BusinessMirror April 03, 2019

SWIMMABLE, BOUNTIFUL

OSG-DOJ TO REVIEW FOREIGN LOAN PACTS

Environment Secretary Roy A. Cimatu (center), continuing his crusade to save Manila Bay, has turned his sights on cleaning up the Parañaque River, one of those that drain out to the bay. He vowed to make it healthy once more, with help from local authorities and private business. Joining him at the signing of an agreement between the DENR, the local government units of Pasay and Parañaque and SM Prime Holdings Inc. are Jeffrey C. Lim, SM Prime president, and Pasay City Mayor Antonio G. Calixto.

Story on page A12. NONOY LACZA

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

By Rea Cu @ReaCuBM Butch Fernandez @butchfBM Joel R. San Juan @jrsanjuan1573 & Bernadette D. Nicolas @BNicolasBM

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RESIDENT Duterte has ordered a review of all contracts entered into by the government with other countries and all its agencies’ deals with private corporations.

If found to have onerous provisions, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said the government could opt to push for a renegotiation or rescission of the contracts.

“He directed the Solicitor General, the Department of Justice Secretary and all legal departments to review, evaluate, scrutinize every contract entered by the government and/or its agencies with private corporations and/or countries and deter-

mine whether there are onerous provisions in the contract that will put the Filipino people in disadvantage or in violation of the Constitution,” Panelo said in a Palace briefing on Tuesday.

The order, announced at Monday’s Cabinet Meeting, comes on the heels of controversy surrounding the Chinese loan agreements which were criticized to have “onerous” provisions, and the water crisis which hounded several homes and business establishments in Metro Manila. The latter sparked questions about the accountability of private water concessionaires the government had contracted two decades ago.

While Panelo cannot say yet how long the review will take, he assured the public there won’t be any undue delay, as lawyers can review contracts fast.

Malacañang also allayed fears that the order will hamper the implementation of the projects.

Continued on A2

BusinessMirror A broader look at today’s business

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Wednesday, April 3, 2019 Vol. 14 No. 175

Big infra projects face delays from poll ban T

By Cai U. Ordinario & Samuel P. Medenilla

@caiordinario @sam_medenilla

HE implementation of big-ticket infrastructure projects faces delays as the Commission on Elections (Comelec) has asked for additional documents from economic managers before it could decide on their request for exemption from the public works ban.

Economic managers earlier sought exemption from the public works ban, which took effect on March 29, to minimize the adverse impact of a reenacted budget on GDP growth this year.

If this is not granted, the

country’s economy would have to contend with the triple whammy of a reenacted budget, El Niño and the possible delay in the implementation of 1,132 public infrastructure projects.

National Economic and Devel-

opment Authority (Neda) OIC and Undersecretary for Regional Development Adoracion M. Navarro told the BusinessMirror that the agency is coordinating with the Department of Finance (DOF) and the Department of Budget and

1,132

The number of public infrastructure projects implementation of which could be delayed if the Comelec does not clear the Executive’s request for exemption from the public works ban during the campaign period Management (DBM).

Navarro also said implementing agencies have been asked to submit the additional documents required by the Comelec.

She said the projects include the 145 projects submitted for the 2019 General Appropriations Bill; the 603 from the Department of Public Works and Highways;

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A rough justice is better than no justice at all Teddy Locsin Jr.

FREE FIRE Statement of Foreign Affairs Secretary Teodoro Locsin Jr. at the high-level meeting—“Climate Protection for All: Protection of the Global Climate for Present and Future Generations of Humankind in the context of the Economic, Social and Environmental Dimensions of the 2030 Agenda for Sustainable Development”—on March 28, 2019, in New York City.

‘M

ADAME President, 15-year-old climate activist Greta Thunberg said ‘we already have all the facts and solutions, all we have to do is wake up and change. Everything needs to change.’”

“She’s right but only up to a point. Because the rational, who compose most people on Earth, have long been awake to climate change; and they are doing as much as they can about it. They have changed their habitual interaction with their environments; cleaned up their acts and taken up a smaller personal space while taking on responsibility for a wider area.

Continued on A10

See “Infra projects,” A2

‘PHL must diversify exports to China’

₧2.69B

By Elijah Felice E. Rosales

See “El Niño,” A2

PESO EXCHANGE RATES n US 52.5160

@alyasjah

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transparency and accountability on all government borrowings,” he said.

“Hence, I proposed the creation of a Congressional Oversight Committee on Debt Management to institutionalize an effective check and balance on the executive power to contract and guarantee loans,” the lawmaker added.

HE country’s trade chief wants the Philippines to diversify its exports to China in a bid to balance its trade sheet with the economic superpower.

Trade Secretar y R amon M. Lopez said he intends to further grow the country’s bilateral trade with China. However, this time, he wants shipments to the East Asian country to expand to higher-value products, such as luxury furniture, automotive parts and electronics.

He asserted that President Duterte’s pivot to China provides the perfect opportunity to augment exports and reduce Manila’s trade deficit with Beijing in the process.

“There is great demand for Philippine products. We just have to increase production of agricultural and manufactured goods for us to meet this demand,” Lopez said in a speech at a recent business forum.

Data from the Philippine Statistics Authority (PSA) reported exports to China grew 8.48 percent to $8.69 billion last year, from $8.01 billion in 2017.

See “Debt,” A2

Continued on A2

Value of damage recorded in the rice sector, which accounted for more than half of the total damage from El Niño Cagayan Valley with rice and corn production losses estimated at a total of P1.403 billion with 69,914 farmers affected.

Agriculture Secretary Emmanuel F. Piñol said the over P5 billion reported farm losses could now be the peak of the damage of the weak El Niño to the sector.

Piñol said the hike in the damage reported could be attributed to farmers who risked another planting round, despite threats of hotter weather, in order to recoup their 2018 production losses from storms.

“The damage is just huge because there are farmers who risked from last year. We made enough effort, [an] information campaign that there will be El Niño coming but we cannot blame them for taking a chance [in recovering their losses

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Rice farms bear brunt as El Niño damage in 14 regions hits ₧5B

AMAGE to the farm sector by the weak El Niño has gone up to P5.05 billion, with estimated volume losses of 276,568 metric tons (MT) and 164,672 farmers affected, the Department of Agriculture (DA) said on Tuesday.

The hotter weather has now damaged 177,743 hectares of agricultural land in 14 regions, the latest report by the DA-Disaster Risk Reduction and Management Council Operations Center showed.

More than half of the damage was recorded in the rice sector with an estimated volume loss of 125,590 MT valued at P2.69 billion, the report showed.

At least 108,845 rice farmers planting on 111,851 hectares in 37 provinces nationwide were affected by the ongointg weak El Niño, the report added.

The remaining damage caused by the weather phenomenon was recorded in the corn sector with production losses amounting to P2.36 billion.

At least 55,827 corn farmers planting on 65,892 hectares in 17 provinces nationwide lost 150,978 MT of output due to El Niño.

The DA-DRRMC OpCen recorded the highest farm damage in

2017 EJAP JOURNALISM AWARDS

A SEMICONDUCTOR worker assembles electronic chips at the Laguna Technopark in this 2018 file photo. Trade Secretary Ramon M. Lopez wants the Philippines to diversify its exports to China in a bid to balance its trade sheet with the economic superpower. On top of trade, China is becoming one of the country’s largest sources of foreign investments. NONIE REYES

Debt management oversight panel proposed

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ITH various loan agreements entered into by the Philippine government with the People’s Republic of China and other countries, a party-list lawmaker called for the creation of an Oversight Committee on Debt Management.

However, Magdalo Party-list Rep. Gary Alejano said Congress should conduct an inquiry into the

country’s loan agreements with China pending the passage of his House Bill 8480 seeking to create a Congressional Oversight Committee on Debt Management.

“While we recognize the power given to the President when it comes to incurring loans meant to spur growth and promote equity in the provision of public services and benefits, we should ensure

n JAPAN 0.4716 n UK 68.8117 n HK 6.6903 n CHINA 7.8236 n SINGAPORE 38.7715 n AUSTRALIA 37.3441 n EU 58.8914 n SAUDI ARABIA 14.0039

Source: BSP (2 April 2019 )

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A2 Wednesday, April 3, 2019

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‘PHL lags in protecting intellectual property’

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By Elijah Felice E. Rosales

@alyasjah

HERE might be improvements, but Manila still has a lot of work to do in protecting the intellectual-property (IP) rights of creators and copyright holders, according to a Washington report.

In its 2019 National Trade Estimate Report on Foreign Trade Barriers, the Office of the United States Trade Representative raised concern over the IP environment in the Philippines. It claimed online piracy and counterfeit drugs,

among others, are becoming prevalent in the country, as reported by US rights holders. The USTR also assailed the Philippine government for apparently taking slow legal action on IP rights violators.

“There have been improvements

in the Philippines’s intellectualproperty rights environment in recent years. Nonetheless, US rights holders report some concerns, including increasing online piracy, counterfeit drugs, counterfeit clothing apparel and weak provisions in patent law that may preclude the issuance of patents on certain chemical forms, unless the applicant demonstrates increased efficacy,” the report read.

“US rights holders have also expressed concerns about the continued availability of pirated and counterfeit goods in the Philippines, high cost of conducting raids, slow investigation of IP-related cases by the Department of Justice and judicial inexperience in handling IP enforcement cases, both civil and criminal,” it added.

OSG-DOJ TO REVIEW FOREIGN LOAN PACTS “While the deal is being reviewed— for example, they are continuously building the project, then a problem was found [in the contract], then you will just change the onerous provision there, that can still be changed. The implementation will still continue,” Panelo said in a mix of English and Filipino.

Despite the President’s order, Malacañang also stood firm that the deals, especially the loan agreements with China, were thoroughly reviewed before being signed.

“Oh, with respect to Chico and Kaliwa [these have] passed through many agencies—Commission on Audit, Department of Finance,” he said. “ Well, we can always go back to it; but as far as the Department of Finance is concerned, it’s above board and they have explained it extensively at that.”

Panelo clarified that no particular loan agreement was singled out at Monday’s meeting. The officials were discussing the water supply problem, he recalled, when the arbitration award against the Republic of the Philippines in favor of Maynilad, was brought up by Finance Secretary Carlos G. Dominguez III. “That triggered a long and vigorous discussion about existing concession agreements with rather onerous provisions. That’s why President Duterte directed the Department of Justice [DOJ] and the Office of Solicitor General [OSG] to review government contracts especially the concession agreements on utilities,” he said.

The government had to pay at least P3.4 billion to Maynilad after losing an arbitration case in Singapore in 2018 for failing to implement water rate adjustment as stipulated in the contract.

DOF hails order FINANCE Secretary Carlos G. Dominguez III said the order of the President, in line with the review of the Philippines’s

Infra projects. . .

Continued from A1

and the 384 funded by official development assistance.

“We’re coordinating with DOF and DBM [our cosignatories to request] and we’ll ask implementing agencies to submit documentary requirements on their own; more feasible that way. We’ ll see if some projects can be exempted,” Navarro said via SMS on Tuesday.

Navarro said Socioeconomic Planning Secretary Ernesto M. Pernia, who is currently abroad on official business, received a copy of the Comelec reply to the economic managers on March 29.

She said the Comelec issued Resolution 10511 which was dated March 20, but it was posted only four days ago as tracked by the Neda, and detailed the numerous documentary requirements per project.

“I’m asking our staff to assess if implementing agencies will be able to produce these on time for

foreign loan contracts with other countries, is welcomed by the department, pointing out that the loan agreements also went through the review of the DOJ prior to signing.

“We welcome the order of the President. For your information, all loans, regardless of source, have already undergone review and due process at the DOJ prior to the signing of the loan,” Dominguez told the BusinessMirror in a text message.

Last month, amid rising concern over possible “traps” in China-offered funding, the DOF explained that loan agreements entered into by the government with China undergo a rigorous vetting process, with the agreement going through an Interagency Committee composed of the DOJ, Bangko Sentral ng Pilipinas (BSP) and DOF. The process was pointed out to help ensure that the terms of the loans are within the parameters of the Philippine government.

The day after the President issued his order to the DOJ and the OSG, the DOJ’s chief said his agency will review and renegotiate first government contracts with alleged disadvantageous provisions before resorting to any legal action.

Justice Secretary Menardo Guevarra said he has organized teams to conduct the review in coordination with the OSG. The teams will give priority to the review of concession agreements on public utilities and foreign loan contracts, apparently in reaction to recent concern over the terms of the privatization agreements with water concessionares after Metro Manila’s east zone covered by Manila Water was hit by severe service interruptions.

“Target provisions are those perceived to be onerous, one-sided, disadvantageous to the government and or, contrary to public order or public policy,” the DOJ chief said.

the projects/programs mentioned in the February letter of the economic managers to Comelec,” Navarro said.

Certificate of exception

COMELEC Acting Campaign Finance Director Efraim Q. Bag-id told the BusinessMirror they are still waiting for the Neda, DOF, and the DBM to submit the necessary documentary requirements.

The Comelec grants an “exception” and the request for additional documents will allow the poll body to determine the projects that are automatically excepted from the public works prohibition.

“We will not be able to act on their [request] until they complete their [submitted] documents,” Bagid said.

On March 26, the Comelec Campaign Finance Office (CFO) sent a letter to the Neda, DOF and DBM informing them of the need to submit additional documents, including a certified true copy of certificate of completion of public works projects, notice of award of contract, contract

The Interagency National Committee on Intellectual Property Rights seized a record high P23.6 billion of pirated and counterfeit goods in 2018. Confiscated fake cigarettes and alcohol amounted to P20.25 billion and P3 million, respectively, accounting for the lion’s share of the total haul.

Authorities also seized P1.2 billion of counterfeit pharmaceutical and personal-care items, P821 million of knockoff bags and wallets, and P790 million of pirated optical media.

Washington is also monitoring the development of new regulations on geographical indications and its potential impact on market access for US products. A GI is a sign used on products that have specific geographical origin and

Continued from A1

Guevarra said the government will resort to legal action for rescission of contract only if the renegotiation fails.

“Contracts are subject to the will of the parties, but any stipulation, term or condition that is contrary to law, morals, public order or public policy may be abrogated or terminated,” Guevarra explained.

No worries—senators SENATORS, meanwhile, played down concerns over potentially dire effects on investor confidence of Malacañang’s order to review contracts entered into by past administrations with the private sector.

Senate President Pro Tempore Ralph G. Recto indicated such a review could even lead to improvements in the existing system benefiting both the private sector and the government.

“Nothing wrong with reviewing contracts,” Recto told the BusinessMirror when asked if the upcoming SolGenDOJ review could shake business confidence that the Philippines upholds sanctity of contracts as the deals were made years ago, and the review was ordered by the Palace just the other night.

Recto added: “We must learn from experience. It is a reference for future contracts.”

Having said that, Recto stressed, “we must honor existing agreements. There are regulatory agencies anyway.”

Similarly, Malacañang is not worried the President’s pronouncement will scare off foreign investors.

“No, I don’t think so. Because the—as I have said some time ago, the considerations being looked at by potential investors are, one, the peace and order situation; the lack of bureaucracy or bureaucratic red tape; and the business climate.

“It will forewarn them that they cannot enter into any agreement that is in violation of the Constitution or a public

agreement, and statement of account, among others.

Bag-id said the Comelec will use these documents to ensure the list of projects is allowed by the Omnibus Election Code (OEC).

The request from the Neda, DOF, and DBM is among the 93 applications for certification of exception the Comelec-CFO was able to process as of April 2.

Bag-id said 13 of these applications were given certification, while the remaining 80 were asked to submit additional supporting documents.

He said Comelec-CFO is currently processing the applications of 500 public works.

Through the certification process, the Comelec-CFO is also able to determine if a public work is excepted from the public works ban of the OEC. “This means that the law itself states [that a construction project] is not included in the ban in the first place,” Bag-id said. “Comelec does not grant exemptions [for public works ban], only certification of exceptions,” he added.

policy,” Panelo said.

Sen. Francis Escudero, chairman of the Senate Committee on Banks, Financial Institutions and Currencies, also played down apprehensions over the contract review, noting that there is no existing prohibition against reviewing government contracts.

“A review is well within the right and prerogative of both parties to a contract, especially if public interest is involved,” Escudero said in a text message to the BusinessMirror. “This has happened before and, usually, if any changes are to be made, it is going to be mutually agreed upon by both parties.”

Escudero shared Recto’s confidence that the SolGen-DOJ review is not likely to trigger doubts over government’s commitment to honor its contracts.

“It won’t as long as the terms of the contract are still followed,” said Escudero, recalling that during the Aquino administration the government paid a steep price for aborting a contract.

“Remember North Rail? PNoy [Aquino] canceled it and paid about $300 million in penalties in accordance with the contract to the Chinese company that the Philippines partnered with.”

Sen. Grace Poe, who chairs the Senate Committee on Public Services tasked to scrutinize franchises, welcomed Duterte’s initiative to review contracts.

“Made-in-China contracts should be vetted for onerous and one-sided provisions. For the results to be impartial, those who negotiated the contracts should have no role in reviewing them.”

She added, however, that “more important than discovering what lurks in the fine print of these contracts is the more important question: Is the project to be funded really needed by our people? Or is it a donor-driven commercial enterprise pushed by influential brokers that is however not a priority need by the very people who will end up paying for them?”

List of exception

AMONG public works, those excepted from the ban are maintenance of existing and/or completed public workers; those undertaken by contract through public bidding held or by negotiated contract awarded before March 29; and emergency work necessitated by the occurrence of public calamity among others.

Projects contracted under a public-private partnership and build-operate-transfer are also not covered by the ban.

Bag-id clarified government projects, which fall under any of these categories, are automatically allowed to continue construction during the election ban, which started on March 29 and will end on May 12.

However, he said these projects are still open to scrutiny from any party and the Commission on Audit. “They should be able to prove they are excepted by presenting documents so it will be a hassle for them. If they have the certification of exception, this will no longer be necessary,” Bag-id said.

possess qualities or a reputation that are due to that origin, according to the World Intellectual Property Organization.

In a joint statement with the US last October, the Philippines committed “to protect GIs in a manner mutually beneficial to both countries by ensuring transparency, due process and fairness in the laws, regulations and practices

that provide for the protection of GIs, including by respecting prior trademarks and no restriction of the use of common names.”

Further, Manila vowed not to provide automatic GI protection, including to terms exchanged as part of a trade deal. Washington, for its part, said it will continue to monitor the implementation of this and other commitments related to GIs.

US rights holders have...expressed concern about the continued availability of pirated and counterfeit goods in the Philippines, high cost of conducting raids, slow investigation of IP-related cases by the Department of Justice and judicial inexperience in handling IP enforcement cases, both civil and criminal.”—USTR report

‘PHL must diversify exports to China’ Continued from A1

However, imports from China also rose 22.5 percent to $21.39 billion, from $17.46 billion. In turn, the trade gap jumped to $12.7 billion, from $9.45 billion during the reference years.

Last year, top Philippine exports to China included electronic products ($4.94 billion), manufactured goods ($612.53 million), cathodes ($579.07 million), bananas ($539.51 million) and mineral products ($446.95 million), according to PSA data.

To promote Philippine goods in China, the government is gearing up for trade exhibits hosted there,

El Niño. . .

Continued from A1

last year],” he said in an interview on Tuesday.

The DA has set aside at least P2 billion as financial assistance in forms of loans and indemnities to the El Niño-affected farmers, Piñol said.

He maintained that the DA doesn’t expect the damage caused

by El Niño to the farm sector “will

Debt. . .

Continued from A1

House Bil l 8480 creates a Congressional Oversight Committee on Debt Management, which shall pursue a debt management system that is available for public scrutiny and subject to strict adherence to existing pertinent laws, and rules and regulations.

The oversight committee shall look into all foreign and domestic borrowings negotiated, contracted or guaranteed by the President on behalf of the Philippines, as well as those by the government or government-owned and -controlled corporations.

Under the bill, the committee

DENR. . .

Continued from A12

Estero Tripa de Gallina, starting with the relocation of 160 informal setter families to a soon-to-be-built relocation site in Naic, Cavite.

According to Cimatu, the LGUs of Parañaque and Pasay committed to help the DENR enforce the Ecological Solid Waste Management Act of 2000 and the Clean Water Act of 2004.

The DENR and LLDA, he said, will continue to identify business establishments that fail to comply with the order to put up a sewage treatment plant (STP). The LGUs vowed to review their contracts

such as the China International Import Expo in November. Lopez said his agency is eyeing to bring in 100 exhibitors to the CIIE, from only 36 last year.

With 100 exhibitors, Lopez wants sales from the CIIE to double to nearly $250 million that this year, from the $124 million that the delegation generated last year.

On top of trade, China is becoming one of the country’s largest sources of foreign investments.

Data from the Board of Investments reported investment pledges from China peaked $962.61 million last year, from only $46.3 million in 2017 and $31.99 million in 2016. have an adverse impact” on the national production.

He thinks the country can still hit a record-high 20 million MT palay output this year despite losses of rice farmers.

National Economic and Development Authority Undersecretary for Policy and Planning Rosemarie G. Edillon told the BusinessMirror that the latest P5-billion farm damage report is still within the government’s expectations.

Jasper Emmanuel Y. Arcalas

shall be composed of the chairman of the Committee on Ways and Means of the Senate, and the House of Representatives and three additional members from each chamber to be designated by the Senate President and the House Speaker respectively. One of the said three additional members shall come from the minority of each chamber.

“We need to ensure that our government’s limited resources shall be used appropriately, and that priority should be given to education, health care and other public services meant to promote the welfare of Filipinos,” Alejano said.

House Bill 8480 is pending in the House Committee on Ways and Means. Jovee Marie N. Dela Cruz with garbage collectors, which, Cimatu noted, seem to leave out garbage collection in squatter areas or areas occupied by informal settlers.

9 rivers, 50 esteros

ACCORDING to Cimatu, cleaning all nine rivers and almost 50 esteros that drain to Manila Bay is not an easy job.

On Sunday, around 16,000 individuals joined the DENR-led simultaneous river and estero cleanups in various parts of Metro Manila DENR Undersecretary Benny D. Antiporda said the participants came from 181 barangay. The daylong cleanup operations netted 4,950 sacks of garbage weighing 70,889.98 kgs.

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PNP chief relieves 4 Negros Oriental police officials over deaths of 14 farmers

By Rene Acosta @reneacostaBM

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ATIONAL Police chief Director General Oscar D. Albayalde relieved on Tuesday four top police officials in Negros Oriental over the deaths of 14 farmers in military-backed operations in the province over the weekend.

Albayalde made the move to pave the way for a “thorough investigation” to be conducted by the Philippine National Police (PNP) Internal Affairs Service surrounding the law enforcement operations that resulted in the killing of the farmers, whom the government claimed were supporters of the New People’s Army (NPA).

Relieved were Police Col. Raul Tacaca, director of the Negros Oriental Provincial Police Office; Police Lt. Col. Patricio Degay, chief of the Canlaon City Police Station; Police Lt. Kevin Roy Mamaradlo, chief of Manjuyod Police Station; and Police Capt. Michael Rubia, chief of the Santa Catalina Police Station.

The PNP claimed that the farmers were killed after they allegedly shot it out with policemen, who were serving warrants against them during simultaneous law enforcement operations on the wee hours of Saturday in Canlaon City, Manjuyod and Santa Catalina.

Twelve other farmers were also arrested during the operations backed by soldiers wherein the operating

teams claimed they have also recovered several firearms.

The death of the farmers was condemned by the church and rights groups—and even by local officials—including Negros Oriental Gov. Roel Degamo, who said that while he has no problem with the service of legitimate warrants, he finds the high number of deaths incomprehensible.

The families of the victims belied claims that their slain family members were supporters of the rebels, as they raised suspicions that the operating teams shot them in cold blood. Some of them even claimed that they were led out of their houses, leaving the subjects of the warrants inside their house before hearing gunshots.

The operations were conducted in the early morning of Saturday while family members were asleep.

Church officials also raised doubts whether the farmers are really communist supporters, saying some those who were killed were lay members and members of churchbased organizations working with the poor in the province.

The police leadership maintained the law enforcement operations were legal since it involved policemen serving court-issued warrants.

The police officials maintained that the operating teams found no recourse but to fight back after they were fired upon by the subjects in their operations.

Lorenzana voices concern over China’s encroachment into Philippine territories

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EFENSE Secretary Delfin N. Lorenzana has voiced out his concern over China’s unceasing military activities in the West Philippine Sea and Beijing’s encroachment into Philippine maritime territories.

“It’s very concerning. In fact, they have been doing the building of islands from reefs since, I think [dating back to] 2011, 2012.

So it concerns us because they are encroaching on our EEZ [exclusive economic zone],” the defense chief, who is currently in the US, said.

Lorenzana, who was welcomed by Acting US Defense Secretary Patrick Shanahan, took in questions from journalists, before officially meeting with his US counterpart.

The government said on Monday that it would be lodging a protest with Beijing over the presence of its fleet of fishing vessels forming a militia in the West Philippine Sea, particularly in the Pag-Asa Island.

The reported continued presence of more than 200 vessels since January in the island exacerbated the situation as Filipino fishermen reported recently that they were harassed and driven away by the Chinese coast guard in the Scarborough Shoal.

Lorenzana said that China also wanted to establish its presence at the former US naval base in Subic by expressing its interest in taking over the facility of the shuttered South Korean shipbuilding company Hanjin. “ T hey a re i nterested i n Subic. There are two Chinese shipbuilding companies who are interested…when they learn about the financial trouble of Hanjin, and they’re waiting in the wings,” the country’s defense chief said.

“But we are also talking to a lot of interested parties [from] the US, Japan, Korea, from European countries, and from Singapore and Indonesia,” he added.

Lorenzana’s presence at the Pentagon followed his meeting in Manila last week with a high ranking US defense official for

preliminary talks on the possible improvement of the provisions of the Mutual Defense Treaty.

Reading a statement, Lorenzana said the alliance between the Philippines and US remain strong in spite of the complex and demanding security environment because of the close engagement and alliance of the two countries.

He encouraged both countries to continue working together in order to keep the momentum.

“I encourage our officials to stay in close consultations through existing dialogue mechanisms, [to] include but not limited to the PhilippinesUS Bilateral Strategic Dialogue or BSD and the Mutual Defense Board Security Engagement Board, or MDBSEB, which is held every year,” Lorenzana said.

The defense chief thanked the US for its continued assistance in building the capabilities of the Armed Forces of the Philippines, and over its help in quelling terrorism activities waged by Islamic State-backed groups in Marawi City in 2017.

He, likewise, conveyed the country’s appreciation to the steady progress in the implementation of the Enhanced Defense Cooperation Agreement (Edca), as shown by the construction of a facility at the Basa Air Base in Floridablanca, Pampanga early this year.

Basa is one of the areas where Americans are to construct facilities for their assets and equipment under the Edca, which the Philippine government said could also be utilized for humanitarian assistance and disaster response.

In Batangas, meanwhile, authorities boarded a dredging vessel manned by nine Chinese crewmen after barangay officials reported that it was dredging sand at a protected marine area in the town of Lobo.

The Emerald dredging vessel was boarded by a composite team from the Philippine Coast Guard, Lobo Police Station, and Lobo Municipal Environment and Natural Resources Office on Friday. Rene Acosta

Editor: Vittorio V. Vitug • Wednesday, April 3, 2019 A3

Higher generation charge to raise power rates in April–Meralco exec

By Lenie Lectura

@llectura

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ENERATION charge may go up this month after electricity price at the power market last month hit over P12 per kilowatt hour (kWh), the highest for the year.

The Luzon grid, meanwhile, was placed on yellow alert for three days early last month, mainly due to inefficient reserves brought about by forced power plant outage.

“During the first week of March, when we had a series of yellow alerts, the Load Weighted Average Prices [LWAPs] in the spot market reached as high as P12 per kWh,” said Meralco Utility Economics Head Lawrence Fernandez in an interview.

Citing Wholesale Electricity Spot Market (WESM) data, Fernandez said the LWAPs for March 4 and 5 were the highest so far for the year. “It was P12.698/kWh in March 4, and P11.685 per kWh in March 5,” he said.

In the absence of a yellow alert, the LWAPs normally reach about P7 per kWh. “In the immediately preceding week, the highest daily LWAP was only P7.327 per kWh. The highest daily LWAP was only P7.48 per kWh,” said Fernandez.

Meralco will soon be able to calculate the impact of these yellow alerts in the April power bills soon.

It is set to announce next week the power rates for this month.

Meralco partly sources its power requirements from the WESM. Any adjustment in the cost of power purchased by Meralco is reflected in the generation component of an electric bill.

Whenever a yellow alert is issued, this has an impact on WESM prices.

“The recent yellow alerts were partly due to power plant outages. This meant there was less supply available to meet demand, hence, leading to upward pressure on spot market prices,” explained Fernandez.

