BusinessMirror November 04, 2019 by BusinessMirror

‘AMID TRADE ROW, ASEAN MUST HASTEN INTEGRATION VIA SUPPORT FOR R.C.E.P.’ By Bernadette D. Nicolas @BNicolasBM

B FROM left, Malaysian Prime Minister Mahathir Mohamad, Myanmar leader Aung San Suu Kyi, Philippine President Duterte, Singaporean Prime Minister Lee Hsien Loong, Thailand Prime Minister Prayuth Chan-Ocha, Vietnam Prime Minister Nguyen Xuan Phuc, Brunei Darussalam Sultan Hassanal Bolkiah, Cambodian Prime Minister Hun Sen, Indonesian President Joko Widodo and Lao PDR Prime Minister Thongloun Sisoulith pose for a group photo at the opening ceremony of the 35th Asean meeting in Nonthaburi, Thailand, on Sunday, November 3, 2019. AP/AIJAZ RAHI

ANGKOK—President Duterte has raised alarm over the ongoing USChina trade war as it undermines the progress of the Southeast Asian countries, and called on the Association of Southeast Asian Nations (Asean) to fast-track its economic integration through the conclusion of the much-awaited mega free-trade deal, the Regional Comprehensive Economic Partnership (RCEP). During the plenary session of the 35th Asean Summit on Saturday, the

President said trade-related tensions and protectionism will not only pull down the countries’ economic growth but also have far-reaching consequences, particularly for food security in the developing world. The member-states of the regional bloc, he said, must strengthen their economic integration to counter rising protectionism and trade tensions. “We need an open and rules-based trading system to sustain growth. Thus, we should ensure the continued relevance and effectiveness of the World Trade Organization. And, Asean must accelerate deeper

Monday, November 4, 2019 Vol. 15 No. 25

economic integration through concrete programs and projects, such as RCEP,” Duterte said. Trade Secretary Ramon Lopez also told reporters on Saturday that the President’s directive is to have the RCEP concluded as soon as possible so that the country could already reap the benefits of being a party to the deal. RCEP, seen to be one of the world’s largest free-trade deals, is negotiated by member-states of Asean, as well as Australia, China, India, Japan, New Zealand and South Korea.

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Mindanao quakes seen to impact infra, poverty House seen to okay 2019 GAA extension, polls resetting

By Cai U. Ordinario

@caiordinario

HE recent earthquakes in Mindanao could lead to a temporary rise in poverty and delay in infrastructure projects in the region, according to economists.

The destructive earthquakes that rocked various parts of Mindanao last week have destroyed office buildings and even medium-rise homes in the region. University of Asia and the Pacific economist Victor A. Abola told the BusinessMirror that the recent earthquakes may not significantly affect GDP but could negatively impact poverty. See “Quakes,” A12

21%

National average of poverty incidence in 2018’s first half, per PSA data. Poverty incidence in Cotabato City was at 48.7 percent; North Cotabato, 32 percent; South Cotabato, 24.5 percent. Other areas affected by magnitude 6 and below are mostly in Davao and Soccsksargen regions, where rates averaged 23.4-33.7 percent.

Quake damage lends urgency to substandard steel inquiry

By Jovee Marie N. dela Cruz

@joveemarie

H E le adersh ip of t he House of Representatives is eyeing to approve today (Monday) the joint resolution extending the availability of the 2019 General Appropriations Act and the bill postponing the May 2020 Barangay and Sangguniang Kabataan elections. Majority Leader Martin Romualdez said these two measures are already included in the calendar of business for third and final reading on Monday. House Joint Resolution 19 seeks to extend the availability of the 2019 appropriations for maintenance and other operating expenses (MOOE) and capital outlays (CO) to December 31, 2020. The resolution amends Section 65 of the General Appropriations Act of Fiscal Year 2019, which provides that all appropriations shall be available for release and obligation until December 31, 2019. House Committee on Appropriations Senior Vice Chairman Joey Salceda of Albay said the 2019 national budget has to be extended owing to several factors, including the delayed approval of the budget in April 2019, onset of the election ban for the May 2019 elections and the restrictions imposed by cash-based budgeting. See “GAA,” A2

PESO EXCHANGE RATES n

the vice chairmen of the Senate Finance committee in charge of shepherding the budget bill, credited the leadership of Speaker Alan Peter Cayetano with the “so-far” pork-less measure.

HE deaths and destruction caused by the series of earthquakes that hit Mindanao in October have given lawmakers a sense of urgency in seeking an investigation of the alleged smuggling and proliferation of substandard steel products in the Philippines. At least four committee heads on Sunday backed House Resolution 379 filed by Agusan del Norte Rep. Lawrence Lemuel H. Fortun, calling on the House Committee on Trade and Industry (DTI) to immediately investigate the matter, given the possibility that the damage to certain structures might be not simply a result of the strong earthquakes but also of the substandard steel used for them. House Resolution 379 seeks to probe the alleged smuggling and proliferation of substandard steel products in the Philippines. T he committee heads who backed Fortum’s call are: Reps. Isidro Ungab, Committee on Appropriations; Robert Ace Barbers, Dangerous Drugs; Eric Go Yap, Games and Amusement.

See “Ping,” A2

See “Steel,” A2

GOOD LUCK! A well-wisher sends off a friend with a hug before the Bar examinations begin on Sunday (November 3) at the University of Santo Tomas (UST) in Manila. A total of 8,245 candidates were admitted to the Bar Examinations, according to the Supreme Court—the highest number of Bar candidates in recent years, higher than the 8,158 takers in 2018. Story on page A3, “First day of bar exams proceeds sans fanfare.” NONIE REYES

Ping cites ‘most behaved’ House leaders By Butch Fernandez

@butchfBM

ITING their “most behaved” House counterparts for early endorsement of the national budget for 2020 and the

absence—thus far—of indications of pork barrel, a Senate leader is confident that Congress can meet its schedule for next year’s appropriations law, thus averting a repeat of the disastrous 2019 standoff. Sen. Panfilo Lacson, one of

See “Trade war,” A2

Duterte vows to push for S. China Sea code ASAP

ANGKOK—President Duterte assured leaders of the Association of Southeast Asian Nations (Asean) that he will push for the conclusion of the negotiations on a Code of Conduct (COC) in the South China Sea as soon as possible. During his intervention at the plenary session of the 35th Asean Summit, the President said the maritime row must be solved peacefully in accordance with international law, including the United Nations Conventions on the Law of the Sea (Unclos). This position, the President said, was even more strengthened by the country’s legal victory in The Hague Permanent Court of Arbitration, invalidating China’s sweeping claims in the South China Sea. “As Asean-China Country Coordinator, the Philippines will do its utmost part to conclude negtotiations on a Code of Conduct as soon as possible,” Duterte said in a statement. The Philippines is the Country Coordinator for Asean-China Dialogue Relations until 2021. “Notwithstanding the lack of enthusiasm by some external partners, I believe that we in Asean are one in the view that an effective and substantive COC will be good for the region,” he added. He also called on Asean countries to use all of their influence, whether individually or collectively, “to persuade countries to exercise self-restraint and avoid actions that may further complicate the situation.” The Chief Executive also warned Asean countries not to take sides as this would be a dangerous game to play, dragging countries into a vicious cycle of power balancing and security dilemmas. Such will also undo hard-won gains of peace and development for the people. Presidential Spokesman Salvador S. Panelo also said in a separate statement that the President called the taking of sides as a “strategic mistake” committed by past leaderships of the Philippines. Panelo said this is now being rectified through Duterte’s independent foreign policy. Moreover, the Palace spokesman said Duterte mentioned at the plenary session that the freedom of navigation and overflight above the South China Sea should remain a priority of Asean. While he said the 10-member state regional bloc has already come so far, the President encouraged Asean member-states to rise to the challenge, bearing in mind their shared destiny as one community. “Let us build on the achievements of the past and make Asean even stronger to face the challenges of the present,” Duterte said. The President arrived in Thailand on Friday to participate in the 35th Asean Summit and Related Summits from November 2 to 4. Bernadette D. Nicolas

US 51.0330 n JAPAN 0.4689 n UK 65.8581 n HK 6.5094 n CHINA 7.2325 n SINGAPORE 37.4802 n AUSTRALIA 35.2230 n EU 56.9120 n SAUDI ARABIA 13.6081

Source: BSP (31 October 2019 )

News

BusinessMirror

A2 Monday, November 4, 2019

Lawmaker: Rice tariff law ‘too rigid’ on use of RCEF

By Jasper Emmanuel Y. Arcalas

@jearcalas

EN. Francis N. Pangilinan said he will file a bill amending the rice trade liberalization law to give the government more elbow room in providing direct cash assistance to planters affected by the surge in imports. Pangilinan said the law is “too rigid” in the allocation of tariffs collected from imports as Republic Act (RA) 11203 only allows the government to extend cash assistance to farmers when collections exceed P10 billion. He said direct cash assistance is the “fastest” and “most efficient” intervention that could help farmers cope with their transition to a

liberal rice industry. “The losses of farmers are in the billions after enjoying high prices in 2018. All these [Rice Competitiveness Enhancement Fund or RCEF] interventions are good in the long run but the cash assistance is critical,” he told the BusinessMirror in a recent interview. Pangilinan said he would file a bill to amend the law to include

cash assistance as “mandatory intervention” for rice planters in the next three to five years. “The P10-billion RCEF has to be realigned so there’s a need to amend the current [law]. What we want to amend is that [cash assistance] should not [be tied to] excess tariffs,” he said. “A certain amount should be available now and be spent in the next three to five years.” Under RA 11203, any amount in excess of P10 billion, as certified by the Bureau of Customs (BOC), could be used to give direct assistance to rice planters. Pangilinan noted that the Department of Agriculture (DA) already provides direct cash assistance to rice farmers despite the absence of a certification from the BOC.

Realign funds

ONCE Congress resumes session, Pangilinan said the Senate Com-

mittee on Agriculture and Food will conduct a hearing to get updates on the implementation of the P10billion RCEF. He said the money should be channeled to direct cash assistance instead of allowing RCEF implementing agencies to absorb it. Pangilinan flagged the absorptive capacity of the RCEF implementing agencies, which are smallsized government agencies focused only on research activities. “When we resume sessions we will have a hearing on this, maybe a joint hearing by Agriculture committee and Finance committee, so we can actually see the numbers. If they cannot absorb the money, then give it as cash,” he said. “The whole bidding process of the implementing agencies could take as much as four months, and that is too long. Those interventions would not be felt immediately by farmers,” he added.

Duterte prods Modi on RCEP conclusion By Bernadette D. Nicolas @BNicolasBM

A NGKOK— P reside nt Duterte has prodded India to conclude the Regional Comprehensive Economic Partnership (RCEP) in a bid to narrow the development gap within the region. In a statement, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said the President made the remark at the 16th AseanIndia Summit on Sunday. This comes ahead of the third RCEP Summit scheduled today, where a “preliminary conclusion” of one of the world’s largest free trade deals is expected to be reached. Trade Secretary Ramon Lopez said the formal conclusion of the deal is eyed by February 2020 and

the signing of the landmark deal could happen during Vietnam’s hosting of the Asean Summit next year. RCEP is negotiated by member-states of the Asean, Australia, China, India, Japan, New Zealand and South Korea. While Lopez did not specify the non-Asean country with pending issues that have yet to be resolved, India is widely reported to be reluctant to liberalize its market. In an exclusive interview with the Bangkok Post, Indian Prime Minister Narendra Modi said they recognize the “high ambitions of our partners on goods.” Modi added: “We too would like a win-win outcome. We believe that for this, addressing our concerns over unsustainable trade deficits is important. It needs to be

Ping. . .

Continued from A1

Lacson, who has gone over budgets in recent years with a fine-toothed comb to ferret out pork barrel, said the House appropriations version they received in early October indeed contained —as claimed by House leaders —purely “institutional amendments” of the National Expenditure Program (NEP) submitted by the Executive branch. These institutional augmentations of over P9 billion were a far cry, Lacson said, from the P705-billionplus additions that both chambers quarreled about in the 2019 budget, delaying it for nearly five months and hurting economic growth. Lacson, in a radio interview, said on Sunday they don’t worry that government may again need to work under a reenacted budget by January if Congress fails to pass the final version of the budget bill before lawmakers adjourn for their year-end recess from December 21, 2019, to January 19, 2020. “It’s still a go. But my subcommittee has already submitted our report to the main committee, within one week after we went on break, I think before October 10. They’re waiting for the others, and only then can Senator Angara, the Finance committee chairman, sponsor it on the floor,” Lacson said. He said Angara is targeting the second week of November to present the committeeendorsed 2020 budget

recognized that opening the vast Indian market must be matched by openings in some areas where our businesses can also benefit.” Moreover, he said they have put forward reasonable proposals and would like to see commensurate levels of ambition on services from many of their partners even as they expressed readiness to address their sensitivities. “Overall, we are clear that a mutually beneficial RCEP, in which all sides gain reasonably, is in the interest of India and of all partners in the negotiation,” he said.

Blue economy

DUTERTE, in his meeting with Modi, also took the occasion to point out that the Philippines shares India’s priorities, such as the blue economy, particularly the country’s sustainable man-

bill for plenary deliberations and approval before senators adjourn for the Christmas break. “By the second week [of November] because they’re waiting for the other vice chairmen to submit their committee report,” Lacson said, when asked about the timeline.

‘Parked’ funds

ONE thing they still have to clarify in the Senate plenary deliberations, Lacson said, are certain provisions in the NEP which were left untouched in the House of Representatives, “where it was unclear where the funds would go.” These unclear items, added Lacson, amount to “more or less... P20 billion.” The funds are parked with the Department of the Interior and Local Government and Department of Public Works and Highways. Asked if he found any pork barrel allocation inserted in the House-approved version of the budget bill during the initial Senate review of the annual money measure, Lacson replied:“In fairness to the present House of Representatives, [this is probably the] most behaved counterparts [we’ve had in these times].” Lacson recalled that House leaders declared P9.5 billion in institutional amendments to the NEP. “I don’t know what actually happened, but we don’t have the sort of P75 billion plus”in House amendments that triggered the two chambers’ standoff in the 2019 budget, Lacson added. In the case of the 2020 bill, the House—as it declared—indeed made only institutional changes: to the National Food Authority for palay purchases; ang the Department of Health for augmentation for the Universal Health Care. Still, Lacson conceded that their counterparts may still have some “hidden” items that have escaped scrutiny so far, adding that if such were unearthed, that would be “bloody.” “But as far as what was transmitted to the Senate, it’s really just P9.5 billion and purely institutional amendments.” Lacson expressed hope that this orderly process would“hold”and that whatever needs to be tweaked in the bicameral conference panel would be limited to those that will really “improve [our] national budget. In fairness.”

Steel. . .

agement of coastal and marine resources. “Having said this, PRRD [President Rodrigo Roa Duterte] raised the urgency to jointly counter marine debris generation, monitor the movement of marine litter, and evaluate systems of marine pollution,” he said. Aside from this, the President also cited poverty alleviation and inequality reduction as shared goals of Asean and India. After congratulating Modi for his reelection as India’s leader, Duterte also proceeded to talk about the adoption of the Asean Outlook on the Indo-Pacific as part of Asean’s recognition of the deepening engagement with India, citing the need to broaden cooperation in science, technology, innovation, educational and vocational training exchanges.

Continued from A1

The vice chairman of the Metro Manila Development Committee, Rep. Precious Hipolito Castelo, also supported the resolution. According to Fortun, there are fears among consumer groups, specifically residents and buyers of high-rise condominiums nationwide, over reports of continued selling of substandard steel rebars, that may render thousands of high rises unsafe in the event of a strong earthquake. “This seeming grand deception may have led to the rise in the past 10 to 12 years of structurally-compromised infrastructures that may not be able to withstand high-intensity quakes, thus endangering the lives of millions of Filipinos,” Fortun said. In his resolution, Fortun also urged the House to investigate the alleged collusion between large steelmakers and officials of the Department of Trade and Industry (DTI) and the Bureau of Customs (BOC) in the smuggling of substandard steel products. Ungab said contractors who have been using the alleged smuggled below-par materials, including undersized steel bars, should also face justice. “Those involved in the alleged collusion should be held accountable and dealt with accordingly, after due investigation,” said Ungab. Barbers said the investigation on the proliferation of supposed substandard steel products should be prioritized to ensure public safety. Castelo said someone should be responsible for the proliferation of substandard steel that may have been a factor in the collapse of, or damage to buildings in Mindanao. With the series of strong earthquakes in Mindanao, Yap said the investigation should be started immediately. Meanwhile, Fortun said the resolution was also filed following the warning by experts against the poor quality-testing procedure on locally produced steel rebars, which only undergo static tension and bend tests because some steelmakers refuse to subject them to the international standard of cyclic loading tests. Earlier, Assistant Customs Commissioner Philip Vincent Maronilla disclosed that four to five big steel companies were being audited by the bureau. The resolution seeks to “protect consumers from trade malpractices, and from substandard or hazardous products.” Jovee Marie N. Dela Cruz

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OIL FIRMS TO CUT FUEL PRICES FOR 3RD CONSECUTIVE WEEK By Lenie Lectura @llectura

IL companies announced over the weekend they will implement cuts in the prices of gasoline, diesel and kerosene effective Tuesday morning. In separate announcements oil firms said they will roll back the price of gasoline by P0.10 per liter; diesel, P0.25 per liter; and kerosene, P0.10 per liter. Pilipinas Shell, Petron Corp., Phoenix Petroleum, Total Philippines and PetroGazz said they will implement their respective price adjustments at 6 a.m. on Tuesday, November 5. “This is to reflect movements in the international market,” said Petron. Other oil firms are expected to announce price rollbacks on Monday afternoon. This is the third consecutive week of price rollback for gasoline, diesel and kerosene. The Department of Energy (DOE) has kept close watch on fuel pricing since the September 14 drone attacks,

GAA. . .

Continued from A1

According to Salceda, the budget delay resulted in a five-month implementation gap for projects.

Poll postponement

MOREOVER, House Bill 493 seeks to postpone the 2020 Barangay and Sangguniang Kabataan elections from May 2020 to May 8, 2023. If approved, this will be the third time the barangay and SK elections will be postponed under the Duterte administration. The elections had been previously set in October 2016, but postponed to October 2017 and then to May 2018. During his Fourth State of the Nation Address (Sona) in July, President Duterte urged lawmakers to pass a bill postponing the May 2020 barangay and SK polls to give elected officials time to complete their programs and projects. Romualdez said the lower chamber will also work double time to approve in the plenary the pending joint resolution that authorizes the use of the rice subsidy as provided in the P3.757-trillion national budget of 2019 for the purchase of palay (unhusked rice) from farmers. House Commitee on Agriculture and Food Chairman Wilfrido Mark Enverga said the unnumbered joint resolution will be transmitted to the plenary when session resumes on November 4. Enverga also said his committee will ask President Duterte to certify the joint resolution as urgent. The joint resolution urged the Department of Social Welfare and Development, Department of the Interior and Local Government, Department of National Defense, Department of Transportation, and the Department of Environment and Natural Resources, in coordination with the National Food Authority and the Department of Agriculture, to directly buy back palay of the local farmers for the Rice Subsidy Program instead of cash.

