Businessmirror March 08, 2019 by BusinessMirror

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A broader look at today’s business n Friday, March 8, 2019 Vol. 14 No. 149

GIR back on track, hits 3-yr high in Feb $82.9B T By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) took advantage of clearer economic conditions and the stronger value of the peso against the US dollar to build up its dollar defenses to a three-year high in February.

On Thursday, the Central Bank reported a $410-million increase in the Philippines’s Gross International Reserves (GIR) as of February this year from the previous

month. This translated to a GIR level of $82.9 billion in February this year, up from the $82.5-billion level of dollar reserves in the previous month. It is also $2.5

billion higher than the $80.4-billion level seen in the same month last year. The February GIR level is the highest level of dollar reserves

The GIR level in February this year, up from the $82.5-billion level of dollar reserves in January. It is also $2.5 billion higher than the $80.4-billion level in February 2018

since October 2016 when it hit $85.1 billion. This is also the fourth consecutive month that the GIR increased from its previous month’s level. The country’s GIR is the level of foreign-exchange holdings the Central Bank has during a given period. See “GIR,” A2

March inflation seen at below 4%

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NET OIL IMPORT BILL IN 2018 UP 30.9% ON WEAKER PESO By Lenie Lectura @llectura

HE country’s net oil import bill in 2018 amounted to $12.116 billion, up by 30.9 percent from $9.256 billion a year ago, mainly on account of higher volume and import cost, the Department of Energy (DOE) reported on Thursday. Net oil import is the difference between the country’s net imports and exports. The total oil import bill from January to December last year stood at $13.477 billion, up by 31.8 percent from 2017’s $10.228 billion. This was brought about by the combined effects of higher import cost and increased import volume of crude oil last year. The DOE said 54.5 percent of the total imports are finished products and 45.5 percent is crude oil. The total product import cost was up by 24.4 percent from $5.898 billion at an average cost insurance freight (CIF) of $60.548 per barrel vis-à-vis FY 2018’s $7.339.1 billion at an average CIF cost of $75.216/ bbl. The increase was attributed to higher import cost. Also, the peso was weaker at

By Elijah Felice E. Rosales

@ReaCuBM

See “Inflation,” A2

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52.70 at end-2018 compared to 2017’s average of 50.834. Full year 2018 crude oil import reached a total 85,753 million barrels (MB), an increase of 10.4 percent from 77,641 million barrels in 2017. The majority, or nearly 86.7 percent, of the crude oil imports were sourced from the Middle East, of which 33.7 percent came from Saudi Arabia (28,880 MB), the top supplier of crude oil to the Philippines. Next was Kuwait with a 26.3-percent share of the total crude mix, followed by the United Arab Emirates and Russia, with a share of 20.9 and 7.4 percent, respectively. DOE data also showed that 4.5 percent of the crude import mix originated from the Asean region (3,880 MB) and 0.1 percent from local production (94 MB). A total of 349 MB crude oil was also imported from Nigeria. The remaining 1.9 percent was from Oman (1,091 MB), Taiwan (559 MB) and South Korea (31 MB). Figures from the DOE indicated that the country’s petroleum exports earnings in 2018 was up by 40 percent to $1.361 billion, from $972.5 million in 2017.

Mahathir: Asean nations must focus on core industries to boost trade

By Rea Cu

HE Department of Finance (DOF) said inf lation in March will remain below 4 percent if the average month-onmonth (MoM) change in the prices of goods will not breach 0.6 percent. “For inflation to stay below 4 percent in March, MoM price change should be at the most 0.6 percent,” the DOF said in its economic bulletin. At a 0.6-percent hike in the prices of commodities, the DOF sees an inflation rate of 3.9 percent in March and 4 percent in April. Inflation in March and April will settle at 3.8 percent if prices would increase by only 0.5 percent. The target inflation rate of the government for 2019 is 2 to 4 percent. “[It’s] very important to stay under 4 percent or within government target [for inflation] since [a higher rate] would mean more burden on the poverty-stricken regions and higher operating costs for both the public and the private sectors,” said Asian Institute of Management (AIM) Associate

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M TRADE Secretary Ramon M. Lopez shares a light moment with Malaysian Prime Minister Mahathir Mohamad during the Business Forum in Makati City on Thursday (March 7). Malaysia ranks as the Philippines’s third-largest trading partner in the Asean (after Thailand and Singapore), and ninth-largest trading partner in the world. NONIE REYES

Work-visa-before-travel rule crafted for aliens By Samuel P. Medenilla

@sam_medenilla

OREIGNERS may soon be required to first get a working visa before they arrive in the Philippines under a new memorandum order currently being crafted by government agencies led by the Department of Labor and Employment (DOLE).

PESO EXCHANGE RATES n US 52.2810

This directive will be contained in a joint memorandum order that the DOLE is drafting together with the Department of Justice, Bureau of Immigration (BI), Department of Finance, Department of Trade and Industry, Philippine Amusement and Gaming Corp. (Pagcor), and the Bureau of Internal Revenue (BIR). The memo is expected to be completed by March 15.

Labor Secretary Silvestre H. Bello III said the memorandum order was the result of their interagency meeting last month. “We agreed that before an alien can come in, he should already get a working visa from his place of origin,” Bello told reporters in an interview last Wednesday. He said foreigners could apply See “Visa,” A2

@alyasjah

ALAYSIAN Prime Minister Mahathir Mohamad said Southeast Asian economies must focus on the development of certain industries to improve intra-region trade, and local business leaders are in favor of this. At the Malaysia-Philippines Business Forum held in Makati on Thursday, Mahathir said the Association of Southeast Asian Nations should now craft a policy framework that will specify what industries each member country should focus on. With this, he argued Asean economies will be able to trade products and services that complement, instead of compete. “Despite having 600 million people living in Southeast Asia, we are still looking at ourselves as different countries with different domestic markets,” Mahathir said in a speech. “In the beginning [of the Asean], there was this idea that we should divide the industries, so that each industry can be [centered] in one

“In the beginning [of the Asean], there was this idea that we should divide the industries, so that each industry can be [centered] in one country, but will have the market of all the five [original] members. That idea did not take off, but that is a good idea.”—Mahathir

country, but will have the market of all the five [original] members,” he added. “That idea did not take off, but that is a good idea.” Mahathir argued that the proposal can be reassessed and redesigned in a manner that it can exploit the population of the Asean member-states. Merc h a nd ise t rade by t he Asean amounted to $2.2 trillion in 2016, of which 23.1 percent was between the regional bloc’s members. The Asean is targeting to lower the cost of trade transaction by 10 percent and double intra-region trade by 2025. The Malaysian leader arrived in the country on Wednesday for a two-day visit. See “Mahathir,” A2

n JAPAN 0.4679 n UK 68.9011 n HK 6.6603 n CHINA 7.7886 n SINGAPORE 38.5240 n AUSTRALIA 36.7431 n EU 59.1403 n SAUDI ARABIA 13.9405

Source: BSP (7 March 2019 )

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A2 Friday, March 8, 2019

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Spot prices, cost of IPP power jack up electricity rate By Lenie Lectura

@llectura

OWER rates in March increased by P0.0894 per kilowatt hour (kWh) mainly due to higher spot market prices and cost of power purchased from independent power producers (IPPs).

Pinays. . .

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This is understandable, Edillon said, since the group included the first graduates of the K-12 program and saw the first year of implementation of free tuition in State Universities and Colleges. Further, she said “there’s a lot more who are awaiting results and call for rehire.” “The reduction in labor force participation is among the 15- to 24-year-olds. We don’t think it’s a fluke but rather the start of a new regime where youth would rather study than work,” Edillon said. For his part, Socioeconomic Planning Secretary Ernesto M. Pernia said the improvement in employment rates as well

as underemployment and unemployment speaks of the improving labor situation in the country. However, Pernia said more needs to be done to further cut unemployment and underemployment. These efforts include efforts to implement well-thought-out and sustainable policies to improve employment growth, particularly in the agriculture sector and overall employment in the country. Pernia said the continued decline in agricultural employment is also largely attributed to rising cost of inputs amid low profit, limited access to credit, poor infrastructure and vulnerability to environmental risks. “The prevalence of low-productivity jobs in the agriculture sector remains a chal-

Inflation. . .

GIR. . .

Professor Emmanuel A. Leyco. The Philippine Statistics Authority (PSA) reported on Tuesday that the country’s inflation rate fell to 3.8 percent in February from 4.4 percent in January, driven by higher prices of fish, alcoholic beverages and tobacco. “Sin products and non-alcoholic beverages continued to rise MoM and contributed a total of 0.6 percentage points YoY [year-on-year] inflation. Excluding these unhealthy products, YoY inflation would have risen by only 3.2 percent,” the DOF added. The DOF said inflation will decline further due to the government’s implementation of measures that eased supply-side pressures. “The supply-boosting measures approved by the President last year continue to dampen inflationary pressures. The implementation of the rice tariffication law will further trim down inflation,” the economic bulletin read. “In addition, the interest rate adjustments implemented by the BSP will further bring down aggregate demand and trim inflation to the lower end of the range,” it added. The President signed into the law the rice trade liberalization law, or Republic Act 11203 in February. The law aims to further open up the country’s rice market as it converted quantitative restrictions (QR) on rice into tariffs. With the law in place, economic managers expect domestic rice prices to go down by P4 to P7 per kilogram. Inflation is the rate at which the average price level of commodities and services in an economy increases over a period of time, and often indicates a decline in the economy’s purchasing power. Core inflation for February settled at 3.88 percent, lower than the 4.35 percent in January. Core inflation is the change in costs of goods and services under the consumer price index, excluding those from the food and energy sectors. “Core inflation of 3.9 percent suggests that in the coming months, headline inflation may stay below 4 percent,” it added.

The GIR is a crucial component of the economy as it is often used to manage the country’s foreign exchange rate against excess volatilities. The GIR took a beating towards the end of 2018 when it dropped to 7-year lows, as the BSP battled to smoothen out volatilities in the then depreciating value of the local currency against the dollar. It also came at a time when sentiment was down due to the accelerating inflation, which also peaked at 6.7 percent during those months. GIR hit its lowest level in 2018 at $74.7 billion in October. In October, the peso traded at 54.009 to a dollar on average, around P2 weaker compared to the 52.19 to a dollar traded average in February this year. With better sentiment as inflation is back at target level in February at 3.8 percent and the peso has started to strengthen further to the 51 territory towards the end of the month, the BSP’s foreign

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Duterte. . .

Continued from A12

Terrorism

MALAYSIA also expressed a commitment to “take the necessary steps to address the serious of issue of terrorism and violent extremism through the Trilateral Cooperation Agreement. “Under this framework, Malaysia and the Philippines together with Indonesia have agreed to undertake unilateral maritime and air patrols to tackle the growing security challenges,” Mahathir added. Duterte said they also both stressed the importance of “maintaining and promoting peace, security, stability,

lenge. Sustainable solutions such as shifting rice farmers to high-value crops, promoting crop diversification, accelerating development of local infrastructure, and training for farmers on technological advances are critical to raising productivity in agriculture,” he said. “The government must implement concrete and urgent interventions following the enactment of Republic Act 11203, or the Rice Industry Modernization Act, particularly for those stakeholders that will be displaced,” he added. The LFS is a nationwide quarterly survey of households to gather data on the demographic and socioeconomic characteristics of the population and provide statistics on trends of employment, unemployment and underemployment in the country. exchange operations yielded more to contribute to the overall dollar stock of the country. The BSP attributed the rise in GIR to inflows arising from the BSP’s foreign exchange operations, net foreign currency deposits by the national government (NG) and the BSP’s income from its investments abroad. The increase could have been larger, if not partially offset by the NG’s servicing of its foreign exchange obligations as well as revaluation losses from the BSP’s gold holdings, resulting from the decrease in the price of gold in the international market. The BSP said the end-February GIR level serves as an“ample external liquidity buffer”and is equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 6.3 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity. Economists earlier posited that after bouts of declines in the country’s reserves in 2018, the Central Bank is likely looking to rebuild its GIR in 2019 ahead of potential international economic headwinds.

The Manila Electric Co. (Meralco) said on Thursday that overall electricity rates slightly increased to P10.4961 per kWh this month, from last month’s P10.4067 per kWh. The upward adjustment will result in an increase of around P18 in the total bill of a typical household consuming 200 kWh. Generation charge, which makes up bulk of the bill, went down to P5.5973 per kWh, a decrease of P0.2966 per kWh. The generation charge decrease is primarily due to lower charges from plants under power supply agreements (PSAs). The P1.0768 per kWh decrease in PSA charges this month was attributed to the strengthening of the peso against the US dollar, lower fuel prices and higher average plant dispatch. Masinloc Unit 1 and San Gabriel returned to normal operations in February, following the scheduled maintenance outage in January. The share of PSAs to Meralco’s total requirement this month was at 48 percent. However, charges from the Wholesale Electricity Spot Market (WESM) went up by P0.5178 per kWh due to tighter supply conditions in Luzon, with higher demand for power and more frequent plant outages this month.

Mahathir. . .

Continued from A1

Trade Secretary Ramon M. Lopez agreed with Mahathir’s proposal, as he said all efforts must now be exerted by the Asean toward strengthening its trade from within. “What we really need to work on is how do we strengthen that intra-Asean trade because I think, while we have been talking about FTAs [free-trade agreements], there is a feeling that it is not yet that maximized. Total trade between Asean member-states is just 25 percent of the regional bloc’s total figures,” Lopez explained. Should leaders give Mahathir’s proposal a chance, Lopez said the Philippines will most likely push for the development of its semiconductor industry, which is responsible for over half of the country’s export pie. The proposal was well received by industry leaders. For one, SteelAsia Manufacturing Corp. President Adrian S. Cristobal Jr. said the proposal has merit and that it is “worth revisiting.” “The world has changed and Asean has evolved into a potentially powerful economic bloc with a population of 600 million people. Finding ways to optimize Asean’s growth and productivity will

Visa. . .

Continued from A1

safety, and freedom of navigation and overflight over the South China Sea, as well as the peaceful settlement of disputes.” The Philippines is currently the cochair for the negotiations on the Code of Conduct in the South China Sea and is also the dialogue coordinator for Asean-China Dialogue Relations until 2021. “This is, without resort to the threat or use of force, in accordance with the universally recognized principles of international law,” Duterte said. He said they both shared the international community’s hope for peace and stability in the Korean peninsula and noted efforts by relevant parties to achieve progress through dialogue.

for the work visas in Philippine consulates abroad. Under present rules, foreigners who will be working in the country should first secure tourist visas before applying for either a Special Working Permit (SWP) issued by BI or the Alien Employment Permit (AEP) from the DOLE. Some lawmakers blamed this procedure for the influx of foreign workers in the country. “Anybody can come here as a tourist and then apply for a special working permit. This will no longer be allowed,” Bello said. An SWP can be obtained from the BI by migrants if they will be working in the country for less than six months, while

Cost of power from IPPs was also slightly higher by P0.0549 per kWh due to lower average plant dispatch. Quezon Power was on scheduled maintenance outage from January 18 to February 8. WESM and IPPs provided 12 percent and 40 percent of Meralco’s supply needs, respectively. Meanwhile, the transmission charge of residential customers went up by P0.0288 per kWh this month due to higher National Grid Corporation of the Philippines ancillary service charges. Taxes and other charges also increased by P0.3572, mainly due to the completion of the Universal Charge-Stranded Contract Costs (UC-SCC) refund last month. Meralco’s distribution, supply and metering charges, meanwhile, have remained unchanged for 44 months, after these registered reductions in July 2015. Meralco reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other public policy charges, like the Universal Charge and FIT-All rate are remitted to the government. surely benefit us all,” Cristobal said in a text message. For George T. Barcelon, chairman of the Philippine Chamber of Commerce and Industry (PCCI), Asean leaders should talk about the competitive niches and available resources of each member state that could be utilized for their products and services. The regional bloc, he argued, could cooperate in industries that members have the least capacity to sustain. “[The] Asean can collaborate on sectors, such as mass transit systems, aerospace, artificial intelligence, heavy industries, among others, where each country cannot do it alone,” Barcelon said in a text message. PCCI President Maria Alegria SibalLimjoco said once Asean’s economy is fully integrated, as it aspires to be, its goods and services must be “complementing, rather than competing.” She cited as example the trading activity between the Philippines and Thailand on the production of automobile and motorcycles. “Cross-border value chains have allowed countries to source their raw material inputs from the other countries in the region, say, the Philippines exporting to Thailand motor vehicle parts, electronics and electrical parts, [while we] import from Thailand [the actual] vehicles,” Limjoco said. the AEP is issued by the DOLE to those who will be employed for more than six months. Bureau of Local Employment (BLE) Dir. Dominique R. Tutay said, however, the “no work visa, no permit” system is part of the government’s long-term solution to address concerns with its immigration policies. “It is considered long-term since it may take some time before the Philippine consulates develop the necessary capacity to process the work visa applications,” Tutay said. For a more immediate response, she said the joint memorandum will also contain a short list of occupations, which could not avail of the SWPs. She said the list will be based on the BLE’s previous recommendation of occupations which can easily be done by Filipinos.

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PhilHealth to boost drive vs fraud

OLLOWING the enactment of the Universal Health Care law, the Philippine Health Insurance Corp. (PhilHealth) has vowed to intensify its campaign against fraud with the National Bureau of Investigation (NBI) as one of its major partners. “We cannot afford to fall short on our efforts to halt the progression of these deceitful practices, especially now that the National Health Insurance Program [NHIP] needs a strong and stable fund to enforce the Universal Health Care Act,” PhilHealth Acting President and CEO Dr. Roy B. Ferrer said after the signing of a memorandum agreement with the NBI. Aside from its tie-up with the NBI, the PhilHealth also joined hands with the Philippine Medical Association and Philippine Hospital Association to deal with erring health-care institutions, while the Professional Regulation Commission was tapped to dispense sanctions to dishonest health professionals. “We take it upon ourselves to initiate

collaborations with relevant government agencies and private entities to uphold the moral standards by which our society must prosper,” Ferrer added. He assured that these partnerships ascertain the success of anti-fraud activities in order to ensure reliable and consistent services for PhilHealth beneficiaries. Last year, PhilHealth filed about 5,000 cases with its Prosecution Department against health-care institutions and professionals. The corporation only takes 17 days to process a case buildup that entails a thorough data-gathering method. Fraudulent transactions spanning from professionals recruiting members into a bogus “free wellness program” only to be paid for by PhilHealth to hospitals and dialysis centers, including filing claims for deceased patients, were exposed. These cases are now being actively investigated and prosecuted. Stiff penalties and fines were imposed against those involved and measures were formulated to prevent future

occurrence of fraud. These anti-fraud efforts relied on truthful evidence extracted with careful deliberations. As a testament to its stance against fraud, PhilHealth castigated 71 hospitals across the nation due to breach in accreditation, misconduct and other grounds that warrant such punishment. Moreover, members of the so-called mafia within its ranks have been uncovered and suspended by PhilHealth due to a string of offenses against the corporation. Investigations were also conducted to ensure proper actions against the dishonest officials. “Despite our commitment to fight fraud, we do not flail our swords aimlessly and chop down an innocent arm... even if goals for anti-fraud efforts are set, devious practices are not tolerated just for the sake of reaching those goals. We are beyond that,” he stressed. The corporation ensures its counterfraud measures are guided by integrity, upheld by ethics and dispensed by precision. Claudeth Mocon-Ciriaco

Duterte wants to cut COA red tape, simplify audit rules

FTER moving to speed up land conversion procedures, President Duterte now says he wants to meet with lawmakers, Office of the Ombudsman and Commission on Audit (COA) officials to simplify auditing rules and procedures in the government. The President said he wants to include congressmen in the discussion as he expressed frustration over too many cumbersome government requirements, as Duterte stressed he wants COA procedures to be simplified before the end of the year. “So I just let it pass but maybe if I have time, I am so busy, I’d like to sit with the

executive secretary and maybe invite some guys from the Ombudsman and [our] auditing office. And let’s agree on certain procedures,” Duterte said in a speech late Wednesday during the first anniversary of the Presidential AntiCorruption Commission. While he said he doesn’t want to insult COA Chief Michael G. Aguinaldo, he still labeled some COA auditors as “stupid,” or may katok or crazy. “They are lost in a maze of so many requirements, [some COA officials] are really stupid,” he said. Duterte added that he will not follow too many auditing regulations because it is “stupid.”

“I do not want to insult them. I have [a] healthy respect for...who is this guy Aguinaldo...before the end of the year I will just suggest and if it is accepted by all fine, if not then...I want to include Congress...,” he added. The President also recalled that there was a time that COA filed a case against him when he was still a local government official, but he was later exonerated by the Supreme Court. Mr. Duterte has since unleashed tirades against COA as he joked about kidnapping and torturing the commission’s personnel for making the life hard for local government officials. Bernadette D. Nicolas

Editor: Vittorio V. Vitug • Friday, March 8, 2019 A3

Año backs NCRPO chief’s handling of police misfits

By Jonathan L. Mayuga

@jonlmayuga

ATIONAL Capital Region Police Office (NCRPO) chief Police Maj. General Guillermo Eleazar has found a strong ally in Secretary Eduardo M. Año of the Department of the Interior and Local Government (DILG) over his controversial treatment of so-called kotong cops. In a news statement, Año said he personally supports Eleazar in his drive to rid the NCRPO of police misfits. “His action yesterday [Wednesday] was simply a manifestation of his frustration over police scalawags in his unit who continue to tarnish the image of the entire Philippine National Police [PNP],” Año said. The DILG chief was reacting to an incident wherein Eleazar grabbed Police Cpl. Marlo Quibete’s face, pulled his hair, and berated him in front of the media and

other policemen after his arrest for alleged extortion. A member of the Eastern Police District’s Drug Enforcement Unit, Quibete was arrested after allegedly demanding P200,000 from a drug suspect. President Duterte had also issued a statement backing Eleazar. According to Año, there is no place in the PNP for police scalawags, especially those who extort money from drug personalities. “They are not only a disgrace to their uniform but to the good men and women of the PNP, many of

whom have given their lives in the relentless antidrug campaign of the administration,” he said. While Eleazar has already publicly apologized for his outburst, Año said his action was understandable given the circumstances. “It was a classic case of a ‘father losing his cool over his son’s misbehavior’ with the goal of correcting it and sending a message to his other children that bad behavior will not be tolerated in his household. Notwithstanding, I hereby direct the PNP under Police General Oscar Albayalde to intensify its internal cleansing program until all the bad eggs and rotten cops of the police service are weeded out,” Año said. The DILG chief has also ordered the Counter Intelligence Task Force to work overtime to finally rid the police service of what he describes as “undesirables.” “Let us prove to the President that we are worthy of the doubling of our salaries. More important, let us prove to the public and to the critics that we are on our way of ridding the PNP of corrupt police officers and that in the process of doing so, no one will be spared—noncommissioned officer or officer—all will be dealt with to the fullest extent of the law,” Año stressed.

Gov. Nestor Espenilla Jr. BusinessMirror Special Feature

A4 Friday, March 8, 2019

Life and Legacy

PUSH FOR BANK DIGITIZATION, FINANCIAL INCLUSION DEFINED ESPENILLA’S ADVOCACY

By Bianca Cuaresma

INCE his stint as the deputy governor for the supervision and examination sector, the late Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla Jr. has been a champion of pushing reforms for the digitization of the banking sector, and delivering financial access to every Filipino particularly in the countryside. In his 19 months as BSP Governor, Espenilla initiated a series of reform packages and policies that paved the way for the advancement of his digitization and inclusion agenda— much of which was very much welcomed in the banking community.

Financial inclusion

WHILE he was in office, Espenilla signed and approved two resolutions that allowed banks to easily put up branches in the countryside and to offer simpler, more understandable services to the unbanked citizens of the country. In December 2017, the monetary board approved the guidelines on the establishment of bank branchlite units anywhere in the country to facilitate greater access to efficient and competitive financial products and services. The BSP defines a branch-lite unit as an office or place of business of a bank that performs limited or simpler banking activities. Since these units are limited in the services they are offering, they are also subject to proportionate regulatory framework, which means less strict rules and more flexibility to execute financial strategies and innovations. In January, the BSP reported that thrift and rural banks took particular advantage of this regulation, with 27 new branch-lite units stemming from thrift banks and 27 new branchlite units branching from rural and cooperative banks in the third quarter of 2018 alone.

Bulacan, Batangas, Pangasinan and Puerto Princesa were among the top areas where thrift banks established their branch-lite units, while Quirino, North Cotabato and Isabela were the top picks for rural and cooperative banks. While branch-lite units are particularly attractive for these smaller banks as their main market is the countryside, some big banks also put up their own branch-lite units. The Development Bank of the Philippines (DBP) put up a branch-lite unit in Naga City during the period while LandBank of the Philippines put up a branch in Tuao, Cagayan. The Philippine National Bank (PNB), meanwhile, put up three branch-lite units during the period, one in Baybay City, one in Hinunangan, Souther Leyte and one in the Island Garden City of Samal. Espenilla also, during his term, approved the framework for banks to offer a basic deposit account to promote account ownership among the unbanked. The World Bank Global Findex (2014) estimates that only a third of Filipino adults have formal accounts. The usual barriers include costs, lack of money, lack of documentary requirements, and perceived low utility of a bank account, among others. The BSP said the basic deposit account framework addresses these observed barriers. The minimum key features of the basic deposit account account include: simplified knowyour-customer (KYC) requirements; an opening amount of less than P100;

no minimum maintaining balance; and no dormancy charges. “These features meet the need of the unbanked for a low-cost, no-frills deposit account which they can open even if they do not have the standard identification documents,” the BSP earlier said. As an incentive for banks, the basic deposit account is granted a preferential 0 percent reserve requirement which lowers their account maintenance cost. This regulatory incentive does not apply to regular bank accounts even if their balances fall below P50,000. Espenilla's one and a half years of governorship also saw the establishment of credit surety funds (CSF), particularly in far-flung areas such as Tacurong, Sultan Kudarat; Dinagat Islands; and Digos, Davao del Sur. The CSF is a credit enhancement program for the Micro, Small, and Medium Enterprises (MSMEs) that cannot access bank credit due to lack of hard collateral and credit history. It works through pooling monetary contributions from cooperatives, nongovernment organizations, local government units, and partner institutions. This pooled monetary contributions then serve as an alternative security in lieu of the hard collateral required by banks, thereby helping capital-short MSMEs with viable business plans gain access to bank loans.

concerns regarding the two facilitites.

Networking

THE late governor also spearheaded cooperation with neighboring central banks to facilitate knowledge sharing to local banks. In November 2017, the BSP and the Monetary Authority of SIngapore (MAS) signed a FinTech cooperation agreement (CA), in an effort to promote innovation in financial services in both jurisdictions. “The agreement serves as a seal of commitment between BSP and MAS to elevate financial innovation in both jurisdictions. The CA provides avenues for greater collaboration through a more defined structure and referral system for FinTech players between the innovation functions of each authority,” Espenilla said then. “The BSP looks forward to exciting times ahead as the CA unlocks diverse opportunities for new collaborations to prosper that maximize benefits of innovative technologies. This would ultimately pave the way for a more progressive, modern and inclusive financial system,” the BSP governor added. Under the agreement, the Philippines and Singapore will be able to refer FinTech firms to each other, share emerging trends on the industry and facilitate work on FinTech projects together. Towards the grassroots, Espenilla also launched key financial education programs such as financial literacy advocacies for millennials via Facebook and the establishment of key knowledge resource centers across the nation.

4th in the world

IN November 2018, the Philippines was ranked fourth in the world and first in Asia, together with India, in terms of having a conducive environment for financial inclusion according to the 2018 Microscope, a cross-country study which assessed the enabling environment for financial inclusion in 55 jurisdictions. The report noted that the Bangko Sentral ng Pilipinas (BSP) “has been ahead of the curve in identifying opportunities and setting guidelines for financial inclusion.” It recognized that the BSP’s focus on “creating a digital finance ecosystem has led to the introduction of a sound payments infrastructure that helps various financial sector players to reduce their costs and further their outreach.”

Tech and digitalization

THE late governor believed that one of the keys to advancing financial inclusion in the country is to

enhance the operating environment for electronic banking and digital payments for financial consumers. As such, Espenilla has also been known to champion reforms in the reforms in the financial technology arena. During his term as governor, he strengthened the implementation of the National Retail Payments System (NRPS) through the establishment of the country's first two electronic clearing houses. The Philippine EFT System and Operations Network (PESONet) was the first ACH under the NRPS and was launched November 2017. It is a batch electronic fund transfer (EFT) credit payment scheme, which can be considered an electronic alternative to the paper-based check system. Fund

transfers and payment instructions under PESONet will be processed in bulk and cleared at batch intervals InstaPay, as launched on April 2017, is a real-time low-value EFT credit push payment scheme for transaction amounts up to P50,000. It is designed to facilitate small value payments. Espenilla's most recent memorandum was an order to banks to educate its people on the ins and outs of real-time electronic retail payments system in the country. In its first memorandum of 2019, the BSP said banks must establish “effective mechanisms” to ensure that all its frontline personnel possess adequate information about PESONet and InstaPay so the staff can properly address customers'

BAP’s tribute

IN its statement following the governor's passing, the Bankers' Association of the Philippines (BAP) applauded Espenilla for “leading the banking industry in the age of financial reforms and digitization.” “His leadership resulted in progressive reforms that now support a stronger Philippine banking system, iwncluding the enactment of the New Central Bank Act. His focus on creating a safe, inclusive, and reliable payment system for the unbanked was evident with the establishment of the National Retail Payment System,” BAP said. “He leaves a legacy of a stronger and more inclusive banking system. His devotion to his work and service to the Filipino people will be remembered,” it added.

Central bankers pay final respects to the late BSP Governor Espenilla

HE members of the Monetary Board and the officers and staff of the Bangko Sentral ng Pilipinas (BSP) paid their final respects to the late BSP Governor Nestor A. Espenilla, Jr. during necrological services and the viewing of his remains at the BSP head office in Manila last February 28. The ceremonies were highlighted by the presentation of the BSP Monetary Board’s (MB) resolution of condolences by Finance Secretary and MB Member Carlos G. Dominguez III and eulogies delivered by BSP Officer-in-Charge Maria Almasara Cyd N. TuañoAmador; MB Members Felipe M. Medalla, Juan D. De Zuñiga, Jr., Peter B. Favila, Antonio S. Abacan, Jr., and V. Bruce J. Tolentino; Deputy Governors

Diwa C. Guinigundo and Chuchi G. Fonacier; Managing Director Prudence Angelita A. Kasala of the Office of the Governor; BSP Officers Club President Gregorio C. Suarez II; BSP Employees Association President Dennis Gamaya; and former BSP Governor Amando M. Tetangco Jr. Dominguez, in presenting the MB resolution of condolence to the Espenilla family, said that the Governor served the BSP with unwavering dedication and excellence for 38 years and implemented ground-breaking policies on banking supervision, capital market development, credit policy, financial inclusion, and consumer protection. Espenilla, in the MB resolution, was noted to have institutionalized risk-based

and proportionate regulations that enabled BSP-supervised institutions to innovate business models and adopt digital finance services; and championed an efficient, inter-operable, and consumer friendly-digital payment system. “Governor Espenilla pioneered major reforms under the Continuity Plus Plus theme, driven by progressive and market-friendly policies, to ensure low and stable inflation, safe and sound financial system, and a secure and efficient payment system. He pursued bold, financial sector reforms for a more efficient, flexible, and inclusive financial system; promoted financial education and consumer protection; and sustained the development and implementation of trail-

blazing policies that provided an enabling regulatory and operational environment including the National Retail Payment System, and the digitalization of payment systems as a means of democratizing financial services,” Mr. Dominguez, reading from the MB resolution, said. After the eulogies, the response of the Governor’s family was delivered by his wife, Maria Teresita Festin Espenilla. Other members of the family who attended the necrological services were daughter, Jacqueline Joyce and son-in-law, Ben Baltazar; sons Nikko Nestor and Leonardo Nestor; and grandchild, Zev Eron. The late Governor Espenilla, Jr., 60, passed away on February 23.

Gov. Nestor Espenilla Jr. BusinessMirror Special Feature

‘Don’t Panic’ The late governor shared his thoughts in an exclusive exchange with the BusinessMirror as the alarm over rising inflation was sounded By Bianca Cuaresma

UST about eight months ago, then Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla Jr. sat down with the BusinessMirror team as guest speaker in the weekly Coffee Club forum in its office in Makati City. His main message: do not panic. His visit at the BusinessMirror headquarters came at a time when the prices were slowly creeping up above the government target range of 2 percent to 4 percent. On the day that he met with the team, the Philippine Statistics Authority (PSA) just announced the May 2018 inflation at 4.6 percent. In 2018, inflation accelerated past the government target on account of the confluence of rising global oil prices, the lingering effect of additional taxes on select products born out of the tax reform package and the higher prices of food—rice in particular. Throughout the year, inflation continued to accelerate to reach a peak of 6.7 percent in September and October. Several experts expressed immediate concern— or panic—over the steadily rising inflation path, markets started to cross over the reds and the peso took a depreciating turn. Analysts and some officials voiced their concerns over Espenilla’s handle on monetary policy during the time. In his exclusive interview with the BusinessMirror, the late governor shared his thoughts on inflation and the worries it is bringing to the market, saying if people continue to make unsound decisions based on sentiment and not the actual facts about inflation, then panic will become a bigger monster to slay than the actual inflation itself. “If we don’t panic, we will be able to manage this. But if we hit the panic button and rave about inflation going out of control and start demanding

all kinds of things, then that may be a self-actualizing, self-realizing aspect,”Espenilla told the BusinessMirror. “The risk is people assume that inflation will continue to spiral down the road and, as a result, that contributes to the process itself by elevating increasing wage demands and prices, and let’s say transport price adjustments, and that keeps feeding on each other,” Espenilla said. In the duration of 2018, Espenilla was battling the rising inflationary path at the same time he was also dealing with his personal battle—with cancer. In their monetary board meetings, Espenilla and the board hiked its main monetary policy rate by a total of 175 basis points in 2018. This was among one of the most aggressive moves of the BSP in history in an effort to curb inflation expectations.

