Businessmirror november 24, 2014 by BusinessMirror

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Life

When love works

SIMPLE WAY OF LOVING AND LOUIE M. LACSON Word&Life Publications • teacherlouie1965@yahoo.com

FACE YOUR FIERCE

Monday, November 24, 2014

■ shu uemura.

The cat’s eye trend is still big. This time, the inspiration is an actual feline. “Shupette by Karl Lagerfeld for shu uemura” takes its cue from the pussycat princess Maidemoiselle Choupette, the spoiled cat of the Chanel designer. The Japanese makeup brand recently flew in its international artistic director, Kakuyasu Uchiide, to present its holiday collection replete with Parisienne chic and Tokyo kawaii themes. The line includes Shupette Has-It-All Eye and Lip Palette (in eight eyeshadow and lipstick shades), Eye-Need-Shu Liner (highperformance drawing pencils), Furry Fantasy Premium False Eyelashes (haute couture feline vibe with pink feathers and Shupette-blue crystal), and My Precious Glitter Set (in pink, gold and platinum to add sparkle to your eyes).

■

TOTA PULCHRA MISS CHARLIZE

■ Prestige Total Itensity.

“The daring colors and uniqueness of the Total Intensity line add a new element to the cosmetic industry,” says Musa Dias, vice president of Prestige Cosmetics Group, in a statement. “Total Intensity motivates women to express themselves, look their best and have the confidence they need to break the mold and shake the world.” But, girlfriends, don’t just take Musa’s word for it, try the makeup for yourself and see how empowering they can be: Metal and Color Rush eyeshadows and the Total Wear Eyeshadow Sticks, with the Total Intensity Waterproof Eye Makeup Remover completing the set.

HERE’S no excuse for being insecure this Christmas. With bonuses at your disposal, beauty products ready for the picking and bargains all around, you will be at your prettiest this party season.

TRESEMMe. The stress brought about by the holiday rush can, unfortunately, manifest on your tresses. Don’t let a bad-hair day ruin your glam tidings. This salon brand used by professionals gives you “salon-gorgeous” hair right at the comfort of your home. Lucky for you, TRESemmE is on sale until December. Its 440 ml Keratin Smooth shampoo and conditioner will be slashed by 50 percent. The beauty bargain also includes Smooth and Shine, Anti-Hair Fall and Thermal Recovery in 440 ml, and Anti-Hair Fall and Thermal Recovery in 600 ml bottles.

■

Lush. Festive gifts containing bath and body products will keep your loved ones cuddly and caress-worthy. For the holidays, this fresh handmade cosmetics brand takes inspiration from three themes: “Story Telling,” about the fairy tales of Hans Christian Andersen; “City of Gold,” after a British Museum exhibit of “Beyond El Dorado”; and “German Techno Nordic Pop,” about “Charlie and the Chocolate Factory” and “Slava’s Snowshow.” The gifts are already beautifully wrapped and ready to give. Some heady delights include Joy to the World (containing Dream Cream body lotion and Snowcake soap), The Night Before Christmas (Father Christmas bath bomb, Twilight bath bomb, Christmas Eve bubble bar), and Home for Christmas (Yog Nog soap, The Olive Branch shower gel and Dream Cream body lotion).

■ Pond’s Age Miracle Firm & Lift. I love beauty queens, especially our

Binibining Pilipinas winners. Some have faded, while some become even more beautiful, like Charlene Gonzales-Muhlach, who won the title in 1994. “At 40, I can look back and feel quite happy that my life and my beauty didn’t peak when I joined Miss Universe,” she said. “I believed then na may igaganda pa ’ko and that I had the best years of my life ahead of me. And, that’s exactly how things turned out.” To maintain her looks, Charlene eats healthy, exercises and takes care of her skin. She worries about wrinkles but more so about loose skin and sagging in the Y-Contour area—the neck and the jawline. She isn’t too bothered, too, as she uses the new Pond’s Age Miracle Firm & Lift, which “strengthens the skin from inside, so you can look up to 10 years younger with a firmer, lifted Y-Contour.” This new skin-care range is composed of the Firm & Lift Targeted Lifting Serum Massager (infused with powerful Instantlift), Firm & Lift Eye Contour Lifter (for the under-eye area), and the Firm & Lift Face and Neck Lifting Day Cream with SPF 30 (for daytime use). “Even if I’m 40, I still always get compliments from my husband. He tells me that I’m beautiful, and my beauty grows over time. I have Pond’s to thank for that,” Charlene said. “I feel more beautiful now that I did when I joined Miss Universe in my teens.”

life

OPTIMUM EDUCATION BusinessMirror

E4 | Monday, November 24, 2014 | Editor: Max V. de Leon

Focusing on student outcomes For

optimum education By Janica Monick Riego | Photo by Alysa Salen

hen teachers Demetrio Quirino Jr. and Teresita Quirino founded the Technological Institute of the Philippines (T.I.P.), they aimed to provide the best education possible to students coming from lower- and middle-income classes. A little more than four decades later, it is their daughter’s turn to continue paving the path toward making this goal a reality. skills, attitudes and values, or the outcomes the students need to attain at the end of the program, and building on these to adapt to changing needs in their professions. Moreover, under OBE, an advisory board consisting of alumni, representatives of industry and professional organizations, is consulted to link industry and academe, ensuring that the curricula are shaped around the competencies needed in the workplace. T.I.P. learned about OBE when T.I.P. officers benchmarked with the City University of Hong Kong (CityU) in 2009. T.I.P. implemented Outcomes-Based Teaching and Learning (OBTL)/OBE, also in 2009. Starting in 2009, T.I.P. also embarked on the upgrading of its engineering and computing laboratories to help students realize the student outcomes in a more challenging environment, using state-of-the-art equipment. Some of the equipment, to simulate actual conditions in the workplace, are the same as those used in the industry. “We want current and future generations of Filipinos to become engineers and computing professionals, who will become nation-builders someday. As such, they can make a positive impact on the lives of their fellowmen by contributing relevant, real-life solutions to complex problems by creating innovative products and services. Quirino-Lahoz elucidates that, “The ability to solve complex engineering problems and the ability to design systems that meet specifications within multiple constraints and in accordance with standards is what will distinguish an engineering graduate from an engineering technologist or an engineering technician.” In a related development, T.I.P. recently became part of the USAID Stride (Science, Technology, Research, and Innovation for Development) program to develop model career centers in the Philippines. This means that T.I.P. will receive technical assistance to develop a model career center on its campus, patterned after those found in US universities.

Banking on accreditations

“nO school can claim excellence in a vacuum,” Quirino-Lahoz says, emphasizing the institution’s driving goal of reaching higher levels of excellence. T.I.P. goes through the rigors of accreditation or external quality assurance to validate the levels of quality it has achieved, and to strive for more. To date, T.I.P. has obtained international accreditation for 20 of its engineering and computing programs from the US-based ABET, formerly known as the Accreditation Board for Engineering and Technology, the global gold standard in accreditation of college and university programs in applied science, computing, engineering and engineering technology. T.I.P. Manila was granted accreditation by the Engineering Accreditation Commission of ABET for its undergraduate programs in Chemical Engineering, Civil Engineering, Computer Engineering, Electrical

On outcomes-based education

In its search for a unique educational model that would address industry needs, T.I.P.—upon realizing the benefits of outcomes-based education (OBE)—has implemented OBE because of its relevance. “OBE addresses the age-old gap between what the industry wants from graduates and what schools produce. OBE bridges the notorious mismatch between industry needs and quality of graduates,” Quirino-Lahoz says. “OBE starts with the end in view, that is, the clear articulation of intended learning outcomes,” she continues. She clarifies that, “This educational model ensures that the needs of the industry are addressed.” She further explains that, in OBE, the teacher is concerned not so much with the topics to be covered, but, rather, with the desired knowledge,

tate-owned Philippine Amusement and Gaming Corp. (Pagcor) said it is not yet ready to grant additional licenses to another large casino operator, including the owner of Caesars Palace, as the agency will have to assess first if the current gaming market in the country can absorb the existing investors in the Manila Entertainment City.

Engineering, Electronics Engineering, Industrial Engineering and Mechanical Engineering. From the Computing Accreditation Commission (CAC) of ABET, it also received accreditation for its undergraduate programs in Computer Science, Information Systems and Information Technology. T.I.P. Quezon City, on the other hand, was granted accreditation by ABET EAC for its undergraduate programs in Civil Engineering, Computer Engineering, Electrical Engineering, Electronics Engineering, Environmental and Sanitary Engineering, Industrial Engineering, and Mechanical Engineering; and ABET CAC for its undergraduate programs in Computer Science, Information Systems and Information Technology. The Information Systems (IS) programs of T.I.P. are the first and only IS programs accredited by ABET CAC in South Asia. Moreover, T.I.P. also has recogni-

tions from the Commission on Higher Education: autonomous status for T.I.P. Quezon City and deregulated status for T.I.P. Manila; Center of Excellence in Information Technology Education for both T.I.P. Quezon City and T.I.P. Manila; Center of Development in Computer Engineering for both T.I.P. Quezon City and TIP Manila; and Center of Development in Civil Engineering for T.I.P. Quezon City. T.I.P. also has levels of accreditation from the Philippine Association of Colleges and Universities Commission on Accreditation under the umbrella of the Federation of Accrediting Agencies of the Philippines, among others. Quirino-Lahoz shares that the implementation of OBE and the process of undergoing the rigors of accreditation have resulted in changes, not only in terms of the curriculum, but also in the outlook of T.I.P. students. Quirino-Lahoz, who has been with

T.I.P. since 1978—and has, therefore, seen the growth of the institution—says that T.I.P. students have become more self-confident because of their increased ability to exhibit the clearly defined intended learning outcomes and graduate attributes while in school, and, eventually, the program educational objectives in their chosen careers. T.I.P. students, for example, have been honed in their ability to evolve optimal design solutions in their capstone design course. These outcomes and attributes include not only professional competencies, but also critical thinking, problem-solving skills, communication skills, interpersonal skills, and social and ethical responsibilities, among others. “We further added tremendous value to our students and graduates, most especially in terms of international employment mobility, including mobility as entrepreneurs, with the student outcomes and graduate attri-

butes they now possess,” she says. The lady executive also believes, for example, that with Asean 2015 in the horizon, the recent international accreditation of T.I.P.’s programs will make T.I.P. graduates more globally competitive in the job market. “This is because earning a degree from an ABET-accredited program assures prospective students [and employers] that the program is committed to using best practices and innovation in education, [and] the program is guided by its industry, government and academic constituents through formal feedback [www.abet.org].” “ABET accreditation is one of the best legacies T.I.P. can give its students, who are enrolled in these 20 programs, who come from the lowerand middle-income classes. Our financially challenged students gain access to the best education possible—a practice consistent with the aims of my father,” she concludes.

SENATE OFFICE PINS DOWN MIGHTY CORP EXCLUSIVE

Numero uno Sports BusinessMirror

Sunday, November 24, 2014

By Lito U. Gagni

www.businessmirror.com.ph

MERCEDES driver Nico Rosberg of Germany steers his car during the qualifying session at the Yas Marina racetrack in Abu Dhabi, United Arab Emirates. AP

ROSBERG TAKES ABU DHABI POLE; HAMILTON STILL HOLDS ADVANTAGE B J P The Associated Press

FC Barcelona’s Lionel Messi, from Argentina, is lifted by his teammates after setting a La Liga scoring record of 253 goals. AP

MESSI HAT TRICK BREAKS SCORING RECORD IN SPAIN

NUMERO UNO B

B J W The Associated Press

ARCELONA, Spain—Lionel Messi scored a hat trick to emphatically break the Spanish league’s all-time scoring mark in Barcelona’s 5-1 win over Sevilla on Saturday. Messi, already Barcelona’s all-time scorer, surpassed Athletic Bilbao great Telmo Zarra’s milestone of 251 goals that had stood untouched since 1955. Messi equaled Zarra’s mark in the 21st minute and added goals in the 72nd and 78th to claim the record for himself. “I have never seen a player like Leo,” Barcelona Coach Luis Enrique said. “He is beyond comparison, one of a kind, never to be seen again. We are lucky to have him here, to enjoy him, and to see where he leaves this record.” Messi’s record-setting effort eclipsed rival Cristiano Ronaldo becoming the first player to reach 20 goals in the first 12 rounds of a season after he scored twice to keep Real Madrid at the top of the table with a 4-0 win at Eibar. Madrid leads Barcelona by two points with Atletico Madrid four points adrift after the defending champion beat 10-man Malaga 3-1 at home. Also, former Manchester United Coach David Moyes debuted as Real Sociedad’s new manager with a 0-0 draw at Deportivo La Coruna. Both sides were left one point above the relegation

zone. Messi’s treble came after a week of wild speculation that he was wavering on his once steadfast commitment to Barcelona, following his comments that he might not spend most of his remaining career here. But the match ended with Messi smiling broadly as his fans chanted his name. Messi’s teammates tossed him in the air after his record-breaking goal, and lined up in an honor guard as he jogged off the pitch while soaking up the Camp Nou applause. Messi’s night started when he earned a foul from Sevilla’s Ever Banega on the edge of the area. Messi stepped up and curled the ball over the barrier with an elegant strike to claim the history-making goal he had searched for in vain in three previous matches. Sevilla had yet to manage a shot on goal when Unai Emery’s side was gifted an equalizer from Jordi Alba two minutes after halftime when he knocked in a cross. Sevilla’s celebration didn’t last long because Neymar headed Barcelona back in front two minutes later when he rose up to score Xavi Hernandez’s free kick for his 11th league goal of the campaign. Barcelona’s Luis Suarez has been scoreless since his return from his biting ban, but he made up for it by making his fourth assist for Ivan Rakitic to score against his former team in the 65th. Neymar crossed for Messi to dive and tap home his second goal. Messi then dribbled across the

edge of the area to fire in his third and complete his memorable match. Earlier, Ronaldo continued his own sensational scoring streak that includes him having scored in all 11 league games he has played in this campaign. He has 25 goals from 18 games in all competitions. The Ballon d’Or-holder passed from an apparent offside position for James Rodriguez to head in Madrid’s first goal in the 23rd minute and Ronaldo put the result beyond doubt two minutes before halftime. Karim Benzema added a third goal from Rodriguez’s pass in the 69th before Ronaldo got his second from the penalty spot in the 83rd to polish off Madrid’s 14th straight win overall. “Losses will come, of course. [But] our objective is to keep this run going,” Madrid Coach Carlo Ancelotti said. “The season is long and we have to continue with this attitude.” In Madrid, Tiago Cardoso scored and set up another goal as Atletico ended 10-man Malaga’s winning streak. Tiago’s header put the hosts in front in the 12th before Arda Turan crossed for Antoine Griezmann to make it 2-0 in the 42nd. Malaga arrived after a club record five straight wins but Atletico denied the visitors a scoring chance until Roque Santa Cruz struck in the 64th. Malaga went down to 10 men when Samuel Garcia received his second yellow card in the 73rd, and Diego Godin headed in Tiago’s lobbed pass in the 84th.