A yellow alert is issued when operating reserves have dropped below the required 647 megawatt contingency in Luzon, or equivalent to the largest unit in Luzon, which is the 647 MW coal-fired power plant in Sual, Pangasinan.

“If there is deficiency in reserves, usually spot market prices tend to go up. There is pressure.

When this happens, gen[eration] charge could go up,” Fernandez earlier explained. However, power sourced from WESM is only one factor that impacts Meralco’s generation charge.

It can be recalled that the March power bills of Meralco increased

by P0.0894 per kWh mainly due to higher spot market prices and cost of power purchased from Independent Power Producers (IPPs).

The utility firm reported then that charges from the WESM went up by P0.5178 per kWh due to tighter supply conditions in Luzon with higher demand for power and more frequent plant outages.

A s resu lt, consumers paid P10.4961 per kWh in overall power rates last month compared to February’s overall electricity rate of P10.4067 per kWh. The upward adjustment resulted in an increase of around P18 in the March total bill of a typical household consuming 200 kWh. Meanwhile, the Luzon grid was again placed on yellow alert for two consecutive days this April, owing to thin power reserves.

T he Nat ion a l Grid Corp. of the Philippines (NGCP) issued the yellow alert for Luzon at

Kiss from a tarantula: Airport Customs foil attempt to smuggle lethal arachnids

By Recto Mercene

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@rectomercene

ILDLIFE trafficking remains a lucrative business mainly fueled by collectors willing to pay top money, no matter if it involves the smuggling of deadly arachnids.

Customs agents at the Central Mail Exchange Center (CMEC) reported on Tuesday that they had foiled an attempt to smuggle into the country some 700 live tarantula spiders, widely considered by wildlife specialists as an endangered species.

Customs District Collector Mimel Talusan said the tarantulas, valued at P300,000, came from Warsaw, Poland, on April 1, 2019, and misdeclared as “collection items.”

An inspection, he said, revealed that smaller tarantulas were placed inside plastic tubes, while the bigger ones were placed in plastic film carriers, and concealed inside nine boxes of oatmeal and cookies.

Talusan said the listed consignee was identified as Jesse Camaro of Caloocan City, while the sender was Wojciech Pakasz of Poland. Camaro was arrested after attempting to claim the live contraband.

He was brought to the Pasay City Prosecutors Office for inquest in violation of Republic Act 10863 (Customs Modernization and Tariff Act, and RA 9147 (Wildlife Resources Conservation and Protection Act. Camaro is facing imprisonment of six months and one day to one year, and a fine of P1000 to P100,000 if found guilty, Talusan said.

The Department of Environment and Natural Resources (DENR) at airport said that all trading, collecting, hunting and possession of wildlife without proper documentation is punishable by law.

The airport Customs bureau said from 2018 up to present, it has turned over a total of 2,152 wildlife and endangered species, including 250 geckos, 254 live corals and reptiles to the DENR. All were intercepted through air parcels, baggage and shipments.

Earlier this year, airport Customs personnel seized 63 Iguanas, chameleon and bearded dragons.

11 a.m., and from 2 p.m. to 4 p.m. on April 2.

The yellow alert was issued “due to insufficient operating reserve brought about by the high system demand and the forced outage of Pagbilao 3 (420 MW). Other generators still on unplanned outage are: Masinloc 2 (344MW), Pagbilao 1 (382MW), SLTEC 1 (150MW) and Malaya 2 (350MW) The NGCP said the power capacity shaved off from Luzon due to unplanned plant shutdown reached 1646 MW. There were also two power plants that did not deliver their full capacity. The derated plants are Calaca 2 at 200 MW from its declared 300 MW capacity, and SLPGC 2 at 100 MW from 150 MW. Last April 1, Luzon was also placed on yellow alert at 11 a.m., and from 2 p.m. to 4 p.m. for the same reasons.

The other day, consumer group Laban Konsyumer Inc. (LKI) called for more transparency from the Department of Energy (DOE) and the Energy Regulatory Commission (ERC) during instances of power plant outages.

The group sought for daily up-

dates on the status of power plants so that consumers can monitor the power situation of the grid on a daily basis. LKI President Victor Dimagiba highlighted the need for information regarding the yellow and red alert statuses.

Dimagiba wrote the ERC on January 27, 2019, and proposed that the commission conducts the real-time review of rate adjustments, and inform the consumers that the adjustments are in compliance of the rate adjustment mechanism guidelines.

“The greater transparency and sharing of information to the consumers by the commission is very important. We observed that the Meralco conducts a monthly briefing on power rates, but we hardly hear the commission, the NGCP, the spot market operator and the generating plants inform consumers of their power rates,” he said.

“We sincerely propose that the Commission introduce meaningful changes on ensuring the consumers right to accurate and timely information on matters relating to power rate,” Dimagiba added.

A4 Wednesday, April 3, 2019

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If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

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In the ad material of Notice of filing of Application for Alien Employment Permits published on March 27, 2019, the position of Mr. Ha Trong Dat under INVECH TREASURE PROCESSING CORPORATION should have been read as Computer Systems Analyst and not as published. In the application published on March 21, 2019, the position of Mr. Guo, Junjie under WANFANG TECHNOLOGY MANAGEMENT, INC. should have been read as Chinese Mandarin Customer Service Representative and not as published. In the application published on March 26, 2019, the Nationality of Ms. Fioroto Brigantini, Gabriela under IBM BUSINESS SERVICES INC. should have been read as Brazilian and not as published. While in the application published on March 22, 2019, the Company name and Address of Messrs. Huang, Yijie, Chen, Deqing, Deng, Jiang, Xie Yongjie and Mesdames. Li, Yamei, Li, Jiaozi, Li, Milan should have been read as GREAT EMPIRE GAMING AND AMUSEMENT CORP. located at 5th-16th Floor, Eastwood Global Plaza, #188 E. Rodriguez Jr. Ave., Bagumbayan 3, Quezon City, Metro Manila and not as published.

If you have any information/objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400 6011.

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

A10 Wednesday, April 3, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Climate-proofing PHL agri sector

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ESS than two weeks after the state weather bureau announced that the Philippines will experience a full-blown El Niño, the Department of Agriculture reported that the weather phenomenon has destroyed crops valued at P150 million (See, “Initial damage to farms from El Niño hits P150M,” BusinessMirror, March 4, 2019). The value jumped to P1.3 billion two weeks after the DA first came out with its damage report (See, “Losses from El Niño now P1.3 billion,” BusinessMirror, March 20, 2019). The figure will be updated by the National Disaster Risk Reduction and Management Council, which indicated that the weather phenomenon’s damage to crops rose to P2.68 billion (See, “El Niño farm damage doubles to P2.68 billion,” BusinessMirror, March 28, 2019).

The latest report from the DA revealed that the losses incurred by farmers and fishermen have already reached P4.35 billion (See, “Farmers, fisherfolk bear P4.35-B loss from El Niño,” BusinessMirror, March 31, 2019). In just a span of a month, the government has seen how destructive a full-blown El Niño can be, even if the state weather bureau has characterized the latest episode as “weak.”

As El Niño results in below normal rainfall conditions, which is bad for rice crops, farmers planting the staple food bore the brunt of its wrath. Rice crops destroyed by the weather phenomenon accounted for a huge chunk of the damage inflicted on the agriculture sector.

Unfortunately, the damage could still worsen in the coming days as El Niño is expected to last until June. Citing the state weather bureau, the National Economic and Development Authority (Neda) said 51 provinces will experience drought and 32 will have to endure a dry spell by the end of April. Of the 51 provinces seen experiencing drought by the end of April, around 27 are in Luzon. Based on the results of an assessment by the Department of Science and Technology, which was released on March 19, provinces that will experience dry spell are mostly in Central Luzon—considered the country’s rice granary.

The expected delay in the onset of the rainy season due to El Niño could also discourage farmers from planting rice. Harvest will end in late April or early May, and most farmers will begin preparing their land around that time. The current rice inventory may be ample but supply in the second half could become problematic, particularly during the lean months.

The government has been banking on the rice trade liberalization law to ease supply problems that may be caused by the weather phenomenon. Based on the movements of international prices, there is enough rice stocks for Filipino traders who want to import. But how the government could ensure that these stocks would reach consumers is another matter. Nothing stops traders from profiting from the misery of their countrymen as hoarders are seldom punished. Because rice can be stored for a long time, traders are not also under pressure to unload their stocks.

El Niño will also affect other farm subsectors, such as poultry. When the weather phenomenon hit the country in 2010, poultry growers complained that they incurred losses because El Niño caused broilers to stunt and weigh less. Poultry growers are again facing the possibility of earning less this year not only because of El Niño but also because of the supply glut in recent weeks that has sent farmgate prices on a downward spiral.

While the damage that may be inflicted by El Niño on food production and the farm sector may be “minimal,” this should not make officials complacent. (See, “Neda: El Niño will have minimal impact on GDP,” BusinessMirror, March 29, 2019). What is crucial is for the government to ensure that interventions to mitigate its impact are in place. Because banks are hesitant to extend credit to farmers, the government must be able to provide loans carrying low interest rates to farmers. Mechanisms that will prevent profiteers from taking advantage of El Niño should also be set up.

The government’s ultimate goal should be to “climate-proof” the agriculture sector. Weather phenomena like El Niño and strong typhoons make it difficult for the government to strengthen the farm sector because it would have to focus on rehabilitation efforts. Also, funds for rebuilding damaged farms should been channeled to initiatives aimed at increasing productivity.

A rough justice is better than no justice at all Teddy Locsin Jr.

FREE FIRE Continued from A1

‘T

HEY know climate change is happening and its effects are as bad as anticipated. And it is coming faster than estimated. We all see it; but, far more than some, most suffer it. There are none so blind as those who will not see; because then they’d make less money—and might have to spend to clean up the part of the Earth they ruined.

“The least able to withstand climate change are the most powerless to slow, let alone stop it—except in small ways. Some countries can better cope with climate change—and they are the ones most responsible for it; this explains their capacity to dampen its worst effects on themselves. Those most to blame for

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climate change have the wherewithal but not the desire to do it in big ways.

Preaching to the choir has gone on too long; everybody knows—even climate-change deniers. They’re just lying.

“If climate action does not measure up to what is needed, we all face the same fate: diminished existence

Susan V. Ople

SCRIBBLES

W

HAT would you have done if you were an overseas Filipino workers stranded in the international airport of Sri Lanka with less than a hundred pesos in your pocket and a cell phone several bars short of full? Similar to the character played by movie actor Tom Hanks in the movie, The Terminal, 34-year-old Sunshine Sereno, a first-time OFW, found herself trapped in Colombo airport, penniless and unable to set foot outside the airport.

For six days, Sunshine begged for biscuits, drank from a public drinking fountain and used the airport’s washroom with her hand-carry bag in tow. She would approach complete strangers that used free charging facilities for their phones, to ask for a few minutes to borrow their phone charger. Using the airport’s free WiFi service, she was able to inform her sister in Hong Kong and a family friend in Russia about her plight. It was the family friend that contacted this writer via Facebook Messenger in Sunshine’s behalf.

Who is Sunshine? She is a solo parent with four kids enticed to work in Doha, Qatar, by an illegal recruiter.

The illegal recruiter, a Filipina based in Qatar, booked Sunshine’s air ticket comprised of several connecting flights: Manila-Hong Kong-Kuala Lumpur-Colombo-Doha. The itinerary was obviously meant to bypass our immigration authorities and may have been much cheaper than the more popular nine-hour direct

flight offered by Philippine Airlines.

As instructed by her agent, Sunshine left the country as a tourist.

Thirty-five days with her employer in Doha brought untold physical hardship for Sunshine. The OFW was not prepared for the demands of the work—very little sleep, a huge house to clean all by herself and food that she found inedible. She was constantly dizzy and suffered from periodic nosebleeds. Her physical condition compelled her to request for the employers’ permission to return home.

As a precondition, the employers made Sunshine sign a promissory note wherein she would send to her employers a monthly remittance of P20,000 for five months as payment for what they spent to bring her to Qatar. Her agent, who also works for Sunshine’s employers, witnessed the signing. Until now, that same agent continues to send messages to Sunshine to remind her of this agreement.

Her employers paid for Sunshine’s

or extinction altogether. But the most to blame will suffer less and only much later—than those the least to blame.

“Not a rich country but getting there, the Philippines has carried out effective programs for more accurate and integrated disaster anticipation, prevention and adaptation. To some extent it is a model for those endeavors. But if we have done well, others better off could do much more for others less able to soften and absorb the blows of climate change. But they think it is enough to hector the less able to listen to them pontificate. And the talk’s not cheap, as holding colloquia in expensive places shows.

“If the most capable and able will not do more to slow and halt climate change, most will eventually stop talking about it and let it run its full and fatal course: in the desertification or inundation of our planet; the starvation and extinction of populations; and the end of everything worthwhile attained by

human ingenuity.

“We shall descend into the last violent throes of mankind; when the strong can stay safe but not for long. Those who cannot help themselves much against climate change—having had nothing all this time—will have even less to lose if they give up. They will be less inclined to preserve and protect a world where they have had nothing while there was plenty enough to share. And they know they will still have nothing when that plenty is kept for the same few who have always had it.

“Then indeed will that dark wisdom show its face that misery craves company. Because it is a kind of justice when those who had—but did not share with those who did not— suffer the same fate for which the former bear the greater blame. A counsel of despair but satisfying in a way. A rough justice, absent a finer one, is better than no justice at all.

Thank you.”

Gloom but I think well received.

ticket home. They also packed her bags for her. The agent and the employers’ driver brought her directly to the airport. It was an abrupt departure. She had no money for food and the usual pasalubong. The employers told Sunshine her first and only monthly salary will be used to purchase her ticket home.

Her flight home was equally laborious: Doha-Colombo-Hong KongManila. Her travel itinerary entailed an overnight stay at Sri Lanka’s airport in Colombo. When it was time to board, the ground personnel told Sunshine that her employer cancelled the ticket. She could not board the plane. Neither could she go out of the airport without the appropriate visa. On top of that, she faces arrest by the immigration police unless she can produce a ticket home. All that information sank in slowly, and a shocked Sunshine broke down in tears. She asked for time to produce the ticket home. The immigration officer agreed with a caveat—she has to stay inside the airport with her passport under their custody, until the ticket home can be produced.

Hungry, penniless, and with a mobile phone short on battery life, Sunshine prayed constantly, and repeated her story to Good Samaritans who would offer her a biscuit, and sometimes, even a burger from a nearby restaurant chain. The staff of Qatar Airways gave her food, once a day, which soon became twice a day. The maintenance and janitorial crew of the airport became her good friends. She cried a lot, and would occupy empty seats to sleep. All she wanted was to go home.

Aware of her plight, I was able to

contact Undersecretary Sara Arriola of the Department of Foreign Affairs and her executive director, Enrico Fos. They contacted the honorary consul, who assigned someone to check on Sunshine’s physical condition. By this time, she had been in the airport for five days. Thankfully, her friend in Russia and sister in Hong Kong, both OFWs, were able to pitch in to buy her a ticket home. OWWA Administrator Hans Cacdac promised to fetch Sunshine and bring her to the halfway house upon her arrival.

On her sixth day of being stranded in Sri Lanka, our OFW friend was scheduled to finally board the plane home.

The airport personnel who were aware of Sunshine’s situation waved goodbye, and expressed relief that their Filipina friend was finally leaving. The lady cleaner in charge of the women’s washroom wished her well.

These complete strangers fortified her spirit while prayers to the One Up Above kept her from falling down.

Sunshine is now home and looking forward to a new start, with her children who are all of school age.

Sometimes, you have to be stranded somewhere to realize that there is indeed no place like home. We thank all the kind-hearted people in Colombo and here in the Philippines, as well as her friends and family members in Hong Kong and Russia, for shining the light of kindness during her time of need.

Susan V. Ople heads the Blas F. Ople Policy Center and Training Institute, a nonprofit organization that deals with labor and migration issues. She also represents the OFW sector in the Inter-Agency Council Against Trafficking.

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Europe’s banking union is under attack

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Continuing bonds

By Ferdinando Giugliano | Bloomberg Opinion

SK for a concrete example of the euro zone’s march toward further integration, and you will soon hear the words banking union. At the height of the sovereign debt crisis, European leaders agreed to move supervision of the region’s most important lenders to the European Central Bank, create a single rulebook, and start centralized funds to deal with future banking crises.

The project has made some progress, but is now under threat. Politicians and domestic supervisors are seeking to constrain what the ECB can do. They are also pressing for national—rather than cross-border —solutions to deal with their ailing domestic lenders.

Banking union remains a halfway house without a joint guarantee program that can reimburse depositors of failing lenders. If anything, the centrifugal forces appear stronger than those pushing for greater integration.

The attacks on Europe’s banking union—and on the ECB’s supervisory powers in particular—are part of a broader hostility towards the transfer of power to technocrats, especially those in Brussels or Frankfurt.

In his retirement speech last month, Ignazio Angeloni, a former member of the ECB Supervisory Board, described how “national sovereignty seemingly contradicts the logic of the banking union, which implies transferring certain policy functions to the supranational level.” He also noted how “supervisory independence deviates from direct democracy, which populists favor.”

These are difficult challenges.

But populists are hardly the only ones pushing back against the principles underpinning the project. In Italy, successive center-left governments and the central bank have repeatedly contested the rules governing bank failures, in particular the principle that bondholders should take losses.

In Germany, Olaf Scholz, the social democrat finance minister, is supporting a merger between Deutsche Bank AG and Commerzbank AG in the hope of creating a national champion to help domestic companies. Last year the European Parliament, where the populists are in a small minority, frustrated the ECB’s attempts to set more stringent rules about how banks should write down their nonperforming loans, saying they amounted to over-reach.

Even an EU court has recently ruled against the European Commission, saying it cannot prevent member states’ national guarantee programs from rescuing failing banks, as it did in Italy in 2014.

Moreover, European leaders have proven incapable of accelerating the completion of the banking union, leaving it stuck in an uncomfortable no man’s land. True, the European Council decided at the end of last year to strengthen the Single Resolution Fund, the common fund used to

help winding down a bank. But the pool remains too small to deal with a systemic crisis, and any move to set up a joint deposit guarantee fund has been opposed by Germany.

National authorities face a greater temptation to go it alone. Italy has circumvented the rules on several occasions, setting up voluntary rescue funds to prevent troubled banks’ bondholders from taking losses. The ruling on deposit guarantee programs (which the European Commission can still appeal) may prompt some member states to stop pushing for a joint safety net, fearing it could have stricter rules than their own national ones. The looming Commerzbank-Deutsche Bank merger could soon put the German government on a collision course with the ECB. European supervisors therefore face a dilemma: If they cave in to the will of the politicians, they lose both their credibility and their raison d’etre. Conversely, if they act too aggressively, they risk being stripped of the powers they have received.

The answer must be to combine a firm interpretation of the rules with more transparency. Angeloni noted that while supervisors are typically asked to contribute to the “safety and soundness” of the institutions, there is little agreement over what this means. This is very different from the monetary-policy mandate of most central banks, which typically takes the form of a specific target.

A more precise definition of the supervisors’ objectives could be useful.

Moreover, it is important that the Single Supervisory Mechanism does a better job at explaining what it expects from banks, especially with regard to capital requirements. The European Parliament must allow the supervisors to do their job, rather than crying foul when these demands are too specific. But the onus must fall also on the ECB, which has too often neglected to communicate its requests clearly to both investors and the public.

Andrea Enria, the new chairman of the ECB Supervisory Board, has made enhancing transparency one of his priorities. In the past, he has argued that Europe should change the way it runs its stress tests, announcing their results alongside any demands for a capital raise so as to avoid confusion. At a time of rising populism and economic nationalism, such moves toward more transparency may be insufficient to save the banking union. But they are its best hope, at least until politicians rediscover its relevance.

Atty. Dennis B. Funa

INSURANCE FORUM

A

CONTINUING bond, also called continuous bond, is a financial guarantee or a suretyship that renews automatically until it is canceled. Continuing bonds do not expire as long as the client makes the required payment for each renewal. In other words, it has an indefinite term.

A continuing bond does not expire, but is canceled by the obligee by formal notice of cancellation. In the absence of such formal notice of cancellation, the surety bond is deemed canceled if the Principal is able to satisfactorily show that the undertaking of the surety bond has been fully performed by it and the same is acknowledged in writing by the obligee. In Reparations Commission v. Universal Deep-Sea Fishing Corp., a continuing bond is one whose period of insurance is indefinite or with no fixed expiration date. The bond shall be in force unless canceled by the obligee, or by the Insurance Commissioner, or by a court of competent jurisdiction, as the case may be. As a consequence, the premium for furnishing the bond and the obligation to pay the same subsists for as long as the liability of the surety exists.

In Country Bankers Insurance Corp. v. Lagman, the Warehouse Bond was deemed a continuing bond and

remains in force until canceled by the Administrator of the National Food Authority (obligee) and cannot be unilaterally canceled by the general agent who obligated himself in the Indemnity Agreement.

With respect to the premiums due, they are collected upon the issuance of the renewal certificates annually. However, the principal is still liable for the unpaid premiums notwithstanding the nonissuance of the renewal certificates. The obligation of the principal shall cease only when the obligee consents to it.

The obligation to pay the premium subsists for as long as the liability of the surety exists. The principal is obliged to pay the annual premiums as it falls due until the contract of suretyship is canceled by the obligee or by the Commissioner or by a court of competent jurisdiction, as the case may be. Under Section 179 of the Amended Insurance Code: “In the case of a continuing bond, the obligor shall pay the subsequent an-

Bloomberg Opinion

I

T took Colombia nearly five years to negotiate an end to Latin America’s oldest guerrilla insurgency. That deal earned its last president the Nobel Peace Prize and put the hemisphere’s most conflicted nation on the brink of democratic normalcy. So it’s fair to ask, why is the agreement under assault?

If President Ivan Duque gets his way, the pact could unravel, and, with it, Colombia-watchers fear, the country’s best chance to put to rest a half-century of mayhem and infamy.

Cheered on by hard-right legislators, Duque took exception to parts of the peace accord and recently sent the law back to the legislature for fixes. His demands refer to six of the agreement’s 159 articles.

The demands may sound reasonable enough. Yet reopening debate could trample the terms of the painstakingly negotiated peace. By remanding the law

to congress, where it could languish for months or be disfigured, Duque threatens to throw the whole accord—and Colombia—into turmoil.

Until recently, such a grim prospect looked unlikely. After many false starts, the amended peace accord had passed congress in 2016 and won the imprimatur of the Constitutional Court, which ruled in 2017 that the agreement could not be substantially altered for another 12 years. Yet the drawn-out negotiations had embittered Colombians, who complained the plan was too lenient on the rebels, and stoked the political revolt that landed Duque in office.

Duque took office last August pledging only to modify the flawed agreement, which many Colombians disliked, not scuttle it. But a sluggish economy worsened by a flood of Venezuelan refugees, spiking cocaine production and crime, and carping among legacy politicians took their toll. His bungled tax reform sparked revolt in the legislature, and dis-

nual premium as it falls due until the contract of suretyship is cancelled by the oblige or by the Commissioner or by a court of competent jurisdiction, as the case may be.”

Two examples of continuing bonds would be (a) bonds required by courts in criminal and civil actions or special proceedings, also known as judicial bonds; and (b) bonds required by the National Labor Relations Commission (NLRC) in labor cases.

For bonds in criminal and civil actions or special proceedings, Supreme Court A.M. 04-7-02 (Guidelines on Corporate Surety Bonds) provides that: “Unless and until the Supreme Court directs otherwise, the lifetime or duration of the effectivity of any bond issued in criminal and civil actions/special proceedings, or in any proceeding or incident therein shall be from its approval by the court, until the action or proceeding is finally decided, resolved or terminated.” Examples of judicial bonds are the injunction bond, attachment bond, replevin bond, and appeal bond.

For judicial bonds, the court may order the cancellation of the bond. In case the court does not include in its order or judgment the cancellation of the surety bond filed, but nonetheless terminates with finality the case, the bond may be considered as already canceled. However, it is better to file a motion with the court for the cancellation thereof. In addition, per Supreme Court Resolution under Administrative Matter 03-03-19SC, “the lifetime or duration of the effectivity of any bond issued in civil

actions or proceedings or in any accident therein shall be from its approval by the court until the action or proceedings is finally decided, resolved, or terminated.” Under Section 179 of the Amended Insurance Code, the Insurance Commissioner is authorized to cancel a contract of suretyship.

Moreover, both Supreme Court and NLRC guidelines provide that “Nonrenewal or cancellation of the Certificate of Authority by the Insurance Commissioner” shall be a ground for the cancellation of the Certificate of Accreditation and Authority of surety companies. In January 2019, following the order to liquidate Far Eastern Surety & Insurance Co., the Insurance Commission ordered the cancellation of all continuing bonds issued by the said company and directed the liquidator to notify the respective courts, obligees, and advise the obligors to secure replacement bonds.

For bonds required by the NLRC, the NLRC in its En Banc Resolution 03-2013 (Guidelines for the Accreditation of Surety Companies) provided: “In accordance with Section 6, Rule VI of the 2011 NLRC Rules of Procedure, as amended, the surety bond shall be valid and effective from the date of deposit or posting, until the case is finally decided, resolved or terminated, or the award satisfied.”

Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016.

E-mail: dennisfuna@yahoo.com.

No silver bullet for China’s huge plastics problem

S

By Adam Minter | Bloomberg Opinion

INCE 2004, China has been the world’s largest generator of waste, including plastics. And, since 2010 at least, China has been the largest source of waste plastic flowing into the world’s oceans. To its credit, the Chinese government has tried to shrink the problem. In recent years, it has forced retailers to charge for single-use plastic bags that aren’t biodegradable (with questionable success); Jilin Province has banned such bags and food-service items outright. The tropical island of Hainan plans to impose an even wider ban starting in 2020.

Officials are also looking for alternatives. According to one analysis, Chinese production of bio-based (rather than petroleum-based) biodegradable plastics will more than double by 2022.

That might boost the reputation of the plastics industry, under fire for choking the world’s oceans with its products. Unfortunately, it’s not likely to help the environment much.

The history of biodegradable plastics dates back to 1975, when a group of Japanese scientists discovered bacteria that consumed nylon. As byproducts, they produced naturally occurring gases, such as CO2, as well as biomass in the form of more bacteria.

Over subsequent decades, as plastic trash accumulated in landfills and the public became more aware of the extended periods required to degrade that plastic (centuries, in many cases),

demand grew for commercial plastics capable of being broken down into natural components by microorganisms.

These biodegradable plastics are generally more expensive than traditional plastics. So, even today, they remain confined to certain product niches, accounting for less than 1 percent of total global plastics production.

A big push from China could change that. In 2017, Alibaba Group Holding Ltd. and a set of consumer companies established a green packaging consortium committed to environmentally sound packaging, including biodegradable plastics. At the beginning of 2018, 90 percent of the straws made at Soton Daily Necessities Co. Ltd. YW, one of the world’s largest straw manufacturers, were made from traditional plastics. By the end of that year, the share had dropped to 60 percent, as

Colombia’s president risks blowing up peace

By Mac Margolis

Wednesday, April 3, 2019 A11

pleased both taxpayers and creditors.

By late last year the young technocrat and political novice saw his approval ratings plunge.

Playing the war president is an odd look for Duque, a young wonk who spent a decade at the Inter-American Development Bank where he ran the culture, creativity and solidarity division and theorized about Latin America’s orange economy unleashing a “wealth of talent, intellectual property, interconnectedness and, of course, cultural heritage.”

Yet bets that Duque would prove to be a Colombian reformer soon flagged.

Public protests and pushback in congress stymied his headline national development plan. The surging discontent sent Duque further into the embrace of his mentor, former president Alvaro Uribe, whose cadre of ultraconservative politicians and big landowners were still stumping for war.

Colombia’s hawks pressed their case in January when a car bomb rigged by a rebel holdout group, the National

Liberation Army (ELN), exploded in a police academy, killing 21, the nation’s deadliest terrorist attack since 2003.

Duque tapped into the commotion, scrapping nascent talks with the ELN and demanding that Cuba arrest and extradite the rebel negotiators gathered there to broker peace.

The hard line paid political dividends in a land riven by a half-century of insurgency and mounting fiscal burdens, with the most vexing details of the postwar reconciliation plan still to be sorted.

So did talking tough to Venezuela, where the rolling collapse of the Bolivarian economy scattered millions of desperate refugees and turned Colombia’s porous 2,200-kilometer border with Venezuela into a safe space for criminal gangs and freelance rebels.

“The disarray next door provides a haven for people who take up arms, and there’s nothing that Colombia can do about it,” said Adam Isacson of the Washington Office on Latin America.

production of paper and biodegradable plastic straws ramped up.

