BusinessMirror
OUT NOW To order, e-mail us at bmturningpoints@businessmirror.com.ph or call 893-1662, 814-0134 to 36 Available at all National Book Store and Fully Booked branches
MEDIA PARTNER OF THE YEAR
BusinessMirror
UNITED NATIONS
2015 ENVIRONMENTAL MEDIA AWARD LEADERSHIP AWARD 2008
A broader look at today’s business Tuesday, March 29, 2016 Vol. 11 No. 171
www.businessmirror.com.ph
n
BSP to start tweaking rates in Q2–Nomura I
F the immediate past meetings of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) are of any use, the BSP may opt finally to pull the trigger and make adjustments in the policy rates in two tranches this year—moves seen helping the local currency hold its own against the US dollar in the remaining months of the year.
INSIDE
DESIGNING WITH VIGNETTES The salvation of all
D
EAR Lord, we know that in the fulfillment of Your Father’s plan, You not only “emptied Yourself taking the form of a slave,” but also “became obedient to the point of death, death on the cross.” Through such atrocious death, You snatched all humankind from the eternal damnation, in which it seemed destined to end. Love, and only love, was what led You to offer Your life for the salvation of all, including the repentant thief who entrusted himself to Your mercy, and even Your enemies who put You to death. We are forever grateful for Your love and mercy. Amen. WORD & LIFE, FR. SAL PUTZU, SDB AND MARIA LOUIE M. LACSON Word&Life Publications • teacherlouie1965@yahoo.com
Editor: erard . a o • i e t e
ine
irror
ai . o
Life
The well-regarded think tank Nomura Global Economics, in its most recent assessment of the Philippines, said the central bank will likely raise its benchmark borrow-
‘BATMAN V SUPERMAN’ NABS BOX-OFFICE RECORD FOR BEST PRESUMMER DEBUT D3
BusinessMirror
B B C
Tuesday, March 29, 2016
D1
Designing with vignettes
ing rate or its reverse repurchase (RRP) rate by 25 basis points as early as the second quarter this year. This moves up the current RRP rate of only 4 percent to 4.25
percent in any of the scheduled ratesetting meetings between April and June this year. This adjustment, according to Nomura, will be followed by another 25-basispoint hike in the third quarter. “We expect the second-quarter move to coincide with an announcement that formalizes the shift to a policy corridor framework by the second quarter of 2016,” Nomura said. The corridor pertains for the most part to a signaling mechanism alerting the markets where the policy rates were to move next. “If we are correct, the next RRP rate hike we forecast in the third quarter will likely be accompanied by an equivalent shift in both the f loor [special deposit accounts] rate and ceiling [RRP rate] of the new corridor, preserving its symmetry,” the research arm of the financial services giant quickly added. S “BSP,” A
BY CATHY HOBBS Tribune News Service
D
ESIGN isn’t always about the big pieces in a room. Sometimes, it’s the smaller, specialty pieces that can make a room shine. Vignettes have long been the secret weapon of stylists to make aesthetically pleasing, stylized statements throughout a space. n What is a vignette? A vignette is a snapshot or minigrouping of items to convey a design message. A vignette can be a grouping of furniture items, accessories, such as pillows, or tabletop items, such as sculptural pieces, vases or even flowers. n What makes a good vignette? When it comes to the components of your vignette, consider incorporating your favorite things into a single vignette. Another design idea is using key colors that are present or dominate elsewhere in your space. DO’S AND DON’TS n Do: Create a vignette using a minimum of three items. Consider creating a vignette using a single color. Use colorful accents, such as florals and artwork. n Don’t: Overdo it; less is more. Hide your vignettes. Locations like the floor are never a good location to make a vignette you wish to highlight. Use perishable items in your vignettes. While seasonal items can be interesting, they will be hard to maintain. n
A LEANING piece of art creates an interesting backdrop for this bedside table vignette.
D1
AseanTuesday BusinessMirror
Editor: Max V. de Leon • Tuesday, March 29, 2016 A5
‘Save Malaysia’ campaign on vs Najib
M
ALAYSIAN opposition politicians and leading critics of Prime Minister Najib Razak unveiled a fresh campaign aimed at ousting him, after months of attacks over a funding scandal failed to substantially dent his support.