Espenilla, meanwhile, took several “medical leaves” in between for his cancer treatment, with sparse details about his medical condition to avoid “panic”about the BSP chief's condition. Some eight months after Espenilla made the statement to the Coffee Club, inflation looks to be back on track to return to government's target range of 2 to 4 percent. In January, inflation decelerated quickly to 4.4 percent after the 5.1 percent seen in December 2018 and the 5.2 percent average inflation last year. For February, the BSP department of economic research said inflation has a chance to return back to target was their projection was set at a range of 3.7 and 4.5 percent. BSP officials, meanwhile, expressed confidence that monthly inflation will be back on target no later than the first quarter of the year.

PREDECESSOR SPEAKS

Former BSP Governor Amando Tetangco Jr. delivers his eulogy for his successor Nestor Espenilla Jr.

By Bianca Cuaresma

HE late Bangko Sentral ng Pilipinas (BSP) governor Nestor Espenilla Jr. was appointed as the country's central monetary authority chief in July 2017, following the historic two terms (12 years) of former BSP governor Amando Tetangco Jr. “Governor Say [Tetangco], I am truly grateful for your mentoring all these years. Yours are truly big shoes to fill and I am thankful that I am inheriting such an exemplary and world-class institution,“ Espenilla said in his first speech as BSP governor. In late February, it was Tetangco’s turn to pay tribute to his successor during Espenilla's Necrological Services at the BSP Complex. Here below are excerpts from that eulogy: It was a proud moment for me when Gov. Nesting was chosen as my successor. I have always believed that the best preparation for any man (or woman) for the BSP Governor-ship is to be someone “from within” the BSP. No one would know the quirks of this behemoth institution better than one who has spent a great part of his or her adult life as a productive member of the BSP family. Gov. Nesting fit that bill. He has always claimed that he is “home grown”. “Laking BSP” was how he called himself on the day of his inauguration. Listening to him deliver his inaugural speech, I felt confident and hopeful because I was seeing one of our own take over the reins of an institution that we all dearly treasure. Gov. Nesting and I both loved the BSP with deep fervor and, I know, so does every BSP’er here in the Assembly Hall today and outside whether past or present. Indeed, our basic DNAs are the same. But while we have many similarities, Gov. Nesting was very much his own person. Nesting was his own man. Pero, as many of you know, matigas ang ulo nyang si Nesting. Minsan gusto kong sawayin. Kasi minsan pasaway. And, in fact, a number of times when he was still Deputy Governor, I have had to tell him to either slow down when he was too heavy on the pedal, back off when the heat was too much, or push further when that was needed on one item or other... But being matigas ang ulo was also one

The late Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. (right) arrives with former BSP Governor Amando M. Tetangco Jr. at the BSP general assembly hall, after the turnover rites of governorship via live streaming from the Office of the Governor, at the 24th BSP anniversary. Photo by ROY DOMINGO

of his best traits. He possessed what most kids (millennials, I mean) and even baby boomers of today do not possess: He had “stick-to-it-ive-ness” He stuck to a job until its completion. I recall how he would defend the BSP policies on price discovery and organized markets, bank deposit secrecy, amendments to the BSP Charter in both Houses of Congress. He had a black executive bag that was already bursting at the seams for each of these Congressional appearances. The bag contained notes, circulars, and data... everything that I know he already knew by heart. But he had them anyway, just in case, there was that one question that he didn’t get to prepare for but I know he was really prepared for anyway. He had a brilliant mind that was always at work! When he accepted the Governorship, he spoke about my shoes being too big to fill. As predecessor, that was heartwarming. But because, as I said, he was his own man. I recall him saying too that since those shoes were too big to fill, he would rather run with his own shoes. Tess, did he wear a size 11? When you think about it, his were really bigger than mine! Previous speakers spoke about how Nesting did the spadework so the financial system would be more inclusive by leveraging on technology. And we also know how strongly he felt about developing talent in the BSP. Nesting was courageous, his ways were at times unconventional, but he was always also a man of integrity. He was the same whether at the office or outside the office. He was the same whether he was delivering a speech to a crowd of hundreds, or just sitting with me in the confines of my office. And while we would have wanted Gov.

Nesting to be more patient, I think we all now know and understand why he always appeared to be “a man on a mission” and in a hurry. Like you, I would have very much wanted for him to have completed all the reforms he began... but, sadly, this was all the time he had. He battled an illness that very few in the medical profession understood well at this time. Even in his illness, he had to help pave the way for all others who would have his kind of cancer. He was able to stand the test because of the support of his family. In the BSP, work-life balance is an enigma. But Nesting always tried to keep that. It hurt him so much when he couldn’t be with you. One most heart-felt incident that I recall was when he expressed to me, that because he was feverishly fighting fires—unfair characterizations of himself and the BSP, the constant sword over his head of lawsuits, all sorts of pressure—there was just so much he was up against as a BSP official he could not even celebrate Jaqui’s victory when she passed the bar. He was nearly in tears when he said, I could not even celebrate with my daughter! Tess, there were many more sacrifices and trials that Nesting had to endure. And you stood by him so well. Thank you, from the bottom of my heart and from all of us who are here today and the others whose lives he touched. Elma and I, our children, truly appreciate you and Nesting. your friendship, your love, your dedication, and your sincerity under all circumstances. Farewell, Nesting. Please rest. Now you are in the bosom of your true Father. Rest in His deep embrace. Rest in the One whom you have served so well.

Friday, March 8, 2019

CHANGING OF THE GUARD AT THE BSP

DUTERTE SWEARS INTO OFFICE DIOKNO TO SERVE UNEXPIRED TERM OF GOVERNOR ESPENILLA

N March 6 President Duterte administered the oath of office to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno at the Malacañang. Diokno took over the reins of the BSP from Governor Nestor A. Espenilla Jr., who passed away on February 23. An experienced economist and professional manager, Diokno served as Budget Secretary immediately before joining the BSP. He holds a Master of Arts in Political Economy degree from Johns Hopkins University in Maryland and a Doctor of Philosophy in Economics degree from the Maxwell School of Citizenship and Public Affairs in Syracuse University. Diokno is also professor emeritus at the University of the Philippines Diliman, where he earned his bachelor’s degree in public administration, and master’s degrees in public administration and economics. The announcement of Duterte’s decision to name Diokno to the BSP initially stunned markets on Tuesday, because Diokno is an “outsider” and his name was not among those earlier floated as possible successors to Espenilla. However, some economists said Diokno’s competence and qualifications are bound to eventually “appease” the market, especially if he makes the right moves. Senate President Pro Tempore Ralph Recto played down concerns when asked if the appointment of an outsider (Diokno) will impact the continuity of policies from the Espenilla era.

“I hope not,” Recto told the BusinessMirror. “BSP officials are very professional. [I] Would have wanted someone from the inside, but the President decided to give it to Diokno.” In a text message, Recto added, “I believe Diokno can ably handle his new job as [the] BSP governor.” For his part, Diokno told Palace reporters, “I won’t question his [the 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.” Diokno said it is also the practice of other countries to appoint the lead of Central Bank from the academe. Diokno has since explained that the role of BSP is much broader than being a bank regulator as it is also maintains price and foreign-exchange stability, consistent with the country’s growth objectives. He will occupy the unexpired term of Espenilla, which will end on July 2023.

A6 Friday, March 8, 2019

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House pressed anew to submit 2019 budget bill to Malacañang U

DTI chief sees unemployment drop amid PHL infra buildup

By Jovee Marie N. dela Cruz @joveemarie

VICE chairman of the House Committee on Appropriations on Thursday urged the leadership of the House of Representatives to expeditiously transmit the Congressapproved 2019 General Appropriations Bill (GAB) to Malacañang. In a news statement, Camarines Sur Rep. Luis Raymund F. Villafuerte Jr. said the delay in the transmittal of the P3.757-trillion proposed national budget has only deepened suspicions that “underhanded acts fueled by greed” are taking place. Villafuerte said that the longer the delay in the transmittal of the

budget bill, the longer the period that the government would have to continue operating on a reenacted 2018 budget, which, in turn, means further holding up the implementation of government’s “Build, Build, Build” infrastructure projects and other priority initiatives meant to spur growth, attack poverty and

improve the quality and delivery of basic services to the people. Also, he said the delay was a “blatant violation” of the legislative process, given that there is no justification whatsoever for legislators to dilly-dally on the transmittal of the bill to the Office of President after both chambers have ratified the bicameral conference committee report on the 2019 GAB nearly a month ago. He alleged that former House Majority Leader Rolando G. Andaya Jr., who now chairs the House appropriations committee, is “behind the delay” in the submission of the 2019 GAB to Malacañang. But Andaya already assured the public that there is nothing unconstitutional in the proposed 2019 GAA as the lower chamber is preparing the national budget for the President signature this month. “What is there to change or finalize in the GAB for weeks on

end when it was supposed to have been the final version already that was approved on February 8, or almost a month ago?” Villafuerte said. “We cannot help but agree with Sen. Panfilo Lacson that some lastminute changes are now being done to ensure that pork allocations of some favored House leaders remain intact, if not padded,” Villafuerte added. Both Congress had ratified the budget bill on February 9 before it went to two-month break to give way for the midterm elections. “The only thing they have to do to make the budget process transparent enough is to submit it pronto to Malacañang,” he added. “What can be more transparent than for Andaya, as the head of the House contingent to the bicam panel, to transmit the 2019 GAB right away to the Palace so the President could study, sign and release the document to the public?” Villafuerte said.

NEMPLOYMENT figures will further go down in the months to come on the back of strong demand for workers in the construction and manufacturing sectors, the country’s trade chief said on Thursday. On the sidelines of the MalaysiaPhilippines Business Forum, Trade Secretary Ramon M. Lopez said the government is counting on the construction industry to employ aggressively more workers over the next months. This recruitment rush in construction will be crucial to the lowering of the country’s unemployment rate. Data from the Philippine Statistics Authority (PSA) reported the number of Filipinos without jobs went down to 5.2 percent in January, from 5.3 percent during the same month last year. “That is just little. We hope to see more improvement, [as] I have been hearing a lot of shortage in labor. In other words, there are job opportunities. We lack skilled workers here and there,” Lopez said. The construction industry is currently experiencing a construction boom with the government’s infrastructure buildup program. An estimated P8.4 tril-

lion will be spent until 2022 for various big-ticket public infrastructure, including 75 flagship projects. It is looking to grow its labor force, which is now at 4 million strong—or 9.5 percent of the total local employment—by 10 percent to 20 percent. The industry aims to achieve this over the duration of 10 years. “There are now job opportunities, the people just have to be informed about it for them to be directed to the industries in search of workers,” Lopez claimed. “Aside from that, the training that will be needed, what kind of skills will be needed, they have to prepare also for this requirement. We are bullish [that the] unemployment rate will go down, and employment figures will improve,” he added. On top of construction companies, manufacturing firms are also expected to be aggressive employers this year. This is on the back of the government’s resurgence program for the manufacturing sector. Last year investments approved by the Board of Investments ballooned 47.1 percent to P907.2 billion from P616.8 billion in 2017. Elijah Felice E. Rosales

Climate Reality Project lauds Negros Occidental’s decision to ban coal-fired power generation projects

HE Climate Reality Project has commended the Negros Occidental local government’s “bold step toward a greener, sustainable future” after declaring the province as a coal-free area. Gov. Alfredo C. Marañon Jr., has recently signed a provincial order that

made Negros Occidental the newest “coal-free” province in the Philippines. Negros Occidental, located in the Western Visayas region, occupies the northwestern half of the large island of Negros, the other being Negros Oriental. Known as the “Sugar Bowl of the

Philippines,” the province is the country’s top producer of sugar cane. It produces more than half the nation’s sugar output. Through the governor’s order, the province has committed itself in the fight against global warming by pursuing clean and renewable-energy (RE)

projects “opposing the entry or establishment of any coal-fired power plant.” The order also paved the way for the creation of the Provincial Renewable Energy Council, which will formulate measures encouraging RE programs “for a greener and energy-sufficient province.”

Negros Island has been a center of RE sources in the Philippines, hosting several solar and wind energy power plants. With this development, the two provinces on the island join Ilocos Norte, Guimaras and Sorsogon as the only provinces in the country banning

coal, which are also joined by the cities of Sorsogon, Masbate and Ozamiz. In a news statement, the Climate Reality Project expressed hope that the province will serve as a model to break free from coal and commit to the fight to solve the climate crisis. Jonathan L. Mayuga

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Editor: Jennifer A. Ng • Friday, March 8, 2019

Confusion marks rollout of rice trade lib law

THIS April 12, 2017, file photo shows different varieties of rice being sold at a local market in Manila.

By Cai U. Ordinario @caiordinario

DAY after the rice trade liberalization law took effect, an official of the National Economic and Development Authority (Neda) said traders encountered difficulties in retrieving their shipments at the port. Republic Act 11203, or the rice trade liberalization law, took effect on March 5. The law removed the quantitative restriction (QR) on rice and replaced it with tariffs and removed the powers of the National Food Authority (NFA) to issue import permits. Because of the new law, Neda Assistant Secretary Mercedita A. Sombilla told the BusinessMirror that traders had complained

to her that the Bureau of Customs (BOC) refused to recognize the certificate of eligibity (COE) to import from the NFA. The COE is one of the permits and licenses issued by the NFA to rice importers. “Actually there were importers who were calling me yesterday [Wednesday] saying the BOC refused to honor their COE. I told them all COEs that were given and approved by the NFA before

March 5 should be processed as in the old regime,” Sombilla told the BusinessMirror in a phone interview. Sombilla said this was part of the discussions at the NFA Council (NFAC) meeting on March 5. She said the NFAC relayed its instructions to the BOC through the Department of Finance (DOF). She said the NFAC had requested the NFA to furnish the council the list of COEs it issued. This, she said, would make it easier for the BOC to identify the shipments that would be exempted from the new rules. “There are provisions in the law that are self-executing—the repeal of the regulatory power [of NFA], the imposition of the new tariff regime, the imposition of the new MAV, the imposition of the safety [rules because under the new law] sanitary and phytosanitary [clearances were required],” she said. “Also, there is already the [new importation] guidelines, which

the NFA Council must release to avoid confusing the BOC,” Sombilla added. Earlier, Agriculture Undersecretary Segfredo R. Serrano told the BusinessMirror that the government should prioritize the crafting of new import procedures, instead of focusing on the restructuring of the NFA. Sources told the BusinessMirror that some importers and traders are already inquiring about the import procedures, particularly the tariff payment process, even before the law took effect. NFA OIC-Administrator Tomas R. Escarez said the food agency will stop accepting applications for its out-quota importation program starting on March 5. Under R A 11203, interested traders must only secure a sanitary phy tosanitar y import clearance from the Bureau of Plant Industry prior to the arrival of their shipments.

High-yield rice

TO hike output, t he Ph i l ip pi ne Rice Research Institute (PhilRice) urged farmers to plant high-yielding varieties and cut their seeding rate. Ph i l R ice, a n attached agency of t he Depa r tment of Agriculture, noted that the government wants to improve farmers’ competitiveness by increasing rice yield

DA needs bigger budget to double Bukidnon’s coffee area by 2022 By Jasper Emmanuel Y. Arcalas @jearcalas

UKIDNON—The regional field office (RFO) of the Department of Agriculture (DA) is targeting to more than double the area planted with coffee here following President Duterte’s pronouncement that the DA will get a bigger budget next year. With a bigger budget, Carlota S. Madriaga, regional technical director for Operations of DA-RFO 10, said the agency will be able to double coffee areas in Bukidnon to 26,000 hectares by 2022, from the current 11,000 hectares. Bukidnon is a province that is well known for producing world-class coffee beans. “We have a set a target of 15,000-hectare expansion until 2022. [The RFO] was instructed by Agriculture Secretary Emmanuel F. Piñol to increase our budget proposal,” Madriaga told reporters in an interview on the sidelines of Nestlé Philippines Inc.’s coffee-buying activities

here on Wednesday. “The 15,000-hectare expansion could be achieved in less than three years if we will be given the budget,” she added. Citing data from the Philippine Statistics Authority (PSA), Madriag a s a id Nor t her n M i nd a n ao c u r rent ly produces about 2,0 0 0 metric tons (MT) of green coffee beans (GCB) annually. Madriaga did not give an estimate as to how much the regional office would need for their target. But Wilson Lagdamen, DA-RFO 10 senior agriculturist, said the agency spends P1.2 million to procure 50,000 seedlings. One hectare of coffee area would require an average of 800 seedlings, according to Lagdamen. To hit its target, the regional office would need to spend at least P288 million to provide 12 million seedlings, according to the computation of the BusinessMirror. This year, DA-RFO 10 procured 50,000 robusta coffee seedlings and 20,000 ara-

bica coffee seedlings. The agency spent P300,000 for the seedlings and another P5 million for its coffee nursery establishments. The region also plans to hike its average GCB yield to about 1 metric ton per hectare by 2022 from the current 230 kilograms per hectare, Madriaga said. She said this can be done by providing farmers with high-yielding seedlings or plantlets. Madriaga said the agency has distributed 4 million seedlings to coffee farmers in the region since 2015. She said the DA-RFO 10 has been procuring and distributing high-quality planting materials to farmers in partnership with Nestlé. Data from the PSA indicated that the Philippines produced 60,310 MT of coffee last year, 2.84 percent lower than the 62,080 MT produced in 2017. In the fourth quarter of 2018 alone, the country produced 29,600 MT of coffee, 0.80 percent higher than the 29,360 MT recorded in the fourth quarter of 2017.

to at least 5 metric tons per hectare and reducing their production costs by 30 percent. This target is achievable if farmers would use high-quality seeds, such as inbred seeds, and reduce the volume of seeds they used in planting, PhilRice said. At present only about 45 percent of the local rice farmers use high-quality seeds, according to PhilRice estimates. “To make them more competitive, experts advise farmers to use high-quality seeds of a recommended variety as this can increase their yield by 10 percent or

more, based on studies,” the agency said in a statement. “Moreover, farmers are also encouraged to reduce their seeding rate to save on cost. Instead of the usual 80-120kg/ha, farmers are advised to use 40kg for transplanted rice and 60kg for directseeded rice,” it added. Under the rice trade liberalization law, the PhilRice would have an annual funding of P3 billion in the next six years to train farmers and seed growers to produce high-quality inbred seeds. With a report by Jasper Emmanuel Y. Arcalas

A10 Friday, March 8, 2019 • Editor: Angel R. Calso

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US hard place; Chinese rock

HE Philippines cannot seem to get out of an awkward position between China and the United States, and may never be able to extricate itself from there. There’s no doubt that part of President Duterte’s intention to form a more balanced foreign policy was an attempt to do that, and it was successful to a certain extent. But history will never forget that the Philippines was a US colony and a US military outpost for many decades. Likewise, geography has effectively placed the Philippines between the Red Dragon and the American Eagle. There is nothing that we can do about that either. When speaking about the situation in this region, some experts always say something along the lines of “Why can’t the Philippines be more aggressive like Vietnam?” That sort of ignores the history of Vietnam repelling multiple Chinese invasions for the past 500 years, most recently in 1979. China occupied Vietnam prior to that, until 1428. The US Secretary of State Mike Pompeo came to the Philippines saying, “We have your back,” promising US intervention if China attacks us. The State Secretary would not say something so specific to Vietnam. “No thanks Uncle Sam...we tried that once, and it didn’t work out so well.” Instead, the US delivered six fast-response patrol boats and equipment worth $20 million to “deter bad actors from committing crimes against or near Vietnam,” the US embassy said in a statement, citing among other threats like “environmental degradation, illegal fishing and piracy.” No mention was made of using these vessels if China starts building military installations on Vietnamese territory. So now the US has come to the aid of the Philippines by putting—in effect threatening—China on notice not to try anything foolish with the Philippines. Defense Secretary Delfin Lorenzana responded: “The Philippines is not in a conflict with anyone and will not be at war with anyone in the future. But the United States, with the increased and frequent passage of its naval vessels in the West Philippine Sea, is more likely to be involved in a shooting war. In such a case and on the basis of the Mutual Defense Treaty, the Philippines will be automatically involved.” Some thought that Lorenzana’s remarks were ill-advised, but he may have a point. Lorenzana went on to say that the PhilippinesUS Mutual Defense Treaty was ambiguous and vague, and risked causing “confusion and chaos during a crisis.” The Philippines is in no position economically or militarily to choose sides. Further, no matter how unlikely, what if the US for some reason wanted to use the Chinese incursion into Philippine territory as an excuse to go to war with China? The genuine thorn in China’s neck is Taiwan. But an excuse to get China to back down a little on Taiwan could be “tensions” over Philippine territory. We are in between a geopolitical and geo-military rock and a hard place. 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

SPOX

ERE are a few things every voter—new voters especially— need to know. First, voting hours are from six in the morning to six in the evening. This 12-hour window is intended to minimize congestion in the polling places since voters won’t have to crowd in during peak voting hours—typically early in the day and again in the early afternoon. This adjustment from the old voting hours of 7 a.m. to 3 p.m. was also considered necessary because each polling precinct will be expected to process a maximum of a thousand voters each. Incidentally, there will be 61 million registered voters on election day, with a projected turnout of around 75 percent. Second, in order to vote, voters must first be positively identified by the Boards of Election Inspectors—the three-man committee running the polling place. For most of the country, this identification process will hinge on the Election Day Computerized Voters List, which is a list of all the voters who are eligible to cast their ballots at a particular polling precinct. Yes, this means that each of the 35,000 or so polling precincts will have a unique EDCVL. In certain pilot areas, however, namely: Manila, Quezon City, Cavite, Pangasinan, Cebu, Negros

Occidental, Davao del Sur and Zamboanga del Sur—the EDCVLs w ill basically play backup to new tech being rolled out by the Commission on Elections, the Voter Registration Verification Machines, or VRVMs. These devices will identify eligible voters through a live fingerprint scan. Third, once the voter has been identified, they will be handed a ballot, a marking pen and a ballotsecrecy folder. The ballot will contain the names of the candidates, arranged by elective position. In other words, under the category of Senator, voters will be able to

The power of speech

Lourdes M. Fernandez

Rev. Fr. Antonio Cecilio T. Pascual

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace Ruben M. Cruz Jr. Angel R. Calso

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The basics of voting

SERVANT LEADER

ROTHERS and sisters, President Duterte has once again shifted his constraint toward some leaders of the Catholic Church of the Philippines this week, after Diocese of Caloocan Bishop Ambo David announced that he, along with other priests, received death threats. According to the president, his anger toward the bishops is a personal matter, which is why anyone should neither give threats nor even harm these priests because they have nothing to do with politics. We remember in a December 2018 statement from Malacañang, Duterte urged people to kill bishops. His exact words: “Itong mga obispo ninyo, patayin ninyo. Walang silbi ’yang mga ’yan. All they do is criticize [These bishops of yours you must kill. They are worthless. All they do is criticize].” We removed all the swearing and cursing from his statement. Is this still not a clear sign of threat to the lives of the bishops? It is already late for President Duterte to explain that his threats and negative comments toward some of our

pastors—if we can even call it an explanation. As expected, his spokesperson tried to shield him. The president’s statement against the bishops shouldn’t be related to the threats received by Bishop Ambo and other priests. Much like his past controversial statements, they were only exaggerations that must not be taken seriously. The opposition aims to make matters worse even if the public is already aware of the president’s style in speaking. What do you think, brothers and sisters?

As a critically important aside, voters have to remember not to overvote. Each of the nine categories of positions appearing on the ballot will carry an indication of how many slots are available for each. Overvoted positions will be considered stray and will be recorded, but will not be included in the final tally. find the names of the 62 official candidates for that position. There will be nine categories: Senator, Party-List Representative, Member of the House of Representatives, Governor, Vice Governor, Member of the Sangguniang Panglalawigan, Mayor, Vice Mayor and Member of the Sangguniang Panglunsod. For all ballots nationwide, there will be 62 candidates for senator and 134 party-list organizations. For all the rest of the positions, the names and number of candidates will vary depending on the municipality or city for which the ballot is intended. Yes, the ballots for every city or municipality will be unique. Next to each candidate (or partylist organization) name will be a small oval. This is the voting oval. In order to register a vote for the candidate whose name appears next to it, the voter must darken

For those who still believe in the importance of reason, and give importance to proper discussions regarding issues, no explanation is enough for the threats to the lives of Church-people or anyone else, for that matter. Whether it is a joke, words coming from those given duties to serve the nation—like the President—are considered part of the rules of the government. (As a matter of fact, bending the law through the use of killing of alleged criminals is clearly the intention of the current administration, which is why the threats to the bishops and priests are not surprising. But these must not go unnoticed.) Words bear weight, especially if these words come from people like our leader. It is right that we hope from them to utter the words to unite us, not words that cause our division, pushing the people to hate one another, or influence others to kill other people. Like what Pope Francis said in 2016, words serve as a bridge of understanding toward everyone, families, groups, races and that is why it is important for us to be careful in what we say. Our words—as well as our actions—must help us break through the chords of impulsive judgment

the space within the oval, exclusively using the marking pen provided by the BEI, and using the ballot-secrecy folder to shield the ballot from prying eyes. To ensure that the vote is read correctly, the Comelec recommends that the voter aim for 100-percent shading of the space, although the vote-counting machines (VCMs) will consider a 25-percent shaded oval a valid vote. Since, practically speaking, the voter will have no way of determining for sure that they have met the 25percent threshold, shading in more than that—100 percent in fact—is strongly recommended. As a critically important aside, voters have to remember not to overvote. Each of the nine categories of positions appearing on the ballot will carry an indication of how many slots are available for each. Thus, 12 for Senator, one for Member of the House of Representatives, and so on. Overvoting happens when more than this number of slots have been shaded in—13 votes for Senator for instance, or two votes for Member of the House of Representatives. Overvoted positions will be considered stray and will be recorded, but will not be included in the final tally. Fourth, after filling out the ballot, the voter should slowly insert the ballot into the VCM. Since there is only one way to actually do this, See “Jimenez,” A11

and the vengeance that enslaves the people of the nation. It seems difficult in our current situation. Brothers and sisters, we are concerned of what is happening in our Church, not because the accusations thrown right and left against our pastors are true but because of the effects of the words irresponsibly said by our leaders. The death threats are worrisome, particularly because some priests were already murdered under the current administration. It is also saddening if there are those who support our pastors without fear in uncovering the truth forcibly hidden by those in power, there are those who choose to be silent in front of the obvious abuse of rights and freedom of the people. Much more disheartening is the fact that there are fellowmen who cheer when lies and destructive comments were given by their idol. In spite of this, like the assurance of Bishop Ambo, our pastors in the Church continue to guide our fellowmen. Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph and follow its Twitter and Instagram accounts @veritasph and YouTube at veritas846.ph. For your comments, e-mail veritas846pr@gmail.com.

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Opinion

Governance deficit

Orchids in the Moonlight

BusinessMirror

Alvin Ang

Tito Genova Valiente

EAGLE WATCH

ANNOTATIONS

N 2010, I received an e-mail from a colleague asking me what kind of economic advice I can give to then incoming President Noynoy Aquino. I suggested that one of the priority activities that the new government should do is to review all the laws that have been passed.

T was late afternoon of Ash Wednesday when I noticed that Mama’s orchids were abloom once more. It was not in the moonlight that these plants came alive once more; I doubt if orchids bloom in the pale light of the moon. But I like to think that orchids hide their blooms before they allow them to burst forth, and where else could they do that but at night, when it is dark. Or, when the light that is cast upon the purple and yellow flowers are coming from the moon.

The review of the laws would enable the government to know which are no longer relevant, which are not funded, and which can be updated and improved. From such inventory, the government can respond to the legislative gaps and help develop the capacity of the executive to update itself and respond to the emerging needs of society. My idea then is for Congress not to pass any new laws in their first year and use the different committees to review their sectoral status. Of course, this idea is easier said than done. But it would be a rational way of addressing and modernizing the governance structure required in the age of big data and the Fourth Industrial Revolution. Fast-forward to 2019, we have recently experienced a number of game-changing laws being passed in a matter of weeks. As we have discussed some of them last week, we are unable to go into the details of all of them considering their different sectoral implications and agency focus. What is clear as we go back to 2010 and even further back is that these laws are essential and they are responding to the changing times. My challenge is not the logic of these laws and their expected benefits, but on how these laws are to be implemented. Based on experience, the challenge arises at the level of execution, for instance, at the local government levels. Many laws on social protection for children, women and elderly, among others, are easily implementable in big cities having full staff complements and having enough resources to hire more. Translating that in municipalities and far-flung communities may mean that the implementation of different laws will fall into the hands of the same person—the municipal social welfare officer. Hence, the efficient implementation of the different laws is hampered by personnel capacity and at times by financial limitations due to differing structures and capacities. How do we then address the challenge of meeting the requirements of new laws? Recent laws already have in them a mechanism for review a few years after initial implementation. The crafting of the implementing rules and regulations is also crucial. Nonetheless, it may again be important to look into my original proposal, especially as we are entering a Congressional elections this May. The new Congress may want to first review before embarking on changing and passing new laws immediately. The same can be done by the city and municipal councilors in relation to their ordinances. In my view, the current government

Jimenez. . .

continued from A10

this procedure should be a no-brainer. Once the ballot has been accepted by the VCM, the machine will print out a report of who the voter voted for. People have taken to calling this report a “receipt” and, in a way, I guess that’s what it is. But unlike a real receipt, the voter doesn’t get to take this one home. Instead, the printout is supposed to be dropped into the designated box for it, which would be located next to the VCM. Fifth, once the voter has completed this voting process, a drop of indelible ink will be applied to the nail of their right forefinger. And with that badge of honor, the voting process for that voter will have come to a close. The voter is

In the coming days as the midterm election campaign heats up, it might be critical for voters to bring in the question of implementation and execution of laws, not just their passage. Instead of just asking what new laws will need to be passed, we as voters should also be asking what laws are no longer useful and what needs to be improved. capacity is facing what I call a “governance deficit.” This is evidenced by the number of coordination issues that are observable in the delivery of government services. In the Global Competitiveness Index 2018, inefficient government bureaucracy is cited as the most problematic factor in doing business in the country. Creating new laws without analyzing current capacities and systems will only overburden it and lead to ineffective and inefficient delivery of public services. We understand that there has been a continuing rationalization program of the government. However, rationalization of the government work force needs to be done not in relation to number of workers, but in relation to the task and system requirements, which may not be available as part of current government capacity. Adding new teachers, policemen and health workers should not be based on ratios but on actual needs and capacities to deliver. Hence, apart from reviewing existing laws, the executive may also want to update and review current governance effectiveness and efficiency, especially in addressing dayto-day challenges faced by ordinary citizens. This cannot be done on a piecemeal basis and will be more effective if considered under an overall system review and analysis. We want to avoid just adding new laws to what may be an overwhelmed system. The result of which may lead to inability of the new laws to deliver or that the benefits expected are delivered at an efficient way and thereby leading to wastage of resources. In the coming days as the midterm election campaign heats up, it might be critical for voters to bring in the question of implementation and execution of laws, not just their passage. Instead of just asking what new laws will need to be passed, we as voters should also be asking what laws are no longer useful and what needs to be improved. Candidates who have long gone through the legislative processes should know very well how this can be done and that addressing the governance challenge right now is more important than proposing bills and making them laws. then expected to leave immediately. What I’ve just described is, of course, how things would go if there were no hiccups or problems along the way. Needless to say, a number of things can complicate the process —like the voter not showing up in the BEI’s lists, or the ballot being rejected by the VCM, and so on. Some voters might show up and be unable to fill out the ballots independently due to some condition or disability. We’ll deal with those exceptions in the next column. But for now, if you want to get a firsthand look at how the voting process actually works, you should know that the Comelec is conducting voter education-slashvoter experience seminars for the public. You can go to one of those, or you can request a seminar for your school or organization by sending a request to talktocomelec@gmail.com.

Friday, March 8, 2019 A11

March is a kind of birthday month in the family. Many of our kin celebrate their birthdays in this month that augurs the summer. My father and mother were two of these celebrants. They have passed on, the two of them. I remember Mama more when her birthday comes. She was a simple woman. She appreciated any kind of gift given to her. A bunch of white flowers made her tear a bit; simple jewels made her cry. A promise to take care of her from any one of us reached the ears of friends. She had ways with words but she never wrote essays or stories. She was proud of us, and we were her stories. Long after the post office had gone out of fashion, Mama was still its patron. She would mail to us birthday cards. Sometimes, instead of cards, she would send us letters with the greetings in them. The letters always looked back to the time we were born. The letters always reminded us how she felt fortunate to have us. It has been almost two years since Mama’s death. Her room, however, has remained unoccupied. A cleaner comes every now and then. My instruction is always for them to clean the room, but never arrange pillows so as to make it appear someone is sleeping in that bed.