Other priorities

MEANWHILE, Romualdez said other economic bills that needed swift action from the House include the real property valuation reform bill, amendments to the Public Service Act amendment, a measure raising the Motor Vehicle Road User’s Tax, as well as the proposals to create a Department of Water, Department of Filipino Overseas (DFO) and Department of Disaster Resilience (DDR). HouseCommitteeonGovernment Reorganization

Trade row. . . Continued from A1

Lopez earlier said the RCEP negotiations are set for a “preliminary conclusion” at the end of the third RCEP Summit, November 4, while its formal conclusion is eyed by February 2020. The signing of the landmark deal could happen during Vietnam’s hosting of the Asean Summit next year. The trade secretary confirmed that a nonAsean country has yet to resolve its pending issues on the deal. Despite this, he said the trade ministers are optimistic that these issues would be resolved soon and that the country would still be part of the RCEP deal. The trade official also pointed out that no matter what happens to the US-China trade war, forging the RCEP deal for the countries involved would definitely be a “bright spot” amid uncertainties. During the Asean Business and Investment Summit also on Saturday, Malaysian Prime Minister Mahathir Mohamad said Asean countries should also speak with one voice amid the ongoing trade war.

which damaged key oil facilities in Saudi Arabia, as the Philippines imports nearly all of its crude oil requirements. The agency earlier issued showcause orders against 13 oil firms in view of the apparent difference in the oil price rollback calculations. Local oil companies earlier reduced gasoline price by P1.45 per liter, diesel by P0.60 per liter and kerosene by P1 per liter. However, the DOE said the price reduction for gasoline was short by P0.22 per liter, while the rollback for diesel was short by P0.06. The DOE is still collating the reply of the oil firms. Energy Secretary Alfonso G. Cusi said differences in oil prices were observed in Baguio City. “We validated why pump prices are higher by P9. We asked them to explain, to unbundle the price difference. But instead of replying, they implemented a price rollback of P3,” said Cusi. “That’s not an answer so we insisted on their reply. I have not yet received their reply, though.”

Chairman Mario Vittorio Mariño, sponsor of Package 3 of the Comprehensive Tax Reform Program (CTRP), or HB 4664 or real property valuation reform bill, said the proposal will institute reforms in the country’s real-property valuation. Currently, the bill is pending for secondreading approval. “The reform will broaden the tax base for local and national property and propertyrelated taxes, and expedite valuation-based government activities, such as right-of-way acquisition and administration of land transfer taxes. This will neither impose new taxes nor current tax rates since the local government units (LGUs) will continue to set, adjust, and regulate tax rates and assessment levels,” Mariño said. Pending approval of the measure amending the Public Service Act (PSA), the head of the Economic Affairs Committee, Rep. Sharon Garin, has assured the public that safeguards are well in place under the measure, which seeks to allow new players to invest in the Philippines. Garin also dispelled fears posed by the expected influx of foreign investors. HB 78 aims to amend the antiquated PSA by providing a clear distinction between public service and public utility. Under the bill, public utilities will only cover the following: distribution of electricity; transmission of electricity; water pipeline distribution system; and sewerage pipeline system. HB 78 is currently under the period of sponsorship and debate. As the main sponsor of the measure, Garin said she will continue to defend the bill when sessions resume on November 4. Meanwhile, Ways and Means Panel Chairman Salceda said the proposal increasing the Motor Vehicle Road Users’ Tax (MVRUT) could provide P89.36 billion in additional government revenues in five years. Salceda said his HB 4695 is expected to yield additional government revenues of P8.12 billion in 2020, P9.62 billion in 2021, P10.57 billion in 2022, P28.44 billion in 2023 and P32.61 billion in 2024. These will directly go to the Universal Health Care (UHC) and the Public Utility Vehicle (PUV) Modernization Program. According to Salceda, the existing MVUC rates have not been adjusted since 2004. The bill is pending before the ways and means committee. On the creation of new offices, Speaker Alan Peter Cayetano said House will focus on the passage of the Department of Water, DFO and DDR. Cayetano said the target is to approve the bills creating these agencies before the year ends. Mahathir said it is vital for all member-states to work together, especially when entering into international negotiations, since Asean is a big market for the whole world. “If you want to be listened [to], you must be very powerful, strong or very rich, otherwise, nobody listens to you. If we function as a regional organization, as Asean, then we have more people to argue in our favor in forums, and when we have more people, we can attend all the meetings and express our views,” he said. “But if you go alone, if Thailand goes alone, it will not be as strong as 10 Asean countries,” he added. Meanwhile, Duterte also said Asean declarations and joint statements that aim to protect the people, especially the most vulnerable, are very much welcome. For the greater direct benefit to certain sectors of the population, he said more measures are needed, such as the expansion of Mutual Recognition Agreements and the empowerment of women, migrant workers and persons with disabilities. He also stressed that Asean must also harmonize its standards on nurses and other health-care professionals.

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Angara presses probe on high incidence of teen pregnancy By Butch Fernandez @butchfBM

EN. Juan Edgardo M. Angara, sounding an alarm over the rising incidence of teenage pregnancies, pressed for an inquiry into steps the government could take to address the problem soonest. “Child and teenage pregnancies in the country are growing at an alarming rate and it is imperative for the government to do something about this at the soonest possible time,” Angara said over the weekend. In a statement, Angara asserted that data on child and teenage pregnancies in the country should be “a cause for alarm” noting that the Commission on Population and Development (Popcom) sees the need to declare a national emergency. The senator recalled that in the 2017 Philippine National Demographic and Health Survey conducted by the Philippine Statistics Authority found that nine percent of teenage women aged 15 to 19 have begun childbearing. He noted t hat t he su r vey showed that the highest incidence of teenage pregnancies was recorded in Davao, Northern Mindanao and Soccsksargen, adding that the Popcom also cited statistics that an average of 530 teenage girls get pregnant daily. In 2017, the figure went as high as 574 per day. “What is even more alarming is that 30 percent to 50 percent of these pregnancies involved 10-year-old girls. Children this age should be in school and playing with other kids. They cannot possibly be ready to get pregnant and raise their own children,” Angara said. “When young girls get pregnant, they are forced to quit school. Their lives take an unexpected detour, ambitions are set aside and they effectively lose their childhood. No child should have to go through this,” he added. Citing the Department of Education, Angara added that underage pregnancies has led to an increase in the dropout rate among female students. The senator confirmed plans to file a resolution seeking an inquiry into the rising incidence of child and teenage pregnancies, with the end in view of strengthening Republic Act 10534, or the Responsible Parenthood and Reproductive Health Act of 2012, which mandates the provision of age and development-appropriate reproductive health education, including teenage pregnancy. RA 10354 also mandates the DepEd to formulate a curriculum for each educational level or group, subject to consultations with parents-teachers-community associations, school officials and other interest groups, to be used by public schools and may be adopted by their private counterparts.

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

Legal defense readied for 50 trade unionists arrested in Negros Occ By Samuel P. Medenilla @sam_medenilla

ABORERS are now preparing the legal defense of over 50 trade unionists and activists who were arrested by authorities in Negros Occidental last week due to alleged involvement in rebellion. In an SMS, Kilusang Mayo Uno (KMU) Chairman Elmer Labog told the BusinessMirror they will help the concerned unionists and activists, especially since some of their affiliates are among them. “We will definitely help them since they are our members,” Labog said. Aside from those from KMU, also among the arrested are members of Bagong Alyansang Makabayan (Bayan), Anakpawis, Gabriela

and National Federation of Sugar Workers (NFSW).

Legal action

KMU Secretary-General Jerome Adonis said they already consulting their lawyers on how to hold accountable the people responsible for the arrest, which he maintained as legally questionable. “We are currently studying if we can file charges against members of the raiding of PNP [Philippine National Police] and the AFP [Armed Forces of the Philippines] [who made the arrest],” Adonis said. In a related development, the BPO Industry Employees Network (Bien) said it will also extend legal aid to those arrested. An official of the Manila-based

Bien said the group’s parelegal is already in Negros Occidental. Bien said their priority will be to process the bail of those arrested.

DOLE intervention

THE Federation of Free Workers (FFW) called on the Department of Labor and Employment (DOLE) to investigate the incident, which it said may constitute a violation of International Labor Organization (ILO) 87 or the right to organize. The FFW said in a statement they are “one with other trade unions in their call” for Labor Secretary Silvestre H. Bello III “to take necessary measures, intervene and form a tripartite body to investigate the arrests and searches of trade union leaders and women activitists.”

The FFW said the DOLE should look into allegations that some of the pieces of evidence against those were arrested were “planted” by the police and military. Last, the FFW reiterated its call on the DOLE to accept the proposed ILO High Level Tripartite Mission that will look into “the case of extrajudicial killings of workers and other violations of the right to organize.” “Though [the] FFW does not identify ideologically with [the] NFSW or KMU to which it is affiliated, FFW is of the submission that an attack to one is an attack to all,” FFW said. “An attack to a legitimate trade union will endanger the other trade unions who are also organizing workers for purposes of collective bargaining negotiation and mutual

aid and protection,” it added.

Ongoing verification

TO recall, the ILO proposed sending the mission last June after local labor representatives claimed there were at least 43 labor-related deaths in the country. Labor Assistant Secretary Benjo M. Benavidez said they will defer accepting the ILO mission until they could complete the verification of the supposed list of laborrelated deaths. “Our regional offices are now conducting the verification process. It is expected to be completed by November,” Benavidez told the BusinessMirror in a previous interview. The DOLE earlier said it only had recorded five labor-related deaths.

Dalian train dry run extended until November T HE Metro Rail Transit Line 3 (MRT 3) on Thursday announced the extension of the trial period of the rail line’s first Dalian train set to allow further observation of its performance. In a statement, the MRT 3 said the Dalian train, which was supposed to end its dry run on October 31, will instead resume its nightly operation, from 8:30 p.m. to 10:30 p.m., until November 30. The reason for the extension of

the trial period is to allow for further observation the performance of the Dalian train set in the MRT 3 line, the MRT 3 said. The rail operator added that extending the use of the Dalian train this November would also help in the coming rush of commuters this holiday season. According to MRT 3 Director for Operations Michael Capati, the Dalian train set has so far not shown any signs of problems or

First day of bar exams at UST proceeds sans fanfare, trouble

HE first of the four-Sunday Bar examinations proceeded on Sunday without any trouble. Supreme Court Associate Justice and 2019 Bar Exams Committee Chairman Estela Perlas-Bernabe, along with Chief Justice Diosdado M. Peralta and Associate Justices Marvic MVF Leonen and Alfredo Benjamin S. Caguioa even personally visited the Pontifical and Royal University of Santo Tomas (UST) prior to the exams. The justices wanted to ensure that bar takers would not encounter any problem and that the exams would proceed smoothly. Accompanying them on the final inspection is Court Administrator Jose Midas S. Marquez. “They [justices] are all hoping that many will be able to pass the bar exams because we need more lawyers in the country,” SC Spokesman Brian Keith F. Hosaka said. More than 600 policemen were deployed inside and outside the UST to ensure the security of the examinees. Earlier, the Supreme Court said a total of 8,245 examinees are set to take the first Sunday of the bar exams. The exams cover eight subjects namely: “Political and International Law,” “Civil Law,” “Taxation,” “Labor Law and Social Legislation,” “Criminal Law,” “Remedial Law,” “Mercantile Law” and “Legal and Judicial Ethics.” The first Sunday of the Bar Exams covers Political and International Law in the morning, and Labor Law and Social Legislation in the afternoon. The second Sunday will cover Civil Law and Taxation, while the third Sunday is Mercantile Law and Criminal Law. The last Sunday will cover Remedial Law, and Legal and Judicial Ethics. In the 2018 Bar examinations, 1,800 of the 8,158 examinees passed what is dubbed as the most grueling licensure examinations in the country with a graduate from Ateneo de Manila University topping the exams.

Hosaka confirmed

PERALTA announced on Sunday he has decided to retain Hosaka, a lawyer, as the spokesman of the High Court. Peralta made the announcement prior to meeting law school deans during the first Sunday of the 2019 bar examinations. Joel R. San Juan

issues, and was getting positive feedback from its passengers. No issues came up, Capati said in Tagalog. When we asked our passengers, they said they were satisfied with their ride and the launch of our Dalian train, he added. However, the MRT 3 said once rail replacement begins, the operation of the Dalian train may be temporarily suspended. On October 14, Sumitomo-MHITESP, the MRT 3’s maintenance

provider, signed an agreement that allowed the dry run of the Dalian train in the MRT 3. A single Dalian train with its

DepEd orders weekly drills vs disasters in Soccsksargen schools

ORONADAL City—An official of the Department of Education (DepEd) in Region 12 (Soccsksargen) directed all public and private schools in the region to conduct weekly earthquake and other disasterrelated drills after two powerful earthquakes jolted the area this week. Allan Farnazo, DepEd-12 director, said last Thursday that the move mainly aims to generate the “highest level of awareness” among students, teachers, and school personnel on proper responses during emergencies triggered by earthquakes and other disasters. He said the conduct of regular drills could help prevent casualties, especially deaths, during disasters. “My mandate to our schools is to implement earthquake and fire drills every Friday, starting next week until the Christmas break,” Farnazo said in an interview. Citing reports from the field, he said many schoolchildren and students panicked at the height of the twin quakes on Tuesday and Thursday. He said several schoolchildren in North Cotabato suffered injuries while running toward the evacuation centers. “We are thankful that except for the few injuries, there was not recorded fatality. So we hope the weekly drills will correct the gaps and further strengthen awareness on disaster preparedness,” Farnazo said. PNA

three passenger cars is capable of carrying about 1,050 passengers in a single trip, according to the MRT 3. PNA

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

Economy BusinessMirror

‘Embrace tech, but Filipino heart is still the best guest experience’ By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

ECHNOLOGICAL innovations, artificial intelligence, virtual reality may be changing the landscape of the tourism industry, but the Filipino brand of hospitality and customer service will never go out of style. This was the message of Undersecretary for Tourism Regulation, Coordination and Resource Generation (TRCRG) Arturo Boncato Jr. of the Department of Tourism (DOT) in his keynote address at the recent 5th Tourism Human Resource Congress in Baguio City. “Tourism is bigger than artificial intelligence. Tourism is bigger than robotics. The quest for quality is something that only human beings could give,” he stressed. The Congress, whose theme was “Tourism and the 4th Industrial Revolution [4IR]: The Future of Jobs,” was organized by the Tourism Industry Board Foundation Inc. in partnership with the DOT. “Quality tourism is the key in bringing tourists in the country. It’s all about the human heart. Tourism is all about experience and relationships,” said Boncato, himself a former hotelier. For her part, Assistant Secretary for TRCRG Ma. Rica Bueno emphasized the significance of “personal touch points” not only in the hospitality sector, but in the tourism industry as a whole. “This is the inspiration why we remain committed in promoting and educating our frontliners

on the Filipino brand of service,” she said during her presentation on the Updates on the Training Initiatives and the Asean Mutual Recognition Arrangement (MRA) for Tourism Professionals. While human resources is still irreplaceable, delegates to the Congress also agreed that artificial intelligence can enhance tourism products and services. “What we really need to do is to upscale our work force so that artificial intelligence, machine learning will all complement us. Remember that even data managers are human, so we are still in control as we put in the information in these machines,” explained Felta Multi-Media Inc. President and CEO Mylene Abiva, as she presented the Philippine Basic Education in the 4IR. At the panel on the Response to Future Employment Challenges in the 4IR, participant Bienvenido Travel and Tours Managing Director Ramon Marinas�� underscored: “Instead of competing with technology, partner with it, collaborate with it. Strive to look at the good things, strive for partnership instead of competition. Even with the advent of 4IR, always provide love and tender loving care because this is something that robots can’t do. Always personalize to achieve great customer and guest experience.” The DOT and a number of its attached agencies have embraced technological innovations in promoting the destinations in the country and boosting the visibility of the country’s tourism services providers. The agency, for instance, has partnered

with Google Philippines as the first Google My Business Trusted Verifier in the country. As a GMB Trusted Verifier, the DOT can instantly verify via the Quick Response (QR) code method all local DOT-accredited micro, small, and medium enterprises and make them discoverable on Search, Maps, and other Google products. With this, all accredited tourism MSMEs do not need to mail documents and wait for the vetting period of 30 to 60 days just to be verified on GMB. “The DOT is looking forward to working closely with Google in digitizing our tourism establishments in the country, as well as in showcasing to local and foreign tourists alike all the best that the Philippines has to offer. This partnership recognizes the unique role Google’s products, such as Search and Google Maps have in the journey of our tourists when they go around the country,” said Tourism Secretary Bernadette Romulo Puyat in a statement. As a “verified” business, enterprises will be able to manage their “Google My Business” profiles by listing their products and services, as well as being easily searchable and accessible to customers who want to connect, leave a message or post a review. Owners and managers can also view insights directly from their Business Profile on Google My Business. This allows them to check how often their profile has been viewed, and use profile view insights to track how popular their business is with current and potential customers.

www.businessmirror.com.ph

Asean, China tag 19 ‘bankable’ projects to improve connectivity By Bernadette D. Nicolas

@BNicolasBM

ANGKOK—Asean leaders and China have formally acknowledged the need to improve connectivity between Asean and China by synergizing common priorities in the Master Plan on Asean Connectivity (MPAC) 2025 and the Belt and Road Initiative. Asean and China also welcomed the launch of Initial Rolling Priority Pipeline of Asean Infrastructure Projects under MPAC 2025—a move seen to assist member-states in selecting “bankable infrastructure projects that have the highest potential, to attract investment from Dialogue Partners and financial institutions. On Saturday, Asean Secretary-General Dato Lim Jock Hoi announced the list of projects upon the conclusion of the 24th Asean Coordinating Council during the 35th Asean Summit and Related Summits. World Bank was assigned to implement the key initiative. Together with Australia, they assisted in the streamlining of proposed infrastructure projects from all Asean memberstates with the highest potential to make up the list of projects in the priority pipeline, which will contribute to the region’s economic growth and beyond. A total of 19 projects were selected in the initial pipeline, which can be modified as “appropriate.” Broken down per sector, there were 11 road projects, three power projects, two port, one information and communication technology, one railway and one airport. Out of the 19, five were in Myanmar, four for Lao PDR, three each for Indonesia and Thailand, two for Vietnam, one for Cambodia and one for Brunei Darussalam. In a joint statement, Asean also encour-

aged China to actively support the development and financing of Asean infrastructure projects and promote connectivity cooperation in areas, such as railways, highways, port and harbors, airports, power and communication, for building better business and investment environment. The parties also committed to promote innovative infrastructure financing in Asean though the mobilization of private capital. This entails encouraging financial institutions, including the Asian Infrastructure Investment Bank, Asian Development Bank and the World Bank Group, and tapping funds, such as the Silk Road Fund to better mobilize private capital and enhance capacity building to support infrastructure development in the region. Bilateral trade and investment are expected to be enhanced through the implementation of the Protocol to Amend the Framework Agreement on Comprehensive Economic Cooperation and Certain Agreements between Asean and China to further explore other areas of cooperation, including on production capacity. The parties also reaffirmed their strong commitment to conclude the Regional Comprehensive Economic Partnership negotiations by 2019 and leverage opportunities brought by the Fourth Industrial Revolution. People-to-people connectivity will improve by supporting cooperation in areas like education, youth, tourism, human resource and technical cooperation, media, think tanks and local governments, including building the Asean-China Young Leaders Scholarship as a flagship project as well as cooperation on improving people’s livelihood.