J
APANESE investors have expressed interest in producing textiles for medical use in Thailand and making the country a regional hub for innovative garments and medical equipment, says the National Federation of Thai Textile Industries. Federation Chairman Somsak Srisuponvanit said Japanese textile companies using high technology would seek local partners to invest in the production of special garments and textiles for medical use. “The government is promoting a new investment policy under the concept of clusters, expecting to bring Thai industries to the next level, focused on added value,” Somsak said. “Thai textiles and garments also have strong potential to grow and add higher value.” With new investment in innovation, garment and textile businesses could shift to value-added textiles, such as disinfected bed sheets for hospitals and scrubs for personnel, he said. Somsak said he had discussed the idea with Japan’s Ministry of Economy, Trade and Industry and various Japanese companies. The federation sees an opportunity for the garment and textile industry to take the next step into high-tech garments, he said. He said the textile and garment industry needs to shift away from the lower market, where competition has intensified with countries that have the advantage of low labour costs, such as Bangladesh, Vietnam, Myanmar, Cambodia and Lao PDR. Switching to innovative products would help the garment industry enter the upper market with fewer competitors and higher added value, he said. Apart from elevating the market, Thailand is also working with Sri Lanka on business matching to create new investment in the sector. Sri Lanka’s government recently brought 25 garment companies to meet 60 Thai counterparts in order to create investment. The Sri Lankan investors are seeking Thai partners to help expand their business in the country as they see strong potential for Thailand to be the centre of Asean, where demand is seeing significant growth. Somsak said he expects the value of garment exports to grow 10 percent this year to US$8.6 billion. MCT
Former Premier Mahathir Mohamad and former Deputy Prime Minister Muhyiddin Yassin were among those who addressed more than 2,000 people at a convention center in the capital Kuala Lumpur on Sunday, with each of the 18 speakers conveying the same message: Najib must go now. “The wait for two years for the next general elections is too long,” Mahathir said. “Our situation is very bad. We need to recover quickly and two years will be too late.” Najib is facing his biggest political crisis since coming to power seven years ago, as questions linger over $681 million, which appeared in his accounts before the last election in 2013, funds the attorneygeneral said were a donation from the Saudi royal family. Mahathir, the country’s longest-serving leader who governed until 2003, has waged a public campaign for months to get Najib out of office. From now until early June, Mahathir and Muhyiddin will drive the ‘Save Malaysia’ effort that will collect signatures from ordinary voters in various cities calling for Najib to step down, said Khairuddin Abu Hassan, a former official of the ruling United Malays National Organization (UMNO). Mahathir said he’s expecting a million signatories to the petition by the end of 2016, which will be taken to the nation’s royals. “The powers of the rulers to remove the prime minister are not in the constitution,” Mahathir said. “If we get enough signatures, we can give the declaration to the rulers and I hope they will listen to the voices of the people and can do something.” The feud has grown increasingly acrimonious, with Mahathir attacking Najib over a series of financial scandals and his economic record, and quitting the ruling party. While his influence has faded in recent
The wait for two years for the next general elections is too long.” —M years, the public sparring creates risk for UMNO, which has ruled since independence in 1957, but whose broader Barisan Nasional coalition won the last election in 2013 with its slimmest margin yet. The next election must be held by 2018.
Corruption struggle
“UNDER the leadership of Prime Minister Najib Razak, Malaysia is struggling with corruption and money scandals to an extent so serious that we have never faced before,” former law minister Zaid Ibrahim said at the rally. “We are ashamed of what is happening to the country now. We cannot be patient anymore.” Najib has repeatedly denied any wrongdoing and said no “individual, however eminent” should try to interfere with or hijack his leadership. He retains the backing of the bulk of UMNO’s powerful divisional chiefs. “This is the beginning of a long journey,” said Muhyiddin, who was suspended as UMNO deputy president for undermining the organization in his quest to remove Najib. “Our aim is for Najib to step down and not to topple the government. If we keep quiet and do nothing, they will say ‘look, no one is standing up against us,’” he said of those backing the prime minister.