I don’t think I have grieved. I don’t think I will ever grieve. At night, when I am back in the old city, I still sleep on a mattress placed outside her room. At midnight or at one in the morning, I would wake up. Caught between memory and forgetfulness, I would take a quick glance at the room. Is Mama up? Is she praying? I then would go back to sleep and try to dream. In the evening, before I left home, I checked once more the orchids. The plants that had crept up the wall had tangled themselves. From these many kinds of plants came these colors: purple with the deepest red; cluster of yellow and white and orange. As write this, I am checking the phases of the moon: March 14 is its first quarter; March 21 is full moon. I should be home between those days, with the 21st of the month the auspicious night. I know what to expect. At midnight, I will rise from my sleep and creep slowly to the window closest to the porch and the orchids. This I will see: The clouds have gone down. Cotton strips blown from the low-flying sky have covered the crown of the mango tree said to

be the guardian of that ground (I remember my mother cautioning the children not to disturb the tree and the tiny birds living among its twigs and leaves). The moonlight—tender and merciful in its gleam—is all over the floor. A wind, sad and wistful, is the only presence other than the moon and the stars unseen because the universe has opted to cast its glow onto the night. As such, there is no night; there is also no day. The moment outside the window is an eternity. I know what I will see. I can see two shadows. They look up into the darkness and into the light. The man has his hair swept up, the forehead familiar. The aquiline nose is there and so is the naughty glint in his eyes. He stretches his hand and a woman, timid first and then with bravado, gives her hand to this man. The man gently pulls in the woman. There is a giggle somewhere. The earth tilts a bit. Then they move as one, the foot leading another foot, the leg bending as the other leg pushes forward. There is grace and there is also languor in the movement. Where is that sound coming from? Violins strain against the pulse of love unending. The harmony rends the walls of heaven. The music goes on, its melody maudlin, sentimental without the sentiment,

tremblingly sweet: When orchids bloom in the moonlight And lovers vow to be true I still can dream in the moonlight Of one dear night that we knew I know those lines, I recall the melody. They danced the tango to it. Papa hummed it and Mama knew the words. We enjoyed the sound. It was the cheesiest of the cheesiest songs, but it did not matter. It was old-fashioned, but they linked us to the past, to the magical happiness in the island of our birth, to that house behind the old church, to the childhood that turned sorcery into chants and alluring spells. The song continues: When orchids fade in the dawning They speak of tears and good-bye Though my dreams are shattered Like the petals scattered Still my love can never die I know what to do at this point. I will move from the window. I will stop looking. The dance will go on and on. I know it. Life and love will go on because the universe goes on. The next day when I wake up, I will cut the orchids and bring them to the memorial park, where memories about living people sort of end. I will bring a card, and on it, I will write that last line: Still my love can never die.

E-mail: titovaliente@yahoo.com

Diplomatic outbursts mar Xi’s plan to raise China on world stage

HINA’S diplomats aren’t being very diplomatic. In the past few months, its envoy to Canada publicly accused his hosts of “white supremacy,” its ambassador in Sweden labeled the Swedish police “inhumane” and blasted the country’s “so-called freedom of expression,” and its chief emissary in South Africa said President Donald Trump’s policies were making the US “the enemy of the whole world.” “I don’t think we are witnessing a pattern of misstatements and slips of the tongue,” said Ryan Hass, a fellow at the Brookings Institution who previously oversaw China affairs at the US National Security Council. “We seem to be watching China’s diplomats matching the mood of the moment in Beijing. Beijing rewards diplomats that are aggressive advocates of China’s views and scorns those that it perceives as overly timid.” That may be damaging Xi Jinping’s efforts to win friends abroad and capitalize on Donald Trump’s international unpopularity. While China has seized on the trade war and US disengagement abroad to pitch itself as a champion of globalization, 63 percent of respondents to a 2018 Pew poll in 25 countries said they preferred the US as a world leader, compared with 19 percent for China.

Backlash builds

AT stake is China’s avowed goal of establishing itself as a global superpower with influence over a network of allies to balance US influence. China is pouring billions into global efforts such as Xi’s Belt and Road Initiative to forge stronger links with countries around the world. But China’s increasingly strident diplomatic approach could do more harm than good. Anti-China sentiment has played a pivotal role in election surprises across Asia, and more countries around the world are becoming skeptical of Chinese investment—particularly in telecommunications, with fears growing about using its equipment in 5G networks due to concerns about espionage.

China’s foreign ministry didn’t respond to faxed questions about the more aggressive language from diplomats. After Trump took office, China has sought to portray itself as a supporter of the international order, with Xi himself defending globalization at the World Economic Forum in Davos, Switzerland. His charm offensive stood in contrast to Trump, who has reshaped public discourse with regular insults of other world leaders on Twitter. Even so, foreign diplomats in Beijing say that the behavior of Chinese officials has become far more aggressive and assertive in private meetings in recent years. Their discussions have become more ideological, according to one senior foreign envoy, who described the behavior as a strong sense of grievance combined with increasing entitlement about China’s international role and rights. China’s reported behavior at the Apec summit in November highlighted the shift. Papua New Guinea police were called after Chinese officials attempted to “barge” into the office of the country’s foreign minister to influence the summit’s communiqué, according to the Agence FrancePresse news agency. Chinese officials later denied the report, calling it “a rumor spread by some people with a hidden agenda.”

Huawei advocacy

CHINESE diplomats’ advocacy for the country’s embattled tech giant, Huawei Technologies Co., has even riled heads of government. After the Chinese ambassador to the Czech Republic, Zhang Jianmin, announced in November that the Czech

cyber-security body’s decision to ban Huawei did not represent the view of the Czech government, Prime Minister Andrej Babis said, “I do not know what the ambassador is talking about,” according to Czech Radio. One European ambassador in Beijing said China’s aggressive advocacy for the company has been prevalent across the 28-nation bloc. In some regions, China’s overseas rhetoric has been hardening for years. Foreign officials noticed an increasingly strident tone from Beijing following the global financial crisis. At a 2010 meeting hosted by Southeast Asian nations in Hanoi, then-Foreign Minister Yang Jiechi famously dismissed some of China’s neighbors as “small countries” when challenged over Beijing’s stance in the South China Sea. Foreign diplomats said the outbursts have increased in both frequency and intensity since Xi took power in 2012. In the last few years, South Korea, the Philippines, Australia and now Canada have all incurred Beijing’s wrath, with diplomatic barbs often accompanied by economic pressure through import restrictions, store inspections and safety warnings to Chinese tour groups. In a speech at the 2017 Communist Party conclave that saw Xi appointed for a second term as party chief without an apparent successor, Xi described China as “standing tall and firm in the East” and pledged to make the country a global leader in innovation, influence and military might. At a conference for Chinese ambassadors at the end of that year, Xi urged diplomats to play a more proactive part in an increasingly multipolar world—a speech China’s ambassador to the United Kingdom described as a “mobilization order,” or “bugle call.”

‘Crags and torrents’

CHINA’S diplomatic corps has been quick to show its loyalty to Xi. In a 2017 essay in the party’s theoretical

magazine Qiushi, top diplomat Yang Jiechi pledged to study and implement Xi’s thought on diplomacy in a “deep-going way.” And Foreign Minister Wang Yi recently praised Xi for “taking the front line of history” and “braving 10,000 crags and torrents.” “Chinese ambassadors always feel they have to speak to the leaders in Beijing more than to the local public. Their promotions depend on it,” said Susan Shirk, a former US deputy assistant Secretary of State for East Asia. “If today what they say is more overtly anti-American or anti-Western then that reflects the changing foreign policy line.” In line with national “party-building” campaigns, Chinese diplomats regularly engage in “self-criticism” sessions at the Ministry of Foreign Affairs, according to people familiar with the meetings. Last month, the former deputy head of the party’s powerful Organization Department, Qi Yu, was appointed as the foreign ministry’s Party Secretary despite a lack of diplomatic experience. One foreign ambassador said Chinese diplomats are skilled and smart but also increasingly “scared.” China has seen this kind of ideology-driven diplomacy before. During the Cultural Revolution, Chinese diplomats in London videotaped themselves fighting protesters on the streets of London, according to the book China’s Quest by historian John Garver. In Beijing, British and Soviet diplomatic missions were besieged or invaded, and other diplomats were threatened on the streets. The new wave of truculence is also affecting how foreign envoys are treated in China. Detained Canadian citizen and former diplomat Michael Kovrig has been questioned about his work as a diplomat, according to people familiar with the discussions. The move may be a violation of Article 39 of the Vienna Convention, which explicitly covers the past work of former diplomats. China is a signatory. Bloomberg News

2nd Front Page BusinessMirror

A12 Friday, March 8, 2019

Some 11M Pinays stopped looking for jobs in January

By Cai U. Ordinario

@caiordinario

EARLY 11 million Filipinas stopped looking for jobs in January as they were forced to just stay in the house and perform their domestic duties, according to the latest data from the Philippine Statistics Authority (PSA). PSA Assistant National Statistician Wilma A. Guillen told the BusinessMirror that there were a total of 28.87 million Filipinos who are not in the labor force (NITLF) in January 2019. This is 7.64 percent higher than the NITLF of 26.82 million recorded in January 2018. Nearly 40 percent of the total, or 10.569 million, is composed of women who preferred to stay at home to attend to their duties to their families. However, this was a 2.15-percent contraction from the 10.8 million posted in January 2018. “Data shows that persons not in the labor force increased to 28.86 million or an increase of 2.048 million. Of this 2.048 million persons increase, 973,000 are 15 to 24 years old who were added to the NITLF,” Guillen said.

The total of those in the NITLF due to household or family duties reached 11.604 million, a 0.16-percent increase from the 11.585 million in January 2018. Only 1.034 million of these individuals were males, which is 32.06 percent higher than the 783,000 recorded in January 2018. Data also showed that some 10.119 million of the NITLF included those aged 15 and over who are not looking for work because of schooling. This was 9.22 percent higher than the 9.265 million recorded in January 2018. Further, Guillen said, those aged 15 to 24 years old who were categorized as NITLF reached 9.875 million in January 2019 higher than the 9.265 million recorded a year ago. Other reasons Filipinos gave for not being in the labor force

11.604 million

The total of those in the NITLF due to household or family duties are: too young/old or retired/permanent disability; wait for rehire/ job recall; bad weather; temporary illness/disability; awaiting results of previous job application; tired/ believe no work available; and looking for work but not available. Guillen said those who are waiting to be rehired or recalled, stopped working due to bad weather or temporary illness/disability, tired and awaiting results of a previous job application “are counted NITLF if they are not currently available for work.” But if they are available for work, they are considered unemployed. Based on the January Labor Force Survey (LFS), the country’s Labor Force Participation Rate (LFPR) declined to 60.2 percent in 2019 from 62.2 percent in 2018. Guillen said “this translates to a decline of 420,000 of 15 years old and over from the labor force.” “The labor force population consists of the employed and the unemployed persons 15 years old and over,” the PSA said in a statement.

Jobless rate

THE LFS results showed that the

employment rate increased to 94.8 percent in January 2019 from 94.7 percent a year ago. There were 41.368 million employed Filipinos in January 2019 while there were 41.755 million in the same period last year. The unemployment rate and underemployment rate also slowed to 5.2 percent and 15.6 percent, respectively. Unemployment eased from 5.3 percent while underemployment slowed from 18 percent in January 2018. There were a total of 6.448 million Filipinos who were underemployed and 2.202 million who were con sidered u nemployed. In January 2018, there were 7.498 million who were underemployed and 2.32 million who were unemployed. “The decline in employment exceeds by far the decline in unemployment which suggests that those who did not report any employment left the labor force,” former Socioeconomic Planning Secretary Emmanuel Esguerra said.

Another view

HOWEVER, National Economic and Development Authority (Neda) Undersecretary Rosemarie G. Edillon said the decline in the LFPR can be attributed to the increase in students going back to school or those wanting to focus on their studies. See “Pinays,” A2

Senators nix last-minute changes in budget bill

ONCERNED senators said on Thursday the final version of the P3.7-trillion budget bill for 2019, having been

“already ratified” by both chambers of Congress, can no longer be altered. Asked if last-minute “amend-

EASTERLIES AFFECTING SOUTHERN LUZON, VISAYAS AND MINDANAO as of 4:00 pm - March 7, 2019

ments-alterations” can still be introduced in the already approved national budget bill, several senators voiced misgivings over re-

ported moves to tinker with the approved money measure. “We cannot [do that] since the bicameral report [approving the final version of the budget] has already been ratified [by both chambers],” Sen. Panfilo M. Lacson Sr. said, adding, “That’s why, either House can’t alter or amend anymore.” The senator suggested that “we should submit an Enrolled Bill as approved and ratified and leave it to the President to line-item veto the lump sum appropriations or any item for that matter.” Senate Minority Leader Franklin Drilon asserted that plenary action to reopen the budget bill for amendments “cannot be simply done at this stage.” “Approval of the bicameral report by plenary must first be reconsidered,” said Drilon. “Then bicameral [conference committee] is reconvened. Proposed itemized amendment must be presented, approved in bicameral and contained in Revised Bicameral Report which will then be submitted to plenary for approval,” Drilon added. For his part, Sen. Aquilino L. Pimentel III posited that if amendments to the already ratified budget bill itself were to be done, “then yes, we need plenary approval.” “But such approval to amend the [already] approved budget can only be done when Congress, now on recess, resumes sessions on May 20 yet,” Pimentel pointed out. Sen. Richard J. Gordon, for his part, ruled out as “illegal” any attempt to tinker with the already approved budget bill. “We cannot touch it anymore,” Gordon told the BusinessMirror. “Its a violation of the legislative process. There is no legal ground. It is illegal.” Sen. Francis G. Escudero explained that “simply put...after the bicameral-approved budget bill has been ratified by both chambers, it cannot, and should,no longer be changed by anyone, much less by only one chamber and without the unanimous consent of the entire body.” Butch Fernandez

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DUTERTE, MAHATHIR IN WIDE-RANGING TALKS By Bernadette D. Nicolas @BNicolasBM

ALAYSIAN Prime Minister Mahathir Mohamad said he is keen on helping the Philippines increase its shipments to Malaysia and explore collaboration in investments between two countries. Mahathir said on Thursday that he is also looking forward to the signing of the Memorandum of Understanding between the two countries on cooperation in the field of health. “We also discussed...the economic matters, the trade between both countries [is] increasing but they are largely in favor of Malaysia. I believe there is still room for improvement and from my meeting with Mr. President, we would encourage private sectors from both countries to explore opportunities of collaboration, and venture in new cooperation and investments,” he said in a joint press statement which he delivered in Malacañang during his official visit. He also said he and Duterte tackled the countries’ progress in the areas of tourism, health, and education, including the investment of private sectors. “I highlighted that Malaysia has been a favorite health-care destination for the Philippines. The number of patients from the Philippines seeking treatment in Malaysia has been increasing over the years,” he said.

No Sabah

INTERESTINGLY, the two leaders did not touch on the Sabah claim, which is considered as a thorny issue between Manila and Kuala Lumpur. Nonetheless, Malacañang earlier said the Philippines stilll stands firm on its Sabah claim despite Mahathir’s statement in a television interview that the Philippines has no claim over Sabah as far as they are concerned. For his part, Duterte also expressed gratitude for Malaysia’s robust support for the administration’s “Build, Build, Build” program, which

includes Malaysian companies’ active role in the development of the sustainable and smart metropolis of Clark Green City. “As two of Asia’s growth engines, intensified two-way trade and investments between the Philippines and Malaysia is needed to sustain progress and prosperity. Conscious of [the] synergy and dynamism of our private sectors, our governments have agreed to further enhance trade, investment and infrastructure development,” Duterte added. Malaysia is the Philippines’s third largest trading partner among Asean member-states and ninth largest trading partner in the world. Total trade in 2018 is at $6.46 billion, 8.8 percent higher than the $5.93 billion in 2017. Meanwhile, the Philippines is ranked as Malaysia’s 15th largest trading partner globally and the fourth largest trading partner among Asean member-states. Duterte also thanked the Prime Minister for Malaysia’s support for development in the South, which he said will pave the way for the progress of the four-country subregion composed of Brunei Darussalam, Indonesia, Malaysia and the Philippines East Asean Growth Area (BIMP-Eaga). “Malaysia and the Philippines have been actively involved in the BIMPEaga and could use this platform to assist the Mindanao Development Authority,” Mahathir added. On education, both leaders also discussed programs for teachers and students in Madrasahs, especially in Mindanao. Mahathir also lauded the success of the ratification of the Bangsamoro Organic Law and the appointment of members into the Bangsamoro Transition Authority. “I look forward to the smooth transition of the ARMM [Autonomous Region in Muslim Mindanao] through the interim government of the Bangsamoro Autonomous Region in Muslim Mindanao,” he said. See “Duterte,” A2

Govt common tower policy now in sync, claims Jacinto

RESIDENTIAL adviser Ramon “ RJ” Jacinto said on Thursday that Acting Information and Communications Secretary Eliseo M. Rio Jr., with whom he has been in conflict over the common tower policy, “has agreed to synchronize DICT’s position with the final Guidelines to be issued by the Office of the Presidential Adviser,” referring to his office. The agreement was reached during a Cabinet working meeting “where a mandated government policy for Common Tower Sharing as drafted by PA Jacinto was adapted by Sec. Rio and the Cabinet,” according to a statement from Jacinto’s office. Asked to elaborate on whether there had been full agreement on such “mandated government policy,” Rio told the , “not all, but this needs a lengthy explanation.” Rio explained: “I agree with the aim of improving the telco sector through a common tower policy, but I am not yet aware of the full details of his tower policy, as he has not come up with one yet.” The DICT chief added: “If the stakeholders agree with it, then well and good. But if his policy will be challenged in court, then there must be something wrong with it.” The DICT’s policy “opening the market to all players got the support of all stakeholders, the telcos specially. And it does not require a policy,” Rio stressed. He was referring to previous objections raised by telcos to Jacinto’s move to limit the number of builders of the common towers, as this would infringe on their rights to do business in ways they deem viable, and defeat the purpose of fast-tracking the construction of towers. In his press release on Thursday, Jacinto noted that he was “given a presidential mandate to oversee and take charge of the government’s Common Tower Policy and implementing it through the National Telecommunications Commission (NTC) as early as August 11, 2017.”

Jacinto said that in his 2017 directive to the NTC, Rio had “instructed the NTC to favorably support and implement the policy to be issued by the Office Of The Presidential Adviser On Economic Affairs And Information Technology Communications (Opaeaitc).” The Rio directive stated: “The DICT is hereby endorsing the mandate of Presidential Adviser Ramon Jacinto in overseeing and taking charge of government initiatives aimed at, among others, achieving a speedy online connectivity of government agencies. Such mandate includes overseeing the implementation of a common tower policy through the National Telecommunications Commission. In this regard, please extend all favorable assistance and support specific for the implementation of a common tower policy through the NTC.” The NTC is administratively under the Office of the President and attached to the DICT for program, policy and budget., said Jacinto, adding that, “This will lead to a faster implementation of the Independent Common Tower policy which is intended to be a win-win situation. It will unburden the mobile operators of the headache and capex of building towers and provide a level playing field for the rollout of cell sites for both Globe, Smart and the third telco, as well as smaller internet providers.” Jacinto further claimed “the directive of Acting Secretary Rio to NTC effectively puts an end to the controversy generated during the past few months by DICT’s differing position from the guidelines,” but it was unclear what directive he referred to, since no recent order had emanated from the DICT besides the one in 2017. The supposed Rio directive “further sends a clear message to potential investors that the final policy guidelines from PA Jacinto’s office will determine what will be implemented by NTC,” Jacinto said. Lorenz Marasigan

Companies BusinessMirror

Editor: Efleda P. Campos

Friday, March 8, 2019

DOE permits FGen to build LNG hub By Lenie Lectura

@llectura

HE Department of Energy (DOE) on Thursday issued to FGen LNG Corp. a notice to proceed (NTP) with its plan to construct the FGen Batangas LNG (liquefied natural gas) terminal. “I am happy to say we have signed the NTP this morning,” Energy Secretary Alfonso G. Cusi told reporters. First Gen’s onshore storage and

regasification terminal will have a capacity to supply a minimum 5 million tons of natural gas equivalent to 5,000 megawatts (MW) and

is expected to cost over $1 billion. The proposed FGen Batangas LNG terminal project is intended to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGen LNG affiliates. First Gen operates the following gas plants: the 1,000-MW Santa Rita power plant, the 500-MW San Lorenzo power plant, the 414-MW San Gabriel power plant and the 97MW Avion power plant. FGen LNG signed a joint development agreement with Tokyo Gas Co. Ltd., Japan’s largest natural gas utility. The JDA is a preliminary agreement between the parties to

jointly pursue development of the LNG terminal project in Batangas. Under the deal, Tokyo Gas will take a 20-percent participating interest in the FGen LNG project and provide support in development work to achieve a final investment decision (FID). Once an FID is reached, the parties will enter into a definitive agreement to proceed with the construction of the FGen Batangas LNG terminal project. This is the second NTP for LNG project issued by the DOE. The first NTP was awarded to Tanglawan Philippine LNG Inc., the joint venture of Phoenix Petroleum Philippines and

Ayala Corp. 2019 capex set at ₧249.4B By VG Cabuag @villygc

ONGLOMER ATE Aya la Corp. may allocate the same budget spending of P249.4 billion for the group this year, but there won’t be any big investments this year, especially from the parent company. Jose Teodoro K. Limcaoco, the company’s chief finance officer, said its telecom and property development arms have substantial investments this year. “As a parent, I don’t see any big

Cardinal Tagle cites Eternal Plans for offering Pinoys ‘worry-free future’

UIS ANTONIO G. CARDINAL TAGLE, archbishop of Manila, has cited preneed industry leader Eternal Plans for providing Filipinos with the means for building “a worry-free future for their families.” In a special message for the 38th anniversary of the company on March 4, Tagle said the management, officers and staff of Eternal Plans “can certainly be proud of the valuable service it has been providing to our countrymen.” He noted that for almost 40 decades now, the company established by the late Ambassador Antonio L. Cabangon Chua “has helped Filipinos—through its various plans and programs—to build a secure and dignified future for their families.” Tagle praised Eternal Plans as well for adopting as the theme of its celebration “Paramihin, Palawakin, Panalo!” This theme, he said, expresses “your commitment and determination to realize the dream of your founder for Eternal Plans: that it be a company offering a worry-free future to Filipinos, a company striving to serve the most number of Filipinos.” Ambassador Cabangon Chua established Eternal Plans in 1981 as a provider of preneed products that meet the basic needs of Filipinos. Founded initially to offer memorial-life plans complementing the memorial-lot business of its sister company Eternal Gardens, Eternal Plans is currently one of only three preneed companies licensed to offer life, pension and education plans. Company records showed that its education plans have helped 20,000 scholars finish their studies using their education-plan benefits. Tens of thousands of Filipinos have gone through the loss of a loved one using a life plan, while tens of thousands more have received retirement benefits upon the maturity of their pension plans.

investments this year. Last year we had a big capex spend for the Bank of the Philippine Islands rights offer and the Integrated Micro Electronics Inc. rights offer. As a group, I think it’s about the same. Because Ayala Land Inc. and Globe Telecom Inc. have good capex. But as a parent, there is less allocation for capex this year than last year,” Limcaoco told reporters. Last year, the parent company, with businesses in the banking, energy, industrial and other ventures, had a capex budget of P51.8 billion. “We’re very pleased with how the

power business has grown. Personally I’m very happy toward green and renewable. We are being very focused on that. And this funding is basically complete after we raised $410 million from green bonds with the sale of AA Thermal Inc. to the Aboitiz Group. We got enough funding moving forward,” he said. Limcaoco, however, said the group is mindful on the moves of the third player, a company led by Davao-based businessman Dennis Uy and backed by China Telecom. Globe is the country’s secondlargest telecom company.

“We have to be realistic, that is a concern, even though their business I think probably doesn’t pick up speed until toward the end of the year or next year,” he said. “Everyone is watching the third telco. They’re a credible player, China Telecom, Udenna. Mr. Uy is a credible businessman. And the question is how fast can they get the business going. We have a decent capex program this year to continue to build out the network and improve it. Part of the capex is also to build a business on the home broadband front,” he said.

Megaworld to launch ₧18-B project in Westside City

ROPERTY developer Megaworld Corp. on Thursday said it is launching P18 billion worth of additional residential projects in its 31-hectare Westside City township in Entertainment City in Parañaque. The company said two new residential developments—South Beach Place and Sunny Coast Residential Resort—will have around 1,900 residential units. The 20-story South Beach Place will offer 582 units, ranging from studio of 32 square meters to 41.5 sq m and one bedroom of 46.5 sq m to 61.5 sq m. “All units have either a balcony or a lanai area, providing views of Manila Bay and the Metro Manila skyline,” the company said.

The building is inspired by the South Beach neighborhood of Miami, Florida, with a building having the aerial shape of a seashell. It will have direct access to the future Westside City Resorts World complex via a footbridge. The two towers of Sunny Coast Residential Resort will have 21-stories each, offering 1,309 residential units. Located along the Promenade with views of the Manila Bay, Sunny Coast Residential Resort offers units ranging from studio of up to 41 sq m; one bedroom of up to 77 sq m; and executive one bedroom of up to 111 sq m. All units will have balconies while select one bedroom units will have bi-level balconies. Both South Beach Place and Sunny Coast Residential Resort

UBS PHL HOSTS FIRST-EVER TRADING SYMPOSIUM

will be completed in 2024. The P121-billion Westside City will be a 31-hectare integrated resort and casino and will be the last of the four huge gambling sites to rise in Entertainment City. Megaworld has committed to invest around P64 billion to build Westside City within 10 years, while Travelers International Hotels Group Inc., the developer and operator of the Resorts World brand in the Philippines, has committed to invest $1.1 billion, or roughly P57 billion, to build the Westside City Resorts World complex. To date, Megaworld has already launched 19 residential towers in Westside City with a total inventory of 3,500 units worth approximately P50 billion. VG Cabuag

UBS hosted on March 1 the first-ever trading symposium in the Philippines alongside its flagship conference in Manila. UBS brought external and UBS speakers to discuss the latest regulations and market structures that impact the liquidity landscape. This is part of UBS’s ongoing commitment in developing the Philippine capital market. Richie Diaz, UBS head of Philippine Client Trading and Execution, said that given the fast-changing business and regulatory environment, “it is imperative for clients to embrace the constantly evolving global trends in trading. Our aim is to be the bridge to our clients, keeping them aware of key developments and the impact to markets.” In photo are members of the panel led by (from left): Roel Refran, COO of the Philippine Stock Exchange; Rajarshi Sen, Vice president, Index & ESG Coverage, MSCI; Diaz; Nicole Javellana, head of Asean Salestrading and Execution, UBS; David Rabinowitz, head of Apac Market Structure and Beta Solutions, UBS; and Joy Francis, Asia-Pacific Electronic Trading Sales, UBS.

China's CNOOC Gas and Power. “There is no overlapping because otherwise, we will not have approved it. It was approved because of their business model. They can stand and live up to their business model,” said Cusi when asked if the two LNG projects will be viable given both of their proposed project location is in Batangas. First Gen President Francis Giles Puno said on Wednesday night that a possible award of NTP to the Lopezled firm “would have been a positive development.” “The next phase is the selection of the contractor. The main rea-

son for selecting the contractor is to firm up the cost of the project. Hopefully, we move toward financing close. We can firm up all of that partnership arrangement within the year so that hopefully, we can proceed by next year. What we want is to make the decision this year and then proceed. So far, it is Tokyo Gas,” Puno said. First Gen, he said, is also looking at other partners to take in. “Since our announcement in Tokyo Gas, there has been increased interest of other foreign investors. For me, it improves our likelihood to be able to proceed with the project,” Puno said.

ICTSI allots $380-M capex this year for projects in Philippines, Mexico, Iraq By Lorenz S. Marasigan @lorenzmarasigan

NTERNATIONAL Container Terminal Services Inc. (ICTSI) is allotting $380 million (about P19.774 billion) in capital expenditures this year, a 45-percent increase from the outlays realized in 2018, as it ramps up its spending on its expansion projects in Manila, Mexico and Iraq. The amount will also be used to procure more equipment, upgrade its processes, and for other maintenance requirements, a disclosure to the stock exchange showed. Based on the same filing, the company reported its profits widened by 22 percent in 2018, thanks to strong operating income from organic terminals, lower expenses and a one-

time gain from a rate-swap transaction in one of its subsidiaries. The company’s net income attributable to equity holders rose to $221.5 million from $182.1 million, as its revenues grew by 11 percent to $1.4 billion, from $1.2 billion the previous year. It handled a total of 9.74 million twenty-foot equivalent units (TEUs) in 2018, a 6-percent increase from the year prior. “I am pleased to report strong fullyear operating results for 2018. Our drive in maintaining positive volume growth organically and through mergers and acquisition, our focus on cost and operating efficiency, and the constructive global trade dynamics outside of the US-China ‘trade war’ combine to provide a case for cautious optimism in 2019,” ICTSI Chairman Enrique K. Razon said.

Asus reinforces tie-up with youth platform provider

SUS Philippines has renewed its collaboration with Edukasyon for a yearlong team up that seeks to benefit Gen Z learners in the country. The partnership initially started with the technology company’s engagement with users of the youth platform during the latter’s nationwide senior highschool fairs. Now on its third year, the partners are expanding their alliance via offline and online initiatives—thanks to the Share Campaign. This will encourage students born between 1996 and 2010 from various schools around Metro Manila to upgrade their current skill set through a series of lectures and demonstrations that promise to be “unique and engaging.” Using Asus devices, they will gain an experiential and fully interactive type of learning. This will be undertaken by industry experts on gaming, multimedia arts and other digital-first careers. To test their newly acquired skills, participating students will then create specific outputs. They will present them to an audience and a panel. Both partners expressed their desire to work together for the Share Campaign to help the Filipino youth academically. “Education is one of Asus’s top priorities worldwide, and we are proud to be collaborating with

Edukasyon PH in our continued pursuit of this advocacy,” said George Su, country manager of Asus Philippines. “This platform will allow us to deliver carefully crafted learning experiences to students that will be helpful to their future career paths, at the same time nurturing their interest in technology,” he added. Henry Motte-Muñoz, Edukasyon CEO, shared the same sentiment, reiterating that this will further engage their community of 10 million students and 500 educational institutions by offering them a clear path of mutually beneficial engagement for students. “And it will definitely be interesting to see what these students want to learn, and most important, what they can create and share through the resources that Edukasyon and Asus will be offering them,” she said. Asus is a tech giant known for its wide range of products, including Zenbo, ZenFone, ZenBook and a range of IT devices and components, along with Internet of Things. The company won 4,511 awards and earned approximately $13 billion of revenue in 2017. Edukasyon is the leading educational technology startup in the Philippines that offers senior high school and college students a onestop platform for opportunities and advice on education, career and life. Roderick L. Abad

Companies BusinessMirror

Friday, March 8, 2019

PLDT capex for 2019 to breach P78B

By Lorenz S. Marasigan

@lorenzmarasigan

IGITAL services provider PLDT Inc. is allotting P78.4 billion in capital expenditures (capex) for 2019—a 35-percent increase from the year prior—to further expand and enhance the capacity and capability of its networks, while ensuring the continued acquisition of more subscribers until end-December. The bulk of the capital-outlays program will be allotted for “technology capex,” which refers to its network development initiatives, taking up roughly P48 billion of the

whole amount. The company is ramping up its networks for both wireless and fixed line to “regain” its position as the top telco in the Philippines. Another P16 billion will be

used for the company’s so-called customer capex, intended for the purchase of last-mile and customer-premises equipment like modems, while another P2 billion will be used for the expansion of its data centers. Last, roughly P3 billion to P4 billion—a one-time investment— will be used to increase its manpower that will handle customer requirements. It will also be used to procure vehicles, laptops and other tools for customer-related requirements. “The norm might be the 2018 capex that we spent, which is in the area of P58 billion,” PLDT Chairman Manuel V. Pangilinan said in a press briefing. “Our capex will probably be not as high as P78 billion in the coming years, but it will no longer come down to the P30-billion level.”

Since 2011, the company has spent roughly P395 billion in capex to modernize its network for both wireless and fixed line. During the same media briefing, Pangilinan reported that the company’s net income stood at P18.9 billion, a 41-percent increase from P13.37 billion it netted the year prior, as total revenues grew by 5 percent to P149.4 billion plus a P1.1-billion one-off earning from the sale of Voyager Innovations Inc. shares. Expenses remained at P150.9 billion. “Given the positive trends in 2018 and our plans for 2019, we expect our Telco Core Income to rise to P26 billion,” he said. Pangilinan noted his group is “still not completely out of the woods,” adding his group is gunning to regain its title as the country’s top telco in the coming years.

