BusinessMirror October 29, 2019 by BusinessMirror

S. China Sea COC seen part of Asean Summit talks By Bernadette D. Nicolas

@BNicolasBM

RESIDENT Duterte is expected to once again raise the need for a Code of Conduct (COC) in the South China Sea in the 35th Association of Southeast Asian Nations (Asean) Summit and Related Summits in Thailand this week. Foreign Affairs Assistant Secretary Junever M. Mahilum-West told Palace reporters on Monday that it is “unavoidable” the COC will be discussed by the world leaders in one of the meetings during the Asean Summit. However, Mahilum-West said they don’t expect this matter to be discussed extensively. “I wouldn’t want to preempt what the President would say. But in terms of looking at the conditions, the situation on the ground or at sea in the South China Sea, for example, I think the President would be expected to say something about it,” she said. Mahilum-West also said the issue on the COC will be discussed in all three pillars of cooperation: political security, economic and sociocultural. “So it will be discussed there and then I think we could expect the countries to give their positions,” she said. “But as to intensive negotiations, we don’t expect that will happen in this meeting—in these kinds of meetings.” See “Summit talks,” A9

Tuesday, October 29, 2019 Vol. 15 No. 19

‘Ban on pork imports to curb raisers’ losses’ ₧1B A By Jovee Marie N. dela Cruz @joveemarie & Samuel P. Medenilla @sam_medenilla

LEADER of the House of Representatives on Monday urged the government to impose a moratorium on the importation of all pork products to prevent hog raisers from incurring more losses due to African swine fever (ASF). House Deputy Speaker Conrado Estrella of Abono party-list noted that the local hog industry has absorbed over P1 billion in losses since

the dreaded ASF struck hog farms in Luzon. “I think it is now time for government to impose a moratorium

The estimated per-month loss to the local hog industry as a result of ASF

on pork product importation until we have completely cleared our pig farms of the ASF threat. We have to stop the bleeding before it’s too late,” said Estrella. He also said lawmakers backed the proposal to stop local meat processing firms and distributors from purchasing imported pork, saying the Philippines has sufficient supply to cover the needs of every Filipino.

PESO EXCHANGE RATES n

“Visayas and Mindanao can be tapped to supply affected meat processors who do not want to source pork from Luzon,” Estrella said. “Now we ask, where did the ASF virus-infected meat samples come from? Certainly, not from local hog raisers.” Local government units are now blocking the entry of pork-related products, even imported ones, to prevent ASF from affecting hog farms in their areas. However, the Cold Chain Association of the Philippines warned in a BusinessMirror report that this could result in the congestion of ports as more containers will be parked there. Estrella also supported various campaigns assuring Filipinos that ASF does not have any effect on human health. See “Pork imports,” A2

Hospitality players eye options sans service fees By Elijah Felice E. Rosales @alyasjah

OTEL and restaurant owners might increase their billing by up to 5 percent to make up for the 10-percent service charge that they are eyeing to remove altogether following the passage of a new law requiring the distribution to workers of its full collection. Employers Confederation of the Philippines (Ecop) President Sergio R. Ortiz-Luis Jr. said some business owners in the hospitality industry are considering scrapping the service charge. They find its collection no longer beneficial to operations with Republic Act (RA) 11360 in place. See “Service fees,” A2

WILL THOSE FRENCH FRIES COST YOU MORE IN 2020? $97.978M By Jasper Emmanuel Y. Arcalas @jearcalas

EXHIBITORS joined this year’s Manila FAME on its 67th year at the World Trade Center in Pasay City, as seen in this BusinessMirror file photo. The lifestyle and design show is considered one of the premier avenues for showcasing the best of Philippines design, especially in furniture and home décor. However, the two sectors are reporting slower sales and are eyeing more foreign buyers.

Furniture, home décor exporters eye more overseas buyers

XPORTERS of furniture and home décor are eyeing to expand their market presence abroad, as sales from local trade shows are becoming “not enough” to sustain business. Philippine Homestyle and Holiday Decor Association Inc. President Romeo P. Balderrama Jr. said sales generated from expos, including the prestigious Manila FAME, are

P25.00 nationwide | 4 sections 32 pages |

“not enough” to keep operations afloat. That’s why home décor makers are looking overseas for buyers in spite of a bitter history in dealing with foreign customers. Balderrama said the home décor industry has been enduring a decline in sales tracing back to the closure in 2008 and 2009 of some of its buyers abroad, casualties of the financial crisis that hit the

world in that period. “During those times, what offset [our loss of customers overseas] is the resurgence of the local industry. There were many condominiums being built [at that period] so these somehow offset [that],” Balderrama said in a statement on Friday. Based on records from the Philippine Statistics Authority (PSA),

shipments of Christmas décor from January to August went up 83.61 percent to $65.13 million, from $35.47 million in the same period last year. As much as home décor makers survive by exports, they still find local trade shows important in securing domestic and foreign buyers, Balderrama said. See “Furniture,” A2

RE you ready to pay more for your french fries? Costlier fries, if industry sources are to be believed, may stare Filipino fast-food eaters in the face next year if the government does not cut tariff on imported fries to zero. The importers’ cost will be passed on to the public. The Tariff Commission (TC) has launched an investigation on the petition filed by a firm to reduce the tariff on imported frozen potato fries from 10 percent to zero percent. Industry sources claimed the tariff cut is needed to reduce the cost and avert price increases of the food item. In a notice issued on October 24, the TC said it is conducting the investigation on the petition filed by Prime Pacific Foods Corp. (PPFC) on the reduction of the most favored nation (MFN) rate of duty on frozen potato fries from 10 percent to zero percent. The investigation, the TC explained, is pursuant to the pertinent provisions of Section 1608 of Republic Act 10863, or the Customs ModernizationandTariffAct(CMTA). In its notice, the TC said interested parties may submit their comments, inputs and position papers to the body on or before November 11. The TC added that it would

The value of the country’s frozen fries imports from January to August 2019, up 16.85 percent from $83.846 million last year, per PSA data announce the schedule of public hearing at a later date. The tariff slapped on frozen fries reverted to 10 percent after Republic Act 11203, or the rice trade liberalization law took effect on March 5. In 2015, such tariff on frozen fries had been reduced to zero as a concession by the Philippines in its bid to secure the nod of the World Trade Organization (WTO) member-states for it to extend its right to impose quantitative restrictions (QR) on rice by two more years.

Avert price increase INDUSTRY sources privy to the matter told the BusinessMirror that the petition aims to avert price increases of french fries sold locally, both in the supermarkets and by fast-food chains. One of the sources said majority of the country’s frozen fries supplies come from countries that do not enjoy lower tariffs due to free-trade agreements (FTA), such as the United States and European countries. See “French fries,” A2

US 51.2630 n JAPAN 0.4715 n UK 65.6935 n HK 6.5408 n CHINA 7.2562 n SINGAPORE 37.6187 n AUSTRALIA 34.9460 n EU 56.8045 n SAUDI ARABIA 13.6676

Source: BSP (28 October 2019 )

News

BusinessMirror

A2 Tuesday, October 29, 2019

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SEC to BSP: Cap consumer loan rates, fees

By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) has requested the Bangko Sentral ng Pilipinas (BSP) to consider capping the interest rates and other fees that lending and financing companies may charge on consumer and payday loans. SEC Chairman Emilio B. Aquino, in a letter to BSP Governor Benjamin E. Diokno, cited the power of the Central Bank’s Monetary Board

to prescribe the maximum interest rates, fees and other charges that lending companies and financing companies may impose.

“With LCs/FCs that charge as much as 2.5 percent interest rate per day on top of other fees and charges, predatory lending continues to be one of the major subjects of complaints that the Commission receives from the public,” Aquino said. “Thus, the commission respectfully requests the BSP to consider putting a ceiling on the interest rates, charges, and other fees that may be imposed by LCs and FCs. The proposed ceiling rates shall not apply to the whole financial sector, but solely to consumer loans and payday loans that are offered by the said companies,”he added.

Predatory lending has propagated abusive, unethical and unfair means of collecting debts, as borrowers struggle to pay exorbitant charges on loans, the SEC said. The Lending Company Regulation Act of 2007 allows lenders to grant loans in amounts and reasonable rates and charges as may be agreed upon with borrowers. The same provision, however, provides that the Monetary Board, in consultation with the SEC and the industry, may prescribe such interest rate as may be warranted by prevailing economic and social conditions. At present, a lending or financing company can freely agree with

Maguindanao girl is 3rd confirmed polio case

HE Department of Health (DOH) on Monday reported the third confirmed polio case in the country, a fouryear-old girl from Datu Piang in the province of Maguindanao. According to Health Secretary Francisco T. Duque III, the third confirmed case did not receive any dose of the oral polio vaccine (OPV). T he patient was initially

Furniture. . . Continued from A1

As such, the business leader kept an optimistic outlook for the industry on growing overseas and steady local demands. According to Balderrama, the United States is the largest foreign market for Philippine holiday decor at 86 percent, while European economies account for the remaining 14 percent. On the other hand, Chamber of Furniture Industries of the Philippines Inc. National President Eduardo G. Zuluaga said furniture makers are seeking new export destinations. He said it is becoming “difficult for industries to export local products, including furniture products, and gifts and houseware, amid changes in market landscape.” Zuluaga added the domestic market is strong enough to keep the industry going, but said it is just as important to look for foreign buyers and export as much as possible. “The problem is margins [between production cost and selling price] significantly declined and many in our industry, they just look somewhere else. The local market is very strong so [we] just tap the local market,” Zuluaga explained.

Pork imports. . .

reported as a case of acute flaccid paralysis last September 26, 2019, after seeking consultation at the Cotabato Regional Medical Center. She had fever, diarrhea, vomiting and muscle pain. On October 24, stool samples sent to the National Institute of Infectious Diseases of Japan tested positive for vaccine-derived poliovirus 2. The poliovirus isolated was genetically

Unlike their home décor counterparts, furniture makers are focusing their export promotion on markets in Asia—not the US nor Europe—due in large to its population. “We need to look for new markets [and] where are the new markets? The new market is in Asia. Of 7.4 billion people in the world, 5.4 billion of those people are Asian. Why do you persevere in America, Africa, in Europe, [when] 60 percent of the population of the world is in Asia?” Zuluaga argued. His point about new strategies needed by the furniture industry finds basis in the past year’s record, when woodwork exports declined by more than half. No recovery is in sight this year. Based on PSA figures, shipments of woodcraft and furniture from January to August dropped 9.16 percent to $417.87 million, from $460.02 million during the same period last year. This was after shipments of these products slumped 57 percent to $662.45 million in 2018, from $1.54 billion in 2017. As an economic policy of the Duterte administration, trade officials are securing market access for Philippine products in nontraditional destinations, including Russia and India, and are also negotiating trade deals with established ones, such as South Korea and the US. Elijah Felice E. Rosales

linked to the VDPV2 from the confirmed polio case in Marogong, Lanao del Sur. Samples from another suspected case were sent for testing, awaiting results and confirmation. As part of its polio response, the DOH will be conducting a vaccination campaign in Datu Piang, Maguindanao, on November 4 to 8, with the goal of vaccinating 4,254 children aged

French fries. . . Continued from A1

Countries like New Zealand, which has an existing FTA with Asean, exports frozen fries to the Philippines at zero tariff. Another industry source said that the increase of 10-percent tariff on imported fries would just be passed on to consumers eventually. Another source privy to the development said the petition is being backed by the local fast-food chain industry, including big firms like Jollibee and McDonalds. In fact, the source said fast-food chains and importers also filed petitions for the tariff reduction. Until press time, BusinessMirror could not validate this information, yet. Likewise, the proposal is expected to gain support from foreign suppliers as it would allow exports of frozen potato fries to the Philippines to grow faster, a source said. The source said price increases could be seen next year if the tariff is not reduced to zero, as end-users start to use frozen fries levied with 10-percent tariff.

‘Hurt sales’

IN a report released last year, the National Potato Council (NPC) said the US exports of frozen fries to the Philippines would expand by as much as $5 million to $10 million if the latter would maintain a zero-percent tariff. The NPC said the Philippines is the fifthlargest market for US fries with an approximate 58,000 MT volume exported in 2017-2018 valued at $62.8 million. The NPC pointed out that the reversion of the 10-percent tariff on frozen fries would

Continued from A1

“Many local government units have been conducting lechon-eating festivals in their localities, these are laudable efforts to guarantee their constituents that pork is safe to eat,” he said. Deputy Majority Leader and Bagong Henerasyon Rep. Bernadette Herrera said the Department of the Interior and Local Government, Philippine National Police-Highway Patrol Group, Land Transportation Franchising and Regulatory Board, Land Transportation Office and barangay police must be mobilized to help the Department of Agriculture (DA) ensure the safety of local meat. Herrera also wants the DA to give more cash aid to backyard hog raisers and even large-scale growers so they will not hide or smuggle out diseased animals. “The cash aid is just for them to make it through these tough times. For the long term, we need an honest-to-goodness food safety system much better than what we have now,” she said.

Aid for workers THE Department of Labor and Employment (DOLE) must assist workers who will be displaced because of the impact of ASF on the local meat processing industry, according to the Bukluran ng Manggagawang Pilipino (BMP).

BMP issued the statement after the Department of Trade and Industry (DTI) said reports about ASF have already started to affect the demand for pork products. BMP Chairman Leody de Guzman said DOLE should start “intensified monitoring” of the meat processing industry to check if workers have been retrenched because of ASF so they could be given alternative livelihood or emergency employment. “The DA [Department of Agriculture] has reported P1-billion loss per month in the industry, but there is no calculation yet of how much the ASF has cost labor in terms of rotations, layoffs and extended work hours,” de Guzman said. De Guzman also called on the Occupational Safety and Health Center (OSHC) to craft better health and sanitation standards for workers in the agriculture and food manufacturing industry. He said this in response to the increasing prevalence of livestock related diseases, which could affect workers. “For so long, our workers have been in the frontline of protecting consumers from industry’s cost-cutting practices with their due diligence in food handling and packaging. We must afford them the same protection,” said de Guzman.

zero to 59 months. Related to this, the Duque assured the public that stocks of OPV are sufficient and that preparations are under way. The DOH, the World Health Organization and United Nations Children’s Fund were set to meet with local officials of Datu Piang on October 28 and 29 to discuss the outbreak response. Claudeth Mocon-Ciriaco

“hurt” US “sales and undermine the continued growth of exports” in the Philippine market. “The National Potato Council respectively requests that USTR [US Trade Representative], USDA [US Department of Agriculture] and the US Embassy in Manila continue to work with the government of the Philippines to ensure frozen fries can continue to be exported to the market with zero tariffs,” said its report published in October 2018, five months before the tariff on frozen fries reverted to 10 percent. The country’s frozen fries imports from January to August expanded by 13.23 percent to 109,261.461 metric tons from 96,490.491 MT in the same period of last year, Philippine Statistics Authority (PSA) data showed. Likewise, value of total imports rose by 16.85 percent to $97.978 million, from $83.846 million last year, PSA data showed. The United States is the country’s top supplier of frozen fries as it accounts for almost 45 percent of total purchases during the reference period. During the eightmonth period, the Philippines purchased about 49,000 MT frozen fries from the US, which was worth $46.878 million. The Netherlands is the second-largest exporter of frozen fries to the Philippines at 22,573.916 MT followed by Belgium at 21,350.561 MT, PSA data showed. The country’s imports of frozen fries last year reached record-high volume of 147,107.997 MT valued at $129.025 million, historical PSA data showed. Historical PSA data also showed that the country’s frozen fries imports have expanded by over 70 percent in the past three years after it reduced the tariff on the commodity to zero in 2015.

Farming crisis. . .

Continued from A8

“This [declining productivity due to RTL] proves that rice farms can no longer compete with the imported rice,” Dar said. “Through the years, attaining rice self-sufficiency has been consistently set as the cornerstone of our agricultural policy. However, this proved to be unfavorable as the other agricultural crops have been deprived of the much-needed support.” In order to address interlinked challenges in agriculture, Krishnamurthy said experts must go back to the lessons of the green revolution that swept across Asia decades ago. She said the problem with this program was that it was a “huge public investment.” Krishnamurthy said it is important to consider a new framework where the public sector is still able to help farmers while ensuring that these programs are financially prudent ones. She said one of the more prominent programs is farm income support but this, Krishnamurthy said, is not a complete solution. Farmers face risks both on and off the farm, thus limiting the assistance to only farm income support, which still prevents them from earning a decent living. For one, she said, farmers are not only producers but consumers not only of their own produce but also of other items such as farm inputs. They also try to earn through other means to augment their farm incomes.

a borrower on the terms and conditions of their loan contract, including the imposable interest rate and other charges such as transaction fees and penalties for late payment, in view of Central Bank of the Philippines Circular 902-82. The circular, issued by the Monetary Board in 1982, suspended the country’s usury law under Act 2655. “The rate of interest, including commissions, premiums, fees and other charges, on a loan or forbearance of any money, goods or credits, regardless of maturity and whether secured or unsecured, that may be charged or collected by any person, whether natural or juridical, shall

not be subject to any ceiling prescribed under or pursuant to the usury law, as amended,” the circular read. Aquino noted that other countries in Asia, such as Japan, Thailand and Myanmar enforce interest rate caps on consumer loans. Aquino also cited the case of the United States, where regulations on interest rates vary across states. For instance, annual interest rates on payday loans are capped at 25 percent in New York, 30 percent in New Jersey and 17 percent in Arkansas. Google Play, meanwhile, blocks mobile lending applications imposing annual percentage rates of 36 percent or higher.

GAS PRICE DOWN P0.45 A LITER, DIESEL LESS P0.10

IL firms reduced the price of gasoline and diesel for the second consecutive

week. Gasoline prices will go down by P0.45 per liter, while diesel price will be slashed by P0.10 per liter. There is no change in kerosene prices. Phoenix Petroleum Corp., Pilipinas Shell, Petro Gazz and Seaoil Philippines said Monday afternoon that their respective price adjustments will take effect Tuesday morning at 6 a.m. Other oil firms are expected to follow suit. Last week, gasoline prices went down by P0.25 per liter and diesel by P0.10 per liter. The Department of Energ y

Service fees. . . Continued from A1

Under the law signed by President Duterte in August, “all service charges collected by hotels, restaurants and similar establishments shall be distributed completely and equally among the covered workers except managerial employees.” On Monday, the Department of Labor and Employment (DOLE) said it may soon come out with the implementing rules and regulation (IRR) of RA 11360 or the Service Charge Act. Story on page A8. Prior to the approval of R A 11360, the service charge’s allocation was 85 percent to workers and 15 percent to management. The management utilizes its 15-percent share largely to compensate for losses and breakages incurred from employee mistakes, Ortiz-Luis said, while a portion of it is distributed to managerial employees. “If all service charges collected are allocated to workers, employers will lose [the] share that they use as a portion of their operational cost. Hotel owners can just say they will no longer charge 10 percent. In the end, the losers are the workers because they will have to rely on tips,” Ortiz-Luis said in an interview with the BusinessMirror. “What business owners could do is raise the prices of their products and services to cover up for the losses from service charge. There, they can get extra income to compensate for losses, breakages, turnovers of their employees,” he added. The Ecop chief said some hotels and restaurants will do just that: increase regular rates by as much as 5 percent and stop collecting service charge altogether. “If they are pushed to the wall, they are talking among themselves to just increase prices by 5 percent. They will just add it to the cost,” Ortiz-Luis said. The 5-percent price increase will also cover the distribution to managerial employees that used to be sourced from the management’s

(DOE) has kept close watch of fuel pricing since the September 14 drone attacks damaged key oil facilities in Saudi Arabia since the Philippines imports nearly all of its crude oil requirements. The agency earlier issued showcause orders against 13 oil firms in view of the apparent difference in the oil price rollback calculations. Local oil companies earlier reduced gasoline price by P1.45 per liter, diesel by P0.60 per liter and kerosene by P1 per liter. However, the DOE said the price reduction for gasoline was short by 22 centavos per liter, while the rollback for diesel was short by .06 centavos. The DOE is still collating the reply of the oil firms. Lenie Lectura share in service charge collection.

Deadlock

IN a statement last week, employers said they are tied in a deadlock with labor groups and the DOLE over whether managers get a share from service charge collection. Labor groups said managers should not be covered as stated in RA 11360’s Section 1, but employers found a loophole in that. Under Section 2 of the law, “nothing in this Act shall be construed to diminish existing benefits under present laws, company policies, and collective bargaining agreements,” which Ecop said means benefits already being received by managerial employees may not be withheld following the principle of non-diminution of benefits. Further, to harmonize the conflicting effects of Sections 1 and 2 of the law, employers said RA 11360 should be applied prospectively, not retroactively. However, two consecutive months—September and October—at the negotiating table was not enough for the Tripartite Executive Committee (TEC) to firm up a consensus. According to Ecop, DOLE’s Bureau of Labor Relations OICDirector Maria Consuelo S. Bacay decided to bring up the matter to the labor chief and allow him to resolve whether or not managerial employees are covered by the law. “Despite the long deliberations in justif y ing their respective positions, members of the TEC failed to reach a consensus. As such, OIC-Director Atty. Bacay stated that the matter shall be brought up to the secretary who shall decide on whether managerial employees are covered by the said law,” Ecop disclosed in the statement. Labor Secretary Silvestre H. Bello III in August committed to have RA 11360’s implementing rules and regulations out before its 60-day deadline, but the DOLE has yet to release the IRR nearly three months after the law’s approval in August 7.

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New CJ bares plans within two-year term By Joel R. San Juan @jrsanjuan1573

EWLY appointed Chief Justice (CJ) Diosdado M. Peralta on Monday vowed to lead by example as he laid down his 10-point program to further strengthen the judiciary during his more than twoyear term. In his speech during Monday’s flag-raising ceremony at the Supreme Court, Peralta urged officials and employees to unite and strictly follow the rule. “I have other numerous plans for the judiciary, especially as regards the strengthening of employees’ sense of self-worth, so that each employee in the judiciary will take pride in saying that he/she is a public servant in the judiciary,” Peralta said. One of his concerns, Peralta admitted, is the numerous incidents of killings involving justices and judges, which, he said, can be addressed by creating a security team patterned after the United States Marshals Service. “We hope that we can device the system either through legislation or through court initiative, the creation of security system patterned after the US Marshals,” Peralta noted. Peralta said his 10-point agenda is focused on the management of courts and addressing concerns of court users. Aside from continuing the programs of his predecessor, retired

Supreme Court Chief Justice Lucas Bersamin, Peralta said part of his agenda is the elimination of backlog in the SC and in the other courts. He said this would entail requiring clerks of court to conduct periodic inventory of all pending cases in a division and consult the en banc in solving the backlogs and automation of court processes and incorporation of technology in trials and hearings. Peralta also said he would monitor the performance of courts, particularly their observance of prescribed period to resolve pending incidents. Likewise, Peralta said he intends to strengthen the Office of the Court Administrator in order to efficiently attend to the concerns of lower courts. His other plans include the setting up of a judicial integrity board, establish a 24/7 help desk in the Office of the Chief Justice and other offices for court users, improve the security of justice, judges and halls of justice, and improve procurement and bidding processes to fast-track implementation of projects and create strategy Planning Management Unit for monitoring and evaluation of projects. In order to eliminate the socalled hoodlums in robes, Peralta said he is planning to adapt a system where court may initiate investigation of cases being handled by members of the judiciary even if there is no complaint.

Editor: Vittorio V. Vitug • Tuesday, October 29, 2019 A3

Cayetano: I am open to holding House speakership post until ’22 By Jovee Marie N. Dela Cruz @joveemarie

PEAKER Alan Peter Cayetano on Monday declared he is open to the possibility of holding the House speakership post until the end of the 18th Congress. Holding the lower chamber’s highest post until 2022 would, in effect, disregard the “15-21” termsharing agreement as recommended by President Duterte between Cayetano and Marinduque Rep. Lord Allan Velasco. In an interview, Cayetano said he is ready to hold the speakership after 15 months if Velasco himself wants him to stay.

“If Congressman Velasco himself tells me, ‘You should be the Speaker,’ I can’t force him to change his mind. We’re also public servants, and we also believe in our own leadership. How can other people believe in my leadership if I don’t believe in my leadership?” he said. “But [Velasco] has his own leadership and he is also the head of the political party of the President, so I have also to respect him,” he added. But Cayetano insisted that he still respects his term-sharing agreement with Velasco and “he has nothing to worry about.” Under the term-sharing agreement, Cayetano would occupy the Speaker post for the first 15 months,

while the remaining 21 months of the 36 months of the 18th Congress will be taken over by Velasco. Meanwhile, with or without the term-sharing agreement for the speakership after 15th months since last July, Cayetano, who is celebrating his 49th birthday on Monday, said he would find time to share with his twin children with his wife, Taguig City Rep. Lani Cayetano. Following the high approval and trust ratings in the recent survey of Cayetano, lawmakers may not heed the 15-21 term-sharing agreement between Cayetano and Velasco. Earlier, House Committee on Public Accounts Chairman Mike Defensor said changing the Speak-

er after 15 months may affect the passage of priority measures of the administration and the 18th Congress. A lso, House Committee on Games and Amusements Chairman Eric Go-Yap said the term-sharing agreement “was only agreement among them.” Cavite Rep. Elpidio Barzaga of the National Unity Party said Cayetano’s 64-percent and 62-percent approval and trust ratings in a survey “are remarkable if we consider the low marks the House received in previous Congresses.” Barzaga said the term-sharing arrangement for the position of Speaker may soon be scuttled.

‘Red alert’ hoisted as PNP girds for All Saints’, All Souls’ Day rush By Rene Acosta

@reneacostaBM

HE Philippine National Police (PNP) had been put on a “red alert” status as part of its security preparations for the observance of the All Saints’ Day and All Souls’ Day this coming weekend. The alert status was issued by PNP Officer in Charge Lt. Gen. Archie Gamboa in order to ensure the presence of all policemen in stations along with their readiness to respond to any situation

needing their assistance. “Effective today, I am placing the entire Philippine National Police on full alert to ensure the availability of all personnel and resources for law enforcement and public safety operations ahead of the traditional All Saints’ Day and All Souls’ Day holiday this coming weekend,” Gamboa said during a news briefing on Monday. Still, Gamboa said they have not monitored any threats, including one coming from terrorists to undermine

the observance of the Undas. “The national headquarters issues the general guidelines. It will be up for the regional directors concerned to assess. But in general, there is no terroristic threats as of yet, but the PNP is prepared for that,” he said. Also on Monday, Metropolitan Manila Development Authority (MMDA) and Inter-Agency Council for Traffic (I-ACT) inspected bus terminals in Cubao, Quezon City, to ensure the safety of passengers who are expected to go

home to the provinces. MMDA Chairman Danilo Lim also reminded the public that smoking inside bus terminals is strictly prohibited. “As part of the agency’s efforts in promoting a smoke-free environment, our environmental enforcers have posted ‘No Smoking’ signages earlier within the vicinity of bus terminals in Cubao. This would serve as a reminder that EO 26 also prohibits smoking on public-utility vehicles,” Lim stressed. With Claudeth Mocon-Ciriaco

A4 Tuesday, October 29, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

‘Drastic’ steps vs water concessionaires eyed

By Bernadette D. Nicolas

@BNicolasBM

RESIDENT Duterte may be compelled to take “drastic” measures against water concessionaires Maynilad Water Services Inc. and Manila Water Co. should it be proven that they have not undertaken necessary measures to prevent a looming water crisis in Metro Manila. Malacañang issued the stern warning on Monday after the water concessionaires announced rotational interruptions last week due to low water levels at Angat and Ipo Dams. “If they have not [undertaken steps] and the consequence of that is this looming water crisis again, then they have not done anything and that factor may compel the President to do something drastic against them,” Presidential Spokes-

man and Legal Counsel Salvador Panelo said in a Palace briefing. Panelo also said it is obvious that the agencies may have not done enough to address the problem considering that Metro Manila is experiencing a second water crisis in just one year. “Obviously. Otherwise, there would not be a looming crisis,” he said. Asked what are the possible measures would the President may take,

Panelo said the Chief Executive can either scrap the contract or make the water concessionaires accountable as suggested by some senators, noting that it is also up to the President whether heads will roll. Sen. Imee Marcos has expressed her determination to make both water supply firms answerable for any customer inconvenience as she argued that the two water concessionaires should have adequately prepared for the crisis. For his part, Sen. Christopher “Bong” Go appealed to water concessionaires not to pass the burden to water consumers, such as the costs that the concessionaires should shoulder. Meanwhile, the Palace also reiterated that the water crisis is not a front to push for the implementation of the controversial China-funded Kaliwa Dam project. The Environmental Management Bureau has issued an environmental compliance certificate for the Kaliwa Dam project this month after it satisfied the requirements of the Environmental Impact Statement System.

House bill seeks to reclassify motorcycles-for-hire as PUVs By Jovee Marie N. Dela Cruz @joveemarie

HOUSE deputy speaker wants transportation regulators to legalize the services of motorcycles-for-hire as public-utility vehicles (PUVs). Deputy Speaker for Finance Luis Raymund Villafuerte, in a news statement, said he filed House Bill 4652 to ensure the safety of their passengers amid the increasing popularity of ride-hailing services. HB 4652 aims to amend Sections 3 and 7 of Republic Act 4136 to include motorcycle-for-hire in the definition of terms and in the classification of vehicles that would be required for registration with the Land Transportation Franchising and Regulatory Board (LTFRB).

