Plans for its sustained efforts to enable Filipinos to provide for future needs with its memorial life, education and pension plans. In a message to the company on its 38th anniversary on March 4, the President praised Eternal Plans for

its dedication in bringing reliable pre-need products to the people. “Your efforts to take care of our people’s future needs through easily accessible terms are noteworthy.” He expressed confidence that Eternal Plans, its management, officers and staff, will rekindle their commitment to “be responsive to the needs of your plan holders and

customers” and “always conduct yourselves with the highest level of professionalism and integrity.” The theme of the company's 38th anniversary celebration is “Paramihin. Palawakin. Panalo!” to express its resolve to exert more aggressive efforts to move toward full recovery. Ambassador Antonio L. Cabangon Chua established Eternal Plans

in 1981 as a provider of pre-need products that meet the basic needs of Filipinos. Founded initially to offer memorial life plan complementing the memorial lot business of its sister company Eternal Gardens, Eternal Plans is currently one of only three pre-need companies licensed to offer life, pension and education plans.

TRB okays Nlex request for toll-rate adjustments By Lorenz S. Marasigan @lorenzmarasigan

HE government has finally approved—albeit partially—the two pending petitions of Nlex Corp. for toll adjustments, with the balance rate increase scheduled to be implemented in the next four years. Based on a disclosure to the stock exchange, the Toll Regulatory Board (TRB) authorized the implementation of half of the two toll-hike petitions of the company for 2013 and 2015. This means the expressway operator can start collecting P10 additional toll in the open system of the North Luzon Expressway, and P0.18 per kilometer in the closed system. “This is a positive step for us in resolving the dispute for rate increase. The agreement we have with the government calls for the implementation of the remaining 50 percent of the two petitions in the next four years,” Nlex Corp. Senior Vice President Romulo S. Quimbo said in a phone interview.

Petitions for rate adjustments for Nlex have been pending before the toll regulator for several years now. This has resulted in foregone revenues amounting to roughly P6 billion as of mid-2018. The concession agreement of Nlex allows for a rate increase every two years. In 2016, due to government inaction on the petitions and the continuing increase of foregone revenues, the company sought the intervention of an arbitration court. This is expected to be resolved soon, thanks to the approval of the new rates. The approval of the new toll rates was made after the company completed the construction of the Nlex Harbor Link Segment 10, a 5.65-kilometer road that passes through Valenzuela, Malabon and Caloocan, connecting Nlex near the port area in Manila. The new rates will be effective on March 20. Aside from the two petitions, Nlex also sought for tariff adjustments in 2017. This, according to Quimbo, is “still pending.”

Companies BusinessMirror

Thursday, March 7, 2019

PSE STOCK QUOTATIONS

March 6, 2019

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

ASIA UNITED 58.95 59 58.95 59.1 58.95 58.95 29510 1741114.5 1588898 BDO UNIBANK 128 130.1 127.5 130.1 127 130.1 1661040 213821871 -2981757 BANK PH ISLANDS 86.2 86.35 83.9 86.9 83.9 86.35 1026550 88318423 2099956.5 CHINABANK 27.6 27.65 27.65 27.7 27.6 27.6 97200 2686925 -898080 EAST WEST BANK 12.42 12.48 12.44 12.6 12.4 12.48 391100 4886256 -134572 METROBANK 76.6 76.9 76 77.05 75.6 76.6 1612030 123470055.5 -11258774 PB BANK 13.7 13.88 13.7 13.86 13.7 13.86 3200 44000 PBCOM 21 21.4 21.4 21.4 21.4 21.4 600 12840 PHIL NATL BANK 52.5 52.55 52.25 52.55 52 52.5 621160 32595070 21837462.5 PSBANK 59.1 59.45 58.35 59.5 58.3 59.5 2370 138665 PHILTRUST 111.1 122 111.1 111.1 111.1 111.1 10 1111 RCBC 26.6 26.8 26.85 26.85 26.6 26.6 6200 165220 -10590 SECURITY BANK 163.2 163.5 161 163.5 158.4 163.5 266590 43260220 -3041403 UNION BANK 61.4 61.5 61.35 61.55 61.3 61.5 5550 341330.5 -311203 BRIGHT KINDLE 1.36 1.4 1.42 1.42 1.42 1.42 1000 1420 BDO LEASING 2.32 2.33 2.34 2.34 2.32 2.34 25000 58360 COL FINANCIAL 17.9 18 17.9 18 17.9 18 4000 71900 FERRONOUX HLDG 4.35 4.45 4.45 4.45 4.35 4.45 7000 31050 MEDCO HLDG 0.46 0.47 0.46 0.46 0.46 0.46 30000 13800 MANULIFE 800 810 800 800 800 800 220 176000 NTL REINSURANCE 1 1.01 0.99 1.01 0.99 1.01 310000 309520 PHIL STOCK EXCH 185 185.5 185.5 185.5 185 185.5 3780 700815 -3710 SUN LIFE 1805 1820 1805 1820 1805 1805 390 704100 INDUSTRIAL ALSONS CONS 1.41 1.43 1.45 1.48 1.4 1.43 332000 473090 -25690 ABOITIZ POWER 34.65 34.7 34.1 35.1 34.1 34.7 1938100 67065835 548810 BASIC ENERGY 0.235 0.239 0.24 0.24 0.235 0.239 660000 155350 FIRST GEN 21.8 21.9 21.9 21.95 21.65 21.8 1756000 38263560 15071630 FIRST PHIL HLDG 74 74.2 76 76 74 74 8400 625463.5 150448.4999 MERALCO 375.8 377.8 370 377.8 367 377.8 119080 44690626 15608062 MANILA WATER 27 27.05 27.1 27.1 26.75 27 329600 8899695 7431095 PETRON 6.7 6.72 6.72 6.75 6.65 6.7 3739700 25043590 7717957 PETROENERGY 3.74 3.79 3.74 3.8 3.74 3.74 67000 251080 PHINMA ENERGY 1.33 1.34 1.33 1.34 1.32 1.34 6587000 8778670 -4750860 PHX PETROLEUM 11.76 11.98 11.9 12 11.7 12 43200 512160 -40054 PILIPINAS SHELL 49.2 49.25 48.55 49.6 48.5 49.25 1337100 65788455 -28943780 SPC POWER 6.38 6.4 6.39 6.48 6.39 6.4 238700 1527247 AGRINURTURE 15.56 15.7 15.5 16.48 15.5 15.7 329900 5353564 426628 BOGO MEDELLIN 89.55 98.3 98.3 98.3 98.3 98.3 140 13762 CNTRL AZUCARERA 16 16.86 16.3 16.3 15.8 16 11200 178600 CENTURY FOOD 15.34 15.6 15.38 15.5 15.1 15.34 458600 7035248 550590 DEL MONTE 6.15 6.3 6.3 6.3 6.15 6.3 21800 135415 12300 DNL INDUS 11.32 11.34 11.4 11.42 11.22 11.34 752100 8518454 -3178570 EMPERADOR 7.55 7.65 7.6 7.67 7.55 7.55 8100 61368 -33306 SMC FOODANDBEV 102.9 103.4 101.2 103.5 101.2 102.9 438140 45120039 303504 ALLIANCE SELECT 1.01 1.02 1.01 1.02 1.01 1.02 763000 775340 GINEBRA 25.9 26.3 26.8 26.8 26.3 26.3 1000 26400 JOLLIBEE 316 316.8 309.8 316 308 316 621600 193221908 -16207666 LIBERTY FLOUR 51.55 54.95 52 52 52 52 160 8320 MACAY HLDG 11.9 11.98 11.7 12.16 11.52 11.9 38000 448204 MAXS GROUP 11.96 12.1 12 12.08 11.96 11.96 223700 2681302 -1683676 MG HLDG 0.2 0.205 0.2 0.2 0.2 0.2 1550000 310000 PEPSI COLA 1.4 1.41 1.37 1.41 1.37 1.4 6796000 9488760 -1273370 SHAKEYS PIZZA 12.44 12.5 12.5 12.5 12.34 12.5 10800 134244 1250 ROXAS AND CO 1.87 1.88 1.85 1.87 1.85 1.87 39000 72710 SWIFT FOODS 0.132 0.135 0.132 0.136 0.132 0.136 120000 16280 UNIV ROBINA 142 142.3 138.6 142 138 142 849840 119368801 65420684 VITARICH 1.63 1.64 1.65 1.68 1.63 1.64 1963000 3255370 147830 VICTORIAS 2.62 2.73 2.7 2.75 2.7 2.75 32000 86450 83700 CONCRETE A 65.6 71.9 65.05 71.5 65.05 71.5 20 1365.5 CEMEX HLDG 2.58 2.59 2.39 2.61 2.39 2.58 25229000 63358110 1650050 EAGLE CEMENT 15.86 15.92 16 16 15.86 15.92 393900 6264198 -141250 EEI CORP 8.65 8.66 8.56 8.66 8.46 8.66 775700 6683347 2604674 HOLCIM 9.74 9.75 9.77 9.82 9.62 9.75 2068800 20177218 -7543519 MEGAWIDE 19.74 19.78 19.86 19.86 19.66 19.78 1450300 28676228 25986132 PHINMA 8.96 8.99 9.2 9.2 8.95 8.99 20300 183495 TKC METALS 1.07 1.1 1.04 1.15 1.01 1.1 945000 1027720 8800 VULCAN INDL 1.27 1.28 1.25 1.27 1.23 1.27 1283000 1614220 CROWN ASIA 1.88 1.91 1.89 1.9 1.88 1.9 173000 326160 18900 LMG CHEMICALS 4.35 4.55 4.37 4.37 4.35 4.35 5000 21810 MABUHAY VINYL 3.56 3.6 3.6 3.6 3.6 3.6 11000 39600 PRYCE CORP 5.91 6 6 6 5.9 5.97 222900 1329084 69296 GREENERGY 3.04 3.05 3.28 3.31 3.05 3.05 31695000 99988530 -4847470 INTEGRATED MICR 12.62 12.66 12.4 12.74 12.32 12.66 439300 5494904 214172 IONICS 1.66 1.7 1.7 1.7 1.66 1.66 126000 211120 PANASONIC 5.87 6 6 6 6 6 33300 199800 SFA SEMICON 1.34 1.35 1.35 1.37 1.35 1.35 153000 206630 CIRTEK HLDG 29.1 29.75 29.65 29.75 28.9 29.75 85600 2539095 -406425 HOLDING & FRIMS ABACORE CAPITAL 0.79 0.8 0.8 0.81 0.76 0.8 31162000 24609200 -2276690 ASIABEST GROUP 20.05 20.75 21 21 20.05 20.05 101100 2054820 10375 AYALA CORP 943 943.5 936 946 936 943.5 181770 171380905 -4282890 ABOITIZ EQUITY 58.6 59.45 58.8 60 58.35 58.6 1931480 113560197.5 -29279629 ALLIANCE GLOBAL 14.02 14.18 14.06 14.18 13.92 14.18 7705400 108525408 12913668 ANSCOR 6.51 6.59 6.5 6.5 6.5 6.5 1000 6500 6500 ANGLO PHIL HLDG 0.76 0.8 0.77 0.77 0.76 0.76 63000 48220 ATN HLDG A 1.46 1.47 1.44 1.47 1.44 1.46 5134000 7459600 ATN HLDG B 1.45 1.47 1.45 1.47 1.45 1.47 606000 882060 290810 BHI HLDG 1254 1700 1260 1260 1260 1260 10 12600 COSCO CAPITAL 7.66 7.7 7.62 7.72 7.55 7.66 838400 6386321 83981 DMCI HLDG 11.32 11.42 11.18 11.44 11.18 11.32 1990900 22537358 -6452722 FILINVEST DEV 14.16 14.18 13.88 14.26 13.88 14.18 538800 7627362 401200 FORUM PACIFIC 0.236 0.255 0.245 0.26 0.245 0.255 340000 85900 GT CAPITAL 975 976 938 976 934.5 975 128060 123552130 -35321135 HOUSE OF INV 6.12 6.21 6.12 6.12 6.12 6.12 1700 10404 JG SUMMIT 66.5 66.8 66.8 67.8 66 66.8 3739730 250538417 18433586 LODESTAR 0.55 0.59 0.6 0.61 0.56 0.6 297000 167090 56000 LOPEZ HLDG 5.02 5.05 5.04 5.13 5 5.02 461600 2324744 -666485 LT GROUP 15.6 15.7 15.18 15.6 15.18 15.6 707700 10894998 1339250 MABUHAY HLDG 0.57 0.58 0.58 0.59 0.57 0.57 292000 171190 METRO PAC INV 4.96 4.97 4.76 5.04 4.76 4.96 92588000 458322580 102412470 PACIFICA 0.039 0.04 0.039 0.04 0.039 0.04 11200000 440000 PRIME ORION 2.95 2.97 3 3 2.9 2.97 894000 2633770 289080 PRIME MEDIA 1.13 1.19 1.13 1.13 1.12 1.12 8000 9010 SOLID GROUP 1.33 1.36 1.33 1.38 1.33 1.36 69000 91970 13300 SM INVESTMENTS 956 969 945 969 945 969 73540 70813695 30619690 SAN MIGUEL CORP 169.1 169.2 169.4 172 168.8 169.1 662930 112342560 30365820 SOC RESOURCES 0.75 0.77 0.75 0.75 0.75 0.75 50000 37500 TOP FRONTIER 275 279.8 276 279.8 275 279.8 1430 399150 -24878 WELLEX INDUS 0.243 0.244 0.25 0.25 0.242 0.244 1100000 267470 -7260 ZEUS HLDG 0.375 0.38 0.39 0.405 0.38 0.38 37680000 14832850 -1044000 PROPERTY ARTHALAND CORP 0.86 0.88 0.87 0.88 0.86 0.88 436000 377930 ANCHOR LAND 10.22 10.58 10.22 10.58 10.22 10.58 600 6312 AYALA LAND 44.1 44.25 43.3 44.4 43.25 44.25 8415100 368211700 -111700330 ARANETA PROP 1.9 1.94 1.9 1.9 1.9 1.9 12000 22800 BELLE CORP 2.58 2.59 2.58 2.62 2.57 2.58 1413000 3671840 -865690 A BROWN 0.79 0.8 0.79 0.8 0.79 0.8 480000 380020 -11850 CITYLAND DEVT 0.91 0.94 0.91 0.94 0.91 0.94 36000 33040 CROWN EQUITIES 0.245 0.247 0.25 0.25 0.245 0.247 550000 136030 CEBU HLDG 6.48 6.5 6.63 6.63 6.3 6.48 13400 86632 27255 CEB LANDMASTERS 4.17 4.2 4.17 4.22 4.15 4.17 321000 1338060 -180350 CENTURY PROP 0.465 0.47 0.475 0.475 0.465 0.465 3460000 1621050 -178050 CYBER BAY 0.41 0.415 0.415 0.415 0.41 0.41 1030000 422350 DOUBLEDRAGON 21.4 21.45 21.3 21.5 21.3 21.4 112200 2405945 -211970 DM WENCESLAO 9.76 9.8 9.6 9.81 9.6 9.8 184300 1796076 -54814 EVER GOTESCO 0.127 0.136 0.138 0.138 0.138 0.138 30000 4140 FILINVEST LAND 1.47 1.48 1.47 1.48 1.46 1.47 6605000 9695280 -1588460 GLOBAL ESTATE 1.23 1.24 1.26 1.26 1.23 1.23 884000 1091130 8990 HLDG 11.72 11.78 11.72 11.78 11.68 11.78 401100 4702052 -335780 PHIL INFRADEV 1.97 1.98 2.04 2.04 1.98 1.98 3545000 7097340 CITY AND LAND 0.83 0.87 0.88 0.88 0.87 0.87 12000 10530 MEGAWORLD 5.26 5.28 5.31 5.32 5.21 5.26 14577600 76764992 15645296 MRC ALLIED 0.4 0.405 0.41 0.41 0.4 0.405 8580000 3457500 4000 PHIL ESTATES 0.455 0.475 0.455 0.475 0.455 0.475 3010000 1429550 PRIMEX CORP 2.79 2.84 2.8 2.84 2.78 2.84 116000 324060 -0 ROBINSONS LAND 23.1 23.5 23 23.5 22.95 23.5 1071000 24918135 14583290 PHIL REALTY 0.45 0.46 0.46 0.46 0.455 0.46 380000 173800 ROCKWELL 2.03 2.06 2.06 2.06 2.03 2.03 32000 65420 SHANG PROP 3.12 3.15 3.15 3.15 3.15 3.15 14000 44100 44100 STA LUCIA LAND 1.57 1.58 1.59 1.65 1.57 1.57 2314000 3746140 SM PRIME HLDG 38.1 38.7 37.45 38.7 37.45 38.7 4206300 160703115 67614895 STARMALLS 6.99 7 7 7 6.85 7 427700 2979018 SUNTRUST HOME 0.75 0.78 0.79 0.79 0.75 0.75 114000 85620 PTFC REDEV CORP 43.8 44 40.2 45.2 40.2 43 1300 56260 VISTA LAND 7.24 7.33 7.14 7.38 7.08 7.3 21782000 158609525 -30208459 SERVICES ABS CBN 21.35 21.4 21 21.5 21 21.35 46800 996515 GMA NETWORK 5.72 5.73 5.73 5.79 5.73 5.73 201300 1158267 MANILA BULLETIN 0.61 0.62 0.64 0.65 0.61 0.61 2407000 1505870 GLOBE TELECOM 1875 1879 1899 1899 1875 1879 26435 49697660 -24811685 PLDT 1085 1088 1082 1106 1081 1085 152970 167373025 -32613905 APOLLO GLOBAL 0.045 0.047 0.046 0.047 0.045 0.047 3600000 165500 ISLAND INFO 0.127 0.132 0.127 0.128 0.127 0.127 510000 64970 ISM COMM 5.75 5.76 5.78 5.79 5.75 5.75 1166100 6725737 -19008 JACKSTONES 3.28 3.38 3.02 3.4 3.02 3.38 154000 506100 NOW CORP 2.84 2.85 2.9 2.9 2.82 2.84 1289000 3679310 TRANSPACIFIC BR 0.435 0.44 0.44 0.44 0.435 0.435 4800000 2093900 -100200 PHILWEB 2.79 2.8 2.88 2.88 2.71 2.8 4104000 11389000 -3678630 2GO GROUP 12.14 12.26 12.3 12.38 12.14 12.14 8500 104644 ASIAN TERMINALS 15.04 15.5 14.3 15.5 14.3 15.5 52400 751560 706420 CEBU AIR 81.4 81.7 83 83 79 81.4 85150 6841458 -2040933 CHELSEA 5.75 5.76 5.77 5.8 5.75 5.75 726900 4194744 561373 INTL CONTAINER 116.5 116.7 111 116.5 111 116.5 6840960 781421205 33057925 LBC EXPRESS 15.3 15.9 15.54 15.68 15.3 15.3 37000 570356 39780 LORENZO SHIPPNG 0.9 0.91 0.92 0.92 0.91 0.91 9000 8230 MACROASIA 19.7 19.8 19.5 19.94 19.48 19.8 729900 14436340 8003626 METROALLIANCE A 1.94 1.98 1.97 1.98 1.93 1.98 294000 573160 METROALLIANCE B 1.96 2 2 2 2 2 1000 2000 PAL HLDG 10.2 10.3 10.48 10.48 10.16 10.3 44700 457834 20600 HARBOR STAR 2.77 2.78 2.75 2.78 2.75 2.78 242000 668050 -138000 ACESITE HOTEL 1.27 1.33 1.29 1.29 1.27 1.27 100000 127830 BOULEVARD HLDG 0.066 0.067 0.068 0.069 0.065 0.066 49760000 3337000 WATERFRONT 0.66 0.67 0.68 0.68 0.66 0.66 1695000 1132420 -33220 CENTRO ESCOLAR 7.71 7.99 7.99 7.99 7.99 7.99 300 2397 FAR EASTERN U 895 903 895 895 895 895 5370 4806150 STI HLDG 0.7 0.71 0.7 0.71 0.7 0.7 1403000 985160 154980 BERJAYA 2.72 2.75 2.8 2.85 2.72 2.72 613000 1690290 5260 BLOOMBERRY 11.76 11.8 11.3 11.82 11.3 11.76 13809400 161770544 12481280 PACIFIC ONLINE 9.21 9.68 9.21 9.86 9.21 9.69 88800 819905 LEISURE AND RES 3.29 3.32 3.29 3.34 3.28 3.32 288000 952160 379500 MANILA JOCKEY 4.72 4.96 4.71 4.96 4.71 4.96 2000 9670 PH RESORTS GRP 5.02 5.05 5.2 5.21 5.02 5.05 46900 237936 -1560 PREMIUM LEISURE 0.91 0.92 0.92 0.92 0.9 0.91 2402000 2181170 -137630 TRAVELLERS 5.6 5.62 5.63 5.63 5.59 5.62 301100 1686718 -109633 METRO RETAIL 2.89 2.9 2.87 2.95 2.87 2.9 3007000 8727960 84060 PUREGOLD 48 48.1 48 48.25 47.95 48.1 862100 41436340 11507050 ROBINSONS RTL 85.65 85.7 85.1 85.75 85.1 85.65 478780 40909087 9414638.5 PHIL SEVEN CORP 135 139 139.8 140 137 139 182310 25207218 985690 SSI GROUP 2.32 2.34 2.32 2.34 2.3 2.32 3902000 9028840 -444430 WILCON DEPOT 14.9 14.98 14.88 15.24 14.82 14.9 9871300 148310098 15562880 APC GROUP 0.43 0.44 0.43 0.44 0.43 0.44 660000 283900 EASYCALL 15.52 15.9 16.6 16.7 15.34 15.9 669400 10568900 -64780 GOLDEN BRIA 377 380 360.4 385 360.4 377 7890 2981232 53200 PAXYS 3.12 3.44 3.16 3.16 3.12 3.12 34000 106580 PRMIERE HORIZON 1.26 1.27 1.28 1.3 1.26 1.27 12554000 16030580 -1260200 SBS PHIL CORP 8.34 8.6 8.31 8.31 8.31 8.31 100 831 MINING & OIL ATOK 13.06 13.2 13.26 13.26 13.26 13.26 1700 22542 APEX MINING 1.5 1.51 1.51 1.52 1.5 1.51 1360000 2052820 -368480 ABRA MINING 0.0021 0.0022 0.0021 0.0022 0.0021 0.0022 940000000 1974400 210000 ATLAS MINING 2.91 2.92 2.91 2.94 2.91 2.94 17000 49600 -5860 BENGUET A 1.27 1.32 1.27 1.31 1.27 1.31 190000 243200 COAL ASIA HLDG 0.3 0.31 0.3 0.3 0.3 0.3 320000 96000 CENTURY PEAK 2.18 2.19 2.26 2.26 2.19 2.19 1371000 3010970 DIZON MINES 7.74 7.88 7.9 7.9 7.74 7.74 9800 75988 FERRONICKEL 1.48 1.49 1.5 1.5 1.48 1.49 365000 542370 41720 GEOGRACE 0.25 0.255 0.26 0.26 0.249 0.255 2820000 710540 2500 LEPANTO A 0.123 0.124 0.125 0.125 0.122 0.125 3020000 370500 MARCVENTURES 1.1 1.13 1.09 1.14 1.08 1.13 439000 486780 NIHAO 1.06 1.1 1.09 1.1 1.06 1.1 16000 17470 NICKEL ASIA 2.83 2.84 2.83 2.85 2.82 2.84 1364000 3866900 840070 OMICO CORP 0.6 0.62 0.63 0.63 0.61 0.62 167000 102210 ORNTL PENINSULA 0.94 0.95 0.95 0.96 0.95 0.95 238000 226110 PX MINING 4.02 4.03 3.95 4.09 3.95 4.02 3072000 12350670 11898289.9999 SEMIRARA MINING 19.96 19.98 19.9 20.3 19.9 19.96 4817300 96,573,134( 26,299,575.9999) UNITED PARAGON 0.0075 0.0081 0.0082 0.0082 0.0079 0.008 8000000 65100 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 9300000 114800 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 2100000 25200 -24000 PHILODRILL 0.012 0.013 0.012 0.012 0.011 0.011 2900000 34700 PXP ENERGY 14.6 14.7 14.42 14.78 14.4 14.6 135200 1970434 -858180

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 DD PREF FGEN PREF G GTCAP PREF B LR PREF MWIDE PREF PCOR PREF 2A SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2H SMC PREF 2I

94.8 465.2 483 97 102 894 0.98 100 972.5 76.05 72.6 72.5 74.5 71.35 72

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20.3 5.78

95 474 490 98.4 104.4 900 0.99 101 989.5 76.8 73 73.35 74.95 71.5 72.55

95 474.8 481 98 104 900 1 101 972.5 76.75 72.6 72.5 74.5 72 73

95 474.8 497 98 104.5 900 1 101 972.5 76.75 72.6 72.5 74.5 72 73

94.6 474.8 481 98 104 900 0.98 101 972.5 76.05 72.6 72.5 74.5 71.5 72.55

95 474.8 490 98 104.4 900 0.98 101 972.5 76.05 72.6 72.5 74.5 71.5 72.55

2950 50 230 216740 3920 550 2743000 40 30 82250 30000 950 85420 42660 103340

280242 23740 111870 21240520 408118 495000 2689140 4040 29175 6269699.5 2178000 68875 6363790 3064820 7498302.5

1892 -363000 504000 -

20.5 5.82

20.2 5.82

20.3 5.82

20.2 5.82

20.3 5.82

26700 35000

541340 203700

203700

WARRANTS LR WARRANT

1.88

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.7 XURPAS 1.37

1.89

1.9

1.89

169000

320510

4.72 1.38

4.6 1.33

4.72 1.38

4.6 1.33

4.7 1.37

193000 14013000

905650 19061640

-2860270

EXHANGE TRADE FUNDS FIRST METRO ETF

115.4

115.8

114.7

115.8

114.7

115.8

7800

902554

Editor: Efleda P. Campos

BMW 3 series models recalled

By Elijah Felice E. Rosales

@alyasjah

MC Asia Car Distributors Inc. has launched a safety recall program for BMW 3 series models produced between 2004 and 2011, as its wiring harness might have deteriorated and could lead to overheating and subsequent short circuit. In a letter to Trade Undersecretary Ruth B. Castelo, BMW, through SMC Asia Car, reported its quality analysis

found the plug connection from the wiring harness to the blower controller may decline over time.