Maynilad to build another STP in Las Piñas

EST Zone concessionaire Maynilad Water Services Inc. (Maynilad) recently broke ground to construct another sewage treatment plant (STP) that will further boost its sewerage-coverage expansion, in line with efforts to reduce pollution loading in the Manila Bay. The Las Piñas Water Reclamation Facility is the newest project of Maynilad designed to comply with Water Quality Guidelines and General Effluent Standards of 2016 (DAO 2016-08)—a standard mandated by the Department of Environment and Natural Resources. The facility

is located on a 2.25-hectare lot along Alabang-Zapote Road, Barangay Pamplona Uno, Las Piñas City. Once completed in 2021, it will be Maynilad’s largest sewage treatment plant in terms of capacity, treating about 88 million liters of wastewater per day. The P2.05-billion facility will use anaerobic, anoxic, oxic (A2O) technology to remove pollutants from wastewater to be collected from about 600,000 Maynilad customers in 20 barangays in Las Piñas City before its discharge to the Zapote River, which eventually flows out to Manila Bay.

Majorel to expand in Philippines, sees double-digit growth in coming years

HOMAS MACKENBROCK, CEO of newly created customer experience services group Majorel, formally launched the new brand with an ambitious statement of intent on its global growth strategy. Majorel will hold a strong presence in the Philippines with four locations. Having started out in Eastwood (Manila), the business (formerly Arvato CRM) has seen its Philippine operations grow by 50 percent year-on-year with site openings in Clark (2014) and two sites in Alabang (2015 and 2017). Majorel expects to achieve similar double-digit growth in the Philippines over the coming years. Fara Haron, Regional CEO North America, Ireland and Southeast Asia of Majorel, said: “In a rapidly changing landscape, the Philippines has proven itself as a strong partner in creating an enhanced customer experience. The contact center industry is one of the fastest growing in the country due to the level of education and the strong familiarity with US and European cultures. We look forward to bringing valued job opportunities to the Philippines as we continue to provide our advanced digital and technical capabilities to clients looking for high-quality and cost-effective solutions for their customer engagement programs.” Majorel, which has more than 48,000 employees in 28 countries worldwide, is a leading player in Eu-

rope, Middle East, and Africa and has a strong presence in Asia and the Americas. Early this year, the company was formed by combining the worldwide customer service businesses of Bertelsmann, the international media, services, and education company, and Morocco’s Saham Group. The business is aiming for a leading position in the customer experience industry in every major market around the world by investing heavily in its regional network and digital customer engagement capabilities. It plans to invest several hundred million US dollars over the course of the coming years in geographical expansion and in digital capabilities and solutions including analytics, artificial intelligence and automation. The formation of Majorel came about in response to seismic changes happening in the customer experience industry, driven by the rapidly evolving digital landscape. Research carried out on behalf of the company shows that within the next years, up to a quarter of existing contact center interactions could be handled by automated technologies, with this figure potentially rising to almost half by 2027. Mackenbrock said, “We will see rapid growth and change in the customer experience industry over the course of the next decade. To meet the challenges and opportunities this brings, you need to find the perfect combination of people, technology and global reach.” Majorel designs, delivers, and differentiates customer experience on behalf of some of the world’s most respected brands. It provides classic customer communication, as well as digital solutions, such as social media and online communications, automated interaction and AI, analytics, self-service, and other customer lifecycle solutions.

Present to lead the groundbreaking for the Las Piñas Water Reclamation Facility were April Aguilar (representing Las Piñas City Mayor Imelda Aguilar); Maynilad President and CEO Ramoncito Fernandez; Megawide Construction Corp. Depu-

MUTUAL FUNDS

ty Head of Construction Group Frederick Tan; Las Piñas City Councilor Mark Anthony Santos; Maynilad’s Chief Operating Officer Randolph Estrellado; Program Management Head Yolanda Lucas; and Wastewater Management Head Antonio Garcia.

March 7, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 261.08 -8.14% 2.42% 1.84% 3.51% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5845 -0.15% 12.24% 4.27% 9.97% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0863 -9.17% 3.62% 0.71% 4.7% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9271 -5.59% N.A. N.A. 4.11% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8549 N.A. N.A. N.A. 4.17% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4529 -5.85% 2.39% 1.32% 3.45% MBG EQUITY INVESTMENT FUND, INC. -A 124.73 6.92% N.A. N.A. 7.1% ONE WEALTHY NATION FUND, INC. -A 0.866 -9.07% -3.93% N.A. 4.04% PAMI EQUITY INDEX FUND, INC. -A 51.396 -6.6% 3.46% N.A. 4.45% PHILAM STRATEGIC GROWTH FUND, INC. -A 538.49 -6.24% 2.31% 1.35% 4.61% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.299 -4.98% 4.24% 4.41% 3.59% PHILEQUITY FUND, INC. -A 38.2958 -5.2% 4.91% 3.85% 4.54% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0213 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.1968 -6.14% 4.4% 3.78% 4.8% PHILIPPINE STOCK INDEX FUND CORP. -A 867.37 -6.04% 4.14% 3.67% 4.69% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9067 -4.5% 2.41% N.A. 5.28% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2684 -4.76% 4.43% 2.72% 5.16% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9979 -6.41% 4.1% N.A. 4.57% UNITED FUND, INC. -A 3.6431 -3.51% 5.78% 3.59% 4.06% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 115.9956 -5.76% 5.27% 4.75% 4.74% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0143 -8.45% 7.94% 1.47% 9.17% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2504 -2.3% N.A. N.A. 13.15% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7062 -5.63% 0.11% -1.07% 3.33% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2903 -5.21% 2.14% 1.01% 3.67% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6181 -3.88% -0.02% -1.2% 2.92% GREPALIFE BALANCED FUND CORPORATION -A 1.3423 -6.01% N.A. N.A. 2.91% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9006 -2.84% 2.03% 1.5% 3.12% PAMI HORIZON FUND, INC. -A 3.6194 -5.43% 0.44% 0.45% 2.55% PHILAM FUND, INC. -A 16.37 -4.51% 0.75% 0.57% 2.91% SOLIDARITAS FUND, INC. -A 2.1288 -3.28% 2.24% 2.45% 2.73% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8083 -3.3% 2.06% 1.73% 4.3% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9858 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9801 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9786 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9674 -3.33% 1.82% N.A. 4.96% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03568 1.36% 0.17% 1.52% 1.22% PAMI ASIA BALANCED FUND, INC. -A $0.9829 -6.75% 4.52% -0.29% 4.99% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6213 -1.6% 6.38% 2.14% 9.46% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0709 -3.99% N.A. N.A. 6.03% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 346.02 2.59% 2.01% 2.08% 0.77% ATRAM CORPORATE BOND FUND, INC. -A,1 1.865 -0.33% -0.39% -0.35% 0.31% COCOLIFE FIXED INCOME FUND, INC. -A 2.9962 5.32% 5.28% 5.25% 0.85% EKKLESIA MUTUAL FUND INC. -A 2.1525 2.27% 1.34% 1.81% 1.03% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2352 1% 0.25% 0.9% 1.17% GREPALIFE FIXED INCOME FUND CORP. -A P 1.5963 -0.7% -0.84% 0.39% 2.04% PHILAM BOND FUND, INC. -A 3.9422 -0.98% -0.86% 0.43% 0.57% PHILEQUITY PESO BOND FUND, INC. -A 3.5913 2.87% 0.87% 1.19% 2.11% SOLDIVO BOND FUND, INC. -A 0.9108 0.03% -0.77% N.A. 2.04% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8445 2.41% 1.07% 1.58% 2.84% SUN LIFE PROSPERITY GS FUND, INC. -A 1.5799 1.99% 0.6% 1.11% 2.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $451.87 2.23% 2.04% 2.93% 0.8% ALFM EURO BOND FUND, INC. -A Є214.92 1.09% 1.35% 1.53% 1.07% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1544 3.24% 1.51% 2.12% 2.54% 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 $1.6967 -1.73% -1.14% 0.81% 0.38% 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 $1.0498 0.25% -1.03% -2.45% 1.18% PHILAM DOLLAR BOND FUND, INC. -A $2.22 2.12% 0.51% 2.62% 2.25% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.057621 1.39% 1.02% 1.71% 1.12% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9296 - 0.43% -0.06% 1.89% 2% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 121.96 3.39% 2.11% 1.72% 0.93% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0038 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.189 2.39% 0.92% 0.64% 0.6% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2277 2.99% 2.4% 1.75% 0.71% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0206 2.03% N.A. N.A. 0.46% * - 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

Editor: Efleda P. Campos

PSE STOCK QUOTATIONS

March 7, 2019

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

BDO UNIBANK 132 133.5 130.1 133.5 128.1 133.5 1626730 215075896 BANK PH ISLANDS 88.15 88.2 86.35 88.8 86.35 88.2 2170960 191161203.5 CHINABANK 27.5 27.65 27.7 27.75 27.5 27.5 83800 2318445 EAST WEST BANK 12.26 12.38 12.46 12.46 12.08 12.26 674600 8242032 METROBANK 79.25 79.8 76.9 79.8 76.9 79.8 1966700 155597833.5 PB BANK 13.68 13.9 13.98 13.98 13.66 13.88 10500 144476 PBCOM 20.65 21.4 21 21 20.5 20.5 1500 30800 PHIL NATL BANK 53.9 53.95 52.55 53.9 52.45 53.9 427800 22741158.5 PSBANK 58.7 59 59.5 59.5 59 59 1260 74410 RCBC 26.6 26.7 26.6 27 26.6 26.6 71600 1924830 SECURITY BANK 168 169.9 163.5 169.9 163.5 169.9 251710 42363856 UNION BANK 61.4 63.95 61.5 64 61.4 61.4 11810 726911 BDO LEASING 2.25 2.34 2.32 2.34 2.28 2.34 22000 50860 COL FINANCIAL 17.86 17.9 17.9 17.9 17.86 17.86 28700 513502 FERRONOUX HLDG 4.34 4.43 4.34 4.43 4.31 4.43 61000 263770 MEDCO HLDG 0.46 0.47 0.46 0.465 0.46 0.465 130000 60100 MANULIFE 795 800 800 800 800 800 10 8000 NTL REINSURANCE 0.98 0.99 0.98 1 0.98 0.99 444000 439130 PHIL STOCK EXCH 184 184.9 185 185.2 184.9 184.9 4290 793849 INDUSTRIAL ALSONS CONS 1.42 1.44 1.42 1.45 1.39 1.42 6049000 8707010 ABOITIZ POWER 34.7 34.75 34.6 35.1 34.5 34.75 1966900 68195350 BASIC ENERGY 0.236 0.237 0.235 0.237 0.231 0.237 1650000 385270 FIRST GEN 22.4 22.5 21.8 22.7 21.8 22.5 4940600 110948735 FIRST PHIL HLDG 74.3 74.4 74.2 74.6 73.7 74.4 268270 19960177.5 MERALCO 376 376.4 377.8 377.8 370.8 376 80610 30295594 MANILA WATER 27.05 27.1 26.95 27.1 26.95 27.1 89000 2405530 PETRON 6.76 6.78 6.72 6.83 6.71 6.76 2472900 16797831 PETROENERGY 3.74 3.79 3.72 3.79 3.7 3.74 101000 381260 PHINMA ENERGY 1.34 1.35 1.34 1.36 1.33 1.34 12465000 16777230 PHX PETROLEUM 11.74 12.08 11.98 12 11.74 11.74 65700 783648 PILIPINAS SHELL 48.95 49.1 49.65 49.65 48.8 49 369800 18133060 SPC POWER 6.39 6.4 6.4 6.5 6.39 6.4 586600 3762427 VIVANT 15.06 16.92 16 16 16 16 1200 19200 AGRINURTURE 15.82 15.98 16.1 16.3 15.8 15.98 1151200 18465718 BOGO MEDELLIN 89.55 98.3 98.3 98.3 98.3 98.3 100 9830 CNTRL AZUCARERA 15.9 16.86 16.78 16.78 16.78 16.78 100 1678 CENTURY FOOD 15.64 15.96 15.06 16 15.06 15.96 118400 1861518 DEL MONTE 6 6.08 6.2 6.2 6 6 111200 671021 DNL INDUS 11.46 11.5 11.42 11.5 11.38 11.5 746000 8556502 EMPERADOR 7.55 7.57 7.55 7.67 7.52 7.57 102200 775067 SMC FOODANDBEV 105 105.5 103.2 106.5 102.2 105 4235240 443230339 ALLIANCE SELECT 1.01 1.02 1.01 1.02 1 1.02 2143000 2166800 GINEBRA 26 26.5 26.2 26.5 26 26.5 367300 9726320 JOLLIBEE 318.4 320 316 320 316 320 678110 216372702 LIBERTY FLOUR 51.05 54.95 53 53 53 53 10000 530000 MACAY HLDG 11.7 11.88 11.98 11.98 11.62 11.88 15900 186576 MAXS GROUP 12.04 12.16 12.1 12.12 12 12.04 262800 3172432 MG HLDG 0.199 0.203 0.203 0.203 0.203 0.203 50000 10150 PEPSI COLA 1.38 1.4 1.41 1.41 1.37 1.4 7572000 10513970 SHAKEYS PIZZA 12.44 12.5 12.5 12.5 12.46 12.5 511500 6393734 ROXAS AND CO 1.84 1.85 1.87 1.87 1.84 1.85 53000 97790 RFM CORP 4.69 4.79 4.66 4.79 4.66 4.79 5000 23560 SWIFT FOODS 0.13 0.136 0.13 0.13 0.13 0.13 90000 11700 UNIV ROBINA 143 143.1 142.3 144 142.3 143 896320 128273809 VITARICH 1.63 1.64 1.64 1.69 1.62 1.64 1396000 2292940 VICTORIAS 2.62 2.72 2.63 2.72 2.62 2.72 8000 21470 CONCRETE A 66 71.9 71.9 71.9 71.9 71.9 10 719 CONCRETE B 71.1 81.7 71.05 71.1 71.05 71.1 5500 391025 CEMEX HLDG 2.68 2.69 2.58 2.68 2.53 2.68 23186000 61093100 DAVINCI CAPITAL 6.06 6.24 6.05 6.25 6.01 6.06 189200 1171092 EAGLE CEMENT 15.9 15.92 15.82 16 15.82 15.9 664600 10576182 EEI CORP 8.95 9 8.67 9.08 8.51 9 1805200 15953318 HOLCIM 9.59 9.62 9.74 9.75 9.54 9.59 1674600 16097252 MEGAWIDE 19.74 19.8 19.78 19.8 19.64 19.8 466600 9221462 PHINMA 8.95 8.98 9 9 8.95 8.95 2700 24230 TKC METALS 1.02 1.05 1.07 1.12 1.01 1.02 358000 372480 VULCAN INDL 1.31 1.32 1.28 1.33 1.25 1.32 3279000 4277420 CHEMPHIL 121 132 121 121 121 121 40 4840 CROWN ASIA 1.88 1.9 1.85 1.9 1.85 1.88 108000 202980 EUROMED 1.65 1.82 1.66 1.66 1.65 1.65 27000 44670 MABUHAY VINYL 3.45 3.5 3.5 3.5 3.45 3.5 109000 380390 PRYCE CORP 5.9 6 5.9 5.91 5.9 5.9 194300 1146380 CONCEPCION 40.6 43 42 43 42 43 400 17100 GREENERGY 2.94 2.95 2.97 3.07 2.88 2.95 29685000 88517710 INTEGRATED MICR 12.68 12.7 12.62 12.68 12.4 12.68 410200 5147800 IONICS 1.68 1.71 1.72 1.74 1.68 1.68 69000 118730 PANASONIC 5.9 6 6 6 5.87 5.87 11600 69145 SFA SEMICON 1.35 1.37 1.35 1.35 1.35 1.35 20000 27000 CIRTEK HLDG 29.05 29.45 29.75 29.75 29.05 29.45 82900 2447110

HOLDING & FRIMS

ABACORE CAPITAL 0.77 0.78 0.79 0.8 0.76 0.78 12271000 9552420 ASIABEST GROUP 20.55 20.65 20.15 20.7 20.1 20.65 54900 1121155 AYALA CORP 945 948 948 948 940 948 163460 154547025 ABOITIZ EQUITY 58.65 58.95 58.6 60 58.6 58.65 2094010 123603269.5 ALLIANCE GLOBAL 14.58 14.6 14.1 14.64 14 14.58 10369300 150131010 ANSCOR 6.5 6.61 6.61 6.61 6.5 6.5 131800 856885 ANGLO PHIL HLDG 0.76 0.79 0.76 0.77 0.76 0.76 315000 239410 ATN HLDG A 1.41 1.42 1.47 1.49 1.41 1.41 15577000 22377400 ATN HLDG B 1.41 1.42 1.47 1.48 1.41 1.42 1748000 2513660 COSCO CAPITAL 7.72 7.76 7.72 7.85 7.71 7.75 3095100 24025636 DMCI HLDG 11.54 11.6 11.32 11.64 11.32 11.6 2865800 33054336 FILINVEST DEV 14 14.2 14.2 14.32 14.18 14.2 990200 14123054 FORUM PACIFIC 0.235 0.255 0.234 0.244 0.234 0.24 160000 38020 GT CAPITAL 995 998 986 998 978 998 51930 51425645 HOUSE OF INV 6.13 6.16 6.12 6.13 6.12 6.13 7900 48368 JG SUMMIT 67 67.8 65.95 68 65.95 67.8 3830160 258754094.5 LODESTAR 0.55 0.6 0.6 0.6 0.56 0.6 281000 158950 LOPEZ HLDG 5.1 5.17 5.2 5.2 5.05 5.1 861900 4399257 LT GROUP 15.6 15.68 15.7 15.8 15.26 15.6 1148700 17989688 MABUHAY HLDG 0.56 0.57 0.57 0.57 0.57 0.57 10000 5700 METRO PAC INV 4.98 4.99 4.98 5.08 4.96 4.98 45908000 229218780 PACIFICA 0.041 0.042 0.04 0.043 0.04 0.042 39900000 1657500 PRIME ORION 2.96 2.97 2.95 3 2.95 2.97 281000 834750 PRIME MEDIA 1.13 1.21 1.12 1.13 1.12 1.13 23000 25770 REPUBLIC GLASS 2.56 2.75 2.57 2.57 2.56 2.56 20000 51220 SYNERGY GRID 448 450 450 450 450 450 60 27000 SM INVESTMENTS 969 970 967 969 955 969 72140 69717775 SAN MIGUEL CORP 176.7 176.8 170 178.4 169.1 176.8 1264570 221827843 SOC RESOURCES 0.75 0.79 0.75 0.75 0.75 0.75 30000 22500 TOP FRONTIER 274 281.8 275 282 270.2 281.8 9840 2738510 WELLEX INDUS 0.241 0.244 0.242 0.255 0.241 0.241 3810000 939480 ZEUS HLDG 0.36 0.365 0.38 0.395 0.35 0.36 74880000 27744000 PROPERTY ARTHALAND CORP 0.86 0.87 0.88 0.88 0.85 0.86 634000 546130 ANCHOR LAND 10.2 10.5 10.22 10.22 10.2 10.2 4000 40860 AYALA LAND 43.4 43.5 43.65 43.85 43.3 43.4 8307500 361880545 ARANETA PROP 1.85 1.9 1.98 1.98 1.85 1.85 210000 400150 BELLE CORP 2.58 2.59 2.63 2.63 2.58 2.59 1281000 3330120 A BROWN 0.79 0.8 0.8 0.8 0.79 0.79 1829000 1453950 CITYLAND DEVT 0.9 0.93 0.94 0.94 0.91 0.91 241000 219660 CROWN EQUITIES 0.242 0.249 0.247 0.249 0.241 0.249 3410000 828140 CEBU HLDG 6.68 6.86 6.48 6.86 6.48 6.86 77300 529951 CEB LANDMASTERS 4.2 4.25 4.2 4.25 4.13 4.25 511000 2152160 CENTURY PROP 0.48 0.485 0.465 0.49 0.465 0.48 11300000 5417500 CYBER BAY 0.405 0.41 0.415 0.415 0.41 0.41 1670000 684750 DOUBLEDRAGON 21.6 21.65 21.4 21.6 21.4 21.6 194500 4178285 DM WENCESLAO 9.94 9.95 9.8 9.98 9.8 9.95 309800 3061802 EMPIRE EAST 0.5 0.51 0.5 0.51 0.495 0.51 2469000 1233660 EVER GOTESCO 0.13 0.137 0.13 0.13 0.13 0.13 10000 1300 FILINVEST LAND 1.5 1.51 1.47 1.52 1.47 1.5 24726000 37237700 GLOBAL ESTATE 1.24 1.25 1.22 1.25 1.22 1.24 1949000 2413390 8990 HLDG 12 12.02 11.68 12 11.56 12 3347800 39735324 PHIL INFRADEV 1.87 1.88 1.94 1.94 1.82 1.87 17615000 33008680 CITY AND LAND 0.85 0.87 0.88 0.88 0.87 0.87 220000 193490 MEGAWORLD 5.39 5.41 5.27 5.45 5.26 5.41 36687900 198,326,6451 MRC ALLIED 0.395 0.4 0.4 0.405 0.385 0.4 28320000 11163850 PHIL ESTATES 0.46 0.475 0.475 0.475 0.475 0.475 30000 14250 PRIMEX CORP 2.83 2.86 2.87 2.87 2.83 2.85 38000 108280 ROBINSONS LAND 23.55 23.6 23.5 23.7 22.85 23.55 4740100 111991220 PHIL REALTY 0.45 0.46 0.45 0.46 0.45 0.455 630000 286650 ROCKWELL 2.01 2.04 2.04 2.04 2.01 2.01 51000 103080 SHANG PROP 3.11 3.15 3.15 3.15 3.12 3.12 195000 610040 STA LUCIA LAND 1.54 1.55 1.57 1.61 1.51 1.54 8058000 12423700 SM PRIME HLDG 38.65 38.7 38.6 38.65 38.05 38.65 2670100 102962245 STARMALLS 7.15 7.16 7.1 7.36 6.99 7.15 1562700 11253115 SUNTRUST HOME 0.78 0.8 0.78 0.8 0.78 0.8 377000 299940 PTFC REDEV CORP 43.05 45 43.1 45 43.1 45 500 22120 VISTA LAND 7.24 7.25 7.33 7.36 7.25 7.25 5977600 43523945 SERVICES ABS CBN 21.3 21.4 21.3 21.5 21.3 21.4 47200 1010790 GMA NETWORK 5.72 5.74 5.74 5.76 5.72 5.74 182600 1047742 MANILA BULLETIN 0.62 0.63 0.62 0.64 0.61 0.62 2542000 1566010 GLOBE TELECOM 1905 1912 1908 1917 1878 1912 23680 45109680 PLDT 1073 1075 1088 1105 1070 1075 224830 244078955 APOLLO GLOBAL 0.045 0.047 0.047 0.048 0.046 0.047 6500000 301800 DFNN INC 7.1 7.19 7.1 7.1 7.1 7.1 7500 53250 IMPERIAL 1.92 2.06 1.92 1.92 1.92 1.92 1000 1920 ISLAND INFO 0.129 0.131 0.132 0.132 0.129 0.129 410000 53170 ISM COMM 5.68 5.69 5.75 5.76 5.61 5.68 3509800 19867093 JACKSTONES 3.16 3.31 3.34 3.34 3.08 3.32 61000 193080 NOW CORP 2.92 2.93 2.84 2.92 2.84 2.92 1094000 3156910 TRANSPACIFIC BR 0.435 0.44 0.435 0.445 0.43 0.435 6260000 2742050 PHILWEB 2.85 2.86 2.79 2.89 2.77 2.86 1103000 3125320 2GO GROUP 12 12.1 12.14 12.22 12 12.1 51000 614522 ASIAN TERMINALS 15.6 15.74 15.02 15.72 15.02 15.6 354700 5417140 CEBU AIR 84.8 84.95 81.5 85 80.4 84.8 165640 13955806.5 CHELSEA 5.67 5.68 5.75 5.75 5.63 5.67 1171500 6667631 INTL CONTAINER 113.8 114 114.5 116 113.8 114 1754890 201155132 LBC EXPRESS 15.36 15.9 15.94 15.94 15.94 15.94 2000 31880 LORENZO SHIPPNG 0.9 0.92 0.93 0.93 0.89 0.92 92000 82620 MACROASIA 19.84 19.86 19.9 19.9 19.46 19.84 259200 5107414 METROALLIANCE A 1.98 2.03 2 2.04 1.95 2.03 151000 303080 PAL HLDG 10.12 10.38 10.5 10.5 10 10.38 29000 294526 HARBOR STAR 2.83 2.84 2.77 2.87 2.74 2.84 2245000 6291770 BOULEVARD HLDG 0.074 0.075 0.067 0.075 0.067 0.074 329850000 23694970 DISCOVERY WORLD 2.1 2.2 2.1 2.1 2.1 2.1 5000 10500 WATERFRONT 0.65 0.66 0.66 0.67 0.65 0.65 2451000 1608200 STI HLDG 0.7 0.71 0.71 0.71 0.7 0.7 801000 564100 BERJAYA 2.8 2.81 2.72 2.81 2.7 2.8 209000 577890 BLOOMBERRY 12.1 12.12 11.76 12.12 11.76 12.12 6106100 73142742 PACIFIC ONLINE 9.4 9.55 9.59 9.59 9.22 9.55 19100 176660 LEISURE AND RES 3.3 3.31 3.31 3.34 3.25 3.3 342000 1126550 MANILA JOCKEY 4.74 4.93 4.73 4.93 4.73 4.93 7000 33410 PH RESORTS GRP 5.01 5.02 5 5.05 4.97 5.02 168100 840107 PREMIUM LEISURE 0.93 0.94 0.91 0.94 0.9 0.94 9418000 8745200 TRAVELLERS 5.61 5.63 5.6 5.63 5.58 5.62 2428800 13618113 METRO RETAIL 2.92 2.93 2.9 3 2.9 2.93 1170000 3450270 PUREGOLD 48.5 48.55 48.3 48.6 48.2 48.5 488700 23683915 ROBINSONS RTL 86.75 87 85.25 87.3 85.25 87 1546200 132983898 PHIL SEVEN CORP 132 139.8 139 139 129.2 130.7 340 45080 SSI GROUP 2.32 2.33 2.32 2.35 2.3 2.32 9464000 21996840 WILCON DEPOT 15.02 15.08 15.22 15.24 14.9 15.02 6281400 94493612 APC GROUP 0.425 0.435 0.43 0.435 0.425 0.425 970000 413700 EASYCALL 15.28 15.3 15.52 15.8 15.18 15.28 195600 3008810 GOLDEN BRIA 380 382 378 388 377 380 3650 1389110 IPM HLDG 7.14 7.15 7.14 7.14 7.14 7.14 10000 71400 PAXYS 3.13 3.39 3.13 3.13 3.13 3.13 11000 34430 PRMIERE HORIZON 1.31 1.32 1.27 1.35 1.26 1.31 30250000 39504820 SBS PHIL CORP 8.32 8.65 8.31 8.31 8.31 8.31 3600 29916 MINING & OIL ATOK 13.04 13.16 13.2 13.2 13.04 13.16 400 5244 APEX MINING 1.51 1.52 1.51 1.52 1.49 1.52 1988000 2977980 ABRA MINING 0.002 0.0021 0.0021 0.0022 0.0021 0.0021 740000000 1554200 ATLAS MINING 2.91 2.93 2.91 2.91 2.91 2.91 89000 258990 COAL ASIA HLDG 0.3 0.31 0.3 0.3 0.3 0.3 310000 93000 CENTURY PEAK 2.2 2.21 2.22 2.22 2.2 2.2 611000 1351420 DIZON MINES 7.76 8.1 7.76 8.01 7.76 7.76 1400 11164 FERRONICKEL 1.49 1.5 1.48 1.5 1.47 1.49 959000 1420160 GEOGRACE 0.26 0.265 0.255 0.265 0.25 0.26 2490000 643050 LEPANTO A 0.123 0.127 0.123 0.127 0.123 0.127 150000 18650 LEPANTO B 0.128 0.13 0.128 0.128 0.125 0.128 430000 53840 MANILA MINING A 0.0084 0.0086 0.0084 0.0084 0.0084 0.0084 1000000 8400 MARCVENTURES 1.1 1.12 1.08 1.13 1.08 1.12 147000 162380 NIHAO 1.05 1.09 1.1 1.13 1.05 1.09 90000 95460 NICKEL ASIA 2.8 2.81 2.85 2.85 2.76 2.8 1625000 4572400 OMICO CORP 0.6 0.62 0.62 0.62 0.62 0.62 13000 8060 ORNTL PENINSULA 0.92 0.93 0.94 0.95 0.92 0.92 1174000 1094840 PX MINING 4 4.02 3.99 4.02 3.93 3.95 634000 2520120 SEMIRARA MINING 19.98 20 20.2 20.4 19.94 20 2591000 51977255 UNITED PARAGON 0.0075 0.0077 0.0075 0.008 0.0073 0.0075 37000000 274800 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 9200000 112100 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 23300000 279600 PHILODRILL 0.011 0.012 0.012 0.013 0.011 0.012 323500000 3562300 PHINMA PETRO 3.16 3.3 3.3 3.3 3.3 3.3 4000 13200 PXP ENERGY 15.1 15.18 14.66 15.3 14.52 15.18 1041900 15617286

PREFFERED HOUSE PREF A AC PREF B2 ALCO PREF B GTCAP PREF A GTCAP PREF B LR PREF PNX PREF 3A PCOR PREF 2A PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

94.8 483 100 871.5 894 0.98 99 973.5 998 75.05 76.5 72.7 72.5 74.6 73.6 72 72.55

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20.4 5.72

1.84

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.15 XURPAS 1.45

116

57750 20600 41085825 26576580.5 23868808 825500 903140 202981 -4362836 711570 20348920 8095111 -2372253 5985932 10562900 89100 34751270 85243559 -647092 90000 -149048055 -190000 -72630 12000 471793 -1520770 -102900 605580 5880 -65660 4730490 -5952538 -77170 17532348.9999 19900 33738520 2029.9999 50400 19112779.9993 -114189 -16856463 12022550 -49907465 -32900 -1310 -119408 37310 -17600 -1083100 -36000 1243940 -2871767 -768450 -46320115 3790006 10000 19520 -79810 -758470 50600 -16850 16881632 33000 -23750 -50610 -303130 -5697847 199940 14000460 989465 -2798800 13529468 4250 -1848 715520 -367550 -23280 -22200 26000 30 532120 -229669.9997 -25120875 2036536

95 497 100 871 900 0.99 100 980 1019 75.05 76.8 72.6 72.5 74.55 73.8 73 73

95 497 100 871 900 0.99 100 980 1020 75.45 76.9 72.6 72.5 74.55 73.8 73 73

95 497 100 871 900 0.99 100 980 1019 75.05 76.8 72.6 72.5 74.5 73.6 71.8 72.5

95 497 100 871 900 0.99 100 980 1020 75.05 76.9 72.6 72.5 74.5 73.6 72 72.5

800 10 1960 2610 1110 43000 270 200 690 14370 1320 20200 500 2000 1000 56010 9880

76000 4970 196000 2273310 999000 42570 27000 196000 703790 1078533.5 101408 1466520 36250 149007.5 73662 4030730 717835

28500 19800 -1452000 718000 -

20.5 5.8

20.3 5.82

20.4 5.82

20.3 5.56

20.4 5.72

25000 12100

509600 68702

1.9

1.89

1.91

1.84

1.85

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578250

5.18 1.46

4.82 1.39

5.46 1.48

4.82 1.38

5.15 1.46

8009000 21093000

42040370 30396700

-1099500 2428930

EXHANGE TRADE FUNDS FIRST METRO ETF

-617680 -6719545 22281405 -17159908.5 4829750 47325 2623683 -7011360 -225854 -10498085 48640 231636 891470 -61984 3057526 -190346 52347938 63608704 -1424820 -1199580 129984 108971246 -101080 -355500 24145870 -61500 -541994 -1254549 -6558877 2141990 28500 175000 -794730 8700 -2385420 2406504 -359980

95 497 100.6 929 900 0.99 100 980 1020 75.45 76.9 73.2 73 74.95 74.5 72.05 73.5

WARRANTS LR WARRANT

100785729 56190936.5 -326185 -3206520 -31770362 9888941 -12980 36150 -9841662 -654931 12990 -1980 -

117

115.9

117

115.9

117

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581311

Banking&Finance BusinessMirror

www.businessmirror.com.ph

IC reveals acquisitions in insurance industry

By Rea Cu @ReaCuBM

HE Insurance Commission (IC) expects acquisitions to clutch the industry in the next few months. For one, Insurance Commissioner Dennis B. Funa told the BusinessMirror that a company submitted to the IC a Letter of Intent to acquire Plaridel Surety & Insurance Co. (PSIC), which was placed under conservatorship in March last year. Funa said the LOI was sent to the IC in February. “One insurance company is

interested to buy Plaridel; it was placed under conservatorship,” Funa said in an interview. “But if there will be a buyer, then it can be rehabilitated.” Funa also revealed that two foreign companies have expressed interest to acquire local insurance companies, as well. He added that amid this consoli-

dation, the IC wants the health of insurance companies in the country as stable. “What is important is that an insurance company is stable, that a company would have enough resources to meet and to be able to pay claims; that’s the bottom line,” Funa said. “So whether it’s 60 or 30 [insurance companies], it doesn’t matter as long as they are stable and financially strong.” Based on IC data, there are currently 54 insurance companies doing business in the country. Five of these firms, mostly offering nonlife products, were placed by the IC under receivership in March last year for failing to meet the statutory capital requirement of P550 million. PSIC was among these firms.