ABU DHABI, United Arab Emirates—Nico Rosberg has pole position for the season-ending Abu Dhabi Grand Prix. Now he just needs someone to get in the way of title rival Lewis Hamilton. The Formula One world championship will go to one of the two Mercedes rivals on Sunday, and Rosberg put himself in a competitive position by edging a nervy-looking Hamilton in Saturday’s qualifying to secure a third straight pole and fourth in the past five races. Hamilton, however, still holds the advantage. He has a 17-point lead and only needs to finish second to guarantee a second F1 title. But with double points on offer—50 for the winner—Rosberg can clinch his first title if he wins and Hamilton crosses the line in third place under floodlights at the Yas Marina circuit. “Of course pressure is one of the hopes I have. If Lewis feels the pressure and makes a mistake as a result,” an upbeat Rosberg said after securing the 15th pole of his career. “I push flat out, all the time, to try and keep the [pressure] level extremely high. That’s all I can really do.” Hamilton was quicker than Rosberg in the first two qualifying sessions but almost went off track as his brakes locked heading into the final corner on Q3. “I didn’t have the best of laps,” Hamilton said. “[I] couldn’t put a comfortable lap together.” Rosberg set a leading time of 1 minute, 40.48 seconds, with Hamilton clocking 1:40.866 and Finnish driver Valtteri Bottas third, ahead of his Williams teammate Felipe Massa. “It’s only one small step. This weekend is about the championship, not pole position,” Rosberg said. “It would have been great if there had been a Williams between us, but that could always happen tomorrow.” Red Bull driver Daniel Ricciardo initially finished fifth, right ahead of teammate Sebastian Vettel. But they were relegated to the back of the grid after race stewards discounted their qualifying results because of an illegal aerodynamic influence relating to the front wing flaps on their cars. Daniil Kvyat now starts fifth and Jenson Button sixth. The speed of the Williams pair is encouraging for Rosberg, who needs one driver to get between Hamilton and himself. But if Rosberg finishes second, he needs Hamilton to cross the line no higher than sixth. Although Hamilton leads Rosberg 10-5 in race wins, Rosberg is up 11-7 in pole positions this season, although he has not often made the most of them. “[The] mind-set is that I need to get the job done and continue the form I had in Brazil,” Rosberg said, who ended Hamilton’s five-race winning run by beating him two weeks ago in Brazil. Hamilton, the 2008 F1 champion, insists he is not feeling under any pressure here, but he made a couple of mistakes in both Q1— where he went wide on turn 14—and Q3. Rosberg, his childhood friend and teenage go-karting rival, showed no signs of nerves. Hamilton appeared tense in the post-qualifying news conference, giving terse answers when asked how he will approach the race. Toto Wolff, head of Mercedes-Benz Motorsport, was surprised by Hamilton’s run in Q3. “It was a messy lap from Lewis, which was not expected because he had a very good lap in the second qualifying session,” Wolff said. “I won’t tell them anything anymore, they are in their own little bubble and concentrating on the race. I think we should leave them in peace.” Massa, who lost the 2008 title to Hamilton by one point, was third quickest in third practice. Six years ago, at the season-ending Brazilian GP, Massa won on his home track and the title was only seconds away, but Hamilton advanced from sixth to fifth right at the end to deny him.

WHALEY BECOMES 1ST FEMALE OFFICER AT PRO GOLF ASSOCIATION B M M The Associated Press INDIANAPOLIS—More than one decade after becoming the first woman to qualify for a Professional Golfers’ Association (PGA) event in 58 years, Suzy Whaley became the first female officer in the PGA of America’s history and is on course to become the organization’s first female president in 2018. The 48-year-old Whaley received 52.63 percent of the 114 votes in a threeway race for secretary near the end of Saturday’s meeting in Indianapolis. Russ Libby was second at 33.33 percent and Michael Haywood was third at 14.04 percent. As the final tally was posted on two video boards in the front of a hotel ballroom, Whaley’s supporters pumped their fists, delegates gave her a standing ovation and Whaley hugged everybody in sight as she took a deliberate 5-minute

By Vg Cabuag

Continued on A2

Executive views

P25.00 nationwide | 7 sections 36 pages | 7 days a week

Pagcor Chairman Cristino L. Naguiat Jr. told reporters that the agency, which regulates the $4-billion Entertainment City complex and also operates its own smaller version of casinos in the Philippines, is receiving a lot of queries from other operators. But this will not automatically lead to new licenses. He clarified that Caesars Entertainment Corp., the largest operator of casinos in the United States, has not yet contacted him on its plan to put up another billiondollar casino in the Philippines. “I think they have talked to the President [Aquino]

ExecutiveViews

Since 2003, T.I.P.—a private, nonsectarian higher-education institution specializing in engineering and computing degree programs—has been headed by its third president, Elizabeth Quirino-Lahoz, an educator by education, profession and advocacy. A bachelor’s degree in Communication Arts (magna cum laude and class valedictorian) from Maryknoll College, a master’s degree in Business Administration from the Ateneo de Manila University, a Doctor of Philosophy degree in Education from the University of the Philippines and close to 40 years of experience in the education sector— Quirino-Lahoz has the expertise to lead T.I.P. into becoming the country’s premier institution for engineering and computing degree programs. “The founder—my father—had grit and determination to grow the school from a small rented space 52 years ago to a two-campus institute,” she says. “He used to remind me that, when it is my turn to run the school, the students should continue to get value for their parents’ hardearned money.” T.I.P. currently educates 23,000 students in its two campuses (in Manila and Quezon City), with program offerings ranging from engineering, architecture and information-technology education to maritime education, business education and teacher education. With Quirino-Lahoz leading the institution, T.I.P. is working on its seven-year vision of becoming the leading professional institute that prepares its students toward meaningful and fulfilling careers through employment in their professions or to becoming entrepreneurs. “With the emergence of more dynamic, ever-advancing technology, and fueled by human desire for greater comfort and convenience in people’s everyday lives, the world is in need of more skilled engineers who can creatively solve real-life problems with their inventions and innovations,” she says. “We want our graduates to become real nation-builders. After all, they are engineers and technologically oriented workers who, by the very nature of their programs of study, have the necessary foundation to convert such aspirations to reality.”

Tuesday, Monday,November November18, 24,2014 2014Vol. Vol.1010No. No.4046

No new Pagcor license for now

SUITE STYLE OF THE SEASON »D4

BusinessMirror

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

GAMING AGENCY ASSESSING IF MARKET CAN STILL ABSORB CAESARS PALACE, OTHER LARGE CASINO INVESTORS

FACE YOUR FIERCE EAR Lord, we all know how to love. It is the most pleasant experience in life. When love works, we recognize it when we reach out to others who seem so indifferent. We extend help to others without thinking of anything in return. We offer a job to those in dire need. We accommodate in our own shelter those who can no longer find a place at a time they need most with an assistance that they soon find a place of their own. May You guide us Lord how we can express our love without measure. Amen.

A broader look at today’s business

stroll from the back of the room to one of two head tables. “It’s an incredibly special day for me, my family, the Connecticut section and our members,” Whaley said. “Our association has a long-term strategic plan and I’m excited to part of implementing that plan. We have so many opportunities to bring diverse groups into the game, that’s what I’m excited about.” The selection of Whaley, who in 2003 became the first woman to qualify for a men’sevent since Babe Zaharias, is just a start. She will serve the next two years as PGA secretary, then two years as vice president before starting a two-year term as president and another twoyear term as honorary president. Each promotion must be approved through a formal vote, which is usually considered a formality. For the PGA, it’s a chance to turn the page on one of the organization’s

WHALEY AP

darker chapters. President Ted Bishop was ousted last month after using social media to call European pro Ian Poulter a “Lil Girl” and writing that Poulter sounded “like a little girl squealing during recess.” Supporters made it clear that the association needed to go in a different direction and that choosing Whaley would help. “Who among is more passionate about the teaching the game to every person, to show the magic of our game to every child, to every man and to every woman?” Connecticut section member Gary Reynolds said in his nominating speech. “Sometimes we are lucky, lucky to experience a moment where we can embrace change.” Voters didn’t just want to embrace change, they wanted to embrace Whaley, a mother of two and the director of instruction at her own golf academy in Croswell, Connecticut. In 2010 the

Farmington, Connecticut, resident became the second woman elected to the PGA’s board of directors. But the historic vote drew raves from every corner of the room—friends, supporters, board members, teaching pros and especially her new executive colleagues. Whaley was so touched that she forgot to insert her own name into the oath during the swearing-in ceremony. “I am so proud to be a PGA member and so honored to serve all of you,” she said as her voice cracked. The selection of Whaley wasn’t the only business on Saturday. Voters approved Derek Sprague, of Malone, New York, to become the association’s 39th president. They also voted to promote Paul Levy of Indian Wells, California, from secretary to vice president. And they extended Allen Wronowski’s term an additional two years. He will fill the void left by Bishop’s ouster.

sports

he Senate Tax Study and Research Office (STSRO) has found out what could be an improbable pricing of tobacco-leaf imports by Mighty Corp. as compared to those imported by Philip Morris Fortune Tobacco Corp. (PMFTC) and Associated Anglo-American Tobacco Corp. Also, the Senate office, which furnished its report to Sen. Juan Edgardo M. Angara, chairman of the Senate Committee on Ways and Means, found out that the supposed suppliers that Mighty Corp. has identified for its tobacco-leaf imports have disputed the Bulacan firm’s assertions. The study is deemed significant in view of the contention of PMFTC President Paul Riley that “Mighty can no longer hide from the facts

PESO exchange rates n US 45.1190

See “Mighty Corp.,” A2

CHAMP STILL World Boxing Organization (WBO) welterweight champion Manny Pacquiao (right) lands a right on the face of WBO junior welterweight champion Chris Algieri of the United States during their welterweight boxing title fight at The Venetian Macao in Macau on Sunday. Story on C1. AP/Kin Cheung

Banks’ property-sector exposure exceeds ₧1T

By Bianca Cuaresma

he local banking system’s exposure to the real-estate sector continued to grow larger in the quarter ending June this year due largely to the rise of property loans in the period. The Bangko Sentral ng Pilipinas (BSP) reported that the universal, commercial and thrift banks’ total real-estate exposure hit P1.097 trillion in end-June this year. This is 6 percent higher compared to the year-ago level. The rise in the banks’ exposure to the property sector was attributed by the central bank to the higher loans extended to the industry in the period. In particular,

the banks’ real-estate loans comprised 84 percent of the banks’ exposure to the property sector, which hit P924.3 billion as of end-June this year. This is 6.7 percent higher than the levels seen in the previous year. “Land developers, construction companies and other corporate entities obtained 60 percent of the real-estate loans, while borrowers acquiring residential properties received the remaining 40 percent,” the central bank said. Investments by banks to real-estate securities, meanwhile, hit P172.9 billion. This is 16 percent of the banks’ total exposure during the period, and 16 percent of the total exposure of the banking sector during

the period. “The BSP monitors the real-estate exposure of universal, commercial and thrift banks as part of its broader role of assessing the quality of the banks’ exposures to the different sectors of the economy. Maintaining high loan quality is essential to the promotion of financial stability, which is a key policy objective of the BSP,” the central bank said. The BSP noted that, while banks have been beefing up their exposure to the property sector, the nonperforming real-estate loans—or more popularly known as bad or soured loans—comprised 2.64 percent of their total real-estate loan portfolio during the period. This is lower than the 2.77 percent posted a quarter earlier.

n japan 0.3822 n UK 70.8098 n HK 5.8178 n CHINA 5.8178 n singapore 34.7203 n australia 38.8689 n EU 56.5928 n SAUDI arabia 12.0269 Source: BSP (21 November 2014)

News BusinessMirror

Monday, November 24, 2014

news@businessmirror.com.ph

No new Pagcor license for now Continued from A1

once when he was in San Francisco. But that was just a courtesy call to the President. But there is nothing in discussion on our side other than discussions with one of our departments,” Naguiat said. He said granting additional licenses to other operators will be “unfair” to the existing licensees, most of which were situated in the Entertainment City in Parañaque. “We have to look first what will happen in the four existing licensees. We’re not even sure if the four [can be profitable],” he said. And Naguiat, who has not given

out any new license since he assumed the post in 2010, made it clear the terms of reference given to the current four players in the Entertainment City will not be given to the new entrants. “These people took the risk to investing so much money. They can’t just come in when the [Philippine gaming market] is already ripe. It could be unfair for existing licensees,” he said. According to reports, Caesars approached the government to build an integrated resort and casino in a property next to the Ninoy Aquino International Airport in Pasay,