This, the car firm concluded, could result in accidents, such as overheating, short circuit and even fire. “In rare cases, this may lead to overheating and subsequent short circuit or melting at the plug-in contact. And in very rare cases, this can lead to a fire,” the letter read. BMW recommended that the blower controller be checked and reworked, and replaced if required. “All current owners of these affected cars are requested to set an appointment with the most convenient authorized BMW workshop, and the work to be performed will be free of charge to the customer. SMC Asia Car Distributors will send

out official notification letters to the concerned customers and will have print ads published in national dailies,” the letter added. The list of authorized BMW dealers that can perform the check are Pampanga Premier Cars Inc. in Pampanga, Auto Allee Group Inc. in Quezon City, RSA Motors Corp. in Quezon City, Motor Ventures Philippines Inc. in Muntinlupa City, Autobahn Negros Isle in Negros Occidental, and Autowelt Cebu in Cebu City. BMW is a German multinational popular for automobiles and motorcycles. SMC Asia Car is the official importer, distributor and service provider of BMW brands in the Philippines.

MGen to put up RE projects in more areas By Lenie Lectura @llectura

E R A L C O Po w e r G e n Corp. (MGen), the power generation arm of the Manila Electric Co. (Meralco), plans to put up utility-scale renewable-energy (RE) projects in areas not covered by the dis-

tribution utility firm’s franchise. “MGen is also looking at codeveloping large-scale hybrid solar + storage projects outside Meralco franchise area,” MGen said in a report. “Discussions are ongoing with a number of existing project developers for potential partnerships.” When sought for more details, MGen President Rogelio Singson

Cebu Pacific to fly to Marinduque

UDGET carrier Cebu Pacific is expanding its local operations with regular flights to Marinduque from Manila, bringing its total number of domestic destinations to 37. The new route will commence on April 1. The thrice-weekly flights, which will cut travel time between Manila and Marinduque to one hour from eight hours, will be operated by Cebgo, a subsidiary of Cebu Pacific. “It takes only about an hour to fly between Manila and Marinduque— in contrast to the eight-hour trip by ferry and land today. Regular flights will allow business to prosper and the

island’s tourism sector to boom,” Cebgo President Alexander G. Lao said on Wednesday. Cebgo will be using the group’s brand-new ATR 72-600 aircraft for the route, which will be operated out of the Ninoy Aquino International Airport Terminal 4. Cebu Pacific operates flights out of seven hubs in the Philippines, namely, Manila, Clark, Kalibo, Iloilo, Cebu, Cagayan de Oro (Laguindingan) and Davao. The Gokongwei-led airline has a fleet of 64 aircraft, flying into 37 local and 26 international destinations. Lorenz S. Marasigan

Megaworld bags coworking space deal with US provider WeWork

ROPERTY developer Megaworld Corp. on Wednesday said it bagged a deal with USbased WeWork for its first Philippine location of collaborative work spaces in Uptown Tower Three in Uptown Bonifacio, Taguig. The facility will cover two levels with a total gross floor area of 4,081 square meters. WeWork opened its operations in Uptown Bonifacio last month, following its launch of new locations in Vietnam and Malaysia late last year. “This is yet another major milestone for Megaworld and for the Philippine real-estate industry. We are now able to collaborate with a

multinational operator of flexible spaces, and this allows both Megaworld and WeWork to engage in cross referrals. While it provides flexible short- to medium-term use of variably sized work spaces, Megaworld does bigger and more permanent ones. But what is similar to both companies is that we believe in the ideals of creating communities with the spaces we develop,” Megaworld Senior Vice President Jericho P. Go said. Go said the company may open to WeWork its other facilities such as those in the outskirts of Quezon City, other sites near its area in Bonifacio Global City and in Iloilo. VG Cabuag

Commuters can earn cash from local courier app

ILIPINO-MADE delivery mobile application Jojo Pasabay, which leverages on the perennial traffic in Metro Manila, is all set to go live on March 8 to provide an efficient and sustainable way to deliver items, while giving commuters a chance to earn additional income. Created by First Shoshin Holdings Inc., Jojo Pasabay was inspired by the personal account of one of the company’s founders to witness how idle the riding public could become when stuck in bottlenecks. This scenario supports current data that show an average Filipino spends one hour and six minutes on the road each day, wasting 16 days annually. “So the idea was the monetization of that wasted time. If you can actually convert these commuters into transporters, you [can] create millions of entrepreneurs who can now turn a negative experience into a positive one. So the time wasted is now time spent earning a livelihood,” said Jay Fajardo, chief strategy officer of Jojo.

Downloadable on both iOS and Androidenabled mobile gadgets, Jojo offers senders fast and secure shipping of legal items, like parcels and nonperishable goods fit within the standard large backpack with real-time GPS tracking features, and access in just one click to a verified pool of transporters. The latter, either regular riders of public transport or car or motorcycle owners, can make the delivery possible since they are already heading toward the direction of the package to be sent to the recipient. “As a first security measure that we have in place, the transporter has the right to refuse a package. That’s why they’re also trained to enact due diligence in checking the items they will be accepting,” Jojo Chief Marketing Officer Eunice San Miguel said. In the event that any untoward incident happens during the shipment, customer service and quick-response teams are on call to assist the senders, transporters and recipients. Roderick L. Abad

said the company is looking at building a portfolio anywhere between 150 megawatt and 200 MW of capacity. “We cannot disclose at this time because of a nondisclosure agreement, but most sites we are assessing are in Luzon,” he said in a text message. This forms part of MGen’s plan

MUTUAL FUNDS

to scale up its RE portfolio to as many as 1,000 MW—mostly solar power—in the next three years. Utility-scale RE projects are typically defined as those 10 MW or larger. However, under the Philippine Grid Code, “large” depends on the grid. In Luzon 20 MW is considered large, while in the Visayas and Mindanao, the threshold is 5 MW.

March 6, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 256.89 -9.92% 1.62% 1.67% 1.85% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5773 -0.62% 12.24% 4.3% 9.47% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0058 -11.23% 2.73% 0.49% 2.63% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9155 -7.01% N.A. N.A. 2.81% 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 5.363 -7.62% 1.91% 1.11% 1.74% MBG EQUITY INVESTMENT FUND, INC. -A 124.21 6.12% N.A. N.A. 6.65% ONE WEALTHY NATION FUND, INC. -A 0.8496 -11.07% -4.54% N.A. 2.07% PAMI EQUITY INDEX FUND, INC. -A 50.4307 -8.67% 2.53% N.A. 2.49% PHILAM STRATEGIC GROWTH FUND, INC. -A 529.41 -8.12% 1.48% 1.13% 2.85% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.2779 -6.74% 3.43% 4.41% 1.91% PHILEQUITY FUND, INC. -A 37.6405 -7.05% 4.02% 3.64% 2.75% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0011 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.0976 -8.23% 3.42% 3.56% 2.8% PHILIPPINE STOCK INDEX FUND CORP. -A 850.73 -8.13% 3.15% 3.46% 2.68% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.8946 -5.97% 1.7% N.A. 3.88% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.1887 -6.76% 3.47% 2.5% 3.2% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9789 -8.49% 3.12% N.A. 2.58% UNITED FUND, INC. -A 3.5895 -5.32% 4.95% 3.33% 2.53% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 113.7866 -7.84% 4.27% 4.55% 2.74% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0058 -9.37% 7.76% 1.31% 8.26% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2527 -1.46% N.A. N.A. 13.36% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6919 -6.57% -0.34% -1.1% 2.46% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2644 -6.33% 1.63% 0.88% 2.5% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.587 -5.19% -0.22% -1.39% 1.7% GREPALIFE BALANCED FUND CORPORATION -A 1.3306 -7.13% N.A. N.A. 2.02% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.8864 -3.73% 1.62% 1.45% 2.35% PAMI HORIZON FUND, INC. -A 3.584 -6.48% 0% 0.35% 1.55% PHILAM FUND, INC. -A 16.2005 -5.63% 0.27% 0.46% 1.84% SOLIDARITAS FUND, INC. -A 2.1067 -4.5% 1.72% 2.31% 1.66% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.7607 -4.73% 1.48% 1.59% 2.99% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9712 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9625 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9609 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9519 -5.11% 1.18% N.A. 3.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.0357 1.48% 0.19% 1.55% 1.28% PAMI ASIA BALANCED FUND, INC. -A $0.9842 -7.2% 4.82% -0.15% 5.13% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6249 -1.08% 6.53% 2.17% 9.57% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0712 -3.8% N.A. N.A. 6.06% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 345.89 2.54% 2.03% 2.07% 0.73% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8657 -0.13% -0.3% -0.35% 0.35% COCOLIFE FIXED INCOME FUND, INC. -A 2.9958 5.35% 5.27% 5.26% 0.84% EKKLESIA MUTUAL FUND INC. -A 2.1509 2.15% 1.39% 1.79% 0.96% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2308 0.76% 0.18% 0.87% 0.97% GREPALIFE FIXED INCOME FUND CORP. -A P 1.5949 -0.93% -0.86% 0.36% 1.95% PHILAM BOND FUND, INC. -A 3.9329 -1.15% -0.93% 0.4% 0.33% PHILEQUITY PESO BOND FUND, INC. -A 3.5773 2.47% 0.75% 1.14% 1.71% SOLDIVO BOND FUND, INC. -A 0.9103 0.15% -0.69% N.A. 1.98% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8377 1.91% 1.04% 1.54% 2.6% SUN LIFE PROSPERITY GS FUND, INC. -A 1.5755 1.56% 0.56% 1.05% 2.31% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $451.84 2.18% 2.08% 2.93% 0.79% ALFM EURO BOND FUND, INC. -A Є214.91 1.05% 1.36% 1.53% 1.06% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1539 3.19% 1.51% 2.12% 2.5% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.025 0.81% 0.68% N.A. 0.81% GREPALIFE DOLLAR BOND FUND CORP. -A $1.6957 -1.83% -1.12% 0.79% 0.33% 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 $1.0499 0.22% -1.03% -2.44% 1.19% PHILAM DOLLAR BOND FUND, INC. -A $2.2207 2.07% 0.58% 2.93% 2.28% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0576078 1.37% 1.03% 1.71% 1.1% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9272 - 0.53% -0.03% 1.86% 1.92% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 121.95 3.38% 2.1% 1.72% 0.92% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0037 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.1886 2.36% 0.91% 0.64% 0.57% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2275 2.99% 2.4% 1.74% 0.7% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0205 2.02% N.A. N.A. 0.45% * - 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

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Thursday, March 7, 2019

‘Greedy copra traders excluded from supply deal’

HE Department of Agriculture (DA) said “heartless” traders who failed to raise their copra buying price will not be able to enjoy the benefits of a business deal that will expand exporters’ access to the Eastern European market.

BLOOMBERG NEWS

Two firms to bid for dairy project in Bohol–Piñol T WO dairy firms were allowed to participate in the bidding for the Ubay Dairy Project, which seeks to establish “compact” dairy farms in Bohol, according to the Department of Agriculture (DA). Agriculture Secretar y Emmanuel F. Piñol said he has signed documents permitting ACDI Multipurpose Cooperative, a farmer’s organization managed by retired military men, and AFIMilk, an Israeli firm based in Vietnam, to bid for the dairy project. “These groups will set up a compact dairy farm with an initial 2,000 heads of dairy cows by next year,” Piñol said in a statement. The DA said it allowed the private sector to import cattle and put up the necessary dairy facilities so the government can fast-track the implementation of its banner dairy program and save money. He said the DA’s goal is to increase the dairy-cow population in Ubay to 6,000 by the end of 2022. The Ubay Dairy Project is in line with the government’s goal of transforming Bohol into the dairy capital of the Philippines

by expanding the milk output of the province. Piñol said in 2017 that the government’s plan is for Bohol to serve as the center of the DA’s dairy-development program because it owns the 3,000-hectare Ubay stock farm. “Only 2 percent of the Philippines’s total milk requirement is produced by local farmers. The rest are imported,” he said. “Give five years to Bohol, I am projecting that the island of Bohol will be the major dairy-production area of the country,” Piñol added. The agriculture chief said Canada and the Czech Republic have expressed interest in helping Manila develop the Philippine dairy industry. “Canada would like to bring in their technologies and establish dairy farms in Bukidnon while Czech Republic government seeks to showcase its dairy agri-tourism, and proposes to build a hostel and learning site for students in Baguio,” Piñol said. The importation of cattle is part of the DA’s plan to ramp up local milk production to meet at least 10

percent of the annual domestic requirement by 2022 and reduce the country’s reliance on imports. The DA is allotting at least P1 billion for the live cattle-importation program. A Global Agricultural Information Network (GAIN) report prepared by the United States Department of Agriculture Foreign Agricultural Service in Manila projected that the country’s total milk imports in 2019 could reach 2.7 million metric tons (MMT). The GAIN report also projected that local milk output could go up by 4.17 percent this year. “Local milk production [may] reach 25,000 MT in 2019 due to increasing consumer preference for fresh milk and growing local dairying capabilities.” “Around 63 percent of total milk produced is cow’s milk, while the rest is carabao milk [34 percent] and goat milk [3 percent],” the report read. The report noted that average Philippine milk production per animal of 8 liters/day remains low due to poor feed and management practices, as well as high production costs and a lack of adequate dairy infrastructure.

China revokes canola permit of Canadian grain processor as dispute escalates

INNIPEG, Manitoba—One of Canada’s largest grain processors said on Tuesday that China has revoked its permit to export canola there, a move that some saw as retaliation for the Canadian government’s arrest of a top executive for the Chinese tech giant Huawei. China’s action against Richardson International Ltd. following noncompliance notices alleging that some imports from Canada were contaminated with pests or bacteria. Canada disputes that claim. “I am very concerned by what we’ve heard has happened to Richardson. We do not believe there’s any scientific basis for this,” Canadian Foreign Affairs Minister Chrystia Freeland said in Montreal. “We are working very, very hard with the Chinese government on this issue.” The loss of the shipping permit comes as Canada is proceeding with an extradition hearing for Huawei CFO Meng Wanzhou, who is the daughter of Huawei’s founder. She was arrested by Canada at the request of the United States, where she

BOTTLES of Canola Harvest brand canola oil, manufactured by Canadian agribusiness firm Richardson International, are seen on the shelf of a grocery store in Beijing on March 6. AP PHOTO/MARK SCHIEFELBEIN is wanted on fraud charges. It wouldn’t be the first time Beijing has retaliated against nations that offend it. China suspended its bilateral trade deal with Norway and restricted imports of Norwegian salmon after the Nobel Peace Prize was awarded to Chinese political prisoner Liu Xiaobo in 2010. Britain and other countries were

retaliated against over meetings with the Tibetan spiritual leader the Dalai Lama, considered a dangerous separatist by Beijing. Canadian Agriculture Minister Marie-Claude Bibeau said in a statement that the government was closely monitoring the situation and any potential impact on Canada’s agricultural trading relationship with China. AP

A g r icu lture Secretar y Emmanuel F. Piñol made the pronouncement after he and officials of the Coconut Industry Investment Fund Oil Mill Group (CIIFOMG) and the Philippine Coconut Authority met with Monacobased Russian businessman, Igor Malyshkov. Piñol sa id Ma lysh kov h a s firmed up a supply agreement with CIIF-OMG on Tuesday night in a meeting arranged by the DA. The Russian businessman’s Austriaregistered Arteks Generation, he said, has links with a supermarket chain in Eastern Europe that has 15,000 outlets. “By next week, I will direct the Marketing Group of the DA to monitor the buying price [of traders] for copra and whole coconuts. If [their] price is below P25, as earlier agreed upon, [they] will be excluded from this supply deal,” he said in a post on his official Facebook page on Wednesday. Piñol noted that many of the

traders did not heed the appeal he made in November to raise their buying price. He issued the appeal after farmers stopped harvesting copra when its average mill-gate price fell to as low as P15 per kilogram. “As early as last year, when the buying price of copra, the main source of livelihood of our Coconut farmers, dropped, I met with many of [the traders] and appealed for their help by setting an agreed buying price of at least P25 per kg,” he said. In exchange for this, the agriculture chief said he had promised traders that he will work hard to convince the Department of Energy to increase the coconut oil content of biodiesel to 5 percent, from 2 percent and slap tariffs on imported palm oil. “Obviously, these options are very challenging as I expected a lot of opposition. Some of [the traders] heeded my appeal to increase [their] buying price but most of

[them] did not,” Piñol said.

Coco exports

THE agriculture chief said CIIFOMG officials briefed Malyshkov on the line of products which the government-owned and -controlled corporation can immediately supply. They also identified other coconut milling and processing companies which may be tapped to supply the requirements of the Eastern European market. “I will, however, make sure that only those who are willing to help the coconut farmers will be included in this Eastern European marketing deal. I will persuade Malyshkov and his group to exclude the greedy and the heartless [traders], especially those who exploited the farmers,” he said. Piñol said Malyshkov will travel to Mulanay, Quezon, to inspect a mothballed Southern Luzon Coconut Oil Mill and the San Pablo Oil Mill in Batangas, which produces products under the Minola brand name. Malyshkov said he would consider leasing the mothballed oil milling facility in anticipation of a huge demand for coconut products once it is introduced to Eastern European consumers. Piñol said Malyshkov also represented Moscow-based banana corporation BANEX. “The Russian businessman is also finalizing a banana supply agreement with small banana growers while at the same time laying the groundwork for the establishment of a 7,000-hectare banana plantation in the Bangsamoro area.”

TheBroa

Business

Thursday, March 7, 2019

Filipino women open grea By Cai Ordinario, Sam Medenilla & Jovee de la Cruz

@cai_ordinario

@sam_medenilla

@joveemarie

FTER 11 decades of celebrating the day for those holding the other half of the world, the glass neither remains half full nor half empty, especially when it comes to women’s economic might in the Philippines. It was in 1909 when the first Women’s Day was celebrated in the United States. The United Nations said the Socialist Party of America designated February 28 as National Women’s Day to honor the 1908 garment workers’ strike in New York to protest poor working conditions. But it was only in 1911 when the first International Women’s Day was celebrated in Austria, Denmark, Germany and Switzerland, where over a million women and men marched in the streets. Apart from fighting for women’s right to vote and hold public office, men and women demanded for women’s right to work, vocational training and end to discrimination in jobs. Indeed, the roots of women’s struggle for emancipation began in the streets. Today, it is also being fought in the halls of Congress and in boardrooms where laws and public policies are drawn. Numbers, however, never lie so the BusinessMirror crunched data provided by the Philippine Statistics Authority (PSA). It showed that as of 2018, less than half of women in the country are in the labor force at only 46.6 percent. This means 53.4 percent of women are dependent on husbands, parents, and other means of support. Nonetheless, efforts to increase women’s participation in the labor force may have succeeded given that in 2011, nearly a decade ago, the labor force participation rate of women in the country was only at 39.3 percent. This means majority of women were still dependent on others for their income. However, when it comes to working abroad, there are more women filling the purse. Based on the 2017 data of the PSA, there were 1.26 million female overseas Filipino workers (OFWs) in various parts of the world. These women send back about P58.2 billion in remittances annually as of 2017.

Economic contributor

DESPITE the economy’s substantially owing its growth to women OFW’s remittances, many of the Filipino women still live in poverty. Based on the 2015 poverty estimates, 22.5 percent of women are considered poor nationwide. Women are the fifth poorest basic sector after farmers, fishermen, children, and the self-employed and unpaid family workers. These sectors, which are not mutually inclusive, also include women and girls. The poorest women are located in the Autonomous Region in Muslim Mindanao (ARMM), where poverty incidence was at 55.1 percent. The ARMM is followed by Region 8 or Eastern Visayas, with a poverty incidence rate of 38.9 percent in 2015. This is indeed a sad reality that even in this day and age where it seems that anyone can do anything, women have not become financially independent. National Economic and Development Authority (Neda) Undersecretary for Planning and Policy Rosemarie G. Edillon said what is needed are policies that make it possible for women to participate in paid labor and still fulfill assigned domestic work, such as raising children and doing the laundry. According to her, one way to

change the fate of women is to quantify the value of their domestic duties and include this valuation in the country’s gross domestic product (GDP) estimates. She added that while this may be farfetched, the International Labor Organization (ILO) has moved to concretize this concept. Edillon said the ILO included the Philippines in its pilot study back in 2017. However, the results are not yet forthcoming given that these need to go through a careful evaluation process and ratified. Edillon, nonetheless, still considers the ILO study a step in the right direction. Philippine Institute for Development Studies (PIDS) Senior Research Fellow Jose Ramon Albert said “attempts have been made to adjust GDP in the Philippines to account for unpaid care work using a pilot survey on time use.” “[The] ILO, I think, has come out with estimates of global GDP accounting for value of home care,” Albert told the BusinessMirror. “Clearly, if this is done, the patterns in GDP will be quite different.” “[Through the study,] women will no longer be the invisible work force, the invisible contributor to the economy,” Edillon said. However, she added that “more than just quantifying, we really want women to have financial independence.”

Market structure

EDILLON said increasing the labor force participation of women was ingrained in the PDP. This is consistent with the Sustainable Development Goals (SDGs) that not only require all targets and indicators disaggregated according to gender, ethnicity, disability and others, but also specific targets for women’s rights. SDG 5 aims to achieve gender equality and empower all women. The targets include recognizing and valuing “unpaid care and domestic work through the provision of public services, infrastructure and social protection policies and the promotion of shared responsibility within the household and the family as nationally appropriate.” The targets also aim to “undertake reforms to give women equal rights to economic resources, as well as access to ownership and control over land and other forms of property, financial services, inheritance and natural resources, in accordance with national laws.” “That’s actually one of the target outcomes in the PDP. We think, for that, we need legislation because women need flexible work arrangements, so they can be encouraged to join the labor force,” Edillon said. “It is regrettable that they have a higher educational attainment but because of certain labor regulations not compatible with their situation, [they are not able to do so]. So we think if we have more flexible working arrangements, we can encourage more women to enter the labor force.” Albert believes such arrangement is impossible as the labor market remains structured to favor men. This is the reason unpaid work, such as running households and raising children, has not been considered in economic growth.

