BusinessMirror November 06, 2019

EXPORTERS BEMOAN INDIA‘S EXIT FROM R.C.E.P.

By Elijah Felice E. Rosales @alyasjah

I

‘TIS THE SEASON People from all walks of life welcome once again the opening of the Ortigas East Christmas Street Musical

NDIA’S decision to opt out of the Regional Comprehensive Economic Partnership (RCEP) may not be much of an issue to the government, but exporters fear that this development might cost them the opportunity to increase shipments to the fast-growing South Asian market.

Sergio R. Ortiz-Luis Jr., president of the Philippine Exporters Confederation Inc., argued that India’s decision to bail out of the RCEP could be a double-edged sword for the Philippines. For one, bilateral trade between India and the Philippines is just starting to grow so exporters can manage in the short term.

However, with India gone in the RCEP—

at least for now—Ortiz-Luis said exporters might miss out on the opportunity to expand their shipments to a market that has a population of close to 1.4 billion people and an economy growing well above 7 percent annually.

“India is a large potential market for exporters, but it has yet to end up as a big trading partner. As far as we are concerned, India is not that important for now, but this could change once it becomes a superpower in a few years,” Ortiz-Luis told the BusinessMirror.

Merchandise trade between the Philippines and India has been expanding at a respectable rate under President Duterte, whose self styled independent foreign policy includes securing market access for the country’s exports to nontraditional partners.

Based on records from the Philippine Statistics Authority (PSA), bilateral trade with India went up 24.44 percent to $2.24 billion in 2017, from $1.8 billion in 2016.

This further rose by 5.8 percent to an alltime high of $2.37 billion last year.

PSA data also showed exports improved over 79 percent in 2017 to $576.59 million, from $322.09 million in 2016, before peaking to $598.52 million last year.

Last year, the bulk of the country’s shipments to India are electronic products ($247.5 million), copper concentrates ($69.26 million), manufactured items ($61.47 million), gold ($46.75 million) and minerals ($31.51 million). With India’s withdrawal from the RCEP, Ortiz-Luis said it will now be difficult to increase the volume of See “Exporters,” A2

Light Tunnel located at the Tiendesitas in Pasig City. NONOY LACZA

w

n

Wednesday, November 6, 2019 Vol. 15 No. 27

P25.00 nationwide | 5 sections 42 pages |

‘Costlier pork substitutes imperil benign inflation’ ‘Holidays, infra push to boost factory output’

T

HE holidays will bring cheer not only to Filipino children, but also to the local manufacturing sector, which is badly in need of a performance booster, according to the National Economic and Development Authority (Neda).

The Neda made the pronouncement after the Philippine Statistics Authority (PSA) reported on Tuesday that the country’s manufacturing output declined for the 10th consecutive month in September.

The PSA’s Monthly Integrated Survey of Selected Industries (Missi) showed that the Volume of Production Index (VoPI) contracted 3 percent in September, a reversal from the 1.3-percent increase recorded last year.

“Despite the slowdown in the overall performance of the manufacturing sector for September, we have observed improvements in various subsectors which can be attributed to the upcoming holiday season alongside lower inflation, stable exchange rate, and lower interest rate,” Neda Officer in Charge (OIC) and Undersecretary for Regional Development Adoracion M. Navarro said in a statement.

To boost the manufacturing sector over the near term, Navarro said high-impact and “implementable” infrastructure projects under the “Build, Build, Build” program must be rolled out.

Navarro said this will sustain the demand for construction-related manufactures as more infrastructure flagship projects reach the construction phase.

See “Holidays,” A2

PESO EXCHANGE RATES n

T

By Cai U. Ordinario

@caiordinario

HE outbreak of African swine fever (ASF) is a threat to inflation given its potential to cut domestic pork supply and its impact on the prices of alternative protein sources, according to the National Economic and Development Authority (Neda).

The Philippine Statistics Authority (PSA) on Tuesday said inflation slowed to 0.8 percent, the lowest in three-and-a-half years. However, prices of meat products, such as chicken and beef, as well as eggs have significantly increased.

“The livestock industry in ASFstricken areas, which accounts for

14.9% N

national concern, such as the issue surrounding the South China Sea and the situation in the Korean Peninsula. On the South China Sea issue, both leaders discussed the drafting of the Code of Conduct to address tensions in the affected region…,” Panelo said in a statement on Tuesday.

See “Duterte,” A2

See “BSP,” A8

See “Nlex,” A8

@BcuaresmaBM

F EGG FARM Framed by trays of eggs gathered from a poultry farm of thousands of laying chicken in San Isidro, Isabela, veterinarian Dr. Pamela Tan briefs young visitors on an educational tour. According to data from the Philippine Statistics Authority, the prices of eggs, chicken and beef have been rising as pork supply is affected by the African swine fever and people search for substitutes. CEASAR M. PERANTE

Duterte, Abe: COC crucial in S. China Sea

B

ANGKOK—President Duterte and Japanese Prime Minister Shinzo Abe discussed the South China Sea issue, particularly the need for a Code of Conduct, as the way to go to address tensions in the region.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said this is one of the key regional and international concerns raised during the bilateral meeting of Duterte and Abe on the sidelines of the 35th Asean Summit on Monday.

“Both leaders likewise touched on subjects of regional and inter-

@lorenzmarasigan

OLLOWING the announcement that inflation has hit a 42-month low in October, the Bangko Sentral ng Pilipinas (BSP) and local and international economists agreed that the growth of consumer prices in the country is on its way to an uptrend in the coming months.

The Philippine Statistics Authority (PSA) on Tuesday reported that inflation hit 0.8 percent in October—the lowest for the country since April 2016 when it hit 0.7 percent. This deceleration is a stark contrast to the 6.7-percent inflation in the same month last year and has put the average consumer price growth of the country at 2.6 percent in the first 10 months of the year.

The inflation slowdown—from 0.9 percent in the previous month—has been anticipated by the BSP, Governor Benjamin Diokno said in his inflation statement following PSA’s announcement.

“The latest inflation outturn is consistent with the BSP’s prevailing assessment that inflation has likely bottomed out in October and could start to pick up slightly in the remaining months of 2019 as base effects start to dissipate,” Diokno said.

See “Inflation,” A2

Spike in year-on-year prices of whole chicken in Metro Manila, per PSA. Egg prices, which have been rising since July, rose 5.2 percent in October. Pure beef meat prices rose 4.6 percent year-on-year

By Bianca Cuaresma

@BNicolasBM

By Lorenz S. Marasigan

LEX Corp. awarded on Tuesday an P8-billion contract to DM Consunji Inc. (DMCI) for the construction of the first phase of the connector road, a critical piece of infrastructure seen as a solution to diverting tens of thousands of vehicles from Metro Manila’s clogged arteries.

Luigi L. Bautista, the president of the expressway operator, said the contract covers the construction of the initial segment of the North Luzon Expressway (Nlex) Connector Road that will run from Grace Park, Caloocan City, to España Street, Sampaloc, Manila.

“The actual work on the ground would be toward the end of November,” he said. “We are confident that our team, our contractor, and our partners in government will work together to deliver this high-quality elevated expressway.”

Public Works Secretary Mark A. Villar noted that his group has so far delivered 50 percent of the right-of-way for the first phase of connector road.

“The workable area is now at 50 percent. By next year, we will definitely deliver 100 percent of the right-of-way,” he said. “We are committed to accelerating the right of way acquisition in order to build traffic solutions for our motorists.”

Bautista agreed that this significant portion of the easement is workable, and noted that construction works will commence even as the government still works to resolve the other half of the right-of-way.

The second phase of the project involves the section that runs from España, Manila to the Polytechnic University of the Philippines in Santa Mesa, Manila. It costs roughly P8 billion.

“For Phase 2, we will start the tender process next month. So, toward the end of March next year, we should be able to appoint the contractor for the second section,” Bautista noted.

Inflation has bottomed out, economists, BSP agree

By Bernadette D. Nicolas

Nlex awards P8-B connector road project to DMCI

US 50.4950 n JAPAN 0.4650 n UK 65.0426 n HK 6.4435 n CHINA 7.1823 n SINGAPORE 37.1614 n AUSTRALIA 34.7557 n EU 56.2060 n SAUDI ARABIA 13.4650

Source: BSP (5 November 2019 )

News

BusinessMirror

A2 Wednesday, November 6, 2019

Robredo is ‘cochairperson’ of anti-illegal drugs council

V

By Samuel P. Medenilla

@sam_medenilla

ICE President Leonor “Leni” Robredo was placed on the spot on Tuesday after Malacañang announced her official designation as the administration’s antidrug czar.

In a one-page memorandum, President Duterte appointed Robredo as the “cochairperson” of the Interagency Committee on AntiIllegal Drugs (Icad) up to October 31, 2019-June 30, 2022.

“The Philippine Drug Enforcement Agency [PDEA], Philippine National Police, Dangerous Drug Board and all other law enforcement agencies are hereby directed to extend their full assistance and cooperation to the Vice President to ensure the success of the government’s efforts in the war against illegal drugs,” Duterte said.

In a phone interview, Presidential Spokesman Salvador S. Panelo told reporters Robredo could still opt to decline the offer, although he urged her to accept it.

“If she does not accept it, all her criticisms [on the government’s antidrug drive] will mean nothing,” Panelo said.

Duterte first made the offer to Robredo last week after she criticized his handling of the government’s anti-illegal drug campaign.

Back to the Cabinet?

PANELO said Robredo’s acceptance of the offer will allow her to attend Cabinet meetings again and give her almost full discretion in managing the government’s campaign against illegal drugs.

R obre do h ad resig ne d a s Duterte’s housing secretary in 2016 after she was banned by the President from attending Cabinet meetings.

“If she accepts [the offer], she could attend [the Cabinet meeting] on Thursday,” Panelo said.

“She could do whatever she likes. All the drug agencies will be cooperating and assisting pursuant to the memorandum issued by the President directing them to

Inflation. . .

Continued from A1

21.7 percent of the country’s total hog production last year, remains at high risk,” Neda Officer in Charge (OIC) and Undersecretary for Regional Development Adoracion M. Navarro said.

“The government and private companies must collaborate to manage, contain, and control the spread of the disease,” she added.

See related story on African swine fever on page A8, “In 2nd PHL report to OIE, more areas are hit by ASF.” National Statistician Dennis S. Mapa said the increase in the prices of chicken, beef and eggs were largely due to the outbreak of ASF given that these items are alternative sources of protein for Filipinos.

PSA data showed that at least in the National Capital Region (NCR) or Metro Manila, prices of whole chicken increased 14.9 percent yearon-year and 7.6 percent, month on month.

Data showed egg prices have been on the rise since July 2019 when it increased to 2.6 percent to 3.8 percent in August; 4.8 percent in September; and 5.2 percent in October.

Prices of pure beef meat posted a 4.6-percent year-on-year and a month-on-month growth of 0.7 percent in October. The prices of beef meat with bones are even higher, with a 6.2-percent year-on-year growth in October and a 0.9-percent growth compared to September 2019.

“We are aware of this and we are seeing an upward trend, particularly in the prices of chicken. So for meat overall, last month [it] was 2.4 [percent] and this month [it] was 2.7 [percent]. So there’s like a shift and we are seeing that it will continue. [Preliminary] data in November [are] still showing upward prices, particularly [for] chicken,” Mapa said.

Navarro said it is important for the government and private companies to collaborate in order to “manage, contain, and control the spread of the disease.”

She added that meat processing plants need to be more stringent and enforce stricter

support,” he added.

He, however, noted Robredo would still not be able to change the heads of Icad member-agencies without Duterte’s go-ahead.

“She can request that [change of officials] to the President, since he is the one who appoints them [heads of Icad agencies],” Panelo said.

Advocacy and rehabilitation

PDEA Director General Aaron Aquino said they welcome the inclusion of Robredo in the Icad.

As the head of PDEA, Aquino is also the chairman of the Icad, which has 44 implementing-agency members, including the Department of the Interior and Local Government and the Department of Justice.

For med through Executive Order 15, Icad aims to improve the coordination among relevant agencies covering all aspects of the government antidrug campaign, namely, law enforcement, advocacy, judicial and rehabilitation aspects.

“I think she will be an effective addition to our advocacy and rehabilitation cluster,” Aquino said in a radio interview.

“As I said, we will give her 101 percent of our support,” he added.

Aquino, however, reiterated h i s pre v iou s st atement t h at Robredo may be ill prepared in handling Icad’s law enforcement cluster.

“She has no experience when it

biosecurity measures. Navarro added that quarantine checkpoints and disinfection facilities must also be expanded and placed in key gateways, such as seaports, airports, and expressways.

“The country must be on the lookout for upside risks such as cases of ASF, which have been observed so far in Rizal, Pangasinan, Bulacan, Nueva Ecija, Pampanga, Cavite, and Quezon City,” Navarro said.

Encouraging outlook

MEANWHILE, a Senate leader said the PSAreported inflation of 0.8 percent in October, from 0.9 percent in the previous month, “is within our internal expectation and the expectation of economists.”

As the inflation rate “remains favorable, the BSP may resume easing its monetary policy to prop up the economy and help achieve its GDP target of 6 percent to 7 percent for this year,” according to Sen. Sherwin Gatchalian, Energy committee head who used to chair the Economic Affairs panel.

For her part, Neda’s Navarro said the overall inflation outlook remains encouraging given that average inflation reached 2.6 percent in the January-to-October period this year, well within the government’s 2 to 4 percent as inflation target.

Weaker nonfood inflation and partly base effects drove the subdued outturn, coming from 6.7 percent in the same period last year.

Food and nonalcoholic beverages deflation continued for the second consecutive month at 0.9 percent in October 2019, a sharp reversal from the 9.4-percent inflation recorded last year.

Rice deflation was observed for the sixth consecutive month, dropping further to -9.7 percent in October 2019 from -8.9 percent in September.

“The government has been driven and focused in its anti-inflationary efforts this year.

We hope to further keep inflation manageable and within the government’s target,” Navarro said.

PSA data showed that inflation was higher in Metro Manila at 1.3 percent in October 2019, faster than the 0.9 percent posted in September 2019. Inflation in NCR was at 6.1 percent in October 2018.

Mapa said October 2019 inflation in NCR was due to food and nonalcoholic beverages, particularly because of higher chicken prices as well as fruits like apple, watermelon, and mango; and vegetables, particularly ampalaya leaves, garlic, and onion.

Inflation in Areas Outside the National Capital Region (AONCR) decelerated further to 0.7 percent in October 2019. In September 2019, its inflation was observed at 0.9 percent and in October 2018, 6.8 percent.

comes to the law enforcement side.

In case she accepts the position as [anti]drug czar, this will be the first time she will be dealing with law enforcers,” Aquino said.

Still uncertain

ON Tuesday evening, the Office of the Vice President’s Spokesm a n Ba r r y Gut ier rez he ld a press conference, where he questioned the specifics of Robredo’s designation.

“It is clear base from the memorandum that we have received that the position being offered is not substantial. First, it is clear that the position, cochairman, does not exist in Executive Order 15, so we don’t know how this will be resolved,” Gutierrez said.

He also criticized the pronouncement of Aquino, who will be Robredo’s cochairman in the Icad, that Robredo will likely fail as a antidrug czar.

“How then can we take the offer seriously, if the cochair in the committee expressed he does not believe [in the capability] of his cochair,” Gutierrez said.

Gutierrez ended the press conference without categorically stating if Robredo will accept or decline the offer.

Instead, he said Robredo will issue on Wednesday a statement on the offered appointment and how the government should go about its war against illegal drugs.

Holidays. . .

Continued from A1

As construction kicks off, more Filipinos will have jobs and will see a higher disposable income, which could leave to an increase in demand for consumer goods.

“We need to sustain infrastructure spending to achieve the national government’s target disbursement performance for the year. An extension in the validity of the 2019 budget, and the timely passage of the proposed 2020 national budget should be considered to avoid delays in the implementation of constructionrelated projects and activities,” said Navarro.

Citing the need to strengthen linkages between manufacturing and agriculture, Navarro said the government also needs to scale up efforts to improve Shared Service Facilities (SSFs).

This, she said, will help farmers consolidate and engage in higher value-adding activities, which can also contribute to the expansion of the manufacturing sector.

Removing regulatory bottlenecks and ensuring faster turnaround periods for processing and issuance of clearances, permits and other required certifications will also help manufacturers. Cai U. Ordinario

Exporters. . .

Continued from A1

exports to the South Asian country.

“Right now, India is a potential market for Philippine exporters, but we have yet to turn that into something concrete. We have exchanges of parts with Indian electronics and automotive firms. However, with this development in the RCEP, I don’t see that potential to grow exports to India materializing anytime soon,”the industry leader explained.

Trade Secretary Ramon M. Lopez said India can hop on the RCEP once it resolves its issues on market access and trading rules. However, its withdrawal will not stop the 15 remaining parties from crafting the trade deal and readying it for signing by next year.

“India may be out as of now, but their pending issues will be sorted out until next year. We still have an open door for them. What is clear is that the 15 [remaining parties] have concluded all the 20 chapters of the RCEP and are almost done on market access discussions,” Lopez said in a text message to the BusinessMirror.

The 15 RCEP economies account for roughly 29 percent of world economy, from an estimated 32 percent when India was still in the trade deal, according to Lopez. Last year RCEP parties, including India, comprised nearly half of the world population, close to one-third of the global economy, 29.1 percent of global trade and about one-third of global investment inflows.

The RCEP covers trade in goods, services trade, investments, intellectual property, movement of people, electronic commerce, dispute settlement, among others.

Without India, the trade deal is now in the hands of the member-states of the Association of Southeast Asian Nations, Australia, China, Japan, New Zealand and South Korea. Negotiators of the RCEP are rushing to conclude and implement the trade deal, as it is seen to cushion the impact on them of the trade conflict between the United States and China.

In a joint statement on Monday, leaders of the RCEP negotiating parties said the trade deal is now undergoing legal scrubbing and should be ready for signing by next year.

www.businessmirror.com.ph

STATE OF CALAMITY URGED IN QUAKE SITES

By Jovee Marie N. dela Cruz @joveemarie

L

AWMAKERS on Tuesday urged the local governments of areas in Mindanao that were struck by strong earthquakes to immediately declare a “state of calamity” to prevent profiteers from taking advantage of the crisis.

House Committee on Ways and Means Chairman Joey Sarte Salceda said a total of 28,932 houses and public infrastructure in Regions 9, 10, 11, 12 and the Bangsamoro Autonomous Region in Muslim Mindanao were reported damaged by the recent earthquakes in Mindanao.

“Most of these [27,845] were houses and of which 20,957 or 74 percent were totally damaged,” Salceda said, adding that the damage affected “critical infrastructure used by the public” such as schools (854), health facilities (73) and public infrastructure (81).

He said the ongoing phenomenon of serial quakes in Mindanao clearly manifests the risk profile of the Philippines since the country is in the earthquake belt (earthquakes), Pacific Ring of Fire (active volcanoes) and the tropical cyclone doormat (typhoons generated in the Pacific).

Ako Bicol Rep. Alfredo Garbin Jr. said there are social-media postings of profiteering in North Cotabato, particularly in Kidapawan City.

“I appeal to the North Cotabato Provincial Board to please declare a state of calamity so that price controls and penalties can be imposed,” Garbin said.

Laguna Rep. Marlyn Alonte also called for the declaration of a “localized state of calamity” in polio-afflicted areas due to the potential disruption and contamination of groundwater as a result of the quakes.

“The state of calamity declaration would directly address components of the systemic problems. For example, neighbors

Duterte. . .

of the affected families can avail of calamity loans to repair or replace their homes’ plumbing and poso negro [sewers],” said Alonte.

“Local government units [LGUs] can use some of the calamity funds to repair sewer systems outside the homes of affected families. LGUs can also impose price controls on the sale of drinking water and personal hygiene items like soap,” she added.

Disaster agency SALCEDA also revealed that the House is now on the “robust stage” of drafting the bill for the creation of the Department of Disaster Resilience (DDR). “ The House [should] seriously consider the lessons from Mindanao earthquakes and our risk profile which call for the integration of Phivolcs [Philippine Institute of Volcanology and Seismology] and other risk assessment and warning agencies and the BFP [Bureau of Fire Protection] as boots in the ground for the national government to immediately assist the LGUs which retain primary role in DDR,” he said.

“The BFP is most compatible with the DDR since it deals with emergencies, mainly fires and is tasked with building inspection for fire risks,” he added.

Also, Salceda said the Mindanao experience clearly demands the government’s focus on the structural soundness of buildings, including vital facilities like schools and hospitals in the country.

“The magnitude of school children in earthquake zones also needs to be remediated for vulnerability reduction, but this will take time given our budget constraints and thus it would require a full-time, permanent and institutional response—the inclusion of BFP in the DDR. This will ensure that it will have the time to train and prepare for disaster risks,” he said.

In a separate media briefing on Monday, Japanese Foreign Ministry Spokesman Masato Ohtaka said that Japan has been “consistently expressing its concern” about what it has been witnessing in the region, as it expressed support for 2016 arbitral ruling that invalidated China’s sweeping claims in the South China Sea. “We particularly support the resolution of the issues under a legal framework as well.

I think ICJ [International Court of Justice] and the judicial solution is one thing that we strongly support and this is why we also support the arbitral ruling that came a few

years ago on this as well,” Ohtaka said.

When asked, however, whether they are planning to increase Japan’s presence in the area, he said Tokyo has no plans to do so.

While Ohtaka said they feel “strongly” about the issue, he said the countries involved are even “more concerned” about it.

“I think Japan is even in the position to help all the countries be reminded that rule of law is the way to go and peaceful resolution is the way to govern for everybody to resolve this issue,” he said.

Aside from the South China Sea issue, the two leaders also discussed the situation in the Korean Peninsula, particularly the latest ballistic missile launch as well as the long-standing issue of abduction of Japanese nationals.

OIE. . .

This is the first time that the Philippines has revealed the specific barangays, municipalities and cities where it confirmed outbreaks of ASF.

Continued from A1

Continued from A8

The OIE defines a case as an “individual animal infected by a pathogenic agent, with or without clinical signs” while an outbreak refers to the occurence of “one or more cases in an epidemiological unit.”

Pampanga, Bulacan

THE Philippines’s report showed that bulk of outbreaks were recorded in Bulacan where 13 municipalities and cities with a total of 112 barangays are affected. This is already more than half of the 24 total municipalities and cities in Bulacan.

The report added that there were 24,736 susceptible pigs in Bulacan with 471 heads considered ASF cases or affected by the disease.

The report indicated that ASF caused the death of 69 pigs in Bulacan. These were recorded in Malolos City, Plaridel, Calumpit and Bulakan towns. The government had culled the remaining ASF-susceptible population of 24,667 heads.

The ASF outbreaks in Bulacan were in: Guiguinto, Malolos City, Plaridel, Calumpit, Balagtas, Bulakan, Pandi, Baliuag, Hagonoy, Paombong, Pulilan, Bustos and San Rafael.

In Pampanga, nine out of 24 municipalities and cities had ASF outbreaks: San Luis, Minalin, Apalit, Bacolor, Angeles City, San Simon, Candaba and San Fernando City.

Based on the report, 15,630 pigs in backyard farms were susceptible to ASF, with 52 hogs already affected by the virus and 105 heads dying from the disease.

The government has culled and disposed of 15,525 hogs in the nine outbreaks in 26 barangays in Pampanga.

More in Metro Manila

THE report indicated that there were ASF outbreaks in Caloocan City and Malabon City.

In Caloocan City, 12 backyard hog farms were affected by ASF in one barangay. The total susceptible population were at 103 heads, with 30 pigs being affected by the virus.

The Philippines said three pigs in Caloocan died due to ASF while the remaining 100 hogs were culled.

Commercial farms hit

THE Philippines also confirmed that there are ASF outbreaks not only in backyard farms but also in commercial farms in four areas in Bulacan (Malolos City, Balagtas, Pandi and Baliuag).

The report indicated that 11,575 pigs in 36 barangays in the four areas were susceptible to ASF with 235 hogs being affected by the virus.

The report added that only eight pigs died due to ASF in the four areas which were all recorded in Malolos City.

The government had to cull and dispose of 11,567 pigs in the four areas to contain and control the spread of the fatal disease.

However, industry sources told the BusinessMirror that the commercial hog farms affected by the ASF are not of the same size as the big players in the industry.

“These are not the big players. There’s no reported ASF outbreaks yet in the really big players in the industry. From what we know, these reported commercial farms only have a 300 to 400 sow level,” a highly knowledgeable sources said.

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

Economy BusinessMirror

PNR rushes to acquire new trains, restore Manila-Naga rail line

T

By Lorenz S. Marasigan

@lorenzmarasigan

HE Philippine National Railways (PNR) is acquiring three additional fast long-haul locomotives to ply the Manila-Naga route for P1 billion, receiving two bids from foreign train manufacturers.

Junn B. Magno, general manager of the state-owned railway operator, said CRRC Corp. Ltd. of China and PT Industri Kereta Api (PT Inka) of Indonesia have submitted bids for the supply of three long-haul trains. Both companies are owned by their governments.

“We are working on the Manila to Naga train that we have designed and we will be buying,”Magno said in an interview. “They are like business class and first class trains that will run between 160 kilometers per hour to 200 kph.”

Currently, Magno’s group is conducting the post-qualification procedures for the auction.

This, he said, will take about a month or two.

“Our target delivery is within 18 months, but the problem there is how are we going to cut into the production line,” he said.

Magno noted that his group will first start replacing the rails and build new ones for the service to be available before 2022. Construction works for the new rails are set for 2020. Once completed, the service will cut travel time from Manila to Naga to three hours.

In a rel ated development, Magno said his group expects to accept delivery of two new locomotives from PT Inka, which won the auction for the supply of

seven trains in 2018, sometime this month.

“The time line is by the end of November, we should have two locomotives on our tracks. The issue there is the government processes—particularly our exemption from taxes and other fees. The trains were already completed in July, it’s just a matter of processes,” he said.

May 2018 saw the PNR management and PT Inka entering into a P2.5-billion contract for the delivery of four diesel multiple train units, which can carry up to 1,090 passengers per trip, and three diesel hydraulic locomotive train sets, which can serve up to 1,330 passengers per trip.

Under the contract, the new trains is ex pected to deliver faster and can carry more passengers to reach the 150,000 passengers a day mark, before February 2020. “ T heir cont ract u a l obl igation is to deliver the new trains

by Febr uar y, but we are hoping to receive the new trains by Januar y,” he said.

The new trains will be deployed in the Malabon-Calamba route.

www.businessmirror.com.ph

BAD SAINT’S TOM CUNANAN HEADLINES D.O.T.’S CHEFS’ TOUR IN PHILIPPINES

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

C

ELEBRATED Filipino-American chef Tom Cunanan of the popular Washington, D.C., restaurant, Bad Saint, will be arriving in the Philippines next week for a series of events to help expand the market for Philippine cuisine abroad.

He will be joined by two other Fil-Am chefs, Chef Charles Olalia of Ma’am Sir, pronounced by LA Times as one of the 18 hottest restaurants in Los Angeles in 2018, and Chef Grant “Lanai” Tabura, host of food show Cooking Hawaiian Style and winner of Food Network’s The Great Food Truck Race.

The Chefs’ Tour project is an initiative of the Department of Tourism (DOT). In an interview, Tourism Secretary Bernadette Romulo Puyat told the BusinessMirror the project is “in keeping with the agency’s goal of positioning the Philippines as a center of gastronomy in Asia.”

She added, “The objective is for the Fil-Am chefs to learn more about our Filipino heirloom recipes, iconic delicacies, heritage dishes and ingredients so they can expand their food offerings in their respective restaurants as a way of promoting the unique Filipino culinary culture.”

Also, through this project, “Culinary students will learn about the challenges faced by the chefs in setting up their restaurants, and how they were able to adapt and innovate their dishes to appeal to

their respective target markets,” said the DOT chief.

The chefs will be interacting with students via Wofex University teaching activity and cooking demo, “Food Trip, Food Talk” in Pampanga, Bacolod and Davao.

Wofex University is a project of the World Food Expo, the biggest food and culinary trade show in the country. As part of its advocacy, Wofex organizers advance education beyond what is learned from the classroom through Wofex University activities nationwide. They invite industry practitioners to share their experiences that are relevant to food service professionals.

The 14-day trip of the chefs in the Philippines include visits to wet markets, lunches with professional cooks and chefs specializing in home cooking, farm tours, food crawls in Metro Manila and various provinces, as well as visits to cultural destinations and local food producers.

Cunanan, just this May, received the prestigious James Beard award for Best Chef: Mid-Atlantic, after being a finalist successively since 2017. His culinary expertise, and Filipino menu at the restaurant he co-owns with fellow Fil-Ams Genevieve Villamora and Nick Pimentel, has been winning a lot of praise from renowned food critics since it opened in 2015.

Bad Saint, named after the place where Filipinos originally settled in the United States, Saint Malo, Louisiana, was named the second Best New Restaurant in the US in 2016. New

Offer learning, devt opportunities to attract talents, SMBs told

By Cai U. Ordinario @caiordinario

S

“Small and medium business owners interested in attracting them to be part of their teams can benefit from being open about their own aspirations, cultivating authentic connections, and sharing growth opportunities available to employees.”

—Legrand

MALL and medium businesses (SMBs) in the Philippines are on the lookout for young and tech-savvy professionals but struggle with lean teams and limited budgets, according to data from LinkedIn. In order to cope, professional network LinkedIn advised SMBs to offer learning and other development opportunities to attract the right kind of talent for their companies.

“While today’s young professionals have a variety of options when looking for a job, we have found that they are drawn to opportunities that align with their purpose and enable them to develop themselves,” said Olivier Legrand, managing director, Asia-Pacific, LinkedIn. “Small and medium business owners interested in attracting them to be part of their teams can benefit from being open about their own aspirations, cultivating authentic connections, and sharing growth opportunities available to employees,” he added.

LinkedIn said employees in the Philippines are interested in learning and developing themselves with “personal development” as their top interest.

In response, LinkedIn said SMBs could incorporate learning and development programs for their team. This can take the form of quick online courses that can be taken individually, or as a group.

LinkedIn also recommended that SMBs consider both hard and soft skills needed for their businesses and showcase their culture and purpose.

Looking at soft skills such as creativity and critical thinking will enable SMBs to explore innovations for their businesses processes which will allow them to seize opportunities in the future.

Celebrating culture and purpose in the workplace means being more open to publishing job openings, posts, photos, videos, and articles about their company where future employees can get a glimpse of what it is like to work for their firm.

Based on LinkedIn data, SMBs are recruiting young talent to help them achieve their goals. The SMBs are looking for employees who have skills in graphic design, social media, know how to work with spreadsheets, user experience design and e-mail management.

These firms are also looking for virtual assistants, react natives, knowledgeable about back-end Web development, data visualization and know transcription.

“Finding the right talent is one of the most important decisions SMBs can make in their journeys. While being more deliberate about hiring can take more time and effort, it can save them a lot of issues down the line, and open up more opportunities for business growth,” Legrand said.

Majority, or 77 percent of SMB employees, are members of Generation Y or millennials. Generation X and Baby Boomers comprise 16 percent and 3 percent of SMB employees, respectively.

Those who are part of Generation Z, who have recently graduated from college and are stepping into their first jobs, now account for 4 percent of their work force.

York Times headlined its review of the 26-seater Bad Saint in 2016 as “Filipino food worth the wait.”

Last October 29, the NYT again raved over Bad Saint in its piece, “10 Reasons Washington Is a Great Restaurant City.” Wrote Brett Anderson, “The cooking is modestly presented, but often extravagantly delicious, with flavors that taste like fresh revelations: the notes of squid-ink musk in a sour-hot adobo, or the charred coconut that provides a vanilla rasp to goat braised in lemongrass.”

Born in Olongapo City before his family moved to Maryland when he was three years old, Cunanan made his way through Washington, D.C.’s highly competitive restaurant industry, cooking at Vidalia, Zentan, and DC Coast, before becoming sous chef at the now-closed Ardeo + Bardeo in Cleveland Park.

He was supposed to have been one of the guest speakers at the fourth serving of Madrid Fusion Manila in 2018, which was later rescheduled to 2019, then scrapped due to budgetary constraints. Cunanan attended the MFM in 2017 at his own expense, and mingled with foreign and local chefs.

The DOT has been positioning the Philippines as a major food or gastronomy tourism destination in Asia. It took its first crack at the promotion by securing franchise rights to Madrid Fusion, the popular gastronomy event in Spain, for Manila beginning 2015. (See, “Food! Glorious Food!,” in the BusinessMirror, October 31, 2019.)

Customs calls on oil companies to comply with govt’s fuel marking initiative by Feb. 2020

By Jove Moya

T

@BMJoveMoya

HE Bureau of Customs (BOC) has called on fuel companies to comply with the government’s fuel marking initiative before February 2020 under the pain of an “unwanted prosecution.”

The BOC is pushing to accelerate the marking of petroleum products which are stored, transported, sold toward the field testing phase of the program.

Other industry players were expected to begin marking to meet the washout period by January next year.

The nationwide testing of fuel in the retail side, as well as the enforcement aspect will be strictly implemented in February 3, 2020.

The BOC warned that gasoline, diesel and kerosene found to be unmarked will be seized, and penalties will be imposed against those storing, transporting, importing or peddling unmarked fuel.