Mighty Corp. . . continued from a1 which expose their questionable business practices.” “Acetate tow prices paid by two cigarette manufacturers steadily increased over the four-year period [starting 2010]: Associated Anglo American Tobacco Corp. and Philip Morris Fortune Tobacco Inc.,” while “the prices paid by Mighty Corp., on the other hand, remained nearly the same every year,” the study said. Aside from this, the Senate study said, “The prices of acetate tow imports by Mighty Corp. are the same ($0.36) regardless of country of origin, with the exception of Germany ($.54 in 2013); Indonesia ($0.48 in 2012 and Thailand ($1.50, 2011).” It is these improbable tax import prices that Philip Morris has questioned and which is the reason for the advertisements the company made to question the way Mighty Corp. is doing business, which, Riley said, robs

the government of precious revenues. “Every company should pay their fair share of taxes for the development of the nation. This is the resounding message. We are hopeful that this would lead to more positive results,” Riley said. The improbable pricing of Mighty’s imports was also cited by the Senate study, which was signed by lawyer Rodelio Dascil, STSRO director general, and submitted to the office of Angara on September 18, and which the BusinessMirror obtained. According to the study, the prices submitted by Mighty Corp. to the National Tobacco Administration are “outliers, not even a 10th of the prices paid for by either Associated Anglo or Philip Morris.” Backing this theory on Mighty’s improbable pricing, according to the study, were the findings made that show that Mighty has not been trans-

about 5 kilometers away from the Entertainment City. The said move was part of its Asian expansion. Pagcor awarded in 2008 and 2009 four licenses to casino operators, who committed to build at least $1 billion worth of facilities in the Entertainment City. The licenses were given to SM Group-led Belle Corp., which took in the group of Macau’s Melco Crown Entertainment, led by Lawrence Ho and James Packer and named their facility City of Dreams Manila; Andrew Tan’s Resorts World Bayshore; Enrique Razon’s Solaire Resort and Casino; and Ka-

zuo Okada’s Tiger Resort Leisure and Entertainment Inc. Naguiat said it has already slapped Okada’s Tiger resort with a fine of P100 million for the delay of its casino project that was originally scheduled to open by next year. The company is still constructing its facility. The delay, however, was caused by the Japanese group not able to find a domestic partner after the pullout of the Gokongwei family. It is still at odds with the Century Properties Group Inc. Pagcor is expecting revenues of about P10 billion a year when all the four facilities are operational.

parent in its citations as to its supposed suppliers of tobacco imports. Citing reports transmitted by the Philippine Commercial Counselor in Washington, D.C. , the report said the “US companies which Mighty Corp. claimed to be its suppliers dispute its report to the Bureau of Customs.” As per the transmittal from the embassy, the Senate office said, “Supplier 1 made no direct sales to Mighty. Also, in the case of Supplier 2, the reported summaries of acetate tow purchases by Mighty Corp. do not accurately reflect our sales of acetate tow to Mighy and in the case of Supplier 3, it said that it did not have any direct sales to Mighty.” For Riley, “Mighty can no longer hide from the facts which expose their questionable business practices, described by a senator as a clear act of fraud. The Congressional in-

quiry highlighted the questionable business practices by Mighty.” These practices include: using imported materials to make cigarettes for export but diverting them to the domestic market without paying duties and taxes; and undervaluing the cost of tobacco and filter imports to evade customs duties and import value-added tax (VAT). “Mighty’s questionable business practices not only harm legitimate tax-paying companies like us but also significantly impacts key government programs as envisaged in the sin tax law,” Riley said. These practices, he said, include: n Using imported materials to make cigarettes for export but diverting them to the domestic market without paying duties and taxes; and n Undervaluing the cost of tobacco and filter imports to evade customs duties and import VAT.

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TODAY’S WEATHER

NOVEMBER 24, 2014 | MONDAY

NOV 26

said in an interview over government radio station. President Aquino earlier invoked Section 71 of the Electric Power Industry Reform Act, which allows the Executive to seek special authority from Congress to contract additional capacity “upon determination of an imminent shortage of power supply.” After conducting House hearings, the congressmen, however, opted to approve its own “watered-down version” of the power resolution doing away with the energy department’s proposal to rent expensive modular generators, endorsing instead a so-called Interruptible Load

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has already spent some $1.2 billion for the construction of Solaire. The company said it would also get a branded hotel for the next phase of development. With the expansion, it would increase its gaming tables to 650 from the current 360 and the total electronic gaming tables to 3,000 from 1,711. Bloomberry earlier said that it reached a profit of P3.3 billion for the nine-month period ending in September, or a turnaround from the P868million loss reported last year.

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Gross revenues, on the other hand, more than doubled to P22.44 billion, from last year’s P9.88 billion. It said the strong earnings momentum in the third quarter has also allowed Bloomberry to realize P811 million in retained earnings from a deficit of P2.48 billion at the beginning of the year. For the third quarter alone, it reported gross revenues of P7.67 billion, 58 percent higher than the P4.87 billion last year, with profit growing more than sixfold year on year to P992 million, from P165 million.

(AS OF NOVEMBER 23, 5:00 PM)

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Program that will tap private-owned generation sets to cut the supply shortage expected to hit Luzon in early 2015. Coloma added that Malacañang is hopeful the Senate leadership will frontload deliberations on the Senate counterpart measure leading to early voting on the final version of Joint Resolution 21, as sessions would be adjourned by December 19 for the annual Christmas recess. “At umaasa po tayo na mabubuo po ito sa lalong madaling panahon para sa kapakinabangan ng bansa dahil kailangan po ng panahon para paghandaan ’yung inaasahang kakulangan sa power reserves sa darating na tag-init sa taong 2015,” Coloma said.

Bloomberry completes design for phase 2 of casino project

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TAIL-END OF A COLD FRONT AFFECTING EASTERN VISAYAS.

Tail-end of a cold front is the extended part of the boundary, which happens when the cold air and warm air meet. This may bring rainfall and cloudiness over affected areas. It is felt at the northern hemisphere winter season.

LAOAG CITY 22 – 33°C

NOV 25

Palace sees emergency powers OK’d before break

NOV 29

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-0.26 METER 6:06 PM Partly cloudy to cloudy skies with isolated rain showers and/or thunderstorms

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Watch PANAHON.TV everyday at 5:00 AM on PTV (Channel 4).

METRO DAVAO 24 – 33°C

Weekday hourly updates: 6:00 AM on Balitaan, 7:00 AM & 8:00 AM on Good Morning Boss!, 9:00 AM, 10:00 AM, 11:00 AM, 12:00 PM, 1:00 PM on News@1, 3:00 PM, 4:30 PM, and 6:00 PM on News@6

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news@businessmirror.com.ph

The Nation BusinessMirror

Govt still reviewing case vs blacklisted HK journalists covering Apec in Manila By Butch Fernandez

HE government is still reassessing the case against blacklisted Hong Kong journalists who, after “ badgering” President Aquino at the Asia-Pacific Economic Cooperation (Apec) forum in Bali, now want to cover the 2015 Apec forum in Manila, Malacañang officials confirmed over the weekend. Communications Secretary Herminio B. Coloma Jr. confirmed on Sunday that the Palace received information that the National Intelligence Coordinating Agency had asked the Bureau of Immigration (BI) to blacklist at least nine HK journalists reported to have badgered Mr. Aquino in Indonesia for updates on the 2010 Luneta bus hostage crisis that killed seven Hong Kong tourists. Colom a v a l id ated De put y Spokesman Abigail Valte’s earlier statement affirming the Palace position for authorities concerned to “reassess” the case of the Hong

Kong journalists seeking accreditation to cover the upcoming Apec forum to be hosted by the Philippines next year. “Our position is that the exclusion should be reassessed given that there was no similar incident during this year’s summit,” Valte said on Saturday over government radio station. Coloma said the media applications to cover the Apec events in Manila are being handled by the Presidential Communications Operations Office under him, adding that it has not started the accreditation process. “Hindi pa po nagsisimula kaya wala pa po tayong tinatanggap at wala pa po tayong ipinupuwera na mga journalist na gustong magcover ng Apec Summit sa ating bansa sa susunod na taon,” Coloma said. The Palace official explained that under existing laws, the BI has the authority to ban “for valid reason” the entry of undesirable persons or groups to the country.”

Editor: Dionisio L. Pelayo • Monday, November 24, 2014 A3

Sereno on call to speed up Maguindanao Massacre case resolution: The judiciary is doing its best

By Joel R. San Juan

HIEF Justice Ma. Lourdes Sereno on Sunday said the Supreme Court (SC) has done its part to expedite the court proceedings involving the Maguindanao Massacre case, but admitted that the quick resolution of the case would also depend on the cooperation between the prosecutors and defense lawyers. In her speech before a forum on the issue of impunity attended by Asian journalists in a hotel in Quezon City, Sereno acknowledged the public’s growing impatience on the slow-paced proceedings in the Maguindanao case. “It is one of the judiciary’s burdens that we are not in a position

to make things move as quickly as we would want because the judicial process involves the prosecution, both public and private, and the defense; and, in every instance, the fundamental rights of the accused, as well as the correlative rights of the State,” Sereno said.

“Our process depends a great deal on good prosecutorial work and an equally good defense, both cooperating and not obstructing the process of the court, in order that expeditious trial can be realized,” she added. Sereno noted that the SC has instituted several measures and reforms that “have accelerated the hearings to a remarkably fast pace” given the complexity of the case. She said the reforms imposed specifically on trial of the multiple murder case in the Regional Trial Court Branch 221 in Quezon City have contributed to this purpose. The SC issued on December 2013 several new guidelines, including the use of judicial affidavits in lieu of the direct testimonies of the witnesses, to speed up the trial proceedings of the Maguindanao Massacre case. The JAR requires submission of judicial affidavits, in lieu of direct testimonies of witnesses in criminal cases. The rule specifically provides that

“when a party [whether plaintiff or defendant] questions his own witness, he no longer needs to place the witness on the witness stand.” As a substitute, the party or his lawyer merely submits the written sworn statement of his witness in a question-and-answer format. It also requires each party to the case to attach all his documentary evidence to the judicial affidavit, which, in turn, must be submitted at least five days before the “pre-trial” or “preliminary conference” in the case. The JAR is intended to reduce the time needed for completing testimonies of witnesses in cases under litigation. In adopting the JAR, the Court noted that about 40 percent of criminal cases are dismissed annually, owing to the fact that complainants simply give up appearing to court due to repeated postponements. A party who fails to submit the required judicial affidavits and exhibits on time shall be deemed to have waived their submission.

Economy

A4 Monday, November 24, 2014 • Editors: Vittorio V. Vitug and Max V. de Leon

BusinessMirror

10 new PPP projects being readied for public auction

By Cai U. Ordinario

he Public-Private Partnership (PPP) Center is now preparing pre-investment studies for 10 new projects.

Only three of the 10 projects currently have cost estimates: the P8.1-billion ($180-million) San Fernando Airport; the P166.63billion ($3.7-billion) North-South Railway Project (NSRP); and the P135-billion ($3-billion) Mass Transit System Loop. The San Fernando Airport will serve as a regional airport that can accommodate direct flights to La Union, Baguio and other tourist spots in the region. The private partner will upgrade and expand the airport through the removal of obstructions like hills, trees, transmission lines; expansion of existing parking areas; and construction of a new terminal building, a new fire stub taxiway and a new apron, among others. The NSRP will run from Metro Manila to Legazpi City, Albay, plus a number of existing and proposed branch lines totaling approximately 653 kilometers.

It consists of commuter-railway operations between Tutuban and Calamba and long-haul railway operations between Tutuban and Legazpi, including extended long-haul rail operations on the branch line between Calamba and Batangas and extension between Legazpi and Matnog. “Currently, the NSRP has a narrow-gauge railway. However, extensive rehabilitation and reconstruction is needed for bridges and road crossings to bring it to safe operating condition,” the PPP Center said. Meanwhile, the Mass Transit System Loop will connect Bonifacio Global City, Makati Central Business District to the Mall of Asia area in Pasay City. The proposed new rail line has a route length of approximately 12 km. It aims to reduce the volume of vehicular traffic in some of Metro Manila’s major growth areas by providing a higher capacity masstransit system.