Paid, unpaid

ALBERT said data provided reveal that 58.2 percent of the time, women are not part of the labor force because they render unpaid care. For men, the primary reason why they are not part of the labor force is schooling (54.5 percent). He added that as of January 2018, an estimated 11.6 million persons—10.8 million of whom are women—are not in the labor force due to unpaid care work. “One of the major barriers to women’s economic empowerment is the disproportionate share of unpaid care and domestic work they undertake,” Albert said. “Apart from limiting participation in the labor market, unpaid care and domestic work has an impact on the type and quality of work that women can engage in, and on their wages.” He pointed to documents from the Asian Development Bank and UN Women that provided a crosscountry analysis across Asia and the Pacific in 2018. “[The analysis] shows that countries in which women perform a higher share of unpaid care work also have a higher share of women in part-time and vulnerable jobs,” he added. However, work arrangements are not the only concern when it comes to making women more active participants in the economy but also in terms of ownership.

Ownership deeds

ACCORDING to PSA data as of December 2018, around 599,215 women hold Certificates of Land Ownership Agreement (CLOA), which are not even half of the 1.32 million CLOAs held by their male counterparts. The CLOAs held by women as of December 2018 represented a contraction of 8.37 percent from the 653,945 CLOAs held by women in 2015. The CLOA is the certificate of land ownership awarded to beneficiaries of the Comprehensive Agrarian Reform Program (CARP). This means several small farmers are covered under one CLOA and it is therefore not considered as collateral for credit. In terms of emancipation patents (EPs), around 93,825 women are EP holders, which was only a fourth of the 406,404 EPs granted to men. The EPs granted to women, however, have steadily increased from 57,424 in 2015 and 56,352 in 2013. According to the Comprehensive Agrarian Reform Law of 1988 (Republic Act 9700), land titles “awarded under the agrarian reform must indicate that it is an emancipation patent or a certificate of land ownership award and the subsequent transfer title must also indicate that it is an emancipation patent or a certificate of land ownership award.” The SDG 5 targets also cited the need to “enhance the use of enabling technology, in particular information and communications technology, to promote the empowerment of women” and “adopt and strengthen sound policies and enforceable legislation for the promotion of gender equality and the empowerment of all women and girls at all levels.”

Women and tech

AND thanks to new technology, the home, for thousands of women, will now no longer be just where the heart is, but also conveniently the place for professional work. After years of being almost invisible in the workforce, particularly in some technical occupations, women will finally have their chance to shine in the said fields under another novel ILO project called “Women in STEM [Science, Technology, Engineering and Mathematics].” Through this project, the labor arm of the United Nations aims to boost the participation of women in the technical fields using technology from the so-called Fourth Industrial Revolution (FIRE). Jordi Prat Tuca, ILO’s regional coordinator for the program, told the BusinessMirror in an interview that while FIRE is anticipated to cause some displacement, it will also produce new employment opportunities especially for women, provided

After 11 decades of celebrating International Women’s Day, Filipino women find potential tools for advancement in new laws and technology

aderLook ater empowerment nexus

sMirror

Editor: Dennis D. Estopace | Thursday, March 7, 2019

they have the right set of skills and behavior for it. FIRE innovations like artificial intelligence and even robotics, he said, will replace many simple tasks of several occupations leading to labor displacement. But the same modern advancements will also generate new kinds of jobs since they will need people with STEM-related skills to program, maintain or even repair the said systems. This is where ILO comes in to tap women to fill in the said roles.

Easing burden

THE ILO’s Women STEM Program, funded by J.P. Chase Morgan Foundation, was piloted for specific industries in three Southeast Asian countries in 2017 and will continue to run until 2020. In Thailand the project covers the electrical and electronics sector, while for Indonesia it is the automotive, information and communication sector. For the Philippines, it is the information technology and business-process outsourcing (IT-BPO) sector. Tuca noted the said sectors were chosen due to several factors, like GDP contribution and employment opportunities for women. But the most prominent factor, he disclosed, is these are also the sectors vulnerable to FIRE. The project aims to boost the chances of new graduates or stayat-home moms (SHM) by providing them STEM-related technical vocational education and training (TVET). As for those already at the workplace in the sector, it aims to re-skill or upskill them so they could adapt to workplace challenges from FIRE. Ultimately, Tuca said, the project aims to finally ease the tough decision women usually have to make when going to work. “The choice is family unpaid work at home or paid work outside, which means you have to leave the family. So I think technology is allowing them to balance family and work,” Tuca said.

JESADAPHORN | DREAMSTIME.COM

Relentless pursuit

LINARTES M. VILLORIA, national project coordinator of ILO Women in STEM program, said they are targeting 300 beneficiaries for the three-year program in the Philippines. While their goals might seem modest, Villoria said they are already faced with a daunting task of changing the belief that technical jobs are only reserved for men. She considers finding companies and women who would participate in the program already a success. However, despite having 500,000 likes and inquiries for the project in its launch, she noted only 100 participated in the program. The beneficiaries of the program were given skills training in computer animation, game development, software programming, web development and even e-commerce. Another component of the program is providing the participants with soft skills training to boost their creative thinking, interpersonal communication, leadership, team participation, and time management, among others. Villoria said they were able to draw a mixed group of female beneficiaries that included single college graduates and stay-athome mothers. The latter made up most of those who completed the program. “When I asked why they stayed, they told me, ‘Ma’am if we quit, what will be left with us?” Villoria said. “The others [college graduates] still have other opportunities.”

Moms at home

FOR nongovernment groups like

Filipina Homebased Moms (FHM), the so-called stay-at-home mothers, or SAHMs, hurdle greater challenges. FHM head Maria Korina C. Bertulfo said many SAHMs tend to suffer from lack of confidence to find work even if it is home-based. “What is common among them is their fear to start, and lack of knowledge, which is being provided by our group,” Bertulfo said. Established by Bertulfo two years ago, FHM is a “social enterprise” that aims to provide technical and soft skills training to SAHMs via free web-based seminars. They usually have 700 participants in their online courses. About a hundred of them would successfully be hired for an online job, according to Bertulfo, a former call-center agent. Bertulfo said she created FHM to help other SAHMs like her to find online jobs to help them earn an income. Currently, FHM has over 115,000 members, most of whom are SAHMs in the Philippines and OFWs. “But we also have single women members because of the job opportunity,” Bertulfo said. She explained that typical jobs of their members include being virtual assistants, online teachers, customer service personnel, socialmedia managers and marketers and web designers. Bertulfo claims a member can earn from P25,000 to as high as P100,000 per month. “This makes working from home very feasible as long as they have a stable internet.” She said there was a case when the husband of a stay-at-home mom opted to resign from his work so he could also apply for an online job.

Elevating housewives

SAHMs will be getting support from the House of Representatives, particularly Albay Rep. Joey Salceda. Salceda wants the State to recognize the work of SAHMs or housewives as valuable economic activity. He said it is time, through House Bill 8857, to appreciate the worth and contribution in nationbuilding of housewives. “Yes, it is time to make payment for their housework. The homemaker or housewife deserves at least an amount equivalent of a minimum wage, considering that household work is also a full-time job,” he said. “Under conventional economics, work that is not paid for does not count as productive labor.” According to Salceda, these include the work of housewives or SAHMs who take care of their children, who walk them to school and assist them in their school homework, manage very limited family budget, do grocery shopping, plan the menu and cook nutritious yet budget meals, “in addition to a lot more miscellaneous chores for their family and their husbands.” The bill defines work at home as referring to services rendered for the child in the family but does not include home-based work, which is compensated, or any income-generating activity. SAHMs refer to women who, regardless of civil status, perform the work at home of a full-time mother, and neither have a parttime nor home-based work that is compensated or any income-generating activity. The lawmaker added that, sadly, society doesn’t consider these works productive and stay-at-home mothers as do-nothings, not unlike gutterpups. “Every work of a housewife can be considered social reproductive work,” he said. “But most could not see this.”

New valuation

SALCEDA seeks to make the work of SAHMs or housewives as valu-

able as those of men’s and those in production lines or offices. “What if these stay-at-home mothers or housewives take out their services as child-carers, as homemakers, cooks and sometimes even as care providers for the elderly and the sick in the family, would not a husband be less productive at work? Would not children be underperforming in school or worse, may even [become] juvenile delinquents and pose a threat to society? Clearly, the country’s production processes will grind to a halt.” According to Salceda, if the work of housewives is quantified, it approximates the work of the kasambahay, or domestic worker. Thus, he said housewives also deserve to get paid even just equivalent to what a kasambahay makes. Salceda’s proposal shall apply to all housewives whose family’s economic status falls below the poverty threshold, who work as full-time housewives, and do not have part-time or home-based work that is compensated. Financial compensation equivalent to the daily minimum wage of each region computed on a monthly basis shall be given to housewives who are covered under Salceda’s proposal. For this purpose, the local social welfare and development office of each local government unit is tasked to process and determine the eligibilities of the qualified beneficiaries if this bill is enacted into law. The amount necessary to carry the provisions of HB 8857, or the Housewives Compensations Act, which is under committee deliberations, will come from the annual General Appropriations Act.

Total support

WHILE women are still celebrating another victory with the enactment of Republic Act 11210, or the Expanded Maternity Leave law, the House of Representatives, which has more than 80 women as members, is not stopping. “The enactment of the expanded maternity leave proves that the country remains to be a global leader in promoting the rights of women and children,” said Deputy Speaker Sharon Garin of AAMBISOWA Party List and coauthor of RA 11210. “This victory is a gift to all hardworking mothers as we celebrate International Women’s Month.” One of the principal authors of the law, Deputy Speaker Pia S. Cayetano, said the law expanding the maternity leave from 60 to 105 days puts the Philippines on a par with most Asean countries. Currently, Cayetano said, Vietnam has 120 to 180 days maternity, Singapore has 112 days and Cambodia, Lao PDR, Thailand, Indonesia have 90 days maternity leave. She added that Myanmar has 84 days, Brunei 63 days and Malaysia 60 days. Meanwhile, the Gabriela Party-list has proposed to declare March 8 of every year as a nonworking holiday to allow women workers to celebrate. “Because they had to report for work, many women are not even aware that there exists a date in every year that is celebrated as International Women’s Day,” the party-list said in HB 31. “Consequently, [this day] or March 8 has not really attained the public significance it truly deserves and has not really served its purpose of raising awareness on women’s role in our society.” Gabriela’s bill is pending at the committee level in the House of Representatives. Indeed, after nearly 50 years—the first known commemoration of March 8 was in 1971, according to women’s rights movement Gabriela—Filipino women continue to open avenues for their empowerment.

Thursday, March 7, 2019

Banking&Finance BusinessMirror

www.businessmirror.com.ph

SC bars QC from auction of MWSS properties to pay tax dues of ₧237M

By Joel R. San Juan @jrsanjuan1573

HE Supreme Court has permanently enjoined the Quezon City government from auctioning off the real properties and facilities of Metropolitan Waterworks and Sewerage System (MWSS) for failing to pay its tax dues amounting to P237.10 million. In a 25-page decision penned by Associate Justice Marvic Leonen, the SC’s Third Division granted the petition filed by MWSS seeking the reversal of the October 19, 2010, decision of the Court of Appeals (CA), which held that the water regulator was liable to pay real-property taxes, despite being an instrumentality of the government. The appellate court held that MWSS was not performing a purely governmental function; thus, it cannot invoke immunity from real-property taxation. It f u r t h e r h e l d t h at t h e

taxed properties of MWSS were not part of the public dominion, but were even made the subject of concession ag ree ments between MWSS and private concessionaires due to its privatization in 1997. Thus, the CA concluded that since the properties were held by MWSS in the exercise of its proprietary functions, they were still subject to real-property tax. In reversing the CA ruling, the SC recognized acts of the Executive and Legislative branches, which declared MWSS not as a government-ow ned and -con-

MWSS.GOV.PH

trolled corporation, but as a government instrumentality with corporate powers. The Court noted that after its promulgation of Manila International Airport Authority (MIAA) v. Parañaque City government case in 2006, then-President Gloria Macapagal-Arroyo issued Executive Order 596, which recognized the Court’s categorization of government instrumentalities vested with corporate with powers. In the MIAA case, the SC held that it is exempt from paying realestate taxes, being a government instrumentality vested with corporate powers to perform governmental functions.

Under this provision, the petitioner is categorized with other government agencies that were found to be exempt from payment of real-property taxes.

GOCC Governance Act

MEANWHILE, in 2011, Congress passed Republic Act 10149, or the GOCC Governance Act of 2011, which adopted the same categorization and lists MWSS with the other government agencies that were previously held by the Court to be exempt from payment of real-property taxes. As such, the High Court said MWSS is not liable to pay realproperty taxes to the Quezon City

government, except if the beneficial use of its properties has been extended to a taxable person. “The real properties of the Metropolitan and Sewerage System located in Quezon City are declared exempt from the realestate tax imposed by the local government of Quezon City,” the SC said. “All the real-estate tax assessments, including the final notices of real-estate tax delinquencies, issued by the local government of Quezon City on the real properties of the Metropolitan Waterworks and Sewerage System located in Quezon City are declared void, except for the por-

tions that are alleged and proven to have been leased to private properties,” it added. MWSS has jurisdiction, supervision and control over all waterworks and sewerage systems within Metropolitan Manila, the entire province of Rizal and a portion of the province of Cavite. It holds office at MWSS Compound, Katipunan Road, Balara, Quezon City. The properties of MWSS, including its pipelines, reservoirs and aqueducts were supposed to be auctioned off by the Quezon City government on September 27, 2007, but this was deferred after the CA issued a temporary restraining order. After the MWSS lost its case before the CA, it elevated the case before the SC, which issued a new temporary retraining order in 2011 enjoining the sale of its properties. “The temporary restraining orders issued by this Court on January 26, 2011, and September 7, 2011, are made permanent,” the SC said. Concurring with the ruling were Associate Justices Diosdado Peralta and Ramon Paul Hernando. Two other members of the Third Division—Associate Justices Alexander Gesmundo and Jose Reyes Jr.—did not vote on the issue as they were on wellness leave during its promulgation.

Eiler: Big jump in members’ contributions New DBP head vows to retain bank’s under new SSS law unduly burdens poor involvement in ‘Build, Build, Build’

HE new combined monthly members’ contributions rate for members of the Social Security System (SSS) will increase by 68.42 percent in 2025, for those with a basic salary of at least P10,000 a month, as the new SSS law took effect on March 5, said the nonprofit labor organization Ecumenical Institute for Labor Education and Research Inc. (Eiler). For those employed and earning within the said salary floor, this means that the P488.30 deductions will rise to P795.50 in 2025, because of the P307.70 total increases, it added. Table 1: Deduction for employees earning P10,000 a month (in Pesos)

SSS PhilHealth Combined

2017 deduction 363.30 125 488.30

2025 deduction 545.50 250 795.50

Increase +182.70 +125 +307.70

For the employed members, this is shared with the employer (total of 20 percent). The combined contribution hike is 6.5 percentage points higher (an increase of 48.15 percent) from the 2017 rate of the members’ contributions for their social protection (social security and health). For freelancers and self-employed (SE) and other members of the informal economy, the contribution and increases are solely carried by the individually paying member. This means premium contribution of at least P1,500 for SSS and P200 for Philippine Health Insurance Corp. (PhilHealth) by 2025—or a total of P1,700 per month, should the member choose to settle premiums per monthly basis, Eilier pointed out. Table 3: Contribute rates for self-employed earning P10,000 a month (in Pesos)

SSS PhilHealth Combined

2017 1,100 200 1,300

2025 1,500 200 1,700

Increase +400 +0 +400

Eiler noted that in 2017, President Duterte approved the P1,000 pension hike in January with a corresponding 1.5 percent contribution-rate hike in May of the same year, and an increase in monthly salary credit to P20,000 from P16,000. Under the recently enacted Social Security Act of 2019 (Republic Act 11199), the Social Security Commission has the power to raise contribution rates even without the President’s approval, on top of the mandated 1 percentage point increase every two years

until 2025. Meanwhile, the Universal Health Care Act (RA 11233) internal rate of return is pending. “Financing social protection should protect and uplift the poor, not burden them with further economic insecurities. The new developments under Republic Act 11199 and RA 11233 are neoliberal economic prescriptions that further deregulate and privatize our social security and health insurance to accumulate more capital and invest in the free market. It is extreme injustice to make it harder for the working people and the poor to access poverty alleviation mechanisms,” Eiler Executive Director Rochelle Porras said in a statement on Tuesday. According to Eiler, despite the steep increases, there is no significant wage increase included to augment the added deductions for SSS and PhilHealth contributions. The implementation of RA 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN), which fueled higher inflation and higher costs of goods and services, have made minimum-wage earners and informal workers more vulnerable and less able to emerge from poverty. Now, Eiler added, they have to face up to year 2025 increased deductions. “We’d like to ask: What do we get from this increased contribution apart from lower take-home pay? Right now, it’s very clear that we will get conditional unemployment benefits of 50 percent our average monthly salary credit for two months; expanded maternity leave from 60 to 105 days, which still has to be paid with further increase of members contribution and not from increased budget allocation for social services; the elderly are also denied the second tranche of P1,000 pension hike this year. The increase in premiums does little to assure us that social spending is even a priority of this administration,” Porras added. Lauding the employees, employers and individual members who remit faithfully to SSS and PhilHealth in spite of complaints about services, Eiler said it is unfair to blame the short fund life of the state insurance systems to contributing members. “There are other means to extend the fund lives of the SSS and PhilHealth. First, increase government budget allocation for social services. For SSS, why not go after the erring employers who do not report and remit? Despite claims of limited pension funds, SSS has managed to increase its revenue by 6 percent to P212.6 billion in 2018. Members’ contributions, which comprises a huge chunk of the agency’s total revenues, increased by 13.89 percent. It shows that if it continues to improve its dismal collection efficiency rate, more importantly to penalize employers who have failed to remit billions of pesos in premiums, contribution increase is not necessary,” Porras said.

By Bianca Cuaresma @BcuaresmaBM

HE change of leadership in the state-owned Development Bank of the Philipines (DBP) will not derail the bank from its involvement in different initiatives in the country—particularly its support for the national government’s infrastructure program. In a statement made on Wednesday, new DBP President and CEO Emmanuel G. Herbosa said the bank is looking to sustain its development banking strategies. Among those particularly mentioned were DBP’s support to the government’s flagship “Build, Build, Build” infrastructure program, as well as their drive to promote financial inclusion, especially in unbanked and underserved areas of the country. He is also looking to improving the current service infrastructure of the 72-year-old bank. “It is my hope that through these programs, DBP will remain a rele-

vant and responsive partner of the national government in promoting inclusive growth, particularly in the countryside,” Herbosa said. DBP provides loans to four key sectors of the economy—infrastructure and logistics; micro, small and medium enterprises (MSMEs); social services and community development; and the environment. In one of its earlier reports, DBP said the infrastructure and logistics sector received the biggest chunk of DBP assistance for the first three quarters of 2018. Among its recent projects was to grant a P1.3-billion omnibus loan to the Provincial Government of Nueva Ecija for infrastructure development in the area. Herbosa took his oath before Finance Secretary Carlos G. Dominguez III on March 1 at the Department of Finance head office in Manila. Herbosa is a US-trained banker with extensive experience in corporate banking, consumer banking, branch and overseas banking. Prior

to his appointment to the DBP, he was president and CEO of the Philippine Guarantee Corp. He also held leadership positions with the Bank of the Philippine Islands (BPI) as senior vice president and with Bank of Commerce as executive vice president. He was also the former COO of Ayala Insurance, a bancassurance subsidiary of the Ayala Group. Herbosa is a graduate of Industrial Management Engineering from the De La Salle University, with a Master’s in Business Administration from the Wharton School, University of Pennsylvania. He completed a Leadership Excellence Acceleration Program from the Harvard Business School, Account Management Course from JPMorgan and Advanced Account Management from City Trust Company. Apart from his banking profession, he also served directorial posts at the De La Salle School Boards, De La Salle Brothers Fund Inc. and P&Gers Fund Inc.

Oversubscription continues in BSP term deposit facility

ANKS were generally more eager to place their cash in the Bangko Sentral ng Pilipinas’s (BSP) term deposit facility (TDF), as bids significantly rose across the board on Wednesday’s auction. Data from the Central Bank showed oversubscription in all three deposit facilities of the Central Bank, with demand exceeding what the BSP has put up for auction during the week. In particular, banks’ bids for seven-day term deposits hit a total of P42.285 billion on Wednesday, up from the P36.759 billion in the previous week and above the P20 billion offered by the BSP for the seven-day tenor during the week. The trend holds true for the two other tenors, with the 14-day term

deposit bids hitting P33.576 billion, up from the P21.874 billion seen in the previous week and the P20-billion offering from the BSP. The 28-day term deposit offer ing of P10 bil lion was a lso met with P19.228 billion bids, up from the P11.362 billion in the previous week. The TDF is one of the BSP’s liquidity absorption facilities to management circulation in the economy. As banks bid to park funds in the BSP’s facility, the TDF effectively siphons off a part of this structural liquidity from the financial system to bring market rates closer to the BSP’s main policy rate. Amid strong appetite for term deposits, yields across all three tenors of the TDF went dow n on Wednesday, with the rate in

the seven-day tenor posting the biggest decline. The seven-day term deposits fetched a rate of 5.0342 percent during the week, down from the 5.1027 percent in the previous week. For the 14-day tenor, the rate was down to 5.1452 percent, from the 5.1661 percent in the previous week, while for the 28-day tenor, the rate was at 5.1758 percent on Wednesday, from the 5.2017 percent in the previous week. Since the start of the year, banks have been showing sustained interest in the BSP’s TDF, with bouts of oversubscription every week. For 2019, the BSP has only increased its volume of offering once—in the first week of January—from P30 billion to the current P50 billion offered. Bianca Cuaresma

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

The World BusinessMirror

Oil falls as report showing US inventory jump spurs glut fears

IL declined after an industry report showed a massive increase in US crude stockpiles, reviving fears of a global glut. Futures in New York fell by about 1 percent, after closing lower on Tuesday. US inventories swelled by 7.29 million barrels last week, the American Petroleum Institute was said to report. If Energy Information Administration data due on Wednesday confirms that, it would be the biggest increase in six weeks. Investors are also looking for a breakthrough on US-China trade talks that have dragged on for the past several weeks. A surge in US stockpiles, aided by record shale flows and refinery maintenance, may cut short a crude rally. Prices have climbed over 20 percent this year as output curbs by the Organization of the Petroleum Exporting Countries and its partners, as well as sanctions on Iran and Venezuela reduced supplies. President Donald Trump is ready to walk away from a trade deal with China unless he secures a “perfect deal,” said Secretary of State Mike Pompeo. “Once again, this could be the reason why we are seeing some pressure on the market,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney referring to the stockpile data. “Also, the US-China trade talks are a complicated process. I think it might be dawning on oil traders that a comprehensive agreement might be weeks or even months away, rather than the days they

might have been looking at.” West Texas Intermediate for April delivery slipped as much as 1.1 percent to $55.96 a barrel on the New York Mercantile Exchange before trading 42 cents lower at $56.14 at 3:55 p.m. in Singapore. Brent for May settlement was at $65.46 a barrel, down 40 cents, on the London-based ICE Futures Europe exchange. The global benchmark crude’s premium over WTI for the same month narrowed to $8.93 a barrel. The gain in US oil stockpiles reported by the API is significantly higher than the median forecast for a 1.45-million-barrel increase estimated by analysts Bloomberg surveyed before the scheduled EIA figures. The swelling hoard in the world ’s biggest consumer is undermining efforts by Saudi-led Opec cuts to avert a glut. The kingdom’s energy minister, Khalid Al-Falih, said last week that American inventories are “ brimming,” and it’s leaning toward extending production curbs beyond June. Meanwhile, uncertainty still hangs over US-China trade talks, seen crucial for reviving economic growth and boosting oil demand. Pompeo’s comments indicate that markets’ hope of a “comprehensive agreement within days might have been a bit too optimistic,” McCarthy said. The Asian nation has announced major tax cuts to boost a slowing economy as the trade tensions with America take a toll on the world’s top crude importer. Bloomberg News

NORTH KOREA SAID TO BE REBUILDING STRUCTURES AT ROCKET LAUNCH SITE

EOUL, South Korea—North Korea is restoring facilities at a long-range rocket launch site that it dismantled last year as part of disarmament steps, according to foreign experts and a South Korean lawmaker who was briefed by Seoul’s spy service. The finding follows a high-stakes nuclear summit last week between North Korean leader Kim Jong Un and US President Donald J. Trump that ended without any agreement. South Korea’s National Intelligence Service provided the assessment about the North’s Tongchang-ri launch site to lawmakers during a private briefing on Tuesday. North Korea didn’t immediately respond in its state media. An article from 38 North, a web site specializing in Nor th Korea studies, cited commercial satellite imager y as indicating that efforts to rebuild some structures at the site started sometime between February 16 and March 2. Dismantling parts of its long-range rocket launch facility was among several steps the North took last year when it entered nuclear talks with the United States and South Korea. North Korea has carried out satellite launches at the site in recent years, resulting in UN sanctions over expert claims that they were disguised tests of banned missile technology. It wasn’t immediately clear how the report might affect nuclear diplomacy. The Trump-Kim summit fell apart because of differences over how much sanction relief North Korea could win in return for closing its aging main nuclear complex. The US and North Korea accused each other of causing the summit breakdown, but both sides left the door open for future negotiations. One of the South Korean lawmakers who attended the briefing said on Wednesday that NIS Direc tor Suh Hoon said the structures being restored at the launch site include roofs and building doors. The lawmaker requested anonymity because of the sensitive nature of the information. He quoted Suh as saying that the move could be preparation to restart long-range rocket launches if nuclear diplomac y completely collapses, or could be an attempt

to add structures that could be dramatically blown up in a show of denuclearization commitment when US inspectors visit if negotiations with Washington go well. The NIS said it couldn’t confirm the report on Suh’s briefing. The 38 Nor th repor t published on Tuesday said the rail-mounted processing building, which is where space launch vehicles are worked on before they’re moved to the launch pad, is being reassembled. It said two support cranes can be seen at the building, and walls have been erected and a new roof added. At the engine test stand, the website said it appears that the engine support structure is being reassembled. It said new roofs have been installed on the fuel and oxidizer buildings. The report was written by Jack Liu and Jenny Town. Beyond Parallel, a website run by the Center for Strategic and International Studies think tank , issued a similar assessment of the Tongchang-ri site. It said satellite imagery taken on Saturday, two days after the failed summit, showed North Korea “is pursuing a rapid rebuilding” of the rocket site. After repeated failures, North Korea successfully put a satellite into orbit for the first time in 2012 in a launch from the site, which is also known as the Sohae Satellite Launching Station. North Korea had another successful satellite launch in 2016. Nor th Korea has said its satellite launches are part of its peaceful space d e ve l o p m e nt p ro g ra m . No n e o f t h e countr y ’s high-profile missile tests, including three ICBM launches in 2017, was conducted at the site. But many outside experts say ballistic missiles and rockets used in satellite launches share similar bodies, engines and other technology. They say each of the North’s satellite launches was believed to have improved its missile technology. After carrying out the third of its three ICBM launches in late 2017, North Korea claimed to be able to attack the mainland United States with nuclear-armed missiles. Foreign missile experts say the North still needs to master a few remaining technologies, such as perfecting a reentry vehicle, to have functioning ICBMs. AP

Thursday, March 7, 2019

Is a meaningful US-China trade deal hard to reach?