“We are working closely with oil companies in the country to fast-track the marking of petroleum products before they are sold to the market. Oil firms who have yet to have their fuel marked are highly encouraged to work with the program’s implementing agencies to avoid unwanted prosecution,” the BOC said in a news statement.

Insular Oil Corp. conducted its first fuel marking activity on October 30, 2019, in Subic as the implementation of the program continues to roll out nationwide.

This follows the commencement of marking activities on petroleum products of Seaoil Philippines Inc. and Unioil Petroleum Philippines Inc. in Batangas and Bataan, respectively.

An estimated 8.2 million liters of Mogas Ron 92 Gasoline onboard MT Grand Ace 11 from Guangdong, China, was marked at the Fuel Terminal Facility of Pure Petroleum Corp. Subic by the combined team of the Department of Finance (DOF), BOC and SGS-SICPA. T he mark ing of the petroleum products was done by adding the official marker inside storage tanks where the petroleum products would be stored.

www.businessmirror.com.ph

Banking&Finance BusinessMirror

PHL Tax Academy soon to rise in New Clark City

N

By Ashley Manabat | Correspondent

EW CLARK CITY, Tarlac—The main campus of the Philippine Tax Academy (PTA) is set to be constructed on a portion of a 10-hectare lot here, according to the Department of Finance (DOF).

The PTA is also beefing up its work force as the Governance Commission for Government-Owned and Controlled Corporations approved several plantilla of positions including administrative and educational positions, according to a statement by Finance Undersecretary Gil S. Beltran.

The PTA currently holds office at the Bangko Sentral ng Pilipinas complex and conducts its courses and lectures in several venues such as the DOF office in Manila and at the Ayuntamiento de Manila building in Intramuros.

Beltran said the PTA has completed the development of 14 competency-based mandatory online studies required for new hires at the Bureau of Customs (BOC), as well as refresher courses for its existing employees. It has also completed training courses for Bureau of Local Government Finance (BLGF) and local treasurers, as well as executive courses on revenue mobilization for officials of the DOF and its attached agencies, he added.

Republic Act 10143 states that the PTA shall serve as a learning institution for tax collectors and administrators of the government and selected applicants from the private sector. Under the law, all existing officials and personnel of the Bureau of Internal Revenue, BOC and BLGF shall be required to undergo the re-tooling and enhancement seminars and training programs to be conducted by the PTA. The law also requires all applicants to these bureaus to pass the basic courses before they can be hired whether on contractual or permanent status.

Lawmaker to Pagcor, BIR: Disclose real revenues generated by Pogos

A

By Jovee Marie N. dela Cruz

T

Surigao del Norte Rep. Robert Lyndon S. Barbers said in a statement he wants these agencies to report to Congress the revenues of Pogos these submit to the national treasury.

Earlier, Pagcor Chairman Andrea D. Domingo said the Pogo industry is contributing P20 billion a year on lease payments to the real-estate sector.

Domingo added that the industry is also estimated to generate P24 billion in income taxes annually and P1.25 bil-

accordance with the rules on concurrence and preference of credits.

The sale proceeds represented 46.4 percent of the aggregate disposal price of P518.8 million, according to the PDIC. “This is higher by 44.7 percent compared to the total sale proceeds of P166.2 million and 258 percent more than the 153 properties sold in the public biddings held in the same period last year,” PDIC explained.

Properties sold consisted of residential, commercial, and industrial lots, some of which have improvements.

A lot inundated by lahar, a commercial condominium unit and a number of motor vehicles were also sold during the public biddings.

China Bank’s profit in 9 mos boost confidence to hit ₧1-T asset goal

C

HINA Banking Corp. (China Bank) grew its net profit by 21 percent in the first nine months of the year, owing largely to growth across various segments during the period, the bank disclosed on Tuesday.

China Bank’s consolidated net income from January to September grew to P6.7 billion up from the P5.6 billion the bank reported for the same nine-month period last year.

For the third quarter of 2019 alone, net earnings hit P2.5 billion, 25 percent more versus the third quarter in the previous year.

The bank’s nine-month income translates to 9.92 percent return on equity and 0.99 percent return on assets.

China Bank’s growth largely emanated from its P18.7-billion net interest income for the nine-month period, rising 9 percent year-on-year. This accounts for 78 percent of its total operating income of P23.8 billion, up 15 percent. Net interest margin also improved to 3.29 percent.

On the other hand, the bank’s non-interest net income also surged during the period by 43 percent to P5.2 billion driven mainly by service charges, fees and commissions, as well as trading and securities gains.

China Bank’s loan portfolio expanded 10 percent to P552.5 billion. The bank attributed this to rising demand across market segments. Asset quality remained healthy amid the loans growth, as the nonperforming loan ratio hit below industry average at 1.4 percent and its NPL cover at 122 percent.

On the funding side, total deposits jumped 12 percent to P777.2 billion. The bank also successfully raised P30 billion via retail bond offer and P7.5 billion via the issuance of green bond.

China Bank said this helped improve their funding flexibility.

Total capital funds stood at P92.9 billion, up 8 percent. China Bank’s total capital adequacy ratio (CAR) stood at 13.6 percent and its common equity tier 1 ratio is at 12.7 percent.

The bank grew its profitability in the first nine months of 2019 despite higher operating expenses, which increased 19 percent to P15.6 billion.

The higher expenses were attributed to the bank’s efforts to upgrade and expand its systems, processes, infrastructure and manpower.

On track to P1T

@joveemarie

MEMBER of the House Committee on Games and Amusements on Tuesday urged on the Philippine Amusement and Gaming Corp. (Pagcor) and the Bureau of Internal Revenue (BIR) to disclose the real revenues generated by Philippine Offshore Gaming Operators (Pogos).

Sale of foreclosed bank assets raises ₧240.5 million for PDIC

HE Philippine Deposit Insurance Corp. (PDIC) has generated P240.5 million from the sale of 548 closed banks’ properties through seven public biddings in Manila, and a regional public bidding held from January to September in Davao City.

Collectively, the public biddings garnered an aggregate premium of P60.2 million over the total minimum disposal price of P180.3 million.

Proceeds from the sale of closed banks’ properties are added to the pool of funds of these closed banks to help increase the chances of creditors and uninsured depositors to recover their trapped funds.

Settlement of creditors’ claims is in

Wednesday, November 6, 2019 A5

THE bank also said that its latest financial statement indicates that they are on track to achieve its goal of becoming a P1-trillion bank on its 100th anniversary in 2020, registering 17-percent growth in assets to P953.9 billion as of endSeptember 2019.

China Bank celebrated its 99th anniversary last August with the restoration of its original head office in Binondo, which was built in 1924, in full swing.

The restoration and retrofitting works are expected to be completed in time for the bank’s centennial anniversary next year,” the bank said in a statement. Bianca Cuaresma

lion in value-added tax monthly from foreign workers who purchase around P12.5 billion a month.

“What Domingo is telling us are estimates or prophesies; nothing more and nothing less. As of last reports published recently in the media, the Pogo industry, so far, only generated P200 million in revenues,” he added.

According to Barbers, it now appears, with the more than 200 Pogos ordered shutdown by authorities, the much-

vaunted billions of pesos projected income from these online gaming firms is just a product of “media hype.”

The lawmaker said 46 out of the 58 Pogos licensed by Pagcor are registered local companies or foreign corporations.

“Now, the BIR, together with the NBI and PNP, had shut down more than 200 illegal Pogos,” he said.

“The question is: ‘How can the government derive billions of pesos in revenues from these Pogos if only 12 of them are registered firms and could be considered legal to operate in the Philippines?”

Several measures have been filed to look into the operations of Pogo operations in the country.

Barbers said he would dig into who are accountable and responsible that allowed and emboldened these “colorum” online gaming firms to operate.

“First, we would ask the BI [Bureau of Immigration] and the Department of Foreign Affairs on the real number of Pogo workers who are now present in the country. Next would be the Department of Labor and Employment on how many of these Pogo workers had been

issued with work visas and where are they deployed or employed,” he said.

“The last, of course, would be the Pagcor and the BIR. Is there any truth on their much-vaunted prophesies of billions of peso revenues out of these Pogos,” he added.

The solon said he could not comprehend why these Chinese Pogo operators and workers are so emboldened in working in these colorum firms; “a clear indication that they cheat the government of revenues in terms of taxes.”

Earlier, House Committee on Games and Amusement Chairman and ACTCIS Rep. Eric Go Yap said his panel will ask the BI, BIR and DOLE to report to the committee the situation relating Pogo.

He said the committee will also study the creation of an interagency that will regulate and document the entry of Pogo workers in the country.

“We want to know how many Pogo Chinese workers in the country and how much taxes they are paying to the government,” he said.

The lawmaker said this interagency will also protect the workers from the online gaming scheme.

A6 Wednesday, November 6, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Govt must ensure PHL gains from trade deals

T

RADE in Asia-Pacific will soon get a shot in the arm if the Regional Comprehensive Economic Partnership is signed next year. Members of the Association of Southeast Asian Nations (Asean) and six other major economies in the region are now finalizing a “mega-trade deal” that is expected to dispel the doom caused by the trade war between the United States and China. RCEP parties have good reason to bank on the trade arrangement as their economies accounted for nearly half of the world population, close to one-third of the global economy, nearly 30 percent of global trade and about one-third of global investment inflows last year.

The Philippines, one of the parties to the RCEP, is also keen on the immediate signing of the trade deal. So much so that President Duterte had even urged Indian Prime Minister Narendra Modi to conclude RCEP to narrow the development gap within the region (See, “Duterte prods Modi on RCEP conclusion,” in the BusinessMirror, November 4, 2019).

The President made this remark ahead of the RCEP Summit in Thailand, where Asean leaders and their trade partners sought to conclude the negotiations for the trade deal.

Manila is excited about RCEP because it will allow the Philippines to gain access to the markets of rich Asia-Pacific countries—Japan, South Korea, New Zealand and Australia. Japan and South Korea, in particular, are major buyers of Philippine products, and for the longest time, Manila had been badgering these Asian countries to slash tariffs on agricultural goods to help improve the competitiveness of Filipino farmers. China, a prime mover of the RCEP, is also another big market where the Philippines could ship more agricultural products.

While the RCEP may present huge opportunities, the Philippines is not known to take full advantage of these trade arrangements. In fact, the Philippines is a laggard among the Asean-5 (the largest economies in Asean) in terms of export earnings, according to a report published by the World Trade Organization in 2017. Also, despite the huge reduction in tariffs under the Asean Free Trade Area, data from the Philippine Statistics Authority (PSA) showed that the economic bloc enjoyed a large surplus with the Philippines. In August alone, the total surplus of Asean countries with the Philippines is at $1.42 billion as the country’s imports from its neighbors outpaced its exports.

There are a number of reasons for the inability of the private sector, particularly the micro, small and medium enterprises, to tap the international market. A discussion paper published by the Philippine Institute for Development Studies last year indicated that aside from tariffs, MSMEs said their lack of access to finance and the high standards required by importing countries for products or services for export also served as obstacles to their participation in global value chains. These high standards would include tough sanitary and phytosanitary requirements that prevent local producers from shipping more goods to export markets.

The government must address these issues if it is really serious about helping local producers earn from trade deals, such as RCEP. The grant of market access is a two-way street, meaning rich Asia-Pacific countries will also have the opportunity to ship more products to us and compete with Philippine-made goods. Cutting tariffs via trade arrangements will not benefit the Philippines if local goods are not competitive against imports and businesses are unable to participate in international trade.

Since 2005

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

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

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

Isis militants fleeing Syria could end up anywhere, including Southeast Asia–Russian FM Lavrov (Editor’s note: Russian Foreign Minister Sergey Lavrov, in an interview with Interfax in Moscow, on October 17, 2019, fielded questions on, among others: the risks of Isis militants escaping from Syria and ending up anywhere in the globe, from Central Asia to Southeast Asia. He castigates, as well some Western countries, mainly from Europe, for refusing, in the past, to bring back to their countries, for prosecution, their citizens who joined the Isis in Syria and nearby areas. Full text of interview below)

Q

UESTION: Can you comment on the statement by Turkish Foreign Minister Mevlut Cavusoglu that Russia has allegedly promised to secure the withdrawal of Kurdish forces from the Turkish borders?

Sergey Lavrov: I have not seen such a statement. He said that he appreciates our position that recognizes the existence of the Turkish Republic’s legitimate concerns and that implies a settlement under the agreements between the parties concerned. This is true. We are prepared for and will try to make the Adana Agreement of 1998 work.

To this end we will help establish contact between the parties to that agreement, which so far have yet to be established. We will stand for the Kurdish problem to be resolved within the framework of Syrian territorial integrity and sovereignty through a dialogue between the Kurdish leaders and the legitimate authorities in Damascus.

I will emphasise this again, these steps can only be taken if they are based on the understanding, in principle, that it results in the complete reinstatement of Syria’s sovereignty and territorial integrity, within the framework of which both the Kurds and, other ethnic and confessional groups will live in the Syrian Arab Republic. This will be settled so that Turkey can realize the security of its borders. This is a complicated process, given the accumulated contradictions in this part of the Middle East, but it is realistic. We will assist in every way we can to make it become a success.

Question: Did we promise Turkey, as Turkish Foreign Minister Mevlut Cavusoglu has said, that we would provide support for the withdrawal of Kurdish forces?

Lavrov: We will assist by promoting a dialogue that will result in the establishment of a reality on the ground that provides for Syrian sovereignty and territorial integrity, as well as Turkish security interests.

Question: There is currently the problem of Isis militants escaping camps in the country’s northeast due to Turkey’s operation. Given that there are both our military police and Syrian forces in the area, are we ready, together with the Syrians, to “seal” these camps and prevent the militants from scattering?

Lavrov: There are no Russian military police or Syrian forces on those territories. This problem exists. It was acknowledged by the UN Security Council, which expressed serious concern that Isis members could spread throughout Syria and the neighboring countries. Nobody knows how far they can go. Such things happen; Isis militants spring up in Afghanistan, Indonesia, Malaysia and other countries of Southeast Asia. This is a serious problem. We hear statements that these camps are being guarded properly, but there are no guarantees that the Isis militants would not escape. There is

information, though unconfirmed, that some of them have already escaped, and we do not know where these people are headed.

I would like to again point out that currently our Western, first of all, European colleagues proclaim loudly that it is vitally important to prevent Isis members in these camps from dispersing all around the region, from escaping to other countries, thus threatening Europe.

Such statements are made mostly by representatives of the countries that, in the entire period that these camps have existed, flatly refused to bring their own citizens to their countries to render justice. These people were granted European citizenship at some point, but somehow Europeans do not want to see them in Europe now. I have already spoken about it. I am confident that those who gave shelter to people who later became terrorists should bear responsibility for them.

Question: Leaders of various countries call the Turkish operation illegitimate. Do we share this view?

Lavrov: We have already made our position clear. We think that Turkey has legitimate concerns about the security of its borders against the terrorist and extremist threats that are currently present on Syrian territory. At the same time we firmly believe that the problem must be solved only through dialogue, and we will strive to achieve that.

Question: The IntermediateRange Nuclear Forces Treaty (INF Treaty) no longer exists, but some questions remain unanswered. Has the interdepartmental work to develop response measures to Washington’s recent test of an intermediate-range missile concluded? Do we plan to begin tests and production of similar missiles in the near future? As we understand it, if the

US deploys missiles in Europe, the flight time to targets will be the most important factor?

Lavrov: All these questions have already been answered. In the very beginning, when the US launched the official withdrawal from the INF Treaty on February 2, 2019, President Vladimir Putin said that we will provide a symmetric response.

If the Americans suspend their participation in the Treaty, we will do the same. If they denounce it, we will have no choice in the situation. If, after the denunciation, they begin to develop such weapons, we will do that too. But when and if we create these weapons—and given that the Americans have already tested a cruise missile that was banned by the Treaty, we will create them—we will not deploy them in any region of the world until the US systems are deployed somewhere. This is not just words. We made a relevant proposal to the US and Nato to adopt a mutual bilateral moratorium on the deployment of such weapons anywhere, from Europe to Asia. No response followed. Moreover, the US military publicly say that they will prepare to deploy such weapons in the Asian region. Putin has recently commented on that. He said that we understand who the main target of these plans is. But the Americans plan to deploy these weapons in close vicinity to our borders, and we will take that into account too. I reiterate, we have not yet received a response to our suggestion to adopt a moratorium. This proposal is still on the table.

As for concrete measures regarding a military-technical response, they are being prepared by the relevant bodies. I will emphasise again that Putin said that if such weapons are created, we will be forced to do the same.

This star chipmaker really doesn’t want to pick sides

By Tim Culpan Bloomberg Opinion

Y

OU’VE got to feel for Mark Liu. The chairman of Taiwan Semiconductor Manufacturing Co. (TSMC) just wants to make chips.

And he does; the best chips for the best companies in the world.

Unfortunately, one of his clients is Huawei Technologies Co. So it’s not surprising that the world’s largest contract chipmaker has found itself in something of a pickle.

On the one hand, you’ve got officials in Washington repeatedly asking Taiwan’s government to restrain TSMC from selling chips to Huawei, as the Financial Times reported on

Monday, citing government sources in both the US and Taiwan. The Chinese electronics giant—which the US has accused of spying—is one of TSMC’s top-5 clients and likely contributes roughly 5 percent to 10 percent of annual revenue.

On the other is China, with a government-led policy to design and build more semiconductors in the coming years. Demand from the US companies currently dwarfs that of Huawei and other Chinese names.

American tech giants, such as Apple Inc., Qualcomm Inc., Broadcom Corp. and Nvidia Corp. together account for 61 percent of TSMC’s revenue, and comprise the biggest buyers of the Taiwanese company’s most advanced technologies. But

China is growing quickly, which leaves TSMC with an unappealing choice: Upset its current large client base in the US, or risk losing a future client base in China.

There are two things that the US is most scared about when it comes to TSMC. The first is that Chinese companies may get access to the best technology, including semiconductors, that could be used for nefarious purposes, which explains the pressure the FT cites. The other is that the US itself may be cut off from the hardware supply chain, at the heart of which is TSMC. This is why the US officials have been hoping that manufacturers like TSMC would expand in America.

At present, most of the company’s

capacity is spread across three locations in north, central and southern Taiwan. It has two factories in China (the technology made there isn’t as advanced as back home) and one older facility in the US. Liu has politely pushed back against the US expansion citing the steep costs. In reality, it’s more the daunting logistics of setting up and staffing an advanced factory so far from home base where all the R&D is done. Each of its Taiwan facilities are close enough that engineers can move around and troubleshoot with relative ease.

That makes TSMC the belle of the ball. Which sounds nice, except when it comes to choosing a dance See “Culpan,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Be equipped with proper knowledge

D

Updates on the creation of a department for overseas Filipinos

By Antonio G. Papa, Ph.D.

OCTORS prescribe appropriate medications to cure a particular disease based on the diagnosis of its symptoms.

Meaning, the prescription was made by the authorities after a thorough study or analysis has been properly done.

Proper knowledge of something, of what we are going to do, if something went wrong unexpectedly, really helps us ease out the problem.

Presently, there is a catastrophic prediction that a big disaster is going to happen sooner or later. The magnitude of the tragedy, if it happens, is too huge so that the authorities called it “The Big One.” Nevertheless, Mindanao is currently being rocked by this catastrophic events, the series of earthquakes and aftershocks in different places.

In fact, it was reported that the property of President Duterte in Davao City has been affected by this phenomenon.

The Big One

THE Philippines is included among the countries engulfed by the Pacific Ring of Fire. In fact, the country is almost at the epicenter, and this phenomenon could eventually occur.

For example, a strong earthquake with a magnitude of 7.2 is estimated to damage large properties, and around 34,000 people will be severely affected in Metro Manila.

This is the reason why the national government and local government units are preparing intensively for this. Likewise, all government agencies and private entities, including educational institutions, are conducting drills to minimize damage both to people’s lives and properties.

All sectors are educating their respective constituents through various seminars and training programs to prepare them for The Big One.

Knowledge is power

THE follow ing tips are ver y important: n If a strong earthquake strikes and you happen to be inside a building, remember to do the “duck, cover and hold;” stay away from objects that might fall; then quickly leave the area after the quake and head straight to the nearest evacuation area. n Stay away from trees, buildings, and electrical posts and head on to an open area. Also, ensure that the injured, elderly, children, expectant mothers, and persons with disability will be prioritized. n Before an impending tsunami hits a particular region, especially the coastal areas, make sure that you are aware of the evacuation plan in your community, participate in drills, and designate a meeting point of the family or neighborhood. n After the disaster, leave the evacuation area only if you are told to do so, check if someone is missing,

Culpan. . .

continued from A6

partner—and Liu doesn’t want to have to decide. I’ve argued before that everyone will need to pick sides at some point as the digital Iron Curtain falls. For TSMC, this probably won’t come as a declaratory statement, but through quiet and subtle decisions on which cases it will accept and which it will turn down.

This brings us back to Liu. In response to the FT report, TSMC Spokesman Elizabeth Sun told Bloomberg News that the US has not in fact asked it to stop supplying Huawei. Liu met with Commerce Department officials during a US trip earlier this year where they talked about the Chinese company, she said, without elaborating on what they discussed. Meanwhile, a Taiwan cabinet spokesman denied that the US asked its government to stop TSMC from shipping to Huawei.

I have covered TSMC for almost 20 years, and the notion that the

and bring the injured to the nearest medical facility.

If people are serious in preparing to mitigate the effects of The Big One, they must also be very serious in preparing for the “Real Big One.” The Real Big One, a phenomenon, whose magnitude and severity is global and celestial, hence, all men succumb to its magnanimous effects.

What is this phenomenon called the Real Big One? Is it biblical? Yes, as anticipated. Once it happens, it is already the end of the Earth!

God’s stern warning

THE Real Big One is the prophesized second advent of our Lord Jesus Christ. The Bible outlines the situations of the real disaster that will happen to all mankind and its magnitude will be universe-wide.

Unlike The Big One whose effect is just confined to certain regional situation. The Real Big One will affect everyone and all living and nonliving things in the universe. It is global and celestial in magnitude.

Here are the eventualities to be learned, as taught by the Bible, as far as the Real Big One is concerned: n This phenomenon has been pronounced by no other than Lord Jesus Christ Himself (Mathew 24:3 and 6-8), which has occurred and still occurring until this time as manifested by strong earthquakes, famine, prevalence of deadly non-curable diseases and frightening sights in the skies, such as asteroids, which could possibly collide with the Earth (Luke 21:11 and 27). n When this time comes, the second coming of Lord Jesus Christ, the whole universe will perish which will be caused by the fire coming from God (II Peter 3:7 and 3:10-12; Revelation 20:11 and 21:1).

Susan V. Ople

SCRIBBLES

O

N Tuesday, the technical working group tasked by the House Committee on Government Reorganization met at the Microtel Hotel in Quezon City. TWG chair Congressman Joey Salceda and cochair Congressman Eric Pineda of 1-PACMAN Party-list made the purpose of the second formal TWG meeting clear: come up with a final draft that is reflective of all the inputs of stakeholders.

This writer was present on behalf of the Blas F. Ople Policy Center. The pace was frenetic, and those who came unprepared to hand over their desired language or amendments to the first draft could no longer be accommodated. Salceda reminded the stakeholders—from government, recruitment agencies, and civil society—that the TWG was but a first step in a long journey toward actual enactment.

Still, everyone seized the day and sought to include the sections that they deemed necessary.

The recruitment industry’s agenda was quite clear. Chief among them was Section 39, to wit: “Section 39. Liability for Money Claims—The liability for money claims arising out of an employeremployee relationship, or by virtue of any law, or overseas employment contract including claims for actual, moral, exemplary, and other forms of damages, shall be the sole responsibility and shall attach exclusively on the principal or employer who is responsible for acts and/or omissions giving rise to the cause of actions for such claims.”

“For this purpose, each principal or employer shall procure and maintain an Employment Practices Liability Insurance, which is hereby included in the coverage of the compulsory overseas Filipino

workers insurance provided for under Republic Act 10022, amending RA 8042—Further Improving the Standard of Protection and Promotion of the Welfare of Migrant Workers, Their Families and Overseas Filipinos in Distress, shall be answerable for any claims and/ or that may be awarded to the aggrieved OFW: Provided, however, that the PRAs and/or manning agencies shall continue to be the agents of the foreign employer in prosecuting or defending the latter’s interest before the courts, quasi-judicial tribunals, or similar agencies in the Philippines.”

“In case of any violation of the PRA and/or manning agency of any recruitment rules and regulations prevailing at the time of the OFW’s deployment which directly resulted and/or contributed [emphasis supplied] to the cause of action of the OFW against the employer, the liability of the foreign employer or principal and the private recruitment agency/manning agency shall be joint and solidary; Provided, however, that such liability is limited only to the employment provisions of the employment contract.”

This entire section weakens the joint and solidary liability mechanism that has made private agencies jointly accountable with their foreign agency counterparts and

Dr. Antonio G. Papa, is a retired university professor at the College of Economics, Management and Development Studies, Cavite State University in Indang, Cavite. After retirement, he served as a Scientist I and a consultant at Marinduque State College in Boac, Marinduque. He is a graduate of both Master of Science and Doctor of Philosophy degrees in extension education at the University of the Philippines Los Baños, Laguna, in 1986 and 1991, respectively.

Taiwan government would, or even could, tell the chipmaker what to do is hard to fathom. TSMC is Taiwan’s largest company. It’s publicly listed, has independent management and board of directors, and an impeccable reputation for corporate governance. As a chipmaker to the stars, there’s no other company in the world that can do what TSMC does in terms of technological prowess or sheer capacity. Samsung Electronics Co. and Intel Corp. are its nearest rivals.

For now Liu can afford to rebuff pressure—direct or indirect—to cut off Huawei and expand in the US. TSMC holds all the cards because American clients desperately need the Taiwanese company’s technology, and Chinese ones aren’t big enough to buy up all of its factory capacity. It may end up offering to build a facility in America as an appeasement move.

But TSMC won’t be able to sit on the fence forever. While Liu may want to just make chips, he’ll eventually have to make a choice.

To be fair, there are a lot of good provisions incorporated in the TWG bill. The new department will have the POEA structure as its core, and OWWA as an attached agency. The Office of the Undersecretary for Migrant Workers’ Affairs under the Department of Foreign Affairs will be transferred to the proposed department. foreign employers. There is an impression among the congressmen present that the JSL provision enshrined in the rules and regulations of the Philippine Overseas Employment Administration (POEA) and in existing laws revolve solely around money claims. To my mind, it goes beyond that. It is the proverbial sword in the scabbard that the State in behalf of aggrieved workers can use to ensure migrant workers’ protection.

The principle behind the JSL is this: as a business entity bestowed the authority to deploy Filipino workers (people, not goods), then you have the same accountability as your foreign partner and the employer that would be receiving the OFW. Given that accountability, every agency must now exercise due diligence in accepting job orders and choosing their foreign counterparts and foreign employers.

If a licensed agency was remiss in finding out whether a foreign employer has had a series of runaway domestic workers, or consistently failed to act in helping the worker that it deployed at the time she needed help most, then the JSL provision will kick in. In the TWG version, there must be proof that the violation of the licensed agency directly contributed to the cause of action of an OFW against his or her employer for it to be held jointly liable. If Congress approves this, then the burden of proof is shifted to the

weary shoulders of our OFWs, most of who cannot afford to pay for a private lawyer.

Rep. Ron Salo of the Kabayan Party-list pushed for the creation an OFW Malasakit sa Kabayan Fund that would cover money claims of OFWs and seafarers arising from disputes with their employers. The Fund will be raised from contributions of private recruitment agencies, with an initial amount pegged at $25 per deployed worker. According to Salo, this will enable distressed workers to draw money claims from the Fund, which can also be replenished through congressional appropriations.

If the licensed recruitment agencies alone will shoulder the cost of the Fund, how many years will it take to even make it viable and sustainable given the sheer number of overseas workers with money claims? And, would it be right to use State funds to pay in advance for what a foreign employer owes our workers?

To be fair, there are a lot of good provisions incorporated in the TWG bill. The new department will have the POEA structure as its core, and Overseas Workers Welfare Administration as an attached agency. The Office of the Undersecretary for Migrant Workers’ Affairs under the Department of Foreign Affairs will be transferred to the proposed department. Essentially, our modern-day heroes and all Filipino emigrants will now have a single and quite powerful house in government to call their own.

I only hope that more OFW groups can be actively involved, together with relevant government agencies, because this is their home after all.

Susan V. Ople heads the Blas F. Ople Policy Cen-

ter and Training Institute, a nonprofit organization that deals with labor and migration issues. She also represents the OFW sector in the Inter-Agency Council Against Trafficking.

Cold War split spreads from tech to global trade

The solution

THE advice from the Bible is “to always be prepared, be alert and vigilant because, like The Big One, the Real Big One will come like a theft” (II Peter 3:10). No one knows the exact day and time of its occurrence, even the angels in heaven nor Lord Jesus Christ, except the Almighty God (Mark 13:32).

Wednesday, November 6, 2019 A7

David Fickling

BLOOMBERG

F

ROM a political perspective, India’s decision overnight to walk away from immediate involvement in a trade zone encompassing half the world’s population and a third of its economy is good for almost everyone.

The government of Prime Minister Narendra Modi no longer needs to make difficult concessions on agricultural trade. Other members of the Regional Comprehensive Economic Partnership group or RCEP, won’t need to open their home markets to India’s thriving, and low-cost, services sector. China, the linchpin of a zone that also includes the Association of Southeast Asian Nations, Japan, South Korea, Australia and New Zealand, will be able to move forward faster with an agreement that was at risk of being jeopardized

by India’s foot-dragging.

The US, meanwhile, can take satisfaction from the fact that its key

regional ally in New Delhi is remaining outside of Beijing’s orbit.

A stronger RCEP that included India would almost certainly have revived politically fraught question of whether Washington should rejoin the rival Trans-Pacific Partnership Agreement or TPP, which died in Congress under the Obama administration and was formally killed off

by President Donald J. Trump.

That’s precisely the problem, though. Trade agreements are hard, precisely because deals that are worthwhile economically tend to be politically hazardous, and vice versa.

India’s pause on the RCEP isn’t the cause of the parlous state of inter-

national commerce in 2019, but it’s another telling symptom of a global trading system where volumes are now falling at the fastest pace since the 2009 financial crisis.

Both the RCEP and the pared down, US-free version of the TPP are better understood as attempts to harmonize trading standards than reduce tariff barriers.

In part this is a result of the success of previous trade agreements, which have lowered border levies to the point where the more potent restraint on commerce is often nontariff barriers, governing areas, such as food safety, licensing, and rules of origin. Even within the more protectionist RCEP zone, the median tradeweighted tariff had fallen in 2017 to about 5.15 percent, a lower average rate than Australia or Canada imposed in the mid-1990s.

Still, the effect of harmonizing standards at the regional-agreement rather than global level is the opposite of an opening of trade.

The objection to the original TPP— that it resulted in the US imposing its standards on other economies within the bloc—comes with the territory in such deals. The standards that are established across

the zone inevitably resemble those of its largest member. That would be fine in a global agreement, but in a regional deal the effect is to raise barriers to nations outside the bloc with different rules.

In the case of RCEP, that means smaller and lower-income countries in Southeast Asia are likely to become more closely entwined with China, while their links with potential partners outside the zone will fall behind. The reformed TPP, likewise, will bind those nations closer to each other than to the rest of the world. Only the handful of countries in both blocs—Japan, Australia, New Zealand and Singapore—stand a chance of benefiting as much as China.

The result suggests that trade is moving in a similar direction to tech, with the world bifurcating into separate zones as tensions between China and the US force nations to take sides.

It’s a path that’s grimly reminiscent of the aftermath of World War II, when the US-led Marshall Plan and Soviet-centered Comecon developed into rival trading blocs. That division split the global economy for the duration of the Cold War. We shouldn’t welcome its revival.

Goldman’s CEO joins critics of Europe’s negative rate policy

By Nicholas Comfort & Matthew Miller Bloomberg Opinion

G

OLDMAN Sachs Group Inc. Chief Executive Officer David Solomon suggested Europe’s experiment with negative interest rates is holding the region back and probably won’t look so good in the rear view mirror.

“I think when we look back on negative rates, I think when the book’s written, it’s not going to look like a great experiment,” he said in

an interview with Bloomberg TV on Tuesday. “There’s no question that growth in this part of the world has been lagging and negative rates have not allowed an acceleration of that growth in my opinion.”

The comments add to an increasingly heated debate in Europe about the benefits and risks of negative rates, which the European Central Bank (ECB) has imposed on banks for half a decade now. While central bankers argue the policy supports the economy, the burden on commercial banks is mounting and the

industry is warning about detrimental long-term side effects.

Some of Europe’s most senior bankers have blasted negative rates, with Deutsche Bank AG Chief Executive Officer Christian Sewing saying they ruin the financial system in the long run. Solomon, who took over at the helm of Goldman Sachs a little more than a year ago, also questioned their economic benefit.

Up until a few months ago, many European banks had hoped interest rates would rise soon, buoying their subpar profitability. But the ECB

dashed those hopes in September when it pushed rates further below zero to support the economy as uncertainty from international trade disputes weighs on exporters. Even if rates will be lower for longer, Solomon signaled that he expects a return to positive rates at some stage.

