THE MANILA TIMES | AUGUST 03, 2019

‘US tariffs to add to headwinds facing PH’ ÂťStory on B1 ++

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•• 4 SECTIONS PAGES • VOL. 120 NO. 291 24

SATURDAY, AUGUST 3, 2019

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US STATE DEPARTMENT OFFICIAL:

Duterte drug war cause for ‘concern’

Medialdea sues Ramon Tulfo for ‘libelous’ column EXECUTIVE Secretary Salvador Medialdea has kLED A LIBEL COMPLAINT AGAINST 3PECIAL %NVOY FOR Public Diplomacy to China Ramon Tulfo over the latter’s allegedly “malicious� article published in The Manila Times.

In a text message, Medialdea said the libel COMPLAINT AGAINST 4ULFO WAS kLED IN *UNE “He was the one who announced it. All I can

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BY DARWIN PESCO

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HE United States will continue to keep a critical e ye o n P r e s i d e n t Rodrigo Duterte’s supposedly infamous war on drugs, a US OFkCIAL SAID ON &RIDAY

“We will continue to raise our concern,� Jorgan Andrews, deputy assistant secretary of State in the Bureau of International Narcotics and Law Enforcement Affairs, told reporters in a teleconference.

Andrews said the US “remains committed to human rights,� which are continuously linked to the antiillegal drugs campaign of the Philippine President.

³’Concern’A2

Duterte vision much bigger than ‘comfortable life for all’

ONE FELL SWOOP

Strong winds caused by a low pressure area leave a trail of battered homes and fallen trees in Barangay UP Campus in Quezon City on Friday, which eventually resulted in the death of a resident named Omaira Macapodi, 38 years old. PHOTO BY RUY L. MARTINEZ

&IRST word OME slogans, says William 3AkRE THE LANGUAGE DOYEN CARRY THE weakness of being easily “attackable.�

I think the Duterte administration should have stretched its mind a little more before settling on “A comfortable life for all� as the principal vision or legacy of the Duterte presidency.

S

OBSERVER YEN MAKABENTA

‘13 to 20’ PCSO officials face lifestyle checks for corruption

ÂłObserverA4

THE Presidential Anti-Corruption Commission (PACC) on Friday said it had launched lifestyle CHECKS ON g TO u OFkCIALS OF THE 0HILIPPINE #HARITY 3WEEPSTAKES /FkCE 0#3/ IN LIGHT OF corruption issues hounding the agency.

PACC Commissioner Greco Belgica said the lifestyle checks would include top PCSO ofkCIALS FROM TO THE PRESENT “We have an initial report, intelligence information, maybe there are 13 to 20 people involved in this initial investigation,� Belgica said during an interview with ABS-CBN News Channel.

A royal treatment for a PNP general

I

FLEW IN MY LINE to TaOF SIGHT cloban City last Saturday, July 27, for a private engagement.

But that’s not what this article is about. ³In my life of sightA5

RAMON T. TULFO

Bong Go allays fears of PH-wide martial law SEN. Christopher Lawrence “Bong� Go on Friday allayed fears of a nationwide declaration of martial law by President Rodrigo Duterte over a recent spate of killings in Negros Oriental in Central Visayas.

The senator said the President “knows that martial law can only be declared with reasonable basis.� “Si Pangulong Duterte abogado po

‘yan. Hindi naman po kailangan at wala namang basehan na dapat i- declare ang martial law [nationwide] (President Duterte is a lawyer. It is not necessary and there is no basis to declare martial law nationwide),� Go added.

ÂłFearsA8

Q Sen. Christopher Lawrence ‘Bong’ Go

Ryan ‘Mr. C’ Cayabyab among 2019 Ramon Magsaysay awardees

ÂłLifestyleA8

What’s inside FLOODS PARALYZE METRO MANILA

NewsA8

Q Former ambassador and now Ramon Magsaysay Award Foundation chairman Jose Cuisia Jr. presents this year’s five Ramon Magsaysay awardees in a ceremony at De La Salle University in Bonifacio Global City, Taguig.

END OF THE END OF ENDO, FOR NOW

PHOTO BY RENE H. DILAN

MULTI-AWARDED composer, conductor and National Artist for Music Raymundo Ryan Cayabyab is set to receive the Ramon Magsaysay Award, widely acknowledged as Asia’s premier prize and highest honor at par with the Nobel Peace Prize.