Being placed under conservatorship status means that the company cannot engage in selling new insurance products. The company, however, is obliged to serve its existing pool of policyholders. Aside from PSIC, the companies placed under conservatorship were First Integrated Bonding & Insurance Co. Inc., Investors Assurance Corp., Metropolitan Insurance Co. Inc. and Premier Insurance & Surety Corp. Under the Insurance Code, existing insurance companies are required to have a minimum net worth of P550 million, from the previous P250 million, by the end of 2016. The capitalization requirement will again increase to P900 million in 2019, and further jump to P1.3 billion by 2022.

Next SSS chief should be as good as Dooc, says Blue Ribbon’s Gordon

HE chairman of the Senate Blue Ribbon committee expressed hope on Thursday that the successor of Social Security System (SSS) President and Chief Executive Officer Emmanuel Dooc will be as fit for the job as he was, especially given the challenge to maintain the fund’s viability. Sen. Richard Gordon said he was saddened by the departure of Dooc, who announced on Wednesday he had sent President Duterte his letter of irrevocable resignation, in compliance with the new SSS charter. His exit will give Duterte a free hand to choose the person who will lead the SSS into the future under the new SSS law that the President recently signed. “I am saddened by his resignation. He has done a good job. He is fit for the position,” he said. Gordon expressed hope that Dooc’s replacement will have the

same standard of integrity and competence to ensure that the needs of the SSS members are properly and timely met while also rendering the continuous profitability of the SSS to ensure its financial viability. Gordon thanked Dooc for his dedicated service to the SSS and the invaluable support that helped bring about the SSS Bill 2019 that he authored. On Wednesday 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 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). Under Dooc’s watch, the SSS posted the highest members’ 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

BSP Gov. Espenilla and the association community

OU may be wonderconference and meeting how the Bangko ing venue for associaSentral ng Pilipinas tions and other mem(BSP), the Philippine Interbership organizations. national Convention Center As chairman of the Association World (PICC), and the Philippine PICC Board, Gov. NestOctavio Peralta Council of Associations ing was very supportand Association Executives ive of the PICC’s role (PCAAE) are interrelated as institutions. as a convention facility and a cultural Few people may know that the stateicon of the country. Among others, he owned PICC’s sole shareholder is the BSP. approved the soon-to-be constructed In 1974, then-President Ferdinand Marpermanent trade exhibition hall in the cos signed Presidential Decree No. 520, PICC complex, sustaining its business which authorized the Central Bank of into the future. He was equally supthe Philippines (now BSP) to construct portive of the role of associations in an international conference building, the meetings and convention industry. acquire a suitable area for that purpose When I proposed a strategy meeting and organize a corporation to manage a for the PICC Board and volunteered to conference center. Thus, the PICC Inc. was facilitate it, Gov. Nesting was there all organized under the Corporation Code the time, and that made me a bit nerto operate the convention center. The vous. He was “all business” during that seven-member Board of Directors of PICC strategic meeting. As a central banker, I is chaired by the BSP governor and this learned he was tough on getting things is where the relationship gets personal. done right. As PICC Board chairman, I I had the privilege of knowing BSP came to know that he was tough, too, in Governor Nestor A. Espenilla Jr., who making sure that the BSP’s investment passed on February 23, 2019, even before in PICC yields competitive returns. he assumed the post. As secretary-genThe PICC Board and management, led eral of the Association of Development by General Manager Rene Padilla, thank Financing Institutions in Asia and the you, Gov. Nesting, for what you have conPacific (Adfiap), I shared his work and tributed to the convention industry and advocacy on financial inclusion. Despite association community. You will defihis busy schedule as one of the deputy nitely be missed! governors then, he found time to attend and speak at our conferences on developThe contributor, Octavio “Bobby” Perment banking and finance. As a person, alta, is concurrently the secretary-general he was genial and approachable, as well of the Association of Development Financing as passionate on his development-bankInstitutions in Asia and the Pacific (Adfiap), ing beliefs. That was about a decade ago. founder and CEO of the Philippine Council Our paths crossed again last year of Associations and Association Execuwhen I became a member of the PICC tives (PCAAE), and president of the AsiaBoard. As the founder and CEO of Pacific Federation of Association OrganizaPCAAE, the “association of associations” tions (Apfao). PCAAE is holding a conference in the country, I was appointed to repreon branding, marketing, PR and communicasent the private sector, specifically the tions on March 21, 2019, at the Philippine association community. Associations International Convention Center. PCAAE hold many meetings and conventions, enjoys the support of Adfiap, the Tourism and this was my mandate as a director: Promotions Board and the PICC. to continue promoting the PICC as a E-mail: obp@adfiap.org

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 (RTPC) 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.

Friday, March 8, 2019

Firm sees women still trying to ‘break glass ceiling’ in accounting profession

CCOUNTING has traditionally been a man’s world, but there has been significant progress for women Certified Public Accountants (CPAs) in the Philippines in recent years. The 2018 CPA Tracker Survey of the Board of Accountancy (BOA) revealed that more than 64 percent of new CPA exam passers are female. Women are also well represented in entry- to middle-level accounting positions, particularly in public accounting firms where they see near parity with men, according to the survey. Despite this, female representation declines as they go up the corporate ladder. So while more women are choosing to be accountants, not many of them end up in partnership positions or executive roles. So what’s keeping women out of the top spots in large firms? “Primarily it’s because of the demands of the work, which may be creating this perception that it’s difficult for women to take on this responsibility,” P&A Grant Thornton Chairman and CEO Maria Victoria C. Españo was quoted in a statement as saying. As the first woman to be at the helm of one of the top five auditing and professional services firms in the country, Españo knows a woman’s struggle to blaze the trail. She joined P&A Grant Thornton as a tax manager more than 20 years ago at the height of the 1997 Asian financial crisis when Philippine companies scrambled to restructure debts and clean up their books to survive. While the demands of the role were huge, “I am blessed to have a very supportive husband and three patient and appreciative children,” Españo said. This is why she strengthened policies at P&A Grant Thornton to open more opportunities for women to advance to leadership roles. “Given that you have a large percentage of women, how do you grow them so they can go up the executive ladder?” Españo said.

Diversity and opportunity

P&A Grant Thornton said it prioritizes the creation and promotion of

awareness on the importance of diversity. There is mounting evidence that more gender-balanced leadership teams lead to better business outcomes, including higher profitability, it added. Women leaders at P&A Grant Thornton believe that diversity leads to balance, and balance makes for smart business. Mai Sigue Bisar, Audit & Assurance partner and head of the Markets Group at P&A Grant Thornton, said women are also trapped in gender stereotypes that create a barrier for them to aspire for leadership roles, especially if they have to take care of their children and their families. “We have a lot of women at the entry level. But rather than move up the ranks in public accounting, they choose to go into another sector,” Bisnar was quoted in the statement as saying. “There are expectations from them, mostly coming from the household that may, at certain times, make them take a step back in their career.” These factors may still create a bias towards choosing men as leaders, and women are not always top of mind. To help employees, not just women, balance their responsibilities at home and at work, P&A Grant Thornton’s policies include flexible work hours and work-at-home options. “We try to veer away from being ‘minute counters,’” lawyer Lea Roque, head of the P&A Grant Thornton’s Tax Advisory & Compliance Division, said. “We focus on initiatives that will help our employees deliver and do their work anywhere.” “Women should create that space where they can be able to nurture themselves,” Españo added. “It’s good for them to understand what the gender barriers are and really ask themselves: ‘Is that really a barrier? Or is there something I can actually do to lift that barrier?’” For the women of P&A Grant Thornton, keeping an open mind, being passionate about learning and “making it work”—whether in their family life or in their career— are surefire ways to get to the top, gender aside.

Easiest job in bonds trade turns exhausting as China defaults soar

NTIL a few years ago, figuring out whether a Chinese company would repay its domestic bonds was simple: The answer was always yes. These days, it’s not so easy. As default rates in China swell from zero to levels approaching those of a normal credit market, the nation’s fixed-income investors are working a whole lot harder to earn their keep. Chen Su, a bond portfolio manager at Qingdao Rural Commercial Bank Co., is a case in point. He spent a week on the road assessing the credit risk of a Chinese manufacturer last year, logging more than 1,800 miles as he interviewed the company’s managers and customers in Fujian, inspected production facilities in Anhui and met with competitors in Suzhou. In the pre-default era, his due diligence effort would have involved little more than a chat with executives. “Now, the process is much more complex,’’ said Chen, who took about 45 research trips in 2018, up from 20 a few years ago. Squeezed by slowing economic growth and waning government appetite for corporate bailouts, Chinese borrowers reneged on a record 119.6 billion yuan ($17.8 billion) of domestic bonds last year and missed payments on another 14.7 billion yuan of notes in the first two months of 2019. While opinions differ on whether the defaults foreshadow a financial crisis or just a healthy shakeout of the nation’s $13-trillion corporate bond market, few dispute the need for investors to pay closer attention to credit risk in China. That’s easier said than done in a market where reliable information on everything from collateral values to government support is often hard to come by. What follows is a sampling of due diligence advice from veteran Chinese bond managers. Some of their tips will be familiar to global credit investors, but there are also China-specific twists.

Verify everything

IN January, Kangde Xin Composite Material Group Co. jolted Chinese credit markets by missing a bond payment just four months af-

A BIG US fund is ready to nibble, not bite, on Chinese bonds. BLOOMBERG NEWS

ter it reported holding enough cash to repay the debt 15 times over. The episode, which came amid a government investigation into Kangde’s financial reporting, underscored a new mantra for bond investors in China: verify everything. Zhang Min, a fund manager at ZT Capital who lost sleep this year worrying about misleading financial statements, said he crossreferences company results against peers to check whether any numbers look out of place. Mei Yuqing, a fixed-income manager at Ubiquant Investment, uses his own onthe-ground research to assign values to a borrower’s collateral instead of relying on the company’s balance sheet. “Now we must act as detectives on every possible detail,’’ said Chen Yang, head of fixed-income investment at Shanghai Securities Co. Before buying the bonds of a Chinese coal producer in the remote Xinjiang region last year, Chen spent a week inspecting the company’s inventory, production capacity and supply chain. He also interviewed workers to make sure they were

receiving their salaries on time.

Talk to bankers

CHINESE banks still provide most of the credit to Asia’s largest economy, and that makes them an invaluable resource for bond investors. Chen, the fund manager at Qingdao Rural, said he tries to keep in touch with his portfolio companies’ biggest lenders to make sure they haven’t withdrawn or reduced funding. For buyers of distressed debt in China, the willingness of banks to maintain support for a borrower can mean the difference between a painful default and a profitable investment.

Know the industry

BANKERS comprise just one part of a good due-diligence contact list. Talking to a borrower’s rivals, customers and suppliers can also help investors spot red flags, according to Shi Min, director of credit investment at Beijing Lerui Asset Management. “Our people need to be experts on the industry,’’ Shi said. Bloomberg News

Wom

A BusinessMir

Friday, March 8, 2019 | www.businessmirror.com.ph

BREAKING BOUNDARIES: THE I Despite all the hindrances, two women stood their ground. Gabriela Silang, a wife of another revolutionary hero, vowed to avenge his husband’s death, which triggered the brewing uprising in the Ilocos region. The iconic Tandang Sora (or Melchora Aquino), on the other hand, helped feed and nurse the Katipuneros who were fleeing from the Spanish soldiers. She was later known as the “Mother of Katipunan”. After the Hispanic period, both females and males have had access to free elementary education during the American occupation. This gave women a small glimmer of hope to elevate their socio-economic status. Unfortunately, only those children coming from influential or wealthy clans can afford high school and tertiary education. Nonetheless, women’s full citizenship status was improved at this time. The Commonwealth government granted women the suffrage to vote in 1937.

By Trisha Jean V. De Leon

F a man speaks the truth, he’s called honest. If a woman does the same, she’s called tactless. If a man works hard for his dreams, people will say he’s dedicated. But if a woman does the same, she’s deemed as ambitious. For centuries women have suffered from the pangs of inequality in the guise of double standards and were bridled by the society’s obsession with machismo. Yet, when the liberation movement took flight, they saw an opportunity to wriggle out of those ropes. Women are now freer than ever. To celebrate the triumphs of women, let’s take a glance at some of the significant events that helped shape the modern Filipinas of today.

Women in the Colonial Era

BEFORE Catholicism spread like wildfire in the country, traditional gender roles were highly influenced by the Chinese and Islamic cultures. In his book, the Encyclopedia of Sexuality, Dr. Jose Florante J.

Leyson wrote that, in the old days, women were expected to obey their father, husband and elder brothers. Arranged marriage was also common, and women were not allowed to remarry if widowed. Stereotypical gender roles that favor men also persisted even after the Spaniards occupied the archipelago and introduced the Roman Catholic faith. Friars painted an ideal image of a Filipino woman based on their teachings. To live a righteous way, women were expected to take care of their family and stay on the sidelines to support their husband’s political and professional endeavors. They also weren’t given an equal right to education since they were considered inferior.

The liberation

WOMEN’S Day is the best time for “tita’s dine out”, batch reunions, early gift for moms or wives, or just a time off to embrace how amazing womandhood is. On March 8 Marriott Café invites all ladies to enjoy half the price on their lunch buffet and seafood dinner buffet as part of the brand’s commitment to women empowerment. For inquiries, call (632) 988-9999 or visit www.manilamarriott.com, and follow them on Facebook, Instagram and Twitter @ManilaMarriott.

THE true liberation of women occurred years after the end of the second World War. In the late 1950s, both men and women have gained equal rights. This marked one of the most significant milestones in the country.

men’s MONTH

rror Special Feature

www.businessmirror.com.ph | Friday, March 8, 2019

E FLIGHT OF FILIPINO WOMEN At this point, most women pursued careers in almost every field, whether it’s in the legal, medical, economic and administrative arena. They no longer bear the shackles that bound them in the past and are now full of hopes and aspirations. In 1986 Corazon Aquino broke the record by being the first female president of the Philippines and in Asia. In her stint she signed Republic Act No. 6949, declaring March 8 as the National Women’s Day in the country. This year the Women’s Day emphasizes the theme, “Think Equal, Build Smart, and Innovate for Change”. This is to help promote gender equality and women empowerment, especially when it comes to social protection systems, access to public services, and sustainable infrastructures.

rics. Unlike other countries in Asia, functional literacy rates between men and women have been consistent since 1989, in which girls scored higher. This, however, does not translate to the employment rate. In a recent study, researchers found out that only 37.5% of the total 22.2 million wage and salary workers are female while men occupy 62.5% of the total workforce. Discrimination and the deeply rooted gender inequality are often blamed for the unequal figures when it comes to employment. Apart from unemployment, poor health care is also a primary problem for women. Among the top medical concerns of women include reproductive, maternal, and psychological health, as well as the proliferation of cervical and breast cancer cases.

Challenges Women Face Today

Modern Filipino women: The catalyst of change

HOW does the government gauge the status of women today? Education and employment are two important met-

WITH all the issues that still plague women, it’s only imperative to work hand in hand to help them reach their full

SM SUPERMALLS CELEBRATES WOMEN’S MONTH WITH DELIGHTFUL DEALS

CELEBRITY sisters Alex Gonzaga and Toni Gonzaga-Soriano grace the cover of SM Shopmag this March, as SM Supermalls celebrates Women’s Month with new and delightful activities and deals in 73 malls nationwide!

By Leony Garcia

‘T

ODAY, more than ever, women are empowered. More than 70 percent of SM shoppers are women who are not just partners of the men, but are breadwinners in themselves. And because they deserve some ‘pampering’ for their hard work at home, at work and [in] the community, SM Supermalls is giving them treats and surprises in celebration of the women’s month this March,” announces Grace Magno, Vice President for corporate communications. Yes, SM is calling women from all walks of life as SM Supermalls whips up new and exciting activities, such as beauty parties, sale events, wellness deals, and a digital promo on self-love, in 73 SM malls nationwide everyday. To promote body love, positivity, and diversity in SM malls nationwide, SM has prepared the Women’s Wednesday Sale, the much-awaited exclusive for every woman’s simple pleasures for fashion, bags, accessories, makeup and skin-care products all at up to 70 percent off. Ladies can also expect amazing deals from The SM Store Women’s Sale with up to 50 percent off on selected items, plus a 10-percent rebate when they shop with the BDO ShopMore Mastercard. SM Advantage Card holders get an additional 10 percent off

on ladies’ wear, shoes, bag and accessories every Wednesday (from 6 to 8 p.m.) of March and on International Women’s Day on March 8. Beauty aficionados can indulge in the women’s special beauty spas and salon dates with the barkada and loved ones, and avail themselves of delightful deals. Moreover, celebrate womanhood at SM’s beauty soiree, a beauty fair every weekend this March, with special discounts and bundles on beauty products, skin-care, and style products. Ladies, be no one but yourself at the beauty party where all women are celebrated—happening on all weekends of March. There will be makeovers, styling sessions, and a dance party with a surprise guest DJ! As all women deserve love, psychoneurologist and happiness doctor Lia Bernardo walks the ladies of the house through the 30-day #JustForToday video series, for easy tips to embrace self-love, empowerment and authenticity. “SM would also like to help our women by making our stores the one-stop shop that they need for their utilities and other bill payments, grocery and beauty needs, and a place for the family to dine in, watch movie, etc.” Magno concluded. Find out more on the SM Supermalls’s Facebook page or visit www. smsupermalls.com.

potentials. After all, many women have already etched their name in history. As Maria Clara Ignacio, chief of

the Technical Education and Skills Development Authority’s Women Center, said: “The presence of Filipinas in the

workforce has had a big impact on the economy. Thanks to their skills, there is considerable industry growth in the

country. I believe that development is for all. Men and women should have the same opportunities.”

The World BusinessMirror

Friday, March 8, 2019

Trump still hopes for North Korea nuclear deal after ominous report

ASHINGTON—Satellite photos showing new activity at a North Korean rocket launch site raised fresh doubts on Wednesday that Kim Jong Un will ever give up his drive for nuclear weapons, yet talks continue and President Donald J. Trump said he was still hoping for the agreement that eluded the leaders at last week’s summit. The president said his relationship with the North Korean leader remains “good” even though Trump walked away from negotiations at their high-profile meeting in Vietnam. He said then that the North’s concessions on its nuclear program weren’t enough to warrant sanctions relief, and he said on Wednesday he’d be unhappy if reports prove true that Kim is rebuilding a launch site after promising in Vietnam to extend his ban on nuclear and rocket tests. “I would be very, very disappointed in Chairman Kim,” Trump said when reporters asked him about reports of new work at the Sohae Satellite Launch Station, which is tucked into the hills northwest of Pyongyang. Past administrations discovered the perils of trying to do business with North Korea, which has a history of backing out of agreements. Trump believes his discussions will be different because Kim has publicly announced his desire to focus on economic development in his reclusive nation, which is suffering under harsh US and international sanctions. Trump has favored direct talks with Kim, but with no third summit under discussion right now, the next stage of negotiations is likely to be conducted at lower levels. Trump’s envoy to North Korea, Steve Biegun, had lunch on Wednesday at the State Department with his counterparts from Japan and South Korea. The South Koreans have proposed

semiofficial three-way talks with the United States and North Korea as it works to put nuclear diplomacy back on track. Suh Hoon, the director of South Korea’s National Intelligence Service, told his nation’s lawmakers in Seoul that North Korea was restoring facilities at a rocket launch site it had dismantled last year in a goodwill measure. Meanwhile, 38 North, a web site specializing in North Korea studies, said commercial satellite imagery indicates the rebuilding started between February 16 and March 2. And the Center for Strategic and International Studies, a think tank in Washington, issued another report saying satellite imagery taken on Saturday—just two days after the summit ended—showed North Korea “pursuing a rapid rebuilding” of the rocket site. Some analysts think the work is a signal that Kim is getting ready to conduct more tests, but others suggest he’s just registering his disappointment that no agreement was reached at the summit. Trump himself added to the confusion, saying his administration had a hand in the report on Sohae being made public. “It’s a very early report. We’re the ones that put it out,” Trump said without elaborating. Joel Wit, a North Korea proliferation expert who helped negotiate with North Korea in the mid-1990s, said the new work at Sohae is Kim’s way of showing that

THAI COURT DISBANDS POLITICAL PARTY FOR NOMINATING PRINCESS

ANGKOK—Thailand’s Constitutional Court on Thursday ordered the dissolution of a major political party ahead of this month’s general election because it nominated a member of the royal family to be its candidate for prime minister. The Thai Raksa Chart Party on February 8 nominated Princess Ubolratana Mahidol as its candidate for the March 24 polls. However, her brother King Maha Vajiralongkorn later that day issued a royal order calling the nomination highly inappropriate and unconstitutional. The court in its ruling also banned members of the party’s executive board from political activity for 10 years. The decision will raise fresh questions about the fairness of the upcoming election, the first since a military coup toppled the democratically elected government in May 2014. Thai Raksa Chart is aligned with former Prime Minister Thaksin Shinawatra, whose allied parties have won every national election since 2001 but have twice been toppled in coups. The latest election is being held under rules that are generally acknowledged to make it hard for pro-Thaksin parties to win a majority, and the dissolution of Thai Raksa Chart will make that all the more difficult. The Constitutional Court is one of the most conservative institutions in Thailand and has consistently ruled against Thaksin and his allies. Its statement explaining Thursday’s ruling was even more critical of the party’s action than the king’s had been. It appeared to ascribe

ill intentions to the party’s actions, blaming it for endangering a tradition that keeps the royal family above politics. It voted unanimously to dissolve the party, and by a vote of 6-3 for the political ban on its executive members. The state Election Commission after the king’s statement last month disqualified Ubolratana’s nomination and forwarded to the court its recommendation that Thai Raksa Chart should be dissolved because its candidate was “in conflict with the system of rule of democracy with king as head of state.” The party itself quickly asserted its loyalty to the king and said it had only good intentions in making the nomination. Ubolratana’s registration as a candidate was a stunning move, not only because it would have broken a taboo on a senior royal running for public office, but also because it would have allied her with a party considered by many royalists to be unsympathetic to the monarchy. Thaksin’s populist policies delivered unmatchable electoral majorities, but he was resented by the traditional ruling class, including royalists and the military. Thaksin went in exile in 2008 to avoid serving jail time on a corruption conviction he insists was politically motivated. The leader of the ruling junta and prime minister, Prayuth Chan-ocha, is seeking to become prime minister again after March’s election, though he is not running for a seat in parliament. AP

THIS December 5, 2018, image provided by DigitalGlobe on Tuesday, March 5, 2019, shows a satellite image of North Korea’s Sohae facility. Satellite imagery showing new activity at a North Korean rocket launch site has raised doubt that Kim Jong Un will never give up his nuclear weapons. USNorth Korea talks are continuing, and President Donald J. Trump is still hoping to get a deal despite the failure of the two leaders’ second summit. Trump said on Wednesday that he’d be unhappy if reports were true that Kim was rebuilding a launch site after promising in Vietnam to extend his current ban on nuclear and rocket tests. DIGITALGLOBE VIA AP

he’s “getting impatient with lack of progress in negotiations.” “We have to watch to see what else happens,” Wit said. “It’s a space launch facility and has been used to send satellites into space.... Problem is, some of the technologies are the same.” He said there is no evidence that North Korea’s work at the site signals Kim is preparing to test another intercontinental missile. He said North Korea has never tested an ICBM at Sohae. “Preparations for any launch would require a wide range of activities not observed at the site,” Wit said. Trump and Kim, who also met in Singapore last year, have not said if there will be a third summit. For now, discussions with North Korea will be conducted by their subordinates. Biegun, the US envoy to North Korea, gave members of t he Senate Foreign Relations Committee a classified update on Tuesday afternoon on Capitol Hill. Sen. Bob Menendez of New Jersey, the ranking Democrat on the committee, said that before any further summits between the leaders, there must be lower-level discussions to determine how far Kim is willing to go to denuclearize. That’s all the more important

“to continue to test the North Koreans’ willingness now that they know they’re not going to get an easy deal,” Menendez said. Comm it tee C h a i r m a n Ji m Risch, R-Idaho, said Biegun has a vision of where the US wants to take the talks. “He has clear knowledge of the steps that it takes to get there, and he’s laid that out for the North Koreans,” Risch said. There’s no framework agreement “to put the details on it, yet,” he said. But he added: “The differences have been narrowed.” Less upbeat, Committee member Edward Markey, D-Mass., said the work at Sohae could be a sign that Kim is more interested in getting concessions from the US than conducting good faith efforts to denuclearize. He said he’s also worried that future satellite launches at Sohae could help Kim further his work on ballistic missiles to threaten the US and its allies with a nuclear attack. “President Trump never codified in writing North Korea’s missile and nuclear testing freeze,” Markey said. “Without that formal commitment, North Korea might claim it is doing nothing wrong and derail the fragile diplomatic process under way.” AP

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

Huawei sues US govt over equipment ban

UAWEI Technologies Co. sued the US government for barring its equipment from certain networks, delivering a legal riposte to American accusations it aids China in espionage. The lawsuit is aimed at a US statute that blocks government agencies from using equipment from Huawei and its domestic rival ZTE Corp., according to a complaint filed in federal court in Texas. Huawei argues in the suit that it’s unconstitutional to single out a person or a group for penalty without a fair trial. The action signals a more aggressive response from the company toward its US accusers, who have been trying to persuade other countries to ban Huawei gear from crucial fifth-generation communications networks. The complaint landed days after Finance Chief Meng Wanzhou sued Canada’s government for allegedly trampling her constitutional rights during her December arrest—an effort to discredit the case against her as she awaits potential extradition to the US for bank fraud. The White House didn’t immediately respond to a request for comment on the lawsuit. In its US case, Huawei is taking aim at a provision in the 2019 National Defense Authorization Act. That provision bars any executive agency, government contractor or company that receives a government loan or grant from using Huawei and ZTE equipment, according to the complaint. The Chinese company argues that the provision is a bill of attainder, a legislative punishment without trial that’s prohibited by the US Constitution. “That’s a very hard argument to win but certainly something that they can try in an effort to slow down the federal government,” Peter Henning, a professor at Wayne State University Law School, told Bloomberg on a podcast. Legal experts give Huawei’s lawsuit little chance of success based on a recent, similar case filed by Moscow-based cyber-security firm Kaspersky Lab Inc. In September 2017, the US Department of Homeland Security directed agencies to stop using Kaspersky’s antivirus software based on

concerns the Russian government could use the programs to spy on federal information systems. President Donald J. Trump signed the ban on December 12, 2017. A Washington DC-based appeals court agreed late last year with a lower court’s rejection of Kaspersky’s argument that the prohibition amounted to an unconstitutional bill of attainder because it addressed a national security vulnerability. Huawei is increasingly in the crosshairs of the US government and its allies, just as it’s pushing for leadership in supplying fifthgeneration wireless technology. Countries are preparing to spend billions on the potentially revolutionary equipment aimed at enabling everything from smart highways to self-driving cars. The world’s top provider of networking gear faces the prospect of being shut out of pivotal infrastructure markets. And the clash has complicated negotiations between Washington and Beijing as they try to hammer out a trade deal. Huawei also repeated its argument that a blockade on its gear simply disadvantages Americans. “Consumers in the United States [particularly in rural and poor areas] will be deprived of access to the most advanced technologies, and will face higher prices and a significantly less competitive market,” the company said in the complaint. Washington-based law firm Jones Day is representing Huawei in the lawsuit. US officials and industry exec ut ives have long ha rbored questions about Huawei ’s ties to China’s government, and concerns about its technology have mounted in lockstep with its growing success. Federal authorities in Seattle are investigating the company for allegedly stealing trade secrets from US partner TMobile US Inc., and in December Meng was arrested in Canada on fraud charges linked to Iran tradesanction violations. “This is one part of a much broader effort here to confront China over trade secrets theft and how the Chinese government is subsidizing companies and trying to get their products into the United States,” Henning said. Bloomberg News

Japan stunned by Ghosn’s release, critics hope for change

OK YO —For mer Nissan Chairman Carlos Ghosn’s release from detention nearly four months after his arrest has gripped Japan, giving the public a rare glimpse into how the criminal justice system works. Ghosn was recuperating on Thursday, his lawyer said, after leaving the Tokyo Detention Center the evening before, just in time for his 65th birthday on Saturday. His trial on charges of financial misconduct is sure to draw attention as one of the biggest court cases in the history of corporate Japan. Japan’s relatively low crime rate means high-profile cases like Ghosn’s are uncommon. His trial, which could start later this year, is sure to draw attention as one of the biggest court cases in the history of corporate Japan. The front pages of all major newspapers carried photos of Ghosn, his identity obscured by a surgical mask, blue cap and laborer’s clothes on Thursday. Broadcasters showed stacks of Japanese currency about the size of a small bed to demonstrate what his bail of ¥1 billion ($8.9 million) would have looked like. The payment was made electronically but the full amount was required, un-

like bail systems in the US where a portion is offered as surety and the full amount is forfeited only if the defendant fails to appear. While Westerners were wondering at how the idea of “presumed innocent” doesn’t seem to apply in Japan, many here were shocked his release came so soon. “An exceptional case of quick release,” said a headline in the newspaper Yomiuri. Suspects in Japan are usually not released from detention until all documents from both sides are readied for a trial because prosecutors worry that suspects might tamper with evidence or flee. The court rejected two earlier requests by Ghosn for bail. Theoretically, suspects in Japan are presumed innocent until proven guilty. But the complexity of a case can determine the length of pretrial detention. And long detentions mean suspects practically serve time before they are found guilty. Seiho Cho, a defense lawyer, says his clients wonder why they aren’t getting released as quickly as Ghosn was. Ghosn’s legal team offered special conditions, such as a surveillance camera, to win his release.

Bail should be granted without such stringent restrictions, Cho said. “W hat we have now is totally wrong,” he said. “We hope this will have a positive effect on future cases.” Ghosn, who headed the Renault-Nissan-Mitsubishi Motors alliance, has been charged with falsifying financial reports in underreporting his income and breach of trust in having Nissan shoulder investment losses and make payments to a Saudi businessman. He says he is innocent, that the income allegedly under-reported was never paid or decided; Nissan never suffered the investment losses and the payments were legitimate business expenses. A French lawyer for Ghosn, Jean-Yves Le Borgne, blamed his client’s troubles on a “plot against him” over opposition within Nissan to his effort to draw the Japanese automaker closer to Renault—with a strong French boss. He said in an interview on Wednesday that Ghosn fell into “a kind of trap.” Le Borgne said he was concerned whether the defense will get full access to all documents to be presented as evidence.

The business daily Nikkei said Ghosn’s case highlights inequities human-rights advocates have long criticized as unfair, such as extended detentions and interrogations without a lawyer present. “Japanese-style justice shaken,” the headline said. There have been several cases where suspects signed false confessions after harsh questioning during months-long detentions, but were later exonerated by DNA tests or other evidence. Lawyer Yuichi Kaido welcomed the international scrutiny due to Ghosn’s case. “I realize there is the view that we can’t give special treatment to Mr. Ghosn or that Japan has its own way of doing things,” he said, but “The case of Carlos Ghosn has highlighted how outdated this system is.” Ghosn has hired a star defense law yer, Junichiro Hironaka. Nicknamed “the R azor,” he has won rare acquittals in a nation where the conviction rate is 99 percent. Hironaka said the lawyer most responsible for securing Ghosn’s release was Takashi Takano, who has studied at Southern Methodist University’s law school in Dallas. AP

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

The World BusinessMirror

Friday, March 8, 2019

Erdogan breaks silence on US to stand by Russian missile deal

RESIDENT Recep Tayyip Erdogan broke his silence over a US threat to punish Turkey with sanctions, should it buy an advanced Russian S-400 missiledefense system, saying the purchase is a “done deal.” “It is out of the question for us to revoke the S-400 deal,” Erdogan said during an interview with TV24 television broadcast late Wednesday. “Such an immoral act would not suit us.” The US warned this week that it could retaliate by blocking Turkey’s planned purchase of the nextgeneration F-35 fighters it’s helping to build. The US fears the Russian system could be used to collect intelligence on the jet’s stealth capabilities, but Erdogan said “we’ve researched it, there is no such thing.” Ties remain strained between the North Atlantic Treaty Organization allies even after Turkey defused a showdown last year by freeing longheld US pastor Andrew Brunson. President Donald J. Trump on Monday stripped some Turkish exporters of their preferential trade status, and the US warned of penalties against any government entities, private businesses or individuals involved in the purchase of the missiles from Russia. The Pentagon is also seeking to install a multinational force in a planned Syria safe zone over Turkey’s objections. Erdogan said “no one should

attempt to tame Turkey” with threats on trade and that his country wouldn’t agree to a US proposal to sell its own Patriot missiledefense system unless it shares the technology. “We will not go into a deal if they insist on keeping the ‘key’ to the system,” Erdogan said of the Patriot missiles. “We’ve agreed with the Russians, we will go into joint production. We may also go into S-500s after the S-400s.” The top US Commander in Europe, Curtis Scaparrotti, told the Senate Armed Services on Tuesday that the Pentagon should refuse Turkey’s planned purchase of 100 Lockheed Martin F-35 Joint Strike Fighters if Ankara goes through with buying the S-400s. Turkey has invested more than $1.25 billion in the stealth F-35 jet since its development phase began in 2002. The US can’t dictate that Turkey should buy everything from it, Erdogan said, reminding that the country’s flagship Turkish Airlines is purchasing planes from Boeing Co. worth about $10 billion. “We’re not a slave, we’re independent,” Erdogan said. “We’ve completed the signatures with Russia for the S-400 deal under very, very suitable conditions and they’ve brought the delivery forward to July. God willing, we will receive the first system in July.” Another major rift with the US is over Washington’s support

OIL STAYS NEAR $56 AS U.S. CRUDE SUPPLY THREATENS BID TO AVERT GLUT

IL traded near $56 a barrel as investors weighed a US crude-stockpile surge that threatens to undermine Opec’s bid to avert a glut against a drop in fuel inventories. Futures in New York were little changed, after retreating 0.7 percent in the previous two sessions. US crude stockpiles last week gained the most since mid-January and more than what analysts had expected, government data showed on Wednesday. Still, a larger draw in refined products inventories is helping ease some demand concerns and providing a floor for prices. Oil has surged over 20 percent this year as the Organization of the Petroleum Exporting Countries and its allies restrained output in a bid to balance the market, while sanctions against Venezuela and Iran have kept supplies tight. The rally has lost steam since mid-February as American crude output hit record highs and investors fret over a US-China trade spat. “Oil will most likely stay in a range of $55 to $57 a barrel for a while on conflicting factors,” Ahn Yea Ha, a commodities analyst at Kiwoom Securities Co., said by phone from Seoul. “Demand appears to be still solid as fuel inventories fell despite growing US crude stockpiles. This will keep prices buoyed but at the same time we have surging American supplies, restricting crude from rising higher.”