“I don’t think negative rates are really constructive,” Solomon said in the interview in Berlin. “I worry that when we look back on this experiment of negative rates, we’re not going to like what we see when it’s all over and it’s all unwound.”

A8 Wednesday, November 6, 2019

In 2nd PHL report to OIE, more areas are hit by ASF

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines revealed that it has confirmed outbreaks of the dreaded African swine fever (ASF) in Caloocan and Malabon, as well as in 22 cities and municipalities in Pampanga and Bulacan, including commercial farms in four areas.

In its follow-up report to the World Organisation for Animal Health (OIE), the Philippines

disclosed 40,480 pigs were susceptible to ASF in 24 outbreaks in Pampanga, Bulacan, Caloocan

22

Number of cities and towns in Pampanga and Bulacan with confirmed ASF outbreaks.

Also affected are Malabon and Caloocan, and four small commercial farms and Malabon, which affected mostly backyard farms in 140 barangays.

Of the total figure, 555 pigs were considered cases or already affected

by ASF, while 177 pigs died due to the fatal disease, according to the Philippines’s report.

The Philippines said it killed and disposed of the remaining 40,303 pigs to contain and control the spread of the virus.

The country’s second follow-up report was prepared and submitted by Bureau of Animal Industry (BAI) OIC-Director Ronnie Domingo, who is the country’s chief veterinary officer, to the OIE on November 4.

The ASF is not known to harm humans but is fatal to hogs.

See “OIE,” A2

‘Tamed’ inflation doesn’t spell relief for us–labor

By Samuel P. Medenilla

T

@sam_medenilla

HE government may have “tamed ” inf l at ion l ast month, but the prices of basic goods and services continue to ravage the meager income of workers.

Labor groups made the statement on Tuesday after Malacañang hailed the report of the Philippine

Statistics Authority (PSA) that inflation rate eased to 0.8 percent in October—the lowest in the last three-and-a-half years—from 6.7 percent in the same period last year.

Presidential Spokesman Salvador S. Panelo said this is a sign that President Duterte’s political will and socioeconomic policies, which aim to improve the lives of Filipinos, have finally taken effect.

“This should be good news to all Filipinos, especially to President Rodrigo Roa Duterte’s doubters or cynics unless they see it otherwise, which would then reveal that what they are solely interested in is for this administration to fail,” Panelo said.

Low impact

PARTIDO Manggagawa (PM) Chairman Renato Magtubo, however, said

the lower inflation rate has yet to be felt by workers.

“It has eased, yes, in numbers.

But in talipapa and public markets where ordinary workers buy their needs, prices of basic goods showed no dramatic decrease,” Magtubo told the BusinessMirror in an SMS. Trade Union Congress of the Philippines (TUCP) Spokesman Alan Tanjusay also made the same observation thatthe prices of basic utilities like electricity and water remain exorbitantly high.

“There may be an anomaly between the data and the reality on the grassroots. Many Filipinos are not able to benefit from the lower inflation rate,” Tanjusay said.

Base effect TROPICAL DEPRESSION “QUIEL” 540 KM WEST SOUTHWEST OF IBA, ZAMBALES FRONTAL SYSTEM AFFECTING NORTHERN LUZON as of 4:00 pm - November 5, 2019

SENTRO ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) Secretary-General Joshua Mata called Malacañang’s claim on inflation misleading since a lower inflation does not translate to lower prices of goods and services. “ The prices remained high, though its rate of increase slowed down significantly. I think economists call this base effect,” Mata explained. TUCP Vice President Louie Corral said the trend is particularly problematic especially after the cost of living last year soared due to high inflation.

“In 2018, the inflation rate zoomed to 6.9 percent in September of 2018, bringing about the highest consumer prices in goods and commodities in nine years,” Corral said.

“The Filipino worker and his or her family are not better off—pricewise—this year when compared to where they were last year,” he added.

Wage adjustment

TO address this issue, labor groups are now banking on the realization of Duterte’s campaign to reform the wage-setting system.

“At this point time, no. We cannot get an acceptable wage increase from the present mechanism of wage determination: the regional wage boards,” Magtubo said.

PM, TUCP, Sentro are all pushing for the return of the nationalized wage system so all workers will be granted a standard and significant wage hike.

The Department of Labor and Employment (DOLE) earlier said it is now conducting studies on the feasibility of the said proposal.

TUCP, Corral said, is pushing for a congressional probe on the current wage-setting mechanism.

“Maybe the wage board route is no longer responsive to our workers’ needs, thereby requiring another mechanism. That could be through a new wage increase criteria solely addressing the hunger of the worker and his family or national wage-setting through legislation,” Corral said.

CITY OF SAN FERNANDO HAS NEW TITLE: HOME OF THE GIANT LANTERNS

By Ashley Manabat Correspondent

C

LARK FREEPORT—Pampanga’s capital, the City of San Fernando (CSF), is now the “Home of the Giant Lanterns” as it veered away from its moniker—the Christmas Capital of the Philippines.

City Tourism Officer Ching Pangilinan made the statement here on Monday as she announced that the Giant Lantern Festival 2019 will be on December 14, which, incidentally, is also the 500th year countdown to March 1521, the year Lapu-Lapu defeated Ferdinand Magellan in the Battle of Mactan following the “discovery” of the Philippines.

She also said the city’s vision is also a model city of countryside development by 2020.

“The home of the giant lanterns is rooted in our culture and tradition,” Pangilinan said.

“We veered away from the Christmas Capital title because there are a lot of cities that are claiming to be the Christmas capital, although no less than CNN has proclaimed San Fernando as the Christmas capital of Asia,” she explained.

“But we would rather focus on the Home of the Giant Lantern because this is something that is really intrinsic and the true image of our city,” she added.

Pangilinan said part of the

BSP. . .

Continued from A1

Economists echoed this statement.

In separate announcements during the day, ING Bank Manila economist Nicholas Mapa, Security Bank economist Robert Dan Roces and JP Morgan economist Nur Raisah Rasid all said the same thing: inflation will start rising in the next couple of months.

“The October print likely marks the bottoming of the CPI trajectory; we expect underlying inflation to trend higher in the coming months, leaving headline CPI sitting comfortably within the BSP’s 2 to 4 percent target range through 2020,” the JP Morgan economist said.

“We expect inflation to have bottomed out in October and start to pick up this November on dissipating base effects and higher consumer spending for the holidays…. We see inflation normalizing next year and within the BSP’s target range of 2 percent to 4 percent,” Roces also said.

For his part, Mapa sees monthly inflation reverting to within the 2-percent to 4-percent target range even before the year ends. “ With the base effects from the peak of 2018 fading quickly, we expect inflation to revert to target as early as December,” Mapa said.

Diokno said the BSP continues to expect average inflation to firmly settle within the target range of 2 percent to 4 percent for 2019 to 2021.

“Global crude oil prices have started to stabilize following the recent volatility caused by geopolitical tensions in the Middle East. Meanwhile, deepening trade tensions between China and the US along with other countries in the region have raised global economic uncertainty,

Nlex. . .

Continued from A1

The Nlex Connector Road spans 8 kilometers from the new Caloocan Interchange to the Metro Manila Skyway Stage 3, linking Nlex to the South Luzon Expressway (Slex).

“Upon full completion in 2021, the Nlex Connector will significantly cut travel time from Nlex to Slex by at least 60 percent.

Instead of the usual two hours, travel time will now be reduced to about 20 minutes. It will also

development agenda of Mayor Edwin “Edsa” D. Santiago is “Agenda No. 9, Kultura at Turismo [culture and tourism].”

“We recognized lantern making and the Giant Lantern Festival as parts of our intangible cultural heritage,” Pangilinan said.

For this year’s Giant Lantern Festival 2019, Pangilinan said the city is marking 11 years of lanternmaking excellence.

Pangilinan said the CSF’s lantern tradition dates back to the city’s colonial history since Pampanga used to be an Augustinian province founded by the Order of the Augustinians.

For this year, Pangilinan said, 12 barangays will join the Giant Lantern Festival.

Meanwhile, Pangilinan said from December 15 to 21 the giant lanterns will still be at Robinson’s Starmills, while on December 22 the giant lanterns will be at Essel Park at Telabastagan.

She added that on December 23 the giant lanterns will be displayed at Greenfields in Sindalan and December 24 at the Metropolitan Cathedral, which is the essence of the “Ligligan Parul.”

On Christmas Day the lanterns will be back at the Robinsons Starmills until January but will also be displayed for two days at Marquee Mall in Angeles City.

which pose a downside risk to the inflation outlook,” Diokno said.

“The BSP will continue to keep a close watch over latest economic developments here and abroad to ensure that the monetary-policy stance remains consistent with the BSP’s price stability objective while being supportive of economic growth,” the governor added.

For this year, economists said the BSP will likely stay put and retain the monetary-policy rates for the remaining meetings, adopting a wait-and-see stance on the next steps, depending on price and growth developments.

Security Bank’s Roces, in particular, said a pause on monetary easing for the year is prudent.

“With just 75 basis points slashed from 2018’s 175-basis-point rate hike leaves the Central Bank ample policy leeway to manage any inflationary spikes in 2020, if at all,” Roces said.

For JP Morgan, meanwhile, the thirdquarter gross domestic product (GDP) report to be released on Thursday remains key for its view for whether the BSP will ease the policy rate at the December 12 Monetary Board meeting.

“With inflation forecasted to remain within target even after base effects wash out, the BSP will continue to work to provide an environment conducive for economic growth for as long as the price objective is in hand. ING forecasts inflation to settle at 3.1 percent in 2020, paving the way for the Central Bank to cut policy rates by another 50 basis points, with the first move expected in the first quarter of 2020,” Mapa, meanwhile, said.

The BSP is expected to have two more monetary-policy setting meetings before the year ends: one on November 14 and one on December 12.

provide improved accessibility for cargo trucks bound for the Manila Ports and the international airports,” Villar said, referring to the Ninoy Aquino International Airport (Naia) and the Clark International Airport.

Aside from solving the traffic congestion in several Manila roads, the Nlex Connector Road is also expected to stimulate economic development in Manila, Caloocan, Malabon and Navotas, as well as its surrounding areas. It is expected to handle roughly 35,000 motorists daily, especially cargo trucks.

News BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Wednesday, November 6, 2019 A9

Albayalde asks DOJ to dismiss charges lodged against him

By Joel R. San Juan @jrsanjuan1573

F

ORMER Philippine National Police (PNP) Chief Gen. Oscar Albayalde on Wednesday asked the Department of Justice (DOJ) to immediately dismiss the illegal drug, violation of the antigraft law and other criminal offenses lodged against him for his alleged involvement in the seizure of P648 million worth of illegal drugs by his men tagged as “ninja cops.”

In his 35-page counter-affidavit to the complaint filed by the PNP-Criminal Investigation and

Detection Group (CIDG), Albayalde said the amended complaint should be dismissed outright for being “baseless” and for violating his right to due process.

Albayalde also questioned the DOJ’s jurisdiction to reopen the case, saying that the offenses being lodged against are cognizable by the anti-graft court, the Sandiganbayan.

Thus, pursuant to Republic Act, 6770, or the Ombudsman Act and the memorandum of agreement between the DOJ and the Ombudsman, it is the latter who has jurisdiction to conduct preliminary investigation over complaints cognizable

by the Sandiganbayan.

Furthermore, Albayalde also questioned the filing of an amended complaint against him and his men considering the prior dismissal by the justice department of the same complaint filed by the PNP-CIDG on May 12, 2014.

“As such, complainant cannot amend a complaint which is no longer subject of a preliminary investigation, nor reopen an investigation which is already resolved and dismissed with finality,” Albayalde said.

Albayalde was forced to step down from his post as PNP chief after a Senate Blue Ribbon Committee probe

linked him in the controversial 2013 anti-illegal drug raid in Pampanga that resulted in the seizure of some 200 kilos of shabu by his men but was declared only 36 kilos.

Policemen involved in recycling of seized illegal drugs have been branded as ninja cops.

Aside from Albayalde, the subjects of the reinvestigation of the DOJ are Police Maj. Rodney J. Baloyo IV, Senior Inspector Joven de Guzman Jr., Senior Police Officer 1 Jules Maniago, SPO1 Donald Roque, SPO1 Ronald Santos, SPO1 Rommel Muñoz Vital, SPO1 Eligio Valeroso, Police Officer 3 Dindo

Divulge ‘pork’ fund revisions online, Lacson tells lawmakers

By Butch Fernandez @butchfBM

A

NTI-PORK barrel Sen. Panfilo Lacson, lamenting what he described as the latest congressional innovations to disguise “pork barrel” allocations in the P4.1trillion 2020 budget bill, suggested that lawmakers post their proposed budget allocations online for public consumption.

“Instead of whispering proposed ‘amendments’ to the 2020 national budget, or scrawl them on napkins, why not post them online?,” Lacson said on Tuesday.

The senator, in issuing the challenge, suggested that “no less than such a show of transparency would dispel suspicions that the amendments are stained with pork.”

“We should make everything public,” Lacson said, adding, “That includes all amendments we submit,

whether institutional or individual.

We have our own web sites, we should use them for this purpose, as I did for the 2019 budget.”

In a radio interview, the senator said he, himself, is ready to post online his proposed amendments in the 2020 budget bill, as he did in the 2019 budget.

For the 2019 budget, Lacson recalled he posted online his proposed amendments, all of which are institutional, “meaning these pertain to programs and projects that have undergone planning and vetting, and are based on requests from the implementing agencies concerned.”

According to Lacson, such institutional amendments are proposed by lawmakerswhofindmeritinthemafter vetting with the relevant agencies.

In contrast, he added that individual amendments pertain to projects based mainly on lawmakers’ intervention and are considered

legislators’ pet projects.

Lacson noted that “in most cases, these do not involve consultations with the implementing agencies concerned, nor are they part of the local development plans of the local government units.”

The senator asserted that such programs can be considered pork barrel, based on the 2013 ruling of the Supreme Court, that deems as unconstitutional projects that are whimsical and arbitrary.

He recalled that the 2013 Supreme Court ruling declaring pork barrel as unconstitutional covers “all informal practices of similar import and effect, which the Court similarly deems to be acts of grave abuse of discretion amounting to lack or excess of jurisdiction.”

Lacson suggested that since most, if not all lawmakers, have their own web sites, “why not post their [budget bill] amendments there, for

the public to scrutinize?”

Lacson lamented that in the past years, some lawmakers submit their amendments to their respective finance or appropriations chairmans without having them go through floor deliberations.

“Instead of having their amendments undergo scrutiny in floor deliberations, some lawmakers propose their amendments verbally, or even scribble them on napkins.”

Pushing for transparency in crafting of the national budget, Lacson reminded that national debt that now stands at more than P7.9 trillion. “The national budget involves the people’s money,” he said.

“It should benefit the people and not a few senators or congressmen or even government officials who implement projects. And the budget is funded by our taxes, as well as borrowings if our tax collections fall short,” he added.

PRC urges public to extend PHIVOLCS CHIEF PITCHES BUILDING CODE more support to quake-hit COMPLIANCE TO CUT DISASTER RISKS families in Mindanao

By Jonathan L. Mayuga @jonlmayuga

A

S relief operations continue in quake-hit areas in Mindanao, the Philippine Red Cross (PRC) reiterated its appeal for more support for thousands of families affected and displaced by strong earthquakes that shook the region on October 16, 2019, followed by a series of equally strong tremors.

PRC Chairman Richard Gordon urged the public, including big companies, to help in the relief efforts through their donations, especially for the most vulnerable residents of North Cotabato and Davao del Sur, two of the severely hit areas.

“More than 420 Red Cross volunteers are on the ground to aid the affected families and individuals in Regions 11 and 12. Assistance is badly needed in the form of temporary shelters, food, medicine, clean water, tents and essential household items [water containers, kitchen sets, hygiene kits, sleeping kits],” Gordon said.

As of November 4, there are more than 37,000 families, or 188,000 individuals, affected by the series of earthquakes in Davao and Soccsksargen regions in the past two weeks.

“Other communities are in need of temporary medical facilities as some hospitals were damaged by the tremors. The fear is that the more than 2,600 aftershocks monitored by Philippine Institute of Volcanology and Seismology could have further weakened the structures’ foundation,” Gordon added.

Water is an essential need and PRC continues to produce safe drinking water to ensure adequacy of supply, especially for residents staying in evacuation areas.

To prevent the spread of waterborne and communicable diseases, PRC’s Water, Sanitation and Hygiene team deployed additional water tankers to provide clean and safe water to the affected families and individuals suffering from the disruption of the water systems. Hygiene

and sanitation are not overlooked with the installation of additional 20 portable toilets.

PRC North Cotabato-Kidapawan City Chapter provided hot meals to more than 7,300 individuals, particularly in Barangays Ilomavis and Balabag, administered first-aid, conducted psychological counseling, distributed beneficiary cards to 300 families staying in the Malasila National Vocational and Technological High School. Potable water is made available to residents of Barangay Ilomavis, Kidapawan, and Barangay Old Bulatukan in the Municipality of Makilala.

In Davao del Sur, PRC distributed food items in Barangays Darapuan and Kinuskusan; nonfood items, health kits, sleeping kits to 107 families in Barangay Anonang; in the Municipality of Bansalan; water in Barangays Balnate and San Miguel in the municipality of Magsaysay.

The PRC team from Davao del Sur Chapter also conducted hygiene promotion, Red Cross volunteer orientation and set up welfare desk/ first aid station in relief areas in the Municipality of Bansalan.

PRC uses resources provided by generous donors for these activities.

The public can help PRC replenish these resources by donating through the following avenues:

BDO Peso Savings: 00-453-0190938 Dollar Savings: 10-453-0039482 Swift Code: BNORPHMM

BPI Peso Savings: 4991-0036-52 Swift Code: BOPIPHMM

Metrobank Peso Savings: 151-7-151524342 Dollar Savings: 151-2-151002182 Swift Code: MBTCPHMM

PayPal donate@redcross.org.ph

A

N official of the Department of Science and Technology (DOST) on Tuesday reiterated his call for building codecompliant construction to avoid the risk of disasters in the event of a strong earthquake, or other geological hazards.

Science Undersecretary Renato Solidum Jr., also director of the Philippine Institute of Volcanology and Seismology (Phivolcs), said tragic deaths and injuries caused by strong earthquakes could be minimized, if not totally avoided, had buildings been constructed using the correct or appropriate construction materials, as prescribed by experts.

“As a matter of fact, construction experts say that commercial and residential buildings can withstand intensity 8 earthquakes, if they were constructed in compliance with the Building Code,” Solidum told the BusinessMirror.

Interviewed at the sidelines of the World Tsunami Awareness Day 2019 celebration at Phivolcs, Solidum also said it is highly recommended to review the Building Code to make buildings more durable, earthquake-resistant, hence, safer, and more responsive to the situation in the Philippines, which he said, is prone to numerous geological hazards, including earthquakes and the more deadly tsunamis.

He said a third-party expert should be tapped to monitor building construction to ensure compliance to the Building Code.

“During construction, the thirdparty expert should monitor to make sure that standard materials are used and the construction is done in compliance with the Building Code,” he said.

He also added that this should be integrated in an amendatory law that will make the Building Code up to date and more responsive to the

“As a matter of fact, construction experts say that commercial and residential buildings can withstand intensity 8 earthquakes, if they were constructed in compliance with the Building Code.”

—­Solidum

challenges posed by various geological hazards and climate-change impacts in the Philippines.

The official also suggested to include basic construction in the curriculum of secondary schools for purpose of educating younger generations about construction.

In his brief message, Solidum highlighted the danger posed by tsunamis generated by mostly under-the-sea earthquakes, and sometimes, by submarine landslides or volcanic eruptions.

“Locally generated tsunami can arrive in minutes, so it is important to recognize the natural signs—shake, drop and roar,” he said.

Solidum said in the event of strong ground shaking, drop or sudden change in the sea level, and roaring sound of incoming waves, the public should immediately move to high ground and stay away from beaches and waterways.

The United Nations declared November 5 as World Tsunami Awareness Day in honor of a story from Japan: Inamura-no-Hi which means the “burning of the rice sheaves.”

During an 1854 earthquake, a farmer saw the tide receding, a sign of a looming tsunami, and he set fire to his harvested rice to warn villagers, who fled to high ground.

“Tsunamis cannot be prevented, but the impacts can be mitigated through community preparedness, timely warnings, and proper action,” he said.

Dizon, PO3 Gilbert de Vera, PO3 Encarnacion Guerrero Jr., PO2 Anthony Loleng Lacsamana and PO3 Dante Dizon.

The reopening of the case was an offshoot of the Senate investigation on the implementation of the good conduct time allowance (GCTA) for convicted felons which yielded information related to the 2013 illegal-drug trade by Albayalde’s men.

In its amended complaint, the PNP-CIDG included Albayalde’s name as among the respondents in the complaint for violation of 27 of RA 9165, or the Comprehensive Dangerous Drugs Act of 2002 (crimi-

nal liability of a public officer or employee for misappropriation, misapplication or failure to account for the confiscated or surrendered dangerous drugs); and Section 3, paragraph (3) of RA 3019, or the Anti-Graft and Corrupt Practices Act. While complaints for violating Section 29 (planting of evidence); Section 32 (violating any regulation issued by the board); Section 92 of Article 11 (delay and bungling in the prosecution of drug cases); and Article 211-A of the Revised Penal Code (qualified bribery) were filed against the 13 original respondents, it excludes Albayalde.

‘We’re no longer mendicants,’ envoy says after PHL shuns MCC devt aid

W

A SHINGTON, D.C.— Philippine Ambassador to the US Jose Manuel Romualdez said the Philippines did not apply for a second development grant from a US agency for Manila’s failure to qualify for a multimillion-dollar assistance due to poor record in curbing corruption and rule of law.

In an interview with visiting Filipino journalists, Romualdez said discussions on securing development aid from the Millennium Challenge Corp. (MCC) has been suspended since 2017. He said the agency made it hard for the country to obtain a fresh grant due to human-rights concerns under the administration of President Duterte.

Two years ago, the MCC—an independent American aid agency created by the US Congress in 2004—deferred the selection of the Philippines to receive a second batch of development grant, citing concerns on “rule of law and civil liberties.” “ There has been no official offer from the US side and no formal rejection on the part of t he Ph i l ippi ne gover nment,” Romualdez said.

Before Duterte assumed the presidency, the MCC announced that it had unanimously reselected the Philippines to receive a second grant in recognition of the country’s continuing efforts to improve its policies on good governance under then-President Benigno Aquino III. The formal reselection of the Philippines by the MCC was supposed to succeed the first grant, or compact of $434 million, that expired at the end of May 2016.

Washington, D.C., a longtime Philippine treaty ally, has expressed concern on the killings of drug suspects since Duterte came to power on June 30, 2016.

The US said it supports the country’s anti-illegal drugs campaign, but warns that due process and human rights must be observed by the

Philippine National Police in carrying out its operations.

D u t e r t e ’s d e a d l y “ w a r on drugs” that killed about 5,000, and not 20,000 as alleged by critics, sparked concerns from the international community, including the United Nations and the European Union.

Critics of the President maintained that the fatalities were victims of extra judicial killings, which launched the volatile President into a verbal attacks against them and human-rights critics.

While the country’s participation in the MCC is in limbo, Romualdez explained that the Philippines remains on the the MCC ’s annual list of possible recipients because the agency automatically includes countries eligible to receive grants.

“That’s just a list for those who might be interested and then you have to reach out to them or you have to work together to jointly develop the compact,” Romualdez said.

“We turned it down technically.

This is an example of our veering away from being too dependent on this country,” he added.

The ambassador said there are other entities willing to finance development projects in the Philippines with the country’s good credit rating of BBB+, which is a notch below the much coveted A grade.

He said the country’s credit rating is better than that of the US. “We are no longer are mendicants.

We were accused of being as one, we were treated as one, but not anymore. We have come to terms that we have to do things on our own and that’s what we are doing now,” Romualdez said.

Romualdez added that the country’s declaration of an independent foreign policy has earned the respect of the international community and allowed investors to give the Philippines a second look and a higher credit rating.

Customs, naval task force seize ₧95-M smuggled cigs in Sulu

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

D

AVAO C I T Y— Cu stoms and naval task force authorities intercepted P95 mi l lion wor th of contraband cigarettes off the sea of Sulu on October 27, 2019.

The Bureau of Customs (BOC) in Zamboanga City and personnel of the Naval Task Group Sulu intercepted the contraband from the motor launch vessel ML Three Brothers in Laminusa, Siasi, Sulu.

The BOC report said a total of 2,727 master cases of smuggled Cannon and Fort Cigarettes were confiscated. “ T he operation stemmed from a confidential informa-

tion received by authorities that more or less 3,000 alleged smuggled cigarettes were onboard ML Three Brothers anchored in the vicinity waters off Siasi, Sulu,” the report added.

“The close coordination of law enforcement agencies is the key in winning the battle against smuggling particularly in Zambasulta area,” District Collector Segundo Sigmundfreud Z. Barte Jr. said, adding that the seizure was the biggest haul in the history of the Port of Zamboanga.

The confiscated cigarettes would be issued a warrant of seizure and detention due to the absence of import permit from the National Tobacco Administration, and for violation a law on export and import of tobacco products.

A10 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A11

A12 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A13

A14 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A15

A16 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A17

A18 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A19

A20 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A21

A22 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A23

A24 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 6, 2019 A25

A26 Wednesday, November 6, 2019

BusinessMirror

www.businessmirror.com.ph

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

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

www.businessmirror.com.ph

Companies BusinessMirror

Wednesday, November 6, 2019

B1

After a decade, FedEx returning to PHL

By Recto L. Mercene

W

@rectomercene

ASHINGTON, D.C.—FedEx, the American multinational courier, is returning to the Philippines after a decade’s absence—a move seen as part of the fallout from the US-China trade war—to reestablish itself as a logistics hub in the Asia-Pacific.

From Subic, FedEx had relocated its operations to Guangzhou, China, in 2009, reportedly due to the limited space in the former American naval

base, which had constricted its ability to expand.

Philippine Ambassador to the US Jose Manuel Romualdez told visiting

journalists here that FedEx is one of the American companies that have expressed interest in going back to the Philippines due to the US-China trade war.

He said Bases Conversion and Development Authority (BCDA) President and Chief Executive Officer Vivencio Dizon is set to announce the return of FedEx “but on a much bigger scale” at the Clark International Airport in Pampanga soon.

“So FedEx is going to be operating, it’s gonna be a big hub in Clark. So that is a big win for us and hopefully that would be the magnet that will make other companies start looking at the Philippines.”

The American logistics giant gained foothold in the country through the launch of the FedEx

AsiaOne intra-Asia service with the opening of the Subic Bay hub in 1995.

Subic boasts of an international airport touted to have superior features, having been built for US military aircraft during the decadeslong lease by Washington of the bases at Subic and Clark.

In 2005, FedEx announced that it was abandoning its Asia-Pacific hub at the Subic Bay Freeport and special economic zone in Zambales.

It announced the transfer to the Guangzhou Baiyun International Airport in China with a total investment of $150 million. The pullout from the Philippines was completed in June 2009.

“Now they are moving out of China. I am not sure what the reason is but I assume it has something to

AyalaLand income rises 12% in 9 mos

By VG Cabuag @villygc

P

ROPERTY developer Ayala Land Inc. (ALI) on Tuesday said it posted a 12- percent increase in net income during the nine months of the year to P23.2 billion from last year’s P20.76 billion, as real-estate revenues rose.

Revenues, however, only grew 2 percent to P121.7 billion from last year’s P119.68 billion.

Growth was driven primarily by real-estate revenues which stood at P119.7 billion, supported by office, commercial and industrial lot sales and further boosted by the improving performance of new leasing assets, the company said.

“Third-quarter financial results were in line with our expectations, following a similar pattern to what we have seen in the first half of the year. We, however, launched more

developments during the period, which we anticipate will help us finish strong in 2019, and provide positive momentum in 2020. Commercial leasing assets, on the other hand, continue to outperform as business and consumer activity remain robust, and as more completed assets over the last couple of years stabilize and experience high occupancy rates,” company President and CEO Bernard Vincent Dy said.

ALI launched P37.8 billion worth of residential projects in the third quarter alone, bringing total launches for the nine months of the year to P57.3 billion.

Capital expenditures reached P78.2 billion for the period supporting continued residential and leasing asset buildup, with the, malls and offices segments expanding their gross leasable area further to 2.1 million and 1.2 million

square meters, respectively.

ALI’s property development revenues amounted to P85.4 billion with contributions from a 51-percent growth in office for sale revenues to P11.1 billion, and a 16-percent increase in sales of commercial and industrial lots to P6.5 billion. Sales reservations remained steady at P108.5 billion, fueled by the growth in sales reservations of its middleincome segment units Alveo and Avida projects.

Local Filipinos continue to drive residential sales, comprising 70 percent of total. Sales from overseas Filipinos accounted for 14 percent, while sales from other nationalities took up the balance of 16 percent.

The company’s commercial leasing business expanded with total revenues up 16 percent to P27.6 billion. Shopping center revenues grew 10 percent to P15 billion with the

increased contribution of new malls such as Ayala Malls Manila Bay, Ayala Malls Feliz, Circuit Makati and Capitol Central.

Revenues from office leasing also jumped 26 percent to P7.2 billion as new offices in Ayala North Exchange, Vertis North and Circuit Makati continue to improve performance, while the hotels and resorts segment grew its revenues by 17 percent to P5.4 billion on strong patronage of Seda hotels.

The company will list today its P10-billion fixed-rate bonds as it completes its funding requirements for the year. Proceeds from the offering will be used to fund land acquisitions, finance developments, such as One Ayala Avenue in Makati, and the Ayala Malls Vermosa in Cavite, as well as provide for the revitalization of existing sites, such as Glorietta and Greenbelt Malls in Makati.

‘INLIFE SHERO’ Doris Magsaysay Ho (center), president and CEO of the Magsaysay Group, is named first “Asia CEO - InLife Shero of the Year” at the recently concluded 10th Asia CEO Awards. Giving her the trophy are Insular Life President and CEO Mona Lisa B. de la Cruz (right), and Insular Life Executive Vice President Noemi Azura. The InLife Shero of the Year is a new category in the Asia CEO Awards and is given to a Filipino woman leader who has achieved recognizable success, overseeing organizations in the Philippines that have advanced the nation’s economic and, or social standing in the eyes of the world.

DNL income down 15% in 9 mos but CEO predicts recovery in Q4

C

HEMICAL manufacturer D and L (DNL) Industries Inc. said its income was down 15 percent during the three quarters of the year ending September to P2.03 billion from last year’s P2.4 billion, but the company said it already hit bottom and may recover starting with the fourth quarter of the year.

“We believe that we are at the bottom of the cycle in terms of net income decline.... We’re already seeing signs of our business picking up, especially in the food segment where margins and sales mix are continuing to improve,” DNL President and CEO Alvin Lao said.

“Our expanded production capacity planned for 2021, with its improved capabilities, will place us in a strong position to increase our

value to customers and further expand our export business,” he said.

Sales for the nine months of the year fell 18 percent to P16.55 billion from last year’s P20.17 billion.

“Twenty-nineteen will mark the first year, since the IPO, in which DNL may post a decline in full-year net income,” Lao said.

The firm has so far spent P1.4 billion from capital expenditures in the first nine months of 2019, triple the P456 million spent in the same period last year; and it expects to spend about P2 billion by the end of the year, mainly for its Batangas expansion.

Lao said their domestic business is seen to start recovering in the fourth quarter, but exports may not bounce back as fast.

His optimism springs from the continued easing in inflation, the boost in the economy due to lower interest rates and reserve requirements and the reduction in port congestion.

Total volume of high margin specialty products during the period was up 15 percent quarter-on-quarter, coming from a slump in the second quarter of 2019.

The specialty ingredients segment within the food business, which has higher average margins, posted a 39-percent increase year-on-year in volume for the quarter.

The decline in earnings for the period mainly stemmed from the weak performance of the nonfood businesses—Chemrez and Specialty Plastics—the company said.

These were more closely affected by the lower infrastructure spending due to the delayed passage of the budget, uncertainties in the global trade market from the lingering effects of the trade war, and slowdown in the global auto industry.

“While total government spending reportedly picked up in September this year, it was not enough to reverse the effects of the underspending in the first eight months of the year,” Lao said.

This had a more direct impact on the demand for industrial and construction-related chemicals where Chemrez is currently exposed to, and an indirect impact on general economic activity and consumption. VG Cabuag

do with the trade war or it is part of their strategy that they see that the Philippines is the center in Asia,” Romualdez said. He added said US President Donald J. Trump has described the Philippines as “the most valuable real estate in Asia” because of its strategic location, at the center of its Asian neighbors.

“Geographically, we are the best place to be located. But really, the biggest obstacle is the economic barrier that should be seriously looked into,” Romualdez said, adding his voice to the push among some quarters to review the 60-40 equity restriction for foreign businesses in the 1987 Constitution.

Jose Victor Chan-Gonzaga, economic affairs minister at the Philippine Embassy in Washington, D.C.,

said the interim site of the planned FedEx hub in Asia-Pacific would be completed in the second quarter of 2020. Gonzaga said the long term and bigger site is scheduled to be operational in 2024.