Agriculture/Commodities BusinessMirror

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Editor: Jennifer A. Ng • Monday, November 4, 2019 A5

PHL to OIE: ASF struck 508 backyard farms By Jasper Emmanuel Y. Arcalas

nine areas to contain the spread of ASF. The nine outbreaks were part of the 20 confirmed ASF outbreaks in Luzon earlier confirmed and disclosed by the Department of Agriculture (DA) to the media. While the source of outbreaks was “inconclusive,” Manila said these may have been caused by the illegal movement of animals, swill feeding and fomites, such as vehicles. “Suspected swill feeding, then spread through illegal movement of already sick pigs that were being sold at a lower price,” the Philippines said in its report. The report was submitted by Bureau of Animal Industry (BAI) OIC-Director Ronnie D. Domingo, who is now the country’s chief veterinary officer. To date, the Philippines has officially notified 16 ASF outbreaks in Quezon City, Rizal and Pangasinan to the OIE. Based on its two formal notifications to the OIE, the Philippines culled 12,547 pigs while 584 hogs died due to ASF. The DA confirmed the outbreak of ASF in seven areas in Luzon (Rizal, Quezon City, Pangasinan, Bulacan, Pampanga, Cavite and Nueva Ecija). The disease affected at least 20 barangays.

@jearcalas

VER 500 backyard hog farms were struck by African swine fever (ASF) during nine outbreaks in Luzon, the Philippines said in its first follow-up report to the World Organisation for Animal Health (OIE). Manila formally notified the OIE on October 30, that ASF outbreaks in seven areas in Quezon City, and two in Pangasinan had affected a total of 508 individual backyard holdings. The October 30 report was a followup to the first notification made by the Philippines on September 9, which indicated that the ASF outbreaks started in July. In its latest notification, the Philippines said the outbreaks in Quezon City were in Barangays Bagong Silangan, Payatas, Tatalon, Pasong Tamo, Roxas, Tandang Sora and Commonwealth, while the cases in Nueva Ecija were confirmed in Barangays Apalen and Baloling. In Barangay Bagong Silangan 108

backyard farms were struck by ASF while 247 backyard farms in Barangay Payatas were affected, according to the report. The Philippines added that eight backyard farms were affected in Tatalon, 33 in Pasong Tamo, one in Roxas, and six in Commonwealth. Outbreaks were also confirmed in Tandang Sora but the government did not say how many farms were affected. In Pangasinan, 24 backyard farms were infected by ASF in Barangay Baloling while two in Barangay Apalen tested positive for the fatal hog disease, according to the report. Manila also said ASF killed 59 hogs in Barangay Apalen, Pangasinan. The government culled 5,131 hogs in the

Over 62,000 hogs, a third of which tested positive for ASF, were culled to contain and control the spread of the virus.

HOG carcasses are dumped in a pit in Pangasinan after culling to control the spread of the African swine fever. PROVINCIAL VETERINARY

Govt eyes creation of natl research academic fleet Retail price of chicken higher

HE government has a plan to establish a national research academic fleet, in a bid to fulfill its goal of having a “robust and strengthened” marine scientific research in the country, according to National Security Adviser Hermogenes Esperon Jr. Esperon, in a speech delivered during the National Marine Summit 2019, said the idea is part of the current administration’s plan to develop the country’s capability to conduct marine scientific research. “The objective is for mankind, but first and foremost, for Filipinos to benefit from the sustainable exploitation and use of the country’s marine resources,” he said. “But while these researches yielded many positive results, so much still needs to be done,” Esperon added. Esperon’s statement came following his earlier announcement that the moratorium on foreign marine scientific research (MSR) in the Philippines’s exclusive economic zone (EEZ) will soon be lifted. Speaking before the maritime experts, Esperon said the govern-

ment wanted the proposed national research academic fleet to have “appropriate state-of-the-art technology and fully capable empowered Filipino scientists.” “Our objective is not just to exploit but also to exploit in a sustainable manner, ensuring that we protect and conserve the marine ecosystems even by learning and benefiting from the living and nonliving marine resources of our vast waters,” he said. “It’s only the beginning. We have so much to learn from the discovery.... We could only learn to expand our knowledge if we go out there and conduct MSR activities,” he added. To assert territorial rights over the Philippine EEZ, Duterte in February 2018 prohibited the conduct of foreign scientists’ marine exploration and studies in the country’s waters, specifically in the Philippine Rise, a 13-millionhectare continental shelf located east of Luzon. But with the lifting of the presidential order, Esperon said foreign research groups will once again have the authority to collaborate with and assist Filipino

scientists, especially in conducting researches using “advanced technologies and better-equipped ships.” “Marine scientific research can certainly help government policyand decision-makers to arrive at an informed and science-based policies and decisions toward a sustainable management of our maritime domain and marine resources,” Esperon said. “To harmonize all MSR efforts by various agencies and institutions, harnessing existing mechanisms for cooperation and cooperative undertakings, as we know, is essential,” he added.

Congress’ support asked

TO attain the government’s objective, Esperon admitted that legislative intervention and support are needed. Esperon expressed optimism that lawmakers’ would support the Duterte administration’s initiatives to develop the country’s marine resources. “So Congress, please help us. We have to synergize our efforts for a holistic and collective approach to address the institution-

Wild boars from China may be spreading hog disease to Russia

ORE than a year after African swine fever (ASF) began ravaging hogs in China, the virus may be escaping along the same route it’s believed to have entered—via Russia. While the swine contagion has been present in Russia for 12 years, it’s only been spreading actively in the country’s Far East for the past few months. Authorities have reported almost 60 outbreaks in wild and domestic pigs, most within a few miles of the border with China. Infected wild boar may be playing a role in cross-border spread, said Dirk Pfeiffer, a professor of veterinary medicine and life sciences at City University of Hong Kong. “Wild boar are very likely to now also be infected in northern China,” Pfeiffer said. While the Far East accounts for less than 2 percent of Russia’s swine herd, the virus persistence in wayward, wild animals may frustrate attempts to control the disease on both sides of the border. In China, ASF has reduced the nation’s pig herd by almost half, causing recordhigh pork prices and a shake-up of its $118 billion industry. Experience in Europe with ASF has shown that once the disease becomes

established in wild pigs, it’s “extremely difficult to control it in both wild and domestic pigs, especially when the wild population is dense and swine production is characterized as extensive, semiintensive or ‘backyard,’” said Andriy Rozstalnyy, an animal health officer with the Food and Agriculture Organization of the United Nations in Rome. “Smuggling of infected pork products, backyard pig-farming, and semisubsistence hunting could play an important role” in the spread of the virus, Rozstalnyy said in an e-mail. Rosselkhoznadzor, Russia’s biosecurity watchdog, called for stronger measures to protect the region’s backyard pigs in August, about a month before the virus was found in sausage meat that a Chinese citizen had tried to smuggle across the checkpoint at Zabaykalsk, opposite the Chinese border town of Manzhouli. The illegal transport of goods, the movement of tourists, and the migration of wild boar all pose disease risks, Rosselkhoznadzor said in an August 5 statement. Additionally, the virus could spread in live pigs, contaminated meat products and crops, it said. Bloomberg News

al, budgetary and human resource constraints,” he said. Albay Second District Representative Joey Salceda, who was also present on the last day of the marine summit, vowed to push for the government’s legislative agenda, including the measures aimed at promoting the sustainable use of the Philippines’s marine resources. “All waters in the Philippines belong to the state.... We will rationally manage the water resources of the country,” Salceda said. “Kung ano po ang kailangan ng Pangulo ay ide-deliver naming iyan [We will deliver what the President needs].” Executive Secretary Salvador Medialdea, who serves as the chairman of the National Coast Watch Council, thanked the stakeholders who participated in and contributed to the two-day National Marine Summit. “Through this consultation, there has been a genuine exchange of ideas between government agencies, NGOs [nongovernment organizations], civil society organizations, the scientific community, business sector, and other major groups,” he said. PNA

in 3 areas in October—PSA

RESSED chicken in three regional trading centers went up by P10 per kilogram by the fourth week of October, according to data from the Philippine Statistics Authority (PSA). Monitoring conducted by the PSA showed that dressed chicken was more expensive in Region 1, 4 and 5. PSA data also showed that there was also an uptick in the price of medium-sized chicken egg in three areas—Cordillera Administrative Region, Region 1 and 2. Figures from the PSA also showed that despite the outbreak of African swine fever (ASF) in some areas in Luzon, the price of pork products declined in only two areas—National Capital Region (NCR) and Caraga. The price of lean pork fell by an average of P20 per kg in the NCR and by P10 per kg in Caraga. The price of pork liempo also fell by P10 per kg in Caraga. United Broiler Raisers Association (Ubra) President Elias Jose Inciong told theBusinessMirrorinSeptember,that chickenconsumptionremainedrelatively stable even after the government announced the outbreak of ASF in August. The National Federation of Hog

Farmers Inc. also told the BusinessMirror that hog production will remain stable despite the culling of hogs in some backyard farms in Luzon. Data from the PSA also indicated that the price of rice, the staple food of Filipinos, was relatively stable during the period. The average price of regular-milled rice even declined by P1 per kg, according to PSA data. The PSA noted that the prices of vegetables declined in many regional centers during the period. The price of ampalaya, for instance, fell by P10 per kg and P20 per kg in four regional centers. In Cotabato City, the price of ampalaya rose by P5 per kg in Cotabato City; by P10 per kg in Legazpi City; and by P2 per kg in Zamboanga City and Butuan City. The PSA said the price of carrots dropped by P10 per kg in Baguio City and San Fernando City, and by P20 in Zamboanga City. As for condiments, the PSA noted that prices were higher in some regional centers. The price of a kilogram of imported garlic rose by P10 per kg in Batangas City, Zamboanga City and Butuan City, but fell by P20 per kg in Baguio City and Legazpi City.

The W

Business

A6 Monday, November 4, 2019 • Editor: Angel R. Calso

About 200 people arrested in Hong Kong rampage

T least 200 people were arrested in Hong Kong as protesters blocked roads, vandalized public facilities and set alight exits of subway stations on Saturday. Police fired multiple rounds of tear gas and deployed a water cannon on blackclad demonstrators who built barricades across busy streets, including a highway, and threw flaming objects in Wan Chai on Hong Kong Island. MTR Corp., operator of the city’s rail system, suspended services at the main Central station after arsonists set alight at least two subway-stop exits. Petrol bombs were also thrown outside Cheung Kong Center—the nerve center of billionaire Li Ka-Shing’s business empire whose tenants include Goldman Sachs Group Inc. and Bank of America Corp., according to the South China Morning Post. The offices of China’s official Xinhua News Agency were vandalized. People were arrested for offenses including unlawful assembly, possession of an offensive weapon, criminal damage and using facial covering while at an unlawful assembly, police said. Four men and a woman were held for possession of an offensive weapon and officers seized weapons including 188 petrol bombs, several extendable batons and pepper sprays, according to the police. Hong Kong’s economy entered a recession in the third quarter as almost five months of increasingly violent protests hurt local businesses. Tourism has plummeted across the board, especially arrivals from mainland China, which accounts for almost 80 percent of all visitors to the city. Hong Kong Chief Executive Carrie Lam said on Saturday the recent unrest has “inevitably affected the confidence of local and overseas sectors” toward the city, but its “unique edge” is unharmed under the “One Country, Two Systems” principle. “Hong Kong can surely start anew through strict law enforcement, sincere conversation and return to calm,” Lam told a conference in Nanjing, China. Later in the week she plans to attend the China International Import Expo in Shanghai, where President Xi Jinping will give a keynote speech, and then she’ll head to Beijing for a meeting about the Greater Bay Area before returning to Hong Kong on Thursday.

Upcoming elections

EARLIER on Saturday, thousands gathered in the vicinity of Victoria Park as pro-democracy candidates for upcoming district council elections held campaign events. Tension built up as police repeatedly issued warnings to protesters that they were participating in an unauthorized assembly and violating a ban on face masks. Victoria Park, near the shopping district of Causeway Bay, was the venue for several peaceful rallies in recent months, and hosts the city’s annual June 4th commemoration of China’s 1989 crackdown on democracy activists in Tiananmen Square. Saturday’s demonstrations follows a chaotic Halloween of revelry and protests, where tear gas rounds were fired to disperse costume-wearing demonstrators. Hong Kong’s High Court on Thursday granted the local government its second injunction in a week limiting online speech—the latest was a 15-day ban on Internet posts that incite violence or property damage. As protests rage in Hong Kong against China’s increased grip over the city, Beijing signaled it would intervene more in everything from education to the selection of the city’s top leader. The Chinese government on Friday outlined a series of broad, but vaguely worded commitments to address some of Hong Kong’s most divisive issues, including a pledge to “improve the system and mechanisms for appointing and removing the chief executive and other principle officials.” Communist Party leaders also vowed stronger measures to teach “patriotism” to young people and public officials, according to a communique released by the Central Committee after their first meeting in more than 20 months. “There may be more control of freedom of speech after the plenary session,” a 20-year-old protester who would only be identified as Cheung, said Saturday. Bloomberg News

Asean charts path for trade bloc le

ONTHABURI, Thailand—Leaders from fast-growing Southeast Asian economies, China, Japan and other regional powers are aiming for a breakthrough on a free-trade deal and an outline for handling territorial tensions at an annual summit that opened near Bangkok on Sunday. Thai Prime Minister Prayuth Chan-Ocha told fellow leaders the summit of the Association of Southeast Asian Nations should produce a basic agreement on their proposed Regional Comprehensive Economic Partnership (RCEP), a 16-member trade bloc encompassing nearly a third of all global trade. Prayuth said the aim was to have a final deal by next year. Asean also hopes to set a code of conduct with China regarding disputed waters in the South China Sea, he said. President Donald J. Trump

skipped the Asean summit and related meetings this year, opting to send his national security adviser, Robert O’Brien instead. Last year, Trump sent Vice President Mike Pence. This year both are busy campaigning back home and analysts say their absence will leave room for China to further raise its profile and clout in the region. Chinese Premier Li Keqiang told other leaders attending that Beijing was committed to 10-nation Asean’s central role in the region. “Given the complexity in the in-

ternational and regional situation, our cooperation is built on a stable structure and moving forward in a positive fashion,” Li said. “This is beneficial to the region and all parties involved.” “We support stability in the region and by doing so we have been able to cope with the instability elsewhere in the world,” Li said. On the long-troublesome issue of the South China Sea, Li welcomed progress on negotiating a “code of conduct” aimed at taming aggressive actions that could set off armed confrontations in one of the world’s most disputed regions. After being accused of delaying the start of talks for years while building artificial islands with military outposts on contested reefs, China agreed to commence negotiations and both sides announced that the first of three expected rounds

CHINESE Premier Li Keqiang (fifth from left) joins Asean leaders (from left) Malaysian Prime Minister Mahathir Mohamad, Myanmar State Counsellor Aung San Suu Kyi, Philippine President Duterte, Singapore Prime Minister Lee Hsien Loong, Thailand Prime Minister Prayuth Chan-ocha, Vietnam Prime Minister Nguyen Xuan Phuc, Brunei Darussalam Sultan Hassanal Bolkiah, Cambodia Prime Minister Hun Sen, Indonesia President Joko Widodo, and Lao PDR Prime Minister Thongloun Sisoulith during the Asean-China summit in Nonthaburi, Thailand, on Sunday, November 3, 2019. AP

World

sMirror

led by China was concluded in July. Li called that progress “a very important landmark” for regional stability. He said China is committed to making headway in the negotiations with Asean members, four of whom—Brunei Darussalam, Malaysia, the Philippines and Vietnam— are locked in the territorial disputes. But the talks are highly contentious and it’s unclear if China is ready to sign a code that many governments, including the US, hope would be legally binding and potent enough to restrain provocative actions in a busy waterway crucial to global commerce. Two Southeast Asian diplomats told The Associated Press that in a tense meeting in Vietnam recently, Vietnamese diplomats questioned how the negotiations could progress while flotillas of Chinese fishing boats backed by Beijing’s coast guard and navy were swarming into waters where Vietnam, the Philippines and Malaysia have exclusive rights under international law to exploit energy resources. Chinese officials replied that Asean members should not allow one state “to hijack the COC process,” one of the diplomats said, referring to the code of conduct talks. The two diplomats spoke to the AP on condition of anonymity because of a lack of authority to discuss the issue publicly.

