BusinessMirror November 20, 2019 by BusinessMirror

Wednesday, November 20, 2019 Vol. 15 No. 41

10-mo BOP at $5.73-B surplus; OFW flows cited

By Bianca Cuaresma

@BcuaresmaBM

ESPITE uncertainties in the external front, the Philippines’s transactions with the rest of the world continued to yield dollar inflows for the country in the first 10 months of the year, data from the Bangko Sentral ng Pilipinas (BSP) showed. The country’s central monetary authority reported on Tuesday that its overall balance of payments (BOP)—or the summary of the Philippines’s transactions with the

rest of the world—hit a surplus of $163 million in October. This is higher than the previous month’s surplus of $38 million and a stark contrast to the $458-million deficit

in October of 2018. T he mont h ’s su r plus a lso brought the country’s overall BOP position in the first 10 months of the year to a surplus of $5.73 billion,

$163M

The BOP surplus in October 2019, higher than the previous month’s surplus of $38 million and a stark contrast to the $458-million deficit in October of 2018 reversing the $5.6-billion deficit seen in the same 10-month period last year. According to the BSP, the inflows in October 2019 reflected the increase in the national government’s (NG) net foreign currency deposits and BSP’s income from its investments abroad. See “BOP,” A2

PESO EXCHANGE RATES n

@caiordinario

TOPPING rice importation at this time will only burden the poorest Filipinos, the National Economic and Development Authority (Neda) said on Tuesday, amid mounting calls from farmer sectors groaning under the deep cuts to their income from the imports surge enabled by the rice tariffication law (RTL). Socioeconomic Planning Secretary Ernesto M. Pernia expressed his misgivings about calls to suspend the RTL at this time in an exchange with reporters on Tuesday. Pernia said removing rice importation will worsen the situation as it will burden the poor even more and cause inflation to spike, causing pain to more people. “We will [find ourselves] back to where we were last year and the poor will suffer. Inflation for

@joveemarie

See “RTL,” A2

By Cai U. Ordinario

By Bernadette D. Nicolas

By Jovee Marie N. dela Cruz

NEDA: RICE IMPORTS HALT NOW WILL HURT POOR MORE the 30 percent poorest has come down to [around] 0.9 [percent]. The much bigger majority is benefitting,” Pernia said on the sidelines of the 8th M&E Network Forum on Tuesday. Given that measures are already being put in place to “alleviate the difficulty, the hardship of farmers,” Pernia said he shares the opinion of members of the economic team in allowing rice imports to go on. He said these measures include the P10-billion Rice Competitiveness Enhancement Fund (RCEF) as well as the proceeds of the duties paid by importers. Pernia said, however, that he has yet to take a look at the study of the Philippine Rice Research Institute (PhilRice) which said farmers lost P61.77 billion due to the decline in farm-gate prices caused by the RTL implementation. See “Rice imports,” A2

To tax or not to tax: Govt weighs options on Pogo

House will review RTL repeal bid HE leadership of the House of Representatives on Tuesday said it will study the proposals repealing the rice tariffication law (RTL). This after Speaker Alan Peter Cayetano and Majority Leader Ferdinand Martin Romualdez along with other House leaders received the 50,000 signatures gathered by Bantay Bigas calling for the repeal of the law, which took effect just last March. Cayetano said that they are open to the proposal and would study all options to help farmers affected by the RTL, who have groaned under deep cuts to their income with the surge in imports as a result of liberalization.

P25.00 nationwide | 5 sections 50 pages |

RICE farmers hold seedlings for replanting in Laguna. The Department of Agriculture (DA) said it will roll out another P3 billion in direct cash assistance to rice farmers affected by the plunge in farm-gate prices next year. The second round of CCT would go to 600,000 farmers. NONIE REYES

@BNicolasBM

ALACAÑANG on Tuesday junked the Office of the Solicitor General’s (OSG) opinion that Philippine Offshore Gaming Operators (Pogo) cannot be taxed as it sided with the Department of Finance (DOF) to finally settle the debate once and for all. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo argued that Pogos—whether domestic or foreign corporations—are taxable. Reacting to the “difference of opinion” of OSG and DOF, Panelo pointed out the DOF has the primary mandate based on the Administrative Code to formulate, institutionalize and administer fiscal policies in coordination with

other concerned subdivisions, agencies and instrumentalities of the government. Socioeconomic Planning Secretary Ernesto M. Pernia, meanwhile, told reporters on Tuesday that he supports the efforts of Congress to legislate Pogo taxes that will be similar to franchise taxes. Albay Representative Joey Salceda recently filed a bill seeking to impose a 5-percent franchise tax on revenues generated by Pogos and their service providers. “Yes, definitely, definitely [support the bill]. It’s about P45 billion tax take, tax revenue take. It’s not coffee money,” Pernia said. Neda Undersecretary for Planning and Policy Rosemarie G. Edillon said imposing taxes on Pogos can also be a means to regulate these firms.

US 50.6180 n JAPAN 0.4660 n UK 65.5554 n HK 6.4674 n CHINA 7.2049 n SINGAPORE 37.2136 n AUSTRALIA 34.4759 n EU 56.0594 n SAUDI ARABIA 13.4978

See “Pogo,” A2

Source: BSP (19 November 2019 )

News

BusinessMirror

A2 Wednesday, November 20, 2019

www.businessmirror.com.ph

Bukidnon quake hurts 3, damages several buildings

By Rene Acosta

along Sayre Highway, Barangay Lumbo, incurred cracks on its walls, prompting it to temporarily evacuate its patients. Similar evacuations were also undertaken by the Adventist Medical Center and Valencia City Medical Hospital. Two houses in Barangay Tugaya and in Barangay Laligan were also damaged along with the Lumbo Elementary School and Tongan-Tongan Elementary School. In Maramag, six houses were also damaged along with a gasoline station. The Margarette Hotel was, likewise, damaged. In the town of Don Carlos, the Simbulan Hospital and Pahilan Hospital also incurred damages.

@reneacostaBM

T least three persons were reported injured following an intensity 5.9 earthquake that shook the province of Bukidnon on Monday night and damaged several buildings, police reported on Tuesday. A report sent by the Bukidnon Provincial Police Office to Camp Crame identified the victims as Emilda Acma, 54, and Lolita Guiren, 54, both residents of Camp 1,

Maramag town and Andresa Polon of Barangay Matambay, Kadingilan town, both in Bukidnon. The report said that in Valencia City, the Esther Hospital located

The PNP said that in Kadingilan, the third floor of its police station incurred cracks. Damage was also reported on a barangay hall in the poblacion, at the municipal hall, Sr. San Isidro Parish church and the health center in Barangay Kibogtok. The report said all roads and bridges in the province remained passable. The Bukidnon earthquake happened just weeks after three strong earthquakes rocked the Cotabato and Davao areas in Mindanao in October, displacing thousands from damaged homes and disrupting schooling for students as hundreds of classrooms were reported damaged, as well.

‘HYBRID RICE WAY OUT OF RICE-IMPORTS TRAP’ T HE Philippines could stop depending on rice imports if it steps up investments in the production of hybrid rice, according to an industry expert. Dr. Frisco Malabanan, senior technical consultant at SL Agritech Corp., said the estimated 7 percent to 10 percent shortfall in local rice output could be drastically cut if the country would produce hybrid rice in about 1.5 million hectares. This, he pointed out, should be coupled with the correct support in terms of fertilizer and irrigation. “My recommendation, since rice is the staple food of Filipinos, is that there should be really support for hybrid rice production. This technology has been proven and tested to give farmers a 30-percent increase in income as it could double or even

RTL. . .

Continued from A1

Romualdez, chairman of the House Committee on Rules, also vowed to hear the proposal of other lawmakers to address the impact of RTL, saying “everyone deserves to be heard.” On February 2019, Republic Act (RA) 11203 entitled, “An Act Liberalizing the Importation, Exportation and Trading of Rice, Lifting for the Purpose the Quantitative Import Restriction on Rice, and For Other Purposes”was enacted to help support the local rice industry specifically by creating a“Rice Competitiveness Enhancement Fund.” For his part, House Committee on Agriculture and Food Chairman Wilfrido Mark Enverga said suspension of rice importation will help farmers against losses due to the RTL. “Definitely a call for suspension of rice importation and/or raising the safeguard measures will ease the impacts of the rice liberalization law,” he added.

December discussions

ACCORDING to Enverga, his committee will deliberate all the proposals amending, as well as repealing the RTL next month. “There are bills repealing and amending the RTL. These measures will be scheduled this December for deliberations,” Enverga said. “It is a point of consideration for President Duterte. We will welcome any measure that will cushion the immediate impacts of the law to our rice farmers,” he added. Currently, there are five pending bills and resolutions repealing and amending Republic Act 11203 or the RTL. Last week, Bantay Bigas and the National Federation of Peasant Women (Amihan) submitted a petition to the House urging the leadership of the chamber to repeal the RTL.

more than double their yield per hectare,” Malabanan told the BusinessM irror during the first episode of its Farm Fridays podcast. (https:// businessmirror.podbean.com/e/farmfridays-with-jennifer-ng-hybrid-ricetechnology-with-frisco-malabanan/ ) Malabanan noted that it is difficult for the Philippines to be dependent on other countries for its rice supply due to the thin volume traded in the world market and volatility in global production. “Our concern is the thin supply in the world market. But right now we have solutions to produce the sufficient amount of rice requirement of the Filipinos,” he said. “[Investing in hybrid rice production] will ensure that Filipinos would have sufficient rice supply whatever happens to our trade partners,” he added.

Malabanan, who is also a technical adviser to the Department of Agriculture’s hybrid rice program, proposed that the government provide farmers with direct cash assistance so that they could shift to hybrid rice production. “The DA and the government should invest in our farmers. If the government could give billionsworth conditional cash transfer to the poor, then it can also give to farmers planting in the targeted 1.5 million hectares for hybrid rice,” he said. “For example, you just give them P5,000 per hectare for the additional costs incurred for seeds and other inputs. It’s just a small amount to give farmers the proper support, so that they will be able to produce the country’s total rice requirement,” he added. Malabanan said

The groups said their petition was signed by 50,000 farmers in top rice-producing provinces, including Nueva Ecija, Isabela, Pangasinan, Cagayan, Iloilo, Camarines Sur, Tarlac and Leyte. “We strongly hope that the House of Representatives heeds the noble demands of the Filipino people for the attainment of national food security based on self-sufficiency and self-reliance, free from import dependence and grounded on strengthened tenurial rights of rice farmers in the country,” the petition said.

Reiterated

MEANWHILE, House Committee on Ways and Means Chairman Joey Salceda on Tuesday reiterated that the national government has three options, including requesting Congress to impose quatitative restrictions, to stop farmers from incurring losses due to RTL. According to Salceda, the sudden drop in palay prices is due to increased local harvest and the huge volume of imported rice with the RTL. One of the options, Salceda said, is for President Duterte to ask Congress for special powers to impose the quantitative restrictions, which was repealed in the passage of RTL last year. With the surge of rice imports and injury to domestic industry the other option the government may invoke, Salceda said, is Republic Act 8800 or the Safeguards Law to impose 30 percent to 80 percent tariff on imported rice outside the Minimum Access Volume (MAV) of 350,000 metric tons. “RA 8800 is well recognized under our commitments with the WTO [World Trade Organization] and the provisional measure has a maximum period of one year,” he said. The third option, Salceda said, is for the government to provide cash transfers to marginal small-lot farmers and concessional loans to big rice farmers. The lawmaker said a total of 2.1 million farmers will benefit from these options.

Rice imports. . . Continued from A1

Rice traders into hoarding–AER

ON Tuesday, the Action for Economic Reforms (AER) said imposing policy changes at this time will lead to further volatility in rice prices. “Rice traders who anticipate a reversal of the law are hoarding rice, depressing farm-gate prices to the detriment of Filipino rice farmers. Halting implementation would only play into their hands,” AER said. AER said in order to help farmers, the government can directly procure rice from local farmers in order to buoy prices. It tariff collections in excess of P10 billion for the purpose of direct and conditional cash transfers to the rice farmers will provide transitional aid and an incentive for farmers to increase productivity as they continue farming. Earlier, Neda Undersecretary for Planning and Policy Rosemarie G. Edillon told the BusinessMirror that the oversight agency will not comment on the matter pending a review of the study. “We’re not ready to comment on the [PhilRice] study sans a full review. Bottomline, we are aware that there will be negative transition effects, hence the RCEF [Rice Competitiveness Enhancement Fund],” Edillon said. Edillon added that in order to help the sector, the government plans to provide unconditional cash transfers (UCTs) to farmers affected by the rice trade liberalization (RTL) law.

Impact on growth, poverty

HOWEVER, Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told the BusinessMirror

BOP . .

Continued from A1

These could have been higher if not offset by outflows representing payments made by the NG on its foreign-exchange obligations during the month in review. For the period January to October 2019, the BSP said the turnaround from billions of dollars in the red to the surplus territory may be attributed to sustained remittances

he is not against rice importation but it would be better if the country’s staple requirement would be ensured through local output. “There’s nothing wrong about rice importation, it’s part of the open market and globalization. But what I mean is that, given that rice is our staple food, we must see to it that we have enough production for Filipinos,” he said. The DA is eyeing to expand the adoption of hybrid rice in the country through its annual P7-billion rice program to improve farmers’ productivity and income. The country’s rice production from January to September declined by nearly 5 percent to 11.32 million metric tons from 11.909 million metric tons due to reduced harvest area, according to the Philippine Statistics Authority. Jasper Emmanuel Y. Arcalas

these losses would undermine the country’s GDP growth, especially if these continue. He added that these also threaten the achievement of the country’s poverty targets, as well as efforts to meet the Sustainable Development Goals (SDGs). Lanzona said that while these losses were expected, the government still failed at distributing the subsidies to help farmers in timely fashion. He added that there is a need to provide effective programs that can help farmers transition to alternative forms of livelihood.

Villar: It’ll work in long run

At the Senate, meanwhile, Sen. Cynthia Villar, who chairs the Committee on Agriculture and Food, on Tuesday praised President Duterte for clarifying a brewing controversy over the recently enacted rice tarrification law. “I thank the President for allaying the fears of our farmers and for reassuring them that Republic Act 11203 or the rice tariffication law will work for their benefit in the long run,” said Villar. In a statement, Sen. Villar affirmed that “we are in unison that there are kinks that need to be ironed out in the initial phase of its implementation, but we believe that programs under the P10-billion Rice Competitiveness Enhancement Fund (RCEF) will address the perennial woes in the agriculture sector, and will help our farmers and fisherfolks reduce their production cost and increase their productivity and income.” Villar added that as chairman of the Committee on Agriculture and Food in the Senate, “I intend to exercise our oversight function to see to it that the law is properly and faithfully implemented.” With a report by Butch Fernandez

from Filipino migrant workers. ING Bank Manila economist Nicholas Mapa, meanwhile, said the country was able to post a surplus this year on account of financial inflows covering for the sustained bleeding in the country’s trade numbers. “Although the trade gap narrowed from 2018, the current account balance is expected to remain in the red for the balance of 2019. A sharp reversal in risk sentiment and inflation outlook have helped bolster the Philippines as a destination for invest-

Microsoft giving PHL govt special low rates for licensed software By Elijah Felice E. Rosales

@alyasjah

EADING software provider Microsoft Corp. is selling its programs and services to the Philippine government at a lower price to resolve the country’s problem on unlicensed use of software in state agencies. Wordtext Systems Inc. President Juan G. Chua said Microsoft is working with the Department of Budget and Management (DBM) in providing government agencies licensed use of Microsoft programs. The prices under the deal are negotiated particularly for the Philippine government, making them lower than their usual rates when bought in retail stores, he explained. “Microsoft, together with the procurement service, have made Microsoft software available for the different agencies and local governments to buy from procurement service under DBM,” Chua said in an interview with reporters on Tuesday. “The prices there are especially negotiated so the prices are really more competitive than what they would be able to buy outside. It’s really contingent for the different agencies to legalize as well,” he added. In April, the United States government called out its Philippine counterpart for using unlicensed software that exposes its operations to greater risks of security vulnerabilities. The 2019 Special 301 Report of

Pogo. . .

Continued from A1

Edillon said this will work toward discouraging possible excesses in gambling. “In general, you also use fiscal policy to encourage the good and discourage the bad. So in a way this will work to discourage excesses,” Pernia said. “For Pogos that are domestic corporations, they are covered by Section 23 [E], Chapter II of the National Internal Revenue Code [NIRC] and their income shall be subjected to Philippine taxes regardless of whether the same was derived from a source outside of the Philippines,” Panelo said in a news statement issued on Tuesday. “As for those Pogos considered as foreign corporations, they too are taxable but only for incomes which they derived from sources within the country. This is pursuant to Section 23 [F], Chapter II of the NIRC,” he added. However, it also noted that the opinion of the OSG was issued in response to and was based on representations of an official from the Philippine Amusement and Gaming Corp. (Pagcor), adding that this was subject to change depending on the factual circumstances. Over the weekend, Solicitor General Jose Calida said Pogos cannot be taxed, as he was quoted in reports, saying the “source of income of offshore-based operators is the placement of bets on its online betting facility derived from sources without the Philippines.” However, Finance Secretary Carlos Dominguez reportedly said Pogos are providing services to their counterparts in the Philippines, making them subject to income tax. Despite this, the Palace expressed confidence that the DOF, together with the Bureau of Internal Revenue (BIR), can competently evaluate the respective charters and operations of these entities in a bid to subject them to Philippine taxes in accordance with the law. “While the matter is being studied at

ment flows, which is all the more impressive given the fact that direct investments [FDI] have been contracting,” Mapa said. “Financial market turmoil has been kept at a minimum given improved communication from Central Bank officials despite successive rounds of easing now that inflation is under control,” he added. For the remainder of the year, however, Mapa warns of renewed pressure on the country’s BOP. “As we round out the year into 2020, we

the Office of the US Trade Representatives listed the Philippines among the many countries with no rules in place ensuring the licensed use of software in the government. Unlicensed use of software, the report read, puts at risk data and information held by authorities and presents a bad case for intellectual-property rights protection. Further, Chua called on the public to stop the use of counterfeit products and patronize instead authentic software to fight counterfeiting in the market. “If you look at the Philippine software industry also, if people don’t buy original software, how would the software develop first and make money, and how can they survive?” Chua argued. It’s really an obligation for us to use original software; and people tend to forget piracy is really theft. We would not steal things, but it’s so easy for us to use pirated software. I really encourage them not to.” Wordtext Systems, a Makatibased distributor of information technology products, is the official reseller of Microsoft software in the Philippines. In a forum on Tuesday, Wordtext reminded businesses to shift to Windows 10 Pro the soonest, as Windows 7 will no longer receive security updates and support after January 14, 2020. After the deadline, Windows 7 will keep on booting and operating, but users will no longer get free and paid assistance from Microsoft, exposing them to threats, including malware. length by the DOF, what is clear is that the State cannot be denied its right to collect on all applicable taxes on any entity or individual. This is particularly true with regard to the case of individuals working in these companies for certainly, their compensation, salaries or wages for the services they render here are considered taxable income under Section 23 [A] & [D] of the NIRC,” Panelo said. The government, he added, has the authority to tax and that nothing can stop the administration from doing this. “It has been pronounced by the Supreme Court, in a plethora of cases, that ‘Taxes are the nation’s lifeblood through which government agencies continue to operate and with which the State discharges its functions for the welfare of its constituents,” Panelo said. “In order to defray the expenses of the government, the State has, among its inherent powers, the authority to tax. This administration will not be stymied nor estopped by technicalities caused by the exploitation of developing technologies in collecting what is due the government.” On Monday, the House Committee on Ways and Means endorsed for plenary approval a bill imposing on Pogo companies a 25-percent franchise tax and their workers, a 25-percent income tax. Salceda, the panel chairman and author of House Bill 5257, said these Pogo taxes will provide P45 billion for the national government. While Salceda said there are currently 60 Pogo operators in the country, only 10 are registered with the BIR. The Department of Finance (DOF), citing its initial list, said there some 138,000 foreigners working in the Pogo industry, 54,241 of whom have been given alien employment permits, with another 83,760 holding special working permits. The government has also since started its crackdown on delinquent Pogos as the DOF ordered BIR to close down those which fail to withhold and remit the proper amount of taxes from their employees. With Cai U. Ordinario

do, however, expect a slight change in the tides with the Fed expected to be neutral next year and with the government gearing up for a double headed fiscal stimulus,” he said. “These developments could lead to a renewed widening of the trade deficit [as imports bloat] to exert pressure on the BOP while financial flows may enjoy the same velocity in 2020 with the BSP expected to cut policy rates to support the growth objective,” he added.

A4 Wednesday, November 20, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

Chinese gamers help lift wine sales in PHL By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE WINE retail market in the Philippines is expanding, with more Filipinos experiencing increasing amounts of disposable income. In an interview with the BusinessMirror, Romy Sia, managing director of Wine Story said, the rising middle class, who wants the “healthy lifestyle,” has been key to their growing sales. “As the Filipinos get more disposable income, they get more conscious about how important their health is. So they want to eat well, have a healthy life and they also want to enjoy life. And wine is part of that enjoyment.” Medical studies have shown that a glass or two of red wine a day can boost heart health, and protect against some forms of cancer. “So I’m very optimistic about the opportunities for Wine Story. We have a population of 100 million now—so even if I just tap, say 2 percent of that, that’s already 2 million [customers], which will redound to higher sales. And we’re not talking about small transactions. [These are] thousands of pesos per transaction,” he said. Wine Story, which just reopened its second branch at a new location in Up-

town, Bonifacio Global City, is a purveyor of high-end wines from the Bordeaux region in France, as well as wines from the Burgundy and Champagne regions. It is also the exclusive distributor of Petrus in the Philippines, a testament Sia noted, on the growing importance of the country as a wine market. From only 12 bottles allotted to them in 2014, when Wine Story opened its first branch at the Edsa Shangri-La Mall, the chateau now allocates 24 bottles a year to them. “This is a ‘billionaire’s wine.’ Petrus doesn’t do any marketing for its wines. Whatever they produce is already sold. So I’m very proud of that,” he said. “This is about the reputation of the Philippines. When you go to Bordeaux and ask them about Wine Story, they know us.” Petrus made its mark on the Filipinos’ mind when it was revealed that former President Joseph Estrada drank it during his late night “kitchen cabinet” meetings, which cost about at least P100,000 then. A 750-milliliter bottle of Petrus these days will likely set back a customer for about P300,000. “My wines are milestone wines, [which means] if you want something special, or you want to keep, so these are connoisseur’s wine, a collector’s wine. You just don’t buy

WINE Story Managing Director Romy Sia holds up a hefty 2005 Chateau Haut-Brion Premier Grand Cru, which he says, costs about $20,000.

it then drink it. It’s kept for special occasions,” Sia underscored. Most of Wine Story’s clients are corpo-

rates, he said, but “thanks to the influx of the mainland Chinese,” the latter are lifting sales, as well. “They have cash and they don’t know what to do with it, so they buy wines,” he noted. Some 1.2 million Chinese tourists visited the Philippines from January to September 2019, according to the Department of Tourism. Social media is also helping spread the cheer for wines, said Sia, which attracts the millennials. “Because of social media, they learn about wines. Also, people travel now so they get exposed. They go abroad, they get exposed to fine dining. When they come back, it’s not so much about the price [of the wine], it’s about exposure and education. So they’re now familiar with it, they’re not afraid to buy wines anymore.” The proposed annual specific tax rate of 10 percent on imported wines, however, may affect Wine Story’s sales, he admitted. “But again, if you are targeting the top customers, they are not as price sensitive as the ones lower. A lot of our businesses are corporate accounts—they just charge it to their company. But, of course, nobody likes taxes…I can’t do anything about it, I just have to pay them [the government]. We have to pass it on to the consumer who can take the heat; so that’s plus another 10-percent

to 15-percent [increase in price]. So instead of buying two bottles, 1.5 nalang if they can’t raise their budget.” While Wine Story is looking for opportunities to expand in other urban cities like Cebu, but it won’t be as easy to set up another branch. Sia said, “Passionate and knowledgeable wine assistants here in the Philippines simply do not exist. We train all our people from the ground up, and bringing them to Bordeaux is part of their learning, discovering and enjoying wine. Our standards for our frontline staff is simply incomparable. Obviously, it takes a long time to find, hire, train and develop them. So, we won’t open a store, unless we have knowledgeable, fully certified and passionate wine people. Like making great wine, it takes time and we are willing to wait.” Data from the US Department of Agriculture showed that the Philippines imported 13.8 million liters of wine in 2017, from just 9.2 million liters in 2010, from markets around the world. In terms of value, the wine imports grew to $49.8 million in 2017, from $29.2 million in 2010. Wine imports from the US accounted for 23 percent of market value in 2017; followed by Australia at 18 percent; and France at 16 percent.

Lawmaker pushes cash RDC imprimatur for GAA-funded national agency projects eyed transfer for palay growers By Cai U. Ordinario @caiordinario

By Jovee Marie N. Dela Cruz @joveemarie

OUSE Deputy Speaker for Finance Raymund Villafuerte is proposing to allot cash transfers to farmers who may have been affected by the rice tariffication law (RTL). In House Resolution 532, the lawmaker, Congress, can help the government provide instant relief to small palay growers reeling from declining farm-gate prices by passing a measure providing these farmers with cash transfers, or subsidies, to be sourced from rice import tariff collections in excess of the P10 billion earmarked yearly for the Rice Competitiveness Enhancement Fund (RCEF). HR 532 prov ides for congressional authorization for an immediate specia l fund—the proposed R ice Farmer Financial Assistance (RFFA)—to let the Department of Agriculture (DA) grant cash transfers to small farmers to help them cope with low palay prices this main harvest season as a result of the RTL’s lifting of quantitative restrictions on rice imports. “Rather than wait for the excess amount to be appropriated under the national budget for the following year when this was collected, the Congress should act now and do its share in helping our distraught rice farmers survive this temporary drop in palay farm-gate prices and transition to the new rice tariffication regime,” Villafuerte said. Under Section 13 of the RTL, the excess of P10 billion for RCEF shall be earmarked by the Congress for RFFA, titling of agricultural rice land, expanded crop insurance program on rice, and crop diversification program “and included in the General Appropriations Act of the following year.” Once this measure is passed soon enough, the lawmaker said an initial P1.4 billion can be channeled to his proposed unconditional cash transfer plan for the affected farmers, given that the Bureau of Customs has thus far collected P11.4 billion in customs duties from rice imports since the RTL was enacted last March. Under Republic Act 11203, or the RTL, P10 billion will be set aside annually for the RCEF for interventions to sharpen palay growers’ global competitiveness, particularly the provision of farm equipment, easy credit, high-yield seeds, extension work and training, and research and development. Excess collections are to be used

Farm-gate prices of dry palay dropped by as much as P10 per kilo in several rice-producing areas following the implementation of the RTL in March, resulting to “huge income losses for rice farmers and the industry, which is now estimated to be around P50 billion at current prices.”—Villafuerte

for other forms of financial aid to farmers. According to Villafuerte, the provision of cash transfers to affected farmers is one immediate measure that the Duterte administration can implement to strike a balance between rice imports and local palay production. Farm-gate prices of dry palay dropped by as much as P10 per kilo in several rice-producing areas following the implementation of the RTL in March, resulting to “huge income losses for rice farmers and the industry, which is now estimated to be around P50 billion at current prices,” Villafuerte said in HR 532. “There is an urgent need to immediately set up the Rice Farmer Financial Assistance as a supplementary and transitional safety measure to serve as compensation to rice farmers who are farming 2 hectares and below for the reduction or loss of their farm income arising from the tariffication of the quantitative import restrictions on rice,” Villafuerte said. Villafuerte also added that owing to the urgency for providing financial succor to the country’s beleaguered rice farmers, the National Treasury can declare the import tariff collections beyond the P10billion RCEF as excess or surplus income, which the Congress can then authorize to be funneled into the would-be RFFA. He said the passage of his proposed resolution, which will undergo the same process as that of a bill, will have the full force and effect of a law once approved by both the House and the Senate. HR 532 proposes that, “In the exercise of oversight powers of the Congress, the DA shall report on a monthly basis to the House of Representatives and the Senate regarding all pertinent matters relative to the utilization of the Fund.” Villafuerte said the sudden impact of the influx of imported rice led to episodes of farm-gate prices of palay plummeting to as low as P7 to P10 per kilo in major riceproducing provinces.

HE Department of Budget and Management will now require national agencies to submit certifications from the Regional Development Councils (RDCs) before their proposed projects and programs (PAPs) will be included in the National Expenditure Program (NEP). DBM Acting Secretary Wendel E. Avisado said the new requisite will take effect when the government issues the new budget call for 2021 within the month. Avisado said this would also ensure that the government will also be able to better monitor and evaluate PAPs funded through the General Appropriations Act (GAA). “All departments that will be proposing projects for funding, be it DPWH [Department of Public Works and Highways], DA [Department of Agriculture], or DOH [Department of Health], whatever, will have to submit a certification from the RDCs… are duly endorsed by the RDCs,” Avisado said in a speech at the open-

ing ceremonies of the Eighth M&E Network Forum in Ortigas Center. Avisado, who was a former sevenyear chairman of the RDC for Region 11, or Davao region, said he knows all too well the challenges faced by RDCs. He was referring to the issue raised in last week’s Senate hearing on the 2020 national budget proposal which highlighted that only 25 percent of RDC projects are included in the NEP. National Economic and Development Authority (Neda) Undersecretary for Regional Development Adoracion M. Navarro told the BusinessMirror that all RDCs did not fail to submit their PAPs to national agencies and that it was the national agencies who failed to include these projects in the NEP. “Our objective is to increase the batting average where every year more [RDC PAPs] will be absorbed by the national agencies [in their budgets],” Navarro said. She explained there are times when RDC projects are not “shovel ready” and would be placed at the low-end of a national agency’s pri-

orities in a given year. Navarro said there are also gaps in prioritization when it comes to projects and this rests largely on the shoulders of top management in agencies. The Neda official also said there are times when national agencies reduce the amount of project costs of regional projects, lowering their share in total project cost in the NEP. “Idaan ’yan sa proseso, otherwise, tanggalin na lang natin ’yang RDCs. I was RDC chair for seven years, seven years akong cochair ng Region 11 kaya feel ko ’yan, kaya galit din ako,” Avisado said. In a recent Senate hearing on the proposed 2020 national budget, Sen. Panfilo Lacson said RDC proposed projects only accounted for 25 percent of total project costs of various agencies. “What is the percentage of the RDC-approved PAPs compared to what was approved by the national government? When we recomputed, 25 percent, [but] that is still too low. There’s a disconnect between needs and priorities of LGUs [local government units] and spending program

of the national government. How do we narrow the gap?” Lacson said in a mix of Filipino and English. In a presentation, Lacson said RDC proposals for the National Housing Authority (NHA), for example, reached P23.609 million. But none was included in the 2020 NEP. Agencies such as the Commission on Higher Education (CHED) and the DOH also received millions-worth of proposals from RDCs, but only 1 percent were included in the 2020 NEP. The CHED received P520.53 million worth of PAPs from RDCs, but only P2.929 million was granted. DOH received a proposed RDC budget worth P3.567 billion, but only granted P21.86 million. RDCs also proposed budgets to the Philippine Port Authority, Department of Education, and Land Transportation office, but only a minimal percentage of these were included in the 20 NEP, respectively. “Maybe government should exert efforts to capacitate LGUs just to avoid the big disconnect between needs, and priorities of LGUs, and the national government,” Lacson said.

Group nixes AC Energy Devt setting up privatization new solar plant in Zambales of power coops By Lenie Lectura

By Jonathan L. Mayuga

@jonlmayuga

OWER consumers on Monday rejected moves in Congress to privatize electric cooperatives, saying it will only worsen the problem of dirty and costly energy in the Philippines. “Privatization of electric cooperatives for Negros will only worsen the problem of dirty and costly energy,” said Gerry Arances, convener of the Power for People Coalition in a news statement. “Privatization of most of the energy and power industry has given way to big corporations calling the shots in the country’s energy policy at the expense of power consumers,” he said. Arances cited the speech given by Negros Electric Cooperatives Association President Dan Pondevilla during the opening ceremony of the Fifth Annual Neca Team Building Festival at Brooke’s Place, Dumaguete City, last Saturday, calling electric coops in Negros to unite against the proposal. “While we must remain vigilant against this proposal, it also should serve as a challenge to electric coops across the country to get their act together in delivering clean, affordable and reliable electricity in the island,” Arances continued. “We do not want to become like Metro Manila, where privatization has slowed the development of renewable energy, and has led to various pass-on provisions charged to the electric consumer,” said Grid Alila, coordinator of Murang Kuryente-Negros. The youth of Negros decried the proposal, saying privatization will give big corporations greater influence in smuggling coal power plants into the island.

@llectura

C Energy Development Inc., formerly Bronzeoak and San Carlos Clean Energy, announced the development of a new solar power plant project in Zambales. AC Energy Philippines Inc. (Aceph), formerly Phinma Energy Corp., said Tuesday that the Board of Directors approved the investment into and construction of a solar power plant project in Palauig, Zambales, through AC Energy Development. When sought for further details, Aceph President Eric Francia said in a text message that the new solar power project will have a capacity of “600 MW” (megawatts) and will be constructed in “2020.” No additional details were provided by Francia, who is out of the country. Bronzeoak and San Carlos Clean Energy has over a decade of experience in the development, management and operations of renewable-energy projects, particularly with the solar and biomass energy generation companies San Carlos Solar Energy Inc. (Sacasol), Negros Island Solar Energy Inc. (Islasol) , Monte Solar Energy Inc., San Carlos BioPower Inc., South Negros BioPower Inc., and North Negros BioPower Inc. In the same disclosure, the board approved the take over by Aceph of the Philippine Investment Alliance for Infrastructure (Pinai) solar farms in Negros and wind farm in Ilocos Norte. Aceph will purchase Pinai’s 100-percent inter-

est in Sacasol, which owns and operates a 45 MW solar farm in San Carlos City, Negros Occidental, operating under the feed-in-tariff (FiT) regime. Likewise, the board approved Aceph’s purchase of up to 100 percent percent of Pinai ownership interest in Islasol, which owns and operates the 80 MW solar farms in Negros Occidental. Further, the board ratified the Executive Committee’s approval to enter into a share purchase agreement with Pinai fund for the acquisition by Aceph of the latter’s ownership interest in Philippine Wind Holdings Corp. (PhilWind), the parent company of North Luzon Renewable Energy Corp. (NLREC). NLREC owns and operates an 81 MW wind farm in Pagudpud, Ilocos Norte. Earlier, Aceph signed an agreement to acquire Pinai’s shares in Phili Wind for P2.7 billion. PhilWind directly and indirectly owns 67 percent of NLREC, through a 38-percent direct interest and 28.7-percent indirect interest through its 100-percent wholly-owned subsidiary, Ilocos Wind Energy Holding Co. Inc. NLREC, meanwhile, is a joint venture of Aceph’s parent firm, AC Energy Inc., UPC Philippines Holdco I BV, Luzon Wind Energy Holdings BV (an affiliate of Mitsubishi Corp.) and Pinai. Other matters approved by the board in its meeting include an additional short-term credit lines of up to P8 billion, Aceph’s financial statements for the nine months ended September 30 and the company’s budget for calendar year 2020.

www.businessmirror.com.ph

The Nation BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, November 20, 2019 A5

Esper: US encourages intl response to China’s behavior in the region By Rene Acosta

@reneacostaBM

HE Philippines and the United States have agreed to further widen and deepen their defense and security cooperation amid domestic and regional challenges. The commitment was made by Philippine Defense Secretary Delfin N. Lorenzana and his US counterpart, visiting US Department of Defense (DOD) Secretary Mark Esper, following a meeting during the latter’s visit to Manila on Tuesday. Among others, the two defense chiefs agreed to reinforce their defense capabilities, enhance joint military exercises and disaster response initiatives, and collaborate on cyber security. They also committed to construct and improve military facilities under the Enhanced Defense Cooperation Agreement. During the meeting, both leaders declared that the 1951 Mutual Defense Treaty covers and applies to the South China Sea and the whole of the AsiaPacific region. Still, both of them are open to the idea of its review in order to make it more relevant and responsive, given the developments in the region. “Sometime this year, that has to be taken up. I don’t know what will be the outcome, it will be a joint cooperative endeavor,” Lorenzana said. “It’s always good to look at these things from time to time, review and clarify, and strengthen it based on changes in the environment and

world situation,” Esper, on the other hand, said. “I think for all those reasons, it could do so, and for that, we are such strong and capable allies, and we have such great friendship between our militaries and our peoples,” he added. Esper said that its not only the Philippines which is concerned with China’s excessive claims in the South China Sea, but also its neighbors, something that Beijing even pursue beyond existing maritime laws. “There are lack of compliance with international laws and norms, and they are concerned about the course... used by Beijing throughout the region to advance their interests,” he said. Esper encouraged a united international response to China’s behavior in the region. “I think it’s incumbent for all of us to take a very public posture and to assert our sovereign rights, and to emphasize the importance of law,” the US defense chief said. “That’s why the US conducts Fonops [freedom of navigation operations] and I think the statistics said yesterday that we have more Fonops in past year than we have in the past 20 plus years, and so have other countries by the way,” he added. “It is crucial that we stand together to preserve freedom of navigation and overflight, and other lawful uses of the sea. The United States rejects attempts by any nation to use coercion or intimidation to advance its national interests at the expense of others,” Esper added.