Aside from FedEx, Romualdez said Cargill Inc. and Procter & Gamble have increased their investments in the country.

In November 2018, Cargill announced it was pouring $235 million to grow its business in the Philippines over the next two years. The amount will finance the expansion of its animal feed and nutrition business and agricultural supply chain businesses, and at the same time support the growth of C-Joy to deliver on increasing consumer demand for the chicken.

Petron 9-mo net income down 70% to ₧3.6 billion

By Lenie Lectura @llectura

P

ETRON Corp.’s net income for the nine months of the year fell 70 percent to P3.6 billion from the same period last year, mainly on account of lower margins and its refinery shutdown.

The country’s largest oil refiner booked P381.7 billion in revenues from January to September this year, down by 9 percent in the same period a year ago.

Petron’s sales volume declined, mainly due to lower Philippine volumes by 7 percent as a result of its Bataan Refinery’s emergency shutdown in April. However, this was partially cushioned by Malaysia’s volume increase of 2 percent. Global oil prices also remained volatile and lower compared to last year because of ongoing trade wars.

The Petron Bataan Refinery, which has a capacity of 180,000 barrels per day, resumed normal operations in early August.

Despite the decrease in Philippine volumes, the company noted that its stations within free port zones performed better than last year. Under the current regime, enterprises like service stations within free port zones like Clark and Subic do not pay local and national taxes, including excise taxes.

Inside the Clark Freeport Zone, Petron retail volume registered 54-percent increase over the same period a year ago.

Petron’s wholly owned subsidiary Petron Freeport Corp. (PFC), which manages its stations inside Subic Freeport Zone, earlier reported a 14-percent increase in consolidated volume and a 20-percent improvement in net income for the first semester, contrary to its parent company.

“This level playing field is what we hope will prevail in the entire country once the fuel marking program is in place. We fully support and look forward to its implementation but at the same time, we reiterate that this mechanism will only work if all players go by the same rules,” said Petron President and CEO Ramon S. Ang. “Oil smuggling has worsened in recent years and it’s not only us in the industry but also the government and the entire nation that suffer because of it,” he added.

In the first three quarters of the year, Petron opened over 100 new stations in the Philippines, and 38 new stations in Malaysia. In the Philippines alone, the company has over 2,400 stations, still the largest network of service stations in the country. Petron is still the country’s leading oil company cornering about a third of domestic demand.

US trade agency gives PLDT $1M for 5G ventures training

By Lorenz S. Marasigan @lorenzmarasigan

T

HE United States Trade and Development Agency (USTDA) has granted Filipino telco giant PLDT Inc. $1 million for a training program for fiberoptic network and transmission infrastructure modernization, which, according to the company’s top officer, would help prepare the company for its 5G initiatives.

Manuel V. Pangilinan, who chairs PLDT, said the training program, led by tech giant Cisco, will “equip” his group with certified professionals who will lead the rollout and management of its 5G systems, among others.

“This landmark grant agreement between PLDT and the US Trade and Development Agency for training purposes will enable PLDT to utilize fully the cuttingedge technologies that Cisco will deploy to transform our fiber transmission network into a 5Gready infrastructure,” he said.

He added that the result of the training program will trickle down to consumers in the long run.

“This will definitely benefit the Philippines, and raise its efforts in adopting and deploying technologies in the next wave of digital innovation,” Pangilinan explained.

Over the past decade, the Filipino telco giant, which now positions itself as a digital enabler and solutions provider, has been investing billions of pesos in fiberoptic networks across the country and outside.

These are also part of its tests for different 5G solutions, particularly for fixed wireless products.

So far, it has partnered with a host of companies and organizations to develop and test 5G in the country.

“5G is a new technology that is opening new exciting opportunities for digital services. This training program will help us deliver the new skills and capabilities needed to take full advantage of these opportunities,” PLDT SVP Mario G. Tamayo added.

B2

Companies BusinessMirror

Wednesday, November 6, 2019

PSE STOCK QUOTATIONS

November 5, 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 COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

54.35 159.5 99.95 25.35 12.8 67.85 12.72 45.6 57.8 117 25.9 202.6 60.75 1.17 18.4 4.58 1.21 0.395 775 0.88 174.5 1830 1.1

55 160 100 25.4 12.82 68 13.1 45.65 58.2 129.8 25.95 203.2 60.8 1.28 18.6 4.7 1.25 0.42 780 0.89 175 1840 1.13

55 157 97.95 25.35 12.86 66.4 12.8 45.35 58.3 116.6 26.2 203 61 1.18 18.6 4.65 1.25 0.405 775 0.89 174.9 1840 1.14

55 160 100 25.7 12.94 68 13.1 45.8 58.3 116.6 26.2 204.8 61 1.33 18.6 4.7 1.25 0.405 775 0.89 175 1840 1.14

54.35 156.2 97.5 25.35 12.76 66.35 12.8 45.15 57.8 116.6 25.85 200.2 60.65 1.14 18.6 4.45 1.25 0.4 775 0.88 174.9 1830 1.09

55 160 100 25.4 12.82 68 13.1 45.65 58.2 116.6 25.95 203.2 60.75 1.28 18.6 4.7 1.25 0.4 775 0.88 174.9 1830 1.09

1530 2367720 3624570 220200 505900 6136180 4700 58300 1820 10 57800 688410 28590 179000 700 122000 52000 480000 140 83000 1310 110 6000

84130.5 377316847 361041970.5 5602915 6517396 411316874 61030 2654035 106004 1166 1498195 139842506 1735534 218920 13020 558090 65000 192200 108500 73780 229217 202075 6590

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 CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE LIBERTY FLOUR MACAY HLDG MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA 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 ATN HLDG B BHI HLDG COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA REPUBLIC GLASS SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER ZEUS HLDG

-1630.5 213552036 107077550 -99460 2049690 73528060.5 217020 -93280 -819855 -40540882 -1553869 -8189.9999 -0 -

2.73 1.28 40 0.239 25.7 79 348.6 19.18 5.03 4.1 10.82 33.75 7.56 13.5 4.13 17.34 15.06 5.51 8.26 6.99 92.1 0.65 48 232.8 46 9 13.22 1.71 11.4 1.8 5.48 1.94 0.126 155.7 1.27 65.35 2.54 5.8 15.22 10.42 14.42 17.64 9.13 1.06 1.09 2.11 5.11 3.55 5.4 29.85 2.27 8.21 1.45 0.98 8.47

2.74 1.29 40.4 0.242 25.75 79.1 349 19.2 5.05 4.34 11 33.95 7.58 13.94 4.14 17.94 15.1 5.59 8.28 7 92.9 0.66 48.4 233 48 9.36 13.24 1.72 11.42 1.81 5.5 2.03 0.129 156 1.28 68.7 2.56 5.95 15.36 10.68 14.58 17.68 9.4 1.09 1.1 2.12 5.24 3.59 5.5 31 2.28 8.25 1.49 1.01 8.48

2.8 1.29 40 0.242 25.35 79 350 19.7 5.06 4.34 10.98 34 7.5 13.7 4.02 17.3 15.1 5.59 8.48 7 92.8 0.67 48.5 233 48 9.04 13.24 1.7 11.3 1.88 5.49 1.99 0.132 154 1.33 66 2.56 5.8 15.2 10.3 14.58 17.6 9.45 1.07 1.11 2.13 5.11 3.58 5.5 30.3 2.22 8.05 1.49 1 8.34

2.8 1.29 40.4 0.244 25.75 79 350.4 19.7 5.08 4.34 11 34 7.58 13.94 4.15 18 15.12 5.59 8.65 7.01 92.9 0.68 48.5 235 48 9.38 13.3 1.74 11.46 1.88 5.5 1.99 0.132 157.5 1.33 66 2.56 5.95 15.22 10.7 14.58 17.7 9.45 1.1 1.11 2.13 5.11 3.59 5.5 31 2.28 8.29 1.49 1 8.55

2.71 1.29 39.85 0.238 25 78.9 347 18.9 5.03 4.34 10.78 33.8 7.49 13.6 3.93 17.3 15 5.51 8.24 6.99 92 0.64 47.8 232 46 9 13.22 1.68 11.3 1.81 5.48 1.95 0.131 154 1.27 65.35 2.53 5.8 15.18 10.3 14.44 17.6 9.4 1.07 1.08 2.11 5.11 3.58 5.4 30 2.18 8.05 1.45 0.98 8.31

2.74 1.29 40.4 0.242 25.75 79 349 19.2 5.03 4.34 11 33.8 7.56 13.94 4.14 18 15.1 5.51 8.26 7 92.9 0.65 48.4 233 46 9.38 13.22 1.71 11.4 1.81 5.5 1.95 0.131 156 1.27 65.35 2.56 5.95 15.22 10.68 14.58 17.68 9.4 1.1 1.1 2.11 5.11 3.59 5.4 31 2.28 8.25 1.49 0.98 8.47

11847000 66000 1581900 4550000 1728500 154090 445310 1809300 769300 1000 30200 382400 75200 297500 5163000 400 1675400 38500 8906600 466400 33020 4298000 4100 669370 1300 6600 43400 1766000 19800 3148000 193300 157000 20000 1008730 8177000 1600 1175000 26600 195200 296200 599800 1002800 2800 92000 1071000 101000 26000 4000 154200 85100 6859000 216600 50000 88000 304100

32567740 85140 63730045 1093810 44153105 12171555 155585734 34777286 3884677 4340 331352 12958010 566296 4114502 20944840 6990 25296536 215135 74070402 3261903 3061207 2808960 196665 155967624 62000 59486 575246 3016640 225794 5743450 1061960 308920 2630 157249536 10527660 104592 2,997,800( 154295 2968468 3161422 8715216 17716970 26425 99000 1168520 214050 132860 14330 832700 2608640 15351480 1763379 73200 86530 2558319

2908230 38018725 24200 8872435 -5865922.5 1591572 -18000956 857759.9999 -5463210 755 2137960 5412720.0003 -13047448 -28429 -14260021 -2225251 -962156 130000 -29040 38378508 -2622 676350 -25080 18100 287421 -39640 1320 19578741 756410 1,164,239.9997) 1910552 -4115740 -7390204 53460 7160 -712800 -2451500 1133100 912644 -36550 226311

0.83 12.72 876 56.55 11.74 3.59 6.61 0.72 1.12 1.13 1280 6.86 8.32 13.14 0.212 910 5.61 78.7 0.5 4.29 13.32 0.57 4.93 0.038 1.4 2.6 1.28 1085 170.6 0.85 2.25 226.6 0.23

0.84 13.1 877 56.6 11.76 3.61 6.89 0.73 1.13 1.17 1439 6.92 8.33 13.4 0.223 911 5.65 79 0.52 4.37 13.46 0.58 4.95 0.039 1.46 2.9 1.29 1091 171.5 0.87 2.33 226.8 0.235

0.83 13.1 865 56.5 11.62 3.64 6.61 0.72 1.12 1.18 1251 6.92 8.25 13.38 0.213 905 5.61 76.6 0.55 4.32 13.38 0.56 4.91 0.038 1.44 2.61 1.3 1034 168.2 0.87 2.25 226.2 0.23

0.84 13.2 880 56.85 11.74 3.64 6.61 0.74 1.14 1.18 1280 6.93 8.34 13.4 0.213 914 5.61 79 0.55 4.37 13.5 0.59 4.97 0.039 1.44 2.61 1.3 1091 172 0.87 2.25 226.6 0.235

0.82 12.72 865 55.6 11.54 3.6 6.61 0.72 1.12 1.17 1251 6.9 8.22 13.12 0.212 890.5 5.61 76.6 0.5 4.28 13.32 0.54 4.91 0.038 1.41 2.6 1.28 1034 168.2 0.85 2.25 226 0.23

0.83 13.1 877 56.6 11.74 3.61 6.61 0.73 1.13 1.17 1280 6.92 8.32 13.4 0.212 910 5.61 79 0.51 4.37 13.32 0.58 4.95 0.039 1.41 2.6 1.28 1091 170.6 0.85 2.25 226.6 0.235

4952000 27800 1902960 2079490 6397100 402000 100 176000 254000 32000 20 3494600 20325200 23400 60000 106710 191200 3115950 40000 6308000 1380700 1063000 12162000 1300000 189000 6000 8000 729660 129270 101000 1000 230 1140000

4131410 359070 1667345895 117743813.5 74644942 1450000 661 126940 286670 37740 25165 24185131 168761112 312736 12760 96980440 1072632 244,466,2931 20900 27242360 18512630 585880 60090990 49600 268320 15640 10260 780908725 22026815 85870 2250 52046 262600

-406760 -146265580 -6629935.5 -7543084 68690 1486976 -35761650 -70914 29020670 -1037850 33156307.9998 -2212250 1028470 28000 37345440 456085695 5569560 -89700

PROPERTY

ARTHALAND CORP 0.86 0.87 0.88 0.88 0.87 0.87 750000 658040 AYALA LAND 48.9 49 48.9 49.65 48.7 49 10078500 494945410 71972110 ARANETA PROP 1.72 1.78 1.73 1.78 1.72 1.78 11000 19040 BELLE CORP 1.98 2 2.03 2.03 1.99 1.99 2986000 5,964,270( 5,450,449.9997) A BROWN 0.81 0.82 0.8 0.82 0.8 0.82 216000 173680 CITYLAND DEVT 0.84 0.87 0.87 0.87 0.87 0.87 12000 10440 CROWN EQUITIES 0.206 0.208 0.205 0.21 0.201 0.208 310000 64020 CEB LANDMASTERS 4.51 4.56 4.59 4.59 4.49 4.51 96000 434380 54310 CENTURY PROP 0.58 0.59 0.6 0.61 0.58 0.58 30826000 18294410 -2400 CYBER BAY 0.47 0.475 0.49 0.52 0.47 0.475 19710000 9930450 243000 DOUBLEDRAGON 20.75 20.8 20.75 20.8 20.6 20.8 225100 4666550 1511965 DM WENCESLAO 10.34 10.36 10.28 10.44 10.26 10.34 571700 5895482 4815730 EMPIRE EAST 0.465 0.475 0.49 0.49 0.465 0.465 6590000 3139850 -122500 FILINVEST LAND 1.64 1.65 1.64 1.65 1.63 1.64 26250000 42926300 1524420 GLOBAL ESTATE 1.25 1.27 1.26 1.27 1.24 1.27 101000 125370 8990 HLDG 14.84 14.98 14.84 15 14.84 14.98 5700 85096 -2996 PHIL INFRADEV 1.52 1.53 1.55 1.57 1.5 1.53 2214000 3374520 -15100 CITY AND LAND 0.74 0.79 0.76 0.77 0.76 0.77 46000 35110 35110 MEGAWORLD 4.94 4.95 4.9 4.97 4.87 4.95 23534000 115858820 -31880420 MRC ALLIED 0.29 0.295 0.29 0.295 0.29 0.295 2930000 854150 PHIL ESTATES 0.4 0.42 0.39 0.395 0.39 0.39 460000 180900 PRIMEX CORP 2 2.05 2.08 2.08 2 2 755000 1523850 ROBINSONS LAND 26.95 27 26.5 27 26.1 27 1926000 51545580 38864335 PHIL REALTY 0.375 0.38 0.38 0.385 0.375 0.385 70000 26550 ROCKWELL 2.27 2.3 2.27 2.31 2.27 2.27 504000 1144400 -18480 STA LUCIA LAND 2.65 2.66 2.63 2.68 2.63 2.65 132000 348670 5260 SM PRIME HLDG 40.25 40.6 39.15 40.6 39.05 40.6 18480700 740217165 273862950 VISTAMALLS 5.41 5.52 5.54 5.54 5.35 5.51 7700 41648 SUNTRUST HOME 1.5 1.51 1.88 1.96 1.49 1.5 163994000 282708300 -544400 VISTA LAND 7.68 7.69 7.69 7.72 7.66 7.69 1965500 15113841 -4544311

SERVICES ABS CBN 18.54 18.56 18.52 18.58 18.5 18.54 66900 1239714 GMA NETWORK 5.24 5.25 5.27 5.29 5.25 5.25 141200 743861 MANILA BULLETIN 0.41 0.42 0.41 0.41 0.41 0.41 290000 118900 MLA BRDCASTING 12.52 13.76 12.5 12.5 12.5 12.5 200 2500 GLOBE TELECOM 1860 1868 1863 1879 1855 1868 66540 123940935 3770830 PLDT 1133 1134 1120 1146 1114 1133 182370 206685215 13202900 APOLLO GLOBAL 0.04 0.041 0.041 0.041 0.041 0.041 4200000 172200 DFNN INC 5.9 5.95 5.2 6 5.13 5.9 373000 1943177 -1820000 IMPERIAL 1.7 1.75 1.75 1.75 1.7 1.7 6000 10300 ISLAND INFO 0.107 0.109 0.107 0.11 0.107 0.109 360000 38700 ISM COMM 4.78 4.79 4.75 4.8 4.7 4.79 2200000 10468860 100450 JACKSTONES 2.3 2.42 2.44 2.44 2.3 2.3 14000 33600 NOW CORP 3.56 3.58 3.62 3.7 3.54 3.56 7542000 27110970 858640 TRANSPACIFIC BR 0.325 0.33 0.34 0.34 0.33 0.33 12930000 4313250 69300 PHILWEB 3.03 3.04 3.02 3.08 3.02 3.04 187000 566900 -118050 2GO GROUP 10.82 11 11 11 10.8 11 11800 128142 ASIAN TERMINALS 18.34 18.94 18.32 18.34 18.32 18.34 300 5500 CHELSEA 6.67 6.7 6.71 6.72 6.65 6.67 336900 2250830 -485848 CEBU AIR 95.6 96 95.3 96.8 95 96 247090 23796592.5 12923670 INTL CONTAINER 124 125 122 125 122 125 3143460 390207731 -21765717 LBC EXPRESS 13.54 13.56 13.56 13.56 13.56 13.56 700 9492 LORENZO SHIPPNG 0.91 0.93 0.92 0.92 0.91 0.91 25000 22900 MACROASIA - - 20.75 20.8 20.35 20.75 483900 10024460 -193560 METROALLIANCE A 1.06 1.08 1.05 1.09 1.05 1.07 8000 8520 METROALLIANCE B 1.09 1.14 1.09 1.09 1.09 1.09 8000 8720 PAL HLDG 8 8.19 8.2 8.2 7.8 8 24700 194382 23400 HARBOR STAR 1.59 1.6 1.63 1.64 1.59 1.6 451000 724640 24000 ACESITE HOTEL 1.54 1.55 1.65 1.71 1.55 1.55 344000 545480 GRAND PLAZA 10.44 11.48 11.5 11.5 11.5 11.5 500 5750 WATERFRONT 0.67 0.68 0.66 0.68 0.66 0.67 158000 105770 FAR EASTERN U 901 920 920 920 920 920 10 9200 STI HLDG 0.67 0.68 0.67 0.68 0.67 0.67 1431000 958860 BERJAYA 2.54 2.56 2.5 2.56 2.5 2.54 437000 1105710 BLOOMBERRY 10.58 10.6 10.98 10.98 10.6 10.6 6081700 65247014 -20744024 PACIFIC ONLINE 2.65 2.7 2.65 2.65 2.65 2.65 21000 55650 LEISURE AND RES 3.02 3.09 3.1 3.1 3.01 3.02 395000 1199950 6020 MANILA JOCKEY 3.36 3.45 3.45 3.45 3.45 3.45 10000 34500 PH RESORTS GRP 4.88 4.99 4.9 4.9 4.88 4.88 17100 83570 PREMIUM LEISURE 0.67 0.68 0.67 0.68 0.67 0.68 1912000 1297580 -332150 ALLHOME 11.38 11.48 11.48 11.48 11.38 11.48 26908300 307986732 4569056 METRO RETAIL 2.5 2.51 2.44 2.5 2.44 2.5 1062000 2638200 -91760 PUREGOLD 40.25 40.9 40.55 41 40.25 40.25 942400 38,259,095( 2,079,014.9998) ROBINSONS RTL 75.7 76.75 76.05 76.75 75.7 75.7 419590 31884715.5 -268460.4997 PHIL SEVEN CORP 150 151.5 150 152.5 150 150 3880 582075 558000 SSI GROUP 2.69 2.7 2.62 2.69 2.61 2.69 1895000 5041720 280930 WILCON DEPOT 16.94 17 16.86 17 16.84 17 3105200 52568464 21870356 APC GROUP 0.51 0.52 0.51 0.52 0.51 0.51 2351000 1203170 6630 EASYCALL 9.01 9.1 9.03 9.1 9 9.01 30600 276545 GOLDEN BRIA 425.4 430 430 430 430 430 10 4300 PAXYS 2.66 2.7 2.66 2.66 2.66 2.66 5000 13300 PRMIERE HORIZON 0.48 0.485 0.48 0.485 0.47 0.485 9320000 4446850 61400 SBS PHIL CORP 8.92 9.29 9.29 9.29 9 9 27000 244300

MINING & OIL ATOK 12 12.28 12.02 12.48 12.02 12.28 1600 19408 APEX MINING 1.11 1.13 1.14 1.14 1.12 1.12 1470000 1650690 -711499.9998 ABRA MINING 0.0016 0.0017 0.0017 0.0017 0.0017 0.0017 13000000 22100 ATLAS MINING 2.54 2.58 2.52 2.55 2.52 2.54 45000 114150 CENTURY PEAK 2.56 2.6 2.6 2.6 2.6 2.6 353000 917800 FERRONICKEL 1.96 1.97 1.86 1.98 1.85 1.96 22795000 44275370 21389640 GEOGRACE 0.209 0.212 0.213 0.213 0.207 0.209 350000 72960 LEPANTO A 0.105 0.106 0.103 0.104 0.103 0.104 140000 14540 LEPANTO B 0.108 0.11 0.109 0.11 0.108 0.108 160000 17380 MANILA MINING A 0.0089 0.0092 0.009 0.009 0.0089 0.0089 10000000 89900 MANILA MINING B 0.0091 0.0099 0.0092 0.0092 0.0092 0.0092 1000000 9200 -9200 MARCVENTURES 1.12 1.13 1.16 1.21 1.12 1.13 460000 526500 NIHAO 1.05 1.07 1.07 1.07 1.05 1.07 12000 12640 NICKEL ASIA 4.03 4.04 4.11 4.11 4.02 4.03 6282000 25405010 -5392150 ORNTL PENINSULA 0.83 0.84 0.84 0.84 0.84 0.84 459000 385560 PX MINING 3.46 3.47 3.47 3.49 3.44 3.49 308000 1065080 SEMIRARA MINING 23 23.25 23.65 23.7 22.9 23 1909400 44053840 -19407440 UNITED PARAGON 0.006 0.0062 0.0058 0.0058 0.0058 0.0058 2000000 11600 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 10000000 117000 ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 2000000 22000 -22000 PHILODRILL 0.01 0.011 0.011 0.011 0.011 0.011 4500000 49500 PHINMA PETRO 10.3 10.4 10.3 10.5 10.2 10.3 216100 2230274 -52564 PXP ENERGY 12.36 12.38 12.8 12.8 12.36 12.38 1832800 22873474 879916

PREFFERED

HOUSE PREF A 98.15 99.5 98.15 98.15 98.15 98.15 68190 6692848.5 AC PREF B1 500 501 500 500 500 500 2100 1050000 ALCO PREF B 100.7 102 102 102 102 102 9400 958800 DD PREF 100.5 101 100.5 101 100.5 100.5 23160 2338140 SMC FB PREF 2 993 998 993 993 993 993 60 59580 GLO PREF P 505 506 505 506 505 506 21780 11000900 GTCAP PREF A 990 995 990 990 990 990 2020 1999800 MWIDE PREF 101.2 101.5 101.5 101.5 101.5 101.5 700 71050 PNX PREF 3B 108 109 108 109 108 109 990 107640 PCOR PREF 2B 1010 1035 1035 1035 1035 1035 25 25875 PCOR PREF 3A 1045 1050 1050 1050 1049 1050 505 530000 SFI PREF 1.36 1.73 1.73 1.73 1.73 1.73 2000 3460 SMC PREF 2C 78.25 78.3 78.4 78.4 78.2 78.25 13160 1030411 SMC PREF 2D 75 75.4 75.5 75.5 75.5 75.5 20 1510 SMC PREF 2E 75.3 75.8 75.5 75.5 75.3 75.3 3000 226092 SMC PREF 2F 76.05 76.1 76.2 76.2 76.1 76.1 17270 1314317 SMC PREF 2H 75.5 75.7 75.5 75.5 75.1 75.1 13400 1006848 SMC PREF 2I 75.7 76.6 75.7 75.7 75.7 75.7 166010 12566957 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.62 5.1

17.68 5.14

17.72 5.14

17.8 5.14

17.68 5.14

17.68 5.14

52100 60000

922194 308400

WARRANTS LR WARRANT

1.54

-711756 -

1.57

1.57

1.57

1.57

1.57

2000

3140

-

ITALPINAS 6.42 KEPWEALTH 11.7 MAKATI FINANCE 2.57 XURPAS 0.97

6.49 11.78 2.76 0.98

6.45 12.12 2.57 0.94

6.6 12.12 2.57 0.99

6.4 11.62 2.57 0.93

6.49 11.8 2.57 0.98

189800 338400 5000 4566000

1219421 4007548 12850 4414990

37770 11660 -

FIRST METRO ETF

122.9

SMALL & MEDIUM ENTERPRISES

EXHANGE TRADE FUNDS 122.3

120.4

122.9

120.4

122.9

24250

2948251

-4860

www.businessmirror.com.ph

MacroAsia acquires 30% stake in Japan Airport Service Co Ltd

M

ACROASIA Corp., an aviation support service company controlled by tycoon Lucio Tan, has signed an agreement with Japan’s airline ground-handling company, with both firms acquiring a minority stake with each other.

The company said it is acquiring a 30-percent stake in Japan Airport Service Co. Ltd., which it will purchase through NKS Holding Co. Ltd., a unit of Konoike Transport Co. Ltd., amounting to ¥1.82 billion, or about P844 million.

Konoike Transport, meanwhile, will acquire a 20-percent stake in MacroAsia Airport Services Corp., subsidiary of Macro Asia, amounting to ¥2.34 billion, or about P1.08 bil-

lion. Mascorp is the ground-handling unit of MacroAsia, whose shares were suspended for trading as a result of the deal.

Currently, Konoike’s AirportDivision operates in six airports in Japan: Narita, Haneda, Kansai, Fukuoka, Itami and Kobe.

“With the help of Mascorp in addressing the human capital issue, it intends to operate in other airports. The partnership will provide

Konoike Transport the advantage of being able to secure the needed human resources from the Philippines, through Mascorp, to support the expected growth in demand for passenger and ground-handling services,” the company said.

With this expansion in Japan, Mascorp will be able to generate additional revenues for processing and sending technical intern trainees in Japan and at the same time benefit from the management exchange program where the best practices in both countries can be adopted, the company said.

The strategic investment of Konoike Transport in the Philippines through Mascorp will also lead to the expansion of its ground-handling businesses in the Philippines and in Japan.

Likewise, MacroAsia’s strategic investment in Konoike’s groundhandling unit in Japan will create synergies and build capacities that

will allow both units to grow further, the company said.

It said the other opportunities that MacroAsia is looking into are “possible joint-venture initiatives covering outsourced medical services, temperature-controlled warehouses, warehousing and other logistics services.”

Konoike Transport is one of the leading service contracting and logistics service providers in Japan.

Founded in 1880, Konoike Transport has grown to 27 companies natively, and operates in countries overseas: in the United States, Mexico, China, Indonesia, Vietnam, Cambodia, Singapore, Thailand, Myanmar, Bangladesh and India.

The group’s total work force is about 25,000, serving over 3,500 clients from 228 operating bases worldwide. Konoike Transport is listed on the First Section of the Tokyo Stock Exchange since 2013. VG Cabuag

Ayala power arm bares plan to purchase 20% stake in S. Luzon Thermal Energy

A

C Energy Philippines Inc. (ACEPH), formerly Phinma Energy Corp., is moving to beef up its portfolio with a plan to purchase Axia Power Holdings Philippines Inc.’s 20-percent stake in South Luzon Thermal Energy Corp.

(SLTEC).

AC Energy Inc., the parent firm of ACEPH, told the Philippine Stock Exchange that a deed of assignment was signed Tuesday, whereby ACEI transferred its right to purchase the said stake of Axia Power in SLTEC in favor of ACEPH. “Completion of the company’s acquisition of Axia Power’s ownership stake in SLTEC is subject to satisfaction of certain conditions precedent,” the power arm of conglomerate Ayala Corp. said.

SLTEC owns and operates a 2 x 135 megawatts (MW) coal-fired power plant in Calaca, Batangas. It is a joint venture of ACEI, Phinma Energy and Marubeni Corp.’s Axia Power.

Commercial operations for the first unit of the thermal plant started in April 2015, while the second unit was completed in February 2016.

SLTEC operates as a baseload plant to meet the power demand of Luzon.

ACEPH’s renewable energ y (RE) target capacity has been set at 2,000 MW by 2025 from 150 MW at present.

“Our vision for AC Energy Philippines is to be the leader in renewable energy in the country. Our goal is to reach 2,000 MW of renewables by 2025,” said

company President Eric Francia.

The power firm is prepared to spend $2 billion to make this happen.

“With the government’s target of renewables reaching 35 percent of energy output by 2030, the country would need to build over 15 GW of renewables in the next decade. We will make significant investments in this space,” said Francia, adding that renewables would have to be complemented by other low-carbon technologies, such as gas-fired generation and energy storage, which the company will be exploring.

The other day, ACEPH reported it signed a share purchase agreement with the Philippine Investment Alliance for Infrastructure (Pinai) to acquire the former’s stake in North Luzon Renewables Energy Corp.

Pinai is a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding BV and the Government Service Insurance System (GSIS). It has a 31 percent preferred equity ownership and 15 percent common equity ownership in North Luzon Renewables.

ACEI’s economic stake in North Luzon Renewables is 36 percent.

The acquisition is subject to definitive documentation and approval by the Philippine Competition Commission.

North Luzon Renewables is a joint venture of ACEI, UPC Philippines, Luzon Wind Energy Holdings (an affiliate of Mitsubishi Corp.), and Pinai. The wind farm started

TV networks, as usual, claim leadership in ratings war

R

IVAL television giants GMA Network Inc. and ABS-CBN Corp. claimed separately on Tuesday that they led the ratings war in different areas last month, with the latter asserting dominance across the country, and the former in its bailiwick areas in the Philippine capital.

Citing data from Neilsen TV Audience Measurement, the Gozon-led network said it was able to beat its rival, after gaining a 32.3-percent average audience share in Urban Luzon versus its competition’s 31.1-percent share.

In Mega Manila, it scored an average of 32.6 percent, a 3.1-point difference over the Lopez-led network’s 29.5 percent.

Urban Luzon accounts for 72 percent of all urban TV viewers in the country, while Mega Manila represents 60 percent of all

urban households in the Philippines.

GMA, likewise, led the afternoon block with 33 percent in people audience share versus ABSCBN’s 31.6 percent; and the evening block with 34.9 percent share, compared to its rival’s 32.3 percent share.

In a separate statement, ABS-CBN said it continued to be the No. 1 network in the country with an average national audience share of 44 percent versus its rival’s 31-percent share in October, citing data from Kantar Media.