The bill is pending before the House Committee on Transportation. It also aims to recognize motorcycles for hire, or habal-habal or motorcycle taxis, as a legitimate mode of public transportation in the country. Motorcycles-for-hire currently operate in Metro Manila, Cebu, and the cities of General Santos and Cagayan de Oro. Under HB 4652, motorcycles-forhire are declared as common carriers “for purposes of determining the liability and degree of diligence that must be observed in the course of transporting passengers or goods, and the presumption of negligence in breach of contract shall, likewise, apply to them.” The LTFRB and the Land Transportation Office (LTO) are tasked to ensure the roadworthiness of motor-

cycles-for-hire before registration or renewal of registration. Villafuerte, in the same statement, said the first order of business for the LTFRB is to require motorcycle service providers to obtain insurance coverage for their drivers and their passengers, as well as insurance to cover third-party liabilities. He said the Department of Transportation (DOTr), in turn, is mandated to prescribe the routes and require the establishment of terminals for these motorcycles. “Number one priority in transporting people is the safety and welfare of the passengers and the driver. In welcoming a new age of public transportation, this bill seeks to set the groundwork to make motorcycles safe and secure for the riding public and the operators,” said Villafuerte.

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Social infrastructure in an algorithmic world?

By Henry J. Schumacher

HE Internet and data are making new demands on society, and we’re increasingly being asked to adapt as individuals, not as communities. How we shop, speak to our neighbors, find romance, and seek important and life-changing advice have all become decoupled from our sense of place. This is also incrementally changing the places we live in: Post Offices are closing, while corner shops are turning into pickup centers for online shopping. The social glue that held local communities together has become differently stuck. As everyday life becomes more screen-based and automated, there’s an urgent need for new and different thinking about the support structures we need as individuals and the shared amenities that communities need to thrive and survive. Facebook, Amazon and Google provide increasingly large amounts of the daily infrastructure we need to live our lives but have little accountability for the way their services are reshaping the physical world. And the social infrastructure that has traditionally been so important to our shared, communal quality of life—culture, health care, community space, places to play—is being moved ever more online. But where do we turn if Google doesn’t know the answer? How do we talk to our neighbors without Facebook? How do I buy food if all the local supermarkets have closed? How can I make an appointment with a doctor if I’ve run out mobile data? And who can guide me through a crisis when I’ve nowhere left to turn? Technology is changing our real-world interactions

so quickly and subtly that it’s hard to notice until after it’s happened. Most people don’t need to learn to code, but we all need to work out how to cope with the ways data and algorithms are shaping our lives. Our social infrastructure needs refreshing and reinvigorating for these data-driven times, so we can navigate the future collectively—not just on our own, while looking at our phones. There is a need for new social infrastructure that supports our access to data and connectivity. Civic planning, education and foresight all have a role to play in this—but there is also a need for more elemental sense-making, for design cues, language and intuition that help to help us describe and sense the systems we encounter and move through. It is difficult to question things we can’t see; data needs more visibility so it can be subject to deeper kinds of enquiry. As we look into the uncertainty of increased automation, more of humanity deserves the tools to shape technology and its effects, rather than simply being expected to catch-up and respond. To do this, we need data and connectivity to be legible and imaginable, so that non-technologists—including civil society—can bring their expertise to shape technology and its effects more actively and not simply respond after the fact to the ways it is changing human experience. These unfolding realities hit me when I participated last Thursday in the launch of the “3Zero House” in Mandaluyong. As I mentioned in my recent column, the 3Zero Global Alliance promotes new approaches to contemporary challenges, while radically reshaping the way individuals, businesses and communities live, work and interact: Zero exclusion—because the vulnerability of marginalized populations can be reduced through the promotion of inclusive institutions, governance mechanisms, policies and concrete actions; Zero carbon—because we want to pass on to our children an economy that respects natural balances, an ecologically sound development model and a global governance of the common good; and Zero poverty—because poverty is an intolerable waste of talent and the reproduction of poverty from generation to generation is not inevitable. As reiterated during the launch, it is essential that we devote time and effort to develop human capital to master the skills needed for the jobs of the future. Additionally, it is essential that we commit to become accountable for our responsibilities to create a better world for present and future generations. In this context, it is essential that we recognize that many of our students will not find jobs because we don’t generate enough jobs. It is therefore essential that we also focus on entrepreneurship training, make use of the great ideas of MakerSpace, and convince universities to prepare students for the gig economy. I am convinced that more and more employers around the world will hire experts on a short-term basis. Filipinos are already very visible on gig web sites, but the requirements for short-term experts will grow very fast. Feedback is appreciated; contact me at schumacher@eitsc.com

Pag-IBIG Fund finances homes 18,715 low-wage earners from Jan to Sept ’19 Two community groups in former rebel held villages get ₧1.5M for self-help projects By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

AVAO CITY—Two people’s organizations in remote parts of Davao Oriental got their most awaited assistance, a year after the military cleared the area of New People’s Army (NPA) rebels. The Krystelle’s Salon Academie Inc. of Barangay Taocanga, Manay, was granted P1 million by the Department of Labor and Employment (DOLE) for its solar power lighting system, and the Calapagan Handicraft Association of Purok Mahayahay, Barangay Calapagan, Lupon, was given P500,000 to start its bamboo craft project. Captain Maximo A. Trinidad Jr., chief of the public affairs of the Army’s 701st Infantry Brigade based in Mati, Davao Oriental, told the BusinessMirror that the two projects were among several other organizations that the brigade has lobbied for assistance after the Army cleared the hard to reach

interiors of the province to implement Malacañang’s directive to end communist-insurgency. “It’s a relief to have these organizations, many of whom were influenced by the NPAs, to finally get the assistance after they designed their own projects based on what they need,” Trinidad said. In the case of the solar power project, he said, some 100 tribal Mandaya families were listed as beneficiaries. Also, a road project would connect Barangay Taocanga, at least to the town center. “Residents have to pay P1,500 for one way of travel on a motorcycle ride,” the Army officer said. “As they say, where the road starts, insurgency ends. But where the road ends, insurgency also begins,” he added. In Lupon, the Calapagan association would now have the opportunity to maximize the utilization of bamboo plants that abound in the place that were only previously harvested for their edible shoots.

AG-IBIG Fund has financed 18,715 socialized homes of minimum-wage and low-income members from January to September 2019, its top executives said. Socialized homes make up 29 percent of the 65,375 units financed by the agency in the last nine months. In terms of amount, socialized home loans made up P7.18 billion out of the record-high P58.73 billion home loans released by the agency for the period. “Pag-IBIG Fund has a socialized housing program designed specifically to help minimum- and lowwage workers secure their ow n homes at the price of renting one. We call it the Affordable Housing Program and it is aligned with President Rodrigo Roa Duterte’s directive to government institutions to carry out programs that address the needs

of the underserved sector,” said Secretary Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees. The Affordable Housing Program is open to members earning not more than P15,000 per month within the National Capital Region and those earning not more than P12,000 per month if outside of NCR. Under this program, Pag-IBIG Fund maintains the lowest interest rate in the market of 3 percent per annum—a subsidized rate it has provided for minimumand low-wage workers since May 2017. This rate applies to socialized home loans of up to P580,000. PagIBIG Fund is able to subsidize this low interest rate due to its being a taxexempt agency as prescribed under Republic Act 9679.

“Because of our Charter, Pag-IBIG Fund can afford to offer the lowest rates for home loans of minimum and low-wage workers. Aside from keeping our interest rates low, we also reduced the insurance premiums of our home loans under our Affordable Housing Program. As a result, qualified borrowers under this program will pay an affordable monthly amortization of only P2,445.30 for a socialized home loan of up to P580,000. We set a 100 percent loan-to-value ratio for our Affordable Housing Program, which means that borrowers through the years never had to put out cash for equity. All of these are part of our efforts to provide the best home financing program for our members. That’s what Lingkod Pag-IBIG is all about,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.

40 years of poverty-reduction gains to be wiped out if farmers’ income stays stagnant–ADB By Cai U. Ordinario @caiordinario

HE Asian Development Bank (ADB) has underscored the compelling reason to improve farmers’ income in the Philippines and the rest of the Asia-Pacific region, warning failure to improve farmers’ lot could wipe out the poverty reduction gains made in the past 40 years. In his speech at the Rural Development and Food Security Forum on Monday, ADB President Takehiko Nakao said farmers continue to face risks that threaten

to cut their incomes. Nakao noted farmers in the region are unable to earn a decent living from tilling the land and are constantly faced with risks, such as weather, diseases and financing. “But the market risk is the most devastating to farmers’ income. Prices of most farming products vary widely within a year, as well as year-on-year. Market infrastructure and related policies and regulatory frameworks in most developing member-countries require significant improvements,” Nakao said. “The continued inability of farmers to generate a livable income risks

rolling back many of the poverty reduction gains we have made in the last four decades,” he said. Nakao said significant gains in reducing poverty has been made in Asia and the Pacific. In 2010, he said the region was able to eradicate extreme poverty and hunger, five years ahead of 2015, the deadline of the Millennium Development Goals (MDGs). The ADB president said extreme poverty, defined as $1.90 per day threshold, has declined in developing Asia from 69 percent in 1980 to about 7 percent in 2015. However, Nakao said over 300 million people in the region are still

living below the poverty line. He added that 900 million are living on less than $3.20 per day and are constantly at risk of falling back into extreme poverty. Nakao said the inability of farmers to generate sufficient incomes is compounded by agriculture issues such as “practically nonexistent” cold chain infrastructure and staggering postharvest losses. “Cold chain infrastructure is practically nonexistent in most developing member-countries. This results in postharvest losses of 30 percent to 40 percent, lowering the quality of produce, and generating

worm and bacteria contamination. This issue is especially serious for perishables, such as fruits and vegetables,” Nakao said. Nakao said helping farmers earn a decent living, as well as ensuring that people in developing countries have sufficient nutritious and safe require modern technologies and creative policies. Under the new corporate Strategy 2030, Nakao said promoting rural development and food security is one of ADB’s seven operational priorities. ADB said it will incorporate climate-smart technologies and en-

abling policies into its operations and catalyze public and private sector investments for rural development. It also aims to promote transformative changes to make farming profitable, gender-responsive, highly productive and attractive to youth. “ADB will proactively assist our developing member-countries to increase agricultural productivity and profitability, enhance food safety, and improve climate resilience and sustainability,” Nakao said in opening remarks to the forum. “We are committed to supporting our member-countries to supply sufficient, nutritious, safe and affordable food.”

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Profit from lending boosts LandBank’s income by 23%

TATE-RUN Land Bank of the Philippines Inc. reported a 23-percent rise in its net income in the first nine months of the year, largely due to the banks’ substantial profit from its lending operations during the period. In a statement on Monday, the LandBank announced it has earned a net profit of P13.97 billion in the first nine months of the year, up from the P11.36 billion seen in the same ninemonth period last 2018. LandBank President and CEO Cecilia C. Borromeo attributed the increase in the bank’s profits to the “substantial growth in income from loans,” which rose due to higher yield and growth in its loan portfolio. According to the bank’s data, its gross loan portfolio grew to P869.31 billion as of endSeptember this year from P838.75 in the same period last year. The development in LandBank’s income indicated that the bank is on its way to meet its full-year income target of P16.64 billion. Accordingly, their nine-month income is 12 percent larger than their income target for the period. Earlier this year, LandBank received flak from President Duterte for allegedly failing to deliver on its mandate to provide financial services to the agriculture sector. In its statement of income for the third quarter, however, the LandBank reported that its loans to the sector amounted to P227.55 billion as of September 30. These include P41.25 billion in loans to small farmers (including agrarian reform beneficiaries), fishermen, and their associations; and P186.29 billion to other players in the agribusiness value chain.

This means that remains largely compliant with the Agri-Agra Credit Law, with 21.74-percent compliance with the prescribed allocation for agrarian reform credit and 429.29-percent compliance for other agricultural credit as of September 30 this year. The Agri-Agra Credit Law provides the mandatory credit allocation for agriculture and agrarian reform credit by banks with at least 10 percent to agrarian reform beneficiaries and 15 percent to borrowers for other agricultural purposes. Usually, universal and commercial banks opt to pay the penalties for not following this law instead of lending to farmers and fisherfolk, as the agriculture sector in the country is deemed to be “risky” for lenders. The top risks mentioned include the seasonality of their income as it is largely dependent on weather conditions, as well as the farmers and fisherfolk’s lack of collateral or proper documentations for standard banking requirements. “We continue to grow LandBank’s financial position as the bank’s profitable operations allow us to consistently drive support for our priority sectors, especially farmers and fishers,” Borromeo said. The bank’s total assets grew 11 percent to P1.96 trillion, from P1.77 trillion as of September last year, driven by growth in loans and investments. Deposits also expanded by 11 percent to P1.74 trillion, from P1.57 trillion, while capital grew by 16 percent to P144.87 billion, from P124.88 billion in the same period last year.

Money making ideas: Sorting out the good from the bad

T’S always nice to know all about “importbrainstorm business ing” above other things. ideas once in a while. And this is something And if only there was we have no prior experia way to instantly turn ence in. those money making Fitz Gerard Villafuerte In the meantime, ideas into reality, I bet for the photocopying everyone would become center—importing maentrepreneurs. chines will not be a neBut that’s not the case cessity because there are in real life—not only does it take time, effort numerous local distributors for it and all we and money to build a business; there are also needed is to forge a partnership with them. as much, if not more, bad business ideas than From the three, it seems that the last one good ones out there. is the easiest one to implement for us. HowSo in today’s world where ideas are cheap, ever, if we can take the time to learn all about funds are limited and time is a luxury, how the processes involved in importing products do you determine if an idea is actually worth to the country, then the other two would bepursuing? The short answer is there’s no easy come more plausible for us to do. way, but, of course, there are some things we can do to immediately sort out which ones Cost are potentially good and which ones are just LASTLY, the final test to know if your idea is plain bad. So how do you do that? a go or not is to calculate the cost of impleThe reason why some people say that ideas mentation. In short, can you afford it? are cheap is because anyone with enough Importing would mean buying your initial creativity can think of ways to make money inventory in bulk containers and that can cost today. A few hours is usually all it takes to millions. On the other hand, while it can also come up with possibly good business ideas, be expensive, hiring a business consultancy even shorter if you’re among friends who firm to build the franchise model would most could brainstorm with you. likely cost less. I did this a few days ago with some friends Additionally, putting up a photocopyand here’s what we thought would be good ing center near a school or business area is businesses to put up today: comparatively cheaper than opening a mall n A premium store for secondhand gadbusiness which the first two ideas would esgets. sentially require. n A boutique that focuses on clothes Again, the third idea is the best choice and equipment for yoga, and similar in this criteria. However, do remember that practices. one cannot truly know the cost of pursuing n A photocopying center built for a business venture unless one has written a franchising. business plan. If your money making idea To test which one among these three will has passed the profitability and the implebe the best business idea for us to pursue, we mentation factors above, then I believe that took into consideration three factors: profita thorough cost analysis is something you ability, implementation and cost. should seriously consider doing. In a nutshell, I believe that all money Profitability making ideas have the potential for sucTHE first test to see if an idea is good or bad cess, especially when done by people who is to see if it will be profitable. Ask yourself have the essential skills and the right rewho your target market will be and what value sources. And when circumstances come that can your business offer them. we have to choose among several business The gadget store will take a bite out of the ideas—looking at profitability, implemenprofitable market currently monopolized by tation and cost would certainly be a short online classified ads. The boutique relies on and easy way to determine which one has a hunch that there is a big enough yoga marthe best potential for us. ket, while the photocopying center is a traLastly, and most important, realize that ditional business venture that we think has as you are sitting there, wondering if your good potential to succeed under franchising. business idea will be good or not—somebody, From the three, the yoga boutique seems somewhere out there could be thinking the to be the weakest because it’s profitability same thing. So it’s always better to immediis based on an assumption. But given actual ately follow through with action once you market research, it can be determined if find a good opportunity. this business idea has real profit potential Remember, even the best ideas are in the future. worthless without proper action. Dreams can become reality only when you do Implementation something and work for it. THE second test to know if your business idea is good or bad is to ask yourself if you have the Fitz Villafuerte is registered financial planner of RFP Philskills and resources to actually implement it. ippines. To learn more about personal-financial planning, The gadget store and the sports boutique attend the 79th RFP program this October 2019. To inquire, will require us to have contacts of suppliers e-mail info@rfp.ph or text <name><e-mail> <RFP> at from both local and abroad, thus the need to 0917-9689774.

PERSONAL FINANCE

Tuesday, October 29, 2019 A5

PhilHealth vows easier, faster payment of premiums for OFWs

By Samuel P. Medenilla

@sam_medenilla

FFICIALS of the Philippine Health Insurance Corp. assured overseas Filipino workers that PhilHealth is now working on a new setup to make premium payments for its OFW members easier. During a recent media forum, PhilHealth President and CEO Ricardo C. Morales disclosed that they are now working on the administrative order with

the Philippine Overseas Employment Administration (POEA) and the Overseas Workers Welfare Administration. “We will find a way to protect

your [OFW] families [and], at the same time, not to burden you before you leave,” Morales later said in an ambush interview. Based on the implementing rules and regulations (IRR) of the Universal Health Care law, the POEA will require all land-based OFWs to have paid PhilHealth premiums before issuing their overseas employment certificate. An OEC is a document issued by the POEA to a Filipino before he or she is allowed to work abroad. Some migrant advocac y groups have opposed the IRR provision saying it will serve as an additional financial burden

for aspiring OFWs before they could even work abroad. Morales said, however, they are open on new premium payment arrangements. Among the options they are considering is for a mechanism for OFWs to pay their premiums abroad. PhilHealth officials said it already has accredited collecting agencies abroad, where OFWs could pay their premiums. Morales said they are now in the process of putting up satellite offices abroad, primarily in the Middle East where there is a large concentration of OFWs, to make PhilHealth premium payments more convenient.

A6 Tuesday, October 29, 2019 • Editor: Angel R. Calso

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Nene’s life lessons

HE late poet-philosopher George Santayana said, “He who does not heed the lessons of history is condemned to repeat them.” Condemned is a very strong word but it is apt, especially in the experience of our nation where people seem to easily forget. History keeps repeating itself but few heed its lessons. Many Filipinos refuse to listen to them as they find it more convenient to forgive, forget and just move on. Reading the late Senate President Aquilino “Nene” Pimentel Jr.’s book Martial Law in the Philippines: My Story is like hearing the call of a prophet to heed the lessons of martial law. The book should be required reading for students because many of the younger generation of Filipinos seem clueless about the dark days of martial rule in the Philippines. Our country should make it a tradition to remember and pass on formative events in our history in the same manner that the Jews maintain and transmit the memory of the Holocaust to future generations. Contrary to the “move on” refrain some politicians are always singing, we should help each other remember and never forget. There are very few things that aggravate more than the repetitive call to simply move on, which ranks pretty close to giving corrupt leaders a mandate to do whatever they want with the country because our people would always “forgive and forget” anyway. Nene Pimentel tells us through his book that we should not dump history like unwanted baggage when there are valuable lessons we can and need to learn from it. As a victim of martial law and one of its most ardent opponents, he provides a one-of-a-kind testimonial. He tells a good story, full of emotional resonance, and tries to impart the lessons of the martial law experience without being preachy. He doesn’t merely give you an account of what happened but attempts to involve the reader into reliving the repression of the Marcos regime. It is said half-jokingly that every senator wants to be president. Nene Pimentel never voiced out any presidential ambitions despite serving multiple terms in the Senate, but he certainly could have been the first president to come from Mindanao if he had pursued it. But, perhaps, jaded enough by the experience of martial law, having seen what a politician could and would do to become president—and to stay being president—Nene Pimentel did not want it so bad he was willing to change his character or compromise his principles for it. He didn’t really covet the presidency as much as others did. Perhaps, he was never much of a politician, at least not in the way that has become the norm. To him, politics and morality are inseparable, not antithetical. He didn’t project how he wanted to be perceived. He did not make friends based on vested interests. He was what he was: good-intentioned and transparent to a fault. Unlike most self-serving leaders we have today, he provided genuine people-serving leadership; a leadership without self-importance, quite a contrast to many politicians we have today, who all want to be treated like VIPs by the people they should be serving. He went into politics because he really wanted to be of service. But he also quietly helped many people outside of politics and government, and he wanted to help more. It was as simple, noble and innocent as that. He was a quiet, honest and decent man, and remained such until he died. This is the truth, as we’ve come to hear from the many testimonies after his death. He was ethically unimpeachable, and as such better than most politicians, indeed, better than most of us. In a political culture increasingly dominated by lack of memory, we need to remember and heed the lessons not only of Nene Pimentel’s book but his very life.

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The myth of a free press John Mangun

OUTSIDE THE BOX

T is interesting to see our local press/media “thought leaders” complain that the Philippine press is not free and, yet, run to the United States as the shining beacon for press freedom.

The gold standard if a nation has a free press is the annual report of the Reporters Without Borders. It would be nice to believe that at this international level there would be objectivity and unbiased reporting. No chance. For the US—ranked 48 out of 180—their conclusion is “Unprecedented violence targets journalists.” The only example is “A gunman entered the Capital Gazette newsroom in Maryland, killing four journalists and one other staffer in a targeted attack on the local newspaper.” No mention is made that the perpetrator, Jarrod Ramos, had been the subject of a crime article seven years before about being put on probation for social-media harassment, had sued the paper for defamation and lost, and is alleged to have sent

threatening letters to the newspaper for years. Also not mentioned was that the newspaper never reported these threats to police nor took any legal action. But this event “proves” that “Press freedom has continued to decline.” Likewise, the headline is “Holding the line against Duterte’s attacks” without mentioning that the Philippine ranking—although in dire need of improvement—was higher in 2017 and 2018 than in 2013 and 2014. Nonetheless, while no US journalist was killed in the line of duty, the idea that the US is the shining city on the hill of press freedom has been a useful myth since the early 20th— not 21st—century. The US press was free and vibrant

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By 1937, the Roosevelt White House had three federal agencies investigating radio personality Boake Carter who lost his microphone at radio station WCAU, silencing the last anti-war radio voice. But, apparently, President Donald J. Trump invented the war on the press. While “press freedom” is guaranteed, access to the mass media of radio and television is controlled with an iron grip in every nation. From a “small few” to “most”— depending on the place and time— the press/media has been partners in destroying genuine press freedom. Practitioners and their organizations have to put food on the table also and government ultimately holds the purse strings. Sometimes being the “opposition” pays better and sometimes it is the other way around. I sound like a long-haired hippie radical from the 1960s. Maybe I still am. But the “1 percent” is not the rich; it is the government and the “Establishment.” The “99 percent” is always “The People.” E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Further interest rate cuts will boost GDP

✝ Ambassador Antonio L. Cabangon Chua Publisher

in the early 20th century with even medium size cities having three or more daily newspapers that offered a wide diversity of opinion and bias. That is until the rise of broadcasting and government control of the airwaves in the 1920s. Increasingly, powerful radio and television under stringent government control blocked competition, rewarded the “cooperative” and stifled dissent, which killed the genuine free press. The Republican President Herbert Hoover began to use the political power of the press, but it was Franklin D. Roosevelt that turned the press into a government institution. From 1933 through his death in 1945, prowar and pro-welfare program commentators and outlets prospered. Opposition did not. Walt Disney Studios were occupied by federal troops one day after Pearl Harbor. The editor of the most widely read magazine—The Saturday Evening Post—was quickly replaced with one more in step with government wartime policies. Journalist for the New Republic magazine John T. Flynn, known for his opposition to Roosevelt entering World War II, was specifically targeted for censorship by Democrat President Roosevelt.

UR economic managers and monetary authorities are now in a better position to calibrate the benchmark borrowing and lending rates in support of household spending and investments, with inflation rate falling below 1 percent for the first time in 40 months. The Philippine Statistics Authority early this month reported that inflation rate, or the movement in consumer prices, settled at 0.9 percent in September, the lowest in more than three years. A combination of base effect and the lifting of quantitative restriction on rice imports contributed to the low inflation last month. It was a significant improvement from 6.7 percent in September last year when an artificial shortage of rice hit the local market. The latest inflation figure presents a good opportunity for the monetary authorities to stimulate economic growth that lagged in the first two quarters of 2019. It should also encourage the Bangko Sentral ng Pilipinas (BSP) to unleash more liquidity into the financial market. Data show that inflation rate

averaged 2.8 percent in the first nine months of 2019, below the government’s midpoint of the target range of 2 percent to 4 percent for the year. While the BSP’s Monetary Board already reduced the overnight borrowing rate to 4 percent on September 26, the full impact of the adjustment has yet to trickle down to the bank branch level. It seems that banks are tentative in following the benchmark rates because of the gradual adjustment felt by the financial system. But I believe that there is still room for further reduction in interest rates given the benign inflation outlook and the need to push up the gross domestic product growth above the 6-percent level. The BSP last year was very aggressive in raising the interest rates to check the rising inflation rate. It

adjusted the borrowing rate by a total of 175 basis points in 2018. While this helped temper the increase in consumer prices, it also had an impact of restraining economic growth in the first two quarters of 2019. As a result, the GDP growth averaged 5.6 percent in the first two quarters of this year, below the government’s target range of 6 percent to 7 percent. Sensing the need to support economic growth, the Monetary Board, led by BSP Governor Benjamin Diokno, gradually reduced the benchmark interest rates, as well as the reserve requirement ratios (RRR) of commercial banks. The Monetary Board on October 24 reduced the RRR of banks by another 100 basis points or 1 percentage point to 14 percent, releasing more liquidity into the market, which hopefully would translate into higher lending to businesses and households. While these policy measures are expected to drive spending and investments, the BSP has the capability to be a bit more aggressive this time if it really wants to support GDP growth. It should decrease the interest rates as quickly as it increased them last year to enable the financial market to feel the full impact. Businessmen are keenly awaiting lower interest rates to make their investment decisions, such as expansion and hiring of more personnel.

Infrastructure and construction companies also rely on interest rates to determine the phase of their project development. The door is still open for further rate reduction if one is to consider the 0.9-percent inflation rate in September that will likely continue through October before slightly picking up toward the holiday season. We hope that the BSP will still consider further rate cuts in the fourth quarter of 2019 and in the first quarter of 2020. Such rate cuts will be positive for the Philippine economy and government infrastructure projects that could only take off if supported by low-interest loans from banks. I believe there would be no dramatic increase in inflation in the coming months, like what transpired last year, after the government put in place reform measures such as the liberalization of rice imports. And I don’t see a radical increase in the prices of other basic commodities as the Department of Trade and Industry is on top of the situation. With inflation concerns already well managed, we should work together toward bringing the GDP growth level to above 6 percent so that we can focus more on making our economy more competitive and creating more jobs for our people. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

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Tuesday, October 29, 2019 A7

Citira and transfer pricing Impeachment is a numbers game Manny F. Dooc

Benedicta Du-Baladad

TAX LAW FOR BUSINESS

TELLTALES

HE current Section 50 of the Tax Code (copied from the US Tax Code) is the source of the Bureau of Internal Revenue’s (BIR) authority to reallocate income and expenses between related parties, effectively disregarding contracts and agreements in what is called “sweetheart deals” or “transfer pricing schemes.” Section 50 meant to give full powers to the Commissioner of Internal Revenue to prevent erosion of revenues.

HE National Union of Peoples’ Lawyers has announced recently that it would file several cases against PRRD when his term ends in 2022. NUPL Chairman Neri Colmenares said that among the cases they would file include crimes against humanity for the extrajudicial killings and other violations of human rights. During NUPL’s 5th Congress held two weeks ago, Colmenares said “the justice system in the Philippines is unable to provide legal remedies to victims of EJK and other human-rights violations because Duterte claims he is immune from suit. That is why we will pursue more cases against him in the UN and other international mechanisms for now.”