Joining hands
THE effort to get Najib out of
MALAYSIA’S former Prime Minister Mahathir Mohamad (center) and former Deputy Prime Minster Muhyiddin Yassin (left) listen to a speech during the “People’s Congress 2016” event in Shah Alam, Malaysia, on Sunday. Mahathir and former leaders of the United Malays National Organization gathered to urge Prime Minister Najib Razak to resign over corruption allegations. AP
office has turned sworn political enemies into temporary allies. The government said this month that Mahathir’s move to align with opposition members showed the depth of “political opportunism and desperation.” Jailed opposition leader Anwar Ibrahim, a one-time deputy to Mahathir who was fired after a dispute over economic policies in 1998, is among those backing his former mentor. “What’s important to us the the removal of Najib,” Mahathir said. “After that, we can decide who will become the next prime minister.” Former UMNO leaders, who are “conspiring with the opposition,” do not respect democracy and the mandate given by the people, the official news agency Bernama reported on Sunday, citing Minister in the Prime Minister’s Office Azalina Othman.
‘Narrow aim’
THE alliance is “a short-term goal so it does not have to last,” said Ooi Kee Beng, deputy director of the ISEASYusof Ishak Institute, a research center in Singapore for Southeast
Asian issues. “It just needs to develop means toward that end over the coming year. In keeping to that narrow aim, it can cause trouble and bring a lot of worry to the government.” Kamaruzaman Ismail, 63, was detained under the Internal Security Act when Mahathir was premier. He was among those at Sunday’s rally pledging support for Mahathir’s current efforts. “What Mahathir did to me was personal,” said Kamaruzaman, an official with opposition group Parti Amanah Negara. “Why I am here today is for the country and the people. I will support this cause for the betterment of this country.”
Poorer ranking
MALAYSIA’S score worsened in Transparency International’s Corruption Perceptions Index for 2015 released in January, putting it on a ranking near Slovakia, Kuwait and Cuba. Issues related to troubled state investment company 1Malaysia Development Bhd. contributed to the nation’s fall on the global list to
54th from 50th in 2014, according to the Malaysian head of Transparency International. “We have to continue with reformation, we have to overcome corruption,” said Ambiga Sreenevasan, one of the nation’s best known civil society group leaders and who met US President Barack Obama when he was in Malaysia last year. “It is time to say ‘no’ to leaders who act as though Malaysia belongs to only them. We don’t want a dictatorship.” Some of those at the rally expressed anger over rising transport and food costs. The government has removed subsidies from sugar to fuel in recent years, and it implemented a goods and services tax in 2015. Malaysian consumer prices in February rose at the fastest pace since 2008. “I’m retired, now I have to be more careful how I spend my money,” Chen Soon Chin, 68, said outside the convention center. “I’m concerned about the Malaysian political situation—the corruption, injustice, abuse of power and people suffering because of the heavy taxes.” Bloomberg News
Q&A on impact of economic land concessions in Southeast Asian countries
20,500 sq miles
A
UTHORITIES in Cambodia, Lao PDR and Myanmar have granted hundreds of longterm land leases, called economic land concessions, to foreign and domestic developers to set up rubber, sugar or other plantations or mining projects. The goal was to promote development and create jobs, but many concessions have displaced local residents and cut them off from farmland and other resources. Here’s a closer look at the issue: How much land has been granted? Some 53,000 square kilometers (sq km) (20,500 square miles) are believed to be under land concessions in Cambodia, Myanmar and Lao PDR. The Cambodian government hasn’t revealed the full extent of its leases, but human rights group LICADHO has identified 272 of them covering 21,000 sq km (8,100 sq miles) in Cambodia, or just over a tenth of the country. Most of those in Cambodia have gone to Chinese, Vietnamese and Cambodian companies, including several with links to top Cambodian government officials. Why have they led to land conflicts? A lack of transparency has characterized the programs in all three countries. Authorities made decisions in private, and little effort has been made to consult with affected local populations. In numerous cases, people were cut off from land