Esper also maintained that counter-terrorism cooperation between the US and the Philippines remains an important part of the defense relations between the two countries. He cited the example of Operation Pacific Eagle-Philippines, which, he said, continues to successfully counter Islamic State affiliates and other violent extremist organizations threatening the country. “We stand shoulder-to-shoulder with the Armed Forces of the Philippines [AFP] in fighting terrorism. The United States remains committed to supporting the Philippines’s continued efforts to deny terrorist groups a safe haven in the region,” Esper added. The DOD chief said that he also discussed with Lorenzana a number of other areas to strengthen defense cooperation, including helping to modernize the AFP and improving the country’s maritime security in domain awareness. “We look forward to train in future joint air and maritime patrols to improve our interoperability and to demonstrate our commitment to upholding the long-standing international rules and norms. We also discussed opportunities to enhance our joint military exercises, to strengthen cyber-security awareness and to improve defense infrastructure to further implementation of the Enhanced Defense Cooperation Agreement,” he added. Esper said he was also very pleased with the outcome of Tuesday’s meet-

DWIZ RADIO PROGRAM LAUNCH Todong Lakas DWIZ 882 AM has successfully launched its newest radio program,

“Konek Tambalang Magkukuyang.” Shown in photo are (from left) Bro. Edgar Abalos Cook, vice chairman of SCWC-Konek; Feliciano “Jojo” Narciso, chairman of SCWC-Konek; MW Agapito S. Suan Jr., the Grand Master (The Most Worshipful Grand Lodge of the Free and Accepted Masons of the Philippines); D. Edgard A. Cabangon, chairman of ALC Group of Companies; Dennis Cunanan (chief of staff of Grandmaster Agapito Suan Jr.; (standing, from left) Atty. Aaron Ho; Dr. John dela Cruz; Dr. Jopie Fermin; Ely Aligora, vice president of DWIZ 882; D. Adrian C. Cabangon, president, Insular Broadcasting System Inc.; Atty. Gerard Teruel; Ricky Tan Khoo; Yanzy Baldonado; Dr. Arkhe de Leon; and Dr. Rey Estrella. The program airs from 6:30-8 p.m. Mondays. RUDY ESPERAS

ing, adding that the US’s alliance with the Philippines is absolutely vital to the security and stability of Indo-Pacific, which is their priority region. “I’m confident that as we continue to work closely together we will meet the challenges of the future and preserve the gains that both our nations have worked so hard to achieve,” he said. Meanwhile, Lorenzana said the more than 70 years of friendship between the US and the Philippines defense establishments have continued to

grow stronger, despite some setbacks between the overall bilateral relations. He, however, said such matters are normal in any partnership and despite this, defense relationship between the two countries have proven enduring through the years. Esper left the US last week to attend the 51st USRepublic of Korea Security Consultative Meeting before heading toward Thailand to participate in the Asean-Defense Minister Meeting Plus. With PNA

News

BusinessMirror

A6 Wednesday, November 20, 2019

www.businessmirror.com.ph

Thailand gets another reprieve on WTO ruling

By Elijah Felice E. Rosales

@alyasjah

HE World Trade Organization (WTO) has extended its review of Thailand’s appeal on the ruling invalidating its customs and fiscal measures on Philippine cigarettes, effectively prolonging as well the brewing trade tension between Manila and Bangkok. In a communication dated November 8, the Appellate Body said it failed to comply with the 60-day requirement under WTO rules to come up with a report on Thailand’s appeal. Further, it will not be able to complete the whole proceedings within the mandated 90 days due to the pile of cases awaiting the

panel’s review. “Thailand notified the DSB [Dispute Settlement Body] on 9 September 2019 of its decision to appeal certain issues of law covered in the panel report and legal interpretations developed by the panel in this case,” the Appellate Body said. “As a result, the 60-day period

expires on 8 November 2019. We regret that we will not be able to circulate a report in this case by the date. As is well known, there is a queue of appeals pending. Consequently, we shall not be able to complete this case within the required 90 days. We assume that members understand the circumstance,” it added. Under Article 17.5 of the Understanding on Rules and Procedures Governing the Settlement of Disputes, the Appellate Body is mandated to circulate its report no later than 60 days after the appellant has formally notified the DSB of its decision to appeal. As such, the panel is required to inform the DSB in writing if it fails to provide the report within 60 days, citing the reasons for the delay and the projected period of submission. The provision also states that no proceedings for any case should go beyond 90 days. “When we know more precisely about scheduling the hearing in this

“I talked to the minister a long time ago to implement it because there was that ruling already. We try to convince first Thailand, but that is our next move. If Thailand will not take any action, we will be forced to do the retaliatory move already.”—Lopez

appeal, we will inform the participants,” the Appellate Body said in the communication. Thailand initiated another appeal on the WTO ruling that found its customs and fiscal measures imposed on Philippine tobacco products had violated multilateral trading rules. Bangkok has yet to comply nearly one decade since the WTO issued the decision. Thailand’s noncompliance with the WTO order compelled the Philippines to study its option of retaliating by raising tariff rates on Thai imports, particularly automobiles.

‘No-fly zone’ at SEAG opening, closing sites

By Bernadette D. Nicolas

PHILIPPINE Army soldiers render a salute at the Korean Memorial Pylon after a wreath-laying ceremony in commemoration of the Philippine Heroes for Korean War held at the Libingan ng Mga Bayani, as both countries prepare to commemorate the 70th anniversary of bilateral relations next year. President Duterte will fly to Busan to attend the Asean-Korea commemorative summit from November 25 to 26. He is also expected to meet South Korean President Moon Jae-In on the sidelines of the summit. NONIE REYES

DOLE issues IRR of Service Charge Law By Samuel P. Medenilla

@sam_medenilla

HE Department of Labor and Employment (DOLE) finally signed on Tuesday the much awaited Implementing Rules and Regulation (IRR) of Republic Act 11360, or the Service Charge Law (SCL). A copy of the department order obtained by the BusinessMirror indicated that the IRR will apply to all hotels, restaurants and other similar establishments, which collect service charge—the amount added to the bill for work or service rendered by their crew. “All employees, except managerial employee, as defined herein

under the direct employ of the covered establishment, regardless of their positions, designation or employment status, and irrespective of the method which their wages are paid,” the two-page IRR read. The DOLE was supposed to have come out with the IRR last month, but it opted to postpone its release as the agency wanted to get more inputs from concerned stakeholders. The management representatives of hotel, restaurants have requested for the inclusion of managerial employees in the SCL even if the law explicitly excluded them from its coverage. The SCL defined a managerial employee as “any person with

powers or prerogative to lay down and execute management policies or hire, transfer, suspend, lay-off, recall, discharge, assign or discipline employees or to effectively recommend such managerial actions.” The IRR of the SCL issued by the DOLE mandated that the collected service charge should be distributed “completely and equally” to the qualified workers based on their actual hours or days of work or service rendered. “The share referred to herein shall be distributed and paid to the covered employees not less than once every two or twice a month, not exceeding 16 days,” the IRR read.

The IRR was signed in the presence of Tourism Secretary Bernadette Romulo-Puyat as well as labor and management stakeholders on Tuesday. It will take effect 15 days after being published in a newspaper of general circulation. RA 11360, which amended the Labor Code, stipulates that service charges from hotels and restaurants should be “completely and equally” distributed among covered workers except “managerial employees.” The law was signed by the President last August. Prior to SCL, 85 percent of service fees was given to employees while the remaining 15 percent was retained by management.

LRT 1 operator eyes other revenue streams as tariff hikes get set aside By Lorenz S. Marasigan @lorenzmarasigan

HILE it has adopted an amicable stance on the delayed implementation of tariff adjustments, Light Rail Manila Corp. (LRMC) has so far recorded at least P1.2 billion in foregone revenues, forcing the company to look for more creative ways to cushion the impact on its bottom line. Juan Alfonso, the company’s president, said his group records roughly P400 million per year on fare deficits due to the deferred fare increase on the Light Rail Transit (LRT) Line 1. He added that the facility is due for tariff adjustments for three rounds, one in 2016, another

by trade union Philippine Metalworkers’ Association (PMA), which decried the declining number of workers in the automotive industry, particularly in production. According to the Department of Trade and Industry (DTI), the PMA lodged the petition to apply a safeguard on automobiles to stop the alleged import surge of the product. Car makers are reportedly choosing Thailand and Indonesia as their investment destinations in Southeast Asia, as they can just ship units to the Philippines at zero duty. Official data showed the country’s vehicle imports from 2014 to 2018 reached a total of around 1 million units, with roughly 428,000 units from Thailand and 312,000 units from Indonesia. Direct workers in the motor vehicle manufacturing sector stood at 7,784 in 2014 before slipping to 6,842 in 2015 and dropping to 6,614 in 2016, according to data from the Philippine Statistics Authority.

PHL, S. KOREA IN LAST-DITCH BID TO FINISH TRADE DEAL

HE Civil Aviation Authority of the Philippines (Caap) has declared a “no-fly zone” in the surrounding areas of the Philippine Arena in Bocaue, Bulacan, and New Clark City in Pampanga from November 11 to December 12, where the 30th South East Asian Games will be held. The notice to airmen (Notam) said commercial flights are restricted within three nautical miles of the said areas, while general aviation flights are restricted within 40 nautical miles. The Notam takes effect from 6 a.m. to 11 p.m. during the opening and closing ceremonies of the Games on November 30 and December 11, respectively. The no-fly zone will also include restrictions on the operation of Unmanned Aircraft Vehicles (UAV) or drones. CAAP is seeking the public’s cooperation and is giving assurances that airline operations at Clark International Airport will not be affected by the issuance of Notams. Recto L. Mercene

Last week Trade Secretary Ramon M. Lopez said he is asking the Thai government to observe and implement the WTO ruling instructing Bangkok to align its customs and fiscal measures with multilateral trading rules. Otherwise, Manila will be forced to retaliate by putting tariffs on vehicle imports from Thailand that enjoy duty-free privilege at present under the region’s trade deal. “I talked to the minister a long time ago to implement it because there was that ruling already,” Lopez disclosed. “We try to convince first Thailand, but that is our next move. If Thailand will not take any action, we will be forced to do the retaliatory move already.” Aside from retaliating, the government is seriously considering the application of a safeguard measure on vehicle imports, targeting mostly units shipped from Thailand and Indonesia. The move was triggered by the petition filed

in 2018, and for 2020. “We’ve already written a letter and we’re waiting for them to revert on what the plan is. Hopefully, we can work out something that is win-win. We’re open to discussions with them,” he said, referring to the Department of Transportation (DOTr). For the first two concessional adjustments, the company is seeking an increase of about P5 to P7, resulting in P25 in average fares, or about the same price as bus rides. Currently, fares for LRT 1 rides range from P15 to P30. Since LRMC took over the train line in 2015, no fare adjustment has been implemented so far. Alfonso could not readily divulge

the rate of fare increase for the third round of adjustments, but the concession agreement between the government and the private entity calls for a provisional 5-percent tariff increase every two years. Should it decide not to implement the increase, the government, as the concession agreement provides, may subsidize the commuter fares on the LRT 1. “The revenue impact on us was direct so we have to look at different ways -- we have to look at how to help ourselves manage our expenses, and how to make more money doing other things. So, it’s a challenge,” Alfonso said. One measure it took is the introduc-

tion of a new mobile application called ikotMNL, which has the potential to ttract advertisers. The app serves as a one-stop-shop for train information. It also allows users to plan out their commute ahead by providing a real-time train schedule, fare information, crowd monitoring, and the tourist spots nearby. The future upgrade plans for the app include a partnership with beep card and QR codes for fares and tie-ups with merchants. “Right now, it ’s not a revenue stream...we are looking at potential tie-ups with establishments,” Alfonso said. “We are looking at other non-rail revenue opportunities.”

@BNicolasBM

HE Philippines and South Korea will be holding another round of talks today (Wednesday) in a last-ditch effort to finalize the provisions of the free trade agreement (FTA) between the two countries in time for the President Duterte’s visit to Busan next week. South Korean Ambassador to Manila Han Dong-man said on Tuesday the delegation from Korea will be meeting with its Philippine counterparts in Manila to hammer out a deal that is beneficial to both countries. While he can’t say categorically whether the FTA negotiations will be concluded in time for the President’s visit, he said the window of opportunity is open. “So tomorrow, Korean delegation teams will be visiting Manila to have another round of talks so we do hope that they can make a deal prior to the visit of President Duterte,” Han said during “The Virtual Presser” organized by the Presidential Communications Operations Office-Office of Global Media Affairs. “We import many tropical fruits from the Philippines while we export many manufacturing products so the FTA will eventually eliminate while reduce tariff benefitting both countries. I do hope they reach an agreement soon.” Trade Secretary Ramon Lopez on Tuesday also confirmed the meeting with South Korea on the FTA. “Yes we will try. But if it cannot be finalized, we can agree to continue the negotiations into

next year,” he said in a text message to the BusinessMirror. However, Lopez said he is not that positive that the FTA with South Korea would materialize soon. “I know that the chances for now are slim,” he said in a mix of English and Filipino. Lopez earlier told the BusinessMirror that the FTA talks are becoming difficult lately as negotiators are seeking too many concessions from the Philippines. A source privy to the matter also earlier told this paper that South Korea wants the Philippines to bring down tariffs on automobile and car parts at a drastic rate and with a faster schedule. As for the Philippines, it wants them to reduce their tariffs on banana and agricultural products. The FTA is seen to balance the trade sheet of the Philippines with South Korea. If signed, the FTA with South Korea will only be the country’s second-bilateral trade deal after the PhilippinesJapan Economic Partnership Agreement, which entered into force in 2008. The President is set to visit Busan to attend the Association of Southeast Asian Nations (Asean)-Korea commemorative summit from November 25 to 26. President Duterte is also expected to meet South Korean President Moon Jae-In on the sidelines of the summit. At least four bilateral agreements are expected to be signed during the President’s visit. The four memoranda of understanding (MOU) are focused on social security, educational cooperation, fisheries and tourism. With reports from Elijah Rosales

NGCP energizes Toril substation transformers

HE National Grid Corporation of the Philippines (NGCP) said Tuesday it has energized two transformers in its Toril substation located in Davao. The 300MVA Transformers 1 and 2 in its Toril Substation will boost the voltage requirements of the area and will maintain the quality and reliability of power transmitted to power customers in Mindanao. The Toril substation is part of the Mindanao 230kV backbone project which is expected to be completed this year. The backbone project will enable transmission facilities traversing from the northern to the southern

corridors of Mindanao to accommodate the entry of new power plants and allow existing power plants to be dispatched at their respective maximum capacities and transmitted throughout Mindanao that will solve line congestion and load curtailment. This project is among the 14 major transmission projects lined up for completion between this year until 2040. “For 2019 and onwards, NGCP focuses on upgrading and expanding transmission backbones to support entry of new generating facilities and allow market competition,” the Department of Energy had said in its 2018 Power Supply and Demand report. Lenie Lectura

Agriculture/Commodities

www.businessmirror.com.ph

BusinessMirror Editor: Jennifer A. Ng • Wednesday, November 20, 2019

‘Antitrust agency must probe sugar-pricing scheme of traders’

BLOOMBERG NEWS

By Cai U. Ordinario

@caiordinario

HE National Economic and Development Authority (Neda) called on the Philippine Competition Commission (PCC) to look into possible collusion among sugar traders to maintain the high price of the sweetener. Socioeconomic Planning Secretary Ernesto M. Pernia told reporters on Tuesday that cartels in the sugar industry are the ones creating supply and price problems. Pernia said cartels involve “too many handlers, too

many middlemen” in the domestic sugar trade. “[The] PCC can contribute something to improving the supply of sugar and the prices,” he said. The Neda chief said the PCC should

investigate if there is collusion among sugar traders. This, he said, is necessary in view of the government’s plan to ease the restrictions in importing sugar. Pernia reiterated that the economic team has decided to put on hold the liberalization of the sugar industry and to just focus on the implementation of measures that will cut the domestic price of the sweetener. He said the economic team will give the sugar sector time to adjust to measures suggested by the Department of Finance, such as the profit-sharing arrangement between the producers and the government. If these measures work, Pernia said the government may no longer have to go for “full-scale liberalization.” “[On the] liberalization of sugar,

[government] will probably do it slowly. We’ll try other steps first, if they succeed and then there may be no need for a full-scale liberalization,” he said. Earlier, Pernia said the liberalization of the sugar industry will help bring down the cost of sugar in the country, similar to what the administration is doing with rice through tariffication. Liberalizing the sector may involve the removal of the licensing powers of the Sugar Regulatory Administration (SRA) and the cost in importing sugar. The SRA was created through Executive Order 18 issued by former President Corazon Aquino. It is tasked to issue permits and licenses, as well as collect fees and levies on the processing and manufacture of sugar and its by-products. EO 18 was strengthened by Republic Act 10659 or the Sugarcane Industry Development Act (SIDA) of 2015. Under Section 9, the SRA is tasked to classify imported sugar to meet domestic sugar requirements. Under the SIDA, the Bureau of Customs (BOC) will also require importers or consignees to secure from the SRA the classification of the imported sugar prior to its release. Neda Undersecretary for Planning and Policy Rosemarie G. Edillon explained that these processes make sugar more expensive. She added that importers are charged around P200 per 50-kilogram bag of sugar that they need to import. This cost is termed as the certificate of reclassification rights which importers purchase to obtain an import volume allocation. This will allow them to obtain their shipments from the BOC. Edillon said that even if there were already adjustments made by the SRA to cut red tape and release documents needed after one day, the certificate of reclassification rights remains expensive.

Drones are transforming Malaysia’s palm oil industry

S haze blanketed large tracts of Southeast Asia last month, office workers with Genting Plantations Bhd. in Jakarta were investigating the source of the choking smoke more than a thousand kilometers away. Images collected from drones flying up to 400 meters (about 1,300 feet) above Genting’s oil palms help the company spot fires in remote and inaccessible areas. It’s part of a technology drive catapulting palm oil, the world’s most-consumed vegetable oil, from dependence on manual labor to becoming one of the fastest-growing markets for commercial unmanned aircraft. “We monitor satellite images twice a day and if there are any hot spots near our boundaries, we’ll alert the plantation to take action,” said Narayanan Ramanathan, Genting’s senior vice president of plantation advisory. “If it’s too far away and we can’t access it by road, we’ll send a drone to check.” With oil-palm plantations spread across some 22.3 million hectares (86,100 square miles) of Malaysia and Indonesia—an area almost the size of the United Kingdom, the industry represents fertile ground for drone sales. Agricultural industries accounted for more than a quarter of the $2.67 billion in commercial drone sales in 2016, according to Allied Market Research. Demand will expand about 22 percent a year, reaching $2.44 billion by 2022, it says.

‘Huge potential’

“IN the coming years, use of commercial drones in palm oil plantations is poised to show huge potential,” Yash Doshi, who tracks the aerospace and defense sector for Allied Market Research in Pune, India, said in an e-mail. That’s partly due to growing awareness about sustainable farming and precision agriculture, as well

A PLANTATION worker operates a grabber machine to pick up palm oil bunch in Genting Tanah Merah Estate, owned by Genting Plantations Bhd., in Johor, Malaysia. BLOOMBERG

as government programs, greater use of smartphones, and new “smart” technologies. Worldwide drone sales to agricultural businesses could top $8 billion by 2026, according to Selbyville, Delaware-based Market Study Report Llc. Besides spotting fires, drones are capable of collecting data that can be used to decide if crops have enough water and nutrients, and even to find leakages in irrigation systems. That makes them an efficiency-boosting boon for the palm oil industry. A single drone can capture images of about 2,500 hectares of oil palms a day, while a human can cover only 5 hectares, said William Tao, chief operating officer at Hong Kong-based Insight Robotics Ltd., which provides drone-based services, as well as remote sensing technologies and AI analytic tools to Southeast Asian palm growers.

Snakes, scorpions

WORKERS had traditionally trudged in the tropical heat through dense

grass and sometimes hilly terrain inhabited by snakes and scorpions to monitor plantations by sight. The vast size of plantations and the potential for human error can result in unreliable data. Even where the data are collected using drones, many plantation owners are analyzing the images using artificial intelligence-based systems, Tao said. The use of such tools means images spanning 10,000 hectares can be reviewed by a computer in four hours instead of the 14 days or more that it would take 20 people ordinarily, he said. The technology is especially helpful in assessing the environmental impact of palm oil and their association with rainforest destruction implicated in the choking haze that routinely afflicts the region. “This is a hot topic now,” Genting’s Narayanan said. Malaysia’s fourth largest-listed plantation owner by market value, owns about 20 drones, and uses the services of other providers to monitor and map about 160,000

hectares of oil palms in Indonesia and Malaysia. The aerial devices use high-resolution cameras that snap thousands of pictures for assembling composite pictures, which are then used to count trees and map estates. Genting is also weighing multispectral cameras to monitor palm health and detect pests. Smaller, more nimble drones are used for surveillance, especially of flood and fire in hardto-reach areas. Genting also uses satellites for mapping and surveillance, and is looking to artificial intelligence to analyze those images for more accurate feedback on tree health, yield potential, and nutrient status, Narayanan said.

‘Next big thing’

AGRICULTURE has been an important market for the past couple of years, according to Aerodyne Group, the world’s third-largest drone-services provider. The Kuala Lumpurbased company gets most of its revenue from construction, but expects the proportion of sales to plantation owners to increase beyond the current 10 percent, Chief Executive Officer Kamarul Azman said in an interview. “Agriculture is the next big thing for us,” Kamarul said. “We do know that the market is increasing. We’re focusing more on it.” The increasing demand for unmanned aerial vehicles may reflect the need to improve efficiency in the wake of lower crude palm oil prices, he said. “Plantation companies are very traditional,” Kamarul said, adding that they have a tendency to be “a little bit slow” in adopting new technology. “Everyone is clamoring to save costs and increase their efficiency.” Bloomberg News

A4 Wednesday, November 20, 2019 A8

News

BusinessMirror

www.businessmirror.com.ph

National ID project may be derailed by funding gap By Butch Fernandez

seas Filipinos in 2022. The senator observed that the tunnel-end vision is to register 110 million Filipino citizens and resident aliens and 10 million Filipinos abroad in what is officially called the PhilSys by 2022. To meet this deadline, Recto estimates that 4.3 million registrants must be processed every month by the 5,000 registration kits placed in mobile and fixed registration centers. “But if the critical purchases in the early stage of implementation will not push through for budget lack, then future registration quo-

tas will not be met.” He pointed out that the 2020 scheduled procurement lays the foundation of the project, adding, “without this, the project is crippled, the rollout derailed, its future jeopardized.” Recto observed that “from a government budgeting point of view, the ID project which covers the grant of digital credentials to citizens, is needed to prevent leakages and fraud” in the implementation of various multibillion-peso social programs “such as 4Ps, Universal Health Care and senior pension.”

VP may not get Cabinet appointment after ‘dangerous missteps’

PayMaya transaction volumes swell 3.5 times on ‘Singles Day’

@butchfBM

FTER acting promptly on Malacañnang’s request for Congress to urgently pass a national ID law two years ago, lawmakers lament they have yet to see the Palace ID project implemented. Senate President Pro Tempore Ralph Recto recalled that the Duterte administration had earlier pressed Congress to pass the national ID law, even certifying it as a national project of highest priority, assuring availabity of funds for its

By Bernadette D. Nicolas @BNicolasBM

RESIDENT Duterte is no longer inclined to appoint Vice President Ma. Leonor “Leni” Robredo to a Cabinet position following her talks with certain foreign institutions and personalities tagged as potential “enemies of the state,” Malacañang said on Tuesday. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo told reporters that the President’s change of heart came about when he saw the Vice President’s “dangerous missteps.” “She has talked with certain institutions and people that are supposed to be enemies of the state. To the mind of the President, that is

early implementation. “No wonder Congress complied,” Recto said on Tuesday but noted, “That was two years ago, when we passed the law certified as urgent by the Palace. During the debates then, we were told that the plan was to cover 100 million people in four years.” In a news statement, Recto rued it now appears there is a “wide gap” between intent and implementation. “The proof has always been in the funding. And in the case of the national ID project, it is wanting.”

a dangerous sign. This means, you may not be doing it purposely but it is dangerous,” Panelo said in a phonepatch interview. When asked to identify who was the Palace referring to as “enemies of the state,” the Palace spokesman said these include those who have already negatively prejudged the President’s initiative on the “war on drugs.” Aside from talking to these people, the Palace said, it also did not sit well with the President that Robredo is pushing for an access to classified information. Panelo said giving Robredo unlimited access to sensitive State matters could result to “adverse consequences,” adding that the Vice President has the “tendency to be generous with the acquired information and

Recto reported that when he asked how many IDs have been issued so far, Sen. Juan Edgardo Angara, who was sponsoring the National Economic and Development Authority budget, replied: “Zero.” For 2020, Recto noted there is also “zero funding” for the project in the “programmed portion” of the proposed national budget. “What is provided is a P2.4 billion “unprogrammed appropriation,” which, at best, is a tentative allocation dependent if new loans or revenues can be raised,” the senate president pro tempore said. He

knowledge to others whose predilection may not be in the best interest of the country.” “Ms. Robredo’s insistence on getting access to classified information, a revelation of which could imperil the welfare of the Filipino people and the security of the State, added to PRRD’s [President Rodrigo R. Duterte] reconsideration of his earlier desire to appoint her in the Cabinet. Her requests for unrestricted data to help her fulfill her role is an admission that the earlier criticisms of the political opposition to which she belongs against the anti-drug operations have no factual basis,” he said in a separate statement. Moreover, Panelo also scored Robredo for still not presenting new

added: But even if the P2.4 billion will materialize, it is only about 42 percent of what is needed to fully meet the project’s objectives and deliverables next year.” He estimates that instead of 14 million Filipinos, less than half, or 6.3 million, will be registered in 2020, projecting that this will “trigger a domino effect that will lay in shambles” the project’s timetable. Recto recalled the original plan was to enroll 14 million in 2020; 52 million in 2021, including 5 million overseas Filipinos; and 44 million local residents plus 5 million over-

tacks to solve the drug problem. Sought for reaction following her visit to Navotas to know the drug situation in the local community, Robredo on Tuesday said it doesn’t matter to her whether the post given to her was of Cabinet rank or not. However, she saw nothing wrong with her decision to talk to foreign institutions and government, like the United Nations and the United States delegation, saying she did this to help solve the drug problem. “For me, once I accepted the job, it’s really full stream ahead, [I am just doing] what my assignment entails,” she said in Filipino. She also pointed out that she already submitted a second report to Duterte on the drug problem. However she was quick to pose a

question when the Palace doubted her on her intention of getting the data that she needs. “If they do not have trust me, why did they designate me? Because as co-chair of Inter-Agency Committee on Anti-Illegal Drugs, one of the things I need to do is to ensure the arrest of those in the list of highvalue targets. If they won’t give it to me, then that’s their problem,” she said. Despite this, Robredo said she will still try her best to get hold of a copy of the list of high-value targets. “I will try as much as I can to get the data that I need but again I understand it is up to them. I won’t waste my time fighting…It’s not my problem anymore if they don’t want to give it to me,” she added.

PHirst Park to launch two projects in Laguna and Batangas

HIRST Park Homes Inc., a unit of Century Property Group Inc. said it will launch two more projects with an initial 1,912 units this year in Laguna and Batangas. The two upcoming projects can

generate an estimated P3.5 billion in total sales value from the units and add 22 hectares to the company’s land bank. “We are launching two more projects before the end of the year, in line

with our goal of rolling out 33,000 homes by 2023. With the consistently strong market demand, PHirst Park Homes continues to be bullish in expanding its footprint in key growth centers in Luzon. We hope

families can also take advantage of the opportunity this season to own a brand-new house and lot at a very good price,” PHirst Park president Ricky Celis said. T he 9 -hectare proper t y in Calamba, Laguna, with 891 units, will be launched on November 23, while the Batangas project involving an initial 13 hectares in Nasugbu, Batangas, with 1,021 units, may be offered starting December after securing the necessary permits and licenses. PHirst Park currently has four projects. The first Central Luzon project in Pandi, Bulacan, was launched on October 19, its fourth horizontal community after the 26-hectare PHirst Park Homes Tanza in Cavite, the 20-hectare PHirst Park Homes Lipa in Batangas and the 18-hectare PHirst Park Homes San Pablo in Laguna. With the addition of the two projects, the company has launched a

total of 117 hectares of property, with a total of 10,839 units valued at P19 billion. The company has already completed 517 units and sold 4,630 homes valued at P7.7 billion as of October. “We go beyond the basics as we bring various innovative design concepts and amenities that would allow residents to fully enjoy their hardearned investment. By the end of this year, the company will also launch a new system that would further simplify the buying experience to make it easier for buyers to own their very first home,” Celis said Its projects offer an expandable two-story house and lot, either single-attached or townhouse, that starts at P1.3 million. PHirst Park is a joint venture company of Century Properties and Japan’s Mitsubishi Corp. The company targets to roll out 11 more out of 15 master-planned communities in the next four years. VG Cabuag

By Lorenz S. Marasigan @lorenzmarasigan

IGITAL wallet PayMaya saw transaction volumes balloon by 3.5 times on November 11 this year from the same day last year, when online marketplaces and travel platforms held their largest promos for Filipino consumers. Without disclosing absolute terms, PayMaya Philippines Inc. President Shailesh Baidwan said this exponential growth indicates a “significant shift in digital payments” and signals that Filipinos have started to embrace a cashlite habit. “Online shopping deals and digital payments are a potent mix for Filipino consumers who prefer convenient buying experiences. The accelerated growth in digital transaction volumes during this year’s ‘Singles’ Day’ shopping event is proof of this increasing savviness and growing trust in digital payments among Filipinos,” he said. November 11 is referred to as Single’s Day, popularized in China to mark the start of the holiday season. This year, Filipinos used their PayMaya wallets to pay for travel, goods and appliances. Seven out of the top 10 merchants were from the travel industry, according to data from PayMaya. With the increasing adoption of digital payments, Baidwan said “PayMaya is uniquely positioned to enable both consumers and merchants adapt to increasing digitalization of the Philippine economy.” Currently, the digital wallet enables online payments through physical and digital cards. Transactions span from retail to government services.

House measure proposes mandatory drivers’ reeducation every five years By Jovee Marie N. Dela Cruz @joveemarie

LAWMAKER is pushing for the passage of a measure providing for the proposed mandatory drivers’ reeducation program. In a news conference, Iloilo Rep. Lorenz Defensor said he filed House Bill 3196, citing the accidents involving drivers of both private- and public-utility vehicles rise at an alarming rate. Defensor said traffic violations are also on the upswing, saying the Metropolitan Manila Development Authority (MMDA) recorded 250,219 apprehensions in 2016. In 2016, he added the Land Transportation Office (LTO) recorded 710,759 traffic violations nationwide. The lawmaker said the program aims to reeducate drivers on basic LTO policies on road safety, road rage, anger management, attitudinal driving, traffic signs, road pavements, driver alertness, speed awareness, defensive driving, change course an other subject areas.

While adding infrastructure or changing the system would improve the traffic, he said part of the solution is changing the mentality and the education of drivers here in Metro Manila and all over the country. According to recent reports, Defensor said four people die everyday in road accidents that could have been avoided if drivers were more responsible. Likewise, he said data from the Philippine National Police-Highway Patrol Group (PNP-HPG) showed that 1,186 people died in 9,663 road accidents from January to September 2019 alone. Prior to this, the World Health Organization global status report on road safety cited that from about 10,012 deaths in 2015, the figure rose by 25.75 percent or 12,690 deaths in 2016. “The MMDA attributed human error as the top cause of road crashes in Metro Manila,” Defensor said. “The reeducation of drivers will effectively reduce traffic violations and eventually lessen road traffick deaths,” he added.

“My driver’s license expired last July 24, 2019, my birthday. And I do not intend to renew that until I see that this bill is passed into law because I want to be the first one to undergo the Mandatory Driver’s Re-education Program as an example to all drivers that even members of the House of Representatives are the first to volunteer themselves so this will be followed by everyone—public, private, rich, poor, women, men, young, old,” said Defensor. HB 3196, or the proposed “Mandatory Re-Education Program for All Motor Vehicle Drivers Once Every Five Years” seeks to require all holders of a driver’s license issued by the LTO to undergo a one-day mandatory drivers’ reeducation program once every five years. A certificate of attendance or participation shall be issued and the driver’s name shall be entered in the LTO database for monitoring purposes. Renewal of a driver’s license shall not be processed unless the driver has completed the number of hours of the program.

www.businessmirror.com.ph

Banking&Finance

BDO secures High Tribunal’s nod in court case vs copra exporter

HE Supreme Court has affirmed the ruling issued by the Court of Appeals (CA) compelling a copra exporting firm to pay Banco de Oro (BDO) Unibank Inc., the amount of at least P1 billion representing its unpaid loan obligations obtained more than five decades ago. In a two-page resolution dated November 11, the SC’s Third Division affirmed with modification the CA’s decision issued on November 22, 2018. That CA decision upheld the ruling issued by the Regional Trial Court of Makati City on January 25, 2017. The Makati RTC ordered International Copra Export Corp. (ICEC), Interco Manufacturing Corp. (Interco) and affiliated security companies owned by the Luy family to pay BDO the total amount of P833,589,999.41. However, the Court imposed a 6-percent interest per annum from the finality of the decision until fully paid instead of the 10 percent previously imposed by the Makati RTC. The SC also increased the attorney’s fees awarded to BDO from P25 million to P41.67 million. “Acting on the petition for review on certiorari assailing the decision and resolution, dated November 22, 2018, and July 3, 2019, respectively, of the Court of Appeals, the court resolves to deny the petition for failure to show any reversible error in the challenged decision and resolution as to warrant the exercise by this court of its discretionary appellate jurisdiction,” the SC resolution read. Based on the record, BDO’s predecessor-ininterest, Philippine Commercial International Bank which later on became Equitable PCI Bank (EPCI), have been extending loan and credit facilities to ICEC and Interco. On account of the good standing of the two companies, the loans were consistently renewed without any collateral. Between 1995 to 2007, surety agreement and deed of suretyship were executed between the bank and the Luys. In June 2006, the parties negotiated the collaterization of ICEC and Interco’s loans due to the drastic drop of their export volumes. EPCI proposed that a portion of the total obligation be secured by a real-estate mortgage over the LKG Tower, a building in Makati City owned by ICEC Land. The companies rejected the proposal. On account of defendants-appellants’ refusal to collateralize their loan, EPCI offered them two options. One option is torenew the P900-million loan on a clean slate but subject to a P25-million quarterly amortization beginning November 2006. The second option was to amortize the outstanding obligation of P255 million for five years beginning January 2007 through five annual payments of P51 million. Both options are nevertheless subject to a condition that all the creditors of defendant-appellants shall remain on pari passu. Under said arrangement, their creditors would be treated on equal footing with respect to the uniform absence of collaterals. And, should they provide collaterals to any of their creditors, excluding the real-estate mortgage with the Bank of the Philippine Islands, or if any of their creditors enjoy preferential terms over that of EPCI, these circumstances shall be considered as events of default. By reason of the pari passu agreement, BDO extended the maturity date of defendants-appellants’ loans and even extended credit facilities in various dates in November and December 2008, and January and February 2009, as evidenced by promissory notes. However, BDO discovered that contrary to their representations, ICEC and Interco had been mortgaging and disposing their properties to secure their indebtedness to other creditors. It clamed that ICEC mortgaged units of the LKG Tower to Allied Banking Corp. as a security for its loan. Additionally, the bank found out that the maturity dates of the promissory notes have lapsed without the obligation being settled by the copra exporters. This prompted BDO to seek redress from the court through a complaint for sum of money with application for preliminary attachment. In upholding the ruling of the trial court, the CA did not give weight to the claim of the companies that there was actually no pari passu agreement between them and BDO due to lack of written agreement between the parties. “In this case, the absence of any written conformity of defendants-appellants to the pari passu agreement is not fatal to plaintiff-appellee’s case,” the CA ruled. “The latter only needed to show by a preponderance of evidence that there was indeed an oral representation on the part of the former, which the bank did.” “Conspicuously, the evidence submitted by plaintiff-appellee weigh more than defendantsappellants’ bare denials. Other than denial, no other evidence was submitted by defendants-appellants to prove its defense. As aptly pronounced by the RTC, their plain denial that there was no pari passui representation deserves no weight and cannot overcome the straightforward, unequivocal and categorical declaration of plaintiff-appellee’s witnesses,” it added. Joel R. San Juan

BusinessMirror

Wednesday, November 20, 2019 A9

ADB to charge higher for loans borrowed by a wealthier PHL

By Cai U. Ordinario

@caiordinario

ILIPINO taxpayers would be forced to pay higher for loans secured from the Asian Development Bank (ADB) if the Philippines becomes an upper middle-income (UMI) country by January 2021.