“China’s continued harassment of Malaysian, Filipino, and Vietnamese activities over the last year shows that it isn’t yet prepared to compromise in any substantive way. So these talks always seemed to be heading for trouble,” said Greg Poling, a South China Sea expert with the US-based Asia Maritime Transparency Initiative. On the issue of trade, Asean officials plan to present to the leaders a report on RCEP negotiations. A draft of a statement by the leaders on the RCEP seen by The Associated Press says talks should be finalized by February 2020, and endorsed by leaders of member countries at next year’s summit, which is due to take place in Vietnam. “We are committed to sign the RCEP agreement in Vietnam in 2020,” the leaders’ draft statement said. Asean members include Brunei, Cambodia, Indonesia, Lao PDR, Myanmar, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Together, they comprise a fastgrowing regional market of nearly 650 million people. The proposed RCEP trade bloc aims to dismantle trade barriers and set standards for trade between Asean and six other nations: China, Japan, India, Australia, New Zealand and South Korea. It does not include the US. AP

www.businessmirror.com.ph A7

Saudi Arabia formally starts IPO of state-run oil firm

UBAI, United Arab Emirates —Saudi Arabia formally started its long-anticipated initial public offering (IPO) of its state-run oil giant Saudi Aramco on Sunday, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom. An announcement from the kingdom’s Capital Market Authority serves as a starting gun for an IPO promised by Crown Prince Mohammed bin Salman Al Saud since 2016. Initial plans call for the firm’s shares to be traded on Riyadh’s Tadawul stock exchange, then to later put other shares on a foreign exchange. Prince Mohammed hopes for a very-optimistic $2-trillion valuation for Aramco, which produces 10 million barrels of crude oil a day and provides some 10 percent of global demand. That would raise the $100 billion he needs for his ambitious redevelopment plans for a Saudi Arabia hoping for new jobs, as unemployment stands at over 10 percent. However, economic worries, the trade war between China and the United States and increased crude oil production by the US has depressed energy prices. A September 14 attack on the heart of Aramco already spooked some investors, with one ratings company already downgrading the oil giant. The announcement by the Capital Market Authority offered no time-

IN this September 20, 2019, file photo, taken during a trip organized by Saudi information ministry, workers fix the damage in Aramco’s oil separator at processing facility after the September 14 attack in Abqaiq, near Dammam in the Kingdom’s Eastern Province. Saudi Arabia formally started its long-anticipated initial public offering of its state-run oil giant Saudi Aramco on Sunday, November 3, 2019, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom. AP

line for the IPO. “The Capital Market Authority board has issued its resolution approving the Saudi Arabian Oil Co. [Saudi Aramco] application for the registration and offering of part of its shares,” the authority said in its statement. “The company’s prospectus will be published prior to the start of the subscription period.” The Saudi-owned satellite channel Al Arabiya reported last week, citing anonymous sources, that pricing for the stock will begin November 17. A final price for the stock will be set December 4, with shares then beginning to be traded on the Tadawul

on December 11, the channel reported. The channel is believed to have close links to the Kingdom’s Al Saud royal family. The kingdom has in the past used the company as a piggy bank for development companies, back when it was still an American company. Since buying a 100-percent interest in the firm by 1980, the royal family as its sole “shareholder” largely hasn’t interfered in the company’s long-term business decisions as its revenue provides around 60 percent of all government revenue. But recently, there have been decisions seemingly forced onto Aramco, including the nearly $70 billion purchase in March of the petrochemical firm Saudi Basic Industries Corp., just before SABIC announced

a plunge in its quarterly profits. In Aramco’s first-ever half-year results, it reported income of $46.8 billion. Yet, analysts say a $2-trillion valuation—Apple and Microsoft separately for instance are $1 trillion—may be a stretch. By announcing the start of the IPO on Sunday, Prince Mohammed may have been convinced to take a lower valuation in order to get the IPO moving. The kingdom likely is pinning its hopes on tremendous local interest to push up the company’s valuation before potentially taking some of the stock abroad. Analysts believe Aramco will list as much as 3 percent of the firm on the Tadawul, with another 2 percent put abroad. Saudi Aramco has sought to assure investors, given the questions over its valuation and the potential hazards of future attacks or geopolitical risk. A presentation posted to Aramco’s web site last month announced the intent to offer a $75-billion dividend for investors in 2020. That’s the payment per share that a corporation distributes to its stockholders as their return on the money they have invested in its stock. It also pledged that some 2020 through 2024, any year with a dividend under $75 billion would see “nongovernment shareholders” prioritized to get paid. But beyond the stocks, worries persist that Saudi Arabia could be hit by another attack like the one Sept. 14, which the US blames on Iran. Iran denies it launched the cruise missiles and drones used in the attack. Yemen’s Houthi rebels claimed responsibility, but analysts say the weapons used wouldn’t have the range to reach their targets. AP

Green Monday BusinessMirror

A8 Monday, November 4, 2019

Beverage companies want bottles recycled, not trashed

VERY year, an estimated 100 billion plastic bottles are produced in the United States, the bulk of which come from three of America’s biggest beverage companies: Coca-Cola, Pepsi and Keurig Dr Pepper.

CRUSHED plastic bottles sit in a bale following sorting at the Mid America Recycling plant, in Lincoln, Nebraska. Coca-Cola Co., PepsiCo and Keurig Dr. Pepper are investing $100 million to improve US bottle recycling and processing. FRANCIS GARDLER/THE JOURNAL-STAR VIA AP

The problem? Only one-third of those bottles get recycled; the rest end up in the trash. That bleak trend has persisted for more than a decade because of spotty collection, outdated processing facilities and other issues, according to the American Beverage Association. Now, Coca-Cola Co., Pepsi and Keurig Dr Pepper are trying to change that by investing $100 mil lion to improve rec ycling collection and processing. They also plan to come out with new packaging next year reminding consumers to recycle. The American Beverage Association is coordinating the investment, which will be distributed through The Recycling Partnership, a Virginia-based nonprofit that works with local governments to improve recycling rates,

and Closed Loop Partners, a New York firm that invests in recycling facilities and new research. The World Wildlife Fund will track the companies’ progress. Both The Recycling Partnership and Closed Loop Partners say the scale of the investment is unprecedented—and sorely needed. US recycling is a hodge-podge, with 20,000 local governments deciding how best to provide the service. Only 53 percent of US households have curbside recycling. Six percent have no recycling options at all. China’s decision last year to cut back drastically on the recycling it accepts from the US also put a spotlight on the problem. “The US system is so desperate,” said Keefe Harrison, the CEO of The Recycling Partnership.

Katherine Lugar, president and CEO of the American Beverage Association, said that’s a source of frustration for both soda drinkers and corporations. “Consumers in many cases like the convenience of our plastic bottles, but they are rightfully frustrated when they see a bottle on the beach or in a trash can,” Lugar said. “It’s clear that our recycling system needs big improvements, so consumers know their efforts are going to make a difference.” Closed Loop will invest in things like robot sorters, which make recycling centers more efficient and profitable. Through matching grants, municipal funds and private investors, the fund says it can triple the beverage companies’ investment to around $400 million. Right now, only around 6 percent of US bottles are made from recycled plastic, according to The Recycling Partnership. In some regions of the country, that number is as high as 20 percent. Coke has pledged that half its bottles will be made from recycled materials by 2030. Pepsi wants 33 percent of its beverage bottles to be made from recycled material by 2025; Keurig Dr Pepper wants them in 30 percent of its packaging by 2025. Reaching those targets will be difficult. Wood Mackenzie, a consulting firm for the oil and gas industry, estimates plastic bottle collection rates would have to rise 38 percent by 2025, and 78 percent by 2030 to meet them. But companies may have no choice. California lawmakers recently passed legislation requiring 50 percent recycled content in bottles by 2030. Gov. Gavin Newsom vetoed the bill, but only because it let manufacturers seek waivers. Soda companies have made recycling promises before. In the early 1990s, Pepsi promised to phase

out virgin plastic in its bottles by 1994. It never happened. In 2007, Coke invested $60 million in a bottle recycling plant. The plant closed in 2014. The companies have also vehemently fought bottle deposit programs, which have increased recycling rates in the 10 states that have them. The programs require consumers to pay extra for drinks and get the deposit back when they return the bottles to the store. Lugar said her association wants to help develop policies to get more recyclables back, but thinks current bottle laws burden the consumer. Some environmental groups say the companies should move beyond plastic altogether and adopt new delivery systems, like machines that refill reusable containers. “Putting the onus on people to just recycle more, rather than the companies reducing their throwaway plastic, is cowardly,” said Graham Forbes, the global plastic projects leader for Greenpeace USA. “If these companies were serious about addressing the plastic pollution crisis, they would stop making so much plastic and shift toward systems of reuse.” The three beverage companies are looking at new ways to sell drinks. Coke is testing Dasani water refill stations on college campuses. Pepsi bought SodaStream last year so consumers can make fizzy drinks with home machines. Keurig Dr Pepper has partnered with LifeFuels, the maker of a smart water bottle. Bridget Croke, vice president of external affairs for Closed Loop Partners, said the world does need to reduce single-use plastics. But the US also needs to build a system to get all the value it can out of pl a st ic. “ It ’s g o i n g t o t a k e e v e r y tool t h at we h ave to solve t h i s c h a l lenge,” she s a id . AP

GM, Toyota side with Trump in emissions battle with California

ENERAL Motors Co., Toyota Motor Corp. and Fiat Chrysler Automobiles NV plan to back President Donald J. Trump in a contentious battle with California officials over automobile emissions rules, splitting with major rivals, including Ford Motor Co. GM, Toyota and several other automakers plan to intervene on the administration’s behalf in a lawsuit filed by environmental groups challenging the US Department of Transportation’s rule stripping California of its ability to regulate tailpipe greenhousegas emissions. The move was announced last week by John Bozzella, a spokesman for the companies siding with the administration, who call themselves the Coalition for Sustainable Automotive Regulation. California and more than 20 other states have filed suit to block the administration’s plan to revoke the state’s powers, a legal battle that threatens to tie up the critical industry standards in litigation for years with an uncertain outcome. “With our industry facing the possibility of multiple overlapping and inconsistent standards that drive up costs and penalize consumers, we had an obligation to intervene,” said Bozzella, who is also chief executive officer of the Association of Global Automakers, an industry trade group. “The decision to intervene in the lawsuit

VEHICLES drive in traffic down the 405 freeway at night in Inglewood, California, September 19. PATRICK T. FALLON/BLOOMBERG

is about how the standard should be applied, not what the standard should be.” The Trump administration last year proposed to dramatically ease federal automobile greenhousegas emission and fuel economy standards that had previously been coordinated with California. California officials rebuffed and vowed to continue to enforcing their more stringent standards, which are in place through 2025. The move by GM and the other companies breaks with Ford Motor Co., Honda Motor Co., BMW AG and Volkswagen AG, which in July agreed to meet tougher emissions targets set by California. The automakers siding with

the administration were harshly criticized by some Democrats, environmental organizations and California regulators. Mary Nichols, chairman of the California Air Resources Board, said in a statement that the state regulator was disappointed in automakers “hiding behind the Trump administration’s skirts and its assault on public health.” “California will continue to carry out our mandate to meet national air quality standards and keep working with those automakers committed to a framework that delivers cleaner vehicles that benefit consumers and the environment,” Nichols added. Sen. Tom Carper of Delaware,

the top-ranking Democrat on the Senate Environment and Public Works Committee, said that “to say I’m disappointed is an understatement, especially given the number of times these companies have told me personally that they wish to avoid costly litigation and regulatory uncertainty.” “Instead of choosing the responsible path forged by four automa kers and the state of California, one that will move us toward the cleaner, alternative fuel vehicles of the future, these companies have chosen to head down a dead-end road,” Carper said. Most automakers have urged officials in Washington and Sacramento for more than a year to compromise, but no deal materialized after limited talks broke down earlier this year. Still, Bozzella said he held out hope for a middle ground. “We can still reach an agreement that is supported by all the parties,” he said. Ann Carlson, a law professor at the University of Southern California at Los Angeles, was skeptical about that possibility. “By throwing their heft behind the Trump position that California lacks the authority to issue its own standards, GM and company are making it even less likely that California and the federal government will reach some sort of compromise,” she wrote in a blog post Monday. Bloomberg News

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ACCEPTING the Pepsi-Cola Products Philippines Inc. recognition for Asia CEO Awards Circle of Excellence for Corporate Social Responsibility are PCPPI Senior Vice President for Operations Allan Frias II (from left); Vice President for Legal and Government Affairs Atty. Lope Manuel Jr.; Senior Manager for Corporate Affairs and Communications Monique Castro; Senior Vice President for Human Resources and Corporate Affairs Vivian Cheong; and Senior Manager for Legal and Government Affairs Atty. Ari Fabros.

PEPSI-COLA RECOGNIZED IN ASIA CEO AWARDS P EPSI-COLA Products Philippines Inc. (PCPPI) was recognized with an Asia CEO Awards Circle of Excellence for Corporate Social Responsibility through the company’s commitment to uplifting the Filipino community. Dubbed as the“Oscar award” for businesses,Asia CEO Award acknowledges corporate and noncorporate organizations for their contributions to nationbuilding through projects promoting environmental protection and awareness, livelihood programs and youth development. PCPPI made it to the list of esteemed corporations with notable entries that include its national “Luntiang Yaman” program and Water for Peace in Marawi. Embarking on sustainability early on, PCPPI kicked off its Luntiang Yaman program in 2014, which is its overall sustainability goal for water, electricity and fuel consumption. Last year, the bottling firm reduced water use by 32.1 percent, electricity by 36.2 percent, fuel by 6.5 percent and recycled 81 percent of in-plant waste. With the efficient use of natural resources, PCPPI increased its cost savings and market recovery while reducing its environmental footprint. “We started our Luntiang Yaman program to create a culture of environmental responsibility within our operations,” PCPPI Senior Vice President Allan Frias II said. He added: “We wanted to uphold our commitment to sustainability within the company to positively impact the many communities that surround us. Through their engagement with PCPPI, we hope to encourage these communities to start their own sustainability journey and magnify the impact of sustainable practices across the country.” In 2018, PCPPI further strengthened its commitment to sustainability through its framework anchored in a three-pronged approach to “Engage, Transform and Lead.” Focusing on three priority areas—Water Stewardship, Circular Economy, and Inclusive B u s i n e s s — t h e c o m p a ny b o l s te re d i t s commitment to uplifting communities, which led to more impactful initiatives like “Water for Peace in Marawi.” Water for Peace in Marawi is a program

between PCPPI, the Philippine Disaster Resilience Foundation and the local government of Lanao del Sur to bring aid to the internally displaced persons in Marawi after the city’s five-month siege. Providing access to clean and safe water that was much needed by the communities especially at the time of Ramadan, PCPPI turned over seven 20,000-liter tanks to a total of six transitional shelters, and one 3,200-liter water tank each to 10 underserved schools. It also conducted trainings on water efficiency and promoted proper hygiene and waste management through Water Sanitation and Hygiene (WaSH) activities, which included series of lectures and workshops for both student and parent attendees. In the recent Global Handwashing day, PCPPI conducted WaSH trainings in Tuca Boganga Elementary School and Marantao Elementary School. Nearly 500 students received hygiene kits, and parents and teachers participated in seminars discussing proper hygiene and vaccination in relation to the recent polio outbreak. PCPPI also activated its network of employee volunteers, led by the company’s Bukluran Council, for annual programs, such as the Department of Education’s Brigada Eskwela and the coastal cleanup drives. PCPPI’s nationwide Brigada Eskwela 2019 benefited over 500 students with high-grade drinking fountains in five schools surrounding their Modern Trade Operations, Central Luzon, Southern Tagalog Region, Cebu and Davao offices. It also promoted hygiene and sanitation by conducting proper handwashing demonstrations and donating handwashing facilities with hygiene kits that has served over 1,000 students. Recently, PCPPI actively participated in the observance of the International Coastal Cleanup Day 2019, which is the largest volunteer effort for ocean’s health. It had over 321 volunteers joining the operation with the Department of Environment and Natural Resources local units nationwide. The volunteers cleaned an estimated 5 kilometer distance, picking up a total 3,102 kg of trash that filled 242 trash bags.

SHANGRI-LA AT THE FORT ACHIEVES LEED GOLD RATING

SHANGRI-LA at the Fort, Manila executives receive the LEED icon. They are Assistant Chief Engr. Marion Glorioso (from left), Director of Sales and Marketing Cecile F. Weber, Area Vice President of Operations in the Philippines and General Manager John Rice, Resident Manager Russell Dray, Front Office Manager Cynnia Chi, and Executive Chef Joris Rycken.

HANGRI-LA at the Fort, Manila, recently achieved its gold status in the name of sustainability when it received its Leadership in Energy and Environmental Design (LEED) certification. LEED is the most widely used rating system for “green” or environment-friendly buildings. The certification is comprised of seven major components upon which establishments are rated, namely: n Sustainability sites: Creation of erosion and sedimentation control plan for the reduction of pollution; n Water efficiency: Management plan to best utilize water resources within the complex; n Energy and atmosphere: Utilization of “green power” or renewable-energy sources to reduce greenhouse-gas emissions; n Material and resources: Involves recycling, re-usage and waste management to reduce materials to be disposed in landfills; n Indoor environmental quality: Implementation plan to elevate quality of indoor air ventilation; n Innovation: uniqueness in design and

seamless execution of above listed components; and n Regional priority: Provision of an incentive for the achievement of credits that address geographically specific environmental priorities. Shangri-La at the Fort, Manila, falls under the BD+C category, or “New Construction,” and was certified under the V2.2 rating process. While it received notable top marks in water efficiency, indoor environmental quality and innovation, the team is constantly working toward a more green-conscious mind-set and perspective for the benefit of its surrounding neighborhood, Bonifacio Global City. “It is an honor to achieve such a certification and we would like to thank the LEED team for guiding us through the review and rating process. But more important, this highly contributes to an outwardlooking and neighborhood-conscious perspective that we have been driving at from the very beginning, which is to be more aware of the impact our actions have on the environment,” said John Rice, area vice president operations in the Philippines and general manager for Shangri-La at the Fort, Manila.