ASHINGTON—Under President Donald J. Trump, America’s trade deficit with China has so far worsened. That gap represents an unfulfilled Trump pledge just as talks between the world’s two largest economies may be nearing a potential deal to suspend their trade war. Despite signals from Chinese and US officials that some truce could soon be at hand, there are few signs of any truly transformed trade relationship. Beijing’s longstanding policy of subsidizing its own businesses and charges that it illicitly obtains US technology remain key obstacles. During the first 11 months of 2018, America’s trade deficit in goods with China—the gap between the value of US goods that China buys and the higher value of what it sells to the US—swelled to a record $382 billion. And a government report to be released on Wednesday is expected to show the US deficit with China reaching a new high above $400 billion. A senior Trump administration official asserted that progress had been made during trade talks over the past two weeks, only to acknowledge that the event u a l outcome rema ins a myster y and that China faced no timetable for responding to the US priorities. T he official insisted on anony mity to discuss private conversations. US and Chinese officials have hinted that some kind of agreement could be finalized by the end of March, with Trump and President Xi Jinping possibly meeting to formalize the deal at Trump’s private club in Mar-aLago, Florida. For its part, Beijing is publicly expressing its intent to crack down on policies that have long enabled Chinese companies and

local government officials to force American and other foreign businesses to share their technology as the price of admission to the vast Chinese market. But such public pledges represent far less than the enforceable commitments to reform such policies that US negotiators are seeking. Last year, Trump imposed a series of tariffs on Chinese goods in hopes of pressuring Beijing to support more favorable terms for the United States. In June, the White House levied import taxes of 25 percent on $50 billion of Chinese imports. It followed in September with 10 percent duties on an additional $200 billion. All told, the US tariffs covered roughly half of what the US buys from China. But the blowback from the Trump tariffs—and China’s retaliatory import taxes on US goods— has been steady, at home and abroad. Many businesses are now paying higher costs to import electrical components and other goods from China that aren’t made in the United States. The duties cost consumers $1.4 billion a month and businesses $3 billion a month by the end of last year, according to research released last week by Mary Amiti, an economist at the Federal Reserve Bank of New York, and economists from Princeton and Columbia universities. And a survey led by the Federal Reserve Bank of Atlanta found that the tariffs had caused US companies to cut their spending on large equipment by 1.2 percent,

NEW YORK AUTHORITIES SUBPOENA LONGTIME TRUMP INSURANCE BROKER

EW YORK—New York regulators have sent a subpoena to the Trump Organization’s longtime insurance b r o k e r, a r e q u e s t t h a t c o m e s d a y s after President Donald Trump’s former attorney, Michael Cohen, told Congress the president had misled insurers about the value of his assets. The brokerage, Aon, told The Associated Press on Tuesday it intends to cooperate with the inquiry by New York’s Department of Financial Services, the agency that regulates the insurance industry. Donna Mirandola, a spokeswoman for the brokerage, declined to discuss the specifics of the request. “We do not comment on specific client matters,” she wrote in an e-mail. The Department of Financial Services d e c l i n e d t o c o m m e n t . T h e Tr u m p Organization did not return messages seeking comment. The document request comes amid a flurry of criminal, civil and congressional investigations into the president and his business dealings by multiple agencies, including t wo US House committees controlled by Democrats. A person familiar with the investigation said the Department of Financial Services had reached out to Cohen and he agreed to cooperate in the inquiry. The person wasn’t authorized to talk publicly about the matter and spoke to the Associated Press

on condition of anonymity. The New York Times, which first reported the subpoena, said the nine-page subpoena sought a wide range of records but did not allege any specific wrongdoing. The newspaper said the subpoena sought communications and records regarding Aon’s business with Trump over the past 10 years and internal Aon contracts and records relating to Trump. During testimony before the House Oversight Committee last week, Cohen presented three years of Trump’s financial documents he said showed Trump inflated the value of his assets in part to lower his insurance premiums. He said Trump would provide the falsified statements to insurers “so that they would understand that the premium, which is based sometimes upon the individual’s capabilities to pay, would be reduced.” T h e Tr u m p O r g a n i z a t i o n h a s n’ t commented on the specifics of Cohen’s allegations, but Trump, in several tweets, called his statements to congress “fraudulent and dishonest.” Exper ts said Trump would have an incentive to exaggerate his wealth for some types of insurance, including surety bonds. Local governments often require developers to get this kind of coverage so, if the developer goes bankrupt, there is backup money to go ahead with paving roads and other infrastructure projects promised by the developer. AP

or $32.5 billion, last year. Both figures are relatively modest, given that the US economy produces $20 trillion of goods and services a year. But there are also secondary effects. The stock market plummeted 19 percent last fall, partly on fears that the trade war would inflict severe damage. Nor have the tariffs provided the negotiating leverage that Trump sought. Many of China’s concessions appear designed to appease some US concerns, rather than establish guidelines for trade that each country would be bound to follow. Beijing has offered to buy more American farm goods and energy—a pitch that Xi made to Trump when they met during a December dinner at a global conference in Buenos Aires with the idea of narrowing the US trade gap with China. China’s ceremonial legislature was poised this week to back a law that would discourage officials in the country from pressuring US companies to hand over technology. It was a response to concerns about Chinese disrespect for intellectual property that Trump had raised when he first imposed import taxes on Chinese goods. But it’s unclear whether China would actually enforce this commitment—a concern that could potentially prevent a meaningful trade agreement. Speaking to a House panel last week, US Trade Representative Robert Lighthizer said, “I can point to many examples” of Beijing signing onto an agreement, “and in very few cases have they actually kept their obligations.” Lighthizer also stressed that it wouldn’t be enough for Beijing to agree to additional purchases of American soybeans, natural gas

and other goods. Any far-reaching agreement, he said, would need to include changes in China’s policies toward intellectual property protection, forced technolog y transfer and the subsidization of Chinese companies. Erin Ennis, vice president at the US-China Business Council, said that agreeing on an enforcement mechanism is a huge challenge. The Trump administration wants to be able to impose tariffs on China if it violated its promises in any future pact—without retaliation. Yet Beijing would likely regard such a mechanism as infringing on its sovereignty. But without enforcement, “it’s difficult to see how they will conclude a deal,” Ennis said. Beijing is also resisting US demands to change industrial policies, said Willy Lam, a political analyst at the Chinese University of Hong Kong. And instead of pulling back on support for technology development, Premier Li Keqiang, in his report to the national legislature on 2019 government goals, promised even more such support. “The Chinese will never agree to compromise on this, because it is key to the country’s future,” Lam said. “The whole socialist approach to high-tech innovation involves the state playing a big role. The Chinese will never give this up.” That said, China does appear at least open to prying open more of its financial sector, which has largely been closed off to US and European banks. “What is certain is that in opening up the financial sector, China and the United States can fully agree on each other,” Guo Shuqing, the chairman of China’s banking regulator, told reporters on Tuesday. AP

B8 Thursday, March 7, 2019

BAYANIHAN EXECUTIVE DIRECTOR SUZIE BENITEZ SERVES AS JUROR TO WORLD DANCE COMPETITION IN SPAIN

R. Suzie Moya Benitez, executive director of Bayanihan, the national dance company of the Philippines, flies in Palma de Mallorca, Spain, to serve as jury member to the world dance competition from April 1 to 7. This will be her second invitation to serve as jury for the competition. Benitez is the chairman for Asia of the Federation for International Dance Festivals. She is also a trustee and executive director of the Bayanihan

Arts Foundation. She has served as member of the jury in various international dance competitions in Agrigento, Sicily; South Korea; and Istanbul, Turkey. Awarded the Outstanding Woman for Culture and Arts in 2005 at the 59th anniversary celebration of the National Commission on Women in the Philippines, Benitez steered Bayanihan to win the Primer Premi Mundial in a field of 55 dance companies at the 11th Feastival Mundial de Danses Folkloriques (World Folk Dances Festival) held in Palma de Mallorca, Spain, in 2007.

PAG-IBIG FUND GRANTS 21,000 SOCIALIZED HOUSING LOANS TO LOW-WAGE EARNERS IN 2018

HE Home Development Mutual Fund (Pag-IBIG Fund) released P8.36 billion for socialized housing in 2018, benefiting 21,389 borrowers who are minimum-wage and low-income earners. “[The] Pag-IBIG Fund released an all-time high of P75.31 billion in home loans in 2018. P8.36 billion of this amount was for socialized housing. In terms of units, 24 percent of the 90,375 homes financed by Pag-IBIG Fund in 2018 were for lowincome borrowers,” said Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees. Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti explained that Pag-IBIG’s tax-exempt status enables the agency to subsidize low rates for socialized housing loans and improve its programs to cater to the needs of the underserved sector. In 2017 Pag-IBIG Fund reduced the interest rate for socialized housing from 4.5 percent per annum to only 3 percent per annum for socialized housing units, worth up to P450,000, which is the best rate in the socialized housing market. And while the price of socialized housing ceiling

was raised by the HUDCC to P580,000 for horizontal housing projects in 2018, to improve the quality of affordable homes, officials of Pag-IBIG Fund decided to keep the rate low. Under its affordable housing program, which is exclusively for minimum-wage and low-income earners, Pag-IBIG still offers 3 percent per annum for loans up to P580,000. This means that qualified borrowers of the affordable housing program will only have to pay P2,445.30 a month for the first five years of a P580,000 loan, with a term of 30 years. “Pag-IBIG Fund takes care of the housing needs of the underserved sector who are usually shunned by banks. While the low rates might be unbelievable to some, our tax-exempt status and better-thanexpected performance in 2018 allows Pag-IBIG Fund to give subsidized low rates to our members who earn minimum wage. As long as we keep our tax exemption, our members, especially those who are minimum-wage earners, can own a home at lower costs. While others are hiking their rates, we have reduced our rates six times in recent years. This is what Lingkod Pag-IBIG is all about—‘Tapat na Serbisyo, mula sa Puso’,” Moti said.

A TREAT OF THE SENSES

N February 21 the Kuysen Design and Experience Center, a five-story multifunction building, will open its doors to its valued guests. A showroom that is first of its kind in the Philippines. Kuysen, one of the leading source in luxury home furniture and fixtures, promises an experience beyond the ordinary. The impressive fixtures and sheer massive space of the showroom are brought to life by the hands of esteemed architect and interior designer Ed Calma. This is the first showroom that he designed as a luxury home. “The Kuysen showroom is along a row of boxy buildings in Jupiter Street. This gave me an opportunity to break the line of boxes by splaying the floors of the building into separate forms, allowing Kuysen to define each floor to house a particular brand or product. The curvilinear façade creates a segmented glass of different angles that minimizes direct heat gain into the building.” Calma uses hierarchy for the form, materials and color to unify the internal and external elements in a design. The key, he says, is to have a dominant element to which all other aspects have to be subservient. Doing so will ensure all elements will fall into place and make sense as a whole, thereby, creating a beautiful, well-curated space. All floors were furnished with a consistent theme of dark wood that brings the whole building design together. The architectural interior fit out products, such as sliding doors and hardware, which were intended to increase the spatial experience of the showroom. The ground floor, themed “LuxeLiving”, features a Kuysen curated space that allows clients to visualize an actual living area with the selection of luxury brands, such as Porro, Living Divani, Poggenpohl and Vibia. These brands make LuxeLiving worthy of its name. The second floor is devoted to customizable furniture that inspires individuality, where an elegant whiskey bar can also be found. It is themed “Bespoke” as it celebrates

individuality and self-expression. One can create expressive furniture reflecting their own personal taste and lifestyle. The items are handcrafted by artisans using traditional techniques. Brands found in this floor, such as Baxter, Ceccotti, Paola Lenti, Vibia and Gan, represent longevity of distinct Kuysen aesthetics. Heading up the stairs of the showroom leads to the “Design Curio”, where designs are eccentric and offer aesthetic value that goes beyond the mind. From furniture with strong Italian heritage to Danish brands that gives new light to modern Scandinavian design, one can choose from iconic pieces of Zanotta, Driade, Saba, Desalto, Muuto, Montana and Pedrali. Some of these are pieces were even shown on display at the Metropolitan Museum. Next is “The Collective”, which showcases kitchen and bathroom lifestyle displays, as well as other complementary products from Kaldewei, Keuco, Victoria Albert, Puntotre, Kessel, Teka, Kuppershbush, Foster, Poggenpohl, Cerim and Iberro. Visitors can even test any of the working Poggenpohl kitchens in place. The floor also highlights demo areas of Kaldewei bathtubs of superior quality and unmistakable style, with shower surface, bathtub and washbasin made completely of enamel steel material. After going through those displays, one can proceed to the designer bathroom where a selection of award-winning design and innovation from industry leaders Handsgrohe, Axor and Duravit can be found. Robes, towels and toiletries are all provided for those who want to feel the luxuriously relaxing shower heads firsthand. One can book a private test shower and indulge with the pleasure of four of Hansgrohe’s shower innovations. Make sure to visit the relaxing “Atmosphere”, which offers a 360-degree view of the Metropolis; and can be enjoyed while surrounded by playful colors, textures and shapes only Paola Lenti pieces can offer. It is truly a treat of the senses.

SHARE A TOY AT THE SM STORE

HE SM Store recently brought smiles and joys to thousands of kids around the country as they received new bundles of toys— educational board games, plush toys, play sets and novelty items—through Share A Toy campaign. In this joint project of The SM Store and Toy K ingdom, boot hs were set up in all The SM Store and Toy Kingdom branches nationwide, where shoppers had the chance to donate new and preloved toys for the benefit of the less fortunate children. Big-hearted and generous shoppers donated 53,139 toys at all The SM Store and Toy Kingdom branches nationwide. E a c h d o n a t i o n e nt it l e d t h e customer to a P50 discount coupon, which can be redeemed for every minimum P50 0 single-receipt purchase of regular-priced toys at any branch of The SM Store and Toy Kingdom. Coupons are valid until December 31. T he s e to y s we re don at e d to thousands of less fortunate children from various schools, orphanages, local hospitals and churches. Among these were the Eugenia Ravasco Day

CHILDREN from the Eugenia Ravasco Day Care Center in Paranaque City were some of the recipients of The SM Store’s Share A Toy campaign. Present at the ceremonial turnover were Eugenia Ravasco Day Care Center President Sister Adriana Yepes, Student Teacher Sister Geisa Beyuma, program manager Lenny Galleta and The SM Store Vice President for Operations and CSR head Ma. Cecilia Abreu.

Care Center and kids super vised by t he Pa ra ñ aque De ve lopment Fou nd at ion I nc .; C a mp A q u i no Station Hospital; Cabanatuan City Day Care Center and Marilao Central School in North Luzon; and the Likha Molino IV Elementary School, Felicidad Sy Pediatr ic Ward and Lipa A rchdiocesan Socia l Action

Commission Inc. in South Luzon. These also brought joys to the Visayas-Mindanao area, through the Life Care Community Ser vices Foundation Inc. and Jeepney Bata Children Ministr y in the Visayas; and Communal Elementar y School and Northern Mindanao Medical in Mindanao.

ROYAL CARGO ELEVATES CRANAGE SERVICING IN THE COUNTRY

OR almost 40 years now, Royal Cargo has been providing specialized lifting, transport and other logistical handling services across the Philippines, setting the standard for world-class cargo solutions and services with its top-notch equipment and team of experts. Recognizing that each job is unique and requires a different strategy, the leading logistics-service provider ensures that it does not only cover every phase of a project but also, and more important, stay flexible, yet calculated, in addressing the needs of its clientele. “We take pride in our growing portfolio of crane and lifting services. We have expanded and improved our work by taking on tasks with specialized requirements, enabling us to provide customized service that meets the diverse needs of our clients,” Royal Cargo President Elmer Francisco Sarmiento shared. One of Royal Cargo’s range of services is heavy lifting, which proved highly useful when the Xiamen Air Boeing 737-800 skidded off the runway of the Ninoy Aquino International Airport last August. Despite heavy rains, Royal Cargo’s crane and erection team successfully lifted and transported the 48-ton, 129-foot passenger aircraft out of the runway. This feat was acknowledged by the Manila International Airport Authority (Miaa), which entrusted Royal Cargo to be its emergency responder and contractor for handling aircraft recovery. The partnership was signed on January 7. Besides construction and emergency heavy lifting, Royal Cargo handles specialized lifting requirements, such as the Solaire Resort and Casino’s Dinner in the Sky. The project required lifting

diners and waiting staff 150 feet in the air to let customers enjoy scrumptious meals while reveling in an exclusive, breathtaking view of the city. “We do specialized lifts, be they heavy or event lifts, to suit [the] client’s needs. In this line of business, it is necessary to be flexible and innovative at the same time. What is constant for us is to deliver on the promise of moving people and goods here in the country and abroad,” said Marcus Mamauag, business development manager of the crane and erection division. Royal Cargo maintains a wide range of cranes and support equipment to handle all kinds of lifting and transport work. In 2017 the company’s 660HP prime movers and multi-axle trailer units were utilized to haul heavy machinery for the construction of the Dinginin Power Station in Mariveles, Bataan. Royal Cargo’s team of engineers and

crane operators has served in various industries, including infrastructure, power plant, oil refinery, wind farm, port and mining. The gained experiences enable the company to formulate and implement safe and cost-effective solutions in different markets. In photo are (from left) Miaa head executive assistant lawyer Randolf John Buenaventura, Royal Cargo Crane and Erection head of sales Leodie Limcango, Royal Cargo Crane and Erection department head Gundolf Ahrens, Sarmiento, Miaa general manager Ed Monreal, Royal Cargo Crane and Erection deputy head Albert Nanez, Royal Cargo associate legal counsel lawyer Jessie Lagon, Royal Cargo Vice President for Airfreight Darryl Modelo, and Rescue and Fire Department chief Simeon Valleser at the signing of the Royal Cargo-Miaa aircraft recovery deal.

GREENWICH, GLOBE BUSINESS OFFER FREE MOBILE DELIVERY-SERVICE CALL

REENWICH, one of the biggest pizza chains in the Philippines, now provides free mobile calls to its delivery service using the convenient hashtag 5-5555 number powered by Globe Business, the enterprise information and communications technology (ICT) arm of Globe Telecom. This mobile solution allows fast and easy access to delivery services, whether in Metro Manila or provinces. To avail of free call,customersjustneedtopressthehashtag sign before 5-5555 on their mobile phone. “We would like to thank Globe Business for further strengthening Greenwich’s position as the country’s favorite pizza chain,” Greenwich general manager Mike

Castro said. “Our best tasting pizzas and pastas are now a convenient call away through hashtag 5-5555, and we could not be happier that more Filipinos can now enjoy solid barkada bonding moments through Greenwich. On top of the partnership with Greenwich, Globe Business has joined hands with leading fast-food chains that belong to the JFC group of companies. Globe Business has earlier, launched Jollibee’s hashtag 8-7000 and will soon bring the same service to Burger King, Mang Inasal and Chowking. “We are honored to have been chosen by Greenwichastheirpartnerforthisendeavor. Globe Business always aspires to provide

Philippine enterprises opportunities to elevate service delivery and customer centricity,andthatis why a growing number of the country’s top fast-food chains have and are partnering with us to avail of the hashtag service,” Globe Business Senior Vice President Peter Maquera said. Globe Business continues to redefine how businesses work, which goes beyond functions, numbers and performance. It, likewise, helps turn passion and purpose of enterprises into reality through the right technology, infrastructure, and know-how to transform people’s lives. To know more about Globe Business and how it can move your digital future, visit http://business.globe.com.ph.

Sports BusinessMirror

| Thursday, March 7, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

FIFA’S RESERVES: A RECORD $2.7B! L

ALTHOUGH Gianni Infantino’s leadership has come under criticism from within European governing body UEFA, he will be able to show the budget is in a healthy state, and he is due to be reelected unopposed in June for a four-year term.

By Rob Harris The Associated Press

ONDON—Fifa’s cash reserves soared to a record $2.74 billion, and revenue climbed to $6.4 billion in the four-year period covering the 2018 World Cup, The Associated Press has learned. The robust financial results suggest Fifa has weathered the deepest crisis in its history, which erupted in 2015 when a United States-led criminal investigation led to the arrests and later convictions of high-ranking officials on corruption charges. Fifa President Sepp Blatter also was deposed as Fifa president in a financial misconduct case that left the governing body’s reputation in tatters and caused a backlash from sponsors. After being elected as Blatter’s successor in 2016, Gianni Infantino said that “Fifa was clinically dead as an organization.” Although Infantino’s leadership has come under criticism from within European

governing body UEFA, Infantino will be able to show the budget is in a healthy state, and he is due to be reelected unopposed in June for a four-year term. The 2015-18 finances obtained by the Associated Press (AP) exceed the forecasts presented to the Fifa Congress last June. While Fifa projected cash reserves to increase to $1.653 billion in the 2018 World Cup cycle, they had grown to $2.74 billion at the end of 2018, according to people with knowledge of the finances. The people spoke on condition of anonymity because the financial results remain confidential. Fifa’s reserves at the end of the 2014 World Cup cycle were $1.523 billion after generating $5.718 billion after the tournament in Brazil. Amid the corruption crisis of 2015, Fifa modestly targeted raising $5 billion by the end of the Russia World Cup, a projection later raised to $6.1 billion. Those expectations were eclipsed when the four-year cycle ended with revenues of $6.4 billion, according to the people with knowledge of the financial report, which shows profit of around $1 billion. The record revenue was achieved despite Fifa not filling its full slate of sponsors for the 2018 World Cup. Several sponsors did not renew after the 2014 tournament in Brazil.