Under the new rules set by ADB, UMI countries with a gross national income (GNI) per capita of $6,976 to $12,375 (using 2018 prices) will now pay up to 30 basis points additional maturity premium depending on the loan tenor. The Philippines is considered a lower middle-income country by the Manila-based multilateral development bank. Based on World Bank estimates, the country’s GNI per capita is $3,830. “The current flat pricing structure offered to our recipient countries borrowing only marketbased loans does not reflect the high level of diversity among these countries in their income levels, capacities to mobilize domestic resources, and access to capital markets,” ADB President Takehiko Nakao said. Recipients of ADB funds are divided into three groups according to their per-capita income levels and creditworthiness. Group A countries are eligible for Asian Development Fund

(ADF) grants and concessional loans, while Group B countries have access to both concessional and market-based loans. Group C countries have access only to market-based loans. The Philippines is part of Group C countries that have four subcategories based on GNI per-capita thresholds. Group C1 countries are lowermiddle countries with incomes below $3,995 (about P202,879.68 at current exchange rates). The Philippines falls under this subcategory. Group C2 countries are UMI countries with income between $3,996 to $6,975. Group C3 countries are the UMI countries with percapita income between $6,976 to $12,375, while Group C4 countries are high-income countries with incomes above $12,375. ADB said the new pricing framework will be more favorable to

Diokno eyes e-payment for ‘sari-sari’ stores, fares

ANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said he envisions a Philippines where electronic payment is used, even in sari-sari stores and for jeepney fares. Diokno, however, said this reality could only come to fruition with the ubiquity of quick response (QR) codes. In a recent speaking engagement, the BSP governor said the use of QR codes, first designed in 1994 for the automotive industry in Japan, will likely enable the propagation of more electronic transactions in the local culture. “Our vision is to have more market vendors, jeepney and tricycle drivers accepting digital payments through QR code linked to transaction accounts,” Diokno said. A QR code is an image consisting of black and white squares which could store information about a certain product, service or transaction. It works similar to a traditional barcode, except that it can be scanned or read via the camera on a smartphone. A transaction account, meanwhile, is attributed by Diokno to easy, affordable and convenient way to pay bills, send money to family wherever they are, pay government fees and make online purchases. “We do not have to take time off our weekends and free time just to fall in line to do these transactions,” the BSP chief said. “All we have to do is use our mobile phones.” Among the benefits of using QR code in basic day-to-day transactions, according to Diokno, is that “people do not have to always bring cash with us when we go to work or the market—thereby reducing risk of theft.” “For market vendors and drivers, that means they do not have to handle cash, which make them less vulnerable to counterfeits aside from theft,” the governor added. “The benefit of using transaction accounts extends to the employers. When employers pay salaries directly to the account of their workers through PESONet, it can potentially lower administrative and overhead costs, and reduce risks associated with cash distributions during paydays,” Diokno said. “As people and businesses use digital payments, they are able to build a rich digital footprint that can be used by banks, fintechs and other lenders in evaluating and granting credit. This means people can have better and wider financing options,” the governor further said. In October this year, the BSP adopted a policy requiring the adoption of a National QR Code Standard (NQRCS) for payments. The newly approved policy prescribing a NQRCS provides that the country’s payment system management body, the Philippine Payments Management Inc., determine such standard in coordination with key stakeholders, particularly payment service providers, both banks and nonbanks. The BSP said the QR technology has emerged the most convenient and cost efficient means of moving funds from one account to another and the use of interoperable QR codes has been gaining traction as an alternative to the traditional debit and credit cards. “A QR code contains most, if not all, of the critical information, such as account name and account number, which are required to be specified in a payment instruction. As such, the use of this code minimizes encoding errors,” the BSP said. “Moreover, it is faster and easier to just scan the code than to dip or swipe a card and sign a charge slip.” Bianca Cuaresma

vulnerable countries, such as small island developing states and countries transitioning from Group B to Group C. The additional income from the new pricing will supplement existing Technical Assistance Special Funds to support policy advice, institution building and knowledge sharing in the region’s developing member-countries. The pricing framework will also help build reserves for expanding ADB’s lending capacity in the long term. “The new structure will enable us to continue engaging with countries at a more advanced stage of development on terms that remain fair and competitive with other multilateral development banks, and contribute to ADB’s long-term sustainability,” he added. ADB said the reform reflects the transformation of the Asia and the Pacific region in the past 50 years. Most ADB recipient countries are currently middle-income countries. These countries, though with relatively higher income and strong financial capacity, still need ADB’s support to tackle pockets of poverty, strengthen institu-

tions, and address climate change and other areas with externalities. ADB’s Strategy 2030, approved in July 2018, set out the direction for ADB to apply differentiated approaches to various groups of countries. The diversification of financing terms is part of the comprehensive institutional reforms that started with the merging of ADF lending operations with the ordinary capital resources balance sheet at the start of 2017, which significantly increased lending for all ADB recipient countries. ADB is also implementing reforms in its procurement framework, digital transformation and human resource management modernization, among others. In May 2019, the Department of Finance (DOF) said the Philippines is prepared for the possibility of graduating from ADB concessional financing once it becomes an UMI country. In an interview, Finance Undersecretary Mark Joven told the BusinessMirror that while the government does not yet know the “state of play” when the country reaches UMI-country status, the government is making the necessary preparations that would

enable the country to finance its development needs in the future. Joven said these preparation measures include fiscal policy reforms that seek to strengthen the capability of the government to general funds, as well as efforts to fast-track “game changing infrastructure projects” that will bring the country “to a higher level of play.” He said, however, that denying concessional loans to UMI countries should not be done given the development challenges UMI countries still face. He said that it does not mean that when a country reaches UMI-country status, it has already addressed its development constraints. He said that no less than the World Bank said UMI countries have “unfinished development agendas” and are still prone to global shocks. The World Bank said UMI countries face “many second-generation challenges” that could undermine their growth. The World Bank said these second-generation challenges are “inequality, unplanned urbanization, gaps in public-sector performance, weak private sector, low levels of innovation and an overall lack of global competitiveness.”

A10 Wednesday, November 20, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Biotechnology is key to PHL food security

EARLY 20 years after the term “biotechnology” was first used in 1919 by Karl Erkey, a Hungarian engineer, hybrid corn was developed in the United States through self-pollination. It was in 1933 when hybrid corn became commercially available in the US and caused corn yields to triple. This, plus other developments such as the discovery that DNA is genetic molecule, helped launch the so-called Green Revolution in many countries. According to the biotech timeline prepared by the International Service for the Acquisition of Agri-biotech Applications (ISAAA), the modern biotechnology era began in 1973 when scientists Herbert Boyer and Stanley Cohen successfully spliced a gene from one organism and moved it into another. In 1978, Boyer’s lab created a synthetic version of the human insulin gene. Four years later, scientists would create the first transgenic plant— a tobacco plant resistant to antibiotic. This paved the way for beneficial traits, such as insect resistance, to be transferred to a plant. More genetically modified crops were developed in the 1990s, but it took a while for these crops to reach the Philippines. The country started cultivating GM corn—the Bacillus thuringiensis (Bt) maize—in 2003. Before allowing the sale of Bt corn seeds to farmers, the government developed a set of guidelines contained in Administrative Order 8, Series of 2002. AO 8 was the first set of biotech guidelines released in Southeast Asia and is considered stringent due to its numerous requirements. ISAAA data showed that Filipino farmers earned an estimated $560 million from planting GM corn from 2003 to 2014. Aside from increasing farmers’ income, GM corn also helped the Philippines in achieving self-sufficiency in corn. The increase in corn production supported the continuous expansion of the livestock and aquaculture sectors, which are dependent on feeds. Recognizing the importance of biotechnology not only to food production but also to human health care, former President Gloria Macapagal-Arroyo signed Proclamation 1414, which declared the last week of November as National Biotechnology Week. This event has undoubtedly increased the awareness of Filipinos on biotechnology and its numerous applications. However, more should be done if we want the Philippines to truly benefit from biotechnology. Filipino farmers have yet to tap other GM crops nearly 16 years after Bt corn was first approved for commercialization. AAMBIS-OWA Rep. Sharon Garin said “regulatory complications” are hampering the commercial release of biotechnology products. Garin refiled House Bill 3372, a measure she authored, which calls for the establishment of the Biotechnology Authority of the Philippines. As a policy-making body, the proposed BioAP will be responsible for reviewing, improving and implementing biosafety regulations for the products of modern biotechnology. If approved, it is expected to expedite the regulatory decision-making process in biotechnology. Garin said the current regulatory regime is based on outdated knowledge and assumptions, and must be revised. In view of the threat posed by climate change and shrinking farm areas to food production, we call on Congress to approve this measure. Local growers must be allowed to gain access to high-yielding varieties that will allow them to feed the country and also increase their income. Traditional farming methods have served their purpose, but these can no longer support the needs of a growing population. 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

Sharing my keto journey Susan V. Ople

SCRIBBLES

N December 1st, I shall be marking the second anniversary of my Ketogenic lifestyle. I lost more than 30 pounds and several inches, and was able to maintain the loss without the usual sweet tooth cravings. Of course, nutritionists and some doctors are not in favor of a shift to a fat-based, lowcarbohydrates diet. I will not argue with them about this. All I can say is that my own doctor, who has been looking after our family’s health needs since our father was alive, has given me the clearance to continue with my keto lifestyle as long as I still take my maintenance medicines for hypertension and glucose management. When my doctor learned that I went on a keto diet, he offered to supervise it. Every three months, I had regular blood tests done to ensure that my cholesterol and sugar levels are within the normal range. He would also give me advice when I felt something was off, or when there were food items that I craved for. I would recommend that anyone planning to go on a keto diet should consult a doctor. I also recommend joining credible online chat groups and Facebook pages to better understand how this diet works. I, for one, am active in the Facebook chat groups and pages started by keto advocate John Paul Titic also known in our circles as “Tito Jhay.” What exactly is a Ketogenic diet?

Wikipedia describes it as a high-fat, adequate-protein, low-carbohydrate diet that is used primarily to treat difficult-to-control epilepsy in children. The diet forces the body to burn fats rather than carbohydrates. Sugar is a no-no for people on a ketogenic diet. I am now used to taking my morning coffee, black, without milk and sugar. I also don’t eat rice and bread (unless baked using almond flour and without sugar), and yes, no pizza! Two years ago, my physical weight ballooned to more than 200 pounds and my dress size had more X’s than a polygamous husband. When I stood before an audience to give a lecture, I found myself catching my breath. In the vernacular, “hinihingal ako.”

A flight of stairs was my concept of hell. Shopping for clothes became a painful exercise of being forced to look at my huge, flabby reflection on a full-length mirror. Today, two years since I started my keto journey, I am in a much better shape. Of course, my obesity is still there. I am still 30 pounds or so overweight. Nevertheless, I can walk several paces longer than before without needing to pause and slowly breathe in and out. Shopping has become a source of affirmation now that I can wear a size 18 top and choose pants that does not have the safety net of a “garterized” waist. To kick off my diet, I subscribed to a one-week home delivery keto diet plan. This was quite convenient since I could easily bring the food containers to work. Every daily diet delivery consisted of breakfast, lunch and dinner, and some snacks in between. After the week was over, I became more conscious of my food intake. I read a lot of articles on keto, and joined numerous chat groups and Facebook pages. It was tough going for the first month. I even had a health scare when my daughter rushed me to the emergency room because of uncontrollable chills. The chills went away when the attending physician gave me some paracetamol. After that incident, I became even more conscious about my intake of water (no more softdrinks and sugar-laden juices, remember?), and adding more

vegetables and protein to my diet. On my doctor’s advice, I also started taking multivitamins and making sure that I got enough sleep and rest throughout the day. I do cheat from time to time but in extremely small doses. Avocados and berries are the only fruits allowed for someone on a ketogenic diet. From time to time, I do eat a banana for its potassium content. Do I exercise? Because of a weakness in my left knee, I can only go swimming or do some walking, though not too briskly. I noticed that my feeling of sluggishness has gone away, and I now have more energy for work and leisure. Reducing sugar or eliminating it completely has done wonders for my health. Some people may think that going on a keto diet means feasting every day on crispy lechon kawali or having chicharon with one’s coffee. In my case, it wasn’t about eating more fatty food. It was more about relinquishing sugar’s control over my palette, and finding out that one can have a satisfying and nutritious meal without an overload of carbohydrates. My journey remains to be a long one, but for now, I am happy to be in full control of my diet, my health and, therefore, my life. Susan V. Ople heads the Blas F. Ople Policy Center 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.

Egypt’s military undermines its economic revival By Timothy Kaldas Bloomberg Opinion

S Egypt marks the third anniversary of its bailout by the International Monetary Fund, the results are decidedly mixed. While the state has managed to significantly reform its subsidy program, lower its budget deficit, strengthen its reserves, and devalue the pound, ordinary Egyptians have paid a significant cost. Austerity measures introduced to improve efficiencies in the market, coupled with the pound’s devaluation, have devastated their purchasing power and driven many into poverty. There is little gain to show for all this pain. Exports are down, the purchasing managers index has been negative nearly every month since the bailout began—indicating economic contraction outside of the oil and gas sector—and non-oil foreign direct investment is small and shrinking. While many contributing variables help explain these disappointing figures, the armed forces’ economic activity through an expanding

network of military enterprises is central to Egypt’s long-term structural underperformance and its failure to properly benefit from the difficult and important reforms it has undertaken in the past few years. The military has played an outsized role in Egypt’s economy since the administration of President Gamal Abdel Nasser. The military competes with the private sector in producing an array of consumer goods, from bottled water to home appliances. Since the 2013 coup the military has grown even more aggressive in expanding its economic empire. One example is the armed forces’ decision in 2018 to build a billiondollar cement factory despite the oversaturation in production capacity in Egypt. As a result, private cement manufacturers, already dealing with oversupply and rising input costs, have come under even greater pressure. The Germanowned Tourah cement plant halted production entirely this summer due to oversupply in the market. As military enterprises grow, investors, both foreign and domestic,

contend with the daunting prospect of competing with an institution that enjoys an array of comparative advantages—from lower taxes to looser regulatory controls, subsidized labor, and privileged access to credit. Naguib Sawiris, one of Egypt’s most prominent business leaders, complained in a recent interview that these advantages have deterred investment in the private sector. Aside from undercutting competition in the market, tax exemptions for military companies hurt the state’s fiscal position. As they take market share from taxable private entities, they cut into Egypt’s tax base. The country’s tax to GDP ratio is already stubbornly low at around 14%. To reduce the deficit and end the dependence on debt-driven stimulus, the government needs that figure to rise, but expanding untaxed military-led economic activity hampers that effort. President Abdel-Fattah El-Sisi has granted military companies a series of no-bid contracts to upgrade Egypt’s long-neglected infrastructure. While this policy may bolster Sisi’s support among his officers, it

adds to Egypt’s already substantial infrastructure bill. Given the country’s economic challenges and significant upcoming infrastructure needs, this approach is wasteful, and possibly unaffordable. The military’s control over the government and its spending priorities also encourages rent-seeking behavior, emphasizing projects that benefit military companies. A military-owned company oversaw the Suez Canal expansion and another now manages the creation of the new administrative capital. To make matters worse, the authoritarian nature of the state denies investors access to information essential to making investment decisions. Much of the media is owned by the state or its institutions. Government data is dubious. The Central Bank’s claim to have floated the pound was challenged when a report found that the central bank had been using large state banks to stabilize the currency and impose a surreptitious peg to the dollar. Sisi floated the idea of listing military companies on the Egyptian See “Egypt,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

The cornerstone of effective teaching By Rolando L. Cabutaje

HE first few years of a child’s formal education is filled with learning fundamental skills and knowledge. The challenge goes not only for the kids but more so for their teachers. Whether you’re a new or experienced teacher, you may feel inundated with new educational materials, theories, and new strategies that are available on the Internet. With all of these available information, it’s becoming difficult to decide which strategies are right for your classroom. Sometimes, the old reliable methods can’t be replaced. These are the tried-and-true systems that you have been using in your classroom, which happen to work best. Working as an elementary-school teacher puts us in a position to handle students from various communities, religious backgrounds and ethnicities. Like us, most public-school teachers are also exposed to children who have different ways of learning. To be effective, therefore, teachers need to be able to help various types of students get the most from their educational experience. Here are some of the more popular teaching styles used in the elementary classroom: Cooperative Learning— gives students the opportunity to work with others and see different points of view. Research shows that students can learn more effectively when working together rather than individually, and it is also known to improve selfconfidence among students. Students can be taught to use different skills when this teaching strategy is adopted: Communication, problemsolving skills, cognition, and critical thinking—all of which are essential for a successful academic career. Inquiry-based instruction or Inquiry-based learning involves students in the learning process so they will have a deeper understanding of the lessons at hand. We are born with the instinct to inquire. As infants we use our senses to make connections to our surroundings. Inquiry-based learning strategies are used to engage students to learn

Egypt. . .

continued from A10

Stock Exchange, framing this as an opportunity for the public and private sector to invest in, and benefit from, military enterprises. To comply with public-trading regulations, military companies would need to dramatically improve their transparency. But some of their privatesector competitors worry that the state could grant these companies yet another legal exemption, allowing public listing at a lower standard of disclosure. This would not only give them another advantage over the private sector, it would also damage the integrity of the EGX in the process. Egypt’s rulers have long prioritized control over growth, and patronage over progress. This has spawned a class of interested parties—the military preeminent among them—that sees no benefit in the reforms needed to lift the country out of poverty, such as reducing red tape and making regulations more consistent, coherent and efficiently applied; streamlining customs procedures; expanding judicial independence; and subjecting military enterprises to the same tax and regulatory burdens applied to the private sector. Such reforms would necessitate ceding power to the public. Preventing that from happening helps preserve the military’s competitive advantage over the private sector. Without these reforms, any appearance of improvement is just that: an appearance. The IMF program may have stabilized Egypt’s fiscal position, but it has not set the country on a path to sustainable growth or recovery. This why the market is reluctant to buy into Egypt’s current trajectory, as is indicated by the negative PMI figures and the stubbornly low levels of FDI, most of which are in the oil and gas sector. Between the cost of patronage, lost investments, and market instability, the military domination of Egypt’s economy is a luxury the country can no longer afford.

by asking questions, investigating, exploring, and reporting what they see. This process leads students to a deeper understanding of any subject matter. Demonstration—Many times teachers rely on demonstration to help their students comprehend what is being taught to them. One of the most common ways that teachers effectively accomplish this is by showing, instead of just telling; by way of computerbased displays and experiments. Hands-on-method—Elementary students generally learn faster when the hands-on method is used. For instance, students will most likely have difficulty in understanding the concept of multiplication if it is just explained to them. However, if they begin experimenting with math teaching tools and practicing this type of problem solving, they will soon understand it better and, as a result, easily recall how it works. The traditional lecture—A standard, formal way of teaching is the traditional lecture method where the teacher assumes the role of an expert and provides facts and figures to students. With this method, students are encourgaged to take notes on the information that is being taught. This teaching method is especially beneficial if a major exam is approaching. It is helpful because it offers students the main topics to study and assists them in organizing a review of the materials being studied. Teachers, however, must be wary of any negative interactions such as misunderstandings, conflict, or criticism among students—especially involving slow learners—because this can weaken teacher-student relationship. If negative interactions are left unaddressed, students may feel disengaged and be less willing to participate in classroom activities. They may also be more likely to misbehave, creating further problems for the teacher. It is therefore important for teachers to“intentionally reconnect”with misbehaving students to restore good relationship, which is the cornerstone of effective teaching.

The author is Principal 1 at Dagupan Elementary School in Allacapan, Cagayan

Hailing Grab across Asia Atty. Amabelle C. Asuncion

Competition Matters

HE “non-millennials” might still remember those hilarious movie scenes where a long queue of passengers competing for a cab on the street would inevitably be beaten by an attractive woman flashing her shapely legs. Within minutes, a cab would dash to pick up the lady, leaving the others to wait and compete again for the next cab. Today, hailing a ride has taken a form beyond imagination. It does not even require one to stand on the street in fear of being defeated by that svelte figure. All it takes is a downloadable app that can track the rider, quote the fare in advance, and pick up the rider, wherever he is. Some of these apps even operate in various countries. One can almost literally book a ride anywhere in the world. At a time where mobility is in itself a commodity, these ride-hailing apps are a gift of this millennium. In the Asean region, there are several ride-hailing apps: Grab, Uber, Go-Jek, Bluebird, MyCar, JomRides, MULA, Riding Pink, Dacsee, Oway Ride, Hello Cabs, PassApp, ExNet, to name a few. Among these, Grab and Uber operated across Asia, including the Philippines, Singapore, Malaysia, Indonesia, Thailand, Vietnam, Myanmar, and Cambodia. In any of these countries, a passenger has the option of hailing a ride using either the Grab or the Uber app, considering factors like price and service quality. However, the two merged in March 2018, combining the two strongest competitors into one. This sent ripples across the Asean competition authorities, which faced the problem of having a market with less competition, to the detriment of the riding public. Investigations were opened to the extent allowed by the respective laws of the jurisdictions. The Philippines, Singapore, and Vietnam reviewed the transaction under their merger control regime

and assessed whether the merger resulted in substantial lessening of competition. Indonesia did not consider the transaction a merger under their law, characterizing it only as an asset transfer with no change in control. However, they monitored the price and the competition in the online transportation market. Thailand’s merger control rules only became effective in December 2018. Malaysia does not have a merger control regime so it investigated instead Grab’s abuse of market dominance. Myanmar’s competition law took effect in 2017 but the competition authority was only formed in October 2018. Cambodia has yet to pass a competition law. Singapore found that Grab and Uber competed in the market for chauffeured point-to-point transport booking/matching platform services. This market covered all point-to-point transport services that could be hailed through a platform, which included taxis that could be hailed in this manner.

Wednesday, November 20, 2019 A11

Given this, the Singapore competition authority assessed that the merged entity likely gained the ability to increase price. In addition, it could tie and enforce exclusive arrangements on the drivers of their chauffeured private hire car rental services. Thus, Singapore found Grab and Uber to have infringed the prohibition against anti-competitive mergers and imposed a total of SG$13 million in fines against both entities. It also enjoined Grab to maintain the premerger pricing, pricing policies and product options and remove all exclusivity arrangements. In Vietnam, the competition authority found that the transaction resulted in an economic concentration having at least 50 percent market share post-transaction, in violation of their law. However, Grab contested the determination of the relevant market and the competition council rejected the findings of the competition authority. In Malaysia, the competition authority provisionally found that Grab abused its dominant position in the e-hailing market by preventing its drivers from promoting and advertising the services of competitors. These had the effect of distorting competition in the relevant market by creating barriers to entry. A fine of MYR86 million is proposed by the competition authority and a daily fine of MYR15,000 if Grab fails to take remedial actions. In the Philippines, a statement of concerns was issued finding that the transaction resulted in the merged entity being a virtual monopoly and having the ability and incentive to increase prices post-merger. Barriers to entry were also identified. To address these concerns, Grab offered commitments not to deviate from their pricing behavior premerger, not to impose exclusivity on its drivers, and to maintain service quality. These commitments were to be

‘Artificial intelligence is a resource of colossal power’ (Russian President Vladimir Putin’s speech at the Plenary Session of the Artificial Intelligence Journey Conference in Moscow on November 9, 2019. President Putin was introduced by Sberbank CEO German Gref.)

AGREED to come here at Mr. Gref ’s invitation and I would like to say a few words with only one objective in mind: to outline the attitude of the Russian state and the Russian leadership to this topic, which, without any exaggeration, has vital importance. Artificial-intelligence (AI) systems in and of themselves are a pinnacle, the essence of advanced technology. Please bear with me if I repeat myself or say trivial things because, let me reiterate, the objective of my speech is to show what the overall attitude of the Russian leadership is towards this topic. Breakthrough achievements in natural sciences and the humanities, from mathematics and physics to psychology and linguistics—this is what artificial intelligence accumulates. It would be hard to find an example of a similar fusion, a fusion of very diverse knowledge and different disciplines. This is also a step into the unknown, just like the great geographical discoveries and space exploration. This is especially true about the socalled strong AI, which can become a foundation and a breakthrough for the whole civilization. Such prospects are a fascinating and daring challenge for brave, talented and enthusiastic people like the ones who have gathered in this room, especially for young people, as they are not afraid of dreaming and working hard. We certainly have such people, and there are more and more of them. This is a very important change in our society overall. Today, hundreds of thousands— and I did not misspeak here—hundreds of thousands of schoolchildren, university students, engineers and researchers are excited about science, the idea of a technological breakthrough. They make up teams across the country, make important discoveries together, create their new solutions and make inventions.

I know that conferences like this one are not organized only in Moscow—and would like to thank Sberbank for that—but also in other Russian cities and regions. This is an absolutely positive initiative aimed at establishing a community of like-minded people throughout the entire country. It is these people, their talent and energy that are the key success factor not only in AI but in all areas of technological progress. We must provide maximum freedom for creativity and business initiative, create the best conditions, a favorable and friendly space for everyone who launches a startup, takes risks, and introduces breakthrough products to the market. Such people must be confident that they are needed and that they will get support, that they can succeed, and succeed here, in Russia. Among others things, we must develop a convenient and effective mechanism of venture financing. And of course, barriers and legislative restrictions should be lifted in technology regulation. For example, we are all perfectly aware of the fact that the real food, fuel for AI is data, massive amounts of data. The better their quality, the greater their volume and completeness, the more effective are the algorithms and the more precise are the results. AI should be given more data and the unnecessary hurdles for using data should be consistently lifted. Naturally—I would like to draw your attention to this—naturally, citizens’ security, observance of their interests and rights must be guaranteed.

We all certainly understand that the borderline here is very thin. We must find a balance between the maximum exposure of information and people’s rights to the protection of this information where they think their privacy must be ensured. In order to collect, store and process data it is necessary to build up cloud platforms, software and hardware systems and to expand access to them for Russian business, science and education. And the pivotal issue, of course, is opportunities for training, for acquiring new competences. I would like to repeat—AI systems can only be made and capitalized by intellectually well-trained people. We have to increase several-fold the volume and quality of training for programmers, mathematicians, computer linguists, data processing and deep learning specialists. Russian universities and colleges must be among the leaders in AI. We also have to raise entire generations of professionals who will be able to fully uncover and use AI technologies, build up industrial and management processes on the basis of advanced solutions, including platform solutions. It is not a question of narrow IT specialists. The ability to work with artificial intelligence, to know their way around in this area and in this environment must be a mandatory requirement for any profession—in the economy, business, education, healthcare, law enforcement, and of course, at all levels of government. Colleagues, I want you to understand, to hear and learn from me that we realize this and we will be striving toward it. AI technology has a tremendous potential of use in absolutely all fields and industries. Let me reiterate, it is vitally important that AI technologies make it possible to get rid of the inertia and sluggishness of the bureaucratic machine, to radically increase transparency and efficiency of administrative procedures,

which is crucial for social stability since only in this case will the people see what the authorities are doing and what they are motivated by when taking certain decisions. It is a vitally important thing. It is necessary to direct these AI capabilities to solving the problems of each specific person and ultimately to change the quality and shape of the entire system of public administration. This is the most crucial condition for solving the large-scale tasks facing Russia. Friends, I would like to thank all those who contributed to the drafting and approval of the National Strategy for the Development of Artificial Intelligence. It outlines our tasks for the coming decade. It is important to act now as quickly as possible by pooling the efforts of the state, the professional community and business to transform plans into real solutions, innovations, competitive products for which there is demand, and our agencies, corporations and companies with state participation bear the greatest responsibility for this. I believe the key criterion of their effectiveness is their ability to ensure and enhance the technological viability of the nation. The weight and significance of the forthcoming work are exceptionally great. We must, and I am confident that we can become one of the global leaders in AI. This is a matter of our future, of Russia’s place in the world. And we can really achieve this as we have our national schools of mathematics, physics, other STEM disciplines, and the humanities. Comfortable and safe cities, accessible and high-quality healthcare and education, modern logistics and a reliable transportation system, exploration of space and the world ocean, and finally, the defense capability of our country—progress in all these areas depends on our advancement in AI now and in the nearest future. Neglecting these changes

effective for a year, ending in August 2019. Prior to the expiration of the term, however, the commitments were extended and amended due to the continuing concerns on the lack of effective competition in the market for on-demand car-based private transportation online booking service through a mobile ride-hailing application. Under the extension, Grab commits to observe a monthly average fare cap so that its fares for the monitoring year starting November 1, 2019, are not unreasonably higher compared to premerger fares. If Grab breaches this commitment, it will refund to the riders their corresponding commission on the excess fare. Furthermore, Grab will not impose exclusivity on its drivers or structure incentives that tend to make drivers exclusive to Grab. Grab has to abide by this commitment for the next four years so as not to foreclose possible entrants. From the actions taken by the various Asean jurisdictions, it cannot be gainsaid that the Grab-Uber merger raised significant concerns on competition in the market— however, the relevant market was defined by each jurisdiction. This merger concretely illustrated how a cross-border transaction could really affect competition in various markets to the disadvantage of consumers. As it also revealed the constraints faced by competition authorities, it further highlighted the necessity of a whole-of-government kind of effort for the effective implementation of competition law and policy. Surely, it is a convenience to be able to hail a Grab ride almost anywhere in Asia. However, the old movies of passengers competing for a cab have ceased to be funny. It is the undeniable responsibility of the government to ensure that the 21st-century digital market is one where it is the cabs/apps that compete for the patronage of consumers.

or rejecting them means eroding and wasting the potential we have. However powerful it is today, tomorrow it may rapidly become hopelessly obsolete and be zeroed out altogether. Let me repeat—artificial intelligence is a resource of colossal power. I have already said that those who will own it will take the lead and will acquire a huge competitive edge. There is good reason to say that the technology race that is already underway will be the toughest and most uncompromising in the history of our civilization, and some even say that humankind is making its final invention. I do not know if this is true, there must be no final invention but there are evidently grounds to believe this, as well. No matter whether this is right or wrong, but AI is really becoming a new factor of social development and has an increasing effect on the labor market and on people’s everyday life. Currently, a discussion is unfolding in the world on the social aspects and consequences of AI use. This is obviously a very important issue. I suggest that the professional community and companies ponder establishing a code of ethic rules of interaction between man and AI. We must always remember: technology must not be invented for its own sake and our key goal is sustainable and balanced development, the growing quality of life and new opportunities for people, for citizens. Because people are the supreme value. And we shall proceed from that, as will the Russian state, so will the professional community, I hope, which deals and will deal with this most important topic, including the people who have convened here today. I would like to thank Sberbank for this initiative and all of you for responding to it and finding time to meet for this discussion. Thank you very much.

on its 41st YEAR

CMMA honors more than 70 mass media workers with the Rock trophy

he distinctive Catholic Mass Media Awards (CMMA) Rock trophy went to more than 70 mass media practitioners for promoting the highest human values and ideals in the most outstanding way in the media. They were recognized for their works in the fields of print, radio, television, advertising, film, music, the Internet, and Student CMMA. More than 700 guests attended the CMMA’s 41st awards presentation last Nov. 13, Wednesday, overflowing the 650-seat capacity of the Teatro ng GSIS (GSIS Theater) at the Financial Center, Pasay City. Guests included almost 300 communication professionals and student journalists who came to the awards night as finalists, bishops and members of the clergy from the different parishes and religious organizations, and community and civic leaders. A total of 58 mass media practitioners, individual and

institutional, received the much coveted Rock trophy as winners of the CMMA, while 18 entries received special citations for exemplary projects in their respective categories. Also presented were two special awards to two institutions for outstanding service through the mass media. The Serviam Award was conferred on the Social Communications Secretariat of the Society of the Divine Word Philippines Central Province, for transmitting Christian values in media-based programs and projects. It is named in honor of Jaime L. Cardinal Sin, whose motto—Serviam or I Serve—defined his servant leadership. The St. John Paul II Award, conferred on media individuals and institutions that use the mass media in creative, innovative ways to spread the gospel message to the most people, was given to the Men of Light, the flagship television program of AMANU (Archdiocesan Media Apostolate Network Unlimited), an organization of lay volunteers based in San Fernando, Pampanga.

Manila Mayor Francisco ‘Isko Moreno’ Domagoso

Fr. Jerome A. Marquez, SVD (third from left), provincial superior of the Society of the Divine Word Philippines Central Province, received the Serviam Award on behalf of their Social Communications Secretariat, along with other SVD Phils. priests. From left: CMMA acting chairman D. Edgard A. Cabangon, Fr. Bel San Luis, Luis Antonio G. Cardinal Tagle, CMMA honorary chairman; Msgr. Julien Kaboré of the Apostolic Nunciature in Manila, Fr. Glenn Paul Gomez, Fr. Nilo Nicasio, Fr. Arlo Yap and Fr. Jerry Orbos.

Manila Archbishop Luis Antonio G. Cardinal Tagle, in a special message, lamented that despite instant messaging and social media, many people remained disconnected from one another. He enjoined communicators to foster authentic human communication through the mass media.

chairman of the board of trustees. Other officers include Antonio L. Henson, vice chairman/trustee; Juan P. Dayang, secretary/trustee; Philip E. Juico, treasurer/trustee; and trustees; Rosie Lovely T. Romulo, Ma. Evelina I. Atienza, Engr. Feorelio M. Bote, Atty. Patricia O. Bunye, Fr. Joselito L. Buenafe, chairman of CMMA Production & trustee; Fr. Rufino C. Sescon Jr., executive director and trustee; and Benjamin V. Ramos, asst. to the Chairman. Fr. Hans Magdurulang is coordinator of the CMMA panels of judges. CMMA winners are passed upon by the panels of judges in the various categories whose members are chosen by the CMMA board of trustees and confirmed by the Archbishop of Manila. Named for their integrity, competence and impartiality, they include communication professionals, academicians, civic and religious leaders and members of the clergy. Following is the complete list of CMMA winners and Special Citation awardees:

The 41st Catholic Mass Media Awards Night will be aired over CNN Philippines on Friday, November 22, beginning at 11 p.m. Manila Mayor Francisco “Isko Moreno” Domagoso called on media practitioners to promote nation-building and to inspire nationalism among Filipinos by reminding the people that social change should start from oneself by assuming a role in national development. The CMMA is now headed by D. Edgard A. Cabangon as acting

Cardinal Tagle gives his message

Cardinal Tagle, Bianca Umali and Miguel Tan Felix of Best Drama Series Awardee Sahaya, and Fr. Rufino C. Sescon Jr., CMMA executive director.

Best Music Video awardee Marlo Mortel (center) with CMMA judge Fr. Ludovico Tacdoro Jr. and trustee Engr. Feorelio Bote.

The University of the Philippines Singing Ambassadors.

Cast of the Best Children and Youth Program awardee Nang Ngumiti ang Langit with CMMA board members Ma. Evelina Atienza (left) and Benjamin Ramos (right).

Don Bosco Technical College-Mandaluyong students who produced the Student CMMA Best Short Film Hapag pose with Cardinal Tagle (left), D. Edgard A. Cabangon and Fr. Sescon (6th and 7th from left).

2019 cmma WINNERS INTERNET BEST WEBSITE n www.phjesuits.org—PHILIPPINE JESUIT AID ASSOCIATION, INC. MUSIC BEST INSPIRATIONAL ALBUM n “CHOSEN” SONGS FROM AN ORIGINAL MUSICAL—VARIOUS ARTISTS JESUIT COMMUNICATIONS FOUNDATION, INC. BEST INSPIRATIONAL SONG n INANG MARIA NG LINDOGON—JAMIE RIVERA / STAR MUSIC BEST MUSIC VIDEO I PRAY—MARLO MORTEL / STAR MUSIC

BEST RELIGIOUS PROGRAM KERYGMA TV—IBC 13 & TV MARIA / SHEPHERD’S VOICE RADIO & TV FOUNDATION, INC.

BEST ENTERTAINMENT PROGRAM n ASAP NATIN ‘TO—ABS-CBN 2

BEST CHILDREN AND YOUTH PROGRAM NANG NGUMITI ANG LANGIT—ABS-CBN 2

BEST SECULAR SONG n ILILIGTAS KA NIYA—GARY VALENCIANO / STAR MUSIC ADVERTISING BEST DIGITAL AD - BRANDED n CHANGING PEOPLE’S LIVES—FRONTROW / CREATIVE PROGRAMS, INC. n SM SO MANY STORIES “TATANG”—SM INVESTMENTS CORPORATION LOGIKA CONCEPTS, INC. BEST DIGITAL AD - PUBLIC SERVICE n FAKE NEWS - UNCONDITIONAL—MANILA BULLETIN

BEST ENTERTAINMENT COLUMN WORD & LIFE BARKADA—GLADY V. RAMOS / WORD & LIFE PUBLICATIONS

BEST CHILDREN’S MAGAZINE n BACKPACK—REX BOOK STORE, INC. / CMN-ASIA, INC.