The question is how much this will improve the environment. There are two issues. First, a product marketed as “biodegradable” might only break down in highly specific environments that aren’t encountered in the natural world—such as in an industrial composter where temperatures reach 120 degrees Fahrenheit. Such composting facilities are rare in most of the world and all but nonexistent in China. That raises the risk that ostensibly biodegradable plastics will end up in landfills where—if they’re buried—the lack of oxygen will ensure they degrade as slowly as regular plastics, if at all. Worse, due to differences in chemistry, biodegradable plastics can’t be recycled with ordinary plastics. That means they have to be separated out and in China—where urbanites have long resisted sorting their recyclables—that’s unlikely to happen for many years.

Second, even plastics that are designed to degrade in natural environments are unlikely to break down as quickly in the ocean, especially if they sink to cooler regions or are ingested by animals. In one study, biodegradable plastic bags eaten by green and loggerhead turtles only lost 3 to 9 percent of their mass after 49 days (the same

bags were completely degraded in an industrial composter). What makes that finding particularly dangerous is evidence suggesting that individuals are more willing to litter biodegradable items, on the assumption that nature will take care of them.

For the Chinese government, the advantages of encouraging the switch to biodegradable plastics are obvious: At a minimum, it places the burden of managing growing volumes of plastic waste on manufacturers. But, for now, the government would be wiser to focus on cutting down the use of single-use plastic products entirely.

One option, ideally suited to China’s top-down governance, is to encourage manufacturers to create bags designed for multiple uses (a carryout bag that easily converts to a trash bag, for example) and to raise fees on bags that don’t meet that standard.

Next, it’s imperative that China stop the leakage of plastics and other trash from substandard landfills into rivers and—ultimately—the ocean.

That will require the government to develop municipal recycling systems, modernize its landfills and incinerators, and undertake public education campaigns. It won’t be cheap, quick or easy. But the alternative is that the world’s oceans, and China’s environment, continue to degrade.

“That’s given Colombian hard-liners the upper hand.”

The Venezuelan tragedy also opened another opportunity. Duque got a brief bump in the polls by quickly recognizing dissident Venezuelan lawmaker Juan Guaido, named temporary president by his country’s National Assembly, and made legitimizing Guaido’s claim to leadership a Latin American talking point. “Duque had his moment during the Venezuela crisis and showed he was his own man and not a creature of Uribismo,” Princeton historian Robert Karl, a Colombia scholar, told me. “But his attempts to roll back parts of the peace accord point to the opposite.

There’s a vocal camp that feels he hasn’t been hard-line enough.”

The immediate threat of Duque’s effort to revise the agreement is not of reigniting the National Armed Forces of Colombia insurgency: The demobilized guerrillas are widely loathed, badly weakened and bereft of the charismatic leaders. The greater danger is of

institutional corrosion that discredits government authority when it’s most needed. “Congress may not rewrite the law. They could just let the bill languish, maybe for months,” said Isacson. He noted that the Colombian high court has said it will only rule on the constitutionality of the proposed amendments once congress has weighed in.

“Meantime, you have thousands of former guerrillas and other combatants whose cases are awaiting review before the special tribunals,” Isacson added.

“How many of these defendants are going to slip away and throw in with residual rebel factions in the countryside or join the ranks of criminal gangs?”

That prospect has deflated hopes for a fresh start for Colombia’s democracy and the much-heralded peace dividend reckoned to buoy Latin America’s fourth-largest economy once the shooting stopped. At this point, Duque needs to recognize that his most urgent task is not to rewrite the peace agreement, but to rescue it.

2nd Front Page BusinessMirror

A12 Wednesday, April 3, 2019

www.businessmirror.com.ph

SC to Solgen: Give drug war docs to lawyers

By Joel R. San Juan

T

@jrsanjuan1573

HE Supreme Court has directed the Office of the Solicitor General (OSG) to submit before it—and give copies

to the petitioners—documents pertaining to the ongoing war on illegal drugs of the Duterte administration.

“The Court ordered the Solicitor General to submit to the Supreme Court the police reports,

copy furnishing the petitioners,” SC Information Chief and spokesperson, Atty. Brian Keith Hosaka, told reporters at a press briefing held in Baguio City where the magistrates are holding their regular summer session.

Earlier, Solicitor General Jose Calida rejected the bid of the petitioners, the Center for International Law (CenterLaw) and the Free Legal Assistance Group, to be furnished with the documents.

Calida insisted that only the

Supreme Court is entitled to the report it submitted in compliance with its order. Prior to this, CenterLaw asked the Court to direct the government to furnish them copies of reports about its crackdown on the narcotics trade.

CenterLaw filed a petition in 2017 before the High Court seeking the issuance of a writ of amparo to protect the residents of 26 barangays in San Andres Bukid in Manila against the government’s anti-illegal drug war.

The Free Legal Assistance Group also filed a petition with the SC then, asking the magistrates to declare unconstitutional the Philippine National Police’s “Oplan Double Barrel,” which it said allows the police to “neutralize” suspected drug pushers instead of arresting and prosecuting them.

The SC held threeday oral arguments on the issue in 2017 a nd s u b s e q ue nt l y

directed the Office of the Solicitor General to submit within 60 days pertinent documents which include the list of persons killed in legitimate police operations from July 1, 2016, to November 30, 2017; list of deaths under investigation from July 1, 2016, to November 30, 2017; list of Chinese and Filipino-Chinese drug lords who have been neutralized; list of drugs involved whether shabu, cocaine, marijuana, opioids, etc.; comparative tables in index crimes; statistics of internal cleansing within the police force; and drug watch lists in affected areas.

The SC also directed the OSG to submit the list of warrants and warrantless arrests in High Value Target police operations and the list of cases under investigation under the PNP Internal Affairs Service The SC ruled that the documents required do not compromise national security, contrary to Calida’s arguments, and that the information and documents do not involve rebellion, invasion, terrorism, espionage, infringement of our sovereignty or sovereign rights by foreign powers, or any military, diplomatic or state secret.

In April last year, the SC rejected Calida’s motion seeking a reconsideration of its order.

DENR, SM Prime team up in cleaning Parañaque River

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By Jonathan L. Mayuga

@jonlmayuga

NVIRONMENT Secretary Roy A. Cimatu on Tuesday vowed to make one of the most polluted rivers in Metro Manila healthy once more. He wants its water not just to be swimmable but also clean and green as to allow native fish to thrive for present and future generations.

Briefing reporters on the signing of a memorandum of agreement between the DENR, the local government units (LGUs) of Pasay and Parañaque and SM Prime Holdings, Inc., Cimatu said while Parañaque River is “relatively clean,” along with Estero Tripa de Gallina, it remains among the “millionaire rivers” as far as coliform bacteria count is concerned. This, he added, makes it imperative for the government to rehabilitate it to succeed in saving Manila Bay. At Tripa de Gallina, particularly at the Tramo Bridge in Pasay City in October last year, the coliform level is about 92 million most probable number (MPN) per 100 milliliters.

As of January, it is now down to just 11 MPN per 100 milliliters.

Even the most sturdy fish may not survive in this condition, or if they do, consuming them may be hazardous to humans.

Last month, the DENR signed a MOA with San Miguel Corporation, which is “adopting” the Tullahan River, another dirty river that drains out to Manila Bay. Signing the MOA for SM Prime Holding was its president, Jeffrey Lim; Mayor Antonino Calixto of Pasay City; and Parañaque City Administrator Fernando C. Soriano, representing Mayor Edwin L. Olivarez. The event was also graced by SM Prime Holdings Chairman Henry Sy Jr. Speaking mostly in Filipino, Cimatu sounded confident of reviving the Parañaque River and Estero Tripa de Gallina with the help of SM Prime Holdings Inc. and the political will of the Pasay and Parañaque LGUs.

Ultimate goal: Save Manila Bay

THE rehabilitation of the Parañaque River, also known as Las Piñas-Parañaque River System, and the Estero Tripa de Gallina, along with other river and esteros that lead out to Manila, is a key strategy in rehabilitating Manila Bay. “We will dredge and take out the garbage embedded under the Parañaque River and the Estero de Tripa de Gallina so the fish can thrive there once more,” Cimatu said.

Lim said SM Prime Holdings will help DENR in its effort to clean water bodies as its commitment to promoting a clean environment for all generations.

“I would like to thank the DENR for this momentous event. In 2012, SM Prime entered into a five-year collaborative undertaking between DENR, LGU San Juan and the Environmental Management Bureau [EMB]. With the hard work that has been done and the support of the LGU, we can all say that the program has resulted in improved quality of the San Juan River. Today, SM Prime is here again for the Manila Bay under the adopt-a-river program,” Lim said.

Several SM establishments along Manila Bay were earlier tagged among violators of environmental laws by the DENR and the Laguna Lake Development Authority (LLDA), particularly the Clean Water Act of 2004 when it launched the P4.7-billion, seven-year “Battle for Manila Bay” program on January 27.

Calixto and Soriano both vowed to help the DENR and other agencies in its effort to clean up the Parañaque River and the See “DENR,” A2

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, April 3, 2019

SM unit allots ₧8.2-B capex to expand, renovate hotels

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

I

LOILO CITY—SM Hotels and Resorts and Conventions Corp.

(SMHCC) has allocated capital expenditures (capex) of P8.2 billion over five years to construct new hotels and convention centers, as well as renovate existing accommodations in its portfolio.

In an interview with select reporters at Tuesday’s opening of Park Inn by Radisson Iloilo, SMHCC Executive Vice President Peggy Angeles said the five-year capex from 2018 to 2022, covers the construction of Park Inns in Iloilo, SM North Edsa (to open by first half of 2019), Bacolod (third quarter 2020), and Baguio (2023); the expansion of its Clark property; and the construction of SMX Convention Centers in Santa Rosa in Laguna, Clark, Olongapo and Iloilo.

The Santa Rosa property will likely have a hotel as well, but Angeles declined to reveal the hotel brand under which it will operate.

The capex, sourced from “internally generated funds,” also covers the construction of a hotel cum serviced apartments at the Mall of Asia (MOA) complex, the recent renovation of the iconic Taal Vista Hotel in Tagaytay, and ongoing refurbishment of Radisson Blu in Cebu, Angeles said. She also declined to identify the company’s foreign partner, also a hospitality group, for the new four-star property at MOA. Park Inn by Radisson Iloilo is the first hotel property of SMHCC “under a licensing agreement” with the Radisson Hotel Group (RHG), Angeles revealed.

“Like a franchising agreement, it allows us to operate and manage the hotel ourselves, but with access to RHG’s wide international network,” she explained.

But the agreement doesn’t bind SMHCC to build any number of hotels, she stressed.

“Moving forward,” the SMHCC official noted, this licensing agreement will likely be the company’s template when it builds or completes its next Park Inns. The company’s Park Inns in Davao, Clark, and SM North Edsa, as well as Radisson Blu in Cebu, are still being managed by the RHG. The Davao property was the first Park Inn of the Radisson Hotel Group (formerly Carlson Rezidor Group) in Asia.

The Iloilo hotel is located in a prime area next to SM City Iloilo in Mandurriao. It is just 25 minutes away from the Iloilo International Airport and strategically located near the city’s main commercial district, tourist attractions, museums and historical landmarks.

Angeles said the hotel is expected to benefit from the push of Iloilo tourism planners, to promote the city as a MICE (Meetings, Incentives, Conventions, Exhibitions) destination.

“Our facilities are geared toward MICE guests especially from the Western Visayas region,” she said.

The hotel’s main function room can accommodate a maximum of 100 guests, which makes it an ideal venue for small to mid-sized events, while an al fresco facility by the poolside caters to relaxing earlyevening functions.

“We are elated with this new milestone in SMHCC’s growth. We are confident this new landmark in Iloilo will add to the city’s vibrant tourism landscape and set a new benchmark in hospitality in Panay Island,” Angeles said.

HOTELS and Conventions Corp. formally opens the Park Inn by Radisson in Iloilo, the first hotel under its licensing agreement with the Radisson Hotel Group. SMHCC EVP Peggy Angeles tells the media in attendance the hotel is expected to capture the regional MICE market. STELLA ARNALDO

Park Inn by Radisson is a “friendly, fresh, vibrant and uncomplicated brand that focuses on delivering the modern essentials of a great hotel experience,” she underscored. It is an upper-midscale hotel brand that “delivers stress-free experiences, good food and upbeat environments.”

Considered a 3.5- to four-star hotel brand, Park Inn by Radisson hotels are usually located in capital cities, around economic and transit hubs, and conveniently situated near airports and railway stations.

Guests and professional business partners are entitled to become members of Radisson Rewards, a global loyalty program offering exceptional benefits and rewards.

The hotel offers a vibrant ambiance and complimentary high-speed Internet for unlimited connectivity. Its all-day dining restaurant Ani provides a hip setting where groups can meet over exciting food and beverage options. Also available is Dash, a convenient self-serve section that offers busy travelers a

variety of ready-to-eat choices that can be consumed on-the-go. “The Living Room” concept allows guests at the lobby to socialize and provides an intimate space for individuals who wish to unwind through reading or surfing the net. For recreation, the hotel has a gym as well as a swimming pool for both adults and children.

Established in 2008, SMHCC’s portfolio today is comprised of six hotel properties with a combined inventory of over 1,700 rooms and over 38,000 square meters of leasable convention space. Its other properties include Pico Sands Hotel, Conrad Manila, and SMX Convention Centers at MOA, SM Aura at the Bonifacio Global City, Davao, and Bacolod. The company also operates the Megatrade Hall in SM Megamall, Cebu Trade Hall in SM City Cebu and Sky Hall Seaside Cebu.

Shares of its parent firm, SM Prime Holdings Inc., closed at P39.40 each on Tuesday, slightly higher than Monday’s close of P39.05 each.

Harbor Star to handle ships calling on Mariveles Grains terminal

By VG Cabuag

T

@villygc

UGBOAT operator Harbor Star Shipping Services Inc. (TUGS) on Tuesday said it signed a service agreement with Mariveles Grains Corp. (MGC) to as-

sist all vessels calling on its terminal.

Under the service agreement, the company will exclusively provide harbor assist services to all vessels calling on MGC’s terminal.

“The terminal was previously being serviced by TUGS’s competitors,” it said.

The contract is for two years beginning April this year.

“This is in line with TUGS’s direction to continually enter into exclusive service contracts, rather than spot contracts, with customers to ensure recurring revenue,” it said.

MGC owns and operates a grains

and commodities terminal in Mariveles, Bataan. It offers a range of services, including handling, storage and distribution of imported bulk grains. Its terminal also handles deliveries from Panamax vessels at a rate of 8,000 metric tons to 10,000 MT per day.

Shakey’s PHL to buy Peri-Peri restaurants

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HAKEY’S Pizza Asia Ventures Inc., the pizza-chain operator owned by the Po family, on Tuesday said it is acquiring Peri-Peri Charcoal Chicken, an emerging casual and full-service restaurant brand in the country.

Under the asset-purchase agreement, the company will purchase assets and intellectual property relating to the Peri business, including its brand, trade name, and the various proprietary recipes used by the chain to make its trademark peri-peri chicken. The deal is expected to close mid-year, upon fulfillment of conditions precedent customary to this kind of transaction.

The acquisition of the company will also involve owning and operating all company-owned stores, as well as serv-

ing as brand-owner and franchisor of stores being operated by franchisees.

“Peri’s founder has done a great job bringing this creative concept to life— lending in a local Philippine twist with piri-piri’s Portuguese origins. The brand now has a strong following, and recently gained even more traction—evident in its strong same-store sales growth last year amidst the more challenging macro environment, and the amount of interest in new stores from potential lessors and franchisees,” the company’s President and CEO Vicente Gregorio said.

Currently, Peri has a store network of 23 units in various parts of Metro Manila, approximately 60 percent of which are franchised and 40 percent are company-owned.

“We are excited by the potential of Peri to scale. We expect it to be an important future growth driver for our fast casual chain-restaurant business. Our deep insights into how to best serve the typical fast casual-restaurant guest should allow us to further grow the Peri brand. This is in addition to leveraging our team’s execution capabilities, which remain best-in-class, and our restaurant operating systems, which have also continued to improve over the last few years,” company Chairman Christopher Po said.

The term “peri-peri” was derived from an African bird’s eye chili called “piri-piri,” which releases a fiery spice and helps create a wealth of flavors in every dish.

Over the last few years, Peri made

famous its use in cooking, incorporating piri-piri in chicken and a variety of sauces, appealing to Filipinos’ love for both poultry and strong distinctive taste.

Its mainstay is charcoal-grilled chicken, marinated for 24 hours, served with an assortment of unique sauces to choose from.

“We look forward to growing this business through our tried and tested formula of investing in the brand, investing in the people and investing in the stores. We will maintain the taste and look that made Peri famous, but hope to further elevate the customer experience with Shakey’s trademark service and improve the stores’ accessibility via proper site selection and expansion of network,” Po said. VG Cabuag

B1

Local market high on Republic Cement’s new ‘green’ product

By Roderick L. Abad @rodrik_28 Contributor

A

S proof that green construction materiaIs are now gaining traction in the domestic market, Republic Cement Services Inc. (RCSI) said its “fly ash” product is being widely used in various public and private infrastructure works across the country.

The company is pleased to note the positive reception for this, and is dedicated to meet the market’s demand, particularly for high-rise structures, roads, bridges, transport infrastructures and power projects.

Fly ash is either distributed in its original form or coprocessed as an additive in cement products. This offshoot of coal-fired power plants is applied by major ready-mix concrete producers for the high-rise building projects of several real-estate developers.

Some public infrastructures under the government’s “Build, Build, Build” program utilize RCSI’s branded cement products with its infusion.

Noteworthy of these is the Nlex Harbor Link Segment 10 project, which uses Republic Cement fly ash, aside from Republic Type 1 high -Portland cement known for its strength and optimum durability.

A portion of the alignment also employed Republic Type 2 cement for areas that require sulfate-resistant cement.

Higher durability is guaranteed with fly

ash because its reaction with cement allows for the design of concrete strength on a par with industry standards (28-day test). It continues to develop strength at later stages.

Paving the way for more sustainable environment, fly ash is diverted from ash ponds, freeing land for more productive use and preventing any soil-chemical imbalance.

It also entails a reduction in CO2 emissions and higher durability, while reducing water demand in concrete, thereby improving workability.

“Sustainability is a top priority for us as we design our product offering. We are always looking for solutions that will not only increase value for our customers, but also reduce our environmental footprint,” said Nabil Francis, president of RCSI. ATSM 618 standards-compliant ash flyblended Republic Cement product comes under the brands Republic Portland Plus, Fortune, Mindanao and Kapitbalay.

“We are committed to develop the right product for each application to better serve the needs of the Philippine market. Our mission is to build stronger structures for a stronger Republic,” Francis said.

Leading local cement manufacturing and distribution firm RCSI is backed by the global expertise of CRH, a leading building materials company headquartered in Ireland, and Aboitiz, a diversified Filipino business conglomerate recognized as one of the bestmanaged companies in Asia.

MICT gets 4 RTGs

I

NTERNATIONAL Container Terminal Services Inc. (ICTSI) said on Tuesday that its flagship gateway, Manila International Container Terminal (MICT), will soon deploy four new hybrid rubber-tired gantries (RTGs) from Japan, upgrading the country’s largest fleet of containerhandling equipment.

In a statement, the company led by billionaire Enrique K. Razon said the new equipment will further increase the yard productivity of Manila’s international seaport, and are expected to contribute to the “green” initiative of ICTSI. “The new RTGs, manufactured by Mitsui Engineering & Shipbuilding Co. Ltd., are part of the total 16-unit fleet that runs on a combination of

22kVah Li-ion battery and a smaller diesel engine—expected to reduce terminal emissions by up to 40 percent,” the statement read.

Eight more of these hybrid RTGs and a pair of super post-Panamax quay cranes are expected to be delivered before the end of the third quarter of 2019. “On full delivery, the MICT fleet will be composed of 18 quay cranes and 58 RTGs—the largest containerized cargo-handling fleet in the country,” the statement read.

ICTSI has invested more than $80 million for capital equipment in MICT, enabling the country’s largest and most technologically advanced container terminal to meet rising levels of demand in the era of neoPanamax vessels. Lorenz S. Marasigan

Cebu Pacific launches flights to Narita, Japan, and Manila-Marinduque route

By Lorenz S. Marasigan @lorenzmarasigan

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UDGET carrier Cebu Pacific is set to commence flying to Narita, Japan, via the Clark International Airport in August, further expanding its services in the airport in the north with the new route.

Candice A. Iyog, the company’s vice president for marketing and distribution, said her group’s new route aims to harness the potential market of leisure travelers from Central and North Luzon and provide more options for migrant workers.

It also aims to expand opportunities for inbound tourists as well as investors in the Clark, Subic and other special economic zones in the area.“There is so much untapped potential in Clark, and we are committed to expanding our Clark hub to expand tourism, trade and investment opportunities. This will open up the areas around Clark to more investors and entrepreneurs,” she said.

Clark has a catchment area of over 23 million Filipinos. It is recently making strides in terms of passenger volumes, capping 2018 with 2.5 million passengers served.

The new four-times-a-week service will start on August 9. A promotional seat sale is slated until April 9 for the new route.

“With direct air service between Clark and Narita, it will be easier for Japanese tourists to access destinations in Pampanga, Pangasinan, Baguio, La Union and the rest of Luzon.

Conversely, it will also be easier for residents in these areas to enjoy Tokyo, with a direct

flight from Clark,” Iyog said.

Cebu Pacific Japan General Manager Tomohiko Matsumoto earlier said his group is keen on opening up Japanese routes via Clark this year, due to slot constraints in Manila.

Japan is one of the Philippines’s top sources of inbound tourists, with 631,801 Japanese visiting the country in 2018.

On April 1, Cebu Pacific also launched a direct flight to its newest domestic destination, Marinduque. It is the only airline operating flights in and out of the Marinduque Airport through its subsidiary Cebgo.

The flights will be operated thrice weekly, every Monday, Wednesday and Saturday, out of the Naia Terminal 4 (Manila Domestic Terminal) in Manila.

“Being the only carrier flying to and from Marinduque, we are very happy to enable the opening of more resorts, other businesses and other opportunities—prospering growth of the province. Now, more tourists will be able to fly direct to Marinduque to see and experience the island for themselves. At the same time, it will also be easier for residents to fly to Manila and travel to any onward destination, be it domestic or international, through CEB’s seamlessly connected network,” said JR Mantaring, vice president for Corporate Affairs of Cebu Pacific.

Marinduque is well-known for the Moriones Festival held annually during Holy Week. Aside from this, pristine white-sand beaches and islands also surround the province, leaving tons more beauty waiting to be discovered.

B2

Companies BusinessMirror

Wednesday, April 3, 2019

Clark group calls for add’l tax incentives to attract more FDI

By Ashley Manabat

C

Correspondent

LARK FREEPORT—The Clark Investors and Locators Association (Cila) wants a strong link with the local economy as it calls for additional tax incentives to attract more foreign direct investments (FDI).

Cila President Frankie Villanueva said uncertainty of the package 2 of the Tax Reform for Acceleration and Inclusion Law (TRAIN 2), now renamed “Trabaho” bill or “Tax Reform for Attracting Better and High-Quality Opportunities,” is driving away FDI. Villanueva made the statements during the Balitaan media forum organized by the Capampangan in Media Inc. (Cami) in cooperation with the Clark Development Corp. (CDC) at the Bale Balita here last Friday.

He was accompanied by Cila Executive Director Christian Maňalac who said he is forming an “incubating system” for start-up businesses

especially designed for small and medium enterprises (SMEs).

Villanueva said they want to minimize the “friction” with local suppliers to serve locators here while at the same time “develop a strong link with them in the global value chain.”

The CILA president said the local circular of the Bureau of Internal Revenue (BIR) is making this a lot harder.

He said there are limits to the cost of goods sold, and there are numerous documentary requirements to make it VAT exempt.

“So, what happens is, they import raw materials instead,” he said.

Villanueva said Texas Instru-

ments (TI) easily gets P20 million per month from local suppliers but they are having a hard time with all the requirements.

“The value added is minimized.

Let us minimize the friction for local suppliers to serve locators,” he said. “We have a lot of multinational companies here, but they import raw materials,” he added.

“Our concern is the fiscal incentives not only with foreign investors but also local investors because in the Bangko Sentral ng Pilipinas, there are P2 trillion special deposit accounts,” he said. “This money that they are holding. If they release it, there will be inflation, and we are paying interest on that, but if you can tap this, it is more than enough to fund all our infrastructure requirements.”

Villanueva said one of the major investors here, who doesn’t want to make an official announcement, was supposed to increase its capacity by 50 percent. But because of the uncertainty brought about by TRAIN 2, that expansion will now go to China. “ There is so much promise here in Clark, especially under this administration. If it does not come out in the way that we

want it, and if the attitude of the government is to penalize investors, they might leave us or get discourage,” he lamented. “The mere uncertainty is driving them away,” he added.

“We are making an emotional appeal to the Department of Finance not to justify lowering the perks,” Villanueva said.

“First of all, let us respect all existing contracts or the grandfather rule,” he said. “One of the reasons why we have very little investments here is we are not predictable. There is shifting policies every time there is a new administration,” he added.

“No. 2 is Nolco or net operating loss carry over, which is good. Income tax holidays should be longer because our neighbors give 15 to 20 years already,” he said.

“In a nutshell, we want to be competitive with our neighbors. One of the things we enjoyed before is we have a few regional headquarters here. But because of TRAIN 1, some of them are leaving or have already left,” he said. “That is why Coke [Coca-Cola], which has been here since before, is leaving because of TRAIN 1.”

“We want to generate employment,” he added.

Manila Water undertakes pipe laying for cross-border water sharing with Maynilad

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ANILA Water is currently undertaking pipe-laying activities along E. Rodriguez Sr. Avenue, Quezon City, to allow for the cross-border water sharing between West Zone concessionaire, Maynilad and Manila Water in the East Zone. Maynilad committed to share up to 50 million liters of water per day (MLD), which will help alleviate the water situation in the East Zone.

Currently, 12.73 MLD out of the 50 MLD of water is being shared through the opening of a valves located at various locations in Quezon City such as at the corner of West Avenue and Bulacan Street, in Greenville Subdivision, in Carmel 5 Subdivision and along Aurora Boulevard.

The remaining 37 MLD of water will be shared by increasing the capacity of these cross-border pipes together with lines in four other identified locations in Quezon City. Manila Water scheduled joint inspections with concerned local and national government agencies in identified locations to determine construction and pipe-laying activities to be done to allow for the cross-border sharing between the two concessionaires. Initial target completion of all cross-border projects is June this year, but both companies are pushing for these activities to be completed by April, just in time for the energization of the new treatment plant from Maynilad.

Nestlé joins race against Burger King to serve meatless patties

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HE race to feed the world’s growing vegan population is heating up as Nestlé SA unveiled plans to introduce its soy protein-based burgers across Europe and the US this year.

Nestlé’s meatless Incredible Burger will go on sale in Europe under the Garden Gourmet brand this month, starting out in countries including Germany, the Netherlands and Sweden. Near the end of the year, it will become available as the Awesome Burger under the Sweet Earth brand in the US, the world’s largest food company said in a statement on Tuesday.

