October 10, 2015 by BusinessMirror

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A broader look at today’s business Saturday 2014 Vol.10,10 2015 No. 40 Vol. 11 No. 2 Saturday,18,October

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EL NIÑO, LOW OVERSEAS DEMAND MAKE IT HARD FOR EXPORT SECTOR TO RECOVER THIS YEAR

Neda: Prospects bleak for exporters VW’S U.S. EXEC APOLOGIZES, T BUT WASHES HANDS OF MESS B C U. O

HE threat of El Niño to the farm sector—coupled with low demand for locally produced goods from the country’s major markets—would make it difficult for exporters to prop up their earnings in the remaining months of 2015, the National Economic and Development Authority (Neda) said on Friday.

INSIDE

BREAST HEALTH Life

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

Saturday, October 10, 2015

BALISACAN: “The latest export performance mirrors the recent developments in the global economy: the slowing down of global trade; sluggish momentum in industrial production in major economies; and downward price pressure on commodities.”

Breast health SOMETHING LIKE LIFE MA. STELLA F. ARNALDO

http://stella-arnaldo.blogspot.com @Pulitika2010

CTOBER is Breast Cancer Awareness Month. v And, ladies, if you haven’t gone to your OB-Gyn this year, I suggest you schedule it right away. In fact, while you’re at it, have a complete workup of the lady parts—the breasts and the cervix, as well.

It’s important to get a mammogram and breast ultrasound, as well as a Pap smear. While the former screens for cysts and other abnormalities that wouldn’t otherwise show up on a regular manual breast exam, the latter screens for cervical cancer and other medical conditions that we don’t realize maybe going down there. You might think, “Well, cancer doesn’t run in my family anyway, so why do I have to do all these tests?” That’s not actually true. Only 5 percent to 10 percent of breast cancers are thought to be hereditary, with abnormal genes (BRCA1, or BReast CAncer gene one; and BRCA2, or BReast CAncer gene two) passed down from parents to their children. The other risk factors include simply being a woman (although in rare cases, men also do get breast cancer) and age. Specifically, the female hormones estrogen and progesterone can also promote the growth of breast cancer cells. According to the American Cancer Society, as women get older, we are more at risk for breast cancer. “About one out of eight invasive breast cancers are found in women younger than 45, while about two of three invasive breast cancers are found in women age 55 or older.” I won’t lie. Breast cancer exams are, uhm, uncomfortable. OK, it can be downright painful. For all the advances in the world, I still don’t understand why machines haven’t been invented that examine our breasts with the least discomfort. I’d actually take

an MRI or CAT scan any time of the day to a mammogram, which basically does an x-ray of the breasts. During a mammogram, your nipples are covered with surgical tape, then one boob is put on a little plastic plate protruding from the mammogram machine, your arm nearest to the boob has to be away from your body holding on to a handle to expose the boob further. That’s just the preparation, mind you. When it’s actually time to take your boob’s image, another plastic plate above the boob will slowly come down, then squeeze your boob almost flat. Yes it will make you wince, maybe even scream in pain. But it will just take less than a minute for your boob’s image to be recorded. And after that, your boob is released. The same is done for your other boob, as well. But wait, there’s more. After the top-tobottom squeeze, another set of x-rays needs to be done, but this time, your boob has to be compressed on both sides. Just take it, ladies. The seeming unbearable pain will be over soon. Women, at least 40 years old, should be getting mammograms. Earlier, if you are at higher risk. Most OB-Gyns also now recommend a breast ultrasound, as well. The breast ultrasound helps distinguish between ordinary fluid-filled cysts and actual tumors. It can also, to an extent, help determine whether the tumors you may have are benign or cancerous. In contrast to the mammogram, the ultrasound is painless. You lie down in a darkened

room, and a gel-lubricated wand-like instrument will glide over your breast skin. The ultrasound emits sounds waves and picks up echoes bouncing off your breast tissues. The only icky part about is the generous amount of gel that is left on your boobs that you need to wipe off. Another thing to consider is that breast cancers are the leading form of cancers among women. As per the Philippine Breast Cancer Network (PBCN), “the Philippines has the highest incidence rate of breast cancer in Asia and registered the highest increase of 589 percent among 187 countries over a 30-year period from 1980 to 2010.” PBCN also believes, aside from the usual risk factors of gender, age, and heredity, environmental pollution also causes breast cancer. Studies have focused largely on pesticides like DDT as causing breast cancer. But the Susan G. Komen Foundation said nonpesticides and synthetic chemicals may also be associated to breast cancer. Some of these include: n Bisphenol A—found in many rigid plastic products, food and baby formula can linings, dental sealants, and on the shiny side of paper cashier receipts (to stabilize the ink). nPolycyclic aromatic hydrocarbons—

found in vehicle exhaust, air pollution, tobacco smoke, and grilled and smoked food. n Parabens—preservatives found in antiperspirants, cosmetics and skin-care products. n PCBs—found in some plastics, adhesives, paper, inks, paints, dyes and other household products. n Dioxins—formed by the burning of products containing polyvinylchloride (PVC), polychlorinated biphenols (PCBs) and other chlorinated compounds, as well as the combustion of diesel fuel and gasoline.” However, the foundation does admit that more research still needs to be done to make a credible conclusion about the impact of these chemicals on women’s health. In the Philippines, the ICANServe Foundation (bit.ly/1FUpQOb) promotes early breast cancer detection and goes to several communities in and outside Metro Manila for their information campaign and community-based screening programs. Among the activities that will help raise funds for ICANServe this month so it can continue with its outreach program is a restaurant-based project being implemented

by Ministry of Mushrooms, which will delight any foodie or gourmand. About 74 restaurants are participating in Ministry of Mushrooms’ Go Pink for Breast Cancer 2015 campaign, by whipping up their own distinctive, flavorful mushroom-based dishes. According to an ICANServe news statement, “mushrooms are one of few the natural food sources of Vitamin D and other key nutrients such as Vitamin B1 [Thiamine], B2 [Riboflavin], B3 [Niacin], selenium and potassium, while remaining low in calories and mostly fat and cholesterol-free. Mushrooms contain natural substances such as polysaccharides, which stimulate the body’s immune system to fight off infection during times of stress.” The more mushroom dishes diners will enjoy, the more funds are raised for breast cancer awareness. Ten percent of the cost of each dish will be donated to ICANServe Foundation. The list of participating restaurants can be found at bit.ly/1LnBHQX. So again, get a mammogram and breast ultrasound, ladies. Detecting breast cancer early enough will give us a better fighting chance of surviving the beast.

Data released by the Philippine Statistics Authority (PSA) showed that revenues from exports in August declined by 6.3 percent to $5.12 billion, from $5.47 billion

SOMETIMES, THE BEST WAY TO REBOOT A RELATIONSHIP IS TO TAKE A BREAK B I T Los Angeles Times

WENT to my girlfriend’s home one Saturday to hangout, a typical weekend. We went into her room, and I expected her to put on her copy of “Elder Scrolls V: Skyrim” and show me all the things she figured out in her obsession with the game while I congratulated her passion with kisses. To me, I had just grown comfortable with that; I was happy with the way things were. Instead, she blindsided me. “Where do you see our relationship going?” Totally clueless about where this came from, I did my best to keep my cool and responded with, “Well, I see us starting our college education soon and getting jobs. We’ll elope and get that free honeymoon that your parents said they’d do, and then with time we’ll adopt a couple kids.” She looked at me and said, “Honestly, with the way things are right now, I don’t see any of that happening.” Hearing that from the person you love is absolutely devastating. She continued. “Look, you aren’t sweet or romantic anymore. All we do is just stay inside, and that’s just not who I am.” “But I’ve been doing all of this planning for our anniversary.” I was going to take her to a rock festival in Sacramento. “But, Ian, you’re missing the point. You don’t do little romantic things anymore. You don’t rub my arm or buy me chocolates or anything that’s just a little sweet thing. So I don’t think that this is working out right now.” The panic in my mind felt like volts of electricity, not just that I felt like I was buzzing but that my innards felt like they were

being cooked. “Ian, we might have to take a break.” Crush. I told myself, “No, it can’t be over like this.” I closed up; felt like I had failed. I didn’t get all emotional or anything; no tears welled up. I shut down. “Maybe,” she continued, “If we just don’t act like a couple for like a month, we can see if that spark is there still or not. Maybe then we can see if we can work things out or decide if we should just end it.” I was like a computer that had just been rebooted; I was shut down but then almost immediately brought out of it, but I couldn’t process anything just yet. “Wait, so, we wouldn’t be breaking up?” “Not really. We’d just have to lay out some ground rules about how we’re going to behave for a set amount of time.” “OK. So what are you asking for?” “Let’s just no longer be physically affectionate. No hand-holding, no kissing, etc., for like a month. But we’ll still be a couple.” Well, what about our anniversary? That’s less than a month away? Would we really pretend that the two years didn’t mean anything?” “No, we’ll still celebrate, but no promises about letting you get anything, though.” I rolled my eyes and smiled, “All right, let’s try it.” “Wait, really?” she seemed surprised now that I was all booted up. “Yeah, I mean, if you think it might work out better for us, then, of course, I’m willing to try it out.” She returned my smile and met my gaze. “OK, let’s do it.” Now, in the usual romantic comedy

there’s some sort of time jump to a scene where they’re already out on the town, but those kinds of movies seem to forget to

show the weird planning phase that happens between any couple. We planned out an entire platonic date.