BEST TV AD - BRANDED ONE LOVE, ONE PINAS—ABS-CBN CORPORATION / ABS-CBN CREATIVE COMMUNICATION MANAGEMENT

BEST TV AD - PUBLIC SERVICE ELSA AND SARAH—ABS-CBN NEWS / ABS-CBN CREATIVE COMMUNICATION MANAGEMENT

TELEVISION BEST PUBLIC SERVICE PROGRAM n REPORTER’S NOTEBOOK “SILANG PINAKAMAHIRAP”—GMA 7

BEST COMIC STORY ANG TUGTOG NG BUHAY NI MANG DIEGO—ORLY AQUINO / THE BREAD BASKET

BEST DRAMA SERIES / PROGRAM n SAHAYA—GMA 7

BEST CHILDREN’S SHORT STORY MY FIRST PRAYER BOOK—SCARLET SNOW BELO CREATIVE PROGRAMS, INC.

BEST NEWS PROGRAM AKSYON—TV5

BEST FAMILY-ORIENTED MAGAZINE FAMILY MATTERS—DON BOSCO PRESS, INC.

RADIO BEST NEWS FEATURE n JUEVES SANTO—96.3 STAR FM DAVAO / BOMBO RADYO PHILIPPINES

BEST ENTERTAINMENT PROGRAM RADYO BALINTATAW—DZRH / MANILA BROADCASTING COMPANY

BEST PUBLIC SERVICE PROGRAM n OPERATION TULON—DZRH / MANILA BROADCASTING COMPANY

BEST INVESTIGATIVE REPORT CHURCH AS HEALING HEALER OF DRUG WAR WOUNDS—MARIEJOE RAMOS & KRIXIA SUBINGSUBING / PHILIPPINE DAILY INQUIRER BEST NEWS PHOTOGRAPH PACKED WITH DEVOTION—MARK ALVIC ESPLANA PHILIPPINE DAILY INQUIRER

BEST COUNSELING PROGRAM n TALK TO PAPA—BARANGAY LS 97.1 / GMA NETWORK, INC.

STUDENT ORGAN - COLLEGE SENSUS COMMUNIS: THE LATHE JOURNAL—BATANGAS STATE UNIVERSITY

LITERARY PUBLICATION THE GUILDS: REMEMBER ERLINDA—BATAAN PENINSULA STATE UNIVERSITY - MAIN CAMPUS

MUSIC INSPIRATIONAL SONG n I PRAY—MARLO MORTEL / STAR MUSIC ADVERTISING PRINT AD - PUBLIC SERVICE n ELECTION 2019 - BIDDING—MANILA BULLETIN

TV AD - BRANDED TAGAY 2.0—GINEBRA SAN MIGUEL, INC. / ASPAC-DAN

BEST YOUTH MAGAZINE FISH: THE ZANY SIDE OF LOVING GOD—SHEPHERD’S VOICE PUBLICATIONS, INC.

CINEMA STUDENT’S CHOICE AWARD FOR BEST FILM n THROUGH NIGHT AND DAY—VIVA FILMS

TELEVISION TV SPECIAL n ANG BABAE NG BALANGIGA—ABS-CBN 2 SPECIAL EVENT COVERAGE n BATTLE FOR MANILA BAY—PTV 4

BEST EDUCATIONAL PROGRAM n BOMBO LIFESTYLE—BOMBO RADYO ILOILO PEOPLE’S BROADCASTING SERVICE, INC. BEST NEWS PROGRAM n SUPER BALITA SA UMAGA, NATIONWIDE—SUPER RADYO DZBB GMA NETWORK, INC. n RADYO PATROL BALITA ALAS-SIYETE—DZMM RADYO PATROL 630 ABS-CBN CORPORATION

BEST PUBLIC SERVICE PRINT AD n HIS HOME—FAITH COLLEGES

BEST NEWS COMMENTARY n ANONG SAY N’YO?—SUPER RADYO DZBB 594 / GMA NETWORK, INC.

BEST STUDENT ORGAN - GRADE SCHOOL n HASIK—LA SALLE GREEN HILLS

RADIO NEWS FEATURE n MOTHER’S DAY—102.7 STAR FM MANILA / BOMBO RADYO PHILIPPINES

BEST PUBLIC SERVICE RADIO AD BOTTLE OF PEACE—OUR LADY OF CAYSASAY ACADEMY

STUDENT CMMA BEST SHORT FILM n HAPAG—DON BOSCO TECHNICAL COLLEGE - MANDALUYONG

BEST STATION ID TV5 STATION ID—TV5 NETWORK

BEST DRAMA PROGRAM GENESIS—102.7 STAR FM MANILA / BOMBO RADYO PHILIPPINES

BEST COMEDY PROGRAM DADDY’S GURL—GMA 7

BEST BUSINESS PROGRAM RADYO NEGOSYO—DZMM RADYO PATROL 630 / ABS-CBN CORPORATION

STUDENT ORGAN - HIGH SCHOOL TEENIG KONGRESYONALYAN—CONGRESSIONAL INTEGRATED HIGH SCHOOL

BEST TALK SHOW n MAGANDANG BUHAY—ABS-CBN 2

BEST RADIO AD - PUBLIC SERVICE n MOR MAMAKULIT NA PAALALA—MOR 101.9 FOR LIFE MANILA ABS-CBN CREATIVE COMMUNICATION MANAGEMENT

SPECIAL CITATIONS STUDENT CMMA SHORT FILM n PEREGRINO—THE DOMINICAN STUDENTATE

BEST SECULAR ALBUM n SUPERHERO—JED MADELA / STAR MUSIC

BEST BUSINESS COLUMN ALL IN THE FAMILY—QUEENA N. LEE-CHUA / PHILIPPINE DAILY INQUIRER

BEST STUDENT ORGAN - HIGH SCHOOL THE SAGE—SOPHIA SCHOOL

CHILDREN AND YOUTH PROGRAM TOPPSTAR TV—GMA 7

DRAMA SERIES / PROGRAM MY SPECIAL TATAY—GMA 7

ENTERTAINMENT PROGRAM THE CONCERT SERIES—MONSTER RX 93.1 AUDIOVISUAL COMMUNICATORS, INC. DRAMA PROGRAM SA KANYANG PANAHON—DZRH / MANILA BROADCASTING COMPANY

BEST ADULT EDUCATIONAL/cultural PROGRAM BIYAHE NI DREW—GMA NEWS TV

BEST TV SPECIAL 7 LAST WORDS—ABS-CBN 2 / MISSION COMMUNICATION FOUNDATION, INC.

PRINT BEST SPECIAL FEATURE n BATTLE VS CYBERPORN—ADOR VINCENT MAYOL PHILIPPINE DAILY INQUIRER

BEST NEWS MAGAZINE n KAPUSO MO, JESSICA SOHO—GMA 7 BEST SPECIAL EVENT COVERAGE UNANG HIRIT SA VATICAN AT ITALY LIVE SPECIAL COVERAGE—GMA 7

BEST STUDENT ORGAN - COLLEGE THE VARSITARIAN—UNIVERSITY OF SANTO TOMAS

PRINT CHILDREN’S MAGAZINE n THE BREAD BASKET—REX BOOK STORE, INC. / CMN-ASIA, INC.

BEST EDITORIAL CARTOON n FAMILY BUSINESS—ALBERT G. RODRIGUEZ / PHILIPPINE DAILY INQUIRER

BEST OPINION COLUMN n PUBLIC LIVES—RANDY DAVID / PHILIPPINE DAILY INQUIRER

BEST LITERARY PUBLICATION PHOENIX—LYCEUM OF THE PHILIPPINES UNIVERSITY - BATANGAS

CHILDREN’S SHORT STORY ANG KAHON NG PABAON / THE BOX OF MEMORIES— EUGENE Y. EVASCO / VIBAL GROUP n THE BEAUTIFUL TREE—MIKO LAMBINO / THE BREAD BASKET

BEST LOCAL COMMUNITY/ PARISH NEWSPAPER n ST. JOHN BOSCO TODAY—DON BOSCO PRESS, INC.

BEST TV PRODUCTION PWDENG-PUWEDE—UST ANGELICUM COLLEGE, INC.

SPONSORED BY:

BEST PUBLIC SERVICE TV AD THE DANGERS OF CYBERBULLYING/INFOGRAPHICS—UST ANGELICUM COLLEGE, INC.

INVESTIGATIVE REPORT GREENING PINATUBO—TONETTE OREJAS AND ALLAN MACATUNO PHILIPPINE DAILY INQUIRER

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

The World BusinessMirror

HK-style protests could happen in Singapore, minister warns

SCALATING violence between pro-democracy prot e s t e r s a nd p ol i c e h a d pushed Hong Kong to “ breaking point,” Singapore’s Trade and Industr y Minister Chan Chun Sing said, war ning a similar situation could “easily happen” in his country if the government is complacent. Speaking to reporters from his offices in the city-state on Monday, the trade minister said Singapore should heed the lessons from what has occurred in Hong Kong, especially while “Singapore’s relevance to the world is never a given.” “Unless calm is restored, dialogue commences and constructive actions taken, there will be grave doubts about Hong Kong’s future and the sustainability of its current governance model,” local media reported him as saying. “What has happened in Hong Kong can easily happen to Singapore if we are complacent or not careful.” Tensions in Hong Kong have run high in recent days as pitched battles between police and protesters on Monday led to raging fires, tear gas and flaming vehicles. A two-day siege at Hong Kong’s

Polytechnic University has raised fears of a crackdown on hundreds of protesters who remain trapped on a campus surrounded by police. Still, public demonstrations are rare in Singapore. Under restrictive laws, cause-related gatherings are illegal without a police permit and participants are subject to hefty fines. There are also concerns a controversial “fake news” law that took effect in October could be used by authorities to clamp down on free speech. Chan said political leaders should put the people’s interests ahead of those of the party, while governments should focus on long-term issues, not just “the here and now.” “City-states that are unexceptional will also not last long in history,” he said, urging against the use of violence to resolve conflicts.. The comments come as Singapore is expected to announce elections, which must be held by April 2021 but are commonly called early. They are widely expected to be won by the ruling People’s Action Party, which has dominated Singapore’s politics for six decades. Bloomberg News

Flood-hit Venice’s dwindling population faces mounting woes

ENICE, Italy—One of only four oar makers for Venice’s famed gondoliers, Paolo Brandolisio wades through his ground-floor workshop for the third time in a week of record-breaking floods, despairing of any help from national or local institutions. “If these phenomena continue to repeat themselves, you have to think about how to defend yourself,”he says.“Because the defenses that the politicians have made don’t seem to be nearly enough.” “You have to think of yourself,” he repeats. Venetians are fed up with what they see as inadequate responses to the city’s mounting problems: record-breaking flooding, environmental and safety threats from cruise ship traffic and the burden on services from over-tourism. They feel largely left to their own devices, with ever-fewer Venetians living in the historic part of the city to defend its interests and keep it from becoming mainly a tourist domain. The historic flooding this week—marked by three floods over 1.5 meters (nearly 5 feet) and the highest in 53 years at 1.87 meters (6 feet, 1 inch)—has sharpened calls to create an administration that recognizes the uniqueness of Venice, for both its concentration of treasures and its increasing vulnerability. Flood damage has been estimated at hundreds of millions of euros (dollars), but the true scope will only become clear with time. Architectural masterpieces like St. Mark’s Cathedral still need to be fully inspected and damaged manuscripts from the Music Conservatory library treated by experts—not to mention the personal losses suffered by thousands of residents and businesses. “I feel ashamed,” said Fabio Moretti, the president of Venice’s historic Academy of Fine Arts that was once presided over by Tiepolo and Canova. “These places are left in our custody. They don’t belong to us. They belong to humanity. It is a heritage that needs to be preserved.” The frustration goes far beyond the failure to complete and activate 78 underwater barriers that were designed to prevent just the kind of damage that Venice has endured this week. With the system not yet completed or even partially tested after 16 years of work and €5 billion ($5.5 billion) invested, many are skeptical it will even work. “This is a climate emergency. This is sick governance of the city,” said Jane Da Mosto, an environmental scientist and executive director of the NGO “We Are Here Venice,” whose aim it is to keep Venice a living city as opposed to a museum or theme park. Brandolisio, the oar builder, sees systemic lapses in the official response, including the failure of local authorities to organize services

immediately for those in need, an absence filled by volunteers. That included both a network of students who helped clear out waterlogged property for those in need and professionals like water-taxi drivers who offered transport during the emergency. For now, he is taking matters into his own hands. To protect his bottega where he not only makes oars but carves ornamental oar posts for gondolas or as sculpture, Brandolisio said he will have to consider raising the floor by at least 20 centimeters and buying a pump—precautions he never previously deemed necessary. “I think I will lose at least two or three weeks of work,” he said. “I will have to dry everything. Lots of things fell into the water, so I need to clean all the tools that can get rusty. I need to take care of wood that got wet, which I can’t use because it cannot be glued.” At the public level, proposals for better administering the city including granting some level of autonomy to Venice, already enjoyed by some Italian regions like Trentino-Alto-Adige with its German-speaking minority, or offering tax breaks to encourage Venice’s repopulation. Just 53,000 people live in the historic part of the city that tourists know as Venice, down by a third from a generation ago and dropping by about 1,000 people a year. The population of the lagoon islands—including glass-making Murano and the Lido beach destination—is just under 30,000, and dwindling too. That means fewer people watching the neighborhood, monitoring for public maintenance issues or neighbors in need. Many leave because of the increased expense or the daily difficulties in living in a city of canals, which can make even a simple errand a minor odyssey. Activists also say local politicians are more beholden to the city’s mainland population, which has jumped to 180,000 people not directly affected, for the most part, by the same issues as the lagoon dwellers. They are pushing for passage of a referendum on Dec. 1 that would give the historic center and islands their own administration, separate from that serving more populous Mestre and the industrial port of Marghera. Those areas were annexed to Venice by the Fascist dictator Benito Mussolini, and not necessarily a natural fit. “It is precisely because we also have a climate emergency that this kind of thing is more important,” Da Mosto said. “The only thing we can do for the climate is to prepare. That requires appropriate policies and investments and responsible engineering. And because the political context of Venice is so wrong, Venice doesn’t have a chance at the moment.” AP

Wednesday, November 20, 2019

A13

Campus under siege as Hong Kong police battle protesters

ONG KONG—The police tightened their siege of a university campus where hundreds of protesters remained trapped overnight on Tuesday in the latest dramatic episode in months of protests against growing Chinese control over the semiautonomous city. In yet another escalation for the movement, protests raged across other parts of the city, fueled by palpable public anger over the police blockade of Hong Kong Polytechnic University and the desire to help the students stuck inside. Now in its fifth month, the Hong Kong protest movement has steadily intensified as local and Beijing authorities harden their positions and refuse to make concessions. Universities have become the latest battleground for the protesters, who used gasoline bombs and bowsand-arrows in their fight to keep riot police backed by armored cars and water cannon off of two campuses in the past week. China, which took control of the former British colony in 1997 promising to let it retain

its autonomy, f lexed its musc les, send ing t roops outside their barracks over the weekend in a cleanup operation. China’s ambassador to Britain accused the UK and the US of meddling in the country’s internal affairs and warned that the Chinese government “will not sit on our hands” if the situation in Hong Kong “becomes uncontrollable.” “These rioters, they are also criminals. They have to face the consequences of their acts,” said Cheuk Hau-yip, the commander of Kowloon West district, where Polytechnic University is located. “Other than coming out to surrender, I don’t see that there’s any viable option for them,” he said, adding that police have the ability and resolve to end the standoff. Authorities, meanwhile, were

dealt a setback Monday when Hong Kong’s high court struck down a contentious ban on wearing face masks in public imposed last month, ruling it unconstitutional. The pitched battle for control of Hong Kong Polytechnic University began last week as demonstrators for days fortified the campus to keep the police out. On Monday, cornered by security forces determined to arrest them, they desperately tried to get out but faced a cordon of officers armed with tear gas and water cannons. Senior government officials said they were trying to de-escalate the situation and urged the protesters to leave peacefully and cooperate with police—.advice that seemed certain to lead to arrests and therefore strengthened the protesters’ resolve to resist. Before dawn on Tuesday, police allowed a group of minors to leave the campus after their high school principals secured a promise that they could go home safely. Police took down the teenagers’ details and they could still face prosecution later, local broadcaster RTHK reported. The teens, some wearing masks to protect against tear gas, were seen hugging their principal as they left the cordoned-off university campus. A day earlier, security forces repelled one escape attempt with

tear gas, driving hundreds of protesters back onto the campus. Later, huge crowds of supporters advanced on foot toward the police from outside the cordon to try to disrupt the police operation. Some protesters descended by ropes from a footbridge to a road below, where they were met by motorbike riders trying to help them flee as police fired tear gas. A l l d ay Mond ay, mu lt iple protests disrupted traffic in the Asian financial center, where sc hools rem a ined c losed be cause of safety concerns stemming from the demonstrations, which began in June but have become increasingly violent in recent weeks. Riot officers broke into one university entrance before dawn on Monday as fires raged inside and outside, but they didn’t appear to get very far. Fiery explosions could be seen as protesters responded with gasoline bombs. Police, who have warned that everyone in the area could be charged with rioting, said 154 arrests were made over the weekend. A total of 4,491 arrests have reportedly been made since the protests began in June. Local council elections scheduled for Sunday were at risk of being delayed because of the unrest, said Patrick Nip, Hong Kong’s secretary for constitutional affairs. AP

Trump, Kim at odds as deadline looms in nuclear talks

HE bon hom ie bet ween President Donald J. Trump and North Korean leader Kim Jong Un is nearing a key deadline showing new signs of strain. Trump urged Kim over the weekend to “act quickly” to get a nuclear deal done, suggesting the two leaders could meet again “soon.” His comments came hours after North Korea ruled out nuclear talks without a policy change by the US and reported on a military drill observed by Kim himself. Veteran North Korea nuclear adv iser, K im Kye Gwan, told Trump that Pyong yang will no longer give him “things to boast about,” the state’s official KCNA news agency on Monday quoted him as saying. He added North Korea is no longer interested in talks that the US “uses to buy time.” Trump and Kim Jong Un, who have previously displayed what Pyongyang calls “mysteriously wonderful chemistry,” appear to be going in different directions as the clock ticks down. Kim has given Trump until the end of the year to ease up on sanctions or risk him taking a “new path,” meaning a possible escalation of military tensions during the US presidential campaign.

A senior US Defense Department official said on Monday the Trump administration has left the door open to talks but North Korea’s attitude so far has not been helpful. Washington wants Pyongyang back at the table and to abide by its pledge to work toward denuclearization, the official said. But North Korea has turned a cold shoulder to the talks, with its Korean Central News Agency on Monday citing Kim Yong Chol, a top aide to its leader as saying: “We have nothing pressing and have no intention to sit at the table with the tricky US.” There can be no trust until America drops its “ hostile policy” toward North Korea, said the aide, who visited Trump at the White House in January as part of a rare North Korean delegation to Washington. North Korea often uses the state-run media to issue its highest public pronouncements to the outside world, and has published statements in recent days painting a bleak picture of the nuclear discussions. The talks have accomplished little since Trump and Kim Jong Un agreed to “work toward complete denuclearization of the Korean Peninsula” in their first meeting in June 2018.

After more than a year of talks and three Trump-Kim Jong Un meetings, the two sides remain divided on issues from sanctions rel ief to d isa r ma ment. Even though North Korea hasn’t taken any major steps to give up its weapons, Kim has won concessions from Trump that include canceling some US-South Korean joint military drills that have drawn Pyongyang’s anger. North Korea hasn’t explained what K im Jong Un intends to do on his “new path,” although the regime has often referred to his decision to halt tests of nuclear bombs and intercontinental ballistic missiles two years ago. In May, North Korea resumed tests of shorter-range ballistic missiles. K im may feel less pressure to cut a deal because he’s been successfully poking holes in the global web of sanctions against North Korea. Still K im will be hard pressed to find a better US negotiating par tner than Trump, who shrugged off longstanding US policy to meet with the North Korean leader in the first place. “North Korea knows that the best way to approach the US in an attempt for sanctions relief is to start from the top,” said Choi

Soon-mi, a professor on North Korean studies at Ajou Institute of Unification. That may explain why the regime launched a verbal attack on former Vice President Joe Biden, denouncing him as a “rabid dog” in a KCNA commentar y last week. Biden has been critical of Trump’s North Korea policy and his personal praise for dictators. Trump offered an unexpected response of his own on Twitter, mocking Biden as “sleepy and very slow,” but “somewhat better than” a rabid dog. T he Nor t h Korea wa r ning about US nuclear talks came despite the US’s decision to suspend another round of militar y dr ills w ith South Korea. Defense Secretary Mark Esper said on the sidelines of a regional security conference that Washington and Seoul had “ jointly decided to postpone this month ’s combined f lying training event” after “close consultation and careful consideration.” Pyongyang last week blamed US-South Korean military drills “as a main factor of screwing up tensions and on Monday KCNA cited a top official as saying the cancellation wouldn’t help negotiations. Bloomberg News

15 killed, 9 injured in northern China coal mine explosion

EIJING—A gas explosion inside a coal mine in northern China has killed 15 miners and left another nine injured, authorities said on Tuesday. The blast occurred on Monday afternoon at a mine operated by the local Feng Yan Group in Shanxi province’s Pingyao county. Rescue work was halted early Tuesday morning after everyone was accounted for.

The Shanxi provincial work safety administration said 11 miners escaped without injury and the cause of the explosion was being investigated. While relatively small in scale, the mine had been cited last year for failure to provide adequate training for workers. Gas explosions in mines usually occur when volatile methane, also known as coal gas, is not properly ventilated after

leaking from the seam. At a high concentration, the gas can be ignited by a simple spark, open flame or electrical equipment, setting off second explosions of coal dust in the air. Such a scenario was blamed for the world’s deadliest mining accident, at the Benxihu, or Honkeiko, colliery in northeastern China’s Liaoning province in 1942 while it was under Japanese

military management. A total of 1,549 workers were believed to have been killed, almost all of them Chinese. China’s mines have long been the world’s deadliest, accounting for about 80 percent of all mining deaths globally. A drop in the price of coal, safety improvements, better training and the closure of smaller mines have reduced the toll considerably in recent years. AP

A14 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A15

A16 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A17

A18 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A19

A20 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A21

A22 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A23

A24 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A25

A26 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A27

A28 Wednesday, November 20, 2019

BusinessMirror

www.businessmirror.com.ph

BusinessMirror

Wednesday, November 20, 2019 A29

A30 Wednesday, November 20, 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 20, 2019

Radisson Hotel Group pursues tie-ups with other PHL property owners By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE R ad i sson Ho tel Group (RHG) is pursuing par tnerships with other hotel property owners in a bid to expand its footprint in

the Philippines. In a press briefing Tuesday, Andre de Jong, vice president for Operations, Southeast Asia and Pacific for the RHG, said, “We’re open to conversations with the right partners for the right opportunities.” Since RHG’s entry in the Philippines in 2010, when it opened

Radisson Blu in Cebu, and Park Inn by Radisson Davao in 2012, its main partner has been SM Hotels and Conventions Corp. Since then, it has opened three more hotels with SMHCC—Park Inns at Clark, Iloilo and North Edsa—with one more, in Bacolod City, in 2020. It will be introducing its RED hotel brand in 2022, however, in

Mandaue City, Cebu, which is a partnership with listed property developer Cebu Landmasters Inc. He underscored the importance of the Philippines in their hotel portfolio, ranking third in the Asia Pacific region in terms of hotel rooms just behind China and India. By the end of RHG’s “transformational five-year plan”

in 2022, it will have 1,491 rooms in the country, up from the current 1,198 rooms. De Jong said the company was particularly encouraged by the growing number of visitor arrivals in the country. “The potential is significant, if you have 8.2 million international arrivals [target in 2019], which is 15 percent

year-on-year growth. You need to acknowledge the potential; if you look at some of the other countries in Asia, their numbers are far higher. The Philippines has a lot of opportunity to grow that particular number.… But the big piece in all of this is domestic travel. Continued on B2

Companies BusinessMirror

Wednesday, November 20, 2019

PSE STOCK QUOTATIONS

November 19, 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 BDO LEASING FERRONOUX HLDG MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH VANTAGE

53.7 155.8 93.9 25.2 12.88 67.9 12.72 42 58 112 25.5 203 59.25 1.9 4.35 0.39 0.86 173.3 1.07

54 157.4 94 25.25 12.9 67.95 13 42.3 59.3 128 25.9 203.8 59.6 2.04 4.44 0.395 0.87 176 1.08

54.65 155 95 25.3 13.1 67 12.8 42.9 59.3 116 25.45 202.6 59 1.89 4.33 0.395 0.87 173.1 1.09

54.65 157.4 95.4 25.3 13.16 67.9 12.8 42.9 59.35 116 25.9 203.8 59.6 1.91 4.45 0.395 0.87 176 1.09

53.7 154.7 93.5 25.15 12.86 66.7 12.8 42 59.3 110.4 25.45 199.1 59 1.89 4.33 0.39 0.86 173.1 1.08

54 157.4 94 25.2 12.9 67.9 12.8 42 59.35 110.4 25.9 203.8 59.25 1.9 4.44 0.39 0.87 176 1.08

13870 966570 1453130 51400 510900 1533550 100000 690400 340 180 500 225610 2580 22000 25000 270000 19000 220 2649000

748045 151202084 136689103 1295145 6636542 103616401 1280000 29,107,525( 20172 19928 12770 45821764 153153 41840 110820 105750 16510 38459 2866220

INDUSTRIAL AC ENERGY ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE AXELUM BOGO MEDELLIN CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE LIBERTY FLOUR MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B 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 COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES WELLEX INDUS ZEUS HLDG

346943 26834555 -53810164.5 -748635 -1537906 34033583.5 4,497,259.9996) 22348502 -127538 -27650 -29717 -

2.58 36.5 0.236 23.05 78 330.2 18.98 4.69 4.09 10.9 32.05 7.8 14.26 3.78 90.5 18.34 15.12 5.11 8.85 7.22 90.1 0.6 42.6 204.4 47.55 8.21 12.5 0.182 1.44 11.46 2 5.35 1.92 0.124 152.2 1.2 2.43 65.05 68.15 2.57 5.34 15.2 10.42 13.96 16.9 9.42 1.05 1.02 2.05 5.09 3.5 5.05 28.5 2.01 7.87 1.44 1.05 6.3

2.59 36.8 0.241 23.1 78.15 333 19 4.7 4.27 11.08 32.2 7.89 14.5 3.8 102 18.8 15.14 5.32 8.86 7.24 91 0.61 43.5 204.8 48.5 8.48 12.66 0.192 1.45 11.48 2.02 5.38 1.96 0.126 152.4 1.21 2.52 68.5 72 2.58 5.5 15.24 10.48 14.1 17 9.5 1.07 1.03 2.1 5.2 3.62 5.29 29 2.03 7.9 1.46 1.06 6.38

2.63 35.9 0.238 23.3 78.4 335 19.1 4.77 4.2 11 32 7.78 14.22 3.79 90.5 18.9 15.14 5.35 8.84 7.28 90.9 0.59 44 203 54.8 8.7 12.46 0.182 1.45 11.52 2 5.35 1.96 0.125 152.1 1.2 2.5 65.1 68.1 2.55 5.34 15.28 10.4 14.22 17.18 9.5 1.09 1 2.1 5.1 3.59 5.03 30.8 2 7.98 1.46 1.05 6.78

2.63 37.1 0.242 23.55 78.4 335 19.1 4.78 4.3 11.08 32.6 7.89 14.5 3.91 90.5 19 15.18 5.35 8.87 7.3 91 0.61 45.7 205 54.95 8.7 12.98 0.182 1.54 11.52 2.03 5.41 1.96 0.125 154 1.22 2.52 65.1 72 2.58 5.34 15.3 10.48 14.22 17.18 9.5 1.1 1.04 2.11 5.1 3.63 5.03 30.8 2.08 7.98 1.46 1.06 6.78

2.57 35.9 0.235 22.9 77.8 330.2 19 4.69 4.2 11 32 7.7 14.22 3.78 90.5 18.36 15.1 5.32 8.83 7.22 90.05 0.58 42.5 202.2 48.5 7.95 12.38 0.182 1.41 11.46 1.98 5.35 1.96 0.123 151.7 1.19 2.5 65.1 68.05 2.55 5.34 15.02 10.4 13.92 16.7 9.42 1.05 1 2.1 5.1 3.59 5.03 29 1.97 7.87 1.42 1.05 6.2

2.58 36.5 0.241 23.05 78 330.2 19 4.7 4.28 11.08 32.05 7.8 14.5 3.78 90.5 18.98 15.14 5.32 8.86 7.23 91 0.6 42.6 204.4 48.5 8.21 12.5 0.182 1.45 11.48 2 5.35 1.96 0.124 152.4 1.21 2.52 65.1 72 2.57 5.34 15.2 10.42 14.1 17 9.5 1.05 1.02 2.11 5.1 3.63 5.03 29 2.03 7.87 1.46 1.05 6.3

2498000 926900 840000 2700700 23640 77440 823000 1167000 9000 13200 148500 35500 29800 3871000 70 12300 4426100 4100 360000 7443200 13250 524000 29900 495140 1700 83100 140200 50000 5944000 9100 930000 31900 3000 3800000 643360 1353000 2000 100 850 731000 6200 40700 34400 340000 878700 20800 1544000 328000 47000 100 6000 3700 114400 7217000 86600 12000 188000 1153300

6458140 33932665 198900 62307755 1843681 25641736 15637614 5518370 38280 146048 4791985 278275 428738 14816760 6335 230656 67011030 21905 3186363 53816209 1200579 311100 1287905 100969460 90405 688493 1743380 9100 8760420 104456 1860900 170671 5880 468860 97926736 1631170 5020 6510 58939 1,871,030( 33108 617506 358788 4792880 14942380 196736 1644360 336240 98720 510 21580 18611 3381565 14623750 684009 17180 198300 7413961

-539240 -10250370 -57047435 -9754 -11224512 -222294 -778020 -226074.9999 -101974 979720 -6177252 -2089901 -1502519 -290063.5 -6000 238035 -20970356 -95850 -2700560 18352 51889 -7836097 -342750 1,272,159.9997) 527030 285734 -2776694 -13984926 -1030 -31520 -3378660 -4405160 -39165 -95124.9997

0.8 12.26 826.5 51.2 11.38 3.5 6.31 0.71 0.91 0.96 6.91 7.61 13.14 895 5.55 77.15 5.1 5.2 0.495 3.97 12.3 0.55 4.64 0.036 1.3 1.22 1069 157.7 0.83 0.211 0.228

0.81 12.46 827 51.6 11.4 3.51 6.79 0.73 0.93 1 6.95 7.62 13.38 900 5.98 78 5.75 5.65 0.5 4.04 12.42 0.57 4.65 0.038 1.31 1.25 1070 159.9 0.85 0.219 0.234

0.82 12.5 828 51.25 11.38 3.52 6.79 0.73 0.9 0.94 6.94 7.48 13.38 882 5.57 77.85 5.1 5.65 0.51 4.14 11.64 0.56 4.69 0.036 1.27 1.22 1069 158 0.84 0.213 0.226

0.83 12.5 831.5 52.25 11.52 3.65 6.8 0.75 0.93 0.95 6.98 7.62 13.38 900 5.57 78 5.1 5.65 0.51 4.14 12.42 0.57 4.69 0.037 1.3 1.26 1080 159.9 0.84 0.213 0.228

0.8 12.26 824 51.2 11.34 3.5 6.31 0.71 0.87 0.93 6.91 7.45 13.14 882 5.57 77 5.1 5.65 0.51 3.97 11.56 0.56 4.63 0.036 1.25 1.22 1061 157 0.84 0.211 0.226

0.8 12.48 827 51.2 11.4 3.5 6.31 0.73 0.93 0.95 6.95 7.62 13.14 900 5.57 78 5.1 5.65 0.51 3.97 12.42 0.57 4.65 0.037 1.3 1.26 1069 159.9 0.84 0.211 0.228

13860000 3800 242240 942870 209679900 1129000 105000 155000 3141000 46000 1322800 22551200 31300 77700 100 574060 800 2000 1000 2410000 7612300 61000 11901000 900000 139000 165000 275130 64990 171000 350000 160000

11184160 46738 200432030 48483621.5 2394942464 3975810 683124 113110 2864770 43110 9193759 169243834 417810 69872660 557 44648862 4080 11300 510 9713000 90864852 34190 55333500 32800 175380 201390 294228810 10276941 143640 74090 36240

-1864090 -70810160 -27766216.5 -663953002 631840 950 1723786 -122842633 -60564 41761605 21487389.5 -5845700 4698812 16800 -24068900 10980 86871965 -4198695 -