But Section 50 seems weak, from a legal standpoint, as it is too much of a motherhood statement not strong enough to call a spade a spade. Not a single case of transfer pricing has been won in Court by the BIR, perhaps due to the difficulty in proving that prices are not at arm’s-length, or that legally, there is no sufficient legal basis to impugn valid agreements between related parties, even in agreements involving sweetheart deals. In the case of Filinvest v. Commissioner of Internal Revenue (GR 163653 and 167689, July 19, 2011), a transfer pricing test case, the BIR imputed interest income to a holding company which re-lent the proceeds of a loan taken from a bank to its operating subsidiary. The BIR won in the tax court but upon appeal, the Supreme Court canceled the assessment stating that the BIR has no power to impugn valid contracts and arrangements unless it is against public order or policy. According to the Court, the BIR’s broad powers of distribution, apportionment, allocation of gross income and deductions, does not include the power to impute “theoretical interests” to the controlled taxpayer’s transactions. In other words, the BIR has no power to impute income where no income was agreed upon by the related parties. In this case, between a holding company and a subsidiary. Such power is not covered under Section 50. Now, here comes Corporate Income Tax and Incentives Rationalization Act (Citira) wanting to strengthen that power. The government fears that our country has become a target of transfer pricing schemes by multinational enterprises and there is a need to arrest this situation. This fear is well-founded and could be true. The Philippines is a hightax jurisdiction, our tax laws against transfer pricing and profit shifting is not rock-solid, audit enforcement to capture transfer pricing schemes is weak. All the ingredients for a likely target of profit shifting are present. In short, the country is exposed to transfer pricing practices without adequate cover. Domestic transfer pricing practices by conglomerates and related-parties are also being eyed by the government to be tightened. The wide array of tax incentives gave a wider opportunity to save on taxes through shifting of income and deductions between one subject to regular taxes vis-à-vis one with incentives. Such shifting is done with the overall objective of having a bigger income for the group net of tax. Under Citira, Section 50 was amended to give clear, specific powers to the Commissioner of Internal Revenue that includes not only the power to allocate, apportion or distribute income and deductions between related parties, but also the power to impute income. The inclusion of “authority to impute” now corrects the loophole in the Filinvest

case where the Supreme Court said that Section 50 did not include the power to impute income. Likewise, Citira clarified that the same power can be exercised by the Commissioner where a transaction or arrangement is motivated by obtaining a tax benefit or advantage with no commercial reality or economic effect. Examples of obtaining benefit are: altering the incidence of a tax, relieving a person from a tax liability, avoiding or postponing a tax liability. The phrase “no commercial reality or economic effect” is a question of fact which the taxpayer being assessed has the burden to dispute. Another difficult hurdle with the BIR. The old school of thought that tax avoidance is legal and allowed, in contrast to tax evasion which is illegal, will eventually be discarded by Section 50 once amended. Any transaction where the motive is to obtain a tax benefit, regardless if through tax avoidance or tax evasion, can be voided by the Commissioner under the proposed amendment of Section 50. The only difference, perhaps, is the criminal liability that is attached to tax evasion, but not on avoidance. The dividing line between evasion and avoidance has become thinner with Citira’s proposed amendment to Section 50. Thus, a more careful and prudent tax planning is necessary. The intent of the government to plug loopholes that lead to erosion of revenues through transfer pricing schemes is very clear. Aside from amendments introduced in Citira, the BIR also issued Revenue Audit Memorandum Order (Ramo) 1-19 on August 20, 2019. This BIR issuance was meant to complement Citira through stricter enforcement of transfer pricing audits and requirement for transfer pricing documentation. I heard that the BIR is continuously undertaking training of its examiners on transfer pricing audits. But I have yet to hear if the necessary databases for the benchmarking have already been secured. Upon Citira becoming a law, we expect a vigorous enforcement of Section 50. Ramo 1-19 basically follows the internationally accepted OECD transfer pricing rules and principles. My take is that, as long as the BIR sticks with these principles, there is no cause to worry. On the part of businesses with related-party transactions, preparedness is the key.

The author is the Founding Partner, Chair and CEO of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at dick.du-baladad@bdblaw.com.ph or call 8403-2001 local 300.

‘Looking in, reaching out’ Joel L. Tan-Torres

DEBIT CREDIT Conclusion e. Champion emerging issues (resource speakers in conventions or organize events). f. Promote membership in business, professional and academic associations. g. Formulate an effective financial and nonfinancial incentive system. h. Formulate an effective performance evaluation system. 5. Plans and programs for students a. Construct a world-class student community center. b. Foster win-win internship programs. c. Maintain No. 1 BOA outstanding CPA

examination performance. d. Require capstone project for graduating students. e. Institute a proactive job placement, postgraduate mentoring and career tracking program. f. Promote student organization engagements in and out of VSB community. g. Present VSB medals for students who excel in academics and extracurricular activities. 6. Plans and programs for alumni a. Conduct deep search for nominees for outstanding alumni award. b. Confer honorary doctorate degrees to outstanding alumni or patrons of the VSB.

During the said event, NUPL also said the group will be building up the cases they plan to file against the President and the state security forces in 2022 to bring justice to the alleged victims of EJK under the present regime. They stressed that no man is above the law and that those who committed crimes against the people should be held accountable. Earlier, the NUPL filed a plea with the Court of Appeals for a temporary protection order from alleged harassment from state agents. Joined by lawyers from overseas, the NUPL released a statement: “We, lawyers and members of the legal profession, express grave concern

over the heightening attacks against our colleagues in the Philippines. In particular, we are disturbed by the labeling, accusations and threats against the NUPL and its members. The red tagging of NUPL is contrary to basic rules of evidence, due process and fair play.” The CA, however, denied to grant the relief by ruling that there was no basis to extend the plea. While the President is still in office, any aggrieved party or the proper authority is not without recourse against a President who abuses his power or misuses his authority while in office. One does not have to wait until the President leaves office when

History is repeating itself

he is no longer clothed with immunity from suit. The American Founding Fathers, by discarding a parliamentary system of government in favor of a presidential form, devised a clever way to remove a President from office by way of impeachment. Under the US Constitution, a President may be impeached for “treason, bribery or other high crimes and misdemeanors.” Likewise, by junking the parliamentary system, the framers of the 1935, 1973 and 1987 Philippine Constitution have adopted the impeachment process to unseat a President, practically under the same grounds but deleted “misdemeanors” and added “culpable violation of the Constitution and graft and corruption.” Moreover, “betrayal of public trust” was included in the 1987 version. The obvious purpose is to remove a President who is unfit for the office. It’s not meant to be a criminal action but the President who is convicted and removed from office shall be liable and subject to prosecution, trial and punishment under the law. Judgment in impeachment shall not extend beyond removal from office and disqualification to hold any government position. Several impeachment cases involving a US President had been filed. Two US Presidents had been impeached by the US HoR—Andrew Johnson and Bill Clinton—but both were acquitted by the Senate. Johnson, the 17th US President, was impeached

for “high crimes and misdemeanors” for removing the Secretary of War, Edwin Stanton, from his office when his tenure was protected by law. Nixon resigned from office before he was impeached. The case against President Richard Nixon started as a Watergate office burglary while that of President Bill Clinton began with an affair with a White House intern. President Donald Trump’s impeachment inquiry at present originated from a phone call to a President of a third world country. Impeachment is a numbers game. Under the Philippine Constitution, the HoR shall have the exclusive power to initiate an impeachment case by way of a verified complaint to be filed by any member of the HoR or by any citizen. A vote of one-third of all the members of the HoR is required to approve the Articles of Impeachment, to be followed by a trial at the Senate, which shall act as the impeachment court presided by the Chief Justice of the Supreme Court. To convict, 2/3 votes of the Senate are needed. I doubt if the HoR can even muster 1/3 votes to approve an article of impeachment. You can count the genuine opposition members in the House with the fingers and toes of your hands and feet. In such a scenario, just like the song, impeachment ends before it begins. Hence, the NUPL may be prudent to wait until the end of PRRD’s term in 2022.

more. This explains why a good number of military personnel and policemen in the past and even at present get easily involved in criminal activities. Some officers and enlisted personnel, notorious for their abuse of power, are viewed by most citizens as predators rather than protectors, and support for insurgents and criminal elements is often a by-product of alienation from the government because of its failure to professionalize the men in uniform. Before the advent of the multilayered command structures in the late 1960s, the military and police were evenly dispersed beginning with the headquarters for the police in Camp Crame and the military in Camp Aguinaldo. From these headquarters were the three police and military area commands for Mindanao, Visayas and Luzon whose command structures were properly delineated to avoid confusion and buck-passing. Then came the unexpected: the extension of the services of retired police and military generals and their employment in choice civilian positions in government, one identified with the faction of Police General Fidel V. Ramos, who’s a cousin of President Marcos, and Gen. Fabian Ver, who was Marcos’s chief security and later the AFP Chief of Staff, that stunted the promotion of young officers and thus factionalized the police and military organizations. The rest is history, and today that history is repeating itself.

these activities are so many to be accomplished during my three-year assignment as dean of the VSB. I fully agree with them. Thus, in pursuing these plans, I am guided by the quote of Russian poet Alexander Pushkin: “It is better to have dreamed a thousand dreams that never were, than never to have dreamed at all.” However, for my deanship, I am committed not having these plans as dreams, but making them realities.

To do this, our lawmakers should start from the mother of all causes: The existence (or nonexistence) of a clearly defined Table of Organizations of the police and military organizations. Unknown to the public, both setups are still trapped under their respective multilayered command and control system under the general headquarters of the police and military organizations that are complex, confusing and expensive to maintain. The system, like the United Area Commands in the military and the Regional Commands in the police, are identical multilayered structures with overlapping functions and responsibilities and are operating under a centralized but unreliable command and control network at general headquarters. Under a presidential type of governance where strict auditing and accounting of public funds are required with transparency, the cumbersome multilayered command structure is anathema to an orderly and coherent structure

because of the inherent temptation of men in uniform to commit plunder and corruption. A case in point is the National Capital Region (NCR). Here local executives are helpless because, while they bear the legal and moral responsibility to maintain peace and order in their areas of responsibility, they do not have the command and control authority over police and military forces. Many people may not be aware that NCR is like a garrison state, surrounded by military and police headquarters of varying sizes, with over 40,000 people assigned to them. One can just imagine the needed armaments, transportation and communication equipment, and most of all, the budgetary requirements for maintaining offices and personnel. If one draws up a schematic circle, using Camp Aguinaldo and Camp Crame along Edsa as the nerve center, he will find 27 small, medium and large police and military headquarters operating in a constricted 30-kilometer radius with

overlapping functions and responsibilities. These are the headquarters of the Armed Forces of the Philippines (AFP), the Unified Area Command, the Logistics Command, the National Regional Command, and the Intelligence Services of the AFP in Camp Aguinaldo, Quezon City; the Philippine National Police (PNP), the Criminal Investigation and Detection Group, the Philippine Center on Transnational Crime, the Traffic Management Group, the Firearms and Explosives Unit, and the Crime Laboratory in Camp Crame, Quezon City; The Army, the Special Forces, the Marines, the Army Logistics Command, the Light Armored Brigade, and the Reservist Command in Fort Bonifacio; the Air Force and seven wing commands, in Villamor Air Base; the Navy and three commands, on Roxas Boulevard, Manila; The PNP Western Police District on UN Avenue, Manila; the Northern Police District in Caloocan City; the Central Police District in Quezon City; the Southern Police District in Fort Bonifacio; the National Capitol Command in Bicutan, Taguig; the PNP Special Action Force in Bicutan; the Presidential Security Command in Malacañang, Manila; and the National Intelligence Coordinating Agency in Quezon City. Compounding the problem is the preponderance of headquarters elements: police regional and provincial commands, military area commands, divisions, brigades and various task forces. Armed and in civilian clothes, these men often mix with the population such that, hardly any one sees the difference between a lawman and a lawbreaker any-

c. Promote the formation of alumni chapters in the provinces and abroad. d. Utilize effectively the alumni data and information. e. Organize frequent engagements and events. 7. Plans and programs for thought leadership a. Participate in the UP innovation programs, including the establishment of a technology innovation campus. b. Establish VSB as the go to think tank for business policy and advocacy matters. c. Pursue innovative research in the VSB community. d. Publish books and other periodicals. e. Communicate achievements in the mass media and social media. 8. Plans and programs for outreach engagements a. Engage with CHED and DepEd on business related concerns. b. Promote closer collaboration with other colleges and other units, including School of Economics, College of Law, School of Statistics and ISSI. c. Provide technical and expert advice to

Legislative staff. d. Provide mentoring and business advice to MSMEs and start-ups. e. Involve the VSB community in environmental sustainability initiatives, including adopting water recycling and solar facilities for the college. f. Establish sister school arrangement with provincial accounting schools. 9. Plans and program on global initiatives a. Pursue the internationalization of the graduate programs. b. Arrange visits of institutions to observe best practices. c. Establish a sister school collaboration with foreign business school/s. d. Collaborate to form a special learning program or center of excellence. e. Collaborate with global business and accounting institutions. f. Initiate an Asean business case writing collaboration. 10. Finance a. Tap the traditional (Government Budget, alumni donation, corporate sponsors and grants).

b. Tap the nontraditional (Government grants or projects, developmental institutions grant and projects, learning or thought leadership fund-raising events, legacy endowments, co-branding arrangements, selling of VSB collaterals). c. Promote the tax benefit advantage provided in RA 9500 to donors and contributors. d. Constitute a Council of Financial Advisors. 11. Other issues a. Move forward the two-campus set up. b. Support the business departments of other UP schools. c. Pursue communication initiatives (web site, social network, flyers and brochures). d. Organize a savings and loan association or cooperative for the benefit of VSB stakeholders. e. Have the VRB accredited as a PRC Continuing Professional Development provider. f. Promote membership in the UP Business Research Foundation. g. Organize team-building exercises. h. Hold regular fellowship activities. Friends have noted and advised me that

Cecilio T. Arillo

DATABASE

T would be wise for Congress to thoroughly examine the causes why plunder and corruption involving men in uniform are often occurring and has caused restiveness not only among millennials and young men in uniform but also the elderly.

To reach the writer, e-mail cecilio.arillo@ gmail.com.

Joel L. Tan-Torres is a certified public accountant who placed No. 1 in the May 1979 CPA Board Examinations. He is the dean of the University of the Philippines Virata School of Business . He was the former commissioner of the Bureau of Internal Revenue from 2009 to 2010, the chairman of the Professional Regulatory Board of Accountancy from 2014 to August 2018 and a partner of Reyes Tacandong & Co., CPA, from 2011 to 2019. This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa. secretariat.@gmail.com

A8 Tuesday, October 29, 2019

DOLE-led panel on service-fee IRR split on text

By Samuel P. Medenilla

@sam_medenilla

HE Department of Labor and Employment (DOLE) on Monday said it may soon come out with the implementing rules and regulations (IRR) of Republic Act (RA) 11360 or the Service Charge Act. In an interview, Labor Assistant Secretary Benjo M. Benavidez told BusinessMirror the IRR was already presented to

the Tripartite Industrial Peace Council (TIPC) and is now ready to be signed by Labor Secretary Silvestre H. Bello III.

“It was already discussed at the TIPC, but there was no consensus as to its language,” Benavidez said.

Differing opinion

HE noted that among the contentious issues in the IRR is the question of whether or not the RA will apply to non-regular workers. “There are some [labor federations] who do not want to include contractual workers for the service charge [law],” Benavidez said. He also said there were separate reactions on the question of whether the law is to be implemented equally or equitably. “The law states it should be

Charter change still a long shot? By Butch Fernandez

@butchfBM

ENATORS set to reconvene plenary sessions next week (November 4) have yet to firm up a consensus on an initiative by the House of Representatives to tinker with the Constitution in a bid to liberalize its restrictive economic provisions long seen to turn off foreign investors. Early indicators point to a potential deadlock on how 300 congressmen and 24 senators would vote to adopt or reject proposed Charter changes if done by Congress as a Constituent Assembly (ConAss).

While House leaders signaled they were poised to open deliberations by December to liberalize economic provisions in the 1987 Charter, there was no firm assurance the Senate will go along with that time frame. Asked about the prevailing consensus among senators on amending the Charter, Senate President Vicente Sotto III said they have yet to tackle the issue. “We haven’t discussed anything related [to Charter change],” Sotto told the BusinessMirror on Monday. Sen. Panfilo Lacson, likewise, voiced misgivings even as members

“The law states it should be equally, but that will mean, that if an employee would work for one day, he will get the same [service charge share] as the one who worked for a month.”—Benavidez

of the House of Representatives were reported set to open plenary consideration of Charter changes by December to liberalize economic provisions. “It is not a matter of [Senate] going along with the schedule of the House or not,” Lacson said. In a text message to BusinessMirror, Lacson made it clear “nothing short of resolving the manner of voting first will change the consensus of the members of the Senate.” “As in any bicameral body, the Lower House cannot proceed without our concurrence,” Lacson added.

Keep your ears grounded on Philippine business and economy with the BM Broader Look podcast —the broader look, on air. businessmirror.podbean.com

equally, but that will mean, that if an employee would work for one day, he will get the same [service charge share] as the one who worked for a month,” Benavidez said. RA 11360 states that service charges from hotels and restaurants should be “completely and equally”

distributed among covered workers except “managerial employees.”

Equal compensation

WITH the passage of the law last August, some hotels and restaurants said they are now mulling over completely removing service charges. See related story on page A1, “Hospitality players eye options sans service fees.” Benavidez explained that these companies are free to do so, but they will still be forced to give their qualified workers with compensation for the removed service charge based on the principle of “non-diminution of benefits” of

the Labor Code. “If the employer or establishment will discontinue the collection of service charge, they will be obliged to continue to give the workers covered amount equivalent to the service charge,” Benavidez said. He stressed that this is on the condition that if the service fee is already part of firm’s “company policy” for providing compensation for its workers. “There is no exact quantification [as to] how long can we consider the company policy to have ripened into a [labor] right. That is relative and will be on a case-to-case basis,” Benavidez said.

‘No work, no ASIA’S ‘FARMING CRISIS’ pay’ for Nov. 1, COMPLICATED–EXPERTS Nov. 2–DOLE By Cai U. Ordinario

NLY workers who opt to work during the long weekend in this year’s observance of Undas will get additional pay, according to the Department of Labor and Employment (DOLE) said. In an advisory, Labor Secretary Silvestre H. Bello III said a “no work, no pay” rule will take effect on November 1 (All Saints’ Day) and 2 (All Souls’ Day). “If the employee did not work, the no work, no pay principle shall apply unless there is a favorable company policy, practice, or collective bargaining agreement [CBA] granting payment on a special day,” Bello said. During the holiday, employees, who on duty will be paid an additional 30 percent of their basic pay for the first eight hours of work. If they will render overtime, they will get an additional 30 percent of their hourly rate on the same day. They will also be entitled to 50 percent of their basic wage if the special day falls on their rest day. In Proclamation 555, President Duterte declared November 1 and 2 as special nonworking holidays to allow Filipinos to commemorate the Christian festival of All Saints’ Day and All Souls’ Day, respectively. Filipinos, who are mostly Christian, usually spend both holidays by visiting the graves of their departed loved ones.

Samuel P. Medenilla

@caiordinario

SIAN countries face a farming crisis and no amountofincomesupport will be enough to address the problems and risks faced by farmers, according to agriculture experts. In the Rural Development and Food Security Forum on Monday, Mekhala Krishnamurthy of the India-based Ashoka University said farmers face interlinked risks that have scale, frequency, complexity and are context-specific. Krishnamurthy said this is mainly due to land ownership and access insecurity; their being tenants and sharecroppers which prevents them from accessing inputs and credit; land fragmentation due to intergeneration transfers and urbanization, among others. “What makes agriculture so complicated is the ways in which these risks are interlinked and interconnected with the whole range of other risks,” Krishnamurthy said.

Dar’s take

AGRICULTURE Secretary William Dar said the Philippines is not spared from the so-called farming crisis, mainly due to the fragmentation of farm lands. Dar said the nearly 40-year old agrarian reform program has divided farmlands in the Philippines “into miniscule sizes” of less than 1.7 hectares. O t her re a son s for t he

decline in farmlands, Dar said, are population growth and the rapid rate of urbanization. The country’s population rate at 1.8 percent annually is one of the highest in the region, Dar noted. Meanwhile, the farm “fragmentation results in the dominance of smallholder farmers who are fast aging because of the uninviting appeal of farming on the youth. It also limits the application of modern farm technologies and tools leading to low farm productivity,” Dar said. “This comes at a time when population, notably in urban areas, is growing and the demand for healthy and safe food is on the rise. The Philippines is not spared from this so-called farming crisis,” he added. This has become evident, Dar said, in the implementation of the rice trade liberalization (RTL) law. Under the law, anyone can import rice and this has depressed rice prices, making local rice farmers uncompetitive. This is a farming crisis, Dar said, which actually constitutes “birth pains” of the implementation of the RTL. Removing the quantitative restriction on rice, Dar said however, is part of the country’s commitments when it acceded to the World Trade Organization (WTO) in 1994. This new law has also shed light on the rice bias of the government and, Dar said, how a rice-centric view on agriculture has become disadvantageous to other crops. See “Farming crisis,” A2

PHL companies must stop using pirated software–BSA Roderick l. Abad

BusinessMirror

@rodrik_28

HE Business Software Alliance (BSA) said it is working closely with the Optical Media Board to mitigate the use of illegal software in Philippine companies by the end of the year. With BSA’s “Clean Up to the Countdown” campaign, CEOs in the country are encouraged to legalize their corporate software assets. The initiative targets 10,000 companies in the architecture, banking and finance, construction, design, engineering, health care, information technology and manufacturing that are perceived to be at risk of using unlicensed software. Out of the 6,220 companies that BSA engaged in its initial “Legalize and Protect” campaign conducted from March to September of this year, 1,375 of them cited instances of legalizations, 22 percent use legal software, and 78 percent may not be aware of the type of software running on their company’s computers and whether they are legal or not.

“So we still believe that there [remains] a big gap between adoption and recognizing the risks,” Tarun Sawney, BSA senior director for Asia-Pacific, told reporters in a media briefing held at the Winford Manila Resort and Casino on Monday. “We’re hoping that we do a lot better than 22 percent. If we convert 50 percent that would be great,” Sawney added. Companies that are using illegal software, based on another study, are highly susceptible to cyber threats like that of a malware that attacks eight times every second. Because a country’s unlicensed software use is an indicator of how exposed it is to such attacks, this remains a concern in the Philippines for having at least 64 percent utilization rate of unlicensed software in the corporate sector, per the BSA’s survey in 2017. “So there’s two [to] three chances that they have been impacted by cybercrimes,” said Sawney. With this in mind, OMB Chairman Anselmo Adriano urged homegrown firms to remain vigilant and

to use only licensed software. The agency, in cooperation with BSA, has so far inspected and filed cases against 40 Internet cafés and two major construction companies for violating Republic Act 9239, or the Optical Media Act of 2003, with their use of illicit software. “That number, we expect also to increase because last week we also saturated a large chain of an Internet café nationwide that we also found to be violating or using unlicensed software,” he said. Software regulation is only a third of what OMB is actually looking out for, apart from movies and music. “But it does not necessarily mean that we’re stopping at what we are into right now. We’re continuing with our operation. We are doing what we can under the circumstances,” said Adriano. “That’s the reason why we rely so much on information from the public, from complaints that we get either through our landline, email, social-media account, and of course, from BSA,” he added.

News

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Editor: Vittorio V. Vitug • Tuesday, October 29, 2019 A9

Death of al-Baghdadi just a momentary setback for IS terror group–DND chief By Rene Acosta @reneacostaBM

HE death of Islamic State (IS) leader Abu Bakr al-Baghdadi in a daring raid carried out by a Delta unit of the US Special Forces was just a temporary setback for the Arab-based terrorist group, Defense Secretary Delfin Lorenzana said on Monday. The IS, originally known as the Islamic State of Iraq and Syria (Isis), laid siege and occupied Marawi City in Lanao del Sur for five months in 2017, wherein Isnilon Hapilon, its head in the country and in the whole of Southeast Asia, was killed.

“I think this is a blow to the organization considering al-Baghdadi’s stature as a leader. But this is just a momentary setback considering the depth and reach of the organization worldwide,” Lorenzana said. “Somebody will take his place to lead the Isis. Maybe not as famous and [as] well known,” he added. Al-Baghdadi killed himself after detonating a vest of explosive during the night time raid in the village of Barisha in Idlib in the northwestern part of Syria that was carried out by American Special Forces. The area is controlled by Syrian rebel forces affiliated with the al-Qaeda. Al-Baghdadi’s three children were

also killed during the operation, as announced by US President Donald J. Trump. The IS leader’s two wives survived after their vests of explosives, which they detonated, did not explode. The IS brought the biggest operations for the military when it occupied Marawi City, in May 2017, primarily through its local fighters made up of the Abu Sayyaf Group (ASG), Maute Group and factions of the Bangsamoro Islamic Freedom Fighters. During the five-month operation to clear the city, the military killed Hapilon, along with the leaders of the Maute Group. T he militar y is still hunting down the remnants of the group

operating in Lanao del Sur amid the assumption last year of Abu Say yaf Group commander Hatib Hadjan Sawadjaan as the new leader of the local IS. Sawadjaan heads a fraction of the ASG in Sulu and his group had been tagged in the suicide bombing of the Jolo Cathedral in Sulu, in January this year, that killed 21 people and wounded at least 95 others. Sawadjaan’s group was also involved in the attack of the 1st Brigade Combat Team of the Philippine Army in the village of Kajatian in Indanan, Sulu, in June this year, wherein the suicide bomber, Norman Lasuca, was Sawadjaan’s follower.

Slain Misamis Occidental mayor’s Battle of Surigao Strait: Veterans body arrives in Clarin hometown recall horrors of World War II

LARIN, MISAMIS OCCIDENTAL—Theremains of Clarin town Mayor David Navarro is now laid at his residence in Barangay Lapasan here, while the vice mayor has immediately succeeded as the town’s top local executive. Navarro’s white coffin, draped with the national flag, arrived at the Ozamiz City port past 6:30 a.m. last Sunday, two days after the mayor was slain in Cebu City, while being transported to the city prosecutor’s office for the inquest proceedings of the charges he is facing for mauling a masseur. In a hall decorated with white fresh flowers, floors covered with a green mat, the remains were placed beside Navarro’s blown-up photograph. The family asked for an exclusive time until 12 noon after which visitors started to arrive. Bonifacio Town Mayor Samson Dumanjog, who is also the president of the League of Municipalities in the Philippines-Misamis Occidental chapter, was the first to visit the wake. In an interview with the media, Dumanjog said the death of his fellow mayor is still very hard to accept. He expressed hope that justice for the slain mayor will be served, as he called on concerned agencies to help in the investigation. “At least mahatagan pud nato ang pamilya kay mao man pud ni ilang gikinahanglan. Ug kanang due process of law [At least the family can be given justice because that is what the family needs now, and due process of the law],” Dumanjog said in the interview. The Navarro family has scheduled the burial on November 3, just beside their house.

Succession

MEANWHILE, the municipal vice mayor of Clarin has taken her oath 4 p.m., Friday, two hours after Navarro died. Emeterio Roa Jr., head of the Municipal

Summit talks. . . COC to trump arbitral ruling?

MEANWHILE, former Foreign Affairs Secretary Albert del Rosario said on Monday that the Philippines should exercise “utmost vigilance” in ensuring that the COC is not utilized by Beijing to undermine the country’s legal victory in the Permanent Court of Arbitration. Del Rosario made the statement as he questioned China’s apparent change on its stand on forging the COC. “It would appear throughout that China was adopting a delaying strategy in moving the COC forward in order to give itself time to complete its unlawful expansion and militarization strategy in the South China Sea. “Now that China has practically completed its overall strategy, Beijing appears to want to forge ahead with the COC. What could it mean?” he asked aloud in his opening remarks at a forum sponsored by the Stratbase ADR Institute. “To us, it means that we will need to exercise utmost vigilance in ensuring that the COC is not utilized by Beijing for the purpose of undermining the Award in The South China Sea Arbitration, which is now an integral part of international law and with which China is obligated to comply as a State Party to the United Nations Convention on the Law of the Sea [Unclos],” he added. Nonetheless, he said China would continue to be aggressive without the binding COC, adding that the Hague Ruling on the Philippines’s case in the South China Sea should be an integral part of the COC. “Absent a binding code of conduct, continued Chinese aggression and military activities will persistently push the existing entitlements under international law of Brunei, Malaysia, Indonesia, the Philippines, Taiwan and Vietnam into more turbulent waters,” he said.

Disaster Risk Reduction and Management Office, said Vice Mayor Glorife Roa, her mother, took her oath before a judge from Ozamiz City. On Monday, the municipal’s first councilor, Mel Davidson Navarro, will take his oath as the vice mayor. Mel is David’s second child whose elder brother died in a suicide last year. Mel took the position vacated by his brother. In 2019 elections, Mel ran and won. The younger Roa, who spoke to the media on behalf of the new mayor, said there are three priorities that the new administration will undertake on Monday. Glorife will issue an executive order designating Emeterio as the new municipal administrator and an order that only wages and salaries shall be disbursed while the local government unit is still undergoing a transition period. “Then our new mayor will meet the heads of office to start our work. While we mourn the passing of Mayor Navarro, we have to continue the operation in the municipal hall,” Emeterio said. Some two weeks ago, the slain mayor claimed he met with President Duterte in Manila, supposedly to convince the latter that he was not involved in the illegal-drug trade. In a video interview with a local media outfit, Navarro—who was named on the President’s “narco list”—said he was elated at having been given the chance to speak with the President. The interview resurfaced on social media last Saturday, a day after Navarro was killed in an ambush in Cebu City. “Kalooy sa Ginoo...Kay ang atoa lang man nga maka-atubang ta niya, kay duna gud tay kamatuoran nga dala. Siguro nakita sa Presidente ang atong pagka-matinud-anon [By God’s mercy, we only wanted to meet the President because the truth is on our side. Perhaps the President saw that we were truthful],” Navarro said in the interview. PNA

continued from a1

Consult Vietnam

FURTHER, del Rosario said it would be a “constructive move” to consult Vietnam so as to give the country an opportunity to share and appreciate each other’s views which could lead to an agreed plan of action that would be beneficial to everyone. “If our memory serves us correctly, Vietnam had specific positions on banning any new air defense identification zone [Adiz], on clarifying maritime entitlements in accordance with international law, on the blocking of China’s proposal to ban military drills in the South China Sea with outside powers unless all signatories agree, and on the blocking of Beijing’s proposal to exclude foreign oil firms by limiting joint development deals to China and Southeast Asia,” he said. “The aforementioned are all areas of major importance which should be fully supported not only by the Philippines but by Asean as a whole.”

Asean Summit

ALONG with other world leaders, the President is set to participate in the 35th Asean Summit and Related Summits from November 2 to 4 in Nonthaburi, Thailand. He is also set to have bilateral meetings with leaders from other countries, but these were not disclosed yet by the Department of Foreign Affairs as these are still being finalized. The Regional Comprehensive Economic Partnership (RCEP) Summit will be held on November 4. Negotiators of the RCEP are ready to declare the conclusion of talks during the Summit—with 80 percent of the trade deal closed. RCEP is seen to become of the world’s largest trade deals, as it is negotiated by member-states of the Asean, Australia, China, India, Japan, New Zealand and South Korea.