Size of land believed to be under concessions in Cambodia, Myanmar and Lao PDR they occupied or farmed without warning, sometimes by force. That’s led to protests, some of which have turned violent. State-linked land conflicts have affected half a million Cambodians through evictions, livelihood deprivation or resource loss, LICADHO estimates. Disputes over land rights are the country’s No. 1 human-rights problem, according to Surya Subedi, former UN special rapporteur on human rights in Cambodia. What rights do indigenous people have? A major problem in Cambodia is that land ownership was eradicated and title documents destroyed by the radical communist Khmer Rouge in its bid to create an agrarian utopia in the 1970s. A 2012-13 titling campaign helped thousands gain titles, but was also criticized for inconsistencies and failing to
systems and power structures are prone to corruption. What does the cambodian government say? Criticism of the program led the government in 2012 to suspend new concessions and it has reviewed each one in a process activists have called opaque. Some 40 have been revoked, but many disputes remain. In declaring an end to the review last month, Prime Minister Hun Sen pledged to return nearly 10,000 sq km (3,860 sq miles) to poor families, leaving some 11,000 square kilometers for concessions. Human rights groups doubted the claims, saying authorities didn’t disclose how they reached these figures. They were also skeptical the land would be returned. Environment Minister Say Sam Al says the concessions program was meant to “improve the livelihoods of our people” as the poor country emerged from decades of conflict, but he acknowledged problems in implementing it. He said he hopes the government’s recent moves will “close a difficult chapter for Cambodia.” The broader goal is to modernize the economy, he said, which will involve change for indigenous peoples. “Through economic growth, job creation, new opportunities,” he said, “we hope that the sons and daughters of these people will abandon their dependence on forests and move on to something else.” AP
ASEAN IN this February 26, 2015, photo, a road runs through a rubber plantation operated by Socfin-KCD, a European-Cambodia joint venture, in Mondulkiri province in eastern Cambodia. In a global land rush, many countries have sold or leased huge tracts to foreign investors, sometimes forcing out those who lived there. AP
A5
DAY ON A ROLL address disputes. The country’s 2001 land law protects indigenous people’s right to manage their traditional lands while they go through the complex registration for a communal land title, but that is often
Sports BusinessMirror
C1
| TUESDAY, MARCH 29, 2016 mirror_sports@yahoo.com.ph|sports@businessmirror.com.ph Editor: Jun Lomibao | Asst. Editor: Joel Orellana
A
B D F The Associated Press
USTIN, Texas—The fortunes of Jason Day turned as quickly as the biggest match he faced in winning the Dell Match Play. Just two weeks ago, he arrived at the Arnold Palmer Invitational without having won in six months and showing few signs that he was ready to crank up that fearsome combination of long ball and short game. Day now heads to the Masters as the man to beat. Coming off a one-shot victory at Bay Hill, the 28-yearold Australian overcame a back injury that nearly caused him to withdraw, went far enough in the Match Play to return to No. 1 in the world, outlasted Rory McIlroy in the semifinals and then capped off a remarkable week in Texas by going home with the trophy. He will head to Augusta National later this week to start preparing. The Masters starts on April 7. “I am looking forward to it,” Day said. “I know it’s one tournament that I’ve always want to win. So the motivation and the want...there’s no problem. It’s been good momentum for me, confidence-wise, over the last two weeks. I can’t get comfortable with how I’m playing right now. I can’t get lazy, because I’ve got to understand that what I’m doing is working. So I’ve got to keep working on the things that have caused me to win over the last two weeks.” The last time anyone won back-to-back on the Professional Golfers’ Association (PGA) Tour was only three weeks ago, when Adam Scott won at PGA National and Doral. What makes Day stand out as a favorite is that the Match Play was his sixth victory in his last 13 starts dating to his record win at the PGA Championship last August. Jordan Spieth’s loss in the fourth round was the first part in Day getting back to No. 1. Day winning in the quarterfinals was the second part. As for that big match? The record book will show that Day defeated Louis Oosthuizen, 5 and 4, to win the tournament. That was never really in doubt. Day took the lead for good on the fourth hole and extended it because he was making putts at Austin Country Club and Oosthuizen was not. “A top player these days, he always makes that crucial putt when he needs to,” Oosthuizen said. “We’ve seen a thousand times through Tiger doing it. Jordan does it all the time. And Jason, whenever he needs to make a crucial putt, he makes it. You see him this morning against Rory when he made that putt on 18. He’s always been a great iron player. He’s always been a great long iron player. “And the way he’s putting now, there’s a reason