Biodiversity Monday BusinessMirror

Asean Champions of Biodiversity Media Category 2014

Monday, November 4, 2019

Editor: Lyn Resurreccion

Monitoring, care help lift number of gorillas

Asean on track in terrestrial biodiversity conservation

P A SILVERBACK mountain gorilla named Segasira walks in the Volcanoes National Park in Rwanda. A concerted and sustained conservation campaign has averted the worst, and given a second chance to these great apes, which share about 98 percent of human DNA. AP/FELIPE DANA

INIGI, Rwanda—Deep in the rainforest of Volcanoes National Park, a 23-yearold female gorilla named Kurudi feeds on a stand of wild celery. She bends the green stalks and, with long careful fingers, peels off the exterior skin to expose the succulent inside. Biologist Jean Paul Hirwa notes her meal on his tablet computer as he peers out from behind a nearby stand of stinging nettles. The large adult male sitting next to her, known as a silverback, looks at him quizzically. Hirwa makes a low hum—“ahh-mmm”— imitating the gorillas’ usual sound of reassurance. “I’m here,” Hirwa is trying to say. “It’s OK. No reason to worry.” Hirwa and the two great apes are all part of the world’s longestrunning gorilla study—a project begun in 1967 by famed American primatologist Dian Fossey. Yet Fossey herself, who died in 1985, would likely be surprised any mountain gorillas are still left to study. Alarmed by rising rates of poaching and deforestation in central Africa, she predicted the species could go extinct by 2000. Instead, a concerted and sustained conservation campaign has averted the worst and given a second chance to these great apes, which share about 98 percent of human DNA. Last fall, the Switzerland-based International Union for Conservation of Nature changed the status of mountain gorillas from “critically endangered” to “endangered,” an improved if still-fragile designation. It wouldn’t have happened without an intervention some biologists call “extreme conservation,” which has entailed monitoring every single gorilla in the rainforest, periodically giving them veterinary care and funding forest protection by sending money into communities that might otherwise resent not being able to convert the woods into cropland. Instead of disappearing, the number of mountain gorillas—a subspecies of eastern gorillas— has risen from 680 a decade ago to just over 1,000 today. Their population is split between two regions, including mist-covered defunct volcanoes within Congo, Uganda and Rwanda—one of Africa’s smallest and most densely populated countries. “The population of mountain gorillas is still vulnerable,” said George Schaller, a renowned biologist and gorilla expert. “But their numbers are now growing, and that’s remarkable.” Once depicted in legends and films like King Kong as fearsome beasts, gorillas are actually languid primates that eat only plants and insects, and live in fairly stable, extended family groups. T heir streng t h and c hestthumping displays are generally reserved for contests between male rivals. Ever y week, scientists like Hirwa, who works for the nonprofit conservation group the Dian

Fossey Gorilla Fund, gather data as part of long-term behavioral research. If they see any health problems in the gorillas, they inform the staff at Gorillas Doctors, a nongovernment group whose veterinarians work in the forest. The vets monitor wounds and signs of respiratory infections, but intervene only sparingly. When they do, they almost never remove the animals from the mountain. “Our hospital is the forest,” says Jean Bosco Noheli, a veterinarian at Gorilla Doctors. When his team goes into the field to address a gorilla emergency, they must carry everything they might need in equipment bags weighing up to 100 pounds—including portable x-ray machines. Schaller conducted the first detailed studies of mountain gorillas in the 1950s and early ’60s. He also was the first to discover that wild gorillas could, over time, become comfortable with periodic human presence, a boon to researchers and, later, tourists. Today, highly regulated tour groups hike in the Rwandan rainforest to watch gorillas. Ticket revenue pays for operating costs and outstrips what might have been made from converting the rainforest to potato farms and cattle pastures. About 40 percent of the forest already was cleared for agriculture in the early 1970s. “With tourism, the tension is always not to overexploit,” says Dirck Byler, great ape conservation director at the nonprofit Global Wildlife Conservation, which is not involved in the Rwanda gorilla project. “But in Rwanda, so far they’re careful, and it’s working.” The idea of using tourism to help fund conservation was contentious when conservationists Bill Weber and Amy Vedder first proposed it while living in Rwanda during the 1970s and 1980s. Fossey herself was skeptical, but the pair persisted. “The wonder of the gorillas’ lives, their curiosity, their social interactions—we felt that’s something that could be accessible to others, through careful tourism,” Vedder says. Figuring out the balance of how many people could visit the forest, and for how long, was a delicate process of trial and error, Weber says. In 2005, the Rwandan government adopted a model to steer 5 percent of tourism revenue from Volcanoes National Park to build infrastructure in surrounding villages, including schools and health clinics. Two years ago, the share was raised to 10 percent. To date, about $2 million has gone into funding village projects, chief park warden Prosper Uwingeli says. “We don’t want to protect the park with guns. We want to protect and conserve this park with people who understand why, and who take responsibility,” he says. The money from tourism helps, but the region is still poor. AP

AKSE, Lao PDR—With the deadline set for the global biodiversity targets now 14 months away, the Asean region remains on track in meeting its target coverage for terrestrial areas while it continues to work on other priority areas. Dr. Sheila Vergara, director of the Asean Centre for Biodiversity’s (ACB) Biodiversity Information Management Unit, shared how the Asean is faring in achieving the Aichi Target 11 in one of the sessions of the Sixth Asean Heritage Parks Conference, led by ACB and the Lao PDR’s Department of Forestry under the Ministry of Agriculture and Forestry. Aichi Target 11 is one of the 20 targets, which the world has committed to meet through the United Nations’s Convention on Biological Diversity (CBD) and its strategic plan. Target 11 calls for the conservation of “at least 17 percent of terrestrial and inland water areas and 10 percent of coastal and marine areas, especially areas of particular importance for biodiversity and ecosystem services through effectively and equitably managed, ecologically representative and well-connected systems of protected areas and other effective area-based conservation measures, and integrated into the wider landscape and seascape.” She said based on the data gathered from Asean member-states, the region has placed 16 percent of its terrestrial areas and 3.54 percent of its marine areas under protection. “With other effective areabased conser vation measures

[OECMs] added, Asean would reach the target for terrestrial protected areas,” Vergara said. The CBD defines OECM as “a geographically defined area other than a protected area, which is governed and managed in ways that achieve positive and sustained long-term outcomes for the in situ conservation of biod iversit y, w it h associated ecosystem services.” She added that Asean must direct efforts to increase the coverage and improve governance of marine protected areas. Two of the nine recently declared Asean Heritage Parks (AHP) at the 15th Asean Ministerial Meeting on the Environment are marine protected areas. Vergara said a recent initiative, the Asean Flyway Network will, likewise, contribute toward the effective management and connectivity of protected areas. Composed of the 10 Asean member-states, the network was mobilized in March 2017 to protect migratory waterbirds and wetlands along the East-Asian Australasian Flyway. Vergara also cited the need to better document and consider outcomes of conservation actions in Asean member-states’ respective national reports and address gaps in communication capacity, policy

THE Asean ministers and officials at the Sixth Asean Heritage Parks Conference with ACB Executive Director Theresa Mundita Lim (sixth from left). ACB

support, and enforcement of wildlife policies in protected areas. In a message for AHP6, Cristiana Pașca Palmer, executive secretary of the CBD, called for dedicated efforts and continued facilitation in the Asean to reverse or halt the decline of biodiversity with 14 months away before the set deadline of the Aichi targets. “ The achievement of A ichi Target 11 will generate multiple benefits for the well-being of the society…and make a major contribution toward facilitating sustainable development through poverty alleviation and enhanced economic prosperity, toward a life in harmony with nature at local, national and global levels, not only for the current but also for future generations,” Palmer said in a message delivered by Dr. Sarat Babbu Gida, senior program management officer of the CBD’s secretariat. ACB Executive Director Theresa Mu nd it a L i m sa id t h at apart from working together to achieve the Aichi targets, the region also has its sights trained on its long-term vision. “We continue to work fruitfully toward Aichi Biodiversity Target 11 of increasing protected areas with equitable management and

also toward the vision of the post2020 global biodiversity framework “Living in Harmony with Nature,’” Lim said. State parties to the CBD are expected to adopt the new framework during the 15th Conference of the Parties scheduled for October 2020 in Kunming, China. The four-day AHP6 was supported by the European Union, the German Development Cooperation through the KfW and GIZ, SwedBio, secretariat of the BD and the Japan Biodiversity Fund. Capping off the regional event, the ACB and the Asean secretariat awarded the certificates of the newly declared AHPs. With theme “Sustainability and Innovation for Parks and People— Celebrating 35 years of Asean Heritage Parks,” AHP6 celebrated the 35th anniversary of the AHP Programme, one of the flagship initiatives of the Asean. It aimed to build on the experiences and knowledge of protected area managers and international experts in the bid to improve the AHP network and strengthen camaraderie among AHP stakeholders and other dialogue and development partners under the AHP Programme.

Illegal logging drops in Monarch butterfly wintering grounds

EXICO CITY—Tree loss in the wintering grounds of the monarch butterfly in central Mexico is down by about 25 percent this year compared to last year as a sharp drop in illegal logging more than made up from an increase in tree deaths due to lack of water or disease, experts said last week. Monarchs need healthy tree cover to protect them from rain, or cold weather in the pine and fir mountaintop forests in Mexico where they spend the winter. Millions of monarchs make the 5,500-kilometer migration from the United States and Canada, and then return, each year, though no single butterfly lives to make the complete trip. Environmentalists and officials in Mexico expect a strong turnout this year of monarchs, in part because of last year’s population rebound. Mexico has clamped down on illegal logging, which has fallen to about one-third last year’s level. Total tree loss from disease, drought, logging and other causes is down by an overall 25 percent from last year. Jorge Rickards of the World Wildlife Fund said “it is now smallscale logging, isolated trees...we’re not seeing the big, clear-cut spaces we saw decade ago.” But officials said the number of personnel guarding the reserve west of Mexico City has been cut from a high of about 180 to about 25 as part of a government auster-

ity and reorganization program. Environmentalist and poet Homero Aridjis, who grew up near the reserve, said locals are concerned about the ongoing “salvage” logging of trees purportedly killed by bark beetles, disease or drought. “Based on this justification, they have extracted way too many trees from the reserve and there is no way to know for sure if the trees were really diseased or infested,” Aridjis wrote. “We have seen photos of trucks continuously passing through Angangueo [a town near the reserve] loaded with wood.” Monarchs usually arrive in Mexico by the November 1 Day of the Dead holiday, but have been delayed by late rains this year.

In old times, Mexican villagers associated the annual arrival of the butterflies with the returning spirits of the dead. Gloria Tavera, who oversees the region for the Commission on Natural Protected Areas, said “we hope this year’s contingent will be as good as last year’s,” in part because of efforts to plant gardens containing nectar-bearing plants—which the monarchs need to store up energy—along their migratory routes. Such plantings include types of daisies and Mexican sunflowers. Last year, monarchs covered about 6.05 hectares of pine and fir forests, up from 2.48 hectares the previous year.

WASP COLONY As natural part of flora and fauna, wasps secure their waxy comb on a macopa leaf on a tree farm in Bayombong, Nueva Vizcaya. Like other insects, the presence of wasps indicate a friendly environment. CEASAR M. PERANTE

The butterflies are far from out of trouble; as recently as 1996 and 1997 they covered 18 hectares of forest. Because there are millions—and they cluster tightly on trees—it is easier for biologists to count them by the area they cover. Monarchs were sighted crossing the border into Mexico in early October. They are now probably just a few hundred kilometers from the protected reserve where they winter. But because monarchs prefer to cluster in trees and wait until it stops raining, they will probably arrive around the end of the first week of November, as they did last year. AP

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

Opinion BusinessMirror

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editorial

Uncivilized behavior

HE recent series of earthquakes in Mindanao— as all calamities usually do—brought out the best and worst in human nature. However, if events in the past few years are any indication, humans are regressing rather than progressing as a global society. The ancient Greeks were perhaps the ones who coined the term “barbarian” to describe those non-Greeks that they encountered, such as the Egyptians, Persians, Indians, Celts, Germans, Phoenicians, Etruscans, Macedonians, Carthaginians, Vikings and Goths. The Greeks considered themselves “civilized,” having a more advanced culture and “social stratification imposed by a cultural elite, symbolic systems of communication [for example, writing systems], and a perceived separation from and domination over the natural environment.” The ancient Greeks were not the only ones with an advanced society that would be qualified as civilized, so obviously there was a strong sense of Greek nationalism and ego. However, the term barbarian had its roots in the word “barbarous,” meaning babbler. The Greeks may have been absolutely correct that the difference between a civil society and those that were uncivilized was that the barbarians babbled, or talked continuously in a foolish way. We are subject to barbarian talk too often. We hear it when a public figure passes away and the barbarians come out to celebrate the death because of a disagreement over political views. And we heard that sort of speech in the aftermath of the Mindanao earthquakes. Individuals who like to think of themselves as educated, successful and, especially, self-important posted on social media some of the most despicable and disgusting comments, more suitable for the bottom of a septic tank filled with rotting human waste. Wishing ill on people suffering from misfortune because of their political—or religious, social or cultural—views is beyond uncivilized. It is pathetic and deserves no excuses. In this age of instant and global Internet communication, we have come to expect vile comments from those who have low selfesteem and are desperate for attention. It happens all the time, even in the business community where there are those that are seriously troubled by others’ success. Prior to the Internet, these individuals were fairly much isolated and ignored. Now they can band together and grow like harmful bacteria in a Petri dish. Regardless of your personal, religious or philosophical views, we know this is wrong. Call it karma, cosmic retribution, negativity breeding negativity or as the Judeo-Christian bible says, “You will always harvest what you plant.” Criticizing, even with uncivilized comments, a public figure or politician is one thing. But to dump on the heads of ordinary people is the sign of a person who probably needs psychological help. In the spirit then of restraining our anger toward these barbarians, we offer the following: “The Lord bless you and keep you; The Lord make His face shine upon you, and be gracious to you; The Lord lift up His countenance upon you; And give you peace.”

How to help Mindanao Atty. Jose Ferdinand M. Rojas II

RISING SUN

FTER the break for All Saints’ Day and All Souls’ Day, most Filipinos will begin the Christmas celebrations. Before we deck our houses with shiny holiday trimmings, play our favorite Christmas tunes and go shopping for gifts, let us remember, pray for, and help our kababayans in Mindanao. After being struck by a series of strong earthquakes, Mindanao’s affected areas, warns Phivolcs, may experience possible strong tremors in the days ahead. There have been deaths and damage to property; families are camped in evacuation centers. And, naturally, plenty of well-meaning citizens would like to extend help by volunteering, sending cash or donating goods to victims. Some of the most urgent needs

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LEGALLY SPEAKING

HE Water for All Refund Movement, the biggest water consumer group in Metro Manila, Rizal, Cavite and other areas, deplores Metro Manila’s very high water rates, lack of effective sewerage and sanitation, low transparency in water rate setting, and calls for strong government action and stricter regulations. WARM President Rodolfo B. Javellana Jr. has issued the following statement, excerpts of which are herein reproduced.

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in one of the strongest hit areas (Tulunan town) are the following: permanent shelter for families who lost their homes; financial assistance for families with damaged houses; tents to serve as temporary shelter; makeshift classrooms for damaged schools; and psychosocial intervention and trauma healing for victims. In North Cotabato (Kidapawan City), donations may be sent to the Incident Command Post at the

“TO date, the actual impact of high national economic growth to the average Filipinos remain meager. This is because any increase in income is merely substituted by spiraling costs of basic utility bills, one of which is water. “Hence, it is about time to meticulously examine the annual determination of the Return on Rate Base [RORB] of 12 percent as prescribed by the public service law for any annual rate adjustments and to find out if there has been any inadvertence that may have been committed by past Metropolitan Waterworks and Sewerage System [MWSS] Regulators in order to reform the existing rate rebasing exercise. “In the international practice of rate rebasing exercise for any concession agreement that affects public interests, general consumers and/or the government, long-term or annual Business Plans for Infrastructure Development, Maintenance, Capital Expense Recovery and Related Charges are submitted to determine

their adherence to regulatory caps and monitor concessionaires’ future cash flows. Balancing actual cash flow vis-a-vis the RORB cap will then rebound to balance in consumer and concessionaire/capital interests. “However, the Business Plans are not supposed to be used as basis for water rate setting for the year immediately succeeding or within the rate adjustment period as this forms part of the capital expenditures of the concessionaires. “Hence, every Business Plan submitted must only be used as basis for rate setting in the forward future after all the listed Infrastructure Developments, Maintenance Expenses, Capital Expense Recovery and Related Charges have already been completed, prudently incurred and already satisfactorily being used by the paying public. “The most important component in the formula in the computation of the annual RORB is the annual Audit of the Asset Registry completed by the concessionaire in accordance with the business plan. An annual

City Hall Parking Lot, TMU Office. Davao City, according to Mayor Sara Duterte-Carpio, does not have evacuees at the moment so she asked for donations to be sent directly to where these are needed most: Davao del Sur and North Cotabato. Task Force Davao Headquarters, Santa Ana Wharf (care of Col. Consolito Yecla) will be accepting donations. As of this writing, relief efforts and distribution activities are still being organized by the city government of Davao, the affected LGUs, organizations, groups and individuals. Let’s all keep ourselves updated on developments in this regard. And if we can offer prayers for our fellowmen in Mindanao, that would certainly be helpful. nnn

ACCORDING to research, up to 29 percent of survivors of disasters develop PTSD, or post-traumatic stress disorder. Studies further confirm that these people are also more likely to have a lifetime anxiety disorder and affective disorder. What is more interesting is that

audit of the asset registry, as well as of actual performance is must do’s by regulatory functionaries to effectively compute the annual RORB and evaluate the need for annual or periodic water rate adjustments. “However, in the case of MWSS, WARM research showed that since July 30, 2004, after Commission on Audit’s [COA] Audit of asset used in operation, where Manila Water was discovered to have had an actual Rate of Return of 40.92 percent over and above the 12 percent public service law cap of 12 percent, it was evident that: a) There has been no annual Audit of Asset used in operation, and no Asset Registry is at hand in MWSS; b) Hence, there has been no Annual Determination of the RORB where annual water rate adjustment must be based; c) COA was excluded from doing an annual audit of assets prudently incurred and used in operation by the Concessionaires; d) That, whatever Business Plans submitted by the concessionaires, Maynilad and Manila Water, solely determined the basis of monthly billings and collections from consumers and; e) Whether for reasons of negligence, inadvertence or sheer conspiracy, MWSS allowed the Business Plans to be used as basis for water rates within the year of submission. Hence, major components of the Business Plans, even if not prudently incurred, not yet used in operation and have never existed have been included in the monthly billings and collections charged to consumers;

On effective sewerage and sanitation

“WARM believes that it is high

research also shows that the first few days after a disaster are crucial because mental-health issues may manifest and this is when victims need attention. A coordinator for volunteer search-and-rescue group in Mexico, Fernando Alvarez, says that early help is crucial for the avoidance of PTSD. Recovery is quicker, he says, especially among younger kids. It is also less costly to give preventive psychological care than trying to solve mental-health problems later on. When a big earthquake struck Mexico, psychology students, professors and alumni from a university there gathered to volunteer on the day after the earthquake. They formed teams and worked in shifts to visit shelters and disaster zones in the affected areas. I am hoping that there are psychological interventions for the earthquake victims going on in Mindanao at the moment, for this is another area where voluntary help is necessary.

time to implement International Standards on Sewerage and Sanitation in the way water and sewerage users are charged by concessionaires. A review of MWSS’s concession agreement with the two concessionaires Maynila and Manila Water revealed that Metro Manila water consumers are actually being billed based on international criteria that are currently being applied by Japan, Singapore, Taiwan, and others with similar credit ratings. However, the high water rates in these countries are justified not only because of their per capita income, but more so, because they employ good, effective, and sophisticated sewerage and sanitation systems. “For one, the sewerage system in these countries are well-placed and all effluents from households, subdivisions, condominiums, buildings and commercial establishments are connected to tightly sealed sewerage pipes and conveyed directly to specified sewage treatment plans [STP] providing safe discharge to water bodies. However, in the case of MWSS, Maynilad and Manila Water, they use only combined drainage-sewer system and sludge siphoning through their septic tank mobile suction systems that are both primitive, abandoned, not totally guaranteed and is environmentally unsafe, hence, the spread of rats, cockroaches, mosquitos, and other water borne diseases from leptospirosis, dengue, diarrhea and the likes, even if we suffer from payment of water sewerage and sanitation under international rates. “WARM finds further that allowing Maynilad and Manila Water to use our existing Metro Manila Drainage System—which are designed only to See “Kapunan,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Quick guide to doing Alabat’s leader business in the Philippines Siegfred Bueno Mison, Esq.