By Alexander Lopez Philippine News Agency

URIGAO CITY— Retired Roya l Admira l Guy R ichmond Griffiths and David Henry Mattiskie, both part of the Australian Navy when the World War II broke out, arrived in town and joined the three-day commemoration of the 75th anniversary of the historic Battle of Surigao Strait from October 23 to 25, in this city. The Australians were a l l ied w it h t he United States and the Philippines that fought the Imperial Japanese forces. Griffiths, now 97 years old and Mattiskie, 96, flew back to the Philippines to join the event. “War is a dreadful part of civilization,” Griffiths RETIRED Royal Admiral Guy Richmond Griffiths told PNA in an interview (left), 97, and David Henry Mattiskie, 96, (center) as he expressed gratitude join the three-day commemoration of the 75th to those who sacrificed their anniversary of the historic Battle of Surigao Strait— lives for the peace that na- from October 23 to 25, 2019, in Surigao City. A floral tions and their citizens are offering at sea was placed near the area where the enjoying nowadays. battle took place. PHOTO COURTESY OF DOT-13 INFORMATION OFFICE “You come from peace and suddenly, somebody wants to create war,” Griffiths recalled the time when Japan declared war against the US and, bombed Pearl Harbor and parts of the Philippines, particularly Davao. He said war remains a horrible experience for humans as millions die and countries enormously devastated. Griffiths said that at his age, he could not still understand what anyone would get from the death of millions of people “and the colossal devastations of countries and communities.” “My question is: what’s been achieved from these aggressions? Countries have to rebuild. Fathers, sons, daughters and families were killed. It’s dreadful,” Griffiths asked. He said the key to maintaining peace in the world today is mutual understanding and good relationships among nations. “We need to talk to each other and maintain good relationships and understanding between people, rather than aggressive,” Griffiths said.

Early morning battle

GRIFFITHS can still recall where he was positioned during the historic Battle of Surigao Strait that started the early morning of October 25, 1944. He was on board the HMAS Shropshire, an Australian gun cruiser serving as an assistant control officer. “On the morning of the 25th of October, we started firing just before 4 o’clock, or at 3:56 in the morning,” Griffiths told PNA in an interview. “When we were firing, I was the assistant control officer. The firing was from down below but I could see all the firing that was going on,” he added. Since it was still dark, Griffiths said all he could see from the distance are fires in Japanese ships that were badly hit by torpedoes. “One exploded. I could only see the explosions, the fire,” he said. Mattiskie said he was at the bridge when the firing started. “We were firing at 4 in the morning. I was on board the HMAS Shropshire. I was at the bridge at that time listening to what was happening. I knew that the Americans were also firing their torpedoes towards the enemy ships,” he said. Griffiths said the firing stopped at past 4 a.m. “and that was the end of the battle.” Six Japanese warships, under the command of Vice Admiral Shoji Nishimura, were destroyed during the Battle of Surigao Strait: Fuso, Yamagumo, Asagumo, Yamashiro, Michishio and Mogami. Nishimura was among the more than 4,000 Japanese sailors who perished during the battle. The historical account said 39 American sailors were also killed during the Battle of Surigao Strait.

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Tuesday, October 29, 2019

Meralco seen to end year with ₧23B in net income

By Lenie Lectura

@llectura

HE Manila Electric Co. (Meralco) is expected to end the year with over P23 billion in net income after it reported on Monday a consolidated net income of P6.31 billion in the third quarter, bringing its ninemonth profit to P18.5 billion at end-September this year. For the past nine months, Meralco Chairman Manuel V. Pangilinan said the country’s largest power distribution utility had performed responsively in respect of its franchise mandate to provide power at least cost, while maintaining highly reliable and resilient facilities. “As indicated, it is quite likely the fullyear profitability on core business will be north of P23 billion…. It is likely we will achieve the P23 billion plus profit for full year 2019. It will probably be above P23 billion,” Pangilinan said at a press conference on Meralco’s financial and operating results for the nine months ended September this year. In 2018, the country’s largest power distribution firm posted P22.4 billion in core

profit and P23.1 billion in consolidated net income. The numbers are higher compared to 2017. From July to September this year, Meralco posted core profit of P6.136 billion and P76.173 billion in revenues. Its nine-month core profit hit P18.5 billion, 11 percent higher than last year’s P16.7 billion. Revenues also went up by 6 percent to P241.126 billion at end-September this year, from P227.411 billion in the same period last year. During the nine months, sales volume grew by 6.3 percent to 35,005 gigawatt hours (GWh) while customer count increased by 4.2 percent to 6.82 million. Residential energy sales, which accounted for 31 percent of the total con-

solidated energy sales volume, grew strongest at 8 percent, followed by commercial energy sales volume growing at 6 percent, with a 39-percent share of the total sales volume. Meralco President Ray Espinosa said that gleaned in the last five comparative nine-month period is the shift between the second and third quarter in terms of highest sales volume, which reflects variability due to either temperature in the second quarter, frequency and extent of weather disturbances, or manufacturers beginning to ramp up production to stock up in the third quarter in preparation for the holiday sales. The company is anticipating sustained growth resulting from the country’s continued overall economic expansion, as well as growth that will follow the government’s ongoing infrastructure development program. “There is no doubt that there will be significant domestic economic expansion with the expected improvement in government public investments in the coming months, in addition to the inflow from remittance of our overseas Filipino workers,” said Pangilinan, while adding that manageable inflation and increased liquidity in the financial system provides opportunities for growth across all customer segments. Capital expenditure (capex) at end-September amounted to P15.7 billion.

Despite lack of IPOs, PSE’s 9-month income rises 31% By VG Cabuag

@villygc

HE Philippine Stock Exchange (PSE) Inc. said its income grew 31 percent during the nine months of the year ending September despite the lack of initial public offering (IPO) during the most part of the year. The company that operates the country’s equities market said its income for the nine months reached P485.06 million, up 31 percent, from last year’s P370.75 million. Operating revenues were down 8 percent

to P909.07 million, from last year’s P995.06 million due to lower trading-related and listing-related fees. Other income grew more than three times to P201.92 million, while its total expenses were slightly lower by 7 percent. Total expenses, which includes administrative expenditures and cost of services, was down 7 percent to P531.28 million. Its cost of services was up 9 percent due to the increases in depreciation of its assets, and other higher repair and maintenance cost. Its administrative expenses, mean-

while, was down 16 percent due to lower occupancy cost since its 2018 figure included rental for the Tektite Office, which stopped operating in April 2018. There were no IPOs for the most part of 2019, since Kepwealth Property Philippines Inc. only made its maiden offering in August. There were two listings in October, Axelum Resources Corp. and AllHome Corp. The PSE is expecting two more IPOs before the end of the year—Taiwanese firm CalComp Technology (Philippines) Inc. and Fruitas Holdings Inc.

PNB is Red Cross’s new humanitarian partner

LEADING the MOA signing between the PRC and PNB are: (At the back from left) PRC Governors Corazon Alma de Leon and Jorge Lim, PNB Directors Edgar Cua, Florido Casuela, Leonilo Coronel, Simeon Yap and Federico Pascual. Front: (from left) PRC Secretary-General Elizabeth Zavalla, PRC Governor Saeed Daof, PRC Chairman and CEO Richard Gordon, PNB President Jose Arnulfo “Wick” Veloso, PNB Chairman Florencia Tarriela, PNB Vice Chairman Felix Enrico Alfiler and PNB Vice President Roderick Soriano

HE Philippine Red Cross (PRC) has formally received the P5million donation from the Philippine National Bank (PNB) for the purchase of two ambulance units. The corresponding memorandum of agreement (MOA) was signed by both parties on October 24, 2019, at The Peninsula Manila in Makati. PNB also pledged P2.9 million for Basic First Aid and Life Support, and Disaster Preparedness Training for PNB employees. The MOA signing was led by PRC Chairman and CEO Richard Gordon, and PNB President Jose Arnulfo “Wick” Ve-

loso at the 16th Southeast Asia Red Cross and Red Crescent Leadership Meeting. “The Red Cross of the Philippines thrives because of people like PNB President Wick and the PNB. Without them, we have no definite resources,” said Gordon. The PNB is the latest addition to a roster of socially responsible companies who see the value of the premier humanitarian organization in the country. The new partnership was made possible by the efforts of PRC Governor Saeed Daof and support of Gordon. Initially, 3,000 PNB employees in the head office will participate in the Basic

First Aid and Disaster Preparedness Training Program. From January to October of this year alone, the PRC served to 54,146 patients through its ambulance services. Present at the ceremony were Gordon, Governor and Cochairman of the Disaster Management and Safety Services Saeed A. Daof, PRC Secretary-General Elizabeth Zavalla, PRC Governors Corazon Alma de Leon and Jorge Lim, Veloso, PNB VP Roderick Soriano, PNB Chairman Florencia Tarriela, PNB Vice Chairman Felix Enrico Alfiler, and PNB Directors Edgar Cua, Florido Casuela, Leonilo Coronel, Simeon Yap, and Federico Pascual.

NOW Corp teams up with Seoul’s SK Telecom for rollout of 5G tech By Lorenz S. Marasigan @lorenzmarasigan

OW Corp. and affiliate NOW Telecom Co. Inc. have struck a strategic partnership agreement with Seoul-based tech and telco giant SK Telecom Co. Ltd. for the rollout of 5G technologies in the Philippines. Under the agreement, the three companies agreed to pursue, collaborate and develop 5G through technical road map planning, network conceptualization and design, core network training, the establishment of 5G stand-alone (SA) network commercial infrastructure in different parts of the Philippines, and the deployment of in-building solutions and business-tobusiness services. “SK Telecom will work closely with NOW to achieve 5G network innovation to deliver greater value to NOW customers,” SK Telecom VP and Head of Infra Business Shim Sang-soo said. The South Korean telco titan was the first in the globe to deploy commercial 5G services, launching its 5G products in April 2019. “With SK Telecom’s global leadership in 5G, NOW can leapfrog competition and hit the mobile gigabit ground running with almost zero trial and error. Imagine the kind of compelling customer experience enjoyed by Koreans from 5G to arrive on our shores by a flick of a finger—that’s what this collaboration is all about,” NOW Telecom Chairman

Mel V. Velarde said. NOW Telecom has a 25-year congressional franchise that allows it to install, operate, and maintain cellular mobile telephony systems, such as that of Smart, Globe and Dito Telecommunity. “This strategic cooperation with SK Telecom is a historic milestone for NOW. SK Telecom brings its wealth of experience in 5G to provide unparalleled experience to Filipino data users. SK Telecom’s rich experience in deployment also means a robust, scalable and costeffective network for NOW. NOW is confident that the combination of cutting-edge and lowcost technology, and innovative products and services will make NOW a true game changer in the Philippine telco landscape,” NOW Corp. Chairman Thomas G. Aquino said. 5G is seen as the next mobile technology that will revolutionize not only how people communicate with each other, but also how devices talk to one another to create a smart environment. Early use cases seen are connected to the Internet of Things (IoT), which is a school of thought that calls for the connectedness of devices via one medium—the mobile phone. Currently, only Globe offers 5G services, albeit fixed-line, in the Philippines. Smart is currently evaluating its next steps for 5G, but sees it as a new revenue stream in the future.

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PSE STOCK QUOTATIONS

October 28, 2019

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

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

54 151 98.95 25.05 12.14 65.3 12.7 44 57.25 117.1 25.8 202.6 60 1.11 1.96 18.5 4.55 0.405 0.9 174.1 1835 1.09

55.65 152 99 25.1 12.2 65.35 12.8 44.5 57.95 125 25.9 203.6 60.1 1.16 2.07 18.6 4.76 0.43 0.93 175 1860 1.14

55 149.3 99 25 12.24 64.9 12.7 44.3 57.25 130 25.9 199 60 1.16 1.99 18.5 4.7 0.42 0.89 175 1835 1.14

55.75 152 99.3 25.05 12.4 65.8 12.7 44.6 58 130 25.9 203.6 60.05 1.16 2.1 18.6 4.8 0.44 0.93 175 1835 1.14

53 148.4 98.5 24.95 12.14 64 12.7 43.85 57.25 130 25.8 198.7 60 1.16 1.99 18.5 4.55 0.415 0.89 174.1 1835 1.14

53 152 99 25.05 12.2 65.35 12.7 44 58 130 25.9 203.6 60.05 1.16 2.08 18.6 4.55 0.43 0.93 174.1 1835 1.14

24920 3282840 2401680 198400 162700 3265740 1700 16700 1050 1980 10300 335200 14500 10000 32000 800 737000 190000 538000 1620 275 1000

1355333 495193561 237728993.5 4962330 1987960 213212968.5 21590 734810 60821 257400 266175 67918537 870336.5 11600 66000 14860 3393630 80050 491500 283479 504625 1140

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

2.82 1.3 38.7 0.241 25.3 79 355.8 19.96 5.03 4.13 10.8 33.6 7.32 12.6 3.72 91.25 17.2 15.24 5.55 8.52 6.99 92.25 0.67 47.5 222.8 45.1 8.8 13.2 0.183 1.7 11.2 1.83 5.38 0.128 150.3 1.29 2.42 65.3 72 2.44 15.14 10.28 14.44 17.68 9.31 1.06 1.12 112 2.06 1.59 5.1 5.4 31 2.32 7.94 1.46 0.99 8.02

2.83 1.31 39.05 0.243 25.35 79.95 357.8 20 5.04 4.2 10.98 33.65 7.39 12.88 3.73 102 17.86 15.26 5.6 8.53 7 92.3 0.68 48 223 53 9.18 13.3 0.186 1.73 11.22 1.85 5.39 0.13 150.5 1.3 2.5 69 76.5 2.45 15.4 10.34 14.6 17.72 9.37 1.07 1.14 119.9 2.12 1.72 5.24 5.41 32.1 2.34 7.96 1.49 1 8.04

2.86 1.34 38.25 0.24 25.35 79 363 20 5.07 4.12 10.82 33.7 7.3 13 4.01 89.1 17.5 15.3 5.55 8.65 7 92.8 0.69 47.3 227.2 49.95 9.04 13.2 0.183 1.74 11.5 1.87 5.24 0.128 150 1.29 2.41 69.35 71.5 2.47 15.14 10.3 14.58 17.8 9.35 1.12 1.12 112 2.12 1.59 5.13 5.4 30.4 2.3 7.97 1.5 0.99 8.3

2.88 1.34 39.05 0.243 25.35 80.95 363 20.2 5.07 4.13 10.98 33.7 7.39 13.2 4.04 102.6 17.88 15.3 5.6 8.65 7.01 93.4 0.69 48.55 229.8 55 9.41 13.3 0.183 1.74 11.5 1.9 5.39 0.131 152 1.29 2.5 69.35 76.7 2.47 15.5 10.4 14.6 17.8 9.36 1.12 1.15 112 2.13 1.59 5.13 5.4 32 2.35 7.97 1.54 1 8.3

2.82 1.3 38.25 0.24 25.05 78.9 355.8 19.96 5.04 4.12 10.8 33.6 7.3 12.32 3.7 89.1 17.5 15.2 5.55 8.52 6.99 92.1 0.67 47.3 223 49.5 8.7 13.16 0.183 1.67 11.22 1.81 5.24 0.128 148 1.27 2.41 65.3 70 2.41 15.12 10.3 14.16 17.68 9.35 1.05 1.12 112 2.06 1.59 5.11 5.35 30.4 2.25 7.93 1.46 0.99 8

2.82 1.3 39.05 0.243 25.3 79 355.8 19.96 5.04 4.13 10.98 33.65 7.39 12.88 3.72 102.6 17.88 15.26 5.6 8.52 7 92.3 0.67 47.5 223 54 9.18 13.3 0.183 1.73 11.22 1.83 5.39 0.131 150.5 1.29 2.5 69 71.5 2.45 15.14 10.3 14.6 17.72 9.36 1.06 1.12 112 2.13 1.59 5.11 5.4 32 2.34 7.94 1.49 1 8.04

8822000 12000 919500 950000 398400 3730 228730 43300 317700 4000 36300 145700 2900 767800 11750000 50 300 1293100 1800 1432900 702200 266060 600000 23900 501830 560 28800 22600 30000 2284000 58200 2291000 148800 90000 946770 5579000 6000 130 1960 2195000 79000 363300 1052900 767500 15000 232000 1645000 170 97000 4000 27500 116100 16300 9333000 131900 157000 48000 528700

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

0.85 13.1 859 54.7 11.6 3.56 6.51 0.71 1.11 1.13 6.8 8.15 13.12 3.76 0.213 870 5.62 74.15 5.05 0.485 4.29 13 0.57 4.9 0.038 1.42 2.81 1.27 400 1016 168.6 0.85 2.28 216.8 0.219 0.224

0.86 13.5 860 55 11.62 3.57 6.88 0.72 1.12 1.19 6.82 8.18 13.4 3.99 0.224 875 5.99 75 5.5 0.5 4.3 13.74 0.6 4.91 0.039 1.43 2.93 1.3 435 1024 169 0.87 2.34 219 0.226 0.235

0.86 13.4 852 54.7 11.7 3.7 6.55 0.76 1.12 1.14 6.65 8.23 13.3 3.75 0.224 880 5.62 73.2 5.53 0.51 4.29 13.46 0.58 4.91 0.038 1.41 2.81 1.3 400 1029 166.7 0.86 2.38 218.6 0.218 0.225

0.87 13.68 866.5 55 11.7 3.7 6.55 0.76 1.14 1.14 6.8 8.28 13.4 3.75 0.224 880 5.62 75 5.53 0.51 4.3 13.76 0.6 4.95 0.038 1.45 2.81 1.3 400 1029 169.1 0.87 2.38 218.6 0.218 0.235

0.85 12.78 852 54.4 11.44 3.53 6.51 0.7 1.12 1.13 6.65 8.01 13.12 3.75 0.224 865.5 5.62 72.55 5.53 0.485 4.28 13 0.57 4.84 0.038 1.41 2.81 1.3 400 1010 165.7 0.85 2.34 218.6 0.218 0.224

0.86 13.48 860 55 11.62 3.56 6.51 0.71 1.12 1.13 6.8 8.18 13.4 3.75 0.224 870 5.62 75 5.53 0.51 4.29 13 0.6 4.9 0.038 1.43 2.81 1.3 400 1024 168.6 0.87 2.34 218.6 0.218 0.235

5602000 24100 148080 1039250 3959200 1997000 12600 396000 553000 140000 375800 11449600 17900 7000 50000 40770 1500 2021330 2000 12000 205000 4594800 1330000 19512000 7200000 78000 1000 2000 10 1117960 86100 143000 1172000 140 20000 850000

HOLDING & FRIMS

25026060 16010 35802570 229080 10075965 300094.5 81551224 867934 1603609 16510 396444 4902500 21207 9820470 44425830 4626 5288 19681662 10015 12269268 4914791 24559837.5 403160 1136110 112772642 29670 255481 298810 5490 3888540 655304 4199060 793151 11550 142257317 7181980 14550 8931 139911 5347900 1197202 3745718 15121218 13602414 140300 251290 1851270 19040 205590 6360 140771 625895 514720 21684830 1047608 232420 47720 4267598

386000 202061007 57157950 -2155495 -459668 38372341.5 -13970 -298750 22215743 -255813 9360 -126590 -2073700 1139645 -300470 -36848.5 -38860928 -420346 -247959 -20726 -2367715 -461910 629980 1442762 911869 -3299196 20935616 523135 6939128 -19800 -333670 -5380 -8185056 -2226920 -2500 -937520 336094 -3417928 -40248 -8870058 -27199.9999 -253000 999400 -201546 -25740 4800

4812000 25800 323164 -13400 127356490 -5436700 57002794.5 4720199 45855540 8020118 7209010 -192180 82438 282160 619470 158600 -112999.9999 2549035 1859846 93,247,079( 36,611,459.0001) 238910 -36870 26250 11200 35593030 -6301005 8430 151110303 46822600.5 11060 5895 880200 -47150 61110988 2570752 769840 58709.9999 95238460 -16520390 273600 111410 2810 2600 4000 1144629605 4437965 14408336 4745062 122540 2750730 30604 30604 4360 191000 -

PROPERTY

ARTHALAND CORP 0.85 0.86 0.86 0.87 0.85 0.86 1515000 1291000 -860 ANCHOR LAND 9.24 10.12 9.21 10.12 9.21 10.12 6100 56272 AYALA LAND 48.5 48.8 48.5 48.8 48.1 48.8 5076900 246596690 -15556590 ARANETA PROP 1.74 1.78 1.74 1.74 1.74 1.74 53000 92220 BELLE CORP 1.99 2 1.99 2.02 1.99 2 773000 1549460 -490570 A BROWN 0.81 0.82 0.82 0.83 0.81 0.82 495000 405770 CITYLAND DEVT 0.83 0.87 0.85 0.85 0.85 0.85 66000 56100 CROWN EQUITIES 0.201 0.208 0.209 0.209 0.209 0.209 70000 14630 CEBU HLDG 6.1 6.34 6.14 6.34 6.14 6.34 51100 320814 255619 CEB LANDMASTERS 4.55 4.59 4.6 4.65 4.55 4.55 90000 412820 -50750 CENTURY PROP 0.57 0.58 0.58 0.59 0.57 0.58 10046000 5827420 51590 CYBER BAY 0.465 0.48 0.47 0.48 0.465 0.48 2760000 1295850 DOUBLEDRAGON 20.55 20.65 20.5 20.8 20.5 20.55 47400 980540 -40835 DM WENCESLAO 10.22 10.24 10.2 10.22 10 10.22 184800 1884112 1190756 EMPIRE EAST 0.495 0.5 0.46 0.52 0.46 0.495 31510000 15648000 -2699450 FILINVEST LAND 1.59 1.6 1.62 1.62 1.59 1.6 5378000 8592230 -1953570 GLOBAL ESTATE 1.24 1.26 1.22 1.26 1.22 1.24 353000 437090 8990 HLDG 14.62 14.64 14.62 14.64 14.62 14.62 570000 8333418 -883052 PHIL INFRADEV 1.53 1.54 1.4 1.54 1.4 1.54 11091000 16690430 -624870 KEPPEL PROP 4.42 4.68 4.5 4.5 4.5 4.5 2000 9000 MEGAWORLD 4.86 4.87 4.86 4.9 4.82 4.86 13262000 64450630 1909180 MRC ALLIED 0.29 0.295 0.29 0.295 0.285 0.295 15210000 4414500 147850 PHIL ESTATES 0.41 0.42 0.44 0.44 0.405 0.415 110000 46300 PRIMEX CORP 2.02 2.03 2.02 2.04 2.01 2.03 222000 447960 ROBINSONS LAND 25.75 25.95 25.8 25.95 25.15 25.95 1608200 41635820 19747835 PHIL REALTY 0.375 0.385 0.38 0.38 0.375 0.375 150000 56850 ROCKWELL 2.3 2.31 2.26 2.31 2.26 2.31 470000 1078930 -2280 SHANG PROP 3.22 3.28 3.28 3.28 3.22 3.22 4000 12940 STA LUCIA LAND 2.64 2.65 2.71 2.71 2.6 2.65 424000 1120310 2670 SM PRIME HLDG 38.1 38.15 38.8 38.9 38 38.1 5533900 211919655 -69373790 VISTAMALLS 5.36 5.6 5.4 5.67 5.25 5.6 107800 579653 SUNTRUST HOME 1.71 1.72 1.41 1.85 1.41 1.71 193469000 319149250 30849380 VISTA LAND 7.67 7.68 7.68 7.69 7.66 7.68 1670400 12827120 -9170574 SERVICES ABS CBN 18.52 18.58 18.5 18.8 18.5 18.52 433400 8021408 GMA NETWORK 5.2 5.22 5.2 5.25 5.2 5.22 82900 432107 MANILA BULLETIN 0.405 0.41 0.405 0.41 0.405 0.41 180000 73400 GLOBE TELECOM 1864 1865 1901 1901 1865 1865 33450 62801820 -34474530 PLDT 1092 1093 1100 1109 1091 1092 205075 224584315 -14616625 APOLLO GLOBAL 0.04 0.042 0.041 0.042 0.038 0.042 32300000 1293500 ISLAND INFO 0.109 0.11 0.108 0.11 0.107 0.11 200000 21540 ISM COMM 4.84 4.85 5.01 5.04 4.81 4.85 1922000 9383140 757220 JACKSTONES 2.4 2.5 2.48 2.48 2.4 2.4 201000 489590 NOW CORP 3.25 3.28 3.36 3.4 3.2 3.27 7655000 25249110 -540800 TRANSPACIFIC BR 0.32 0.325 0.325 0.33 0.315 0.32 3220000 1037350 16000 PHILWEB 3.01 3.04 3.06 3.09 3.01 3.04 272000 821380 -199170 2GO GROUP 10.7 11 10.3 11 10.2 11 85400 923484 -6120 ASIAN TERMINALS 17.4 17.8 17.2 18.8 17.2 17.8 86800 1511770 1404250 CHELSEA 6.76 6.79 6.79 6.83 6.75 6.76 274400 1863485 -182529 CEBU AIR 93.7 93.8 93.2 94.45 93 93.8 22020 2067351 615929 INTL CONTAINER 122.3 122.4 122 123.4 121.6 122.4 1122820 137402609 -21053576 LBC EXPRESS 13.54 14.82 14.88 14.88 14.86 14.86 200 2974 -1486 LORENZO SHIPPNG 0.92 0.93 0.91 0.93 0.91 0.92 439000 402760 MACROASIA 18.82 18.84 18.7 18.86 18.6 18.82 514000 9652546 -694844 METROALLIANCE A 1.08 1.15 1.08 1.08 1.08 1.08 7000 7560 PAL HLDG 7.98 8 8 8.28 8 8 11000 88258 -3200 HARBOR STAR 1.56 1.58 1.6 1.6 1.55 1.58 681000 1070490 ACESITE HOTEL 1.52 1.55 1.55 1.55 1.55 1.55 4000 6200 WATERFRONT 0.66 0.68 0.68 0.68 0.66 0.68 341000 228040 CENTRO ESCOLAR 6.91 7.04 7.09 7.09 6.9 6.9 2100 14515 FAR EASTERN U 910 920 910 910 910 910 20 18200 IPEOPLE 7.34 8 7.9 8 7.3 8 14500 114529 STI HLDG 0.68 0.69 0.68 0.69 0.68 0.68 1722000 1170990 -940440 BERJAYA 2.33 2.34 2.32 2.38 2.32 2.33 573000 1335350 -1151200 BLOOMBERRY 10.18 10.2 10.2 10.3 10.1 10.2 2880700 29,340,178( 5,761,742.0001) PACIFIC ONLINE 2.76 2.79 2.8 2.8 2.76 2.76 96000 266990 LEISURE AND RES 2.98 3 2.98 3 2.98 3 83000 247640 -6000 MANILA JOCKEY 3.36 3.4 3.35 3.4 3.35 3.4 106000 359550 PH RESORTS GRP 4.88 5.13 5.12 5.13 5.12 5.13 5000 25645 PREMIUM LEISURE 0.68 0.69 0.68 0.69 0.67 0.69 1675000 1149220 762929.9999 PHIL RACING 7.61 9.99 7.5 7.5 7.5 7.5 100 750 ALLHOME 11.48 11.5 11.5 11.52 11.46 11.5 15461100 177564444 12896214 METRO RETAIL 2.4 2.43 2.4 2.43 2.39 2.42 279000 670940 PUREGOLD 40 40.1 40 41.3 40 40 225600 9060215 -622794.9996 ROBINSONS RTL 78.3 78.75 78.7 79 77.7 78.75 946640 74559574.5 -24710584 PHIL SEVEN CORP 144 145 139 144 139 144 5280 753010 705040 SSI GROUP 2.55 2.56 2.6 2.61 2.55 2.56 2196000 5638400 -1691890 WILCON DEPOT 16.4 17 16.52 17 16.4 17 771400 13087938 -50258 APC GROUP 0.495 0.5 0.52 0.52 0.49 0.5 16168000 8123155 -823650 EASYCALL 9.05 9.1 9.1 9.26 9.03 9.05 56500 512090 GOLDEN BRIA 429.6 441 430 430 429.6 429.6 490 210590 PAXYS 2.78 2.94 2.94 2.94 2.94 2.94 1000 2940 PRMIERE HORIZON 0.495 0.5 0.51 0.51 0.495 0.495 14471000 7209265 425550 SBS PHIL CORP 8.91 9.37 9.22 9.29 8.91 9.29 43800 405339 MINING & OIL ATOK 11.8 12.3 12.3 12.3 12 12.3 2200 26760 APEX MINING 1.13 1.14 1.15 1.15 1.13 1.13 1802000 2047810 -316689.9997 ABRA MINING 0.0016 0.0017 0.0016 0.0016 0.0016 0.0016 1000000 1600 ATLAS MINING 2.55 2.59 2.53 2.6 2.53 2.55 342000 868820 -592990 BENGUET A 1.09 1.21 1.1 1.1 1.1 1.1 5000 5500 COAL ASIA HLDG 0.275 0.285 0.275 0.29 0.275 0.275 40000 11150 CENTURY PEAK 2.58 2.6 2.58 2.58 2.58 2.58 292000 753360 DIZON MINES 7.67 7.82 7.88 7.88 7.55 7.82 3400 26116 FERRONICKEL 1.67 1.68 1.71 1.72 1.68 1.68 1344000 2268060 3220 GEOGRACE 0.206 0.214 0.218 0.218 0.205 0.205 580000 119640 LEPANTO A 0.104 0.107 0.106 0.107 0.105 0.107 10990000 1170220 LEPANTO B 0.105 0.11 0.108 0.11 0.105 0.11 720000 77540 MANILA MINING A 0.009 0.0091 0.0091 0.0091 0.0091 0.0091 16000000 145600 MANILA MINING B 0.0092 0.0099 0.0092 0.0092 0.0092 0.0092 5000000 46000 MARCVENTURES 1.13 1.17 1.17 1.17 1.11 1.17 87000 99470 NIHAO 1.01 1.03 1.03 1.03 1.01 1.03 126000 127350 NICKEL ASIA 3.88 3.89 3.94 3.96 3.84 3.88 3853000 14918810 -2692820 ORNTL PENINSULA 0.84 0.86 0.84 0.86 0.84 0.86 40000 33620 PX MINING 3.6 3.61 3.61 3.64 3.55 3.6 390000 1393940 332350 SEMIRARA MINING 23.25 23.7 23.75 23.75 23.1 23.7 846100 19913975 -134665 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 12700000 147600 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.011 0.011 681900000 8182700 PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.011 61500000 674900 -2000 PHINMA PETRO 10.2 10.38 10.16 10.5 10.08 10.38 473700 4861938 -539492 PXP ENERGY 13.02 13.04 13.18 13.22 12.9 13.04 2420900 31630930 -1989456 PREFFERED HOUSE PREF A 98.15 99.25 98.15 98.15 98.15 98.15 600 58890 ALCO PREF B 100.7 103.4 103.4 103.4 103.4 103.4 80 8272 DD PREF 100.4 101 100.3 101.5 100.3 101 13330 1344525 SMC FB PREF 2 996 998 996 996 996 996 270 268920 FGEN PREF G 107.9 109.5 109.5 109.5 109.5 109.5 150 16425 GLO PREF P 501 505 501 501 501 501 300 150300 LR PREF 0.99 1.01 1 1 0.99 1 727000 725830 MWIDE PREF 100.9 101 101 101 101 101 22850 2307850 PNX PREF 3A 100.3 102 100.3 102 100.2 102 1900 190741 PNX PREF 3B 106.5 108 108 108 107.9 108 1120 120913 PCOR PREF 2B 1007 1030 1030 1030 1030 1030 5 5150 PCOR PREF 3A 1049 1052 1050 1050 1049 1049 1050 1102450 PCOR PREF 3B 1060 1068 1059 1060 1059 1060 4050 4289950 SMC PREF 2C 78.1 78.25 78 78.3 78 78.3 1700 132810 SMC PREF 2E 75.1 75.8 75.1 75.1 75.1 75.1 5000 375500 SMC PREF 2F 76.05 76.5 76.05 76.05 76.05 76.05 14700 1117935 SMC PREF 2H 75.1 75.8 75.5 75.5 75.1 75.1 1037670 78341471 SMC PREF 2I 75.7 76.6 75.7 75.7 75.7 75.7 751000 56850700 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.74 5.04