The Lopez-led entertainment and multimedia conglomerate also claimed leadership in Metro Manila and Mega Manila, where it scored an average audience share of 41 percent and 35 percent, respectively, against GMA’s 25-percent and 32-percent share. Lorenz S. Marasigan

its commercial operations in November 2014. The 81-megawatt wind farm uses 27 units of Siemens

MUTUAL FUNDS

SWT-3.0-101 wind turbines, where each turbine has an installed capacity of 3 MW. Lenie Lectura

November 5, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 258.65 6.33% 1.03% -0.23% 2.56% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.521 10.71% 3.81% 0% 5.57% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.9765 5.19% -0.36% -1.86% 1.88% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9545 10.42% N.A. N.A. 5.94% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8787 9.62% N.A. N.A. 7.07% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4907 9.79% 2.51% 0.3% 4.12% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8828 10.64% -1.7% N.A. 5.51% MBG EQUITY INVESTMENT FUND, INC. -A

113.94 3.61% N.A. N.A. -1.92% PAMI EQUITY INDEX FUND, INC. -A 52.9232 12.14% 3.45% N.A. 7.52% PHILAM STRATEGIC GROWTH FUND, INC. -A 549.07 11.65% 2.26% 0.2% 6.67% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3297 9.48% 3.12% 1.35% 6.04% PHILEQUITY FUND, INC. -A 39.1744 10.73% 4.06% 1.25% 6.94% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,1 1.0531 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.383 13.42% 4.27% 2.24% 8.55% PHILIPPINE STOCK INDEX FUND CORP. -A

898.81 13.41% 4.2% 2.17% 8.5% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9169 11.15% 2.49% N.A. 6.62% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.356 11.16% 3.69% 1.32% 7.32% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0322 12.96% 4.03% N.A. 8.16% UNITED FUND, INC. -A 3.7627 11.82% 5.38% 2.78% 7.48% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 120.5318 13.76% 4.96% 3.19% 8.83% ATRAM ASIAPLUS EQUITY FUND, INC. -B

$0.977 7.17% 3.57% -0.53% 5.16% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3188 12.67% 8.93% N.A. 19.33% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6066 -0.58% -2.13% -3.52% -2.7% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.299 6.53% 0.52% -0.28% 4.06% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6763 9.15% 2.39% -0.72% 5.24% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,5 0.2386 N.A. N.A. N.A. N.A. GREPALIFE BALANCED FUND CORPORATION -A 1.3577 6.27% N.A. N.A. 4.09% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9799 10.15% 2.74% 1.25% 7.42% PAMI HORIZON FUND, INC. -A 3.8429 12.74% 1.99% 0.54% 8.89% PHILAM FUND, INC. -A 17.1995 12.06% 1.9% 0.46% 8.12% SOLIDARITAS FUND, INC. -A 2.1689 7.73% 2.02% 1.34% 4.82% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.9426 10.8% 2.97% 1.02% 7.98% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,2 1.0343 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,2 1.0235 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,2 1.0205 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9993 10.42% 2.53% 0.32% 8.42% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03826 10.64% 2.35% 2.14% 8.39% PAMI ASIA BALANCED FUND, INC. -A $1.0016 9.64% 3.04% 0.03% 9.62% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.8056 10.63% 6.58% 3.46% 15.02% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A,7 $1.1135 8.45% 3.92% N.A. 10.8% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 355.75 4.15% 2.61% 2.26% 3.58% ATRAM CORPORATE BOND FUND, INC. -A 1.9234 3.99% 0.29% -0.2% 3.45% COCOLIFE FIXED INCOME FUND, INC. -A 3.0966 5.03% 5.23% 5.21% 4.05% EKKLESIA MUTUAL FUND INC. -A 2.2165 4.51% 1.94% 1.94% 4.1% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3473 6.08% 1.83% 1.53% 6.45% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6086 2.85% 0.08% -0.13% 2.83% PHILAM BOND FUND, INC. -A 4.3404 13.94% 1.93% 1.62% 10.73% PHILEQUITY PESO BOND FUND, INC. -A 3.755 8.48% 2.47% 1.53% 6.76% SOLDIVO BOND FUND, INC. -A 0.9556 9.14% 0.81% N.A. 7.23% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.057 11.35% 3.78% 2.51% 10.53% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6885 10.68% 3.2% 2.02% 9.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $466.31 4.53% 2.14% 2.84% 3.99% ALFM EURO BOND FUND, INC. -A Є219.86 3.23% 1.33% 1.43% 3.38% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.2028 7.31% 2.4% 2.56% 6.85% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 1.19% 1.29% 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7107 1.3% -1.19% 0.26% 1.21% PAMI GLOBAL BOND FUND, INC -A $1.0974 7.24% 0.13% -0.85% 5.9% PHILAM DOLLAR BOND FUND, INC. -A $2.3999 12.92% 2.32% 3.19% 10.55% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0602926 6.05% 2.07% 2.06% 5.78% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1699 10.21% 1.86% 2.73% 10.37% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 125.12 4.19% 2.74% 2.11% 3.51% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,3 1.0274 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2468 6.21% 2.51% 1.57% 5.49% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2588 3.87% 2.83% 2.25% 3.25% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0347 2.16% N.A. N.A. 1.85% 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."

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

The World BusinessMirror

Japan seeks to keep India in China-backed RCEP

I

ndia’s exit from RCEP regional trade talks appeared to leave China and Japan at odds over whether to press ahead with the remaining members, or to try to find a work-around that includes Prime Minister Narendra Modi’s government.

India announced on Monday it was withdrawing from the Chinabacked Regional Comprehensive Economic Partnership, citing the deal’s potential impact on the livelihoods of its most vulnerable citizens. China said that the 15 remaining countries decided to move forward first and India is welcome to join RCEP whenever it’s ready.

Japanese Trade Minister Hiroshi Kajiyama said on Tuesday that Tokyo would work toward a deal including India. This would keep the world’s largest democracy within the RCEP framework and be in line with Prime Minister Shinzo Abe’s policy of bolstering ties with India in order to balance Beijing’s growing power.

“Our country wants to play a leading role toward reaching an early agreement between all 16 countries, including India, with the aim of signing it in 2020,” Kajiyama, who wasn’t present at the latest negotiations in Bangkok, told reporters in Tokyo.

India’s exit from negotiations coincided with the most recent meeting of officials from the socalled Quad: Japan, Australia, the US and India, a security focused grouping seen as a counter to China that has drawn Beijing’s ire. The group was upgraded to ministerial level in September.

China has sought to accelerate the RCEP deal as it faces slowing growth from a trade war with the US. An agreement would further integrate Asia’s economies with China just as President Donald J. Trump’s administration urges nations in the region to shun Chinese infrastructure loans and 5G telecommunications technology.

Indonesian Foreign Minister

Retno Marsudi said India still had problems with RCEP but all those in the process “will work together to solve these problems in a mutually satisfying way,” according to a Monday statement from the ministry.

Modi decided not to join the deal in order to protect service workers and farmers, an official told reporters in New Delhi on Monday. India had pushed the other 15 nations to address its concern over deficits and open their markets to Indian services and investments, the official said.

RCEP countries are likely to move forward without India, in part because a pact could be concluded more easily and quickly that way, said Juan Sebastian Cortes-Sanchez, a senior trade policy analyst at the Singapore-based Asian Trade Centre research institute.

Waiting for Modi’s administration to change its mind could even give his negotiators the ability to “leverage the urgency” to make more demands on other countries eager to conclude the regional trade pact, he said.

“They’re open to dialogue and the possibility of letting India in,” he said, adding there’s a constant uncertainty that Modi’s government is “just never going to commit.”

In the run-up to Association of Southeast Asian Nations meetings in Bangkok, where Asian leaders had hoped to announce an RCEP breakthrough, New Delhi had made last-minute demands amid domestic opposition over worries it would be flooded by cheap goods from China.

“There won’t be any problem for the 15 nations to sign RCEP next year,” Chinese Vice Foreign Minister Le Yucheng told reporters in Bangkok on Monday. “We are taking an open attitude—whenever India is ready, it’s welcome to get onboard.”

RCEP countries said in a joint statement on Monday that all participating countries would work to solve outstanding problems “in a mutually satisfactory way.”

Bloomberg News

Wednesday, November 6, 2019

B3

As US deal nears, Xi Jinping vows commitment to global trading order

P

resident Xi Jinping reiterated China’s commitment to economic openness and the global trading order, as officials close in on the first phase of a deal to end the trade war with the US. “China will give greater importance to imports. We will continue to lower tariffs and institutional transaction costs,” he said in a keynote speech at the start of a trade expo Tuesday morning in Shanghai. “We must all put the common good of humanity first rather than place one’s own interests above the common interests of all.”

Xi’s comments are consistent with China’s efforts to position itself as a champion of the global multilateral trading order at a time when the US is backing away from institutions like the World Trade Organization.

Xi also said that China would “open its doors only wider” to the world, a stance that helps to counter allegations of protectionism from the Trump administration.

The government has placed greater emphasis on imports as a way to meet the needs of domestic consumers, which China is relying upon to push economic growth away from investment and exports. At the same time, the import push helps buttress the argument that China is seeking to reduce its trade surplus, especially with the US. In 2018, Xi said that China’s goods imports were estimated to total over $30 trillion in the following 15 years, implying a slight addition to current annual totals.

In fact, imports have contracted on an annual basis almost every month this year, 5 percent lower in dollar terms at the end of September than the same period in 2018.

Xi urged deeper economic integration and said China was willing to sign high-standard free-trade agreements with more countries.

“We need to tear down walls, not

erect walls. We need to stand firm against protectionism and unilateralism. We need to continually bring down trade barriers, optimize global supply chains and jointly foster market development,” Xi said. “Integration of the economy is the order of the day.”

Economic showcase

The speech came as Xi and US President Donald J. Trump work to assemble a “Phase One” trade agreement that will leave many of their thorniest problems to future negotiations. US officials including Commerce Secretary Wilbur Ross have expressed optimism about the pact, which might include increased Chinese

purchases of US agr icu ltura l products, keeping its currency stable and further opening its financial market.

The China International Import Expo (CIIE)—now in its second year—is designed to showcase the country’s desire to shift its economy toward consumption by buying more foreign goods. While some 63 countries are participating in the event, including French President Emmanuel Macron, the US and most other Western nations are either sending lower-level delegations or none at all.

Although the first CIIE yielded hundreds of deals and agreements, especially in the energy sector, few have come to fruition, according to a report released on Monday by the European Union Chamber of Commerce in China. Half of the expo’s surveyed participants managed to make deals last year, and many saw “no follow-through” as their partners failed to fulfill obligations, the report said.

“We expect this year’s event to be supplemented by concrete measures to facilitate further market opening and increase

foreign investment, not by empty promises that we have heard many times before,” said Carlo D’Andrea, vice president of the European Chamber.

On again, off again

Xi’s speech was somewhat softer in tone than his address to the first CIIE a year ago, where he took some veiled swipes at Trump’s “America First” polices, denouncing “law of the jungle” and “beggar-thyneighbor” trade practices. Since then, the two leaders have held a series of on-again, off-again trade talks interrupted by tariff salvos.

He didn’t specifically mention the US or Trump, but argued against pursuing unilateral interests—the core of Trump’s philosophy in international forums.

The trade war has increased pressure on the Chinese economy just as it was cooling from decades of unprecedented growth. China’s list of economic headaches also include factory-price deflation, a fragile financial system and spiraling food costs in the wake of a catastrophic disease epidemic among the nation’s pig herd. Bloomberg News

Chinese President Xi Jinping is seen on a live broadcast speaking at the media center during the opening of the China International Import Expo in Shanghai, Tuesday, November 5, 2019. Xi promised Tuesday to open China wider to imports and foreign investment at the start of a high-profile trade fair meant to rebrand the country as a global customer and warned against trade protectionism. AP/Dake Kang

Trump files paperwork to formally exit Paris UAE says it has world’s sixth-largest crude oil reserves climate agreement

P

resident Donald J. Trump formally began the process of withdrawing the US from the Paris climate accord on Monday, a move announced in 2017 that will take another year to complete.

The State Department formally submitted a request to withdraw from the pact signed by roughly 200 countries on Monday, the earliest date Trump can make the official notification.

“President Trump made the decision to withdraw from the Paris agreement because of the unfair economic burden imposed on American workers, businesses, and taxpayers

by US pledges made under the agreement,” Secretary of State Michael Pompeo said in an e-mail.

It will take a year for the move to take effect—setting the stage for the US departure on November 4 next year, coincidentally a day after the 2020 presidential election.

But, critics say, he’s already retreated from the fight against global warming by systemically undoing emissions- cutting policies—an issue Democrats aim to use against him on the campaign trail.

“With or without the paper work the administration is doing to withdraw from Paris, they have effectively withdrawn from any kind of commitment already,” said Joe Goffman, executive director of the Environmental and Energy Law Program at Harvard Law School.

Trump, who has repeatedly questioned the science behind climate change, vowed to leave the Paris climate accord while campaigning for president. He formally declared his intentions during a Rose Garden speech in 2017.

Trump reiterated his plan last week, calling

the pact “a total disaster for our country” that would hurt American competitiveness by enabling “a giant transfer of American wealth to foreign nations that are responsible for most of the word’s pollution.”

The president has celebrated other environmental priorities, regularly touting the US as having the cleanest air and water.

The 2015 climate accord is really a collection of individual, country-specific pledges to cut greenhouse-gas emissions, designed with an ambition to strengthen them over time.

Under former President Barack Obama, the US committed to reduce emissions by 26 percent to 28 percent below 2005 levels by 2025.

The one-year withdrawal timeline could draw more attention to climate change as a campaign issue.

The 2020 Democratic hopefuls have vied to outdo each other with plans to rapidly slash greenhouse-gas emissions, drive renewable power and quash fossil fuel development. Their environmental ambitions took center stage in a seven-hour climate-focused town hall with 10 Democratic presidential candidates in September.

If Trump were to lose reelection, his successor could reverse his course right after the January inauguration. There is a 30-day waiting period for reentry to take effect.

“It takes four years to leave. It takes 30 days to go back in,” said David Doniger, with the NRDC Action Fund. But, he said, “a threemonth timeout where the US is formally out is not going to be any different than the level of disrespect the president has given the previous three years” to climate change.

Bloomberg News

D

UBAI, United Arab Emirates—The United Arab Emirates now says it is home to the world’s sixth-largest crude oil reserves, surpassing fellow Gulf Arab nation Kuwait.

The UAE’s Supreme Petroleum Council met on Monday and announced the news, saying the federation of seven sheikhdoms on the Arabian Peninsula had discovered new reserves of 7 billion

“stock tank” barrels of oil.

The council said that pushed the UAE’s overall reserves to 105 billion barrels. It also said it held the world’s sixth-largest reserves of natural gas, as well.

Oil reserves refer to crude that’s economically feasible to extract.

Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations. AP

Companies around the world get hit by Hong Kong protests

W

hether they sell luxury watches from Switzerland or farm hens from Mississippi, a surprising concern is occupying a number of corporate executives this earnings season: Hong Kong’s protests.

An AI model trained by Bloomberg News to scour thousands of quarterly analyst calls and investor updates revealed that the city’s pro-democracy demonstrations, which show few signs of resolution after five months, are pressuring companies that sell all kinds of consumer goods.

Of some 2,500 transcripts of calls held during the month of October, the AI model identified dozens of instances of protestrelated discussion among businesses ranging from skin-care products to talent recruitment.

The far-reaching impact of the protests speaks to the outsized role that Hong Kong has hitherto played as a thoroughfare for Chinese shoppers.

Buyers have flocked to the city for its zero consumption tax and variety of global imports, whether luxury handbags or infant formula.

Now, the protests are accelerating a shift away from Hong Kong by global businesses as Chinese travelers—the city’s biggest tourist segment—stay away.

“Hong Kong has been extremely challenging [and] tourism has fallen off a cliff,” said Andre Hoffman, vice chairman of luxury skin-care company L’Occitane, in a call on October 22.

“But we see very strong growth from China, Korea and Macau, so I think some of that business is being transferred to other countries in the region.”

Whatever the outcome of the protests, the blow to Hong Kong’s role as a consumption hub for the region is likely to be lasting, some executives said. The city’s economy has already been plunged into a technical recession and full-year growth is very likely to be negative.

Hong Kong’s business outlook continued to drop in October, with the purchasing manager’s index for the whole economy falling to 39.3, according to IHS Markit. The reading was the lowest since the depths of the financial crisis in November 2008.

“Business didn’t just arrive back at the doors as soon as the protest finished,” Paul EdgecliffeJohnson, chief financial officer at InterContinental Hotels Group Plc. said in a call on October 18, referring to the Occupy Central protests of 2014.

Those protests are widely seen as the precursor to this year’s movement.

“Hong Kong will probably pay a price for the current situation, not only in terms of volume of business, but also in terms of profitability,” said Jean-Jacques Guiony, chief financial officer of LVMH, the luxury conglomerate which sells everything from leather handbags to fur coats, in a conference call on October 9.

Retailers and hotel operators have been hardest-hit as clashes between protesters and police bring the city to a near-halt every weekend. Retail sales by value fell 1 8 . 3 p e rc e n t i n S e p t e m b e r, c o m p a re d with a decline of 22.9 percent in August.

Hotel occupancy rates were 63 percent in September, 23 percentage points below the same period the year before, according to data from the Hong Kong Tourism Board.

The protests in Hong Kong “impacted traffic and caused some of our stores to close temporarily,” Harmit J Singh, chief financial officer of denim company Levi Strauss & Co, told analysts in a call on October 8. Crocs Inc., a maker of rubber-like shoes, said its stores in the city were “significantly impacted by everything that’s going on there,” Andrew Rees, the company’s president and chief executive officer, told analysts in a call on October 30.

Sales of products like medicine, baby food and other daily necessities have been hit by a drop in Chinese tourists who come to Hong Kong to buy goods for resale in the mainland—one of the many causes which demonstrators have taken up. Mainland arrivals to Hong Kong were down 35 percent in September compared with the same month a year earlier.

Industries away from the consumer front lines have also felt the heat. Recruitment consultancy PageGroup Plc. said on October 8 that social unrest in the city was having an impact on its clients’ confidence.

US exports of broiler chickens have also been affected. “We have seen a little decline [in overall exports] to Hong Kong and I think some of the unrest there has been a big part of that,” Eric Scholer, vice president of Express Markets Analytics, told delegates at an investor day on October 18 hosted by Sanderson Farms Inc., a Laurel, Mississippi-headquartered food producer.

Hong Kong’s property tycoons, whose grip on economic life and political power in the city of 7 million has been cited as a factor aggravating the protests, have been of little help to suffering retailers, the corporate call transcripts revealed. Bloomberg News

B4 Wednesday, November 6, 2019

Celebrate the warmth of Christmas at Lakbay Museo

C

HRISTMAS is here!

And as we all know, Filipinos have a very different way of preparation for this season.

At Lakbay Museo the feel of Christmas is set up as early as the last week of September. It’s like like a Christmas village with all the banderitas, colorful lights and parols too.

And did you know that the Christmas lanterns in Lakbay Museo came from 3 City Jails? Yes, it’s true! The parol installation came from Manila, Makati, and San Juan! Once you enter Lakbay

museo, expect the hanging colorful parols and dancing Christmas lights to welcome you, as well as the museum’s energetic and joyful attendants Lakbay Museo will take you back to your good old childhood Christmas memories. As you take a step inside the museum, expect to reminisce and feel nostalgic during your 2-hour tour. Reimagine and start to experience the longest Christmas celebration around the Philippines.

Located at Level 1 S Maison, Seaside Blvd, Coral 2Way, Pasay, Metro Manila, a Christmas gem that will really get

you in the holiday spirit and create lasting moments with loved ones awaits— Paskong Pinoy Village in Lakbay Museo! The museum instantly draws attention across the floor as its name shines brightly in the vibrant lantern symbolizing the grand giant lantern festival at San Fernando City every December. As you walk inside, get ready step into a walkway flanked by the most vivacious colors you can ever imagine and above the colouful Christmas lanterns. Expect to be mesmerized to the unique festivity that Lakbay Museo provides! The mini Philippine tourist spots are adorned with exhilarating ensemble of Christmas lights and elegant parol and the most iconic Pinoy Christmas medleys flood the whole museum.

The whimsical decorations of Paskong Pinoy Village was conceptualized by the president of Lakbay Museo himself, Lawrence Li Tan and was brought to life with the assistance of the museum’s employees.

Paskong Pinoy Village remains true to its nature for both kids and the kids at heart as the stunning illumination of Christmas lanterns, the intricate display of the brightest lights, and the tune of the most familiar Christmas songs are as captivating as it is warming for the heart.

Meralco powergen switches on new supercritical power plant

M

ERALCO PowerGen Corporation (MGen), a wholly-owned power generation subsidiary of Manila Electric Co. (Meralco), the Philippines’ largest electric distribution utility, recently celebrated the switching-on of its 500-megawatt supercritical coal-fired power plant in ceremonies held at the Grand Hyatt Manila.

The switch-on ceremony was led by no less than President Rodrigo Roa Duterte (center, sitting) who gave the assurance that his administration remains committed to the use of clean energy to drive the country’s growth. In photo with the President are Meralco officers, standing from left: SVP for Human Resources Edgar Carasig; Director Pedro Roxas; Vice-Chairman Lance Gokongwei; Meralco PowerGen Chief Technical Officer John Quirke; Smart President and former Meralco executive Alfredo S. Panlilio; Meralco President and CEO Atty. Ray C. Espinosa; Meralco PowerGen VP for External Affairs

Litz Santana; Director Jose Ma. K. Lim; Director & former Supreme Court Chief Justice Artemio Panganiban; Director Anabelle Chua; MGen EVP and COO Dan Neil; One Meralco Foundation President Jeffrey Tarayao; MGen SVP and SBPL President Marcos Yorobe; MVP Group Media Bureau Managing Director Atty. Michael Toledo; VP for Regulatory Atty. Jose Ronald Valles.

Seated, from left: Electricity Generating Public Co. Ltd. (Egco) Group SVP for Business Development Danuja Simasathien; Energy Secretary Alfonso Cusi; Meralco and MGen Chairman Manuel V. Pangilinan; and MGen President and CEO Rogelio L. Singson.

The Php 56.2-billion power plant, located in Mauban, Quezon Province, is the first of its kind in the Philippines and is being undertaken by San Buenaventura Power Limited, a partnership between MGen and New Growth BV, a wholly-owned subsidiary of Egco Group of Thailand.

Upgrade the quality of your life with Fujidenzo O

WNING a house is a major accomplishment for most people, but transforming it into a dream home is an entirely different story. Filling it with appliances usually requires a significant amount of investment that sometimes, people opt to just choose products with the most basic of functions, often sacrificing form, feature, and style.

Although there are many home appliances available in the market, it is difficult to choose a brand you can trust. So if you want products that are known for their durability and energy-efficiency, the top choice of home owners is Fujidenzo Appliances.

“Over the years, Fujidenzo has been one of the country's leading marketers of quality home and commercial appliances. Our brand’s commitment of “Quality Above All” reflects in our products and after-sales service, and has been instrumental in upgrading the quality of life of Filipinos,” said Adrian Jasper Sioco, Marketing Director of Fujidenzo Appliances.

And to further meet the demands of countless consumers, Fujidenzo has introduced the latest addition

to their product portfolio – the premium home appliance category.

Refrigerators in this category come in different styles such as Side by Side, Multi-Door, and Bottom Mount configurations. All equipped with Heavy Duty (HD) Inverter Technology to assure you of maximum energy efficiency, these no-frost refrigerators also showcase a variety of innovative features and elegant designs like silver glass door finish, high-grade stainless steel, or black premium steel doors.

Meanwhile, the line of fully automatic washers boast of the exclusive Variable Water Pressure Technology which allows them to function even with very little water pressure. Available in 6.5, 7.5, 8.5, and 10.5kg capacities, users from

ADRIAN JASPER SIOCO, Fujidenzo Marketing Director KEVIN RAGO, Fujidenzo Training Officer

FUJIDENZO’S line of premium home appliances

areas suffering from water scarcity can finally enjoy the convenience of having a fully automatic HD Inverter washer with low water and energy consumption.

For those who want to live a healthier lifestyle, the new Fujidenzo Fit ‘n’ Go Slow Juicers have made this journey simpler. With a super slow speed of 45rpm for maximum juicing performance, this allows you

DIANNE STEFANIE GABRIEL, Fujidenzo Sales Manager

to get the most from your fruits and vegetables. Nutrient retention is also very high since the entire process produces less heat and friction.

Finally, to ensure that all your appliances are protected from power surges and fluctuations commonly experienced in our country, Fujidenzo has also come out with an Automatic Voltage Regulator. Available in 1,500VA and

ANGELA LUZ TARRIELA, Fujidenzo Small Domestic Appliance Category Manager

2,000VA capacities, it is equipped with a 100% copper motor and Servo motor control that enables it to properly capture and regulate power fluctuations. These AVRs are also equipped with an Overvoltage Protection feature which assures you that your appliances will always be safe in the event of a dangerous power surge.

So if you’re ready to upgrade

EVENT HOSTS, Inna Ysabelle Bangalan & Sandra Jade Villa

the quality of your life, Fujidenzo products are available in all leading appliance stores nationwide.

Exclusively distributed by Excellence Appliance Technologies with the support of over 250 service centers nationwide, you can also drop by their showrooms in Quezon City, Cebu, Davao, Bacolod, and Iloilo or visit their official website at www. fujidenzo.com.

WORLD CHAMPS AT WHITE HOUSE

Sports

FIRST lady Melania Trump (from left), Washington Nationals infielder Ryan Zimmerman, and President Donald J. Trump arrive for an event to honor the 2019 World Series champion Washington Nationals on the South Lawn of the White House on Monday. AP

BusinessMirror

C1

| Wednesday, November 6, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Stephen Whyno The Associated Press

W

ASHINGTON—President Donald J. Trump mostly stuck to sports on Monday while honoring the World Series champion Washington Nationals, who had a handful of players skip the White House visit.

Amid an impeachment inquiry on Capitol Hill and Washington feting its first Major League Baseball champion since 1924, Trump hugged Kurt Suzuki after the catcher put on a “Make America Great Again” hat.

Trump received a No. 45 Nationals jersey from first baseman Ryan Zimmerman, applauding the team’s first title and calling it a “comeback story for the ages.”

“Everyone fell in love with Nats baseball,”Trump said during the half-hour ceremony on the South Lawn attended by thousands of fans. “That’s all they wanted to talk about— that and impeachment. I like Nats baseball more.”

Reliever Sean Doolittle, who along with his wife has worked with Syrian

refugees and military veterans and supports gay rights, did not attend the event. Also among those not listed as attending were National League (NL) Most Valuable Player finalist Anthony Rendon, outfielders Victor Robles and Michael A. Taylor, and pitchers Joe Ross, Javy Guerra and Wander Suero.

Principal owner Mark Lerner was the only member of the ownership group listed as attending.

Eighteen of the 25 players on Washington’s World Series roster decided to go, including World Series MVP Stephen Strasburg, who opted out of the final four years of his contract but could re-sign for a more lucrative deal. Fans chanted “Four more years! Four more years” at Strasburg.

The Nationals on Monday tendered qualifying offers to Strasburg and Rendon, another free agent.

Despite Suzuki trading in the Nationals’ curly “W’’ for Trump’s signature hat and Zimmerman thanking the president for keeping the country safe and continuing to make it the best on Earth, the Nationals’ visit did not have as much political undertones as when the 2018 champion Boston Red Sox visited the White House. They did so without Manager Alex Cora, who did not attend that ceremony after citing his frustration with the administration’s efforts to help his native Puerto Rico recover from a

devastating hurricane.

Washington Manager Dave Martinez, whose parents are Puerto Rican, was in attendance and made some brief remarks to the delight of fans and players. Trump called it a record crowd, saying, “We’ve never had this many people on the front lawn of the White House.” The White House estimated an attendance of 5,300.

The US Marine Corps band played the team into the ceremony with “Baby Shark,” which became the Nationals’ unofficial theme song as they went from 17-31 in May to World Series champions.

“It’s miraculous what we did,” NL Championship Series MVP Howie Kendrick said. “We brought a title back.”

After Trump singled out Strasburg, Kendrick, pitcher Aníbal Sánchez and other playoff heroes, players exited with the World Series trophy to the strains of “We Are The Champions.”

The Nationals’ White House visit was the latest stop on their whirlwind victory tour around the nation’s capital after coming back from a 3-2 series deficit to beat the Houston Astros in Game Seven last week. The team paraded down Constitution Avenue on Saturday and celebrated at the Washington Capitals hockey game Sunday night.

Dutch Olympic sprinter sentenced for drug smuggling case IN this August 9, 2018, file photo, Netherlands’s Madiea Ghafoor competes during a woman’s 400-meter semifinal race at the European Athletics Championships in Berlin, Germany. AP

VENEZUELAN BASEBALL DEFIES PRESSURE, STARTS LEAGUE AMID SANCTIONS

C

ARACAS, Venezuela—The Venezuelan baseball league will start on Tuesday amid uncertainty because of Washington’s sanctions against the administration of President Nicolas Maduro.

Players affiliated to Major League Baseball (MLB) are forbidden to join in.

Venezuela’s economic crisis forced the coming season to be reduced from 63 to 43 matches for each of the six teams.

The league has so far failed to avoid sanctions by US President Donald J.

Trump, who wants Maduro out of office. Venezuela was excluded from the deal that regulates the relationship between MLB and Caribbean winter tournaments.

The sanctions, which include freezing the assets of Maduro’s administration in the United States, forbid American companies from doing business with Venezuela’s government.

Many local fans wonder if substitutes for Venezuela’s MLB players will be able to fill their shoes. They will also miss American players, who have been playing in the Venezuela league since it began in the 1940s. The likes of Bob Gibson, Barry Bonds and Pete Rose have featured.

“I can’t even remember when was the last time that a gringo did not play in a team of our league,” said 71-yearold José Miguel Reyes, a fan of the Leones of Caracas.

“Many stars of MLB were here, the best of them.”

Venezuelans have also starred in the MLB recently, including Cincinnati third baseman Eugenio Suárez, who hit 49 home runs this season, and Houston second

baseman José Altuve, the fourth Venezuelan to be World Series MVP, in 2017.

Beside Altuve, six Venezuelans played in the World Series won by the Washington Nationals last week.

Fans fear lower attendances because of the absence of MLB affiliated players.

Most of the 48 foreigners in Venezuela’s league are from the Dominican Republic. Each team can sign up to six internationals.

Venezuela league organizers gave up on a sponsorship deal with state-run oil giant PDVSA in an attempt to assure Washington that it is independent from Maduro’s administration.

The response to the move is on hold, says Domingo Alvarez, the general manager of the Venezuela league. It could be too little, too late.

The winner of the league represents Venezuela in the Caribbean Series. AP

HOUSTON Astros’ Jose Altuve flips his glove during batting practice before Game Seven of the baseball World Series against the Washington Nationals on Wednesday. AP

D

UESSELDORF, Germany—The Dutch Olympic sprinter Madiea Ghafoor was sentenced to eight-and-a-half years in prison on drug charges in Germany on Monday.

The court in the town of Kleve found Ghafoor knowingly imported around 50 kilograms of ecstasy and 2 kilograms of methamphetamine from the Netherlands into Germany in June, the German news agency dpa reported.

The 27-year-old Ghafoor reached the European Championship final in the 400 meters last year and was tipped to represent the Netherlands in the 4x400 relay at the recent world championships. She also raced the 4x400 at the 2016 Olympics, where the Dutch team was eliminated in the heats.

Dpa reported Ghafoor’s defense said she decided to take performance-enhancing drugs to improve her career and believed she was transporting similar substances for other athletes, not narcotics.

She didn’t say who had given her the drugs to transport, citing fears for her safety and for that of people close to her.

The Dutch track and field federation said the case would be referred to the country’s doping authority. AP

C2

Spo

Business

Wednesday, November 6, 2019

K

YRIE IRVING had 39 points and nine assists, and the Brooklyn Nets withstood Brandon Ingram’s career-high 40 points to beat the New Orleans Pelicans 135125 on Monday night.

The Nets had 67 points at halftime and a 20-point lead in the third quarter, but could never get comfortable until the final minute as Ingram kept coming at them.

He shot 17 for 24 from the field in his first 40-point game and the Pelicans scored a franchise-record 48 points in the third quarter.

They got within two in the fourth but could never get enough stops to catch the Nets.

Caris LeVert added 23 points, Joe Harris had 19 and Jarrett Allen finished with 18 points and 10 rebounds for the Nets, who follow this game with a five-game road trip, their longest of the season, with the first four in the West.

Jrue Holiday and Lonzo Ball each scored 15 points for the Pelicans, who fell to 1-6.

SUNS 114, 76ERS 109

DEVIN BOOKER scored 40 points, Ricky Rubio added 21 points and 10 assists and Phoenix beat the NBA’s final undefeated team by knocking off Philadelphia.

Phoenix (5-2) is three games over .500 for the first time in more than four years. The surprising Suns are on a three-game winning streak and off to their best seven-game start since 2013.

Booker, serenaded with Most Valuable Player chants from the home crowd in the fourth quarter, has 6,003 points in his career. He’s the eighthyoungest player in National Basketball Association history to reach 6,000. The fifth-year guard, who turned 23 last week, finished 15 of 19 from the field, including three of four from three-point range, and seven of seven on free throws.

Playing without suspended star Joel Embiid, the 76ers (5-1) were led by Al Horford’s 32 points.

Horford tied a career high with five 3 pointers and shot 13 of 20 from the field. Tobias Harris added 24 points and Furkan Korkmaz had 20.

WARRIORS 127, TRAIL BLAZERS 118

ROOKIE forward Eric Paschall hit a key three pointer with 4:05 remaining and finished

Grizzlies with 23 points and six assists.

The game got testy with about two minutes left when Grizzlies forward Jae Crowder appeared to take a shot to the groin while guarding Harden. After the foul was called on Crowder, Harden and the Grizzlies exchanged words, leading to Crowder’s ejection.

Harden was called for a flagrant-one foul after a review by officials.

BUCKS 134, TIMBERWOLVES 106

IRVING, NETS HOLD OFF INGRAM-LED PELICANS

BROOKLYN Nets guard Kyrie Irving (left) drives to the basket against New Orleans Pelicans guard Josh Hart during the second half of their match on Monday. AP

with 34 points and 13 rebounds on his 23rd birthday, leading injury-plagued Golden State over Portland for its first home win at last.

Without all their injured stars, the young Warriors shined against a Western Conference contender to give Golden State its first victory at new Chase Center as Klay Thompson cheered from the sideline. The Warriors (2-5) improved to 1-4 at home—they haven’t started 0-5 in their own building since losing

their initial six home games in 1997-98.

Damian Lillard, no longer playing in his hometown of Oakland when he visits the Bay Area, notched his fourth 30-point performance in the first seven games with 39 points on 15-for-26 shooting, including five three pointers. Trail Blazers center Hassan Whiteside added 22 points and 11 rebounds after missing one game with a bone bruise in his left knee.