PROPERTY

ARTHALAND CORP 0.92 0.95 0.92 0.96 0.92 0.95 6426000 6026870 -88160 ANCHOR LAND 8.86 9.79 8.87 9.95 8.87 9.9 5200 46335 AYALA LAND 44.95 45 44.9 45.5 44.8 45 10232500 460694115 -112831005 ARANETA PROP 1.63 1.68 1.63 1.63 1.63 1.63 29000 47270 BELLE CORP 2.02 2.03 2.01 2.03 2 2.03 558000 1125540 -620390 A BROWN 0.79 0.8 0.79 0.8 0.79 0.8 266000 210160 -1600 CITYLAND DEVT 0.85 0.86 0.85 0.85 0.85 0.85 13000 11050 CROWN EQUITIES 0.195 0.197 0.198 0.198 0.196 0.196 250000 49220 CEB LANDMASTERS 4.71 4.79 4.8 4.83 4.66 4.71 338000 1596600 655040 CENTURY PROP 0.59 0.6 0.58 0.6 0.58 0.59 12433000 7320650 3437650 CYBER BAY 0.44 0.445 0.44 0.44 0.44 0.44 510000 224400 DOUBLEDRAGON 19.76 19.9 19.9 20 19.72 19.9 81000 1603010 -285143.9999 DM WENCESLAO 10.14 10.16 10.22 10.24 10.1 10.16 48700 495584 EMPIRE EAST 0.45 0.455 0.45 0.45 0.45 0.45 490000 220500 -121500 EVER GOTESCO 0.121 0.13 0.121 0.121 0.121 0.121 120000 14520 FILINVEST LAND 1.56 1.57 1.54 1.57 1.54 1.56 4778000 7437980 -706350 GLOBAL ESTATE 1.23 1.26 1.24 1.28 1.23 1.23 559000 704030 8990 HLDG 14.8 14.84 14.84 14.84 14.8 14.8 467600 6930586 -154256 PHIL INFRADEV 1.35 1.36 1.38 1.4 1.33 1.35 2712000 3681850 508709.9999 MEGAWORLD 4.75 4.76 4.7 4.76 4.69 4.76 12710000 60305840 4770560 MRC ALLIED 0.241 0.243 0.25 0.25 0.239 0.243 19410000 4703540 -121500 PRIMEX CORP 2.02 2.03 2.02 2.04 2.02 2.03 110000 222340 -30300 ROBINSONS LAND 26 26.05 26 26.05 25.8 26 959900 24932125 -3314150 PHIL REALTY 0.36 0.365 0.365 0.37 0.36 0.37 160000 58000 ROCKWELL 2.2 2.22 2.19 2.22 2.19 2.2 55000 121750 -0 SHANG PROP 3.21 3.25 3.2 3.27 3.2 3.21 12000 38640 STA LUCIA LAND 2.42 2.43 2.53 2.53 2.43 2.43 108000 267880 SM PRIME HLDG 39.7 39.8 39.9 39.9 39.55 39.8 4950900 196775120 -562125 VISTAMALLS 5.25 5.35 5.34 5.35 5.34 5.34 6300 33672 SUNTRUST HOME 1.56 1.57 1.5 1.56 1.48 1.56 7029000 10792190 PTFC REDEV CORP 50.5 52.95 52.95 52.95 52.95 52.95 100 5295 VISTA LAND 7.64 7.67 7.67 7.67 7.62 7.67 1076900 8250716 -4930060 SERVICES ABS CBN 17.38 17.4 17.6 17.62 17.4 17.4 210600 3679362 GMA NETWORK 5.27 5.3 5.27 5.3 5.26 5.3 80300 424806 MANILA BULLETIN 0.44 0.47 0.405 0.58 0.405 0.44 42570000 20865750 GLOBE TELECOM 1927 1929 1910 1954 1910 1929 51840 100242175 6291270 PLDT 1107 1112 1107 1114 1100 1112 63630 70641705 -16081545 APOLLO GLOBAL 0.038 0.039 0.039 0.039 0.039 0.039 8000000 312000 DFNN INC 5.1 5.46 5.51 5.51 5 5.39 206300 1043101 -1010391 ISLAND INFO 0.105 0.109 0.105 0.109 0.105 0.109 1010000 107270 ISM COMM 4.6 4.62 4.7 4.7 4.6 4.6 1254000 5808280 96599.9998 JACKSTONES 2.31 2.43 2.31 2.31 2.31 2.31 7000 16170 NOW CORP 3.1 3.12 3.05 3.15 3.05 3.12 1157000 3572390 -212980 TRANSPACIFIC BR 0.31 0.315 0.31 0.31 0.305 0.31 2240000 691300 PHILWEB 2.81 2.82 2.84 2.84 2.75 2.81 890000 2483490 -55710 2GO GROUP 10 10.3 10.1 10.2 10 10 12500 125956 -1010 CHELSEA 6.38 6.4 6.46 6.5 6.39 6.39 287400 1842044 -127585 CEBU AIR 91.8 91.95 91 91.95 90.7 91.8 39530 3598401.5 -1718322 INTL CONTAINER 122 122.1 119.9 123.3 119.9 122.1 919750 112340388 -2787737 LBC EXPRESS 13.52 14 14.02 14.02 14 14 200 2802 LORENZO SHIPPNG 0.91 0.93 0.91 0.91 0.91 0.91 10000 9100 MACROASIA 18.3 18.32 18.6 18.6 18.3 18.32 728900 13387380 -2859196 PAL HLDG 7.9 8 7.9 8 7.9 7.9 5800 45860 HARBOR STAR 1.45 1.46 1.49 1.49 1.45 1.45 196000 285440 -125200 ACESITE HOTEL 1.53 1.59 1.53 1.59 1.53 1.59 3000 4710 WATERFRONT 0.62 0.63 0.63 0.63 0.62 0.62 482000 300900 -49600 CENTRO ESCOLAR 6.93 7.1 7.18 7.18 6.93 6.93 300 2129 FAR EASTERN U 890.5 924.5 890.5 890.5 890 890 120 106855 97955 STI HLDG 0.67 0.69 0.69 0.69 0.67 0.69 368000 250290 BERJAYA 2.65 2.69 2.6 2.68 2.6 2.65 416000 1099370 BLOOMBERRY 11.38 11.4 11.26 11.38 11.1 11.38 2645000 29987380 12221992 PACIFIC ONLINE 2.68 2.75 2.68 2.68 2.68 2.68 6000 16080 LEISURE AND RES 2.95 2.96 2.96 3 2.95 2.96 208000 615460 -153440 MANILA JOCKEY 3.39 3.42 3.4 3.4 3.4 3.4 114000 387600 PH RESORTS GRP 4.63 4.99 4.63 4.63 4.63 4.63 3000 13890 PREMIUM LEISURE 0.65 0.66 0.65 0.66 0.65 0.65 851000 555370 -329320 ALLHOME 11.54 11.6 11.54 11.6 11.5 11.6 8249900 95345070 3753329.9999 METRO RETAIL 2.35 2.37 2.36 2.38 2.35 2.35 126000 296530 -120050 PUREGOLD 39.9 39.95 40 40 38.9 39.95 764800 30537640 3628130 ROBINSONS RTL 75.2 75.55 75.1 75.85 75.1 75.2 47560 3,576,404( 3,483,167.9997) PHIL SEVEN CORP 130 150 150 150 150 150 995830 149374500 9000 SSI GROUP 2.78 2.79 2.8 2.85 2.78 2.8 1171000 3284510 -139870 WILCON DEPOT 18.2 18.3 18.3 18.36 18.2 18.2 537600 9835402 5664654 APC GROUP 0.47 0.475 0.465 0.48 0.46 0.475 2170000 1017150 -51050 EASYCALL 8.82 8.9 8.83 8.83 8.8 8.82 51800 456676 GOLDEN BRIA 418 425 425 425 425 425 100 42500 PRMIERE HORIZON 0.41 0.415 0.42 0.42 0.41 0.415 6300000 2608350 -272750 SBS PHIL CORP 8.85 9.15 8.86 9.25 8.8 9.15 1202600 10740206 MINING & OIL ATOK 11.5 11.92 11.94 11.94 11.94 11.94 900 10746 APEX MINING 1.1 1.11 1.11 1.11 1.1 1.1 611000 673790 -105640 ABRA MINING 0.0016 0.0017 0.0017 0.0017 0.0016 0.0016 33000000 56000 ATLAS MINING 2.56 2.59 2.59 2.59 2.59 2.59 5000 12950 BENGUET A 1 1.06 1.08 1.1 1 1.06 121000 123470 BENGUET B 1.03 1.19 1.1 1.1 1.03 1.03 30000 31600 CENTURY PEAK 2.53 2.54 2.53 2.53 2.52 2.53 700000 1766000 DIZON MINES 7.24 7.69 7.76 7.76 7.7 7.7 200 1546 FERRONICKEL 1.81 1.82 1.78 1.83 1.77 1.81 1984000 3589320 148840 GEOGRACE 0.208 0.213 0.214 0.214 0.207 0.212 280000 58820 LEPANTO A 0.103 0.105 0.105 0.105 0.103 0.103 1790000 184770 LEPANTO B 0.104 0.105 0.104 0.105 0.104 0.105 1180000 123800 -113400 MANILA MINING A 0.0086 0.0088 0.0088 0.0088 0.0086 0.0088 14000000 121800 MARCVENTURES 1.03 1.04 1.05 1.05 1.03 1.03 130000 135370 NIHAO 1.02 1.06 1.07 1.07 1.03 1.06 104000 107220 NICKEL ASIA 3.27 3.3 3.12 3.33 3.12 3.27 5966000 19439540 -5701820 OMICO CORP 0.5 0.54 0.53 0.54 0.53 0.54 54000 28650 ORNTL PENINSULA 0.81 0.82 0.81 0.82 0.81 0.82 26000 21070 PX MINING 3.28 3.29 3.3 3.3 3.28 3.28 67000 220140 SEMIRARA MINING 23.3 23.4 23.6 23.6 23.3 23.4 407000 9508045 282785 UNITED PARAGON 0.0058 0.0061 0.006 0.0061 0.006 0.0061 4000000 24200 AC ENEXOR 11.88 11.9 13.28 13.92 11.82 11.88 4339600 54315272 -818518 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 13500000 159500 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.011 0.012 712600000 7869400 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 6100000 67100 PXP ENERGY 12.1 12.2 12.34 12.46 12 12.1 410500 5026852 -3920 PREFFERED AC PREF B1 503.5 510 508 508 508 508 500 254000 ALCO PREF B 100.5 101.5 100.5 100.5 100.5 100.5 550 55275 ALCO PREF C 101 103 103 103 103 103 10 1030 DD PREF 100.3 101.3 101.4 101.4 100.3 100.3 17910 1805573 GTCAP PREF A 965 1000 975 975 975 975 7390 7205250 GTCAP PREF B 980 996 994 994 994 994 50 49700 9940 LR PREF 1.02 1.03 1.02 1.02 1.02 1.02 109000 111180 PNX PREF 3A 99.15 102.4 101.9 101.9 101.9 101.9 2400 244560 PNX PREF 3B 102.2 109.4 110 110 110 110 180 19800 PNX PREF 4 1025 1030 1023 1030 1023 1030 90 92350 -20600 PCOR PREF 2B 1027 1049 1035 1035 1035 1035 350 362250 PCOR PREF 3B 1060 1065 1065 1065 1065 1065 10 10650 SMC PREF 2C 78 78.05 78 78.05 78 78 31980 2494649 SMC PREF 2E 74.95 76 75.2 75.3 75 75 168000 12602565 18000 SMC PREF 2F 76.55 77 77 77 77 77 1900 146300 SMC PREF 2G 75.2 75.25 75.25 75.25 75.15 75.2 88780 6674802 SMC PREF 2H 75.1 75.5 75.1 75.1 75.1 75.1 31080 2334108 SMC PREF 2I 75.15 75.2 75.1 75.2 75.1 75.2 36360 2731922 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

16.9

56500

960500

WARRANTS LR WARRANT

1.48

-958800

1.55

1.51

1.54

1.5

62000

93830

-43500

ITALPINAS 4.93 KEPWEALTH 12.38 MAKATI FINANCE 2.56 XURPAS 0.96

4.95 12.42 2.64 0.98

5.35 12.5 2.57 0.95

5.4 12.88 2.57 0.98

4.92 12.1 2.56 0.94

4.95 12.42 2.56 0.98

1478300 792200 11000 2404000

7465968 9850572 28210 2308480

115680 -29100

FIRST METRO ETF

118.6

SMALL & MEDIUM ENTERPRISES

EXHANGE TRADE FUNDS 118.5

118.1

118.5

118.1

118.5

1590

187944

-2370

www.businessmirror.com.ph

Vista Land partners with Japan’s Mitsubishi group for condo project along Taft Avenue

By VG Cabuag

@villygc

ILLAR-LED Vista Land and Lifescapes Inc. has partnered with Mitsubishi Estate Co. Ltd. to develop a mixed-use, high-rise condominium along Taft Avenue in Manila. The partnership is being formed through a 60-40 joint-venture company between Vista Land’s vertical development arm Vista Residences Inc. and Mitsubishi’s unit Mitsubishi Estate Residence Co. Ltd. “This joint venture is a testament to the increasing trust and confidence of customers and investors alike in Vista. It highlights our growing profile not just with buyers but also with existing and potential

partners, both here and abroad,” Vista Land President and CEO Manuel Paolo A. Villar said. Thiswill be the Mitsubishi group’s first residential development project in the Philippines and Vista Residences’s fourth project in the area of Taft Avenue. It is part of the company’s rapidly growing University Series, a line of vertical developments in high-density, student-oriented locations.

The condominium offers over 1,000 residential units spanning 32 stories, plus seven floors of parking spaces and the ground floor featuring various commercial establishments. It is set to be launched in the first half of 2020, with turnover targeted in the second half of 2024. The project caters primarily to the expanding academic community in the Taft University Belt, home to 100,000 collegiate and post-graduate students, faculty members and administrative personnel and a total of 13 universities and colleges over a 4-kilometer stretch. “This joint venture brings together two of the largest real estate firms from different parts of Asia. Our strong track record of over 40 years in residential and commercial development nationwide, together with the Mitsubishi Group’s comprehensive

spectrum of businesses in diverse fields related to real estate, will create a high-rise condominium which reinforces our vision of offering homes that foster good relationships and building communities that answer the needs of Filipino families,” Vista Land Chairman Manuel B. Villar Jr. said in a statement. “We are confident that this collaboration shall bring about a skillfully engineered and beautifully designed tower at the heart of the university cluster in Taft, and we hope to explore more opportunities with Vista Land to develop the rich potential of the real-estate industry in Asia. We believe this joint venture is only the beginning, paving the way for a long-term and fruitful partnership,” Mistubishi Estate Director and senior managing executive officer Yutaro Yotsuzuka said.

Yuchengco energy arm gets DOE wind power service deal

ETROGREEN Energy Corporation (PGEC), the renewable energ y holding unit of Yuchengco led-PetroEnergy Resources Corporation (PERC), has been awarded a wind power service contract by the Department of Energy (DOE). PGEC said it received from the DOE the San Vicente (Palawan) Wind Energy Service Contract las November 11. The service contract, effective October 9, 2019, vests PGEC with the rights and responsibilities to harness wind energy and develop and operate the corresponding renewable energy facility in the area. The proposed project is situated in the municipality of San Vicente, Palawan, approximately 130 km north of Puerto Princesa.

“The eco-tourism growth in San Vicente and adjoining towns, the lack of reliable power supply, and the strong support by the provincial and municipal governments for environment-friendly energy facilities drive our decision to invest in San Vicente, Palawan,“ said PGEC deputy chief operating officer Maria Victoria M. Olivar. “With the award of the service contract, we will proceed with our feasibility studies to ascertain the commercial viability of the block,” added Olivar. PGEC power facilities include the 32 MW Maibarara geothermal plant in Santo Tomas, Batangas by Maibarara Geothermal, Inc. (MGI), the 36 MW Nabas-1 wind farm operated by PetroWind Energy Inc. (PWEI) and the 70 MW

Radisson Hotel Group pursues tie-ups with other PHL property owners Continued on B2

With increased connectivity, improved infrastructure, a growing middle class with spending power, secondary and tertiary cities are easily reachable. Where travel becomes possible, these hubs will be created. So we see the opportunity in secondary cities,” he explained. In 2018, foreign tourists grew by 7.7 percent to 7.1 million, and from January to September 2019, arrivals were up 14.4 percent to 6.1 million, per data from the Department of Tourism (DOT). The number of domestic tourists, on the other hand, jumped 14.1 percent to 110 million, already exceeding the DOT’s domestic travelers target of 89.2 million for 2022. About 70-80 percent of RHG’s market for its Park Inn hotels are domestic tourists, especially staycationers, said De Jong, while its Radisson Blu in Cebu has foreigners as majority of its guests. Meanwhile, he said Radisson Blu in Cebu (400 rooms) has undergone renovation in the last one-and-ahalf years and will soon be ready for more guests in 2020. That same year, Park Inn in Davao (204 rooms) will be slated for renovation. Park Inn in Clark is adding 100 rooms to the existing 154. By next year, it will be the biggest Park Inn by Radisson in the country in terms of rooms. This year, RHG opened a Park Inn in Iloilo City (199 rooms), and at SM North Edsa (239 rooms) in Quezon City. The latter has 88 rooms cur-

rently open to guests, with the rest of its rooms coming on stream by 2020. A Park Inn will also open in Bacolod (153 rooms) next year. In a previous interview, SMHCC officials revealed that Park Inn in Iloilo is the first hotel property under a “licensing agreement” with RHG. This allows SMHCC to manage the hotel itself, but with access to RHG’s international network. Its Park Inn in Bacolod will also open under a licensing agreement with RHG. SMHCC also announced a Park Inn opening in Baguio City, but did not say when and how many rooms it would be. (See, “SM unit allots P8.2-B capex to expand, renovate hotels,” in the BusinessMirror, April 3, 2019.) De Jong said RHG is hoping to enter the Palawan market if they find the right partner, and are cursorily watching out for opportunities in Baguio City and Bohol due to increased connectivity – something that is expected to increase demand for international accommodations. In November, the Jin Jiang Group of China acquired a 50-percent stake in RHG, making it the second largest hospitality group in the world, with 12,000 hotels in over 120 countries. With the increasing outbound travel by the mainland Chinese and access to 150 million of Jin Jiang’s loyalty members, RHG sees its Chinese clientele growing for some of its properties in the country. In the first nine months of 2019, visitor arrivals from China grew by 39.43 percent to 1.36 million, making it the second largest market source for tourists, after South Korea, in the Philippines.

Tarlac solar project in Tarlac City under PetroSolar Corporation (PSC). PERC President Milagros V. Reyes said this wind power project is part of the goal to increase PGEC’s renewable energy capacities through expansion in selected regions of the country. “We recognize that this is a long-term commitment and we are excited to start working with

MUTUAL FUNDS

the DOE, the Palawan local governments, and other government agencies in bringing green, indigenous, and renewable energy supply to San Vicente through wind power or wind-hybrid power systems,” said Reyes. PERC is a publicly-listed power firm that holds a diversified business portfolio in upstream oil exploration, renewable energy development and power generation. Lenie Lectura

November 19, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 253.85 5.21% 0.94% -0.87% 0.65% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.4836 8.88% 2.7% -0.32% 2.97% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.812 2.31% -1.23% -2.69% -2.33% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.912 6.37% N.A. N.A. 1.22% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8586 8.7% N.A. N.A. 4.62% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.3698 7.3% 2.37% -0.5% 1.83% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8628 7.34% -1.46% N.A. 3.12% MBG EQUITY INVESTMENT FUND, INC. -A 111.24 3.31% N.A. N.A. -4.24% PAMI EQUITY INDEX FUND, INC. -A 51.7666 10.56% 3.4% N.A. 5.17% PHILAM STRATEGIC GROWTH FUND, INC. -A 538.6 9.84% 2.15% -0.23% 4.64% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3037 8.13% 2.77% 0.9% 3.96% PHILEQUITY FUND, INC. -A 38.3139 9.11% 3.7% 0.66% 4.59% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,1 1.026 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2659 11.81% 4.09% 1.66% 6.19% PHILIPPINE STOCK INDEX FUND CORP. -A 879.3 11.82% 3.99% 1.58% 6.14% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.8815 7.25% 1.72% N.A. 2.5% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2488 8.7% 3.31% 0.67% 4.68% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0098 11.4% 3.82% N.A. 5.82% UNITED FUND, INC. -A 3.6923 10.47% 5.15% 2.39% 5.47% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 117.8977 12.16% 4.73% 2.59% 6.46% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9861 3% 5.18% -0.17% 6.13% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3309 11.69% 9.33% N.A. 20.42% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.5753 -2.17% -2.56% -4% -4.6% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2369 4.14% -0.2% -0.9% 1.25% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6375 7.64% 2.34% -1.14% 3.71% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,5 0.2325 N.A. N.A. N.A. N.A. GREPALIFE BALANCED FUND CORPORATION -A 1.3419 5.56% N.A. N.A. 2.88% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9649 9.3% 2.93% 1.05% 6.61% PAMI HORIZON FUND, INC. -A 3.8 11.54% 2.18% 0.25% 7.67% PHILAM FUND, INC. -A 17.0016 10.52% 2.03% 0.17% 6.88% SOLIDARITAS FUND, INC. -A 2.1429 7.05% 1.92% 0.91% 3.56% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.876 9.04% 3.01% 0.58% 6.15% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,2 1.0189 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,2 1.0031 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,2 1.0002 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9808 8.32% 2.41% -0.33% 6.41% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03793 9.37% 2.55% 1.93% 7.45% PAMI ASIA BALANCED FUND, INC. -A $1.0032 6.63% 4.26% 0.28% 9.8% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.814 9.88% 7.23% 3.5% 15.28% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A,7 $1.1114 7.99% 4.35% N.A. 10.59% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 356.18 4.1% 2.7% 2.26% 3.7% ATRAM CORPORATE BOND FUND, INC. -A 1.926 4.38% 0.91% -0.24% 3.59% COCOLIFE FIXED INCOME FUND, INC. -A 3.1049 5.06% 5.26% 5.23% 4.33% EKKLESIA MUTUAL FUND INC. -A 2.2137 4.26% 2.33% 1.84% 3.97% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3448 6.43% 2.03% 1.46% 6.34% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6086 3.06% 1.05% -0.18% 2.83% PHILAM BOND FUND, INC. -A 4.3354 12.56% 2.38% 1.51% 10.6% PHILEQUITY PESO BOND FUND, INC. -A 3.761 8.37% 2.6% 1.56% 6.93% SOLDIVO BOND FUND, INC. -A 0.9543 8.19% 0.96% N.A. 7.08% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0454 10.68% 4.62% 2.43% 10.11% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6807 10.14% 4.01% 1.86% 9.14% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $466.34 4.43% 2.5% 2.79% 4% ALFM EURO BOND FUND, INC. -A Є219.6 3.13% 1.53% 1.37% 3.26% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.2029 7.22% 2.93% 2.57% 6.86% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 1.33% 1.29% 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7081 1.2% -0.47% 0.2% 1.06% PAMI GLOBAL BOND FUND, INC -A $1.0926 6.73% 0.94% -0.89% 5.43% PHILAM DOLLAR BOND FUND, INC. -A $2.3839 11.71% 2.9% 2.99% 9.82% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0602354 5.88% 2.16% 2% 5.68% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1483 9.68% 2.42% 2.53% 9.62% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 125.3 4.2% 2.75% 2.13% 3.66% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,3 1.0282 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2481 6.12% 2.53% 1.59% 5.6% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2602 3.83% 2.84% 2.27% 3.36% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0353 2.12% N.A. N.A. 1.91% FEEDER FUND PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM GLOBAL MULTI-ASSET INCOME FUND INC. -B,D,4 $0.99 N.A. N.A. N.A. N.A. 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

World Companies BusinessMirror

Wednesday, November 20, 2019

Airbus nails $30 billion in new plane orders at Dubai Airshow D UBAI, United Arab Emirates— Airbus nailed down $30 billion in new plane orders on the second day of the Dubai Airshow after previous rounds of the biennial showcase saw its competitor Boeing take the lion’s share of deals. The largest deal came from the Middle East’s biggest carrier, the Dubai-based Emirates, which announced it would be buying 20 additional wide-body Airbus A350s, bringing its total order for the aircraft to 50 in an agreement worth $16 billion at list price. That deal,

however, replaces a $21.4 billion agreement struck in February to purchase 70 Airbus aircraft, which had included 40 of the A330neo. Delivery is slated to start in 2023. In another big announcement for Airbus, Emirati budget carrier Air Arabia said it would be purchas-

ing 120 new Airbus planes in a deal worth $14 billion at list price. Air Arabia, which operates mainly out of the emirate of Sharjah, already has a fleet entirely made up of Airbus. The new deal will include 73 A320neos, 27 A321neos and 20 A321 XLRs, with first delivery in 2024. It comes as one of the country’s main carriers, Abu Dhabi Etihad Group, announced recently a joint venture with Air Arabia to launch Air Arabia Abu Dhabi, the first low-cost airline based in Abu Dhabi. Boeing, meanwhile, has used the public appearances of its executives the airshow to stress the company’s commitment to safety after two plane crashes killed nearly 350 people after take-off from Indonesia in October of last year and from

Ethiopia in March. The aircraft’s automated flight-control system played a part in pushing the planes’ noses down until the jets plummeted. The crashes forced the grounding of Boeing’s 737 Max fleet around the world. The company is now working to meet a self-imposed deadline for U.S. regulatory approval of changes to the aircraft and the training of pilots to get it flying again by January. Despite its troubles, the Max won a vote of confidence from at least one buyer at the airshow. Turkey’s SunExpress announced a purchase of 10 additional 737-8 Max jets, bringing its overall order of the plane to 42. The deal is valued at $1.2 billion, but it’s likely the airline will negotiate for a better deal as Boeing talks to airlines about compensations for

Cadbury candy maker sees 40% sales growth in 2019

NDONESIA may have lost its position as the world’s third-biggest cocoa producer because of slumping output, but its large population means the country is now an increasingly important market for chocolate, according to Mondelez International Inc. The owner of Cadbury and Toblerone brands sees chocolate consumption expanding strongly in Southeast Asia’s top economy, according to President Director of PT Mondelez Indonesia Sachin Prasad. One example is sales growth of 36% annually for Cadbury chocolate in the past three years, he said in an interview, and he expects sales to expand by more than 40% this year. The comments from Mondelez echo those from other executives from Olam International Ltd. to the International Cocoa Organization at a conference in Bali last week, who forecast strong consumption, especially in Asia, at a time of tight supply. The outlook for robust demand has helped push prices in New York to the highest level since May 2018. “People are spending a lot of time in commute, in traffic and everything, and lesser time is available for a proper meal,” Prasad said on Friday. “They’re engaging a little more time at their snack, so the number of snacking occasions is going up. There’s no stopping of growth” for chocolate overall, he said. Price is still an issue. To address that, Mondelez plans to sell more affordable chocolate—at about onethird of the cheapest products in Indonesia—to entice more consumer groups, Prasad said. In Asia, he sees Japan as one of the strong markets, driven mostly by local chocolate makers. The market is “very big, very mature, very evolved, and the moment that the consumer accepted the health benefits, it took a big upswing,” he said. Cocoa bean output in Indonesia has shrunk by more than half in the past decade as farmers battle disease and aging trees, and switch to more profitable crops such as palm oil. That’s turned the nation into a bean importer from major exporter. The ICCO estimates

Tata Steel to cut 3,000 jobs as crisis rips through Europe

ATA Steel Ltd. plans to cut as many as 3,000 jobs across its European operations to cut costs in the latest blow to the region’s industry, with the move coming amid a heated general election campaign in the UK. About two-thirds of the reductions would be officebased staff, the company said in a statement. Tata Steel—which has steel-making facilities in the UK and the Netherlands, as well as other manufacturing operation—didn’t give a detailed breakdown of where the job losses would be made. “Stagnant EU steel demand and global overcapacity have been compounded by trade conflicts, which have turned the European market into a dumping ground for the world’s excess steel capacity,” Mumbai-based Tata Steel said. The European steel industry has faced growing headwinds this year amid declining demand, slowing economic growth and the consistent threat of overseas supplies, including exports from Turkey, Russia and China. British Steel Ltd., the UK’s No. 2 steelmaker was put into liquidation in May, and has been taken over by China’s Jingye Group Co. Apparent demand in the European Union will contract 3.1% this year, lobby group Eurofer warned last month.

that the country may produce 220,000 tons of beans this year, making it only the world’s sixth-largest grower. The country bought a record amount of beans from overseas in 2018, and imports may rise further this year on higher grindings, according to the Cocoa Industry Association in May. To fix that, the Agriculture Ministry plans to start a long-term program to

boost production to about 1.4 million tons by 2024 and to 2 million tons by 2045. Prasad called on cocoa stakeholders to work together to increase output. “If many parties can come together, the needle moves,” he said. Cocoa futures in New York for March delivery fell for the first time in seven days on Monday, declining 0.6% to $2,664 a ton. Bloomberg News

the grounding of the aircraft and reaches settlements with relatives of victims who perished. “We have full confidence that Boeing will deliver us a safe, reliable and efficient aircraft,” CEO of SunExpress Jens Bischof said. “This requires the undisputed airworthiness of the model.... Our utmost priority at SunExpress is and has always been safety.” The airline is based in the Turkish coastal city of Antalya and jointly owned by Turkish Airlines and Lufthansa. It’s not the first major order for the jet since its grounding. In June, a mere two months after the second Max jet crashed, one of the world’s largest airline groups—IAG—announced its intention to purchase 200. Meanwhile, Boeing touted its partnership with Abu Dhabi’s flagship carrier Etihad Airways on Monday as the companies unveiled one of the world’s most fuel-efficient longhaul airplanes. It comes as Etihad seeks to save costs on fuel and position itself as a more environmentallyconscious choice for travelers. Etihad’s “Greenliner” is a Boeing 787 Dreamliner that will depart on its first route from Abu Dhabi to Brussels in January 2020. Etihad’s CEO Tony Douglas described the

aircraft as a flying laboratory for testing that could benefit the entire industry. With fuel costs eating up around a quarter of airline spending, Douglas said the goal of the Greenliner is to be 20% more fuel efficient than other aircraft in Etihad’s fleet. “This is not just a box-ticking exercise,” he said at the unveiling of the initiative at the Dubai Airshow. Douglas said the aircraft “not only makes sense economically from a profit and loss account point of view, but because it also directly impacts the CO2 because of the fuel burn.” Etihad has reported losses of $4.75 billion since 2016 as its strategy of aggressively buying stakes in airlines from Europe to Australia exposed the company to major risks. Despite its financials, the airline continues to be among the most innovative. This year, Etihad flew the world’s first passenger flight using sustainable biofuel made from a plant that grows in saltwater. It also became the first in the Middle East to operate a flight without any single-use plastics on board. The Greenliner will be the only aircraft of its kind in Etihad’s fleet. The company currently has 36 of the 787 Dreamliners with plans to operate 50. AP

Special Feature

2019 ING FINEX CFO OF THE YEAR AWARD

FINANCIAL EXECUTIVES INSTITUTE OF THE PHILIPPINES (FINEX)

A3 Wednesday, November 20, 2019

www.businessmirror.com.ph

AUGUSTO D. BENGZON BUILDING A PLATFORM FOR SUSTAINABLE GROWTH I

N the real estate industry, it is not just the contractors who do the heavy lifting. The Chief Finance Officer (CFO) and his team of number crunchers are also tasked to continually build the company’s financial muscle to ensure its sustainable growth.

In the case of Ayala Land, Inc. (ALI), the Philippines’ largest property developer, the CFO is a builder who wears many “hard hats.” Aside from being the CFO, Chief Compliance Officer, and Treasurer, Augusto D. Bengzon is also a builder of teams: leading 17 CFOs across the Ayala Land group of companies, who in turn manage a force of over 600 finance professionals.

Journey to CFO

BEFORE he was thrust into the role, Mr. Bengzon admitted he was clueless on the career he would pursue after obtaining a business management degree from the Ateneo de Manila University. His father suggested that he apply for a job in a bank, thinking this to be the best way to understand the rigors of business. He landed a job as a staff assistant in a local bank then joined a foreign bank as a management associate after earning an MBA degree. He ended up being a banker for 18 years during which he was placed in various roles and functions. Lured by the prospect of working for the property giant that engineered the growth of the country’s leading economic centers such as the Makati

CBD and Bonifacio Global City, he joined Ayala Land in 2004. “The idea that I would be applying all that I had learned in banking as the Treasurer of the leading property developer in the country was like a dream come true,” Mr. Bengzon said. Twelve years later, he found himself taking on a bigger responsibility when he was offered the CFO role. “I was already perfectly content with my role in the company. I was also a bit wary of the immense responsibilities that come with being the CFO of the Ayala Land group of companies. But I took it on as a challenge to get out of my comfort zone, and to see how I could contribute further to the company’s growth aspirations,” he said.

The building blocks

Despite his reluctance, the CFO donned his hard hat with vigorous energy and determination to succeed. Like working in a construction zone, he focused on carefully managing risk and building a strong foundation to ensure ALI’s sustainable growth. While not an accounting major or a certified public accountant, Mr. Bengzon has been credited for installing robust accounting controls, financial reporting, and risk management in the company. While the CFO’s role has evolved over the years, ALI President and CEO Bernard Dy said its core remains ensuring accurate financial information, strong control systems, and strict compliance with the rules

and regulations, including paying the right taxes — roles that Mr. Bengzon played “nothing short of exceptional.” Beyond these traditional roles, Mr. Bengzon is also a collaborative leader who is averse to credit-grabbing, establishing strong “second in command” in key finance and treasury functions to guarantee business continuity and beefing up institutional capability in the high-demand market. “One of the most important things that he brings to the table is that he’s acted as my thought partner. We have complete alignment. We manage the company for long-term shareholder growth,” Mr. Dy added. As Treasurer, Mr. Bengzon has been primarily responsible for capital efficiency initiatives aimed at establishing the optimal capital structure that would be capable of supporting the company’s aggressive growth targets, while providing for a strong balance sheet that would withstand any unforeseen severe downturns in the property market. This was achieved through a combination of obtaining low cost, long-term debt within prescribed leverage limits, while raising equity through an accelerated bookbuilding process in the years 2012 to 2015. The company continues to be a pioneer in various fundraising vehicles such as the innovative Homestarter Bonds, the first-ever listed Qualified Investor Notes, and its in-house securitization program. This year, ALI has announced its intention to list the first-ever Real Estate Investment Trust (REIT) in the country, where it is looking to raise capital from a new and untapped investor base, as part of playing the long game of innovation. With him as Chief Compliance Officer, changes to ALI’s Corporate Governance Manual and Board Committee charters, aimed to improve

the board’s function, strengthen shareholder protection and promote full disclosure in financial and nonfinancial reporting, were implemented in 2017. The company was recently awarded the 4-Arrow Recognition as one of the Top 50 publicly listed companies in ASEAN, the highest corporate governance recognition so far achieved by only six Philippine corporations, in accordance with the ASEAN Corporate Governance Scorecard (ACGS) developed by the ASEAN Capital Markets Forum. The CFO is in the frontlines of ALI’s sustainability initiatives, which focuses on aspects such as site resilience, pedestrian and transit connectivity, eco-efficiency and local economic development. These are aligned with the property conglomerate’s ambitious target to achieve carbon neutrality for all its commercial properties by 2022. Beyond the numbers, the CFO is also playing a key role in ALI’s digital transformation journey. As the Chairman of the company’s IT management committee, Mr. Bengzon has overseen the upgrade and migration of the IT infrastructure to a cloud-based system to provide ALI with a scalable cost-effective solution while allowing access to operational and financial data in a timely manner. ALI is also in the midst of implementing 72 digital initiatives across its various strategic business units and subsidiaries, while strengthening its defenses against potential cybersecurity breaches through the establishment of a security information event management system. “The main thing is to always be ready for both the upward and downward movements – both opportunities and risks – that will come your way,” Mr. Bengzon shares. From 2009 to 2018, ALI’s net

income and share price have soared at a 20% compounded annual growth rate, outperforming the Philippine Stock Exchange Index’s 15% and more than triple the country’s GDP growth rate.

Values of Ayala Land

In spite of these immense responsibilities, this CFO is one who “knows how to work hard and play really hard,” said Maphilindo S. Tandoc, ALI’s Chief Risk Officer who works under Mr. Bengzon. Throughout his professional career, Mr. Bengzon has been instrumental in the 52 awards that ALI garnered from 2017 to 2019, including being “CFO of the Year” from Institutional Investor Magazine and the Corporate Treasurer, among others. These trophies and plaques lie alongside numerous golf trophies he has amassed over the years while playing the sport. On the golf course, he continues to apply the many lessons he learned on planning, managing risk, and integrity. “Integrity is core to the game of golf, and key in all that we do. Players call penalties on themselves and report their own score. So adherence to the rules, especially when no one is looking, is essential — especially if you want your golf mates to play with you again,” he said. The values of Ayala Land — Leadership, Integrity, Vision, Excellence, and Malasakit (concern), captured in the acronym ‘LIVEM’ — have also become his life creed. “These are the same values that I aspire to live by and hope to inculcate in both my children and the next generation of financial professionals in our organization.” “Early on in my career, I used to think that one could separate their personal circumstances from their professional career. While possible, doing so is extremely difficult to sustain,” he explained. “What you are at home is who you are in the office and vice-versa. Having these shared values at home and in the workplace creates trust, reduces stress, and ultimately leads to successful outcomes.” “In my case, I just try to work hard, do my best, and make every day count,” said the newly named 2019 ING FINEX CFO of the Year.

Why it takes a village to win ‘CFO of the Year’

rom meeting very stringent criteria to facing a highly discriminating board of judges, it has been a long road for 13 chief finance officers to become ING FINEX CFO of the Year awardees. As the newly named 2019 awardee, Augusto D. Bengzon of Ayala Land Inc. (ALI) would attest it takes more than being an outstanding chief finance officer (CFO) to get the coveted title. For the past 13 years, the longest-running CFO search has been jointly sponsored by the Financial Executives Institute of the Philippines (FINEX) and Dutch financial giant ING Bank N.V. It shines a spotlight on the CFO’s role as “co-pilots” of their chief executive officers in driving and executing their company’s overall strategy needs. One of the features of the annual search that makes it unique is the “FINEX champion” who gets assigned to each CFO nominee. Their role is both to represent the search to the candidate and their organization and vice-versa, as well as validate the information declared by the CFO in the nomination form submitted to the FINEX secretariat. “I didn’t have any preconceived notions on who Toti (Mr. Bengzon) was, as I only knew he is the CFO of Ayala Land,” said Enrique Victor

Pampolina, risk advisory head of NavarroAmper&Co. (Deloitte Philippines), who was assigned as the FINEX champion to the ALI CFO’s nomination. Mr. Pampolina said he was up to the task as FINEX chose active members in their ranks who are keen on vetting or validating the candidates. “I knew if I can articulate and make things happen for him, then I had already done my job,” he said.

Painstaking process

To maintain the search’s reputation for being credible, fair, and independent, FINEX and ING invest a lot of time and resources, with the detailed and deliberate process taking almost half a year to ensure that the award is given on the basis of merit. A Search and Selection Committee (SSC) comprised of

active FINEX members embarks on the meticulous process of identifying potential candidates and securing endorsements from the CEO or direct boss of the CFO. The Committee validates the nomination form, interviews the CFO nominee, and conducts due diligence. After rigorous deliberations and summary sessions, the Committee shortlists the nominees, and submits their names to the Board of Judges (BOJ). The FINEX champion then conducts interviews, summarizes interview results, fact-checks the candidates’ background, and produces a champion’s report to be presented before the Board of Judges (BOJ). In Mr. Pampolina’s case, he needed a deep dive into the nomination materials, which included poring over voluminous company annual reports, SEC filings, and other documents to verify claims about the CFO’s role in the company’s success. While the painstaking process gave him a feeling that the ALI CFO had a good chance of winning, Mr. Pampolina said he could not tell for sure as the identities of all shortlisted candidates were kept strictly confidential. “While we were a little confident that we did a good job, we couldn’t tell that we clinched the title because we didn’t know the competition. The pragmatist in me

was saying, ‘we might not, but we were pretty strong,’” he said.