The private partner will undertake the financing, design, construction, operation and maintenance of the mass-transit system. “It will run mostly underground with some elevated sections, making it the first subway in the country,” the PPP Center said. On the other hand, the other seven projects include Light Rail Transit (LRT) Line 1 Extension to Dasmariñas Project; the Batangas -Manila (Batman) 1 Natural Gas Pipeline; the Manila Bay-Pasig River-Laguna Lake (Mapalla) Ferry System Project; and the C-5 Transport Development Project. The list also includes the Clark International Airport operated and managed by Clark International Airport Corp. (Ciac); the Integrated Transport System Project-North; and the Ninoy Aquino International Airport Development Project. The LRT Line 1 Extension to Dasmariñas will further extend the LRT Line 1 covering approximately 15 km of service line which will start at the LRT Line 1 Cavite Extension Project terminal in Bacoor extending to Dasmariñas, Cavite. The Batman 1 project will transport and supply natural gas to targeted markets in the high-growth areas of Batangas, Laguna, Cavite and Metro Manila delivered through

approximately 110 km of transmission pipelines from Batangas to Metro Manila. The Mapalla Project involves the development of a ferry system that would traverse Manila Bay, Pasig River, Marikina River and Laguna Lake. “Phase 1 of the project will cover the Pasig and Marikina Rivers, while Phase 2 will look into a possible extension of ferry services into Laguna Lake and Manila Bay,” the PPP Center said. The C-5 Transport Development Project involves the implementation of a new bus scheme similar to a Bus Rapid Transit System that will offer high-quality bus service. It aims to improve the connectivity among the cities of Parañaque, Taguig, Makati, Quezon City and Valenzuela, through a modern busbased public-transport system. In terms of the Ciac project, the private partner will undertake the operation and maintenance of the entire airport,includingtheexistingterminal, budgetterminalandairsidefacilitiesfor a defined concession period. The ITS project will involve the construction of mass-transportation intermodal terminal in the north of Edsa that will maximize road usage by reducing vehicle volume and improving traffic flow along Metro Manila’s major thoroughfares.

news@businessmirror.com.ph

Long-term measures to counter climate change in place–DENR chief

By Jonathan L. Mayuga

nvironment Secretary Ramon J.P. Paje said the Aquino administration has put in place long-term measures to counter the effects of climate change, with the benefits to be felt well beyond President Aquino’s term. According to Paje, the massive restoration of watersheds will strengthen the country’s natural defense against calamities. He also said the Department of Environment and Natural Resources (DENR) is stepping up the completion of the nationwide geohazard mapping to come up with more detailed maps to aid various stakeholders in preparing disaster-risk-reduction-andmanagement plans. The geohazard maps, he said, indicate areas susceptible to landslides and floods, which could save for the government time and money in implementing recovery and rehabilitation programs that may be brought about by natural calamities and poor geologic planning. He noted that one of the biggest costs the government faces is rehabilitation. But these costs, he said, can be avoided. “If we have good plans, we need not invest in areas which will be affected by landslides,” he said, citing the Guinsaugon tragedy. “Had we had a good plan at the time, we would have not built school in the areas, which will be covered by landslide and cause 300 casualties.”

The DENR, through the Mines and Geosciences Bureau (MGB), he said, is close to completing more detailed geohazard maps at a scale of 1:10,000, which is better than the existing 1:50,000 geohazard maps. It was learned that geohazard maps for 131 of the 171 total number of cities and municipalities affected by Supertyphoon Yolanda (international code name Haiyan) have been made available as of October. The DENR-MGB is tasked to come up with geohazard maps nationwide. To boost the country’s natural defense and strengthen the resilience of communities prone to natural calamities, Paje said the government is focused on rehabilitating degraded watersheds. “Basically, this is part of a bigger program of restoring the integrity of our natural ecosystem,” he said. According to Paje, watersheds are the country’s main defense against climate change. Paje earlier told the BusinessMirror that the DENR will come up with a comprehensive characterization and rehabilitation plan for the country’s 18 major river basins, underscoring the importance of protecting the source of water while conducting various programs to rehabilitate their tributaries. “We really have to restore it [watersheds] because we have to improve what we call the natural water-holding capacity and we also have to fortify our natural defenses,” he said.

Peza employment up 14% as of Oct

mployment in the country’s economic zones increased by 14.28 percent as of October, while exports and investment figures only saw minimal hikes during the same period as the impact of the truck ban and the lingering port congestion tempered growth. According to data from the Philippine Economic Zone Authority (Peza), enterprises within the country’s economic zones, from January to October 2014, now employ 1,148,468 workers. Investments, on the other hand, grew by 2.56 percent to P153.938 billion. Information-technology

(IT)-enabled projects and new economic zones accounted for 40 percent of total investments from January to October this year. Exports saw the same stunted growth, increasing by only 3.78 percent this year to $32.898 billion as of October. The robust hiring was credited to increased employment by the business-process outsourcing enterprises in Peza-accredited IT parks and buildings. According to Peza Spokesman Elmer San Pascual, investments and exports could have seen a 6-percent to 7-percent growth, or even an average 10-percent growth rate in the

first 10 months had it not been for the truck ban and the port congestion. Both negatively impacted on the operations of Peza enterprises, especially in the May-to-July period. “We could have grown 6 percent to 7 percent immediately because export markets like the United States and the European Union are recovering,” San Pascual said. “Exports could have recovered and we could have taken advantage of that. Instead, we lost an estimated $500 million a month in export opportunities,” Pascual noted. Some of the firms’ capacities were shifted to other production sites abroad. Catherine N. Pillas

GOCCs received P62.21B in subsidies in Jan-Sept

tate subsidies to government-owned and -controlled corporations (GOCCs) as of September stood at P62.21 billion. With three months to go before the fiscal year ends, this figure is already only P4 billion short of the total subsidies given by the government to GOCCs in 2013 at P66.33 billion. This is despite the efforts of the government to close down dormant or nonperforming GOCCs, which since 2011 has resulted in the abolition of 20 GOCCs and the classification of another 20 more as inactive or non-operational.

For September, the total subsidies given by the government amounted to P2.97 billion, a bulk of which went to the National Housing Authority (NHA), which got P613 million in subsidies. The NHA also ranks among the biggest recipients of subsidies for the whole nine-month period, with subsidies received amounting to P9 billion. The biggest recipient of subsidies for the year remains to be the Philippine Health Insurance Corp., which received P35.31 billion for the payment of insurance premiums of indigent Filipinos.

Other GOCCs which received big subsidies from the government include the National Food Authority (P4.3 billion); National Electrification Administration (P3.57 billion); Philippine Deposit Insurance Corp. (P2.79 billion), and the Philippine Coconut Authority (P1.35 billion). In terms of classification, the “major non-financial government Corporations” were subsidized for the period of January to September in the amount of P17.84 billion, while “other government corporations” got P44.37 billion. David Cagahastian

$19.4B netted from sale of state-owned power assets

By Lenie Lectura

roceeds from the sale of state-owned power assets reached $19.4 billion, data from the Department of Energy showed. In its latest report, actual collection stood at $8.5 billion as of April this year. This means the government is yet to collect some $10.9 billion from the privatization of these assets. Of the $8.5-billion collection, $0.951 billion was placed in temporary investments while awaiting utilization. The remaining $7.368 billion was used for the liquidation of financial obligations. The Power Sector Assets and Liabilities ManagementCorp.(PSALM)istheagencymandatedby Republic Act 9136, or the Electric Power Industry Reform Act of 2001, to handle the sale of the remaining state power assets and financial obligations of the National Power Corp. (Napocor).

Emmanuel Ledesma Jr., PSALM president, earlier said the government stands to earn roughly $3.2 billion more from the 1,600 megawatts (MW) of power-generation capacity that will be offered to the private sector. Among the power facilities that are up for bidding are the 32-MW Power Barge (PB) 104 in Davao City; the 727-MW Caliraya-BotocanKalayaan (CBK) hydropower facility; the Agus hydropower plant; the independent power producer administrator contracts for the Unified Leyte (UL) geothermal power plants; the 210-MW Mindanao coal-fired power plant in Misamis Oriental; and the 140-MW Casecnan multipurpose hydroelectric power plant. The agency will also rebid the 850-MW Sucat thermal power plant. Ledesma said PB 104 will be sold within the year; UL in the first quarter of 2015; Mindanao coal-fired power plant by mid-2015; Casecnan

facility in the third quarter; and CBK in early 2016. For Agus, the PSALM board is eyeing the sale in 2017. “There’s still roughly around 1,600 MW remaining. So assuming the rule of thumb is applied, then that’s going to be multiplied by $2 million per MW,” Ledesma said. Only about 20 percent of governmentowned power assets have yet to be privatized since PSALM took over Napocor, the PSALM official added. So far, the biggest power facility sold by PSALM is the 218-MW Angat hydroelectric power plant to Korea Water Resources Corp. (K-Water) for P19.66 billion. K-Water took over the facility last Friday, more than four years since it won the bidding in April 2010. The delay was caused by a number of reasons, including a court battle over the legality of PSALM’s conduct of the bidding.

Tourism

A6 Monday, November 24, 2014 • Editor: Alvin I. Dacanay

The Santa Monica Beach A haven at the heart of Du

B J M R

UMAGUETE CITY—The capital of Negros Oriental province may not be the first thing that comes to mind when people talk about out-of-town trips, but it is undoubtedly paradise, not only for laidback travelers, but for adventurous ones, as well. Home to approximately 121,000 people, Dumaguete attracts thousands of visitors every month. How can it not, with major airlines offering daily flights to and from the city? Also, Dumaguete benefits from easy ferry services that bring passengers from Cebu City, Cebu province. Called the City of Gentle People, Dumaguete is famous for its university-town atmosphere (it is, after all, where Silliman University is found), low-key charms and friendly residents. In fact, it is even dubbed one of the country’s retirement capitals; many Filipinos and foreigners have chosen to spend their retirement years here, partly because of its proximity to beaches, mountains and other natural attractions. Dumaguete is also known for the wild and daring adventures it can offer. It is a place to experience unforgettable outdoor activities and breathtaking sceneries. Just 45 kilometers northwest of the city, visitors can avail themselves of dolphin- and whale-watching tours in the country. This area is acknowledged as having one of the world’s biggest concentrations of marine mammals. That’s not all. There is also the Manjuyod White Sand Bar, which emerges only during low tide and is a convenient stopover for dolphinand whale-watching groups; and Apo Island, one of the country’s premier diving and snorkeling destinations. Closer to Dumaguete is the picturesque Balinsasayao Twin Lakes Natural Park in Sibulan town. The park is surrounded by forests, are rich in fish and fauna, and is home to an expansive ecosystem. There are countless other activities that travelers can choose from when they arrive in Dumaguete, but there is one place here where they can have calm and thrilling times: the Santa Monica Beach Club.

Haven in the city

LOCATED in Barangay Banilad, the Santa Monica Beach Club is the only boutique hotel-cum-beach resort found within the city, making it the top getaway place that doesn’t compromise the quality and the experience it offers to guests. A convenient 15-minute drive from the city airport, the beach club is found among the nipa plantations in a quiet fishing village. Santa Monica promises a wonderful retreat, not only for tourists who are looking to relax and unwind, but also bold and adventurous visitors who crave for some excitement.

Guests can now expect greater things from the resort, as major renovations are now being undertaken by its new management: the Amorita Group of Resorts, the same group that manages the Amorita Resort and Momo Beach House in Panglao Island, Bohol province, and the Funny Lion Inn in Coron town, Palawan province. “We want to make Santa Monica a tourist destination in the city,” said Marc Guerrero, the resort’s manager. With a design that has a contemporary architectural concept, gives off a rustic feel and uses indigenous materials, Santa Monica has a homey and relaxing ambience, making it the haven of choice for those looking for a place to stay, loosen up and lie down after spending the day exploring Dumaguete and the surrounding areas. The beach club has 19 spacious and comfortable rooms: seven deluxe rooms with twin beds; seven deluxe rooms with a king-sized bed; and four two-story family lofts that have a king-sized bed on the ground floor, and a single and double beds on the second floor. For a homier vibe, families can opt to stay in the beach house, which is complete with rooms, a kitchen and entertainment facilities. Each of the elegantly decorated pastel rooms includes full air-conditioning, a light-emitting diode television, wireless Internet, an in-room safe, and equipment for making tea and coffee.

Event-driven facilities

ACCORDING to Guerrero, the resort’s goal is to have more events than rooms. “Dumaguete is a very backpacker-friendly city. There are hostels and resorts that have very low rates, which make the competition very stiff,” Guerrero explained. “But this does not worry us, because we have found our niche market, which is really more on events.” “Like what they say here, the kids have their debut [parties] here in the Santa Monica Beach Club, as well as their weddings and their kids’ baptisms. It’s a cycle for families, and we are privileged to share that kind of experience with them,” he said. Indeed, Santa Monica is focused on becoming the leading boutique hotel and beach resort, not only for vacations, but also for special meetings, exhibitions and events in Negros island. “We believe that if people choose

to hold events in the resort, they will also bring [more guests] for the rooms,” Guerrero said. Santa Monica has the Glass House, a multipurpose function room that can comfortably seat up to 180 people. Its garden can hold a maximum of 600 persons for events, such as weddings or parties. The resort also has the Lanai Restaurant, headed by chef, dietician and nutritionist Syl Francis Malenab. It features a menu of delectable local and international cuisine. Guests can choose from the restaurant’s selection of fresh and grilled seafood. They can also feast on classic Filipino dishes, such as sinigang na baboy, sizzling bulalo and crispy pata; or international ones, such as South Korean Galbi jjim, crispy fried yellow chicken curry,

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2 SMBC Beach House

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5 SMBC Family Room

Club: umaguete

d honey barbecue spareribs. Aside from the restaurant, guests n also enjoy Santa Monica’s Oasis ol Bar, where they can enjoy the mosphere of the resort while sipng their favorite cocktail or wines at are exclusively distributed to morita resorts.

vironment-friendly

UERRERO said that, besides the perb facilities and accommodans it offers, Santa Monica exerts ery effort to maintain its being vironment-friendly by implenting green measures. The resort follows simple produres, such as strictly segregatwastes, giving out straws in the taurant only upon the diner’s uest, and planting fruit-bearing es in its backyard. To date, about

5,000 trees and shrubs have been planted, including lemongrass, which the resort’s personnel use for making shampoo, drinks and fragrance for the rooms. Shampoos are stored in recycled bottles, instead of the usual small plastic bottles, to avoid excessive production and consumption. Guerrero explained that waste water is not treated anymore; instead, a biosolution technology is used. The local government even saw this technology and wants to adopt it. With all these and more coming in the next years, guests will undeniably find paradise in the heart of Dumaguete City, in the Santa Monica Beach Club. Indeed, calming and thrilling times are what the resort promises to guests.

tourism@businessmirror.com.ph • Monday, November 24, 2014 A7

RWM’S REMINGTON HOTEL WINS PLAUDITS FROM ONLINE TRAVEL AGENCIES

EMINGTON Hotel, one of three hotels that stand on the property of the country’s premier integrated lifestyle hub, Resorts World Manila (RWM), has earned recognition from various online travel agencies (OTAs) this year for its high-quality service and unparalleled commitment to excellence. Among the OTAs that acknowledged Remington Hotel’s excellence are Booking.com, which bestowed the Most Booked Hotel in Manila accolade on the hotel on April 15; Expedia.com, which honored Remington as the top hotel at the 2014 Business Update and Partners

Awards on October 20; and Agoda.com, whose coveted Golden Circle Award, which the hotel received on November 4, is enjoyed only by handpicked properties across the globe. Agoda.com recommended Remington for its nightlife, dining and shopping options; proximity to the Ninoy Aquino International Airport (Naia); and top attractions, such as RWM. According to the website, the Golden Circle Awards are accorded to “accommodations around the world that embody the best qualities of the online hospitality industry.” Remington Hotel, which is located across

the Naia Terminal 3, is preferred by both local and international visitors because of its real-value accommodations and accessibility to RWM. All of the hotel’s 712 rooms, ranging from standard to premier, are equipped with modern amenities, such as liquid-crystal-display (LCD) televisions with access to cable channels; and bathrooms with rainfall showerheads, bidets and complimentary toiletries. Meanwhile, guests are provided with a secured parking area, facilities for the disabled, safety-deposit boxes, 24/7 free airport shuttle service and more.