As consumers reduce their meat intake, food companies are rushing in to sell new products to them. Nestlé’s announcement comes the day after Restaurant Brands International Inc.’s Burger King said it will start a test run of meatless burgers using patties from Impossible Foods Inc. in the St. Louis area. Bloomberg News

Editor: Efleda P. Campos

PSE STOCK QUOTATIONS

April 2, 2019

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

ASIA UNITED 58 58.7 58 58 58 58 3000 174000 BDO UNIBANK 130 131 134 134 130 130 2206740 289511551 110962391 BANK PH ISLANDS 83.45 83.5 84.35 85.2 83.4 83.5 765240 64172096.5 -10660232 CHINABANK 26.85 26.9 26.9 26.95 26.85 26.9 43600 1172550 -199030 EAST WEST BANK 12.2 12.3 12.16 12.32 12.16 12.2 189400 2312696 -1152522 METROBANK 77.3 77.8 79.85 79.85 76.65 77.3 2907040 225,417,978.5( 51,898,481.4996) PB BANK 13.8 13.98 13.86 13.86 13.86 13.86 200 2772 PBCOM 21.35 21.6 21.9 21.9 21.25 21.25 32300 688735 PHIL NATL BANK 56.8 56.9 57 57 56.6 56.8 1391770 79085145 -1129108 PSBANK 57.5 58.3 57.85 57.85 57.5 57.5 3420 196991.5 RCBC 26.55 26.6 26.7 26.7 26.5 26.55 51900 1380910 -337290 SECURITY BANK 170.7 172 172.9 172.9 169.7 172 116440 19919648 6882614 UNION BANK 61.5 62 60.85 62 60.85 61.5 540 33011 BRIGHT KINDLE 1.31 1.38 1.3 1.38 1.3 1.38 113000 151300 BDO LEASING 2.22 2.26 2.27 2.27 2.22 2.27 4000 9030 COL FINANCIAL 18.98 19 19.2 19.2 19.1 19.2 32400 620664 -113044 FIRST ABACUS 0.6 0.68 0.69 0.69 0.69 0.69 2000 1380 FERRONOUX HLDG 4.18 4.24 4.25 4.25 4.18 4.24 105000 443660 IREMIT 1.4 1.43 1.4 1.4 1.4 1.4 5000 7000 MEDCO HLDG 0.445 0.465 0.465 0.465 0.45 0.45 20000 9150 NTL REINSURANCE 0.93 0.95 0.92 0.95 0.9 0.93 486000 447480 -46250 PHIL STOCK EXCH 195.6 197 198.5 199.6 195.5 197 4250 845109 SUN LIFE 1800 1845 1800 1800 1800 1800 10 18000

INDUSTRIAL ALSONS CONS 1.42 1.43 1.46 1.46 1.4 1.43 958000 1348860 -1430 ABOITIZ POWER 35.2 35.3 35.4 35.4 34.7 35.2 555100 19422895 -2400640 BASIC ENERGY 0.235 0.24 0.244 0.244 0.235 0.244 50000 11930 FIRST GEN 21.25 21.4 21.7 21.7 21 21.4 301200 6435340 3810865 FIRST PHIL HLDG 79 79.05 79.25 79.4 79 79 70090 5554619 -2105066.5 MERALCO 385 385.6 380 385 375 385 243600 93354950 35989990 MANILA WATER 23.85 23.9 23.25 24.15 23.25 23.9 1200800 28621700 -17154370 PETRON 6.41 6.42 6.49 6.5 6.37 6.42 821900 5277758 -282033 PETROENERGY 4.2 4.28 4.15 4.28 4.15 4.28 190000 800840 -25290 PHINMA ENERGY 1.41 1.42 1.43 1.47 1.41 1.41 9977000 14337060 -18040 PHX PETROLEUM 12.02 12.2 11.86 12.3 11.86 12.2 137200 1663858 -4840 PILIPINAS SHELL 47.9 48 49.4 49.65 47.6 47.9 1495100 72056900 -5165480 SPC POWER 6.86 6.9 6.86 7 6.85 6.9 135000 930927 AGRINURTURE 14.8 14.88 14.88 14.92 14.78 14.88 355000 5272568 936006 CENTURY FOOD 15.62 15.64 15.66 15.66 15.6 15.62 1424800 22283176 -114238 DEL MONTE 6.1 6.18 6.2 6.2 6 6.18 14500 88330 24200 DNL INDUS 11.28 11.32 11.24 11.36 11.2 11.32 482800 5431504 -4449838 EMPERADOR 7.25 7.35 7.25 7.35 7.24 7.35 11400 82665 -35506 SMC FOODANDBEV 105 106 106 106 103.3 105 235630 24727011 -17873064 ALLIANCE SELECT 0.94 0.95 0.94 0.97 0.92 0.94 5517000 5201280 293890 GINEBRA 28.1 29 28 29.15 28 29.15 506400 14209465 JOLLIBEE 313.8 315 317 317.4 311.8 315 436040 136790566 31183656 MACAY HLDG 10.64 10.98 10.62 11.2 10.6 10.64 21400 233216 MAXS GROUP 14.32 14.34 13.82 14.4 13.82 14.34 4773600 67412490 256088 MG HLDG 0.2 0.202 0.209 0.209 0.2 0.2 1890000 384280 PEPSI COLA 1.39 1.4 1.41 1.41 1.38 1.4 1248000 1740470 654150 SHAKEYS PIZZA 12 12.1 12 12.2 12 12.1 1436900 17453888 -8240018 ROXAS AND CO 1.71 1.72 1.74 1.74 1.71 1.72 106000 182210 RFM CORP 4.71 4.75 4.7 4.75 4.7 4.75 100000 474950 -470250 ROXAS HLDG 2.48 2.5 2.5 2.5 2.5 2.5 1000 2500 SWIFT FOODS 0.128 0.129 0.128 0.128 0.128 0.128 70000 8960 UNIV ROBINA 151.9 152.3 151.9 152.6 151.6 152.3 988100 150173596 2874656 VITARICH 1.69 1.7 1.72 1.72 1.68 1.7 2183000 3714580 VICTORIAS 2.51 2.58 2.5 2.5 2.5 2.5 37000 92500 92500 CEMEX HLDG 2.62 2.63 2.62 2.65 2.57 2.63 4977000 12940850 -233470 DAVINCI CAPITAL 5.51 6 5.51 5.51 5.51 5.51 100 551 EAGLE CEMENT 15.82 15.9 16 16 15.82 15.82 124700 1973368 -98102 EEI CORP 9.3 9.33 9.21 9.4 9.2 9.3 139900 1297989 50845 HOLCIM 10.26 10.28 10.5 10.5 10.24 10.26 1654300 17191812 -4190286 MEGAWIDE 21.7 21.75 21.5 21.95 21.3 21.75 4011600 87569595 33831590 PHINMA 8.82 9.06 9 9 9 9 98700 888300 TKC METALS 0.97 0.98 1 1.03 0.97 0.97 991000 971980 -148320 VULCAN INDL 1.07 1.1 1.15 1.15 1.04 1.1 6015000 6435760 194970 CHEMPHIL 110 118.7 110 110 110 110 9260 1018600 CROWN ASIA 1.88 1.9 1.9 1.9 1.88 1.88 114000 215570 EUROMED 1.64 1.78 1.64 1.64 1.64 1.64 6000 9840 PRYCE CORP 5.6 6 5.79 5.8 5.6 5.6 180800 1018250 -841020 CONCEPCION 42.9 43.95 42.9 42.9 42.9 42.9 6000 257400 -0 GREENERGY 2.42 2.43 2.42 2.43 2.37 2.42 5816000 13953350 1097280 INTEGRATED MICR 12.44 12.46 12.5 12.6 12.44 12.44 623600 7780308 3001112 IONICS 1.75 1.77 1.72 1.77 1.72 1.77 170000 297180 1740 SFA SEMICON 1.29 1.32 1.29 1.34 1.28 1.33 125000 161690 CIRTEK HLDG 28.75 29.45 29.4 29.45 28.75 29.45 100600 2935825 -1292855

HOLDING & FRIMS

ABACORE CAPITAL 0.61 0.62 0.62 0.62 0.61 0.62 6991000 4295090 ASIABEST GROUP 20 20.25 20.25 20.5 19.96 20.25 42400 850109 AYALA CORP 927 930 940 941.5 925 930 129060 119954720 ABOITIZ EQUITY 59.8 59.85 58.9 59.9 58.75 59.8 493490 29367591.5 ALLIANCE GLOBAL 15.62 15.66 16.12 16.12 15.6 15.66 5983300 93832466 ANSCOR 6.5 6.55 6.5 6.5 6.5 6.5 209700 1363050 ANGLO PHIL HLDG 0.84 0.85 0.81 0.87 0.8 0.85 5116000 4277700 ATN HLDG A 1.38 1.4 1.43 1.43 1.36 1.38 7495000 10450060 ATN HLDG B 1.39 1.4 1.42 1.42 1.4 1.4 241000 338750 COSCO CAPITAL 7.62 7.63 7.67 7.68 7.6 7.62 2547000 19407273 DMCI HLDG 11.88 12.02 12.02 12.06 11.88 11.88 2806900 33615228 FILINVEST DEV 15.34 15.4 15.08 15.5 15 15.4 2046600 31508114 FORUM PACIFIC 0.231 0.24 0.23 0.24 0.23 0.24 100000 23100 GT CAPITAL 910 915 938 948 897 915 217330 198434810 HOUSE OF INV 6.95 7 6.95 7 6.91 7 126400 884280 JG SUMMIT 64.2 64.75 63.7 64.75 62 64.75 854130 54509763.5 JOLLIVILLE HLDG 5.21 5.84 5.36 5.36 5.36 5.36 100 536 LODESTAR 0.51 0.53 0.55 0.55 0.51 0.53 1220000 637140 LOPEZ HLDG 5.22 5.25 5.29 5.35 5.22 5.25 346900 1831661 LT GROUP 15.7 15.9 16.2 16.2 15.58 15.7 3295300 51665082 MABUHAY HLDG 0.56 0.57 0.55 0.57 0.55 0.56 838000 462920 METRO PAC INV 4.71 4.74 4.85 4.85 4.7 4.71 29455000 139206460 PACIFICA 0.044 0.045 0.041 0.044 0.039 0.044 109000000 4633300 PRIME ORION 2.97 2.98 2.97 2.98 2.95 2.97 638000 1885310 SOLID GROUP 1.33 1.35 1.33 1.35 1.32 1.35 165000 218700 SYNERGY GRID 420 430 420 420 420 420 1500 630000 SM INVESTMENTS 925 927 936.5 949.5 922.5 925 249330 230910615 SAN MIGUEL CORP 172.6 173.5 174 174 172.3 173.5 287270 49612995 SOC RESOURCES 1.19 1.2 1.07 1.23 1.07 1.2 20465000 23701610 TOP FRONTIER 260.4 268 270 270 260.4 270 2400 642356 WELLEX INDUS 0.234 0.24 0.239 0.245 0.23 0.24 4050000 951430 ZEUS HLDG 0.38 0.385 0.37 0.385 0.365 0.38 14320000 5398950

PROPERTY ARTHALAND CORP 0.82 0.83 0.83 0.83 0.82 0.82 447000 366950 ANCHOR LAND 10.22 10.9 10.22 10.22 10.2 10.22 17100 174722 AYALA LAND 44.9 45 44.85 45.15 44.7 45 17106900 769517710 ARANETA PROP 1.93 1.99 1.93 1.93 1.93 1.93 1000 1930 BELLE CORP 2.32 2.34 2.34 2.36 2.31 2.32 493000 1146380 A BROWN 0.77 0.78 0.78 0.8 0.78 0.78 949000 740890 CITYLAND DEVT 0.93 0.94 0.94 0.94 0.94 0.94 12000 11280 CROWN EQUITIES 0.24 0.242 0.243 0.243 0.239 0.242 850000 203920 CEBU HLDG 6.35 6.54 6.59 6.59 6.54 6.54 58400 384025 CEB LANDMASTERS 4.22 4.25 4.28 4.34 4.25 4.25 358000 1537620 CENTURY PROP 0.54 0.55 0.54 0.55 0.53 0.55 17734000 9615330 CYBER BAY 0.39 0.41 0.4 0.4 0.4 0.4 500000 200000 DOUBLEDRAGON 23.5 23.6 22.8 23.75 22.8 23.5 1510000 35401810 DM WENCESLAO 12.06 12.08 11.6 12.26 11.6 12.06 4284400 51874076 EMPIRE EAST 0.495 0.5 0.495 0.51 0.495 0.5 1448000 723745 FILINVEST LAND 1.5 1.51 1.54 1.54 1.5 1.5 8030000 12071250 GLOBAL ESTATE 1.29 1.3 1.33 1.33 1.27 1.29 1860000 2401270 8990 HLDG 12.8 12.9 12.88 12.94 12.76 12.9 4433400 57137960 PHIL INFRADEV 1.58 1.6 1.69 1.69 1.55 1.6 4690000 7536010 CITY AND LAND 0.83 0.87 0.83 0.87 0.83 0.87 11000 9170 MEGAWORLD 5.73 5.74 5.8 5.8 5.7 5.73 12059500 69250716 MRC ALLIED 0.38 0.385 0.39 0.39 0.38 0.385 4530000 1728450 PHIL ESTATES 0.46 0.485 0.485 0.485 0.465 0.485 590000 275700 PRIMEX CORP 2.63 2.67 2.68 2.68 2.62 2.67 125000 331780 ROBINSONS LAND 24.15 24.5 24.25 24.5 24.15 24.5 1077200 26210520 ROCKWELL 2.01 2.05 2.07 2.07 2.01 2.01 26000 53560 SHANG PROP 3 3.08 3.09 3.09 3 3.08 66000 199310 STA LUCIA LAND 1.53 1.55 1.55 1.55 1.53 1.55 268000 413310 SM PRIME HLDG 39.05 39.3 39.9 39.9 38.9 39.05 5393400 210937750 STARMALLS 6.52 6.67 6.7 6.74 6.51 6.52 220400 1450704 SUNTRUST HOME 0.75 0.78 0.75 0.78 0.75 0.78 366000 275570 PTFC REDEV CORP 52 57 52 59 52 59 1550 84080 VISTA LAND 7.13 7.24 7.24 7.27 7.13 7.24 2827300 20363374

SERVICES ABS CBN 19.92 19.98 20.55 20.55 19.88 19.92 599500 11947029 GMA NETWORK 5.84 5.85 5.88 5.98 5.84 5.85 1440600 8485863 MANILA BULLETIN 0.57 0.58 0.58 0.59 0.57 0.57 1711000 980730 GLOBE TELECOM 1912 1918 1938 1950 1910 1918 14910 28596550 PLDT 1105 1111 1139 1139 1102 1105 82710 91730685 APOLLO GLOBAL 0.041 0.042 0.043 0.043 0.042 0.042 10000000 421000 DFNN INC 6.8 6.81 6.9 6.9 6.75 6.81 33800 232318 ISLAND INFO 0.129 0.131 0.136 0.136 0.127 0.131 4440000 571800 ISM COMM 4.81 4.87 5.25 5.25 4.8 4.81 13108000 64260955 NOW CORP 2.48 2.49 2.55 2.56 2.48 2.48 744000 1865980 TRANSPACIFIC BR 0.405 0.41 0.41 0.415 0.405 0.405 3260000 1329350 PHILWEB 2.69 2.7 2.69 2.72 2.68 2.69 474000 1280310 2GO GROUP 12.2 12.5 12.3 12.5 12.2 12.5 20100 246850 ASIAN TERMINALS 15.76 16.3 15.76 15.76 15.76 15.76 80100 1262376 CHELSEA 5.27 5.3 5.66 5.9 5.25 5.3 2948700 15869088 CEBU AIR 81.3 81.9 82.95 83 81.05 81.4 139500 11409242.5 INTL CONTAINER 128.9 129.3 130.7 131.1 128.1 128.9 1601170 206831684 LBC EXPRESS 15.4 15.6 15.6 15.6 15.6 15.6 15000 234000 LORENZO SHIPPNG 0.97 0.98 0.93 0.98 0.93 0.98 1044000 998190 MACROASIA 21.95 22 22.4 22.8 21.8 22 463700 10331620 METROALLIANCE A 1.69 1.73 1.68 1.73 1.68 1.73 10000 17200 PAL HLDG 10.5 10.6 10.7 10.7 10.6 10.6 12100 129328 HARBOR STAR 2.91 2.93 3.02 3.12 2.91 2.91 1117000 3314890 ACESITE HOTEL 1.25 1.33 1.25 1.25 1.25 1.25 2000 2500 BOULEVARD HLDG 0.068 0.069 0.067 0.069 0.067 0.069 39580000 2682760 GRAND PLAZA 9.84 11 11.86 11.86 11.86 11.86 100 1186 WATERFRONT 0.65 0.67 0.67 0.67 0.65 0.65 583000 388000 CENTRO ESCOLAR 7.6 7.96 7.62 7.62 7.6 7.6 25000 190033 STI HLDG 0.69 0.7 0.71 0.71 0.69 0.69 1708000 1181930 BERJAYA 2.71 2.74 2.74 2.78 2.71 2.71 592000 1622460 BLOOMBERRY 11.64 11.7 12 12.02 11.62 11.7 2297300 27006946 PACIFIC ONLINE 4.41 4.56 4.82 4.85 4.4 4.57 334000 1486240 LEISURE AND RES 3.72 3.74 3.7 3.81 3.7 3.73 3008000 11267080 PH RESORTS GRP 4.57 4.78 4.55 4.79 4.52 4.79 47000 219660 PREMIUM LEISURE 0.85 0.86 0.86 0.87 0.85 0.86 3882000 3338590 TRAVELLERS 5.61 5.64 5.64 5.64 5.6 5.63 311500 1746608 METRO RETAIL 3.35 3.36 3.33 3.38 3.33 3.35 4726000 15836420 PUREGOLD 47.7 47.75 48.5 48.6 47 47.7 618100 29624590 ROBINSONS RTL 78.8 79 79.05 79.9 76.65 79 810000 63658955 PHIL SEVEN CORP 122.6 122.8 123 123 122.5 123 47430 5833685 SSI GROUP 2.46 2.47 2.38 2.46 2.36 2.46 9647000 23439610 WILCON DEPOT 15.32 15.48 15.7 15.7 15.2 15.48 6482200 100463458 APC GROUP 0.425 0.435 0.435 0.435 0.425 0.435 530000 228400 EASYCALL 11.88 12 11.96 12.14 11.88 11.88 42400 506920 GOLDEN BRIA 365 377 370.6 379.8 364 379.6 260 95928 IPM HLDG 7.09 7.1 7.1 7.1 7.1 7.1 15000 106500 PAXYS 3.05 3.13 3.19 3.26 3.06 3.13 12000 37280 PRMIERE HORIZON 0.91 0.92 1 1.02 0.9 0.91 67625000 63958460 SBS PHIL CORP 8.53 8.94 8.51 8.51 8.51 8.51 1000 8510

MINING & OIL ATOK 11.04 12.96 12.5 12.96 12.5 12.96 4000 50138 APEX MINING 1.4 1.41 1.42 1.43 1.4 1.41 2486000 3513090 ABRA MINING 0.002 0.0021 0.002 0.002 0.002 0.002 26000000 52000 ATLAS MINING 2.93 3.09 3.14 3.14 3 3.09 348000 1056410 BENGUET A 1.26 1.36 1.26 1.26 1.26 1.26 3000 3780 BENGUET B 1.35 1.55 1.22 1.35 1.22 1.35 6000 7970 CENTURY PEAK 2.61 2.62 2.62 2.62 2.58 2.61 601000 1565860 DIZON MINES 7.79 7.89 7.88 7.88 7.79 7.79 700 5470 FERRONICKEL 1.55 1.57 1.55 1.61 1.55 1.55 3437000 5414750 GEOGRACE 0.26 0.265 0.275 0.29 0.255 0.265 16470000 4370850 LEPANTO A 0.118 0.119 0.12 0.12 0.118 0.118 800000 95420 MANILA MINING A 0.0084 0.0091 0.0086 0.0086 0.0086 0.0086 1000000 8600 MANILA MINING B 0.0086 0.0095 0.009 0.009 0.009 0.009 9000000 81000 MARCVENTURES 1.07 1.1 1.06 1.1 1.06 1.1 102000 111680 NIHAO 1 1.05 1.03 1.07 1 1.05 252000 255360 NICKEL ASIA 2.46 2.48 2.5 2.51 2.48 2.48 660000 1641050 OMICO CORP 0.59 0.63 0.63 0.63 0.59 0.62 141000 88140 ORNTL PENINSULA 0.9 0.92 0.94 0.94 0.9 0.9 880000 794080 PX MINING 3.4 3.41 3.4 3.41 3.35 3.4 1169000 3946910 SEMIRARA MINING 21.5 21.55 21.95 21.95 21.45 21.55 324200 6993460 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.012 3200000 40000 PHINMA PETRO 3.01 3.02 3.02 3.03 3.02 3.02 86000 259820 PXP ENERGY 9.95 9.96 9.4 10.5 9.2 9.96 9999100 98889868

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 ALCO PREF B DD PREF SMC FB PREF 2 FPH PREF C GLO PREF P GTCAP PREF A LR PREF MWIDE PREF PCOR PREF 2A SFI PREF SMC PREF 2B SMC PREF 2C SMC PREF 2F SMC PREF 2H SMC PREF 2I

92.65 465.8 481 99 98 970 450.6 478.6 900 0.97 100.1 975 1.33 74.2 75.2 73.6 72 72.25

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19.08 5.72 1.93

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.85 XURPAS 1.13

116.8

13024165 -1141835 -38700 -9971206 -10200 -162000 -1220 -1576 -5271683 -2346939 45311385.0004 -51940 -1576725 -40040 172349.9999 -162860 -1823860 -67050 2848730 767030 -2281430 14238975 -38792158 114235 -58180 4974600 3380 -8510 25000 6750 -78500 143730 -63000 20200 -558950 191830 70880 8600 -3218790

93 479 455 100 99 972 450.6 494.8 900 0.98 101.8 970.5 1.79 75 76 73.6 73.45 74.45

94.95 479 497 100 99 972 450.6 494.8 900 0.98 101.8 970.5 1.79 75 76 74.6 73.5 74.45

93 479 455 99.8 98 969 450.6 494.8 900 0.97 101.8 970.5 1.78 75 75.2 73.6 73.45 74.45

94.95 479 490 99.8 98 969 450.6 494.8 900 0.97 101.8 970.5 1.78 75 75.2 73.75 73.45 74.45

2230 40 600 11800 60 90 300 80 60 108000 20 20 7000 1000 20010 20930 470 60

207780 19160 284550 1179640 5890 87300 135180 39584 54000 104780 2036 19410 12510 75000 1505335.5 1543530.5 34530 4467

-2036 -

19.2 5.74

19.5 5.74

19.5 5.8

19 5.72

19.08 5.77

249500 81300

4766498 468455

-2478442 -18756

1.94

1.86

1.95

1.86

1.93

153000

292200

-56100

4.94 1.15

4.86 1.13

4.94 1.15

4.84 1.1

4.94 1.13

96000 6714000

467950 7522760

-1314570

EXHANGE TRADE FUNDS FIRST METRO ETF

20226965 -6820 237295 2488740 7345040 494512 -647500 -5880100 -20612188 70420 11177335 3321765 24060 43265950 105000 -16200 -7117657

95.9 478.4 490 99.8 99 980 479 494.8 942 0.99 101.9 1000 1.78 75 76 73.75 73.45 74.45

WARRANTS LR WARRANT

-188940 -2039.9999 -35129915 5224085.5 11780112 908050 -3353485 -8030758 -22515944 -23703200 2100 22685496 228982 -21127416 294800 -35443180 80000 130280 26500 -0 -84635765 -5791675 -54630 -195856 -256300 112500

117.2

118

118.4

116.8

116.8

7030

826625

208810

www.businessmirror.com.ph

The World BusinessMirror

Editor: Angel R. Calso • Wednesday, April 3, 2019

B3

Xi fails to calm Europe as Juncker denounces China’s trade practices

E

UROPEAN Commission President Jean-Claude Juncker stepped up his criticism of Chinese trade practices just days after President Xi Jinping sought to soothe European concerns in Paris.

At the March 26 meeting, held together with French President Emmanuel Macron and German Chancellor Angela Merkel, the EU side explained that “it can’t stay like this, that Chinese companies have free access to our markets in Europe, but we don’t to the markets

in China,” Juncker told lawmakers in the German state of Saarland on Monday.

He also said Chinese investments in the continent can make it harder in the EU to agree on foreign policy.

“One country isn’t able to condemn Chinese human-rights policy be-

cause Chinese investors are involved in one of their ports,” Juncker said.

“It can’t work like this.”

Europe has become more vocal in its criticism of China as of late, calling the country a partner as well as an economic competitor and a “systemic rival” on governance.

Concerns are mounting over China’s growing influence, predatory investments and possible hacking of 5G data networks.

The EU has also been divided over China’s Belt and Road infrastructure project, which some see as a threat to sovereignty. Italy’s populist government last month signed on to the initiative, brushing off the concerns.

Juncker said he’s not against the project “as long as the conditions are right.” If European companies can profit from it and “if you don’t

Britain’s Parliament rejects four alternatives to May’s Brexit deal

ANTI-BREXIT demonstrators converge near College Green at the Houses of Parliament in London on Monday, April 1, 2019, as Britain’s Parliament gets another chance to offer a way forward on Britain’s stalled divorce from the European Union, holding a series of votes on Brexit alternatives in an attempt to find the elusive idea that can command a majority. JONATHAN BRADY/PA VIA AP

L

ONDON—Britain’s Parliament has spoken—and it has said no, again.

Lawmakers seeking a way out of the country’s Brexit morass on Monday rejected four alternatives to the government’s unpopular European Union divorce deal that would have softened or even halted Britain’s departure.

With just 12 days until the UK must come up with a new plan or crash out of the bloc in chaos, the House of Commons threw out four options designed to replace Prime Minister Theresa May’s thrice-rejected Brexit deal—though in some cases by a whisker.

The result leaves May’s Conservative government facing difficult and risky choices. It can gamble on a fourth attempt to push May’s unloved deal through Parliament, let Britain tumble out of the bloc without a deal, or roll the dice by seeking a snap election to shake up Parliament.

Brexit Secretary Stephen Barclay said the government would continue to seek support for a “credible” plan for leaving the EU. “This House has continuously rejected leaving without a deal just as it has rejected not leaving at all,” he told lawmakers in the House of Commons after the votes. “Therefore the only option is to find a way through which allows the UK to leave with a deal.”

May has summoned her Cabinet for a marathon meeting on Tuesday to thrash out the options. The prime minister, who is renowned for her dogged determination,

could try to bring her Brexit agreement back for a fourth time later this week.

Monday’s votes revealed a preference among lawmakers for a softer form of Brexit—but not a majority to make it happen.

The narrowest defeat—276 votes to 273—was for a plan to keep Britain in a customs union with the EU, guaranteeing smooth and tariff-free trade in goods. A motion that went further, calling for Britain to stay in the EU’s borderless single market for both goods and services, was defeated, 282-261.

A third proposal calling for any Brexit deal Britain strikes with the EU to be put to a public referendum was defeated, 292-280.

The fourth, which would let Britain cancel Brexit if it came within two days of crashing out of the bloc without a deal, fell by a wider margin, 292-191.

May had already ruled out all the ideas under consideration. But the divorce deal she negotiated with the EU has been rejected by Parliament three times, leaving Britain facing a no-deal Brexit that could cause turmoil for people and businesses on both sides of the Channel.

Conservative lawmaker Nick Boles, architect of the single-market option, acknowledged he had failed in his attempt to break the deadlock.

“I have failed chiefly because my party refuses to compromise,” Boles added, announcing that he was quitting the Conservatives to sit as an independent in Parliament.

The April 12 deadline, imposed

by the EU, gives Britain’s politicians less than two weeks to bridge the hostile divide that separates those in her government who want to sever links with the EU and those who want to keep the ties that have bound Britain to the bloc for almost 50 years.

Lawmakers have carved out more time on Wednesday for further votes on Brexit options.

The impasse is raising expectations that lawmakers or the government could try to trigger a snap election in the hope a new configuration in Parliament would break the Brexit logjam. But the Conservatives are worried that could hand power to the opposition Labour Party.

The lack of consensus reflects a Parliament and a government deeply divided over how—and whether— to leave the EU. Justice Secretary David Gauke said leaving the bloc without a deal was “not the responsible thing for a government to do.”

But Chief Secretary to the Treasury Liz Truss said it would be better than a soft Brexit.

“I don’t have any fear of no-deal,” she said.

The Brexit impasse has alarmed businesses, who say the uncertainty has deterred investment and undermined economic growth.

The chief executive of industrial manufacturer Siemens UK implored lawmakers to unite around a compromise deal, saying “Brexit is exhausting our business and wrecking the country’s tremendous reputation as an economic powerhouse.” AP

only meet Chinese workers on these construction sites but also European workers, then this is all feasible,” he said.

On a trip to Europe last month, Xi sought to lay to rest suspicions about his global plans.

“We cannot let mutual suspicion get the better of us,” Xi said at a joint news conference with Juncker, Macron and Merkel. “We must not always be guarded against each other and worry that they may do something behind our back. That is very important. That is something we need to avoid.”

China’s economy

MEANWHILE, signs that China’s economy is stabilizing have kicked off a debate about whether the central bank should keep injecting liquidity into financial markets, with

a former senior official warning of the risk of asset bubbles.

The People’s Bank of China should decide whether to cut the amount of money lenders must hold as reserves only after seeing more economic data, such as firstquarter gross domestic product due April 17, Sheng Songcheng, a former director of the PBOC’s statistics and analysis department, said in an interview with Economic Information Daily published on Tuesday.

Economists and traders expect the PBOC to cut reserve requirements at least three more times this year. It has used such cuts since early 2018 to manage market liquidity and funnel cash into the slowing economy.

“Cutting reserve ratios when the economy is already stabilized can push inflation higher and guide

a large amount of funding to the property market,” Sheng was quoted as telling the newspaper.

Purchasing-manager indexes released in recent days indicate the slowdown in the economy is bottoming out, with full-year growth expected to come in at 6.2 percent for 2019. Chinese Premier Li Keqiang had hinted that data could exceed expectations.

Even so, market conditions this month could prompt action by the PBOC even if it’s not strictly necessary to support the economy.

Maturing medium-term loans will potentially suck liquidity out of the market, as will tax payments and local-government debt sales.