Step 1: Go on a walk toward the nearest plaza. Step 2: Get something to eat. Step 3: Go see a movie. And afterward, we decided to call it a night. We began by walking and talking together with no hand-holding and no arms around each other. It was late August, so the summer heat had just began to ebb, but it would not have been raining as it might have been up north, or even on the other coast. It was the perfect weather for a pleasant walk and talk between two teenagers trying to figure things out. “Dang, Jennifer Aniston is so hot,” my girlfriend said. I laughed and retorted, “Yeah, I’d definitely go to more strip clubs if Jennifer Aniston was a stripper like in the movie.” We laughed and quoted the movie, laughed some more and even talked about the food. “Oh, man, could you believe all that food we got?” I said. “Yeah, 20 bucks for all that disgusting Chinese food.” “Yeah, with your stomach problems and that food, I was surprised we could even get through the movie without you getting sick.” We laughed again, thinking about how we had to throw most of the food away and how the egg rolls dripped with grease when we bit into them. We continued—to talk about the incredible night we’d had for the rest of the walk to her home. “Well, it looks like I better get goi—.” In front of her door, she had wrapped her arms around me and gave me a deep, gentle kiss. The break didn’t even last a day, but it was definitely what we needed.

LIFE

‘$338-M FUND IN DEADLY OIL TRAIN DERAILMENT CLOSE TO APPROVAL The World BusinessMirror

B2-4 Saturday, October 10, 2015

U.S. AIRMAN WHO THWARTED FRENCH TRAIN ATTACK STABBED IN STREET BRAWL

ACRAMENTO, California—US airman Spencer Stone, celebrated as a hero for helping to stop a terror attack on a French train over the summer, was stabbed and seriously wounded outside a bar in his hometown early Thursday in what the police said was an alcoholrelated brawl. Stone, 23, was knifed three times in the upper body but was expected to survive after about two hours of surgery, said Dr. J. Douglas Kirk, chief medical officer at UC Davis Medical Center. “This incident is not related to terrorism in any way,” Deputy Police Chief Ken Bernard said. “We know it’s not related to what occurred in France months ago.” A grainy surveillance video from a camera outside a liquor store showed a man who appeared to be Stone fighting with several people at an intersection. The group spilled into the street as people took swings at each other, and one person got knocked down. The police said two assailants fled in a car. No immediate arrests were made. Bernard said Stone was out with four friends when they got into a fight with another group of people. The deputy chief would not say what sparked the argument. He said there was no evidence the assailants knew who Stone was. Bernard said he did not know whether Stone was drinking, but others in his group were. Kirk said Stone remained heavily sedated in the hospital’s intensive care unit. He declined to discuss any details about the surgery or whether any vital organs were damaged in the stabbing, beyond saying Stone had “significant injuries.” The airman arrived at the nearby hospital conscious despite his wounds, the doctor said. “I suspect given his history of recent events he is quite a fighter,” Kirk said. He said Stone’s family asked him to convey “their deepest gratitude for all the expressions of concern for his welfare at this very difficult time for them.” In August, Stone and two of his childhood friends from Sacramento, National Guardsman Alek Skarlatos and college student Anthony Sadler, were vacationing in Europe when they sprang into action aboard a Paris-bound passenger train and tackled Ayoub El-Khazzani, a man with ties to radical Islam. He had boarded the train with a Kalashnikov rifle, a pistol and a box cutter. Stone, who is assigned to Travis Air Force Base in California, suffered a severely cut thumb and a knife wound to his neck during the struggle with the gunman. President Barack Obama met with the three Americans last month, praising them for their quick thinking and courage and calling them “the very best of America.” They were also awarded France’s highest honor by President FranÇois Hollande. The three appeared on late-night talk shows and received a parade in their hometown. Stone is the second of the three Americans to be shaken by violence at home since their return. Last week Skarlatos left rehearsals for TV’s “Dancing With the Stars” to rush back to Roseburg, Oregon, after a gunman killed nine people at the community college that Skarlatos attends. “It’s honestly the strangest emotion I ever felt,” Skarlatos said in a taped segment that aired on the show on Monday. “Even the train made more sense than this does.... There’s nothing you can do.” The stabbing happened in a busy area of central Sacramento ringed with bars and restaurants that is a popular nightlife destination for young adults and is generally considered safe. Skarlatos tweeted on Thursday: “Spencer is one tough guy,” and “Everybody send prayers out to the Stone family today.” AP

$338-M fund in deadly oil train derailment close to approval

IN this July 6, 2013, photo, smoke rises from railway cars carrying crude oil after derailing in downtown Lac Megantic, Quebec. A US bankruptcy trustee says he hopes checks from a $338-million settlement fund for victims of the derailment that killed 47 people can be mailed in a month or two. PAUL CHIASSON/THE CANADIAN PRESS, FILE, VIA AP

ORTLAND, Maine—A Canadian railroad’s withdrawal of opposition to a $338-million fund for victims of an oil train derailment that killed 47 people in Quebec has set the stage for final approval and compensation for victims. A US bankruptcy trustee and Canadian Pacific agreed to modify the settlement fund to give the railroad some legal protection, prompting the railroad’s decision to end its objections. A Canadian judge gave conditional approval and a US bankruptcy judge is to consider the plan on Friday. Victims and the province of Quebec have until Tuesday to confirm their

support of the changes in Canada. Barring any surprises, the timeline would allow payments to be made to victims of the disaster by year’s end, said Robert Keach, the bankruptcy trustee. About $83 million is being set aside to settle wrongful death claims. “We’re very happy for the victims that we were able to get to this point. They’re the primary focus

here,” Keach said. A runaway train with 72 oil tankers derailed on July 6, 2013, in Lac Megantic, Quebec, setting off powerful explosions and causing fires that wiped out much of the downtown. The disaster led to greater regulatory scrutiny of the use of trains to transport crude oil amid a production surge thanks to new technologies, including hydraulic fracturing. After the disaster, the train’s operator, the Maine-based Montreal, Maine & Atlantic, filed for bankruptcy and the settlement fund is tied to proceedings in both the US and Canada. The fund, worth $446 million in Canadian dollars, was the product of negotiations with about two dozen companies with potential liability. Canadian Pacific owned track where the crude oil shipment originated and was the only company with potential liability that declined to contribute to the settlement. Canadian Pacific contended it bore no responsibility since the train

that derailed had a Montreal, Maine & Atlantic locomotive and crew and was operating on MMA rail. But Keach argued Canadian Pacific bore some responsibility for failing to properly classify the Bakken region crude oil, which was as volatile as gasoline. Canadian Pacific still isn’t contributing to the settlement fund, and the railroad had contended the plan would have hampered its ability to defend itself from lawsuits, because the agreement provided legal immunity to companies that do contribute. But the altered amendment calls for a “judgment reduction provision” that would take into account the full settlement paid by others if CP is ordered to pay damages in the future. “Although CP was not at fault in the derailment, we have been working with the trustee for a solution that protects CP interests and allows payments to be made to victims as soon as possible,” spokesman Martin Cej said. AP

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ORTH CHARLESTON, South Carolina—A city in South Carolina approved a $6.5-million settlement on Thursday with the family of an unarmed black man shot to death earlier this year by a white police officer. The North Charleston City Council approved the settlement by a 10-0 vote, and members of Walter Scott’s family were on hand when it was announced. The council had met several times in the past few months to receive advice from city attorney Brady Hair on a potential lawsuit from Scott’s family. Scott, 50, was shot on April 4 by North Charleston officer Michael Slager while trying to run from a traffic stop. A bystander recorded the shooting with a cell phone and the shooting inflamed the national debate about how blacks are treated by law officers. Slager was indicted on a murder charge in June and a judge refused to set bond last month, saying his release would “constitute an unreasonable danger to the community.” Slager was fired following his arrest on the murder charges and has been detained in solitary confinement. The bystander’s cell-phone video showed Slager firing eight times as Scott ran. Before the video was brought to the attention of authorities, Slager had told investigators that Scott tried to grab his gun and Taser. But prosecutor Scarlett Wilson said Scott was running away and the only time Slager could be seen running was to go back, pick up the Taser and then drop it by Scott’s body. In the immediate aftermath of the shooting, Scott’s family called for peace. Some have credited the family’s action— along with the officer’s speedy arrest—with staving off the protests and violence that have erupted in other cities where unarmed black men have died during encounters with the police. Slager faces from 30 years to life in prison without parole if he is convicted of murder. There were no aggravating circumstances, such as robbery or kidnapping, so the death penalty doesn’t apply in the case, the prosecutor has said. AP

Glass walkway over China canyon cracks with tourists on it

EIJING—A glass walkway that hugs a cliff above a scenic canyon in central China was closed after cracks developed while dozens of tourists were walking on the newly built structure. Only one of the three layers of glass that make up the walkway was damaged so there was no safety threat, the management bureau of the Yuntaishan scenic area in Henan province said on its microblog on Thursday. The walkway was supporting dozens of tourists when the cracks appeared with a loud bang Monday. A single pane of the 68-meter (223-foot) section shattered into coin-sized segments, according to footage on state broadcaster closedcircuit television. Postings to China’s Weibo messaging service described the fears of tourists who heard the panel crack, but there were no indications of mass panic or injuries. The structure hugs a cliff side roughly 120 meters (394 feet) above a canyon in the remote mountain area renowned for its scenery. It opened on September 20, and the problem occurred at the height of China’s weeklong October 1 National Day holiday. The post on the management bureau’s microblog said the cracks formed due to external force but wasn’t specific. It added that the

VISITORS walk across a glass-bottomed suspension bridge as seen from the air in a scenic zone in Pingjiang county in southern China’s Hunan province on September 24. The bridge, 300 meters (984 feet) long and 180 meters (590 feet) above the valley floor, opened to visitors on Thursday for the first time since its conversion from a regular suspension bridge was completed. CHINATOPIX VIA AP

walkway can support weights of more than 800 kilograms per square meter (175 pounds per square foot). A glass walkway above London’s Tower Bridge had a similar problem