why he’s No. 1 in the world.” The key moment for Day even getting to the championship match was against McIlroy on the back nine. McIlroy was on the verge of going 1 up when he hit a magnificent shot into the wind, over the water to the left corner of the green, leaving him 6 feet for birdie. Day missed the green left and faced a downhill chip so severe that he went with a full shot to reduce the roll. It worked OK, but not great, and he still had 12 feet left for par. Day made. McIlroy miss. Then, both were in range on the par-5 12th when McIlroy protected against the water and played his shot out to the right. Day was going to do the same thing with a 4-iron when he felt a gust in his face, and switched to a 2-iron. He took a line right over the water, cleared it by a foot and set up a two-putt birdie that gave him the lead for good. That’s how quickly control in that match changed. “Once the wind started gusting up, I said, ‘I’m going to change and for the 2-iron and go for the green,’” Day said. “In my head, I was saying that. I pulled it a little bit...and it worked out fantastic.” McIlroy hit a poor chip behind the 13th green and fell 2 down, and he never could catch up. “I think the morning’s round was probably one of the hardest rounds I’ve had to go through in match-play format,” Day said. The back injury was all but forgotten when Day motored his way to an easy victory over Oosthuizen. It was the largest margin in the championship match since it went to 18 holes in 2011. Tiger Woods beat Stewart Cink, 8 and 7, when it was a 36-hole final. Day’s short game was most impressive. He was just off the green eight times against McIlroy and got up-anddown each time. He did it four more times against Oosthuizen. And yes, he can still hit it a long way. That should work out for him at Augusta National. “It will be fun to walk through the gates as the No. 1 in the world,” he said.
ignored. Economic-land concessions must meet five criteria before being granted, including consultations with local residents, compensation under resettlement solutions and environmental and social-impact
assessments, but human- rights groups say many concessions have failed to meet these requirements. In Cambodia, Myanmar and Lao PDR, ordinary people feel they have little recourse because their legal
DAY
ROLL
TONY FINAU bags his first Professional Golfers’ Association Tour. AP
C
ARLSBAD, California—Lydia Ko won the Kia Classic on Sunday at Aviara, reaffirming her position as the top player in the world heading into the first major championship of the season. Ko birdied the final three holes for her third straight five-under 67 and a four-stroke victory over secondranked Inbee Park.
IO GRANDE, Puerto Rico—Tony Finau won the Puerto Rico Open on Sunday for his first Professional Golfers’ Association (PGA) Tour title, beating Steve Marino with a birdie on the third hole of a playoff at windy Coco Beach. The 26-year-old Finau won with his third straight birdie in the playoff on the par-5 18th, blasting out of the back bunker to three feet. “I think I’m still a little bit overwhelmed,” Finau said. “It probably hasn’t all sunk in.” Marino was just off the back edge of the green in two, but left his putt from the fringe 4-and-a-half feet short and missed his birdie try to the right. “I finally played the hole like you’re supposed to,” Marino said. “I hit the fairway and then hit it on the back fringe. I didn’t think that putt was going to be that slow and then I just hit a poor putt on the second putt. Pretty disappointing, played really well.” Finau and Marino each shot two-under 70 to finish at 12-under 276. Marino birdied the 18th to tie Finau, and got into the playoff when Finau missed a 6-foot birdie putt. “In regulation, it was a putt that I kind of dreamed of making my whole life,” Finau said. “It’s a putt that you practice for your first PGA Tour victory or just for any PGA Tour victory, so I was a little bit bummed that that sneaked by the hole because I hit a really good putt. But I was happy I had another chance at it and was able to make the second one.” Finau and Marino each birdied the 18th on the first two playoff holes. On the first extra hole, Marino got up-and-down from the left bunker, blasting to 8 feet. Finau pitched to a foot from left of the green. On the second, Marino hit a flop shot over the right-side bunker to 10 feet, and Finau pitched to 6 feet from in front of the green. Marino is winless on the PGA Tour. He also lost in a playoff in the 2009 Colonial.