Found on Remington Hotel’s lobby is its signature café, R Bar. Here, guests can sample a wonderful array of the tastiest sandwiches, the most luscious cakes and other pastries, and generous salads complemented with the café’s choice drinks that range from premium brewed coffee and ice-blended treats to beers and cocktails. As far as entertainment and other lifestyle options go, Remington, by virtue of its location, offers various shopping, dining, entertainment and gaming attractions, among others. www.rwmanila.com

BusinessMirror

TheElderly

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Monday, November 24, 2014 • Editor: Efleda P. Campos

Pasay elderly get P1,500 cash gift each

By Oliver Samson | Correspondent

EARLY 3,000 senior citizens born in the month of December and registered with the Office for Senior Citizens Affairs (Osca) in Pasay City have cash to receive before Christmas, a senior official of Osca said.

It sounds like a cash gift on Yuletide, said Cristina Castañeda, Osca officer in charge, but the amount is actually the sum of the annual P500 midyear cash assistance, P500 birthday cash gift and P500 Christmas bonus. The recipients—1,350 senior citizens in the city’s First District and the 1,457 senior citizens in the Second District, a total of 2,807—will receive P1,500 each for 2013, she said.

The cash assistance for Pasay’s December-born senior citizens was delayed for about a year due to the option of the city to give it to senior citizens in both congressional districts simultaneously, Castañeda said. Fund for the P1,500 cash incentive for senior citizens in the Second District was approved ahead of the budget for their counterparts in the First District, Castañeda said. The budget for senior citizens in

the First District is, in contrast, a prior-year obligation , which requires many terms to accomplish before getting an approval by the city council and the mayor, she noted. The fund for the P1,500 cash assistance for the 1,350 Decemberborn senior citizens in the First District will be sourced from the mayor’s budget for livelihood programs, Castañeda said. The budget of over P4 million for senior citizens in both districts also covers the P1,500 for the city’s 201 barangay senior citizens’ association presidents for one quarter, she added. Senior citizens’ barangay association presidents in Pasay receive P500 a month, each to compensate their responsibilities as leaders of their fellow seniors in the barangay, Castañeda said. She noted that the city treasurer’s office decides the date for the handover of the P1,500 cash incentive, and that Osca does release any amount

for senior citizens. The role of Osca is to provide senior citizens with information and call and gather when required, Castañeda said. The bedridden and disabled elderly will be visited by the city treasurer’s office staff to personally transfer into their hands the cash assistance, she said. It is the first time the P500 midyear cash assistance, the P500 birthday cash gift and the P500 Christmas cash gift will be received by the city’s senior citizens in a single dole-out, she added. Only senior citizens with proof of residence and voting in Pasay can claim the cash assistance, Castañeda noted. The city “gifts” both its senior citizens born in December, and also those celebrating birthdays in other months, with P500 midyear cash assistance, P500 birthday cash gift and P500 Christmas cash gift, she said.

Older citizens receive more benefits, privileges

LAWMAKER has filed a bill granting additional benefits and privileges to senior citizens, aside from what they are currently enjoying under Republic Act (RA) 7432. Rep. Mercedes C. Cagas of the First District of Davao del Sur said under House Bill (HB) 5078, senior citizens would be granted discounts on court fees, vehicle registration fees, realproperty tax and Professional Regulation Commission renewal fees. The bill seeks to amend Section 4 of RA 7432, otherwise known as “An Act to Maximize the Contribution of Senior Citizens to NationBuilding, Grant Benefits and Special Privileges and for Other Purposes,” as amended. Cagas, vice chairman of the House Committees on Basic Education and Culture and Tourism, said the provisions of free annual physical examination, parking, exemption from color-coding and nowait rule in establishments are also meant to ensure their enjoyment and physical relaxation. “Senior citizens have contributed to our society during the prime of their lives. They have sacrificed much so that we may now enjoy the fruits of their labor. In any culture, respect for elders is paramount. This value should be reflected in our laws,” Cagas said. Cagas said that, while senior citizens have been granted privileges in the past, it is still woefully inadequate, considering the diminishing number of senior citizens and their thinning time left to enjoy such rewards. Hence, this bill seeks to further reward them in their twilight years, she said. “These benefits are very economical ways of rewarding our senior citizens and show the world what kind of people the Filipinos are, especially toward their elders,” Cagas said. Under the measure, senior citizens shall be entitled to court fees, legal services and lawyers fees, in all cases of which they are the respondents, or aggrieved parties, subject to the guidelines to be issued by the Supreme Court, vehicle registration fees for those owned by senior citizens, real-property tax and on renewal of PRC license. Senior citizens shall also be entitled to free medical and dental services, diagnostic and laboratory tests, but not limited to annual physical examination, cardiacstress test, endoscopy, ultrasound on kidneys, urethra and bladder, pulmonary function test, including professional fees of attending physicians in all government health-care facilities. The indigent senior citizens should have preference over nonindigent senior citizens with regard to the annual physical examination. PNA

Making Christmas still merry for the elderly By Dr. Jose Paolo M. de Castro

right to health

E can now feel the cold air coming and hear the sounds of Christmas carols; everyone is busy doing his or her Christmas list, and the spirit of the Yuletide has begun for all of us, even for older persons. This is that time of the year when we see the different traditions associated with it, like the simbang gabi, exchange of gifts and Noche Buena. But, for our elderly, this may seem to be just like any other ordinary day. While some say the Christmas season is for the young, our senior citizens should have all the reasons to enjoy the festive holidays, as well. Never mind the aching joints because of the chilly weather, the falling dentures while munching on your favorite treats. And forget about the strict diet your family doctor tells you. It’s about family reunions, good food and creating great memories. Of course, food laid on the table must be taken in moderation. Seasoned ones must be careful not to overeat fatty foods, such as Christmas ham, lechon and buttered shrimp. Take also in moderation sweet stuff, such as leche flan, salad and ubeng halaya. I am not saying our “grands” should be prohibited from enjoying their sumptuous Noche Buena or Media Noche; but I could not help but emphasize the need to take these foods in moderation. Note also that it is best to have their health conditions checked before letting them eat the Christmas feast. A doctor’s advice differs per person, so what is true for Lola Annie may not necessarily be true for Lola Elo. The doctors will likely prescribe our elderly loved ones to take in supplements and maintenance. Keep them handy, just to be ready. Family members must also be mindful of their elders’ health. Always keep track of their eating habits, so as to prevent any health-related problem this Christmas season. Aside from the merry-making at the dinner table, the holidays is also a great time to bond with our grandparents, finding time to listen and talk to them to make them feel special and loved. Our lolo and lola should always be included in our celebrations. Never let them feel out of place. Let them enjoy the festivities, while we keep a watchful eye on them. Christmas is also a time to forgive others and let go of all our grudges, giving service to our needy brothers, including the elderly. Why not visit the home for the aged this season and spread some good cheers. There is no reason for the older people to fret and be sad; encourage them to sing and dance, join the merrymaking and fun. Make this holiday season more meaningful to them by showing them not just courtesy and respect, but, more important, service and love. “We reap what we sow” as they say, so let’s give more of ourselves to make our elderly more reasons to be jolly this Christmas.

Addressing constipation in older adults

chess at the park

Senior citizens play chess at the park in Baguio City while the weather is pleasantly cool. MAU VICTA

Zambales miner joins Senate committee eyes full Red Cross give free insurance to elderly implementation of poor senior

ANTACRUZ,Zambales—Christmascameearlyfortheelderlyand persons with disabilities (PWDs) in Barangay Guinabon of this town, after a local mining company gave them free accident and sickness-insurance coverage early this month. LNL Archipelago Minerals Inc. (Lami), a mining company in Zambales, joined the Philippine National Red Cross (PNRC) recently in providing free insurance-coverage packages to more than 100 senior citizens and PWDs living in Santa Cruz, Zambales. Provided by the PNRC Zambales Chapter, the free-insurance package also includes accidental death; disablement/dismemberment due to accident; death due to unprovoked murder or assault; accident medical reimbursement; burial benefit and even daily hospital allowance to a maximum of 60 days due to accident. Depending on their age, a member can get a maximum of P100,000 benefit (60 to 65 years old) and P50,000 benefit (66 to 85 years old). Burial benefit is P 5,000 per member. Lami continuously maintains active collaboration with the local government and the stakeholders’ representatives in the communities that host its operations as part of its social-development management program.

citizens’ pension in 2015

LL indigent senior citizens will be covered by the socialpension program once a Senate amendment to the 2015 national budget is signed into law. Senate President Pro Tempore Ralph Recto said last week the Senate Finance subcommittee he heads has recommended to increase next year’s funding for the “Social Pension for Indigent Senior Citizens Program” from the Malacañang-proposed P4.763 billion to P7.178 billion. The P2.415-billion hike, said Recto, will grant all indigent senior citizens—or those 60 years and above—a P500 monthly stipend from the government. At present, only “economically disadvantaged” seniors 77 years old and above benefit from the financial aid mandated by Republic Act (RA) 9994, or the Expanded Senior Citizens Act of 2010. For next year, the Department of Social Welfare and Development (DSWD) wants to lower the “availment age” to 67, which would benefit 722,294 individuals and cost the government P4.763 billion. But in hearings called by Recto, he said “there were discussions on how to close the gap, in order to bring in all qualified seniors to the program

because that specific provision of the law, due to budget constraints, remains half-implemented.” Recto said using the 67 years of age cutoff as proposed by the DSWD will leave some 401,551 qualified seniors “who are above 60 and below 67” out of the program. “The consensus was to find funds so that all who are supposed to receive that pension, which comes up to P6,000 a year, will get it,“ Recto said. The senator said his committee raised the funds for the full implementation of the senior-pension program by cutting administrative overhead and bureaucratic expenses. RA 9994 defines an “indigent senior citizen” as someone 60 years old and above, who is “frail, sickly, or with disability, and without pension or permanent source of income, compensation or financial assistance from his relatives to support his needs.” The DSWD has identified the beneficiaries in a series of surveys and poverty-mapping drives conducted under the National Household Targeting System for Poverty Reduction. In its census, the DSWD included other economic, social, health, housing information to better identify the indigents truly deserving of the pension. PNA

S a person advances in age, changes in the gastrointestinal tract occur. There is a reduction in the absorption of nutrients and a slowing down in intestinal motility. Improper nutrition and reduced intestinal rhythmic contractions are among the reasons constipation is common in the elderly. Others include improperly or incompletely chewed food; taking certain types of medication; inactive lifestyles; immobility; conditions such as Parkinson’s disease, hypothyroidism or stroke; dehydration; and low-fiber intake. According to the Food and Nutrition Board of the Institute of Medicine in the US, a man over 70 years old should have approximately 30 grams of total dietary fiber daily. His female counterpart needs about 21 grams of fiber daily. To meet the required daily fiber intake, the elderly need to include highfiber food in their diets. These include fruits, vegetables, whole grains, nuts, beans, legumes and wheat bran. However, some may have problem getting enough fiber from diet alone. Plus, other existing health concerns may pose additional dietary considerations. For example, beans and legumes, which are high in fiber, are also high in purines that can trigger gout attacks. For increased fiber intake, elderly people can start by regularly taking all-natural Megafiber with their favorite breakfast drink. Made from 100-percent psyllium fiber, Megafiber, the new standard in food fiber, offers the many health benefits of what is acknowledged as the best dietary fiber while giving consumers more value for their money with its big jars and sachets that are cheaper by over 50 percent than other existing brands. Available at Mercury Drug outlets nationwide, Megafiber comes in bigger 7.5g sachets at P10.75 each, travel

pack of 30 sachets at P325, and in bigger 300g jars at P430. It is also offered in half-kilo family size packs at P705 for even greater savings. Product inquiries may be coursed through the Megafiber customer service hotline 524-6549 or e-mail info@megafiber.com.ph. Product information is also available at www. megafiber.com.ph and the Megafiber Facebook page. Megafiber provides relief to those suffering from constipation and effectively prevents the condition. It ensures regular bowel movement, cleans out the digestive system and completely eliminates waste from the intestines. When Megafiber absorbs liquids, it forms a slippery film and swells by 8 to 14 times its normal weight and forms a soft, bulky mass that passes quickly and easily through the colon and acts like a sponge in the intestinal tract. It also helps stimulate the reflex needed for the bowels to empty. Addressing constipation is a decision to keep the body healthy by being able to flush toxins from the body on a regular basis. Constipation can have a profound impact in the quality of life and, in certain circumstances, may lead to functional decline. Aside from the discomfort it brings, constipation can have serious, or even life-threatening, consequences in older adults. Excessive straining can trigger syncope, coronary events, or cerebral ischemia. Megafiber also helps control diarrhea and reduce the risk of heart disease, as it helps absorb bad cholesterol, or LDL. It also assists in blood- sugar control and in lowering your uric-acid level. It prevents health complications of being overweight by assisting in weight management, as it reduces fat absorption and hunger pangs.