The drain could add up to 1.5 trillion yuan ($223 billion), according to calculations by Bloomberg News. Bloomberg News

Oil keeps pushing higher as Opec output drops for a fourth month O IL added to its biggest advance in more than two weeks after fresh evidence of the Organization of the Petroleum Exporting Countries and its allies (Opec+) coalition’s resolve to cut output and a deepening crisis in Venezuela supported a bullish outlook for prices.

Futures in New York rose as much as 0.7 percent after jumping 2.4 percent in the previous session. Opec crude production fell for a fourth month in March, data showed Monday. Power blackouts in Venezuela further squeezed supplies, while US stockpiles probably declined by 900,000 barrels last week, according to a Bloomberg survey before the official figures due on Wednesday.

Oil has rallied around 36 percent this year due to the effectiveness of the Saudi Arabian-led production cuts, as well as recent signs the global growth outlook may not be as bad as previously feared. The output reductions, which are set to expire in June, could be easily ex-

tended, Iranian Oil Minister Bijan Namdar Zanganeh said Monday in Moscow after meeting his Russian counterpart.

“Saudi Arabia walked the talk and cut their supplies every month, so there was pressure on every other country to comply,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. (OCBC) in Singapore.

Whether the Opec+ extend the reductions, and the upcoming decision on the Iran waivers will be key price drivers, he said.

West Texas Intermediate for May delivery rose 16 cents to $61.75 a barrel on the New York Mercantile Exchange as of 2:30 p.m. in Singapore.

It climbed as much as 43 cents earlier and peaked at $62.02, the highest intraday price since November 8.

Brent for June settlement increased 15 cents to $69.16 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude’s premium over WTI for the same month narrowed to $7.30 a barrel.

The 14 Opec members pumped 295,000 barrels less of oil a day in March than in February, restricting total output to 30.385 million barrels. Saudi Arabia cut production to a four-year low of 9.82 million barrels a day, according to a Bloomberg survey of officials, analysts and ship-tracking data.

There may be a “sentimentdriven” rally if the output cuts are extended, but compliance could weaken, said OCBC’s Lee. “There’s a very strong incentive for them to not comply” when prices are at around $62 a barrel, he said.

Venezuelan production slumped to 600,000 barrels a day last month, from around 1 million in February, as power blackouts forced the key oil port of Jose to close for nearly eight days.

The threat of additional US sanctions is also hanging over Iranian supply, while the White House is set to decide by early May if waivers allowing some countries to keep buying oil from the Persian Gulf nation will be extended or not. Bloomberg News

Australia plans to mine the moon

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USTRALIA is joining the growing number of nations looking to compete in space, from launching micro satellites that track sheep to mining water on the moon.

Its advantage? Half the country already looks like Mars.

With advances in technology and the falling cost of launch slots, the fledgling Australian Space Agency, set up last year, is taking a commercial approach to extraterrestrial ventures. It aims to leverage the country’s industrial skills in mining remote locations, developing automation and tapping a fast-growing start-up culture to triple the size of the sector to A$12 billion ($8.5 billion) by 2030.

“We’re witnessing a massive transformation of the sector, due to things like the miniaturization of technology, the lowering cost of launch and faster innovation cycles,” ASA Deputy Head, Anthony Murfett said in an interview. ASA aims to be “one of the most industry-focused space agencies in the world.”

It will need to be. The government budget for ASA is just A$41 million for four years, compared to NASA’s annual $20 billion and the European Space Agency’s €5.7 billion ($6.4 billion). Without deep pockets, Australia’s ambitious space projects will need to be commercial enough to interest businesses.

Moon mining

ANDREW DEMPSTER, Director of the Australian Centre for Space Engineering Research at the University of New South Wales, is focused on reducing the investment risk for big resources companies like Rio Tinto Group in a proposal to mine water on the moon.

“What’s preventing them from participating at the moment is that the risks that are there are not risks they have dealt with before,” said Dempster. So as well as tackling the engineering challenge, his team needs to make a compelling business case.

Rio said in a January report that it was engaging with the industry to see how its mining technology could be used in space, in particular its use of autonomous drilling. ASA head Megan Clark is a nonexecutive director at Rio. Moon water could be a potential source of rocket fuel to enable manned missions to Mars in the long-term.

“Getting things from the surface of the Earth into orbit or into deep space costs a lot of money,” said Dempster.

“If you can produce water in space for less than it costs to get there, then you’re ahead.”

Lunar exploration is becoming increasingly crowded. China in January landed the first vehicle on the far side of the moon, Israel’s privately funded Beresheet probe is on its way there and an Indian lander and rover are due to launch this month. The European Space Agency has said it plans to start mining water on the moon by the middle of the next decade. Bloomberg News

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The World BusinessMirror

Wednesday, April 3, 2019

Long list of charges vs Najib as 1MDB trial kicks off

NAJIB

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HE laundry list of allegations against Malaysia’s former leader Najib Razak for his role in 1MDB points to a lengthy road ahead as his trial begins on Wednesday.

The 42 counts of corruption and money-laundering charges offer a window into the complex web of transactions surrounding 1Malaysia Development Bhd., the state fund that lies at the center of globe-spanning investigations involving about $4.5 billion of allegedly misappropriated funds.

The probes have led to dozens of allegations against Najib, who has pleaded not guilty, while ensnaring Goldman Sachs Group Inc. in its first criminal case.

“This is likely to be the mother of legal battles in Malaysian history,” said Yang Razali Kassim, a senior fellow at the S. Rajaratnam School of International Studies in Singapore. “It’s going to be tough.

This growing array of charges also means it will take more time to wrap up the legal fight.”

The trial was delayed from February after Najib’s lawyer appealed against procedural lapses in moving the case to a higher court. AttorneyGeneral Tommy Thomas protested the delay, saying his office is under public pressure to start the trial as soon as possible. Criminal proceedings in Malaysia should begin no later than 90 days after charges are served—it has been nine months since Najib was presented with his earliest charges.

Here’s a list of his charges in the order they were laid against him: The upcoming trial will focus on allegations linked to his oversight of funds held by 1MDB’s former unit SRC International Sdn. He

faces one charge of receiving 42 million ringgit ($10.3 million) of bribes and three counts of criminal breach of trust. He was subsequently charged with three more counts of related money-laundering charges.

Najib was slapped with 21 counts of receiving, using or sending illicit funds, as well as four counts of corruption involving $681 million that appeared in his personal bank accounts. The charges were linked to his alleged role in 1MDB deals, including a $2-billion joint venture with PetroSaudi International Ltd., a 10.6-billion-ringgit bid for Tanjong Energy Holdings Sdn. and 2.1 billion ringgit of funds from Tanore Finance Corp.’s account at Falcon Private Bank in Singapore.

He was jointly charged with thenTreasury Secretary-General Irwan Serigar related to 6.6 billion ringgit of government payments to an Abu Dhabi sovereign wealth fund, as well as monies linked to rail and pipeline projects that involve Chinese companies. Najib faces six counts of criminal breach of trust for his alleged role. Najib faces one count of corruption for allegedly tampering with a state audit report into 1MDB, with former 1MDB President Arul Kanda being accused of abetting him. He allegedly received a total of 47 million ringgit of proceeds from illegal activities, resulting in three money-laundering charges.

The tally amounts to five counts of corruption and nine counts of criminal breach of trust, which carry punishments of up to 20 years and a fine if he’s found guilty. Najib also faces 28 counts of moneylaundering charges, some of which carry up to five years jail time and others up to 15 years, as well as fines. Bloomberg News

Nato chief plays down divisions as alliance marks 70th anniversary

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RUSSELS—The United States and its allies are stepping up cooperation in response to Russian aggression, Nato SecretaryGeneral Jens Stoltenberg said on Monday while playing down differences among members as the military alliance marks its 70th anniversary.

Foreign ministers from Nato countries are meeting in Washington this week for the occasion, determined to show a united front in the midst of a long military stalemate in Afghanistan and tensions with Russia returned to Cold War, era levels.

But as Nato deploys thousands of troops and equipment to deter Russia and seeks solutions to fast-evolving new threats such as cyber attacks and hybrid warfare, its biggest challenge arguably lies within. Damaging infighting over defense spending and authoritarian tendencies exhibited by some allies undermine Nato’s values, according to experts.

“The strength of Nato is that despite these differences, we have always been able to unite around our core tasks. That is, to protect and defend each other,” Nato chief Stoltenberg said in Brussels before the trip.

Stoltenberg has talks with US President Donald Trump planned for Tuesday. He is scheduled to address Congress on Wednesday.

A big source of the internal strain is Trump’s recurrent demand that countries devote an amount equal to at least 2 percent of GDP to defense spending—though that metric takes no account of how well the money is spent—as well as the US president’s reluctance to criticize strongmen like Russian President Vladimir Putin.

“Nato’s single greatest challenge is the absence of strong, principled American presidential leadership for the first time in its history,” two former US envoys to

Nato, Nicholas Burns and Douglas Lute, wrote in a report for the alliance anniversary.

Trump, they said, is seen by allies as Nato’s “most urgent, and often most difficult, problem.”

Secretary of State Mike Pompeo testified last week before the House Foreign Affairs Committee in Washington. He was asked if he was familiar with the report

by Burns and Lute.

Pompeo said he hadn’t read the report, but he had known Lute since he was a young military officer and had “great respect for him.” But on the subject of Trump and Nato, Lute was “just simply wrong,” Pompeo said.

If the conclusion he drew that President Trump is the biggest impediment to Nato, he’s just simply wrong,” he added. “We have worked diligently to make Nato stronger. I am convinced that we have done so.”

Trump made a memorable impression on leaders from Canada and European nations during his first Nato summit in May 2017.

During a speech outside Nato’s new Brussels headquarters, he publicly humiliated them. Trump also cast doubt on whether they could count on Washington to fulfill Nato’s collective defense clause.

The speech was delivered by a memorial made from a twisted piece of the World Trade Center towers felled by al-Qaeda’s airliner attacks on September 11, 2011. Since the founding Washington Treaty was signed on April 4, 1949, Nato has only once activated the clause stating that an attack on one member is an attack on them all, after the

‘Trump team overruled 25 clearance denials’–official

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ASHINGTON—A career official in the White House security office says dozens of people in President Donald Trump’s administration were granted security clearances despite “disqualifying issues” in their backgrounds, including concerns about foreign influence, drug use and criminal conduct.

Tricia Newbold, an 18-year government employee who oversaw the issuance of clearances for some senior White House aides, says she compiled a list of at least 25 officials who were initially denied security clearances last year but then had those denials overruled by senior administration officials.

The allegations were detailed in a letter and memo released on Monday by Rep. Elijah Cummings of Maryland, chairman of the House Oversight and Reform Committee.

The documents, which are based on Newbold’s March 23 private committee interview, don’t identify the officials on the list but say they include “two current senior White House officials, as well as contractors and individuals” in different parts of the Executive Office of the President.

“According to Ms. Newbold, these individuals had a wide range of serious disqualifying issues involving foreign influence, conflicts of interest, concerning personal conduct,

financial problems, drug use and criminal conduct,” the memo says.

The release of the documents sets the stage for another fight between the White House and the Democratic-controlled House, and immediately drew criticism from House Republicans who called the allegations overblown and “cherrypicked.”

Cummings’s panel has been investigating security clearances issued to senior officials, including Trump’s son-in-law Jared Kushner, former national security adviser Michael Flynn and former White House aide Rob Porter. That probe has picked up steam after The New York Times reported that Trump ordered officials to grant Kushner a clearance over the objections of national security officials, and after Newbold spoke out to NBC News and other news outlets about her concerns.

On Monday, Cummings said he will move this week to authorize his first subpoena in the probe. The subpoena will be for the deposition of Carl Kline, who served as the White House personnel security director and supervised Newbold. He has since left the White House for the Defense Department.

The White House did not immediately respond to a request for comment on Monday.

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Rep. Jim Jordan, the committee’s ranking Republican, said in a statement that Cummings’s probe is a “partisan attack” and an “excuse to go fishing” through personnel files. He also said that one person on Newbold’s list is a GSA custodian.

Also, in a response memo circulated to Republican members, Jordan’s staff cast Newbold as a disgruntled employee who had only limited knowledge of the reasons security clearances were granted.

The Republican document also suggests Newbold’s concerns were “overblown,” saying that four or five of the clearance denials for “very serious reasons” were a small fraction of about 5,000 employees who work in the Executive Office of the President.

According to Democrat Cummings’s memo, though, Newbold considered the decisions to be part of a “systematic” problem within her office where the decisions of security clearance reviewers were “continuously” overridden.

Newbold said she raised her concerns up the chain of command in the White House to no avail. Instead, she said, the White House retaliated, suspending her in January for 14 days without pay for not following a new policy requiring that documents be scanned as separate PDF files

rather than one single PDF file.

Newbold said that when she returned to work in February, she was cut out of the security clearance process. The office also announced a plan to “restructure” that would remove her from a supervisory role, she said.

In response to Newbold’s interview, Cummings is asking the White House to turn over the list she created, as well as documents related to the handling of security clearances for several senior officials, including Flynn, Kushner and Porter.

Flynn maintained his clearance even after the White House learned that he lied to the FBI about his conversations with Russia’s ambassador and that he was under investigation by the Justice Department for his previous foreign work.

Kushner failed to initially disclose numerous foreign meetings on security clearance forms, and, according to the Times, career officials recommended against granting him a clearance before Trump personally overruled them.

Porter had high-level access with an interim security clearance even though the FBI repeatedly told the White House of past allegations of domestic violence lodged against him by two ex-wives.

Porter resigned after the allegations became public. AP

NATO Secretary-General Jens Stoltenberg speaks during a media conference at the Nato headquarters in Brussels on Monday, April 1, 2019. Nato foreign ministers mark in Washington on Thursday the 70th anniversary of the world’s biggest security alliance amid heightened tensions with Russia and years of military stalemate in Afghanistan. AP PHOTO/VIRGINIA MAYO

9/11 attacks.

Trump also delayed a summit last year with fresh demands on burden sharing. That time, at least, his dressing down about the US spending more on defense than the other Nato members combined happened behind closed doors.

Trump’s routine tirades have fueled suspicion his aim mostly is to drum up business for the US defense industry.

But the attitude of Trump— who walked away from the Iran nuclear deal and the Paris climatechange agreement his allies in Europe value while making tariff threats against them—also is similar to authoritarian or populist streaks showing up in Nato members Turkey, Hungary, Italy and Poland.

“The political and trans-Atlantic unity that underpins Nato has been weakened. Only bad guys benefit from trans-Atlantic division and a US retreat from its global leadership role,” Anders Fogh Rasmussen, Stoltenberg’s predecessor as Nato’s top civilian official, said in an e-mail exchange with The Associated Press.

“We see the consequences of US retreat, with autocrats and dictators filling the vacuum,” he added,

Burns and Lute say this retreat from democracy, individual freedoms and the rule of law is “a potentially cancerous threat.”

Still, Nato has survived formidable challenges over the decades, including the Cuban missile crisis and the missile race in Europe. It’s also remained intact after internal divisions over the Suez Canal, the Iraq war, and France’s departure from the alliance’s command structure. Officials say they are confident Nato will endure now, too.

The W hite House said last month in a statement about Stoltenberg’s talks with Trump on Tuesday that the two would “discuss the unprecedented success of Nato, including the recent increased commitments on burdensharing among European allies and ways to address the current, evolving challenges facing the alliance.”

Trump is not scheduled to appear at the upcoming talks of Nato foreign ministers, but he is expected to attend a leaders’ summit in London in mid-December.

“I hope we will not see a repeat of President Trump’s antics in Brussels last year. It’s time for the world’s democracies to show their unity,” Rasmussen said. AP

Boeing, FAA say more time needed for fix of troubled jet

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OEING and US aviation regulators say the company needs more time to finish changes in a flight-control system suspected of playing a role in two deadly crashes.

The Federal Aviation Administration (FAA) said on Monday that it anticipates Boeing’s final software improvements for 737 Max airliners “in the coming weeks.”

Boeing was expected to complete the work last week, but FAA spokesman Greg Martin said the company needs more time to make sure it has identified and addressed all issues.

Chicago-based Boeing offered the same timetable as it works to convince regulators that it can fix software on the planes.

“Safety is our first priority, and we will take a thorough and methodical approach to the development and testing of the update to ensure we take the time to get it right,” said Boeing spokesman Charles Bickers.

Boeing needs approval not just from FAA, but elsewhere, including Europe and China, where safety officials have indicated they will conduct their own reviews.

The planes have been grounded around the world since mid-March.

The news from the FAA suggests that airlines could be forced to park their Max jets longer than they expected. Airlines that own Max jets are

scrambling other planes to fill some Max flights while canceling others.

“We are aware that the resumption of service for our 737 Max aircraft may be further delayed, and our team will work with all customers impacted by any flight cancellations,” said American Airlines spokesman Ross Feinstein.

American Airlines had been pointing toward a late-April return of its 24 Max 8s. Over the weekend, Southwest Airlines announced that its 34 Max 8s will be removed from the schedule through May instead of mid-April. United Airlines has idled its 14 Max 9s through June 5.

Separately, US regulators and Boeing are awaiting a preliminary report from Ethiopian investigators into the March 10 crash of an Ethiopian Airlines Max 8 jet shortly after takeoff from Addis Ababa. The report will be scrutinized for information from the plane’s data recorders that might suggest similarities between the doomed flight and the October 29 crash of a Lion Air Max 8 into the Java Sea off Indonesia. The two crashes killed 346 people.

Data from the Indonesian plane indicates that pilots unsuccessfully fought the automated anti-stall system for control of the plane, which plunged into the sea shortly after takeoff. AP

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Banking&Finance BusinessMirror

Customs rule a loophole for drug smuggling, lawmaker points out

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MEMBER of the House Committee on Economic Affairs urged the Bureau of Customs (BOC) to review one of its regulations that may be a loophole for smugglers of illegal drugs and other contraband through seemingly legitimate import shipments.

Rep. Frederick W. Siao of Iligan said on Tuesday that some inspection- e xempted cargoes might be one way smuggled drugs go through BOC. According to Siao, Customs

Memorandum Order 18 provides exemptions to some shipments entering the country.

Under Section 4.7 of Customs Memorandum Order (CMO) 18 issued in May 2010, the shipment

NIA gets bulk of Feb subsidies T

HE national government (NG) has released a total of P2.769 billion in subsidy for February with the National Irrigation Administration (NIA) taking the bulk at P1.746 billion, data from the Bureau of the Treasury (BTr) showed.

The BTr data also showed the government’s subsidy posted a decline of about 69.65 percent compared to the P9.126 billion recorded in the same month last year.

While the NIA cornered the bulk of the subsidy, it posted a contraction of 60.95 percent from the P4.472 billion it secured in February last year.

The second-highest recipient of subsidy for the month at P208 million was Small Business Corp., the financing arm of the Department of Trade and Industry. That month, the Philippine Fisheries Development Authority (PFDA) received a subsidy of P205 million, the Philippine Coconut Authority P193 million and the Philippine Children’s Medical Center P112 million.

Other agencies provided a subsidy for the month include: the Philippine Heart Center with P94 million, the National Kidney and Transplant Institute with P50 million, the Philippine Rice Research Institute with P49 million, the Cultural Center of the Philippines with P24 million, the Center for International Trade Expositions and Missions with P22 million, the Lung Center of the Philippines with P17 million, and the Philippine Institute for Development

Studies with P11 million.

Furthermore, subsidy was also provided by the government to the Tourism Infrastructure and Enterprise Zone Authority amounting to P9 million, the Philippine Institute of Traditional and Alternative Health Care and the People’s Television Network Inc. with P6 million each, and the Light Rail Transit Authority with P5 million.

The Aurora Pacific Economic Zone and Freeport, Southern Philippines Development Authority and the Zamboanga City Special Economic Zone Authority were also provided a subsidy for the month of P4 million each.

As of end-February, the total subsidy released by the government has amounted to P3.564 billion, which is 64.53-percent lower than the P10.048 billion made in the same period for 2018.

A subsidy given by the government to corporations it owns and controls aim to help the agencies in line with the reduction of its expenses as it supports the growth of different sectors.

Last week, the NG reported a budget deficit for February amounting to P76.4 billion, as expenditures recorded a rebound of 21 percent, with revenues posting a smaller growth of 13 percent.

Based on data from the BTr, the government recorded a budget deficit of P76.4 billion, which is higher by 48 percent from last year’s P51.7 billion deficit. Rea Cu

inspected by the Accredited Cargo Surveying Company (ACSC) at the loading port shall prima facie be deemed to have been examined for customs purposes and no longer be reexamined upon arrival in the country but shall instead be immediately released and/or transferred to the importer and/ or consignee’s warehouse or facility following the procedures described in the order.

The order covers all Philippine-bound bulk and break bulk cargoes and/or shipments loaded unto carrying vessels. The categories of goods covered include but are not limited to: liquids, chemicals, petroleum products and all other cargo shipped in bulk and/ or break bulk.

Siao said smugglers can take

advantage of this provision in the BOC memorandum.

“Expertly doctored importation documents or connivance between smugglers and BOC insiders could be using that exception,” he said in a statement.

Meanwhile, Siao said a former Tagoloan port collector has used this memorandum as his defense following the entry of thousands of tons of garbage and hazardous wastes from South Korea through Verde Soko Il Industrial Corp.

“It occurred to me recently, after the Verde Soko hearings, that the Customs regulations that the former Tagoloan port collector used as his defense could be abused

by Customs insiders who are in cahoots with smugglers of drugs and other illegal cargo,” he said.

Bank notes bearing Diokno’s signature to be released soon

PHOTO shows the Security Plant Complex of the Bangko Sentral ng Pilipinas (BSP), in Quezon City. The complex houses a banknote printing plant, a securities printing plant, a mint and a gold refinery. A set of new banknotes bearing the signature of BSP Governor Benjamin E. Diokno would be released around July, the recently appointed BSP chief said. NONOI LACZA

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HE Bangko Sentral ng Pilipinas (BSP) has pointed out that banknotes bearing the recently appointed Central Bank governor’s signature will already be circulated in about three months.

BSP Governor Benjamin E. Diokno told reporters on Monday that he has already submitted his specimen signature for printing on Philippine legal tenders.

He did not disclose any more information in line with this.

Under Republic Act 11211 or the New Central Bank Act, the BSP has

the sole power to issue currency, within the Philippines, with all notes and coins issued by the country’s Central Bank fully guaranteed and are legal tender in the Philippines for all debts, both public and private.

The New Central Bank Act was signed into law by President Duterte in February this year.

A decade ago, the BSP launched a massive redesign of the country’s current banknotes and coins in line with enhancing further security features and improving its durability.

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several documents in our office after the tax season, to include in the continuation of our strategic planning in May 2019, on how we can efficiently file records through digitalization, scanning and filing of hard copies where needed. I was also wondering if I can apply the KonMari Method (this is the name of Marie Kondo method popularly known in tidying up home stuff) in the office because I have proven it effective at home. However, there could be one main difference— while the basis of getting rid of stuff at home (KonMari Method) is whether it still sparks joy in you, in the office in most cases this could not be applicable.

It calls for a more defined policy and business system. For instance, audit files should be kept for 10 years because of the BIR Revenue Memorandum Circular 29-2019 that mandated that books should be preserved for a period of 10 years and within the first five years the taxpayer shall retain hardcopies of the books of accounts, including subsidiary books and other accounting records with the choice of having it retained in electronic format

FINEX FREE ENTERPRISE Wilma C. Inventor-Miranda for the last five years.

How can the problem of keeping the records be resolved or managed with the Bureau of Internal Revenue requirement of keeping the records for 10 years? In this age of digitalization and digitization, the era of being drowned by so much records is nearing its end. There is a difference though between digitization and digitalization. Digitization is the process of converting information into a digital format (while digitalization is the use of digital technology to provide new and value-producing opportunities).

But when the issue is record keeping, digitization is the word. A record which is scanned and converted into an image remains just an image, and if saved is just saved in an electronic

format. However, if your system maintains an optical character recognition (OCR) program it analyzes a text image to identify each alphabetic letter or numeric digit, and converts each character into a code based on whatever conversion program the company is using, which will allow an operating system to change a file from one code to another.

So you can send invoices in scanned format to another computer in any parts of the world, and with the OCR it can read the invoice and pick the data needed to prepare an entry in the books. No hard copies of paper are needed.

In one digital transformation seminar we organized last year, the Resource Speaker mentioned about the three ways in which you can store your files: through the cloud, the computer and manually filing the hard copy. And if you digitize your source documents and you apply for a loose leaf registration or a computerized system of maintaining your books, instead of a manual book of registration with the BIR, you will avoid

In February 23 this year, the Monetary Board (MB) announced the passing of BSP Governor Nestor A. Espenilla Jr., who had been undergoing treatment for tongue cancer for more than a year. He was appointed

by Duterte as Central Bank governor in July 2017, with his term expiring in July 2023.

In March 4, the President appointed Diokno as the country’s new BSP governor, to serve the unexpired term of Espenilla. He was formerly the secretary of the Department of Budget and Management. Rea Cu

recording your transactions by literally handwriting—which is what the BIR requires. With digitization and files maintained in the cloud or in their computers, one can save a lot of space compared to maintaining all your files in hard copies. Your files need not be stored manually in physical spaces but stored in computers and in the cloud.

I am looking forward to that time in the future when you do not have to worry about where to keep your numerous files because by then everything will be stored electronically.

Hopefully, by that time the government policy on record keeping will be geared to keep them in electronic format rather than in hard copies which could really prove burdensome to businesses.

Wilma Miranda is the managing partner of Inventor, Miranda & Associates, and CPAs, Board of Director Member of KPS Outsourcing Inc. and treasurer of Negros Outsourcing Service Inc. The views expressed herein do not necessarily reflect the opinion of these institutions.

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BPI: Some clients may be unable to access accounts

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LIENTS of Bank of the Philippine Islands (BPI) were told on Tuesday they wouldn’t be able to access their accounts for nearly three days beginning on Friday.

The sister firm of Manila Water Co. Inc. said this would be because BPI will undergo a major systems upgrade from 10 p.m. of April 5 until 5 a.m. of April 7.

“During this time, access to online banking, mobile app, ATMs [automated teller machines] and CAMs [Cash Accept Machines], as well as debit and prepaid card services, will be temporarily unavailable.”

The bank said in a statement that several of its branches nationwide would be open on April 6 and 7. They are advising clients to visit the bank’s web site for the list.

The bank that loaned P2.4 billion to a Manila Water subsidiary last year urged its clients to plan their “weekend transactions [bills and loans payment, funds transfers, CAM deposits and ATM withdrawals] accordingly.”

Ultra-rich hide their Hermes in Asia’s stealth wealth city

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The problem in the storage of files and documents ITH the filing of 2018 tax returns and financial reports, the issue of how to store additional documents for the year 2019 is quite a concern not only for CPA practitioners like me who also has to keep the working papers for clients, but also for all businesses in general. Why do you think storage rentals businesses are thriving and growing in the States and now slowly growing in the Philippines? But is such a waste of money and time when you have to pay spaces just to store your files.

This age of digital transformation can perhaps alleviate the problem of storage or keeping the hard copies of documents. Keeping an organized file in the office is much more difficult in business than in the homes. Lately, I had been applying the Marie Kondo of organizing stuff at home. I began with my clothes and it is very effective for me (I still have to organize other areas in my home). Aside from getting rid of the clutter, it saves me a lot of time in looking for my stuff.

I was wondering the other day, while I was thinking of shredding

According to Siao, Collector Floro G. Calixihan Jr. cited a provision of Customs Memorandum Order 18-2010 that allowed him to let bulk and break bulk cargo through if there was pre-shipment inspection.

“He was referring to Section 4.7 of CMO 18.”

Siao added that “the presumption of regularity can be taken advantage of or be the prepared excuse.” “ P r ude nce b e i n g t he b e t ter part of valor, it would not be a waste of time for Customs Com m i ssioner R e y Guer rero and his trusted people to review this regulation and crossreference it with activities of known smugglers,” the lawmaker said. Jovee Marie N. Dela Cruz

Wednesday, April 3, 2019

O show off a $50-million Mark Rothko painting that Sotheby’s plans to sell in New York, the auction house took it to Asia to tempt wealthy bidders.

Outside of the company’s regional base in Hong Kong, the artwork made only one stop—not Shanghai or Tokyo or Singapore, but Taipei.

“We take the art to where the buyers are,” said Patti Wong, chairman of Sotheby’s Asia, who hosted a two-day preview attended by Maggie and Richard Tsai and Yageo Corp. chairman Pierre Chen.

“The Taiwanese market is hugely important for us.”

China may be minting billionaires faster than anywhere else, but Taiwan has been building fortunes since the 1950s. According to Knight Frank’s 2019 Wealth Report, Taipei was eighth in a global list of cities ranked by the number of ultra-high-net-worth individuals, with 1,519 people who have at least $30 million in assets. And the property firm predicts that number will rise to 1,864 by 2023.