Complaining about rules not doing golf any favors By Doug Ferguson

The Associated Press

RLANDO, Florida—The memo Professional Golfers Association (PGA) Tour commissioner Jay Monahan sent to players on the new Rules of Golf can be interpreted in different ways based as much on the timing as the message. One theme was to be patient. “We are committed to playing under these rules as we analyze their effectiveness...and it’s important to acknowledge that we are not at the finish line yet,” Monahan said in a memo sent on Monday. Another was to look at the US Golf Association (USGA) as a partner instead of a villain. “This is a collaborative process, one the PGA Tour has been a part of from the beginning, along with all organizations in the world of golf,” he wrote. The hope is that it will lead players to stop complaining about the rules and simply follow them. The latter has not been as big of a problem as the media—social or otherwise—has let on. According to ShotLink data that tracks every shot on the PGA Tour, only three penalties under the new rules have been assessed to tour members on roughly 258,000 shots hit this year. One of them was last week in the Honda Classic when Adam Schenk was penalized two shots because his caddie was standing behind him for a tough shot out of the bunker. The caddie alignment rule already was adjusted on the fly a month earlier in Phoenix, allowing a player to avoid the penalty if he steps out of his stance. Schenk didn’t, even though it was evident his caddie was there to discuss the best way to play the shot, not to show him where to hit it. No matter. Modern rules are still written in black and white. That’s when Justin Thomas, who earlier in the week had said the new rules were “terrible,” tweeted the ruling with two hashtags: growthegame and USGA. The USGA, a convenient scapegoat from too many US Opens that were marred by rules disputes (Oakmont) or course setup (Saturday at Shinnecock), decided to bite back with a tweet that was shockingly inappropriate for such an austere organization that has been around for 114 years. It accused Thomas of canceling every meeting they had scheduled, noted that USGA rules experts were on site for five straight tournaments to start the year (Thomas played three of them) and suggested that he “call us.” He did. And it turned nasty. Thomas said no meetings were ever scheduled, much less canceled, and the USGA tweet was inaccurate. The USGA soon sent another tweet thanking Thomas for getting in touch with them “offline” (translation: privately). Monahan says USGA chief executive Mike Davis left him a message saying he would call Thomas to apologize. On Tuesday, the USGA corrected itself with another tweet—lacking an apology—saying that Thomas did not cancel any meeting or dodge any discussion and that it valued all the players’ opinions. So maybe the USGA deserves some credit. If not for the

original tweet, odds are Monahan would not have sent the memo to players. The message still needed to be delivered. “It was important to remind the membership of the role we play, how important their voices are and to continue to make certain our players give us constructive feedback we need to have a proper discussion with the governing bodies,” Monahan said on Tuesday at Bay Hill. Some of the feedback hasn’t been all that constructive. Rickie Fowler, penalized in Mexico City after failing to drop the ball from knee-height, said the new rules are “not doing any favors to our sport.” Neither was Fowler by not taking ownership of his mistake, instead suggesting the rule will be changed. Thomas thinks the new rules are terrible, a blanket statement for 24 rules, most of which have introduced common sense that have been lacking (removing a leaf from a bunker, repairing spike marks on the green, eliminating penalties for accidentally moving your ball on the green). During five years of meetings to reshape the rules, the PGA Tour had some 50 items on its list of proposals. Tyler Dennis, the tour’s vice president of competition, said virtually all of them were incorporated. This wasn’t just a USGA and R&A function. It was everyone. The idea that the PGA Tour should set its own rules is a dangerous path and one that doesn’t interest Monahan. He sees the professional tours working with—and being heard by—the USGA and R&A. What would those rules look like, anyway? Rules, ancient or modern, have provided a structure for golf at every level for more than 250 years. Why is it suddenly a problem now? What’s amazing is that as much as modern golfers look at themselves as athletes, they can’t seem to figure out how to bend ever so slightly to drop the ball at knee level. Is it really that hard? For all the drama created by so much unnecessary complaining, one message Monahan wanted to make clear was to keep talking. Discussion is healthy. Reasonable debate can lead to change. Thomas did just that in Phoenix, leading to the caddiealignment tweak. But be reasonable. Be patient. Minus the theatrics, the knee-level drop should soon be as routine as starting up a courtesy car (with a full tank of gas). “This is an industry in which change is not a natural act,” Monahan said Tuesday. “You have this amount of change, you’re bound to have questions. We anticipated that, and that’s where we are. Some rules are getting a lot of discussion, and they will continue to get a lot of discussion. But right now, these are the rules we’re playing under, and we need to let them perform.”

JUSTIN THOMAS has said the new rules are “terrible,” while Rickie Fowler says they are “not doing any favors to our sport.” AP

Sheikh Salman Bin Ibrahim Al-Khalifa, an opponent of Infantino in the 2016 vote, had warned Infantino’s plan to increase payouts to member associations would “bankrupt” Fifa, but that has not transpired. In the 2011-14 World Cup cycle, Fifa’s accounts showed just over $1 billion was spent overall on development projects with $538 million going to the Financial Assistance Programme for national associations and confederations. In the 2015-18 cycle, investment dedicated to Fifa’s new Forward Development Programme was $1.079 billion, of which $832 million had been approved and committed to member-associations, confederations or regions by the end of last year, according to a financial document seen by the AP. Between May 2016 and December 2018, 941 specific projects were funded in 179 of the 211 member-associations at a cost of $270.3 million. There are a range of handouts: from $30,769 to train female football administrators in South Africa to $2.25 million on youth development in Peru. Fifa proclaims it has far more rigorous system of financial controls designed to guard against further corruption scandals. Fifa rejected 201 of the 1,978 funding applications received in the four-year cycle. Fifa is also trying to secure backing to expand the Club World Cup and develop a Global Nations League, a miniWorld Cup for national teams, to further boost revenue. But Infantino’s hopes of obtaining $25 billion in guaranteed finances from backers, including Japan’s SoftBank, have stalled over European opposition to the formats and funding. Even without that additional income, Fifa said in its financial report that the success of the 2018 World Cup has provided “strong financial resources” to enable it to raise Forward funds by $667 million to $1.746 billion in the 2019-22 cycle. Each member-association can apply for up to $6 million over the 2019-22 cycle, while each of the six confederations receives $48 million. In addition, $62 million is available for zonal or regional associations if they organize at least five youth and women’s competitions per year. News of the soaring Fifa reserves comes amid ongoing questions about the lack of parity for World Cup prize money between the men’s and women’s tournaments. France earned $38 million from Fifa for winning the men’s World Cup last July, but the women’s champion this July will earn $4 million. That is double the amount collected by the US Soccer Federation in 2015, a rise in line with the overall prize money jumping to $30 million. The fund for the World Cup in Russia rose 12 percent to $400 million, and that jumps to $440 million for the 2022 tournament in Qatar. Fifa has acknowledged concerns of female players about the financial disparities while pointing to funding to grow the women’s game. “The vast majority of women’s football players across the world are still amateur,” Sarai Bareman, Fifa’s chief women’s football officer, said when the prize money for France was agreed last year. “That’s the most important thing for us. If we want to build the whole ecosystem of the women’s game it has to start there.” Asked if the reserve figures were disappointing in relation to the World Cup prize money, US Coach Jill Ellis said: “For sure, 100 percent. Obviously I don’t know what’s in anyone’s bank statements, but you want to make sure there is a fair apportionment of winnings going out. So yeah, absolutely.” Infantino is costing Fifa less than his predecessor. Infantino last year earned a salary of $1.9 million and a bonus of $550,000, according to one of the people with knowledge of the finances. Infantino earned $1.61 million in 2017 without a bonus. Blatter’s basic salary of $3 million in 2015 was topped up by an $11-million contractual bonus for the 2010 World Cup and $12 million for the 2014 edition. His contract included a $12-million performance bonus he would have earned had he completed a 2015-2019 presidential term.

Spo

Business

C2 Thursday, March 7, 2019

Aquathlon up in Daang Hari

OME 400 aspiring and veteran multisport athletes from around the country willconverge at Vermosa Sports Hub in Daang Hari in Cavite for the Vermosa Sports Hub Aquathlon 1 on Sunday. The aquathlon is the first event in the Vermosa Sports Hub Series and Sun Life Aquathlon Series organized by Bike King Philippines. It is designed to combine healthy competition in a family-friendly environment utilizing the world-class facilities of the Vermosa Sports Hub. Participants as young as seven to adults over 50 will take on age-appropriate race distances when the gun goes off at 6:30 a.m. beginning with a swim in the Olympic-size pool followed by a run on the track oval. The longest course is the standard distance 500-meter swim and 5-km run. The shortest course is a 100-meter swim and a 600-meter run for kids aged seven to 10. At stake are medals and gift packs for the top three finishers of each age-group category. The race will award points to the top 20 finishers of the standard distance category.

Stalzer takes on E former squad in Superliga GP

DENDEN LAZARO is set to receive for Petron during the Blaze Spikers match against United VC on Tuesday night. Lazaro and company won, 25-12, 25-16, 25-20.

UY: GOOD AS ADVERTISED By Ramon Rafael Bonilla

LAGAN CITY—Natalie Uy proved that she is more than a pretty face when she broke the 11-year-old national record in women’s pole vault in Day One of the Ayala Philippine Athletics Championship on Wednesday at the City of Ilagan Sports Complex. Uy was just as good as advertised and, despite the intense heat, smashed the 4.11-m record of California’s Deborah Samson, which she set in 2008 with a thin upgrade of 1

centimeter in her first attempt. Uy’s impressive mark of 4.12 was already good for the top finish as her fellow FilipinoAmerican Alyanna Nicolas could only do 3.80m to settle for silver. Riezel Buenaventura claimed the bronze with 3.40m. The 24-year-old native of Ohio raised the bar at 4.20m but failed after three tries. A first-timer in the country, her inclusion in the national team would only need an affirmation from the Philippine Athletics Track and Field Association as her record-breaking

mark is already good for a gold medal in the Southeast Asian Games. “Incredible,” she said in the tournament organized by Patafa and supported by Ayala, Milo, Soleus and Ilagan City. “I’m very happy on how it went. I’m kind of nervous for the whole week but today I have to go out and play.” Used to living in chilly weather, Uy was just surprised on how hot the weather was when it peaked at 34 degrees in her afternoon event. “It’s very hot—hotter than ever I’ve competed in. But it was awesome. I like this

kind of weather,” she said. Still, Uy’s record is 10 centimeters shy of her personal best, but she intends to keep herself in good form in the run-up to the SEA Games in December. “I definitely want to represent the country,” she said. Army Corporal Richard Salaño, meanwhile, defended his men’s 10,000m title with his 31 minutes and 42.31 seconds, narrowly beating fellow Armyman Rafael Poliquit (31:42.96) and Anthony Nerza (31:43.89). National team member Janry Ubas

reaffirmed his status when he leapt 7.55m to take the gold in men’s long jump. Julian Fuentes (7.24m) and Karl Arvyn Aquino (7.23m) settled for silver and bronze, respectively. Albert Mantua registered 46.94m to dominate the men’s discus over Joshua Melgar (39.37m) and Hans Rommel Caminong (37.28m) and hometown hero Hokket delos Santos tallied 4:30m to top the boys’ pole vault and duplicate his gold-medal performance in the recently concluded SEA Youth Athletics Championships.

MOTIONS and intensity will definitely run high as seasoned import Lindsay Stalzer faces her former team in the Philippine Superliga Grand Prix on Thursday at the Filoil Flying V Centre in San Juan City. Stalzer and her new team in F2 Logistics collide with Petron at 7 p.m. in an encounter that is tipped to go down the wire because of the firepower, experience and drama between two of the best club teams in the tournament. Struggling Foton and Generika-Ayala, meanwhile, will be looking to stop their bleeding when they tangle at 2 p.m. while United VC challenges PLDT Home Fibr in the 4:15-second game. In observance of the National Women’s Month, the league announced that it would be giving free entrance to female fans. Still, all eyes will be on Petron and F2 Logistics. With Kennedy Bryan and MJ Perez as imports, the Cargo Movers won the 2017 Grand Prix title over the Blaze Spikers, who were powered by the American pair of Stalzer and Hillary Hurley. The following year, Stalzer and the Blaze Spikers stormed back after replacing the injured Hurley with Katherine Bell down the stretch to dominate the Cargo Movers in a dramatic best-of-three finals battle. But that proved to be Stalzer’s last hurrah for Petron as she was left unsigned in favor of a power-hitter in Stephanie Niemer. With that, the comely spiker from Illinois decided to cross the enemy lines to join the Cargo Movers to form a potent combination with American-Italian Becky Perry. Petron Coach Shaq de los Santos, however, downplayed the rivalry. “We’ll do our best like what we always do in our past games,” said de los Santos, whose wards raced to five consecutive wins without dropping a single set. “We’ll treat this game just the same. What’s important is for us to overcome all the challenges in the preliminaries and advance to the quarterfinals and semifinals. From there, let’s see what will happen.” Despite having an added weapon in Stalzer, the Cargo Movers will be walking wounded as ace setter Kim Fajardo is still nursing a finger injury. F2 Logistics Coach Ramil de Jesus said they would double their effort and enjoy the luxury of having a seasoned import in Stalzer. “Yes, I think having Stalzer is an advantage. But it would only happen if we can maximize all the plays we would create for her,” said de Jesus, who will bank on the local crew of Cha Cruz, Aby Marano, Majoy Baron, Michelle Morente and rookie playmaker Alex Cabanos.

orts

sMirror

Thursday, March 7, 2019 C3

SOUTHWOODS UP BY 1 D

ESPITE falling way short of its openinground target, reigning four-time champion Manila Southwoods still grabbed a one-point lead over darkhorse Tagaytay Highlands on Wednesday as the exclusive Cebu Country Club layout in Cebu City proved one tough nut to crack for the talented field. Ace Yuto Katsuragawa fired an eagle-spiked one-under-par 71 worth 37 points to lead the Carmona-based squad to a 125 tally as Tagaytay Highlands rode the 33s of Marty Ilagan and new recruit Jolo Magcalayo to emerge as the closest pursuer. Action shifts to Mactan Island Golf Club

for the next two days, and Southwoods’ nonplaying skipper Thirdy Escano declared that Katsuragawa will be sitting out the next two rounds, guaranteeing that Southwoods will have its biggest gun come the final day on Saturday. “I can’t really say that I am disappointed,” Escano said after Kristoffer Arevalo, the former junior world champion, holed out for a 31 that went with the 29 of Josh Jorge and either 28 of Carl Corpus and Chepe Dulay. “I can’t really complain because we’re still leading, and I hope that this [round] will turn out to be our bad day for the week,” added Escano, who played his last Regular

championship when Southwoods won the first of those four titles also here in Cebu. Jolo Magcalayo picked up on the 18th hole after missing his second putt for a bogey, and Highlands counted the 30 of Jonas Magcalayo and the 28 of Lisandro Opulencia for its 124, two points ahead of perennial contender Del Monte Golf, which got a level 36 from Romeo Jaraula. Luisita, the Senior champion last week, was seven shots off after a 118 built around the 32 of Luigi Paolo Wong and the 31 of Don Petil. “You have to consider where a player can play his best,” Escano said, when asked why he will bench Katsuragawa at Mactan, an easier

course compared to the well-manicured Cebu CC. “He’s a lot more familiar here [Cebu CC] and this is where we can maximize his game.” Young Jung-oh’s 22 failed to count for Tagaytay Highlands, which was supposed to play in the lower Founders Division but found itself ranged against the big boys at the last minute after the addition of Jolo Magcalayo. Highlands also has a formidable bench, with Raymund Sangil and Jenz Tecson in the roster. “We played really bad, and yet, we’re just seven behind even if our ace almost failed to count,” nonplaying Luisita skipper Jeric Hechanova said, referring to many-time national champion Rupert Zaragosa, who returned 26 points. Dan Cruz fired 29 points and was the thirdbest scorer for the Luisitans.

SOLID START FOR PARK S

UNG-HYUN PARK backed her esteemed world No. 1 ranking with a kind of start rarely achieved on an exacting course like The Country Club (TCC) then held sway in windy conditions at the back to shoot a three-under 69 for a two-stroke lead over amateur Yuka Saso and Taiwanese Wu Hsiao-Ling and Lin Tzu-Chi at the start of the TCC Ladies Invitational here in Sta. Rosa, Laguna, on Wednesday. With a huge gallery, which included a host of foreign media, Korean fans and local enthusiasts, Park put her near-flawless shotmaking and iron play on display in the first nine holes, producing three birdies and oohs and ahhs from the crowd before slowing down with a two-birdie, two-bogey

YUTO KATSURAGAWA fires an eagle-spiked one-under-par 71 to lead the Carmona-based squad to a 125 tally. ROY DOMINGO

7-Eleven Tour 2019 set in Clark in April

RESH from the successful staging of the Trail 2019, 7-Eleven is now embarking on another road cycling event with 7-Eleven Tour 2019. After seven years, 7-Eleven is following up the successful Tour 700 with the 7-Eleven Tour 2019. The event, which takes place on April 7 at Clark Global City in Mabalacat, Pampanga, gathers professional and weekend road bike enthusiasts for a grueling road race challenge. The Tour 700: Bayani ng Barangay debuted on May 2012 not just to celebrate the opening of 7-Eleven’s 700th store but also to create a sporting event that will bring the best riders together in a single-day race. The event provided a challenging opportunity for newbie cyclists at the Clark Field Parade Grounds. It attracted close to 3,500 participants, competing in either the 40-km or 100-km categories. This year, 7-Eleven Tour 2019 will be comprised of two categories, 48 kms and 106 kms. The courses will start at Clark Global City and will take the participants to SCTEx heading to Subic and back. Prizes await winners in the various age-group categories.

SUNG-HYUN PARK shoots a three-under 69 for a twostroke lead over amateur Yuka Saso and two Taiwanese bets. STEPHANIE TUMAMPOS

FEU belles nip Lady Warriors

PHILIPPINE Southeast Asian Games Organizing Committee Chairman Alan Peter Cayetano (left) and Ajinomoto Southeast Asia Regional Headquarters President Kaoru Kurashima seal the sponsorship.

SEA GAMES ORGANIZING BODY GETS AJINOMOTO’S SUPPORT

HE Philippine South East Asian Games Organizing Committee (Phisgoc) recently received a commitment of support from Ajinomoto for the country’s hosting of the 30th Southeast Asian Games. Phisgoc Chairman Alan Peter Cayetano said the partnership with Ajinomoto adds to the growing list of corporations who will help guarantee the Philippines’s successful hosting of the Games. “The outpouring of support from multinational companies encourages the organizers to work harder every day,” Cayetano said. The entry of Ajinomoto,

represented by its CEO Takaaki Nishii, further boosts the preparations for the biggest hosting of the biennial Games. In a simple signing ceremony on Wednesday, Cayetano thanked Ajinomoto for the opportunity to partner with the Philippines. Corporate Vice President Kaoru Kurashima signed the MOA on behalf of Ajinomoto. “They see the value of the Games, not only as a stage for high-level competition but also an opportunity to reach out and connect deeper to their Asian market,” Phisgoc executive director Ramon “Tats” Suzara said.

AR Eastern University (FEU) survived a stubborn University of the East (UE) in a five-set thriller, 25-15, 24-26, 25-22, 20-25, 15-9, in the University Athletics Association of the Philippines Season 81 women’s volleyball tournament on Wednesday at the Filoil Flying V Centre in San Juan City. Rookie Lycha Ebon starred for the Lady Tamaraws with a career-high 21 points built on 17 attacks and three blocks. FEU improved to three wins against two losses. Celine Domingo was impressive on both ends with 17 points on nine spikes and six blocks, while Jeanette Villareal chipped in 10 points. Even if the game went the long route, FEU Head Coach George Pascua was just relieved to overcome the determined Lady Warriors “The game was not easy. Good thing we managed it properly,” Pascua said. “There are some areas that we must improve on. We had some miscommunications.” The Lady Tamaraws almost had the game in their pockets, but the Lady Warriors sparked a 9-0 rally to force a deciding set. Feeling the momentum, UE rushed to a 7-4 lead until FEU showed who’s the boss with an 11-2 comeback to seal the match. Me-ann Mendrez scored 21 points off 18 attacks a to lead the Lady Warriors. She had plenty of support as Judith Abil and Seth Rodriguez, who contributed 10 points apiece. UE fell to its fourth loss in five matches. In men’s play, FEU remained unbeaten in five games when it thrashed UE in straight sets, 25-10, 25-21, 25-18. Redi John Paler paced the Tamaraws with 12 points on nine attacks and two blocks. University of Santo Tomas, one of three teams eyeing for the top spot, plays skidding Ateneo on Thursday in men’s football tournament at the FEU-Diliman pitch. The Growling Tigers and the Blue Eagles collide in a rematch of last year’s Final Four at 3 p.m. Ramon Rafael Bonilla

effort in the last nine holes for a 33-36 card. “I didn’t expect to play this well. I know that the course is hard, but I also know that I could do better in the second round,” said Park, who hit an errant tee-shot on the long par-three 11th and three putted No. 15 for her bogeys in her first tournament after claiming the world’s top ranking on Tuesday. She also flubbed at least three makeable birdie putts on the surface that proved not as fast as the field expected it to be. Though her backside stint left so much to be desired from a player of her caliber, it still proved enough to put her on top of the $100,000 event she’s expected to dominate, although Saso likewise lived up to the pretournament hype with a 71 behind a strong finish that should further impressed the most fancied player in the fold. The Asian Games gold medalist actually failed to shake off jitters playing against Park and Dottie Ardina, dropping a stroke on the first hole. But after a run of pars, the recent Philippine Amateur Ladies Open winner birdied the 10th and gunned down another birdie on the 16th to get back into early contention in the 54-hole championship serving as the third leg of Ladies Professional Golf Association of Taiwan (TLPGA) and fifth stop of the 2018-19 Ladies Philippine Golf Tour put up by the International Container Terminal Services Inc. “She [Saso] hits it long for an amateur. I see a bright future in

her,” said Park, who also took notice of Ardina’s game, which she described as great if not for a shaky windup. Ardina actually battled back from three strokes down to tie Park at two-under with a birdie-birdie feat from No. 11, capped by a two-shot swing on the long par-3 11th after Park stumbled with her first bogey. That sparked hopes for a big finish for the Filipina LPGA campaigner, who, however, fell off the leaderboard with bogeys on Nos. 15 and 16, enabling Saso and the Taiwanese duo to move to joint second. “Long hitters have the edge here. Park and Yuka both hit it long, but if I could have their length, I’m sure I will be hard to beat,” said the diminutive but talented Ardina. Wu fired four birdies against three bogeys in morning play while Lin birdied No. 17 to turn in one of the late 36-35 cards to force a three-way tie for second. Ardina slipped to joint fifth at 72 with Korean Park Jin Hee and local amateur Sunshine Baraquiel while former LPGT Order of Merit winner Pauline del Rosario blew a two-under card with three bogeys in the last seven holes to tumbled to eighth at 73 with Taiwanese Huang Pei-Wen, Thais Wannasiri Sirisampant and Wad Phaewhchimplee and local ace Princess Superal. After mixing two birdies against the same number of bogeys at the front, Superal also got into the mix with a birdie on No. 12 but bogeyed the next three before birdying No. 16 to salvage a 36-37.