THE WORLD

in November when a falling bottle shattered the top layer of one pane, which was designed to be easily replaceable if damaged. Such walkways have grown

popular in China as scenic areas compete to attract increasingly affluent Chinese tourists. The world’s highest and longest glass skywalk is in Hunan province’s Zhangjiajie,

known as the model for the planet Pandora in the film Avatar Avatar. The structure stretches 430 meters (1,410 feet) at a height of 300 meters (984) above the canyon floor. AP

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C  A

FOMC meeting minutes may stir short-run risks B B C

SCOTT FAMILY TO RECEIVE $6.5M FROM THE POLICE

recorded a year ago. The Neda said the slowdown in August marked the fifth consecutive month of negative export growth this year. “The latest export performance mirrors the recent developments in the global economy: the slowing down of global trade; sluggish momentum in industrial production in major economies; and downward price pressure on commodities,” Economic Planning Secretary Arsenio M. Balisacan said. “With the absence of fresh triggers to spur renewed demand from major advanced economies, the

HE Bangko Sentral ng Pilipinas (BSP) warned of shortrun volatilities seen generated by sentiment arising from the recently published Federal Open Market Committee (FOMC) meeting minutes indicating against an interest-rate adjustment this year. Senior officials, however, quickly gave assurance the Philippines is well-positioned to handle any fallout from such a decision. “Pressure for safe haven search by foreign capital would likely lead

us to seeing short-run volatilities in the foreign-exchange and equity markets; the bond markets would also react,” Deputy BSP Governor for the Monetary Stability Sector Diwa C. Guinigundo said. Guinigundo brushed aside whatever potentially disruptive and lingering impact the Federal Reserve decision to stay the course a long while still, saying such has been part of an eventuality that had long been anticipated by a large segment of the global financial markets. “ Those with large external

OLKSWAGEN’S (VW) top US executive offered deep apologies, yet sought to distance himself on Thursday from the emissions scandal enveloping the world’s largest automaker, asserting top corporate officials had no knowledge of the cheating software installed in 11 million diesel cars. Though he said he hadn’t been briefed on the preliminary findings of the ongoing internal investigation, VW of America CEO Michael Horn told a congressional subcommittee that a tiny group of software developers in Germany was responsible for the computer code that enabled the cars to trick US government emissions tests. Three lower-level managers have been suspended. “To my understanding, this was not a corporate decision, this was something individuals did,” Horn said, adding that he felt personally deceived. That explanation left members of the House panel investigating the scheme incredulous. “I agree it’s very hard to believe,” Horn conceded. Rep. Chris Collins, Republican-New York, was among the lawmakers who said he couldn’t accept VW’s characterization that “this was the work of a couple of rogue engineers.” Collins, an engineer, suggested that such a far-reaching cheating strategy couldn’t be pulled off without the complicity of high-ranking supervisors across several parts of the company. “What I’ve picked up here, and I hope you can relay back to your board, the folks running Volkswagen back in Germany, is that the response so far is inadequate,” Collins said. “It’s a sign of arrogance. It’s a sign of not admitting yet the severity of your problem.”

VOLKSWAGEN of America CEO Michael Horn testifies on Capitol Hill in Washington on Thursday before the House Oversight and Investigations subcommittee hearing on VW’s emissions-rigging scandal. Horn apologized as the emissions-rigging scandal engulfing the world’s largest automaker deepened, and members of Congress said the company violated the public’s trust. AP/CLIFF OWEN

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S “FOMC,” A

Govt to seek 20-year partners for ₧120-B Naia upgrade

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HE Philippine government is considering bringing in investors to moder nize Manila’s 33-year-old airport, as President Aquino tries to upgrade the country’s infrastructure. Companies will be brought in on 15- to 20-year concessions to invest more than P120 billion ($2.6 billion) to upgrade the Ninoy Aquino International Airport

PESO EXCHANGE RATES n US 46.1250

ABAYA: Companies will be brought in on 15- to 20-year concessions to invest more than P120 billion ($2.6 billion) to upgrade the Ninoy Aquino International Airport.

(Naia), Transportation Secretary Joseph Emilio A. Abaya said in an interview on Wednesday. That will enable the airport to meet projected traffic of 51.4 million passengers a year by 2037, from about 35 million now. Abaya said President Aquino may soon grant approval to spruce up the facility, named after President Aquino’s father, who was as-

sassinated on the airport’s tarmac in August 1983. Airports in Hong Kong and Singapore also are upgrading by building new runways and terminals, as Asia’s economic growth boosts passenger traffic, choking facilities that have outgrown their initial capacity. “We’re almost at full capacity in Naia,” Abaya said from his Manila office. “The President is

in agreement on how important this project would be, given the growing economy. We’ll leave it to the concessionaire to provide solutions, whether through technology, added equipment, rapid-exit taxiways or an additional terminal.” The investors may be able to start operations by 2017, Abaya said. S “N,” A

n JAPAN 0.3847 n UK 70.8019 n HK 5.9517 n CHINA 7.2596 n SINGAPORE 32.8456 n AUSTRALIA 33.2744 n EU 52.0106 n SAUDI ARABIA 12.3000 Source: BSP (9

October 2015)

Saturday, October 10, 2015

FOMC. . .

Continued from A1

exposure would be most concerned because of foreign exchange and credit risks,” he quickly observed. On Friday the local currency closed the trading week on a strong note as it gained back 2.4 centavos to 45.87 per dollar from Thursday’s rate of 46. 11 per dollar. The peso trended up the entire week. The total traded volume stood at $1.049 billion. Guinigundo also said the Philippines should remain firmly on track to hit its price and growth targets no matter the volatility that some have anticipated to result from the US Fed interestrate adjustment. “Through all these happenings, the Philippines remains well positioned with its growth prospects and ample external space courtesy of comfortable foreign reserves, current-account surplus and declining external debt to GDP ratios,” Guinigundo said. “Domestic liquidity continues to support economic activity and fund-raising exercises,” he said. “Investors should also realize that the other side of the Fed lift [episode] is not as dark. It means that the US growth is improving and with it, everybody is lifted up especially with respect to higher exports, services and investments,” he quickly added.

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VW’S U.S. EXEC APOLOGIZES, BUT WASHES HANDS OF MESS Continued from A1

For more than two hours Horn sat calmly, occasionally sipping from a cup of water as news photographers’ camera shutters clicked away. As the elected officials expressed anger, disappointment and skepticism at the company where he has worked for nearly half his life, the 51-year-old German executive apologized but provided little new information. More than a month after the company first confessed the emissions-rigging to US regulators, Horn said it doesn’t yet have a detailed plan for fixing the nearly 500,000 “clean diesel” cars sold in the US with the suspect software since the 2009 model year. Such a solution will likely take up to two years, he said, adding that each car might require between five and 10 hours’ work by a mechanic to meet clean-air standards. The cars are safe to drive, the government says, but Horn suggested Volkswagen could compensate some owners, possibly by paying them for the lost value of their vehicles. So far, the company has set aside more than $7 billion to address the scandal, which Horn said may not be enough. Shortly before Horn began his testimony, German police and prosecutors raided VW’s global headquarters in Wolfsburg and other locations, seeking material that would help clarify who was responsible for the cheating. The searches were

intended to “secure documents and data storage devices” that could identify those involved in the alleged manipulation and explain how it was carried out, prosecutors said. In the US the Environmental Protection Agency (EPA) and the Justice Department are conducting a criminal investigation. VW also potentially faces billions in fines for violating the Clean Air Act, as well as a raft of state investigations and class-action lawsuits filed on behalf of customers. Horn said VW plans to withdraw applications seeking US emissions certifications for its 2016 model Jettas, Golfs, Passats and Beetles with diesel engines. That raised questions about whether a “defeat device” similar to that in earlier models is also in the new cars. By withdrawing the applications for the 2016 models, VW is leaving thousands of diesel vehicles stranded at ports nationwide. It was not immediately clear what a newly revealed device found in the new VW models does, or when the company might resubmit the applications needed to sell the cars. Liz Purchia, an EPA spokesman, said VW recently gave the agency information on an “auxiliary emissions control device.” The EPA and California Air Resources Board are investigating “the nature and purpose” of the device, she said. The lack of certification is bad news for

Neda: Prospects bleak for exporters. . . exports sector is expected to remain constrained in the coming months,” Balisacan added. The Neda said the double-digit contractions in shipments of manufactured goods and agro-based and mineral products caused export receipts in January to August to drop by 4.4 percent to $39.34 billion from $41.13 billion recorded a year ago. In the month of August alone, manufactured goods accounted for 86.5 percent of the total export earnings. Revenues grew by only 0.4 percent to $4.44 billion from $4.42 billion recorded last year. Data also showed that total agro-based products, with a share of 6.1 percent in August 2015, amounted to $314.85 million. It dropped by 37.4 percent from $503.3 million in August 2014. The Neda added that this was the steepest decline

American VW dealers who had hoped to put the new models on sale soon. For some dealerships, the diesel models account for about one-third of sales. During the hearing, lawmakers from both parties fondly recalled their first VWs before hammering the iconic company for betraying the public’s trust. Rep. Fred Upton, Republican-Michigan, chairman of the House Energy and Commerce Committee, said Volkswagen “has long enjoyed an almost cultish following dating back to the Beetle. But through the years something apparently became rotten in Wolfsburg and cheating and betrayal became part of the VW game plan.” It was Rep. Morgan Griffith, Republican-Virginia, who most directly channeled the anger and hurt of Volkswagen’s customer base. He recounted that when his mother could afford her first new car, she bought the stick-shift Volkswagen Squareback on which he learned to drive. He inherited his grandmother’s 1972 Super Beetle, which he still owns. He bought a Rabbit in the 1980s, and in the 1990s a gas-powered Jetta, Griffith said. He then bought a 2003 gasoline-powered Passat and racked up 376,225 miles, followed by a 2012 diesel Passat—one of the cars caught up in the scandal. “I’m your consumer,” Griffith told Horn, his voice stern. “I’m your VW driver who has always trusted your company, and I’m very disappointed.” AP

Continued from A1

and seventh consecutive month of lower earnings posted by the sector. This was due to lower receipts from coconut products, fruits and vegetables, sugar products and other agro-based products. “The exports sector remains constrained by sluggish global demand, low oil prices and, most important, the threat of El Niño to the agriculture sector,” Balisacan said. To address these issues, Balisacan urged policymakers to focus on enhancing and designing domestic policies that could mitigate the negative impact of external as well as domestic shocks, such as El Niño. He again stressed the need to tap new markets, diversify export products, and invest in research and development to create product innovations that can boost the export sector’s competitiveness.