17.76 5.14

17.8 5.15

17.76 5.04

17.76 5.14

63400 26600

1126700 136671

WARRANTS LR WARRANT

1.5

-1126700 133143

1.51

1.55

1.5

1.51

56000

85670

ITALPINAS 6.5 KEPWEALTH 11.1 XURPAS 0.9

6.54 11.14 0.91

6.44 11.4 0.95

6.54 11.4 0.97

6.31 11.1 0.9

6.54 11.1 0.9

331600 565200 5028000

2109845 6340188 4635610

3040 11250 -4750

FIRST METRO ETF

118.6

SMALL & MEDIUM ENTERPRISES

EXHANGE TRADE FUNDS 118.3

118.8

117.8

118.6

3780

447696

www.businessmirror.com.ph

MORE earmarks ₧1.7B for Iloilo’s 3-yr electricity distribution upgrade

ORE Electric and Power Corp. (MEPC) is earmarking P1.7 billion in the next three years to modernize the electricity distribution facilities in Iloilo City. MEPC President Roel Castro said the amount will fund the distribution utility firm’s system reliability projects, systems loss reduction projects, systems capacity projects and safety improvement projects. The programmed spending comes after it secured a franchise from Congress in December last year. MORE has sought to expropriate all the aging distribution network

of Panay Electric Co. (Peco) in Iloilo after President Duterte signed its franchise into law as Republic Act 11212, authorizing MORE to take over all and any facility and property to ensure Iloilo City and nearby municipalities of continuous supply of electricity. MORE had secured the expropriation order from the Iloilo City Regional Trial Court in line with the provisions of RA 11212 and the

Electric Power Industry Reform Act, or Epira, Castro said. Peco last week announced that it has earmarked P1.1 billion in the next 10 years for its innovation spending aimed at building and promoting sustainable energy practices in Visayas. Peco was earlier allowed by the Energy Regulatory Commission to continue distributing electricity up to two years to ensure uninterrupted supply of electricity in Iloilo City. The provisional certificate of public convenience and necessity issued to Peco is valid until MEPC has established and can fully operate its own distribution system. But accord i n g to M EP C , Peco’s P1.1-billion planned investment is a decade late. “If Peco spent that amount 10

years ago, the Iloilo City Council would not have passed a resolution asking Congress to find a new distribution utility to manage the city’s electricity distribution system and the Senate and the House of Representatives would have renewed its franchise that expired this year. Instead, Congress granted the franchise to MORE and President Rodrigo Duterte signed it into law,” Castro pointed out. He said Peco “more or less” owes Ilioilo consumers the same amount the former plans to invest. “What the consumers in Iloilo are paying since years ago already includes that P1.1 billion which they did not invest in the past. So, it’s just right that they will pump it in because they owe it to the consumers. In fact, they have to spend that in 10 weeks, not 10 years,” said Castro. Lenie Lectura

Asian Terminals: Batangas Port ready for ‘Undas’ crowds

SIAN Terminals Inc. said on Monday it is ready to accommodate the expected influx of passengers in its Batangas Port for the Undas holidays, partnering with government agencies to implement measures that will ensure order amid the heavy traffic. In a statement, the company said it has installed additional facilities outside the passenger terminal buildings to handle the spillover of travelers waiting for their voyage vessels, and has stationed help desk stations of the Philippine Ports Authority (PPA) to provide assistance to the public.

The company has also deployed additional emergency response teams and health workers on site, and has partnered with the Philippine National Police, the Bureau of Fire Protection and the Batangas City Health Office for Exigency. Aside from this, the company is also offering free shuttle buses for pregnant women, children and the elderly from the terminal buildings to the vessel ramps, and vice versa for better mobility. In 2018, the Batangas Port handled roughly 150,000 passengers during the November holidays. Lorenz S. Marasigan

PMFTC pivots cigarette biz to smoke-free products

HILIP Morris International (PMI) unveiled its new direction to pivot its 170-year-old business to promote a smoke-free Philippine society during an information-technology summit held in Pasay City on Monday. PMFTC President Denis Gorkun made the bold reveal in his presentation during the plenary session of the “SOFTCON.ph 7: The Philippine Software Industry Conference” organized by the Philippine Software Industry Association, a nonprofit organization composed of around 150 IT companies. PMFTC Inc. is the Philippine affiliate of PMI. Gorkun said there is a need for PMI to innovate responsibly, but stressed that this is much more difficult in practice as he referenced removing combustion. Recognizing the fact that anything put on fire produces harmful chemicals, PMI is taking on the challenge to develop and commercialize products that are better alternatives to continued smoking. “As a company we have developed—and continue to develop—a suite of smoke-free platforms that eliminate combustion but deliver the experience that people who would otherwise continue to smoke desire,” Gorkun said. Gorkun said the new PMI vision is anchored on an advocacy they call “Unsmoke” which focuses on three simple messages: “If you don’t smoke, don’t start. If you smoke, quit. If you don’t quit, change.”

In his remarks, Gorkun said “despite the implementation of stricter measures [on smoking], the cold hard reality is that there are still 16 million smokers in the Philippines with a cold turkey quit rate of just 4 percent. The World Health Organization estimates that there will still be more than one billion smokers worldwide in 2030, about the same level of smokers we have today.” To address legitimate public health concerns related to smoking, Gorkun said PMI had invested $6 billion in research and development and tapped over 400 scientific experts. They produced hundreds of studies that have been peer reviewed, or in the process of being peer reviewed. One such smoke-free product in PMI’s portfolio, Gorkun said, is IQOS, a tobacco heating system that does not burn tobacco and instead heats it to produce an aerosol vapor containing nicotine. He explained that nicotine, although not entirely risk-free and is addicting, is not the primary cause of smoking-related diseases. He said it is the smoke that releases thousands of harmful chemicals that gets people sick. “This type of pivot doesn’t happen overnight. It requires new people, new technology and new systems. But most importantly it requires a new mindset—to an enterprise that is leaner, faster and committed to staying ahead, and staffed with professionals who can operate in a consumer-centric, omnichannel environment,” PMFTC president said.

New CBA at Del Monte’s CDO plant to benefit 2,500 workers

HE 2,500 workers of the Cagayan de Oro plant of Del Monte Philippines Inc. will soon be enjoying better benefits after successfully signing their new five-year collective bargaining agreement (CBA). Trade Union Congress of the Philippines (TUCP) Spokesman Alan Tanjusay said their affiliate group was able to finalize the CBA after almost monthlong negotiations. “The details of the increase are confidential, but it ranges from 6 percent to 8 percent up [from] their existing wages and fringe benefits,” Tanjusay told the BusinessMirror in an SMS.

In a statement, Del Monte Bugo Cannery Labor Union (DMBCLU) President Rollen Rocha welcomed the development. “The new and improved benefits contained in the agreement provided new stimulus to a better and harmonious industrial relationship between workers and management. The new CBA also guaranteed our security of tenure as employees allowing us to plan better lives and invest to stabilize our family,” Rocha said. TUCP President Raymond Mendoza said the CBA will be beneficial for the parties, which signed it. Samuel P. Medenilla

MUTUAL FUNDS

October 28, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 254.6 6.87% -0.62% -0.24% 0.95% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.4942 9.49% 2.54% 0.11% 3.71% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.8756 4.97% -2.39% -2.01% -0.7% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9463 11.25% N.A. N.A. 5.03% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8624 10.14% N.A. N.A. 5.08% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4051 10% 1.02% 0.23% 2.5% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8687 10.26% -3.01% N.A. 3.82% MBG EQUITY INVESTMENT FUND, INC. -A 113.97 4.96% N.A. N.A. -1.89% PAMI EQUITY INDEX FUND, INC. -A 52.0653 12.98% 1.58% N.A. 5.77% PHILAM STRATEGIC GROWTH FUND, INC. -A 540.92 12.41% 0.49% 0.26% 5.09% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3088 9.95% 1.46% 1.42% 4.37% PHILEQUITY FUND, INC. -A 38.5289 11.19% 2.32% 1.36% 5.18% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,1 1.0322 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2936 14.25% 2.36% 2.21% 6.75% PHILIPPINE STOCK INDEX FUND CORP. -A 883.83 14.27% 2.27% 2.15% 6.69% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.8932 10.67% 0.36% N.A. 3.86% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2839 12.06% 1.87% 1.36% 5.54% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0152 13.8% 2.16% N.A. 6.38% UNITED FUND, INC. -A 3.7138 12.66% 3.66% 2.85% 6.08% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 118.4869 14.53% 3.02% 3.18% 6.99% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9715 6.84% 2.66% -0.35% 4.56% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2983 8.98% 7.84% N.A. 17.47% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.5955 0.04% -3.18% -3.43% -3.37% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2618 6.12% -0.77% -0.35% 2.38% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6499 9.11% 1.42% -1.03% 4.2% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,5 0.2354 N.A. N.A. N.A. N.A. GREPALIFE BALANCED FUND CORPORATION -A 1.3468 6.6% N.A. N.A. 3.26% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9655 10.41% 1.79% 1.37% 6.64% PAMI HORIZON FUND, INC. -A 3.8047 13.53% 0.76% 0.63% 7.8% PHILAM FUND, INC. -A 17.0327 12.46% 0.78% 0.54% 7.07% SOLIDARITAS FUND, INC. -A 2.1475 7.72% 1.04% 1.36% 3.78% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8947 11.08% 1.83% 1.05% 6.67% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,2 1.0221 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,2 1.0095 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,2 1.0064 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9864 11.13% 1.3% 0.5% 7.02% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03826 10.77% 2.25% 2.16% 8.39% PAMI ASIA BALANCED FUND, INC. -A $0.9952 7.6% 2.35% 0.11% 8.92% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7682 8.17% 5.81% 3.53% 13.89% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A,7 $1.1077 7.15% 3.38% N.A. 10.22% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 355.42 4.1% 2.52% 2.28% 3.48% ATRAM CORPORATE BOND FUND, INC. -A 1.9218 3.29% 0.15% -0.03% 3.37% COCOLIFE FIXED INCOME FUND, INC. -A 3.0929 5% 5.22% 5.21% 3.92% EKKLESIA MUTUAL FUND INC. -A 2.2144 4.57% 1.84% 1.94% 4% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3428 5.91% 1.74% 1.51% 6.24% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6087 2.34% 0.09% -0.01% 2.83% PHILAM BOND FUND, INC. -A 4.3274 13.95% 1.58% 1.73% 10.4% PHILEQUITY PESO BOND FUND, INC. -A 3.7467 8.56% 2.62% 1.55% 6.53% SOLDIVO BOND FUND, INC. -A 0.9542 9.03% 0.51% N.A. 7.07% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0446 10.7% 3.67% 2.47% 10.08% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6842 10.09% 3.11% 2.06% 9.37% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $466.04 4.5% 2.07% 2.82% 3.93% ALFM EURO BOND FUND, INC. -A Є219.98 3.15% 1.29% 1.46% 3.44% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.2025 7.22% 2.31% 2.53% 6.82% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 4.03% 1.06% 1.37% 4.03% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7119 1.3% -1.39% 0.29% 1.28% PAMI GLOBAL BOND FUND, INC -A $1.0962 7.01% -0.01% -1.18% 5.78% PHILAM DOLLAR BOND FUND, INC. -A $2.3994 12.65% 2.1% 3.19% 10.53% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0602677 5.95% 2.05% 2.04% 5.73% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1692 10.11% 1.63% 2.73% 10.34% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 125.06 4.2% 2.69% 2.11% 3.46% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,3 1.0257 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2451 6.14% 2.47% 1.55% 5.35% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2579 3.86% 2.81% 2.23% 3.17% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0342 2.15% N.A. N.A. 1.8% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - LAUNCH DATE IS JANUARY 3, 2019. 2 - LAUNCH DATE IS JANUARY 28, 2019. 3 - LAUNCH DATE IS FEBRUARY 1, 2019. 4 - LAUNCH DATE IS AUGUST 1, 2019. 5 - LAUNCH DATE IS SEPTEMBER 28, 2019. 6 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). 7 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST OCTOBER 9, 2019. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

The World BusinessMirror

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

Lagarde to get harsh snapshot of ECB’s economic challenges

HRISTINE LAGARDE is about to get a harsh snapshot of the cha l lenges that face her when she takes up the European Central Bank presidency this week. As the former French finance minister counts down to taking over from Mario Draghi, the deteriorating backdrop that pushed the ECB into a new round of monetary stimulus less than two months ago will be brutally exposed. Figures are due to show the euro area’s worst economic performance since 2013 and inflation slipping further from the ECB’s goal. D r a g h i , w ho c h a n ge d t he course of the debt crisis back in 2012 by pledging to do “whatever it takes,” still departs having failed on his inflation mandate. Once ensconced in the ECB chief ’s office, Lagarde will need to find new ways of lifting the bloc out of its torpor, possibly above and beyond the recent package, which included rate cuts, asset purchases and better terms for loans to banks. They are both due to speak at a farewell event in Frankfurt on Monday, before the official November 1 handover. With a manufacturing slump threatening to spill over into services, euro-area growth was probably just 0.1 percent in the third quarter. France is also cooling, while Italy’s economy is predicted to have stagnated. Germany is likely in a technical recession, though that won’t be confirmed for another two weeks.

H.K. PROTESTS FLARE FOR 21ST WEEKEND AMID GLOBAL UNREST

ONG KONG pro-democracy activists demonstrated for the 21st straight weekend as unrest inspired by the movement spread around the globe, from South America to Europe to the Middle East. The police fired tear gas on Sunday at protesters in Tsim Sha Tsui who blocked roads and disrupted traffic. That followed a night of clashes in the New Territories district of Yuen Long and a peaceful rally that drew thousands in Central. Some protesters set fire to shops in Jordan and hurled petrol bombs at a police station in Sham Shui Po, an area in Kowloon, while others threw smoke grenades at train exits. The Monday morning commute was normal, with nearly all train lines running as scheduled. Rail operator MTR Corp. announced that all subway lines would shut down at 11 p.m., except for the Airport Express. The rallies have become increasingly violent over the course of October, with two protesters shot and a police officer slashed. Efforts by Hong Kong’s authorities to quell the protests have largely failed, from banning marches and withdrawing the proposed extradition bill, to using an emergency law to outlaw face masks and pledging to make housing more affordable. The protests have been cited as inspiration for demonstrators around the world who’ve flooded the streets of major cities this month over economic inequality, regional grievances and alleged corruption. Spanish authorities are facing down separatist riots in Catalonia. In Chile, opposition to a 4-cent subway-fare hike has snowballed into the worst unrest there in decades, with at least 18 people killed so far. And in Lebanon, nationwide protests for more than a week, including hundreds of thousands demonstrating in Beirut, have pressured the country’s leader to shake up his Cabinet. There have also been protests in Iraq. Last week, reports surfaced that China’s leaders were mulling a plan to replace Hong Kong Chief Executive Carrie Lam by early next year in a bid to calm public anger. Bloomberg News

Adding to the problems, the ECB got a warning last week that faith in its ability to maintain price stability is waning. In its survey of professional forecasters, the outlook for longer-term core inf lation was cut to 1.6 percent. The ECB aims to keep the headline rate—seen at 0.7 percent in October—below, but close to, 2 percent. “ T he eu ro zone economy is st uc k in low gea r,” sa id Commer zba n k econom i st Peter Di xon. “It ’s not a g reat t ime for t he cent ra l ba n k gover nor to be ta k ing over the job, but it wasn’t t hat g reat when Dragh i took over in 2011 eit her.” Given the ECB’s depleted arsenal and growing aversion against further action, Lagarde may find herself following Draghi’s lead of encouraging European governments to add some of their firepower. Germany, Europe’s largest economy, is so far not showing much enthusiasm. The government said on Friday that it’s sticking to its balanced-budget policy and sees no need for a spending program. Yet there are also signs of hope. Spain, once crisis-plagued, is forecast to have kept up a 0.4 percent quarterly pace. In Germany, business expectations improved in October from a decade low and a decline in manufacturing demand eased, indicating the downturn may be bottoming out. It will take a lot more to shift the baseline view, however, and economists don’t expect the ECB to lift rates before late 2022. Bloomberg News

Tuesday, October 29, 2019

Xi seen using China’s biggest meeting to consolidate power

HINA’S economic challenges have proliferated in the almost two years since Xi Jinping last convened a full meeting of the Communist Party. But politics remain at the top of his agenda. The party’s Central Committee is expected to gather behind closed doors on Monday for the first time since Februar y 2018—the longest stretch the 200 -plus-member body has gone w it hout meet i ng si nce China began its reform era four decades ago. And Xi looks poised to pick up where he left off: solidifying control over the ruling party and the country of almost 1.4 billion people. W h i le suc h “plenu ms” a re closely guarded affairs, state media have said party leaders would make “greater efforts in sticking to and improving the system of socialism with Chinese characteristics, as well as strengthening China’s system and capacity for governance.” That arcane language suggests a sweeping agenda focused on further centralizing power around the president that may include reshuffling some key leadership

roles when it ends on Thursday. “Xi has defined China’s governing system as really incredibly broad, encompassing everything from how the party manages politics to the economy to society to culture to itself to the environment,” said Trey McArver, cofounder of Beijing-based research firm Trivium China. “It could end up being a relatively comprehensive or broad-based approach to everything.” X i h a s repeated ly wa r ned against complacency in recent months, complaining in a speech last month that some cadres were “weak-kneed and unwilling to fight” against the party’s growing and long-term challenges. China is projected to see the slowest growth in gross domestic product in almost three decades this year—a concern made worse by the trade war with US President Donald J. Trump. Some observers had expected

this plenum to focus more on economic policies, since the one last year also dealt with politics. While a rash of negative economic data have raised speculation that the party leadership might take more decisive action to boost domestic demand, Xi also needs to make sure the party’s—and thus his—rule can endure the coming downturn. “We’d like to see how the big topics such as growth, stability and reforms are being prioritized,” said Peiqian Liu, China economist at Natwest Markets Plc. in Singapore. “For instance, the pledge for better party building might lead to higher confidence and greater acceptance of slower growth among the top leaders, and that local officials can be more focused on reforms.”

‘Low expectations’

THE last time the Central Committee met 20 months ago, Xi secured the body’s blessing to repeal constitutional term limits keeping him from serving as president past 2023. The move represented one of the party’s sharpest departures from the model of collective leadership embraced after Mao Zedong’s tumu ltuous and persona lit ydriven rule. Still, plenums are rarely that dramatic and the results often

take months or even years to come into focus. The outcome will probably first be detailed in a jargon-laden communique released after the meeting. A lthough the communique may provide important signals about where China’s political system a nd its economy a re headed, it’s unlikely to answer key questions such as how the leadership will manage slowing growth, mounting debt and a rapidly aging population. C h i n a’s l i s t o f e c o n o m i c head ac hes inc ludes t he dow nd ra f t f rom t he t rade wa r w it h t he US, f ac tor y- pr ice def l a tion, a fragile financia l system a nd spira l ing food costs in t he wa ke of a cat ast rophic d isease epidem ic a mong t he nat ion’s pig herd. Even so, pol ic y-ma kers a re wa r y of emba rk ing on large-sca le stimu lus measures for fea r of resu rgent debt levels or bu rst ing t he bubble in t he proper t y ma rket. “We have pretty low expectations of this plenum producing a decision that will be meaningful for markets and investors,” said Tom Rafferty, principle China economist for the Economist Intelligence Unit. “What they are looking for is a clearer economic road map for the 2020s, but this plenum is not going to provide that.” Bloomberg News

IMF: Volatile politics and oil prices hinder Mideast growth

UBAI, United Arab Emirates —Pol it ic a l u ncer tainty and volatile oil prices are hindering economic growth in the Middle East this year, but trends should reverse next year, according to a new report released on Monday by the International Monetary Fund. The IMF’s regional outlook report projects growth to rise just 0.5 percent in 2019, compared to 1.6 percent in 2018. Increased activity in the oil and gas sectors is expected to generate a rebound to 2.7-percent growth in 2020, though this figure too falls shorter than previous projections. The report, which looks at the economies of 23 countries spanning North Africa, the Levant, the Persian Gulf, but also Djibouti, Somalia, Afghanistan and Pakistan, said the drops were linked in part to the performance of the oil-exporting countries, whose economies are expected to retract 1.3 percent this year. The hardest hit has been Iran and Libya. The IMF expects a 9.5-percent retraction in Iran’s economic growth in 2019, primarily because of US sanctions against it, and in Libya a 19.1-percent drop because of that country’s prolonged conflict. Recent months have also seen a series of mysterious oil tanker attacks the US blames on Iran, something Tehran denies. Iran, which has seen its main export of oil severely restricted, also shot down a US military surveillance drone and seized oil tankers. “Of course, any increase in tension will have an impact,” Jihad Azour, the IMF’s Mideast and Central Asia department director, told The Associated Press. “I think what is important is that all these developments are showing that there is a need for countries in the region to do the structural reforms that will allow them to have higher levels of growth.” Last month’s attack on the

world’s largest oil processor in Saudi Arabia caused prices to spike by the biggest percentage since the 1991 Gulf War. However, Azour said prices have since settled and the attacks have not had a lasting effect. “They had an immediate impact but a very short impact because very quickly it was reported that production went back to normal and it didn’t have a supply shock in the market,” said Azour, a former Lebanese finance minister. “The market is witnessing more volatility in oil prices especially in the short term. Yet, when you look at the medium

term the trends are showing a slow and steady decline in prices.” Overall, the IMF says oil prices have swung from $55 to $75 a barrel since the start of the year. The price for benchmark Brent crude stood at over $62 a barrel. For oil importing countries like Egypt, Jordan, Lebanon and others in the region, the growth drop was less steep, falling from 4.3 percent in 2018 to an expected 3.6 percent this year. Mauritania bucked the trend, rising from 3.6 percent to 6.6 percent. The international lender said the economies of the six Gulf

Cooperation Council countries of Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman and Qatar are expected to grow 0.7 percent, down notably from

2 percent in 2018. Azour said it was very important for these countries to keep “diversifying the economy in order to be less dependent on the oil sector.” AP

B4 Tuesday, October 29, 2019

Verano Greenhills Earns Investors’ Approval

ARLY property buyers reveal why they trust Verano Greenhills by Grand Taipan Investing in property is a meticulous task that needs to be studied and discerned thoroughly before making a final decision. Whether you are a home buyer or looking to invest in a property that you can earn from, the Verano Greenhills in San Juan City is a worthy buy. Early investors attest to the value for money offer of Verano Greenhills. Young couple Paolo and Cristina, originally from Makati and Quezon City, say that they have found their perfect common ground at Verano Greenhills. Its location and propinquity to EDSA and other main thoroughfares were the first things that attracted the 32-year-old businessman and marketing executive to the property. “Apart from value for money, we ultimately ended up choosing to invest in Verano because of the promise of it being a luxury condominium at the heart of Greenhills,” says Paolo and Cristina. One of the things they look forward

to experience is Verano Greenhills' promise of exclusivity, as well as the enjoyable amenities and overall quality of the property. “Greenhills is developing as a whole, and it would be good to invest in a property like Verano Greenhills because it allows you to be a part of this development without breaking the bank. There is only a limited number of properties available for investment in Greenhills and Verano definitely offers quality condominium living in the area,” they add. Charles from Marikina City has also recently decided to invest in a new home in San Juan. "Greenhills is in the middle of everything. It’s a few minutes away from Ortigas, where my fiancee Marielle works, and a few minutes away from Quezon City, where I work, he says. He chose Verano Greenhills over other properties in the area because of its location and price. "It should be easily accessible and safe. I also look at the potential gain in terms of the market value for the said property as it is, at the end of the day, an investment. I believe that Verano’s location and potential growth of its market value makes it irresistible," Charles says. The vision of Verano Greenhills as a premier

This time, the free medicines and consultations -- ranging from common cough and colds to ob-gyne, physical therapy, ecg and other hosts of services -- were provided by DLSMC doctors. Aside from quality medical services, Zamora also reported his leadership's accomplishments during his first 100 days in the office. Together with his father, Rep. Zamora, he has started with groundbreaking and inauguration of various infrastructure projects, including the opening of West Crame Elementary School, the first-ever wooden covered basketball court in the barangay, the one-stop shop government service center, and the site development and rehabilitation of the historical Pinaglabanan Shrine.

residential condominium also makes it a welcome investment for enterprising buyers like JC Wong, a 55-year-old entrepreneur whose businesses involve real estate, agriculture, and tourism. Having lived in San Juan, throughout his life, he has grown accustomed to the convenience of living near schools and

Moreover, the centerpiece of Zamora’s administration—the very first high-rise in-city public housing, free WiFi in all barangays, modernization of San Juan Medical Center to make it a onestop shop hospital with free medicines -- have already been launched this year. Zamora is also proud of what he has dubbed as San Juan's own "condo for the poor." A 1,850-square meter lot owned by the city government and located in Barangay St Joseph will be used for a 22-floor high-rise public housing – the first of its kind in the country. Zamora said it would have 396 units, each with an average size of 29 square meters. The building will also have a multi-purpose hall and 10 commercial space units. Units will be rent-to-own, said Zamora, who promised reasonable amortization for prospective residents. Ideally, they would own the property in 25 years. Interested families are now encourage to submit application subject to assessment. The project broke ground on September 27. The target is to start construction by end-2019 and complete the project by the first quarter of 2022, when Zamora's first term ends.

Free Passenger Terminal Fee beneficiaries reach 280k

OME 280,000 sea-going passengers availed of the Terminal Fee waiver for Senior Citizens, PWDs, students and selected uniformed personnel being implemented by the PPA since 15 July 2019. This is equivalent to an estimated P5 million in terminal fees for the period 15 July 2019 to 31 August 2019. For the first 45 days of the free terminal fee initiative, 95,513 students, 156,972 senior citizens, 9,683 PWDs and 16,405

uniformed personnel have benefited from the program. PPA General Manager Jay Daniel Santiago said that the terminal fee waiver project is an additional contribution of the agency in continuously providing “serbisyo at malasakit” to those who are in-need of government’s assistance. Implemented through PPA Administrative Order No. 04-2019, students, senior citizens, PWDs and

uniformed personnel from the Armed Forces of the Philippines (AFP), Philippine National Police (PNP), and the Philippine Coast Guard (PCG) shall be granted with free terminal fee in all PPA-owned passenger terminals upon presentation of valid IDs. Likewise, PPA announced that starting 18 October 2019 Medal of Valor awardees and their first degree kin shall also receive the same benefit per PPA Administrative Order No.08-2019.