Sports

BOSTON’S Gordon Hayward drives between Golden State’s DeMarcus Cousins (0) and Stephen Curry. AP

BusinessMirror

| Thursday, March 7, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

NBA RESULTS Indiana 105, Chicago 96 Philadelphia 114, Orlando 106 Houston 107, Toronto 95 Memphis 120, Portland 111 Minnesota 131, Oklahoma City 120

HAYWARD, CELTICS Boston 128, Golden State 95

CLOBBER WARRIORS By Janie Mccauley

The Associated Press

AKLAND, California—DeMarcus Cousins lost his cool, and the Golden State Warriors lost at home in embarrassing fashion once again. Gordon Hayward scored 30 points off the bench, Kyrie Irving had 19 points and 11 assists, and the Boston Celtics ran away from the Warriors early on the way to a 128-95 win on Tuesday night in a game that turned testy with the two-time defending champions down big. Cousins and Terry Rozier received double technicals with 8:44 to play. Cousins was called for his fifth foul on a charge drawn by Aron Baynes, then the fiery Warriors center stood over Baynes in clear frustration. Jayson Tatum bumped Cousins with his right arm, and Cousins pushed back with some force, then Rozier entered the fray and he and Cousins traded shoves. “It was silly. It was nothing, absolutely nothing,” Cousins said without elaborating. Boogie’s moment summed up an ugly evening of basketball by his team—and fans seeing their final season in the East Bay made a mad dash for the Oracle Arena exits in the closing minutes. It was the Warriors’ fifth home defeat by 20 or more points. “I’d love to have some magic potion and say we can come out and play with better energy and better discipline and kind of rectify it, but we’ve got to, at some point, stop talking about it and figure it out,” Stephen Curry said. Curry provided a bright spot with 23 points and four three-pointers on a night Splash Brother Klay Thompson sat out with soreness in his right knee. “Klay would have had to play a hell of a game to overcome all that,” Coach Steve Kerr said. Kevin Durant scored 18 points but committed five turnovers, while Cousins wound up with 10 points on 4-for-12 shooting— missing all five of his three-point tries—and nine rebounds to go with four turnovers. The Warriors, who had won the last two meetings with Boston, couldn’t overcome a lackluster first half in which they were outhustled on both ends and faced a daunting 73-48 halftime deficit. “It looked to me like we were jogging up the floor. You can’t play basketball jogging. You’ve got to sprint,” Kerr said. “Your cuts have to be hard. You have to be going all out. We did not go all out and it was embarrassing.” Tatum scored 17 points for the Celtics, who came in having lost five of six since the AllStar break. “I think we played with purpose all the way through. We were very businesslike the whole night, even at halftime and just now after the game,” Celtics Coach Brad Stevens

said. “We know we haven’t played like that enough but It’s encouraging as a reminder that we can.” Golden State missed its initial four shots and fell behind 11-0 as Boston started 5 of 7 before Curry’s jumper at 8:26. The Warriors made five straight shots and used a 12-2 burst to get right back in it. Alfonzo McKinnie started in place of Thompson and contributed seven points in 17 minutes. “It starts with a passion and an anger and an intensity, and it wasn’t there tonight,” Kerr said. Durant responded to that by asking, “I thought we moved off of joy, now anger?” in response to Kerr’s usual message of playing with joy. Then, the two-time reigning Finals MVP challenged everyone. “All around top to bottom, coaches, players, we’ve just got to be better,” he said. In Toronto, James Harden scored 35 points, Gerald Green had 11 of his 18 in the fourth quarter and the Houston Rockets beat the Toronto Raptors, 107-95, on Tuesday night. Eric Gordon and Austin Rivers each scored 13 points as the Rockets won their sixth straight, matching a season high. Kawhi Leonard scored 26 points, and Serge Ibaka had 10 points and 15 rebounds for Toronto. Pascal Siakam had 17 points, and Danny Green 14 as the Raptors had their sevengame home winning streak snapped. Harden, the NBA’s leading scorer, made 12 of 30 shots, including three of nine from long range. He was perfect at the foul line, hitting all eight of his attempts. Harden has scored 28 or more points in 39 straight games, the second-longest streak in NBA history. Wilt Chamberlain (71 games) holds the record.

THIS combo of images shows (from left) amateur basketball league director Merl Code, former Adidas executive James Gatto and business manager Christian Dawkins. AP

FORMER ADIDAS EXECUTIVE, 2 OTHERS IN NCAA SCANDAL METED JAIL TERMS N

EW YORK—A former Adidas executive and two others who paid families to persuade top college basketball recruits to play for schools sponsored by the shoe brand were sentenced to prison on Tuesday by a judge who said he wanted to send a “great big warning light to the basketball world.” US District Judge Lewis A. Kaplan said he had to balance the need for a stern message with the realization that others who did similar crimes were not prosecuted in a widespread college basketball recruiting scandal that has tainted two dozen schools. Former Adidas executive James Gatto, business manager Christian Dawkins and Merl Code, a former Adidas consultant, were convicted in October of conspiracy to commit wire fraud for funneling illegal payments to families of recruits to Louisville, Kansas and North Carolina State. Gatto, 48, of Wilsonville, Oregon, got nine months in prison; Dawkins, 26, of Atlanta, and

U.S. WINS The US’s Tobin

Heath (second from right) is congratulated on her goal by Mallory Pugh (11), Megan Rapinoe and Alex Morgan (13) during the first half of their SheBelieves Cup soccer match against Brazil. AP

Code, 45, of Greer, South Carolina, got six months each. Code and Dawkins were each also ordered to pay $28,261 in restitution to the University of Louisville. The judge said each can remain free until a federal appeals court decides whether to uphold their convictions. Prosecutors say coaches teamed with Gatto and others to trade hundreds of thousands of dollars in bribes to influence star athletes’ choice of schools, shoe sponsors, agents and even tailors. NCAA President Mark Emmert has said an independent enforcement body to adjudicate major infractions cases could be in place by August. Kaplan said leniency for the defendants, who faced as much as three years in prison under federal sentencing guidelines, could only go so far. “These defendants all knew what they were doing was wrong,” he said. The judge added that he wanted to send “a great big warning light to the basketball world.” “I deeply regret my actions,” Gatto said in a shaky voice. Dawkins referenced “social dysfunction” in college basketball and said his actions were “clouded” by a “system that takes advantage of kids.” “I realize now more than ever none of this was worth it,” Dawkins said. Code, a former Amateur Athletic Union coach, said he also regretted his actions but added: “Some things really got to be changed about college basketball.” The judge acknowledged none of the defendants “took home a nickel” from the scheme, but said it was wrong to say there was no economic motive because each defendant’s career stood to benefit.

Kaplan said all the harm could not be measured in dollars, citing testimony by the father of Brian Bowen Jr., once one of America’s bright high-school basketball stars who seemed destined for the NBA until it was revealed that his father was to be paid $100,000 so his son would go to Louisville. The judge recalled that the father cried as he testified that he had wrecked his son’s life. The younger Bowen now plays basketball in Australia. Kaplan also cited the playing at trial of a recorded conversation between Code and Dawkins in which the men discussed giving Louisville basketball coaches “plausible deniability” about the scheme. “I’ll never forget that,” Kaplan said. “They were making sure Rick Pitino’s tracks were being covered.” Pitino was fired by Louisville after arrests were made in 2017 in the corruption investigation. He has denied wrongdoing. In a release, Deputy US Attorney Robert Khuzami said the sentences “only begin to reflect the magnitude of the harm these defendants caused through a scheme that not only defrauded multiple public universities but upended the lives of young student-athletes and corrupted a game cherished by so many.” Kaplan recommended all three men serve their sentences at minimum security prisons. Tony Bland, a former Southern California assistant coach; ex-Arizona Assistant Coach Emanuel “Book” Richardson; and former Oklahoma State Assistant Coach Lamont Evans are awaiting sentencing. Former Auburn Assistant Coach Chuck Person, who pleaded not guilty, is scheduled for trial in June. AP

God full of mercy

EAR God, be gracious and bless us. Let Your face shed its light upon us. So will Your ways be known upon Earth and all nations learn Your salvation. Let the peoples praise You, oh God; let all the peoples praise You. Let the nations be glad and shout for joy, with uprightness You rule the peoples; You guide the nations on Earth. The Earth has yielded its fruit for God, our God has blessed us. May God still give us his blessing and be revered to all the ends of the Earth. Amen. GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

MOMMY NO LIMITS: STRIKES, STROKES AND STRENGTH (PART I) D3

BusinessMirror

Thursday, March 7, 2019

MILLER Mayer Llp. Senior Attorney Nicolai Hinrichsen

US citizenship by investment through EB-5 visa program By PAULine JOy m. GUTierreZ

‘The end of a fantastic era’– a look back on the Concorde

By The AssOciATeD Press

HE speed and elegant appearance of the Concorde inspired awe. Its ear-rattling sonic booms irritated people on the ground and led to restrictions on where the jet could fly. The Concorde’s maiden flight was 50 years ago this month. Although the plane went out of service in 2003, its delta-wing design and drooping nose still make it instantly recognizable even to people who have never seen one in person. The Concorde was the world’s first supersonic passenger plane. It was a technological marvel and a source of pride in Britain and France, whose aerospace companies joined forces to produce the plane. Its first flight occurred on March 2, 1969, in Toulouse, France. The test flight lasted 28 minutes. British Airways and Air France launched passenger flights in 1976. With four jet engines and afterburners, the plane could fly at twice the speed of sound and cruised at close to 60,000 feet, far above other airliners. It promised to revolutionize long-distance travel by cutting flying time from the US East Coast to Europe from eight hours to three and a half hours. Depending on the layout, the plane could seat up to 128 passengers, far fewer than on many other planes flying the trans-Atlantic routes. The relative scarcity of seats and the plane’s high operating costs made tickets expensive—typically several thousand

THE Boracay cleanup is just the first step in keeping the Philippines a choice destination.

dollars—so it was mostly reserved for the wealthy and famous, occasionally royalty. In the US, the plane flew mainly to New York and Washington and attracted quite a buzz. In the mid1980s, men dressed as Union and Confederate soldiers to reenact a Civil War battle in Virginia paused in mid-skirmish to gaze up at a Concorde flying into nearby Dulles Airport. A Concorde captain raved that the plane flew beautifully, and that the only indication of its speed came from looking down at other jets far below that seemed as if they were flying backward—the Concorde was moving about 800 mph faster. Jamie Baker, an airline analyst and aviation enthusiast, took the plane from New York to London in 2002. Perhaps, because it was a morning flight, the mood was more dignified than festive, Baker says. The ride was so smooth that there was hardly any sensation of flight. “No turbulence. No sense of motion, save for the clouds passing by below us,” Baker says. “Concorde was a tool devised to outwit time.” Former Boeing engineer Peter Lemme recalls his 1998 flight as a delight, but cramped. “The seats were more like what we flew domestically in coach,” he says. “The food was excessive,” including caviar, and there was a duty-free cart piled with very expensive items. However, the Concorde never caught on widely. The plane’s economics were challenging, and its

sonic booms led it to be banned on many overland routes. Only 20 were built; 14 of which were used for passenger service. As time went on, flights were disrupted by mechanical breakdowns including engine failures and a broken rudder. Reviewers complained about the small cabin, noise, and vibrations that started during takeoff and continued once airborne. The plane’s darkest day came on July 25, 2000, when an Air France Concorde crashed into a hotel and exploded shortly after takeoff in Paris, killing all 109 people on board and four on the ground. Investigators determined that the plane ran over a metal strip that had fallen off another jet on to the runway, damaging a tire. A piece of the tire crashed into the underside of the wing, shockwaves caused a fuel tank to rupture, and the fuel ignited. The planes were grounded for expensive modifications. After 18 months, BA and Air France both resumed flights, but traffic never recovered. It was determined that a more intensive and expensive maintenance schedule would be required to keep the fleet flying. In 2003, BA and Air France both stopped Concorde service. BA’s chief executive called it “the end of a fantastic era in world aviation,” but added that retiring the planes was a prudent business decision. Supersonic transports could yet make a comeback. Several companies are working on models and hope to test them soon. n

AN ideal window to acquire the EB-5 visa is being offered by New York-based Lightstone Investments to interested parties in the Philippines. The EB-5 immigrant visa program provides a means for eligible immigrant investors to become lawful permanent US residents by investing a minimum investment of $500,000 (P25 million) to finance a business in the States that will employ at least 10 American workers in targeted employment areas. The EB-5 (employment-based fifth preference category) was penned by US Congress through the Immigration Act of 1990 to “boost the US economy through job creation and capital investment by foreign investor.” In return, the visa offers holders, including family members (spouse and unmarried children below 21), freedom to study, work, and live in the US without additional immigration requirements. Nicolai Hinrichsen, senior attorney with the Miller Mayer Llp. and managing partner of its Asia EB-5 practice, said that the demand in the country is still relatively new, but more mature markets around Asia like China and Vietnam, with a sharp uptick in Chinese applications, are already at their maximum application backlogs: “There are 10,000 EB-5 visas and no country can take more than 7 percent of those visas,” he said in a recent press event. In the case of Lightstone Investments, funds pooled from the program will go to various real-estate developments. Some of its properties include The Moxy East Village Hotel in New York City, Gantry Park Landing in Long Island, New York, as with other select service hotels branded by Marriott. Hinrichsen noted, “Lightstone’s portfolio currently includes over 370,000 square meters of office, retail and industrial commercial properties, over 15,000 residential units and 4,000 hotel keys and maintains a 99.9 percent+ investor approval history with the United States Citizenship and Immigration Services [USCIS] to date.” In a statement, the company said that it has committed considerable time and resources into the Philippines for the long term. “We have recently opened an office in Manila so that local potential investors can meet with our sales representative and discuss the EB-5 program and projects.”

DOT hails Boracay, El Nido TripAdvisor mention THE Department of Tourism’s (DOT) thrust for sustainable tourism continues to gain traction with two of its flagship destinations—Boracay and El Nido, Palawan—being listed among TripAdvisor’s 2019 Travelers’ Choice Awards. Boracay White Beach, described as the island’s most popular beach famous for its amazing sunsets and white sand that stays cool in hot weather, ranked 9th among the beaches in Asia despite its temporary closure last year. El Nido, Palawan’s Nacpan Beach and Las Cabanas Beach were voted as the 13th and 22nd best island in the region. Meanwhile, the DOT together with partner line agencies Department of Environment and Natural Resources (DENR)

and the Department of the Interior and Local Government (DILG) have identified El Nido as among the destinations up for rehabilitation. The secretaries of these departments mapped out the rehabilation plan of El Nido late last year. “We take it that this TripAdvisor citation of Boracay and El Nido is indicative of the positive reaction to the reforms and new policies being implemented in an effort to inculcate a culture of sustainable tourism. This bodes well with our campaign of highlighting the people’s genuine testament and reaction to our destinations,” said Tourism Secretary Bernadette Romulo Puyat. The TripAdvisor’s 2019 Travelers’ Choice Awards ranks beaches, destinations,

and attractions, among others, based on millions of traveler reviews and opinions. Boracay White Beach received over 6,000 reviews with 62 percent excellent rave reviews and 24 percent very good rating, with most of the comments acknowledging the successful rehabilitation of the island. “Boracay still has it! After the six months rehab the Boracay White Beach is cleaner and clear. It has maintained its popularity among tourists and locals. It’s really lovely during sunsets. The burst of colors are awesome. I saw garbage bins which were absent before,” shared TripAdvisor reviewer mariasusnaf2018. “The best beach in the world. Experience the new, renovated and clean White Beach of Boracay. It is excellent

for water sports and I can swim here the whole day. Be careful with the sun and always use your sunblock with high factor. Food are excellent everywhere you go,” commented jguzon from Oslo, Norway. Yapak Beach, the second-largest beach on Boracay named after the prevalent white puka seashells, was also listed at 25th. As of February 27, a total of 320 accommodation establishments in Boracay accounting for 11,662 rooms are now DOTaccredited. “The Inter-Agency Task Force is excited for the completion of the island’s rehabilation; the second phase in April and the third in December this year. It will further promote the better Boracay,” Puyat added.

Thursday, March 7, 2019

Entertaining BusinessMirror

The perfect rich, meaty ragu achieved with baby back ribs By America’s Test Kitchen The Associated Press

AGU can be made from any meat or combination of meats, but the earthiness of a pure pork ragu is undeniably attractive—and great comfort food. Most recipes for traditional pork ragu use pork shoulder and a hard-to-find, bony cut like neck, shank, or feet to give the sauce great body. We were determined to use just one: quick-cooking pork sausage or lean pork loin were parched after braising. We needed a collagen-rich cut of pork, which would have deep flavor and a melting texture after long cooking—and the bones included. Baby back ribs fit the bill perfectly. We tried using all baby back ribs and found the resulting ragu rich and meaty with perfect silkiness. For a classic Italian flavor profile, fennel took the place of celery in the ragu’s base and ground fennel rubbed into the ribs echoed the anise flavor. Simmering the garlic head whole right in the sauce yielded sweeter softened cloves that we squeezed back into the sauce when tender. With fresh herbs and red wine, our ragu tasted balanced and far more complex than its simple preparation would suggest. This recipe makes enough

sauce to coat 2 pounds of pasta. Serve with grated Parmesan cheese. PORK RAGU Servings: 8 Start to finish: 3 hours 2 (2 1/4-to-2 1/2 pound) racks baby back ribs, trimmed and each rack cut into quarters 2 teaspoons ground fennel Kosher salt and pepper 3 tablespoons olive oil 1 large onion, chopped fine 1 large fennel bulb, stalks discarded, bulb halved, cored and chopped fine 2 large carrots, peeled and chopped fine 1/4 cup minced fresh sage 1 1/2 teaspoons minced fresh rosemary 1 cup plus 2 tablespoons dry red wine 1 (28 ounce) can whole peeled tomatoes, drained and crushed coarse 3 cups chicken broth 1 garlic head, outer papery skins removed and top quarter of head cut off and discarded Adjust oven rack to middle position and heat oven to 300 degrees Fahrenheit. Sprinkle ribs with ground

www.businessmirror.com.ph

fennel and generously season with salt and pepper, pressing on spices to adhere. Heat oil in Dutch oven over medium-high heat until just smoking. Add half of ribs, meat side down, and cook, without moving them, until meat is well browned, six to eight minutes; transfer to plate. Repeat with remaining ribs; set aside. Reduce heat to medium and add onion, fennel, carrots, 2 tablespoons sage, rosemary and 1/2 teaspoon salt to now-empty pot. Cook, stirring occasionally and scraping up any browned bits, until vegetables are well browned and beginning to stick to pot bottom, 12 to 15 minutes. Add 1 cup wine and cook until evaporated, about five minutes. Stir in tomatoes and broth and bring to simmer. Submerge garlic and ribs, meat side down, in liquid; add any accumulated juices from plate. Cover and transfer to oven. Cook until ribs are fork-tender, about two hours. Remove pot from oven and transfer ribs and garlic to rimmed baking sheet. Using large spoon, skim any fat from surface of sauce. Once cool enough to handle, shred meat from bones; discard bones and gristle. Return meat to pot. Squeeze garlic from its skin into pot. Stir in remaining 2 tablespoons sage and remaining 2 tablespoons wine. Season with salt and pepper to taste. n

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Giselle Eisenberg, 12; Jenna Fischer, 45; Rachel Weisz, 49; Bryan Cranston, 63. HAPPY BIRTHDAY: Keep life simple, and live within your means. Refuse to let temptation take hold of you and lead you into something you cannot afford to be a part of mentally, physically or financially. Choose what’s safe and secure, and will bring you peace of mind. Be a leader, not a follower, and set your own pace and goals. Your lucky numbers are 3, 11, 14, 25, 33, 36, 42.

ARIES (March 21-April 19): Review your plans carefully before you make a move. A risk will turn into a regret. Talk to someone with more experience to see if you can find a way to get what you want by taking a safer route. HHH

TAURUS (April 20-May 20): Moderation and common sense will work wonders when you are trying to flesh out an idea. How you present what you are trying to achieve will make a difference. Intelligence and charm will drum up interest and support. HHHH

GEMINI (May 21-June 20): Choose your playmates carefully. If you are susceptible to compliments and the power of persuasion, you will end up getting involved in something that will lead to emotional or financial loss. Avoid indulgent behavior and people who are poor influences. HH

CANCER (June 21-July 22): Don’t shy away if there is something you want. Your memory will serve you well when talking to someone who is exaggerating or trying to convince you of something. Trust your judgment, and follow your instincts. A partnership looks promising. HHHHH

LEO (July 23-Aug. 22): Don’t take a chance with your health, love life or relationships with your peers or business partners. Keep your life simple; concentrate on personal improvements and sticking to a budget. HHH

VIRGO (Aug. 23-Sept. 22): You can make worthwhile changes without going overboard. Channel your energy into the changes you want to make or into something you want to learn. Greater involvement in social activities or networking will lead to new opportunities. HHH

LIBRA (Sept. 23-Oct. 22): Bypass drama and head toward people and events that are happy and more interested in intellectual discussions than heated debates. Physical improvements can be made that will make your life better and encourage romance. HHH

SCORPIO (Oct. 23-Nov. 21): Look at options, and consider the best way to proceed. Dig in, but if you overdo it, injury or getting worn out is likely to prevail. Consider how best to manage your time and energy before heading down a difficult path. HHH

SAGITTARIUS (Nov. 22-Dec. 21): You’ll face opposition if you exaggerate, use emotional tactics or pressure others to do things your way. Physical improvements or inner growth will lead to greater self-awareness and personal realization that will help you move forward without interference. HH

The Food Hall that started it all IN this insta-age, it’s considered a luxury to slow down and enjoy the simple things, like having a meal. The Food Hall at Sky Park in SM Aura Premier, Taguig City, is a blessing to the public precisely because it marries the simplicity of a food hall and the unlimited choices of a world-class buffet—but, please, don’t call it one. Brought to fruition by Foodee Global Concepts and established in 2014, The Food Hall is now getting a makeover that incorporates its original “food theater” concept and exciting additions to its roster of stations, not to mention new dishes from each one. “We’re relaunching The Food Hall to remind everyone where it all started—Pound, Flatterie, Hook and The Grill will all be in the roster, to give diners a flexible dining experience that allows them to choose among our high-quality and affordable dishes from different cuisines. It’s a concept that

is close to our heart because at the core of the company is a passion for introducing new flavors and dynamic restaurant concepts to the public. This time, we’re bringing all the restaurants we love under one roof,” says Eric Dee, chief operating officer of Foodee Global Concepts. Hook by Todd English is now only available in The Food Hall. Specializing in a seafood menu offered through platters that comes in raw, grilled and fried, Hook’s must-trys include their Beer Battered Fish and Chips, Pan Seared Halibut, Spicy Salted Egg Prawns and Torched Nigiri. Flatterie’s scrumptious Italian menu is available, as well. Crowd favorites include their signature Barbecue Pork Belly, a flatbread exclusive at the Food Hall, and an extensive pasta menu that covers everything from Mac and Cheese to Spicy Frutti de Mare. Burger lovers can enjoy Pound’s juicy offerings, starting with their Double Backyard Cheeseburger,

Crispy Chicken Burger and Pound Foie Gras Burger. The Grill is an exciting new addition to The Food Hall, offering a wide variety of premium steaks at affordable prices, such as the Petite Rib Eye Steak which is available for only P890, while the Flat Iron Steak is at P680. Beyond these scrumptious flavors and more, there are the dessert selections. First-time diners at The Food Hall have to try the OMG Lava Cake, and The Bomb, a white chocolate dome (homemade chocolate brownie, banana and dulce de leche ice-cream cake) poured with melted salted caramel sauce. Dee says, “With the relaunch of The Food Hall, guests can expect the same premium dining experience in an unfussy yet sophisticated setting, with well-curated food stations that offer freshly prepared dishes, more menu options and affordable lunch sets.”

CAPRICORN (Dec. 22-Jan. 19): Interacting with friends, relatives and people who can help you make positive changes will lead to new beginnings. Make sure you get your facts straight and you don’t reveal information that could make you or someone close to you look bad. HHHH

AQUARIUS (Jan. 20-Feb. 18): Take it easy; if you try to fit too much into your day, mishaps will occur. A steady, even pace and a well-thought-out plan will allow you to make adjustments along the way. HHH

PISCES (Feb. 19-March 20): An emotional matter will surface. Consider your options and choose the one that will cost you the least. Being smart will lead to peace of mind. Don’t allow anyone to tamper with your heart, your money or your future. HHH BIRTHDAY BABY: You are persuasive, upbeat and insightful. You are understanding and helpful.