“This, however, must be coupled with the government’s effort to develop infrastructure, improve business regulations and logistics, and lessen foreigninvestment restrictions in the country,” Balisacan said. Top buyers of Philippine products in August were Japan, which accounted for 20 percent of shipments, followed by the United States and China. Exports to Japan amounted to $1.02 billion in August 2015. This is 1.6 percent lower than the $1.04 billion recorded a year ago. Shipments to the US during the period were valued at $766.38 million, 4 percent lower than the $798.26 million recorded in August 2014. PSA data also showed that China’s purchases of Philippine-made products declined by 23.5 percent to $627.31 million in August from $820.04 million posted a year ago.

Naia. . .

Continued from A1

Thailand, Singapore

The Philippines is also building a new passenger terminal at Clark International Airport, about 95 kilometers (60 miles) north of Manila, to boost capacity fourfold to 8 million a year. President Aquino, who is due to step down next June, has made improving infrastructure a key goal of his administration, joining neighbors in Southeast Asia in boosting domestic and regional connectivity. In Thailand, the government is spending about $83 billion over seven years to build new railways, roads and customs checkpoints, while negotiating with China and Japan to construct high-speed rail networks. Singapore and Malaysia are exploring the feasibility of a high-speed rail line from the city-state to Kuala Lumpur, while China is looking at building highways and rail lines throughout Southeast Asia.

World’s worst

The Guide to Sleeping in Airports, a travel web site that produces an annual survey, ranked Naia as the world’s worst airport as recently as 2013. Philippine billionaire Enrique Razon Jr., whose Bloomberry Resorts Corp. owns Manila’s Solaire Resort& Casino, said last week he may consider investing in the Naia project. “It’s a very interesting proposition, especially for us in Solaire, because it’s critical to our business and to tourism,” he said in an October 2 interview. The government last year awarded a contract to expand Cebu airport, and currently is bidding out operating rights for five more airports around the country. Other plans to upgrade infrastructure include rehabilitating and expanding a 124-year-old rail track on the main Philippine island of Luzon, with more than 1,200 kilometers of tracks planned from La Union province in the north to Albay province in the south, Abaya said. The government is bidding out the South Line at an estimated cost of P170.7 billion. The North Line, estimated to cost more than P117 billion, will be partly financed by a $2-billion loan from Japan. Both lines are expected to be operational by 2020 or 2021. Bloomberg News

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Editor: Dionisio L. Pelayo • Saturday, October 10, 2015 A3

Philippines welcomes presence of US Navy ships at Spratlys

By Rene Acosta

EFENSE Secretary Voltaire T. Gazmin said on Friday he supports the decision of the US to send navy ships close to the reefs that were reclaimed and occupied by China in the Spratly islands on the West Philippine Sea to prove that there is freedom of navigation in the area. At the same time, Gazmin said the government will extend any assistance to the US Navy plan, one of which is to allow US ships to dock in Philippine ports and bases. “We have been allowing all ships to dock in our area… those that have security and defense cooperation with us as part of their port call protocols,” Gazmin said during the anniversary celebration of the Philippine Veterans Affairs Office, one of the agencies under the Department of National Defense. The US is set to challenge China’s claims over the South China Sea with the plans of sending US

Navy ships inside the 22-kilometer territorial limit surrounding the reefs claimed by Beijing in the area also claimed by the Philippines. The US Navy said it was just awaiting approval to sail. Send i ng of n av y sh ips to the area w i l l prove the US ’s stance that it does not recognize China’s sovereignty over international waters. Gazmin said he welcomed the US move of sending ships close to the area reclaimed by Beijing and even conduct overflights, an exercise that US military aircraft had done in the past. “They have always been doing that in the first place. They

Five Customs personnel, 3 others on carpet for entry of undervalued luxury vehicles By Joel R. San Juan

GAZMIN

said that they will fly…they will sail in those areas as they have been doing before just to prove that there is freedom of navigation,” he said. “It is some sort of showing that they are following the rule of law,” Gazmin added. He said the presence of the US in the territories that are being claimed by China is within its rights, since the areas are supposed to be part of international waters, and if the US is challenged, then it will only prove that freedom of navigation does not exist. “What America will do is within its rights because it has been doing it all along. If it would be challenged, then it would prove there is no freedom of navigation,” he said.

HE Bureau of Customs (BOC) on Friday filed smuggling charges against five officials and employees, and three other private individuals who were allegedly behind the entry of grossly undervalued luxury vehicles that entered the Port of Batangas on July 10 and 18, 2015. The vehicles were valued at P145 million. Charged were Monacat Trading, its owner Rolando Cuevas, manager Mermelinda de la Cruz and licensed customs broker Flaviano de la Cruz. The BOC accused them of “intentionally and fraudulently” misdeclaring and grossly underdeclaring the true and correct values of the luxury vehicles. The subject of the complaint are the shipments from the United Arab Emirates, Hong Kong and Japan, which include a Ferrari 458 Speciale, two 2015 Mercedes-Benz G63 AMG, a 2015 Toyota Prado, a McLaren MP4-12C OR 650S, an armored Toyota Land Cruiser GXR, a 2015 Land Rover Defender 90, a Land Rover Range Rover, a 2015 Mecedes-Benz CLK DTM AMG, a Toyota Land Cruiser GX V8 Sport

and a 2015 brand-new MercedesBenz C63 AMG. All of the vehicles were brandnew were brought in. Charged were five officials and employees of the BOC Port of Batangas—Acting Assessor Eloisa Suarez, Acting COO III Marical Manguiat, COO III Norlyn Asaria , acting COO V Araceli Jasa and Acting COO V Benjamin Manalo—for “blindly proceessing the declaration on the subject import entries and several other unidentified persons who directly and indirectly participated in the smuggling of the vehicles.” “The bureau is intent on eradicating smuggling and cleaning our slate from graft and corruption. Anyone caught red-handed will not be tolerated,” Customs Commissioner Alberto D. Lina said. Cuevas and his company are facing charges of violations of Sections 3601 and 3602 in relation to Sections 2503 and 2530 of the Tariff and Customs Code, as amended, and Article 172 of the Revised Penal Code or falsification of documents. The BOC’s complaint alleged that de la Cruz, through their licensed customs broker, lodged with the Electronic-to-Mobile System their import entry and Internal

Revenue Declarations, which were blindly processed by employees and officials of the Port of Batangas “despite glaring badges of fraud.” The top-of-the-line motor vehicles were misdeclared as lesser-class branded motor vehicles, according to the BOC. This prompted Deputy Commissioner Ariel Nepomuceno, chief of the Enforcement Group, to issue alert orders against the said shipment. Pursuant to said alert orders, customs examiners of the Port of Batangas conducted an examination in the presence of the officers-on-case, Alexander A. Ugay and Doy de Castro, of the BOC Enforcement and Security Service (ESS). On August 10, Acting District Collector Ernesto P. Benitez forwarded the Spot Check/100 percent Examination Reports to the Office of the Deputy Commissioner, Assessment and Operations Coordinating Group. On the same date, the ESS officers-on-case submitted their memorandum stating the violations found against the subject motor vehicles. “We could have lost more than millions of pesos, had this modus operandi not been unveiled,” Lina said.

A4 Saturday, October 10, 2015 • Editor: Angel R. Calso

Opinion BusinessMirror

editorial

The US is using, not helping, the Philippines

nited States foreign policy as conceived and implemented by the Barack Obama administration has been a history of failure after failure.