Announced on Friday by the Board of Trustees of the Ramon Magsaysay Award Foundation (RMAF), Cayabyab — the sole Filipino to be awarded this year — is recognized for “his compositions and performances that have defined and inspired Filipino popular music across generations.�

ÂłAwardeesA2

Antonio ContrerasA4

WHEN A JOCK GETS CREATIVE AND INNOVATIVE

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MAYWEATHER WON’T FIGHT MANNY – FORTUNE

SportsC1

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PCSO DONATES P10M TO RED CROSS

Philippine Charity Sweepstakes Office (PCSO) General Manager Royina Garma (second from left) hands over a check for P10 million to Philippine Red Cross Chairman Richard Gordon (third from left) during the PRC Annual Blood Donors Recognition Ceremony on Monday held at the PRC Logistic and Multi-Purpose Training Center on Boni Avenue, Mandaluyong City. The donation is meant for the blood requirements of dengue patients. Joining them are (from left) members of the PRC Board of Governors Jorge Lim, Corazon Alma de Leon and Leonida Bayani Ortiz. CONTRIBUTED PHOTO

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ASIAN STOCKS: W S h a n g h a i 1 . 4 1 %

W S i n g a p o re 0 . 9 3 %

P51.43 TO $1

PSEi 8,129.93 UP 0.39%

www.manilatimes.net W Seoul 0.95%

W To k yo 2 . 1 1 %

W Jakarta 0.65%

MONEY TALKS

W H o n g Ko n g 2 . 3 5 %

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SATURDAY AUGUST 3, 2019

Business Times

CURRENCY RATE

B1

W B a n g ko k 0 . 8 8 %

‘US tariffs to add to headwinds facing PH’ A

BY MAYVELIN U. CARABALLO

NOTHER round of tariffs, which the United States threatened to slap on China, would pose more economic challenges to the Philippines, Finance Secretary Carlos Dominguez 3rd warned on Friday. “Definitely this action (imposition of new tariffs) will tend to increase the economic headwinds we are already facing,� Domin-

Q Finance Secretary Carlos Dominguez 3rd.

DEPARTMENT OF FINANCE PHOTO

GUEZ TOLD REPORTERS IN A message.

His statement came after he was pressed to comment on US President Donald Trump’s latest announcement on new US tariffs to be imposed Chinese goods.

The businessman-turned-

Pag-IBIG collects P30B in home loan payments THE Home Development Mutual Fund (Pag-IBIG Fund) reported on Friday that its collection of housing loan payments rose by DOUBLE DIGITS IN THE kRST HALF OF the year.

In a statement, the state-run agency said these payments amounted to P30.44 billion, a 12-percent increase from the P27.22 billion collected in January to June 2018. “We were able to sustain our momentum from 2018, which is OUR BEST YEAR YET )N THE kRST HALF OF 2019, home loan payments averaged P5.07 billion [a] month, which is considerably higher than the P4.53-billion average last year,’ said Secretary Eduardo D. del Rosario, who heads the Housing and Urban Development Coordinating Council and the Pag-IBIG Fund Board of Trustees, in the statement. “In fact, we were off to a good start in 2019, because while we experienced slumps in the start of previous years, home loan payments in January amounted to

P5.40 billion. And just this May, home loan payments totaled 5.99 billion — the highest so far this year. Robust collections reinforce 0AG )")' &UND S kNANCIAL SUSTAINability,� he added. “The amount we collected are then plowed back to our housing portfolio, so that more members can avail [themselves] of a home loan from Pag-IBIG Fund. This is our way of heeding President Rodrigo Roa Duterte’s call to address the growing housing needs of Filipino workers.�

Pag-IBIG Fund Chief Executive /FkCER !CMAD 2IZALDY 0 -OTI SAID that, because of the improvements in its collection efficiency, his agency was able to reach a recordhigh performing loans ratio (PLR).

As of June, PLR stood at 90.60 percent — the highest in the Fund’s history. In 2012, PLR stood at a low 75 percent. But the Fund improved its portfolio over the years until it reached 90 percent for THE kRST TIME IN 0,2 FURTHER

ÂłPayments B3

Can Metro Manila mayors solve traffic in 60 days?

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HE 2019 State of the Nation Address of President Duterte included a directive to the Metro Manila Development Authority (MMDA) and Metro Manila mayors to solve traffic. A few days later, the Department of Interior and Local Government announced they would be issuing a memorandum ordering the mayors to audit their roads and clear their streets of illegallyparked vehicles. Mayors who FAIL TO SOLVE THE TRAFkC PROBLEM IN their cities within 60 days would be recommended for suspension.

Improving mobility and alleviating traffic require much more than clearing roads of obstructions. We need to have a lasting solution, not just a palliative. Removing illegally parked vehicles can help, but it will have minimal effect on congestion if all it does is create more road SPACE FOR CARS THE LEAST EFkCIENT use of road space).

To place the burden entirely on the mayors would be unfair.

While cities and mayors definitely have a role in addressing TRAFkC CONGESTION THE NATIONAL agencies such as the Department of Transportation (DOTr) and Department of Public Works and

MOBILITY MATTERS

ROBERT SIY Highways (DPWH) need to be a big part of the solution.

More road space for cars attracts further car use; before we know it, we are back to the same level of congestion. The better option would be to use the “freedup� road space for improved public transport, walking or cycling.

The theme should be “Kalsada Para Sa Lahat�—roads for all users, not only for the wealthy who have access to cars.

In a metropolis like Manila, there is a lot of “suppressed� or “pent-up� travel demand—all of us limit or restrict our daily journeys because getting around THE CITY IS SO DIFkCULT AND TIME consuming. If car travel is eased by additional road space, car owners will naturally increase their rate of car use; soon after, more cars will be back on the road.

This is known as the principle of induced demand.