It takes a village

More than working within clearly defined qualitative and quantitative criteria, a FINEX champion is tasked to unearth what lies underneath all the CFO’s contributions. In Mr. Bengzon’s case, “these are the ‘how’s’ behind his track record: his collaborative nature, being a true leader to his team, the trust and fairness, and asking everything to be the best they can be,” Mr. Pampolina said of the CFO’s qualifications. All these traits are contained in the FINEX champion’s 20-page report on the ALI CFO, which he dubbed as “the best performance of my life.” Despite his personal determination to defend the nomination, Mr. Pampolina admitted that even corporate executives as outstanding as the CFO of the Year awardees would not have a chance to make a stellar finish without the support and backing of their entire organization. The interviews he had with the CEO, human resources head, controller, and the CFO’s peers in the company served as a solid testament to ALI’s support for its executive leadership and CFO of the Year bid. “The interviews had to

come from various vantage points but created a common theme on who he really was – his character, his genuine leadership,” the FINEX champion recalled. And if there is one advice that Mr. Pampolina wants to give to aspiring CFO of the Year awardees, it is to make sure they have 100% support from their company. “It’s telling if the interviewees, whether the CEO or the subordinate, couldn’t find time to speak about you. It speaks volumes about your candidacy,” he added. The ALI CFO also had the tendency to attribute all accomplishments to his finance team. Mr. Pampolina said he had to coach the CFO nominee to recognize these as his own and be comfortable talking about his

success and contributions to the company. He related Mr. Bengzon’s final interview with the panel of judges when he was asked why he deserves to win the title. “I have the best finance team behind me,” Mr. Bengzon said without taking a breath. “I saw a guy who was given a last chance to talk about himself and still he chose to go down that route. That’s the ‘Toti Way,’” said Mr. Pampolina. When he learned that the Ayala Land CFO has been named 2019 ING FINEX CFO of the Year, Mr. Pampolina said it no longer came as a surprise. He jokingly told the CFO: “That’s what happens when you get a De La Salle University alumnus to root for a graduate of Ateneo De Manila University. You get to win.”

B6 Wednesday, November 20, 2019

B7 Wednesday, November 20, 2019

B8 Wednesday, November 20, 2019

Remington innovative products now available in the Philippines Hey, moms! Here’s how to spot a low-quality diaper

S mothers who only want what’s best for your little ones, choosing the best diaper brand is crucial in ensuring your baby’s utmost comfort and well-being. With a lot of diaper brands out in the market, the natural inclination is to go for low-cost, low-quality diaper options, however, cheaper may not always mean more savings. In fact, investing in highquality diapers can turn out to be more friendly to the pockets in the long run. So how do you know when a diaper brand is of low quality? If it’s Lawlaw. A strong indication of a low-quality diaper is a saggy diaper. When you spot a lawlaw diaper, it only means that wetness is absorbed in just one area. This uneven distribution of wetness shows that the entire diaper is not used up so it ends

up getting full easily. This then results to more frequent diaper changes, which may in turn make you spend more in a day. Saggy diapers may lead to skin rashes because pee is concentrated in just one area. This creates a pool of wetness inside the diaper, and when baby’s skin is soaked in wetness, it is more likely prone to diaper rashes. Studies also show that low-quality diaper users experience 2x more leakage than less-saggy diaper users. Taekwondo World Champion, Janice Lagman Lizardo (@jan_lizardo), shares on her recent Instagram post how she values her son Jace’s playtime: “We would always want our babies happy and feeling comfortable with whatever they do especially when they are playing…I decided to switch to Pampers which

absorbs the pee evenly from front to back so Jace can play as long as he likes without interruptions from his diaper.” In the world of mommyhood, quality and value for money are of the same importance. This is why Pampers encourages moms to be more proactive when choosing the best diaper brand that will carry on their love and care for their babies. It is always more thoughtful to know that choosing less Saggy diapers may end up being more expensive In the recent survey of Pampers PH, 92% of the moms agreed and noticed that Pampers is less ‘lawlaw’ compared to the previous diaper brand their kids were using. Pampers continues to uplift moms and encourage them to give only the best for their children through a community partnership with Moms For Moms, a group that encourages inclusivity and empowerment for all the kinds of moms we know. This group is made for moms to share, engage, and spark helpful conversations on topics like parenthood, baby milestones, and parenting tips and tricks like how to enhance baby playtime, or how to change diapers, and many more. Join the Moms For Moms Facebook group at (insert Mombassador FB link) and share your best mommy stories and tips as you also learn from others. Special gifts and tokens await the moms who just love to share.

Marco Polo Ortigas Manila kicks off 'Sparkling' holiday season

O formally welcome the Holiday season, Marco Polo Ortigas Manila recently held its ceremonial tree-lighting event in thanksgiving for a truly spectacular year. Themed “Sparkling Holidays,” the Hotel’s décor and promotional offers were inspired by its 5th Anniversary celebrations, which began in July this year. In attendance were Department of Tourism Sec. Berna Romulo-Puyat, Pasig City Vice Mayor Christian Bernardo and City Administrator Atty. Jeron Manzanero. “We come together this season not just as part of one community, but also as a city, and as a country. On behalf of the entire Marco Polo Ortigas Manila, we enjoin everyone to find more meaning this Holiday season in even the simplest acts of kindness,” said Frank Reichenbach, the Hotel’s General Manager. This year, Marco Polo Ortigas Manila has received numerous accolades, making 2019 indeed a year to remember. It remains the only Philippine non-gaming hotel to have received the esteemed Forbes Travel Guide Five-Star Award for three consecutive years. It was also recently named the World Travel Awards’ leading Philippine hotel for the second straight year, and it remains the Number One ranked hotel in Pasig City. During the program, the Hotel also duly acknowledged this year’s community partners for

their contributions in bringing value to people’s lives. Riversprings School in Pasig was the beneficiary of proceeds from last July’s charity dinner at Cucina, while the Ezer School of Naujan will be working closely with the Marco Polo Ortigas Manila for their sustainable livelihood program in Mindoro. Log-on to www.marcopolohotels.com for more details on the Hotel’s ongoing promotions for the Holiday season.

Filinvest City opens own Christmas wonderland at Festival Mall

ILINVEST City lights up the wonder of Christmas this holiday season as the ultimate holiday destination in Metro South! Starting November 15, the much-awaited annual holiday celebration brings the festivities to Filinvest City’s newest attraction and center of convergence – the Water Garden at Festival Mall, and promises to be even bigger, brighter and more magical this year. Set against a beautiful garden setting, the Water Garden is transformed into a Christmas wonderland with lights and sights, becoming a perfect stage for fun activities, weekend performances, and fireworks display that will surely delight Filinvest citizens and visitors as they come together to create wonderful yuletide memories. Families and friends can watch, touch, feel, and enjoy the holidays with life-sized Christmas installations, including a magnificent 42-foot tree all set in a Magical Christmas Village. What’s more, every Saturday, merry-makers and shoppers will be treated to musical performances by some of the country’s best local performers such as I Belong To The Zoo, Unique, Hale, This Band, Wicked Adobo, Leanne and Naara, Silent Sanctuary, and Orange and Lemons, just to name a few. A spectacular fireworks display caps the stellar entertainment that would surely ignite everyone’s festive spirit. On Sundays, Santa will be there to brighten up

and bring cheer to every little boy and girl, listen to their Christmas wishes and pose for those merry family photos. The best part is, you can experience all of these for free! “Every year, we aim to make Filinvest City the ultimate go-to destination in the south,” says Filinvest Alabang, Inc. Vice President for townships, Don Ubaldo. “For this year, we made sure to go bigger and brighter with Light Up the Wonder at Filinvest City, highlighting our newest attraction – the Water Garden at Festival Mall, which we transformed into a magical Christmas wonderland where families and friends can bond together and create new, unforgettable memories.” Enjoy the entire city from a new perspective with open spaces lit up with cheery Christmas decorations, Filinvest City roads illuminated in sparkling lights, and corporate buildings adorned in splendid holiday designs. The garden city truly makes for a perfect Christmas destination. With every detail planned and designed to provide residents, workers, and visitors a stressfree holiday with a wide array of shopping, dining, and entertainment options. With easy accessibility, less traffic, cheerful, positive vibe, and the soothing, cool southern breeze, celebrating the yuletide season at Filinvest City will leave you with time and energy for what truly matters – creating wonderful Christmas memories to cherish with your loved ones.

IFE nowadays has definitely become easier with the coming of innovative products that make our daily routine sweat-free. From our kitchens to our vanity corners, we need only the functional products that we can find in the market. October 23 marked as a special day when three exciting global products have finally reached the Philippine shores and will now be made available in our local appliance stores and online through depot.ph. In an exclusive and intimate launch event held at Made Nice Restaurant in Rockwell Makati, guests got to know better about Remington Infinite Protect Hair Dryer, Russell Hobbs Power Crush and Russell Hobbs Cyclofry Plus Health Fryer which invited celebrity hair stylist Renz Pangilinan and food critic Chef Nancy Reyes-Lumen demonstrated. Infinite Protect Hair Dryer gives you the confidence to style with the unique Infinite Protection Technology that helps protect your hair for a long lasting vibrancy and shine. With an intelligent sensor that continuously reads your hair temperature and adjusts the heat, the hair dryer ensures your hair never rises over 85 °C. An Advanced Ceramic coated grille that transfers micro-conditioners infused with Shea Oil & U.V. filters provides extra protection

to your hair as you blow dry. The Russell Hobbs Power Crush Blender is designed to make your juicing and blending tasks easy. With its innovative features such as a 1.5L glass jar, Quad Pro 4 Tip stainless steel blade, and its 750W peak power that blends to perfection and less noise. Imagine having your morning smoothie hassle-free made from powerful blending with quiet technology. The Power Crush Blender also comes with a 500ml Tritan personal jar for your on-the-go drinks and easy clean touchpad controls with 3 speeds + Pulse with LED lights and 3x one touch smart settings. Russell Hobbs Cyclofry Plus Health Fryer is designed to take on a variety of different types of cooking from roasting, frying, grilling, and baking. Anything is possible with the Cyclofry Plus. With its multiple attachments like the rotating basket, rotisserie, grilling rack and kebab accessories for different uses. You can cook everything from vegetables to kebabs and even cakes. And the best of it all, if you’re looking for a fryer that lets you cook food that keeps all of the flavor and less of the guilt, then you’ll love this Russell Hobbs product that provides a healthier alternative to your normal. Take note, it requires you no oil at all!

Sports

| Wednesday, November 20, 2019

BusinessMirror

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

I.O.C. DEAL WITH AIRBNB SLAMMED L

Paris took legal action against Airbnb this year in a bid to have the company fined €12.5 million for allowing owners to rent their properties without having them properly registered.

ONDON—The International Olympic Committee (IOC) signed up Airbnb as an Olympic sponsor sparking concerns from 2024 host city Paris that the home-sharing company is contributing to the rising cost of rents in the French capital. Paris Mayor Anne Hidalgo, who has been at odds with Airbnb in recent years, set out her issues with the platform to IOC President Thomas Bach last week after news of the sponsorship leaked. Hidalgo wrote to Bach to “alert him of the risks and consequences” of the IOC deal, Paris city hall told The Associated Press. At the Airbnb sponsorship announcement on Monday morning, Bach was asked about criticism of Airbnb, including pricing people out of cities. “It is quite normal that such a disruptive business then needs to settle and needs regulation,” Bach said, before details of the Paris complaint were known. “This is happening in a dialogue with Airbnb, and cities and countries.” Paris took legal action against the platform this year in a bid to have the company fined €12.5 million for allowing owners to rent their properties without having them properly registered. In her letter, Hidalgo expressed her “absolute determination to make sure regulations relating to rental platforms are reinforced.” Jean-Francois Martins, the deputy mayor for sports and tourism, told the AP that Hidalgo is planning to hold a referendum on Airbnb’s presence in Paris if she wins reelection next year. “She believes that Airbnb has a nefarious impact on housing,” he said. “Parisians will have the choice between several options, including the possibility to have it banned in certain areas.” In 2012, Airbnb had 4,000 Paris-area listings. That surged to more than 40,000 by 2015, when Airbnb CEO Brian Chesky was welcomed at city hall. Last year, Paris city hall said there were about 60,000 Airbnb listings in Paris. The Olympic sponsorship starts

in time for next year’s Tokyo Olympics and runs through the 2028 Los Angeles Games. “We’ll have teams on the ground to make sure that the listings are what they say they are,” Airbnb Cofounder Joe Gebbia said. “And we have a guest guarantee to back that up.” The Olympic leadership, however, will not be swapping its luxury hotels for rental accommodation. “[It] will be very difficult to organize executive board meetings and coordination meetings at the games every day if we would be in very different locations,” Bach said. “So we will find an accommodation which also meets our working requirements. “This is not about being good enough, it’s about meeting the needs. Our spectator, a visitor, has different needs than us who have to run the games. We are there at the games not to watch like a tourist. We are there to organize the games.” The IOC is pledging to make at least $28 million worth of Airbnb accommodation available to athletes at the Olympics and Paralympics. “This partnership will greatly help us because it will provide accommodation that will reduce the cost for the Olympic Games organizers and all the stakeholders,” Bach said, without providing finances. “It will minimize the need for construction of new accommodation infrastructure for the Olympic Games period, and it will generate direct revenue opportunities for the host communities.” Athletes who opposed moving the Olympic marathons and race walks from Tokyo to the northern city of Sapporo, meanwhile, wanted a competitive edge, Bach said on Monday. The IOC decided last month to move the races to Sapporo because Tokyo would be too hot in August. Although the decision was angrily opposed by Tokyo’s governor and some competitors, Bach said the “vast majority of athletes” back the move. “There are one or two voices of athletes who think they would be better prepared for races in heat than the others

Olympic body opposes absolute ban on Russia

ONDON—The International Olympic Committee (IOC) signaled on Monday it would not welcome a blanket ban on Russian athletes as the World Anti-Doping Agency (Wada) said it expects to rule next month on whether drug-testing data was manipulated. Wada’s compliance review committee met on Sunday to consider Russia’s response to the allegations. That committee will make a formal recommendation to Wada’s executive board meeting on December 9 in Paris. It

will be one of Craig Reedie’s last tasks as Wada president before he steps down on December 31. IOC President Thomas Bach said he would not want Russians completely banned from the Tokyo Olympics next year. “That’s in the hands of Wada right now, and then the sanction will be finally announced by the Court of Arbitration for Sport, so it’s not in the hands of the IOC,” Bach said on the sidelines of a sponsorship announcement in London.

“What we are concerned about...our principle is that the guilty ones must be punished as hard as possible and the innocent ones must be protected.” Russia is accused of doctoring a vast archive of computer files which it handed over in January in return for earlier doping sanctions to be lifted. Wada hoped to use the files to prosecute many past doping cases which it suspects were part of a Russian state cover-up. Besides sanctions related to the Olympics, Wada could also restrict

ATHLETES compete during the men’s marathon at the World Athletics Championships in Doha, Qatar, early last month. AP

THOMAS BACH says the Olympic leadership will not be swapping its luxury hotels for rental accommodation. AP

and wanted to benefit from this,” Bach said in London at an event to announce a new Olympic sponsor. “But the responsibility of the IOC is to take care of the health of all athletes and to make it possible for all athletes, if ever possible, to complete the race. “There have been consultations before, despite all the rumors going on, so we are really pleased with this decision because it is in the interest of the athletes and then also in the end the overall interest of the Olympic Games, Tokyo 2020.” Also Monday, Tokyo Olympic organizers said a looped course—starting and finishing in Sapporo’s Odori Park—is being considered for the events. Any plan will have to be approved by the IOC, likely at an executive board meeting in December. “While a loop-designed course was discussed during the meeting, the course details are still under discussion,” Tokyo organizers said. The IOC abruptly announced the marathon and race walk changes last month, fearing Tokyo’s summer heat could produce TV images like those seen in Doha, Qatar, Russia’s ability to host major events. The IOC had the final say on Russia at the last Summer Olympics in 2016, when it allowed the team to participate despite revelations of a vast doping cover-up, while also letting individual sports impose their own vetting of athletes. In 2018, the IOC officially barred the Russian team from the PyeongChang Winter Olympics, but let 168 “Olympic Athletes from Russia” compete under a neutral flag. This time, however, a rule change means Wada has broader powers to punish nations which violate anti-doping rules. An Estonian court, meanwhile, has given a one-year suspended sentence to veteran ski Coach Mati Alaver for his role in international doping.

during the world track championships. Despite a midnight start, dozens of runners collapsed on the marathon course in Doha. Some were carried away on stretchers, and others rode wheelchairs to ambulances. The IOC has rejected starting the Tokyo races at dawn, as organizers proposed. “This decision with the marathon and the race walking was based on scientific advice we got from a working group, which we have established already last year, which is addressing all these challenges,” Bach said. “They clearly told us that the most exposed events would be the marathon and the race walk.” The men’s marathon was originally scheduled for August 9, the final day of the Olympics, and IOC officials have said they prefer to keep that date. Tokyo Gov. Yuriko Koike and her allies have said the IOC was inconsistent since it had known about Tokyo’s heat since the games were awarded in 2013. The IOC has also repeatedly praised Tokyo’s preparations to deal with the heat. AP The Baltic News Service reports that Alaver was found to have incited athletes to dope and accepted a plea bargain. Estonia’s public broadcaster reports the court identified three Estonian athletes and one foreign athlete involved but ruled their names would not be disclosed. Alaver’s case is linked to the arrests of five cross-country skiers, two of them Estonians, at the Nordic world championships in Austria in February. The case has caused a scandal in Estonia, where cross-country skiers are star athletes who have won all of the small Baltic nation’s seven Winter Olympic medals. Alaver was stripped of two state honors by President Kersti Kaljulaid in March. AP

Spo

Business

Wednesday, November 20, 2019

NOFA CHIEF HITS LACK S OF AGE-GROUP MEETS

EN. Christopher Lawrence “Bong” Go lauded the municipal and provincial governments of Taytay and Rizal for supporting local athletes as he led the groundbreaking ceremony of the Taytay Sports Complex on Monday. “As a sports enthusiast myself, I greatly appreciate what you are doing for the athletes of your locality. They need projects like this sports complex and supportive officials like the ones you have here,” Go said. The sports complex, located at an old dump site in Barangay Muzon, will be equipped with stateof-the-art facilities, such as an open athletic field, Olympic-size pools and covered basketball courts. Five hectares of the 13-hectare old dump site is

ICARDO “RICKY” YANSON JR. has steered the Negros Occidental Football Association (Nofa) into a toplevel organization through various development programs that have produced quality players who became members of national youth teams. And now, Yanson wants to take his advocacy of “Football Para sa Lahat” to the next level by pushing for more development programs in his bid for the presidency of the Philippine Football Federation (PFF). Yanson explained that the move is prompted by the lack of national age-group tournaments. “Sadly, in the previous years, we have not seen enough of these.... And the PFF has not invested enough resources, to grow the game, especially in the regions,” Yanson told Tuesday’s Philippine Sportswriters Association Forum at the Amelie Hotel in Manila. Stakeholders from Mindanao and Luzon echoed Yanson’s sentiments. “For the past three years, there have been no tournaments in Central Luzon,” Central Luzon Football Association Secretary-General Ed Flaminiano said at the launch of the Luzon Cup under-12 tournament the Nofa is co-organizing with CLFA from November 21 to 24, 2019. Philippine Sports Commission (PSC) Executive Director Atty. Guillermo Iroy, a national player in the late 1980s, gave a similar remark at the Mindanao Cup that Nofa co-organized with the Davao South Regional Football Association last October. “For a time, there was no regional football

Go lauds Taytay, Rizal for supporting sports allotted for the sports facilities. The provincial government of Rizal decided to build the sports complex in Taytay after ceding the Marikina Sports Center to Marikina City, which used to be a municipality of the province. Go said that athletes have long been in need of adequate support from the government. He said that he is helping to address the problem by filing a Senate bill that seeks to establish the Philippine High School for Sports at New Clark City in Capas, Tarlac. Go’s bill has been consolidated with the bills filed by Sens. Sherwin Gatchalian, Sonny Angara and Pia Cayetano. It passed the Senate Committee on Basic Education, Arts and Culture, and is now being discussed in the Senate plenary.

PSC-AFP-PSI partnership in Cotabato

M NEGROS Occidental Football Association President Ricky Yanzon (third from left) expounds on the Luzon Cup. With Yanzon are (from left) Nofa General Secretary Ronald Allan Reyes, Laguna Football Association Secretary-General Ake Pastoral and Central Luzon Football Association Secretary-General Ed Flaminiano. ROY DOMINGO tournament that involved all the regional FAs [Football Associations] in Mindanao. There was a ‘lag’ for a long time,” Iroy said. To address these concerns, Yanson plans to strengthen collabortion with FAs whom he sees as the strong factor to widening and deepening the pool of local talent. “Under a new administration, there will be

deeper involvment by the football associations, in the plans and programs of the PFF,” Yanson said. “We envision more age-group tournaments for boys and girls in the coming years.” Yanson added: “We intend to support this with more training programs for coaches, trainers, referees and other match officials. And we will work for the construction of

more football and futsal fields, to give our children opportunities to play more and better football.” “With the FAs, we intend to forge more partnerships with government agencies like the Deped, socio-civic groups, the religious and the academe, and private companies, to raise more funds and support.”

ORE than 700 kids from South Cotabato benefited from the breakthrough partnership of the Philippine Sports Commission (PSC), Philippine Sports Institute (PSI) and Armed Forces of the Philippines (AFP) with the staging of the grassroots program of the Mindanao Sports for Peace Caravan at the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) Sports Complex in Cotabato. Kids from Maguindanao 1, Maguindanao 2 and Cotabato City exceeded the estimated 500 number of participants that simultaneously played the sports of basketball, volleyball, chess, football, sepak takraw and athletics. National coaches and elite athletes belonging to the enlisted military personnel conducted the morning training and the mini-competition held in the afternoon. “Maguindanao has its Asian Games heroes in

Araneta belies Yanson’s claims

HILIPPINE Football Federation President Nonong Araneta on Tuesday took offense at sweeping statements made by PFF presidential aspirant Ricky Yanson on the lack of youth program. Araneta, a former national team player and coach, expressed disappointment over Yanson, the Negros Occidental Football Association president, who claimed that grassroots and age group players have been neglected during Araneta’s term in the last eight years. “Sorry for the term, but napabayaan [neglected] ang grassroots,” Yanson said.

The PFF elections are part of the agenda during the PFF Congress on November 29, when 32 regional associations in the federation will vote for the their next president who will sit for the next four years. But Araneta said his administration has not been remised of its responsibility to the grassroots. “If I trusted Ricky enough, I would not have ran for president again,” said Araneta, who also pointed out that Yanson has some governance issues in his own organization. “We have to keep the momentum going

Tabora runs 10th in World Cup

HE Philippines’s Krizziah Tabora scored a six-game series of 1194 pinfalls to check in 10th at the opening of the Bowling World Cup international finals on Monday in Palembang, Indonesia. Tabora, the international ladies’ titlist two years ago in Hermosillo, Mexico, shot games of 199, 203, 211, 181, 208 and 192

to average 100. The Philippines’s men’s entry, 20-year-old Merwin Tan, ranked 23rd after shooting 1198 in six games. Tan, who finished 11th in last year’s competition at Sam’s Town in Las Vegas, Nevada, put together games of 183, 225, 210, 200, 191 and 189. South Africa’s Francois Louw led the

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

UST Tigers need a miracle today I REMEMBER Albert Enstein, the genius of physics, saying, after completing one of his works: “This looks really good. But it can still be improved.” The lesson there is this: Don’t get satisfied too easily. Always, there is room for improvement—even if what you have done is already considered, strongly, almost perfect. We can never perfect anything we want to perfect. No matter how hard we try, the best result that we can achieve, at most, is 99.99 percent. Among us humans, perfection is just a dream, an aim if you will. But it is that dream, that aim, that drives us to go for perfection. A rare exception is garnering a perfect 100 in a quiz, or an exam. That’d be a miracle, a.k.a. work of God. Yes, we can never be perfect, otherwise, we are not humans anymore. As we keep saying, correctly, only God is perfect. I cite perfection today because perfection somehow is Tab Baldwin’s indelible mindset, while practicing his basketball coaching career.

runners Tukal Mukalam and Mona Sulaiman. But that was long ago and kids now are running not for sports, but for their lives,” BARMM-MBHTE Minister Monaguer Iqbal-Al-Haj said. “We thank the PSC-PSI and AFP for providing a direction for our children,” BSC-BARMM Chairman Norhan Malaguiok Uka said. AFP General Services Chief Col.Taharudin Piang Ampatuan praised PSC Chairman William “Butch” Ramirez for fully supporting the caravan that aims to visit 17 provinces in the hope of bridging education and sports to achieve lasting peace and security in Mindanao. The PSC-PSI-AFP partnership conducted a one-day sports and leadership seminar to some 50 ate and kuya that serves as caretakers of the participating kids. PSC Commissioner Charles Raymond Maxey, who represents Ramirez, handed the awards to the winners of the mini-competition.

For, how else can you define his stance after his Ateneo Blue Eagles had not beaten, but instead had crushed University of Santo Tomas (UST) in Game One of the UAAP Men’s Finals on Saturday? Seen from any angle, that 91-77 Ateneo victory was a near-perfect burial for UST’s upset dreams. There is not one department—from shooting to rebounding, from defensive stops to offensive thrusts—that Ateneo did not control. After speeding to an 18-4 start, Ateneo was never threatened from there—seriously. And yet, after Ateneo’s 15th straight win to put the Eagles one game shy of scoring the first ever 16-0 sweep in UAAP history, Baldwin was far from being contented. “We need to play better defense,” he said after the game. And yet, Baldwin’s boys had clearly silenced UST’s top gunners, like Renzo Subido, Rhenz Abando and CJ Cansino. These were the same guys whose deadly

for Philippine football. Most of the PFF’s programs are already in place, including the Philippines Football League which is about to gain a new sponsor. More sponsorships will allow us to give more to grassroots, as well,” Araneta added. Araneta found irony at the fact that Yanson did not even call a single meeting for the PFF grassroots committee of which Yanson has been chairman since 2015. Araneta said the PFF has an existing memorandum of agreement with the Department of Eduction in promoting and developing the game in public schools. men’s field with 1345, while Malaysia’s Natasha Roslan showed the way in the ladies’ division with 1306. Seventy-three men and 60 women are disputing the prestigious world crown, where legendary Paeng Nepomuceno holds the distinction of being the only bowler to have won the men’s title four times so far. The participants will bowl six games daily for four days, with the top 24 bowlers in each division advancing to the second stage. shooting derailed the twice-to-beat edge of hard-luck University of the Philippines in their knockout series to get to the best-of-three Finals date against Ateneo. That is the main reason why I see a repeat win by Ateneo today—a belief that can only be thwarted by the miracle of a UST bounce back. But, as I keep saying, only God can make a miracle. And, based from experience, God rarely does that. But in the event that He so desires it, blessed (UST?) is the chosen one. That is why Baldwin is right. He cannot perfect everything. Never. THAT’S IT I’m back from a longish trip overseas that I had not expected was actually a penance of almost three weeks. But what a beautiful, soul-gratifying sacrament, it was: Stepping on the land, soil, that Dear Jesus Christ had stepped on some 2,000 or so years ago in Jordan, Palestine, Israel and Egypt. The knee-knocking walks in Petra, the lung-busting climbs in Mount Nebo, Mount Tabor and Mount Sinai, among others, were all killers but so what? They were nothing compared with what Jesus had suffered scaling Mount Calvary, a heavy wooden cross weighing him down every step of the way— and that same cross used to have him brutally crucified on. Mercifully, Sol and I had “made it through the night,” enduring illnesses along the way, mostly respiratory in nature. Biogesic, Neozep, Decolgen, Tuseran, Vicks and hot water katapat lang niyan. Because God had made it that way, willed it His way, be grateful.... You can only hurt the one you love.

orts

sMirror

Wednesday, November 20, 2019

ATENEO GOES FOR CROWN T

HERE’S no denying the fact that Ateneo could snap the life out of University of Santo Tomas (UST) in Game Two of the University Athletic Association of the Philippines Season 82 men’s basketball Finals on Wednesday at the Mall of Asia Arena. The Blue Eagles are two-time champions and unbeaten this year—qualities that could lead them to another dominant five-peat feat the school achieved six years ago. Yet, the Growling Tigers are not going back to España without putting up a tough fight— not after surviving three do-or-die games before earning the right to challenge the reigning champions. Expect fireworks as Ateneo goes for a Finals sweep in Game Three that kicks off at 4 p.m. The Blue Eagles rolled past the Tigers, 91-77, in Game One last Saturday. Graduating wingman Thirdy Ravena poured 32 points on 14-of-18 shooting for his best game of the season. It was reminiscent of his careerbest 38 points he unleashed in the Finals against University of the Philippines last year. The 14-point victory was nothing short of impressive especially that Ateneo came off a long break after it clinched an outright Finals berth following its sweep of the elimination round. Coach Tab Baldwin, the architect behind

the team’s rise in recent years, said their performance is the product of rigid training during their off days. “We might surprise a lot of people, we did a lot of running, a lot of sprints. A lot of work on our fitness,” Baldwin said. “I always thought the big break was an advantage, not a disadvantage. I’m a big believer in preparation. I think if you give me as a coach more preparation time, that’s going to be an advantage for our basketball team,” he added. The Blue Eagles could complete a 16-game sweep of the season, but not without expecting heavy resistance from the Growling Tigers. Rookie of the Year Mark Nonoy unloaded 26 points to singlehandedly carry the load for UST. Most Valuable Player Soulemane Chabi Yo had a minimal 13 points and 10 rebounds, while Brent Paraiso finished with 14 points on four triples. Coach Aldin Ayo admitted they had a rough start in the Finals and he owned up to the loss. “We played really bad. We were not executing. But I think the problem is the coaching staff. I think we were not able to prepare them well,” Ayo said. “But we just want to be patient. I told the players that we just have to handle the loss the right way. We have three days to prepare,” he added. Ramon Rafael Bonilla

PHIL YOUNGHUSBAND RETIRES

P THE Letran Knights are bringing the trophy back to Intramuros. ROY DOMINGO

KNIGHTS ARE CHAMPS! By Ryniel Berlanga

ETRAN teetered but hung tough when everything was on the line and with Jerrick Balanza captaining his team the way he was expected to, the Knights edged the San Beda Red Lions, 81-79, to capture the National Collegiate Athletic Association seniors’ basketball crown before a jam-packed Mall of Asia Arena on Tuesday. Let’s count Balanza’s heroics. Balanza nailed a triple with one minute and 26 seconds left to give Letran a 79-73 edge, sending half of the 19,876 fans that packed the arena into a frenzy. But the Red Lions just didn’t roll over and die.

They had Evan Nelle who buried back-to-back treys that put San Beda to within 79-81. And then came the final 5.4 seconds when a jump ball was called. The Red Lions clinched possession and Nelle was in another position for a potential title-clinching triple. But Balanza was at the right place and at the right time—he blocked Nelle’s shot and Letran went on to beat its archrival in the series, 2-1, preventing the Red Lions a third consecutive crown. “There is always a reason for everything,” said Coach Bonnie Tan, who is on his first season with the Knights. “The boys deserve this. They worked hard for this.” “It was tough, but nothing is imposible.

Stay positive, that’s what I kept telling the players,” Tan said. “We treated each game as a championship game.” Balanza poured in 27 points highlighted by that huge three for Knights, who will be bringing the trophy back to Intramuros the same way they did in 2015—also at the Red Lions’ expense. Bonbon Batiller finished with 19 points, five rebounds, and three assists, Ato Ular added nine points and five rebounds, Most Improved Player Fran Yu chipped in only five points but with a team-high seven assists for the Knights. Cameroonian Big man Donald Tankoua led the Red Lions with 22 points with seven rebounds, Most Valuable Player Calvin Oftana finished with 18 points and eight rebounds.

Drilon questions govt spending for SEA Games

By Butch Fernandez

ENATE Minority Leader Franklin Drilon said Tuesday no less than the Philippine Sports Commission Chairman William Ramirez confirmed the PSC could have spent P1.2 billion instead of paying P9.5-billion for refurbishing the Rizal Memorial Coliseum to host international sports events. In the first place, Drilon asserts “it is a question of whether or not the policy that we built new facilities in Clark is a valid issue, because of the 56 sporting events that will take place during the Southeast Asian Games, exactly two will be held in Clark—that is swimming, and track and field.” The senator stressed that “the question is—is the P9.5 billion expense justified?” Drilon noted that the PSC already admitted

that they could have “refurbished the Rizal Memorial Coliseum for a cost of P1.2 billion.” “The policy issue is, do we have to spend P9.5 billion [for the] facilities when, in fact, we could have spend P1.2-billion to refurbish Rizal Memorial Coliseum? This is the assertion to the head of PSC, who also stated that the PSC could have done what the Phisgoc [Philippine SEA Games Organizing Committee] is doing. That is admitted,” Drilon said. “The PSC is equipped and competent to handle what Phisgoc is doing provided that there is coordination with POC [Philippine Olympic Committee]. “ The Senate Minority Leader clarified that “the POC is the franchise holder. That is why they were asserting their authority.” At the same time, Drilon shrugged off Speaker Alan Peter Cayetano’s claim that the P50-million

inaugural ceremony cauldron to be used to signal the opening ceremony of Philippines hosting of the Southeast Asian Games is “priceless” and not expensive. “For P50 million you want to have a kaldero, it’s a question of propriety. It’s a question of priority,” Drilon said. “Doon sa P50 million, 50 silid-paaralan ang ating mabubuo. Kailangan ba natin ng ganoong kaluhong facility, which has nothing to do with training. Hindi po expense iyan for training. That is a luxury expense. All of these I don’t want to discuss any further. As I said, we want to support our athletes.” Addressing claims that the budget for hosting the SEA Games was not expensive, the senator replied: “That is one way of viewing it. In our case, we feel that we could successfully host the Games at much less expense. But that is a policy issue.”

Malacañang defends Cayetano on ‘cauldron’ Crisostomo overall champ in Forest Hills ByD.Bernadette Nicolas

ESAR CRISOSTOMO carded 44 points to capture the overall title while Dennis Nicomedes made a 42 for the overall low gross award at the close of the Cherrylume Forest Hills Chairman’s Cup in Antipolo City. Jong Sug Han won the premier Class A division with 36, while Jason Yap topped Class B with 42 in the event, presented by Cherrylume, held in honor of club Chairman Atty. Ferdinand Santos over the weekend. The other winners were Nelson Sanvictores (Class C), Stanley Chua (Class D), Cielo Conti (Ladies 1), Anli Wu (Ladies 2), Martin Limgenco (Seniors 1), Antonio Herrera (Seniors 2), Jo Barredo (Sponsors-Nicklaus) and Eddie Bagtas (Sponsors-Palmer). Golf course construction Executive Nicer Landas scored his first hole-in-one after he aced the 179yard No. 15 of Palmer with a Honma 5-iron and a Titliest Pro-V. Landas, who is in the business over the last three decades, won a GAC GA4 sedan worth around P750,000 plus cash of P30,000. His flight mates were Alison Vega, Rodel Rivera and Bong Hilario. The two-day Chairman’s Cup was sponsored by Escala Tagaytay, Megaforce Security, Golforce and City Advertising and with support from Elm’s Kapihan Group, J-Ten Sports Inc. and Luisita Golf Club.

MID the controversial P50 million stadium cauldron for the Southeast Asian Games, Malacañang on Tuesday vouched for the integrity of House Speaker Alan Peter Cayetano, who is also the CAYETANO chairman of Philippine Sea Games Organizing Committee (Phisgoc). Presidential Spokesman and Chief Presidential Legal Counsel Salvador Panelo expressed confidence that Cayetano would be able to justify the cost of the cauldron. The Palace was reacting to Senate Minority Leader Franklin Drilon questioning the cost of the cauldron, which will be lit during the opening ceremony on November 30. “I’m sure [he can justify it]. Speaker Alan is not doing anything wrong with respect to the public funds,” Panelo told reporters in a phonepatch interview. While the Palace said Cayetano is accountable to all that relates to the SEA Games, Panelo urged the public to give the lawmaker a chance to explain his side.

“Whatever mishap will happen there, of course, since he is the one in charge of that, he is accountable but, meanwhile, let’s not prejudge. You know it is very easy to accuse. Let’s see first the root cause of this,” he said. Drilon on Monday said P55 million is an “extravagance that is so unnecessary” as he pointed out that 56 classrooms could be built with the same amount since a classroom costs P1 million. The cauldron’s design amounted to P4.4 million while the construction was posted at P32 million. Its foundation, Drilon said, amounted to P13.4 million and the “wrist tags,” apparently a part of the cauldron, reached P6 million. The cauldron was designed by the late National Artist and Arch. Francisco “Bobby” Mañosa. Sen. Juan Edgardo Angara earlier said it was Congress who appropriated the money for the projects and that they did not know how the money would be distributed beforehand. Angara, the chairman of the Senate Committee on Finance, defended the proposed budget of the Bases Conversion and Development Authority.