Finau birdied four of the first 10 holes to reach 14 under, then dropped back with bogeys on the par-3 11th and par-5 15th. The long-hitting Finau, a 6-foot-4 former Utah high-school basketball star, is in his second full season on the PGA Tour. He’s the cousin of Milwaukee Bucks player Jabari Parker. “I tried to just stay in the moment really,” Finau said. “That’s what I learned from last year. You can never look too far ahead and you can’t look back, either. You’ve got to focus on the here and now. I did a really good job of that today even though that putt slipped by in regulation for the win, I knew I still didn’t lose the tournament. I needed to refocus and get ready to play 18 again. That’s what it takes out here I feel like to win. And now that I have that feeling, it’s pretty special.” Ian Poulter and Mexico’s Rodolfo Cazaubon finished a stroke out of the playoff. Poulter closed with a 72, missing an 18-foot birdie putt on 18. Playing the event for the first time after failing to get into the Match Play tournament in Texas as the first alternate, the Englishman took a one-stroke lead into the final round. “It’s a shame. Just slightly disappointing,” Poulter said. “I’m continuing to work on the game to try and improve, and I know if I rectify a couple of poor shots, then my game will improve. Obviously, hitting shots slightly too far right at certain times is costly.” Cazaubon shot a 68. The Web.com Tour player was making his third PGA Tour start. “I’m really happy,” Cazaubon said. “I guess I feel really comfortable since the beginning. I didn’t have anything to lose because I play on the Web. I just came here to have some fun here.” Andres Romero (67), Nick Taylor (70) and Scott Brown (71) tied for fifth at 10 under. Puerto Rico’s Rafael Campos, the leader after each of the first two rounds, was another stroke back after a 72. AP
SPORTS
HAPPY MOMENT FOR WORLD NO. 1 “I just kind of peeked at the leaderboard and saw Inbee was making a lot of birdies—Inbee doing her Inbee things,” Ko said. “I knew that I needed to focus up until the last moment and, fortunately, I made some birdies down the stretch.” A week after finishing second in Phoenix in the Founders Cup, the 18-year-old New Zealander headed to Rancho Mirage for the ANA Inspiration with her first Ladies Professional Golf Association (LPGA) Tour victory of the year and 11th overall. She also won the Ladies European Tour’s New Zealand Women’s Open in February. “All the work we’ve put in as a team kind of paid off,” Ko said. “A really happy moment, but I have to focus for next week. I’m really excited to go back to ANA.” She tied for 51st last year at ANA. “I didn’t strike the ball very well last year there,” Ko said. “Hopefully, I’ll be able to hit a few more fairways and give myself a good chance. Obviously, it helps to have
A
Second of three parts
USERNAME like Kyuubei is a dead giveaway for fervor over anime and manga, moreso the Japanese animation and comics pop culture. Deep in the Web, Kyuubei is nothing more than another speck of data-consuming user. Unlike millennial Internet residents like himself, the data he expends are put into an entirely different use. “[I get hired by] desperate people who want to know the Facebook password of their enemies or people they’re in a relationship with,” he shakes his head. The man explains that, while he tries to understand the motive of these people, he is saddened by the superficiality of their being.
played well here going into the first major of the year.” Ko finished at 19-under 269. Park closed with a 67. The 2013 winner at Rancho Mirage, the South Korean player appears to be over the back problem that forced her to withdraw from the first event of the season. “We have a really important tournament coming up next week, so I really needed to push myself a little faster to get ready,” Park said. “This is a great finish for me and it’s going to be a good confidence week for me.” She tied for 30th in Thailand and Singapore in her first events back and missed the cut in Phoenix. “I have been struggling with ball-striking to putting and everything until probably last week,” Park said. “This week, everything started clicking together. Started to hit the ball a lot straighter and started to get a lot of confidence and, obviously, dropping a few putts gave me a lot of confidence.”