West Texas Intermediate for April delivery was at $56.23 a barrel on the New York Mercantile Exchange, up 1 cent, at 7:27 a.m. in London. Prices lost 34 cents to close at $56.22 a barrel on Wednesday. Brent for May settlement added 14 cents to $66.13 a barrel on the London-based ICE Futures Europe exchange. The contract gained 13 cents to settle at $65.99 a barrel on Wednesday, rising for a third consecutive session. The global benchmark crude was at a $9.51 premium over WTI for the same month. The Energy Information Administration said on Wednesday that US nationwide crude inventories expanded by 7.07 million barrels last week, exceeding 1.45-million-barrel increase expected in a Bloomberg survey of analysts. Still, American stockpiles of gasoline, distillates and propane fell by a combined 8.7 million barrels, the EIA data showed. Meanwhile, Donald J. Trump is said to be pushing for US negotiators to move closer to a final agreement soon and end an almost yearlong trade dispute with China before his reelection campaign begins. As talks advance between the world’s two largest economies, the American president has expressed concern that the lack of an agreement could drag down equities, according to people familiar with the matter. Bloomberg News

U.S. OBSERVES RISING MILITARY ACTIVITY IN SOUTH CHINA SEA

HE United States has observed a rise in Chinese military activity in the South China Sea area over the last year, according to the top American military officer in the region. Admiral Philip Davidson, the commander of US Indo-Pacific Command, declined to quantify the increased activity—nor would he say whether the number of US freedom of navigation patrols would increase or remain stable. He did, however, underscore the American resolve to remain engaged, describing the US as an “enduring Pacific power.” “It’s building, it’s not reducing in any sense of the word,” Davidson told reporters on Thursday in Singapore when asked about China’s military activities in the South China Sea. “There has been more activity with ships, fighters and bombers over the last year than in previous years, absolutely.” “It’s a hazard to trade flows, the commercial activity, the financial information that flows on cables under the South China Sea, writ large,” Davidson added. Davidson’s comments are the latest from a senior US official seeking to reassure allies in Southeast Asia of the American commitment to what Washington refers to as the Indo-Pacific region. Secretary of State Michael Pompeo last week in Manila assured the

Philippines that a defense treaty would apply if its vessels or planes are attacked in the South China Sea.

Defense pact

THAT reassurance hasn’t stemmed all concerns, however. Top Philippine officials have clashed over whether the mutual defense pact with the US needs to be changed. While Foreign Secretary Teodoro L. Locsin Jr. has said the 1951 accord should stay the same, Defense Secretary Delfin N. Lorenzana wants it reviewed, even after Pompeo’s assurances. The US hasn’t stopped Chinese “aggressive actions” so far, Lorenzana noted in a statement earlier this week, while warning that vagueness in the document could cause “chaos during a crisis” and that the Philippines didn’t want to be dragged into a shooting war it didn’t start. China has targeted a 7.5-percent increase in defense spending in 2019, a slowdown from last year’s projected 8.1-percent increase though still seen as consistent with President Xi Jinping’s plans to grow and advance the military. Davidson said he sees no sign of a slowdown in China’s defense capabilities, despite the reduced growth trajectory. More spending, he said, was still an increase. Bloomberg News

for a Syrian Kurdish force that Ankara regards as a mortal enemy. To keep the Kurdish fighters away from its frontier, Turkey wants to secure a Syria safe zone along its border rather see that job done by a multinational force. Washington allied with the Kurdish YPG militia in the

battle against Islamic State, and wants an international armed presence stationed in a future safe zone to protect them from Turkey. “We can’t say ‘yes’ to giving control of the safe zone to anyone but Turkey,” Erdogan said. “Otherwise, we would be facing the threat of an attack

from that area any moment.” Despite the grievances, Erdogan also struck an optimistic note by speaking favorably about Trump. The Turkish president said the two leaders may soon talk on the phone and added that his sonin-law, Treasury and Finance Minister Berat Albayrak, was

also in touch with Trump’s son-in-law, Jared Kushner, to defuse the tensions. “I don’t find any of these serious,” Erdogan said. “I believe discussions that I will hold with him, and discussions between Mr. Berat and Kushner, will put things back on track.” Bloomberg News

B8 Friday, March 8, 2019

ROLEX CONGRATULATES ROGER FEDERER ON WINNING HIS 100TH CAREER TITLE ARISTOCRAT RESTAURANT-ROXAS BOULEVARD IS DECLARED ENVIRONMENTAL LAW-COMPLIANT

HE management team of Aristocrat Restaurant recently paid a courtesy visit to Laguna Lake Development Authority (LLDA) General Manager Jaime C. Medina to personally thank the LLDA for clearing the 83-year old food company of environmental laws violation. Last month, the LLDA issued cease-anddesist orders against Aristocrat, along with two other popular restaurants along the bay in Pasay City. The LLDA ordered the shutdown of the restaurants’ water sources and discharge facilities after they were found to be dumping untreated wastewater into Manila Bay. The cease and desist order

meant they have to stop operations until they have corrected their violations. This took place as the rehabilitation of the heavily polluted body of water in the bay area kicked off in January. Aristocrat, having the Maynilad Water doing the treatment of their waste water, immediately acted on their supposed violation, gathered the necessary certifications from the concessionaire partner and paid the due penalty. Aristocrat has always been interconnected with Maynilad and is now 100 percent connected. “Aristocrat has been silent on this issue

for a long time. But now we want to tell the public that we have always supported the government in all projects in the bay area. We have always had the Maynilad to take care of our wastewater. We support the government rehabilitation program of Manila Bay because we have been in the business for the longest time there and we have loyal customers enjoying the area and the sunset,” Aristocrat Chief Operating Officer Tony Q. Co said. “Aristocrat readily acted on this and rectified the supposed violation. And now that it has been cleared, the more the LLDA will be vigilant to monitor the proper disposal of its wastewater,” Marian Soriano of the legal and adjudication department of the LLDA, said. Soriano was the leading officer in charge on the Aristocrat case. Aside from Co, Aristocrat was led by no less than its president, Priscila Pacheco, Pollution Control Officer Roderick Inumerable and Marketing head Maria Vea A. Cas during the visit to LLDA office on March 4. Aside from GM Medina and Special Investigator Soriano, the LLDA team present were Assistant GM Generoso M. Dungo, and officers Lennie Borja, Aloy Capistrano and WengPagdingalan. Leony R. Garcia

OGER Federer reaches another epic milestone in a glorious career, when he claimed his 100th professional title. The Swiss maestro was in vintage form, as he overcame Rolex testimonee Sefanos Tsitsipas, 6-4, 6-4, in the final of the Dubai Duty Free tennis championships. His victory in Dubai follows a highly successful 2018, when he won four titles including the Australian Open; and reclaimed the World No.1 ranking for the first time in more than five years. He remains a force in men’s tennis more than 20 years after making is debut on the Association of Tennis Professionals tour. Of his stellar career, he has competed with peerless elegance, unfaltering sportsmanship and sublime skill, his longevity and performance excellence, making him the perfect ambassador for Rolex. Federer, who has been associated with Rolex since 2001, is indisputably one of the greatest players of all time. He has spent

a record total of 310 weeks as the World No. 1-ranked player, including an unsurpassed 237 consecutive weeks between February 2004 and August 2008. He is one of the most decorated Grand Slam performers in tennis history, his 20 Grand Slam singles titles unmatched by any other male player. That haul includes a record eight at The Championships, Wimbledon, where Rolex has been the official timekeeper since 1978, six at the Australian Open, a record five in succession at the US Open and one at Roland-Garros, where Rolex will become a Premium Partner in 2019. The alliance with Roland-Garros means Rolex now enjoys a close relationship with all four Grand Slam tournaments. Rolex is honored to have accompanied Federer on his remarkable journey and congratulates him on his eighth victory at the Dubai tournament—his first triumph was in 2003—and on his reaching a century of career titles.

SM CITY CLARK HOSTS 10TH PHILIPPINE INTERNATIONAL PYROMUSICAL COMPETITION

LL roads led to Angeles City, Pampanga, for the opening ceremonies of the 10th Philippine International Pyromusical Competition (PIPC) held for the first time at SM City Clark. Locals, including foreigners living in the city patiently, waited as the Pampanga skyline bursts with vibrant colors, as the country’s very own Platinum Fireworks Inc. took to the sky opening the festivity together with an amazing droneexhibit show. The much-awaited pyromusical show is a tradition at the SM Mall of Asia that has brought endless enjoyment to millions of Filipinos each year. But in support of the ongoing Manila Bay rehabilitation program of the Department of Environment and Natural Resources, SM Supermalls has decided to move the 10th edition to SM City Clark starting from February 23 to March 30. SM Supermalls Senior Vice President Steven Tan welcomed the media, guests, participants and mall goers as the first contender, CBF Pyrotechnics from Belgium, also presented their pyrotechnic delights. Accordingly, the pyrotechnics competition always complies with international standards for environmental safety,

at par with countries, like Canada, Australia and Hong Kong, and famous theme parks around the world for the past nine years. Tickets to the 10th PIPC are available at www. pyrophilippines.com, through SM Tickets and Cinemas, and SM Mall of Asia and Clark ticket booths. This magnificent familyfriendly bonding experience is made possible with Platinum Fireworks Inc., the city of Angeles, Pampanga, the Department of Tourism, Tourism Promotions Board, Philippine Reclamation authority and others. The annual PIPC photo contest will also highlight entries from amateur and professional photographers wherein will receive special prizes from PIPC’s partners and sponsors. The PIPC’s annual program has 10 competing countries taking on a battle of breathtaking fireworks performances amid the symphony of sounds. On March 2 Germany’s ninth PIPC champs “Steffes-Ollig Feuerwerke” and Portugal’s “Pirotecnia Minhota” will treat crowd with their tradition and mastery of skills in the sky. On March 9 the Pampanga skyline will witness France’s “Brezac Artifices”, followed by a burst of vibrant colors by Finland’s “Oy Pyroman”. Italy’s very own “Viviano SRL” and last year’s champion, United Kingdom’s “Pyrotex Fireworx”, will battle it out on March 16. Canada’s turn to paint the night sky bursting with colors will be on March 23 with their very own “Fireworks Spectaculars” and China’s “Polaris Fireworks” will surely stun the crowds. To cap off the competition and close a decade of giving the best pyromusical exhibition in the Philippines, March 30 promises the most spectacular display of colors and surprises with Poland’s “Surex Firma Roidzinna” and the country’s own Platinum Fireworks Inc. in a grand finale like no other. Leony R. Garcia

SHOWCASE OF HEALTH, WELLNESS OFFERINGS SET FOR APRIL 2019

HE Philippines is fast emerging as a leading health and wellness tourist destination. To showcase many unique services and products that are putting the country on the health and wellness tourism map, a landmark event, dubbed as the Health and Wellness Conference and Expo (HW ConfEx) 2019, will be held from April 26 to 28. To be staged at the SMX Convention Center, this three-day event, made up of an expo, conference and experiential activities, is a global campaign that seeks to further fuel the Philippines’s rise as a top health and wellness center, and enable the country to gain a fair share of the global wellness tourism market that in 2017 was already worth $639 billion. The HW ConfEx 2019, the first of its kind to be held in the country, will gather under one roof various Philippine local enterprises, from award-winning resorts and wellness spas, to internationally accredited hospitals and wellness clinics to beauty and anti-aging clinics, to natural and organic products, all the way to health and wellness startups. Visitors to the event will not only get to know these companies, they will also be able to try and experience their innovative products and services that heal the body, calm the mind and energize the spirit—distinctive health and wellness offerings that are all imbued with that widely acclaimed Filipino brand of caring and compassion. Aside from enjoying fantastic promos exclusively packaged for the HW ConfEx

2019, visitors will also meet health and wellness experts who they can consult even after the event. The HW ConfEx 2019 is spearheaded by a team of seasoned event organizers, marketing and communication professionals who have long believed that the Philippines has what it takes to be a top health and wellness tourist destination. Expected to take part in the HW ConfEx 2019 are local and international travel agents and tour operators; traders, retailers, distributor and business owners; local and international medical facilitators/representatives; purchasing and human resources managers; meetings, incentives, conferences and events managers and planners; hotel and restaurant owners and managers; members of the media; health and wellness professionals; health and wellness advocates; health and wellness enthusiasts; and everyone interested to promote and maintain their and their families’ holistic well-being. For entrepreneurs planning to enter the health and wellness industry, the HW ConfEx 2019 is also the ideal venue to learn about the many business opportunities in this highly promising sector, to network with already established businesses and even to forge possible partnerships and tieups. For those who wish to join the HW ConfEx 2019 to launch their health and wellness offerings, there are a few booths still available. For inquiries and booth reservations, visit www.healthandwellnessworld.com.

Sports BusinessMirror

| Friday, March 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

AT FIFA, DISPARITY GLARING BETWEEN MEN AND WOMEN

THE US team celebrates with the trophy after the Americans beat Japan, 5-2, in the Fifa Women’s World Cup in Vancouver on July 5, 2015. AP

ONDON—When world soccer executives receive Fifa’s annual report this year, they will see that $753,000 is funding a women’s league in Colombia, $588,197 is helping female players in New Zealand and girls in Botswana are benefiting from $341,600. That’s merely a snapshot of the $270.3 million that the body that governs world soccer has invested in projects worldwide between 2016 and 2018. Four years since police raided the hotel and offices of soccer officials and Fifa’s Zurich headquarters in 2015 in a scandal that threatened the organization’s existence, Fifa is awash with cash. People with knowledge of Fifa’s finances told The Associated Press that in the four-year period covering the 2018 World Cup, Fifa’s reserves soared to $2.74 billion and revenue rose to $6.4 billion. The people spoke on condition of anonymity because the financial results remain confidential. Now, the organization is eager to show that handouts no longer line the pockets of its top managers. Rather, the money is being used to build stadiums, train coaches and provide more playing opportunities. But while the annual report underscores Fifa’s financial vitality, it also highlights

By Greg Beacham The Associated Press

OS ANGELES—LeBron James moved past Michael Jordan into fourth place on the National Basketball Association’s (NBA) career scoring list on Wednesday night. The Los Angeles Lakers superstar scored his 32,293rd point on a driving lay-up in the second quarter against the Denver Nuggets, getting fouled in the act and hitting the ensuing free throw. This achievement was particularly special to James, who grew up in Ohio idolizing Jordan. James tweeted his excitement about the milestone shortly before the game: “Can’t even front. This is going to be UNREAL!! Wow man.” James began the night needing 13 points to reach the mark. He now trails only Kareem Abdul-Jabbar (38,387 points), Karl Malone (36,928) and Kobe Bryant (33,643). Under direction from the NBA, the Lakers waited until the next timeout to honor James, who got a standing ovation from his new Los Angeles fans during a tribute video. James, still engrossed in the game, barely acknowledged the milestone after receiving hugs from several teammates. James finished with 31 points, seven rebounds and seven assists, but powerful Denver beat the Lakers, 115-99. The 34-year-old James is among the last active players who were old enough to witness Jordan in his prime with the Chicago Bulls. James has said he grew up in Akron admiring Jordan as “the best ever” while he led Chicago to six championships in eight years during the 1990s. “There are certain milestones that it’s nice to take a moment and embrace and honor,” Lakers Coach Luke Walton said before the game. “Michael is a guy that guys like LeBron, myself included, grew up watching. That is THE guy, Michael Jordan. So to pass him in anything, especially scoring, would be something that we aren’t going to see very often.” Jordan averaged 30.1 points in 1,072 games with Chicago and Washington. James, who entered the NBA at 18 years old compared to 21 for Jordan, began the night averaging 27.1 points in 1,189 games over 16 seasons with Cleveland, Miami and the Lakers. But James has never been a score-first player, instead dominating the league and winning three titles with his mix of shooting, playmaking and brute physical brilliance. Just eight days ago, James moved into 10th place on the

the glaring disparity between men and women’s soccer. Last summer’s World Cup is a good example: France banked $38 million from Fifa for winning the championship, but the women’s champion this July will earn just $4 million. US Coach Jill Ellis, who is leading her team’s title defense in France, said she is disappointed with the financial rewards. “You want to make sure there is a fair apportionment of winnings going out,” Ellis said. Most upsetting to critics is the fact that the financial gulf appears to be growing. Fifa has doubled the overall prize-money fund to $30 million since the last Women’s World Cup in Canada in 2015. But that total amount is less than the $40-million increase that men’s World Cup prize money will get in 2022—for a total of $440 million in prize money. “The difference between the men’s and women’s prize money is ridiculous,” said Tatjana Haenni,

assists list, becoming the first player in league history to make the top 10 in points and assists. A few days earlier, James appeared in his 15th All-Star Game. “To see where he is now is remarkable,” said Denver Coach Michael Malone, an assistant coach with the Cavs from 20052010. “He makes everybody around him better.... He made us look like really good coaches in Cleveland. I know that LeBron James is arguably one of the greatest ever to lace them up, and this is a great accomplishment in his career.” Five of the top six scorers in NBA history played for the Lakers, who signed James as a free agent last summer. Although James has only played 47 games for Los Angeles, he has charged up the career scoring chart in that time: He passed Dirk Nowitzki for sixth place in October, and he passed Wilt Chamberlain for fifth in November. James began the night averaging 27.0 points, 8.7 rebounds and 8.0 assists while hitting 51 percent of his shots and playing 35.7 minutes per game for the Lakers. He would have hit this milestone earlier in the winter, but a midseason groin injury on Christmas sidelined him for 17 games over five weeks—the longest injury absence of his career. Although James’s numbers remain strong, his first year on the West Coast is shaping up as one of his worst in terms of team success. The Lakers (30-34) have faded ever since James was injured, going 10-20 and falling to

who stepped down as Fifa head of women’s soccer in 2017. “It’s really disappointing the gap between the men’s and women’s World Cups got bigger. It sends the wrong message.” The world players’ union said the disparity is a reflection of Fifa’s priorities, as well as of the status of women’s soccer. “In most countries, the pace of change has not been fast enough nor the changes progressive enough to make up for decades of neglect of the women’s game,” FIFPro said in a statement to The Associated Press. “Even today women’s football remains an afterthought for many of football’s male administrators and the game lags embarrassingly behind other more progressive sports and industries. “Most troubling of all is that the gender gap in football is even widening in some areas, including the share of Fifa World Cup prize money.” Fifa President Gianni Infantino has said critics are “perfectly justified” and have a “fair point.” “We need to try to find what is the most balanced way, and I think we made a step and there will be many more steps going ahead,” Infantino said in October before his ruling council approved the 2019 Women’s World Cup prize scale. “Maybe one day

women’s football will generate more than men’s football.” Exactly how much money women’s soccer generates is unclear, as much of Fifa’s revenue comes from top sponsors who are signed up for both World Cups. “That’s something never really analyzed,” said Haenni, who spent 19 years at Fifa. “What is the potential value of the Women’s World Cup? Nobody knows the Women’s World Cup commercial value because it’s not sold separately. This is something that should at least be discussed.” One of Fifa’s main sponsors is listening. Credit-card giant Visa said last week that it would support “women’s football with a marketing investment equal to our support of the men’s Fifa World Cup in Russia.” It did not disclose any figures. Visa is one of the sponsors that stuck with Fifa through its corruption scandal, calling for the departure in 2015 of Sepp Blatter, Fifa’s then-president who was eventually banned for financial misconduct. After being elected as Blatter’s successor in 2016, Infantino said “Fifa was clinically dead as an organization.” Now, the Swiss-Italian has the budget in a healthy state, and is due to be reelected unopposed in June to a four-year term. AP

the fringe of the playoff race even after his return. Despite James’s 17 points, the Lakers trailed powerful Denver 66-49 at halftime, seemingly headed to their fourth straight loss. The Lakers rallied impressively in the second half with a lineup consisting of James and four youngsters, but faded in their fourth straight defeat. James has played in the last eight consecutive NBA Finals, and he hasn’t missed the playoffs since 2004-05, his second NBA season. After they began the night 5 ½ games out of a playoff spot, the 10th-place Lakers would need an incredible late-season run—and an extraordinary collapse by two teams in front

of them—to avoid missing the playoffs for the franchiserecord sixth consecutive season. “I knew coming into this year that it would be different,” James said after the Lakers’ loss to the rival Clippers on Monday night. “You take the challenge and you continue to stay positive, no matter what’s going on. Throughout it all, keep your head high, and you keep pushing forward.”

KING JAMES PASSES JORDAN IN SCORING NBA RESULTS Detroit 131, Minnesota 114 Miami 91, Charlotte 84 Washington 132, Dallas 123 Brooklyn 113, Cleveland 107 San Antonio 111, Atlanta 104 Chicago 108, Philadelphia 107 LEBRON JAMES scores his 32,293rd point on a driving lay-up in the second quarter against the Denver Nuggets, getting fouled in the act and hitting the ensuing free throw. AP

Utah 114, New Orleans 104 Phoenix 107, New York 96 Boston 111, Sacramento 109 Denver 115, LA Lakers 99

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C2 Friday, March 8, 2019

PARK HIKES LEAD, SASO IN THE HUNT S

UNG-HYUN PARK doubled her overnight lead to four behind a solid 66 expected from a player of her status and caliber, but amateur Yuka Saso kept impressing the world’s No. 1 with her own superb game in the second round of The Country Club (TCC) Ladies Invitational in Santa Rosa, Laguna, on Thursday. While Park’s bogey-free 32-34 card fashioned out in another hot and windy condition hardly came as a surprise for the field and the gallery which also grew in numbers, Saso continued to amaze the world’s best with a 68 spiked by late birdies at the front of the TCC layout that continued to receive a beating from the Korean ace. After a shaky finish of two birdies and two bogeys at the back and settled for an opening 69 on Wednesday, Park all figured out the 6,461-yard course, particularly its tricky surface, gunning down birdies on Nos. 10 and 15, and sustaining her assault at the front of

the Tom Weiskoph layout, netting her four birdies for that 68 and a nine-under 135. Though half of the 125-player starting field still have to complete their secondround play, no one is expected to make a big surge, given the playing conditions in the afternoon. “Putting was the key. I stroked them better than the first round. I made a few adjustments and it worked perfectly,” said Park, whose impeccable iron game set up five birdie putts from close range that went with her long birdie putt from 25 feet on the difficult, tight par-4 No. 4. That put the 25-year-old two-time Major champion 18 holes away from marking her rise to the world top ranking with a victory, although Saso remained hopeful of pulling off a shock finalround charge given her equally fierce form and confidence boosted by Park’s inspiring remarks. “She’s really good. She made some great shots today,” said Park of the reigning Asian

Games gold medalist. “I had to keep up with her [Park]. Otherwise, she would’ve pulled away,” said Saso, who chipped in for birdie from 20 yards on No. 11 then nearly matched Park’s fiery front side finish with a 33, anchored on a pair of back-to-back birdies inside 9 feet from Nos. 1 and 7. She braces for a third straight face-off with the six-time Ladies Professional Golf Association Tour winner in Friday’s final round of the 54-hole championship put up by the International Container Terminal Services Inc. serving as the third leg of the LPGA of Taiwan and fifth stop of the Ladies Philippine Golf Tour’s 2018-19 season. “It’s been wonderful playing with her. I hope to further learn from her,” Saso said. But while the reigning two-time Philippine Ladies Open champion stayed at second, LPGA campaigner Dottie Ardina hobbled trying to offset Park and Saso’s power,

ASIAN Games gold medalist Yuka Saso continues to amaze world No. 1 Sung-hyun Park. STEPHANIE TUMAMPOS

ending up with three bogeys against a lone birdie for a 74. She tumbled from joint fifth to provisional ninth at 146, now 11 strokes off the Korean. Princess Superal, four down at the start of the day, tried to press her bid with a 35 at the back but lost her momentum, finishing with two bogeys against a birdie at the front for a 72 for a 145 for provisional third with another Korean Ji Hyeon Lee carding a 71 to tie Ardina at fifth.

Park determined to remain No. 1

HE morning after moving on top of the women’s pro golf ranking, Sung-hyun Park vowed to do everything to keep her lofty spot, at least for the rest of the season unlike in 2017 when she briefly took the No. 1 spot after gaining the Player of the Year and Rookie of the Year honors. “I can’t believe to be the world No. 1,” said Park during the news conference of The Country Club Ladies Invitational at Solaire’s Waterside earlier this week. “I just have to do my best to keep my ranking unlike in 2017. But it’s a long way to go. I have to get better and better.” She also relished her tie-up with Solaire Resort and Casino and cherished the warm welcome she received from her fellow golfers and fans alike. “It’s great to be here and I’m happy to be with Solaire. After signing up with them, I won a tournament and became the world No. 1,” Park said. “I’ve been treated very well and having a lot of fun since I arrived and I promise to play my best and looking forward to winning more tournaments and keeping my top ranking till the end of the season.” “When I arrived at the TCC for the clinic, almost all the players were curious and wanted to talk to me. They’re very enthusiastic and I hope they can learn from me,” she added.

CEBU CC GRABS LEAD J

OVENCIO LUSTERIO fired a one-under 71 for 37 points on Thursday as Del Monte grabbed a two-point lead over Manila Southwoods in the Championship bracket as the 72nd Philippine Airlines Interclub in Cebu City took on a new twist with Founders Division campaigner Cebu Country Club (CC) taking the overall lead.

Del Monte tallied 121 on a demanding day at Mactan Island Golf Club, opening the door for Cebu CC, which is playing in the lower division, to grab the overall lead after also compiling 121 at Mactan for a 245 aggregate, a point ahead of the Bukidnon-based squad. Officially, this was pulled out just once before,

when an Aguinaldo team made up of former Asian Games gold medalist Ramon Brobio, Bong Lopez and Thirdy Escano won the 1988 edition, also here in Cebu, while playing in the Founders Division and eventually beating Canlubang. This development will now have Cebu CC and Orchard, which is running second in the Founders

JOVENCIO LUSTERIO leads Del Monte’s charge with a one-under 71 for 37 points. ROY DOMINGO

with 231 points, joining the Nos. 1 and 2 teams in the Championship in the pairings in the third round today also at Mactan. Southwoods got a level 36 from Aidric Chan and missed grabbing a share of the Championship lead after Jae Hyun-jung was penalized two points for holing out for double bogey. The Carmona-based squad, seeking to win this event for the fifth straight year, was held down to 118 for 241. Tagaytay Highlands, the surprise first-round leader, stumbled to third spot after a measly second round, 109, despite getting a tournament best 40 points from Jolo Magcalayo. Luisita continued to bring up the rear of the compact Championship field after a 114, 11 points off the pace. “Things like this happen,” Escano, Southwoods’ nonplaying skipper said of the second bad round of his charges. “We are now due for two good rounds. I’m not worried.” Noel Langamin accounted for 34, Joel Bernaldez 27 and Crispin Aparilla 23 to complete scoring for Del Monte, which threw away the 20 of Julius Langamin. Masaichi Otake matched Jung’s 28 and the veteran Jun Jun Plana contributed 26 for Southwoods, which discarded the 25 of Sean Ramos. Highland’s undoing was failing to get anyone to solidly back up Magcalayo, with the next best score being the 24 of Lisandro Opulencia. This year’s Interclub is sponsored by Radio Mindanao Network, Asian Air Safari and Vanguard Radio Network. Also extending support are ABS-CBN Global Ltd. (The Filipino Channel), Rolls Royce, Primax Broadcasting Network, UM Broadcasting Network (Mindanao), Fox Sports, Cignal TV, GECAS, Boeing, Lufthansa Technik AG, Marco Polo Plaza Cebu, Dusit Thani Manila and Casino Filipino. Official hotel is Quest Hotel Conference Center Cebu.

By Ramon Rafael Bonilla

LAGAN CITY—Three-time Olympian Marestella Torres-Sunang handily won the women’s long jump and the Filipino heritage athletes performed as expected on the second day of action in the 2019 Ayala-Philippine Athletics Champions at the Ilagan City Sports Complex. Torres-Sunang leaped 6.11 meters to win the gold medal with two bets from University of Santo Tomas (UST)—Rosnani Pamaybay (5.60m) and Alyssa Maris Andrade (5.48m)—hardly providing any challenge to the veteran of the Beijing 2008, London 2012 and Rio 2016 Olympics. Anfernee Lopena also cemented his place on the national team by emerging as the meet’s fastest man by dominating the men’s 100 meters in 10.63 seconds—an improvement from the 10.91 seconds

NO STOPPING MARESTELLA; FIL-AMS SHINE IN ILAGAN TILT that won him the event last year. Philippine Air Force’s Isidro del Prado Jr. clocked 11.26 seconds to settle for silver, while Elias Ruther Cuevas II of Adamson University completed the podium with 11.41 seconds. Lopena, like the rest of the national athletes, are using the tournament as one of their warm-up events for this December’s 30th Southeast Asian Games. “Our coach told us that this is an appetizer for our future competitions,” he told reporters in the event organized by the Philippine Athletics Track and Field Association and supported by Ayala, Milo, Soleus and the City Government of Ilagan. Lopena teamed up with national 100m record holder Eric Cray, Jomar Udtohan and Clinton Bautista to rule the men’s 4x100m relay late Wednesday. Filipino-Americans Robyn Brown, Carter Lilly, Kyla Richardson and Kayla Richardson, along with Kristina Knott, made waves to add legitimacy to their billing as top bets in the SEA Games. Brown, a Chino Hills, California native, topped the women’s 400-meter hurdles ain 61.27 seconds, almost two seconds ahead of UST’s Jessa Mae Jarder (63.25s). The Richardson twins also made good accounts of themselves after in the women’s 4x100m together with Zion Corrales Nelson and sprint queen Knott.

BILL SHAW CLASSIC ON

Wack Wack Golf and Country Club President Lawrence Tan hits the ceremonial drive to open the Bill Shaw Golf Classic. The 30th edition of the club’s member-guest tournament is presented by CATS Motors, Yakult, Shell and Delta Air and supported by San Miguel Corp., D&LLaurin and Emirates.

orts

sMirror

Friday, March 8, 2019 C3

Guiao back to resuscitate NLEX’s waning Philippine Cup campaign

ENG GUIAO returns from national team duties to coach NLEX but San Miguel Beer is ready to spoil the fun in the Philippine Basketball Association Philippine Cup on Friday at the Smart Araneta Coliseum. The game starts at 7 p.m., as the reigning titlist Beermen (4-3 won-lost) try to solidify their entry to the playoffs when they battle the struggling Road Warriors (2-4). Playoff hopefuls NorthPort (2-3) and Meralco

BEAU BELGA, James Yap and Rey Guevarra go all out to defend their titles.

ALL-STAR TARGETS B

EAU BELGA, James Yap, and Rey Guevarra will be back to defend their Skills Challenge titles in this year’s Philippine Basketball Association (PBA) All-Star Week in Calasiao, Pangasinan. The burly Belga is out to retain his Obstacle Challenge crown featuring some of the league’s top big men, Yap will be gunning for a back-to-back Three-Point Shootout championship and Guevarra aims for a record-tying five Slam Dunk title during the annual festivities set from March 29 to 31. A “heavy” 11-man roster is out to deny Belga of the honor, including last year’s runnerup John Paul Erram of NLEX. Five-time Most Valuable Player June Mar Fajardo of San Miguel will also join the fray along with Yousef Taha (TNT KaTropa), Noy Baclao (Alaska), Justine Chua (Phoenix), Moala Tautuaa (NorthPort), Raymar Jose (Blackwater), Prince Caperal (Barangay Ginebra), Brian Faundo (Meralco), Russel Escoto (Columbian Dyip) and Rafi Reavis (Magnolia). Not to be outdone is Belga’s Rain or Shine teammate in the 37-year-old Yap, who is gunning for a third overall Three-Point Shootout crown. Yap, who first won the event in 2009, will be facing an almost brand-new list of competitors this time. Gone from last year are finalists Stanley Pringle (NorthPort) and two-time champion Terrence Romeo (San Miguel), although out to challenge “Big Game” James are rookie Robert Bolick (NorthPort), Simon Enciso (Alaska), Philip Paniamogan (NLEX), Michael Digregorio (Blackwater), Reden Celda (Columbian Dyip), Baser Amer (Meralco), Roger Pogoy (TNT KaTropa) and Peter June Simon (Magnolia). Only LA Tenorio (Barangay Ginebra), Marcio Lassiter (San Miguel) and Matthew Wright (Phoenix) competed with Yap in last year’s contest. Guevarra guns for a piece of history as he tries to win a fifth Slam Dunk crown and tie the record owned by KG Canaleta. Four other players stand in the path of the high-flying Phoenix forward, including Renz Palma of Blackwater, who gave Guevarra a run for his money during last year’s finals. Completing the slam dunk cast are former title holders Chris Newsome (Meralco) and former National Collegiate Athletic Association champion Lervin Flores (NorthPort) and top rookie pick CJ Perez (Columbian Dyip).