THE PATRIOT

Filbert Tsai

DEBIT CREDIT

HE Philippines is one of the fastest growing economies in Southeast Asia with a strong labor force of more than 73.1 million Filipinos. Highly educated with a 98.18 percent literacy rate, Filipinos have a good command of the English language which makes the country one of the top countries to set up a business-process outsourcing center. In the latest Global Startup Ecosystem Report 2019 by the Startup Genome, the Philippines is a perfect location for companies seeking to minimize operating costs while recruiting top talents at less than a quarter of the global average compensation. This quick guide is meant to provide a brief overview of the corporate structures and restrictions for foreign companies planning to do business in the Philippines. The focus of the guide are those affecting start-ups and small and medium enterprises (SMEs). During the Duterte administration, several laws and regulations have been passed aiming to ease doing business in the Philippines. Some of the major laws affecting start-ups and SMEs include:

Revised Corporation Code

AFTER a long wait, the much needed update to the corporation code was released early this year. The key amendments include: n Allowing the registration of corporations with less than five shareholders including one-person corporations; n Removing the requirement for minimum subscribed (25 percent of authorized capital) and paid-up capital (25 percent of subscribed capital) for the registration of a corporation; n Removing the term limitation of 50 years for corporate life; and n Exempting corporations with less than P600 million in assets or liabilities from the submission of audited financial statements.

Comprehensive Tax Reform Program

THE CTRP is the flagship program of the Duterte administration aimed at improving tax collection through more efficient tax collections. While business critical packages are yet to be passed by Congress, these are some of the expected benefits for corporations: n Lowering of corporate income tax from the current 30 percent to 20 percent over a 10-year period with an annual 100 basis point reduction in tax rates; n Providing amnesty program for corporations with tax delinquencies; n Increasing the tax deductible bases for certain expenses online with national priorities, such

as research and development and trainings; and n Facilitating the process for claiming tax credits.

Innovative Startup Act

PASSED this year, it aims to improve the competitiveness of start-ups and innovative businesses. We are still waiting for the release of the implementing rules and regulations to be jointly released by the tasked agencies. The benefits of the Innovative Startup Act include: n Providing visas to foreign owners, investors and employees establishing, investing or working in a qualified innovative startup business or support business; n Providing incentives and subsidies to startups in the Philippines; n Establishing Philippine Startup Ecozones; and n Providing assistance to startups in processing of business registration requirements and protection of intellectual property.

LABAT is an island municipality in Quezon. In English, the word alabat means baluster, which is a contraption found in old houses with staircases that serve as a guard rail. In recent years, Alabat town has experienced phenomenal progress—higher income per family, increased livelihood opportunities, much improved health services, no insurgents, zero drug incidence, zero teenage pregnancy, among other metrics. The success story is more than just economic growth. It is about dedication to God and good leadership of its mayor, General Fernando “Andy” Mesa, one of the most hardworking Army officer I had the opportunity to serve when I was in the intelligence service. He is on his third and last term as the mayor of Alabat. The municipal resolution he is most proud of was the one that dedicated the town of Alabat to God (“Bayan ng Diyos”). The battlecry of the town is Mapayapa (Peaceful), Maunlad (Progressive), Maganda (Beautiful), at Masayang Bayan ng Diyos (Happy town of God). Applying his 38-year experience

Baguio in our hearts Thomas M. Orbos

STREET TALK

Ease of Doing Business Act

TO promote entrepreneurship in the country and improve the country’s position in the global ease of doing business ranking, the government formed the Anti-Red Tape Authority tasked to promulgate the Ease of Doing Business Act, as part of this, Arta has been actively engaging with different government agencies in establishing timelines for processing of individual and business documents. Altogether, these recent laws and regulations have improved the business environment in the Philippines. While Package 2 of the CTRP is still contentious with the potential removal of tax incentives offered to existing ecozone locators, careful planning of the right legal and tax structure can still allow foreign companies to maximize the benefit of locating in the Philippines. Filbert Tsai is the managing director of UpSmart Strategy Consulting Inc. He leads the consulting practice of UpSmart and specializes in corporate finance and financial transformation for SMEs and family businesses. He was previously a consulting manager at Ernst and Young Llp in the United Kingdom. This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat.@gmail.com.

Kapunan. . .

continued from A10

carry drains for surface and rain waters—to be combined with sewer effluents from households, condominiums, building and commercial establishment is dangerous to the health of Metro Manila communities and residents in the long term.

On low transparency in water rate setting

“WARM challenges the MWSS Board of Trustees and MWSS Regulators to disclose their Annual Audits, Status Collections allowed and other rates for the following items: A) Laiban Dam; b) 15 cubic meter per second Angat Dam Water Irrigation Replacement; c) Wawa Dam; d) Earthquake Contingency Fund; e) Income Taxes collection from consumers despite six years Income Tax Holidays granted by BOI to both Maynilad and Manila Water; f) 300 million liters per day Putatan Pumping Plant which is still under construction and questionable deals with National Irrigation Administration; g) Pinugay Sewerage Treatment plant in Antipolo which despite having been paid by Consumers is not yet used in operation; h) Other Sewerage and Sanitation Projects; i) 10 percent Environmental Fees;

in the Army and following the advice of his good friend Shiela Encabo of LandBank, Mayor Andy developed a vision and mission statement for the municipality anchored on four pillars—Health, Education, Livelihood, Peace and Order (HELP). As a result, approval of town projects have to hurdle two simple criteria —(1) does it uplift the quality of life of the people? (2) is it pleasing to God? Some of the projects Mayor Andy has initiated include annual medical missions with the assistance of doctors from UP PGH, the creation of evacuation centers, livelihood projects using coconut, cacao, honey and other agricultural

OST of us have this certain nostalgic recollection of what Baguio City was in our childhood days. Clean, crisp and cool mountain air, the pine trees, sipping coffee somewhere in Session Road, hearing mass in the cathedral, all with our jackets and turtleneck sweaters; so much so that we continue, as we become older, to visit the so-called summer capital—first with our friends, then with our respective families. In those later visits, we always would say how Baguio has become different, crowded, warmer and polluted than the last time we were there. And it is not something we just tell ourselves. Because it really has changed, in a way. Baguio is now among the top 300 cities worldwide with the highest number of particulate matters in the air. And we all feel bad, as we see our childhood Baguio leaving us, and we long for what it once was. But more so for its 350,000 plus residents who really have all the right to protect the place they call home. So, it is so refreshing to see the new Baguio City chief, Mayor Benjie Magalong, focusing his first months on his fight against traffic congestion and pollution. A former PNP general known for sticking to his beliefs despite the odds against him in his many battles, Magalong is a man with a conviction in his new role as city mayor. As soon as he assumed office, he took the cudgels of local taxi

j) Self dealings between and among the affiliates of Maynilad and Manila Water in violation of our existing anti-competition laws, EO 45 and other applicable laws “WARM challeges the MWSS Board of Trustees and the MWSS Regulators to disclose their book of annual RORB Determination, Annual Audit of the Asset Registry of MWSS, Maynilad and Manila Water, and Annual Audit of Performance of the assets used in operation. “WARM challenges the MWSS Board of Trustees and MWSS Regulators through their Financial Regulation Division, which is directly responsible for regulatory accounting, rate adjustment accounting and economic function accounting to open to the public detailed costing of cost water by Maynilad and Manila Water and the Return on Rate Base allowed to them annually that served as their basis for Water Rate Approvals.” This column invites Maynilad, Manila Water and MWSS to explain their side. Are they part of the problem, as WARM claims, or part of the solution? Calling President Duterte —this is where we need your strong arm and political will. Past administrations cannot be blamed—that’s water under the bridge. But wait—what water? We have no water!!!

operators to regulate the issuances of 200 new taxi franchises, which would have affected not just the plight of their present taxi industry but would have added to the already polluted atmosphere. Encouraging people to walk more, he has opened up more walkable spaces, even closing Session Road during Sundays, making this picturesque and historic avenue exclusive to pedestrians. To further open up more avenues, he intends to put up three integrated transport terminals that would control the flow of all public transport trips —to and from Baguio—of the more than 2 million visitors annually and regulate the entry of their

Monday, November 4, 2019 A11

products. Some of the projects the community has initiated include a Youth Leadership Summit where the values of honesty, responsibility and cooperation are shared and a Bible Fest—a parade where characters in the Bible are portrayed and taught to the townsfolk. When I visited the island municipality for the first time, I saw how healthy sugar is made from coconut sap (lowest glycemic content) and how cacao fruits are made into unadulterated chocolate. I was fortunate to have witnessed an event (Novem-beer Fest) where the community enjoyed much food and drinks to celebrate the success of town athletes. I also took a bike ride around the narrow streets of the town. What I noticed during my short trip was that the people were so happy, friendly, hospitable and godly. Indeed, the act of the town council dedicating Alabat to God has gradually impacted the people in the island. When asked about his leadership style, Mayor Andy prefers the participation of his constituents in all projects, particularly the youth. He also encourages the formation of associations and/or cooperatives in each livelihood project to empower members. He also solicited the assistance of the Army Engineering

Brigade to construct school buildings, using the specifications of the Department of Education, as funded by nongovernment organizations and a few friends. He knows that the best way to help his fellow Alabatins is to HELP them in ways where they can live responsibly with love for others and love for God. Knowing that there have been some detractors and opposition to his administration, he is never fearful. In his own words, he says, “Bakit ako matatakot, Diyos ang kakampi ko [Why will I be afraid, God is on my side!]” In the Bible, Deuteronomy 31:6 says, “Be strong and courageous. Do not be afraid or terrified because of them, for the Lord your God goes with you; he will never leave you nor forsake you.” Mayor Andy serves as the epitome of public servants who are Maka-Diyos (For God), MakaTao (For People), Maka-Kalikasan (For Nature) and Maka-Bansa (For Country). God first, above all else. Alabat is one example of a progressive community under God, true to the Preamble of the Constitution, that implores the aid of Almighty God to HELP make things better, and the people happier!

It is so refreshing to see new Baguio City Mayor Benjie Magalong focusing his first few months on his fight against traffic congestion and pollution. A former PNP general known for sticking to his beliefs despite the odds against him in his many battles, Magalong is a man with conviction in his new role as city mayor.

of the Metropolitan Manila Development Authority to craft a traffic management master plan, taking into account not just the intra-traffic flow in the city, but the inter-traffic flow between Baguio City and the nearby LGUs. The resulting study might then be pursued through a public-private partnership, which would see this happening at no cost to government before the end of his term. And, despite the odds, his dream of the re-opening of the Loakan airport has gained traction with the entry of San Miguel’s Ramon Ang to propose a privately operated Loakan airport. There are many other projects in the pipeline for Magalong—his waste to energy garbage solution, the bulk water facility that needs to be rehabilitated, the public market that will soon be modernized, and so many others. One more thing, what is happening now in Baguio under Magalong is that he has proceeded to pursue and accomplish these projects quietly and with little fanfare. It will then be sooner than later that we will all be surprised with a new, energized and refreshed Baguio greeting and embracing us like how we remember it in the good old days.

vehicles downtown. Ample parking spaces will also be provided in these terminals as roadside parking will be strictly banned. To help him in the task with the constraints at hand, he has enlisted the help of national government agencies, as well as foreign organizations. These entities will be providing the proper master planning and roadmap to curb pollution and manage transport and traffic in his city. As such, Baguio City is now a model city for Low Carbon Urban Transport under the United Nations Development Programme. With the Department of Transportation, plans are being studied for the use of high capacity cable cars, a mode of transport that is highly adaptable in such a mountainous environment. He has initiated talks with local jeepney groups about the propagation and conversion of their old smoke belching jeepneys to more efficient, Euro 4 fueled modern vehicles. He has enlisted the help

For questions and comments, please e-mail me at sbmison@gmail.com.

Thomas Tim Orbos was former DOTr undersecretary for roads and general manager of the MMDA. He is currently undertaking further studies at the McCourt School of Public Policy of Georgetown University. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

Trump’s tariffs make consumers cautious By Sarah Halzack Bloomberg Opinion

T has long been clear that the White House’s tariffs on billions of dollars’ worth of goods made in China were not going to be good for US consumers or the retailers trying to get them to open their wallets. Exactly how bad, however, was hard to know. Now comes Wayfair Inc., the e-commerce home-goods site, with a kind of case study of their impact. Tariffs are hurting their business, executives said—not necessarily because they make their products more expensive, although they do, but because they make their customers more wary. Wayfair reported quarterly earnings on Thursday and forecast a significantly slower pace of sales growth next quarter than investors have become accustomed to. The company said that outlook in part reflected challenges related to tariffs, which jumped to 25 percent this summer on many of its products and had also created headwinds in the third quarter. On a conference call with investors,

Wayfair executives said that certain items on their marketplace—some with a lot of customer reviews and enticing product images—have gotten more expensive as suppliers raise prices. This, it turns out, appears to be causing customers to spend more time deliberating over their purchases: Should they go with the highly rated but more expensive item? Or should they take a chance on something that’s cheaper but has fewer reviews? Executives also said that as suppliers of more expensive items saw their sales volume sink, they would sometimes cut prices. The result, they said, was a “repetitive cycle of volatility” as customers tried to figure out how to get the best value for their money. Wayfair leaders said this is consistent with what they’ve observed in their business over time: Any kind of significant price movement—even downward—results in consumers taking their time before clicking the buy button. Of course, not every consumer business will see the same dynamics as Wayfair. Home furnishings purchases are generally more carefully considered, because

couches, coffee tables, and the like are expensive and are a hassle to return. But fellow retailers (and Washington lawmakers) should, nonetheless, consider Wayfair’s a cautionary tale. The impact of tariffs on the consumer economy is often discussed rather simplistically: they will cause prices to rise, which means shoppers will buy less stuff. Wayfair’s experience shows it is more complicated than that. Yes, consumers will change their behavior, but not always in a straightforward or predictable fashion. And this uncertainty complicates the response for manufacturers, retailers and, not incidentally, consumer brands. Last week, for example, toy giant Hasbro Inc. saw its shares sink nearly 17 percent after it reported disappointing earnings that reflected tariff-related difficulty. Certain retailers canceled toy orders that were to be imported directly from China and instead put in orders as domestic shipments from Hasbro. The maker of My Little Pony and Play-Doh was left scrambling to accommodate the changes, and ultimately wasn’t able to ship all the orders in time.

A12 Monday, November 4, 2019

Cavite, 1st LGU to follow DA rules on entry of pork items

HE provincial government of Cavite has eased its rules on the transport of processed pork products by adopting guidelines set by national agencies amid African swine fever (ASF) outbreaks in Luzon. Cavite Gov. Juanito Victor “Jonvic” C. Remulla issued Executive Order 34 that amended EO 30, which authorized a temporary ban on the entry and exit of live pigs, fresh and frozen pork within the province. In his latest order, Remulla explained that Cavite is adopting the guidelines issued by the Department of Agriculture (DA) on the transport of live pigs amid the ongoing ASF outbreaks. Remulla said transport of live pigs, fresh and frozen pork would be allowed to and from Cavite,

as long as they are accompanied by necessary documents and permits in accordance with the guidelines issued by the DA. The transport of canned goods and processed pork products would be allowed as long as these comply with rules promulgated by the Food and Drug Administration (FDA), which oversees the sale of the food items, the governor added. “Canned goods and processed pork products may be transported as long as the same is authorized by

the FDA and other concerned government agencies,” he said in EO 34 which he signed on October 23. The Philippine Association of Meat Processors Inc. (Pampi) welcomed Cavite’s action, noting it is the first local government unit (LGU) that adopted national guidelines out of the 65 provinces that imposed temporary bans on pigs, pork and pork products nationwide. In the same order, Remulla said they will revoke the business permits of fast-food establishments that would sell their leftovers and spoiled food to hog raisers, since these could be vectors of ASF virus. “Hotels, restaurants, eateries, cafeterias, canteens, fast-food chains, and other food establishments shall be prohibited from selling or giving their leftovers or

spoiled food to hog raisers,” he said. “Hence, in case of violation thereof, the concerned LGU shall revoke the business permit of said establishment,” he added. Remulla said the “feeding of swill or food waste to the pigs in the province is strictly prohibited.” The DA has confirmed ASF outbreaks in seven areas in Luzon (Rizal, Quezon City, Pangasinan, Bulacan, Pampanga, Cavite and Nueva Ecija) which affected at least 20 barangays. The DA said they have culled over 62,000 hogs, with only a third being infected with ASF, to contain and control the spread of the virus. The ASF is a fatal disease to hogs with a mortality of up to 100 percent, with no known vaccine yet, and no cure. However, the ASF poses no threat to human health. Jasper Emmanuel Y. Arcalas

Duterte-Abe meeting set on Asean sidelines By Bernadette D. Nicolas

@BNicolasBM

ANGKOK—President Duterte is set to meet here Japanese Prime Minister Shinzo Abe on Monday (November 4), on the sidelines of the 35th Asean Summit and Related Summits.

The meeting is slated to be held in the afternoon prior to the 22nd Asean-Japan Summit. Duterte and Abe were supposed to have bilateral talks last month while the Chief Executive was in Japan to attend the enthronement ceremony of Emperor Naruhito. However, this did not push

LOW PRESSURE AREA (LPA) EMBEDDED ALONG THE INTERTROPICAL CONVERGENCE ZONE (ITCZ) 420 KM WEST NORTHWEST OF PUERTO PRINCESA CITY, PALAWAN NORTHEAST MONSOON AFFECTING NORTHERN AND CENTRAL LUZON as of 4:00 am - November 3, 2019

through as the President had to cut short his trip after suffering from an “unbearable back pain,” attributed to a fall from his motorcycle a few days earlier. The Japanese government has been the top source of official development assistance (ODA) to the Philippines aside from being the country’s

second-biggest trading partner and fourth-largest tourism market. Meanwhile, the Metro Manila Subway, the Philippines’s first ever underground rail system is being funded in large part by the Japan International Cooperation Agency (Jica). Prior to his bilateral meeting with Abe today, the President is also scheduled to attend the 22nd Asean Plus Three Summit, Seventh Asean-US Summit, Special Lunch on Sustainable Development and the 14th East Asia Summit. Before departing in Bangkok, the President will also attend the Third Regional Comprehensive Economic Partnership Summit and the Closing Ceremony of the 35th Asean Summit and Related Summits, and the handing over of the chairmanship to Vietnam.