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The Regions BusinessMirror

ARMM readies mass housing for employees

AVAO CITY—The Autonomous Region in Muslim Mindanao (ARMM) has readied the mass housing project for its employees, even amid an impending replacement of the region by another political entity as a concession to the Moro Islamic Liberation Front in the peace negotiations. The ARMM Bureau of Public Information announced that 48 units were already completed “and are ready for occupancy by qualified applicants” from the ARMM bureaucracy. “We will ensure that only the rank and file employees of the ARMM will benefit from this housing program. This has been previously approved by a board resolution,” Regional Gov. Mujiv S. Hataman said. The ARMM resettlement and housing project is at Barangay Capiton in Datu Odin Sinsuat, Maguindanao. Hataman and Regional Housing and Rural Development Authority Chairman Kanggu M. Umal already made the ceremonial ribbon-cutting last week to signal the official distribution of the units. The resettlement area is 2.1

hectares and designed for the construction of 96 housing units, exclusively for the rank and file personnel of the ARMM, the information office also clarified in its statement. Each housing unit measures 44 square meters and stands on a 140sq-m lot, “which is only a few meters away from the Capiton highway providing easy access to the recipient-employees for an 8-kilometer drive or ride toward the ARMM compound in Cotabato City.” Each unit costs P700,000 and consists of three bedrooms, a living room, dining area, kitchen, shared toilet and bath and a carport. Concrete road network and canals and provision of power and water supply would complete the amenities afforded for comfortable living. “This housing project, aspired by the ARMM work force for decades now, has been realized only during the Hataman administration,” Umal said. The completion and distribution of the units was timed with the week-long 25th ARMM foundation day. The applicants v iewed the units at an open house. Manuel T. Cayon

Davao City is PHL’s emerging real-estate center after Cebu

By Manuel T. Cayon | Mindanao Bureau Chief

AVAO CITY—This premier southern Philippine seaport is becoming the most frequently inquired city after Cebu City for foreigners and overseas Filipinos seeking real-estate investments in the Philippines, a Filipino real-estate company executive with an active online site said here on Friday. The city is turning in significant numbers in inquiry from the online realtors’ site, FilipinoHomes.com, that kept tract of all interests in acquiring or renting properties for personal and commercial intention in the Philippines, said Arthur M.

Angeles City village installs CCTVs By Joey Pavia Correspondent

NGELES CITY—Police officials and businessmen lauded the installation of closed-circuit television (CCTV) cameras at the village near a university here, describing it as “the best project and an effective deterrent against crime.” Sr. Supt. Eden Ugale, city police director, said the project of Salapungan Barangay Captain Reynaldo “Rey” Malig and the village council “would boost our capability to solve crimes and make the police investigators work easier.” Salapungan is in front of the Angeles University Foundation (AUF), which has 9,000 students. It also hosts some of the buildings of the AUF hospital. Businessman Masing Aguas, who owns 62 rooms of dormitories in Salapungan, said, “It’s the best

project and would certainly reduce average crime volume by at least 50 percent.” “The criminals will have second thoughts before committing their acts. They are being watched,” said Aguas, who attended the recent launch of the anticrime project at the barangay hall. He is the grandfather of City Councilor Jericho Aguas. Aguas and Councilor Edu Pamintuan, son of Mayor Edgardo Pamintuan, also attended the launch. Malig, a longtime official of the anticrime group Tropang Crime Watch, disclosed that 32 CCTV cameras will be installed in their village with seven purok. “All the major streets and areas, especially those frequented by students, will be closely monitored,” Malig said. “We are the first to install CCTVs barangay-wide in Angeles City because I, my people and the councilors want to serve well our people and students, many of

which live outside the city,” he said. “Our economy largely depends on the income from hosting thousands of students.” Malig said at least P350,000 will be used for the project. He added that P150,000 of the total budget will be used for the installations of the CCTV cameras. Malig said Aguas and other businessmen vowed to support the project. “The barangay could only allot at least P200,000. The rest will be shouldered by our friends, including Romero and Aguas,” he added. Gerry Sanchez, informationtechnology consultant who was previously based in the US, said the CCTV cameras “are state-of-the-art and can function well even at night.” Station 6 Cmdr. Chief Insp. Dederick Relativo said, “Crimes against students are prevalent in Salapungan and this project will help us a lot solve and stop illegal acts.”

Negros Oriental students receive scholarships

EOTHERMAL leader Energy Development Corp. (EDC) granted scholarships to 400 deserving high-school students from its host town in Valencia, Negros Oriental, this school year. Bright but underprivileged students from San Pedro AcademyRecoletos, Balugo National High School, Pulangbato National High School and Valencia National High School gathered together at the Valencia Gym recently to receive their scholarship certificates and to celebrate another year in school. “We express our sincerest grati-

tude to EDC for helping us fulfill our dreams of a brighter future for ourselves and for our family,” said Celina Nuay, EDC scholar from Valencia National High School. Scholars get full tuition support and a minimal stipend for one school year and they have to maintain their high grades and good conduct until they graduate from high school in order to remain in EDC’s scholarship program. “Their appreciation for our scholarship program warms our hearts but in the end, it is the act of giving, especially to these young people

that bring us true joy,” said Noreen G. Bautista, EDC’s Community Partnerships head in Negros Island. EDC has been implementing its high-school scholarship program in all its operating facilities in Negros Island, Leyte, Bicol and North Cotabato for almost 10 years now and thousands of EDC scholars have graduated in high school with flying colors and went on to study in the country’s top colleges and universities. It has been committed to uplift the lives of the people in its host communities because they consider them as partners in progress.

DBM releases ₧6M for salary of PSHS staff

HE Department of Budget and Management (DBM) announced on Sunday the release of P6 million to pay for personnel salary and benefits of the regional campuses of Philippine Science High School (PSHS) in Caraga and Soccsksargen to improve access to quality education in the country. Budget Secretary Florencio B. Abad said the funds will cover the Personnel Services requirements of at least 27 newly filled teaching and nonteaching positions. The new teachers and personnel were hired in June and September this year. “In our bid to enhance the public school system, we’re not just putting up more schools and classrooms.

We’re also making large investments in our teachers and school personnel. By giving enough budgetary support for their salaries, we’re able to look out for the welfare of our teaching and nonteaching staff in public schools, particularly in these two new PSHS campuses,” Abad said in a statement on Sunday. He said of the P6-million fund release, P4 million was allocated for PSHS in Caraga, while P2 million was allocated for PSHS-Soccsksargen. Since the positions were not yet filled while the 2014 budget was being prepared, majority of the release was charged against the Miscellaneous Personnel Benefits Fund under the 2014 budget.

Monday, November 24, 2014 A9

The PSHS, an attached agency of the Department of Science and Technology, is a government school that gives scholarships to qualified students with special emphasis on science-based subjects. The goal is to prepare students for future careers in science and technology, engineering and mathematics. The Senate is aiming to approve this week the proposed P2.606-trillion national budget for 2015 to be able to start the bicameral conference committee budget deliberation by early December. The lawmakers are seeking to pass the General Appropriations Act of 2015 before the Christmas break this year. Estrella Torres

Gonzales, vice president for Mindanao of the group that also carried the name of the Internet web site that serve as a search portal for Philippine real estate. On certain days, the site would monitor an average 2,000 inquiries

daily from across the world, but the bulk of them still coming from overseas Filipino workers, he said. There are other online search portals on real estate in the Philippines but he said all indications were pointing at this city as the preferred site for renting and acquisition of properties “after Cebu.” “Cebu is still the most sought place for real estate, propelled mainly by the presence of major global players in the business-process outsourcing,” he said. However, the long period over which Cebu has lorded over the choice places after the national capital, “We can say that it is now on its 7 p.m. stage, where there would already be a saturation of acquired properties.” “Davao City is now on its 4 p.m. level, where investors and people looking for residential and commercial spaces are currently scrambling for contacts and looking around for suitable sites,” he added. Aside from its significant improvement in atmosphere in doing

business, Davao City also rode high on the overall splendid national economic growth and better climate for investment. He said FilipinoHomes.com is Filipino-owned company that is currently tagged in the level of similar Web-linked real-estate companies Century21.com and Remax, the two high-profile US realtor Web portals, and its tracking of investments going into real estate was logged at P8 billion in 2013. “That’s for our portal alone, and did not include yet the transactions from the other private web sites and the free online socialnetworking sites. “We can say that real estate remains a very robust and active industry in the Philippines even up to the immediate future,” he said. In this city alone, “we have monitored not less than P20 billion worth of investments to be built within the next three year.” In fact, he said, “All the major real-estate developers and construction companies are already here in the city.”

Opinion BusinessMirror

A10 Monday, November 24, 2014

Editor: Alvin I. Dacanay

editorial

PHL economic model is wrong

HERE is a problem with trying to analyze a nation’s economic system. Experts usually start with an existing economic idea, and then include data from a country to see how they all match up.

Everyone looks at a country’s “consumer spending”. This should be relatively simple and should offer a reasonable comparison between economies. The definition of that term is clear and not complex at all: It is the amount of money spent by households in an economy. The spending includes durables, such as automobiles, and nondurables, such as food. We can examine data on automobile purchases, for example, to get consumer-spending numbers. If an automobile is bought in Manila and another in Los Angeles, it is supposed to be a side-by-side comparison. But nothing could be farther from the truth, and there is no reasonable comparison when you look at the quality, and not just the quantity, of the purchase. In Los Angeles today, you can by a 2015 minivan for $35,000 (about P1.5 million). The cars have the same equipment and are designed to be sold to a buyer belonging to a member of the wealthy class and to his or her counterpart in the Philippines. But here is the difference: One car dealer in Los Angeles will let you buy the car with a 10-percent down payment and finance the balance at zero-percent interest for 84 months, or seven years. Another dealer will sell you the car with no down payment and finance the total purchase price for five years at an interest rate of 5 percent. They offer two bonuses. They will also give you $1,000 in cash, and your payments do not start for three months. If car ownership is an indicator of a rich or poor country, then the Philippines is “poor”. We own about one car for every 20 households. In the United States the ratio is two cars for one household. Furthermore, while we in the Philippines are told that robust automobile sales are part of the reason our traffic is worsening, in the US such sales are a prime indicator of economic growth. Imagine how much more economic growth we could achieve if every Filipino with P100,000 could just buy a car with zero-interest rate financing for seven years. The Philippines would have a developed economy overnight. Actually paying for the things you buy is a real economic burden. But, instead, we went with a safe and stable banking system. All private debt, as a percentage of gross domestic product in the Philippines, is 35 percent. In the US it is 200 percent. Also in the US, nearly 20 percent of all banks have failed since 2010. But they sure sell a lot of cars in America.

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President Aquino shares the Philippines’s good news Atty. Jose Ferdinand M. Rojas II

RISING SUN

N his recent visits to China, Myanmar and Singapore, President Aquino shared with the world the good economic news about the Philippines, fostering a positive image for the country.

In his speech at the Asia-Pacific Economic Cooperation summit in Beijing, the President mentioned the Philippines’s turnaround in the global economic scene, ascribing its success story to the reforms implemented by his administration. “Over the years,” he said, “these reforms, among others, have allowed our country to shed the title of ‘Sick Man of Asia.’” Among these reforms, the President said, were the overhauling of the budgeting process to ensure the prudent spending of the people’s money to maximize benefits to all; bringing to justice wrongdoers, “regardless of their position and influence”; and fostering a better business climate that rewards “hard work and innovation.” “Some have even begun calling us ‘Asia’s Rising Tiger’, having seen our improved economic performance,” he added. Under his administration, Mr. Aquino explained, gross domestic product grew an average of 6.3 percent from 2010 to 2013—an impressive feat, especially when compared to the 4.3-percent average growth

posted from 2006 to 2009. Growth, he said, is being spurred by trade and investments, and stronger domestic consumption enabled by increased remittances from overseas Filipino workers. President Aquino also said the World Economic Forum’s Competitiveness Report had cited the Philippines as the most improved country since 2010, and that it received 20 positive credit ratings from international credit-ratings agencies, including investment-grade ratings from the so-called Big Three: Moody’s Investors Service, Standard & Poor’s and Fitch Ratings. In a two-day trip to Singapore last week, the President delivered the keynote interview at The World in 2015 Gala, organized by The Economist magazine. The event has been described as an international business briefing. Upon his return from that trip, the President said that, at the gala, which was attended by about 300 businesspeople and representatives of large corporations, he described his administration’s steps to develop the economy, promote stability

and good relations, and obtain good opportunities for the country. He also talked to members of the Singapore Business Federation and those of the chambers of commerce of Europe, the United Kingdom, the United States, Japan and India, as well as the EuropeAsian Business Alliance, International Enterprise Singapore and the PhilippinesSingapore Business Council. A member of one of these groups is shipbuilding company Keppel Offshore and Marine Ltd., which, the President said, will build the first oil rig in the country. Singapore Airlines Engineering Co., an aircraft-maintenance firm that has had a presence in the Philippines since 2005, expanded its local operations with an additional $25-million investment, and it is building its third hangar in the country, worth $21 million. The company plans to build two more hangars in the coming years. “There is no doubt,” the President said, “that what was once the ‘Sick Man of Asia’ is now an active and vigorous participant in preparing for the Association of Southeast Asian Nations economic integration that will take place in 2015.” The seeds of change have been planted and are now bearing good economic fruit. The challenge is to sustain and maintain our forward motion that will propel us to greater achievements. Congratulations to the President on yet another successful mission to bring the Philippines to the world! nnn THE 13th Biennale of the Visayas Islands Visual Artists Exhibition and Conference (Viva Excon), held from November 13 to

Is China building a mortgage bomb? William Pesek

BLOOMBERG VIEW

HE first Chinese interest-rate cut in more than two years is a stark recognition of the fact that the world’s secondbiggest economy is in trouble.