Mega Global joins World Pandesal Day to feed 70,000 free pandesal to QC residents

EGA Global Corporation, a leading manufacturer and distributor of canned goods, is giving its full support to Kamuning Bakery Cafe (KBC) in celebrating "World Pandesal Day" for the third year in a row. The company is known for its flagship brand, Mega Sardines and other high-quality and value for-money products namely Mega Creations Sardines, Mega Tuna, Mega Prime Quality, and Mega Prime Choices. The event was founded by entrepreneur, writer, and owner of Kamuning Bakery Cafe, Wilson Lee Flores, and was inspired by the Biblical story of Jesus Christ feeding a multitude with five loaves of bread and two fishes. The charitable initiative aims to alleviate hunger and poverty in the community by feeding thousands of people with pandesal--the humble Filipino breakfast staple that is consumed almost every day and has been around since the 16th century.

(L-R) Mr. Wilson Flores, Quezon City Mayor Joy Belmonte, Senator Cynthia Villar, Wilson Friend Showing Biggest Pandesal to the media during World Pandesal Day.

Kamuning Bakery is a Quezon City landmark built in 1939. Despite a destructive fire in 2018, it continues its efforts to help the community through various philantrophic projects such as donating public school buildings to the Sta. Rosa Elementary School in Eastern Samar and the Villa Bacolor Elementary School in Tarlac City. KBC also makes regular donations to various

M Supermalls scored two Silver Awards at the prestigious International Council of Shopping Centers (ICSC) Global Awards 2019 for Asia Pacific for the ‘#AweSM: SM Celebrates 60’ campaign and SM China’s ‘Children’s Happy Home’, under the ‘Public Relations and Events’ and ‘Cause Related Marketing’ categories, respectively. The awards were conferred at the recently concluded awarding ceremony held in Singapore.

Eatlog Run 4 celebrates Eggcellence

San Juan City partners with private hospitals for medical missions, discounted services

AKING true his promise for a better life for the residents of San Juan City, Mayor Francis Zamora has started partnerships with private hospitals to offer free or discounted medical services to his constituents. The local government unit partnered with Delos Santos Medical Center, Chinese General Hospital, Victor R. Potenciano Medical Center, Cardinal Santos Memorial Hospital and The University of the East – Ramon Magsaysay Memorial Medical Center. “We began partnerships with well-known hospitals to give residents of San Juan costeffective quality medical services,” said the mayor during the medical mission at Brgy. Corazon de Jesus covered basketball court.

SM wins two Silvers in the 2019 Asia Pacific Shopping Center Awards

orphanages and marginalized groups. In line with its corporate mission to improve people’s lives and help in nationbuilding, Mega Global boosts its corporate social responsibility projects by partnering with community-based initiatives such as this. The company also participated in the medical, dental, and optical mission of Kamuning Bakery on October 27, 2019.

HE Philippine Association of Breeders and Layers Inc. (PABLI), DSM Nutritional Products Philippines, and The Good Egg by Sarimanok merged again in the celebration of the annual World Egg Day in the Philippines via Eatlog Run Year 4. With support from the Department of Agriculture (DA) and Bureau of Animal Industry (BAI), Eatlog Run Year 4 gathered two thousand runners at SM by the Bay in Pasay City on October 13 to revel in a good cause. Eatlog Run Year 4 put a twist on its usual run with the inclusion of various egg station along the race’s route. Runners were treated to a festive egg feast by consuming egg-based dishes as they ran towards the finish line. The run also included a Lechon station, a small yet notable move to show support to our local hog raisers that it is still safe to eat pork despite the reports on African Swine Fever (ASF) in the Philippines. After finishing their respective race categories, runners participated in a retro vibe

Zumba session conducted by ZIN Penny Jose. It was followed by the Egg Pledge ceremony led by Philippine Egg Board’s Arthur Baron. During the pledge, participants of the Eatlog Run vowed to consume an egg a day daily for better health and nutrition. Meanwhile, participants and representatives from different egg organizations and affiliated government agencies signed their names on the egg monument. Eatlog Run recognized the hard work did by its partners as they gave a token of appreciation to DSM Nutritional Products Philippines, The Good Egg by Sarimanok, and PABLI. The race’s organizer, Aldenver Marketing, awarded BAI, Emilio Aguinaldo College and E-Performax for having the biggest delegation during the run. Eatlog Run 4 also extended its hands to help less fortunate children by donating part of its proceeds to the AFP Educational Benefit System Office (AFP-EBSO) and Save the Children Philippines, aiding their educational and nutritional needs.

Halloween Treat and Thrills at Sheraton Manila

HERATON Manila will make the Halloween celebration this year not entirely spooky but fantastically fun for kids to really enjoy. The hotel is calling on wizardly parents to treat their little spookers to a special lunch buffet feast at S Kitchen on October 27 (Sunday), which comes with trick and thrills activity for kids. Dress them up to fright or delight because the chosen best in costumes will get buffet and Toy Kingdom vouchers. On top of the sumptuous selections in S Kitchen, the chefs added more spellbinding entrees like smoked ribs, glazed hams,

German sausage, and premium steaks. Desserts come in haunted designs and shapes like zombie cookies, moist brain cake, witch’s cupcakes, and more eerie pastries. Kids will then get to creep around the hotel to collect more treats from the hotel’s event partners like Monde Nissin, Monde M.Y. San and PikNik Corporation. While over at The Lounge, they are mixing up Grim Reaper’s Brews available until October 31, 2019. These are bloody good cocktails are inspired by famous horror movie characters – perfect to give anyone that Halloween vibe. Cocktails starts at Php 375 only. Whether you are looking for a Halloween scare or good time, Sheraton Manila invites you to spend it with the family to make it extra meaningful. For more information or reservations, please call (632) 902-1800 or follow @ sheratonmanila on Facebook, Instagram and Twitter.

Solaire Rewards: The Loyalty Program that Keeps on Giving

OLAIRE Resort and Casino is undeniably a revolutionary at the top of its game. As G2E Asia’s 2019 Best Asian Integrated Resort, and a Forbes Travel Guide 5 Star 2019 awardee, Solaire matches its sustained infrastructure and services innovations with its technology-driven solutions - Solaire Rewards. It is the first and only integrated rewards system and loyalty program in the country that lets its members avail points from Solaire’s gaming facilities, restaurants, hotel and retail offerings. A true pioneer in the hospitality industry, Solaire shows gratitude to its loyal customers through a rewards program that lets them earn points every time they book a hotel room, play casino games, indulge in spa treatments, dine in restaurants or shop in all of Solaire’s retail outlets. The points earned may be used to redeem dining privileges, shopping sprees, hotel and flight accommodations and access to world-class entertainment. The centralized rewards system gives loyal customers a 360o Solaire experience, upholding its commitment to providing limitless possibilities without the hassle of long lines and tedious paper works. Solaire offers a simplified rewards system in its metal and gem card tiers with their new Solaire Peso scheme. Solaire’s Silver card, the metal of

elegance, is the beginning of your journey to the ultimate Solaire experience. With no required status points over 12 months and a P1.00 Solaire Peso equivalent for every point, it’s the perfect startup card for anyone new to the rewards game. The metal of loyalty buys you a ticket to the fast lane. Solaire’s Gold card has a 500-status point requirement over 12 months and a P1.10 Solaire Peso equivalent for every point. It entitles you to a five percent discount on rooms and suites, a PHP 300 dining voucher at any Solaire signature restaurant, and a chance to attend exclusive Solaire events. Sign up for a card today and start your most rewarding journey with Solaire. For more information visit http://solaireresort. com/rewards.

Road teams top 1st 5 Series games for third time

ASHINGTON—The highlight film of this year’s World Series could be a double feature with all those Bob Hope/Bing Crosby movies: “On the Road.” For just the third time in Series history, the visiting team has won the first five games. “We play the villain pretty well,”Washington right fielder Adam Eaton said. In a tale of two cities, the Nationals outscored the Astros 17-7 in the first two games at Minute Maid Park last week. After the travel day, Houston had a capital time in Washington, outscoring the Nats 19-3. Road-field advantage? “I think I would have rather played the last three games on the road, with the outcome,” Washington shortstop Trea Turner said with a chuckle. This is the first time the road team won the first five games since 1996, when the Braves rocked the New York Yankees by a combined 16-1 in two games to spurt ahead on the road, lost the final three games played at Atlanta-Fulton County Stadium, then were beaten in Game Six in the Bronx. Going back to the Windy City Series of 1906, when the home team alternated each day, the Chicago White Sox won Games One, Three and Five at the West Side Grounds, and the Cubs took Games Two and Four at South Side Park. The White Sox finally gave the home faithful something to cheer in Game Six, bursting to a six-run lead and winning 8-3. This year, 18 of the 30 teams had winning records at home during the regular season, and overall clubs were 1,286-1,143 at home for a .529 winning percentage, according to the Elias Sports Bureau. Home clubs then went 17-13 in the postseason through the League Championship Series. But the World Series has been a bon voyage of late. Including Boston’s victories at Dodger Stadium in Games Four and Five last year, visiting teams have won seven straight World Series games for the first time. Washington first baseman Ryan Zimmerman doesn’t get carried away over the trend. “I don’t think home and road matters in baseball, other than the walk-off, obviously,” he said, “During the season when you’re home for a 10-game ASTROS fans cheer during Game Five. AP home stand and you get to sleep in your bed and other teams are maybe on a long road trip, but during the playoffs you have off days.” Washington and Houston looked like two different teams after the change of ballparks. The Astros stranded 20 at home and were three for 17 with runners in scoring position, then went seven for 21 with RISP in D.C. “I just know that the off day for us really helped us reset, maybe kind of stopped pressing a bit,” Houston leadoff hitter George Springer said. After going seven for 21 with runners in scoring position on the road, the Nationals were one for 21 at home. “We took a pretty heavy punch in the gut when it came to the first two games,” Astros Manager AJ Hinch said. “The Nats came out hot. They won a close game, then they blew us out late. And then you take a step back, and you’re like, we’re still in the World Series and it’s still a race to four wins. You win that first win. I said that: I think the vibe was going to start to pick up a little bit.” Some players have said over the years that it’s easier playing on the road, without the distraction of dealing with well-intentioned but time-consuming family and friends. Nationals Manager Dave Martinez didn’t think there was an advantage to being cosseted in a hotel. AP

Sports BusinessMirror

| Tuesday, October 29, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

ASTROS A WIN SHY OF CROWN GERRIT COLE and powerful Astros hammer Nationals, 7-1, in Game Five. AP

By Ben Walker The Associated Press

ASHINGTON—Gerrit Cole and the Houston Astros went to Washington, hoping to snap out of their funk and bring the World Series back to Minute

Maid Park. Not only are they heading home with more games to play, now they’re just one win from another crown. Handed the ball for what was supposed to be a high-stakes showdown against Max Scherzer, Cole gave Houston a firm grip on the Series by beating the Nationals, 7-1, on Sunday night for a 3-2 lead. Cole looked exactly like the stud who dominated baseball most of this season, bouncing back from a Game One clunker to pitch the Astros to their third-

straight win. What a turnaround for his teammates, too—outscored 17-7 overall at home, Houston hammered the Nationals 19-3 in a Washington wipeout. “We look like ourselves now,” Astros Manager AJ Hinch said. Something was definitely missing for the Nationals. Namely, Scherzer. The three-time Cy Young Award winner beat Cole in the opener, and was the Nats’ best hope to slow Houston. But then Scherzer was scratched only 3 1/2 hours before game time because of an irritated nerve near his neck, an injury that could finish him for the Series. Slumping rookie Yordan Álvarez and Carlos Correa each hit an early two-run homer off emergency starter Joe

Ross. George Springer added another postseason drive for the Astros, who led the majors with a franchise-best 107 wins during the regular season. “We actually hit some balls hard. We really did,” Washington Manager Dave Martinez said. “We just can’t get nothing going these last three days.” With the road team winning every time so far, Houston heads home with two chances to claim its second title in three years. Justin Verlander gets the first try when he starts against Stephen Strasburg in Game Six on Tuesday night. “High level of confidence,” Cole said. Cole threw three-hit ball for seven innings, nicked only by Juan Soto’s home run in the seventh, and struck out nine—eight on breaking balls. Cole’s mix of 99 miles per hour heat and sharp secondary pitches induced a bevy of bad swings from the wild-card Nats as he improved to 4-1 with a 1.72 earned run average (ERA) this postseason. It might’ve been his final start for Houston—he’s eligible for free agency and figures to command a steep price. Standing tall on the mound, Cole was unflappable in the face of 43,910 fans who went from fired up to furious to flat-out frustrated. “He knew what this game meant to this Series,” Hinch said. “So, nobody better to have on the mound.” The crowd gave Ross a huge ovation when he walked onto the field for warmups, sympathetic to his situation—he had pitched a total of two innings in almost a month. But when President Donald J. Trump was shown on the video board for about 10 seconds before the fourth inning, watching from a lower-level suite,

the fans let loose with loud boos and broke into a brief but very audible chant of “Lock him up!” The fans weren’t finished, either. Cole ended his outing by getting Victor Robles on a called third strike, a pitch the TV zone showed to be off the plate. Robles chucked his bat, helmet and gloves, and the crowd soon began a derisive chant at umpire Lance Barksdale. “I know there were some choice words but that’s just in the heat of the moment,” Martinez said. Cole acknowledged he finished his outing “with a break.” “It’s tough. I think ultimately some of those pitches were off the plate,” he said. Most fans, meanwhile, stayed to the very end. “They came to support us and really gave us everything they had all the way to the end, all 27 innings. Hats off to them. We apologize that we didn’t give them more to celebrate,” outfielder Adam Eaton said. “It wasn’t that we didn’t try.” Cole led the majors in strikeouts this year, was second to Verlander in wins and topped the American League in ERA. He took a 19-game winning streak into the opener but hardly looked like an October star, giving up five runs over seven uneven innings. In his second shot at the Nationals, he aced the test. Cole escaped a firstand-third, no-out jam in the second, then breezed into the seventh. With two outs and a full count on Ryan Zimmerman, Cole suddenly stepped off the mound—video that quickly made the rounds showed two women right behind the backstop lifting their tops to flash Cole. It wasn’t clear whether he saw them, and he walked Zimmerman before getting Robles. Alvarez, normally Houston’s designated hitter, justified his spot in left field in a hurry. He aunched a drive to left-center in the second and went three for three. Alvarez hit 27 home runs in 87 games this season, but hadn’t connected in 71 at-bats since September 21. “Obviously we did the job here, which was to win three games. And very happy to go back to Houston and to do my job to hit as a DH,” he said through a translator. Correa made it 4-0 with his homer in the fourth and Yuli Gurriel added a twoout run batted in single in the eighth. Springer’s 15th career postseason home run—seven in the World Series for the 2017 Series MVP—finished off the rout.

TRUMP DRAWS BOOS IN GAME 5 W

PRESIDENT Donald J. Trump watches the Astros-Nationals duel for seven innings before heading back to the White House. AP

ASHINGTON—President Donald J. Trump’s low-profile appearance Sunday night at Game Five of the World Series came at a highprofile moment of his presidency. Yet, he still drew loud boos and jeers when introduced to the crowd. Wearing a dark suit and a tie, Trump arrived at Nationals Park just before the first pitch of the Houston Astros-Washington Nationals matchup. Hours earlier, he had announced that US forces had assaulted the hiding place of Islamic State leader Abu Bakr al-Baghdadi, who was killed in the raid in northeast Syria. A military success against a most-wanted enemy of the US and its allies could have provided the president a rare moment of bipartisan comity, especially amid a divisive impeachment inquiry. Trump and first lady Melania Trump entered a lower-tier box to the left of home plate as the game got under way. At that point his presence wasn’t formally announced, but baseball fans in the section just below Trump’s suite turned to look toward the box as he arrived. Some waved at the president as he smiled and gave a thumbs-up. At the end of the third inning, ballpark video screens carried a salute to US service members that drew cheers throughout the stadium. When the video cut to Trump and his entourage and the loudspeakers announced the Trumps, cheers abruptly turned into a torrent of boos and heckling. Chants of “Lock him up!” broke out in some sections. Trump appeared unfazed and continued waving. Later, some fans behind home plate held a sign reading “Veterans for Impeachment.” Another banner appeared during the game: “Impeach Trump!” The president was on hand for seven innings before heading back to the White House. The Astros took a 3-2 series lead with a 7-1 victory in Game Five. Until Sunday night, Trump had yet to attend a major league game as president even though the White House is a few miles northwest of Nationals Park. A dozen or so congressional lawmakers accompanied the

president, according to a list provided by the White House, including Sens. Lindsey Graham of South Carolina and David Perdue Georgia. “I think everybody is excited,” Nationals star pitcher Stephen Strasburg said before the game. “It’s the president of the United States. So there’s obviously beefed-up security. So usually the dogs that are sniffing in our clubhouse are these nice Labs that are super friendly. And today, there was a German shepherd that I didn’t really feel comfortable petting.” Nationals Manager Dave Martinez said: “He’s coming to the game. He’s a fan. Hopefully he cheers for the Washington Nationals, and I hope he enjoys the game.” Trump’s staff has long tried to shield him from events where he might be loudly booed or heckled, and he has rarely ventured into the neighborhoods of the heavily Democratic city. He won just over 4 percent of the vote in the District of Columbia in 2016. Major League Baseball Commissioner Rob Manfred said he discussed with Trump whether he’d like to throw out the ceremonial first pitch, but the president declined while citing the disruption that would cause fans getting to the ballpark. Washington Nationals Principal Owner Mark Lerner told the Washington Post that Trump should be at the game, but he made clear that he did not invite Trump to throw out the first pitch, saying there were many other candidates that should be considered before Trump. Jose Andrés, a prominent local restaurant owner and humanitarian, threw out the first pitch to a roaring, sustained ovation. He has a history with Trump, too, both in business and in politics. Andrés has repeatedly opposed Trump’s immigration policies and his administration’s response to Hurricane Maria in Puerto Rico. Four years ago, he withdrew from plans to open a restaurant in the Trump International Hotel in Washington following Trump’s controversial comments about Mexican immigrants during the presidential campaign. Legal action ensued and the dispute was settled in 2017. AP

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Tuesday, October 29, 2019

Finnish horse show runs on manure

ELSINKI—The world’s governing body for horse sport is praising a climate-friendly scheme by a Finnish equestrian event to generate all its electricity needs from horse manure, and says the initiative paves

way in cutting reliance on fossil fuels in horse sports. A delegation from the Lausanne, Switzerlandbased International Federation for Equestrian Sports, or FEI, visited the four-day Helsinki

NZAI CITY, Japan—For Tiger Woods, it all comes down to consistency. Surgeries on his knee and back, and a crisis in his personal life have cost him opportunities to play his best golf over the past decade. But when he’s been healthy and free from off-course distractions, he’s always found ways to win. And now, he’s won as much as anybody on the Professional Golfers Association (PGA) Tour. Woods completed a wire-to-wire victory at the Zozo Championship on Monday, equaling Sam Snead’s PGA Tour record of 82 victories. “It’s a big number,” Woods said. “It’s a lot of consistency and doing it for a long period of time, Sam did it into his 50s and I’m in my early to mid-40s, so it’s about being consistent and doing it for a very long period of time. I’ve been very fortunate to have the career I’ve had so far.” The 43-year-old returned Monday to play the final seven holes in the rain-hit tournament, completing a three-under 67 to beat local favorite Hideki Matsuyama by three strokes at Accordia Golf Narashino Country Club. Woods had arthroscopic surgery on his left knee two months ago—his fifth on the same problem joint. He’s also had four back surgeries, including a spinal fusion, and looked at times as if his career was over, but he returned to win the Tour Championship in 2018 before his triumph at the Masters in April for his 15th major. The Japan event was Woods’s first start of his 23rd season on the PGA Tour. “I can still manage my way around the golf course,” Woods said. “I know how to play. I was able to do that this week.” The fourth round was suspended because of darkness Sunday with Woods holding a three-stroke lead over Matsuyama in the first official PGA Tour event in Japan. He bogeyed his first hole of the day, the par-four 12th, but

International Horse Show to get acquainted with the manure-to-energy technology developed by Finnish utility Fortum. FEI President Ingmar de Vos said Monday the system proves “ideas for alternative

energy solutions can come from the most unlikely places.” Over 150 megawatt hours of energy was created from the 100 tons of manure collected from competing horses during the event in the Finnish capital which hosted FEI World Cup jumping qualifier. AP

ROBERT WHITAKER rides Catwalk IV to victory in the Longines FEI Jumping World Cup 165 cm at the Helsinki International Horse Show in Finland on Sunday. AP

WOODS: IT’S CONSISTENCY was solid the rest of the way with birdies on Nos. 14 and 18 to finish at 19-under 261. Matsuyama also closed with a 67. Woods opened with consecutive 64s, with a day off in between because of rain. He had a 66 on Sunday in the third round. “It’s been a long week,” Woods said. “Five days at the top of the leaderboard is a long time.” As the US Presidents Cup captain, Woods was asked about picking himself for the team. “I think the player got the captain’s attention,” Woods said. Woods’s approach shot on the 12th found a greenside bunker. He blasted out and left himself a long par putt that he missed for bogey, cutting the lead to two strokes. But that was the only time he would falter. Matsuyama missed a short birdie putt on the par-5 14th with a chance to cut the lead to a stroke. Woods, playing in the group behind Matsuyama, made birdie to restore the three-stroke lead. Matsuyama cut the lead to two with a birdie on par-3 16th. On the par-5 18th, he drove into a fairway bunker, and hit his approach into a greenside bunker before saving par. Woods’s second shot on 18 also found a greenside bunker. He blasted to 10 feet and made the putt.

Woods last played in an official tournament in Japan in 2006 at the Dunlop Phoenix, where he lost in a playoff to Padraig Harrington. He won the Dunlop Phoenix the two previous years. It was a wild debut for the PGA in Japan. Torrential rain washed out play Friday, forcing the second round to be moved to Saturday. To make up for the lost day, the players started the fourth round immediately after finishing the third to get in as many holes as possible. The course took on over 8 inches of rain Friday and was in remarkably good shape when play resumed on Saturday for the second round. Woods got in 11 holes and played 29 holes Sunday before having to come back for a 7:30 a.m. start. “This was certainly demanding,” Woods said “Being in the lead for the better part of five days puts a stress on the mind. It’s not easy to do.... It’s stressful, it wears one out, but, somehow, I was able to finish out on top and made key putts this week.” Rory McIlroy, the highest-ranked player in the field, completed his round with two birdies for a 67 to tie for third at 13 under with Sungjae Im, who shot 65. AP TIGER WOODS completes a wire-to-wire victory at the Zozo Championship in Japan. AP

O Olympic marathon at 3 a.m., or 5 a.m.?

OKYO—How about running next year’s Tokyo Olympic marathon at 3 a.m.—or 5 a.m.? That may be proposed to Olympic organizers and the International Olympic Committee (IOC), a step to keep the marathon from being moved out of Tokyo’s summer heat to cooler weather 800 kilometers further north in Sapporo. Japanese news agency Kyodo, without citing sources, said the Tokyo Metropolitan Government was considering making the proposal, hoping to keep the marathon in Tokyo. Well, it doesn’t seem likely to happen. IOC member John Coates met Friday with Tokyo Governor Yuriko Koike and told her and local reporters that the race will be relocated—as announced. Forecast temperatures in Sapporo are “5 to 6 degrees centigrade [about 10 degrees F] cooler during the day than in Tokyo,” the IOC said. The IOC released a proposal a week ago to move the marathons and race walking events to Sapporo. The moved thrilled Sapporo, which is considering a bid for the 2030 Winter Olympics. The change was announced quickly, apparently with scant consultation with local organizers or upset government officials. Koike said she was “very surprised” about the venue change, but also sided with

IOC reasoning: that athletes will be safer in cooler temperatures. The trigger was probably the recent world track and field championships in Doha, Qatar, where 28 of 68 starters failed to finish the women’s marathon, and 18 of 73 men failed to complete the course. The races started at midnight in 38 degree C (100 degree F) heat. Tokyo’s Organizing Committee President Yoshiro Mori suggested last week it was a done deal. The changes are almost certain to be confirmed next week when IOC inspectors visit the Japanese capital. “Can we say no to the plan that the IOC and International Association of Athletics Federations already supported?” Mori said. “It’s not a question of good or bad, but we just have to accept it.” Mori said he had talked with Coates, the head of the inspection team. He said cost was a major issue in moving the marathon. “Our overall cost has become a humongous amount, so it would cause us pain if the cost is added to our bill,” Mori said. “So I mentioned that to Mr. Coates, and he said he will look into it. We won’t be able to pay if it’s a significant damage to our finances. I have reminded him of that.” A government audit report last year said Tokyo is spending about $25 billion to organize the Olympics, all of which is public money except $5.6 billion from a privately financed operating budget. AP

Schroder, Thunder dominate Warriors

KLAHOMA CITY—Finally, Thunder fans have something to cheer about. Dennis Schroder scored 22 points to help Oklahoma City rout the Golden State Warriors 120-92 on Sunday for their first victory of the season. It was a long-awaited ray of hope for fans who have been looking for something to cling to after the Thunder traded away longtime star Russell Westbrook for Chris Paul in the offseason. The blowout matched Oklahoma City’s largest margin of victory over the Warriors since the franchise moved from Seattle before the 2008-09 season. The fact that the breakthrough came against the Warriors didn’t mean much to Paul. “I think it was more about us, not about them,” he said. “We’ve got to have an identity. How we are going to play defensively and offensively? Pushing the pace, moving the ball and playing with the right spirit.” Now, Paul and Westbrook will face off Monday night in Houston. Paul said it might be a bit awkward, but he won’t make a big deal about it. “It’ll be my first time back there since I got traded so, you know, it’s another game,” he said. “Move on. See a couple familiar faces, say‘what up’ to my man the equipment manager. Keep it pushing.” The Warriors still have a lot to figure out. Stephen Curry scored 23 points on Sunday, making seven of 18 shots while his teammates made just 23 of 74. Golden State was coming off a season-opening home loss to the Los Angeles Clippers. Kevin Durant left the Warriors for Brooklyn in the offseason and Klay Thompson is likely out for the season with a torn left ACL. Still, Golden State expected to be more competitive early in the season. “It sucks,” Warriors forward Draymond Green said. “But I guess just about everybody except Tim Duncan has been through it. But it sucks pretty bad.” Oklahoma City roared out to a 70-37 halftime lead. The Thunder shot 56.5 percent before the break while holding the Warriors to 27.5 percent. Schroder had 16 points and six rebounds in the first half. AP

WBC warns IOC of dangers of pro boxers in Tokyo 2020

MATEUR fighters run the risk of serious injury if they come up against professionals at Tokyo 2020, the World Boxing Council (WBC) have warned the International Olympic Committee (IOC). Any professionals who compete at next year’s Olympic Games at the Japanese capital will be banned from competing in fights organized by the WBC for two years, they have confirmed. Unified world heavyweight boxing champion Andy Ruiz Jr. had originally thought about representing Mexico at Tokyo 2020

before changing his mind. The WBC have campaigned against plans for professionals to compete in the Olympic Games since the initiative was launched by the International Boxing Association (Aiba) before Rio 2016 because they claim it is dangerous for them to fight amateur boxers. As well as deciding at its 57th Annual Convention in Cancun to issue the threat of suspensions for boxers taking part at Tokyo 2020, the WBC also announced they had written to the IOC about the matter.

Delegates were told the letter was intended to highlight and underline “the controversial issues of seasoned powerful professionals being allowed to fight against and likely dominate callow amateur youth, with all the risks of injury and the willful crushing of young dreams.” WBC-affiliated boxing federations in the United States, Canada, Japan, Spain, Portugal and Switzerland have already underlined their opposition to professionals fighting in the Olympic Games. Insidethegames

orts

sMirror

Tuesday, October 29, 2019

Eala, wushu bets grace PSA Forum

SPORTS WITHOUT BORDERS

VINCENT JUICO

ENNIS prodigy Alex Eala finds time from her hectic schedule to grace the Philippine Sportswriters Association (PSA) Forum for the first time on Tuesday at the Amelie Hotel-Manila. Eala, currently No.13 in world junior rankings, will discuss her plans for the rest of the year after recently seeing action in the World Super Juniors Tennis Championships. She will be accompanied by her father Mike Eala in the 10 a.m. session. The wushu duo of Agatha Wong and Daniel Parantac also share the limelight with Eala in the forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp. Wong and Parantac talk about wushu’s bid for the golds in the 30th Southeast Asian Games to be held in the country next month. The forum livestreamed via the PSA Facebook page fb.com/PhilippineSportswritersAssociation and aired on a delayed basis over Radyo Pilipinas 2 from 1 to 2 p.m. and at 6:30 p.m.