Golden State swept Portland in the Western Conference finals last season on the way to a fifth straight NBA Finals.

ROCKETS 107, GRIZZLIES 100

JAMES HARDEN scored 44 points, and Houston recovered from a poor performance one night earlier to earn a victory over Memphis.

Harden

carried the load for the Rockets, who didn’t shoot particularly well and were without Russell Westbrook because he had the night off for rest. The 2018 NBA MVP finished 12 of 28 from the field, including seven of 16 from three-point range. He added 10 rebounds and six assists.

Eric Gordon scored 16 points, and Clint Capela had 10 points and 13 rebounds.

Rookie guard Ja Morant led the

GIANNIS ANTETOKOUNMPO had 34 points and 15 rebounds as Milwaukee beat Minnesota.

Last season’s NBA MVP has posted a double-double in all seven games this season.

Khris Middleton added 26 points to match his season high and Eric Bledsoe set a season best with 22. Bledsoe added nine rebounds and six assists for the Bucks in a game delayed 50 minutes so one of the baskets could be fixed before tipoff.

Andrew Wiggins led the Timberwolves with 25 points. Minnesota played without center Karl-Anthony Towns, who served the second game of a two-game suspension.

Milwaukee broke open the game with a 38-point third quarter that included a 22-6 run.

WIZARDS 115, PISTONS 99

BRADLEY BEAL’S 22 points and six assists helped Washington shake off an ugly loss and beat the depleted Pistons in a half-empty arena while ending Detroit star Andre Drummond’s 20-20 streak.

Two days after losing by 22 at home to Minnesota, the Wizards improved to 2-4 thanks to 14 points and seven rebounds from Thomas Bryant, and nine points and six assists from Isaiah Thomas in his first start of the season.

Rookie forward Rui Hachimura bounced back from his worst game as a pro with 10 first-quarter points for Washington and ended up with 12 points and four rebounds.

Luke Kennard led the Pistons with 24 points.

Detroit was without Blake Griffin (left hamstring and knee), Derrick Rose (right hamstring) and Reggie Jackson (lower back).

Bidding to become the first player in at least 35 seasons to post four consecutive games with at least 20 points and 20 rebounds, Drummond finished with 15 points and 24 boards. He shot six of 20, going one for eight in the fourth quarter as Washington pulled away. AP

England wants Jones til 2023 World Cup

L

PHIL MICKELSON of the United States tees off for the HSBC Champions golf tournament at the Sheshan International Golf Club in Shanghai on Thursday. AP

S

MICKELSON’S STREAK IN TOP 50 ENDS

HANGHAI—The streak ended with little fanfare, and that was just fine with Phil Mickelson.

He slashed his way to a tie for 28th in the HSBC Champions, with only 100 or so fans following along. Mickelson played his last nine holes right behind Rory McIlroy, but only because Lefty was in the first group to tee off on the back nine. He signed for a 68 in his final round of the year.

The number that stands out is No. 51, his position this week in the Official World Golf Ranking.

For the first time in nearly 26 years— 1,353 weeks to be exact—Mickelson is no longer among the top 50 in the world.

“It was a good run,” Mickelson said on Sunday. “Unfortunately, the last eight months I played terribly and have fallen out. But I’ll get back in there.”

The question is whether anyone can ever match it.

Jordan Spieth was not quite four months old when Mickelson first cracked the top 50 on Nov. 23, 1993, with a runner-up finish in the Casio World Open. Deane Beman was the commissioner of the Professional Golfers Association (PGA) Tour.

McIlroy compared Mickelson’s streak to Tiger Woods going 142 starts on the PGA Tour over seven years without missing a cut.

“Being top 50 in the world since 1993, that means no injuries, no breaks, that is nothing,” McIlroy said. “Play your game, keep going.”

That’s all Mickelson has done.

He never reached No. 1 in the world, mainly

because of Woods, partly because Mickelson was not on top of his game when Woods fell off and created an opportunity. Then again, Mickelson never won a PGA Tour money title or was voted PGA Tour player of the year.

His hallmark is consistently great play, and it is unrivaled.

“It’s pretty amazing given he was there into his 40s like that, with how much time is taken from golf with your family,” Spieth said.

“You’re not as sharp because you’re not doing it as often. I give him more credit in the last seven to 10 years.”

Mickelson nearly fell out at the start of 2018, and then he ran off four straight top 10s, culminating with his third World Golf Championships title in Mexico City. He reached No. 17 with his victory at the Pebble Beach Pro-Am in February—his seventh win in his 40s, including a major—and was hopeful of a big year.

He hasn’t finished better than a tie for 18th since then.

McIlroy is completing his 11th year in the top 50—he first cracked the top 50 with a runner-up finish in Hong Kong in 2008—and that’s now the longest current streak. For everyone else but Mickelson, it seemed something always would go wrong, whether it was injury (Woods) or a spell of bad play (Adam Scott, Sergio Garcia, Justin Rose).

No one thought Woods would drop from the top 50—much less No. 1, a spot he twice held for five straight years—until his personal life imploded and then his legs broke down, and his streak of 15 years in the top 50 ended in 2011. AP

ONDON—Eddie Jones has been in discussions with England’s Rugby Football Union (RFU) about extending his contract with the national team through the 2023 World Cup in France.

Jones’s current deal with England, which lost to South Africa 32-12 in the World Cup final in Yokohama on Saturday, runs to August 2021—halfway through the next World Cup cycle.

RFU Chief Executive Bill Sweeney said the governing body has “had conversations” with Jones before and during the World Cup in Japan about the possibility of tying him to a deal through to 2023.

“I trust Eddie—when he gives his word on something he doesn’t do that lightly—so he is committed to fulfilling his contract to 2021,” Sweeney told the BBC. “We have our sights set on France as well, so we’d want to make the right decision for that and it needs to work for him, as well.”

Sweeney said they had not been “formal negotiations” and that the RFU was waiting “for the dust to settle” after the recent World Cup. Jones, who has also been linked to the vacant coaching job with his native Australia, has already begun the rebuilding for England’s next bid to win the World Cup and said the current team is “finished.”

“I tell you what happens to teams—they evolve,” Jones said. “Some guys will lose desire, some guys will lose fitness, some guys will get injuries and there’ll be young guys come through.

So this team is finished now. AP

Nadal regains No.1 ATP spot NADAL

M

ADRID—Rafael Nadal is back at the top of the ATP rankings, regaining the No. 1 spot for the first time since November 2018.

The 33-year-old Spaniard has become the secondoldest No. 1 player. Roger Federer led the rankings at the age of 36 last year.

Nadal has been No. 1 for 197 weeks through eight different stints at the top. Federer leads the all-time list with 310 weeks.

Federer stayed third in the rankings, behind Novak Djokovic and ahead of Daniil Medvedev.

Nadal has a 51-6 record and has won four titles this season, including the French Open and the US Open. He also reached the Australian Open final.

He is looking to seal the year-end top ranking for the fifth time. AP

orts

sMirror

Creamline, Petro Gazz in best-of-3 title series

Wednesday, November 6, 2019

LETRAN SENDS ‘BASTE’ HOME L

ETRAN survived both RK Ilagan’s scoring display and San Sebastian College’s fourth-quarter push to nab the victory, 85-80, and eliminate the Golden Stags in the stepladder semifinals of the National Collegiate Athletic Association Season 95 men’s basketball tournament on Tuesday at the Cuneta Astrodome in Pasay City.

The Knights led the Stags by as many as 17 points in third quarter, 62-52, but found themselves in a close match as Ilagan went ablaze in the final frame after scoring 13 of his 36 points to trim the double-digit deficit to just one, 80-81, with 1:30 left in the game.

King Caralipio stopped the bleeding by sinking a clutch basket, 83-80, before Fran Yu drained two free throws to seal the deal with 10.4 seconds remaining.

“A win is a win,” Letran Coach Boni Tan said. “We have to check on that [plays] kasi for the series this year we’re always winning the rebounds, but today were out rebounded.”

E

XPECT fireworks to erupt as Creamline and Petro Gazz slug it out in Game One of the PVL Open Conference today with the powerhouse Cool Smashers seeking not only to complete a grand sweep but also a payback and the fired-up Angels out to frustrate their fancied rivals for the second straight conference.

The 6 p.m. clash at the Filoil Flying V Centre in San Juan, will be a duel of offense versus defense.

The Cool Smashers swept the double round elims by dominating three skills categories, including in attacks with a 34.36-percent success rate. They also delivered a league-best 2.19 aces per set and emerged No. 1 in setting with norms of 6.81 excellent sets per frame.

But the Angels, who lost Game One but swept the Cool Smashers in the next two to snare the Reinforced Conference crown last July, are the best in defense, averaging 2.21 kill blocks per set.

Petro Gazz was also tops in service reception with a 44.77-percent efficiency rate, guaranteeing a slambang action right at the start of their best-of-three series tipped to go down-to-the-wire.

The Finals will be aired live on LIGA SkyCable Channel 86, LIGA HD SkyCable Channel 183, iWant and via livestream.

Meanwhile, BanKo-Perlas and Motolite tangle in their best-of-three battle for third at 4 p.m.

The long break should’ve given both teams ample time to polish their respective play patterns and toughen up on their reception and defensive plays with Coaches Tai Bundit of Creamline and Arnold Laniog of Petro Gazz also expected to spring a surprise or two in terms of rotation to startle the other team’s defensive setup and at the same time help fuel their respective title drives.

But Creamline looks stronger, tougher on paper with the likes of national team mainstays Alyssa Valdez and Jia Morado, Michele Gumabao, Jema Galanza, Pau Soriano, Celine Domingo, Rosemarie Vargas, Risa Sato and Kyle Negrito along with liberos Melissa Gohing and Kyle Atienza raring to impose their strength and get back at the very team which spoiled their titleretention bid in the Reinforced tourney.

After sweeping the elims that saw them drop just five sets, the Cool Smashers crushed the Motolite side in their semis face-off to stretch their record win run to 18 with an eye of completing a first-ever 20-game sweep for a championship in the league organized by Sports Vision and backed by Mikasa, Asics and KFC. But the Angels, who eased out the BanKoPerlas Spikers in their Final Four clash, remain unfazed by their rivals’ power and record with Laniog confident to draw the best from the likes of the Jonah Sabete, Jovie Prado, Cherry Nunag, Paneng Mercado, Jeanette Panaga, Cai Baloaloa, Alyssa Layug, Djanel Cheng, Relea Saet, Rica Enclona and Cienne Cruz, who are all ready and itching to deliver another blow to Creamline’s title-retention drive the second time around.

Fencing team targets 3-4 golds in SEA Games

T

HE Philippine fencing team to the 30th SEA Games will not settle for anything less than winning the overall title on home soil.

The last time the Philippines hosted the biennial event in 2005, the local fencers were overall champions with five gold, five silver and a couple of bronze medals.

“That’s our aim. We are targeting three to four golds. We want all our fencers to win medals. If not the gold, then a silver or bronze,” said Head Coach Rolando Canlas Jr. in Tuesday’s Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel in Manila.

Fencing in this year’s SEA Games will be

O

The Knights will face the No. 2 Lyceum of the Philippines University Pirates on Friday in another do-or-die battle. The winner will then advance to meet the defending champion San Beda Red Lions in a three-game championship series.

Both teams had a sluggish start, until they started to trading baskets from beyond the arc. The Knights managed to take a three-point edge courtesy of a Larry Muyang basket, 23-20, to end the first quarter.

Letran started to pull away in the three-minute mark of the second quarter as Bonbon Batiller sparked a 11-0 run to lead by 12, 44-32.

Jerrick Balanza paced Letran with 15 points, Batiller had 14 points, while Allen Mina (12), Muyang (11), Ato Ular (10), and Fran Yu (10) all had significant contributions.

Aside from Ilagan, Allyn Bulanadi struggled with a five-of-17 shooting to finish with 15 points, along with seven boards for the Stags. Ryniel Berlanga

FEU, UST START TOUGH SEMIS

RK ILAGAN of San Sebastian (center) drives to the basket against Letran’s Edson Batiller (right) and Tommy Olivario.

ROY DOMINGO

San Beda wants players to stay vigilant

S

AN Beda knows the coming of NCAA men’s basketball finals is a different battle all together.

Forget about that dominant 18-0 sweep of the eliminations as everything starts from scratch whichever team the three-time reigning champion faces in the best-of-three title series. “’Yung 18-0 namin nung eliminations kinakalimutan na namin ’yun because we know that any of the three teams in contention right now is capable of beating us,” said San Beda Team Manager Jude Roque on the day the NCAA stepladder phase kicked off at the Cuneta Astrodome.

“Nagkaroon kami ng tough games against those three schools. So we cannot really be

overconfident against any opponent.”

The three teams Roque had been talking about when graced the Philippine Sportswriters Association (PSA) Forum on Tuesday at the Amelie Hotel-Manila were second seed Lyceum, No. 3 Letran and fourth seed San Sebastian.

The surviving team out of the three earns the right to face the Red Lions in the championship round starting November 12 at the Mall of Asia Arena.

By the time the title series gets under way, the Red Lions would have been idle by more than three weeks.

The situation has Roque a little bit concern about how ready the team will be going into

the series opener.

“It’s quite difficult kasi siyempre mga bata pa ’yung mga players. They have the tendency to relax, to be overconfident. Tapos nagkaroon pa ng mahabang break so you know nagkaroon sila ng kaunting mindset na ‘uy bakasyon muna,’” related the San Beda official in the session presented by San Miguel Corp., Braska Restaurant, Amelie Hotel and the Philippine Amusement and Gaming Corp.

“And that’s very risky coming into the finals,” added Roque, citing the same experience Lyceum went through two years ago when it, likewise, swept the eliminations and went on a long break only to lose against San Beda in the finals.

F

AR Eastern University (FEU) and University of Santo Tomas (UST) begin the gruelling stepladder semifinals of the University Athletic Association of the Philippines Season 82 men’s basketball on Wednesday at the Smart Araneta Coliseum.

On the depths of the tougher semis fixture, the No.3 Tamaraws and No.4 Growling Tigers entangle at 4 p.m., with the victors moving to a showdown against the University of the Philippines Fighting Maroons, who holds a twice-to-beat advantage.

The Morayta-based FEU earned the third spot after finishing the elimination round with an 8-6 won-loss record highlighted by a three-game win streak.

With L-Jay Gonzales and Wendell Comboy on the lead roles, the Tamaraws are eager to advance under the guidance of third-year Head Coach Olsen Racela.

“We’re not done yet. Our goal every year is to make it to the Final Four then we move onto the

next goal,” Racela said.

Along Gonzales and Comboy, captain Kenneth Tuffin and Cameroonian big man Patrick Tchuente are expected to give solid contributions.

Also holding an 8-6 slate, UST finally ended the three-year semis drought capped by an 80-74 win over Adamson.

But the Tamaraw held the superior quotient after the two-round eliminations.

The España-based squad drew first blood in their first encounter, 82-74, but FEU avenged the loss with a 72-58 victory in the second round.

Coach Aldin Ayo of the Growling Tigers knew it’s going to be a rough ride in the semis.

“We’re not gonna stop here because this is a competitions and we’re going to strive,” Ayo said.

Ayo has Most Valuable Player candidate Soulemane Chabi Yo, veteran guard Renzo Subido, Mark Nonoy and forward Rhenz Abando.

Ramon Rafael Bonilla

PHL fields biggest delegation, sets target among top 3

T

FENCERS CJ Concepcion (from left) Nathaniel Perez, Noelito Jose Jr., Coach Rolando T. Canlas Jr., Samantha Catantan and Nicole Cortez ROY DOMINGO

staged at the World Trade Center in Pasay City, from December 3 to 8. A total of 12 gold medals will be disputed among fencers from nine competing countries—men’s and women’s individual and team events in foil, epee and sabre.

Canlas, a gold and bronze medalist in 2005, is confident that the 24-member national team will deliver.

“With help from the Philippine Sports Commission, they were provided with everything from foreign exposure, foreign coach, nutrition, conditioning and sports psychology. They are all excited,” he added.

The country’s top fencers, including Noelito

Jose Jr., Nathaniel Perez, CJ Concepcion, Nicole Cortez and reigning Asian Under-23 champion Samantha Catantan graced the forum presented

by San Miguel Corp., Braska Restaurant, Amelie Hotel and Pagcor.

In the 2015 SEA Games, the Filipinos failed to win a gold, settling for a handful silver medals, and in 2017 they marked their return to the top with a gold, three silvers and two bronzes.

Canlas said full support from the government and top fencing officials led by Ormoc City Mayor Richard Gomez and Celso Dayrit has given the fencers enough motivation

25,000 SEAG work force gets insurance coverage VER 25,000 athletes, team officials, games work force and volunteers of the 30th Southeast Asian Games will now be covered with insurance, with the Philippine Sports Commission sealing its partnership with Standard Insurance Co. Inc., on Tuesday.

PSC Chairman and Team Philippines Chef de Mission William Ramirez signed the memorandum of agreement with Standard Insurance Group

C3

Chairman Ernesto Echauz, in coordination with the Philippine Southeast Asian Games Organizing Committee (Phisgoc).

“The successful hosting of the SEA Games also involves the security of our athletes and officials, in and out of the games. We thank Standard Insurance for offering their service not only to Team Philippines, but also to all the other delegates in this SEAG,” said Ramirez.

According to the agreement, coverage is from October 13 to December 15. This means competitions which start ahead of the official opening ceremonies, such as football and water polo will also be part of the insurance coverage.

“Each covered person will have P300,000 insurance coverage. The declaration of covered persons shall come from Phisgoc,” said Echauz,

to deliver the gold.

They vied in major overseas competitions prior to this SEA Games, including Asian and World championships, and underwent intensive training in South Korea from September 3 to October 3.

They will vie in the Taiwan Open from November 14 to 18 in time for the SEA Games scheduled November 30 to December 11.

“They really improved a lot. The confidence level is very high. When we compete overseas, even the Koreans are now taking videos of our fencers,” said Canlas, noting that Catantan won the gold in the recent Asian Under-23 by beating two Koreans along the way. who is also the president of the Philippine Sailing Association.

Standard Insurance will cover death or any accident related injuries, which is also extended to any sport related injuries, such as training or in-game injuries. Sports injuries coming from sabotage and acts of terrorism is included in the policy coverage. “This is one benefit we wish no one needs to claim,” commented the sports chief during the signing rites.

The insurance firm tied-up with EMA Global as its medical service provider.

HE Philippines entered 1,115 athletes and 753 coaches and officials, which is the biggest number of delegation in the 30th SEA Games.

The 1,868 Filipino contingent will lead Indonesia, which has the is the second-biggest delegation with 1,702, including a big number of self-funded athletes and officials.

To the surprise of many, Singapore entered the third-biggest delegation with 1,591 followed

by Thailand with 1,473, Malaysia with 1,076, followed by Myanmar with 952.

Vietnam, the next host of the SEA Games in 2021 is ranked seventh in terms of number of delegation with 890 as it did not field athletes in most team events, except in football, volleyball and men’s basketball.

Cambodia, the host of the 2023 SEA Games, fielded 510, followed by Lao PDR with 419, Brunei Darussalam with 257 and Timor Leste with 221.

Philippine SEA Games Organizing Committee (Phisgoc) officials say that the final number of entries may still go down in the delegation registration meeting on November 19.

DIAZ WANTS GOLD

A total of 530 gold medals will be at stake in 56 sports in the 30th SEA Games.

The Philippines eyes to finish in the top 3 among the 11 countries competing in the SEA Games.

Philippine Sports Commission Chairman William “Butch” Ramirez, who is also the chief of mission of the Philippine Delegation, believes that Team Philippines will perform well in the 30th biennial games.

Ramirez said that according to assessments and medal projections made by National Sports Association or NSA officials, Team Philippines is capable of winning 90 to 100 gold medals.

Ramirez said that the PSC board has approved all funds for the exposures and training of all the SEA Games-bound athletes to prepare them well for the biennial games.

“The PSC spent for all the training, especially the foreign exposures of the athletes for the SEA Games,” Ramirez said. “We hope to find Olympicgrade athletes from them, as well as the Tokyo Games are also just around the corner.

Weightlifter Hidilyn Diaz is one of the country’s medal hopes in the coming Southeast Asian Games. She graced the launch of the Summit Natural Drinking Water’s #ThirstForTheWin campaign on Tuesday at the Century Park Hotel. NONIE REYES

Australian-bred Vow and Declare tops Melbourne Cup

JOCKEY Craig Williams (right) rides Vow and Declare to victory in the Melbourne Cup in Melbourne, Australia, on Tuesday. AP

M

Sports BusinessMirror

C4

| Wednesday, November 6, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

HAMILTON CHASES NO. 7 A

By Jim Vertuno

The Associated Press

USTIN, Texas—One by one, Lewis Hamilton has passed the great drivers of Formula One. Except one.

And now Hamilton is quickly approaching the legacy of the great Michael Schumacher.

His chances of catching him, once thought to be impossible, now look very, very good.

Hamilton won his sixth career F1 championship on Sunday with a second-place finish at the US Grand Prix, leaving him one shy of the seven won by Schumacher in the German’s run of dominance between 1994 and 2004.

Hamilton’s sixth title—his fifth since 2014—moved the British driver past Argentina’s Juan Manuel Fangio, the “Godfather” of Formula One, who won five titles in the 1950s. Hamilton now stands alone behind Schumacher.

“It’s an honor to be up here with these greats,” Hamilton said.

Hamilton may be in a hurry to catch him.

Although Hamilton has said he’ll most likely stay with Mercedes after his current contract expires in 2020, he’s 34 years old and one of the oldest drivers on the grid. Formula One will usher in some rules changes in 2021 that it hopes will bring big racing changes with technical tweaks to cars and a budget cap to constrain big teams like Mercedes, Ferrari and Red Bull.

And while Mercedes has won six consecutive constructor’s championships behind Hamilton, Ferrari and Red Bull have made enough strides that many see a wide open championship on the table next year.

Many thought the same for 2019 until Hamilton and Mercedes lapped the field again. Hamilton has 10 wins this season, a figure that put him so far ahead of teammate Valtteri Bottas, he only needed to finish eighth or better in Texas to secure the title.

Hamilton has arguably made easy work of the F1 grid the last three years. In 2017 and 2018 he clinched titles in Mexico City in races he didn’t even finish on the podium.

He won the title on Sunday despite falling short of a win that would have put an exclamation point on the championship.

Hamilton could have settled into an easy drive, but instead chased after a victory when he bolted from fifth to third on the

MERCEDES driver Lewis Hamilton of Britain celebrates following the Formula One US Grand Prix auto race at the Circuit of the Americas on Sunday in Austin, Texas. AP

opening lap. He later grabbed the lead and held it until Bottas passed him in the final laps.

“You can see how motivated Lewis still is, he wants to win every race and get the best result possible,” Mercedes Team Principal Toto Wolff said.

Hamilton won his first championship at age 23 with McLaren in 2008, winning by a single point with a pass on the last corner of the last lap in the last race in Brazil. He didn’t win another until hooking up with Mercedes.

Mercedes’ early dominance in the hybrid engine era caused some to question whether it was the car or driver winning the titles.

But Hamilton has been the pilot guiding those silver missiles around the racetracks and his driving has silenced

much of that. He fought off challenges from former teammate Nico Rosberg in 2014 and 2015, then battled Ferrari’s Sebastian Vettel in 2017 and 2018.

Serious talk of catching Schumacher began in 2017 when Hamilton matched Vettel’s four titles. After the race Sunday, Vettel came to the post-race cool down room to give Hamilton a handshake and a hug.

Hamilton called 2019 one of the toughest championships, yet. He’s started from pole position just four times and won from the front spot just twice. He also noted the death in May of friend and former F1 champion Niki Lauda, who had served as nonexecutive chairman of the Mercedes team and was a race fixture in the team garage.

“I miss him so much. Today, he’d have taken his cap off. I wouldn’t have been able to do this without Niki,” Hamilton said.

Now the chase for Schumacher is truly on. Hamilton just wants to slow it down for a few days or months.

“Reaching Michael was never a target for me,” Hamilton said. “I definitely thought that getting anywhere near Michael was just so far-fetched. I remember having my one [championship] for a long period of time. And then getting the second and it was so far away. Now it seems so close and yet is so far away.

“And I don’t want to build up the idea of trying to get to Michael’s seven, because at the moment, I’ve got to enjoy right now,” Hamilton said.

EX-NFL WINSLOW JR. PLEADS GUILTY TO RAPE CHARGES V ISTA, California—Former National Football League (NFL) player Kellen Winslow Jr. pleaded guilty on Monday to raping an unconscious teen in 2003 and to sexual battery involving a 54-year-old hitchhiker in a deal that spared him the possibility of life in prison.

Winslow initially hesitated and seemed to agonize over his decision.

“I’m sorry. I’m just not thinking very clearly,” Winslow told the judge at one point.

He asked the judge for more time before he finally entered the guilty pleas moments before he was about to be retried on six felonies, including kidnapping, sodomy, forced oral copulation and two charges of rape in San Diego County Superior Court that could have sent him to prison for life if he was convicted.

In exchange for his plea, the court agreed to sentence him to between 12 and 18 years in prison for the two charges and dismiss the others.

In June, a jury found him guilty of raping a homeless

woman in Encinitas, north of San Diego. Jurors also convicted him of two misdemeanors—indecent exposure and a lewd act in public—involving two other women.

But that jury failed to agree on other charges, including the alleged rape of the hitchhiker and the rape of the unconscious 17-year-old girl in 2003 when he was 19. Under the plea deal, the attack on the hitchhiker was reduced to sexual battery.

The 36-year-old former tight end—at one point one of the highest-paid in the NFL—had previously pleaded not guilty to the charges. His attorney, Gretchen von Helms, had said the sex was consensual.

Five women took the witness stand this summer, and three of them were expected to testify again.

Prosecutor Dan Owens said outside of the courtroom that the women were brave to want to testify again but that he was glad they would not have to put themselves through that again.

“Each of these victims, they didn’t try to come out here in order to try to frame Mr. Winslow,” Owens said “The fact

that they had that courage to come forward and speak with law enforcement and to testify to all the things that he had done while facing all these cameras, I think it was important to me to make sure that that truth was heard, and it was important to me to make sure that he was held accountable for each one of those crimes.”

Defense Atty. Marc Carlos said Winslow made a difficult choice to accept the plea deal.

“The downside of any conviction would land him in prison for the rest of his life, and he made this decision based upon his family, his father, his children, and he wanted to be there for them in the future,” Carlos said.

Defense attorneys attacked the credibility of the five women and pointed out inconsistencies in their stories in the first trial.

The court had planned to allow the new jury to hear that Winslow was convicted of raping the homeless woman, who would have been among those testifying again.

Jurors would also have been told about the indecent exposure conviction, though that woman was not expected

to take the stand.

Winslow, who played for Cleveland, Tampa Bay, New England and the New York Jets, earned more than $40 million over 10 seasons in the NFL. He is the son of Chargers Hall of Fame receiver Kellen Winslow, who was in the courtroom throughout the first trial and on Monday. AP

IN this July 11, 2018, file photo, former National Football League football player Kellen Winslow Jr. attends a preliminary court hearing in San Diego, California.

Winslow pleaded guilty on Monday to raping an unconscious teen and sexual battery involving a 54-year-old hitchhike. AP

ELBOURNE, Australia— Lightweight chance Vow and Declare, the only Australian-bred runner in Tuesday’s Melbourne Cup, held off a legion of foreign rivals to win Australia’s greatest horse race for its local trainer, jockey and owners.

The 11-1 shot hugged the running rail in the last stages of the 2 mile handicap to just hold out Ireland-trained Master of Reality, ridden by star jockey Frankie Dettori who, in a glittering career, has yet to win the AU$8 million ($5.5 million) Melbourne Cup. In a sensation after the race, Master of Reality was relegated from second to fourth place for causing interference to another Ireland-trained runner, Il Paradiso, which was fourth across the line.

Master of Reality is trained by Joseph O’Brien at Kilkenny and Il Paradiso by his father, famous trainer Aiden O’Brien.

Joseph O’Brien won the 2017 Melbourne Cup with Rekindling, edging out his father’s runner Johannes Vermeer.

The relegation of Master of Reality saw England-trained Prince of Arran promoted from third to second place and Il Paradiso to third.

Vow and Declare endured the bumping finish to deliver a first Cup victory for his Australian trainer, Danny O’Brien and also the first for Australian rider Craig Williams in 15 attempts.

O’Brien said the task of winning the Melbourne Cup against runners from Britain, Ireland, Japan and New Zealand had “a bit of David and Goliath” about it.

“It’s a special thing to happen and I really can’t believe it,” O’Brien said. “It’s a privilege to have a horse good enough to be in it and then for him to be ridden so brilliantly by Craig.

“In the last stages he just wouldn’t give in and wouldn’t give in, and he put his head out on the line and won the Melbourne Cup.” Starting from the second-widest barrier in the 24-horse field, Vow and Declare ran prominently throughout the race and took the lead down the long straight at Melbourne’s Flemington racecourse as a crowd of more than 100,000 roared.

Master of Reality challenged wider on the track and Prince of Arran flashed home late but the only Australian-bred hope held on.

“I was just lucky enough to sit on Vow and Declare,” Williams said. “Without the hard work of everyone at the stable we don’t have this horse.

“Danny O’Brien’s done a wonderful job with him and it was a privilege to ride him today. We had a difficult barrier draw and I just had to trust him and know what we can do. It’s great to be associated with a great horse.

“The bit of bumping that he endured late actually spurred him along. I grew up and watched races, wrote stories, dreamed of these occasions. But I couldn’t do it without Vow and Declare.”

The Melbourne Cup, raced since 1861 on the first Tuesday in November, is known as “the race that stops a nation.”

The race begins at 3 p.m. and Australia comes to a standstill as people in workplaces around the nation, including the national parliament, gather around televisions to watch.

The fields for the race have become increasingly international in recent years and Australian winners have become rare.

Vow and Declare is owned by a group of small-time owners, mainly from Australia’s east coast.

It was No. 23 in a 24-horse field. AP

D

God of power and might

EAR God, You give strength to Your people and bless us with peace. In hope we pray: Lead us, God, along the everlasting way. Strengthen Your Church for the corporal and spiritual works of mercy. Heal those who suffer doubt, betrayal or abuse. Prosper efforts to end the practice of the death penalty. May God instill in us the wisdom of Jesus, that we may walk in love and extend Christ’s peace to all we meet. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

GOOGLE’S parent company is buying wearable device maker Fitbit for about $2.1 billion.

Alphabet said on November 1 that it will pay $7.35 per share. AP

Life BusinessMirror

CUBA GOODING JR. PLEADS NOT GUILTY AGAIN AS MISCONDUCT CHARGES GROW D3

Wednesday, November 6, 2019

D1

Samsung launches holiday offerings

One big step: Google buys Fitbit for $2.1 billion

G

By MaTT o’BRieN The Associated Press

OOGLE, the company that helped make it fun to just sit around surfing the Web, is jumping into the fitness-tracker business with both feet, buying Fitbit for about $2.1 billion.

The deal could put Google in direct competition with Apple and Samsung in the highly competitive market for smartwatches and other wearable electronics. But it also raises questions about privacy and Google’s dominance in the tech industry.

The company’s announcement Friday came with a promise that it won’t sell ads using the intimate health data that Fitbit devices collect.

Fitbit is a pioneer in wearable fitness technology, making a range of devices that have become popculture accessories, from basic trackers that count how many steps you take each day, to smartwatches that display messages and notifications from phones.

They can track activities, such as running, cycling and swimming, and record heart rates and sleep patterns. Fitbit typically asks for date of birth, gender, height and weight to help with such things as estimating calories burned. Some people use Fitbit’s app to record what they eat and how much water they drink. Women can track their periods.

Fitbit has 28 million active users worldwide and has sold more than 100 million devices.

Google, meanwhile, makes software for use in other manufacturers’ wearable devices, but those products haven’t gained much traction in the face of competition from Fitbit, Apple, Samsung and others.

And Google doesn’t sell a device of its own.

The deal to buy Fitbit could give Google a needed boost.

“Google doesn’t want to be left out of the party,” said analyst Daniel Ives of Wedbush Securities. “If you look at what Apple has done with wearables, it’s a missing piece of the puzzle for Google.”

Google’s pledge that it won’t sell ads using Fitbit health data is a continuation of promises previously made by Fitbit.

Privacy experts, though, were skeptical.

Consumer Reports health privacy expert Dena Mendelsohn said she is concerned that people enrolled in wellness programs through their employers that use Fitbit devices could lose control over their data.

“While a person may not have had concerns about Fitbit holding their data, they may have concerns over Google holding their data,” Mendelsohn said.

Google’s promise is also unlikely to stop it from gathering other information from Fitbit devices.

For example, Fitbit has GPS models that could track users’ locations. That could help Google know that a runner stopped at a coffee shop on the way home.

Google could then display ads for rival coffee shops.

More important, having a Google device on the wrist could drive wearers to use Google services even more, giving the company more ways to sell ads.

The deal is likely to face scrutiny from state and US Department of Justice antitrust authorities, who are already investigating Google and other big tech companies over whether they have abused their market power.

“Why should Google be permitted to acquire even more companies while they’re under DOJ antitrust investigation?” Sen. Josh Hawley, a Missouri

Republican, tweeted.