Tigers hunt down Cagers in MPBL

OP seed Davao Occidental kept its winning posture ahead of the playoffs, but the race for the southern division’s top two berths remained tight among three teams following the Tigers’ latest win. The Tigers brought down host team Muntinlupa Cagers, 88-82, on Wednesday night, thus creating a three-way tie for second to fourth spots in the southern division of the Maharlika Pilipinas Basketball League Datu Cup. Following their victory over the Cagers, the Tigers ended their elimination round with a 20-5 win-loss card, but their latest triumph made the race for the No.2 seat more complicated. Davao Occidental’s win coupled with General Santos’s, 93-89, squeaker over Mandaluyong created a three-way tie among the Warriors, Cagers and Batangas City Athletics—each carrying a 14-10 win-loss record. By virtue of a superior quotient, Batangas City will occupy the No.2 seat followed by Muntinlupa at No.3 and General Santos City at fourth spot. But Batangas and General Santos City will still battle it out on Monday at the Batangas City Coliseum, while Muntinlupa will square off with Navotas in the continuation of the last 1:34 of their match that was reset after the basketball rim broke during their encounter several months ago.

Novis brings act to Tagum netfest

NGELICA NOVIS hopes to ride the momentum of her two-title romp in Digos last week as she leads close to 200 players chasing honors and ranking points in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Tagum City national age-group beginning on Friday in Davao del Norte. Reyman Saldivar Jr., on the other hand, tries to make up for his failed two-title bid the last time out although he faces an uphill battle again in the full-packed 14- and 16-under rosters of the Group 2 tournament presented by Dunlop. Keen competition is also seen in five other categories in singles play with five titles also up for grabs in the doubles event of the tournament serving as part of the Mindanao swing of the nationwide circuit put up by Palawan Pawnshop headed by President and CEO Bobby Castro. Host Mayor Allan Rellon has guaranteed a successful staging of the event at the Tagum City Tennis Club with the top and rising age-groupers from nearby towns and cities all geared up for five days of battle of power and style. Khobe Dumlao, Kurt Haro and Andre Santiago are tipped to dispute the boys’ 18-under singles crown with the 14-year-old Saldivar from Kabacan also trying his luck in the centerpiece division of the tournament. Yusuf Maldo, also from Kabacan, likewise goes for a repeat in the 10-under unisex along with local bets Juliana Carvajal in the girls’ 14-U and Charles Jumawan in the boys’ 12-under section.

(2-3) clash at 4:30 p.m. Coming off a successful stint in two road games which gifted the country a ticket to the Fiba World Cup, Guiao will be back to steer NLEX that is in dire need of victories to make the quarterfinals. But it’s a tall order for Guiao and company as they meet the hot-rolling San Miguel Beer—winners of the past three games with the most recent against Magnolia, 113-92,

before the league took a break for the Fiba Asian Qualifiers. Making it more impressive for the Beermen was their resilience after they opened the season with three quick losses in five games. “We struggled early but everyone responded to the challenge. They know that our backs are against the wall,” San Miguel Head Coach Leo Austria said. “I hope we could maintain that kind

of intensity and we’re able to do our game plan offensively and defensively.” With four matches left on their schedule, the Beermen’s mission is to earn one of the two twice-to-beat advantage in the knockout round. “It’s hard with only four games remaining but I think we still have a chance for the top 2. We’ll be facing NLEX, NorthPort, Phoenix and Alaska,” Austria said. “Those are big games,” he added. Still leading the field are playoff-bound Phoenix (8-1) and Rain or Shine (7-3). San Miguel is currently tied with TNT at fourth place behind Alaska (3-2).

Ramon Rafael Bonilla

Sports BusinessMirror

| Friday, March 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

MCILROY DOING THINGS RIGHT, BUT WINNING By Doug Ferguson

The Associated Press

RLANDO, Florida— Rory McIlroy has few complaints about the state of his game, only the results. That doesn’t bother him, either. At least not yet. Behind him are 12 months since his last victory in the Arnold Palmer Invitational, a title he defends this week against a typically strong field at Bay Hill that no longer includes Tiger Woods as he copes with a neck strain. Ahead of McIlroy is the Masters, his fifth opportunity to join the most elite group in golf by completing the career Grand Slam. “Playing well,” McIlroy said on Wednesday after a frigid pro-am

at Bay Hill. “Just seems like one or two people play a little better than me every week I tee it up. I’m in a good place with my game, doing everything pretty well, and just got to try and keep continuing on that path. And if I keep working on these things and keep doing the right things, hopefully sooner or later I’ll turn all these good finishes into a win.” McIlroy has opened the year with four straight top-five finishes, his longest streak on the Professional Golf Association (PGA) Tour. He was runner-up two weeks ago in Mexico City, where Dustin Johnson overwhelmed everyone for a five-shot victory. He finished three back at Riviera, and he was in the final group at Kapalua. His best stretch of golf might have been the end of 2011 and the

start of 2012, when McIlroy finished in the top five in 11 out of 12 tournaments, two of them victories. That ended at Augusta National when he tied for 40th. The Florida swing is when the Masters starts to come into view for everyone, especially McIlroy. A green jacket is all he needs to complete the career Grand Slam, and it’s been on his mind since he won the British Open at Royal Liverpool in 2014. He has finished in the top 10 at the last four Masters, each time finishing six shots behind. Last year might have been the toughest because he played in the final group with Patrick Reed, three shots behind, and faded to a 74. There is no sense of panic. In fact, the 29-year-old from Northern Ireland even managed to cite Abraham Lincoln, who lost several elections over three decades. “He wound up being president of the United States,” McIlroy said. “So I still got a bit of time.” That time will come soon enough. For now, McIlroy is at a course he has come to enjoy since he first played the Arnold Palmer Invitational in 2015 and dined with the King. Even with such a short history, the connection between Palmer and McIlroy was strong. PGA Tour Commissioner Jay Monahan recalls being at lunch with Palmer at Bay Hill in 2015 when McIlroy stopped by to say hello. Palmer offered McIlroy whatever he needed, from tickets to ice cream. McIlroy replied: “Mr. Palmer, thanks to you, I have everything I could ever need in my life. I’m all set.” Palmer teared up at the words. On the day Palmer died—

September 25, 2016—McIlroy won the Tour Championship and the FedEx Cup. His next victory was 18 months later at Bay Hill, the course Palmer bought, nurtured and turned into the signature sporting event in Orlando. McIlroy recalls telling Palmer when he first played Bay Hill that he would make an effort to return every year. “Now that I’m a past champion of this event, it obviously means a little bit more to me again,” he said. McIlroy, who already has four majors as part of his 22 victories worldwide, is one of the top names that gives Bay Hill some pop. Justin Rose and three-time major champion Brooks Koepka are in the field, both with a chance to replace Dustin Johnson at No. 1 in the world. Johnson is not playing this week. Rose is among the ambassadors this year, a program that began after Palmer died. He hasn’t played since the Saudi International at the end of January, planning all along to take off most of February because of the compact schedule leading to the Masters, and through the end of August. Rose has won three times in the last 10 months, including at Torrey Pines this year. A year ago, he was paired with McIlroy in the final round when McIlroy put together a furious charge to close with a 64. “He’s got that type of game that when he wins it looks so easy that you think, ‘Why aren’t you doing this week in week out?’ But we all know that golf isn’t that way,” Rose said. “There’s many aspects that go into winning.... Clearly, he’s played well enough to win a golf tournament.” McIlroy wouldn’t mind that happening this week. He’d really love it to be next month at Augusta National.

A GREEN jacket is all Rory McIlroy needs to complete the career Grand Slam, and it’s been on his mind since he won the British Open at Royal Liverpool in 2014. AP

Murray upbeat after hip surgery, hopes to play again L

ONDON—Andy Murray said he is pain-free after hip surgery but likely won’t play at Wimbledon. Murray told the BBC in an interview that he wants to continue playing, but the surgeons “couldn’t give me any guarantees.” The three-time Grand Slam champion said, “I don’t feel any pressure to come back. If it allows me to play, that’s brilliant.” After an emotional Australian Open exit in January,

Murray had an operation to repair his damaged right hip with a metal implant. The 32-year-old Murray said he is now without pain for the first time in 18 months but cannot do “any high-impact movement.” Murray, who has two daughters, said “having the surgery was to improve all the day-to-day things and my quality of life.” “The rehab is slow but going well,” the 31-year-old Briton said. “I want to continue playing, I said that in

Australia. The issue is I don’t know whether it’s possible.” “The operation went well. I’m feeling good and walking around pain-free—which hasn’t been the case for pretty much 18 months, two years,” the former world No. 1 said in the BBC interview with sports editor Dan Roan at Queen’s Club. “I wasn’t enjoying tennis, I wasn’t enjoying going out for walks and doing basic things—it was painful tying my laces. I wanted to get rid of that.” Murray added he was under “no pressure” to resume a career, which has also seen him win two Olympic gold medals among 45 singles titles. “I have to wait and see. I’m not allowed to start doing any high-impact movement for the first four months after the surgery, and it is only then when I can see if I can compete at any level,” he said. “Whether that is competing in the top 10 in the world, that is probably unlikely, but could I get to top50, top-100 level? That may be possible. “I don’t feel any pressure to come back and play. I don’t feel like I have to get back to playing Wimbledon or playing tennis again. “I just want the hip to be as good as it can be, and if it allows me to play, that’s brilliant. “If not, I’m not in pain anymore, and I’m happy with that.” Murray broke down in tears at the Australian Open in January, saying in his pretournament news conference that he planned to retire after this year’s Wimbledon because of the pain in his hip. However, he added that the first Grand Slam of 2019 could prove to be the last tournament of his career. After a gutsy first-round five-set defeat by Spain’s Roberto Bautista Agut, Murray appeared to soften his stance by telling the Melbourne crowd he hoped to see them again next year. “To play singles at Wimbledon I’d say it would

ANDY MURRAY says he is under “no pressure” to resume a career which has seen him win two Olympic gold medals among 45 singles titles. AP

be less than 50-percent chance, doubles maybe possibly,” Murray added. “Bob Bryan had the same operation and was competing after five and a half months. But there is a vast difference between singles and doubles, in terms of the physicality and the loads you put through the body. “I think it is possible to return to singles, but I don’t want to say it is highly likely because it hasn’t been done before. I can’t look at another tennis player and say that guy has done it. “The surgeons said I can try but couldn’t give me any guarantees. “The thing that gives me hope is that in Australia and in the past 18 months, my hip was in a really bad way, and I was still able to compete and win matches against very good players. “If my hip is better now and with less pain, there is a chance I could do it again.” AP

Little League to include Cuban players

AVANA—Cuban baseball and Little League International said on Wednesday that young Cuban players will soon be able to participate in international Little League tournaments. The agreement follows a deal between Major League Baseball and the Cuban Baseball Federation that will allow Cuban players to legally play professionally in the United States for the first time. The two organizations said that Cuba’s programs for children between four and 12 will now be included

in Little League’s international programs, including the Little League International Tournament. The Cubans will have a chance to qualify at the Caribbean Region Tournament in Curacao in July. “It’s encouraging for the family, for the children, for the coaches...who with their work and effort will have a chance to represent Cuba in an event of this magnitude,” said Higinio Velez, president of the Cuban Baseball Federation. Little League International said it would work with Cuba’s baseball federation to provide support for things

including tournament travel, field renovation and equipment such as shoes and uniforms. “One of the most important things we’ve thought about...is the value of developing friendly relationships through children who play baseball,” said Little League President Stephen Keener, who traveled to Cuba to sign the agreement. The deal comes at a time of high tension between Cuba and the Trump administration, which is increasing pressure on the island’s socialist government. AP

Saving God

EAR saving God, You are true to Your name and Your promise. In faith and love we pray: Oh God, come to our aid. Open the eyes of our hearts so we can see Your face in those we find difficult to deal with. Deepen Your Church’s preferential option for the poor. Make us good steward in preserving and conserving of the earth’s gifts of water. May the love of God, the peace of Christ, and the communion of the Holy Spirit be with us and lead us to the joys of Easter. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

A RATIONAL CHECKLIST IS NO MATCH FOR EMOTIONS IN MATTERS OF THE HEART D3

BusinessMirror

Friday, March 8, 2019

Music arrives at its #MeToo moment N

By MeSFIn FeKaDu The Associated Press

EW YORK—Jessie Woo just wanted to sing. So when the budding vocalist met a successful music producer who told her he wanted to help her with her music, she believed him. Then, one night seven years ago, the producer raped her, she said. It was not the only time she was preyed upon by male producers early in her career, said Woo, a cast member of VH1’s Love & Hip Hop Miami and host of several programs for BET Networks. “With these producers, they’re putting you in rooms that you’ve dreamed of. You’re in the studio with artists like...Lil Wayne, you’re seeing T-Pain, you’re seeing Beyonce. You’re just seeing all these people stop by,” she said. “So, you’re like, ‘OK, this person is a little creepy, but I have to be here...I’m in the right place, I just got to maneuver around this person’s creepiness. I got to figure out how to dodge the bullet.’ And you’re dodging somebody who is set out to abuse you.” Other women navigating the pop music industry have started to speak out about similar experiences, after the #MeToo movement has toppled powerful men in Hollywood, politics, business and more. As in those arenas, women can often find themselves being abused, sometimes sexually, by powerful men who hold the keys to success. In 2017, Jessie Reyez, the singer who cowrote the recent Calvin Harris hits “One Kiss” (with Dua Lipa) and “Promises” (with Sam Smith), released a powerful short film for her song “Gatekeeper.” In it, she described how she was harassed by a producer: “Oh I’m the gatekeeper/Spread your legs/Open up/You could be famous/If you come up anywhere else, I’ll erase you.” Last year, she identified her tormentor as music producer Noel “Detail” Fisher, who won a Grammy for cowriting the Beyonce and Jay-Z hit “Drunk in Love.” Reyez said he had tried to belittle and demean her for not having sex with him, and for not having sex to advance her career. Attempts to reach Fisher—who has also produced

hits for Lil Wayne, Nicki Minaj, Wiz Khalifa and more—for comment about her allegation and others that followed were unsuccessful. Calls to phone numbers linked to him and to his relatives went unanswered. Reyez’s accusations were echoed by others who painted Fisher as a serial abuser. “#METOO No wonder why I connected with your song GateKeepers @jessiereyez,” singer Bebe Rexha, 29, wrote on Instagram in May 2018. “He tried the same thing with me. I was just 19. I ran out of the studio crying. Awful Human.” Another singer, Tinashe, commented on Rexha’s post: “The only session I’ve been in to this day where I left due to being soooo uncomfortable. Glad he’s being exposed for the [expletive] creep he is. Disgusting.” Janae Knox filed a lawsuit against Fisher in June 2018, claiming that after she was hired as his assistant, she experienced “severe and pervasive sexual harassment and sexual assault by Fisher,” according to court documents. The suit claims Fisher asked Knox to shower with him and demanded sexual favors while she performed her job. “Detail is a sexual predator and it is troubling that I was one of his victims. I want to encourage other victims to come forward because by doing so, they will begin to heal,” Knox said in a statement to The Associated Press (AP). Isabella Mack, another Fisher assistant, filed a complaint against him when Knox did, claiming she was forcefully held against her will while he masturbated. The suit said Fisher also demanded she pose for nude pictures and videos, and that Mack suffered extreme emotional distress as a result. “Detail has to be held accountable for his actions. I also hope that other music industry victims come forward because it is time to expose the system that enables men to abuse women in this business,” Mack said in a statement to the AP. Another suit against Fisher was filed in December by aspiring musician and model Kristina Buch. Fisher has yet to enter a legal response to either of the cases filed last year, and attempts to find a lawyer representing him were unsuccessful. Attorney Genie Harrison, representing Knox and Mack, said her clients “chose to hold Detail

accountable” and are letting “other victims know they are not alone.” “Whether it’s in music, or film, or corporate America, the abuse of power to coerce sex must end. The brave #MeTooInMusic victims who come forward will help accomplish this goal,” Harrison continued in a statement. Some such allegations were made long before the #MeToo movement, which started in the wake of reports of sexual misconduct by the Hollywood producer Harvey Weinstein. Lady Gaga, 32, said she was sexually assaulted by a music producer when she was 19—before she released her debut album in 2008 and became a multiplatinum, Grammy- and Oscarwinning superstar. “It’s something in my life that’s always really kind of defined me up until this point,” Gaga, told the AP in 2016. For years, pop singer Kesha has been battling her former producer, Dr. Luke, in court after she claimed he drugged, sexually abused and psychologically tormented her—allegations that Dr. Luke, who has crafted hits for Katy Perry, Kelly Clarkson, Britney Spears and more, has denied. (Kesha voluntarily dismissed her case in 2016; Dr. Luke’s defamation case against her is ongoing). And of course, R. Kelly—a multiplatinum R&B superstar who also has created smashes for Michael Jackson, Celine Dion, Maxwell and many more—has pleaded innocent to charges with aggravated sexual abuse involving four victims, including at least three between the ages of 13 and 17. For Kelly, the charges are just the latest in a long line of accusations against him; he was accused of child pornography for allegedly having sex with a preteen but was acquitted in 2008. He also secretly married his then protege, the late R&B superstar Aaliyah, when she was just 15; the marriage was later annulled. Kelly has been accused of luring women with promises of helping their music careers, then abusing them; some women have accused him of keeping them as virtual slaves. He has denied all allegations abuse, and his lawyer called him an “innocent man.” Others continue to come forward with new allegations against powerful men in the industry.

Last month, in a New York Times report, several women claimed Ryan Adams—the critically acclaimed, Grammy-nominated singer-songwriter who also worked as a producer for Willie Nelson, Jenny Lewis and more—offered to help them with their music careers but then turned things sexual, and he sometimes became emotional and verbally abusive. In response, Adams acknowledged he was not “a perfect man” and had made mistakes but called the report inaccurate and said it contained exaggerated stories and falsehoods. Following the report, more female musicians opened up about bad experiences with the rocker, including Nashville-based singer-songwriter Ruby Amanfu, who said she was emotionally abused by Adams in a lengthy Facebook post. “I don’t feel lucky when I see the long-term effects that this abuse has had on my life, my career, my ability to trust...and to heal. There’s an album that will never see the light of day that we tracked 3 years ago (to the day/week, in fact) with some of the most beautiful, honorable, talented souls on earth. I endured a lot and have nothing to show for it. I have carried shame for the past 3 years as people have inquired, ‘Whatever happened to that album you made with Ryan Adams?,’ unable to share the truth that I was made to be the pawn in some sick game that I never signed up to play,” she wrote. “I am here to condemn a behavior that does not get to be swept under the rug. I will no longer talk myself out of the anger that I feel.” “I will no longer be a Prisoner,” she said. Jessie Woo said she went public with her story because others have complained about the man who assaulted her; the AP typically does not release the names of alleged sexual abuse victims, but Woo has agreed to shed her anonymity. She, however, has not named her assailant. “That’s something I’m struggling with. Even without saying their name, I’ve gotten so much backlash,” Woo said. “It was just crazy to me that I would get all these questions condemning me instead of the one question, ‘Why was she raped? Why are men raping these women in the industry? Why does this happen?’ That’s the question.” n

Friday, March 8, 2019

Society BusinessMirror

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Priming for Pink FROM left: Rosé can be still or sparkling, sweet or bone-dry. Clairet is a dark pink wine, a specialty of Bordeaux.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: James van Der Beek, 42; Freddie Prinze Jr., 43; Camryn Manheim, 58; Aidan Quinn, 60.

FERMENTATION

HAPPY BIRTHDAY: Keep your plans a secret to avoid interference. Personal changes can be made as long as you do the research and plan your actions skillfully. Leave nothing to chance, and be willing to adapt along the way. This is a year that needs to be planned before you share or take on something new. Preparation is essential. Your lucky numbers are 6, 17, 21, 26, 30, 37, 48.

CECILE MAURICIO

cecile.mauricio@gmail.com

ARIES (March 21-April 19): Concentrate on tying up loose ends so you can head into a fun-filled weekend. A kind or romantic gesture will help you keep the peace and avoid an emotional situation that could escalate into an unwanted argument. ★★★

INK wine is not necessarily sweet. With that out of the way, let’s get on with the case for rosé.

How pink is pink? Pink wines range in color from the palest baby pink or just a hint of blush (think rosy cheeks) to light orange-red and deep, opaque red. The depth of color depends on the grape varieties used to make the wine and the production method. How is rosé made? No, rosé is not usually made by mixing red and white wine together, although this is the more common method to produce sparkling rosés (including rosé Champagne). Rosé can also be a byproduct of red-wine making, when the producer would press the red grapes and bleed off a small quantity of the pink juice, in a process called saigner, literally “to bleed.” The remaining deeply colored juice would then be used for making red wine and the initial quantity of pink juice would be fermented (usually dry) as rosé. Still the most common method of making rosé is through maceration when the skins of dark-colored grapes are steeped in the juice after crushing and before fermentation. This maceration period can last from a couple of hours to a couple of days, allowing the juice to be stained with the color of the red skins and is usually done in lower temperatures to preserve aromas and to extract tannins. The darker the skins and the longer these are soaked in the juice, the deeper the color and the structure of the wine. How good (or bad) is rosé? It is its in-between color that has given rosé a bad rap, leading some to believe that pink wine is not “real wine.” Neither white nor red, rosé is sometimes still thought of as sweet and wimpy. True, there are cloyingly sweet and insipid examples, but at the other end of the pink spectrum are wines that are just the opposite. There are different styles of rosé to suit taste preferences, from the subtly sweet, light and delicate, to the robust and bone-dry versions—and can be still or sparkling, as well. What makes rosé great? Rosé is a great food partner. Other than that, I

TAURUS (April 20-May 20): Inconsistency will be your downfall. Don’t secondguess what you are doing. Preparation and organization should help see you through any unexpected changes that come your way. Trust in your ability and skills, and finish what you start. ★★★

GEMINI (May 21-June 20): Self-improvement projects are featured. Whether it’s a change in direction, hobbies, educational pursuits or where you live, do what feels right and not what others are pressuring you to do. ★★★★

CANCER (June 21-July 22): Explore new possibilities and revisit old ideas. Mixing the old with the new will lead to a perfect mix. Success will be yours if you follow your intuition and proceed with your plans. Don’t let your emotions hinder your progress. ★★

LEO (July 23-Aug. 22): Don’t let anger get the better of you. Channel your energy into something that counts, and be the one to make a positive difference in your community. Use your charm to create a romantic scenario to please someone you love. ★★★★★

think rosés do not really aspire for greatness. Because they straddle the worlds of red and white wine, rosés share the qualities of both. Many examples feel like the weight of white wine on the palate, but the red fruit aromas and flavors give an inkling of their red grape origins. But while rosés are generally light, refreshing and thirst-quenching, there are heavier examples that are richer and drinking like a light red wine with the slight grip of tannin. Price points vary too, and although there is expensive rosé, inexpensive is the general option.

food-pairing possibilities. For how long can rosé keep? Rosé is never kept. Drink it now, as soon as possible, and well-chilled, too. Which rosé to drink and where to find it? It really depends on the style you like and how much you want to pay for it. Go to the supermarket or to specialty stores like Santïs or Terry’s. Restaurants with good winelists would have a selection of pink wines, too. Drink pink, especially now, when the warm winds of summer are blowing. At that business lunch when you’re having just the salad. At the beach. At a brunch picnic. On a hot afternoon by the pool with French fries and a burger with ketchup. At a barbecue under a starry sky. A rosé by any other name would still smell as sweet. n

What to pair with rosé? At the dining table, when the choice is confined to only one wine (a red or white), and where there are those who would drink only red or only white, rosé is the great equalizer that can make peace with everyone. Rosé also works with most anything. The range of styles of rosé also widens the range of its

LIBRA (Sept. 23-Oct. 22): Communication is golden. Say what’s on your mind, and get to the bottom of any situation that could cause problems for you at home or with someone you love. ★★★

SCORPIO (Oct. 23-Nov. 21): Consider what’s good and what’s not in your life, then do something about it. Striving to make your world a better place will encourage you to do better. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Take action, do your job and work toward your goal. Refuse to let anyone interfere. If you want to be successful, be responsible for your actions. Letting someone else take over will lead to disappointment. Believe in and trust yourself. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): Make the most with what you’ve got. If you want to make a change, get the approval of those affected by the decision you make first, or you will face an emotional situation that can stifle your plans. ★★

Cebu welcomes seafood king

CHINESE Consul General Shi Yong (from left), Hai Shin Lou Cebu Coowner Ramon Cojuangco, Cebu City Mayor Tomas Osmeña and Hai Shin Lou Cebu Coowner Alfred Ty

VIRGO (Aug. 23-Sept. 22): You can get a lot done if you are resourceful. Call on people you know you can trust, and make the most out of whatever situation you face. Personal challenges should not include risks that could result in physical mishaps. ★★★

MARCO Polo Plaza Cebu (MPPC), under the leadership of General Manager Brian Connelly and Director of Sales and Marketing Lara ConstantinoScarrow, continues to give guests one more reason to keep coming back with the recent opening of Hai Shin Lou Cebu Seafood King. The event was graced by MPPC top executives, as well as Hai Shin Lou Cebu owners Alfred Ty, Alejandro Tengco and Ramon Cojuangco, and also served as an exclusive dinner for friends and business partners. To bring in wonderful blessings, an eye-dotting ceremony was held at MPPC’s elegant lobby, followed by the traditional lion and dance and tossing of the coins. Guests were then ushered to the restaurant for a taste of authentic Cantonese cuisine.

AQUARIUS (Jan. 20-Feb. 18): You’ll need leverage if you want to win an argument. Consider not disputing what someone does or says, and choose to walk away and focus on selfimprovement. Protect against insult and injury, and keep the peace. Offer love. ★★★★

PISCES (Feb. 19-March 20): Personal alterations should be carefully considered. Make sure your plans are solid before you venture down a path that could leave you feeling regret. A matter concerning a legal, financial or medical issue will show signs of instability. ★★★

MARCO Polo Plaza Cebu General Manager Brian Connelly (from left), Brian and Donna Lim with Carlo Cordaro

BIRTHDAY BABY: You are spontaneous, bold and adventuresome. You are engaging and open-minded.

‘a separate peace’ BY MARY ELLEN UTHLAUT The Universal Crossword/Edited by David Steinberg

ACROSS 1 TED Talk platform 6 Respectful guys? 10 Doctrine name suffix 13 Punch server 14 “Mighty” Mudville batter 15 Murder, ___ Wrote 16 NBA legend Kareem 18 Quarrel 19 Liquid lump 20 Edit 21 Psychologist Jung 22 Clinton-era independent counsel 24 Small birds with big eyes 26 “Have you ___ wool?” 27 Ear-related 28 Battlefield attendants 32 Star sign? 35 Move sneakily 36 Yorkie sound 37 Brief fight 38 Exchanged rumors 40 Playful ocean mammals 41 Looks closely

42 43 45 50 51 53 54 55

“2001” computer Mall pizza chain Squishy mattress Rodgers and ___ Shiny finish Continental capital Wanted poster abbr. Native American peace symbol in each pair of starred answers 57 Livestock doc 58 Untangle 59 Duck Dynasty network 60 Poetic word before “long” 61 Gathering clouds, to some 62 Photographer Adams DOWN 1 Not taut 2 It’s set before dinner 3 Software accessory 4 Excessive supplies 5 Electric fish 6 Fencing sword 7 Book ID 8 Data display

9 10 11 12 14 17 21 23 25 27 28 29 30 31 32 33 34 36 39 40 42 43 44 45

Turk. neighbor Descendant of Jacob Word with “story” or “straw” Whimpers Midsize Toyota Pants with a bootcut style Bordeaux red wine More tasteless Struggle hard (with) Egyptian viper Flavor enhancer initials “Don’t Bring Me Down” grp. Markedly unalike Newspaper extra First ___ kit Bering, e.g.: Abbr. Boxing wins, briefly “I do” Code sequence Like Quaker products Nut-producing tree Remove, as a beard Mrs. Fields, for one Rouse

46 47 48 49 52 55 56

Aired again Cooks too long Undermine Connecting peg Sweetheart Frat bud Small battery

Solution to yesterday’s puzzle:

Relationships BusinessMirror

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Friday, March 8, 2019

A rational checklist is no match for emotions in matters of the heart

By Karen Wu California State University, Los Angeles

OR many people, there are few things more rewarding than crossing an item off a checklist. But what if the checklist is about your dream partner? And what if the checklist is wrong? “Relationshopping” is when you hunt for the perfect partner as if people were products. Online dating, now used by almost 40 percent of Americans who are “single and looking,” might be normalizing this tendency. Often aided by search filters, potential daters seek the perfect combination of attributes rather than focusing on the experience of being with a person. Relationshopping might work if people knew themselves well, but research indicates the contrary. In recent years, psychologists, economists and neuroscientists alike have found that decisions are largely driven by emotion. Furthermore, in the steady, logical environment in which we anticipate our decisions, people struggle to account for visceral drives, such as excitement, hunger and sexual arousal. Psychology researchers like me call this the “hot-cold empathy gap.” This distance between our predicted behaviors in a cold, rational state and our actual behaviors in a hot, aroused state, explains why people often don’t do as they say. It might explain, for example, why you swore you’d stop eating cookies for the New Year—and you really meant it—but then went and ate a dozen (they just smelled so good!) when your colleague brought them to work. In the cold state, it’s easy to forget about the power of emotions. Given the strong and complex feelings involved, you may be prone to the empathy gap in the search for the perfect partner. HOT-COLD DECISION-MAKING IN DATING STUDIES have documented the hot-cold empathy gap in an array of behaviors, including young men’s failure to use condoms in the grip of sexual arousal, and people’s inability to empathize with social suffering unless they feel a similar pain themselves. Psychology researchers are now turning to the hotcold empathy gap to understand why the attributes that people say they want in a romantic partner often differ from the attributes they actually choose in real life. Speed-dating studies provide an ideal venue for examining this question: Researchers are able to compare people’s reports of what they want to their decisions about whom to date. In one speed-dating study, college students’ reported preferences in a partner showed typical gender differences. Women preferred wealth more so than did men, and men preferred beauty more so than did women. When these same participants speeddated, however, there were no gender differences in preferences for wealth and beauty. Furthermore, participants’ self-reported preferences did not predict

whom they offered a date to in the speed-dating event. In another study, men found more intelligent women to be more desirable in hypothetical situations, but less desirable if they actually interacted with them in a live scenario. These findings might be accounted for by people’s failure to account for their emotions—like excitement inspired by beauty or inadequacy aroused by a smarter woman—in the presence of a potential partner. In the heat of the moment, emotions may override preconceived notions about what you desire. Although some of the current research may make it seem like “hot” states lead people astray in love, there may be a brighter side to them. Currently, ethnic preferences in dating are common, even among highly educated circles. Interested in understanding the match between stated and actual ethnic preferences, I conducted a speed-dating study of young Asian-Americans, who may approach love more practically due to a cultural emphasis on meeting their family’s expectations rather than following their own desires. Thus, Asian-Americans may not show the empathy gap in dating if they strongly prioritize their cold list of parent-approved attributes over any hot emotions of their own. Unsurprisingly, the Chinese, Vietnamese, Korean and Filipino-American participants told me in advance that they most preferred dating within their own group. Their speed-dating decisions, however,

did not reflect their stated preferences. Speed-daters weren’t more likely to want to see partners of the same ethnicity again. Perhaps in person, they were too overwhelmed with desire to consider the negative social consequences, such as parental disapproval, of dating outside their ethnicity. The visceral experience beat out the logical checklist again. HOW TO JUMP BEYOND THE GAP WITH knowledge of the hot-cold empathy gap, finding a partner might seem even more intimidating. There are, however, some things you can do to bridge the gap between your hot and cold states and hopefully come closer to finding love. First, understand your own biases, so you can then account for them. How? Ask others. Research suggests that people easily identify others’ bias, but not their own. Another method is to put yourself in the hot state, and reflect, at that moment, on what you’re really drawn to in a person. In one study, researchers induced social rejection in teachers—only in this condition did teachers start to truly understand the pain experienced by bullied students. Once you identify them, you may want to avoid some of the decisions that you make in your hot states. So another tactic is to remove yourself from undesirable situations. For instance, maybe you’re attracted to “bad boys” or “bad girls.” Knowing the power of emotions, stay away from places you might

meet one, perhaps having friends or family hold you accountable. Then be reasonable in your expectations. Carefully go through your “cold” checklists of desired qualities in a potential partner and consider removing superficial ones. All those criteria might not matter as much as you think when it comes to falling in love. Consider whether you’re ruling people out unnecessarily based on ideas of what you should desire. Too many options can mean never being happy. Rather than always searching for the next best thing and relationshopping, researchers suggest that people should try “relationshipping”— developing a healthy partnership through mutual time and effort. This doesn’t mean settling down with just anyone. Look for someone who is willing and able to invest the blood, sweat and tears necessary for a successful relationship. As easy as it is to blame our emotions for “irrational” decisions, people should celebrate emotions, as well. At times, hot emotions steer people in a more positive direction, perhaps making them care less about the ethnicity or earning potential of potential partners. Emotions serve an important evolutionary purpose, spurring us into action. They push us to help each other, to bond and to take the leap of faith needed to find and build love, sometimes in places we least expect. n

Law protecting child soldiers a victory for the Philippines– Unicef UN children’s agency Unicef celebrates the passage of Republic Act 11188, the “Special Protection of Children in Situations of Armed Conflict Act,” signed on January 10, 2019. The new law declares children as “zones of peace,” aimed at protecting children in situations of armed conflict from all forms of abuse and violence, and prosecute persons or groups violating the measure. A report published by the Office of the Special Representative of the UN secretary-general for Children and Armed Conflict in 2018 revealed that there was a significant increase in the number of grave violations against children in situations of armed conflict in 2017, including 30 cases of recruitment and use of children by armed groups (a large number of which were linked to the Maute group), the detention of 12 children for their alleged association with armed groups, 33 verified cases of killing and maiming, three cases of rape in the context of the Marawi siege, 60 attacks on schools and hospitals (a substantial increase from 12 recorded cases in 2016), and five incidents of abduction. In 2017, Unicef and the Moro Islamic Liberation Front completed the UN-MILF Action Plan to end recruitment and use of children, with 1,869 children disengaged from the MILF’s armed forces. The disengagement of these children facilitated their rights to health,

A BOY attends a release ceremony in Sultan Kudarat, Maguindanao, as part of MILF and Unicef efforts to end the recruitment and use of children in armed conflict. The United Nations, through its children’s agency Unicef, facilitated this process in line with the UN-MILF Action Plan on addressing the recruitment and use of children in armed conflict.

education and protection. Unicef continues to follow the situation of these children, as well as their siblings, making family visits and facilitating their access to essential services. “The passage of this law is timely

especially since we are celebrating the 30th anniversary of the UN Convention on the Rights of the Child (CRC), the most widely ratified treaty in the world. Children are innocent, they should not be in any way used as

combatants and helpers, or become collateral damage,” Unicef Philippines Representative Lotta Sylwander says. The new law is part of the Philippines’s compliance with international obligations including the UN CRC, particularly the Optional Protocol on the Involvement of Children in Armed Conflict, the International Covenant on Civil and Political Rights, the Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment, and various UN Security Council resolutions related to children affected by armed conflict. Among the prohibited acts in the new law include killing, torture, intentional maiming, rape, abduction, recruitment of children into government armed forces and other armed groups, hamletting, food blockade, arbitrary detention, and denial of humanitarian access. The age of protection from these enumerated grave child-rights violations under the new law, including recruitment into armed groups and government forces, covers all minors or those below 18 years of age. Penalties go up to life imprisonment and a fine amounting to P5 million. The new law is also celebrated for its progressive and gender-sensitive provisions which includes guarantees of access to education of girls even in situations of armed conflict, as well as access to reproductive health services.