Wealth creation on the island of 23.6 million people took off in the 1970s with the proliferation of hundreds of small manufacturers cranking out everything from televisions to Barbie dolls that fueled Taiwan’s export-led growth. By the 1980s, the city had moved up the value chain, making electronic components and goods, led by computer companies and chip makers such as Acer Inc. and Taiwan Semiconductor Manufacturing Co. When China began opening to investment, many Taiwanese companies shifted production across the Taiwan Strait to ride China’s industrial boom. New Taipei Citybased Foxconn Technology Group made founder Terry Gou a fortune worth $4.3 billion as of April 1.

Money that f lowed back to Taiwan created some startling symbols of wealth. When the Taipei 101 tower opened in 2004, it was the world’s tallest building, eclipsed only in 2010 by Dubai’s Burj Khalifa, and housed Christian Dior’s largest flagship store in the world.

But a good chunk of the money earned by Taiwan’s entrepreneurs stayed abroad. According to a UBS Group AG report, the Taiwanese hold $500 billion offshore, third behind China, with $1.4 trillion and the US with $700 billion. Bloomberg News

B6 Wednesday, April 3, 2019

GLOBAL BRAND WATSONS COMES AHEAD OF THE PACK, OPENS 15,000TH STORE IN MALAYSIA MARCH YOUR WAY TO ENCHANTED KINGDOM!

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ALLING all graduating students this 2019! The Enchanted Kingdom is bringing back the Salute to

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OR four years in a row, AS Watson’s newest branch continues to be at an average speed of one store every seven hours across its 25 markets in Asia and Europe.

The worldwide 15,000th store opening of AS Watson coincides with its 500th store opening of Watsons in Malaysia, one of the fastest-growing countries for beauty and wellness products. Watsons is the flagship retail brand of AS Watson with over 7,200 stores in 13 markets in Asia and Eastern Europe.

In the Philippines Watsons has 752 stores now and growing in partnership with SM Retail Group.

Dominic Lai, group managing

director of AS Watson (middle), is joined by two Watsons Malaysia Elite members (third from left and right), together with Malina Ngai, group chief operating officer of AS Watson Group (fourth from right); Alan Heaton, group finance director of AS Watson Group (third from right); Ann Lau, group people director (Asia) of AS Watson Group (second from right); Rod Routley, regional managing director (Asia) of AS Watson Group (fourth from left); Caryn Loh, managing director of Watsons Malaysia (second from left); and Nur Rashmeen, store manager of Central i-City store (left) at the opening ceremony.

EKcellence graduation promor just for you.

The promo is open to all graduating students/Class of 2019, including Moving

Up awardees from senior kinder, Grade 6, Grade 10, and vocational, bachelor, master and doctorate degrees. If you are one of those mentioned, get ready with your photocopy of valid moving up/ graduation proof, such as a certificate, graduation photo, or graduation program/ ceremony invitation with your name on this year’s list. Don’t forget to bring your school ID, as well!

You may choose one from two packages. Package 1 includes tickets only (the graduate must be accompanied by at least one nongraduate companion)—50percent discount on graduate’s regular -day pass (P400 on weekdays and P450 on weekends), while the companion/s gets 20-percent discount on their regular-day pass (P640 on weekdays and P720 on weekends). Package 2 is inclusive of four regular-day passes and a meal good for four—P3,200 on weekdays and P3,500 on weekends.

This promo will run from March 14 to June 30 only. Tickets may be purchased at the front-gate ticket booths and Santa Rosa group sales office, and are good for the same day, valid on the day of visit. All tickets cannot be rebooked nor be used in conjunction with any other promos and discounts.

Visit www.enchantedkingdom.ph to see the park schedule and plan your trip to the Enchanted Kingdom!

Editor: Jun Lomibao • mirror_sports@yahoo.com.ph

Sports BusinessMirror

Wednesday, April 3, 2019

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PRESIDENT Donald J. Trump plays golf at Turnberry Golf Club in Scotland in July last year. AP

FORMER SPORTS ILLUSTRATED COLUMNIST RICK REILLY QUOTES PLAYERS WHO ACCUSE TRUMP, HIS CADDIE AND SECRET SERVICE AGENTS OF REGULARLY MOVING HIS GOLF BALLS OUT OF DIFFICULT LIES.

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B Z M The Associated Press

ASHINGTON—Colluding with Russia? The special counsel says no. Cheating at golf? Well, that’s something else.

From pulling a fast one on Tiger Woods to exaggerating his handicap, Donald J. Trump’s alleged misdeeds on and around the golf course are the subject of a new book by former Sports Illustrated columnist Rick Reilly, Commander in Cheat: How Golf Explains Trump. Reilly documents dozens of examples of underhanded golf behavior by the president, transgressions talked about by pro golfers and duffers alike.

“In golf, he’s definitely not exonerated,” Reilly told The Associated Press. “There’s been dozens and dozens of people that can declare him guilty of cheating.”

One infamous instance came in a 2017 round with Tiger Woods and Dustin Johnson, who is the current No. 1 player in the world.

The president’s playing partner, Fox Sports golf analyst Brad Faxon, reported that Trump’s offenses included putting down a score that didn’t account for two balls he hit into the water on one hole.

“You’ve heard so much about it, it’s almost like you want to witness it so you can tell the stories,” Faxon is quoted as saying.

No big deal, many would say. It’s only a game.

But outside of formal tournaments, golf is a game of honor in which individual players act as their own referees, keep their own

TOYOTA’S basketball robot Cue 3 demonstrates on Monday in a gymnasium in Fuchu, Tokyo. AP

‘COMMANDER IN

CHEAT?’

scores and assess themselves penalties for rule violations. Trump’s cheating, Reilly said, motivated him to write the book.

Says Reilly: “I don’t know much about politics, but I know golf and it really offended me, not as a voter or as a citizen—just as a golfer.”

Reilly quotes players who accuse Trump, his caddie and Secret Service agents of regularly moving his golf balls out of difficult lies. At Winged Foot Golf Club in New York, the only non-Trump property where the president is a member, Reilly writes, “The caddies got so used to seeing him kick his ball back onto the fairway they came up with a nickname for him: ‘Pele.’” That’s the world soccer star from Brazil.

Sports announcer Mike Tirico says Trump once threw Tirico’s golf ball off the green into a nearby bunker when they played together.

Some of the allegations aren’t new. Boxer Oscar de La Hoya told The AP in 2016 that Trump cheated against him twice in the space of two holes. “Yes, I caught him,” de La Hoya said. “It was unbelievable. But I guess it was his course, so it was his rules.”

Trump, by all accounts, is a good golfer, especially for his age, Reilly writes. But the 2.8-stroke handicap he claims is the product of manipulation. A handicap is based on a golfer’s most recent 20 scores and allows players of different skill levels to compete fairly against each other. Someone with Trump’s handicap typically would shoot scores about three over par. Despite making more than 150 visits to his golf courses since taking office, Trump has

logged only one round in the online USGA Handicap Index — and a 96 at that.

Trump’s love of playing belies his past criticism of President Barack Obama’s regular play and his own campaign declaration that he’d be so busy in the White House, “I’m not going to have time to go play golf.”

“It helps to know golf, because golf explains Trump,” Reilly says. The president peppers his public statements with golf metaphors, tweeting in December about the Federal Reserve, “The Fed is like a powerful golfer who can’t score because he has no touch—he can’t putt!”

And Reilly contends Trump’s early days on the course provide a window into his zero-sum world-view.

Trump honed his game at Cobbs Creek, a public course outside of Philadelphia, which he later described as full of “hustlers” and where he “learned about everything.” Reilly describes it as the sort of course where “everybody is trying to grift you,” and where Trump learned “I got to cheat them before they cheat me.”

Bryan Marsal, the chairman of the 2020 US Open to be played at Winged Foot, told Reilly that Trump began one game with him as a partner by warning: “You see those two guys? They cheat. See me? I cheat. And I expect you to cheat because we’re going to beat those two guys today.”

Trump is hardly the first president accused of bending the rules at golf. Bill Clinton was infamous for his “Billigans”—taking do-over shots openly and without remorse. But Reilly, who’s

TOYOTA ROBOT CAN’T SLAM DUNK BUT SHOOTS A MEAN 3-POINTER

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OKYO—It can’t dribble, let alone slam dunk, but Toyota’s basketball robot hardly ever misses a free throw or a threepointer. The 6-foot, 10-inch-tall machine made five of eight 3-point shots in a demonstration in a Tokyo suburb on Monday, a ratio its engineers say is worse than usual.

Toyota Motor Corp.’s robot, called Cue 3, computes as a threedimensional image where the basket is, using sensors on its torso, and adjusts motors inside its arm and knees to give the shot the right angle and propulsion for a swish.

Efforts in developing human-shaped robots underline a global shift in robotics use from preprogrammed mechanical arms in limited situations like factories to functioning in the real world with people.

The 2017 version of the robot was designed to make free throws.

Yudai Baba, a basketball player likely representing host Japan at the 2020 Tokyo Olympics, took part in the demonstration and also missed a couple of shots. If the robot could learn a few more tricks, he was ready to accept the robot on the team, he said.

“We human players are still better for now,” he said.

Right after missing, the robot slumped over. It wasn’t disappointment, but a temporary power failure.

Cue 3’s name is supposed to reflect the idea that the technology can serve as a cue, or signal of great things to come, according to Toyota.

The company plays down how the technology might prove useful. It’s more about boosting morale among engineers, making them open to ideas and challenges.

In making the robot’s outer covering something like that of an armadillo, the engineers said they were just trying to avoid the white metallic look often seen on robots.

The maker of the Camry sedan, Prius hybrid and Lexus luxury models has shown off various robots, including one that played a violin. Another, resembling R2-D2 of Star Wars, slides around and picks up things. At Monday’s demonstration, it handed the basketball to Cue 3.

Experts say robots that can mimic human movements, even doing them better, could prove useful in various ways, including picking crops, making deliveries, and working in factories and warehouses.

Stanford University Professor Oussama Khatib, who directs the university’s robotics lab, said Cue 3 demonstrates complex activities such as using sensors and nimble computation in real time in what he called “visual feedback.”

To shoot hoops, the robot must have a good vision system, be able to compute the ball’s path then execute the shot, he said in a telephone interview.

“What Toyota is doing here is really bringing the top capabilities in perception with the top capabilities in control to have robots perform something that is really challenging,” Khatib said.

Japan has been aggressive in developing humanoids, including those that do little more than offer cute companionship.

Toyota’s rival Honda Motor Co. has its Asimo, a culmination of research into creating a walking robot that started in the 1980s. It not only can run, but also recognize faces, avoid obstacles, shake hands, pour a drink and carry a tray.

When will such robots be able to slam dunk, a feat that will require running, dribbling and jumping?

“In 20 years, with technological advances,” said Tomohiro Nomi, a Toyota engineer who worked on Cue 3. AP

known Trump for decades and played with him for his book Who’s Your Caddy? recounts Trump’s score-altering and other schemes as “so brazen you almost admire it.”

Reilly, clearly no fan of the president, said he undertook the project because of Trump’s “whopper”—repeated over the course of the campaign and in the White House—that he won 18 club championships.

Reilly could not corroborate a single Trump victory in a club championship, and found the president’s tally includes at least one in which Trump never played on the course that day, another in which he counted the inaugural round at a yet-to-be-opened club, and 12 that were “actually senior or super senior club championships.”

The White House did not respond to a request for comment.

Reilly said he’s issuing Trump a challenge to defend his reputation in a match on a course that he doesn’t own refereed by officials—offering $100,000 to the charity of the president’s choice.

Reilly, whose handicap is a 4.8, says he’s confident Trump “can’t cover that 2.8. No way.”

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Wednesday, April 3, 2019

IN all, 24 out of Andrea Guardini’s 42 career stage wins to date are at the Le Tour de Langkawi.

‘MR. LANGKAWI’ RETURNS TO DEFEND SPRINT CROWN

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E Tour de Langkawi (LTdL) record stage winner Andrea Guardini returns with all-Italian International Cycling Union (UCI) Professional Continental team Bardiani-CSF for the 24th edition of the eightstage race that starts on Saturday.

With 24 LTdL stage wins to his name, the 29-year old from Tregnano has earned the nickname “Mr. Langkawi” after exploding onto the scene with five stage wins and the points classification title in his debut in the race in 2011 with the Farnese Vini team.

No other rider has dominated the sprints in a 2.HC race like Guardini has in LTdL, and his runaway record shows just how much he loves the race, having, since his professional debut in 2011, only missed the 2017 edition when he rode that season with the UAE Abu Dhabi team, which did not compete here.

In all, 24 out of Guardini’s 42 career wins to date, were at the LTdL. The LTdL welcomes national petroleum company Petronas as its title sponsor for the first time and will cover eight stages beginning with Stage 1 from Dataran Merdeka in Kuala Lumpur on Saturday to Tampin in Negri Sembilan.

The eight stages include a return of the Genting Highlands Queen stage and to the legendary island of Langkawi, the race’s birthplace for the finish. A total of 22 teams have confirmed participation for race, which is organized by Human Voyage Sdn Bhd. AP

Spo WADE FOILED AT GARDEN

Business

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OSTON—The Celtics showed Dwyane Wade plenty of appreciation in his final regular-season visit to TD Garden.

They also made sure his memories of that visit included a loss.

Kyrie Irving had 25 points, including a pair of key late free throws, and Boston held off the Miami Heat, 110-105, on Monday night.

Al Horford added 19 points, 11 rebounds and 10 assists for the Celtics (46-32), who are trying to beat out the Indiana Pacers for the No. 4 seed in the Eastern Conference standings.

“We’ll see when we get there,” Irving said of how the Celtics are trending with the playoffs two weeks away. “I’m pretty sure I think we know who we’re going to play, but we’ll see how it pans out.”

Goran Dragic led the Heat with 30 points.

Bam Adebayo added 19 points and 14 rebounds.

Wade finished with 17 points and seven assists.

Miami (38-39) maintained its half-game lead over Orlando for the final playoff spot in the East after the Magic’s 121-109 loss to Toronto.

Two nights after Wade received a warm welcome in Madison Square Garden and picked up a victory in his final game against the New York Knicks, Boston gave him a similar greeting at TD Garden on Monday.

Before the game, Celtics president of basketball operations Danny Ainge presented Wade

BOSTON’S Kyrie Irving (11) blocks Miami’s Dwyane Wade on a drive to the basket during the first quarter of their game on Monday. AP

with a plaque in commemoration of his career accomplishments. Later, he received a loud ovation from Boston fans when he subbed into the game in the first quarter.

“We’ve had so many battles in the playoffs, but appreciate the respect they’ve shown me as

a player to give me the plaque and send me away with a piece of the history of the Celtics,” Wade said. That was so cool, and I didn’t expect it at all.”

It was one of the few highlights for either Wade or Miami in the first half.

The Celtics jumped out to 30-8 lead after the

Heat started just 3 for 14 from the field, including 0 for 7 from the three-point line. Boston led by as many as 23 points in the second quarter before its lead shrunk to three with 6:44 left in the fourth after the Heat went back to a zone that had been effective at times in the first half.

The Celtics continued to have some issues with it but were able to knock down a pair of three-pointers to help push their lead back up to 101-92. The Heat took advantage of some Boston turnovers and got a jumper from Wade that cut it to 103-100 with two minutes left.

Dion Waiters missed a three-pointer for Miami that would have tied the game and Irving converted on a three-point play on the other end.

Following a tip-in by Wade, Irving found nothing but air on a fading three-point attempt, giving it back to Miami. But the Heat’s ensuing possession ended with Kelly Olynyk’s turnover.

Irving then was fouled and calmly sank a pair of free throws.

“We just could not get it over the hump to close out game,” Heat Coach Erik Spoelstra said.

In New York, Giannis Antetokounmpo had 28 points and 11 rebounds in his return to the lineup, Eric Bledsoe added 29 points and the Milwaukee Bucks beat the Brooklyn Nets, 131-121, also on Monday night.

Reserve guard George Hill chipped in 22 points while Brook Lopez and Sterling Brown each scored 14 for the Bucks, who played without All-Star forward Khris Middleton because of soreness in his left groin.

Milwaukee was unable to clinch the best record in the Eastern Conference because Toronto won earlier on Monday. AP

FINAL FOUR FEATURES 3 FIRST-TIME COACHES

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OM IZZO drew up the perfect play at the perfect moment, sending Michigan State past mighty Duke for a spot in the Final Four. The trip is always emotional, but Izzo has done it before. This will be his eighth Final Four and a chance for a second national championship.

The other three Final Four coaches all will be the new kids at the dance.

Chris Beard’s nomadic journey struck a vein of gold in his 12th coaching stop at Texas Tech, with a gritty pack of ball-hawking players grasping the program’s first Final Four.

Their opponent next Saturday in Minneapolis: Izzo’s Spartans.

Virginia’s Tony Bennett finally got over the hump in his 10th season with the Cavaliers, putting them in position for a different kind of history after last year’s historic first-round flameout against No. 16 UMBC. And Bruce Pearl found some gems at Auburn after an acrimonious split with Tennessee, guiding the Tigers to Minneapolis where they’ll face Virginia despite the cloud of a federal investigation hanging over the program.

“I’m so happy for the people at Auburn

who have been waiting forever to get their first Final Four,” Pearl said. Pearl was fired by Tennessee in 2011 and hit with a “show-cause” penalty by the NCAA for a string of violations and lying to investigators. He landed at Auburn 2014 and the dark clouds followed.

Tigers assistant Chuck Person pleaded guilty to conspiracy to commit bribery and two players, Austin Wiley and Danjel Purifoy, were ruled ineligible last season as a result of the federal investigation. Just before this year’s SEC tournament, assistant coach Ira Bowman was suspended indefinitely amid bribery allega-

tions during his time at Pennsylvania.

Despite the off-court issues, The Tigers (309) shot their way into the Final Four for the first time by taking down blue bloods Kansas, North Carolina and Kentucky in succession.

“No matter how low we got this season, no matter how much adversity went through, we always believed this is where we could get to,” said Auburn’s Bryce Brown, who had 24 points in the Elite Eight win over Kentucky.

Beard was at Division II Angelo State just four years ago, the ABA’s South Carolina Warriors three years before that. He took over

a middling Texas Tech program in 2016 and turned it around by getting non-five-star players to buy into his defensive philosophies.

Texas Tech reached the Elite Eight for the first time in Beard’s second season a year ago, but not much was expected from the Red Raiders this season after losing five of their top six scorers.

Picked to finish seventh in the preseason poll, Texas Tech was one of college basketball’s biggest surprises, sharing the Big 12 regularseason championship with Kansas State to end Kansas’ 14-year reign. AP

KIDS IN ACTION Action is intense between players of Forza A and Ceres South 4 in the Speed Regalo Youth Football League (YFL) that kicked off on Sunday at the Alabang Country Club. The match ended in a 4-4 draw. YFL President Mike Atayde says a lot of the teams and kids show great potential to become the future of Philippine football.

HOLLYWOOD STAR RUSSELL CROWE,

COACH BENNETT TEAM UP IN NRL

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HIS combination might well turn out to be legendary. It doesn’t get much better in this sport than an Oscar-winning Hollywood actor and a veteran, highprofile coach teaming up in Australia’s National Rugby League (NRL).

So far Russell Crowe and Wayne Bennett are doing OK as an owner-coach combination, which some may consider to be two beautiful minds in a gladiatorial kind of sport.

It’s only three matches into the new season, but the Bennett-coached and Crowe-owned South Sydney Rabbitohs are one of only two unbeaten teams along with the Melbourne Storm. Bennett, who will turn 70 next New Year’s Day, is regarded as one of the greatest coaches of all time, having coached more than 800 top-flight games since 1987 and winning more than 500 of those.

CROWE

He’s won an NRL-record seven premierships—six of them at the Brisbane Broncos, where he was the foundation coach, and one with the Dragons. He also has won the annual State of Origin series with Queensland and the World Cup with Australia. And he’s also had

success working with the national teams New Zealand and England, jobs he says he took to ensure the international health of the game.

After 25 seasons across two stints with the Broncos, though, his tenure with the Queensland state-based club ended in rather unceremonious circumstances.

After a month of back-and-forth media speculation last November, it turned out to be a coaching swap—Bennett moved to the Rabbitohs and the then-South Sydney Coach Anthony Seibold moved to the Broncos. Seibold and the Broncos have won one match and lost two to start the season.

Brisbane Broncos chief executive Paul White, upset by media reports that Bennett had already been speaking to South Sydney players well ahead of the expected coaching change, fired Bennett by voice-mail. AP

orts

sMirror

Perpetual Help jr. chess players vie in national age group finals

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NIVERSITY of Perpetual Help System Dalta standouts Jerome Aragones, Eric Labog Jr. and Carl Zirex Sato will be the players to watch in the Grand Finals of the Gov. Amor Deloso National Age Group Chess Championships that comes off the wraps on Thursday at the Zambales Sports Complex in Iba. Sato made the tournament by topping the premier boys under-20 division, while Aragones and Labog topped the under-16 and under-18 sections of the Luzon qualifiers in Dasmariñas, Cavite, last week.

Joining them are Perpetual Help teammates Ma. Angela Illustre—who won the girls’ U20 title—and John Marx Anastacio, who wound up third in the boys’ U20. Interestingly, Labog will represent Calabarzon in the Palarong Pambansa set from April 27 to May 4 in Davao City.

The six-day tournament, which will be opened by Deloso and Rep. Cheryl Deloso, National Chess Federation of the Philippines President Prospero Pichay and Philippine Sports Commission Chairman William Ramirez, have drawn 168 participants from the qualifying stages.

Asia’s first Grandmaster Eugene Torre and the country’s first Woman GM Janelle Mae Frayna are also gracing the opener. The top 3 in all 14 divisions—boys and girls’ U20, U18, U16, U14, U12, U10 and U8—will represent the country in the Asean Age Group Championships in Myanmar in June where FIDE Master, International Master and GM norms are at stake.

Wong, Gabasa wrest junior amateur lead

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AOLO WONG fashioned out a gutsy even par 72 while Junia Gabasa scrambled for a 74 in tough conditions as they took charge in their respective divisions at the start of the Philippine Junior Amateur Open Golf Championships at the Sherwood Hills Golf Club in Trece Martires, Cavite, on Tuesday.

Wong hit two birdies against a bogey at the front but wavered in the last nine holes, dropping a stroke on the par-3 16th to settle for a 35-37 card and a one-stroke lead over Paolo Barro, who matched Wong’s frontside card but stumbled with back-to-back bogeys from No. 12 for a 73.

Unlike Wong and Barro, Carl Corpus bounced back from a woeful 41 start with a sizzling 35 to save a 76 but lay four shots off the pace in the 72hole stroke play tournament serving as the third leg of this year’s PLDT Group National Amateur Tour and organized and conducted by the National Golf Association of the Philippines.

The rest of the bidders in the centerpiece Albatross division (15-18) also struggled in hot, windy conditions with Sean Ramos limping with a 77 and pretournament favorites Aidric Chan and Josh Jorge hobbling with 78 and 81, respectively. Gabasa, on the other hand, launched her drive for a follow-up to her victory in WExpress RVF Cup in Canlubang, coming through with two birdies against the same number of bogeys and a double-bogey, her 37-37 card proving enough to drive her past Maria Tee in the event sponsored by the MVP Sports Foundation, PLDT Group, Cignal and Metro Pacific.

Tee actually wrested control with a 37 after nine holes, went 2-up with a birdie on No. 10 but bogeyed the last three for a 75 with Korean Kang Da Yun in joint third with Kayla Nocum at 77 and Mafy Singson making a 78.

Wiggam Tapdasan, meanwhile, stumbled with an 81 but still posted a 14-shot lead over Gerrard Park (95) in the Ace category (19-above) of the four-day tournament which also features the Eagle division for boys and girls.

Korean Kim Tae Soo turned in a 78 to seize a one-stroke lead over Leandro Bagtas, Zachary Castro and Jet Hernandez, who all carded 79s, while Miguel Ilas stood four shots adrift with 82 in boys’ play of the 12-14 age category.

Rianne Malixi, meanwhile, took command in girls’ category with a 74 for a big four-stroke lead over Arnie Taguines and Eagle Ace Superal, who both had 78s, with Samantha Dizon and Laurea Duque groping for an 81 and 82, respectively.

Wednesday, April 3, 2019

FIERY SHOWDOWN

UP AT PHL OPEN A POWER-PACKED cast headed by Asia’s former No. 1, a slew of aces from Thailand, Australia, the US and 10 other countries, and a crack local crew sets out for what promises to be a slam-bang start in the Solaire Philippine Open beginning on Wednesday at The Country Club (TCC) in Santa Rosa, Laguna.

Juvic Pagunsan, who clinched the top ranking in the region with a sterling campaign in 2011, is brimming with confidence coming into the $500,000 event sponsored by Solaire Resort & Casino, his shot at the crown missing in his vast trophy cabinet boosted by his runaway victory in last week’s Philippine Golf Tour Asia’s International Container Terminal Services Inc. (ICTSI) Riviera Challenge.

“I like my chances coming off a win in Riviera,” said Pagunsan, who drew an explosive pairing with Thai Poom Saksakin and Malaysian Nicholas Fung at 12:20 p.m. on No. 1 when weather and wind conditions are expected to get tougher. Pagunsan actually reigned here three times in the TCC Invitational but didn’t see action in the Open in recent past owing to his campaign in the Japan PGA Tour.

JUVIC PAGUNSAN is brimming with confidence entering the $500,000 event. STEPHANIE TUMAMPOS

But back in the hunt for the elusive crown, the smooth-swinging Filipino shotmaker is looking forward to emerging on top again on a course that could play longer than its 7,735-yardage with the buffeting winds expected to blow from various directions in all four rounds.

Two local top guns also gun not only for a breakthrough Open victory but also for redemption after missing the cut at Riviera with reigning PGT Order of Merit champion Jobim Carlos slugging it out with Philippine Golf Tour Asia (PGTA) Luisita Championship winner David Gleeson of Australia and Taiwanese Chiu Han-Ting in a flight ahead of Pagunsan and company.

Clyde Mondilla, the country’s top player in 2017 who also failed to advance in the penultimate leg of the PGTA 2018-2019 second season, drew an earlier start at 8 a.m. but against a pair of tough rivals in Aussie Simon Vitakangas and Thai veteran Wisut Artjanawat.

The duel in the 7:20 a.m. flight is also expected to be fierce with three-time PGTA winner Jhonnel Ababa facing off with Aboitiz Invitational titlist Damien Jordan of Australia and

Thai Prom Meesawat, who lost the Open crown to Miguel Tabuena in a playoff last year.

Tabuena, however, withdrew from defending the crown due to back injury he sustained during the pro-am of the Maybank Championship in Malaysia three weeks ago.

Despite his absence, the same wild finish is seen on Saturday with the likes of former champion Angelo Que, also a three-time winner at TCC Invitational, PGT leg winner Nicolas Paez, Sam Gillis and Brett Munson of the US, Thais Chawalit Plaphol and Puk Pradittan, Spain’s Marcos Pastor and Englishmen Grant Jackson and Joshua Grenville-Wood all primed up for the event sanctioned by the National Golf Association of the Philippines and backed

by ICTSI, PLDT Enterprise, Meralco, BDO and PGT Asia official apparel Pin High.

Korean-American Micah Shin, who became the first non-Filipino to win the TCC Invitational last year, and compatriot and PGT leg winner Kim Joo Hyung are also expected to figure in the title race as spearheads of the young guns out to steal the thunder from the veterans in Asia’s oldest National Open organized by Pilipinas Golf Tournaments Inc.

PSC SETS RENOVATION OF SPORTS FACILITIES

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HE Rizal Memorial Sports Complex and two other major venues to be utilized in the country’s hosting of the 30th Southeast Asian Games will start undergoing renovations for November 30 to December 11 event.

Philippine Sports Commission (PSC) Chairman William “Butch” Ramirez made the announcement on Tuesday saying the agency has appropriated P842 million from the Philippine Amusement and Gaming Corp. (Pagcor) for the repairs of 11 other facilities, including the Ninoy Aquino Stadium, Philsports Arena, Baguio City training center, among others.

“We are making sure that there are 10 to 12 government sports facilities ready to assess and help the preparations of the Phisgoc [Philippine Southeast Asian Games Organizing Committee],” Ramirez said. “We are hoping

that all of these will be finish by September.”

Ramirez made the statement during the Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel-Manila, stressing the government agency has not been remissed in its role of extending major support to help Filipino athletes in their quest to win anew the overall title of the SEA Games.

Other than the game venues, also part of the Pagcor appropriation is pegged for the refurbishment of the athletes’ dormitory, construction of a new medical building with eight to 10 medical doctors, two nutrition halls and an ecumenical chapel.