LGUs must now hasten telco tower approvals

OCAL government units (LGUs) will be forced to hasten the approvals process for the construction of telco towers, a major roadblock that players often cite, as the government continues its initiatives to ease business processes, according to the chief of the League of Cities of the Philippines (LCP). Bacolod City Mayor Evelio Leonardia, the president of the LCP, said the intensified implementation of the law that promotes ease of doing business will result in better processes for telco infrastructure build. “All LGUs are supposed to make it easy for business to grow. The Philippines’s feat in the ease of doing business ranking will put pressure on the rest of LGUs,” he replied, when asked about the LCP’s position in the common towers initiative of the government. Leonardia was referring to the 29-notch jump of the Philippines in the World Bank’s Ease of Doing Business Ranking. “With the focus on the ease of doing business, I believe that sooner or later they will come to be in their proper places,” he said. Telcos often cite LGU permits as one of the culprits for the low tower density rate in the Philippines. To help address this, the Department of Information and Communications Technology introduced the common tower initiative, in which tower companies will be the ones to build telco infrastructure with the assistance of the government agency. Lorenz S. Marasigan

O.F.C. FOREIGN ASSET HOLDINGS UP 2.2% IN Q2

OREIGN asset holdings of other financial corporations (OFC) increased by 2.2 percent in the second quarter of this year, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend. The Central Bank attributed the improvement in the net foreign asset balance of the sector—largely comprising public and private insurance companies, holding companies, government financial institutions, investment companies, trust institutions, securities brokers, foreign exchange corporations and pawnshops —to the larger contraction of OFCs’ liabilities to nonresidents compared to the contraction of claims on nonresidents. In particular, the sector’s net foreign assets reached P83.7 billion in the second quarter of 2019 from P81.9 billion in the previous quarter. Domestic claims of the OFCs amounted to P6.1 trillion in the second quarter of 2019, higher by 2.8 percent compared to the P5.95trillion level in the previous quarter. This, as claims on other sectors and depository corporations, and net claims on central government all increased during the period, the Central Bank said. Claims on other sectors expanded to P3.1 trillion during the period 2019

Quakes. . .

Continued from A1

“I don’t think it would have a major effect on [the country’s] growth outlook, even for Mindanao. No important meeting facility has been affected [while] agriculture can recover quickly [with] funding from the national government. But, there may be a slight temporary uptick in poverty there,” Abola said. Still, Abola said the earthquake’s possible impact on poverty will be less compared to the impact of the Marawi siege in Lanao del Sur. Among the provinces severely affected by the earthquake are various parts of Cotabato and Davao del Sur, which experienced a magnitude 6.5 earthquake on Thursday. Poverty incidence in Cotabato City was at 48.7 percent while in North Cotabato and South Cotabato, it was at 32 percent and 24.5 percent in the first semester of 2018. Poverty incidence in Davao del Sur was at 15 percent in the first half of 2018. The other areas affected by magnitude 6 and below mostly belong to the Davao and Soccsksargen regions where the poverty incidence rates averaged 23.4 percent and 33.7 percent in the first half of 2018, respectively. All these rates, based on Philippine Statistics Authority (PSA) data, are higher than the national average of 21 percent in the first semester of 2018. In order to help these regions recover from the destruction of the earthquake, the government, in Abola’s view, should prioritize the implementation of housing and livelihood projects.

Infra affected

APART from poverty, infrastructure projects could be affected in the region, Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang told BusinessMirror. This could happen not because infrastructure projects were destroyed, but because civil works and manpower in the region will be redirected to rescue and rehabilitation. He said this could be avoided if both the national and local governments have the capacity to address these infrastructure needs at the same time. “There will be an impact definitely, but we might not see it in the fourth quarter because there are still a lot of activities. This should push for more government activities in infrastructure and to act fast,” Ang said. “Of course there will be delays if structures were affected, but also if the government will shift its resources, including manpower and equipment, toward disaster relief,” he added.

Public investments

BASED on the 2017-2022 Public Investment Program (PIP), there are 241 pro-

from P3 trillion in the previous quarter. According to the BSP, this is on account of the sector’s higher holding of shares and other equity issued by other nonfinancial corporations and outstanding loans extended to the household sector. Claims of OFCs on depository corporations in the second quarter also rose to P1.6 trillion from P1.56 trillion in the previous quarter due to higher holdings of securities other than shares, and currency and deposits. Meanwhile, net claims on the central government increased to P1.4 trillion during the period from P1.37 trillion in the last quarter. “This was brought about by the 3.8-percent rise in the OFCs’ holdings of debt securities issued by the central government [and] complemented by the 11.3- percent decline in the sector’s liabilities to CG during the quarter,” the BSP said. Other liabilities of OFCs expanded by 2.8 percent to P6.2 trillion from P6 trillion in the previous quarter, although at a slower rate compared to the 4-percent increase in the previous quarter. Shares and other equity, and insurance technical reserves continue to be the main sources of funds of the sector. Bianca Cuaresma grams and projects (PAPs) to be solely implemented in Davao region and Soccsksargen worth P170.25 billion. The bulk of these PAPs cover the 163 PAPs worth P144.05 billion that will be implemented in Davao region while the remaining 78 PAPs worth P26.19 billion will be implemented in Soccsksargen. The PIP is currently being reviewed by the National Economic and Development Authority (Neda). The final document will be presented to the Department of Budget and Management (DBM) by the first quarter of next year. Meanwhile, Housing Secretary Eduardo del Rosario told the BusinessMirror that the recent earthquakes will not delay any housing projects being conducted by the government, particularly in Marawi. “The earthquake has no effect on the implementation of projects in Marawi. We are on target [and] Marawi projects have no damage,” del Rosario said over the weekend. National Housing Authority Regional Manager and Head for Operations Victor C. Balba agreed. He told the BusinessMirror the NHA is committed to complete debris management tasks in the most affected area (MAA) in Marawi before the year ends. Balba added that housing projects currently under construction are already in various stages of procurement. As of August this year, the NHA said it was on track to meeting its commitments to Task Force Bangon Marawi of providing 4,852 transitory houses by April 2020. NHA said 4,382 of these houses are on track to be built by the end of the year, and the remaining 470 transitory houses will be completed by April 2020. If all goes according to plan, NHA said 2,000 permanent houses will be built for Marawi residents who can no longer go back to their homes and properties by May 2020.

Damage impact estimates iffy

NEDA Undersecretary for Regional Development Adoracion M. Navarro told the BusinessMirror it is difficult to estimate how much impact the earthquakes will have on affected regions. However, the response cluster agencies are currently restoring lifelines and delivering humanitarian assistance to all affected residents, Navarro said. “The rehabilitation cluster agencies will immediately formulate the rehabilitation and recovery plan once we get [the] full information on the damages, losses and needs,” Navarro said. She added that infrastructure projects in Marawi, meanwhile, will “proceed as planned,” and the earthquakes will not derail the development and investment potential of Marawi in the medium and long term.

Companies BusinessMirror

Monday, November 4, 2019

Vivant Energy subsidiary bags power supply deal for Banelco

By Lenie Lectura

@llectura

IVANT Integrated Diesel Corp. (VIDC), a wholly-owned subsidiary of Vivant Energy Corp. (VEC), was awarded a 15-year power supply contract by Bantayan Island Electric Cooperative Inc. (Banelco). VIDC is a wholly-owned subsidiary of VEC and Gigawatt Power Inc. VEC is a subsidiary of listed firm Vivant Corp.

MUTUAL FUNDS

“Vivant Corp. was given notice of the award of the contract by its wholly-owned subsidiary, Vivant Energy,” it reported. October 31, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 257.19 7.34% -0.28% -0.18% 1.98% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.4972 9.17% 2.61% -0.08% 3.91% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.9245 5.32% -1.98% -2.02% 0.55% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9512 11.97% N.A. N.A. 5.57% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8736 10.57% N.A. N.A. 6.45% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4599 10.42% 1.36% 0.28% 3.54% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8789 11.06% -2.63% N.A. 5.04% MBG EQUITY INVESTMENT FUND, INC. -A 113.82 4.07% N.A. N.A. -2.02% PAMI EQUITY INDEX FUND, INC. -A 52.6795 13.54% 1.97% N.A. 7.02% PHILAM STRATEGIC GROWTH FUND, INC. -A 547.25 13.02% 0.88% 0.34% 6.32% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3245 10.59% 1.86% 1.45% 5.62% PHILEQUITY FUND, INC. -A 38.9848 11.78% 2.72% 1.36% 6.42% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,1 1.0464 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.3575 14.86% 2.77% 2.27% 8.04% PHILIPPINE STOCK INDEX FUND CORP. -A 894.55 14.86% 2.68% 2.21% 7.98% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9062 11.53% 0.84% N.A. 5.37% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3427 12.6% 2.34% 1.44% 6.99% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0273 14.39% 2.56% N.A. 7.65% UNITED FUND, INC. -A 3.7512 12.87% 4.01% 3% 7.15% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 119.9268 15.15% 3.43% 3.23% 8.29% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9779 8.76% 2.89% -0.46% 5.25% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3102 11.61% 8.17% N.A. 18.55% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6027 0.19% -3.03% -3.47% -2.94% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2764 6.38% -0.56% -0.38% 3.04% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6659 9.48% 1.62% -0.87% 4.83% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,5 0.2371 N.A. N.A. N.A. N.A. GREPALIFE BALANCED FUND CORPORATION -A 1.3544 6.85% N.A. N.A. 3.84% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.975 10.71% 1.95% 1.35% 7.16% PAMI HORIZON FUND, INC. -A 3.8311 13.77% 0.99% 0.66% 8.55% PHILAM FUND, INC. -A 17.1497 12.85% 1.01% 0.57% 7.81% SOLIDARITAS FUND, INC. -A 2.1604 8.2% 1.25% 1.37% 4.41% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9289 11.46% 2.13% 1.08% 7.6% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,2 1.0306 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,2 1.0189 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,2 1.016 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9975 11.38% 1.68% 0.47% 8.22% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03811 10.14% 2.12% 2.05% 7.96% PAMI ASIA BALANCED FUND, INC. -A $0.9996 9.4% 2.5% -0.12% 9.4% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7853 9.64% 5.97% 3.53% 14.41% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A,7 $1.1081 7.74% 3.39% N.A. 10.26% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 355.55 4.12% 2.54% 2.27% 3.52% ATRAM CORPORATE BOND FUND, INC. -A 1.9231 3.79% 0.18% -0.1% 3.44% COCOLIFE FIXED INCOME FUND, INC. -A 3.0951 4.99% 5.25% 5.22% 4% EKKLESIA MUTUAL FUND INC. -A 2.214 4.44% 1.83% 1.93% 3.98% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3446 5.97% 1.77% 1.52% 6.33% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6087 2.77% 0.09% -0.08% 2.83% PHILAM BOND FUND, INC. -A 4.3301 13.91% 1.6% 1.73% 10.47% PHILEQUITY PESO BOND FUND, INC. -A 3.749 8.36% 2.64% 1.51% 6.59% SOLDIVO BOND FUND, INC. -A 0.9547 9.17% 0.53% N.A. 7.13% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0484 10.89% 3.71% 2.44% 10.22% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6865 10.39% 3.16% 2.04% 9.52% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $465.97 4.46% 2.07% 2.82% 3.92% ALFM EURO BOND FUND, INC. -A Є219.78 3.14% 1.26% 1.44% 3.34% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.2022 7.25% 2.3% 2.53% 6.8% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 1.06% 1.37% 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7113 1.32% -1.4% 0.28% 1.25% PAMI GLOBAL BOND FUND, INC -A $1.0935 6.75% -0.09% -1.28% 5.52% PHILAM DOLLAR BOND FUND, INC. -A $2.3955 12.7% 2.05% 3.18% 10.35% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.060258 5.98% 2.05% 2.05% 5.72% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1621 9.94% 1.56% 2.69% 10.1% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 125.1 4.18% 2.7% 2.11% 3.49% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,3 1.0268 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2459 6.15% 2.5% 1.56% 5.42% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2584 3.85% 2.83% 2.24% 3.22% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0345 2.14% N.A. N.A. 1.83% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - LAUNCH DATE IS JANUARY 3, 2019. 2 - LAUNCH DATE IS JANUARY 28, 2019. 3 - LAUNCH DATE IS FEBRUARY 1, 2019. 4 - LAUNCH DATE IS AUGUST 1, 2019. 5 - LAUNCH DATE IS SEPTEMBER 28, 2019. 6 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). 7 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST OCTOBER 9, 2019. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

InLife premium payments get simpler with SmartPesa

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Under the power supply agreement, VIDC will supply 15 megawatts (MW) to Banelco to keep up with the growing demand in the island. “Banelco concluded a successful competitive selection process by awarding a 15-year contract to supply 15 MW of the island’s energy requirements to the joint venture of VIDC. The project will add to the capacity of Vivant Energy, as it continues to focus its growth in the off-grid small power utilities group [Spug] sector,” Vivant said. VIDC and Banelco will soon sign the power deal. After which, they will seek approval from the Energy Regulatory Commission (ERC) to implement the power supply agreement.

Banelco said peak demand for mainland Bantayan grew by 6 percent in 2018. Demand is expected to grow by 10 percent annually from 2019 onward. By 2027, Banelco’s power demand is forecast to reach 13 MW, almost three times more than its present capabilities. VEC is known for being the first to operate a smart hybrid power plant facility in an off-grid area through the Sabang Renewable Energy Corp. (SREC) and the first New Power Provider (NPP) in Palawan through Delta P Inc. Overall, the VEC is one of the largest power providers in Spug areas. with a diverse portfolio of over 40 MW.

STOCK-MARKET OUTLOOK LAST WEEK

SHARE prices gained last week, but the main index remained at the 7,900-point level after touching the 8,000-point level for just one day. The benchmark Philippine Stock Exchange index (PSEi) gained 54.82 points to close the four-day work week at 7,977.12. It was up for three straight days and even closed at 8,020.06 on Wednesday for the first time since August, before succumbing to profit-taking by Thursday, the last trading day of October. “Trading volumes remain extremely low for the last three weeks. The low volume trading week makes more sense because of just four trading days,” Christopher Mangun, research head at AAA Securities Inc., said. Average daily trading for the week was at P6.1 billion, while foreign investors were net buyers at P1.4 billion. “The recent foreign inflows that we have seen in the last several weeks have helped support this market. The PSEi ends the month on October up 2.6 percent after two consecutive months of losses,” Mangun said. Most of the subindices ended on the green with the exception of the Services index that fell 18.48 points to close at 1,513.05 points. The broader All Shares index was up 20.42 to 4,787.45, the Financials index gained 41.61 to 1,918.40, the Industrial index rose 0.87 to 10,470.94, the Holding Firms index increased 85.26 to 7,830.30, the Property index climbed 6 to 4,172.29, and the Mining and Oil index added 7.29 to 9,216.52. For the week, losers managed to edge gainers 116 to 106, and 24 shares were unchanged. Top gainers were Suntrust Home Developers Inc., F and J Prince Holdings Corp. A, Asian Terminals Inc., Abra Mining and Industrial Corp., Philippine Infradev Holdings Inc. and Macro Asia Corp. Top losers, on the other hand, were Philippine Trust Co., Anchor Land Holdings Inc., Concrete Aggregates Corp. B, Chemical Industries of the Philippines Inc., Philippine Bank of Communications and Ferronoux Holdings Inc.

THIS WEEK

SHARE prices may continue their gain this week, but analysts warned the continued cautious investor sentiment may dampen any growth that the market had over the past few weeks. “PSE still failed to maintain the 8,000 level. Investors will need betterthan-expected earnings, inflation and GDP [gross domestic product figures] next week to push the market,” Luis Limlingan, managing director at brokerage firm Regina Capital and Development Corp., said. Next week, crucial events will be the release of the inflation figures for October, which analysts expect to continue the downtrend. The third quarter GDP is also going to be reported before the end of the week. Most analysts are not expecting any surprises and most think that year-end GDP will not make it into the government’s low-end target of 6 percent, Mangun said. “However, the recent pickup in infrastructure spending and consumer spending may have a better-than-expected effect on growth. This may also give investors an extra boost of confidence to get back into this market,” he said, but warned that general investor sentiment remains cautious due to external concerns and because of how the market has performed in general.

STOCK PICKS

BROKER Regina Capital advised to buy if its support price of between P4.05 and P3.90 holds for the stock of Nickel Asia Corp. “Despite the gap in prices, it was still hounded by a lot of selling pressure throughout. The bearishness completely eradicated its high of P4.33 and closed it almost flat at P4.08. Interestingly, indicators are not as bearish,” the broker said. “Overall, the P4.05 level appears to be a strong support level, and would dictate this new price range will be sustained,” it said. Nickel Asia’s share price closed Thursday at P4.01 apiece. Meanwhile, the broker recommended cutting loss on the stock of Manila Electric Co. after the heavy selldown may have reached its peak, as the stock finally broke, dropping to as low as 344.00 during the week. “This has been anticipated since the reversal in trend a few sessions ago. Unfortunately, MER’s drop to its 52-week low will likely continue as no interim support is in sight to break the fall. Cut loss for the mean time,” it said. Meralco’s shares closed last week at P338.40 apiece. VG Cabuag

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

October 31, 2019

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FERRONOUX HLDG FILIPINO FUND MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH

54.35 154.3 97 25.2 12.58 67.5 12.7 44.75 57.6 117 25.7 199.1 60.1 1.11 1.85 18 4.5 7.81 0.405 0.88 174

55 154.9 97.7 25.45 12.6 67.6 13 44.9 59.8 129.9 25.8 199.2 60.15 1.13 2.11 18.38 4.53 8.49 0.435 0.89 175

54.6 155 99.8 25.35 12.48 67.5 13.1 43.85 57.8 117.4 25.8 204.8 60.5 1.11 1.91 18.3 4.62 7.73 0.41 0.89 175.6

55 155.2 99.9 25.5 12.58 67.75 13.1 44.9 60 117.4 25.8 204.8 61.25 1.11 1.91 18.3 4.62 7.77 0.41 0.89 175.6

54.35 154.1 96.7 25.2 12.3 67.45 12.7 43.85 57.5 117.4 25.7 199.2 60.15 1.11 1.84 18 4.47 7.73 0.41 0.88 175

55 154.9 97 25.2 12.58 67.6 12.7 44.9 57.6 117.4 25.7 199.2 60.15 1.11 1.84 18 4.5 7.77 0.41 0.89 175

1950 2202520 5597790 148300 991500 4382160 73700 269600 6500 20 27200 451210 32030 5000 6000 168900 120000 31200 10000 1103000 810

106852 341130894 547200125 3742750 12359758 296003929 959878 11965860 381664 2348 701160 90467617 1943488 5550 11380 3065240 540490 241948 4100 970930 142106

-19222 77999666 -23926641 -2516720 4727992 125056664.5 480985 -42449802 -1061915.5 35000

INDUSTRIAL AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG UNIV ROBINA VITARICH CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL LMG CHEMICALS MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS SFA SEMICON CIRTEK HLDG

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

2.78 1.29 39.35 0.243 24.75 78.85 338.4 19.78 5.01 4.15 10.84 33.9 7.35 13.14 3.88 89.6 17.24 15 5.32 8.53 6.99 91.4 0.67 47.9 232 9.01 13.2 0.183 1.69 11.26 1.93 5.37 2.09 151 1.34 65.35 72.1 2.51 5.75 15.5 10.1 14.42 17.66 9.11 1.1 1.1 112.1 5.11 3.5 5.4 30.5 2.23 7.9 1.45 0.98 8.7