HIL YOUNGHUSBAND, considered as the face of Philippine football, announced his retirement on Monday. The country’s all-time leading goal scorer called it quits at 32. Younghusband made his statement in his Instragram post. “Hanging up my boots! Thank you to my bosses, my coaches, teammates, competitors and all the supporters who have been part of my journey. See you all soon in a new adventure,” the Chelsea academy graduate wrote in his post. Younghusband had a stellar 13-year stint on the international stage, posting the country’s

record best of 52 goals. He also holds the most national team appearances with 108 matches. Younghusband was a team reserve of Chelsea before he was recruited for the Southeast Asian Games in 2005 in Bacolod, where he scored all of goals in the Azkals’ 2-4 loss to Malaysia. Younghusband took over as the leader of the national team three years ago to clinch its first-ever Asian Football Confederation Cup Q appearance with a 2-1 victory over Tajikistan at the Rizal Memorial Stadium in 2018, which also marked his 50th international goal. His elder brother James, meanwhile, is still playing for Ceres Negros. Ryniel Berlanga

TRADITION LIVES ON AT ‘NEW’ DAVIS CUP Sports BusinessMirror

RUSSIA’S Karen Khachanov serves to Croatia’s Borna Coric during their Davis Cup match in Madrid on Monday. AP

| Wednesday, November 20, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Tales Azzoni

The Associated Press

ADRID— Costumewearing fans, boisterous crowds, exciting matches. Old traditions were preserved when the revamped Davis Cup began a new era on Monday in Madrid. As the 18-team Davis Cup Finals got under way in its new weeklong World Cupstyle format at the “Magic Box” tennis complex, fans were encouraged to provide atmosphere, and delivered. The Croatian marching band roused the center court. Drum-beating Canadian fans lit up Stadium 2. Dressed-up Belgians ke pt the crowd going in Stadium 3. Umpires were made to work hard at all the courts by constantly asking for the fans to stay quiet before points. “The atmosphere has been amazing,” said

Canadian fun Pier-Anne Lussier. “It’s been really fun.” On court, two-time champion Russia, Belgium and Canada took an early lead in round-robin play. Russia defeated defending champion Croatia after Andrey Rublev beat Borna Gojo, 6-3, 6-3, and Karen Khachanov edged Borna Coric, 6-7 (4), 6-4, 6-4. “When you play not only for yourself but your country, you need to give extra toughness and extra fight,” Khachanov said. “It was a tough match. First

Chargers wide receiver Keenan Allen (left) can’t make the catch as Kansas City Chiefs cornerback Charvarius Ward defends, during the second half of their National Football League game on Monday in Mexico City. The Chiefs won, 24-7. AP

Spain storms past Romania in last qualifier for Euro 2000

a doubles in each tie, with the group winners advancing to the knockout stage later in the week. The crowds were decent in numbers during the first matches, but the center court was mostly empty for the opening ceremony that featured an audiovisual show and performances by artists Alan Walker and Farruko. Colombian singer Shakira will perform in the closing ceremony on Sunday, all part of the modernization being promoted by the new organizers. The new Davis Cup is the result of a 25-year partnership between the International Tennis Federation and Kosmos, a group cofounded by Barcelona soccer player Gerard Piqué, Shakira’s husband. The goal is to make the traditional team competition

more attractive— and lucrative— by having all nations play at the same time and in a single venue. The change helped attract new sponsors, and made it easier for top players to include the Davis Cup in their busy schedules. Prize money of nearly $20 million in total, rivaling those awarded in Grand Slams, also helped to attract players. Critics, including some players, complained the new format would take away from the great partisan atmospheres seen in the head-to-head confrontations that were played out over four weekends through the year, for 119 years. But it was a good start for the new finals, and the crowd atmosphere should ramp up on Tuesday when host Spain debuts with the top-ranked Rafael Nadal. Serbia’s Novak Djokovic and Britain’s Andy Murray will be playing on Wednesday. Two-time Grand Slam semifinalist CoCo

Qatar charters cruise liners for ’22 World Cup supporters

NO CATCH Los Angeles

ADRID—Spain finished its qualifying campaign for the 2020 European Championship with a 5-0 rout of Romania in what could have been the farewell match for Coach Robert Moreno on Monday. Moreno did not show for the post-match interview and there were widespread reports in Spanish media he would not continue at the helm of “La Roja.” The Spanish soccer federation did not immediately say why the coach did not talk to the media. It said a news conference was scheduled for Tuesday. Moreno took over the job after Luis Enrique resigned in March to take care of his sick daughter. Moreno had been Enrique’s assistant until then. Gerard Moreno scored twice for the hosts, who had already secured a spot in the tournament, but needed the victory to be among the top-seeded teams in the draw this month. Spain also got on the scoreboard through Fabián Ruiz, Mikel Oyarzabal and an own-goal by

time playing here in Madrid on hard court, opening match, extra pressure, it was important to start well.” Belgium got the best of Colombia thanks to Steve Darcis’s 6-3, 6-2 win over Santiago Giraldo and David Goffin’s 3-6, 6-3, 6-3 victory over Daniel Elahi Galan. “For me it’s big, I know it’s going to be my last time playing for Belgium, so I’ll try to do my best like always. It’s going to be a great week,” said the 35-year-old Darcis, who is planning to retire next year. Canada edged Italy after Vasek Pospisil topped Fabio Fognini 7-6 (5), 7-5, and Denis Shapovalov outlasted Matteo Berrettini 7-6 (5), 6-7 (3), 7-6 (5) after nearly three hours. The teams are playing only two singles and

Romanian defender Adrián Rus. “It was important to finish with the three points in front of our crowd,” said Ruiz, who scored his first goal with the national team. “We need to keep this same dynamic going into the Euros next year.” Spain ended as the Group F winner with eight wins and two draws, at Norway and Sweden. La Roja finished five points in front of second-placed Sweden. Romania, which had already been eliminated, ended in fourth place with four victories and two draws in 10 matches. Spain, coming off routing Malta 7-0 in Cádiz, outscored its opponents 31-5. It was in control from the start on Monday, with Romania threatening only a few times in front of a crowd of 36,198 at Wanda Metropolitano Stadium, including many Romanians. Ruiz opened the scoring from close range in the eighth minute, and Moreno added his goals with a header in the 33rd and strike from the six-yard line in the 43rd. AP

Vandeweghe and Marcos Giron, the 2014 NCAA singles champion for UCLA, meanwhile, have earned main-draw berths at next year’s Australian Open via the US Tennis Association’s wild-card challenge. The USTA announced the results Monday. Vandeweghe missed the 2019 Australian Open, part of about a 10-month absence from competition because of an injured right ankle. Vandeweghe, who turns 28 in December, has been ranked as high as No. 10 and is currently 235th. She returned to the tour in July. She was a semifinalist at the Australian Open and US Open in 2017. The 26-year-old Giron clinched a wild card for Melbourne, where play begins on January 20, by beating Ivo Karlovic in the final of the ATP Challenger event in Houston on Sunday. That also boosted Giron’s ranking to 102nd, which means he is in line to get direct entry into the field. If that happens, Michael Mmoh would get the USTA wild card.

ATARI organizers have chartered two cruise liners to accommodate fans at the 2022 World Cup. The floating hotels with 4,000 cabins between them will be berthed in Doha Port for the tournament, which starts on November 21, 2022. The ships from Geneva-based MSC Cruises have been chartered to help the small Gulf nation cope with the potential influx of hundreds of thousands of fans for the first World Cup in the Middle East. World Cup organizers did not provide details of how fans will be able to reserve cabins. Camping sites are also being planned for supporters. Brazil, meanwhile, rallied to beat Mexico 2-1 on Sunday to win its fourth under-17 World Cup title. Bryan González opened the scoring for Mexico in the 66th minute at the Bezerrão stadium in Brasilia, but the hosts turned their fortunes with Kaio Jorge converting from the spot in the 84th and substitute Lázaro scoring in added time. Brazil reached the final after overcoming a two-goal deficit to beat tournament favorite France 3-2, and had to come back again to capture the under-17 title for the first time since 2003. The Brazilians didn’t initially qualify for the tournament after a poor performance in the South American qualifiers, but problems in the organization in Peru led soccer’s international governing body to move it to Brazil, allowing the team a spot as hosts. AP

THE Brazilians celebrate their under-17 World Cup victory. AP

Faithful God

EAR God, Your love is better than life. We rejoice in Your strength and glory, and pray to You: God, come to our aid. Clothe Your Church in the armor of Christ, and make her steadfast in faith and transparent in truth. Sensitize us to the needs of those who have been released from prison, and guide their transition in ways of hope and peace. Inspire efforts to stop gun violence, weapon assaults, domestic abuse, and drug and human trafficking. May the God of Hope fill us with joy and peace as we place our trust in Jesus Christ, that we may overflow with hope by the power of the Holy Spirit. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

UK MEDIA: PRINCE ANDREW’S SEX CLAIMS REBUTTAL A PR DISASTER D3

Wednesday, November 20, 2019

‘Mobile gaming service for everybody’ launched M

ILAN—Bending Spoons, Europe’s No. 1 iOS mobile app developer, has officially launched Playond. This new gaming service gives members unlimited access to an ever-growing catalog of critically acclaimed premium games. The current collection of 60 plus games is now available to everybody: users can play for free with some limitations, or subscribe for an early bird price of $0.99/month. “We are thrilled to have partnered with some of the most dedicated game developers and indie studios in the world. Playond is a service created by mobile gamers, for mobile gamers: our mission is bringing premium games on the App Store to as many players as possible, ultimately leveling up the mobile gaming experience we can all enjoy,” says Mauro Bolis, project manager of Playond. In recent years, free-to-play games designed to maximize ad impressions and in-app purchases have come to dominate the charts. Playond intends to change this trend, putting the emphasis back on premium gaming experiences. “While a lot of indie developers keep passionately crafting premium games, they find the upfront price limits their audience, and they lack the advertising firepower to promote them, making these gems hard to find,” continues Bolis. “We want to fix that and make those great games more accessible than ever by providing players with an inexpensive, simple way to find and play them.” The developer response to Playond has been enthusiastic. Josh Presseisen from Crescent Moon Games said: “Playond has the exciting possibility of giving a completely dead premium iOS market new life.” Playond has been soft testing since June 2019, and has already built a strong offering of high-profile titles spanning a multitude of genres, with new games being added regularly. With Playond, Bending Spoons officially enters the mobile gaming industry. Research conducted by AppAnnie, a leading mobile market data and analytics platform, notes that the mobile gaming industry continued to grow in 2018, expanding its lead over other gaming platforms. Worldwide consumer spending on mobile games was close to $80 million in 2018, and mobile is expected to grow to 60-percent gaming market share in 2019. BUSINESS WIRE

YAHOO JAPAN, LINE TO MERGE BUSINESS TO FORM ONLINE GIANT By yUri KaGeyaMa The Associated Press TOKYO—Online services Yahoo Japan and Line Corp. have announced they are merging. Z Holdings Corp., which owns SoftBank Corp. that operates Yahoo Japan, and Naver Corp. of South Korea, which owns a majority stake in Line, said Monday they are aiming for a final agreement by next month. The combination in a joint venture through a tender offer will form an online giant with retail services, advertising and other mobile services, such as messaging. Their combined sales would be the largest among Japanese online business operators, surpassing Rakuten Inc., according to Kyodo news service. The companies said combining forces will allow them to stay competitive in a drastically changing

market, including expansions into robotics and other new areas. The integration will be carried out equally, according to the companies, but the price is expected to be decided in December. A discussion had been ongoing between Naver and Z Holdings since June, they said. After a deal is completed, Line will get delisted. The new company will seek to answer to Japan’s social needs, such as a shrinking worker population and natural disasters, SoftBank said in a statement. “Social and industrial conditions surrounding us are changing drastically and daily on a global basis,” it said, adding that Japan needs to catch up, and coming together might help. “Particularly in the Internet market, overseas companies, especially those based in the United States and China, are overwhelmingly dominant.”

Cutting-edge Samsung device goes on pre-order SAMSUNG Galaxy Fold

TOP mobile communications provider Smart has announced that it is set to offer the Samsung Galaxy Fold, the biggest breakthrough in mobile phone technology, during a limited preorder period that’s ongoing until December 1 (www.smart.com.ph/galaxyfold). To be among the first to get hold of the Samsung Galaxy Fold, Smart subscribers may head to Smart Stores nationwide to submit their application during the period. The phone is offered with Signature Device Plan L, at P4,099 per month for 24 months with a one time cash out of P20,700. The plan provides monthly 15GB data, Unli AnyNet Texts, Unli OnNet Calls and 150 minutes of AnyNet calls. The device is also available with Smart Infinity, the telco’s premium postpaid brand, under Limitless/

Traveler Plan 3500 with a monthly amortization of P2,000 for 24 months. Those who sign up for Smart Infinity Limitless/Traveler Plan 5000 for 30 months can also get hold of the Samsung Galaxy Fold for free. “The Samsung Galaxy Fold reimagines the smartphone experience with its many breakthrough features, including a foldable display that gives you greater productivity on the go and a more immersive binge-watching session for your favorite series, and a versatile prograde camera that lets you capture more stunning photos and videos of your precious moments with family and friends, ” said Oscar Enrico A. Reyes Jr., PLDT SVP and head of Consumer Business-Individual Group. Launched in September, the Samsung Galaxy Fold introduces mobile breakthroughs in mobile

design, multitasking abilities and innovative camera—for an entirely different smartphone experience that fits those who want to achieve more in their passions and career. It introduces the world’s first seamless foldable Infinity Flex display, a stunning 7.3inch AMOLED screen that smoothly folds inward, giving users the biggest display on a smartphone. For greater productivity, the phone features a Multi Active Window, which lets users work with up to three apps, simultaneously. Experience the smartphone of the future by preordering the Samsung Galaxy Fold at Smart Stores nationwide until December 1. Interested subscribers can also experience the Samsung Galaxy Fold

at Smart Stores in Rockwell Power Plant, SM Megamall, SM City North’s The Annex, Smart Tower in Makati, and One Digital Store at Bonifacio Global City, Taguig.

MOTOROLA is bracing for the future by returning to the past as it adopts an historical flip phone design in a smartphone with a foldable screen with the new Razr phone. MOTOROLA VIA AP

Motorola flips for its futuristic foldable phone NEW YORK—Motorola is bracing for the future by returning to the past. The company is adapting its historical flip phone design for a smartphone with a foldable screen. Samsung, Huawei and others have phones that fold like a book and offer a double-sized display when unfolded. Motorola’s new Razr phone, on the other hand, will be smaller than a regular smartphone until unfolded to its full 6.2-inch size. The idea is to make the phone more compact for carrying and storing when folded and not in use. People have been upgrading smartphones less often as innovation slows down. The phone industry has been looking to foldable screens as a way to revive sales, though they are still niche products. The phone will launch in the US in January starting at $1,500. AP

Pet Corner BusinessMirror

Wednesday, November 20, 2019

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Ashley Fink, 33; Dan Byrd, 34; Joel McHale, 48; Bo Derek, 63. HAPPY BIRTHDAY: Consider the best way to handle change. If you let your emotions take over, you will make mistakes that will set you back. Look for positive alternatives that will help you incorporate what you want to see happen into whatever situation you face. Knowledge is a powerful vehicle that can help you deflect any opposition that comes your way. Your lucky numbers are 6, 19, 23, 29, 35, 43, 49.

ARIES (March 21-April 19): Curb your reactions. You’ll be emotionally tempted to make changes or do something that will leave you in a precarious or awkward position. Think matters through rationally and avoid regret. Focus on getting facts and assessing situations before you act. HHH

TAURUS (April 20-May 20): A steady approach to any change you want to implement is encouraged. Do your research and line up whomever and whatever you need to ensure your success. The preparation and planning you put in will impress someone in a higher position. HHH

POTTERY BARN’S CHESTERFIELD PET BED. No longer are furniture companies content to offer you staples like a sofa, easy chair and bed. Now they have those items for your pet, too, designed not to clash with the rest of your décor. POTTERY BARN VIA AP

‘MARTHA STEWART LIVING’S’ CAT WINDOW PERCH. Felines of all kinds will be thankful to have this cozy, custom-built napping perch, ideal for long afternoons basking in the sun.

MICHAEL MUNDAY/MARTHA STEWART LIVING VIA AP

The latest in pet furniture: pieces that fit a home’s décor

By Katherine Roth The Associated Press

O longer are furniture companies content to offer you staples like a sofa, easy chair and bed. Now they have those items for your pet, too, designed not to clash with the rest of your décor. Pottery Barn, Crate & Barrel, Ikea, Casper mattresses and other popular furniture purveyors have lines for pets, often in styles that complement their human-size living room furniture. Elegant furniture for pets is hardly new. The Metropolitan Museum of Art in New York has an 18th-century dog kennel in its holdings that was made for Marie Antoinette for her royal dog Coco. The “niche de chien,” of gilded beech and pine covered in velvet, features a swank interior lined in silk. Other pet furniture of the period resembled canopied beds or tabouret-shaped chairs. (Coco is said to have gone with the queen to prison during the French Revolution.) In some homes, gone are the days when a plaid cushion tossed in a corner seemed just fine for a dog. “Dogs and cats are no longer sleeping in mud rooms or outside. They’re in the family den and

A PROGRAM that trains and places service dogs with disabled military veterans has commissioned a statue of US President George H.W. Bush’s service dog Sully for the Bush presidential library. AP

they’re full-fledged family members,” says Martha Stewart Living’s Editor in Chief Elizabeth Graves. “People refer to themselves as pet ‘parents,’ not ‘owners,’ and they treat their pets accordingly.” Casper says its dog bed offers “the perfect sleep environment designed and engineered around dog behavior,” and is made of “supportive and comforting foam.” Its décor-friendly outer covers run in gray, blue and sand—and in a range of sizes suited for dogs from tiny up to 90 pounds. More in the spirit of Marie Antoinette’s bed for Coco, Pottery Barn offers a “Chesterfield Pet Bed” with a handcrafted wood frame, button-tufted back, nail-head trim, and a removable velvet cushion that’s waterproof and washable. There’s plenty of inspiring furniture for cats, too. The Ombre Cat Cave, made in Nepal by Dharma Dog and Karma Cat, and sold by Crate & Barrel, is billed as an “artisanal cat cave” designed to “provide a comfortable getaway for your favorite feline.” With a more contemporary aesthetic, Crate & Barrel’s cone-shaped Nooee Toby Pet Cave, in pale gray felt, is designed to look “sophisticated and understated in the modern home.” Ikea has recently introduced a line of pet furniture and accessories—Lurvig—made to coordinate with

the company’s furniture lines for humans. Says Ikea Designer Inma Bermudez: “I feel that my pets are the ones who can really take me to the present moment. When we share our time together, my head is more free, and other worries and stress fall away. They teach us respect, and their unconditional love is priceless.” The trick, designers say, is coming up with designs that look good to humans while meeting the comfort needs of pets. “The biggest challenge is not to humanize pet products,” says Barbara Schäfer, a veterinarian who works in product risk assessment at Ikea. “It’s really important to use animal’s natural needs and behaviors like how they sleep, eat or play as starting points. Then we can design a product that fits in with our ‘human needs’ such as style and form.” And pet furniture doesn’t stop at pieces meant for lounging. There’s an array of food and water dish pedestals and stands on the market. “Especially for older pets, it can sometimes be hard for them to bend down,” says Graves, of Martha Stewart, which offers several DIY projects for cat beds and raised dishes. Elevated dishes can also look more, well, elevated in a home setting than food and water dishes set on the floor. n

Service organization commissions statue of Bush’s dog COLLEGE STATION, Texas—A charity that trains service dogs for disabled veterans has commissioned a statue of the late George H.W. Bush’s service dog for the 41st president’s library. America’s VetDogs has commissioned sculptor Susan Bahary to create the bronze statue of Sully for placement in the east wing of the George H.W. Bush Presidential Library and Museum at Texas A&M University.

GEMINI (May 21-June 20): An unexpected opportunity will get you thinking about new possibilities. Do your due diligence before you make a move. Leave nothing to chance; you’ll discover something that will help you make a prosperous move. HHHH

CANCER (June 21-July 22): Don’t limit what you can do or let negativity stop you from trying something new. You may not like change, but in hindsight you will be glad you participated. A new adventure will spark your imagination and prompt creative endeavors. HHHH

LEO (July 23-Aug. 22): A change at work or at home won’t please everyone. Refuse to let emotions stand between you and getting things done. Keep an open mind, do your research and set parameters that will restrict you from going over budget. HH

VIRGO (Aug. 23-Sept. 22): Don’t buy into someone’s lavish plans if they don’t suit your budget or your lifestyle. Concentrate on what you enjoy doing, and surround yourself with people who share your interests. HHH

LIBRA (Sept. 23-Oct. 22): Look for opportunities; don’t wait for them to appear. If something isn’t working for you or you feel you aren’t being treated fairly, do something about it. It’s up to you to say yes or no to someone pressuring or bullying you. HHH

SCORPIO (Oct. 23-Nov. 21): Listen to what others have to say, and take advantage of offers that fit your agenda. Micromanage, and you will impress someone who can help you excel. A personal matter will be based on false information. Verify the facts before you react. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Get involved; it will change your life and your future. Make choices that offer positive alternatives, and surround yourself with people who share your beliefs and are willing to join forces to bring about change. Fight for your rights. HHHHH

CAPRICORN (Dec. 22-Jan. 19): Don’t let your emotions cause you to fall short. Take care of your responsibilities first, and do so without getting into a situation with someone who can disrupt your world. HH

AQUARIUS (Jan. 20-Feb. 18): Money matters can be addressed. Changing how you earn a living or how you handle your money will lead to prosperous alternatives that are easy to implement into your everyday routine. HHHH

VetDogs President John Miller says the statue will depict Sully sitting with his leash in his mouth, the “retrieve” task VetDogs trains its dogs to perform. It will show Sully wearing his America’s VetDogs vest with the Great Seal of the United States on its back. The yellow Labrador golden retriever assisted the former president for the last six months of his life before Bush’s death last November at age 94. AP

PISCES (Feb. 19-March 20): Be mindful of what you say and of the impression you leave on those you encounter. You’ll be misinterpreted if you aren’t careful, which could end up costing you your reputation. Listen carefully and keep personal information a secret. HHH BIRTHDAY BABY: You are astute, persuasive and intelligent. You are emotional and social.

‘busy bees’ BY JENNIFER NUTT The Universal Crossword/Edited by David Steinberg

ACROSS 1 Inventor Musk 5 Anthropologist Margaret 9 Agility contest moves 14 Pro ___ (at no charge) 15 Nelson Mandela portrayer Idris 16 Berkshire Hathaway’s Nebraska base 17 Type of jeans 19 Palindromic boat 20 Wife of Zeus 21 Contractor’s quote 23 Southwest native 25 Winning serve, in tennis 27 Singer DiFranco 28 (C)overt (op)eration 32 Surgery ctrs. 35 Anticipate a treat, perhaps 36 Gear teeth 37 Small laundry problem 38 In unison 39 Word after “peanut” or “truffle” 40 “___ things happen” 41 Discard 42 Guthrie of folk music

3 Main artery 4 44 Language suffix 45 Group of celestial objects 47 I-one connector 48 Gel 49 Stuff in a bale 50 Hardly a picky eater 55 Captain of the Nautilus 57 Language that gave us “kiwi” 58 Academy Award speculation 62 Occupied 63 Meat in a 59-Down 64 Between ports 65 Poles hold them up 66 Diarist Frank 67 Percolate DOWN 1 Flow back 2 Singer Rawls 3 Roaming freely 4 Jot down 5 Dennis, for one 6 Holiday shelf sitter 7 Competent 8 ___ of Our Lives

9 Not serious 10 Taste found in aged cheese 11 Poet Angelou 12 Terrific, in 1990s slang 13 Fermented rice drink 18 Delphi figure 22 Some are sprayed on 23 New version of an app 24 Sculptors’ trunks 26 Accompany 29 Particles such as F 30 Upholstery fabric 31 Homes that don’t need air conditioning 32 Sydney attraction 33 Speakers’ platforms 34 Sauna descriptor 37 Russian Doll or Better Call Saul 40 Winery visitor 42 Prefix with “dynamic” 45 Toy Story 4 and Ocean’s 8 46 Change the title of 47 Like the egg, some say 50 Fail to mention 51 Horse feature

2 Proper ___ 5 53 Activist Parks 54 College Game Day airer 56 Many CEOs’ degrees 59 See 63-Across 60 Last letter 61 Hit with a laser

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Wednesday, November 20, 2019

UK media: Prince Andrew’s sex claims rebuttal a PR disaster L

COLEEN GARCIA and Edgar Allan Guzman

By Danica Kirka The Associated Press

ONDON—British media on Sunday slammed Prince Andrew’s effort to rebut claims that he had sex with a teenager who says she was trafficked by Jeffrey Epstein, branding his televised interview a complete public relations disaster. In a rare interview with BBC Newsnight that was broadcast late Saturday, Andrew categorically denied having sex with the woman, Virginia Roberts Giuffre. But Britain’s newspapers and social-media commentators criticized him for defending his friendship with Epstein and for failing to show empathy for the convicted sex offender’s victims. “I expected a train wreck,’’ said Charlie Proctor, editor of the Royal Central web site, which covers the British monarchy. “That was a plane crashing into an oil tanker, causing a tsunami, triggering a nuclear explosion-level bad.” Giuffre has said Epstein forced her to have sex with Andrew in 2001, when she was 17. She says Epstein flew her around the world on private planes to have sex with powerful men, and that she had sexual encounters with Andrew in London, New York and in the US Virgin Islands. The BBC’s Emily Maitlis grilled Andrew on the details of an alleged encounter in March of that year, when Giuffre says she dined with the prince in London, danced with him at the Tramp nightclub, then had sex with him at a house in the tony London neighborhood of Belgravia. “I can absolutely categorically tell you it never happened,” Andrew said. The 59-year-old prince said he had “no recollection” of ever meeting Giuffre, adding that there are “a number of things that are wrong” with her account. He also suggested that a picture showing him with his arm around the teenage Giuffre may have been faked. There was no immediate comment from Giuffre’s representative about the prince’s interview. Giuffre had recently challenged the British royal to speak out, telling reporters in New York “he knows exactly what he’s done.” “And the answer is nothing,” Andrew told the BBC. The New York medical examiner ruled Epstein’s death a suicide last summer. He had been in prison awaiting trial on federal sex trafficking charges, which he had denied. Years earlier, Epstein pleaded guilty to state charges in Florida of solicitation of prostitution involving a minor. While Andrew defended his friendship with Epstein prior to the Florida case, he said he regretted staying at the financier’s home in Manhattan after Epstein’s conviction. “That’s the bit, that...I kick myself for, on a daily basis, because it was not something that was becoming of a member of the royal family. And we try and uphold the highest standards and practices and I let the side down, simple as that,” he said. He claimed an alleged encounter with Giuffre in London couldn’t have occurred on the date reported because he had taken his daughter Princess Beatrice to a party at a Pizza Express restaurant in the London suburb of Woking that day. Andrew also disputed the details of Giuffre’s account, including her statement that he sweated heavily when they danced at the London nightclub.

PRINCE Andrew says in a BBC interview broadcast on November 16, that he doesn’t remember a woman who has accused him of sexually exploiting her in encounters arranged by Jeffrey Epstein. Andrew has made similar denials for years but has come under new pressure following Epstein’s arrest and suicide last summer. AP

He said that was factually impossible because he had a medical condition at the time that meant he didn’t sweat. The prince said the condition stemmed from an “overdose of adrenaline’’ during his time as a helicopter pilot during the 1982 Falklands War. Those statements attracted ridicule on social media, with one commenter adding a giant slice of pizza to a photo of the prince and Epstein walking through New York’s Central Park. Others shared a photo of the prince sweating profusely. One Twitter user captured the reaction of many by posting a video of a man pouring gasoline on a fire under the headline, “#Prince Andrew.” But it was his failure to show compassion for Epstein’s victims that earned Andrew the most scorn. “Astonished nation watches prince squirm,’’ the Mail on Sunday said in a front-page headline. “Many viewers shocked by ‘total lack of empathy.’” Andrew’s decision to grant an interview that went into forensic detail about his well-documented ties to a sex offender was a high-stakes gamble in a country where royals traditionally don’t submit to such questioning. When royals speak at all, they usually offer carefully considered comments about charitable works. But if Andrew thought the gamble would draw a line under the affair, he is mistaken, said Kate Williams, a specialist in royal history at Reading University. Williams said that no amount of charity work is going to address the harm done in the interview.

“The Royal Household today will be in damagecontrol mode, trying to work out how to minimize the damage that has come from this,’’ she said. “He has to go. Simply, last night was really a burning of the bridges, I think, for Prince Andrew.” Queen Elizabeth II’s second son, who is eighth in line to the throne, did have some defenders. His ex-wife, Sarah Ferguson, said before the BBC interview that it “is so rare to meet people that are able to speak from their hearts with honesty and pure real truth. “Andrew is a true and real gentleman and is stoically steadfast to not only his duty, but also his kindness and goodness,” she said. The prince didn’t rule out cooperating with the ongoing US investigation into Epstein’s associates, saying he would follow his lawyers’ advice. Giuffre’s lawyers have said they also want to depose Andrew. “If push came to shove and the legal advice was to do so, then I would be duty bound to do so,” Andrew said. That concession may not be enough to counter the damage done by the interview. “I have never seen anything so disastrous. For any students of PR, that is how not to do it,” crisis consultant Mark Borkowski told Britain’s Press Association. “It was like watching a man in quicksand and, unfortunately, I don’t think anyone would have thrown him a line to get him out.” n Jim Mustian in New York contributed.

Coleen and E.A.’s on-screen chemistry sizzles in ‘Mia’ trailer LEAD actors Coleen Garcia and Edgar Allan Guzman display exceptional on-screen chemistry in the official trailer of their upcoming film, Mia, released by Insight 360 Films in partnership with Viva Films. Directed by award-winning filmmaker Veronica Velasco, Mia is a romantic comedy film about a doctor, Mia Salazar (Garcia), and nerdy forester Jay Policarpio (Guzman). Jay, who transforms mined-out land into rainforests, pursues the self-destructive alcoholic Mia, who recently joined the government’s Doctor To The Barrios program to heal from the tragedy of her fiancé’s death. Showing that conflict sometimes belies an undercurrent of passion, Mia and Jay’s occasional clashes soon create compelling chemistry between them. The trailer, which was released on various prominent YouTube and Facebook channels, also features the film’s official soundtrack titled, “Sa Iba Na Lang,” performed by duo B.O.U. and written by Jayson Dedal. Other cast members include Yayo Aguila and William Martinez, Billy Crawford, Star Orjaliza, Jeremy Domingo, Sunshine Teodoro, Pau Benitez and Xenia Barrameda. The screenplay was cowritten by Velasco and Jinky Laurel, while Noel Teehankee served as its director of photography. Produced by public relations and digital marketing expert Chris Cahilig, Mia is scheduled to be in cinemas on January 15, 2020.

ARIANA GRANDE TELLS FANS SHE’S STRUGGLING WITH AN ILLNESS SINGER Ariana Grande is telling her fans that she has a bad sinus condition that has made her “very sick” and might force her to cancel upcoming shows on her world tour. Grande, 26, says in videos posted on Saturday on Instagram that “my throat and head are still in so much pain.” While she sounds OK, “I’m just in a lot of pain, and it’s difficult to breathe during the show,” she says in a message to her fans. “I just really don’t know what’s happening with my body right now and need to figure it out.” Grande says she plans to see a doctor soon. She adds: “I’m scared that I might have to cancel some things, so this is kind just a heads up of like I don’t know what’s happening with my body, and I’m really disappointed and freaked out of why I can’t get better because it’s been over three weeks at this point.” People Magazine first reported on Grande’s Instagram videos. AP

GMA programs, personalities win at 41st CMMA VARIOUS programs and personalities of GMA were recognized at the 41st Catholic Mass Media Awards (CMMA) held at Teatro ng GSIS last November 13. The country’s most awarded and toprating news magazine program Kapuso Mo, Jessica Soho was honored again with the Best News Magazine award. The show, which is celebrating its 15th anniversary this year, is hosted by GMA News’s multi-awarded Jessica Soho. Unang Hirit’s special coverage for the Lenten season, “Unang Hirit sa Vatican and Italy,” took home the Best Special Event Coverage prize. This is the second time the show’s Lenten special won at the CMMA. The special coverage featured host Susan Enriquez doing a live coverage from various holy sites in Rome, Vatican City and other Italian landmarks. Multi-awarded public affairs

program Reporter’s Notebook was named Best Public Service Program for its investigative report “Silang Pinakamahirap”—a two-part special which took viewers to one of the poorest provinces in the Philippines. Sahaya, GMA’s inspirational epic drama series about a young woman from the Sama Dialut tribe whose unquenchable thirst for knowledge inspired her people to better themselves, won as Best Drama Series, while the weekly sitcom Daddy’s Gurl was awarded as Best Comedy Program. The highly successful afternoon drama series My Special Tatay won a special citation for Best Drama Series or Program. Meanwhile, Biyahe ni Drew of leading local news channel GMA News TV took home the Best Adult Educational/Cultural Program plum for

its “Sustainable Tourism in Zambales” episode. Toppstar TV, GMA’s kiddie musical variety show in partnership with Rebisco Topps Sarap, received a Special Citation for Best Children and Youth Program. For radio, Super Radyo DZBB’s Super Balita sa Umaga Nationwide, anchored by Mike Enriquez and Joel Reyes Zobel, bagged the Best News Program prize, while Zobel’s Anong Say N’yo? also won as Best News Commentary. Talk To Papa, hosted by Papa Obet and Papa Marky of Barangay LS 97.1 Forever!, was, likewise, hailed as Best Counseling Program. Every year, the Catholic Mass Media Awards honors students, professionals and organizations that uphold Christian values among Filipinos through mass communication.

REPORTER’S Notebook was named as Best Public Service Program

UNANG Hirit’s special coverage by Susan Enriquez, “Unang Hirit sa Vatican and Italy”

Image BusinessMirror

Wednesday, November 20, 2019

THE SWEET (AND BITTER) TRUTH ABOUT WHAT SUGAR DOES TO YOUR BODY YOU don’t necessarily have to eat something sweet to consume sugar. Spaghetti sauce, sports drinks, catsup, barbecue sauce, yoghurt, and flavored coffees are among the food and drinks that are high in sugar. Even non-sweet carbohydrates like pasta, bread, rice, oatmeal, corn, peas, and potatoes become the simple sugar glucose once they are eaten and processed by the body. At optimal levels, glucose is excellent fuel for the body. We’re not just talking about the energy it gives us to perform a wide range of movements that gets us through the day: red blood cells depend on glucose to produce energy; the liver stores glucose then distributes it to our muscles and cells to maintain ideal blood sugar levels; and the brain’s neurons require glucose constantly to do its job—from thinking and remembering to absorbing information. But what happens when you have too much—or too little—glucose? To commemorate World Diabetes Day on November 14, May O. Sison, MD, head doctor of the Diabetes Care Center of top hospital in the Philippines, Makati Medical Center (MakatiMed, www.makatimed.net.ph), discusses the sweet and bitter truth about glucose—and what to do to keep your blood sugar at ideal levels. FASTING BLOOD SUGAR: AIM FOR THIS NUMBER DURING a meal, the food you eat travels from your esophagus to your stomach, where acids and enzymes break it down, and glucose is produced. From there, glucose is absorbed by your intestines then goes straight to your bloodstream. Insulin released from the pancreas helps glucose enter the cells in our body. “Blood sugar is at its lowest before a meal. It increases during a meal then dips once insulin transports glucose to the cells,” says Sison. When you’re not eating, normal blood sugar is less than 100 milligrams per deciliter. Hunger, says the doctor, isn’t the only sign of low blood sugar, which is around 70 mg/dl or less. “Cold sweat, dizziness, nervousness and, in extreme cases, confusion are other telltale signs,” she says. Conversely, high blood sugar (for a person without diabetes, it’s more than 100 mg/dl when fasting and more than 140 mg/dl two hours after eating) manifests in excessive urination, frequent hunger and thirst, weight loss, and the tingling “pins and needles” sensation on the arms, hands, legs and feet. “High blood sugar also increases your risk of heart disease and stroke, kidney disease, eye disease, and nerve damage,” informs Sison. HOW TO MAINTAIN IDEAL BLOOD SUGAR LEVELS ASIDE from keeping tabs on your blood sugar levels through regular checkups with your family physician, healthy lifestyle practices also help manage doctor-recommended levels. “Consume a diet of fruits and vegetables, schedule daily moderate exercise, and stick to your ideal weight,” advises Sison. “Practicing good food choices also keeps your blood sugar levels within an acceptable range. Don’t skip meals. Drink water instead of juice or soft drinks. Eat fruits instead of candy. And watch not only how much you eat but what you put on your plate: make sure it contains protein-rich food and non-starchy vegetables, too.”

www.businessmirror.com.ph

Workplace culture SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

VERY company is different, much like people would have different personalities. What sets apart organizations from one another is the culture they cultivate within themselves and how they project themselves to the public. The projected image in social media should match the internal experience. Otherwise, disillusioned employees will leave the company earlier than expected and even dissuade others from joining it. Workplace culture affects the employee experience, which is influenced by how leadership treats their employees, management of the work force, enforced policies and how the different departments interact. These sum up what an organization believes and promotes. Employees today are starting to look at work not just as a means to an end but how to put meaning into what they do and how they can find a sense of fulfillment from what they have accomplished not only for the organization but to the communities they belong to. A high turnover rate indicates an organization that has not either established a clear and identifiable workplace culture, or understood what motivates the work force they attract. Either way, the organization stands to lose in terms of recruitment and training costs, as well as lost revenue from job vacancies. A study conducted by Deloitte on Human Capital Trends in 2019 revealed that 84 percent of respondents gave importance to employee experience, with 28 percent emphasizing its urgency. This is important if an organization is serious about not just attracting the best talent but also retaining those who contribute significantly to its success. Clearly identifying the workplace culture an organization wants to promote helps in ensuring that employees are actively engaged in its activities, and increase employee satisfaction which will, in turn, help to increase productivity and innovation. But how do you identify the workplace culture in your organization? A primary indicator of the workplace culture of an organization is its mission and vision statement. This indicates what a company stands for and what it promotes. An organization without such a statement is prone to go with whatever is trending. That is why organizations take great pains to clearly identify their vision and mission. These are translated for the employees through the core values. While the vision and mission statement shows the target and how to get there, the core values help people in aligning themselves to expected behavior. Hence, these core values need to be evaluated in annual performance reviews using an objective rubric, to clearly delineate expected behavior from those which disrupt the organization’s values. The metrics used during annual performance review indicate what the organization values the most and should present clear targets for the year in review. Employees also need to understand how the set targets impact the vision and mission of the organization, and why their contribution is significant to its progress and development. Letting people see the big picture and how they contribute to the organization’s success helps them find their niche and opens their perspective to how they can contribute more when their efforts are acknowledged

Organizational leadership needs to understand that culture is generated, not identified. It means actively crafting policies, planning activities and going out of your way to ensure the organization’s ethos is consistently being built upon and enhanced to become identifiable and relatable to everyone in it. Establishing a clear workplace culture enhances the employee experience, helping them become actively engaged in preserving that culture and using it to positively promote the organization to others. and rewarded. If people do not see their place in the organization or how they contribute to its success, they become automatons and just do as they are told, and they will eventually leave when presented with other opportunities. Culture is caught and cannot be cultivated inside a classroom. Organizational leadership needs to be cultural ambassadors who promote and espouse the company’s ideology. Understanding the workplace culture means that leadership must be able to sit with the rank and file, and understand their inclinations and motivations. And when you sit with them, this means talking to them outside of work discussions. People go to the cafeteria or coffee shop to eat and relax, not to talk about work. Spending time with your people helps you foster trust, and helps you empathize with them. It helps you craft policies and plan activities, which, in turn, help promote the organization’s values because you understand what helps people become engaged and interested. Some organizations think that putting up glass walls and using the open office layout will increase

transparency and openness between the management and employees. It might have helped some but for others, their employees have found other means of putting up walls by ignoring leaders altogether, or hiding behind office policies and technicalities. The workplace culture of an organization starts from the leadership who promotes and embodies what the organization stands for. A simple test would be to ask employees if they see themselves progressing in the company to become like their current leaders. Because if they cannot, chances are they will find an organization where they can. Organizational leadership needs to understand that culture is generated, not identified. It means actively crafting policies, planning activities and going out of your way to ensure the organization’s ethos is consistently being built upon and enhanced to become identifiable and relatable to everyone in it. Establishing a clear workplace culture enhances the employee experience, helping them become actively engaged in preserving that culture and using it to positively promote the organization to others. n

card issuers that you owe money. Many will have options to help out, including reducing or suspending payments, McClary says. The key here is to be proactive. “It’s definitely taken into consideration when a borrower reaches out first,” McClary adds. “It can change the entire conversation.”