Playing two groups ahead of Ko, Park pulled within two shots with birdies on the par-4 16th and par-5 17th. Ko pushed the lead back to two with a birdie on the short par-4 16th, holing a 10-foot putt after driving the green and racing her first putt past the hole. Ko made an eight-foot birdie putt on 17, and finished with a 15-footer on 18. She bogeyed the par-5 10th after double-hitting a putt from the fringe. The ball popped out of a pitch mark and caught her club in the follow-through, costing her a one-stroke penalty. “I don’t think I’ve ever double-hit it, especially with a putter before,” Ko said. “That was interesting. Fortunately, I was able to make the second putt. I think that was kind of the turning point.” Japan’s Ai Miyazato was third at 12 under after a 66. The nine-time LPGA Tour winner had her first top-10 finish since 2013. AP
NETIZENS SEARCH FOR OUTSTANDING CPAs 2015 D. Edgard Cabangon (second from left) receives for his father, the late Ambassador Antonio L. Cabangon Chua, the Outstanding CPA Award for 2015 from the Board of Accountancy (BOA), headed by Chairman Joel Tan Torres (right). Joining them are (from left) former BOA Chairman Hermogenes Pobre, fellow awardees Edwin de los Santos, Dean Estelita Aguirre, Arlyn Encarnacion for Heidi Mendoza and Romeo Manalo for Betty Siy Yap. The awarding was held at the Manila Hotel. RUDY ESPERAS
He gets paid for what he does, but that’s only the surface-level kind of work. The 20-year-old lives for the thrill of hacking, the exhilarating feeling he gains from being able to infiltrate high-profile systems past layers of coding and intricately put up security walls. Kyuubei is credited for defacing several government web sites in 2011, barely a year before the Cybercrime Prevention Act of 2012 was enacted. To date, Kyuubei has committed several offenses under the act. Based on the information gathered during the interview with B USINESS M IRROR, the hacker has already several counts of illegal access, illegal interception, data inter ference and system interference. C A
China emerging as global hub for money laundering?
JASON DAY now heads to the Masters as the man to beat. AP
FINAU WINS R IN PLAYOFF
WORLD No. 1 Lydia Ko birdies the final three holes for her third straight fiveunder 67 and a four-stroke victory over second-ranked Inbee Park. AP
B M R M
Yes, the hacking should put [the] Comelec on notice that ‘hacking can be done.’ But web site is different from the election servers.”—P
‘SAVE MALAYSIA’ CAMPAIGN ON VS NAJIB Japan to make Thailand textile hub in region
BMReports Hacktivism: A threat to 2016 polls?
NEUTRAL ceramic pieces accented by a silver metallic figurine add interest to a bedroom dresser.
LIFE
news@businessmirror.com.ph
P. | | 7 DAYS A WEEK
C
C1
HINA is emerging as a global hub for money laundering—not just for Chinese, but for criminals around the world—The Associated Press has found. There are a number of options in China for cleaning dirty money, including through major state-run banks, import-export schemes and informal money-transfer systems that date back a millennium, according to recent
PESO EXCHANGE RATES n US 46.3190
13,500
Number of complaints received by the FBI from victims of cyber-scammers
police investigations and lawsuits in Europe and the United States. Here’s who law-enforcement officials in the US and Europe believe is laundering money in China: n The FBI says sophisticated cyber-scammers tricked thousands of Western companies out of $1.8 billion in just over two years by impersonating top corporate executives in a
scam known as the fake president, fake CEO or business e-mail compromise scam. The bureau says it has received 13,500 complaints from victim-companies so far, with the number rising dramatically in 2015. The known culprits are not Chinese, but the top destinations for the stolen funds are bank accounts in China and Hong Kong, according to the FBI. C A
n JAPAN 0.4088 n UK 65.4673 n HK 5.9710 n CHINA 7.1096 n SINGAPORE 33.7848 n AUSTRALIA 34.7439 n EU 51.7291 n SAUDI ARABIA 12.3524
Source: BSP (28 March 2016 )