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M&A review period shortened ++
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•• 5 SECTIONS PAGES • VOL. 120 NO. 249 28
WEDNESDAY, JUNE 19, 2019
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Trusted since 1898
Olympic panel chief quits R
BY JOSEF T. RAMOS
ICKY Vargas has stepped down as Philippine Olympic Committee (POC) president amid a leadership row and iden questions over the handling qu of the 2019 Southeast Asian ((SEA) Games. Vargas, who was POC chief for just short of a year and a half, submitted his “irrevocable resignation� during an Executive Board meeting on Tuesday. He offered little explanation, only saying that “after
Q Ricky Vargas PBA MEDIA BUREAU PHOTO
ÂłQuitsA2
Now, this is a leader, and not a populist one
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O be honest, my admiration for President Duterte went up a few notches with his principled stand on the Recto Bank incident, despite the hysterical screams of the Yellows and even of people you would have thought were sober, for him to bash China for the Reed Bank incident. ÂłTiglaoA5
RIG RRIGOBERTO IGG DD. TIGLAO
Filipino philosophy?
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Q Jeroen Meijers raises his bike after dominating the general classification race of the Le Tour de Filipinas 2019 on Tuesday in Legazpi City, Albay. CONTRIBUTED PHOTO
OME local philosophical association recently launched on Facebook an online survey on THE KEY kGURES IN THE DEVELOPMENT OF &ILIPINO philosophy. Emerita Quito and Florentino 4IMBREZA LARGELY BECAUSE ÂłAquinoA5
FR. RANHILIO CALLANGAN AQUINO
Regulator orders water supply cut RESIDENTS of Metro Manila and nearby provinces should prepare for water service disruptions lasting from 8 to 12 hours after regulators cut allowed releases from Angat Dam. The National Water Resources Board (NWRB) has decided to again reduce the allocation to the Metropolitan Waterworks and Sewerage System (MWSS), which divides this between Manila Water Co. Inc. and Maynilad Water Services Inc., to 40 cubic meters per second (cms) from 46 cms. The water level at Angat, the main
Meijers thumps rivals in Le Tour de Filipinas
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ÂłLe TourA8
Duterte won’t summon Chinese envoy PRESIDENT Rodrigo Duterte is not inclined to ask Chinese Ambassador to the Philippines Zhao Jinhua to shed LIGHT ON THE SINKING OF A &ILIPINO kSHING boat in disputed waters, Malacaùang
said on Tuesday. Zhao be asked to offer Beijing’s version Palace spokesman Salvador Panelo of the incident. belied statements made by Defense “We cannot summon the ambas3ECRETARY $ELkN ,ORENZANA A DAY EARLIER sador, wala naman tayong (we have THAT #ABINET OFkCIALS HAD PROPOSED THAT ÂłSummonA2
Where corruption begins, command responsibility must end
ÂłWaterA8
What’s inside
BY MAURO GIA SAMONTE
SEC FILES COMPLAINT VS KAPA NewsA2 PHILHEALTH COA SEEKS REVIEW OF AEROSPACE FIRM WITHDRAWS NewsA8 WELLMED ACCREDITATION NewsA3
LEGAZPI CITY, Albay: Jeroen Meijers of Taiyuan Miogee Cycling Team claimed his first victory outside Europe after topping the 822.2-kilometer, five stages Le Tour de Filipinas 2019 on Tuesday here.
ART FROM THE RUINS
An artist paints one of the shell buildings in Intramuros, Manila as he participates in The Manila Times’ ‘Intramuros on Canvas’ painting contest. The competition will run until June 30. PHOTO BY RENATO H. DILAN
THIS is not necessarily arguing anybody’s case. Rather it is a compulsion TO SEEK CLARIkCATION ON A LEGAL QUESTION that has arisen with the arrest of Bryan Christopher Sy, the vice president of 7ELL-ED $IALYSIS AND ,ABORATORY #ENter Corp. (WellMed), after being only invited by the National Bureau of )NVESTIGATION .") FOR QUESTIONING Here you are in good faith respondING TO A REQUEST FOR AUDIENCE BY THE AUTHORITIES ONLY TO kND YOURSELF BEING actually ensnared and placed in detention like a criminal.