‘canned speech’ BY ROSS TRUDEAU The Universal Crossword/Edited by David Steinberg

ACROSS 1 “I ___ thought of that” 6 Yukon and Sierra 10 Antlered deer 14 Notable book club maven 15 Cut with a beam 16 Road worker? 17 Benevolent spellcasting 19 Thor’s father 20 Bumbling person 21 Taboo action 22 A, B, C, D or F 23 Clock change abbr. 24 Chocolate ingredient 27 Bishop’s district 29 Hold in, as an emotion 30 $$$ manager 31 General ___ Anna 32 Energetic, or what the starred answers are 37 Groovy 38 Argon, e.g. 40 Be tantalizingly close

to victory 43 Onsets 47 Basic Starbucks order 49 “Agnus ___” 50 Earthen pots 51 Dublin’s poetic land 52 ___ Four (Beatles) 53 Not far 54 “Three Little Pigs” comedy rock band 57 “My stars!” 58 Blunt 59 Staggering 60 Pelosi’s allies, briefly 61 Common V.A. malady 62 Some have 366 days DOWN 1 “Weird!” 2 Of a language impairment 3 Start falling asleep 4 ___ King Cole 5 From that point on 6 Quick peek 7 Myopic cartoon Mr.

8 Longtime CBS drama 9 “Hold on a ___” 10 Like a one-day forecast 11 Thus far 12 Tolerates 13 Lost causes 18 Heifer sounds 22 TV doctor Sanjay 25 Omani, e.g. 26 The “b” of n.b. 28 Get an edge at blackjack, say 31 Bay Area airport code 33 Scallionlike vegetables 34 Not of the clergy 35 Bart’s bus driver 36 Beach biter 39 Scene-___ (outshining actor) 40 Crashed into at 90 degrees 41 Claim 42 Low bow 43 Off course

4 Bruce of The Hateful Eight 4 45 MTV personality 46 Female oracles 48 Senses 54 Macroeconomic stat. 55 Frustrating groove 56 Before, to a bard

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

www.businessmirror.com.ph

Thursday, March 7, 2019

FEATURING the artworks showcased at Art Fair Philippines 2019: (clockwise) Meagan and Marcus at this interesting wooden library exhibit; Izumi Akiyama’s Sill Life X V; David Medalla’s A Stitch in Time; Meagan took an “art” shot of her brother against Fernando Botero’s Man with Violin; part of Olivia d’Aboville’s Everything, Everywhere, Everyone; and Dina Gadia’s Land Poetics

ASP HONORS FIDEL V. RAMOS, HANS T. SY IN ANNUAL ANGELS WALK FOR AUTISM By PAULine JOy m. GUTierreZ FORMER President Fidel V. Ramos and SM Prime Holdings Inc. Director Hans T. Sy were the recipients of Autism Society Philippines’s (ASP) advocacy awards at the recent Angels Walk for Autism, an annual event advocating for the acceptance, accommodation and appreciation of Filipinos with autism toward an inclusive society, held on March 3 at SM Mall of Asia. This year’s gathering celebrated the legacy of leaders that have actively supported and brought forward the discussion of autism awareness in the country for the last three decades, across its 97,000 chapters and to its 13,000 members. Fidel V. Ramos (FVR), who issued Executive Order 711 of 1996 instituting the commemoration of the National Autism Consciousness Week, was named as the Father of Philippine Autism Advocacy. “FVR’s leadership opened the doors for government agencies and private institutions to begin the path toward genuine inclusion of persons [with autism],” said Mona Magno-Veluz, ASP national president, “His administration’s disability-inclusive policies put the Philippines ahead of our Asean neighbors in advocating for persons with autism and other invisible disabilities.” Sy was awarded the inaugural ASP’s Leadership Award for Autism Inclusion and Welfare, one of the highest recognitions that the nonprofit organization gives to an individual. “Although many are aware of autism, very few people actually understand what it means to live life in the autism spectrum. SM Cares and ASP come together as a community to remind everyone that autism awareness and acceptance should be part of their everyday lives. Awareness is a good thing, but acceptance is far more meaningful,” said Engr. Bien Mateo, senior vice president of SM Supermalls and program director of SM Cares Program on Persons with Disabilities. ASP also presented the annual ASP Autism Angel Achievement Awards to Samantha Pia Cabanero (for advocacy), Eduardo Enrique Munarriz (for athletics), and Carlo Gregorio Veluz (for visual arts). Meanwhile, the Autism Works Partners of the Year was awarded to Japanese restaurant Dohtonbori Philippines, and to risk management and consultancy firm Willis Towers Watson, for their commitment to the creation of productive opportunities for jobseekers with autism. In recent years, the event attracted as much as 24,000 participants from Southeast Asian nations and was echoed in 23 cities across the country. Studies in Asia, Europe and North America have identified individuals with autism spectrum disorder with an average prevalence of between 1 percent and 2 percent. This conservatively translates to around 1.2 million Filipinos with autism. ASP, extrapolating from data collected from its membership, estimates that only 10 percent of Filipinos with autism are diagnosed and only 5 percent are receiving appropriate intervention. However, health issues are not the only problems people on the autism spectrum face, as studies suggest that students with disabilities are much more likely to be bullied than their nondisabled peers. In the Philippines there are several laws such as the Magna Carta for Persons with Disabilities, Republic Act 10070 and 10336, Equal Opportunity Employment and AntiBullying Act, to protect persons with autism. “For the welfare of a maturing population of Filipinos on the spectrum, care for persons with autism must transition from the confines of the home and school to universities, businesses and workplaces. We hope to inspire awareness, acceptance, accommodation and appreciation of autism in all sectors of Philippine society,” Magno-Veluz said.

Strikes, strokes and strength (Part I) MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

N February 24 my kids and I visited Art Fair Philippines 2019 at The Link in Ayala Center, Makati City. This year’s Art Fair was held from February 22 to 24, and I have been going to the fair annually since its inception in 2013. Big thanks to my friend, Paolo Periquet, who introduced me to this and annually reminds me of the event. I love how it has evolved so much. The recent edition included both local and international artists. I loved the ones from neighboring Asian countries, like Doan Xuan Tang and my new favorite Izumi Akiyama. I also love all the thematic 3D art and the digital visual art pieces. Most of all, I love seeing how more and more people visit the fair each year. I truly believe the Philippines’s creative economy has continuously been given such a shining global platform because of this Art Fair. Below are some of the pieces that my kids and I really enjoyed: My personal favorite was Izumi Akiyama’s Sill Life X V. This piece is a pencil-on-paper artwork. It reminds me of a 1969 Nena Saguil piece I have that used only black ink to draw multiple circles on paper. If you look at the candle in the middle, you will find

fascinating, as I do, how both light and darkness were perfectly portrayed in a black-and-white picture. A Stitch in Time by David Medalla is an “experiential” piece that is unique because the audience gets involved. As explained in the exhibit: “A Stitch in Time is about travel, time and chance, but it is also about production. Medalla describes the piece as ‘participation-production-propulsion.’ It involves the audience sewing small objects of significance onto a large cloth in a public space, which requires a creative concentration and an engagement with the artwork.” Marcus’ personal favorite was Olivia d’Aboville’s Everything, Everywhere, Everyone. He was fascinated that everything was made of everyday plastic material. Since d’ Aboville was a child, she was a regular hitting the waves of Puerto Galera in Oriental Mindoro. At 13, she earned her diving certification. When she was studying at Duperré, the prestigious textile design school in Paris, she discovered the practicality of plastic. It was, according to her, “already everywhere and it was free.” I truly admire the artist because her pieces were made from actual plastic found on the coastline of Puerto Galera, procured by the volunteers of the Stairway Foundation. This creates a bold message of the artist on “the World Economic Forum study which reports that in 50 years, there will be more plastic than fish in the ocean.” Meagan enjoyed many of the artworks showcased at the annual art fair. There was an interesting wooden library with each wooden block titled with white chalk. She was intrigued that one was labeled with their contemporary lingo, “Yeet!” I learned that day that this meant “Yes” or “Yay”. She also enjoyed the abstract works of Jose V. Ayala Jr., the archival

Get your child into sports ANNUAL summer nutrition and sports clinic for child development, MILO Philippines’ MILO Summer Sports Clinics 2019 (www.milo.com.ph) was launched recently at KidZania. With its commitment to provide the nutritious energy to get more children into sports, the brand’s yearly program continues to offer a wide array of sports activities that kids can participate in throughout the summer. The sports clinics aims to reinforce the importance of sports in a child’s holistic development. Children today are faced with numerous barriers that hinder them from engaging in sports, including digital distractions, lack of safe play places and fear of trying. MILO’s annual summer clinic seeks to address these challenges by highlighting sports as a means not only to get kids active, but also to teach valuable life lessons one can learn outside the classroom. “Getting children involved in sports would be a more enjoyable and productive way to healthy living,” said Willy de Ocampo, business unit manager for

MILO Philippines. “We believe that physical and social development lay the foundation for a child’s growth, which is why our MILO Summer Sports Clinics teach children the fundamentals of various sports in a unique and scientific way, and help them develop characterforming values.” This year, the brand makes the summer sports clinics accessible to more aspiring young athletes as they continue their expansion in the Visayas and Mindanao region. The clinics will be available starting end-March, in over 700 venues to more than 30,000 children nationwide. Arnis, Ultimate Frisbee and Wushu are this year’s newest additions to the program’s sports offerings. Apart from those sports, the MILO Summer Sports Clinics will continue to provide training to different sports disciplines, namely, Badminton, Basketball, Chess, Fencing, Football, Futsal, Golf, Gymnastics, Karatedo, Lawn Tennis, Parkour, Swimming, Table Tennis, Taekwondo, Touch Rugby and Volleyball.

To enhance the summer clinic experience of the participants, select clinic organizers will offer a Welcome Kit that contains an exclusive Summer Sports Clinics drawstring bag and MILO to ensure the participants will get their energy nutrients when they embark on their summer courses. “MILO contains energy nutrients, such as milk, protomalt, B-vitamins and iron, to help children get active especially in sports,” said De Ocampo. “So, not only will the kids get the athletic and social benefits at the Summer Sports Clinics, but they will also be provided with nutritious energy.” Expert coaches and instructors who have competed and won in local and international competitions such as the Southeast Asian (SEA) Games and the Olympics will handle the programs. These mentors use modern and scientific approaches that will help participants gain appreciation for the different sports, live a healthy and active lifestyle, and embody the morals of discipline, confidence, teamwork, perseverance and hard work.

inkjet print works of Edber Mamisao, and the signature “rotund, voluptuous presences” of Fernando Botero. She even took her own “artistic” shot of her brother looking at Botero’s Man with Violin painting since Marcus loves playing his violin. There were other paintings and art pieces we enjoyed. I was not able to take down all their names as I was following the lead of my kids on how they “bask” in “art” in their own playful way. You can see how Marcus copied the hands in Dina Gadia’s Land Poetics. I will share some more of these artworks next week. I took my kids to museums as early as they were 2. I think Meagan uttered, “Amorsolo” out of nowhere when she was 3, because I took her quite often to the Ayala Museum. It was not because I was gearing them up to become artists one day. I just loved the “act of breathing” art encouraged. I have always imagined artists releasing their thoughts without boundaries, never planning the stroke, never fearing mistakes, but still ending up with a work that pleased their own soul. This two-part article will explain my belief that art is a great way to teach kids that mistakes and failures are beautiful parts of life. The “non-deliberateness” of art produces masterpieces. The creative search can exude important points of view, even world views. Our world often puts perfection and “exactness” on pedestals, sweeping failures under the rug. My limited exposure to art has provided me essential lessons of identity and resilience. It is always easy to say to our kids to be strong, but quite difficult to teach how. When I wanted to be a painter at 6, I was told it was not a worthy profession. Next week I will share how I built art into my life in my own way, and how I believe art has led me to raise stronger and happier kids in the process. n

Show BusinessMirror

Thursday, March 7, 2019

www.businessmirror.com.ph

Ending in Dumaguete with ‘The Passionate Strangers’ REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

I WAS already in grade school when Eddie Romero finished his film The Passionate Strangers. I read about it but I was not able to watch it all: I was in elementary and in those days, even if I were allowed, I would not have insisted on watching the film. There was also another problem: The film never reached our small city. In many of his interviews, Romero, in later years, would admit how his small films never really reached a large audience. The Passionate Strangers was one of those films. It was the end of the 11th Cinema Rehiyon in Dumaguete and I was about to watch The Passionate Strangers. Foreign cineastes remember Romero not for the films that Filipino moviegoers admire, but for those films that made inroads internationally. Many of these movies, like the Blood Island trilogy made it good in drive-in markets. The closing ceremonies for Cinema Rehiyon was not a drive-in movie, but it was an open-air setting. The venue was the huge park-like ground in the host university, the Foundation University. A canopy covered from inside with thin cloth reflecting the light on the leaves and baskets that served as cover of the bright overhead lamps looked fabulous. After the remarks from the president of the Foundation University, Victor Vicente “Dean” Sinco, Juliet Cuizon, the festival director, was called in to give her own greetings. True to form, Juliet gave a short speech, acknowledging the many people who attended and those who helped her run the festival. Then, the master of ceremonies announced the name of the filmmaker whose film was closing the festival. He was Eddie Romero of Dumaguete, and the film was The Passionate Strangers.

CAR is speeding at night or late afternoon or twilight. The sheen on the objects and landscape are typical of the black-andwhite films of the era. The driver gets out of his car and walks marvelously to the solitary hut in the distance. The gait is assured, the movement from the waist down a bit feminine, but that was what made the walk interesting. We can be melodramatic here, even a bit tacky, and call this man a brown Adonis. Or that was how the color again onscreen registers his complexion. It is Mario Montenegro, an actor who bore that name like a badge of impudent masculinity. He reaches the porch and is met by a Caucasian woman. They embrace and their tryst progresses—or regresses, it all depends on your morals and judgement during that period. They are in bed now, rolling and kissing. Again, that glimmer, which dappled the landscape earlier, is on those two bodies. Teddy Co whispers to me a trivia: When Eddie Romero shoots a film and the scene asks for a love scene (a sex scene is more appropriate perhaps), he

asks his friend Gerry (Gerardo) de Leon to take over and meg that particular part. All this time, the music is soaring. With that Caucasian lady, blonde and svelte in the arms of a handsome actor of the Malay mold, much is already being told. But the music is that old Samar-Leyte song, “Walay Angay.” It was in the late 1980s when The Passionate Strangers was made. The film, although not set in Manila, is in a rural-urban setting, a city near a sugar-cane plantation. American expats work in the area. In the offices, the corporate colors the engagement. And the lovers are a white and a brown man, caught in the throes of passion. This is not a film about rural life, and we are not looking at pastoral scenes. We are witnessing something else, and we are listening to the wild tension between a folksy melody, a bit maudlin, the lyrics about heartbreaks and goodbyes. The music is accompanying the embraces, the turns, the caresses. The sound brings them to the level of a grand opera. It is also a daring choice of theme music because it does not match the scenes on screen. Despite the dissonance and discord, and maybe because of them, the music works. The first 10 minutes of The Passionate Strangers tell us Romero is a marvelous storyteller. But more than a narrator, Eddie Romero is here as a technical man. He shows us how to position a camera in such a way that the narrative makes a point. He brings

the perspectives into positions to demonstrate that sex and love are all—give and take Gerry de Leon’s “intervention”—a matter of angling and composition. As the act continues between the man and the woman, the film cuts into a car seemingly in a rush to catch two infidels. The camera zooms in on Michael Parsons. He drives on as we wish, damn it, that the other man escapes from being caught with his woman in flagrante delicto. The cut-to-cut is delicious. And Eddie Romero has prepared a cuisine of court scenes, confrontations and conflicts searing enough to bother the moral guardians of the late-1960s. The first few minutes are devoid of dialogues. When the sound of people comes in, it is the time for us to listen to more complex matters. In The Passionate Strangers, a man dies. He is killed. Adam Courtney is arrested for the crime. The victim is the uncle of the man who is seeing Mrs. Courtney. When Mr. Courtney is arrested, two characters join the charade: a politician who promises to solve the killing of the labor leader. He is aided by a prosecutor (played by Butch Aquino) whose position becomes the platform for the politician to seek justice and votes. What begins as relationships strained by sensualities and love stories gone wrong proceed to become a debate about race and social inequalities. Romero with his writers, Cesar Amigo and Reuben

Canoy, craft a plot that antedates the so-called political films of the mid-1970s and 1980s and 1990s. Sexual politics is alive in this tale of Americans and Filipinos, two caught in sex and the rest in politics. The Passionate Strangers is an old film, but in it are fresh performances delivered by actors who deserve the label “thespian.” Vic Diaz, who hams it up always as a Japanese officer, is compellingly stolid but ready always to serve a mordant wit to Courtney in particular. As Courtney, Michael Parsons gets the sympathy for a role that could have been fleshed out more. He has a peculiar charm in this film. Unforgettable, of course, is Celia Rodriguez as the woman who takes over the role of the slain labor leader. There is never a forced delivery from this actress. In scene after scene, she has lines in English, which are served in dollops of seduction and force, teetering over to near-camp but never getting there. Celia Rodriguez was unique then and whatever force she brings to her acting now can be seen in original form in this film called The Passionate Strangers. Many of the scenes in English sound and feel stilted. When the dialogues die down and the actions take over, we then see, maybe for some the first time, how keen and brilliant Romero was with camera and sound, a gift lost to directors who default on speech to deliver the message. n

Homegrown artists take center stage at Globe Wanderland 2019 INSTITUTO CERVANTES CELEBRATES WOMEN’S GET ready to feel the magic as the Wanderland Festival is back. For its 7th year, Globe and Karpos are taking it to the next level by making it a spectacular two-day event. With the theme “Magic,” this year’s festival features a good mix of seasoned and up-andcoming artists who will gather together in the country’s biggest showcase event for music and perform in front of an expected throng of people with distinct musical tastes. Here are some of the best Filipino musicians who will take the stage at Globe Wanderland on March 9 and 10 at the Filinvest City Event Grounds in Alabang. n SANDWICH. This Filipino alternative rock band counts Raimund Marasigan (formerly of the Eraserheads) as its front man, with Diego Castillo and Mong Alcaraz as guitarists, Myrene Academia as bassist and Mike Dizon as drummer. They became popular with their songs “Butterfly Carnival,” “Sugod” and “DVDX.” n UNIQUE. Eighteen-year-old Unique Salonga is a songwriter, vocalist and original lead singer of IV of Spades, which won as

New Artist of the Year at the Myx Music Awards. After leaving the band, he released his debut single “Midnight Sky” last year and also his debut album Grandma. n REESE LANSANGAN. Reese’s Arigato, Internet! is her debut album that was released four years ago shortly after her participation at the Elements Music Camp. All 13 original songs in the album were written by Reese herself. She followed this up with the album Of Sound Mind & Memory in 2017, with all tracks written by Reese, who is also a visual artist, graphic designer, fashion designer and author. n CLARA BENIN. Indie, folk and acoustic musician Clara Benin was also part of the Elements Music Camp. She interpreted the song “Kung Akin ang Langit” with Mcoy Fundales at the 3rd Philippine Popular Music Festival, which won the Spinnr People’s Choice Award. n AUTOTELIC. The Awit Award-winning indie-alternative rock band Autotelic traces its roots back in 2012 and counts Josh Villena, Kai Honasan, Neil Tin, EJ Edralin, Timothy Vargas and Gep Macadaeg as members.

MONTH WITH SPANISH AND FILIPINO FILMS

Their songs include “Misteryoso,” “Dahilan,” “Laro” and “Takipsilim,” among others. n DAYAW. Dayaw plays a diverse selection of music ranging from worldbeat, jazz and rock that will definitely stay with you. The band’s members are not only diverse in their musicality, but also share a passionate creed to let the whole world hear their brand of music. The members include Sensi Oñate, Aying Sayson, Royce Baronia, Kaloy Aganinta, Ryan Barros, Al Raja Oñate, Dale Adeva, Luis Aganinta, Iwag Maninantan, BJ Malibunas and Gav Sabalburo. Globe has already evolved from

being just a wireless communications service provider into being the purveyor of Filipinos’ digital lifestyle by providing relevant and innovative products and services that go beyond access to support customers’ interests and enrich their lifestyles. For many Filipinos, music is a foremost passion and so Globe has already made significant headway in giving its customers both online and offline music experiences through Spotify, YouTube, Wanderland, Madonna, Coldplay, Harry Styles and, most recently, BLACKPINK. Information about the different ticket promos are available at bit. ly/2tg50FS.

INSTITUTO Cervantes, in collaboration with the Embassy of Spain, Intramuros Administration and the Film Development Council of the Philippines, will be holding this March “Espacio Femenino: Spanish and Filipino Female Filmmakers,” a film cycle featuring works of female directors, with the aim of highlighting the contribution of women to the film industry. Starting on March 9, the films will be screened every Saturday at 4 pm at Instituto Cervantes Intramuros, at Plaza San Luis Complex, Intramuros. The film cycle will open with Spanish film Los Amores Cobardes (2018) by Carmen Blanco. Eva, a strong and independent woman, returns to her hometown to spend the summer holidays with her mother and Gema, her only true friend. She least expects to meet Ruben, her ex-boyfriend, who broke off with her unexpectedly years ago for no apparent reason without even saying goodbye. Galician film A Palabra Xusta (2016), whose protagonist is a 92-year-old teacher who returns to a house that has seemingly stood still in time, will be shown on March 16. There, she starts a conversation with her memories, reflections of a life trapped in old photographs, and the memory of the love of her life, Antonio Beiras. Short films by female directors will be featured on March 23. These include Café Para Llevar (2014), Una Vez (2015), Camino De Agua Para Un Pez (2016), Einstein-Rosen (2016), Lucrecia (2016), Conservas (2017)

and the Filipino short film Gikan sa Ngitngit nga Kinaidlaman (2017), to be presented by its director, Kiri Dalena. Finally, the film cycle will close on March 30 with Meritxell Colell’s Con El Viento (2017), which is about a dancer and choreographer, Mónica, who receives a call informing her that her father is seriously ill. Unfortunately, he dies before she gets to see him. Her mother asks her to stay and help her sell the house. However, they are like two strangers who will have to know more about each other and learn to live together. Admission to all screenings is free on a firstcome, first-served basis. More information is available at manila.cervantes.es.

LOS Amores Cobardes (2018) by Carmen Blanco

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, March 7, 2019 E1

Belgium’s envoy to PHL puts emphasis on exports, the environment, energy creation, education, etc.

By Recto L. Mercene

TINY nation deep in Europe’s heartland, Belgium packs a wallop—economically speaking—and leads the world in many aspects of human progress. These include inventions, art, culture, and science and technology, among many others. At 31,000 square kilometer, the country is one-third the size of Luzon Island, with a population of only 11.35 million. By comparison, the Philippines has around 105 million citizens; yet Belgium’s gross domestic product per capita in 2017 was $44,000, compared to the former’s measly $3,000. Ask an ordinary Filipino what springs to mind when “Belgium” is mentioned, and the usual reply would be associated with chocolates, or waffles, or perhaps a breed of dog. (It is said that French fries is a contribution of the European country to the culinary world, despite the association of its neigh-

bor in the name.–Ed.) Speaking of which, the first evidence of chocolate production in Belgium dates back to 1635. Today, its capital city Brussels produces more than 173,000 tons of the confectionery yearly, and is sold in about 2,000 local shops. One of its famous nationals is Roman Catholic priest-cum-scientist Georges Lemaître, who is credited for having forwarded the idea of the universe’s origin from a cataclysmic primordial atomic explosion; thus, the Big Bang Theory. Also a mathematician, astronomer and professor of Physics at the Catholic University of Louvain, he was one of the first to propose on theoretical grounds that the universe is continuously expand-

ing (later confirmed by American astronomer Edwin Hubble). The name Belgium came from the province north of Gaul, Gallia Belgica, after its previous inhabitants, the Celtic and German Belgae. It carries as official name the “Kingdom of Belgium,” known by the country’s three official languages: Koninkrijk België (Dutch), Royaume de Belgique (French) and Königreich Belgien (German). King Philippe is its current monarch. It is also the incumbent seat of the headquarters of the European Union. While all these information were culled from the Internet, Ambassador Michel Goffin volunteered many more gems about his country during the launch of fellow Belgian Renilde Vervoort’s handcrafted jewelry at his Manila residence last week. The dapper envoy said he aims to spread Belgium’s many cultural achievements, and in the coming months promised to “get some painters and artists [from my homeland to come over here]—aside from good food and good drinks.” The reason for having Belgian artists as guests, he opined, is that “the artist would be able to explain

art,” which he admitted is “really hard to understand.” An artist Goffin had in mind to lecture on art is Alexan Ravandia, a Belgian painter who is now residing in the Philippines. “He has so many [works] featuring the skylines of Manila, which are really nice,” he gushed. The next event the Belgian envoy is earmarking is a festival of pianists who will perform in his residence, as he confessed that he also plays the keyboard, “although not very good...” was his humble remark (typical of Europeans for “not blowing their horns”). The multitalented diplomat actually holds a master’s degree in Musicology, Philosophy and International Relations from the University of Louvain-la-Neuve in his homeland. Goffin volunteered that last year they organized a nine-day piano masterclass festival, which brought artists from the US and Europe to the country. He offered that he is personally teaching piano to “very competent, young Filipino pianists” who are 18 years old and above. “I was surprised to see so many young pianists in the Philippines; they’re so good,” he said, then whispered to our group that some of

the learners are “better than the teacher,” again downplaying his accomplishments.