The US actively encouraged and supported deadly protests against the former president of Egypt, Hosni Mubarak, which then led to a government by the Muslim Brotherhood. That, in turn, created a situation which resulted in a military takeover of Egypt. The US was adamant in supporting—through the use of military air strikes —a revolt against the Libyan government, headed by Muammar Qaddafi. Libya is now a failed state having broken into pieces controlled by various warlord factions. Ukraine’s government was put in a position of having to choose between the European Union trade pact and Russia’s Eurasian Economic Union. The government of former Ukrainian President Viktor Yanukovych “incorrectly” chose Russia based on Ukraine receiving substantial income from transporting Russia’s natural gas to the rest of Europe and receiving substantial financial incentives for the effort. While those financial incentives probably included bribes, the US again actively encouraged and supported what turned into violent and deadly protests that saw Yanukovych replaced by someone more acceptable to US interests. However, this left an opening that allowed Russia to become involved in Ukraine’s subsequent civil war and to annex Ukraine’s Crimea region. Because of the US’s inability or unwillingness to accomplish its stated goal of removing Syrian President Bashar al-Assad, Russia is now supporting Assad, by successfully attacking the government’s civil-war opponents. Is it a coincidence that on the heels of its most recent failure in the Middle East, the US has announced that it intends to challenge China’s territorial claims in the West Philippine Sea? Multiple news sources have reported that the US Navy will soon sail one of its ships inside the 12-nautical-mile limit in one of China’s man-made islands in the West Philippine Sea. A US Defense Department official said, “It’s not a question of if, but when.” We are both skeptical and worried by this news. We find it interesting that the US Navy regularly sailed these waters and conducted routine patrols until 2012. It was in 2012 that China seized the Philippine territory of the Panatag Shoal. Why only now is the US suddenly concerned with asserting its right to travel in these areas? Is it a public-relations effort to balance its current failure in the Middle East? In May 2015 the Obama administration renewed a nuclear co-operation agreement with China to allow Beijing to buy more US-designed reactors and to buy technology that could be adapted to make its submarines more difficult to detect. The US was not so concerned about China’s encroachment of Philippine territory back then. What will be accomplished for the Philippines by this action? Will China suddenly see the folly of its actions and go home with an apology to Filipinos? What the US could do to help the Philippines is to actively bring this matter to the United Nations Security Council. But then again, that would be bad for US business, unlike a boat ride to the West Philippine Sea.

Don’t be your own worst enemy John Mangun

OUTSIDE THE BOX

here are many techniques for stock-market investors that attempt to get you to think critically and not to let your biases cost you money. The idea is that we get influenced by our own thinking. Is that a dumb statement? Of course, it is. The only reason we have a mind is to think things out and form a conclusion. The story is told of a young British officer of the colonial 1st Bengal Lancers. One evening at sunset he sees a beautiful woman, an Indian princess perhaps, bathing down the shoreline of the Ganges River. He observes the way the sunlight plays on her skin and hair, and outlines her body. With each step he takes as he walks toward her, he becomes convinced the universe has put him at this particular time and place to find his lifelong love that will fulfill all his dreams. As he moves within feet of the water’s edge, the woman turns toward him, and he realizes that she is an old, wrinkled, toothless hag, suffering from some horrible skin disease. Now you know exactly what some of my own stock-market trades have been like. Stock-market investors are told to “trade what you see”; not what you

think you see, not what you want to see, and certainly not what you hope you will eventually see. But doing that requires both discipline and a very small ego. I was recently told that I might consider myself as an “expert nonexpert,” perhaps from the teachings of the ancient Greek philosopher Socrates. Maybe that is true based on Socrates supposedly saying something, like “I know that I know nothing.” What that phrase means is not that a person might have a lack of knowledge, but instead that he cannot know anything with absolute certainty. Yet, most investors too often take an attitude of being convinced of the correctness of their investing decision. You have heard me say that “forecasting is for fools,” because the moment we make a prediction about a stock or the stock market, in general,

we tend to do two things. We immediately defend our judgment in the face of any disagreement, and then we tend to hold to our forecast or decision in the face of changing conditions. As economist John Kenneth Galbraith said, “In the choice between changing one’s mind and proving there’s no need to do so, most people get busy on the proof.” He also wrote: “The only function of economic forecasting is to make astrology look respectable.” But that is another story. That is not to say, though, that we should not make predictions about the market. I publically said some time ago on Twitter that the coming low price of Philippine Long Distance Telephone Co. would be at the P2,130 area. It was. One other person I respect said the same thing. But both of us who were incredibly correct in our prediction are not experts. We took our analytical skills to reach that conclusion, and we’re right. The pretty girl we saw turned out to be a pretty girl, after all. However, too many investors are unwilling to change their minds and end up marrying the old, toothless, diseased-ridden hag. Painkilling medicines are a multibillion-dollar business, and pharmaceutical companies are always trying to come up with new ones. In order to convince regulators of the efficiency of their new drugs, they must beat the “placebo effect,” where a controlled group of pain sufferers is given both

Rubio’s old ideas for new gig economy

By Paula Dwyer | Bloomberg View

arco Rubio gave a nice speech on Tuesday about how much he loves Uber, Airbnb and the rest of the sharing economy—and how much he wants to free it from government shackles.

Politically speaking, it was a demographic pitch: Millennials (ages 18 to 35) make up about a third of the electorate, and their livelihoods depend disproportionately on the gig economy. They could swing the 2016 outcome in Florida, Ohio and other swingy states. At age 44, Rubio is the youngest person in the race, and he casts himself as the tech-friendly candidate of the future. There’s even a chapter in his book, American Dreams, called “Making America Safe for Uber.” Rubio’s pitch avoids the usual menu of millennial-motivating social issues—same-sex marriage, climate change, inequality and criminal-justice and immigration overhauls. Instead, he stresses themes like the mistrust of government, big business, the financial system and politicians. But when it comes to national policies for beefing up the sharing economy, these ideas aren’t especially relevant. For one thing, presidents don’t

have much to say about them. Most battles that companies like Uber and Airbnb are fighting are on a local and state level, or in court. Rubio’s paeans to innovation, disruption and rapid-fire economic transformation don’t reveal much about where he stands on specific and knotty issues the sharing-economy has raised. One is whether companies can classify workers as independent contractors (and avoid paying them benefits), and still require them to follow rules normally reserved for full-time employees. If the goal is to win votes, moreover, it doesn’t make sense for Rubio to take the side of sharing economy startups. The employee-versus-contractor debate pits far more millennial-age workers dependent on their next gig to pay the rent against a relatively smaller number of peers who are entrepreneur-owners. The closest Rubio came in his speech to addressing that issue was to say he likes Germany’s solution:

It created a new “dependent contractor” classification for workers who are neither full-time nor freelance, yet are able to work a full week for a single employer while retaining control over their schedules and conduct. If Rubio likes the German model, why isn’t he sponsoring legislation to require the US to recognize the class of in-between worker? Doing so would be timely. Uber, Lyft, Postmates and other companies are being sued over their use of contract workers. Perhaps, it would clash with his otherwise strong view that Washington shouldn’t dictate to states and cities. Rubio, instead, seems to favor deregulation. He would, for example, cap the amount that regulations can cost the US economy each year, something Mitt Romney proposed in 2012. He also would ask federal agencies to calculate how each proposed rule would affect competition and innovation. That wouldn’t have much impact on gig-economy companies, which are highly unregulated as it is. Even Rubio recognized this on Tuesday, when he said, “We have to realize that all of the best innovation in our economy is happening in the unregulated space.” Rubio is correct to say that there are state and local regulations that impose costs on gig-economy companies. Occupational licensing is particularly

the drug and a sugar pill. In 1996 the real drugs beat the placebo by an average of 27 percent. In 2013 the gap was only 9 percent, meaning people got almost as much pain relief from a candy pill as from a real drug. What is interesting is the gap has only narrowed in the USA. In Europe, Africa and Asia, there was no significant change in placebo responses. Apparently, Americans really want to believe in a miracle pain-killing drug and, perhaps, ignore the fact that the pain is still there. Stockmarket investors can be the same way. The price is not going down, it is only “correcting.” The Dunning-Kruger effect is a bias where individuals suffer from the mistaken belief that their actual ability is much higher than is really true. Nowhere does the DunningKruger effect manifests itself more often than in the stock market—and maybe in politicians. The worst thing that can happen to new stock-market investors at the beginning of their trading experience is to lose a lot of money. The second worse thing is to make a lot of money. The same is true for old timers, too. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis tools provided by the COL Financial Group Inc.

burdensome. But some rules are justified, especially if they protect worker and consumer safety. Most millennials support a higher minimum wage, for example. Would Rubio ban state rules requiring Uber to conduct background checks of drivers? Would he use federal power to keep localities from making homeowners who rent rooms through Airbnb follow minimum standards and pay commercial taxes? Ask any Uber driver about the wonders of the on-demand economy, and you’ll get an earful about the squeeze being put on them. They have large out-of-pocket expenses—car payments, gasoline, insurance. They must share their revenues with Uber, which limits the fares they can charge. Uber drivers in Philadelphia, one study found, made about $10 an hour. That would mean they couldn’t earn $90,000 in a year, as Uber claims they do in some cities, even if they worked every hour of every day. If Rubio and the other candidates really want to see the on-demand economy flourish, they’ll consider the ideas in this Kauffman Foundation report, for example, on how to create an economic environment that fosters innovation. Encouraging idea generation, product development and new business requires a lot more than shopworn rhetoric on deregulation.

Opinion BusinessMirror

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Greed and wrong economic policies

Caritas Manila marks 62nd year

(A historical perspective)

Rev. Fr. Antonio Cecilio T. Pascual

SERVANT LEADER

Cecilio T. Arillo

database Conclusion

RIVATIZATION of the power sector has failed to ensure public benefits as promised, as shown by the experiences of New Zealand, the United States and countries in Latin America and Asia. In many cases, the reform programs created more problems for the sector itself, consumers or whole communities.