2.79 1.3 39.95 0.249 24.9 78.9 341.8 19.84 5.04 4.35 11 34 7.37 13.38 3.89 103.5 18.04 15.02 5.57 8.54 7 92 0.68 48.5 232.8 9.49 13.24 0.186 1.7 11.48 1.94 5.38 2.13 151.6 1.35 66 75.8 2.56 6.13 15.52 10.26 14.58 17.7 9.49 1.11 1.13 113.1 5.36 3.52 5.47 31.8 2.26 7.91 1.47 1.01 8.71

2.8 1.28 38.3 0.249 25.25 79.4 347 19.84 5.03 4.38 10.9 34 7.35 13.46 3.84 105.5 18.12 14.86 5.6 8.59 7 92.2 0.67 48.5 232 9.34 13.2 0.183 1.71 11.2 1.91 5.36 2.15 152 1.32 66 72 2.55 5.8 15.3 10.3 14.4 17.78 9.36 1.12 1.12 113.1 5.2 3.51 5.4 31.95 2.25 7.91 1.51 0.98 8

2.84 1.29 39.95 0.249 25.4 79.4 348.6 20 5.05 4.38 11 34 7.37 13.46 3.94 105.5 18.12 15.1 5.6 8.59 7 92.7 0.68 48.5 233 9.38 13.34 0.183 1.73 11.48 1.96 5.38 2.15 152.7 1.35 66 72 2.56 5.8 15.56 10.5 14.6 17.78 9.49 1.12 1.14 113.1 5.2 3.51 5.47 31.95 2.32 7.92 1.51 0.98 8.7

2.79 1.28 38.3 0.249 24.05 78.9 338.4 19.7 5 4.14 10.9 33.9 7.35 13 3.84 104 17.24 14.86 5.32 8.51 6.99 91.05 0.67 48.4 230.2 9.24 13.2 0.183 1.7 11.2 1.88 5.35 2.08 150.7 1.31 65.4 72 2.51 5.75 15.28 10.04 14.34 17.5 9.11 1.07 1.06 113.1 5.11 3.5 5.36 30.5 2.19 7.89 1.46 0.98 8

2.79 1.29 39.95 0.249 24.8 78.9 338.4 19.84 5.01 4.35 11 34 7.37 13.38 3.89 105.5 18.12 15 5.32 8.53 7 92 0.68 48.5 232 9.24 13.24 0.183 1.7 11.48 1.94 5.38 2.08 151 1.35 65.4 72 2.51 5.75 15.5 10.26 14.58 17.7 9.49 1.11 1.13 113.1 5.11 3.5 5.4 30.5 2.26 7.91 1.48 0.98 8.7

4883000 542000 3457100 20000 5379200 78270 144710 1066200 545000 4000 24500 76500 37100 361100 4205000 310 700 372000 73900 2581300 175100 266040 114000 20100 480610 37900 26300 10000 955000 21200 825000 76900 260000 3124530 7584000 440 100 1067000 200 548100 927900 261100 1948900 3500 67000 1778000 120 110000 13000 319600 30800 9019000 168000 216000 85000 1085400

0.82 12.7 859.5 55.5 11.48 3.57 6.53 0.73 1.12 6.9 8.2 13.14 0.213 889.5 5.61 75.25 5.08 0.49 4.31 13.32 0.57 4.8 0.038 1.43 1.26 395 1029 167 0.86 215.2 0.217 0.219

0.83 13 860 55.95 11.5 3.6 6.89 0.75 1.13 6.91 8.21 13.34 0.224 894 5.98 76.25 5.89 0.51 4.32 13.34 0.59 4.82 0.039 1.46 1.27 400 1030 167.8 0.88 230 0.218 0.23

0.82 13.14 865 55 11.52 3.63 6.88 0.73 1.13 6.88 8.29 13.12 0.224 892 5.62 76.2 5.11 0.51 4.32 13.28 0.6 4.8 0.038 1.46 1.27 395 1028 174 0.85 216 0.218 0.23

0.84 13.14 870 55.95 11.6 3.63 6.89 0.75 1.14 6.91 8.37 13.3 0.224 896 5.63 76.25 5.11 0.51 4.32 13.42 0.6 4.87 0.038 1.46 1.27 395 1030 174 0.89 230 0.218 0.235

0.81 12.72 856 54.6 11.34 3.57 6.88 0.73 1.12 6.87 8.04 13.12 0.224 875 5.61 73.2 5.04 0.49 4.3 13.22 0.56 4.73 0.038 1.43 1.27 395 1021 167 0.85 215.4 0.218 0.22

0.82 13.02 860 55.95 11.48 3.6 6.89 0.75 1.12 6.9 8.21 13.22 0.224 894 5.61 76.25 5.04 0.51 4.31 13.34 0.59 4.8 0.038 1.46 1.27 395 1030 167 0.86 230 0.218 0.22

18655000 21500 408140 1399040 13160000 569000 22100 32000 175000 2060700 12139100 13300 10000 84230 3500 2156530 192700 165000 945000 1964200 243000 28484000 3000000 95000 4000 20 1379265 169650 752000 2880 10000 430000

13745060 198800 699010 136452785 63365730 4980 133408630 -75606465 6176905 -4401302 49476304 -21874748 21,136,612( 11,618,216.0003) 2734576 -379493 17010 268792 2599210 839900 272781 4798260 481896 16369240 4767730 32555 12244 5578958 -35770 401827 -23770 22032421 10727537 1224647 -799379 24428015 -78886 77140 974465 911490 111585790 36815910 351179 9279.9999 348394 68598 1830 1626730 419310 241416 1580740 412590 -164797 547890 -42410 472717527 -44417388 10145450 -150630 28932 7200 2711290 -421600 1155 8501396 5652494 9473808 -3763974 3788094 -479618 34432918 -31005976 32917 73680 1965010 -4360 13572 571100 45530 1725531 950710 -800750 20190210 4075680.0003 1327774 471740 317560 -0 83300 9136935 -548082

15287670 275110 351283965 77689673.5 151409988 2047350 152262 23580 196480 14211486 99144876 175556 2240 75224910 19671 163557938 971348 81010 4076500 26139436 138400 136322190 114000 136070 5080 7900 1413381625 28640895 655570 637282 2180 95000

-873250 -93343255 12206036 -42831910 158690 1296455 -12436640 -26412 14461610 74887561 -4024780 -2755820 -20385230 511553970 -4803229 4320 -

PROPERTY

ARTHALAND CORP 0.86 0.88 0.86 0.88 0.86 0.88 585000 506450 ANCHOR LAND 9.35 9.8 9.36 9.36 9.35 9.35 3000 28070 9350 AYALA LAND 48.55 49.3 49.5 49.5 48.55 48.55 5560800 271563105 -59307935 BELLE CORP 1.98 1.99 2 2 1.99 1.99 4112000 8185540 -1747320 A BROWN 0.81 0.82 0.82 0.82 0.8 0.81 200000 161570 CITYLAND DEVT 0.84 0.87 0.87 0.87 0.87 0.87 12000 10440 CROWN EQUITIES 0.203 0.205 0.203 0.205 0.203 0.205 190000 38750 CEBU HLDG 6.15 6.33 6.1 6.1 6.1 6.1 9300 56730 CEB LANDMASTERS 4.5 4.52 4.5 4.58 4.5 4.5 132000 594610 -171010 CENTURY PROP 0.59 0.6 0.6 0.61 0.59 0.6 36708000 22070460 -217930 CYBER BAY 0.48 0.49 0.47 0.495 0.47 0.49 4950000 2406750 126400 DOUBLEDRAGON 20.25 20.3 20.4 20.5 20.25 20.25 103500 2100960 127150 DM WENCESLAO 10.2 10.22 10.2 10.22 10.18 10.22 282500 2877600 2747018 EMPIRE EAST 0.485 0.49 0.485 0.495 0.485 0.49 1430000 698900 FILINVEST LAND 1.6 1.61 1.61 1.62 1.6 1.6 9375000 15041330 1769540 GLOBAL ESTATE 1.24 1.27 1.25 1.27 1.24 1.27 272000 339240 8990 HLDG 14.7 15 14.64 15 14.62 15 133000 1955996 -317760 PHIL INFRADEV 1.55 1.56 1.54 1.6 1.54 1.56 4414000 6942310 -650450 MEGAWORLD 4.82 4.83 4.83 4.85 4.82 4.83 9571000 46236340 -20400080 MRC ALLIED 0.29 0.295 0.295 0.295 0.285 0.29 3750000 1089400 PHIL ESTATES 0.41 0.43 0.41 0.41 0.405 0.41 3260000 1336550 PRIMEX CORP 2.02 2.03 2.03 2.03 2.02 2.03 264000 533460 ROBINSONS LAND 25.45 25.7 25.3 25.8 25.2 25.45 1525400 38833120 -19906165 PHIL REALTY 0.375 0.38 0.375 0.38 0.37 0.38 180000 68200 ROCKWELL 2.28 2.3 2.3 2.32 2.2 2.32 464000 1030640 SHANG PROP 3.23 3.29 3.28 3.3 3.28 3.29 24000 78980 36240 STA LUCIA LAND 2.62 2.63 2.62 2.63 2.55 2.63 1848000 4744120 245240 SM PRIME HLDG 38.95 39 39 39.15 38.9 39 13661100 532828230 107808390 VISTAMALLS 5.5 5.58 5.64 5.64 5.5 5.58 12200 67544 VISTA LAND 7.66 7.69 7.73 7.75 7.67 7.69 3929700 30221018 -18519126 SERVICES ABS CBN 18.58 18.6 18.9 18.9 18.6 18.6 41800 780508 GMA NETWORK 5.26 5.27 5.27 5.27 5.25 5.26 24500 128815 MANILA BULLETIN 0.4 0.415 0.405 0.405 0.4 0.4 350000 140650 GLOBE TELECOM 1824 1830 1844 1850 1820 1824 28230 51557315 -23395200 PLDT 1100 1102 1093 1108 1093 1100 64910 71441990 2155005 APOLLO GLOBAL 0.041 0.042 0.042 0.042 0.041 0.041 8000000 335000 DFNN INC 5.11 5.3 5.3 5.3 5.3 5.3 11000 58300 ISLAND INFO 0.106 0.11 0.106 0.11 0.106 0.11 70000 7540 ISM COMM 4.73 4.74 4.78 4.8 4.6 4.73 4218000 19800640 798020 JACKSTONES 2.33 2.46 2.4 2.46 2.35 2.46 18000 42970 NOW CORP 3.52 3.53 3.53 3.62 3.44 3.53 8783000 31087340 1738600 TRANSPACIFIC BR 0.325 0.33 0.32 0.33 0.32 0.325 2200000 713900 PHILWEB 3 3.02 3 3.03 2.98 3.02 198000 594230 -119970 2GO GROUP 11.18 11.2 10.94 11.18 10.5 11.18 132000 1414706 844200 ASIAN TERMINALS 18.68 19.6 19.8 19.8 18.8 19.6 73600 1416074 716540 CHELSEA 6.68 6.69 6.67 6.77 6.63 6.68 224800 1498345 344927 CEBU AIR 92.35 92.45 92.3 92.7 92.2 92.35 10510 971081.5 -86541.5 INTL CONTAINER 118.6 118.7 122.1 122.5 118.5 118.7 1779790 214304662 -68248416 LBC EXPRESS 13.58 14.48 14.78 14.78 14 14 800 11486 LORENZO SHIPPNG 0.91 0.93 0.91 0.93 0.91 0.91 116000 105960 MACROASIA 20.6 20.65 19.1 20.6 19.1 20.6 3043900 61673420 -27150166 METROALLIANCE A 1.05 1.15 1.06 1.06 1.05 1.05 21000 22130 PAL HLDG 8 8.25 8.27 8.27 8 8.25 1400 11327 HARBOR STAR 1.62 1.63 1.6 1.63 1.59 1.62 736000 1186780 32200 ACESITE HOTEL 1.6 1.63 1.69 1.69 1.63 1.63 11000 18050 DISCOVERY WORLD 2.04 2.06 2.04 2.05 2.04 2.05 140000 286840 WATERFRONT 0.67 0.68 0.66 0.67 0.66 0.67 111000 74310 FAR EASTERN U 910 925 925 925 925 925 10 9250 IPEOPLE 7.39 8 8 8 8 8 120000 960000 -926400 STI HLDG 0.68 0.69 0.68 0.68 0.66 0.68 25007000 16950380 -16605240 BERJAYA 2.4 2.44 2.38 2.4 2.38 2.4 30000 71700 BLOOMBERRY 9.99 10.06 10.14 10.32 9.82 9.99 12699700 126728203 -111332115 PACIFIC ONLINE 2.68 2.7 2.7 2.7 2.68 2.68 42000 113180 LEISURE AND RES 3.05 3.06 3.09 3.09 3.05 3.06 174000 534840 MANILA JOCKEY 3.45 3.49 3.4 3.5 3.4 3.45 98000 337450 PH RESORTS GRP 4.9 5.19 5.19 5.19 5.19 5.19 5000 25950 PREMIUM LEISURE 0.66 0.67 0.68 0.69 0.66 0.67 4514000 3008300 204209.9999 PHIL RACING 8.01 9.14 8.6 9.14 8.6 9.14 300 2664 ALLHOME 11.46 11.48 11.5 11.5 11.48 11.48 12035300 138170220 -2294970 METRO RETAIL 2.41 2.43 2.45 2.45 2.41 2.43 50000 121740 PUREGOLD 40.1 40.85 40.05 40.85 40 40.85 370800 14,882,745( 10,468,014.9999) ROBINSONS RTL 75.8 75.85 76 76.45 75.65 75.85 962090 72983654.5 -49331081.5 PHIL SEVEN CORP 145.1 149 143.5 149 143.5 149 670470 96558030 394170 SSI GROUP 2.58 2.6 2.62 2.62 2.57 2.58 709000 1838500 593800 WILCON DEPOT 16.5 16.54 16.56 16.64 16.5 16.5 579900 9594080 -1504988 APC GROUP 0.53 0.54 0.53 0.56 0.52 0.53 21970000 11885320 417180 EASYCALL 9.02 9.06 9.03 9.03 9.02 9.02 10200 92071 GOLDEN BRIA 425.4 431 425.4 431 425.4 431 60 25580 PAXYS 2.77 2.92 2.92 2.92 2.92 2.92 1000 2920 2920 PRMIERE HORIZON 0.485 0.49 0.5 0.5 0.485 0.485 6380000 3131850 123395 SBS PHIL CORP 8.94 9.2 9.35 9.35 9.2 9.2 28000 257900 MINING & OIL ATOK 12 12.46 12.46 12.48 12.46 12.46 300 3740 APEX MINING 1.13 1.14 1.14 1.15 1.13 1.13 765000 866310 -413589.9999 ABRA MINING 0.0017 0.0018 0.0018 0.0018 0.0018 0.0018 1000000 1800 1800 ATLAS MINING 2.55 2.66 2.58 2.58 2.54 2.54 77000 197580 -113520 BENGUET A 1.1 1.2 1.1 1.1 1.1 1.1 150000 165000 BENGUET B 1.12 1.24 1.12 1.12 1.12 1.12 6000 6720 COAL ASIA HLDG 0.28 0.295 0.28 0.295 0.28 0.295 460000 132900 CENTURY PEAK 2.58 2.6 2.59 2.6 2.57 2.6 237000 614770 DIZON MINES 7.58 7.69 7.85 7.85 7.5 7.69 14200 107213 FERRONICKEL 1.86 1.88 1.89 1.94 1.8 1.88 34144000 64472260 14354420 GEOGRACE 0.208 0.212 0.214 0.214 0.207 0.211 380000 79840 MANILA MINING A 0.009 0.0093 0.0091 0.0091 0.0091 0.0091 2000000 18200 MARCVENTURES 1.17 1.18 1.18 1.18 1.17 1.18 70000 82590 NIHAO 1.03 1.07 1.04 1.08 1.03 1.07 182000 188010 NICKEL ASIA 4 4.01 4.08 4.1 4 4.01 5695000 22996550 -499810 ORNTL PENINSULA 0.86 0.89 0.89 0.9 0.86 0.89 167000 146410 PX MINING 3.51 3.53 3.52 3.53 3.5 3.53 193000 676280 171470 SEMIRARA MINING 23.2 23.35 23.3 23.35 23.15 23.35 895200 20887260 6957275 UNITED PARAGON 0.0058 0.0062 0.0062 0.0062 0.0062 0.0062 1000000 6200 6200 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 10000000 113000 ORNTL PETROL B 0.011 0.012 0.011 0.012 0.011 0.012 600200000 7202300 PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.011 41900000 443200 PHINMA PETRO 10.32 10.38 10.78 10.78 10.08 10.38 483700 5008958 -46894 PXP ENERGY 12.74 12.8 12.6 12.96 12.6 12.8 1302700 16725558 -277062 PREFFERED HOUSE PREF A 98.15 99.5 98.15 98.15 98.15 98.15 200 19630 ALCO PREF B 100.7 103.3 103.3 103.3 103.3 103.3 290 29957 ALCO PREF C 100 105.9 101.4 101.4 100 100.1 18000 1806323 DD PREF 100.5 101.5 101 101 100.4 100.4 704800 71181501 FGEN PREF G 108 109.5 109.5 109.5 109.5 109.5 1900 208050 -208050 FPH PREF C 430.4 500 500 500 500 500 10 5000 LR PREF 1 1.01 1.01 1.01 1.01 1.01 503000 508030 MWIDE PREF 100.9 101 101 101 100.9 101 790 79746 PNX PREF 3A 100.3 101.9 101.9 101.9 101.8 101.8 150 15275 PNX PREF 3B 107 108 108 108 108 108 1530 165240 PCOR PREF 3A 1051 1052 1050 1051 1050 1051 11500 12076000 PCOR PREF 3B 1080 1081 1068 1080 1068 1080 3500 3777580 SMC PREF 2C 78.2 78.4 78.3 78.3 78.2 78.2 6410 501858 SMC PREF 2D 75.15 75.5 75.15 75.15 75.15 75.15 18100 1360215 SMC PREF 2E 75.1 75.8 75.1 75.1 75.1 75.1 5000 375500 SMC PREF 2F 76.1 76.6 76.2 76.2 76.1 76.1 5000 380510 SMC PREF 2G 75.5 76.5 75.5 75.5 75.5 75.5 1960 147980 SMC PREF 2I 75.7 76.6 75.7 75.7 75.7 75.7 2430 183951 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.62 5.05

17.7 5.14

17.76 5.05

17.76 5.14

17.7 5.05

17.7 5.14

63900 2100

1132900 10614

WARRANTS LR WARRANT

1.53

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.49 KEPWEALTH 11.2 XURPAS 0.93

1.56

1.53

1.52

1.53

83000

126710

6.53 11.3 0.94

6.67 11.58 0.96

6.67 11.62 0.96

6.48 11.1 0.93

6.49 11.3 0.93

174700 261100 1966000

1136130 2954612 1852110

23649 22700 -

EXHANGE TRADE FUNDS FIRST METRO ETF

119.4

-746168 -

119.7

119.9

119.4

8310

993359

1199