“With the renovation of the facilities, dormitories, venues, halls—before the SEA Games—Rizal, Ultra and Baguio will have a new look. And I’m very happy to announce it before you [PSA],” Ramirez said in the session

presented by San Miguel Corp., Pagcor, Tapa King and Amelie Hotel-Manila.

Ramirez is confident that Pagcor Chairman and CEO Andrea Domingo would be able to release the funds as soon as possible.

Ramirez also disclosed that he will hold a general assembly with athletes and coaches on Wednesday to explain what the PSC has been doing to ensure a better performance by Team Philippines in the SEA Games.

Ramirez said national athletes under the PSC’s care at Rizal Memorial and Philsports numbered 1,452, and that 578 of them are in the developmental program. They are classified as Platinum, Class A, B and C, as well as training pool and junior development.

Platinum is composed of eight sports— billiards, bowling, taekwondo, weightlifting, wind surfing and three from para sports.

PHILIPPINE Sports Commission Chairman William Ramirez addresses Tuesday’s Philippine Sportswriters Association forum. ROY DOMINGO

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LADY FALCONS U.A.A.P. SOFTBALL CHAMPS ANEWS

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DAMSON University drew the most from Arianne Vallestero to rout University of Santo Tomas (UST), 11-2, and extend its reign to nine years on Tuesday in the University Athletic Association of the Philippines (UAAP) Season 81 softball tournament at the Rizal Memorial Baseball Stadium.

A transferee from National University, Vallestero capped her collegiate stint by delivering two hits and three runs in the title clincher. “I needed her [Vallestero] in this season. She carried this game. Almost all individual awards she scooped with confidence,” said Adamson University Coach Ana Santiago, who gave Vallestero a tight hug after the Lady Falcons won their 18th crown in the league.

Vallestero was named season Most Valuable Player to go with Best Hitter (.556), Best Slugger (.972) and Most RBIs awards. She shared the Most Homerun title with UST’s Charlotte Sales with three and Most Stolen Bases with teammate Angelu Gabriel with six.

“I just enjoyed the games. I had no pressure at all,” Vallestero said. Besides the Finals MVP honors, Lyca Basa again emerged as the league’s Best Pitcher with 1.167 earned run average.

Nicole Padasas also sparkled with four hits and three RBIs, while MJ Maguad and Jeanette Rusia scored two runs for Adamson University.

The Lady Falcons, who only dropped one game this season, swept the best-of-three series, 2-0. Gino Tantuico, meanwhile, belted a two-run homer at the bottom seventh inning as Ateneo extended the baseball championship series to a Game Three with a 7-3 win over De La Salle also on Tuesday.

Javi Macasaet delivered four hits while pitcher Miggy Angeles, in a sensational no-relief job, struck out two batters to help the Blue Eagles tie their best-of-three duel to one game apiece. Game Three is set at noon on Friday in the same venue. Following up his grandslam homer in last Friday’s series-opening 7-9 loss, Tantuico’s homerun gave Ateneo the needed cushion at 7-2 in the bottom seventh.

Sales took home the Rookie of the Year award, while De La Salle achieved its first softball podium finish in 14 years.

Ateneo, on the other hand, hopes to maintain its solid grip of the lead when it takes on Far Eastern University (FEU) in the women’s volleyball tournament on Wednesday at the Filoil Flying V Centre in San Juan City.

The game is set at 4 p.m. as the leagueleading Lady Eagles (8-1 won-lost) try to create a wide gap from Final Four hopefuls when they tackle the semifinals aspirant Lady Tamaraws (6-3). University of the Philippines (5-4), meanwhile, tries to stay close in the semifinals race when it collides with University of the East (2-7) at 2 p.m. Ramon Rafael Bonilla

B’PIER, ROAD WARRIORS IN CRUCIAL DUELS OCR WINNERS Five Aeta youths from the adopted school of Allianz in Porac, Pampanga, show off the medals they earned at the Allianz Obstacle Course Race (OCR) on Sunday at FilinvestAlabang. They are Gellyann Soria (17), Ivy Pelayo (16), Danilo Yugyug (19), Miracle Lansang (21) and Jacob King (22) of Villa Maria Integrated School.

They competed in the 5K Elite Male and Female categories.

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

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FEDERER FEELS YOUNG AT 37

OGER FEDERER is a winner again. And I am not surprised. Not anymore.

On March 2 this year, he was champion in Dubai, beating Greece’s Stefanos Tsitsipas for his 100th career title.

Barely two weeks later, Federer was runner-up at Indian Wells to Dominic Thiem, who is 12 years his junior.

Two days ago, Federer was back at the podium, winning the Miami Open.

Two wins in three world-class tournaments, all happening in barely a month’s time.

If that’s not amazing enough, what is?

What can he not do?

His victory alone just last Monday in Miami was incredible yet again.

In the opening set, it took him only 24 minutes to run away with a 6-1 triumph over John Isner. So devastating was Federer that he won 32 of 35 points on Isner’s own famous booming serve en route to a 6-1, 6-4 triumph.

Simply, a walk in the park.

Another day in the office.

Business as usual.

“This is a good phase, a good stretch for me right now,” said Federer. “I really feel super healthy. That’s why I have been able to play every day for the last four weeks. That’s something that maybe hasn’t always been the case [for me] for the last few years. So you appreciate these moments.”

What can I say?

Federer is 37 years old and he keeps on winning. In his last 20 matches, he won 18— the best on the current men’s tour.

Winning in Miami made him the first repeat winner in 20 men’s tournaments this year.

What can he not do?

“To stand here right now really means a lot

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ORTHPORT and NLEX hurdle separate foes on Wednesday at the Smart Araneta Coliseum hoping to secure the last two playoffs spots in the Philippine Basketball Association Philippine Cup. The Batang Pier (4-6 won-lost) will try to sustain their two-game win streak for a quarterfinals ticket when they collide at 7 p.m. with the Barangay Ginebra Gin Kings.

Ginebra is assured of a quarterfinals berth with a 7-3 card, along with twice-to-beat teams Phoenix (9-2) and Rain or Shine (8-3), TNT (7-4), San Miguel Beer (7-4) and Magnolia (5-4).

In the equally crucial first game at 4:15 p.m., the Road Warriors (4-6) tangle with the Hotshots with the same mission of punching a berth to the next round.

after so many years,” was the victory speech for Federer, who was a wild card in the Miami event 20 years ago, winning it in 2005, 2006 and 2017 before Monday’s victory.

Tournament Director James Blake was all praise for Federer.

“Unbelievable for you to keep winning and playing this level of tennis,” Blake, a former top 5 in the world, said during the trophy presentation. “It makes me feel like an underachiever. We’re all just in awe.”

Who wouldn’t be?

At 37, Federer plays like a 27-year-old virtuoso, if not a 17-year-old dynamo.

Federer’s schedule will send him next to the Madrid Classic as a tune-up to the French Open, where a victory in the year’s second Slam would increase his record majors collection to 21. To his credit, Isner turned his defeat into an applause brimming with compliments.

“You were entirely too good today,” Isner said of Federer.

“It’s absolutely incredible what you’re doing. We are so lucky to have you in this game,

NorthPort was almost out of the picture with a 2-6 start until a two-game streak highlighted by a 94-84 win over Alaska last week put the Batang Pier in the hunt.

The victory gave the Batang Pier at least a playoff for the last and eight spot.

But Head Coach Pido Jarencio wants no complications and urged his players to bag the outright spot to the quarterfinals.

“We’re already assured of at least a playoff for the last spot. That’s the good thing but we want an automatic quarterfinal berth. We want to qualify right away,” Jarencio said.

In case of a tie, a knockout match will be played for the last and eight spot. If Batang Pier loses, they will play the Aces (4-7) in a sudden death game.

Ramon Rafael Bonilla

and we all want you to keep playing and literally never retire. So keep it up, man.”

With his defeat, may Isner please consider changing his sport—as in shifting to basketball?

At 6-foot-10, Isner is tennis’ tallest player of all time. If that’s something to be proud about, it’s Isner’s call.

I salute LA Tenorio of Barangay Ginebra for being named the new “Iron Man” of the Philippine Basketball Association. Since he joined the PBA in 2006, Tinyente Tenorio, a protégé of Arben Santos, has never missed a game. Tenorio played his 597th consecutive game a while back to break Alvin Patrimonio’s previous best of 596 consecutive games played in the PBA...

Cheers to Joe Dagdagan for maintaining his South Links course in tip-top shape despite the onslaught of the dry season! Tey Sornet’s guests during Tey’s birthday golf on March 28 all had fun at Joe D’s exquisitely maintained playground. Mabuhay!

THAT’S IT

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Sports BusinessMirror

Wednesday, April 3, 2019

BRADY: I’M RETIRING! GOTCHA, APRIL FOOLS!

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OXBOROUGH, Massachusetts—Don’t. Even. Joke.

New England Patriots fans who forgot that Monday is April Fools’ Day might have been panicking when quarterback Tom Brady tweeted that he had decided to retire.

The six-time Super Bowl champion has joined Twitter and his first post said simply: “I’m retiring. In my spare time, I’ll be tweeting.” An e-mail from a Twitter spokesman confirmed the account, but it also referred to the fact that the tweet came on April Fools’ Day. About an hour later, Brady sent out a second tweet that said, “Was this a bad joke?” Brady is a 41-year-old, three-time National Football League (NFL) Most Valuable Player who has to stop playing some time. But after leading New England to the title last year, there’s no indication that he’s slowing down.

And anyway, is this how he would announce it?

Even tight end Rob Gronkowski, who actually retired last month, did so with a lengthy Instagram post.

Neither Brady’s agent nor the Patriots immediately responded to e-mails from The Associated Press seeking comment.

The Chicago Bears, meanwhile, are bringing back linebacker Aaron Lynch on a one-year contract.

The 6-foot-6, 270-pound Lynch made three starts and appeared in 13 games last season, his first in Chicago. He recorded three sacks, four tackles for loss, eight quarterback hits and one interception. He previously spent four seasons with the San Francisco 49ers, and has 18 career sacks and 53 quarterback hits. Chicago announced the signing on Monday. The Bears won the NFC North at 12-4 last year behind one of the NFL’s best defenses. AP

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TOM BRADY sends fans into panic.

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Church

EAR God, thank You for knowing that the church refers to the people whom You call and gather together from every part of the Earth. They form the assembly of those who through faith and Baptism have become Your children, members of Christ and temples of the Holy Spirit. May we be worthy as Your faithful, oh God by being holy and in the state of grace always. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

ANGELINA JOLIE: EQUALITY FOR WOMEN KEY TO PEACEFUL WORLD D3

Wednesday, April 3, 2019

In a first, electric cars outsell traditional ones in Norway Budget smartphone packing power and style C OPENHAGEN, Denmark—In a symbolic first, electric cars outsold fossil fuelpowered ones in Norway last month.

Christina Bu, the Norwegian Electric Vehicle Association’s general secretary, said on Monday that 58.4 percent of new cars sold in the country in March were battery-powered, calling it “historically high.”

Bu added that electric cars’ share of the market in the first three months of 2019 was 48.4 percent and is expected to hover around 50 percent for the whole year.

“Norway shows the whole world that the electric car can replace cars powered by gasoline and diesel, and be an important contribution in the fight to reduce CO2 emissions,” Bu said in a statement.

Norway, a wealthy European nation of 5.3 million, has provided big incentives to boost electric car sales.

It waived hefty vehicle import duties and registration and sales taxes for buyers of electric cars to boost sales. Owners don’t pay road tolls and use bus lanes in congested city centers.

The perks, however, are to be phased out in 2021.

Norway’s Parliament has voted to require that all new cars sold in the Scandinavian country be electric by 2025.

Countries around the world are trying to encourage more people to buy electric cars as part of the effort to reduce carbon emissions and fight climate change. China, the world’s biggest auto market, has also provided big incentives as it tries to clean up the country’s air pollution problem and gain a lead in new technologies. AP

WHILE so many smartphone options available today focus on the camera features, global smartphone e-brand Honor Philippines launches a smartphone that challenges the basic with Honor 8C (www.hihonor.com/ph)—a budget gadget that is high on performance and features a stunning eye-catching design at a very affordable price point.

At a glance, the Honor 8C is a sight to behold.

With its outstanding design inspired by the “Cat’s Eye,” you’d be proud to carry the Honor 8C because of the gem-like glow this Cat-Eye Blue colorway smartphone gives off. For those of you who want a subtler look, Honor 8C is also available in the color Midnight Black.

Beyond that eye-catching matte-style finish, Honor 8C comes with a powerful processor of the Snapdragon 632 chipset, making it a reliable smartphone for any millennial who loves to multitask. Feel free to binge watch shows on Netflix or YouTube, stay connected and online through social media the entire day, or play mobile games for hours on end without barely experiencing lags or glitches. This processor is paired with a long-lasting battery with a capacity of 4,000 mAh that can last up to two days on a single charge—perfect for those always on-the-go.

The Honor 8C also comes with two key features from Honor’s flagship phone—a

13+2MP dual AI camera and f/1.8 aperture, which makes it the optimal gadget to take your OOTD shots, may it be during the day or night. This is easier to enjoy on the Honor 8C’s 6.26 inch FullView Display which allows you to see more and do more on a screen that fits comfortably in one hand.

“At Honor Philippines, we continue to carry forward the brand’s dedication to deliver quality devices our Filipino customers can choose from and actually be proud to own,” shared Honor Philippines Country Director Wang Yang. “For our performance yet costconscious Honor Filipino fans, the 8C delivers the combination of advanced functionality, packed with amazing flagship features, at a more than affordable price point.”

In partnership with leading e-shopping platform Shopee, Honor 8C will exclusively be available on their web site until April 6. The first 200 Shopee users to purchase the HONOR 8C will also get to receive and enjoy a free Honor Band 4 Running.

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Pet Corner BusinessMirror

Wednesday, April 3, 2019

Pet obesity: Prevention is the first step I T’S hard for anyone to resist an adorable dog “sad” face or a cute cat gaze. But it is important for responsible pet owners to consider their pet’s health and weight before responding with a rewarding treat.

For many humans, feeding is equated as an act of love, especially with regards to their four-legged pals.

This, however, should not always be the case because chubby dogs and cats, regardless of how cute they look, are more susceptible to health problems and diseases. Committed to educating the Filipino pet community on proper pet care, the Pet Food Institute (PFI) shares tips on how pet owners can prevent pet obesity, and that true expression of love can come in different ways. n VISIT YOUR VETERINARIAN. When tackling pet obesity, many pet owners would assume the most logical way to treat it is to decrease the amount of food for their furry friend, but the truth is that managing meals is much more complex than that.

The nutrition of both cats and dogs is very nuanced such that feeding and treat-giving must be properly administered. Veterinarians have observed that one of the most common problems within the pet community would be the lack of knowledge regarding proper pet care and nutrition. Veterinarians have the expertise to understand the pets’ internal health to determine the pets’ ideal weight proportions and their proper diet. Thus, pet owners are urged to consult vets in order to do the proper way of treating pet obesity. n LET’S GET PHYSICAL. Regular exercise is also important for pets, regardless of whether they are obese. Pets within the ideal weight can use their daily exercise to sustain a healthy weight. Meanwhile, those with pets who are overweight or obese should use this opportunity to shed some of their furry friend’s unhealthy pounds, along with a balanced diet that can support responsible weight loss.

Owners must take breed, age and size into consideration as they plan an exercise regimen that would cater to each pet’s specific needs. For example, some breeds with short snouts or flat noses may have more difficulty breathing during strenuous exercise.

Age, like breed, is an important factor to consider, as well. Young dogs under six months, though they have an immense amount of energy, should avoid sustained runs, which can be unhealthy for their

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THE GenTri Agriculture Office staff conducting vaccination of anti-rabies to pets of residents of Barangay Pinagtipunan, Gene Trias City.

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Cobie Smulders, 37; Adam Scott, 46; Eddie Murphy, 58; Alec Baldwin, 61.

HAPPY BIRTHDAY: Moderation will help keep your life simple this year. Unclutter your life by getting rid of the things you no longer need. Hone your skills, pay closer attention to what’s happening around you and make personal changes that are conducive to helping you achieve your goals. Having more time and greater freedom will prompt you to pursue what makes you happy. Your lucky numbers are 9, 13, 20, 24, 35, 39, 44.

a

ARIES (March 21-April 19): Learn from experience and fine-tune your plans. Initiating positive change will be easier than you think once you get started. Size up your situation, prepare and pursue your goals. Stick to simple plans that are realistic and affordable. HHH

b

TAURUS (April 20-May 20): Do what you can to help others. The satisfaction and recognition you receive will encourage you to give back more. Offer your time, knowledge and experience, not your cash. Working with someone you love will bring you closer together. HHHH

c

GEMINI (May 21-June 20): Take the initiative when it comes to hands-on help, but don’t go overboard if someone asks for a hefty donation.

Put your financial needs first and disregard anyone who tries to use guilt to make you part with your cash. HH

d developing bones and joints. Senior dogs, on the other hand, may need to take things slow and avoid extraneous activities like jogging.

Last but not the least, owners must choose the type of exercise that fits their lifestyle. Forcing oneself to do something that cannot be done is more detrimental than advantageous. One thing that owners must keep in mind is that exercise can come in the form of games. Playing games as simple as fetch is also considered as exercise. n MONITOR YOUR PET’S FOOD AND WEIGHT. Losing and maintaining a healthy weight is easier said than done, especially when it comes to a pet’s weight.

Owners can use this as a basis to tell whether their pet is healthy. However, most pet owners are not aware of how they can check if their pet is obese.

Veterinarians remind owners that there are three things they need to pay attention to in order to determine whether their pets are obese. First, owners must lightly feel the outline of their pet’s ribs

when they run their fingers along its side. Second, a pet’s waist should be visible or they should have an hourglass figure when viewed from above. Lastly, pets should have an upward slope around their stomach when they are standing up. If one’s pet does not have any of these three indicators, then it is best to consult a veterinarian in order to confirm if their pet is obese and what the next steps in order to address this problem. Pet owners should also be aware of their pet’s ideal weight. When doing so, owners must remember that each breed is unique and the ideal weight of each breed varies.

PFI is committed in informing pet owners about pet nutrition and proper pet care to keep pets healthy and happy. Through its local initiative, the Well-Fed, Well-Nurtured campaign, in partnership with the Veterinary Practitioners Association of the Philippines, the institute seeks to advocate responsible pet ownership to the ever-growing Filipino pet community. n

GenTri celebrates Rabies Awareness Month IN celebration of Rabies Awareness Month 2019, the GenTri City Health Office (CHO) in partnership with the City Agriculture Office and Provincial Veterinary Office held an advocacy walk involving pets and their owners on March 30. The morning walk stretched from Barangay Santa Clara to the Pinagtipunan Covered Court, with the theme “Makiisa sa Barangayan Kontra Rabies; Maging Responsableng Pet Owner.”

The CHO also hosted a program that included a talk from a dog behaviorist, mass vaccination and sterilization of dogs and cats, and mobile pet grooming. Animal welfare advocate Jerry Lakandula gave tips on dog behavior, while Dr. Gloria Digma, officer in charge of the Cavite Provincial Veterinary Office led the neutering and spaying of dogs.

While Cavite Provincial Health Officer Dr. Nelson Soriano and Dr. Ludet Lontic of DOH-Regional Office of Region 4A also present at the program.

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“Nagpapasalamat po ako sa lahat ng nag-participate sa ating program, sa mga volunteers, from students ng College Veterinary Medicine in Indang, sa Provincial Veterinary Office, at sa City Agriculture Office para sa ating mga alagang aso at pusa,” said Dr. Jonathan Luseco, CHO head.

“Marami-rami din po ang ating nabakunahan, nasa 253 po ang bilang ng ating nabakuhanan ng anti-rabies,” said Nerie Marquez of the City Agriculture Office.

“Magkakaroon po ulit ng free anti-rabies vaccination sa October sa pagdiriwang ng kapistahan ni Saint Francis of Assisi, patron

saint ng mga alagang hayop.”

The local government, under Mayor Antonio Ferrer, wants to become a rabies-free city in next three years starting this 2019.

Rabies is a human infection that occurs after a transdermal bite or scratch by an infected animal, like a dog and cat. It can be transmitted when infectious material, usually saliva, comes into direct contact with a victim’s fresh skin lesions. Rabies may also occur, though in very rare cases, through the inhalation of a virus-containing spray or through organ transplants.

Rabies is considered to be a neglected disease; it is 100-percent fatal, even though it is 100-percent preventable. It is not among the leading causes of mortality and morbidity in the country, but it is regarded as a significant public-health problem because it is one of the most acutely fatal infections, and is responsible for the death of 200 to 300 Filipinos annually.

STORY AND PHOTO BY DENNIS ABRINA

CANCER (June 21-July 22): Start something exciting. Diversify and discover new ways to use your talents. This is a great day to share with someone you enjoy spending time with. Romance is on the rise, and personal gains can be made. HHHHH

e

LEO (July 23-Aug. 22): Differentiate between what’s possible and what isn’t.

Head in the direction that brings the highest returns or the most satisfaction. Don’t get hung up on what someone else wants you to do. HHH

f

VIRGO (Aug. 23-Sept. 22): Focus on personal and professional partnerships.

Bring out the best in those around you, and cozy up to those who do the same for you. Refuse to let anyone take advantage of you by asking for too much.

Equality brings equivalent opportunities. HHH

g

LIBRA (Sept. 23-Oct. 22): Stop being so hard on yourself and putting up with people who are critical and demeaning. Stand your ground and take stock of your situation. It’s time you spent more time chasing your success instead of helping others get ahead. HHH

h

SCORPIO (Oct. 23-Nov. 21): Go directly to the source. Business trips, conference calls, galas and networking functions that give you the opportunity to show off your talents will lead to a window of opportunity you won’t want to miss.

Romance is in the stars. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Question anyone or anything that is suspicious.

Gullibility will be what leads to loss. Don’t believe everything you hear, and be wary of anyone who is too complimentary. Ulterior motives are present, and caution must be taken. HH

j

CAPRICORN (Dec. 22-Jan. 19): A change will do you good. Revisit old ideas and goals, and reconnect with people you used to enjoy spending time with. An unusual offer to do something you’ve always wanted to do will give you something to think about. HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Make positive changes. You’ll feel better if you get rid of things you no longer use or need.

Clearing space will encourage you to start a new project. Don’t let anger lead to misfortune. HHH

l

PISCES (Feb. 19-March 20): Weed out any negativity in your life. Get rid of things you don’t need. The less clutter, the easier it will be to reach your goals. Making a donation of items you don’t use will make you feel good. HHH BIRTHDAY BABY: You are excessive, passionate and imaginative.

You are proud and determined.

‘top this’ BY ZHOUQIN BERNIKEL The Universal Crossword/Edited by David Steinberg

ACROSS 1 Wood in some yachts 6 ___ by the rules 11 Yappy dog, briefly 14 “Welcome to Maui!”

15 Weigh station visitors 16 Unprocessed rock 17 Teaching job interview parts 19 Toto, for Dorothy 20 Potter’s lightning bolt, e.g.

21 Like freshly applied nail polish 22 Reynolds Wrap maker 24 Fitting compliment?

28 Beautician’s workplace 30 End of a long journey 33 Like many roads 34 Turkey ___ (annual run) 36 Yelp review symbol 37 Barnyard mom 38 With ramifications 41 “Party in the ___” (Miley Cyrus hit) 42 McCartney and McKellen 44 “Now!” letters 45 Made a blunder 47 Vigilant

9 Lets loose 4 50 Fun winery event 53 Top of a wave 55 Livestock enclosure 56 Of the flock 60 Mecca pilgrimage 61 Ingredient for success, or what’s hidden in each starred answer 65 Before now 66 ___ legend 67 Played a role 68 Graphic shirt 69 Pale-looking 70 Crystal-lined stone DOWN 1 Little chaps 2 Actor Baldwin 3 Oblong tomato 4 Laugh gleefully 5 Scary “2001” computer 6 Plus column entry 7 Defeats 8 Texter’s “Just sayin’” 9 Earsplitting noise 10 English assignments

1 Fast fashion, hit songs, etc.

1 12 Sister brand of Chips Ahoy!

13 Self-referential, informally 18 McGregor of Christopher Robin 23 Auction units 25 Kotb of “Today” 26 Single-masted boat 27 Granola ingredients 28 Welcomed at the door 29 Regular guy 31 Alleviates 32 Class of 2018 member, e.g.

33 Currency in Cancun 34 Sample, as food 35 SZA’s record label 39 Infield cover 40 College period 43 Some cameras: Abbr.

46 Substitute for 48 Really enjoys 49 Arial, for one 51 Jack who would eat no fat 52 Itsy-bitsy 53 Word that bookends “chew the fat” 54 Extreme anger

7 Coupe or sedan 5 58 Like cold tea 59 Give up, as land 62 Chapter in history 63 Young Sheldon network 64 Droop, as a couch

Solution to yesterday’s puzzle:

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Show BusinessMirror

Angelina Jolie: Equality for women key to peaceful world

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By Edith M. Lederer The Associated Press

NITED NATIONS—Actress and activist Angelina Jolie warned on Friday that the world “will remain stuck in a cycle of violence and conflicts” as long as nations continue to put almost every other issue ahead of women’s equality, rights and participation.

Jolie, who is a special envoy for the UN refugee agency, added in a keynote address to a ministerial meeting on UN peacekeeping that “denying half a population representation in peace negotiations or in government is not the route to long-term stability.”

There are many examples around the world of successful and inspiring women, she said, “but women and girls are still the majority of the victims of war,” over half the world’s refugees, and “the vast majority” of victims of rape and sexual violence.

If the world accepted the principle that those affected by a problem should be charged with determining a solution, Jolie said, “then the majority of the world’s peace negotiators, foreign ministers and diplomats would be women.”

But she quickly said: “We all know the reality.”

The reality, Jolie added, is that unequal power relations, “abuse of power, gender bias, violence and lack of justice” have kept many women in a subordinate and vulnerable position internationally.

In her speech to the annual meeting of foreign and defense ministers, the Oscar-winning actress focused primarily on women, but she also talked about the importance of multilateralism and the growing refugee crisis.

Declaring herself a patriot who loves the United States, Jolie said she believes “in an America that is part of an international community.”

“Countries working together on an equal footing is how we reduce the risk of conflict,” she said. “It is how we avoid the need to send the men and women of our militaries to fight and sacrifice overseas.”

But Jolie said “we live at a time of blatant disregard for the laws of war that forbid attacks on civilians.”

She pointed to missile strikes on schools and hospitals, families bombed in their homes, chemical weapons dropped on neighborhoods, besieged areas unable to get aid and mass rapes.

“We seem incapable of upholding minimum standards of humanity in many parts of the world,” Jolie said. “That this comes at a time when humankind is richer and more technologically advanced than ever before is all the more painful.”

She recalled that there were fewer than 20 million

ANGELINA JOLIE, United Nations High Commissioner for Refugees special envoy, address a meeting on UN peacekeeping at UN headquarters on March 29. AP

displaced people and the numbers were falling when she started working with the UN refugee agency United Nations High Commissioner for Refugees.

“Today there are over 65 million people displaced, and the numbers are rising,” Jolie said.

“More countries are experiencing some form of violent conflict today than at any time in the last 30 years,” she added.

And UN peacekeepers are often required to serve where there is no peace to keep and often represent “the last and only hope for millions of people facing daily threats to their safety and their basic rights,” she said. While progress has been made in reducing the number of cases of alleged sexual exploitation and

abuse in UN peacekeeping missions and increasing the number of women peacekeepers, Jolie said, “there is still a long way to go.”

Peacekeepers who commit violations must be investigated and prosecuted, she said, and there must be no impunity for crimes committed against women and girls during conflict.

Above all, Jolie said, the world needs to understand “that women are themselves protectors: As mothers.

As peacekeepers. As human-rights defenders.”

“Think how much more we could achieve with women’s equal participation in all aspects of society: not at the expense of men, but alongside men,” she said. “Because we are all partners in this life.” n

Wednesday, April 3, 2019

A SCENE from Man of Will

KCC CELEBRATES CENTENNIAL ANNIVERSARY OF INDEPENDENCE WITH FREE FILM SCREENING THE Korean Cultural Center in partnership with Film Development Council of the Philippines, the Embassy of the Republic of Korea in the Philippines, and Shangri-La Plaza will organize a special film event for the centennial year of Republic of Korea’s March 1 Independence Movement and Korea Provisional Government on April 6 and 7 at ShangriLa Plaza Cinema 4.

The special screening, titled “Remembering the Heroes,” will feature two films that exhibit the stories of the people who fought for the freedom of the Korean people. The opening film, Man of Will, is about Young Kim Chang-soom, who was charged with murdering a Japanese man who took part in Empress Myeongseong’s assassination. Inside the prison, he sees how Koreans are persecuted and grow into fighters for Korean independence. The Last Princess is about Princess Deokhye, the last princess of the Joseon Dynasty who was taken to Japan as hostage.