Still, analysts at equity research firm Cowen said they believe regulators are unlikely to block the deal because of Fitbit’s relatively small size and its focus on hardware.

While Fitbit all but created the field, it has been shredded by the competition. It was worth nearly $10 billion after it went public in 2015. But its value this week is well below $2 billion.

When rumors of a potential buyout by Google surfaced earlier this week, Fitbit stock soared almost 30 percent. It jumped nearly 16 percent more on Friday.

Google’s corporate parent, Alphabet, will pay $7.35 per share. Alphabet stock gained about 1 percent.

“With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone,” Fitbit Cofounder and CEO James Park said in a statement.

Fitbit has been expanding its partnerships with major health-care companies, such as Humana to encourage healthier living.

John Hancock announced incentives last year on its insurance policies for people willing to share data gathered by health-monitoring devices. It offers free Fitbits to participants.

Last year, Fitbit acquired a health coaching business that helps people manage conditions, such as diabetes and high blood pressure.

Fitbit ranks fourth in global shipments of digital watches, fitness trackers and other wrist-worn devices, according to research firm IDC. Chinese companies Xiaomi and Huawei were No. 1 and No. 3, Apple was No. 2, and Samsung came in fifth. n

SAMSUNG Electronics reported an operating profit of 7.78 trillion won ($6.7 billion) for the July-to-September quarter, which represented a 55.7-percent drop from the same period last year. AP

semiconductor business, which could possibly be boosted by data-center customers and the expansion of 5G smartphone services in the coming months.

However, the company said semiconductor demand for next year should be “viewed with caution as uncertainties remain in the macroeconomic environment,” a likely reference to the US-China trade dispute.

THE newest Vivo flagship smartphone, the NEX 3.

PREMIUM REWARDS FOR EARLY VIVO NEX 3 OWNERS

Samsung says third-quarter profit fell 56% SEOUL, South Korea—Samsung Electronics said Thursday its operating profit for the last quarter fell by nearly 56 percent, with its robust sales of smartphones, displays and TVs offset by a continuously weak market for computer chips.

The South Korean technology giant reported an operating profit of 7.78 trillion won ($6.7 billion) for the July-to-September quarter, which represented a 55.7-percent drop from the same period last year.

Samsung says third-quarter revenue fell 5.3 percent to 62 trillion won ($53.4 billion).

Samsung is the world’s biggest maker of semiconductors and smartphones, but it has struggled with falling prices for DRAM and NAND memory chips since late last year.

Experts say chipmakers are suffering after misreading industry demand for their products.

They invested heavily in 2016 and 2017 to ramp up production, but global orders for chips used in smartphones, Internet-connected cars and other products have been slower than expected.

Samsung said there are positive signs for its

THE merriest time of the year has officially begun, and it signals the start of big celebrations with family and friends, sharing in the joys of a festive atmosphere, good food, holiday music, and gift-giving.

One of the most memorable holiday activities in Filipino households is gathering around the living room TV to watch holiday movies that families see year after year.

This year, Samsung Philippines makes this beloved tradition even more special with great deals on its QLED, UHD, and Full HD TVs with the “Merrier Christmas Gifts” promo for TVs (bit.ly/327I1Mc).

Bigger gatherings deserve a wider and more immersive viewing experience. With big savings of up to 25-percent off, plus free Samsung premium products on select models, upgrading to a big-sized screen and a higher definition TV with smart access to content streaming channels is an easy and quick decision. It’s a gift the whole family will definitely love. The promo features the new QLED 8K and 4K TVs, with AI Upscaling features that turn timeworn movie favorites into sharper, clearer and more colorful spectacular cinema experiences in the comfort of our homes.

Making the season even brighter are the free Samsung premium products that come with purchases of participating QLED and super big-sized TV model, the choices of freebies including the Galaxy Note 10+, Side-by-Side Refrigerator, Galaxy Tab, Galaxy A20s or a Dolby Atmos Soundbar delivered to their doorstep for free after purchase (bit.ly/2qioDyU).

Samsung said 29.25 trillion won ($25 billion) of its revenue was generated from its mobile devices and network business, thanks to strong sales of its Galaxy Note 10 and Galaxy A smartphones, and increased demand for 5G communication equipment.

The company also said it saw increased sales of high-end TVs and stronger demand for OLED (organic light-emitting diode) display screens. AP

SMARTPHONE enthusiasts who want to experience a “future beyond edges” with the Vivo NEX 3 smartphone may not have to wait any longer.

The flagship model of the brand’s premier range of handsets is not only now available for online and in-store preorders for only P39,999, but there are exclusive freebies for consumers eager to experience the latest in mobile communications technology.

From now until November 8, enthusiasts who preorder the Vivo NEX 3 at Shopee (bit.ly/ShopeeNEX3) and Lazada (bit. ly/LazadaNEX3) will get a set of Harman JBL T110 Bluetooth earphones to go with the premium smartphone, while those who preorder the NEX 3 at participating Vivo concept stores nationwide will take home a JBL Go 2 speaker.

Equipped with Snapdragon 855 Plus and 8GB RAM/128GB ROM, all powered by a 4500mAh battery, the NEX 3 boasts the world’s first Super AMOLED Waterfall FullView display and a seamless body without any notch, bezel or buttons, for a future beyond edges.

It also has a 64-megapixel primary camera, a 13MP wideangle camera and a 13MP telescopic camera in the rear, and a 16MP elevating front camera for high quality images.

Available at authorized Vivo outlets starting November 9, more information on the NEX 3 is available at www.vivoglobal. ph/product/Nex3.

D2

Pet Corner BusinessMirror

Wednesday, November 6, 2019

www.businessmirror.com.ph

z

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Emma Stone, 31; Ethan Hawke, 49; Maria Shriver, 64; Sally Field, 73.

HAPPY BIRTHDAY: Share information and work alongside others in order to get ahead. Having a positive and helpful attitude will make a difference to the outcome of whatever you are working toward. Change should be welcomed, and the desire to help implement whatever comes your way will ensure that there is a spot for you moving forward. Your destiny depends on your willingness to participate. Your lucky numbers are 7, 15, 24, 27, 33, 38, 46.

a

ARIES (March 21-April 19): Look at every detail, and don’t take shortcuts. A risk can leave you in a vulnerable position. Be clear about what you want and what you are willing to do.

Take control instead of letting someone else determine your fate. HHH

b

TAURUS (April 20-May 20): Embrace change. You can get ahead if you size up, evaluate and make a move. Don’t let what others do hold you back. Look at the possibilities and act. What you decide to do will make a difference.

HHHH

c

Safe and calm amid the storm T

HE monsoon season is officially here and as the Filipino community gears up for the cold and damp weather, pet owners must also make the necessary preparations to ensure that their four-legged pals are safe and ready for the rainy season.

The Pet Food Institute (www.petfoodinstitute.org), together with its partnered pet food brands, join together to educate the Filipino pet community as they share tips on how to protect pets during the rainy season.

THE IMPORTANCE OF A WELL-BALANCED DIET A COMMON problem among pet owners during the rainy season is how to keep their pets healthy despite having their physical activities restricted by the weather. There are several indoor activities such as playing fetch and learning tricks that pet owners can do to ensure their furry companions stay active and healthy despite the weather. Aside from these

GEMINI (May 21-June 20): Speak up and ask questions if you want to find out the truth. Do your due diligence if something doesn’t add up. Go directly to the source and question every detail.

A partnership should be reevaluated if you question its fairness. HHH

d

CANCER (June 21-July 22): Don’t hesitate to join in. If you don’t voice your opinion, you cannot bring about positive change. Get involved in events that are sponsored by a group you know and trust. An opportunity will develop based on the information you share. HHHHH

activities, pet owners are encouraged to give their four-legged pals a well-balanced diet in order to ensure that their dogs and cats get the right amount of nutrition to stay healthy.

Understanding a pet’s metabolism system is the first step in helping them improve it. There are several factors such as age and weight that affect their pet’s metabolism. Consulting a veterinarian is the best step to ensure that their pets are getting the right type of diet.

A SAFE HAVEN AMID THE STORM FINDING the perfect shelter for one’s pets during the rainy season is easier said than done. Pets, much like humans, require a dry and comfortable bed to sleep in during the rainy season. Several breeds of dogs such as Bulldogs and Chihuahuas, most especially cats like the Siamese cat, are more sensitive to cold temperatures. Therefore, owners must constantly check their pet’s beddings to ensure that their furry

pals sleep on a clean and dry space to prevent them from getting sick.

Aside from providing pets a clean and dry environment from the rain, these shelters must also serve as a safe haven for pets when they seek refuge from thunder. Several pets tend to seek comfort in the arms of their owners; owners may want to consider letting their pet join them in their room in case he or she is spooked by the thunder.

CLEANLINESS IS NEXT TO GODLINESS DURING the rainy season, grooming is often overlooked. However, it is also an important part of a pet’s well-being to avoid them from acquiring bad infections brought by the humidity that will compromise their health.

Pet’s food bowls must also be regularly cleaned in order to protect their pets from bacteria that could lead to gastrointestinal problems, such as diarrhea and vomiting. n

Mediahouse.PH and SES launch CLUBTV channel for local pet aficionados

By Rizal Raoul S. Reyes MILLIONS of Filipino pet lovers will now have a chance to watch content that can help them take care of their furry companions through the best practices developed by experts around the globe.

Ralph Siebenaler, CEO of Magistan Media/Mediahouse.PH, said at a news briefing that Pet & Pal is one of the interesting channels that the company will offer to Filipino pet lovers who have grown through the years, especially among the millennials.

He added that Filipino millennials want diverse choices because of their active lifestyle. “We are very excited to deliver these channels with a razor-sharp thematic focus to the

Philippines,” Siebenaler said in a press briefing at the Bonifacio Global City.

Since Pet & Pal sources its contents in several countries, Siebenaler said there is a possibility that the channel will source out local materials in the future. “They might look for some Philippine materials,” he said.

“With this new platform, we are delivering new content to millions of households cost-effectively and in excellent technical quality.

This platform is also an excellent opportunity for global content owners or TV channels to enter the Philippine market or extend their reach,” Siebenaler added.

Starting with six channels, CLUBTV offers a wide variety of genres that will bring additional choices and

popular thematic topics that interest young Filipinos: GINX Esports TV, HealthWellness, Pet & Pal, Luxe&Life, My Cinema Europe and Motorvision TV. The platform will allow the channels to address existing audiences of pay-TV operators, including Cignal TV as of December, bringing a new selection of content to subscribers at no additional cost. Mediahouse.PH serves as the aggregator and marketer of the TV channels.

Projections show TV households in the Philippines increasing to 20.7 million by 2024, from 18.7 million in 2019. For TV households, satellite Direct-to-Home TV is the fastest-growing TV reception mode against terrestrial and cable TV in the Philippines, with the number of

satellite TV households estimated to be 3.7 million by year-end and forecast to increase to 5.8 million in 2024.

“As the video landscape is increasingly competitive in the Philippines, pay-TV operators need to differentiate themselves by offering new content to their audiences, and this new TV platform aims to help them achieve just that. It is also an excellent example of how SES goes beyond leveraging the power of satellite to partnering with local players, and jointly building a future-proof media ecosystem that can meet the growing demands of TV audiences,” said Soo Yew Weng, vice president for sales and market development in Asia-Pacific at SES Video.

e

LEO (July 23-Aug. 22): Keep an open mind and look at all the possibilities. Maintain simplicity, moderation and doing what you can to get the most for the least. Your ability to negotiate will be key in getting what you want. HH

f

VIRGO (Aug. 23-Sept. 22): Don’t speak out of turn or trust or believe everything you are told. Proper protocol will be necessary if you want to reach an understanding with those you deal with today. A change someone suggests should be considered. HHH

g

LIBRA (Sept. 23-Oct. 22): Emotional matters will surface regarding personal situations you face with a partner or those you live with. Consider the best way to calm the situation in order to move forward. HHH

h

SCORPIO (Oct. 23-Nov. 21): Take a step forward and voice your opinion. Listen to what’s said and determine whether you are heading in the same direction as those you associate with. Make a choice that will lead to personal change, a healthier lifestyle and new beginnings. HHH

i j

SAGITTARIUS (Nov. 22-Dec. 21): Stick to your script. If you reveal private information or fabricate a story or situation, you will end up looking bad in front of someone you respect. Be cautious when faced with change. HHH CAPRICORN (Dec. 22-Jan. 19): Get ready to make a change. Consider your options and strike while the iron is hot. You can improve your work relationships or change them altogether. Don’t sit still when you should be pushing for new beginnings.

HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Don’t overreact, regardless of what others do or say. Emotions will flare up easily, and if expressed to the wrong people, will end up leaving you in a vulnerable position. HH

l

PISCES (Feb. 19-March 20): Take hold of whatever situation you face, and make the necessary changes to bring about positive change. Double-check any shared information for mistakes before you repeat what’s transpired. Truth comes first and foremost. HHHHH BIRTHDAY BABY: You are charismatic, engaging and adaptable.

You are intuitive and passionate.

‘pouring down’ BY MARK MCCLAIN The Universal Crossword/Edited by David Steinberg

ACROSS 1 Bones in a cage 5 Filled pastry 9 ___-ran 13 “That clears it up” 14 Rapper Rich ___ Quan 15 Multicolored horse 16 Rickman in Harry Potter films 17 Make straight 18 Wander about 19 Informative talks 21 Tower Bridge spans it 23 Put on the payroll 24 Those folks 25 Fireplace remains 27 Nebraska city near Iowa 29 ___, place or show 32 Without a musical key 34 Dumpster woe 35 Card with neither a number nor a face 36 Lopsided victory 37 Customary 39 Move slightly 40 Grey’s Anatomy sets, briefly 41 Before long, in verse

2 Go over 4 44 Bill dubbed the Science Guy 45 Inverness inhabitants 47 Take a spouse 48 Newscaster Paula 49 Harbor structure 51 Mormon leader Smith 54 Artwork featuring the 58-Across 57 Chimpanzees and such 58 Briny expanse 60 Jazz legend Fitzgerald 61 Piano piece for four hands 62 End ___ (consumers) 63 Post office opening 64 2019 award for soccer star Alex Morgan 65 Glasses have them 66 Recipe amts.

DOWN 1 Iranian money unit 2 Caribbean destination 3 Coastal abode 4 Having feelings 5 Ohio city near Michigan 6 Parisian pals 7 Trucker’s outfit?

8 Beginning of the back nine, in golf 9 Collection 10 Tower (over) 11 Command whose icon is often a floppy disk 12 Busker’s bills 14 Fabled race loser 20 Celestial bear 22 Verb that rhymes with a related organ 24 “Voila!”

25 Rodgers of the Packers 26 Reporter’s piece 28 New Hampshire’s Washington, e.g.

29 Cascades, or a hint to the molecule “stream” hidden in 3-, 8- and 33-Down 30 Slicker, in the winter 31 Like many characters in The Big Bang Theory 33 Workplace social time, perhaps 38 Before long 39 Hardest to find 41 “Right away!” acronym 43 Yule, informally 46 Risks getting bleeped

8 Piquant 4 50 Frozen prince 51 Green gem 52 Symphony, for one 53 Leak slowly 54 “I ___ to recall...”

55 Sit (down) suddenly 56 Takes in 59 ___: Miami (2002-2012 show) Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Wednesday, November 6, 2019

D3

BLIND SPOT BRUCE C.

NEGA-STAR

SHE is a very polarizing personality. The public either loves her or hates her. She enjoys all the attention and adulation. In a way, she seeks the haters with her provocative posts because to her, good or bad, publicity is publicity. But what the controversial personality does not realize is the negative public perception of her is affecting her marketability as an influencer who works with brands. Yes, she still earns money from views on her channel but reputable global brands don’t want to work with her anymore. Other influencers and celebrities also don’t want to work with her because they are scared to be associated with her. At this point, she doesn’t care because she is rich, famous and relatively young. She feels like she owns the world.

But that world is getting figuratively smaller because she has antagonized nearly everyone in it.

DESIGNER WITH ATTITUDE

Cuba Gooding Jr. pleads not guilty again as misconduct charges grow

N

By Michael R. Sisak The Associated Press

EW YORK—In what’s quickly become a familiar scene, Cuba Gooding Jr. trotted into court Thursday to face yet more charges in his New York City sexual misconduct case, accused for the third time of groping or touching a woman at a Manhattan night spot.

Gooding, who was in court just two weeks ago after a second accuser came forward, pleaded not guilty to an updated indictment that covers all three alleged incidents. His lawyers argued the newest charges should be thrown out because the paperwork doesn’t specify what he’s accused of doing.

They also said they were dismayed that Gooding, 51, was never invited to testify before the grand jury and that prosecutors failed to show videos of the encounters, which they contend prove his innocence.

“We believe without question that the case is purely a case of malicious prosecution,” Gooding’s lawyer, Mark Heller, said after the arraignment.

He likened the new charges and repeated arraignments to former New York Judge Sol Wachtler’s observation that prosecutors could convince a grand jury to “indict a ham sandwich.”

But it’s not just the criminal allegations Gooding

has to worry about.

Prosecutors said they’ve heard from more women, in addition to a dozen who’ve already come forward, who could testify that the Oscar-winning star of Jerry Maguire was also inappropriate with them over the years.

Adding to the drama, Judge Curtis Farber warned both sides against leaks after material from the highprofile case has wound up on gossip web sites. Doing so, could influence potential jurors, Farber said.

Assistant District Atty. Jenna Long raised the specter of leaks at Thursday’s arraignment, saying a video clip she shared with Gooding’s lawyers this week from one alleged incident wound up on a news web site less than a day later. They denied leaking the video.

Also this week, a New York Police Department detective suspected of leaking the mug shot from Gooding’s arrest was stripped of his gun and shield and placed on administrative leave.

“I would remind both parties that the proper place to try this case is in the courtroom, not the media,” Farber said, referencing the mug shot leak.

As for the new charges against Gooding, the details are fleeting.

The updated indictment and accompanying paperwork state only that Gooding is charged with

forcibly touching a woman’s sexual or intimate parts at the Lavo New York nightclub around midnight on September 9, 2018.

That accuser is believed to have come forward to the authorities after Gooding’s October 15 arraignment on the earlier indictment covering two alleged incidents, his lawyers said.

Long said it is a “previously unknown incident,” and that she is not one of the women who’ve come forward as potential witnesses.

The other alleged episodes that led to criminal charges have been described in more detail, and prosecutors said there is video showing all three.

Gooding was arrested in June, after a 29-yearold woman told police that he squeezed her breast without her consent at Magic Hour Rooftop Bar & Lounge near Times Square.

On October 15, he was arraigned on charges he pinched a server’s buttocks at Tao Downtown about a year earlier, after making a sexually suggestive remark to her earlier in the night.

Heller said the video of the Tao incident shows Gooding tapping the woman on the back with a fingernail and turning around to give her a high-five to say goodbye as he’s leaving the club around 4:30 am. “It’s not criminal conduct, whatsoever,” Heller said. n

WHO is this designer known for hating on people who are not properly dressed for events, particularly those that involve her and her work? She once reportedly castigated a media guest because of the latter’s smart casual outfit. Nobody likes the designer, except for her high society friends and many media people would rather stay away from her events and interviews for fear of being maligned by her. The designer seems to be under the impression that many media people are paid by her kind, and are only too grateful to attend events because of the free food and drinks.

NO TO HER AND HER DRAMA

THE actor and the actress were once an item. The actress was the actor’s great love but it was not meant to be. His management forced his hand regarding his screen partner and they, eventually, became a happy couple. The actor and the actress are being tapped for a project and the actor has refused to work with her not because he is scared he will fall for her again but because he doesn’t think the project will do anything for his career. The actress has no box-office draw and the actor has a lot of fans but they like him with his girlfriend, not other girls. So a project with an ex, one who is not in the public’s good graces, is not a good idea right now.

END OF CONTRACT

SO the show, a network block timer, has been doing well in the ratings game and in terms of ad revenues.

But the network is becoming selfish and wants the time slot for itself. It has told the show’s producer that it will not renew the contract after it expires by the end of the year. The thing is that everyone is scared that the network will fail to come up with a program that the public would like, as it has a history of not knowing what the public wants. That plus the fact that ending the block timer’s contract would mean that all employees of the show will lose their jobs. It is not yet clear what the network plans to do with the time slot but let us hope that it will be a good show.

I BELONG to the Zoo

Ely Buendia tunes up for ‘A Night at The Theater’ BEFORE a new decade begins, iconic singer/ songwriter Ely Buendia will once again reveal another side to his vast creative arsenal previously unwitnessed by fans.

This time around, the Pinoy rock icon tries his hand at something new in A Night at The Theater on December 8, 8 pm, at the Newport Performing Arts Theater in Resorts World Manila (RWM).

Known as the front man for numerous influential alternative bands in the country, including the fourpiece that made its mark as the Philippines’s own Beatles in the 1990s, Ely’s upcoming performance is born out of the recent success of RWM’s hit musical Ang Huling El Bimbo this year.

For the concert, Ely will be joined by some of the musical’s cast members in celebration of friendship and camaraderie that continues to endure through the songs—Gian Magdangal, Oj Mariano, Jon Santos, Carla Guevara-Laforteza,

Reb Atadero, Boo Gabunada, Topper Fabregas and Tanya Manalang.

In this one-of-a-kind show, fans will be treated to a night that recaptures a generation’s favorites, bringing the songs to the stage just as how we remember them and then some.

While the show’s concept and other highlights remain hush-hush at the moment, fans can expect Ely to bring in his A-game as the cast of Ang Huling El Bimbo reprise their characters from the musical for one more night of theater magic.

A Night at The Theater also features writer Dingdong Novenario with the direction of Jamie Wilson.

Tickets for A Night at The Theater are now available at the RWM Box Office at the ground floor of Newport Mall, and at all Ticketworld outlets.

More information about upcoming shows and events in RWM’s Grand Fiesta Manila celebrations can be found at www.rwmanila.com.

Golden Globes to honor TV pioneer Ellen DeGeneres NEW YORK—The Golden Globe Awards will give its new TV special achievement trophy to someone who has been a pioneering sitcom star, a TV talk-show host and a game show MC—Ellen DeGeneres.

The Hollywood Foreign Press Association said on Monday that the Carol Burnett Award—the smallscreen version of the group’s film counterpart, the Cecil B. DeMille Award—will go to DeGeneres, a

multiple Emmy winner and Golden Globe nominee. It is given annually to honor someone “who has made outstanding contributions to television on or off the screen.”

The first Carol Burnett Award last

year fittingly went to Burnett herself.

In a statement, association President Lorenzo Soria hailed DeGeneres as “a pioneer who has captivated audiences for nearly 25 years with her undeniable charm and wit.” AP

I BELONG TO THE ZOO BRINGS ACOUSTIC HEARTBREAK TO SHANGRI-LA PLAZA

THE solo project of musician Argee Guerrero, I Belong to the Zoo, takes over Shangri-La Plaza on November 10, 7 pm, at the Grand Atrium.

Argee is known for writing sentimental, semiautobiographical songs about love and heartbreak. His songs “Sana,” “Porter” and “Balang Araw” tackle the ins and outs of relationships, and breakups. With his laid-back, stripped-down style and emotional lyrics, Argee has made a name for himself as an indie favorite. I Belong to the Zoo’s music is the perfect score for an easy weekend outing with family and friends.

I Belong to the Zoo performs his acoustic ballads live at the Shang. More information is available at www.facebook. com/shangrilaplazaofficial.

D4

Image BusinessMirror

Wednesday, November 6, 2019

www.businessmirror.com.ph

Six signs that anxiety is taking over your life WAITING for the results of a medical test? Wondering why your spouse, son, or daughter hasn’t come home or called, yet? Preparing for the first day in a new job?

Relax. Being anxious about these and other situations with an element of uncertainty is but a natural reaction that usually dissipates once the triggers to your worry are resolved: you receive a clean bill of health, your loved one comes home safe and sound, and everybody loves you at your new job.

Anxiety becomes a cause for concern, however, once you begin to obsess about the “what ifs” of whatever it is you’re worrying about (“What if it’s cancer?” “What if my spouse/son/daughter was involved in an accident?” “What if I mess up on my first day at work?”), to the point that it paralyzes you from thinking of or doing anything else.

With the country having just observed National Mental Health Week, marked annually every second week of October, Carmina G. Bernardo, MD from the Section of Psychiatry of top hospital in the country Makati Medical Center (MakatiMed, www.makatimed.net.ph), identifies the symptoms of debilitating anxiety, and how one can overcome this heightened sense of dread and fear before it controls every aspect of one’s life. n OVERTHINKING. “Worrying is normal, but when you constantly worry about someone or something, or worry even about the littlest things, that is a red flag,” Bernardo points out. “Worrying also becomes unhealthy when it gets in the way of more important thoughts or daily activities.” n POOR CONCENTRATION. This is a result of overthinking (or thinking of nothing else), leading to errors at school or work, as well as oversights in the home (leaving the faucet running or forgetting to turn off the stove), which, in turn, may cause accidents. n DIFFICULTY IN SLEEPING. Yet another result of thinking too much, according to Bernardo. “When you obsess over a particular thought or fear, you can’t sleep, let alone relax.” n PHYSICAL MANIFESTATIONS. Worrying too much elevates the heart rate and blood pressure. It makes you sweat and hyperventilate. It tenses your muscles.

And it affects your digestive system by giving you hyperacidity, constipation or diarrhea. “When the brain is convinced that there is some form of ‘imminent danger,’ the body automatically reacts,” says Bernardo. n FATIGUE. An out-of-proportion sense of anxiety is both physically and mentally exhausting; hence, those who worry too much are often too tired or drained for anything else. n PANIC ATTACKS. While many have no qualms about walking through a crowd, getting aboard a plane, or encountering a dog, those with major anxiety issues freeze and even freak out over the mere sight or thought of these stressors or phobias. “Phobia, or an extreme fear of something, can really interfere with rational thinking and normal functions,” Bernardo explains.

When to get help? While maintaining a regular exercise routine and balanced diet, and avoiding stimulants like caffeine and alcohol can help soothe frayed nerves, seeking professional help is strongly recommended when the anxiety begins to take over one’s life.

“If your anxiety affects your daily activities and relationships, is difficult to manage on your own, or leads to depression—or worse, suicidal thoughts—do not hesitate to see your doctor immediately,” says Bernardo. “Though anxiety is typically caused by a specific and external trigger, some anxiety can also be due to a preexisting health condition like heart disease, diabetes, or hyperthyroidism. It can also be a side effect of certain medications. In these cases, a physician can help you address and, hopefully, alleviate your symptoms.”

Speaking up about your anxiety—whether in private to a professional, to a close friend, or as part of a support group—also helps ease your woes.

“Verbalizing your anxiety somehow relieves you from the weight of your worries,” Bernardo says.

“Especially if you share your feelings with someone who listens, it makes you feel heard and cared for.”

“More important, discussing your anxieties with others lessens the stigma surrounding mental health,” she adds. “It also encourages others to speak up about their own issues. When people open up about their anxieties in a supportive and trusting environment, it somehow lessens their loneliness and fears, and makes anxiety easier to conquer even if there are no immediate solutions.”

Beating the hypo in me SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

I

T all started when I had a routine checkup which involved a complete blood count. My hemoglobin levels were marginally on the lower register and I was initially tagged as anemic.

For a time, I was speechless. It was the very first time I was ever diagnosed as anemic but I also realized it might be because of the demands at work, physical exhaustion and lack of sleep.

And then I started casually telling friends I was having issues with my health and I might be anemic.

They shared stories of their friends who were diagnosed similarly and ended up taking medication for a month to restore their hemoglobin levels. Others were saying they had to take time off work just so they can rest and get back to their healthy selves. I became apprehensive and I wanted to know right away what was causing me to be anemic.

I consulted Dr. Google and I discovered I might have sickle cell anemia, bone marrow disease and a host of other diseases which could have caused my low hemoglobin levels. Instead of feeling better, I ended up becoming neurotic and thinking of the worst. So, I consulted with a hematologist (which was really difficult because there are just a few of them) and she asked me to undergo a series of blood tests which included a measure of how much iron is in my blood. But even before I consulted with her again, I imagined a list of other illnesses I have read online.

And every ache and pain became a catalyst for my overactive imagination to think of the worst. I became so paranoid I went to get another CBC even without a referral from a doctor because I had convinced myself I was not well.

On the day of my appointment with my hematologist, I was very anxious while I waited for my turn at her clinic. I did not know I was fidgeting and doing all sorts of things with my hands—until my companion pointed it out. I have always been positive and optimistic about my health, and then this curveball came at me. Much as I wanted to dismiss my companion’s observation, I reluctantly admitted I had dug a hole for myself. It is not that I was actually sick.

It is just that I have become a hypochondriac—a hypo.

One thing I noticed was my obsessive checking of every ache and pain which could be totally unrelated to a medical condition. I became extremely sensitive to anything and everything. So much so that I began to think I had also become psychosomatic.

I had to stop worrying and just wait for the results of my laboratory tests and trust my doctor. It was easier said than done. To ask someone to try not to think of something is like asking someone to not

The thing about worrying too much is that we focus on things we cannot do anything about, thus overlooking the more important things that need to be done, or just the important things. And things have a way of resolving themselves without us getting into all sorts of knots. think of a banana—the moment you say it, the person starts thinking of a banana. Try it—try not thinking of a banana.

After my consultation, my hematologist said based on my laboratory tests, my low hemoglobin levels were due to fatigue and physical exhaustion, and not a cause of concern. I just needed to continue taking my vitamins and iron supplements to maintain my normal hemoglobin levels. She also told me to eat healthy and start exercising. I admitted to her I stopped a few weeks ago and, especially, after being diagnosed as anemic for fear that any form of physical exertion might be causing the anemia. She laughed at me. While excessive physical activities might potentially contribute, it is not the main reason for my low hemoglobin levels.

She encouraged me to do moderate exercises which could actually improve not just my hemoglobin levels but my overall health. She also cautioned me to watch my diet and get enough rest. And there was nothing to worry about.

It should have stopped there with me accepting what my doctor said, but I also started to think of going to another hematologist for a second opinion.

What prevented me were her credentials—she has been a hematologist for a long time and she also was a professor in one of the reputable and exemplary schools of medicine. I have to take her word for it. The results are good and I just have to take my supplements to maintain my hemoglobin levels.

I should have known not to be such a worrywart and, in retrospect, I could have done more productive things instead of dreading the worst. That is the thing about worrying too much—we focus on things we cannot do anything about, thus overlooking the more important things that need to be done, or just the important things. Things have a way of resolving themselves without us getting into all sorts of knots.

One thing I learned about being hypochondriac is it helps having someone who will listen to you and assuage your fears. It was good I had someone who assured me that things would work out just fine. In moments of self-doubt and unfounded dears, it is good to have a level-headed person we can rely on to knock some sense into us but is also patient enough to hold our hands when we lose ourselves in a trail of anxiety and growing fear.

So here I am, all good and maintaining my good

health by eating the right kinds of food and inching my way back to the gym for exercise. I guess my run in with anemia has taught me I am not getting any younger and I have to take care of my body and deliberately find ways to keep myself healthy.

And when I find myself thinking of the worst of my symptoms and letting Dr. Google scare me, I just need to take a deep breath and focus on what I can do—consult a specialist, trust their prognosis and focus on what I can do rather than escalate my fears to frantic desperation. n

MAXICARE LAUNCHES BIGGEST HEALTH AND WELLNESS EVENT

MAXICARE Healthcare Corp. (www.maxicare. com.ph), the country’s leading health-care provider, kicks off “Maxifest: Live Your Best Life.”

Happening on December 15 at 5 E-Com, Harbor Drive, Pasay City, Maxifest will feature Veggie Fest, a festival of plant-based food products to promote healthy eating habits; an attempt to break a Guinness World Record; and the Maxicare Run, in partnership with Runrio, one of the premier race organizers in the country.

The run will include a 500-meter dash for three- to 12-year-old kids, the 2k Senior Sprint for 60-year-olds and above, the basic 3k, the amiable distance of 5k, and the athletic 10k and 16k.

In photo (from left) are Maxicare Healthcare Corp. Assistant Brand Manager Sei Aguilar, Chief Marketing Officer Archie V. Rillo, Runrio Inc. President Rio de la Cruz, and Maxicare Healthcare Corp. Assistant Vice President for Marketing Jenny Clemente.

BusinessMirror E1 | Wednesday, November 6, 2019 • Editor : Tet Andolong

ÉCOLE hôtelière de Lausanne façade

DUSIT OPENS INTEGRATED COLLEGE AND HOTEL T

By Bernard S. Supetran

HAILAND-based Dusit International scored a first in the country’s hospitality industry with the recent opening of the Dusit Hospitality Management College (DHMC) and dusitD2 The Fort, Manila, an integrated school and hotel at the Bonifacio Global City in Taguig City.