If we try to solve traffic by expanding roads for cars, it is

ÂłMobility B2

politician wrote on Twitter that Washington would put an additional 10-percent tariffs on the remaining $300 billion worth of Chinese goods starting on September 1.

The new tariff does not include the 25-percent tariffs already slapped on $250 billion of those goods, he added. (See related story on B3) $OMINGUEZ SAID THIS NEW development would be the subject of the country’s economic managers for their upcoming meeting, the date of which he did not disclose.

The Finance chief also said this would also be discussed

ÂłHeadwinds B2

Govt sells $856M in ‘samurai’ bonds

A HARD DAY’S NIGHT

Workers at a yard near the ParaĂąaque Integrated Terminal Exchange unload on Thursday night the first batch of the new rails that will replace old ones on the Metro Rail Transit (MRT) 3 line. PHOTO BY DJ DIOSINA

PSEi rises despite new tariff threat THE stock market recovered from intraday losses on Friday on lastminute buying, ignoring the escalating trade war between the United States and China.

The bellwether Philippine Stock Exchange index (PSEi) traded most of the day in the red before gaining momentum to end the day up 0.39 percent or 31.77 points at 8,129.93. The broader All Shares grew by 0.45 percent or 22.05 POINTS TO kNISH AT

At intraday trade, Philstocks Financial Inc. said market players were cautious over the US-China trade war after US President Donald Trump threatened on Thursday

to slap an additional 10-percent tariff on the remaining $300 billion worth of Chinese goods.

The new tariff was separate from the 25-percent duties already levied earlier this year, the businessman-turned-politican wrote on Twitter.

P2P Trade Online sales associATE 'ABRIEL *OSE 0EREZ AGREED WITH Philstocks, adding the strength, however, might be too soon to say that the index was out of the woods.

The local market bucked a global decline. On Wall Street, the Dow Jones fell 1.05 percent, the S&P 500 declined 0.90 percent,

and the Nasdaq was down by 0.79 percent.

In the region, Tokyo plunged 2.11 percent, Shanghai slid 1.41 percent, Hong Kong fell 2.34 percent, Seoul declined 0.95 percent, Jakarta decreased 0.72 percent, Singapore dropped 0.83 percent and Bangkok was down 1.23 percent.

In Manila, most sectoral results kNISHED kRMER EXCEPT FOR SERVICES

down 0.47 percent.

Volume turnover stood at 1.73 billion, valued at P5.3 billion.

Winners led losers, 129 to 61, while 52 issues were unchanged.

ANGELICA BALLESTEROS

How to bid on govt contracts via PhilGEPS SME FIRST C CIRCLE

HANGES are inevitable, more so when it comes to business. Regardless of the high-level plan from which your business strategy was built, unexpected shifts in market conditions would likely require you to revisit your plans and make strategic adjustments. This is particularly true for businesses considering business to government (B2G) projects to expand their current client base to a new segment.

quires more paperwork than typical B2Bs (business to business) and B2Cs (business to consumers), but for businesses looking to grow their pipeline, and their revenue, closing government projects may be the best way to go. B2G is an excellent way to diversify and dip a toe into a potentially promising client base. Here’s a rundown of the OTHER BENEkTS OF SERVING GOVERNMENT PROJECTS

CHRISTIAN NARCORDA

ÂłBonds B3

What’s inside MAKATI SUBWAY TO SPAWN 10K JOBS

ÂťBusinessB2

SUGAR OUTPUT DOWN IN FIRST WEEK OF JULY

ÂťBusinessB2

ROBINSONS RETAIL PROFIT DROPS BY DOUBLE DIGITS

ÂťCorporate NewsB3

CHINA VOWS TO STRIKE BACK AT US TARIFF THREAT

Enhanced credibility Benefits of B2G transactions It’s easier to attract other market segments if B2G has strict compliance standards and re-

THE government returned to the Japanese market on Friday by raising 92 billion yen (about $855.6 million) worth of multitenor “samurai� bonds. “The book was more than 100 billion yen, but we only issued 92 billion yen. Even that, we really just wanted $750 million to show our appreciation to those investors who participated,� National Treasurer Rosalia de Leon told reporters.

The three-, five-, seven- and 10-year tenors that made up the offering raised 30.4 billion, 21 billion, 17.9 billion and 22.7 billion yen, respectively The issuance fetched coupon rates of 0.18 percent, 0.28 percent, 0.43 percent and 0.59 percent for THE THREE kVE SEVEN AND YEAR tenors, respectively.

The three-year bond will mature ON !UG THE kVE YEAR ON Aug. 15, 2024; the seven-year, on Aug. 14, 2026; and the 10-year, on August 15, 2029.

Transactions will be settled on August 15.

International debt watcher S&P Global Ratings assigned the issuance an investment grade rating of “BBB+.� “The notes represent direct, general, unconditional, unsecured, and unsubordinated obligations of the sovereign, and rank equally with the sovereign’s other unsecured and unsubordinated debt obligations,� S&P said in a statement on Friday.

Another global credit-rating agency, Moody’s Investors Service, also assigned an investment grade rating, saying “it mirrors

ÂłSME B3

ÂťForeign BusinessB3

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