In the past five years, the world witnessed a series of disastrous blackouts, skyrocketing power rates, increasing corruption and financial problems in the sector. For example, serious brownouts in some parts of the US over the past three years brought to light the grim consequences of deregulation and privatization of the power sector. In the Philippines the main impact of power privatization, particularly during President Ramos’s administration, was, and still is, the stark increase in the cost of electricity. There are two sources of the increase in electricity rates: (1) the Purchased Power Adjustment (PPA) and (2) the application for rate by local distribution utilities (DUs). The PPA is actually a combination of purchased power-cost adjustment (PPCA), fuel-cost adjustment and foreign-currency exchange adjustment—all privileges extended to independent power producers when the government contracted them to generate and supply power under power purchase agreements. Distribution utilities, like Manila Electric Co. (Meralco), also charge consumers the cost of National Power Corp. and the distribution utilities’ contracts, which contain onerous “take-or-pay” provision, meaning that all contracted power is considered sold, and shall be paid for by consumers, whether this is used or generated, including the fuel which is purchased in US dollars. Consumers have been paying for fuel-cost adjustment and foreigncurrency adjustment since 1994. In 1996 the government started charging the PPCA and since then, the PPA has consistently been on the rise. Last year electricity charges had been unbundled as mandated in Electric Power Industry Reform Act (Epira). Conveniently, with rates now unbundled into major services, the PPA is no longer to be found in the monthly electric bills but continues to be subsidized by consumers as part of the generation charge. Aside from the PPA, rising electricity costs have also resulted in rate increases filed by local DUs or rural electric cooperatives (RECs). The Energy Regulatory Commission studies, approves and implements the collection of the new rates. This situation perpetuates monopoly pricing. For one, Meralco, the biggest DU, has succeeded in clinching successive rates increases using Epira to legitimize collection and recovery of costs for its expensive power contracts. Meralco-controlled water-concession area monopolizes electricity distribution in the National Capital Region. Even under Epira, all other DU (private DUs and RECs) continued to individually secure franchises, and, thus, ensure that the monopoly of the utilities in their areas is maintained. In addition to rate increases filed to collect costs incurred in the process of distributing electricity, DUs also managed to include in filling for rate hikes the recovery of their income taxes. But why has the country remained stuck in the preindustrial age, while its neighbors, then more impoverished and backward, have progressed economically in this age of science and industry?

The late Harvard-trained economist-lawyer Alejandro Lichauco, in several conversations with this writer two years ago while I was writing my book, A Country Imperiled, had provided the answer: “From the beginning, it was planned in Washington that the Philippines shall remain essentially a rawmaterial economy in order to service the raw-material requirements of an industrial Japan. “In 1946 the Truman administration adopted the recommendation of the Dodds Report, which proposed that Japan be developed as the primary, if not sole, industrial powerhouse in the AsiaPacific region, and that countries like the Philippines should be preserved as raw-material economies, obviously to service the requirements of Japan’s factories. “We owe our knowledge of the Dodds Report to the late Salvador Araneta, who, during his self-exile in Canada during the martial-law years, uncovered the existence of the document and denounced it in his book America’s Double-Cross of the Philippines.” As Araneta bitterly continued: “We do not argue against the wisdom of providing Japan with the means to rehabilitate herself and allowed to become an industrial country once again, although this was contrary to the prior recommendation of a postwar planning committee, headed by Secretary Morgenthau, a recommendation which was in line with the prevailing sentiment at the end of the war. But, certainly, we can argue against a policy that would make Japan the exclusive industrialized country in the Far East, for such a policy was most detrimental to the Philippines. Indeed, the United States could not justify a policy that provided all kinds of stumbling blocks, to the industrialization of her ally [Philippines] in the war against Japan. As a result of this policy, industrialization in the Philippines suffered severe setbacks….” According to Lichauco, the geopolitical plan embodied in the Dodds Report explained what the late Sen. Claro M. Recto described as “America’s anti-industrialization policy for the Philippines. “Conclusive proof of what Recto described as America’s ‘anti-industrialization policy for the Philippines’ came when [President Ferdinand] Marcos formally launched an industrialization program in the late 1970s based on 11 heavy industries, led by the steel, petrochemical and engineering industries. “The announcement of that plan was swiftly followed by protest from the International Monetary Fund and the World Bank, and the proAmerican technocrats in the Marcos Cabinet, led by no less than Cesar Virata, then-prime minister.” Retrospectively, the foregoing examines in details for our readers as to what went wrong in the past and unless, today or in the next couple of years under the new administration, something is done, like drawing up a more informed strategic policy direction, the future economic situation in the country will only get worse. To reach the writer, e-mail cecilio. arillo@gmail.com

Saturday, October 10, 2015

ore than a thousand Social Services and Development Ministry (SSDM) workers and volunteers gathered at the Cuneta Astrodome in Pasay City to celebrate Caritas Manila’s 62nd anniversary on October 3.

They were recommissioned during the Eucharistic celebration, led by Most Rev. Rolando Tria Tirona, OCD, DD (archbishop of Caceres and chairman of Caritas Filipinas), concelebrated by yours truly and other clergy members from the Archdiocese of Manila. The Grand Commissioning was the culminating activity of Caritas Manila’s 62nd anniversary to pay tribute to its volunteers and servant

leaders. Noli R. Veridico, SSDM archdiocesan chairman, officially opened the program. Two former scholars under the Educational Assistance Program shared their stories and expressed their heartfelt gratitude to Caritas Manila for helping them finish college. The Servant Leadership Award was also given to chosen SSDM volunteers for their invaluable support

to Caritas Manila. A service award was also given to two members of Caritas Manila’s management team for their 10 years of service. Most. Rev. Teodoro Bacani Jr., DD, bishop emeritus of Diocese of Novaliches, gave an inspirational talk to the SSDM workers and volunteers: “Ito pong Caritas Manila ay hindi lamang isang institusyon, kundi ito po ay daluyan ng pagmamahal; hindi lamang pagmamahal ng tao, kundi pagmamahal ng Diyos sa mga tao. At pinadadaloy naman sa pamamagitan ng malasakit ng mga tao sa kanilang kapwa.” In behalf of the board of director, officers and staff, I would like to thank all the volunteers for helping Caritas Manila by sharing their time, talent and treasure. Tunay nga, ang mga volunteers ang yaman ng ating simbahan. Since 1953, Caritas Manila has been the lead social-services agency of the Archdiocese of Manila,

covering the cities of Manila, Makati, Pasay, Mandaluyong and San Juan. It, likewise, provides assistance for capacity-building and networking for other Metro Manila dioceses, as well as to other dioceses in Luzon, the Visayas and Mindanao. Caritas Manila runs diverse projects that help the poor fulfill their human potential, such as Youth Servant Leadership and Education Program, All is Well Health Program, Restorative Justice Ministry, Caritas Damayan and Segunda Mana. We will continue with our series on Laudato Si next week. To know more about the programs of Caritas Manila, visit www.caritas. org.ph. For donations, call 563-9311. For inquiries, call 563-9308 or 5639298. Make it a habit to listen to Radio Veritas 846 in the AM band, or through live streaming at www.veritas846.ph. For comments, e-mail veritas846pr@ gmail.com.

My plan to prevent the next crash

By Hillary Clinton | Bloomberg View

even years after the financial crash, despite important new rules signed into law by President Barack Obama, there are risks in our financial system that could still cause another crisis. Banks have paid billions of dollars in fines, but few executives have been held personally accountable. “Too big to fail” is still too big a problem. Regulators don’t have all the tools and support they need to protect our economy. To prevent irresponsible behavior on Wall Street from ever again devastating Main Street, we need more accountability, tougher rules and stronger enforcement. I have a plan to build on the progress we’ve made under President Obama and do just that.

In the years before the crash, as financial firms piled risk upon risk, regulators in Washington either couldn’t or wouldn’t keep up. Top regulators under President George W. Bush posed for a picture literally taking a chainsaw to banking rules. Before the crisis hit, as a senator from New York, I was alarmed by this gathering storm, and called for addressing the risks of derivatives, cracking down on abusive subprime mortgages and improving financial oversight. Unfortunately, the Bush administration and Republicans in Congress largely ignored calls for reform. The result cost 9 million Americans their jobs, drove 5 million families out of their homes and wiped out more than $13 trillion in household wealth. Thanks to President Obama’s leadership and the determination and sacrifice of the American people, we’ve worked our way out of that ditch and put our economy on sounder footing. Now we have to keep going. First, it’s time for more accountability on Wall Street. Stories of misconduct in the financial industry are shocking—like Hongkong and Shanghai Banking Corp., allowing drug cartels to launder money, or five major banks pleading guilty to felony charges for conspiring to manipulate currency exchange rates. This is criminal behavior, yet, the individuals responsible often get off with limited consequences—or none at all. I want to change that. People who commit serious financial crimes should face serious consequences, including big fines, disbarment from working in the industry and the prospect of imprisonment. As president, I will seek to extend the statute of limitations for major

financial crimes, enhance whistleblower rewards, and increase resources for the Department of Justice and the Securities and Exchange Commission to investigate and prosecute individuals. We should also hold financial executives accountable for egregious misconduct by their subordinates. They need to lose their bonuses and, in some cases, their jobs. Second, I will work with Congress and independent regulators to rein in the complexity and riskiness of major financial institutions. The Dodd-Frank Act that President Obama signed after the crisis has already made important reforms, but there’s more to do. One serious approach being advocated is to pass an updated GlassSteagall Act, separating commercial and investment banking, to reduce the size of the banks and the risk of a taxpayer bailout. I certainly share the goal of never having to bail out the big banks again, but I prefer the path of tackling the most dangerous risks in a different way. To start, I will propose a new fee on risk that would discourage the type of excessive leverage and short-term borrowing that could spark another crisis. We should also strengthen and enforce the Volcker Rule so banks can’t make risky and speculative trading bets with taxpayer-backed money. And if a bank suffers losses that threaten its overall financial health, senior managers should lose some or all of their bonus compensation. That will ensure that financial executives have skin in the game and a real incentive to avoid reckless risk-taking. My plan would also give regulators the authority they need to reorganize, downsize, or even break