ÉHL executives visit DHMC for its progressive academic accreditation. Front row (from left) Dusit International Group CEO Suphajee Suthumpun; DHMC and dusitD2 The Fort, Manila, Chairman and owner Manuel Villar Jr., Vista Land Managing Director Camille Villar, ÉHL Foundation President André Witschi, Dusit Hospitality Education Philippines President Beth Tolentino, (back row, from left) DHMC and dusitD2 The Fort, Manila, Managing Director Frouke Gerbens, dusitD2 The Fort, Manila, and DHMC Task Force Director for Hotel Operations and Facilities Aloysius Michael, ÉHL Group CEO Michel Rochat, Dusit International Education advisor Ruud Reuland, ÉHL Group CMO and ÉHL Advisory Services Senior Managing Director Olivier Roux, and ÉHL Group Chief Risk and Compliance Officer Dr. Juan F. Perellon

SUITE living room

A premier international institution for higher education in hospitality management, DHMC features programs designed to train students and professionals through 21st-century pedagogy and immersion in real-world operations.

The first in the country, it occupies 10 floors of the dusitD2 hotel and boasts of cutting-edge facilities, such as interactive classrooms with modern audiovisual equipment, learning kitchens, a wine science laboratory and operations simulation wing, and collaborative study areas.

DHMC launched its Bachelor of Science in Hospitality Management in Makati City last year in partnership with the 126-year-old École hôtelière de Lausanne (ÉHL) in Switzerland, which is currently ranked the top hospitality management school under the QS World University Rankings.

“Heartwarming service hospitality

is an attribute associated with Filipino professionals, and it is in this spirit that Dusit Hospitality Management College chose to embark in this innovative and ambitious endeavor with École hôtelière de Lausanne. With its certified hospitality management program, future hoteliers and concept entrepreneurs can pursue careers in the hospitality sector set in a global landscape,” said DHMC Managing Director Frouke Gerbens.

He added that with the collaboration, DHMC is presenting the finest Swiss hospitalit y education w ith dy namic classroom learning, innovative industry approach, and operation assignment set in hotels and restaurants of global standards.

As part of ÉHL’s world-class instruction and the stringent quality of higher education, management and faculty members of DHMC are progressively certified as qualified learning facilitators.

DUSIT D2 The Fort, Manila

The hotel component, the dusitD2 The Fort, Manila, is set to open in the first quarter of 2020 and will add to the growing portfolio of the luxe Thai brand in the Philippines.

The modern-minimalist urban haven is a 27-floor tower with 106 serviced residences, and 125 well-appointed guest rooms—three studio type, 13 one-bedroom and two two-bedrooms each floor.

It also has lobby lifestyle retail shops, function areas, recreational facilities, and signature food and beverage outlets— Sparkz Grab and Go bakeshop, Tapz lobby cafe, D’Origine gourmet kitchen and Virtuoso wine bar which has a premier collection curated by the third Best Sommelier of the World and Chevalier de l’Ordre National du Merite Agricole Francais. The food outlets are managed by Maître Cuisinier de France Cyrille Soenen.

The 2,700-square-meter-property is a joint venture with leading conglomerate Villar Group of Cos., through Dusit Hospitality Education Philippines, and Vista Land and Lifescapes Inc. “Now is the perfect time to enable our young students to be trained and to provide them with elevated opportunities in an industry where we have always been renowned, given our approach to service hospitality. With industry growth projections and our work force, we are well positioned to cultivate the next generation of learned professionals and uplift the career potential of Filipinos in hospitality,” Vista Land Managing Director Las Piñas Rep. Camille Villar concluded.

Business

E2 Wednesday, November 6, 2019

‘THE FINAL PITCH’:

Young investor-judges bode well for future of real estate

Amor Maclang

FIRST DIBS IN REAL ESTATE

F

RETURNING investor-judge, Jet Yu, founder and managing director of Prime Philippines, is seeking for investments that focus on the prop-tech sector.

ANGKAS Chief Transport Advocate George Royeca, is one of the new investor-judges for the fifth season of The Final Pitch. Unlike the rest of the judges, projects promoting livable cities are what George is looking to invest in as an investor-judge.

VICTOR CONSUNJI, CEO of Victor Consunji Development Corp. is one of The Final Pitch’s fresh new investor-judges. He is eyeing to invest on projects that can improve quality of life.

CARSON CHUA, chief operating officer of Community Developers Inc., said that they aim to invest on projects that focus on key cities where there is potential for property development.

Part Two

LEXIBLE coworking space solutions provider International Workplace Group (IWG) bared that the Philippines is currently one of its four best-performing markets globally, a clear indication that the shared economy is gaining a traction in the country.

The disruptive but innovative nature of today’s young professionals—the ones in their 20s to 30s—is pretty much alive in almost every industry today. Here in the Philippines, their expanding presence in real estate has made the industry more dynamic

and exciting.

Last week, I wrote about The Final Pitch, the country’s first and only business reality show, where entrepreneur contestants pitch their businesses to an esteemed panel of investor-judges who are looking to own a piece of their

companies.

I was tapped to be a mentor in the show’s upcoming fifth season, which will have the theme: “Real Estate and Livable Cities.” This is the first time since its inception that the show will focus on pitches confined to a particular theme.

As one of the mentors in the show, I will be coaching the contestants as they prepare their

business proposals, their final pitches, which they will present to the investor-judges who are looking to invest in the best proposal they will find.

These young and vibrant judges are themselves making a difference in Philippine business.

For an environment that is dominated by businessmen in their 50s upward, these five young investors are the ones helping bring fresh, innovative ideas to the table. And in the show’s fifth season, they will use their diverse expertise in finding new business ideas to elevate real estate and develop livable cities.

Meet ‘The Final Pitch’s’ new investor-judges

THE show’s new investor-judges are a mix of businessmen, property developers, and corporate leaders who were chosen for their role not only in real estate but in creating cities that are progressive and livable.

The five were formally introduced by the show’s host John Aguilar in a press conference in Makati recently. They are: Jet Yu, founder and managing director of Prime Philippines and a returning judge; Victor Consunji, CEO of Victor Consunji Development Corp.; George Royeca, chief transport advocate for Angkas; Cesar Wee, president of Community Developers Inc.; and Cary Lagdameo, CEO of Damosa Land Inc. Interestingly, these men belong in the same age bracket—with Jet as the youngest at 29 years old. But just like many of their peers, these young businessmen wear many different hats. For instance, Victor Consunji, while being a real-estate mogul, is also a fitness connoisseur, a seasoned athlete and an adventurer. He is also known as the very first Filipino to run the North Pole Marathon.

In turn, George Royeca has been making waves the past three years with his advocacy for inclusive mobility as convenor of Transport Watch and his work in providing commuters with an efficient way of beating metropolitan traffic through Angkas.

New ideas to improve the quality of life

WHILE the new contestants of the show are yet to be announced, I am certain that there’s going to be loads of exciting pitches this season. However, not all of them will come to life—at least, not with

the help of The Final Pitch’s investors. The past seasons showed how some projects, despite their potential, were not successful in piquing the investor-judges’ interest.

The simple reason for this is that certain investor-judges are looking for specific kinds of proposals for specific projects that they have in mind. And because this season of The Final Pitch focuses on real estate and livable cities, the judges who are passionate about the industry shared their ideas on what they’re looking to invest in.

For one thing, investor-judge Cesar Wee’s Community Developers Inc. is looking for key cities that can be developed. According to the company’s COO Carson Chua, who stood in during the launch for Cesar, “If there are pitches of other cities that are progressive and they have potential properties for house and lot and condo developments, we are keen on looking into those opportunities.”

Victor, on the other hand, placed importance on projects that can improve lives. “We live in a very challenging country at the moment. We have congestion problems, we have political issues,” Victor said. “We have quality-of-life challenges that I would like to see addressed by a fresh batch of entrepreneurs. If they can present these ideas and prove to me that we can improve quality of life, then I’m all for it,” Victor added.

The other investor-judges, in turn, aim to look for how technology can help in developing smart, livable cities. George said, “If there is a way for us to techify to improve the quality of life in our cities, then that’s what I’m looking for.”

George also demystified the allure and status of putting up a start-up by emphasizing that creating a start-up business is hard work.

Cary also aims to push for technology in real estate, said, “New technologies actually relate to making cities smart, so we are looking to integrate new technologies into our master plan especially in the mixed-use projects.”

Returning investor-judge Jet Yu also aims to focus on property technology during the show’s run. “The proptech industry in the Philippines, in Southeast Asia is still very young,” Jet stressed.

“There’s still a lot of room for growth. As a millennial myself, me and my team have at least a deep understanding of the technology space.”

The Philippine real-estate outlook

ACCORDING to Victor himself, the real-estate industry can be hard and unforgiving. Therefore, as all investor-judges agree, when it comes to pitching business ideas, guts is glory. No ifs and buts about it.

However, all judges agree that The Final Pitch can definitely help these entrepreneur contestants in elevating real estate and creating more livable cities in the next few years. As George said, “We’re rich in problems and challenges. And for me, that is the best place to be in. We have a lot of problems that we can solve, and because we are able to solve these problems, there are huge and lucrative opportunities that we can hopefully tap with The Final Pitch.”

For his part, Jet recalled, “I remember way back 2014, there was news that in 2015 the Philippine real estate will have an oversupply of residential condominiums.

Again, here we are in 2019, and we still continue to see the growth of real-estate condominiums all over Metro Manila. And now, it is also spreading to outside Metro Manila.”

He added, “I think within the next couple of years we will still see bright spots in the Philippine real-estate industry across all local sectors—residential, office, industrial and the retail sector.”

Indeed, despite the challenges that the real-estate industry constantly face, we are seeing a silver lining in the local property sector as challenging circumstances also come with countless opportunities for disruption, innovation, enhancement, and, eventually, growth. On its fifth season, The Final Pitch aims to be an important factor in tapping such opportunities.

The Final Pitch Season 5 begins filming this month and will start airing in March of 2020 on CNN Philippines. To pitch your property, solution or startup, log on to thefinalpitch.ph/application. Deadline for submission is November 8, 2019.

Produced by Streetpark Productions, The Final Pitch airs Sundays at 8 p.m., with replays every Monday at 9:30 p.m. and Saturdays 1 p.m. on CNN Philippines.

sMirror

Editor: Tet Andolong

Don Tim builds Alta Monte’s second cluster of homes

PRESIDENT and Chairman of the Board of Directors of Cementaid Philippines Inc. John Lindsay Aldred (from left); San Pedro City Councilor Bobot Berroya; Associate Director for Sales-Asia Anthony Sung; Associate Director for Admin and Finance Estella Fung; Senior Manager for Cementaid Philippines and Indonesia Rodillo de la Pasion; and Managing Director of Cementaid Group of Cos. Michael John Aldred

CEMENTAID’S NEW WAREHOUSE TO GENERATE NEW JOBS IN LAGUNA

C

EMENTAID Philippines Inc., is set to generate a 27-percent increase in manpower with the inauguration of a newly expanded warehouse adjacent to its manufacturing plant in Barangay San Antonio in San Pedro, Laguna.

This equates to approximately 40 new jobs for the Laguna community. The 470-square-meter facility was prompted by the increased demand for concrete admixtures along with the robust growth of the construction industry over the last decade, said Rodillo de la Pasion, senior manager for Cementaid Philippines and Indonesia.

“We’ve seen a significant increase in demand for quality concrete waterproofing products as infrastructure continues to be a high priority in public works,” de la Pasion explained. “We take this as an opportunity to expand our manufacturing capacities and better serve not just our customers, but our community as well.”

A 64-percent increase in sales is further projected following a planned enhancement of retail products, said Manuel Gamis, national sales manager of Cementaid Philippines. “We are always looking at different ways to improve the quality of our products and services as we continue to push for reliable concrete,” he added.

E3

The firm has also recently partnered with four new distributors to serve Davao, Palawan, Bacolod and the Ilocos region.

Cementaid International pioneered a type of permanent water proofing admi xture called Hydrophobic Pore-blocking Ingredient (HPI) that prevents the absorption of moisture and helps maintain the structural integrity of concrete. The Australia-based firm first set foot in the Philippines in 2010 with a subsidiary in Parañaque City, Metro Manila. Cementaid Philippines later moved to a 2,000-square-meter manufacturing plant in San Pedro, Laguna, to further meet the country’s fast-growing demand for concrete-enhancing products.

The inauguration was attended by the company’s distributor in Cebu, LSB General Manager Anthony Lim, as well as key industry players in the local construction market, such as DM Consunji Inc.; Makati Development Corp.; and Monocrete Construction Philippines Inc. Top structural and architectural firms also attended including Sy^2 + Associates Inc.; RCHITECTS Inc.; Casas+ Architects; Edward Co Tan + Architects; H1 Architecture; WTA Architecture and Design Studio; and Mañosa & Company.

F

By Roderick L. Abad

@rodrik_28

OLLOWING the successful sellout of its first residential project called Alta Monte Subdivisions, real-estate company Don Tim Development Corp. (DTDC) has started the construction of Cluster B Leisure Suites North of such contemporary mid-rise cluster condominium in Tagaytay.

Its f lagship residential development spans at 13 hectares and is strategically located along Magallanes Drive—just a few minutes’ drive from nearby commercial establishments, markets, schools and government offices.

Since all of the units under its 27 buildings from Leisure Suites

South have aleady been taken up, the company now looks toward the progress of its new cluster, Alta Monte Leisure Suites North, with another 27 condominium buildings.

With the blessing of its initial cluster of low-density condo units and the groundbreaking of its second under way, homebuyers can

DON Tim Development Corp. (DTDC) officers led the groundbreaking of Alta Monte Leisure Suites North

now invest in their dream homes with that ideal blend of modern condo living with the rustic charms of the countryside in this world-class resort city.

The subdivision boasts of its main feature, the Leisure Suites, which is a cluster of low-density condominiums. Its first-rate features and amenities at reasonable

ALTA Monte Leisure Suites South

prices give relocators a better functional-premium housing option.

To allow residents live with exclusivity, this project has only six units in one building. This enables the residents to enjoy larger floor areas for their units.

Residents live more peacefully here as people going in and out of the building are only few. The condo’s security will have an easier task of keeping track and watching over the residents and their guests.

In case of emergency, unit owners have high chances of getting out safely given the low density of people living at Alta Monte Leisure Suites North. Compared to high-rise condominiums or densely packed living conditions, moving around is easier and more comfortable.

A lower number of units per floor provide more privacy with more space between you and your neighbors. So, no need to worry about hearing the noises at the next door.

At Leisure Suites, take time to relax in the comforts of your home. DTDC is a high-end subdivision developer that evolved from selling house and lots into creating comfortable low-density condominiums with more innovative projects down the line.

Loc&Stor 24/7 offers secure and TLDC UPGRADES STUDENT LIVING IN LOYOLA HEIGHTS managed storage units for rent S

A

By Reni Salvador

CCESSIBLE 24 hours a day, seven days a week, 365 days a year, most Loc&Stor 24/7 branches are equipped with seven sizes of storage units to accommodate different needs. The smallest unit can contain up to eight balikbayan boxes, while jumbo-size units are capable of storing contents of a 20ft container or up to 180 balikbayan boxes.

For corporate or business-store owners, most Loc&Stor 24/7 facilities feature an elevated loading dock that can fit up to two 40-ft shipping containers. Companies that store inventory can easily upsize or downsize a unit as their needs change.

With priority on safety and security, only owners and authorized representatives can access stored possessions using PIN codes that arm and disarm the unit alarms. All locks are electronically logged in, as well, so the system will notify owners via e-mail if units have been opened.

Located in guarded, gated and floodfree compounds, Loc&Stor 24/7 facilities are equipped with high-definition CCTV cameras with night vision, fire alarms, smoke detectors and sprinkler systems. For added convenience of its storers, parking space is available inside the compound of facilities.

Also, Loc&Stor 24/7 has released two compelling branded short films The Secret and One Night Only directed by award-winning director Chris Cahilig, featuring stories of family love, loss, heartache and new beginnings.

Moving on from the passing of someone we love is never easy—not when there is so much to miss and look back to. But The Secret shows a way to help ease the heartache...through the memories our loved ones

LOC&STOR 247 Self Storage

left behind.

In this moving short film, Loc&Stor 24/7 shares the story of a family still aching from the loss of the father and head of the household. The teenage children, mystified about their mother’s late hours coming home, start worrying about her whereabouts. Suspecting the worst, they fear that she has “moved on” so soon after their father’s death.

As they conspire to follow her one night, they discover their mother’s “secret”—her nightly “dates” with their father at a Loc&Stor 24/7 storage unit that contains the family’s treasured possessions. Scenes from the past move them to tears, but this time, both mom and kids agree that they can always go somewhere to keep their love for their father alive.

The Secret teaches us that while we need to move on from personal loss, there will always be our cherished memories to comfort us—and Loc&Stor 24/7 to keep those memories safe.

On the other hand, One Night Only is a light and quirky story of millennial love that gets nearly nipped in the bud. A girl and boy

have fun on a blind date, a potential coupling sparked by the strong attraction between them. However, the girl’s messy home turns off the young man, leaving the girl to wonder what she could have done wrong. Her best friend gently admonishes her about decluttering her place and helps bring her stuff to a Loc&Stor 24/7 storage unit. In the end, the girl “frees up” her home for “The One.” Crafted to appeal to the young generation, One Night Only suggests that while first impressions make or break a relationship, two people can find new beginnings when given a chance.

In The Secret and One Night Only, Loc&Stor 24/7 is highlighted as a world-class selfstorage facility that offers secure and professionally managed storage units for rent.

Short films One Night Only and The Secret can be accessed at https://www.locnstor247. com/blog/videos/.

For inquiries on rental fees and other vital information, visit our web site at www. locnstor247.com, or connect through social media on Facebook, Instagram and Twitter.

TUDENTS looking for first-class lodging in Quezon City are getting another solid reason Loyola Heights is the right place to set up home. To rise in this bustling area is Torre Lorenzo Loyola, the latest university residence in Torre Lorenzo Development Corp.’s (TLDC) rapidly growing portfolio of premium student residences.

“We are expanding our footprint in this vital space as part of our pursuit to sustain the high standards we have long set for our student accommodations. Our upscale university residence strives to upgrade the quality of life of university students in the Philippines,” said TLDC chief Executive Officer Tomas Lorenzo.

“We want to provide students a place that complements the learning atmosphere of the university while serving as their home away from home, so to speak,” added Lorenzo.

Banking on its long experience here in the Philippines, TLDC through the years has become a pioneer in premium university residences, ensuring that its offerings to college students have the appropriate, relevant and evolving amenities and features not found in existing crowded dormitories and mid-market condominiums.

Currently, many college students are still compelled to live in small, cramped dormitories or mediocre apartments for the lack of a better choice. This and the increasing demand for upscale student residences have propelled the company to expand its portfolio of studentcentered condominiums.

“Torre Lorenzo Loyola will fur-

ther strengthen our identity as the leading developer of premium university residences as we continue to pursue upscale niche markets and underserved demographic segments,” said Lorenzo.

The company also continues to aspire to be the most trusted brand for student residences as the Philippines becomes a popular study destination among students in the region, creating greater demand for high-quality student accommodation.

Government figures show that in the past five years, the number of foreign students has steadily increased, making the Philippines one of the leading destinations for education in Asia.

In 2014, the government recorded a three-fold increase in the influx of foreign students from 9,200 in 2014 to 29,000 the following year.

This continued to grow to 33,000 in 2017. Top nationalities include Koreans, Indians, Japanese and Chinese.

“TLDC also wants to capitalize on this growing trend by making our properties the top choice for foreign students pursuing their edu-

cation here in the country,” Lorenzo pointed out.

“For nearly 20 years, we have been providing better accommodation for our residents by listening to their needs to ensure that the latest university residence is an upgraded version of the previous one,” he added.

Currently, TLDC’s Premium Residences are found along Taft Avenue and the University Belt.

Like all its predecessors, Torre Lorenzo Loyola is strategically placed to support and sustain student life, allowing students to conveniently access a variety of services and activities—from dining to shopping—while providing them with first-rate housing.

Torre Lorenzo Loyola is within walking distance to the Ateneo de Manila University and Miriam College, home to more than 20,000 students combined. It is, likewise, a short drive to the University of the Philippines.

For inquiries and viewing of model units, Torre Lorenzo Loyola’s showroom is at 297 Katipunan Avenue (beside Starbucks).

Entrepreneur BusinessMirror

E4 Wednesday, November 6, 2019 • Editor: Vittorio V. Vitug

K-pop look: Beauty, wellness enterprise brings Korean skin treatment to Pinoys

By Rizal Raoul S. Reyes

the minimally invasive procedure starting last year.

Despite the emergence of several wellness centers in the country, Aquino said SvelT’i said it “does not want to compete with others and just want to give clients the best results and enjoy right away the benefits.”

SvelT’i Ortigas was established on the back of growing demand from working professionals in one of the busiest central business districts.

Many of them have experienced the excellent services of the first SvelT’i Aesthetic Centre which is located at the South Insula Building, Timog Avenue, in Quezon City.

Dr. Marjorie Lalaine Salazar, MD, is the medical director of SvelT’i and states that word of mouth has spread about SvelT’i since its opening four years ago, and SvelT’i Ortigas intends to do the same.

Aquino and Caoile are proud of

@brownindio

Contributor

J

UST like the millennial and Generation Z crowd, Jorge Aquino, president of SvelTechnik Inc. (SvelT’i), is fascinated with anything Korean —from wellness to the glow of their smooth captivating youthful skin.

“Actually, I have learned that Korea is the beauty center of the world. It is the place where you go and change your face to become more beautiful,” Aquino said in a recent interview on the sidelines of the opening of its new clinic at the Millennium Building, Ortigas Center.

Aquino said their treatment would do away with the need to apply makeup, or any skin foundation for that matter, once their client avail themselves of the service they offer.

Dr. Catherine Anne Caoile, MD, is heading the team of highly trained, registered nurses and professionals assigned at the Ortigas branch.

“Our cutting-edge treatments are designed to assist people to achieve their beauty and fitness goals,” Caoile said.

“Our protocols are safe and adhere to the highest medical standards. Results can be seen almost immediately, and there is very little downtime.

That’s why we can say, ‘You can look your best self ever,’ despite the challenges you constantly face at home and at work,” she added.

Before, Aquino said women applied a lot of makeup to look beautiful. However, studies have shown that applying heavy makeup regularly can cause damage to the skin. “We

CAOILE

will address that problem through our service,” Aquino said.

Caoile said they would focus on

their Lavieen service because it “literally leads to a stunning skin rebirth, as damaged skin cells are removed and the patient’s skin is rejuvenated and restored to glowing attraction.”

Furthermore, a single procedure of Lavieen can remove lasting blemishes such as chickenpox scars and acne scars.

Aquino said SvelT’i does not want to cater to the high-end market because a lot of their clients are millennials who don’t have a high purchasing capability.

He said SvelT’i Ortigas was established due to growing demand from working professionals who live in one of the busiest central business districts. Moreover, it has tapped several celebrities, such as Annette Gozon-Abrogar, president of GMA Films and actor-entrepreneur Shintaro Valdez as endorsers to promote the brand.

Our cutting-edge treatments are designed to assist people to achieve their beauty and fitness goals.”

—Caoile

Sibol program seeks DTI backs PHL’s Guinness bid for start-up to harness youth power, development through Impact Hackathon create more ecologically I conscious entreps

By Roderick Abad

@rodrik_28

Contributor

T

HE upcoming new year will bring more opportunities to start-ups as the Roots Collective, in collaboration with Peace and Equity Foundation (PEF) and Forest Foundation Philippines (FFP), launched the Sibol (growth) Program Fund to develop and improve their enterprises while helping grow the potential income of local communities and saving the environment.

Starting January 2020, this special grant facility that will run for three years aimed at ensuring sustainability of social enterprises by way of product improvements, sales generation, income creation for partner communities, and widening the areas for ecological preservation.

The fund is pivotal in promoting marketability of products while sustaining their impact to communities they support, according to Roots Collective Chief Executive Officer (CEO) Jamir Ocampo.

“Advocacy for entrepreneurs is not just about the message. It’s about proving that this advocacy will work with products through market acceptance. It’s also our capacity to generate our own resources to take on developmental initiatives,” he said.

PEF Executive Director Roberto Calingo, meanwhile, noted that the young populace is becoming the key players and influencers of the market. He stressed that engaging them is important to help poor communities.

“There is hope in poor communities if we can combine their efforts with the efforts of the youth in looking for ways to improve the product, and ways to bring the product to the market,” Calingo said in mixed Filipino and English.

PEF expects the project’s expansion to connect young social entrepreneurs for lasting impact to poor households and communities, he added.

“May this not be just one isolated success. My vision is that, someday, we can have the session in Visayas, Mindanao, and in key cities with a lot of linkages happening in the communities. Today is the first step toward that vision,” he said.

Apart from their enterprise inclination, the youth sector has new ideas in resolving problems that affect the environment, cited FFP Executive Director Atty. Jose Andres Canivel.

“In this time of forest degradation and climate emergency, we need all of the innovation, we need all of the creativity, and we need all of the passion that young people can bring into our work,” he said.

The FFP officer, likewise, pointed out that young entrepreneurs have been a significant ally in developing sustainable livelihood that pushes for forest protection and conservation.

“We were looking for a way to link our partner communities to the market. That drew us into working with social entrepreneurs,” Canivel said.

The launch of the Sibol Program Fund formed part of a weeklong Roots Commune, an exhibit at Uptown Bonifacio Mall that showcased various ethically made products that highlights sustainability and local creativity.

N line with the government’s thrust to make the Philippines as one of the leading countries in creating start-ups, Trade Secretary Ramon Lopez expressed strong support to the country’s official attempt at the Guinness World Record’s largest hackathon in a single venue through the Impact Hackathon held on October 30 and 31, 2019.

Lopez, likewise, reiterated the role of the youth sector in developing start-up communities, as well as in creating solutions to address societal issues.

“We want to build an entrepreneurship ecosystem that will push for innovation through more Internet platforms and more new business models. And the Filipino youth has a unique advantage in this area. We have creative and very innovative youth who know how to keep up

with the changing technology and use it in finding solutions to society problems,” said Lopez.

Participants of the 24-hour, on-thespot coding marathon were asked to come up with technology-based solutions anchored on the Sustainable Development Goals (SDGs), on five themes: climate change, education, agriculture, smart cities and health.

“We are optimistic that more than the attempt to have the world’s largest hackathon, whatever will be developed by the participants may become useful to the country and to many Filipinos, while opening more opportunities to the start-up developers,” the trade chief added.

Lopez also highlighted landmark legislations that will further support the growth and development of start-ups in the coun-

try. He cited the Republic Act 11293, or the Philippine Innovation Act and Republic Act 11337, or the Innovative Startup Act, which features a Startup Venture Fund and will set up Startup Ecozones.

“The administration of President Rodrigo Duterte is committed to support startup communities as we see technology and innovation as inclusive tools to promote income and job opportunities for many Filipinos,” said Lopez.

“There are so many problems in the Philippines and in the region. And when there are problems, there’s an opportunity for entrepreneurship to rise,” said Impact Hub Chief Executive Officer Ces Rondario. Meanwhile, Quezon City Mayor Joy Belmonte also expressed support and encouraged participants in the world record bid.

Equipping San Isidro farmers through agro-enterprise

S

AN Isidro, Davao del Norte—Seated beneath a tall coconut tree and hiding himself from the scorching heat of the sun, Narciso Lara has been chopping coconut husks which he will use to surround other coconut trees in a practice called mulching to keep the soil healthy.

“Ginagawa namin ito para lumamig ang puno,” he said.

Having coconut farming as his main source of income, Mang Narciso said that he is hopeful for an increase in productivity of his trees through good agricultural practices, such as mulching, adding that it will help support the education of his children.

“Mayroon din akong cacao at saging.

[Mabuti na lang] at may mga buyers dito.” he said.

Mang Narciso is one of the 10 farmers chosen to be part of the demo farm project of the Peace and Equity Foundation (PEF), with partners Cocolink and Laak Multipurpose Cooperative (Lampco), to link enablers across the value chain of San Isidro, Davao del Norte.

Model farms of San Isidro

SAN Isidro, a fourth-class municipality with a population of 27,000, consists mainly of coconut and cacao farmers. According to Philippine Statistics Authority, the town has a 43 percent poverty incidence in 2015, way above the 14.5 percent poverty incidence of the entire province.

Recognizing this problem, PEF, Cocolink and Lampco, along with the local government, inked a partnership agreement in January 2019 that hopes to address the

issues of farmers on low production and income, and lack of market-oriented knowledge and skills. Part of the value-chain approach is the establishment of coconut and cacao rejuvenation sites, or demo farms that started in June 2019, where the 10 farmers can practice farming techniques learned in training conducted by Davao region-based organization, Cocolink.

“Ang attitude ng farmer, to see is to believe. [That is why] we want demo farms to be classrooms themselves. We conduct trainings not on the four corners of a room but underneath a tree,” Cocolink Executive Director Dondon Clamor said.

Since July, Cocolink has conducted a series of agro-enterprise training to demo farm cooperators, such as making vermicast organic fertilizers, nursery management, planting density, insect and weed control, and farm safety for the workers.

“Hopefully, these farmers will become teachers themselves. The plan is for them to open their farms to whoever is interested in learning these technologies,” Clamor said.

So far, cooperators like Mang Narciso have begun to implement what he learned in the training like mulching the coconut trees, a process wherein dry coconut fronds, corn stalks, rice straw and other similar materials are applied to the surface of the soil to reduce soil temperature, conserve soil moisture and suppress weed growth.

Operational efficiency through clustering

IN addition to demo farms, PEF and Lampco

also started clustering farmers to improve production efficiency and reduce logistical costs. In clustering, farmers are grouped and the appointed cluster leader will oversee the consolidation of whole nuts for Lampco, which will then deliver to buyers like Davao-based coconut processor Franklin Baker at P6 per kilo (local traders buy whole nuts at P4.50 a kilo).

For Lampco General Manager Edesa Morante, being a member of clusters provides benefits that are not offered by other traders.

“Kahit hindi sila member ng kooperatiba, nagbibigay kami ng tulong [sa mga cluster members],” she said.

Convergence

ACCORDING to PEF Area Officer Mysol Carcueva, the value chain approach continues to invite more stakeholders to take part in improving the lives of the farmers in the region.

“We have an ad-hoc group created for this project for updating and to discuss issues in the field but it is also open to other stakeholders in the area,” she said.

So far, local chocolate producer Chocolate De San Isidro and Rural Improvement Club of San Isidro have joined the meetings of the group and were aiming for a bigger role in the development of the municipality.

As the value chain approach continues to gain steam in the coming months, and with continued support from different stakeholders, farmers like Lara are beginning to hope for a brighter future for them and their families.

www.businessmirror.com.ph

Most valuable AI start-up struggles to survive blacklist

T

HE cofounder of China’s SenseTime Group Ltd. was visiting New York to encourage more collaboration with the US on artificial intelligence when he heard the news: The Trump administration had blacklisted his company.

So much for more cooperation.

Xu Bing, the 29-year-old cofounder, knew SenseTime was at risk given rising tensions between China and the US, but the timing took him by surprise. He was spending a few days showing off his latest products and meeting other AI researchers earlier this month when the Commerce Dept. put his company and seven others on its “Entity List,” prohibiting American companies from providing crucial supplies like semiconductors. His phone flooded with calls and e-mails from worried employees and investors.

SenseTime is emblematic of the clash between the world’s two biggest economies. China is seeking to evolve economically by moving beyond manufacturing into the technology vanguard, with the explicit goal of dominating key fields like AI. Donald Trump’s administration is increasingly adamant about containing China’s rise, arguing that companies like Huawei Technologies Co. steal intellectual property and threaten national security, while start-ups like SenseTime and Megvii Technology Ltd. are complicit in human-rights violations in the country’s Xinjiang region.

The company’s founders are a bit stunned at getting caught in the crossfire. They are mostly academics who decided to commercialize their technology five years ago, drawing attention from both US and China governments because of the applications for surveillance. Now, they plan a shift away from hardware, which requires American chips, to focus on software for facial recognition and other applications. The founders think they can survive the existential threat.

“Long term, the fundamentals of business are still most important,” says Xu, “so that’s what we will focus on.”

SenseTime, whose $7.5-billion valuation is the highest for an AI start-up in the world, is trying to reassure investors, employees and customers. The company said in a statement that it is “deeply disappointed” at the blacklisting decision and will seek relief. It emphasized it complies with all laws in local jurisdictions.

“These are real risks for tech companies in China,” says Crawford del Prete, president of the market research firm IDC. SenseTime has been preparing for the worst. The company raised about $2.5 billion last year from investors including Japan’s SoftBank Group Corp. and Singapore’s Temasek Holdings Pte., according to a person familiar with the matter.

That forestalls the need for an initial public offering any time soon. China surveillance giant Hangzhou Hikvision Digital Technology Co. warned last week that it may lose customers in overseas markets because it was part of the US blacklisting.

Megvii, another AI start-up that was blacklisted this month, is pressing ahead with its IPO plans, effectively testing whether investors will take on the risks of a blacklisting.

(Megvii also says it’s done nothing wrong and plans to fight the US ban.)

For SenseTime, the biggest challenge of the Trump move is that it will lose access to US semiconductors, particularly from Nvidia Corp. The chips are incorporated into AI cameras and other hardware SenseTime sells to corporations and government agencies. Without them, SenseTime will be able to market software that customers or resellers can then install on their own cameras or servers—but not the hardware itself.

That will likely cut into growth, given that hardware accounts for about half its revenue. Software sales tend to be higher margin. Bloomberg News