Remember: Continue talking with your creditors, especially if you need to miss a payment. You’ll have more control over the situation if you keep them in the loop.

You lost your job. Now what? By KeLSey Sheehy NerdWallet IT doesn’t matter if you were fired or laid off, whether you saw it coming or were completely blindsided: Losing your job is disorienting. You’ll feel like you’re in a fog. And yet, in that fog you still need to answer some important questions: How will you pay rent? Put gas in your car? The average length of unemployment is almost 22 weeks, according to the Bureau of Labor Statistics, so it’s important to quickly adapt your finances to your temporary new normal. Working through these tasks can help you find your financial footing as you figure out the next step in your career. ASSESS YOUR SAVINGS TAKE stock of what you’ve squirreled away over the years. How far will it get you? Factor in any severance or payouts for unused vacation days, which will help you stretch your reserves. In an ideal world, you’ll have enough savings to

get you through a few months. In reality, you may only have a few weeks’ worth. Prioritizing bills and cutting back spending can help stretch that (more on that below). Your 401(k) might look like a lifeline, but resist the urge to cash it out. Between taxes, penalties and lost retirement earnings, that’s an incredibly expensive move. Consider that a last resort, and you’re not there, yet. STRIP DOWN YOUR SPENDING “AS soon as you lose your job, you should switch to an emergency bare-bones budget,” says Bruce McClary with the National Foundation for Credit Counseling. That means cutting nonessentials, including gym memberships, ride shares, cable, streaming services and other subscriptions. These changes feel extreme, but they’re only temporary. You can readjust your spending once you find another job. CALL YOUR CREDITORS CONTACT any lenders, utility companies and credit-

PRIORITIZE FINANCIAL OBLIGATIONS YOU may need to make some hard decisions if you don’t have enough money to go around. But how do you decide what gets paid and what doesn’t? “Your top priority should be on making rent, keeping the lights on, putting food on the table,” says Scott Newhouse, a certified financial planner in Thousand Oaks, California. Debt comes next. McClary says to prioritize collateralized loans, like your mortgage or auto loan. Defaulting on those could lead to losing your home or car. With credit cards, continue to make at least the minimum payment for as long as possible. Missing payments will damage your credit score, which can take years to rebound. And you may need your credit cards to cover expenses down the road.

SORT OUT YOUR HEALTH CARE HEALTH insurance through your employer typically won’t terminate the day your employment does. Often, you’ll have coverage at least until the end of the month, but you’ll need something to bridge the gap until your next gig. Job loss is considered a “qualifying event,” meaning you can get health insurance outside of the annual open enrollment period. Explore the following options: n Your parents’ plan, if you’re under age 26. n Your spouse’s employer-sponsored plan. n The health insurance marketplace. One option that should not be on the table: forgoing insurance. “This is a ‘must-have’ without question,” Kyle Goulard says. “The only thing worse than being unemployed is incurring health-care costs without health insurance coverage.”

BusinessMirror E1 | Wednesday, November 20, 2019 • Editor : Tet Andolong

ALVEO LAUNCHES INTERIOR of 3BR, Parkford Suites Legazpi

PARKFORD SUITES LEGAZPI F By Rizal Raoul S. Reyes

park experience into the tower. With a total of 163 residential units, the high-rise condominium development will have seven units per typical floor to show its exclusivity. Positioned as a place for the modern and urban family, Parkford Suites Legazpi will only offer two-bedroom (approximately 125 square meters to 142 sq m) and three-bedroom (approximately 180 sq m to 181 sq m) units. Thoughtfully designed to maximize the park experience, all the three-bedroom units have park-facing balconies from the living room. On the topmost floor, there will be three park-facing penthouse units. All unit types will also have ensuite bathrooms for all bedrooms, walk-in closet for the master’s bedroom, double-sink master’s bathroom, and a powder room for guests. In addition, Parkford Suites Legazpi will allow residents to enjoy expansive views of the parks and the city in their units with the building’s floor-to-ceiling glass windows. For young and adult residents, the amenity floor’s facilities will give them a lovely time to relax. It will have a lap pool, wading pool and kiddie pool, function rooms, fitness gym, shower room and an outdoor kid’s play area. Aside from its refined and upscale design, the tower’s common areas and residential units will be provided with 100 percent backup power in case of emergency. Units of this prime residential tower will have an average selling price of P55 million. Parkford Suites Legazpi is expected to commence turnover by end 2026.

@brownindio

OR sure, a lot of people envy New Yorkers who live near the famous Central Park. Aside from being an iconic landmark in the Big Apple, Central Park also provides residents a touch of class as they become neighbors with celebrities who just want to maintain a low key status. Former US first lady Jacqueline Kennedy Onassis lived in a condominium near Central in the 90s.

LOBBY

Moreover, living near a park allows families to engage in recreation and bonding. The place also allows people to pursue an active lifestyle and recharge their energies. Urban dwellers will now have an opportunity to experience the lovely feeling of living near the park through the newest project of Alveo Land. The 35-story, Parkford Suites Legazpi, located at the corner of Gamboa and Salcedo Streets in the heart of the Makati Central Business District, is a great response from Alveo to a market that wants to enjoy an active lifestyle and at the same time needs a place that is accessible to the workplace. “Parkford Suites Legazpi is designed to fulfill the market’s need for an exclusive MCBD residence. It offers prime parkside living within a major business district,”

Rufino S. Gutierrez, chief operating officer of Alveo said in a recent press briefing. Gutierrez noted that A lveo has decided to establish presence in Legazpi Village because it has transformed into one of the more upscale and social communities in Makati today. He added the redevelopments in the area create an inviting space for young families, which Parkford Suites Legazpi wanted to maximize by offering larger units to complement their lifestyle. Gutierrez added Parkford Suites Legazpi will give future residents a wonderfiul time for play, bonding and relax as it is located right across Legazpi Active Park and Washington Sycip Park, two of Makati’s most lush and popular community convergence spots. These parks feature a koi pond,

PARKFORD Suites Legazpi façade

play areas, art installations, a running track and the popular weekend market. Moreover, Alveo’s newest project has a very strategic location as it will be approximately just 500 meters from the Asian Institute of Management, 600 meters away from the shopping convenience of Greenbelt, and 1-kilometer walk to the Ayala Museum. To complement the prime location of Parkford Suites Legazpi, Alveo has designed the residential tower with classy finishes and specifications. From the lobby and amenity floor to unit deliverables, Gutierrez said Parkford Suites Legazpi will be using high-end materials and finishes that extend the

FUNCTION room

Business

E2 Wednesday, November 20, 2019

Century City Mall spreads Christmas cheers By Rizal Raoul S. Reyes

@brownindio

ENTURY City Mall recently jump-started the celebration of the Christmas season aimed to bring joy for the young and young-atheart in this season of love and giving. A Christmas tree lighting on November 14 at the mall’s Skyloft signaled the start of the activities for the Christmas season. Official led by Johnson Go, Century Properties Group for retail and leasing, Jose Marco Antonio, CPG president and CEO and Jose E.B. Antonio, CPG executive chairman led the tree lighting. T he t ree -l ig ht i ng ac t iv it y became lovelier when mallgoers were treated to a flash mob performance by the Children’s Joy Foundation. Furthermore, pro-environment organization Greenpeace Philippines presented mallgoers sustainable ways to celebrate Christmas. The mall’s north and south entrances have been spruced up with Christmas lights, hot-air balloons and gift décors. There will also be Christmas carols every payday, Friday and Saturday from 6 p.m. to 9 p.m. until December 25. In partnership with Scout’s Honor, Century City Mall will have 25 Days of Cookie Giveaway and A Christmas Boop Treat from December 1 to 25. For a single

minimum purchase of P800, a shopper can get a free Christmas hot-air balloon cookie, Mallgoers can also bring their pets so they can dress them up. Simbang Gabi and a Christmas Mass will be held at the Padre Pio Da Pietrelcina Chapel.

From left: Johnson Go, Century Properties Group CPG president for Retail and Leasing; Jose Marco R. Antonio, CPG chief executive officer, with his children Devon and Natalya; Amb. Jose E.B. Antonio, CPG executive chairman; Terrie Yu, vice president for Corporate Communications; Julienne Cruz, AVP for Corporate Communications; Bryan Celestina, general manager, Century City; Anna Castillo, AVP for CPG’s Design and Innovation Group; and Kim de Guzman, Century City Mall marketing manager

Schedule of Masses is as follows:

n December 8-Feast of the Immaculate Conception, 8 p.m. n December 15 to 23-Simbang Gabi, 8 p.m. n December 10, 17, 24- Sunday Mass, 11 a.m. n December 24-Christmas Eve Mass, 5:30 p.m. n December 25-Christmas Day Mass, 5:30 p.m. n December 31-New Year’s Mass, 5:30 p.m. n January 1-New Year’s Day Mass, 5:30 p.m. For shopping fanatics, Century City Mall will conduct on the second weekend of December the Shopaholic All In promo. Shoppers will get a 10-percent rebate for a minimum purchase of P1,000 to a maximum of P5,000 in the mall.

CENTURY City Mall officially ushered in the Christmas season via a Christmas tree-lighting ceremony held on November 14 at the Skyloft of the mall. The mall’s theme this year is “Christmas Around The World.”

CPG Chief Executive Officer Jose Marco Antonio (left) led a toast along with Century Properties Executive Chairman Jose E.B. Antonio along with good friend and owner of Pizzeria Mozza and Mercato in Century City Mall, Edi Tekeli

Bria Homes continues to expand

ITH Bria Homes having established itself as the fastest-growing mass housing developer in the Philippines, it rides on its momentum as it continues to expand in new territories, still aligned with its vision of providing affordable and well-designed homes for ordinary Filipinos. To date, Bria Homes is working on more than 50 projects in progressive town and cities as it fulfills its commitment of addressing the dearth of mass housing in the country. Already, BRIA Homes has helped legions of ordinary Filipinos to achieve their dreams of owning a home in various communities nationwide. In Luzon, Bria has built gated communities in Mariveles and Hermosa in Bataan; Paniqui, Tarlac; Urdaneta, Pangasinan; San Fernando and Magalang in Pampanga; San Jose del Monte, Malolos, Santa Maria, Norzagaray, and Plaridel in Bulacan; General Trias and Trece Martires in Cavite; San Pablo, Calamba, Santa Cruz, and Calauan in Laguna; Teresa, Binangonan, and Baras in Rizal; and Pili, Camarines Sur. Meanwhile, in the Visayas, Bria has ongoing projects in Calbayog, Samar; Ormoc, Leyte; and Dumaguete, Negros Oriental. Finally, in Mindanao, Bria residents are

currently enjoying life in their secure communities in Cagayan de Oro, Balingasag, and Gingoog in Misamis Oriental; Manolo Fortich and Valencia in Bukidnon; Panabo and Tagum in Davao del Norte; Calinan and Digos in Davao del Sur; General Santos, South Cotabato; and Kidapawan, North Cotabato. The unstoppable Bria Homes aims to build more projects in other areas in Luzon, Visayas and Mindanao, providing the perfect choice for ordinary Filipinos who aspire to own superior quality and affordable homes. Because of its winning formula, Affordability (Mura) + Quality (Dekalidad) = a Beautiful BRIA Home for Every Filipino, Bria has made it possible for Filipino families and individuals to purchase a home for as low as P1,897 per month through convenient payment schemes such as bank-financing and Pag-IBIG funding. Prospective homeowners can check out Bria’s modern home designs. For instance, Bria house and lot package options include Elena, a 22-square meter unit on a 36-sq-m lot; Bettina, a 44-sq-m unit on a 36-sq-m lot; and Alecza, a 36-sq m unit on an 81-sq-m lot. Bria Homes, likewise, offers contemporary living through Bria Condos, which features compact but well-designed 24-

sq-m units. All Bria communities feature recreational facilities for its homeowners such as basketball courts and eco-friendly green spaces. Perimeter fences and guarded entrances/exits ensure their safety and security. Bria homeowners are always within convenient distance to key destinations like churches, hospitals, schools and commercial establishments—and to major roads and highways. Because Bria Homes is committed to its goal of providing high-quality homes to as many Filipinos as possible, it touts fast and reliable construction teams with experienced architects and engineers. Bria Homes is a subsidiary of GOLDEN Bria Holdings Inc., considered the third-largest real-estate company in terms of market capitalization valued at more than P200 billion. The fastest-growing mass housing developer in the Philippines, Bria Homes is primed to bring affordable house-and-lot packages and condominium units closer to ordinary Filipino families. This is the goal that drives every single employee in the company, for which the ultimate fulfillment is seeing a client happily moving into Bria’s homes.

sMirror

Editor: Tet Andolong

CEBU LANDMASTERS UP BY 77 PERCENT TO P1.6 BILLION

AZURE URBAN RESORT RESIDENCES NOW 98-PERCENT SOLD

EADING premium property developer Century Properties Group (CPG) has announced the full completion of the 6-hectare Azure Urban Resort Residences with the inauguration of its final residential tower in Parañaque City. This milestone marks the completion of nine Azure towers with 5,355 units and a total sales value of P22.55 billion, with 98 percent of the inventory already sold out. The Azure towers were named after world-famous beach destinations, such as Rio, Santorini, Saint Tropez, Positano, Miami, Maui, Maldives, Boracay and Bahamas. The Bahamas tower, the ninth and final building in the resortstyle residential community, was also inaugurated during the completion ceremony. CPG Vice Chairman John Victor R. Antonio, and CPG President and Chief Executive Officer Marco R. Antonio led the ceremonies with Parañaque City government officials and the Azure residents. “We are very much excited to announce the full completion of one of Century Properties’s most groundbreaking developments, the Azure Urban Resort Residences. We wanted to deliver a beach resort experience complete with a man-made beach right in the middle of the city and here it is, fully realized as committed to our homeowners. Now, they get to fully experience the beach in their backyard and for 365 days a year,”

John Victor Antonio said. Marco Antonio also thanked the Azure homeowners and recognized the hard work of the Century team of employees and consultants who helped bring the project concept to life. “The Azure is a product of our passion to continuously push the envelope in real estate and give our clients extraordinary experiences. To our homeowners, thank you for your trust. To our hardworking team, thank you for your help and commitment,” he said. A winner of the Philippines Property Award and Southeast Asia Property Awards as the Philippines’s Best Condo Development, the Azure bears a tropical modern aesthetic that is reflected on its nine towers and amenities. Its central amenity, the beanshaped Paris Beach Club, was personally designed by Paris Hilton and houses as a café, dining area, function room, game room, movie room, a spa and a gym. Aside from the man-made beach and wave pool, the development also has two lagoon pools, a lap pool, children’s water play area, beach volleyball area, basketball court and pocket gardens. The Azure Urban Resort Residences is a development of Century Limitless Corp., a subsidiary of Century Properties Group. It is in West Service Road, Marcelo Green, beside SM Bicutan in Parañaque City.

HOME

EBU Landmasters Inc. continues its leadership in the VisMin region, with consolidated net income rising by 59 percent, from P1.2 billion to P1.9 billion year-on-year. Net income attributable to parent, meanwhile, grew significantly by 77 percent, from P932.7 million to P1.65 billion driven by substantial increase of revenue from CLI projects. CLI attributed the outstanding results to the strong performance of its mid-market residential segment, which accounted for 36 percent of the total revenue pie. Casa Mira, the company’s economic residential brand and high-end segment, contributed 32 percent and 29 percent, respectively. CLI Chief Executive Officer Jose Soberano III said, “Our fast-selling projects give us confidence that we will achieve our top-line and net income growth targets for the end of the year. The numbers reflect our operational excellence and commitment to responsible development.” CLI launched nine major developments in 2019: Davao Global Township—Phase 1 (Davao); One Paragon Place (Davao), Citadines Paragon Davao (Davao); Citadines Bacolod City (Bacolod); MesaVirre Garden Residences (Bacolod); Casa Mira Bacolod (Bacolod); Velmiro Plains Bacolod (Bacolod); Casa Mira Towers CDO (CDO); and Mivela Garden Residences (Cebu). CLI said the Mivela project set new records with 80 percent of the project sold in just three weeks from launch date. Projects in t he compa ny’s headquarters in Cebu made up 58 percent of the period’s revenue contributors, followed by developments in Bacolod and Cagayan de Oro with 13 percent and 12 percent earnings input, respectively. In Q3 2018, revenue contributors after Cebu (with 61-percent revenue contribution) were Cagayan

de Oro with 19 percent and Davao with 14 percent. CLI’s leasing portfolio grew by 29 percent to P46.72 million, from P36.20 million year-on-year. This is attributed to the increase in gross leasable area following the recent turnover of Base Line Retail and HQ, and Casa Mira Towers Labangon. Aggregate GLA for the period now reached 13,806 square meters (sq m), while occupancy rate rises to 84 percent.

Management fees, on the other hand, more than doubled from P11.2 million to P26.9 million due to the increase of the number of developments managed by CLIPM, the property management arm of CLI. The said firm now oversees 17 projects, eight of which are house and lot subdivisions, while the rest are offices and residential condominiums. The third quarter also marked the operations of CLI’s first hotel representing a new revenue stream. As scheduled, Citadines Cebu City, a 180-room condotel opened in September. It is operated and managed by Ascott Ltd., the world’s largest international serviced residence owner-operator. As an indicator of future revenue growth, the nine-month reservation sales take-up rose by 29 percent year-on-year to P9.24 billion. About 3,472 units were taken up at an average price of P2.7 million. Meanwhile, CLI continues to expand its land bank to support its expansion program. To date, CLI holds a total of 1,245,276 sq m of land in 10 key VisMin cities. Part of its recent acquisitions is an existing resort in Mactan, Cebu, with

a land area of 18,000 sq m. The resort will be redeveloped to also integrate a residential component. CLI purchased a 9.4-hectare property in Ormoc and 28 hectares in Davao that will be developed into residential projects. The company also acquired 11,000 sq m of land in Bacolod City, adjacent to its existing three-tower condo project, the MesaVirre Garden Residences. During the year, CLI also signed a strategic partnership with AboitizLand, the real-estate arm of Aboitiz Equity Ventures, to develop a mid-market, mixed-use, multitower condominium project in Mandaue City. During the Seventh Annual Property Guru Philippines Property Awards last July, CLI was awarded as the Best Developer. Other honors were also given to the company’s projects—38 Park Avenue development, named Best High-End Condominium Development (Cebu); Casa Mira Towers Labangon as Highly Commended for Best Affordable Condominium Development (Cebu); and MesaTierra Garden Residences as Best Condominium Development (Davao)and special recognition for corporate social responsibility.

Bactakleen bacterial system for your home An ecosystem of business and commerce at Bamberton Center

RE you worried about your loved ones being infected by the flu or other airborne diseases at school or at the mall? Bacteria and viruses are widespread on surfaces that we touch every day or in the air that we breathe. In a study by the World Health Organization (WHO), the areas most likely to be contaminated by bacteria are surfaces like doorknobs, offices, restaurants, escalators, handrails, shopping trolleys, and even in the cool comforts of your car or SUV. Just by touching these surfaces or by merely breathing air in a confined contaminated space, we all are at risk of infection. Mold and bacteria usually breed inside your air-conditioning system affecting the air you breathe. The inhalation of pathogenic

bacteria into the body can result to dire consequences, which can affect your health on a short- to long-term basis.

Fast and efficient cleaning system

BACTAKLEEN is a two-in-one bacterial treatment system that effectively kills 99.9 percent of the bacteria and germs in your vehicles, home and office. Bactakleen uses a proven technology which is widely used in Japan and in the United States. The device encompasses an especially designed fumigation device to atomize the concentrated antibacterial solution into an ultrafine mist made up of hundreds of millions of microscopic “nano-sized” cleaning particles. It can penetrate virtually all areas of the ventilation system, including the car’s air-conditioning system and interior and those hard to reach places of the vehicle where mold and bacteria thrives. Bactakleen can effectively clean Eshcerichia coli, Staphylococcus aureaus, Candida albicans (yeast), Aspergillus niger (mold), Pseudomonas aeroginosa, S. Epidermis, Bacillus, Salmonella and M2 virus (type of influenza virus). Aside from cars and SUV’s, Bactakleen is ideal for bus, vans, trucks, planes, taxis and other establishments, such as schools, homes, restaurants, hotels, shopping malls and hospitals. The Bactakleen showroom is along 341 G.Araneta Avenue, Quezon City. Visit their Facebook page at Bactakleen PH.

(From left) Ever Bilena Chief Operations Officer Silliman Sy, BPI Corporate Banking Team Head for Visayas Raymond Go, JLL Philippines Director Christophe Vicic, Bamberton CEO and President Dioceldo Sy, Gerry Sy, ASYA President Arch. Albert Yu, AyalaLand Senior Division Manager Stephen Comia and Maxblocks CEO Kelvin Go

HEN one looks into growing a business, one also look s for a space t hat equals the amount of potential of one’s business. Enter Bamberton Center, a 3,069-squaremeter office development which will soon provide workspaces and commercial units to business corporations and retailers. Located in Arca South in FTI, touted as the emerging business district in Taguig City, Bamberton will target potential markets based in industrial areas like Parañaque, Las

Piñas, Muntinlupa and Calabarzon. It will also target businesses looking for office space that’s still close to the usual bustling cities like Makati and BGC. This 13-story office building, which lends itself as an ecosystem of commerce and business, ensures that there are generously-sized office spaces. On the ground floor are 12 commercial unit spaces. Each office f loor, spanning 2,800 square meters, will have its own centralized restrooms, executive toilets and a

provision for pantries. The building will be well-equipped with advanced security and modern automation system, eight highspeed elevators shuttle elevators and a pair of fire exit stairs for the vertical circulation. The building will also allot threebasement parking levels with 300 parking slots. At Bamberton Center, work-life balance can be easily integrated as it will be seamlessly connected to retail spaces and the Ayala Mall Arca South, offering infinite

shopping and dining options with facilities supporting 24/7 operations. Permanent and temporary stays are also possible with residential buildings and hotels like Seda Arca within the vicinity. Intertwining nature with architecture, Bamberton Center is surrounded by open spaces with picturesque garden views, refreshing streetscapes, spacious pathways and multiuse public spaces where the distinctive building orientation creates a pleasant microclimate through efficient air circulation and minimized sun exposure. Its innovative environment offers a prestigious and comfortable working space and a cozy lifestyle, balancing work, play and relaxation. Bamberton Center is strategically situated along the northeastern ridge at Arca South’s Corporate Center—the 74-hectare progressive central business and lifestyle district that provides lively workspaces and residential developments. It is easily accessible via Slex, General Espino Avenue and C5. The area serves as a gateway to the South, straddling between Parañaque and Bicutan, Fort Bonifacio, and C5. Its viable location also makes it convenient for commute.

Entrepreneur BusinessMirror

E4 Wednesday, November 20, 2019 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

Entrep pursues mission to provide job, employment opportunities to Filipinos By Rizal Raoul S. Reyes

@brownindio

Contributor

HILE on her way to a meeting at the Laguna Technopark, Trixie Whyte was approached by a lady in the parking lot who expressed her gratitude because she was given a chance to work again when a giant pharmaceutical company hired her for a supervisory position. She told Whyte that her family would be in dire straits if her company, Q2 HR Solutions, did not give her that job opportunity. The lady is just one of the thousands of individuals who were deployed by Q2 HR Solutions in various positions—from chief executive officers, chief operating officers to chief technology officers—to various companies in the country. Founded in 2000 by Whyte with her late husband Brendan (a British national) and their late Golden Retriever, Cody, Q2 HR Solutions will be celebrating its 20th anniversary next year. Whyte told the media that the objective of Q2 HR Solutions is to uplift Filipinos through job opportunities. “We felt that we could do something noble by providing job opportunities for Filipinos,” Whyte, who sits as founder and chairman of Q2, and who was born and raised in the Philippines, and remains a Filipino citizen, said. Moreover, Q2 HR Solutions is looking forward to grow further by creating demand on the services it offer to job seekers. Right now, Q2 is providing the demand for the local market. Nevertheless, Whyte said it can also serve the overseas market like Australia, Japan and the United Kingdom. Although there were competing headhunters at the time, Q2 HR Solutions has vast experience in

mission for Employment and Skills governs IiP based in London, recognizing that Q2 is aligned with global people management standards.

Diversification

ASIDE from being a full-service HR company, Q2 HR Solutions has diversified its portfolio to include sourcing and recruitment, outsourcing, managed services, background investigation, organizational consultation and development, assessments and other bespoke HR solutions. Their portfolio includes Recruitment by Design, a business unit handling executive search, permanent placement and recruitment-process outsourcing. Its HR by Design business unit offers strategic HR consulting, interim HR, organizational development and design, and assessments. They also have Allied Service partners in People4People for managed services, as well as build-operatetransfer model, and Hiring Basix for the HR industry because they have background verification. been in the business for almost two Moreover, Q2 HR Solutions also decades. It currently has more than helps foreign investors who are in3,000 deployed employees and, to terested to put up a business in the date, has served over 1,000 clients Philippines by helping them and accumulated through the years. guiding in the processing of papers In 2011, they were recognized by and other requirements needed to the People Management Association start a business. of the Philippines as Employer of the To achieve the objective, Q2 HR Year for the SME category, for their Solutions will have to find foreign commitment to nurture their people partners in countries like Japan and as the backbone of their business. Australia. Right now, the priority By 2014, Q2 HR Solutions was seis to bring Filipinos to Australia to lected by Randstad, a Netherlandswork in its health-care industry to based global leader in HR services look after their aging population. industry, as its exclusive Philippine “We will target Australian compapartner. The partnership has led to nies to invest in the country and we several projects with various multican be their partner. We provide the national firms seeking to find valuknow-how. We provide the talent. able talent in the country. Moreover, We provide the process. The future it has made Q2 HR Solutions the is going to those countries because first Filipino company awarded a they are strategic locations,” Whyte Platinum Accreditation in 2016 by explained. Investors in People (IiP), outside of “We are known for being hardthe UK. The United Kingdom Comworking. In fact, we are sought after

We felt that we could do something noble by providing job opportunities for Filipinos.” —Whyte

MOA expo puts garment, leather textile industries in the spotlight

HE Philippines’s garment, leather, and textile industries will take center stage at the “Philippine Garment, Leather Goods and Fabric Expo” set from December 5 to 8, 2019, at the SMX Convention Center, Mall of Asia Complex, Pasay City. Now in its second year, the expo will gather manufacturers, retailers, wholesalers, and stakeholders to help boost the country’s potential in producing garments, leather goods and textiles for export. With exports amounting to $1.02 billion in 2017, the textile, garments, and other wearable industries have predicted a combined 20- percent growth this year to $1.22 billion, proving that the Philippine economy is set to grow in these areas with continued investment. Endorsed by the Philippine Board of Investment and the Confederation of Wearable Exporters of the Philippines, a variety of garment machinery and parts, textile machinery, nonwoven machinery, dye machinery and chemicals, industry 4.0/factory automation, quality control, design and computer-aided tools and software, and many more will be showcased at the event. Last year, Philippine Garment, Leather Goods and Fabric Expo, brought over 81 exhibitors from nine countries, namely China, Hong Kong, India, Korea, Pakistan, Singapore, Taiwan, Vietnam, and Philippines, and 4,800 trade visitors.

Among the local companies participating in this year’s event are Armena Embroideries, D & A Edge Polymer Philippines Inc., Golden Island Fashion Accessories, Kelin Graphics System Corp., Printway Marketing and Services, Shanghai Global Corp. and Testex Philippines Representative Office. The expo is organized by CP Exhibition Ltd., a company that was established in Hong Kong in 1976 and has representative offices in Canada, France, Germany, India, Italy, Japan, Korea, Pakistan, Russia, Singapore, Taiwan, UK, US and Vietnam. CP Exhibition has organized trade exhibitions in different areas, such as textile/garment/fabric, aviation, transport, railway/subway, oil/gas, coal, electricity and others. Coorganized by Philippine Exhibition and Trade Corp., the Philippine Garment, Leather Goods and Fabric Expo is supported by Textile Producers Association of the Philippines, LGU Marikina/ Marikina Shoe Industry Development Office, Garment Manufacturers Association of the Philippines, Department of Science and Technology-Philippine Textile Research Institute, and DOST-National Capital Region. Interested exhibitors or visitors may contact +63 2 8329304 / 8329305 or email Nina Guillergan at events@petcogroup. com or Joy Fojas at joy.fojas@petcogroup. com for details.

WHYTE

by employers because of our work ethic,” she added. This is why she diversified and founded Orange International Recruitment, an overseas placement firm with a license to source and deploy Filipino professionals and skilled workers abroad in various industries, including health care and construction. “We don’t send other nationalities, instead we focus on our kababayans because we want to uplift their lives by giving them respectable jobs,” she said. Q2 has earmarked an aggressive growth plan that includes expanding their managed services internationally to create demand for their various business lines. She has already established a presence in Australia with The People Experts, a new subsidiary of the Q2 HR Solutions Group of Cos., which aims to deploy health-care workers. Whyte’s exposure with Orange International, sending nurses to England via a partnership with the UK’s National Health Service and establishing People4People’s managed service, have paved the way for this new venture.

She is looking to further replicate this business model in other countries; plans are in place for expansion in Japan, UK, Sweden and Canada. There are foreign businesses coming in, too. Whyte has assisted them in setting up their manpower resource and presence in the Philippines, and helped build capabilities and manage their risks through a build-operatetransfer model where Q2 HR can be the Philippine entity that hires and manages the employees, ensuring they are productive, and turns over the work force to the company when it is ready. “This is good for our country because it brings in investments and more employment opportunities,” she said.

The road to growth

STARTING with their first three multinational clients in the banking and pharmaceutical industry sectors, they have remained with them to this day. Moreover, they’ve added several of the country’s top corporations in telecommunications, transportation, business-process outsourcing (BPO), e-commerce, retail and manufacturing industries, to name a few,

to their list of happy clients. While the company sets its standards at a global scale, at the core of the business are their Filipino values and the commitment to help uplift Filipino lives through gainful employment. “We live by our core values,” Whyte said. “To help us remember what these five core values are, I created this acronym to make it easier to recall: IMaGIn, which stands for: 1) Create Positive Impact, we are proud of our core purpose of uplifting lives and we add value to everything we do; 2) Embody Malasakit. We foster a genuine care and commitment to the welfare of our customers, company and people; 3) Grit, we never give up! We seek and aim to achieve extraordinary success; 4) We are Grateful, we celebrate life and make the most of what we have and we aim to pay it forward; 5) We Innovate, we embrace change and challenge convention by taking creative action through nonstop learning and looking beyond the current state. According to Whyte, adherence to Filipino values was an integral part to the company’s success and continued growth. This was complemented by delivery of quality service, and observing global standards with their internal process and policies on a consistent basis. Next year, the company is gung ho on its expansion plan. Whyte is confident that the staff can be up to the task of delivering the goods. “I have seen our talent pool grow. I remember when the BPO industry started in the country, and we were called upon to fill all those positions for call-center agents. This industry started from scratch, and now look at how it has grown. Many of the companies started with an expat management; now, there is no difficulty in finding Filipino talent to fill the management positions because the industry was able to develop the local work force to take on the executive roles,” she said. For Whyte, her company’s growth has her countrymen at heart, with the knowledge that Filipinos are world-class experts and a rich resource for the country’s continued economic growth.

MSMEs told: Gain knowledge of competition law, policy

HE Philippine Competition Commission (PCC) is urging micro, small and medium enterprises (MSMEs) to be knowledgeable of competition law and policy, as it ensures fair competition in the market. PCC Chairman Arsenio Balisacan expressed hope that such knowledge would facilitate the voluntary compliance of MSMEs to the Philippine Competition Act (PCA), and would be able to detect possible violations of the law and report such to the PCC. “The competition policy is here to deter large firms from abusing their dominant position. It seeks to ensure that firms, whatever their size, compete on an equal footing and that entry to a market is not artificially restricted,” he said. Balisacan said the PCC’s mandate is to prohibit anticompetitive agreements, abuses of market dominance, and anticompetitive mergers and acquisitions. “This mandate extends to all sectors of the economy and covers all sizes of businesses—from multinational corporations to microenterprises,” he added. The PCC chief said 90 percent of firms in the country are classified as microenterprises, while 9.7 percent are small or medium enterprises. MSMEs account for about a third of the gross value added, a fourth of the exports and more than half of labor employment. “Given these figures, it is undeniable that MSMEs play a crucial part not only in our country’s economy but also in shaping the country’s competition landscape,” he said. Balisacan also underscored the significant

benefits to the economy of the PCA, which was enacted in 2016. “Fair and healthy market competition gives consumers better access to goods and services at lower prices and better quality.

Moreover, fair and robust competition spurs research and innovation, resulting in greater product variety. Taken together, these effects improve overall welfare, especially the lives of the poor,” he added

MINDORO EXPANSION In line with its aggressive expansion program in Mindoro, 7-Eleven recently opened its fifth store at the Calapan Market, Juan Luna Street in Calapan City, Oriental Mindoro. The new branch is now serving the 24/7 buying needs of the residential and transit consumers in the area. Same with other 7-Eleven stores, the Calapan Market outlet also offers a wide array of product selections and value for money to customers. The four other 7-Eleven branches in Oriental Mindoro are located in JP Rizal Avenue, Calapan City; Sabang, Puerto Galera; Victoria Highway; and Pinamalayan Highway. The company is also planning to open five more stores in Mindoro, expecting a total of 10 outlets by year-end. These stores will be located in Puerto Galera Town, Gloria, Bansud, Bongabong and Naujan. Expansion in Occidental Mindoro is also expected to unfold soon. To date, 7-Eleven has 2,752 branches nationwide, 54 percent are franchise outlets and 46 percent are corporate stores. For potential franchise partners, 7-Eleven offers flexible options: Regular New Store Franchise (open a new 7-Eleven store) or Property Conversion (convert an established business or properties into a 7-Eleven franchise). For franchising inquiries, call (02) 7269968, 0920-9508651, 0917-8711686 (Luzon) or e-mail franchising@7-eleven.com.ph or visit www.7-eleven.com.ph.