CLINTON

apart any financial institution that is too large and risky to be managed effectively. It is a comprehensive and flexible approach. It allows regulators to adapt to changing markets and help ensure that large financial firms never pose a danger to our entire economy. We’ve learned the hard way that there’s no substitute for tough, empowered regulators with the resources and support to do their job. That’s why I’ve supported Wisconsin Senator Tammy Baldwin’s bill to restore trust in government and slow Wall Street’s revolving door. We need to find the best, most independentminded people for these important regulatory jobs—people who will put consumers and everyday investors ahead of the industries and institutions they’re supposed to oversee. Third, we need a comprehensive strategy to reduce risk everywhere in the financial system. After all, many of the firms at the heart of the crash in 2008, like Lehman Brothers, Bear Stearns and AIG, were not traditional banks. I’ll push for stronger oversight of the “shadow banking” sector, which includes certain activities of hedge funds, investment banks and other nonbank-finance companies. Fourth, we need to ensure that everyday investors and consumers can trust that our financial markets work for them—and not just for insiders with the most sophisticated, specialized and fastest connections. That is why we should impose a tax on the high-frequency trading that makes our markets less stable and less fair. And we should reform the

rules that govern our stock markets to ensure equal access to markets and information, increase transparency, and minimize conflicts of interest. Finally, I will veto any legislation that would weaken Dodd-Frank. We can’t go back to the days when Wall Street could write its own rules. I believe we can defend Dodd-Frank while easing burdens on community banks so they are able to lend responsibly to the hardworking families and small businesses they know and trust. We also have to defeat Republican attempts to gut the Consumer Financial Protection Bureau—an agency dedicated solely to protecting Americans from unfair and deceptive financial practices— and to exploit the upcoming budget and debt-ceiling negotiations for rollbacks in financial reforms. The bottom line is that, we can never allow what happened in 2008 to happen again. Just as important, we have to encourage Wall Street to live up to its proper role in our economy—helping Main Street grow and prosper. With strong rules of the road and smart incentives, the financial industry can help more young families buy that first home, make it possible for entrepreneurs to create new small businesses and support hardworking Americans saving for retirement. My plan will help us unlock that potential. We’ll create good-paying jobs, raise incomes and help families afford a middle-class life, with less speculation and more growth—growth that’s strong, fair and long-term. That’s what I’m fighting for in my campaign, and that’s what I’ll do as president.

Agham Party-list questions constitutionality of CSP

lyansa ng mga Grupong Haligi ng Agham at Teknolohiya para sa Mamamayan (Agham) Party-list President Angelo B. Palmones recently said that the Department of Energy’s (DOE) Circular 2015-06-0008, pushing for the implementation of the Competitive Selection Process (CSP), is legally questionable. Palmones issued the statement in agreement with the recent pronouncements made by the House Energy Committee during a forum on CSP organized by the University of the Philippines-Center for Integrative

and Development Studies. Palmones said that he is puzzled as to why the circular was issued by former Energy Secretary Carlos Jericho L. Petilla just days before he resigned from his post. Palmones said, “I strongly believe that [the] DOE is encroaching on the Energy Regulatory Commission’s [ERC] jurisdiction by making the regulator subordinate, and by directing it to promulgate implementing guidelines.” He added, “the DOE is compromising the independence of the ERC by directing the ‘joint issuance’ of implementing guidelines, when the

ERC has the sole mandate under RA [Republic Act] 9136 to evaluate power-supply agreements.” Palmones added, “We also agree with the House’s Energy Committee Chairman [Reynaldo] Umali, when he said that there are some constitutional infirmities in this circular. For one, by issuing this circular, the DOE has encroached on the policy-making power of Congress. Policy determination belongs to Congress.” He also said, “Another problem that the CSP may pose is that any losing bidder may likely go to court

to contest the winning bidder. When this happens, it will put on hold the power supply of the cooperative or distributor, which may lead to brownouts.” Palmones reiterated, “The CSP is clearly lacking in legal basis and will only benefit certain generation companies at the expense of the paying consumers. The experience of cooperatives and distributors with regard to CSP all suggest that it is a failure. It is a puzzle, then, why some interested groups and individuals are still pushing for this on a national scale.”

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

Life

BusinessMirror

Saturday, October 10, 2015

Breast health something like life ma. stella f. arnaldo

http://stella-arnaldo.blogspot.com @Pulitika2010

Sometimes, the best way to reboot a relationship is to take a break By Ian Tash Los Angeles Times

there’s some sort of time jump to a scene where they’re already out on the town, but those kinds of movies seem to forget to

show the weird planning phase that happens between any couple. We planned out an entire platonic date.

Sports BusinessMirror

UP-Army match kicks off V-League Reinforced meet

NIVERSITY of the Philippines (UP) and Navy get the chance to showcase their wares ahead of the other fancied teams as they collide on Saturday in a lone match kicking off the Shakey’s V-League Season 12-Reinforced Conference at The Arena in San Juan City. The match is set at 12:45 p.m. The Spikers’ Turf Reinforced Conference also kicks off on Saturday in the same venue with Air Force taking on Instituto Estetico Manila at 2 p.m., and Philippine Navy battling Santa Elena Construction and Development Corp. at 4 p.m. The Lady Maroons parade a young but talented crew, spearheaded by Nicole Tiamzon and Kathy Bersola, who is raring to strut her stuff after being sidelined by an anterior cruciate ligament injury she suffered in the University Athletic Association of the Philippines (UAAP) early this year. UP Coach Jerry Yee is also using the tournament, presented by PLDT Home Ultera, to hone up his squad, particularly his rookie players—Maris Layug, Justine Dorog, Isa Molde and Diana Carlos—for the cutthroat UAAP volley wars starting February next year. “We know our experience here in the Shakey’s V-League will help the team in the long haul,” said Yee, whose squad also saw action in the recent Collegiate Conference topped by National University. Others seeing action for the Diliman-based squad are Princess Gaiser, Aiesha Gannaban, Caryl Sandoval, Arrianne Ilustre, Jewel Lai, Marian Buitre, Sheena Chopitea, Mae Basarte and Rose Cailing. The match, to be aired live on GMA News TV Channel 11, also kicks off a volley weekend festival with two explosive games set on Sunday, both also to be telecast live at 12:45 p.m. and 3 p.m., according to the organizing Sports Vision.

A8 | S

aturday, October 10, 2015 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao

S’WOODS HANGS TOUGH D EFENDING champion Manila Southwoods Masters took a slim two-point lead over Cebu Country Club (CCC) on Friday in the 10th Philippine Airlines Ladies Interclub golf team championships at the Negros Occidental Golf and Country Club (NOGCC) in Bacolod City. The Masters collected 278 points from its starstudded

lineup, but will need another strong finish on Saturday to win its fifth straight championship. Sofia Chabon, 14, and Missy Legaspi, 13, led the defending champions with 52 points each while Abby Arevalo added 49. The other scorers were Loralie Roberto 48, Kim Yong Mi 39 and Annika Guangko 38. “The course condition was hard today,” said captain Marie Claire Ong (30) who, together with Claudine Garcia (34), failed to count. CCC, which lost by a

single point to Southwoods last year in Cebu City, drew a superb 54 points from Lois Kaye Go and 50 from Crystal Faith Neri to stay within two shots off the pace. The 16-year-old Go, who started in the back-nine, made back-toback bogeys from the 15th hole, but played the next 11 holes at twounder par.

“I played pretty solid today,” the 16-yearold Go said. Neri, a new addition to CCC, had two birdies against four bogeys and a double bogey. “We’re very happy to hold Southwoods at bay. Frankly, we did not expect to stay in contention,” said CCC skipper Mary Kim Hong, who contributed 48 points. The other CCC scorers were Junia Gabasa 45, Riko Nagai 42 and Ryoko Nagai 35. Failing to count were Menchit Martinez (28) and Josephine Siguan (27). Lady Eagles Australia took the lead in the friendship division with 227 points, 27 points ahead of Davao Golf. Third spot was Apo Golf with 196.

for the team’s 15 points in the first period. Cruz finished with 18 points with eight assists in the match, while Racal added 15. Letran and San Beda will dispute the No. 1 seed in the semifinals at 4 p.m. on Tuesday at the Mall of Asia Arena. Mapúa whacked Emilio Aguinaldo College, 88-63, and Josè Rizal University (JRU) shellacked San Sebastian, 91-69, in a pair of one-sided games to tie Arellano University in third place with a 12-6 (won-lost) at the end of the doubleround eliminations. JRU clinched third place with a superior quotient, while Mapúa and Arellano University will square off at 2 p.m. also on Tuesday to

dispute the last berth in the Final Four. JRU leaned on the sweet-shooting Paolo Pontejos, who fired a game-high 23 points built around five triples, and former juniors Most Valuable Player Darius Estrella contributed 11 markers in a breakout performance. Allwell Oraeme powered Mapúa with an all-around effort of 16 points, 15 rebounds, three assists, three steals and four blocks. Darrell Menina and Mark Braña added 14 each, while Josan Nimes had 13 points and seven assists. Standings: San Beda 13-5, Letran 13-5, Arellano 12-6, Mapua 12-6, JRU 12-6, Perpetual Help 11-7, San Sebastian 6-11, Benilde 5-13, Lyceum 4-14, EAC 2-15.