People exchanges from way back

PRIOR to his current posting, Goffin was director general for Political Affairs at the Belgian Foreign Ministry, and also served as head of mission of the EU Delegation to Lao PDR, ambassador to Pakistan and Afghanistan, and counselor at the Belgian representation to the United Nations. In between these assignments, he had served at the UN and the Global Affairs Directorate of the Belgian Foreign Ministry. Apart from people-to-people exchanges, the Belgian diplomat said he would like to increase the tourist flow between Manila and Brussels, the added that as far as his countrymen are concerned, “we started a long time ago; many Filipinos admit that they studied under Belgian priests or nuns [of] CICM.” (The CICM Missionaries [Congregatio Immaculati Cordis Mariae, or the Congregation of the Immaculate Heart of Mary], is a Roman Catholic missionary religious congregation of men established in 1862 by Belgian Catholic priest

Theophiel Verbist [1823–1868]). Belgium’s top diplomat to the Philippines related that Belgian priests in Northern Luzon have started a creative school and university. “A lot of people have ver y strong links with Belgians, [or] have studied in Belgium. And lots of Belgians live here, [where] they think the weather is a little bit better,” he admitted of the balmy tropical setting as the magnet to relocate here, diametrically opposed to the bitter cold of European winters. “Sometimes they reinvent their lives: they divorce their wife, remarry, then invest here,” the diplomat explained. (Which made this reporter reflect that despite their wealth and advanced economy, the Filipinos’ disarming smile and friendly mien, the all-year-round sunshine, sometimes punctuated by typhoons, and the generally peace-loving nature of our compatriots have made many expatriates and strangers barter their original hearth and home for the simple joys of living among us: materially poor maybe, but rich in laughter and humanity.) Continued on E2

Envoys& BusinessMirror

E2 Thursday, March 7, 2019

FILMS ON FOCUS

Night of cinematic success LA VOZ DE MÉXICO

Amb. Gerardo Lozano

T is a great pleasure to be back in the pages of the BusinessMirror—a diary that has been an invaluable ally in spreading awareness of what Mexico is, our activities in this country and, most important, the deep ties that bind Mexicans and Filipinos together. For this, I give my special gratitude and recognition. On this occasion, I refer to what has now been a series of achievements highlighting the leadership of Mexican filmmakers in world cinema, winning five of the last six Oscars for Best Director. In particular, I wish to mention Alfonso Cuaron’s movie Roma and its success at the 91st Academy Awards. It is worth remembering that Cuaron was the first Mexican filmmaker to win the said award with his film, Gravity. Afterward, Mexicans have steadily secured their place at the top of the global cinema industry. Roma is acclaimed for its exquisite photography and visual technique, an original script narrating Cuaron’s childhood, and the discovery of one of Mexico’s hidden talents in Yalitza Aparicio as the lead actress portraying a domestic worker. A

vivid tale of 1970s Mexico, Roma is a film both Mexicans and Filipinos can relate to. With 10 nominations, the movie masterpiece won in the following three categories: Cinematography, Foreign Language Film and Director. Congratulations, indeed!

Reflection of influences

IT is an achievement that other contemporary Mexican filmmakers have shared, like Guillermo del Toro and Alejandro González Iñarritu, whom you may remember for The Shape of Water and The Revenant, respectively. Their works were nourished by the richness of a Mexican culture that shows through their tales. Their triumphs are also a reflection of Mexico’s traditions and cultural influence in artistic

PHILIPPINE Embassy in Mexico Chargé d´affaires, a.i. Faith Valerie Tan (left), with the organizers and directors MEXICO PE

expression, which are also evident in Disney’s box-office hit, Coco. Indeed, Mexico’s cinematography industry has grown throughout the years, and now its actors and producers represent our country in movie productions across diverse genres all around the world. Also, widely acclaimed Mexican actors do not stay behind. What about Diego Luna starring in the Star Wars spin-off Rogue One, Gael García in the Oscar-awarded film Babel, or in Neruda, a coproduction with Argentina, Chile, Spain and France?

Promote better understanding

DEAR reader, allow me to underscore that the latest triumphs of Mexico’s cinematography have a past that goes back to the “golden epoch” of the Mexican film industry between 1930 and 1960. Great actors rose during that time. How not to think about Tin-Tan, Pedro Infante, La Vitola, Ana Bertha Lepe, María Félix, Ignacio Lopez Tarso and the great Cantinflas? In the Philippines, the Embassy of Mexico is aware of the potential that cinema possesses, to promote

a better understanding of Mexico and Mexicans through their classic films, the very beginnings of this trend that the above-mentioned artists and filmmakers lead. Six months ago, in September 2018, the embassy screened, for the first time in the country, the “Mexican Literature in Cinematography,” consisting of five classic movies from the golden era of Mexico’s film industry. It was indeed a tribute to Mexico, made to share with the Philippines— a sister nation to which we have been related for more than 450 years—and one of the cultural expressions where the country of yours truly stands out. Currently and taking advantage of this Mexican momentum in cinema, the embassy is working on organizing a Mexican film festival, where we will showcase some of the newest productions, many with topics that Filipinos will feel no strangers to, as well as continuing our projections of classical films. It will be my honor to inform the public through the BusinessMirror once the details are finalized. Muchas gracias!

PHL named guest country-ofhonor at Mexican intl film fest

EXICO—In celebration of its 100 years of cinema, the Philippines was officially announced as the “2019 Guest Country of Honor” at the official launch of the XXII Guanajuato International Film Festival (GIFF) press conference at the Cinemex Reforma in Mexico City on January 23. The GIFF is Mexico’s largest international film festival and Latin America’s largest platform for young filmmakers. This year’s festival will run from July 19 to 28 in the Unesco World Heritage Sites of Guanajuato Capital and San Miguel de Allende. More than 200,000 visitors are expected to attend. During the press conference, Chargé d´Affaires, a.i. Faith Valerie Tan expressed appreciation for the invitation extended to the Philippines as Guest Country of Honor, and conveyed that the Philippines would be the first Southeast Asian

country to participate as such at the GIFF. She also highlighted that the Philippines’s participation in the film festival will be an opportune time to bring Filipino culture to Mexico. Aside from celebrating 100 years of Philippine Cinema this year, the Philippines and Mexico will also celebrate 66 years of bilateral relations, and the 50th anniversary of the signing of the PhilippinesMexico Cultural Agreement. The Film Development Council of the Philippines, together with the National Commission for Culture and the Arts, will spearhead the creation of the Philippine Spotlight Program and Guest Country participation of the Philippines at the GIFF. Apart from its film industry, the Philippines hopes to promote other aspects of its culture such as music, culinary arts and fashion during the 10-day festival. DFA

Belgium’s envoy to PHL puts emphasi Continued from E1

In 2017 Manila welcomed at least 15,000 visitors from Brussels. While this keeps “increasing,” the Philippines’s brand as a trove of beautiful tourist sites is little known in Brussels. “The Philippines should be much more promoted in Belgium and in Europe, because everyone knows Thailand. We [are starting] to know Indonesia, but [to us, your country] is still very far. There’s a big market out there [for you],” he said. The envoy also noted then the need to improve infrastructure in the country, specifically the connectivity between some island provinces. “Really, you have beautiful places but even for me, [they’re too] difficult to reach. There’s no train and no public transport. Crossing islands on a ferry is [a challenge]. You should really improve [on] infrastructure,” he stressed.

Business with Brussels

THE BusinessMirror inquired about the health of the trade relations between Manila and Brussels. Goffin said: “Very good. We buy dried fruit and everything you export.” On the other hand, he described Brussels’s exports to Manila, which include machines and pork that, before the outbreak of the African swine flu (ASF) epidemic, “was a lot—including tons and tons of pork skin [or rind].” “We used to export a lot of pork meat. You are probably the only country importing pork skin. We don’t eat skin,” he admitted. He said Belgium exports pork meat and skin (which import papers classify as “offal”) about 13,000 tons in 2017, but went down to 6.5 tons in 2018 following the ban due to the ASF. However, when pointed out that pork skin or rind is the source of the crunchy snack chicharon (chitlins or cracklings, in

some English-speaking countries), and the powdered form are used as noodle recipe ingredients, Goffin confessed: “It is very good; I like them,” but warned to go easy on them because, “[they’re not good for health.]” “Eat in moderation...” was his sagely advice. Brussels earlier had urged Manila to lift the blanket ban on pork and offal since it was imposed last year. Belgian traders have lost €4 million due to the trade restriction. Instead, the ambassador noted of the embassy’s urge to agriculture officials to just restrict pork products from affected areas in Belgium. Goffin said ASF struck mostly wild boars in the southern region of Wallonia in Belgium. Pork for domestic consumption and the export market, he noted, is produced in Flanders in the north. He added Belgian authorities have already culled all domestic pigs and wild boars in ASF-affected areas, and that the virus has not spread in the northern region. “We can say now it has been contained, and no ASF [infections have been observed] outside the zone. We are asking the Philippines to lift the country embargo, because it is unfair,” he pointed out.

Wind, turbine power

AS we engaged in a very casual questionand-answer atmosphere, Gof f in was quizzed if any official delegation from Brussels would drop by in the coming days to offer some more investments. But he furtively expressed the belief that an official visit may not be that effective, as he notes “a lot of interests exist between our two countries, though we don’t have a ministers’ visit.” “We have a lot of young, dynamic industries that are interested in the Philippine market,” he revealed, “especially in sustainable energies like wind, solar and hydro power.” According to the good ambassador, Belgium is a leading technology source, with

fellow Belgians selling wind turbines “that can fold [under] 10 minutes when there’s a typhoon, so it won’t [undergo] damage. When the typhoon passes, it’s up again in 10 minutes, and back on the grid.” Being familiar with the country’s geography, the envoy said the foldable wind turbines would be sold in very remote areas in Batanes, “because it’s really windy [there].” He said the Belgian government would soon announce the final decision on where to install some of these folding wind turbines. “Even better, I’m hoping the decision will come [early this March], because the Belgian government will give money to the government that sells the first [units] of the folding wind turbine.” Goffin made it clear that Belgium would offer about €700,000 ($791,000, or about P41 million) to be given as seed money to a municipality that will start the folding wind turbine business rolling in the country. “Because we believe [that] in the Philippines, there’s a lot of potential for that kind of technology,” the Belgian diplomat pronounced. To further impress prospective buyers, he revealed that the turbines are also battery-powered for day-and-night operations, with or without much driving wind. “Is the folding windmill patented?” this reporter asked, anticipating that other manufacturers could easily copy the invention. “I’m sure it [is, because] it’s very simple,” he added. He then alluded to its resiliency versus Typhoon Ompong that recently ravaged Northern Luzon. The envoy said he visited the province of Isabela and witnessed the destruction wrought by the howler there. However, he said that since the country has a good weather-forecasting center, the folding wind turbine operator could be immediately alerted of a coming typhoon for proper response, depending on the typhoon’s velocity and direction. “Whether it is Signal No. 1, 2 or higher,

&Expats

envoys.expats.bm@gmail.com | Thursday, March 7, 2019 E3

France boosts Asean creative sectors via animation

RANCE has strengthened its commitment to support the development of the creative industries of the Philippines and of Southeast Asia by organizing the first “Animation du Monde” workshop in Manila in February. Initiated by France’s Annecy International Animation Film Festival and the Annecy International Animation Film Market (MIFA), Animation du Monde is a series of workshops led by French experts that seek to provide young talents with further knowledge in acquiring funding, coproduction deals and collaborations for their projects, while preparing them for their participation in international film markets. Emphasizing the strong cooperation between France and the Philippines in the audiovisual sector, Manila has been chosen to host the first-ever Animation du Monde workshop in Asia from February 18 to 22. It was organized by the embassies of France in the Philippines and in Singapore, as well as the Alliance Française de Manille, with the support of the Film Development Council of the Philippines, the Animation Council of the Philippines, the Department of Trade and Industry’s Export Management

Bureau (DTI-EMB), and the Department of Information and Communications Technology (DICT). Six animation producers from the Philippines (Avid Liongoren and Cris Dumlao), Indonesia (Diandra Pramestisari Pololessy) and Singapore (Irwan Junaidy, Jerrold Chong and Irvin Tan) were selected to participate in one-on-one and group sessions on storyboarding, storytelling, production and financing, as well as pitching, led by French experts Géraldine Baché, Claire Fouquet and Ron Dyens. One of the group’s projects was chosen by the panel of French experts to participate in this year’s Annecy International Animation Film Market for pitching to international coproducers and investors.

Economic growth contributor

“THE Annecy International Animation Film Festival and Market is the biggest and most prestigious in the world, which is why it was a priority for the French

currently employed in the French animation sector. France also benefits from a strong market demand for French animated content: 36 animated films were released in theaters in 2017, while French television networks aired 14,674 hours of animated programs. According to the Accelerate PH Roadmap 2020 commissioned by the Information Technology and Business Process Association of the Philippines, the country’s animation industry recorded $29.7 million in revenue and directly employed 2,189 persons in 2016.

Support assured

ANIMATION du Monde Asia participants with French experts Géraldine Baché (sitting, from left) Ron Dyens and Claire Fouquet EMBASSY OF FRANCE TO THE PHILIPPINES AND MICRONESIA

Embassy to bring it to Manila,” Ambassador of France to the Philippines Nicolas Galey said during the opening ceremonies of Animation du Monde at the Alliance Française de Manille.

“Animation is commonly regarded as an artform. But by bringing Annecy to Asia, we also want to [point out] that the animation sector can be an important contributor to economic growth,

as is the case in France,” Galey added. In 2017 animation was the top audiovisual export of France, amounting to €130 million (P7.8 billion). About 8,000 individuals are

“ANIMATION DU MONDE seeks to enable more animators from the Philippines and the rest of Asia to compete in the global film market,” Galey assured. “By launching it in Manila this year, we also reiterate our message that France remains a possible coproducer, investor, partner for the creative industries in the Philippines and in other countries in Asia.” The opening ceremonies of Animation du Monde in Manila was also attended by Film Development Council of the Philippines Chairman Mary Liza Diño, Animation Council of the Philippines President Miguel del Rosario, DTI-EMB Assistant Chief Luz Medialdia, DICT Director Rior Santos III, and French Regional Audiovisual Attaché Charlotte Déflassieux. Embassy of France to the Philippines and Micronesia

Tubbataha Reef docu wins Zagreb TourFilm award

IEN NA — A Ph i l ippi ne ent r y wa s recog n i zed as the best biodiversity preservation tourism film for 2018 at the recently held 7th Zagreb TourFilm Festival in Zagreb, Croatia. The short film Tubbataha: A National Treasure is a five-minute

film that takes on a sensorial approach to the Tubbataha diving experience and shows that “the world underneath is so different from the one above it, yet is familiar.” It aimed to display the beauty, the precarious state and the need to protect the Tubbataha Reef National Park, a Unesco-

inscribed World Heritage Site. The Don Antonio O. Floirendo, Sr. (AOF) Foundation and Bullet Manila produced the film for the Tubbataha Management Office, with post-production direction by Don Falsario II. Honorary Consul General to Croatia Davor Stern received the award on be-

half of the production team. The international tourism film festival featured 111 short videos from all over the world. DFA HONORARY Consul General Davor Stern received the award for Tubbataha: A National Treasure at the 7th Zagreb TourFilm Festival 2018. VIENNA PE PHOTO

is on exports, the environment, energy creation, education, etc. create a network.” “Because there’s no network in the Philippines,” he bluntly exclaimed, then emphasized the need for energy networks or electricity networks. He said a “smart” network would be able to determine which islands in the Visayas or Mindanao are in need of power. “[It] would be able to see where the demand is high, then compute everything and regulate. But that isn’t happening in the Philippines.”

Environmental advocate

AMBASSADOR of the Kingdom of Belgium to the Philippines Michel Goffin, speaking in an exhibit of the embassy

the thing can fold in 10 minutes. After the typhoon passes, [it can] go back up,” as he demonstrated with his hands how the turbine would rise up from its resting position. Aside from turbine, Goffin said Belgium also sells irrigation-related machineries like solar-powered water pumps. He volunteered that there are currently areas in the country where a Belgium-based water pump company actively demonstrates the product, “as requested by the DA. It irrigates rice fields using the energy of the sun.” The ambassador named the company as “Turbulent.” “It generates hydroelectric energy from the turbulence in small rivers. It’s super, micro-hydro-power is ideal for

homes of little farms.” Goffin said Belgian companies have focused on providing the aforementioned high-tech, leading-edge technology from Brussels, because they are aware that this country has many isolated islands: “Most of them are dependent on diesel generators where they get the energy, but nowadays there are other options to feed the energy demand of the Philippines.” These power companies have also specialized in undersea cables able to connect islands. “For example, you [may] have in Luzon a big energy plant, [but] you need to feed all these [other] islands through underwater energy cables to connect and

TO answer the need for cleaning our polluted lakes and rivers, the Belgian diplomat revealed that his country also sells machines to dredge rivers and lakes. “They’re very active in the Philippines,” a reference to Goffin’s compatriot-investors marketing dredgers. He looks forward to the day that some fellow Belgian-businessmen would pay him a visit to take advantage of his geographical grasp of this country and “inquire which river needs dredging.” He said garbage disposal is not only a problem in the Philippines but in other countries in Asia, as well. But “if the Philippines is unable to keep its tourist destinations clean, then citizens from Europe, the United States and China would no longer come to fuel your tourism boom.” “Your [seas] and rivers are full of junk and garbage. We do not want to see that. We really need to clean [them] and the beaches.” A true believer in the UN, multilateral affairs and in an international rules-based order, Goffin remonstrated about the garbage situation in the country, particularly metropolitan Manila. “The garbage problem is not only seen in the Philippines. It’s also in Thailand and Indonesia. Bali is very dirty, [and the Thai government] has also closed some of their resorts where there is a need for radical change.” He went on to say: “Europeans, Americans, the Chinese...they will not come if

your [waters are] dirty. Why would they in the first place? It’s already clean in Europe. Not totally clean, but you don’t see tires, plastic bottles and plastic bags [in the rivers and oceans].” By way of example, the diplomat noted of his shopping in high-end local groceries. Shop attendants would at once wrap things he bought, which were already in plastic, to be placed in plastic bags once more. He asked the attendants not to waste any more plastics as he brought his own disposable and biodegradable shopping bag with him. Attendants would shoot him a quizzical look, as if saying, “Who is this man?” The environment-conscious envoy refused the offer because he does not want to add to the mounting garbage concern. “In Belgium, you cannot go shopping using a plastic bag. Let’s stop using them right now. Go for reusable [ones].” He laments that the Pacific Ocean today is completely full of garbage, as he observed after being posted in Micronesia, Palau and the Marshall Islands in the middle of Earth’s largest body of water. “I was brought to a beach, then [saw] plastic bags from Indonesia and the Philippines. The bottles carried words in Bahasa, and also ‘Made in the Philippines.’ We call it ocean plastic garbage, and the top [culprits] in the world are Chinese, Indonesians and Filipinos.” Belgium’s top representative to the Philippines added, “You need a change of mentality,” then opined that President Duterte was right when he ordered Boracay’s closure for cleanup. He agreed that calling Boracay a cesspool “was a bit too much,” but noted that the Chief Executive’s declaration was not far from the truth: “If you analyze the waters of Boracay or Manila Bay, they’re really dangerous.” Recall that a few months back, Goffin commended the Duterte administration’s decision to rehabilitate popular beaches that

are foreign-tourist draws in the Philippines. He was quoted as saying to reporters during a King’s Day reception: “Let’s be frank: When you cleaned Boracay [and] El Nido, [that was] a very good decision. President Duterte is doing the right thing in cleaning up [those] areas.” The diplomat also lauded the rehabilitation plans of the government for other popular Philippine destinations, including El Nido in Palawan. “You have such a beautiful country, [which is not only evident] in Boracay and El Nido, [but] everywhere else. Together, let’s keep [the Philippines] clean and sustainable.” Goffin said such an initiative translates to the government’s commitment toward sustainable tourism—a move that is seen to eventually attract more tourists.

Education as solution

ASKED if we need more technology to solve the garbage problem, the Belgian envoy forwarded the notion that it is education that we need a lot of. As a mitigating solution, Goffin noted of Belgian companies engaged in “high-tech waste management.” “These are small machines where water from a cesspool can be treated, then ingested without any ill effects to the drinker. But it’s a matter of political will. It doesn’t cost a lot of money.” Education and the proper mental attitude about garbage disposal, he believes, are warranted in addressing our perennial garbage dilemma. Goffin reiterated the need to educate everyone on proper waste disposal “for the sake of our children and their future.” “What’s important is the cleanliness of the environment. It’s not [just] something for the rich, or of a luxury, but we need it for all children—poor or rich, and those of yours. They will need something clean. We need to leave them something clean.” With a report from Joyce Ann L. Rocamora/PNA

Envoys&Expats BusinessMirror

E4 Thursday, March 7, 2019

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

Chinese embassy: No ‘tit-for-tat’ policy should PHL deport illegal workers

LABOR Secretary Silvestre H. Bello III and Ambassador Zhao Jianhua ink a memorandum of understanding in 2018 covering the employment of Filipino teachers in China. ACE MORANDANTE/PRESIDENTIAL PHOTO

HE embassy of China in Manila clarified it will not adopt a reciprocal approach should the Philippine government deport Chinese illegal workers, as it said Beijing adheres to the principle of noninterference in other countries’ domestic affairs. “The Chinese Embassy in the Philippines did not say that Beijing would adopt a ‘tit-for-tat’ approach should the [country] deport Chinese nationals found working illegally [there],” the embassy statement read. “Chinese law-enforcement agencies will continue to properly handle relevant issues concerning foreign nationals working illegally in China in accordance with laws and regulations,” the statement read. The statement comes after Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said Ambassador Zhao Jianhua told him over dinner “that if this government will just deport Chinese not in accordance with [the] law, then we will also do the same. That’s tit-for-tat.” The embassy underscored that China respects the laws and regulations of the Philippines on the employment of foreign nationals in the country. It said China would not tolerate its nationals working illegally in foreign countries, including the Philippines, noting that Beijing itself “has always requested Chinese nationals in the [country]” to observe the local laws and regulations. “China hopes that the Philippine law-enforcement agencies would continue to deal with relevant issues in accordance with the laws and regulations in a professional manner,” the Chinese embassy further stated. Joyce Ann L. Rocamora/PNA

Pinoy films honored in Dhaka

HAKA—Filipino films won critical acclaim at the 17th Dhaka International Film Festival (DIFF), which held its awarding ceremony on January 18 in Dhaka, Bangladesh. Filipino movie Signal Rock, directed by Chito S. Roño and written by Rody Vera, won Best Script in the Asian Competition Section. The film tells the story of a boy living in a remote area in Samar, who is able to communicate with his sister who is supposed to be working overseas by going to strange rock formations on the island. The film Mamang, written and directed by Denise O’Hara, received Best Feature Film in the Women Filmmakers Section. It is a touching film about an old woman’s struggle against the senility of old age. With the theme “Better Film, Better Audience and Better Society,” the 17th DIFF screened 220 movies from around 72 countries from January 10 to 18 in different theaters, cinemas and auditoriums in Dhaka. Apart from the two movies, the 2017 movie The Chanters by James Robin Mayo also represented the Philippines at the 17th DIFF. DFA