After years of piling ever more public debt onto the national balance sheet, it makes sense to have the People’s Bank of China (PBOC) take the lead in propping up gross domestic product (GDP). Yet, while last Friday’s benchmark rate cut should help stabilize growth, the move also adds to worries about looser credit that could pose risks to the global economy. Case in point: mortgages. Earlier this year, Chinese officials took several stealthy steps aimed at stabilizing the property sector and bolstering GDP growth. The China Banking Regulatory Commission loosened lending policies. Even before cutting the one-year lending rate to 5.6 percent and the one-year deposit rate to 2.75 percent last Friday, PBOC had cut payment ratios and mortgage rates, while prodding loan officers to ease up on their reluctance to approve borrowers without local household registrations. Pilot programs for mortgage-backed securities and real-es-

tate investment trusts got more support. Incentives were rolled out to encourage high-end buyers to upgrade properties. There’s good news and bad in all this. The good: It marks progress for President Xi Jinping’s efforts to recalibrate China’s growth engines. In highly developed economies like the United States’s, the quest for homeownership feeds myriad growth ecosystems and offers the masses ways to leverage their equity for other financial pursuits. And China’s debt problems are in the public sphere, not among consumers. The bad: If ramped-up mortgage borrowing isn’t accompanied by bold and steady progress in modernizing the economy, China will merely be creating another giant asset bubble. “Expanding the underdeveloped mortgage market is not bad news,” Diana Choyleva of Lombard Street Research says. “But if China relies on household credit to power the economy and pulls back from much-needed financial reforms, the

omens are not good.” Take the experience of South Korea after the 1997 Asian financial crisis. With regulatory tweaks and a variety of ill-fated incentives, Seoul effectively shifted the nation’s debt burden from the government to families. By the early 2000s fresh headwinds were intensifying; in April 2004 one in 13 South Koreans was three months or more behind on debt payments. Of South Korea, Choyleva says, “all it has to show for its efforts are the mess left by a burst household-debt bubble and an economy even more dependent on exports.” For all the grand talk of reining in state-owned enterprises and the shadowbanking system and tolerating a “new normal” of slowing growth, Beijing remains intent on getting as close as possible to this year’s 7.5-percent GDP growth target. With Moody’s Investors Service and Standard & Poor’s watching, and prominent economists like Larry Summers arguing that China could soon slow to 4-percent growth, officialdom is looking for covert stabilizers. Among them: securitization. One of China’s few reforms in the mid2000s was the securitization of loans, which began with a trial program in 2005. Three years later, Wall Street’s crash made the bundling and selling of loans and assets a pariah among financial instruments, and the experiment was shelved. Since 2012, though, securitization has not only returned, but flourished. Accord-

16 in Bacolod City, Negros Occidental province, was a chance for nearly 200 artists from the region to gather, interact and network with one another to address common issues, and find solutions and ideas for developing the art scene on the islands. Viva Excon was established in 1990 by the Black Artists of Asia, a Bacolodbased group. This year’s event was curated by Dr. Patrick Flores, a professor of art history, theory and criticism at the University of the Philippines-Diliman. He is also the curator of the UP Vargas Museum and adjunct curator of the National Art Galleries of the Philippines and Singapore. He is recognized as one of the country’s foremost curators, and has written books and articles on Philippine art. Flores will be curating the Philippine entry to the 2015 Venice Biennale art festival. Five exhibitions were opened at the event, and one of them—the Garbo sa Bisaya Exhibition—featured the works of artists Raul Agner, Nicolas de Ocampo, Raphael Paderna and Jose Yap Jr. They are this year’s recipients of the Garbo sa Bisaya award, bestowed upon them in a ceremony on November 16 at the Negros Museum. There were many other activities during the event, including fora, conferences and a workshop. With the runaway success of this year’s edition of Viva Excon, Bacolod’s growing reputation as a mecca of culture and the arts is well-deserved. Atty. Rojas is the vice chairman and general manager of the Philippine Charity Sweepstakes Office.

ing to Choyleva, issuance reached $28 billion in the first nine months of the year, compared with $16 billion between 2005 and 2013. While most sales have been of auto, corporate and credit-card debt, those of mortgage-based securities are rising. In July the Postal Savings Bank of China did the first residential mortgage-backed deal in seven years, and the markets are buzzing about more to come. These market rumors fit with the housing-as-stimulus narrative. Risks abound, not least of which is the danger of helping lenders to hide dodgy investments off balance sheet. If transparency was a problem on Wall Street, imagine what state-coddled Chinese banks could hide. Also, to avoid South Korea’s missteps, China would have to complement this nascent mortgage boom with policies to redistribute income toward consumers. That means working to narrow the gap between rich and poor by increasing the average household’s share of national income and curbing a savings rate that is reaching excessive proportions. While China has surpassed Japan in absolute GDP, its distribution of gross household disposable income in GDP terms is tiny by comparison. There’s much that China could learn from South Korea, including how to beat the “middle-income trap” that befalls many developing nations when they reach the $10,000 per-capita income level. Xi and his lieutenants, though, should pay just as much attention to the country’s failures as its successes.

Opinion BusinessMirror

opinion@businessmirror.com.ph

The future of the planet and the irresponsibility of governments Roberto Savio

Inter press service

OME—Less than a week after everybody celebrated the historic November 17 agreement between the United States and China on reducing carbon-dioxide (CO2) emissions, a very cold shower has come from India.

Indian Power Minister Piyush Goyal has declared: “India’s development imperatives cannot be sacrificed at the altar of potential climate change many years in the future. The West will have to recognize [that] we have the needs of the poor.” This represents a blow to the Asia policy of US President Barack Obama, who came back home from signing the CO2-emissions agreement in Beijing touting his success on establishing US policy in the region. Needless to say, this will give plenty of ammunition to the nowRepublican US Congress, which has been fighting climate control on the grounds that the US cannot engage in it unless other major polluters make similar commitments. This was always directed at China, which had refused to make any such commitment until President Xi Jinping, to the surprise of everybody, did so by signing an agreement with Obama. India is a major polluter, but not at the level of China, which has now reached 9,900 metric tons of CO2, against the US’s 6,826 MT. But India is approaching, fast. Goyal has promised that India’s use of domestic coal will rise from 565 million tons last year to more than a billion by 2019, and he is selling licenses for coal mining at great speed. The country has increased the number of its coal-fired plants by 73 percent in just the last five years. In addition, Indian coal is of poor quality, polluting twice as much as coal in the West. Nevertheless, Indian Prime Minister Narendra Modi has announced that he will embark on a major program on renewable sources of energy, and there is an apparent paradox in the fact that many of the climate scientists who make up the Intergovernmental Panel on Climate Control (IPCC) are from India. Its director general is an Indian, Dr. Rajendra K. Pachauri, who is also the chief executive of the Energy Resources Institute in New Delhi. The IPCC’s last report was much more dramatic than its previous ones, stating conclusively that climate change is due to the action of man, and providing an extensive review of the damage that the agricultural sector is bound to face, especially in poor countries like India. At least 37 million people would be displaced by rising seas. Indian towns are, by far, the most polluted in the world, surpassing several times each year the worst polluted day in China.

More worrying

BUT what is more worrying is that governments are reacting too slowly. It would take a very major effort, which is not on the cards now, to keep temperature from rising by more than 2 degrees Centigrade, and, therefore, to start to reduce emissions by 2020. Emissions in 2014 are expected to be the highest ever, at 40 billion tons, compared with 32 billion in 2010. The consensus is that, to limit the warming of the planet to no more 2 degrees Centigrade above pre-industrial levels, governments would have to restrict emissions from additional fossil-fuel burning to about 1 trillion tons of CO2.

But, according to the IPCC report, energy companies have booked coal and petroleum reserves equal to several times that amount, and they are spending some $600 billion a year to find more. In other words, governments are directly subsidizing the consumption of fossil fuel. By contrast, less than $400 billion a year are spent to reduce emissions, a figure that is smaller than the revenue of just one US oil company, ExxonMobil. The last meeting of the Group of 20 (G-20) in Brisbane, Australia, earlier this month gave unexpected attention to climate, but the G-20 alone is spending $88 billion a year in subsidies for fossil-fuel exploration, which is double the amount that the top 20 private companies are spending to look for new oil, gas and coal. The G-20 spends $101 billion to support clean energy, in a clear attempt to make everybody happy, but, according to the International Energy Agency, if G-20 governments directed half of their subsidies, or $49 billion a year, to investment in the redistribution of energy from new sources, we could achieve universal energy access as early as 2030. Another good example of the total lack of coherence from Western governments is that they have pledged $10 billion for a Green Climate Fund, whose task is to support developing countries in mitigating and adapting to climate change. That amount is two-thirds of what those countries have been asking for and, since its creation in 1999, the fund is yet to become operational. And it was only after the last G-20 meeting that the US pledged $3 billion and Japan, 1.5 billion, bringing the total so far to $7 billion—one-third is still missing. And now we have next month’s Climate Conference in Lima, Peru, where it is opined that governments will, once again, fail to reach a comprehensive agreement on climate change—and the amount of time left for the planet will be further reduced. Besides the fight that the Republican US Congress is expected to wage, there will be also be opposition from countries that depend on fossil fuels, including Russia, Australia, India, Venezuela, Iran and Saudi Arabia. So, governments show a total lack of consensus and responsibility. If a referendum could be held asking citizens if they would prefer paying $800 billion less in taxes to avoid subsidizing pollution, there would be little doubt about the answer. And it would be same reply if they were asked if they would prefer to invest that $800 billion in clean energy or continue to pollute. But the incestuous relationship between energy corporations and governments is out of the public’s eye. This further proves that, even when nothing less than survival is at stake for islands and coastlines, agriculture and the poor, governments are unable—or unwilling—to see beyond their immediate existence. We are direly in need of global governance for this kind of globalization. Roberto Savio is the founder and president emeritus of the Inter Press Service news agency and the publisher of Other News.

And then, silence Teddy Locsin Jr.

Free fire

Monday, November 24, 2014 A11

and stillness. For in a raging storm at sea, above the screams of the passengers, the Holy Spirit speaks in the keening of the wind in the rigging. Christ was a sailor, after all. Francis concluded by saying that the conclusions of the synod will be

subjected to a year of silence, of utter stillness, before they are released for the guidance of families. The coming year will be the calm after the storm, like the calm of complacency that preceded the synod. The boat is still far from the shore.

world’s second-largest economy. The problem in Japan hasn’t changed since the economic bubble popped in 1990: Too many people would rather struggle to maintain the status quo than try something new. In Japan entrepreneurship is undervalued. Too many companies have no outside directors, who might contribute a valuable perspective. Very few firms use layoffs to reshape troubled operations because of strict labor laws and a cultural taboo. Without that flexibility, managers fill many empty positions with temporary or part-time workers who are paid less, which hurts consumer spending. The pressure is demographic, too. Japan’s population is getting older and shrinking in numbers, but the government keeps a tight leash on immigration and hasn’t done nearly enough to encourage women in the workforce. About half of Japan’s companies have no female managers, according to one survey. Unable to unleash creative destruction, Japan is trapped in a deflationary cycle of falling wages and prices in which consumers are wary of spending. Abe is pursuing a three-prong approach

to coax Japan forward, including billions in government spending and an expansion of the monetary supply to ignite inflation. That’s helped stock prices, but the third prong of what he calls “Abenomics” is the most crucial, because it’s the only sustainable approach: shaking up Japan’s culture. While Abe has claimed some progress, there’s a lot of political work required to keep the reforms moving. Abe is pushing to join the Trans-Pacific Partnership, a United States-Asia free-trade pact, but he’s hamstrung by protectionist farmers. He wants to cut corporate taxes and deregulate agriculture and health care, but nothing’s happened yet. This is why the December parliamentary elections are such a wild card. At a crucial moment, the Japanese public could rally behind Abe—or undo his government. He’s made one move to help himself: postpone a sales-tax increase meant to counter Japan’s enormous debt load. Japan’s been at these economic crossroads before, and each time has backed away. It’s finally time for Japan to embrace the new approach Abe and Abenomics represent. Chicago Tribune/TNS

OPE Francis thanked God for the disputations that beset the Extraordinary Synod on the Family, because a noncontentious synod is one that’s not necessary to convene.