@VJuico Instagram vpjp_j vince.juico@gmail.com

Profit vs values

Patrombon tries to stretch streak in Pintaflores meet

ESON PATROMBON hopes to keep his run of good form in pursuit of another championship as he leads the chase for the men’s singles Open crown in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Pintaflores Festival unfolding on Tuesday at the San Carlos City Tennis Courts in San Carlos, Negros Occidental. From his emphatic victories in the Gov. Umali Cup, Fr. Suarez Cup, Brookside Open and Actifit Open this year, Patrombon sets out for another title romp against the likes of doubles partner Vicente Anasta, Fritz Verdad, Rodolfo Barquin Jr. and John Mari Altiche in the weeklong event held as part of the host city’s Pintaflores Festival celebrations and organized by Criston Carmona. Others in the 32-player draw in the premier division of the tournament, sponsored by Mayor Rene Gustillo, Rep. Gerardo Valmayor and Gov. Bong Lacson, are Jeremiah Macias II, Alberto Villamor and Joshua Kinaadman. Sharing center stage with the country’s leading players are the rising junior netters clashing in their side of the duel, a Group I tournament offering ranking points in nine age-categories, and the veterans disputing top honors in the Legends 40s, 50s and 60s and women’s doubles. “This is going to be another exciting week for tennis and enthusiasts with our top players ready to slug it out and the juniors chasing ranking points in a Group I tournament,” said Palawan Pawnshop President/CEO Bobby Castro. Bliss Bayking and Ellaine Bahonsua and John David Velez and Cedric Bravo head the cast in the girls’ and boys’ 18-and-under division, respectively, with Velez and Bravo also loom as the players to beat in 16-U play. Siblings Ashley and Khymberly McKenzie, on the other hand, are tipped to dispute the girls’ 16-U diadem along with Mia Gemida and Joshea Malazarte. Khymberly McKenzie also spearheads the title chase in 14-U category along with Jeffnani Denopol, Faith Blanco and Davelane Gauran while Gerald Gemida, John Bona, Axel McKenzie and Francis de Juan brace for a fierce duel in the boys’ 14-U section. Among those clashing in the Legends division are Jojo Enad-Guendel Orcullo and Jobee BartolomeKarl King (40s), Jojie Ansola-Paul Aligo and Justo Cerna-Roche Pilares (50s) and Josephus Cerna-Remio Sagansay and Renato Clavero-Edgar Norbe (60s).

‘GET GOLD!’ Smart launches its “Get

Gold!” campaign, which offers cash incentives to Sibol athletes and their coaches and managers for every gold medal won in the 30th Southeast Asian Games—P2 million for team events (Dota 2, MLBB and AoV) and P1 million for individual events (Tekken 7, Hearthstone and Star Craft). NONOY LACZA

DOUBLE TIME ON REHABILITATION WORKERS double their effort to meet the deadline of the rehabilitation of Rizal Memorial Coliseum that will be the venue for gymnastics in the 30th Southeast Asian Games. NONIE REYES

By Ramon Rafael Bonilla

ELAYS in shipment of imported equipment and materials forced the Philippine Sports Commission (PSC) to transfer the squash competitions to an alternate venue as construction and rehabilitation of key facilities inside the Rizal Memorial Sports Complex went fever-pitch. The complex has been undergoing rehabilitation for the 30th Southeast Asian Games the country is hosting from November 30 to December 11. PSC Commissioner Celia Kiram, the commissioner in charge for squash as deputy

chef de mission, bared on Monday that the construction of a building inside the Manila complex will be finished on time for the Games. What is not guaranteed, Kiram stressed, is the arrival of a shipment of flooring materials specific for the sport that are imported from Germany. “Shipment is just one thing,” Kiram said. “Once the imported flooring and additional equipment reach the sports complex, they need to be fitted on the newly constructed building.” “The facility will be finished on time, but the flooring from Germany might not arrive on schedule,” she added.

FEU snatches 15th men’s crown, 5th women’s tiara in UAAP chess

AR Eastern University (FEU) claimed its 15th men’s crown and annexed a fifth women’s tiara to extend its domination of University Athletic Association of the Philippines (UAAP) chess action over the weekend. And not even a final round defeat could deny FEU the title of becoming the next UAAP men’s chess team of all time. The Tamaraws suffered their very first defeat of the tournament at the hands of the University of Santo Tomas (UST) Tigers, 1.52.5, in the 14th and final round at their foes’ home turf at the Quadricentennial Pavilion, but the Season 82 trophy was already a foregone conclusion several rounds before.

Minus the final round setback, it was a performance to remember as FEU finished with 43 points, or an unforgiving 7.5 points ahead of eventual second placer UST with 35.5 points. It will take a very long time before anyone could lay claim on FEU’s status as both La Salle and UST have only seven crowns apiece. And it looked like the Tams will build a dynasty as they will parade practically the same team anchored on their Big Three—Jeth Romy Morado, RK Sevillano and JM Jacutina—in seasons to come. All three won gold on the top 3 boards with Morado and Jacutina sharing the Most Valuable Player award and Sevillano and Jacutina named

Philippine Squash Academy President Robert Bachmann thus booked the squash courts at the Manila Polo Club for the competitions set from December 1 to 9. The Rizal facility will be utilized as a training center for the squash and table tennis national teams. Kiram said the Philippine Southeast Asian Games Organizing Committee requested the PSC to lend its venues because of the enormity of the Games in terms of sports, the biggest at 56. “RMSC was originally not part of the SEAG venues. But because our facilities are within the standards, they ask for our assistance,” she said. PSC Chairman William Ramirez said

as co-Rookie of the Year awardees. Another Tamaraw, Israelito Rilloraza claimed the gold on board six to cap FEU’s domination of the tournament. The only gold that didn’t go FEU’s way went to Ateneo’s Tristan Jared Cervero on board four and UST’s Antonio Almodal III on board five. FEU also eked out a closely fought 2.5-1.5 win also over in the 14th and final round to snare its fifth title in the women’s contest. Shania Mae Mendoza provided the lone victory on top board as the rest—Bea Mendoza, Marife de la Torre and Viona Nepascua—ended up with fighting draws to help the Lady Tams finish with 40 points, good enough to claim the crown. La Salle, last year’s winner, went for a shutout win but wound up with just a slim 2.5-1.5 win over first-round conqueror Ateneo on wins Antoinette Marie San Diego and Samantha Glo Revita on boards two and three and a split by Franchell Eds Javier with Laila Camel Nadera on board four, and settled for second place with 38.5 points. It was sweet revenge for the Lady Woodpushers from Taft Avenue after they made up for a 1.5-2.5 defeat at the hands of the Lady Eagles, whose lone win was provided for by Alexis Anne Ocena on board two, in the very first round that derailed the former’s title-retention bid. If there’s any consolation, San Diego edged Philippine Olympiad squad teammate Mendoza for the board one gold and MVP plum. National University, on the other hand, saved its best for last as it routed Ateneo, 4-0, and overtook FEU to claim its second straight title in the girls’ division. Allaney Jia Doroy, Jesca Docena, Vic Glysen Derotas, and Natasja Jasmine Ballabo delivered the victories across the board to turn a half-point deficit in the ninth and penultimate round into the Lady Bullpups’ second crown in a row after finishing with 30.5 points. The Baby Lady Tamaraws, who led most of the tournament and NU by half a point entering the last round, managed just a 2.5-1.5 win over the Adamson Junior Lady Falcons and settled for second place with 29.5 points.

the financial support from the Philippine Amusement and Gaming Corp. of P842 million for the rehabilitation of the facilities came as “a saving grace to the ailing status of the age-old Rizal Memorial complex.” “Phisgoc is looking for venues and we offered six,” said Ramirez, referring to the Rizal Memorial Coliseum, Ninoy Aquino Stadium, Rizal football stadium, tennis and squash centers and the PhilSports Complex in Pasig City. The PSC organized a site visit inside the rehabilitations of the Rizal Memorial Coliseum, venue of gymnastics, and the Ninoy Aquino Stadium, the taekwondo and weightlifting venue.

HOUSTON Rockets General Manager Daryl Morey’s tweet supporting the Hong Kong protesters has sparked a debate between profit versus values. China has banned the broadcast of National Basketball Association games over state-run television network CCTN. Chinese companies have pulled out sponsorships. Tencent, a Chinese multinational conglomerate holding company has also stopped the broadcast of NBA games. The Houston Rockets are the most popular NBA team in China because Chinese basketball legend Yao Ming played in Houston his entire career. The NBA champions freedom of speech but with this freedom comes responsibility. NBA and Lakers superstar LeBron James criticized Morey for being ”uneducated” about the situation in Hong Kong, not thinking of the bigger picture before he tweeted. It is freedom of speech vs censorship. The league, which is in the United States, a nation wherein the freedom of speech is in it’s constitution, strongly espouses and advocates the freedom to speak and express opinion. Does the NBA stand to lose millions in revenue because of Mr. Morey’s tweet? Will things simmer between the largest and second largest economies of the world? Mr. Morey should’ve thought about the repercussions and consequences his tweet may cause. Should Mr. Morey be fired over the tweet? I say no because Mr. Morey has been an outstanding general manager for the Rockets and he is responsible for the building the Rockets into a title contender ever since he took over in 2007. In my opinion, all this will pass and things will go back to normal. Also, in my opinion, Mr. Morey should’ve held back on his tweet knowing there are two NBA basketball teams playing exhibition games in China. I’m all for freedom of speech but it has to come with responsibility and awareness of what scenarios and situations may arise especially if an NBA general manager didn’t think before he clicked.

HOUSE HOOPS WINNERS

The House of Representatives Secretariat beats the Aquila Legis Basketball Team, 73-55, in an exhibition basketball game recently. The game is another activity in the extensive lineup intended to promote health, wellness and balance for House employees during the October-long celebration of the House of Representatives Month.

UP’s Manzo Player of the Week

NIVERSITY of Santo Tomas (UST) has already made school history—and it’s still very much in the running in the University Athletic Association of the Philippines (UAAP) Seson 82 Men’s basketball tournament. With a gutsy win against La Salle last Sunday, the Fighting Maroons clinched the second-seed and the twice-to-beat advantage. Both are firsts for State U in the Final Four era. Not only that, with that gutsy win, they booted out the Green Archers who will be missing the semifinals for the second straight season. And there is no doubt that UP can thank Jun Manzo’s leadership and backcourt brilliance for much of that. In their last two wins, Manzo averaged 12.5 points, 5.0 assists, and 4.5 rebounds, steering the ship as the Fighting Maroons sailed toward history and proving worthy as the latest Chooks-to-Go Collegiate Press Corps

UAAP Player of the Week. Against La Salle, the 5-foot-9 court general pumped in 11 points on top of eight assists and five rebounds. That scoring output may be far from his best, but his unselfishness was key in the Fighting Maroons’ 71-68 triumph over the Green Archers who were desperate for a win to stay alive. In fact, it was his beautiful bounce pass that led to Kobe Paras’s go-ahead dunk in the last minute. And that was just an encore for the graduating guard’s 14-point, four-rebound, two-assist performance in their 80-77 win over National University three days earlier. Those back-to-back strong showings not only earned Manzo the weekly citation decided upon by print and online writers covering the beat, but Head Coach Bo Perasol’s praise as well. “I just have to give honor to them for being warriors,” he said. “Bright [Akhuetie], Jun here, and everybody else who contributed should get credit for this.”

Verstappen wastes chance, no thanks to penalty

EXICO CITY—Max Verstappen will go to the US Grand Prix mad about what might have been in Mexico. The Red Bull driver fought his way from the back to a sixth-place finish at the Mexican Grand Prix on Sunday. That he didn’t have a chance to fight for the win or a podium is his own fault. Verstappen’s penalty for unsafe driving in qualifying bumped him off his second career pole position into fourth at the start. That meant he had to navigate the crowd of cars at the first turn of the race out of a furious sprint. That didn’t work out. Verstappen and eventual race winner Lewis Hamilton bumped in the second corner and both cars went into the grass. Back down in eighth, Verstappen fought back three laps later to make a passing move on eventual third-place finisher Valtteri Bottas. Verstappen got by, but his right rear tire was punctured when it clipped Bottas’s front wing. The tire soon shredded and Verstappen drove nearly an entire lap with a bare wheel as he dropped to last place. Only a furious drive without another tire change brought him back to sixth. “To come back to sixth was actually not a bad result if you look at everything that went on,” Verstappen said. But it only highlighted Red Bull’s winning potential in driver and car that was wasted by Saturday’s penalty. The two-time defending race champion had been struggling since the summer break but in the thin air of Mexico City his blistering lap in qualifying easily topped Ferrari, everyone’s pole favorite. Then Verstappen admitted in the post-qualifying press conference that he didn’t slow down under a yellow flag on his final lap after Bottas crashed in front of him. He even dismissed a question whether that was unsafe. His comments quickly drew an investigation and a penalty. And they doomed his victory chances. The episode was a return to the brash Verstappen who rarely backs off, on or off the track. And it likely prompted his aggressive moves at the start Sunday as he fought to regain the front. Driving angry had worked here in 2018. Verstappen seethed that he’d been bumped off the pole by then-teammate Daniel Ricciardo and channeled that anger into a brilliant move into the first turn that set him up for an easy victory. Verstappen couldn’t do the same Sunday. Not from fourth position. “It’s a real shame,” Red Bull Team Principal Christian Horner said of Verstappen’s race. “We could have had a lot more out of today.” The bump with Hamilton could have been more impactful. Hamilton said his car floor was damaged and he had to deal with that the rest of the race. “I thought at some stage I’d get torpedoed by Max,” Hamilton said. “I always leave Max a lot of space. That’s the smartest thing you can do.... But I don’t think it was intentional or anything like that. It was just, he’s a magnet for those kind of things” Bottas said Verstappen came “out of nowhere” when trying to make a rare pass in the slow corners of the track’s stadium section and “earned his puncture.” Verstappen suggested it was Bottas’s fault. “The race was still on until I overtook Valtteri and he clipped my rear tire,” Verstappen said. AP

Sports BusinessMirror

| Tuesday, October 29, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PIT crew change the tires of Max Verstappen’s car during the Mexico Grand Prix on Sunday. AP

HAMILTON PARTIES IN MEXICO The Mercedes driver overcame Ferrari’s front-row start to win the Mexican Grand Prix on Sunday, pushing him so close to the season championship that he’s all but guaranteed to win it next week at the US Grand Prix in Texas.

By Jim Vertuno

The Associated Press

EXICO CITY—Lewis Hamilton got the Mexican victory party he craved. He’ll have to wait another week for a sixth career championship. The Mercedes driver overcame Ferrari’s front-row start to win the Mexican Grand Prix on Sunday, pushing him so close to the season championship that he’s all but guaranteed to win it next week at the US Grand Prix in Texas. “I don’t mind. I love racing,” Hamilton said after climbing out of his car with a wave to the massive crowds at the Autodromo Hermanos Rodriguez. “This is a race I’ve wanted to win for some time. It came together nicely.” It came together because Hamilton overcame damage to his car floor from an opening-lap collision with Red Bull’s Max Verstappen, and then managed an early tire change for a shocking 48 laps to drive away with a comfortable win over Ferrari’s Sebastian Vettel. Only Mercedes teammate Valtteri Bottas’s third-place finish denied Hamilton the season championship by the slimmest of margins. Hamilton needed to beat Bottas by 14 points, but picked up 10 instead while earning his

10th win of the season and 83rd of his career. That sends the championship to next week’s US Grand Prix, where Hamilton has won five times since 2012. He clinched the 2015 title there. “It’s been a good hunting ground for me,” Hamilton said of the Texas race. But Mexico City was a big prize he badly wanted. Hamilton had won the 2017 and 2018 championships here, but fared poorly in both races and didn’t make the podium either time. Drivers call the Mexico City winners’ celebration the biggest and wildest of the season, and Hamilton hadn’t stood there since his victory in 2016. “You could see someone else on the podium celebrating the win and you wanted to do that,” Hamilton said. Charles Leclerc and Vettel had started 1-2. Red Bull’s Max Verstappen had been stripped of pole position for driving too fast under a yellow flag after Bottas’ crash in the late stages of Saturday qualifying. That penalty also let Hamilton start third with a chance to chase a win and the championship. Ferrari protected the lead from the start as Vettel moved to edge out Hamilton on the long opening straight. Hamilton then fell to fifth after tangling with Verstappen on the second corner as they bumped tires and both cars went into the grass. Hamilton’s tire change on Lap 23 proved pivotal as he inched toward the front, but it wasn’t without worry. “It feels like we stopped too early,” Hamilton radioed

his garage. “This is a long way to go on these tires, man.” Ferrari split its pit strategies with Vettel stopping once and Leclerc twice. Both drivers yielded the lead for fresh tires. Leclerc finished fourth. “I think we were confident if we split the cars we would cover both options,” Vettel said. “Neither [Mercedes] or us expected their tires to last that long.” And Hamilton just kept going. “He was cruising,” Vettel said. “Our strategy could have been sharper.” Bottas earned his podium in a car that had to be repaired overnight after his hard crash in qualifying. His pushing Vettel from behind late in the race helped ease pressure on Hamilton at the front. “The car felt good, as good as before the crash,” Bottas said. “I had a small headache in the morning. I don’t know if that was the tequila or the crash.” Verstappen had a miserable start before rallying to finish sixth. Driving aggressive after getting bumped off pole, the two-time defending race champion fell to eighth after the clip with Hamilton. Verstappen fought back to pass Bottas on the second lap, but suffered a tire puncture on the move when he touched Bottas’ front wing. The tire shredded off and Verstappen drove nearly an entire lap with a bare wheel as the field passed him by. “I always leave Max a lot of space,” Hamilton said. “That’s the smartest thing you can do.”

FOR Lewis Hamilton, Mexico City is a big prize he badly wants. AP

UGBY World Cups can be a bathtub of tears. Of the 20 competing teams, 19 will have their hopes dashed. The 20th team won’t be immune, either, as the champion sheds tears of joy. But every team has players who know they are not only playing their last Rugby World Cup, but also their last match for their country. With only the final and bronze matches remaining, some rugby luminaries are in the final week of their careers. The chance to go out in glory in Saturday’s final has been earned by the likes of South Africa’s Schalk Brits, Tendai Mtawarira and Frans Steyn, and England prop Joe Marler. None have said they’re retiring but expectations are they will. Steyn could become only the second Springbok to win two Rugby World Cups, after Os du Randt, a teammate in the 2007 squad. Steyn missed the 2015 Rugby World Cup following the death of his brother, and he didn’t expect to play in another until he was summoned in July by Coach Rassie Erasmus. “I’m at a stage now where you know there is not going to be 10 more years to make a wrong right,” Steyn said. “So I get a little bit more serious before a test match.” Marler already retired once, but changed his mind 10 months later. “I have worked my buns off to try to get back into an emotional and mental state capable of contributing to the squad the best I can,” he said. “And the physical state, too, that has been even harder.” Friday’s bronze playoff between New Zealand and Wales will mark the last appearances in an All Blacks jersey for captain Kieran Read, center Sonny Bill Williams and fullback Ben Smith. The All Blacks’ loss to England in the semifinals was only Read’s 16th in 126 tests. Like Williams, Read won unprecedented back-to-back Rugby World Cups in 2011 and 2015, after which he became the captain following the retirement of Richie McCaw. “In your heart you want to play forever, but in your head you know that’s not possible,” Smith said. Kenki Fukuoka’s 27-year-old heart could have played on, but the Japan winger decided before this Rugby World Cup to quit test rugby to attend medical school. It’s a family tradition to be a doctor. He wants to bow out of

LAST HURRAH FOR BUNCH OF GREATS

SOUTH Africa’s Frans Steyn tackles Wales’ Leigh Halfpenny during the semifinal at the International Yokohama Stadium in Japan on Sunday. AP

rugby in sevens at next year’s Tokyo Olympics. In the meantime, Fukuoka has returned to Top League club the Panasonic Wild Knights, where he will be joined by Australia flanker David Pocock, another who has retired relatively young from internationals. The 31-year-old Pocock endured a career disrupted by injuries, including six months out until September. That break made him feel like his year was just starting to hum until the quarterfinal loss to England. “This is not how I thought I would end,” he said. At least he got to play. Teammate Sekope Kepu was a mere spectator at the end of his 110-cap run. Scrumhalf Will Genia also finishes with 110 caps. “How lucky was I?” Genia asked. “Got to play 11 years for Australia, three World Cups.” Ireland captain Rory Best played in four World Cups, but a third consecutive quarterfinal exit had him in tears as he was replaced against New Zealand in the second half of his 124th and last test. “There are big men in tears [in the changing room] and that is what happens when you put heart and soul into something,” Best said. Best had the whole second half to see the end coming, unlike France captain Guilhem Guirado, who thought his team was advancing to the semifinals until the last minutes against Wales. Louis Picamoles also hadn’t envisaged his 82-cap France career would end in the quarterfinals. It might not have if teammate Sebastien Vahaamahina hadn’t been sent off after halftime while they were leading 19-10. Vahaamahina retired from test rugby the next day, saying he was sorry and “I just lost control.” Very much in control was former captain Mamuka Gorgodze as Georgia bowed out with only one win in four pool games. Gorgodze quit in 2017, returned for the World Cup to help an injury-hit squad, played well, but had no more tears for his second retirement: “I don’t feel any pressure or sadness.” Tonga also won only once, but it was the perfect finale for captain Siale Piutau and Sione Kalamafoni. Tonga beat the US, Piutau scored a try, was man of the match, and it was his 34th birthday. “I see myself coming back, hopefully as a coach,” Piutau said. “There’s a calling for me to keep being a part of this team.” AP

Life

Maker of heaven and Earth

EAR God, by Your power You give life to all creatures. In faith we pray: God, in Your wisdom, hear our prayer. Help us to end abortion so that every unborn child may have a chance for life. Give courage, support and hope to women in crisis pregnancies. Welcome all our departed brothers and sisters into the light of Your face in heaven. May God grant us a peaceful rest and a happy death when our time comes, through Jesus, who shepherds us in love. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

BusinessMirror

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

A VARIETY of kitchen items in different colors, including a red fridge, a yellow stand mixer, and some brightly colored bowls and vases, in a New York kitchen. There are a lot of ways to add color to your kitchen. AP

CIRCLES: ‘IT’S LIKE BEING IN A MAZE, EXCEPT IT’S VAN GOGH WHEREVER YOU GO’ D4

Tuesday, October 29, 2019

A splash of color can refresh the kitchen without a remodel

By katie Workman The Associated Press

OME days, do you look around your kitchen and think about ripping it apart and starting fresh? But a full kitchen remodel isn’t in the cards? That’s no reason you can’t give your kitchen’s look and feel a little boost. The easiest way to change things up is to add a pop of color. Bright and bold or soft and pretty, splashes of color offer immediate gratification in the kitchencheer department. Some easy ways to do that: n STAND MIXER: Talk about color choices! The KitchenAid Artisan 5-quart stand mixer comes in a whopping 46 colors. The hardest part is choosing. Should you go with Buttercup, Cobalt Blue, Aqua Sky or, the newest color, Passion Red, in honor of the brand’s 100th anniversary? Smeg’s colorful offerings include a crazily patterned Dolce and Gabbana mixer, available at Williams-Sonoma (and carrying a designer price tag). Mixers can be beautiful enough to leave on the counter (which may prompt more cookiebaking, never a bad thing). n FOOD PROCESSOR: A touch of metallic adds shine and a little bling to a kitchen. For example, the 14-cup Cuisinart comes in a fun Copper Classic, and I don’t know of an appliance that gets more of a workout in my kitchen. My glimmer-gold version makes me feel a bit like a Kardashian...a Kardashian chopping onions. n BIG FRUIT BOWL: A quick color fix on the counter— both the fruit and the bowl. Fiesta specializes in affordable, colorful tabletop and cookware, in 15 colors (Scarlet! Meadow! Poppy! Daffodil! Lapis! Claret!). The Drift Bowls at CB2 in red and yellow are also cheerful, and you can hunt for something more unusual on www.etsy.com or in local shops. n VASES: Another low-cost and simple way to cheer up your space is with flowers. And lovely blooms deserve a lovely vase. The Glossy Bamboo vase from Middle Kingdom is sculptural and sleek; inspired by ancient Chinese porcelain, these shiny containers looks especially good when a few are grouped together. The inner hue contrasts with the outer glaze for even more color impact: The bright yellow one, for example, is lined with turquoise. West Elm, meanwhile, has a line of Bright Ceramicist vases that will also add a jolt of liveliness to the room. n UTENSIL POTS: Many of us love to keep cooking utensils in a little canister on the countertop for easy grabbing, but we don’t think too much about how that container looks. This is yet another opportunity for color! Glazed earthenware Tabor Pots come in rich blue, burnt orange and deep yellow. And, yes, you could also use them for their original purpose, as planters. Poke around a garden shop for some other brightly colored pots. n TEA TOWEL/DISH TOWELS: One of the easiest and least expensive ways to liven up the space. Pick colors or patterns based on the season, a holiday or just a change in mood, and keep changing them up. n BLENDER: Another go-to kitchen tool, it tends to hide in plain view. You might as well make it count color-wise! Many of the Vitamix blenders are available in arresting red and shimmery copper. More budget-friendly Black & Decker has some vibrantly hued choices, as well. You can tuck a blender in the corner and let it sparkle while not in use. n TOASTER: Smeg’s retro-looking toaster has models for two or four slices, and comes in colors including red, pastel green, pastel blue and pink.

WITH more people conjuring spooky outdoor scenes for the holiday, wildlife organizations have seen an increase in animal visits to local rehabilitation centers for injuries related to the décor. Imitation spider webs are the major hazard, but lights and other items that hang also can pose problems, wildlife officials say. AP

Some tips to make Halloween décor less scary for wildlife By meliSSa koSSler dUtton The Associated Press

Secor and others also have an array of colors in pop-up toasters. n COFFEE MAKER: While you wait for your toast to pop up, brew yourself a cuppa in your teal or red Keurig K-Mini Plus. Other Keurig coffee makers come in colors like Greenery and Black Plum, so you can pick the one that speaks to your morning aura. If you’re more of a pot-of-coffee person, the Bella Linea 12-cup coffee makers come in lots of colors including lime green, magenta pink and purple. n FRIDGE: Ready to go bigger? And have some fun? Galanz makes old-school style fridges in sizes ranging from 3.1 cubic feet, which could tuck under a counter, to a more full-size 12 cubic feet. You can go cool and

pastel with Bebop Blue, or create a full-on focal point in the kitchen with Hot Rod Red. Microwaves in similar styles and the same colors are also available. Smeg, Danby and Fridgidare are other brands that make stop-and-stare colorful fridges. n FANS: Kitchens can get hot and smoky. The countertop Fanimation Urbanjet Fan comes in colors from baby blue to bright red to shiny rose gold. Vornado also makes some cute table fans in various hues. So while you wait for your bank account to grow to full kitchen-renovation level, there are plenty of ways to make your kitchen a happier place to be. Pick a color, any color. n

FAKE cobwebs and some other spooky, outdoor Halloween decorations meant as harmless fun can do real damage to wildlife. Halloween spending has skyrocketed in recent years, and the National Retail Federation says Americans are expected to spend $2.7 billion on Halloween decorations this year. Wildlife organizations say they also have seen an increase in animal visits to local rehabilitation centers for injuries related to the outdoor holiday decorations. “The fake cobwebs are of particular concern,” said Lisa Bloch, director of communications for the Marin Humane in Novato, California. When they’re strung across bushes and trees, “wildlife can easily get stuck in these webs.” The fake webs can trap animals, said Alison Hermance of WildCare, a nonprofit wildlife hospital and nature education center in San Rafael, California. Birds caught in them can damage their wings and claws. Chipmunks and other low-to the-ground rodents can also get caught and damage their paws. If you observe an animal in trouble, always call a wildlife center before intervening, Bloch said. Halloween lights and other items that dangle also can pose problems for wildlife. Deer and elk can get holiday lights, netting, clothing and other materials stuck in their antlers, said Jason Clay of the Colorado Parks and Wildlife’s Denver office. “We see it every year,” he said. Be aware of what paths animals use in your yard, and avoid placing decorations there, Clay said. Pumpkins and other food items should be disposed of promptly because they entice animals to come closer to your home than they normally would, putting them in contact with pets and increasing the risk of getting hit by a car, Hermance said. Don’t leave any decorations up for an extended period, added Bloch. “It’s good to be mindful and remove the decorations as soon as you’re done celebrating.”

Filinvest City hosts first-ever Halloween festival FILINVEST City (www.filinvestcity.com) is playing host to “Haunted Manila Festival,” the country’s first-ever Halloween-themed festival which runs all night from now until October 31, at the Filinvest City Events Grounds. Enjoy bone-rattling and spinechilling fun with family and friends around Filinvest City’s spacious activity area and road routes which will be filled with food, entertainment, games, and other treats.

Not to be missed by horror enthusiasts, Haunted Manila will feature a Zombie Run wherein runners will race each other to the finish line with zombies appearing unexpectedly along the dusky routes, the run capped off by the Outbreak Manila DJ Party, featuring Wicked Adobo, Cathy Frey, Sedano x Stro, Jimmy Nocon and Aldwinn. Other haunted activities include Haunted Escape Rooms; Giant Scavenger Hunt; Pelikulagim, an outdoor movie

screening; Gayuma food bazaar; and Trick or Treat game stations. The festivities will be punctuated by the Santelmo Halloween Music Party on October 31, which will feature hot OPM music acts like UDD, December Avenue, I Belong to the Zoo, Callalily, Unique, Autotelic, Sud, The Ransom Collective, Cheats, Fern, One Click Straight, Nathan & Mercury, Any Name’s Okay and Aegis. Filinvest City’s people-centric

master plan makes it ideal to hold big events that require a massive space to accommodate thousands of attendees. Its parks, roads, and other green open spaces allow residents to enjoy and celebrate outdoor concerts, parties and events just like Haunted Manila Festival. Its location is also a big advantage for visitors since the city is directly accessible via Metro Manila Skyway, South Luzon Expressway, AlabangZapote Road, Daang Hari Road,

Muntinlupa-Cavite Expressway, and the Old National Highway. Filinvest City’s high accessibility promises ease of movement not commonly available in other business districts, making it a perfect location for events. Time to pick your scariest costumes and get your scream on as the urban mixed-use hub continues to spearhead events like Haunted Manila Festival to make a thriving, happy community.