MAPUA’s Allwell Oraeme and Justin Serano battle Emilio Aguinaldo College’s Laminou Hamadou, Sidney Onwubere and John Diego for the rebound. KEVIN DE LA CRUZ

KNIGHTS SEND ALTAS REELING L IN ‘NC’ HOOPS

By Diego de la Paz

ETRAN ripped apart a hapless University of Perpetual Help, 93-64, on Friday at the Filoil Flying V Arena in San Juan City to assure itself of a safe passage to the Final Four of the 91st National Collegiate Athletic Association seniors basketball tournament. The Knights, nursing a 73-77 defeat to archrival San Beda last Tuesday, went on a 16-1 tear led by graduating players Mark Cruz and Kevin Racal against the lackadaisical Altas in the first five minutes to put the game out of reach early. The pro-bound Cruz and Racal accounted

LADON OUSTS TOP SEED C

PHILIPPINE Superliga (PSL) President Ramon “Tats” Suzara addresses Friday’s press confence with (seated, from left) Larong Volleyball sa Pilipinas Inc.’s Pete Cayco, PSL Chairman Philip Ella Juico and TV5 Sports Head Vincent “Chot” Reyes. Behind them are the teams’ imports. NONIE REYES

SuperLiga Grand Prix kicks off with doubleheader in Biñan

HE 2015 Philippine Super Liga (PSL) Grand Prix kicks off with a doubleheader extravaganza on Saturday at the Alonte Sports Arena in Biñan, Laguna. “This is the real Superliga,” Larong Volleyball sa Pilipinas Inc. (LVPI) Vice President Pete Cayco said in the PSL press launch on Friday at Vikings, SM Mall of Asia in Pasay City. The Petron Blaze Spikers start their title defense against the Cignal HD Spikers at 1 p.m., followed by the Meralco Power Spikers’ debut against the Foton Tornadoes at 3 p.m. “First game namin against them pero iba ‘yung imports nila. May adjustments naman ng konti kahit papaano pero ang advantage lang namin is and imports namin,” Petron Head Coach George Pascua told the BusinessMirror. Petron boasts off their returning import, setter Erica Adachi, and new import, Inck Rupia Furtado, an outside hitter. Also heading Petron’s campaign are Rachel Ann Daquis, Abi Marano, Dindin Santiago-Manabat, Fille Cainglet-Cayetano and Maica Morada. The HD Spikers, however, will be spiced-up by their imports Amanda Anderson and Ariel Usher, along with top locals Michelle Laborte,

Wensh Tiu and Angelique Dionela. The other teams seeing in action are Philips Gold Lady Slammers and RC Cola Air Force Raiders. Organizers said a seventh team will join the league but withheld announcing its identity. For the first time, a video challenge system will be used in the league which will help the referees, linemen and other officials review doubtful plays. The system will arrive on October 25 and it will be implemented in the second round starting on October 29. “The video challenge was introduced by the FIVB [International Volleyball Federation] last year. I think it’s a good opportunity to use the video challenge,” PSL President Tats Suzara said. Sports 5 will also install a giant LED screen at the venue for a clearer view for the crowd. Also gracing in the press conference were Sports 5 Head Vincent “Chot” Reyes and FIVB Executive Council Stav Jacovi. Jacovi, the head of the FIVB committee on the World Women’s Club Championships, announced that the Philippines will bid for the hosting rights of the 2016 championships.

Lance Agcaoili

AT-QUICK Roger Ladon made an impression with boxing icon Manny Pacquiao watching at ringside by disposing of No. 1-ranked Joselito Velasquez Altamirano in their light-flyweight clash on Thursday night in the International Amateur Boxing Association (Aiba) World Championships and Olympic Qualifiers at the Ali Bin Hamad Al Attiya Arena in Doha, Qatar. The Bago City pride Ladon, ranked 17th in the tournament, won by unanimous decision on all three cards of the judges from Ireland,

Trinidad and Tobago and France, 30-27. Pacquiao arrived to a warm welcome by the enthusiastic big crowd, inspiring Ladon to showcase his wares “Parang hindi pa ako makapaniwala na pinanood ni Congressman Pacquiao ang laban ko. Sabi ko sa sarili ko, ang suwerte ko, hindi ko pwede ipahiya si idol. Ginanahan talaga ako!” the 21-year-old said. Pacquiao was treated to a sumptuous dinner by Aiba President Ching-Kuo-Wu, where he announced that he would give

Ladon and welterweight bet Eumir Felix Marcial P500,000 each if they win a gold medal in the championship. But that wasn’t all. Pacquiao stretched his incentive further—he pledged P5 million for a Rio Olympics gold medal. Ladon will tace Poland’s David Jagodzinski in the quarterfinals on Saturday. Marcial, who won by technical knockout over Egypt’s Said Mohamed on Wednesday, battles Spain’s Youba Sissokho on Friday.

PCBL LAUNCHED

The Pilipinas Commercial Basketball League (PCBL) was officially launched on Friday at the Max’s Restaurant in Quezon City. The new league kicks off on Sunday at the Pasig City Sports Center with Santa Lucia facing Racal Kama Motors and Kaida Tile taking on Foton. Shown above are (from left) Euromed Team Manager Jun Tiongco, Cagayan Rising Suns Coach Ronnie Dogillo and Team Managers Harlem Ruiz (Supremo Lex Builders) and Nick Capapida (Racal Kama Motors), PCBL Chairman Buddy Encarnado, Team Manager Horacio Lim (Jumbo Plastic Linoleum) and Foton Toplander Coach Budds Reyes. NONOY LACZA

JOBIM, PAULINE WREST CROWNS

JOBIM CARLOS and Pauline del Rosario churned out explosive finishes to turn what had seemed to be down-to-thewire battles into runaway triumphs in the Canlubang Amateur Open at Cangolf’s South course in Laguna on Friday. Pressed by Jelbert Gamolo at the front, Carlos broke away with a cluster of birdies in the last nine holes, hitting four for a 32 that spiked the club bet’s bogey-free six-under 66 for a whopping seven-stroke romp on an impressive 54-hole total of 11-under 205 in the centerpiece Open division. Del Monte’s Gamolo, who stayed within two strokes off Carlos with a 35 start, failed to match the University of San Francisco standout’s fiery windup, settling for a birdie against two bogeys and finishing with a 72 and 217 in this 15th staging of the event hosted and conducted by Cangolf. Del Rosario matched Carlos’s feat in the ladies side, stunning fancied The Country Club teammate Princess Superal with a blistering finish of three birdies with an eagle to boot in the last eight holes for an eight-under 64 and a 132, 14-under. She beat Fil-Japanese and national team mainstay Yuka Saso, who had a 66 and a 135, by three. Superal, who shared the first round lead with Del Rosario at 68 on Thursday, actually grabbed a one-stroke edge with a solid 32 start but slowed down with a one-birdie, one-bogey finish in the last nine holes and tumbled to third with a 68 and a 136.

ATENEO SCORES

ATENEO made its presence felt in the women’s division, while defending champion University of Santo Tomas (UST) and last year’s runner-up De La Salle stumbled at the start on Friday of the University Athletic Association of the Philippines Season 78 beach volleyball tournament at the Sands SM By The Bay at the Mall of Asia. Buoyed by the pro-Lady Eagles crowd, Alyssa Valdez and Bea Tan survived a tough second set to beat University of the Philippines’s (UP) Arielle Estranero and Vina Alinas, 21-9, 21-19, in the only morning session match. UST’s Cherry Rondina and Rica Rivera, on the other hand, bowed to Adamson University’s Mylene Paat and Jessica Galanza, 16-21, 21-17, 13-15, while De La Salle’s Cyd Demecillo and Kim Fajardo suffered a narrow 15-21, 21-17, 15-17 loss to Far Eastern University’s (FEU) Bernadeth Pons and Kyla Atienza. National University’s Roma Doromal and Jasmine Nabor, meanwhile, also needed three sets to defeat University of the East’s (UE) Angelica Dacaymat and Judith Abil, 20-22, 21-19, 15-5. In the men’s division, titleholder NU outlasted Adamson, 21-14, 19-21, 15-10, UST nipped FEU, 21-19, 13-21, 19-17, Ateneo tripped UP, 21-16, 21-18, and La Salle edged UE, 21-10, 19-21, 15-13.

N.U. BATTLES U.E.

BEST CENTER FIBA 3-ON-3 SET IN NOVEMBER

FTER more than three decades of its pioneering clinics which produced countless superstars, the multiawarded Basketball Efficiency and Scientific Training (BEST) Center embarks on yet another ambitious project—the country’s biggest 3x3 basketball tournament for kids next month. Best Center founding President and former

SPORTS PLUS

National Coach and player Nicanor Jorge announced that the Best Center-Fiba 3-On-3 Tournament will be held on November 15 at the Ateneo College Covered Courts, with more than 500 players in the 15-under and 12-under divisions from Manila, Pampanga, Pangasinan, Baguio City, Lucena City and other nearby provinces taking part. Jorge said the event is also open to

interested teams. They can call the Best Center office at 372-30-65 and 4116260 if they wish to participate. Deadline of submission of entries is on October 25. “This is our biggest project yet,” Jorge said of the event supported by Milo-Ready to Drink. “3On-3 is now the most popular urban sport in the world nowadays, according to an International Olympic Committee survey.”

DEFENDING champion National University (NU) takes on first-round tormentor University of the East (UE) at the second round of eliminations of the Season 78 University Athletic Association of the Philippines men’s basketball tournament on Saturday at the Mall of Asia Arena. NU, currently at the lower half of the standings with a 3-4 win-loss record, takes on the Red Warriors (2-5) at 4 p.m. Adamson University (1-6) eyes its second straight win against host University of the Philippines (2-5) at 2 p.m. The Soaring Falcons scored a 73-68 victory against the Fighting Maroons to end their first round campaign. It was the fifth straight loss for UP after a promising 2-0 start. The Bulldogs lost their first three assignments but won their next three before dropping a heartbreaking 59-61 loss to coleader Far Eastern University on Wednesday. The Red Warriors are hoping to do a repeat of their 76-71 victory over the Bulldogs in the first round.