Saint Ignatius Loyola likened animated discussions to movements of the spirit. Indeed, unanimity suggests an easy conformity to comfortable truths or a widely shared stupidity. Okay, I said that. But Francis did say: I have seen and I have heard with joy and appreciation speeches of pastoral zeal, words of wisdom and frankness, of courage and parresia. A Catholic should know what parresia is, because Francis didn’t bother to explain. He went on: For this is the Church—one, holy, catholic, apostolic and composed of sinners—needful of God’s mercy. This, Francis said, is the true bride of Christ, who seeks to be faithful to her husband, obedient to His word. (Yikes, feminists won’t like that.) This is the Church that is not afraid to eat and drink with prostitutes and

tax collectors. (But I myself think the Church should draw the line at public officials who must explain their wealth.) This is the Church that has its doors wide open to receive the needy and the penitent, and not just the just or those who think they are just— what a laugh! (Okay, I added that last part, too.) And when the Church expresses herself in communion, by the very variety of her opinions she cannot make a mistake, because that is the Holy Spirit speaking in the tumult of opposing views. The same Spirit, I guess, that gave the gift of tongues to the apostles. Indeed, noise is life and silence is death, though stillness is the condition of communion as Francis’s favorite writer said on preparing for prayer and the necessity for silence

Japan Inc. on the brink

F you think of Japan these days, it’s probably about cars, video-game consoles or, maybe, even popular culture. (Those clever smiley-face symbols and characters that liven up text messages? They’re Japanese “emoji”).

What’s missing from the conversation is economic might. Japan, a crucial trading partner, is in bad shape, unable to contribute much to a global recovery that desperately needs the jolt Japan once could provide. The country unexpectedly fell into recession last week, but anyone who’s surprised by it isn’t looking at the big picture: Japan never truly recovered from its go-go days of the 1980s. For decades the former world-beater has drifted along, dipping into recession from time to time at a long-term growth rate of less than 1 percent. Japan’s anemia isn’t a mystery. Prime Minister Shinzo Abe knows what should be done—a dramatic shake-up of the economy to encourage competition and reward efficiency. He has, responding to the grim economic news, called for early parliamentary elections intended to give him a mandate to lead with more authority. The problem is, Japanese society remains too cautious and comfortably rich to embrace the painful changes required to reinvigorate

the economy. That puts the prime minister and his plans at risk. Japan has had six prime ministers in the seven years since Abe’s first run as prime minister ended in 2007. That says something about the country’s malaise. For nearly 20 years, Japan has struggled to strip away the hidebound regulations and traditions that protect entrenched interests ranging from corporations to farmers. No one’s been able to pry open the door to a new approach. What’s holding back the country is partly what built it: Japan Inc. There’s a lot about the Japanese economic model that still rocks, including its management and manufacturing prowess. But some of Japan Inc.’s defining attributes—consensus-driven leadership, a focus on teamwork and social cohesion—get in the way of taking risks. Meanwhile, competitors like China and South Korea forge ahead, leaving Japan on a slow fade. A few years ago China surpassed Japan to become the

The truth about La Mesa: Bantay Kalikasan on managing the La Mesa Ecopark MAIL

E-mail your letters to the editor to opinion@businessmirror.com.ph. Letters chosen for publication in this section are edited for brevity and clarity. This slightly edited letter is in response to Butch del Castillo’s column, titled “Gina Lopez goes ballistic”, which was published in two parts on November 18 and 19.

N 2001 the ABS-CBN Foundation Inc. (AFI), now known as the ABS-CBN Lingkod Kapamilya Foundation Inc. (ALKFI), and the Metropolitan Waterworks and Sewerage System (MWSS) entered into a memorandum of understanding for the implementation of the La Mesa Reservation Resource Management Framework Plan, whose goal is the reforestation of the La Mesa Watershed. Subsequently, a memorandum of agreement (MOA) was entered into by and between the MWSS, AFI and the local government of Quezon City (LGQC) in 2005 to open and manage the La Mesa Ecopark for 15 years. Under this agreement, the AFI, through its environmental program, called Bantay Kalikasan (BK), was put in

charge of the park’s operations. There have been issues surrounding the financial management of La Mesa. Since 2012 these issues have been recycled countless times, appearing in broadsheets, on websites and even in tabloids. The following points endeavor to shed light on the matter: 1. Income-sharing between ALKFI, the MWSS and the LGQC. It is provided in the 2005 MOA that “ALKFI shall share with the MWSS and the LGQC the net income after tax derived annually from its operations on a 30 percent-40 percent-30 percent basis, subject to the stipulation that all funds generated from the operation of the ecopark “shall be solely devoted for the operation, development and management of the ecopark and watershed.” A Commission on Audit finding in 2011 noted that the MWSS has not been receiving its share of revenues. Truth be told, there is no income to be shared, because the La Mesa Ecopark’s earnings from gate receipts and on-site attractions fall overwhelmingly short of the amount required to maintain the watershed—[which is] why the park was created. The park is barely making enough to sustain itself, much less support the maintenance of the watershed, which costs P16 million a year. The watershed survives on the combined rental of two concessionaires at P7 million, while the rest of the fund requirement of P9 million is shouldered by BK through its independent fund-raising activities. This subsidy

has been going on for years. 2. The collection of the 15-percent management fee of ALKFI. According to Revenue Regulations 13-98 of December 8, 1998, “a nonstock, nonprofit organization is granted 30 percent of total expenses or gross donations for the taxable year for administrative expenses.” The management fee charged by ALKFI is utilized for administrative expenses, such as support-group services (accounting, treasury, public relations and marketing, among others). ALKFI pegged the fee at only 15 percent. Those who visit the park and have seen the watershed will agree that ALKFI’s effective management of La Mesa in the last 10 years made it possible for this once-denuded forest to be transformed into one of the city’s best attractions, one that is free of garbage, poachers, kaingin and the threat of water pollution caused by illegal settlers who used to live near the reservoir. What some do not realize is that, without proper management, the water you consume now could have cost more, since concessionaires would have to spend much on water treatment because of the pollution in the reservoir. And for those of us who breathe the toxic air of the city, imagine how worse it could have been if BK had not pursued the reforestation of this 2,700-hectare forest 10 years ago. 3. ALKFI has not submitted a financial statement to the MWSS. BK has nothing to hide. Its financial records are open for

scrutiny. All financial transactions involving the operations of La Mesa are documented and regularly submitted to the MWSS for their review. An audit was made on BK’s records by the in-house audit group of the MWSS in April 2013. When ALKFI Chairman Regina Paz “Gina” Lopez learned in 1999 that La Mesa was the last remaining watershed in Metro Manila and that it affected the water supply of 12 million people, she spearheaded efforts for its reforestation, raising P108 million for the watershed and P301 million for the ecopark. ABS-CBN donated millions worth of airtime to it and the Lopez family sponsored the construction of a picnic area there. All these were done without expecting anything in return. For BK to be repeatedly accused of shortchanging the government is totally unfair. Let us all move forward and put the issue to rest. There is nothing to gain in putting in a bad light an organization that has dedicated its resources for the betterment of the Filipino. We invite everyone to see for themselves the transformation of La Mesa—once denuded, it is now lush, alive and vibrant. That is the truth, and it is worth telling over and over a million times. Jennifer Chan Head of Communications and Publicity ABS-CBN Lingkod Kapamilya Foundation Inc.

2nd Front Page BusinessMirror

A12 Monday, November 24, 2014

Coloma said on Sunday the Palace is hoping that approval of the emergency measure will still be fast-tracked by senators and congressmen, even as the authority originally requested by the Office of the President was reported to have been “watered down.”

By Butch Fernandez

alacañang expects the members of the Senate and the House of Representatives to pass the final version of Joint Resolution 21 granting President Aquino special authority to address an anticipated 2015 power-supply crisis before the lawmakers go on Christmas vacation next month. Communications Secretary Herminio B. Coloma Jr. said on Sunday the Palace is hoping that the approval of the emergency measure will still be fast-tracked by senators and congressmen, even as the authority originally requested by the Office of the President was reported to have been “watered down.” “Umaasa po tayo na mamadaliin ’yung pagpasa nito dahil pagkatapos po na maipasa sa House of Representatives, kailangan din ’yung katuwang na bersyon mula sa Senado para maging ganap ’yung joint congressional resolution,” Coloma Continued on A2

Cebu Pacific widens dominance in domestic air-services market

By Lorenz S. Marasigan

he airline of tycoon John L. Gokongwei dominated the domestic air-services market in the first nine months of the year, owing to its extensive route network and relatively low fares.

In a regulatory filing, Cebu Pacific said its domestic operations cornered 54.6 percent of the market from January to September, up from 50.8 percent in the same period last year. Trailing behind the budget carrier is the group of Philippine Airlines (PAL), with an aggregate share of 29.2 percent. For the third quarter alone, the dominant low-cost carrier reported a 56.9-percent market share, climbing from 51.4 percent in the same period the year prior. “In the third quarter of 2014, Cebu Pacific captured 56.9-percent market share and 63.7-percent consolidated market share with Tigerair Philippines,” the filing showed. It claimed to have flown the most number of passengers during the period. It carried 4 million passengers in the third quarter of the year, bringing the year-to-date figure to 12.5 million passengers. Cebu Pacific has set a 17-million passenger-volume guidance for the

year as its capacity to fly more customers increased due to the inclusion of Tigerair Philippines in the family of the largest low-cost carrier in the country. The airline also improved its standing in the international market, inching up from 16.3 percent to 17.4 percent in terms of market share. “Cebu Pacific continued to grow in the international market...with Singapore, Hong Kong and South Korea as the largest markets,” the carrier said. To expand further its operations globally, the carrier sought the approval of the Civil Aeronautics Board for the reallocation of the Manila-Haneda entitlements, all of which are currently allotted to flag carrier PAL. The dominant budget carrier expressed interest in launching three flights per week to Haneda, as the Tan-led competitor is only utilizing 11 coefficients of the 14 weekly flights allocated to Filipino carriers. Haneda, also known as Tokyo

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Palace sees emergency powers OK’d before break

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International Airport, is one of the two premier airports servicing the Greater Tokyo Area. It is considered the world’s most slot-restrictive airport and a prime business hub. The airport, which is around 30 minutes from the Tokyo metropolis, has one domestic and two international passenger terminals and connects conveniently to the Tokyo monorail. Cebu Pacific operates flights from

Manila to Narita, Nagoya and Osaka in Japan. It also has flights to the hubs of the $5-trillion economy out of Cebu. Aside from these routes, the dominant budget carrier offers flights to 28 international destinations—including Bali, Bangkok, Beijing, Brunei Darussalam, Busan, Dammam, Dubai, Guangzhou, Hanoi, Ho Chi Minh, Hong Kong, Incheon (Seoul), Jakarta, Kota Kinabalu, Kuala Lumpur, Kuwait, Macau, Phuket, Riyadh,

Shanghai, Siem Reap, Singapore, Sydney, Taipei and Xiamen. It also operates the most extensive airline network in the Philippines, with 55 routes and 44 destinations. Cebu Air Inc. posted a net loss of P1.1 billion in the third quarter of 2014, significantly higher than the P750.1-million loss in the same three-month period the year prior. Total revenues increased by 32.4 percent annually to P11.7 billion in the third quarter of the year, as passenger revenues surged by 34.2 percent to P8.9 billion, and ancillary revenues rose 27.9 percent to P2 billion. Expenses, on the other hand, grew to P11 billion from P9.5 billion, resulting in the widened losses in the third quarter. However, its bottom line expanded by more than 213 percent to P2.1 billion in the first nine months of 2014 from P664.1 million in 2013. In the same comparative periods, revenues rose by 25.7 percent to P38.4 billion from P30.6 billion, while expenses surged by a slower 25.3 percent to P35.6 billion from P28.4 billion. Shares of Cebu Air ended Friday’s trading at P71.85 apiece.

BLOOMBERRY COMPLETES DESIGN FOR PHASE 2 OF CASINO PROJECT By Vg Cabuag

azon-led Bloomberry Resorts Corp. is readying the next phase of the expansion of its flagship Solaire Resort and Casino in the Manila Entertainment City in Pasay, promising more and bigger facilities than the current one. Philippine Amusement and Gaming Corp. (Pagcor) Chairman Cristino L. Naguiat Jr. told reporters that Bloomberry Chairman and CEO Enrique K. Razon Jr. promised that the expanded Solaire will be much bigger and will offer up to 2,000 additional hotel rooms. “Definitely, the expanded Solaire will be much bigger. Their design, I think, is already completed,” Naguiat said at the sidelines of Solaire’s opening of its new $500-million hotel tower.

According to Pagcor rules, the number of gaming tables and other gaming machines depends on the number of rooms that an operator would build. Thomas Arasi, Solaire president and COO, confirmed that the company already has the design for the next phase of expansion, but these are “very early designs.” “And we’re doing that design because we want to be ready if and when we decide to go ahead with Phase 2. We have not made any decision yet to go ahead with Phase 2. Fortunately, we already have the land and we have the license and we have an ongoing operation here so, of course, you know we think, eventually, we will do, but there is no firm corporate decision,” Arasi said. Solaire has the third-largest land size in the Entertainment City at about 16 hectares. The

largest is the Manila Bay Resorts of Kazuo Okada’s Tiger Resort Leisure and Entertainment Inc. at 44 hectares, followed by Andrew Tan-led Resorts World Bayshore at 30.5 hectares. The City of Dreams Manila has the smallest with 6 hectares. Razon earlier said the size of the expansion of Solaire would still depend on the gaming-market conditions in the coming years. “We have a rough plan. Our property has a master plan, but, if the market justifies it, we will implement Phase 2,” Razon said. “In Phase 2, there will be a very big podium, 15,000-seater convention center, a much bigger mall and more of everything. We do not have an estimate yet, but it will be bigger than Phases 1 and 1-A,” Razon said. At the moment, Bloomberry Continued on A2

ELUSIVE JUSTICE Edita Tiamzon, widow of slain journalist Daniel, breaks into tears as she views an art exhibit that marks the fifth anniversary of the massacre of 58 people, 32 of them journalists, in Quezon City on Sunday. Five years after gunmen flagged down a convoy of cars and massacred all 58 occupants, including scores of journalists, in Maguindanao, the body count continues to rise. The Ampatuan clan is tagged as the prime suspects in the carnage. AP/Aaron Favila