Tuesday, October 29, 2019

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New Ronan Farrow book is meticulous and devastating By raSHa madkoUr The Associated Press

NYONE who has read Ronan Farrow’s meticulous reporting that helped amplify the #MeToo movement would have an idea what to expect his book to be like. Catch and Kill (Little, Brown and Co.) delivers. It offers a look behind the scenes and exhaustively documents how he came to report on the dozens of sexual harassment allegations against film producer Harvey Weinstein, despite myriad obstacles. Farrow had been working on investigative reports for NBC, including a series about the “dark side” of Hollywood, and Weinstein’s name kept coming up. Within the first 80 pages of this 414-page tome, it becomes clear why this apparently open secret failed to gain traction in either law enforcement or among journalists who previously tried to report on it. As an example, the NYPD had worked with an accuser and obtained a taped confession that Weinstein groped her, and yet, the Manhattan district attorney’s office chose not to press charges. Farrow documents how various members of Weinstein’s legal team made significant campaign contributions to that same DA. Equally troubling, Farrow’s bosses, who began getting persistent phone calls from

Weinstein, advise Farrow to “give it a rest” and work on other stories. Given the extensive detail Farrow provides about these interactions throughout the book, it is difficult to believe NBC’s blanket denial over Farrow’s version of events. Farrow makes a compelling case that, beyond bowing to pressure from an influential studio head, NBC may have shied away from the story because several of its executives and personalities, including Today cohost Matt Lauer, also had sexual harassment allegations in their closets. The Weinstein story was just the tip of the iceberg that began to reveal how prominent men in various industries used their positions of power to sexually harass women and face no consequences. Catch and Kill is part All the President’s Men, part spy thriller (the book cover evokes a noir motif), with a dash of the personal mixed in. We learn that Farrow sought the advice of his sister Dylan, who has long alleged their father Woody Allen sexually abused her as a child, in how to approach potential victims. Rose McGowan, the first victim who spoke to him about her rape allegation against Weinstein, said she felt she could trust him because of an op-ed he had written about Dylan. We learn that Allen had hired private detectives to trail law

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Ben Foster, 39; Gabrielle Union, 47; Winona Ryder, 48; Richard Dreyfuss, 72. HAPPY BIRTHDAY: Explore your creative ideas this year. Put greater emphasis on the things you enjoy doing most. Whether you want to rebuild or restructure your life or your direction, start or expand your family or learn something new, this is a great time in your life to put your thoughts in motion and your imagination to good use. Your lucky numbers are 4, 13, 21, 27, 39, 44, 49.

ARIES (March 21-April 19): Listen carefully. Someone will try to get you on a technicality that you overlooked. If you pay attention to details, you will offset complaints. A change at home or at work will eventually end up being to your benefit. ★★★

TAURUS (April 20-May 20): Live life your way. Set an example by being the person who lives up to their promises and is ready to go the extra mile when needed. An emotional, physical or personal change will make your life better. Romance is highlighted. ★★★★

GEMINI (May 21-June 20): Put in the time and you’ll get something in return. Make productivity your goal, and don’t stop until you are happy with the results you get. Think big, but be practical to make a lasting impression. ★★★

CANCER (June 21-July 22): Share your thoughts and feelings. The feedback you receive will enhance your imagination. Personal improvements will turn out well, and compliments will be yours. An interesting connection will lead to a long-lasting partnership that is mutually beneficial. Romance is favored. ★★★

enforcement officials who were investigating him, a “campaign to disrupt the investigators,” and charges were ultimately dropped. Farrow shows how Weinstein employed similar tactics, hiring an Israeli firm to track and investigate his accusers, Farrow and others. Farrow gets a sense that he’s being followed and multiple sources urge him to be careful; this is when the book starts to sound more like a novel. Farrow puts copies of his reporting and the evidence in a safety deposit box, should anything happen to him. As he gets closer to publishing

the story, Farrow moves out of his apartment into a friend’s “safe house.” The book is utterly disheartening in its revelation of widespread abuses and cover-ups, the leverage of power and money to evade accountability and the many lives that were devastated in the process. Farrow, who won the Pulitzer Prize for his reporting, closes with this note of hope and warning: “In the end, the courage of women can’t be stamped out. And stories—the big ones, the true ones—can be caught but never killed.” n

‘CCP Encyclopedia of Philippine Art’ lands on Batangueño bookshelves THE most comprehensive and authoritative reference on Philippine art and culture makes its way to Batangueño bookshelves as it is recently launched at the historic Acosta-Pastor Ancestral House in Batangas City. The Second Edition of the CCP Encyclopedia of Philippine Art contains some of the most insightful texts about the country’s artistry. Elmer Gatchalian, creative director of EPA talked of the CCP EPA, the many artistic and cultural highlights of the Tagalog province featured in the EPA CCP EPA. “There’s a feature on the Taal Heritage Area, and essays on the ornate churches and

heritage houses found in various towns of Batangas, as well as its rich folk art culture. Ample light is also given to the contributions and achievements of Batangueño artists,” Gatchalian said. “The CCP EPA as we call it was first published in 1994 in the hopes of creating a reservoir of data on Philippine art and culture, and make it accessible to the Filipino audience,” CCP Vice President and Artistic Director Chris B. Millado said. “Two decades later, the encyclopedia has since changed the landscape on which artistic and cultural expressions are perceived in the country—the recognition we give to artists and artworks have become more varied, and the standards we use are more complex in terms of art criticism and validation, as well as aesthetic appreciation.” With 12 volumes, over 5,000 entries,

and over 3,500 images, the CCP EPA contains quintessential information on everything Filipino from north to south, urban to rural, and indigenous to contemporary. “We believe that the most significant contribution of the CCP EPA to Philippine scholarship lies in its conscious shaping of a nation— a nation rooted in diverse cultural traditions, a nation which is peopleoriented, and a nation proud of its distinct Filipino identity. Through the encyclopedia, we become more aware of our links to our collective history and to the worldview that we Filipinos should possess in order to pave the way toward a better nation,” Millado concludes. After its launch in Batangas, the CCP EPA is set to reach the Mindanaoan youth in its upcoming launch in General Santos City later this year.

LEO (July 23-Aug. 22): The help you are asked for should be considered carefully. Someone will take advantage of you if you are too accommodating. Consider what you want in return in order to make whatever deal you agree to worth your while. ★★★

VIRGO (Aug. 23-Sept. 22): Become a forerunner, set the stage and take control. How you get involved in what’s going on around you will make a difference to the way others treat you. Speak up, offer compassion and understanding, and you’ll make an impact. ★★★★

LIBRA (Sept. 23-Oct. 22): Keep your emotions under control. You will make better choices if you look at the facts. Only offer what’s feasible if you want to avoid being given an unfair amount of responsibility. Trust is built, not bought. ★★

SCORPIO (Oct. 23-Nov. 21): A business trip or visiting someone who can offer you information or insight into something you want to pursue will lead to a plan that will change your life. Embrace the future with optimism. Romance and partnerships are highlighted. ★★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Keep moving forward. Don’t let anyone lead you astray or confuse you. Compliments will be driven by a motive that isn’t likely to be in your best interest. ★★★

CAPRICORN (Dec. 22-Jan. 19): If you care, listen and do your best to make a difference. Use your clout, associations and charm to cut your way through any nonsense or deterrent someone throws your way. ★★★

AQUARIUS (Jan. 20-Feb. 18): Take a moment to go over all the information or details you have to process. Saying yes before you figure out if something is good for you will lead to regret. Time is on your side. ★★★

PISCES (Feb. 19-March 20): Just do it. You have to go with your gut and take whatever opportunity comes your way. Negotiate to end up with a good deal. A financial gain is within reach. ★★★★★ BIRTHDAY BABY: You are compassionate, intense and resourceful. You are open-minded and imaginative.

‘ups and downs’ BY JULES P. MARKEY The Universal Crossword/Edited by David Steinberg

ACROSS 1 “KA-BLAM!” 5 “Cheers” for the other team 9 Big cheese 13 Suit in King Arthur’s court? 15 Feature of “this clue...ue...ue...” 16 Minstrel’s instrument 17 Lerner’s partner 18 “Pay ___ mind!” 19 School founded by King Henry VI 20 19-Across’ country: Abbr. 21 Actor Sal 23 Already cut, as logs 24 20th-century example of the starred word ladder’s start 28 Home of MA and PA 29 Apt first name for a retirement planner 30 Lowest Monopoly roll 31 Taunts 34 Noted fabulist 36 Meat paired with Swiss 37 Sacagawea dollars’ equivalents 38 Exclaims 39 Joker or The Lion King

40 41 42 43 44 45 46

Gomez Addams’s cousin Coeur d’___ Honorific Still in the package Like crunchy carrots Identify on Facebook 20th-century example of the word ladder’s end 53 Fish-eye, for one 54 Bedtime story? 55 Southeast Asian language 56 Provide money for 57 Feathery wraps 58 Absolutely necessary thing 60 Together, musically 61 “My treat!” 62 Skin-care brand 63 First lady Truman 64 Top, or tops 65 It might be placed on a pedestal DOWN 1 Hay machine 2 Maine college town 3 Horseshoelike Greek letter 4 Cut, as grass

5 6 7 8 9 10 11 12 14 22 23 25 26 27 31 32 33 34 35 38 39 41 42

Existence Black pawns in chess, e.g. Response to a good explanation Great Lakes’ ___ Canals Sheep sound “Spill the beans!” Deliberately delay Former Pres. Obama, once Careless With 23-Down, almost instantly See 22-Down Bitterly regrets Busy boy on Valentine’s Day Amiens’ river Departing Theater break “Don’t tell anyone this...” “Anything else?” German article Attired Newton fruits Performing ___ Western discoverer of New Zealand (MANTAS anagram) 45 Caddy contents

47 48 49 50 51 52 56 57 59

South American range Royal baby buggies Change, as a password Candy heart sentiment Welcome desert sights (and sites) Absent from ___ Four Short haircut 1997 sci-fi comedy, for short

Solution to yesterday’s puzzle:

Show BusinessMirror

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Tuesday, October 29, 2019

GLOBE STUDIOS, NETFLIX PARTNER EXCLUSIVELY TO BRING FILIPINO FILM ‘DEAD KIDS’ TO GLOBAL AUDIENCES

TAIKA Waititi’s Jojo Rabbit, about a 10-year-old boy growing up in Nazi Germany, has enjoyed strong box office in limited release. In September, the Fox Searchlight release won the Toronto Film Festival’s highly predictive audience award, setting it up as a potential Academy Awards favorite.

For an encore, ‘Joker’ is No. 1 again at the box office

By Jake Coyle The Associated Press

EW YORK—Put on a happy face. Joker is No. 1 again. Todd Phillips’s R-rated comic-book hit regained the top spot at the weekend box office in its fourth week of release, narrowly besting Maleficent: Mistress of Evil. The Warner Bros.’ sensation, starring Joaquin Phoenix, took in $18.9 million in ticket sales over the weekend, according to studio estimates on Sunday. That came in just above the $18.6 million haul for the Walt Disney Co.’s Maleficent sequel, which slid to second after a disappointing No. 1 debut last weekend of $36 million. Mistress of Evil, starring Angelina Jolie, is performing better overseas, where it grossed $64.3 million over the weekend. With such a close race at the top between Joker and Mistress of Evil, the order could switch when final figures are released on Monday. But ticket sales have continued to surge well

past expectations for Joker. With a modest budget of $60 million, it’s been extraordinarily profitable for Warner Bros.—although the studio, to mitigate risk, shared costs with Bron Studios and Village Roadshow Pictures. This week, Joker became the most successful R-rated movie ever, not accounting for inflation, in worldwide release. It’s made $849 million globally, including $47.8 million internationally over the weekend. (Mel Gibson’s The Passion of the Christ remains the R-rated domestic leader, with $370.8 million.) Despite mixed reviews, Joker—a Taxi Driver-styled spin on a comic-book origin story—has already amassed a box-office total exceeding that of more mainstream superhero movies, such as Thor: Ragnarok and Wonder Woman. No new releases mustered any competition with the holdovers. The best-performing newcomer was the STX Entertainment horror thriller Countdown. It grossed $9 million. Sony Screen Gems’s Black and Blue, a police thriller starring Naomie Harris, opened with $8.3 million. Holding especially well was The Addams Family, United Artists and MGM’s Halloween-timed animated reboot of the macabre family. It slid just 28 percent in its second weekend with $11.7 million, good for third place Much of the weekend’s action was in limited or expanding releases for acclaimed Oscar contenders. Robert Eggers’s The Lighthouse, a black-and-white psychological drama starring Willem Dafoe and Robert Pattinson as 19th-century lighthouse keepers, made $3 million on just 586 screens for A24. Taika Waititi’s Jojo Rabbit, about a 10-year-old boy growing up in Nazi Germany, expanded into 55 theaters, earning a strong $1 million. In September,

the Fox Searchlight release won the Toronto Film Festival’s highly predictive audience award, setting it up as a potential Academy Awards favorite. Its initial expansion suggests it will be a hit with audiences, too. Less successful was the Bruce Springsteen concert film Western Stars ($560,000 in 537 theaters). Alfonso Gomez-Rejon’s The Current War also finally landed in theaters more than two years after it first premiered. Gomez-Rejon recut his film after Harvey Weinstein, shortly before his downfall, pushed out a critically panned version of the Thomas Edison (Benedict Cumberbatch) and George Westinghouse (Michael Shannon) tale. Gomez-Rejon’s “director’s cut,” which 101 Studios acquired from the nowdefunct Weinstein Co., opened with $2.7 million from about 1,000 theaters. Terminator: Dark Fate, which is expected to lead the box office next weekend, got off to a $12.8 million start in a handful of international markets before its stateside debut. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Joker, $18.9 million ($47.8 million international) 2. Maleficent: Mistress of Evil, $18.6 million ($64.3 million international) 3. The Addams Family, $11.7 million 4. Zombieland: Double Tap, $11.6 million 5. Countdown, $9 million 6. Black and Blue, $8.3 million 7. Gemini Man, $4 million 8. The Lighthouse, $3.1 million 9. The Current War, $2.7 million 10. Abominable, $2 million. n

Adam Lambert: Happy to see more LGBTQ artists find success By Gary Gerard Hamilton The Associated Press NEW YORK—Adam Lambert, who rose on the music scene as the runnerup on American Idol in 2009, says he’s happy to see more mainstream LGBTQ artists find major success. “I think it’s less taboo to be queer in the music industry now because there’s so many cases you can point to like, ‘Oh, it worked for him. It worked for her.’ I think 10 years ago, it was a lot different,” Lambert said in a recent interview. “Ten years ago, it was kind of like no one really knew. And I met a lot of amazing people in the industry— executives, people, publicists, marketing people—who, on a personal level, were cool with me and totally open, but didn’t understand how this was going to work in mainstream America, or the world for that matter.” “Now, I think there’s been some research and they know better. Now, people aren’t as scared. They’re not as fearful. There’s answers. There’s examples,” he continued. One person Lambert points to is “Old Town Road” rapper Lil Nas X,

who announced he was gay while his song was on top of the Billboard charts this year. “I think I can relate to someone like Lil Nas X who waited until a song went to No. 1 to be like, ‘By the way, I’m gay,’” Lambert said. “It proves a point that you can have success, big success. It is possible. Anybody is welcome to have that kind of success. And maybe it’s not about what your sexuality is at the end of the day. Maybe it’s about, ‘Do you like the [expletive] song or not?’” Lambert, who has been busy over

the years touring with legendary rock band Queen, is hoping to move the needle again with his own music. The EP Velvet: Side A, his first new project in four years, was released last month. “I took a while because I really had to dial into sort of the sound that I wanted it to be, and I needed to get back to sort of why I love making music,” he said. The Grammy-nominated performer calls his new project his “baby” and said while he has previously released different genres of music, he’s brought

his latest project back to his beginning. With the exception of a ballad, most of the EP consists of groove and funkbased tracks. “I didn’t want to just be following some trend of the moment,” he said. “As an artist, I don’t like repeating myself. I like exploring new sounds, new vibes and that was part of it, too. I just needed to find a new inspiration.” Lambert will release the rest of the project at a later date, and while each half will have a different sound, he said the entire project will be cohesive. His main goal is to make listeners dance, have fun and take their minds away from the madness of the world. “There’s a lyric in ‘Superpower,’” he said referring to his current single, “’You kick us down in the dirt, but we ain’t going away.’ People are pissed off and people are being marginalized all over the place. And I hope that if you’re somebody that’s feeling that way, you can listen to the song and it gives you like a little boost,” he said. “It’s not super dark, it’s not super heavy, but, hopefully, it gives people a feeling of power.”

NETFLIX and Globe Studios today announced that they will be bringing Filipino film Dead Kids, exclusively to the global Internet entertainment service. Dead Kids is directed by award-winning director, Mikhail Red, who is known for his internationally acclaimed films Birdshot and Eerie—both of which are also streaming on Netflix. Dead Kids is a story based on true events in an exciting mix of friendship, coming-of-age, thriller and crime rolled into one, societal eye-opening movie. The cast is composed of several young actors, including Sue Ramirez, Khalil Ramos, Markus Paterson, Vance Larena, alongside rising young stars Kelvin Miranda, Gabby Padilla and Jan Silverio. Red said, “It has always been my dream as a filmmaker to bring Filipino cinema to a global audience. I am so glad and honored for Dead Kids to be a Netflix film, which is a testament to the world-class talent here in the Philippines. Netflix is the perfect platform for the film to gain the international spotlight, and we wouldn’t be here without the hard work and determination of our cast, crew and, of course, Globe Studios. I hope people around the world will appreciate Dead Kids, and I hope this also helps open doors for more Filipino filmmakers.” “In our commitment to provide a variety of content that span geographical and cultural borders, Dead Kids brings our members around the world closer to the Philippines by experiencing a story that is written, shot and produced completely in the Philippines, showcasing local Filipino talent, and based on events that would resonate with viewers both in the Philippines and abroad,” said Raphael Phang, manager of content acquisition for SEA at Netflix. Ernest Cu, president and CEO of Globe, said, “We have been working with Netflix since they first launched in the Philippines. Since then, we’ve celebrated a number of milestones together, including making Netflix more easily accessible for Filipino viewers through prepaid promotions, video data plans, and an integrated billing option, as well as our first content partnership when they acquired Birdshot in 2018. It is our greatest honor that they chose Globe Studios’ Dead Kids to be a Netflix film, and I can’t wait to see what everyone says about it.” Dead Kids tells a compelling story about a socially awkward teen who bonds with a group of misfits who plots to take out the school’s arrogant rich kid—that is, until their kidnapping scheme turns deadly. Dead Kids is set to premiere on Netflix later this year.

FILIPINA-MEXICAN-AMERICAN actress-singer Eva Noblezada shines in her debut feature film role in Yellow Rose.

SONY PICTURES WORLDWIDE ACQUISITIONS PICKS UP AWARD-WINNING FILIPINO INDEPENDENT FILM ‘YELLOW ROSE’

SONY Pictures Worldwide Acquisitions (SPWA) announced recently that it has acquired all worldwide rights, excluding the Philippines, to the film Yellow Rose, directed by Filipino-American Diane Paragas in her narrative feature debut. Yellow Rose is a timely story about a Filipino teen from a small Texas town who fights to pursue her dreams as a country music performer while facing the threat of deportation. The film stars two-time Tony Award nominee Eva Noblezada (Hadestown, Miss Saigon) in her feature film debut, Tony Award winner Lea Salonga (Once on this Island, Miss Saigon), Princess Punzalan (Mula sa Puso), Dale Watson (Friday Night Lights), Gustavo Gomez (The Walking Dead), Libby Villari (Boyhood), and Liam Booth (Ghosts Never Sleep). Noblezada received her most recent Tony nomination for her portrayal of Eurydice in Hadestown, which won eight Tony plums, including Best Musical. She received her first nomination for portraying Kim in the revival of Miss Saigon. Salonga won the Tony for her portrayal of the same role in the original production of Miss Saigon. “Yellow Rose has been a labor of passion for over 15 years and I’m thrilled that we can now share this very relevant story with the world,” says Paragas. “We have the added honor of representing the real experiences of Filipino-Americans, Asian Americans and all immigrants seeking a better life in America.” Yellow Rose features original songs developed for the film, written and composed by Watson, Paragas, Noblezada and Thia Megia. The film is written by Paragas, Annie Howell, and Celena Cipriaso, based on a story written by Paragas and Andy Bienen. The film premiered at this year’s Los Angeles Asian Pacific Film Festival where it received the Grand Jury Award and the Breakout Performance Award for Noblezada’s outstanding performance. Already having won a total of five Grand Jury Awards, the film was screened yesterday at the Austin Film Festival. It is set to be shown at the Hawaii International Film Festival in November. Yellow Rose, an ABS-CBN Cinematografo Originals seed grand winner in 2017, will be distributed in theaters in the Philippines by ABS-CBN.

Art

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Tuesday, October 29, 2019

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MORE than 300 volunteers helped in beautifying Manila on a Sunday.

ARTISTS VOLUNTEER TO PAINT MANILA NORTH CEMETERY WALL FOR ‘UNDAS’ OVER 300 artists painted a mural of flowers on the Manila North Cemetery wall in time for Undas. Those visiting their departed loved ones at the Manila North Cemetery this coming Undas are in for a colorful surprise. As they pass by the cemetery’s wall along A. Bonifacio Avenue, they’ll find the wall decorated with a mural of flowers from all over the Philippines. Over 300 artists from different provinces, such as Ilocos Sur, Tarlac, Bulacan and Rizal, volunteered to come together and paint this mural. Acclaimed artist Ferdie Montemayor spearheaded in organizing the volunteers, together with other artists from the Pinto Art Museum. One of them is Demetrio “Demet” de la Cruz, an award-winning artist who also grew up in Manila. He made the initial sketch together with fellow distinguished artist John Paul “Japs” Antido. Dubbed Flores Para Los Muertos (Flowers For The Departed), the project is a collaboration between the Pinto Art Museum, Office of Mayor Francis “Isko Moreno” Domagoso, Office of Congressman John Marvin “Yul Servo” Nieto, and Davies Paints Philippines Inc. “The idea is a bouquet,” de la Cruz says. “The essence is unity—to produce an arrangement of native Filipino flowers as a nonpolitical offering to Manila, and to the departed who rest in the cemetery.” “We offer flowers to the dead all the time as a way of paying homage to our loved ones,” Dr. Joven Cuanang, the founder of Pinto Art Museum says. “As we are nearing All Saints’ Day, this is also a celebration to our cherished tradition.” The event was like a gathering of friends and family on a Sunday, doing what they love together. Another award-winning artist, Jim Orencio, says when Cuanang told them about the project, they happily volunteered. With him were his children who are also artists, Shannah and Rex. They were assigned their own parts of the mural. The over 300-strong volunteers managed to paint the whole mural in just 10 hours. Manila 3rd District Rep. Nieto, was present at the event. “Malaki ang pasasalamat ko sa kanila [I’m very grateful to them],” he says about the artists. The actorturned-congressman shares how he hopes the mural will make art more accessible and contribute to the transformation of Manila. “Ang sining hindi lamang para sa mayaman, kundi para sa lahat [Art is not just for the rich; it is for everyone],” says Nieto. In 2018, the Manila North Cemetery saw 1.5 million visitors on Undas. This year, visitors to the country’s oldest and largest cemetery will find a 500-meter mural along its eastern wall. “This is really something special for us because of the cemetery’s historic roots, and because the event brought together over 300 volunteers who were able to finish this vibrant monument in 10 hours,” Davies Paints Marketing Communications Manager Jo Ann Viriña says. This isn’t the first time Davies Paints has contributed to beautifying a locale. In 2016, they collaborated with the Tourism Department in the Cordillera Autonomous Region and with Tam-awan artists who painted 200 houses for the colorful Stonehill, Botiwtiw, and Sadjap Hillside Homes Artwork in La Trinidad, Benguet. They have contributed to beautifying many parts of the country since. Their most recent was in early 2019, when they collaborated with the Mandaluyong City government and the artist group Ang Gerilya to paint pillars along Shaw Boulevard with murals depicting the city’s folklore. Davies Paints hopes it can continue contributing to the beautification of more localities. “We want to transform communities through colors,” Viriña says.

‘It’s like being in a maze, except it’s Van Gogh wherever you go’ CIRCLES JT NISAY

jtnisay@gmail.com

HE textured yellow in his sunflowers comes alive in one corner one moment, while the great detail of his self-portraits can almost be touched in the next instant. The highly anticipated Van Gogh Alive exhibition opened in Manila over the weekend, which is set to present to Filipinos over the next six weeks the life of the master artist through the phases of his art. “Vincent van Gogh’s art has not just arrived in this exhibition, it has been infused with a fresh, new dimension,” said Maria Isabel Garcia, managing director/curator of the Bonifacio Art Foundation Inc. (Bafi), one of the presenters of the show, along with One Bonifacio High Street. Tagged as “the world’s most-visited multisensory exhibition,” Van Gogh Alive has toured over 50 cities globally. The show features a 45-minute narrative of Van Gogh’s life between 1880 to 1890,

when the distinct changes in his use of color, light and style reflected the underlying changes in his state of mind. Breathing life to the show is SENSORY4, a unique system that combines multichannel motion graphics of 3,000 Van Gogh images and cinema quality surround-sound of classical music for a dynamic multisensory experience. The technology is developed by Van Gogh Alive creator and promotor Grande Exhibitions, a company that specializes in the creation, design, production, promotion and installation of large-scale exhibitions. Van Gogh Alive is not Grande Exhibition’s first project in the country. In 2013, the Australian group presented Da Vinci: The Genius with The Mind Museum, which is among the conceived and operated projects by Bafi, along with the BGC Arts Center and the BGC Public Art Program. Garcia said they continue to put up such projects because the Filipinos do not deserve anything less. “I always think that whenever we can figure out a way to create experiences like these, whether international or local, we have to do it because we deserve it,” she said. “When things like Van Gogh Alive go to Paris or New York, people don’t ask why is it there. We Filipinos deserve to get the best of experiences.” The exhibition begins in an antechamber that briefs guests of Van Gogh through mounted panels that contain information about his greatest works

and his life. Along the hallway of texts stands out an eye-catching 3D installation: an interactive, life-size recreation of Van Gogh’s Bedroom in Arles in its full color and intricacies. The piece is inspired by Van Gogh’s 1888 painting, which is among his most popular works and personal favorites. The Bedroom, as the artist simply called the piece, depicts Van Gogh’s space in the Yellow House, a building in Arles, France, that he envisioned to be an artists’ “Studio of the South.” Visitors will be then led to the main exhibition space: a dark room with 40 projectors and as many screens. “The images are giant and they’re on walls,” Garcia said. “It’s like being in a maze, except it’s Van Gogh’s works wherever you go. There’s a perspective offered depending where you look.” She added that reception for the show has been great, as some weekend tickets have already been sold out. “Van Gogh Alive is not Van Gogh gaining new relevance 150 years later, but the same genius up close and personal, navigating your soul in the language of nuanced light—from tender to cobalt blues, reticent creams to raging yellows, with the musical genius of Bach, Schubert, Vivaldi, among others,” Garcia said. For ticket information, visit www.vangoghalive.ph. Van Gogh Alive runs at the 4th level of One Bonifacio High Street until December 8. n

Masterpiece found in French woman’s kitchen sells for $26.6M PARIS—A masterpiece attributed to the 13th-century Italian painter Cimabue that was discovered earlier this year in an elderly French woman’s kitchen sold for €24 million ($26.6 million) Sunday. Dominique Le Coent of Acteon Auction House, who sold the work to an anonymous buyer near Chantilly, north of Paris, said the sale represented a “world record for a primitive, or a pre-1500 work.” “It’s a painting that was unique, splendid and monumental. Cimabue was the father of the Renaissance. But this sale goes beyond all our dreams,” Le Coent told The

Associated Press. The expected sale price was €4 million to €6 million ($4.4 million to $6.6 million). Le Coent said experts were off the mark because it was the first time a Cimabue had ever gone under the hammer. “There’s never been a Cimabue painting on sale so there was no reference previously on how much it could make,” he explained. An auctioneer spotted the painting while inspecting the woman’s house in Compiegne in northern France, and suggested she bring it to experts for an evaluation. It hung on a wall between the kitchen and dining room,

and its owner had considered it an icon of little importance. Titled Christ Mocked, the painting measures about 10 inches by 8 inches (24 by 20 centimeters). Art experts say it is likely part of a larger diptych that Cimabue painted around 1280, of which two other panels are displayed at the Frick Collection in New York and the National Gallery in London. The painting’s discovery has sent ripples of excitement through the art world. Cimabue, who taught Italian master Giotto, is widely considered the forefather

of the Italian Renaissance. He broke from the Byzantine style popular in the Middle Ages, and began to incorporate elements of movement and perspective that came to characterize Western painting. Specialists at the Turquin gallery in Paris initially examined the painting and concluded with “certitude” that it bore the hallmarks of Cimabue. Stephane Pinta, an art specialist with the Turquin, pointed to likenesses in facial expressions and buildings, as well as the painter’s techniques for conveying light and distance. AP