FROM left: Habitat for Humanity Philippines Communications Director Jamie Sugay, COO Lili Fuentes, Philmissionari Founder and Chairman Charles Pontier Sr., Cofounder and President Judith Tan, Cofounder and Operations and Outreach Archie Tan, (standing) Habitat for Humanity Philippines Resource Development Manager Stephanie Arellano, and Philmissionari’s Atty. Dexter Crudo

PHILMISSIONARI, HABITAT FOR HUMANITY TEAM UP FOR MAJOR FUND-RAISING PROJECT

THE Philippine Missionari Della Fondazione Di Carita Inc., or Philmissionari (philmissionari@yahoo.com), and Habitat for Humanity Philippines have partnered to mount a major fundraising initiative this 2019. The two nonprofit organizations recently signed a memorandum of agreement for a joint endeavor which aims to raise funds for programs that aid select disadvantaged communities in the country. “Habitat’s achievements in uplifting the lives of families through housing and community development match our values of service and social change,” said Philmissionari Cofounder and President Judith Tan. “We are looking forward to working with Habitat to power more programs to help Filipino communities in need of aid and access.” Philmissionari focuses on service, social change and the provision of aid, access and opportunities for poor communities. The foundation currently has programs on support and volunteerism, education, livelihood and employment, health, nutrition and feeding, and emergency relief.

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Friday, March 8, 2019

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Mica Javier is on a high GAB FAB JET VALLE

3 QUEBEC RADIO STATIONS STOP PLAYING MICHAEL JACKSON SONGS MONTREAL—Three major Montreal radio stations have stopped playing Michael Jackson songs as a result of child-molestation allegations against the late musician that aired on Sunday in an HBO documentary. A spokesman for the owner of the French-language stations CKOI and Rythme and the English-language The Beat says Jackson’s music was pulled out starting on Monday morning. Cogeco spokesman Christine Dicaire says the action is a response to listener reactions to the documentary. She added that the decision will also apply to Cogeco Media stations in smaller markets in Quebec. The company operates 23 radio stations. The documentary Leaving Neverland began airing on HBO Sunday. It details the abuse allegations of two men who had previously denied Jackson molested them and actually supported him to authorities. AP

BRITAIN’S Kate, Duchess of Cambridge, left, and Meghan, Duchess of Sussex, arrive to attend the Christmas day service at Saint Mary Magdalene Church in Sandringham in Norfolk, England. AP

UK ROYALS TO BLOCK INTERNET TROLLS ON SOCIAL-MEDIA SITES LONDON—Britain’s royal family warned on Monday that it will block Internet trolls posting offensive messages on its social-media channels—and may report offenders to police. Buckingham Palace, Clarence House and Kensington Palace spelled out the policy banning offensive, hateful and racist language. The royal households say they reserve the right to determine who is violating their guidelines and whether comments could be blocked. “The aim of our social-media channels is to create an environment where our community can engage safely in debate and is free to make comments, questions and suggestions,” the guidelines said. “We ask that anyone engaging with our social-media channels shows courtesy, kindness and respect for all other members of our social-media communities.” The guidelines come amid concern about the online abuse aimed at the wives of Prince William and Prince Harry. Much of the social-media abuse has centered around rival fans of the Duchess of Cambridge, the former Kate Middleton and the Duchess of Sussex, the former Meghan Markle. The guidelines insist posts shouldn’t “contain spam, be defamatory of any person, deceive others, be obscene, offensive, threatening, abusive, hateful, inflammatory or promote sexually explicit material or violence” or “promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age.” The royals say guidelines were introduced to try to maintain a safe environment on their socialmedia channels and calls for users to show “courtesy, kindness and respect.” The Royal Family site on Twitter has some 3.87 million followers. AP

@jetvalle

CTRESS-SINGER Mica Javier is in cloud nine nowadays. She is still on a high from the recent proposal of her fiancé, R&B singer Jay-R. Career-wise, she is riding on the crest of the success of Los Bastardos, where she plays a crucial role. And, recently, she just finished doing Hush, an original anthology series produced by IWant and Indigital. Hush is an erotic anthology series and features Mica doing a lot of daring love scenes with actress Mara Lopez. Many will surely be shocked as the series is queer-themed, but Mica, I was told, is ready to face naysayers as this is only part of accepting a challenging role. “I want to push myself as an actress, that is why I accepted this role,” she said at a news conference announcing this project. And pushing herself to the limits is nothing new to Mica. While she may ride on the coattails of her uncle Danny Javier (of Apo Hiking Society fame), Mica decided that for her to achieve anything, she must do it on her own. And little by little, she did. From a blossoming modeling career in Manila, Mica moved to New York to attend at the Gallatin School of Individualized Study at New York University and also try her luck there. She booked a commercial here and there, and even appeared in an episode in the CW series Gossip Girl. In 2012 Mica moved back to Manila, where she got to open for Jennifer Lopez’s Dance Again World Tour and first-ever concert in Manila. She eventually released the song “Tonight”, a duet with her future fiancé Jay-R which zoomed to the top position in various radio countdowns. Her singing and dancing prowess has made her a regular in the noontime show It’s Showtime as one of the Girltrends. And now that she has decided to crossover to acting, the future holds bright for this young woman. nnn ABS-CBN subsidiaries Creative Programs Inc. (CPI) and Sky Cable Corp. pledged support to the Philippine Cable Television Association (PCTA) for the organization’s forthcoming convention and exhibit to be held at the SMX Convention Center from April 2 to 4. Sky Cable and CPI will be having their respective interactive booth displays showcasing their products

and latest offerings as they join this year’s “Philippine Premiere Cable TV Convention” with the theme “Internet Exchange: Let’s Get It On!” Tackling conflicts arising from Internet service, the gathering will also discuss the opportunity of spreading wings beyond cable TV and going online, to foster the blossoming business of content delivery. Meanwhile, delegates and visitors alike should expect a lot of experiential activities and gimmicks from CPI’s accompanying exhibit where well-loved channels Cinema One, Metro, MYX, and Jeepney TV will be featured. Represented channels ANC, DZMM TeleRadyo, and Liga, as well as affiliate foreign channels Fox Family Movies, Fox Action

Movies, KIX, Thrill, CCM, TVN and Comedy Central Asia, will also take part in CPI’s three-day participation in the convention. CPI will also host a kick-off party on April 1 for its cable operators and clients, featuring performances of various ABS-CBN artists and meet-and-greet sessions with some of the channel personalities, happening at Islas Pinas in Pasay City. Sky Cable head of strategic relations Efren “Jon” Arayata Jr., PCTA 2019 Convention Chairman Dr. Venancio Lo, and CPI head of shared services Teresita Villareal signed an agreement, officially making the ABS-CBN subsidiaries copresenters of this year’s cable show. n

CCP CELEBRATES NATIONAL WOMEN’S MONTH WITH SERIES OF EVENTS FOR AND BY WOMEN THE Cultural Center of the Philippines (CCP) celebrates the Women’s Month this March with series of art events, film screenings and other events. The celebration is part of the CCP’s mandate to create and facilitate platforms that pursue gender and development (GAD). The Arthouse Cinema, a project under the CCP Film, Broadcast and New Media Division, will feature cinematic works by women filmmakers, and films tackling women and gender issues. Catch Kip Oebanda’s Liway on March 14, 2 pm, at Tanghalang Manuel Conde (CCP Dream Theater). Liway, which received the Audience Choice Award and Special Jury Commendation in the Cinemalaya 2018, is based on a true story. The full-length film follows the story of Dakip, a young boy who lives with his parents Day and Ric inside Camp Delgado, a makeshift prison inside a military camp for both rebels and criminals. Given their circumstances, Day does her best to shelter the child from the harsh realities of their life. She uses storytelling about an enchantress named Liway, as well as songs and imagination, to help ensure that her boy is free from trauma. At the tail end of the Martial Law, Day’s own dark past catches up on her and the lives of the detainees become increasingly difficult. She is confronted with the cruel possibility that the best interest of her child means never seeing him again. At 5 pm, the screening will continue with Women in

Shorts, featuring Cinemalaya’s best short films, including Mater by Annemikami Pablo (2015), Pusong Bato by Martika Escobar (2015), Wawa by Anj Macalanda (2015), Pektus by Isabel Quesada (2016), Manong ng Pa-Aling by E del Mundo (2017), Lola Loleng by Che Tagyamon (2017), and Yakap by Mika Fabella and Rafael Froilan (2018). On March 28 there will be a back-to-back screening of Anna Francesca Espiritu’s Pan de Salawal (2018) and Inna Miren Salazar Acuña and Dos Ocampo’s Ang Bagong Pamilya ni Ponching (2016). The screenings will be at 2 and 5 pm, respectively, at Tanghalang Manuel Conde. In partnership with the Women Playwrights International Philippines, there will be a Readathon of Women Plays on March 15 and 16, from 9 am to 6 pm, at the Silangan Hall of the CCP. Women empowerment continues with Gandang Ganda sa Sariling Gawa (GGSSG) Zine Fair on March 16. Coorganized by the Gantala Press, the whole-day fair will offer books, zines and artworks created by women artists and authors. Through its GAD Focal Point, the CCP follows the implementation of gender mainstreaming advocated by the Philippine government. It is concerned with women, as well as with the social construction of gender and the assignment of specific roles, responsibilities and expectations to women and men. All events are free and open to the public. Everyone is invited to join the different activities.

Mel Tiangco, first broadcast journalist awardee of Rotary Peace Award

MEL TIANGCO (center) receives the prestigious 2019 Rotary Annual Peace Award from the Rotary International District 3830.

MULTIAWARDED GMA News anchor Mel C. Tiangco recently received the 2019 Rotary Annual Peace Award by the Rotary International District 3830, making her the first awardee among journalists. She was also given a Paul Harris Fellow recognition during the organization’s 114th anniversary. Tiangco was cited for embodying the Rotarian motto of “service above self,” who “excels not only in her professional career as a multiawarded news anchor and as the program host of GMA’s

Magpakailanman drama anthology, but also in her inspiring humanitarian work as the founder and ambassador of GMA Kapuso Foundation [GMAKF].” During her stint as GMAKF’s executive vice president and COO for two decades, she conceptualized and implemented the foundation’s sustainable programs and projects where she led a team of passionate public servants. Instead of accepting her retirement in 2016, she continued to serve as GMAKF’s ambassador. “Hindi ko sukat akalain na ako ay magagawaran

ng ganitong honor. Kung sasabihin nila na ako ay nakapaghandog ng sarili ko para sa kapayapaan ng ating bansa at ng ating mga kababayan, it is not the same as every other award that I have received,” Tiangco expressed. The Rotary Peace Award is given by the Rotary International to individuals who represent the ideals of peace, fellowship and world understanding. Some of the notable past recipients of the award were former Philippine Presidents Cory C. Aquino and Fidel V. Ramos.

MAJA SALVADOR

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

A Band of Terra at the famous lava wall

Tackling the rocky paths

Navarra-like modern, stylish, spacious and conducive cabin with advanced driving technologies

The limited edition Terra Fiery Red

Climbing through hardened lava trails

The powerful 2.5-liter turbodiesel engine

Friday, March 8, 2019

Moto

Business

E2 Friday, March 8, 2019

MG Philippines launches MG Live T

WO things are true about Filipinos: they love music and they love cars! To address every Pinoy’s desire to check out the latest rides while enjoying their favorite tunes, MG Philippines is mounting MG Live! Powered by Phoenix Petroleum—a free concert series that highlights some of the country’s top bands while emphasizing the car brand’s fun and vibrant spirit. For most Filipinos music and driving are inseparable, whether it’s driving to work or cruising to a weekend getaway. MG Philippines recognizes this and has engaged with some of the country’s top bands in an effort to bring the driving playlists of Pinoys to life. MG Live! Powered by Phoenix Petroleum promises exciting performances from electro-pop-rock specialists Gracenote; the always party-ready Sandwich; alt-rock trio Hilera; pop-rock foursome Moonstar88; and Ultra Combo, for everyone who enjoys rocking out to the music of the Eraserheads. These bands are stalwarts in the local music scene and are also, in one way or another, responsible for the songs that have moved, touched and inspired Filipinos for years. “A big part of what makes MG cars special is their ability to satisfy a wide range of various needs and lifestyles. These vehicles are trusty daily drivers during busy work days, but versatile enough for a weekend getaway,” said Atty. Alberto B. Arcilla, president and CEO of The Covenant Car Co., Inc. “MG Live! is a way for us to showcase our full vehicle lineup, announce our innovative aftersales complements, and unveil our upcoming dealership locations in a manner all Filipinos can appreciate: music. It’s also a chance for us to let everyone know that MG is vibrant, youthful in spirit, and made for everyone who wants to enjoy life to the fullest.” MG Live! is a free event open to all car and music lovers, and special MG giveaways and VIP concert

VOLKSWAGEN PHL LOO

THE LEADERSHIP OF I V Story & photos by Patrick P. Tulfo

OLKSWAGEN Philippines, the exclusive importer and distributor of VW vehicles in the country, formally introduced the company’s new president—Felipe Estrella III—during the media appreciation night held recently at Resorts World Manila.

passes await those who take part in the interactive games at the MG Philippines booth. For example, simply liking the MG Philippines Facebook (OfficialMGPhilippines) page and sharing any MG Live!-related post, or following the Instagram account (mg_philippines) and posting a photo using the hashtags #MGPhilippines, #MGLive and #ComeAliveWithPhoenixPulse allows guests to take home premium MG and Phoenix merchandise. Completion of both tasks gives the guest one raffle to qualify for a VIP pass to each concert leg, which will be confirmed via direct message or private message by MG Phils. Check out the schedule below

for all legs of the MG Live! free concert series:

ARTIST DATE LOCATION

- Gracenote - Sandwich March 9, 2019 SM Megamall Fashion Hall - Hilera - Moonstar88 March 30, 2019 SM Southmall - Ultra Combo April 6, 2019 Manila International Auto Show, World Trade Center, Pasay City

ESTRELLA in the center between Klaus Schadewald a

Ford announces new pricing for Ranger Raptor NEWLY minted VW President Felipe Estrella III

The youthful looking Estrella joined Ayala Corp. (AC) in 2010 and was the chief financial officer of AC Industrials since 2017 prior to his appointment as president of VW Philippines.

ORDPhilippineshasannounced today the new pricing for the Ranger Raptor. Effective March 1, 2019, the highspeed, off-road, performance pick-up truck is available at P1,998,000 in all Ford dealerships nationwide. All customers who made reservations for the Ranger Raptor before March 1 from any Ford dealer can still get the pick-up truck at the introductory price of P1,898,000. “The introductory pricing offer which ran for over five months received an overwhelming response from Filipino pick-up truck fans and enthusiasts with the number of cus-

tomers who reserved and purchased their Ranger Raptor,” said Bert Lessard, managing director, Ford Philippines. “We believe the new pricing remains very competitive with the performance, power, and segmentleading features the Ranger Raptor offers.” The Ranger Raptor is equipped with a new 2.0-liter Bi-Turbo diesel engine that delivers a maximum of 213PS of power and 500Nm of torque. The Ford-designed and Ford-built 10-speed automatic transmission is shared with the F-150 Raptor and has been created with high-strength steel, aluminum alloys and composites to

optimize durability and weight. The Ranger Raptor’s Position Sensitive Damping (PSD) shock absorbers are exclusively manufactured by FOX, designed to provide higher damping forces at full jounce and rebound to enable better off-road capabilities. Its Terrain Management System (TMS) includes the Baja mode, inspired by Mexico’s famous Baja Desert Rally, and enables ultraresponsive, high-speed off-road performance. For more details about the Ranger Raptor, visit a Ford dealership nearest you or www.ford.com.ph/trucks/ raptor/.

Estrella’s appointment couldn’t have come at a better time, as Ayala Corp. has been expanding its involvement in the motoring sector through automotive sales and distribution arm

CHEVRON Philippines Inc. opens new service station along Edsa corner Scout Borromeo Street, Quezon City.

AC Automotive. Late last year they have acquired their fifth brand when they announced their partnership with Kia, which joins Honda, Isuzu, KTM motorcycles and Volkswagen in their roster. During his speech, Estrella said, “This 2019 I want more Filipinos to discover or create their own wonderful stories in their very own Volkswagens. We will aim better than our 2018 sales by at least 50 percent and I am confident that we can achieve this.” He added, “We have five new distinctive models, the aftersales services and warranties, and we plan to expand

oring

sMirror

Friday, March 8, 2019

OKS FRUITFUL UNDER

ITS NEW PRESIDENT

10 things to consider when buying and selling pre-loved cars

and program host Bianca Valerio during the program toast

our current network of eight dealerships by adding at least four more. We hope our products, aftersales service, and new and existing dealerships will greatly add to the buying public’s own affinity for our brand.” Volkswagen sales beat the odds last year despite an industry-wide sales dip of 15 percent. The German brand was able to sell the same number of vehicles as it did in 2017. In fact, its passenger-car sales grew by 7 percent despite the overall industry decline of 21 percent. Furthermore, Volkswagen Philippines has achieved

a compounded annual growth rate of 67 percent since its inception in 2013 according to Chief Operations Adviser of Volkswagen in the Country Klaus Schadewald. No doubt the introduction of five new models, namely, the Santana, Santana GTS, Lavida, Tiguan and Lamando in May of last year has something to do with the growth. These models, which are all sourced in China but still carry the distinctive characteristics and build quality of German-made Volkswagen, made it even more accessible to Filipino buyers, as the company was

able to lower their selling price with the Santana sedan starting at P686,000. The Santana and its sibling GTS models were the best-selling models for VW Philippines last year with a 33-percent share of the total sales. Meanwhile, SUV fans will have something to look forward to as the company is set to introduce two new models in the ever-growing segment in the next 12 months. For more information on Volkswagen Philippines product lineup, you may visit any of their eight dealerships or log on to www.volkswagen.com.ph.

UYING a pre-owned car rather than a brand-new one is a smart option when you want to save money. Selling your vehicle while it’s still in great running condition is a good way to recoup your investment or raise money to buy a new ride. But did you know that there is a good time to buy or sell a used car? “We at OLX want to make sure that buyers’ needs are met by providing them with the best deals to get their money’s worth. Likewise, we also want to address sellers’ needs by being a platform that helps them sell to thousands of interested buyers,” says OLX Head of Cars Manuel Roman. “To further help OLXers, we’ve compiled a list of useful tips to guide them when they want to sell or buy a pre-loved car.” Here are some things to keep in mind when buying and selling used cars: When selling: Age matters. It’s best to sell cars four to five years after using them. Vehicles, on average, lose 50 percent of their value in 5.10 years, according to an OLX Data Hub story. Mechanical issues and normal wear and tear are also more likely to occur after five years, especially if the car is used daily. Mind the time of the year. A car’s depreciation value is computed based on the model year and mileage. When you wait for the New Year to sell your car, that car would age another year. Do note that the physical condition of the car also affects the used car’s value.

Know when the new model will come out in the market. Aside from age, having a new model of the same nameplate launched in the market affects the price of used cars. Buyers would most likely haggle for a lower price since the car being sold is considered an ‘old model.’ Follow international and local automotive websites to be in the loop about the latest car releases in the global and Philippine markets. Usually, new vehicles released in our neighboring Southeast Asian countries will make their way to our shores after a few months. Identify your needs. A lifestyle change is also a good indicator that it’s time to sell your current ride. For one, when you are starting a family, you might need a larger vehicle with more safety features. Parts availability and maintenance become problematic. Beyond the four- or five-year mark, car maintenance is more costly and hunting for available parts becomes more difficult. This is especially true for owners who use only one car daily. When buying: Know a bank’s car bonanza season. It’s a good idea to check with banks that go on car bonanza season, during which they sell their repossessed vehicles, those cars whose previous owners failed to pay the monthly amortization. A repossessed car purchase can save you around 20 percent to 40 percent off a brand-new car’s price. Watch out for the last quarter deals. If you want to score great deals on used cars, you can opt to wait until the No-

vember or December – considered as the ‘bonus season’ or ‘Christmas gift season’ – to make their purchase. During this time, dealers prefer not to increase their prices because of the volume of business they expect would come their way. The last quarter of the year is also considered as a logical time to look for discounts in popular models because automaker and dealer sales incentives converge in this season. Befriend your secondhand car dealer. Build relationships with your neighborhood secondhand dealer. That way, you’ll get first dibs when the dealer puts the car model you like on ‘fastbreak.’ Vehicles on ‘fastbreak’ do not stay in the dealer’s garage for long and are usually sold immediately, without having a very high markup. Learn more about the nameplate and when its all-new model will be released. It is advisable to shop in the secondhand car market when a full model change for a car that you are eyeing is about to be introduced because the price for ‘older models’ is expected to drop. Be on the lookout. Frequently visit www.olx.ph to have a chance to score great deals. Every month, about 45,000 car listings are posted on the platform. OLX Philippines is part of the OLX Group, the world’s leading classifieds platform in growth markets. Having 17 brands worldwide, OLX Group is available in more than 40 countries, where its market-leading trading platforms are being used by more than 330 million people monthly.

XC40 delivers a confidence-inspiring SUV

Caltex eases Edsa traffic with new stop Story & Photo by Ronald Rey M. de los Reyes

DSA traffic can sometimes be unbearable— at times even nerve-wracking, slowly torturing each and every motorist at his or her very gut. Good thing, Chevron Philippines Inc. (CPI) made things easier for everyone with its newest service station located along the shackles of this traffic-laden thoroughfare. With this, the company gets to build on the momentum they had last year with this latest addition to CPI’s growing network of service stations across the country. The said station is strategically located along Edsa corner Scout Borromeo Street, Quezon City, which experiences heavy traffic every day. “We had about more than dozens of stations opened nationwide last year and we want to continue on with that momentum for this year,” Chevron Philippines Inc. District Sales Manager Kit D’aran said in an interview. “We want our loyal customers to continue on experiencing our top-quality fuels,” he added. Motorists and residents along the southbound lane of this intersection now have easier access to Caltex with Techron Platinum, Silver or Diesel fuels. The fuels firm aspires to sustain the growth it has achieved last year and is looking to continue expanding its retail network in the country until the end of the year. There are about 600 Caltex service station spread across the country, including six that

opened in the past three months alone. “The energy economy of the Philippines has been robust and showed steady growth throughout the past year,” CPI Country Chairman Louie Zhang conveyed with the media. “We’re continuously working hard to be the partner of Filipino motorists for their fueling needs, and our retail expansion efforts have been strategically planned to support this vision.” During the station’s grand opening, motorists who fueled up got to enjoy a P10-per-liter discount for Platinum with Techron, Silver with Techron and Diesel with Techron D for up to 60 liters through a promo called “Caltex Gimme 10”. Along with this, a P50-per-bottle discount was available for synthetic engine oils and a P20-per-liter discount was given on premium mineral engine oils. Customers also received free Happy Plus loyalty cards. Points earned using these cards can be used to redeem food products at Jollibee, Chowking, Greenwich and Red Ribbon branches nationwide. To further enhance customer experience and be that ideal one-stop shop for its loyal customers, the new service station will host several retail stores in the next few months. These complementary stores include quickservice restaurants to cater to motorists’ need for light meals and other cravings when they drop by the new Caltex station on their way to work, school or any other destination for the day. Road users can find the nearest Caltex station using the Caltex Locator app, available on both Google Play and App Store. Find out more about Caltex at http://caltex.com.

CHRIS LEE YU, Volvo Philippines, marketing head; Atty. Alberto B. Arcilla, Volvo Philippines, president and CEO; and Anette E. Andersson, Volvo Cars APEC Region, Market Area director

OLVO Cars, the premium carmaker, will bring a new standard of safety and user experience to the small SUV premium segment with the official launch of the new Volvo XC40 in the Philippines recently at Sunset Bar Sofitel Philippine Plaza, to kickoff summer. Developed around the challenges of modern city life, the XC40 aims to make the daily urban commute less stressful and more enjoyable, as drivers in the segment can now rely on the award-winning safety, connectivity and infotainment technologies known from Volvo’s acclaimed new 90- and 60 Series SUVs. “The XC40 is our first car in this rapidly growing segment and has a clear focus on navigating today’s hectic city environments. Building on Volvo’s heritage as the leader in safety, the new XC40 will offer the

best possible safety standards combined with an easy-to-use interface and convenient connected services,” said Håkan Samuelsson, president and chief executive. The new XC40 is Volvo’s first car out on its new Compact Modular Architecture (CMA) and includes a range of groundbreaking technologies first introduced in its 90- and 60 Series siblings based on Volvo’s larger Scalable Product Architecture (SPA). Volvo’s approach to safety and user experience builds on a philosophy it calls the Circle of Life: a constant improvement of standards and technologies, based on consumer insights and real life data. Safety and driver assistance features offered on the XC40 include Run-off Road protection and mitigation, Cross Traffic alert with auto brake, and the 360° Camera that help

drivers maneuver their car into tight parking spaces. These and other technologies make the XC40 one of the best-equipped premium SUVs. While the starting point for each new Volvo is the most advanced safety and driver assistance systems, the new XC40 also benefits from the high levels of safety and infotainment found in its larger stablemates. “We built a confident, easy-touse, and convenient everyday user experience based on real-life interaction and research, starting from our foundation of leading safety. The XC40 is a car for a generation of consumers that expect full connectivity. All screens have been optimized for a safe, easy, and efficient interaction, to support active city driving,” said Ödgärd Andersson, Vice President Vehicle Software & Electronics at Volvo Cars.

Motoring BusinessMirror

E4 Friday, March 8, 2019

Like Metro Manila, Cebu also suffers from traffic jams so that we can build. Who said progress isn’t costly?

Tini talk on Hiace launch

EBU CITY—With God’s eternal grace, I’m still here in the so-called Queen City of the South, covering mainly the PAL Interclub Golf at Cebu Country Club, Alta Vista, Mactan and Club Filipino de Cebu in Danao. Each time I come, almost yearly the last decade or so, I see change—massive most of the time, infrastructure-wise.

Skyscrapers dot the skyline. Buildings seem to sprout like mushrooms. Road-widening is being done almost nonstop. A la Metro Manila. And, with the never-ending economic uplift, expect the expected:

Traffic all over, almost. There is so much destruction to make way for construction, accounting for choke points also plaguing this most growth-prone metropolis in the Visayas. As the saying goes, we destroy

THE speech of Tini Arevalo, the first vice president for brand and product planning cluster of Toyota Motor Philippines, during the recent launch of the All-New Hiace is also worth looking into, if only because it is facts- and dataladen that should prove useful to motoring buffs. Here: “Good afternoon, friends from the media, TMC Operating Officer Mr. Satoshi Ogiso, Chief Engineer Mr. Takuo Ishikawa, and fellow TMP officers. “Today, I am excited to share with you some highlights of the Full Model Change Hiace. “Looking at the last four years, the commercial vehicle segment is steadily increasing its share of the total market; reaching 69 percent in 2018. “As you know, the commercial vehicle market is composed of sub-segments, where the utility van captures an average of 12.2 percent in the last four years. “And in the utility van segment, the Toyota Hiace continues to dominate since its introduction in 1994. For the last five years, more than half of the utility van market segment owns a Toyota Hiace.

“Now let us take a closer look at the Hiace sales composition. In the low-grade UV segment, the Hiace Commuter leads with an average of 60.5 percent market share in the last four years. “For the mid-grade UV segment, the Hiace GL Grandia also leads with an average of 68 percent market share in the last five years. “For the moment, the All New Hiace grade lineup includes a new variant—the GL Grandia Tourer, GL Grandia, and Commuter Deluxe. The current generation commuter will still be available in the market. “With the outstanding new design and comfort of the GL Grandia Tourer and GL Grandia, we believe that our products will be appreciated more by our current retail and fleet customers and appeal to new customers, particularly big families who love to go out on weekends and self-drive. “The comfortable and advance safety features of the Commuter Deluxe offers better prospective to our current customers, especially those who desire to offer more comfortable ride to their customers. We expect that this Commuter Deluxe will also be very appealing to small and medium business enterprises. “Looking at our customer profile, Hiace buyers range from 4145 years old, dominated largely

by male and married customers. “For the GL Grandia Tourer and GL Grandia, our new variant, our target customers would have an average monthly household income of P140,000 to P160,000, while the Commuter Deluxe buyers would have an average monthly household income of P125,000 to P145,000. “Noticeably, buyers of GL Grandia and Tourer would use their units for both personal and business purposes, while the Commuter Deluxe buyers would use their units mainly for business. “For our color lineup, the GL Grandia Tourer will have the Luxury Pearl Toning, Silver Mica Metallic and the Light Blue Metallic. “ The GL Grandia will have Luxury Pearl Toning, Silver Mica Metallic and Black. “The Commuter Deluxe will have White and Silver Mica Metallic. “With the great value that the A ll New Hiace offers, we expect to sell around 1,600 units per month. “And with all the added features and new body structure, and attractive design, the Hiace is reasonably priced, ranging from P1.59 to P2.2 million. “A s we introduce the 6thgeneration All-New Hiace to the Philippine market, with its last model change 15 years ago, we

will redefine what it means to travel in comfort and style by highlighting the product features of every variant. “With the long history of this model in the Philippines, we deliver the All New Hiace, reshaping possibilities. “I’d like to thank all of you for gracing our event, and enjoy the rest of the day.” Well done, Tini. PEE STOP My gratitude to Dodo Cuenco of Toyota Cebu. As always, he would ensure my smooth stay in his bustling city. Thanks again, Dodo…Where in the world can you find a golf tournament whose host would still make his absent invitee exceedingly happy? For the first time in a decade or so, I missed the Lexus Invitational Golf recently but still, Lexus Manila President R aymond T. Rodriguez still had the good heart in him to send me the usual beautiful giveaways. Only at Lexus…And, speaking of Lexus, I heard it is the car of choice of no less than PAL President Jaime J. Bautista, who never fails to hit the ceremonial tee shot of the PAL Interclub Golf for the longest time, the latest one being the tournament’s 72nd staging here in Cebu. Cheers, Jimmy!