ÂłCorruptionA6
PACQUIAO PAYS HOMAGE TO PANCHO VILLA
SportsC1
A STAR-STUDDED 3RD EDDYS NOMINATION NIGHT EntertainmentD1
INVESTMENT FORUM
Rommel Latinazo, RCBC president and chief executive officer; Raul Ruiz, RCBC Securities research head; Ma. Lalaine Wingkee Lomeda, head of Sun Life Grepa Financial; Juan Paolo Dimaguila of Ayala Land Inc.; and other investment experts pose after attending RCBC’s Investment Forum held on Tuesday at Bonifacio Global City in Taguig. PHOTO BY ENRIQUE AGCAOILI
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M&A review period shortened PCC: Move to foster ‘conducive’ environment for doing business in the country BY TYRONE C. PIAD
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(% REVIEW PERIOD FOR QUALIkED MERGERS AND ACQUISITIONS - ! WOULD NOW LAST WORKING DAYS IN LINE WITH THE GOVERNMENT S EFFORTS TO MAKE DOING BUSINESS IN THE COUNTRY EASIER THE 0HILIPPINE #OMPETITION #OMMISSION 0## ANNOUNCED ON 4UESDAY
LGUs’ share from tobacco taxes hits P15.8B TOBACCO-PRODUCING local government units’ (LGU) shares from 2016 collections of excise taxes on tobacco reached more than P15 billion, according to the Department of Budget and Management (DBM) In a memorandum signed on June 14, DBM /FkCER IN #HARGE *ANET !BUEL SAID THE FUND TO BE released to LGUs totaled P15.813 billion, which was sourced from 2016 excise-tax collections on locally manufactured Virginia-type cigarettes, as well as on burley and native tobacco. Of the amount, P12.887 billion came from excise taxes on cigarettes and the remaining P2.926 billion from those on tobacco. Ilocos Sur province had the largest share of the cigarette taxes collected with P7.676 billion. Abra province came next with P1.922
ÂłTobacco B4
Tan daughter takes over PAL A DAY after it was first reported, flag carRIER 0HILIPPINES !IRLINES 0!, CONkRMED ON Tuesday that its President and Chief Operating /FkCER *AIME * "AUTISTA WAS RETIRING AND THAT Executive Vice President Vivienne K. Tan would REPLACE HIM AS OFkCER IN CHARGE In a statement, the listed airline said its #HAIRMAN AND #HIEF %XECUTIVE /FkCER ,UCIO # Tan, as well as members of the board of directors, have accepted tBautista’s decision to leave THE kRM TO SPEND MORE TIME WITH HIS FAMILY It assured “its customers, business partners and employees that it’s ‘business as usual’ FOR THE lAG CARRIER !LL lIGHTS AND SERVICES ARE proceeding as scheduled.� “As this is the beginning of JJB’s retirement life with his family, let it also be the beginning of even greater dreams for PAL and all
ÂłPAL B4
GMA 7 uses peso equivalents I
N a general information sheet (GIS) issued in 2019 and still posted on the website of the Philippine Stock Exchange (PSE), GMA Network Inc. reported 12.5 billion as authorized capital stock (ACS). The TV network divided its ACS into 5 billion common shares with par value of P1 per share and 7.5 billion voting preferred shares with much lower par value
ÂłPerez B4
What’s inside WHEN WORDS MATTER MORE – FROM WHERE WE SIT BusinessB2
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NEA: PH HOUSEHOLDS WITH POWER UP TO 13M
ÂťBusinessB2
AEV LISTS P5-B BONDS ON PDEX
ÂťCorporate NewsB3
ECB READY TO USE MORE STIMULUS IF NEEDED
ÂťForeign BusinessB4
In a statement, the state-run competition watchdog said the review process was cut from the 30 calendar days currently imposed under what it called “the regular Phase 1 merger assessment.� This will take effect on July 2, or
15 days after the resolution on the shortened period is published. The PCC said “merging parties may apply for the expedited review within DAYS AFTER SIGNING THE DEkNITIVE agreement on the deal, but prior to any act of consummation.�
1UALIkED - ! IT ADDED ARE THOSE that are “are less likely to substantially prevent, lessen or restrict competition in their relevant markets.� The merging parties should have no actual or potential horizontal or
ÂłReview B4
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