As she struggles to maintain the hope of the Korean people, her childhood friend travels to Japan on a mission to bring her back to Korea.

Korea’s Independence Movement Day, or Samiljeol, is a public holiday in Korea dedicated to the nonviolent street protests that took place on March 1, 1919, one of the earliest public demonstrations of Korean resistance during the Japanese occupation.

This event is followed with the establishment of the Korean Provisional Government in Shanghai, China, on April 11, 1919. Korean activists who were carrying out independence activities in Shanghai joined forces with members of the New Korea Youth Association who had fled to Shanghai after the March 1st Independence Movement. They organized the Provisional Legislative Assembly and launched the Korean Provisional Government as a democratic republic form of the government.

The “Remembering the Heroes” special screening is part of the yearlong celebration of the 70th year of the bilateral relations between the Philippines and Korea. Admission to the film screening is free.

For more details, visit phil.korean-culture.org.

KIYOSHI SHOMURA

LIAM NEESON APOLOGIZES AGAIN FOR PAST RACIST THOUGHTS NEW YORK—Liam Neeson is again apologizing for revealing that he wanted to kill a random black person nearly 40 years ago after a close friend had been raped by a black man.

Neeson issued a statement on Friday and apologized for “hurtful and divisive” comments that “do not reflect, in any way, my true feelings nor me.”

The actor caused a firestorm in early February when he told The Independent that after learning his friend’s attacker was black, he hoped a black person “would come out of a pub and have a go at me about

something, you know? So that I could kill him.”

He later told Good Morning America that he is not a racist and moved past his desire for violence after seeking help from a priest and from friends. But the controversy overshadowed his new film, Cold Pursuit.

In his latest statement, Neeson said he has had time to reflect on “my unacceptable thoughts and actions at that time.” He said that in trying to explain his feelings, he “missed the point and hurt many people.” He ended the 155-word statement by saying: “I profoundly apologize.” AP

Nicolas Cage files for annulment 4 days after Vegas wedding LAS VEGAS—Nicolas Cage has filed for an annulment four days after getting married in Las Vegas.

A court record shows Cage asked for the annulment on Wednesday citing reasons that included being too drunk to understand his actions when he married girlfriend Erika Koike.

Cage, whose real name is Nicolas Kim Coppola, says he and Koike drank “to the point of intoxication” before the wedding on Saturday.

The 55-year-old Cage argues he wasn’t aware of Koike’s “relationship with another person.”

This is the fourth marriage of the Oscar-winning actor. He was previously married to former waitress Alike Kim, singer-songwriter Lisa Marie Presley and actress Patricia Arquette. AP

PIDC FUND-RAISER WITH MISS UNIVERSE 2018 CATRIONA GRAY GENERATES BIG DONATION FOR BANTAY BATA PROGRAM The Philippine Independence Day Council Toronto recently held a fund-raising dinner for ABS-CBN Foundation International’s Bantay Bata Program (Child Watch). On hand to present the donation amount of Canadian $6,000 is special guest Miss Universe 2018 Catriona Gray. ABSCBN Canada Country Manager Kerwin Du received the donation on behalf of AFI. With Du are ABS-CBN Canada Regional Marketing Head Rosary Escano and Ad Sales Account Executive for Canada Doris Mutuc, shown here with PIDC officers. The event was held at the InterContinental Toronto Centre. PHOTO FROM PIDC TORONTO

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PPO CLOSES CONCERT SEASON WITH JAPANESE GUITARIST KIYOSHI SHOMURA

THE Philippine Philharmonic Orchestra (PPO) will conclude its 45th anniversary celebration with a concert on April 12, 8 pm, happening at Tanghalang Nicanor Abelardo (Cultural Center of the Philippines’s [CCP] Main Theater).

Under the baton of Maestro Yoshikazu Fukumura, the PPO music director and principal conductor, the concert program features Felix Mendelssohn’s “Symphony No. 4, Op. 90 in A major [‘Italian’],” Mario Castelnuovo-Tedesco’s “Guitar Concerto No. 1” and Igor Stravinsky’s “The Rite of Spring.”

Japanese guitarist Kiyoshi Shomura will be the featured soloist of the orchestra for the guitar concerto.

Shomura began his guitar lessons at age nine, first studying with his father Masato Shomura and later with Yasumasa Ohara. In 1964, Shomura traveled to Spain to study with renowned guitarist Narciso Yepes, who during a visit to Japan the previous year recognized Shomura’s potential. Shomura performed several recitals in Europe during his stay in 1967-68.

Before returning to Japan in 1969, Shomura performed approximately 40 highly acclaimed recitals throughout Italy from 1968 to 1969. After his 1969 recital debut in Japan, he returned to Italy as the Japanese representative at the 1971 World Youth Association International, and continued recitals in 28 cities throughout North America.

In 2014, he celebrated the 45th anniversary of his career as a concert guitarist. In December 2013 he released “Recuerdos de la Alhambra” featuring his roots, Spanish music. For ticket and subscription inquiries, call the CCP Marketing Department at 832-1125, local 1806; the CCP Box Office at 832-3704, or TicketWorld at National Book Store at 891-9999.

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Image BusinessMirror

Wednesday, April 3, 2019

www.businessmirror.com.ph

ANTON DEL ROSARIO is the Philam Life 7’s Football League founder and plays for the Delimondo Laro FC.

FOR THE LOVE OF THE GAME

NICO BOLZICO’S earliest memory of playing football was when he was two or three years old. “I remember kicking the ball with my dad every afternoon after he’d come back from the farm,” he recalled. The Argentinian and better half of Solenn Heusaff is an avid fan and frequently plays with his friends every chance he gets. “Football was the first sport I enjoyed because I grew up playing it everyday in Argentina,” he said.

Along with other football enthusiasts Chris Greatwich, Jason Dejong, Roxy Dorla and Mike Reyes, Nico is part of the Philam Life 7’s Football League, a tournament started last year by former Azkals and Philippine national football team member Anton del Rosario who has dedicated most of his life to developing the country’s passion for football whether on or off the field.

Compared to the usual football game, 7’s is played at less than half the pitch using smaller goals, with seven players each instead of the full 11 per team in a regular football match, making it a faster-paced and more exciting game.

This 2019, the league is partnering with Philam Life, which shares Anton’s advocacy of encouraging Filipinos to strive to live a more active lifestyle. “I have always believed in partnerships, especially when it comes to building programs for the youth. The fact that we have Philam Life and AIA on board, a company with international influence when it comes to football, shows we are going in the right direction. They are not only supporting the dreams of the youth, but also fulfilling dreams of players who never got the opportunity to play at the highest level. I hope this is the beginning of something that will last a long time,” said Anton.

“Philam Life has been looking for a way to get into football, as AIA, our Hong Kong-based parent company, has been the Tottenham Hotspur Football Club’s Global Principal Partner since 2017,” said Bernadette Chincuanco, Philam Life’s head of Branding and Communications. The UK-based Spurs, as they are more commonly known, competes in the Premier League. “We’re happy to partner with the 7’s, and support such an exciting football league that allows us to encourage Filipinos to live healthier, longer and better lives,” she added.

Football is an intense sport which requires you to stay focused and alert at all times. “You need to be fit in order to play. It’s not about running 20 kms or 30 kms—it’s about doing your first three steps very fast because that’s when you take advantage of having the ball,” Nico said. Aside from having strong legs, you’ll need brain power too. “You need to understand positioning. The challenge is how to react based on your skills.”

In order to stay fit for the game, Nico works out five to six times a week. He also runs, sprints, does push-ups, signs up for races like Spartan, and tries to eat healthy. “Football motivates me to be fit. Health should always be a priority.

If I want to perform well on the field, I have to be active and not lazy.” He admits he may not be the most skilled player on the field, but whatever he lacks in skill, he makes up with his naturally competitive nature, boundless energy, and keen understanding of the game to push his team to win.

The most important part of playing football is loving the game. “You really bond with your friends, you learn to support each other, which eventually applies even off the field,” he said. “You give it all for your team, you try to defeat your opponent, but after the game, you shake their hand and hug them. There’s a lot of honor and respect in the sport, a very good way to learn life’s lessons.”

Catch Anton and Nico go head-to-head at the Philam Life 7’s Football League with games held at McKinley Hill Stadium, Taguig. Admission is free. The gates are open from 6 to 9 pm.

True grit—or finding satisfaction when work gets tough SUI GENERIS CARLO ATIENZA

biblisko@gmail.com

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AVE you ever had the Monday blues?

Your alarm goes off and gravity seems particularly stronger on your bed today than any other day. You pull yourself up and start thinking of what you need to do for all those stretches of hours. It seems like you have a million things to do, and you ask yourself why you go through this day after day.

We all have those moments. Times when we think our job seems routinary that work becomes, well, work. Times when there are so many things happening and we get lost in paperwork.

When those times come around, as they inevitably will intermittently, you do not need to drag your feet and trudge on because there are some things you can do to help you find satisfaction in your work when it becomes tedious.

You need to understand first what is causing you to be uneasy at work. Find out what is causing your discomfort because it might just be the catalyst you need to create improvements in your team. When my team and I were getting frustrated handling a project for a foreign client, I had to stop and think why we were all ready to throw in the towel. I realized that we were getting disheartened because the approvals were going back and forth. This prompted us to create a process where the clients can seamlessly approve our work without going through so much red tape. It

became easier for the team to work with them and, at the same time, eased the burden of back and forth revisions. You can leverage those discomforts at work to your advantage by taking the time to think through what is causing you to be frustrated and look for ways to do something about it.

When work becomes repetitive, perhaps unexciting, take the time to remember why you took the job in the first place. Remember when you were being interviewed for the position? Think back and see if your answers during the interview still ring true today. If they do, continue on. There will be days when work really becomes mundane. To help you along, make a list of all the things that you need to do. List everything that you need done for the day and after finishing them, tick off your list. There is a psychological boost in seeing a lot of completed tasks in a checklist. It makes you feel like you have done a lot, and it will give you the needed push to complete everything in the list.

After completing a task, treat yourself. While completing a task is reward in itself, go the extra mile of treating yourself for a work done well. And your treat can be as simple as a snack or a break. For complicated tasks, reward yourself more. I remember a time when my team and I had to go on a double shift because we really wanted to finish a portal we were trying to sell to a client. When we finished it in the wee hours of the morning, we all went out and treated ourselves to a hearty meal of different breakfast fares.

Celebrating accomplishments helps us bond with our colleagues and at the same time, it creates a positive working environment which in the long run will help us enjoy our work.

When work becomes especially difficult, speak to your immediate supervisor. A supervisor will know what to do to help make your job easier. But you have to be honest and tell them what you need from them so they can help you. Managers are not mind readers, but they have the capacity to make necessary changes

to make your work easier. They see the bigger picture in terms of which projects are especially urgent and what can be put aside for another day, another week.

They also have the capacity to understand the tools and training you need to deliver the best possible product or service. So have that talk with your manager.

You will never get what you have not asked for.

Another thing you can do is to find a trusted friend who can be your sounding board. When work becomes strenuous, you need to let steam out carefully. And what better way to do that than finding someone who can understand what you are feeling and at the same time be your adviser. A trusted person outside the office can give you a new perspective at work that you could not have thought of because you are too caught up in the situation. I have someone whom I can talk to regarding work and will listen to me about what goes on in the office. And he always gives a new perspective to my work that I would otherwise ignore. His advice has proven to be invaluable in some of my decisions with how I run my team and how I deal with my superiors. Find someone who can listen to you and give you a balanced view of your work.

One last thing you can do to find satisfaction in your work is to learn something new. Update yourself with innovations in your field and start a little project for yourself. By doing so, you upgrade your skills and at the same time you rediscover what is exciting about your work. There is always room to grow and discovering something new about your work might just be the thing you need to enjoy your work again.

Your little project can also potentially become one of your team’s motivators and encourage others to enjoy their work more.

Someone once said, “Choose a job you love, and you will never have to work a day in your life.” But when that day comes when you feel like it is work, you have several things you can do to get back on track to keep doing and loving what you do. n

for that special trip or setting a deadline for making a purchase. Having a financial plan can also help.

Knowing you’re on track saving toward retirement and other goals can give you permission to enjoy your spending, says CFP Charlie Bolognino, president of Side-by-Side Financial Planning in Plymouth, Minnesota. “In a sense, our spending then becomes something we’re expected to do: ‘I’m just following the plan!’” Bolognino says.

as financial anorexics,” says CFP John Gugle, chief investment officer of Alpha Financial Advisors in Charlotte, North Carolina. “They literally are convinced that they will run out of money despite our efforts to show them that it is virtually impossible.”

Others are able to start spending once they focus on what’s most important to them, planners say.

How to know when it’s OK to spend

By LiZ WEStON NerdWallet SOME people are much better savers than spenders.

That can become a problem.

Certified financial planner DeDe Jones recalls clients, retired schoolteachers, who loved to travel but kept putting off the trip to China and Southeast Asia they’d always wanted to take. “The husband started having health issues, and they missed the opportunity,” says Jones, managing director of Innovative Financial in Lakewood, Colorado. “The widow is doing fine financially, but is feeling regret.”

The ability to delay gratification is important for building wealth. But gratification delayed too long can leave us unhappy with the results.

Many of us experience this on a minor level when we put off using gift cards, drinking that special wine or booking a trip with our frequent flyer miles. We wait for the “perfect” time to indulge, and sometimes miss out entirely—the store goes out of business, the wine turns to vinegar, the miles expire.

THE TROUBLE WITH ‘SPECIAL’ RECENT research published in the Journal of Marketing Behavior found that once we label something as

“special,” we can wait too long to enjoy it.

Researchers Suzanne Shu of UCLA and Marissa A. Sharif of the University of Pennsylvania used a variety of experiments, including having participants imagine they had a free pass to a concert venue, to track people’s willingness to indulge and their selfreported satisfaction with the results. Participants could see the list of 20 musical acts that could potentially play the venue over the 15-week season, but each band was announced only the week it would be appearing. People given a “VIP access” pass waited longer to use it, hoping for a more popular act, than the people given less exclusive passes. Those who delayed often wound up settling for an act they had rated as mediocre to use the pass before it expired and expressed more regret about their choice than those who exercised the pass sooner.

Interestingly, some of the techniques that help people delay gratification can also help them avoid delaying it too long.

One technique is called “pre-commitment.” We make hard decisions in advance, such as agreeing to future automatic increases in our 401(k) contributions or paying for a dozen personal training sessions at the gym. For those who have trouble spending, precommitment could mean buying the airline tickets

PERMISSION TO START SPENDING SWITCHING from saving to spending can be hard for some people when they reach retirement age. These reluctant spenders won’t be able to change overnight.

“It’s a transition, and transitions often are rougher than anticipated and take longer than anticipated,” says neuropsychologist Moira Somers in Winnipeg, Manitoba, author of Advice That Sticks.

Plus, many retirees who have trouble spending are worried their savings won’t last.

Financial planners typically run computerassisted simulations to show clients the probabilities that their portfolios will last through various markets at given levels of spending. Even then, some people have trouble turning on the tap.

“For some, it is so severe that we refer to them

AN ANTIDOTE TO FEAR OF SPENDING “ONE specific thing we suggest people do is to invest in memories, meaning do things like take your kids and grandkids on vacations that will be meaningful for you and they will remember all their lives,” says CFP John M. Scherer , founder of Trinity Financial Planning in Middleton, Wisconsin.

CFP Dana Anspach, founder and CEO of Sensible Money in Scottsdale, Arizona, has successfully encouraged clients to take trips, hire house cleaners, splurge on their dream cars and buy special-occasion jewelry after she could demonstrate the purchases wouldn’t endanger their financial plans. She also discusses the value of helping others while you’re alive to see the results of your generosity.

“In most cases, this feels far more rewarding than having family wait for you to pass and leaving them a pile of money,” Anspach says. AP

BusinessMirror E1 | Wednesday, April 3, 2019 • Editor : Tet Andolong

PHIRST PARK HOMES CALISTA model house, PHirst Park Homes, San Pablo

LAUNCHES SAN PABLO PROJECT

By Rizal Raoul S. Reyes

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@brownindio

HIRST Park Homes Inc. (PPHI), a joint venture between Century Properties Group Inc. and global business enterprise Mitsubishi Corp. recently expressed bullishness in the affordable housing market, as the country’s macroeconomic fundamentals remain stable.

“A growing demand, continuous rise in incomes, affordability and strategic location are factors that will push the demand for affordable homes,” said PPHI president and CEO Ricky Celis in an interview with the media on the sidelines of the recent launching of its 18.5-hectare development in San Pablo, Laguna.

Jose Marco Antonio, CPG chief operating officer, said the entry of PPHI “redefines real-estate development” in San Pablo anchored on the famous 4Cs. The project with 1,640 units worth P2.7 billion carries the 4Cs trademark of the PHirst Park Homes brand: Complete and wellprovisioned homes with a perimeter

A BEDROOM with an inspiration theme at PHirst Park Homes

CPG COO Jose Marco Antonio

fence and gate, conceptive amenities including an outdoor cinema, Connected living through Wi-fi zones and shuttle services, and a convenient and simplified selling and buying experience.

The center points of the San Pablo development are activity nodes that promote health and fitness, in contrast with the Lipa community, which features traditional Filipino games.

Monkey bars, cross trainers, domical bars, foot reflexology area, and pull up bars add a fun challenge to the property’s amenity core. Rounding up the amenity list are the village clubhouse, swimming pool, water play area, kids’ playground, outdoor cinema and basketball court.

PHirst units start at 40 square meters (Calista Mid and Calista End with 44 sq-m and 60.5-sqm lot areas, respectively), while a combined unit is at 80 sq m (Calista Duo with 121-sq-m lot area). A single-detached unit is at 54 sq m (Unna). All units are expandable on

UNNA model house, PHirst Park Homes, San Pablo

the second floor.

Celis said PPHI would continue to cater to demands in the affordable housing market, which is focused on livable space. In terms of price points, Celis said they are quite competitive and offers a high value for money proposition.

If there is a market demand to go higher, Celis said PPHI and Mitsubishi had an agreement they can scale up to the P6-million level.

“PPHI is proud to launch a PHirst Park Homes community in San Pablo, Laguna. True to our brand mission of delivering first homes that are beautiful, well-designed, and of good quality at attainable prices, we continue to raise the bar in the affordable housing market,” said Loren Sales, PPHI’s customer management group vice president.

Located in Maharlika Highway,

Barangay San Ignacio, PHirst Park Homes is accessible via South Luzon Expressway through the Santo Tomas Exit and is 15 minutes away from SM City San Pablo. Weather in the area is generally cooler, as the City of the Seven Lakes is surrounded by Mount Banahaw, Mount Makiling and the Sierra Madre Mountain Ranges.

After Lipa and San Pablo, PPHI is set to launch more communities in north and south Luzon, which the company has identified as growth areas with a high concentration of OFW families, unmet demand for housing, and where infrastructure projects are in place.

Within the next four to five years, PPHI will launch 15 master-planned communities in the Cavite, Lagunam, Batangas, Rizal and Quezon (Calabarzon) area and Central Luzon with approximately 33,000 homes.

Business

E2 Wednesday, April 3, 2019

BGC, Bafi shows developers what to do with your available open spaces through traffic-laden routes.

More hydroponically grown vegetables may help improve the eating habits of Filipinos. In urban areas where convenience is preferred, studies show that the total of local household food expenditures for food away from home has gradually increased from 11.5 percent in 2000 to 17.5 percent in 2012.

The per-capita consumption of Filipino households of vegetables only averages 22.4 kilograms per year. This pales in comparison to the Food and Agriculture Organization (FAO) recommended level consumption of 146 to 182 kg/yr.

Higher intake of fresh greens reduce the risks of major chronic diseases and avert nutritional deficiencies.

Amor Maclang

FIRST DIBS IN REAL ESTATE

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ANILA-BASED Agri-Tech and urban farming company Urban Greens, (Urban Greens Hydroponics Systems Inc.) is announcing a project tie-up with the Bonifacio Arts Foundation Inc. (Bafi) under the direction of the head curator of The Mind Museum, who oversees all things art- and sciencerelated in BGC. The project is based on the creation of a prototype hydroponic setup within the premises of The Mind Museum science museum, to show off futuristic farming techniques like hydroponics to grow clean and healthy greens right in the heart of the city space.

Fresh, affordable produce in our cities is often difficult to find. Supermarkets and local markets are still dependent on vegetables grown with traditional farming methods and transported from distant farms.

Filipinos battle with rising food prices, inconsistent quality produce, and limited supply. This will prove unsustainable as the Philippine population is projected to increase from 106 million (in 2018) to 142 million by 2045—about two thirds of which will live in urban areas.

A growing movement of urban farming is providing methods towards more sustainable agriculture practices. Integrating hydroponic farms into our present and future urban spaces is one way to secure access to cleaner and fresher grown produce.

Environment-friendly farming

URBAN Greens, a farming company founded in 2016, advocates hydroponic farming as a means to unlocking the ability of anyone, including urban dwellers, to grow their own food more efficiently. Hydroponic farming or hydroponics is when plants are grown without soil. Instead, the plant roots absorb the nutrients it needs from nutrientrich water.

Compared to traditional farm-

Settling roots within communities RALPH BECKER of Urban Greens

ing that is resource-intensive and utilizes chemical inputs, hydroponics uses 90 percent less water and does not use chemical weed or pest-control products. This is critical as the world’s resources of clean water, fossil fuels and arable soil is finite. Decades of intensive agriculture production has also damaged different environments. What is often forgotten is that the health of the planet impacts the health of the people. Finding alternative systems, such as growing food in our own communities, enables our lands and resources to recover for the use of future generations.

Climate-resilient communities and farming systems

DEVELOPING climate-resilient communities must be prioritized as the Philippines ranks fifth among the countries most affected to extreme weather events from 1998 to 2017. Scientists have projected that temperatures will continue to increase until the end of the century resulted to extended droughts or intense rainfall, sea-level rise and stronger typhoons. The urban landscape creates opportunities for more protected and controlled farms from

the changing climate.

Even with limited space, an urban farmer can choose to stack hydroponic systems or to plant “vertically” to maximize available space both indoors and outdoors. Options that improve the availability and accessibility of quality produce at consistent prices. Vegetables and herbs could be easily grown and harvested indoors, such as offices, restaurants and homes. One could also tend to the plants in an outdoor setting, such as under-utilized rooftops, terraces or backyards.

Urban Greens works with individuals and organizations to find the types of hydroponic system that would address their needs. The company strives to build systems that can be easily used, maintained and refitted using local materials.

Promoting healthier lifestyles and well-being

THE proximity of one’s food to the place of work and inhabit encourages individuals to reconnect with nature and what they eat. Freshly picked vegetables are more nutritious and retain improved aroma and flavor.

These are often lost when vegetables are packaged and transported

HOME

COHCI launches tile collection at 2019 WORLDBEX

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EBU Oversea Hardware Co. Inc. (COHCI), one of the biggest hardware construction and finishing material suppliers in the country, showcased its latest tile collection and intelligent toilets at the recently concluded WORLDBEX 2019 held at the World Trade Center in Pasay City.

CW Home Depot (Manila), Cebu Home and Builders Centre (Cebu) and Living N’ Style (Manila), COHCI’s retail channels have been the home of premium Tile and Bath brands offering an extensive product portfolio. For almost six decades now, it has been addressing various interior design and home improvement needs from full system bathroom fixture, plumbing products, bulbs and lighting fixture, kitchen fixture, Spanish and Asean tiles, as well as other various finishing products.

COHCI VP for Sales and Marketing and CEO of its retail division Michael Co shared: “Having over 60 years in the construction finishing market here in the Philippines has allowed us to grow with the market and understand what products suit the Filipinos’ style of preferences and needs. Our new collection this year reflects this expertise and our long-established

Better technology, better bathroom experience

CW HOME DEPOT

aim of delivering only up to date and top-quality tile and bath products to our customers.”

Art incorporated in simple ceramics

ONE of the highlighted products from COHCI at the WORLDBEX 2019 is the Baldocer big size porcelain tiles and El Molino family heritage tiles and its own Luxe premium tile collection.

The company's own in-house Luxe brand is the end product of collaboration with Italian design-

ers and selected Asian factories to develop top-quality, artistic tiles.

Capucino, and Studio are also exclusive brand collection featuring a wide range of simple and minimalist designs that capture the preservation of human space—be it for home or commercial use. Available in 60x120, 20x20, 30x60, 60x60, 15x90 and 80x80 variants, the tiles feature Asean/European inspired patterns so customers can experience the regional atmosphere at the comfort of their home.

HOUSING one of the upcoming brands in the Philippines bath fixture industry, Cebu Oversea Hardware Co., Inc. also launched Cool Bath System’s new generation of intelligent toilets and bathroom products for 2019. These products belong to Cool Bath System’s Integrated Intelligent Toilet innovation (Intellet), which is driven by a strong brand promise of delivering a better bathroom experience according to Lyn Sinconiegue, Cool brand manager. The Foss and Newton Intellet intelligent toilets are equipped with auto flush and pre-flush smart features, wireless remote control, heated seat and cover, and deodorizer.

The product exhibit also highlighted Cool Bath System’s GlazeProtec toilet series featuring Nanotechnology, which seals the microscopic pores of ceramic surface to prevent dirt and bacteria from settling in. The GlazeProtec has four design variants, namely, Ballano, Luxe, Impress and Glam.

The Cool Bath System exhibits also include the Cool’s new pristine bathtub and brass fittings. www.luxepremiumtiles.com.ph

ESTABLISHING hydroponic farms and community gardens make cities more sustainable, providing both green public spaces and access to quality nutrition. In such environment, creative synergy is able to flourish and partnerships can begin to cultivate among residents, farmers, local businesses, academe and local leaders.

As of 2018, Urban Greens has been building a prototype farm in collaboration with the Bafi. Based on its modular and scalable nature, it has the potential to be developed on a much bigger scale supplying produce to establishments and residents within Bonifacio Global City and neighboring communities. Other projects of the company include a partnership with a major real estate developer.

Urban Greens envisions that hydroponic urban farming will evolve the Philippine vegetable food scene and provide a sustainable addition to our communities.

If you want to know more about how to grow your own vegetables and become an urban farmer, Urban Greens also offers to a Hydroponics 101 Workshops for individuals and companies.

Hydroponics is the process of growing plants without soil. As only water is used, there is no need for pesticides, fertilizers or fun-

gicides and much less water than conventional farming is used. Not needing soil or land-space makes it perfect for the urban setting.

In addition, as those greens are grown amid a highly urbanized area surrounded by numerous restaurants and condo units, this project demonstrates how to provide the vegetables and herbs needed by those establishments and dramatically reduce the time and energy used in transportation - resulting in cheaper, fresher and tastier greens.

The system itself will always be connected to Internet of Things devices, monitoring the overall status and sending the data to their cloud servers, as to optimize the growing conditions for the plants. This highly modular and scalable prototype system can serve as a potential template for a much bigger urban farm setup.

Apart from the project with The Mind Museum, Urban Greens has secured a strategic partnership with one of the major Philippine property developers who has invested an undisclosed sum into the hydroponics company. The main objective of the investment is to revolutionize the hydroponics and precrafted structures business and the vision is to reinvent the farming system, and fabrication, supply and installation of technology of modular buildings, homes, event spaces and other structures making the Urban Greens the biggest vertical farm in the Philippines, and eventually in the global market. Once established, it will not only solve high cost, and inconsistent quality and supply of fresh produce, but also expand its business in branding, marketing, licensing, management, design and supply.

Urban Greens is the regional representative of the international Association for Vertical Farming and the only member in the Philippines.

Urban Greens is a 2-year-old start-up founded by former tech/ corporate biz dev, turned hydroponic enthusiast Filipino-German Ralph Becker with a big vision for accessible and high-end hydroponically grown food for big scale businesses as well as home usage.

Federal Land opens Mi Casa in Bay Area

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N the emerging Bay Area business district of Pasay, prime real-estate developer, Federal Land introduces Mi Casa, a vibrant vertical neighborhood reminiscent of Hawaii’s reinvigorating aesthetic of open sea and air.

Its first tower, Hawaii, brings in the islands of Hawaii’s modern tropical paradise streamlined for Filipino contemporary living. Anchored on the values of trust, dependability and integrity, Federal Land, now on its 47th year, is dedicated to developing properties that are faithful to the

needs and aspirations of its residents, and even beyond expectations.

Each project is carefully planned and executed to assure its clients of the highest quality of development.

Federal Land brings in the most ingenious architects, and most innovative engineers, to build a safe and ideal home that is unique to the priorities of each person and designed around their life plans. For more information about the development, visit the Mi Casa Showroom and Information Center at the Metro Park, Bay Area, Pasay City.

sMirror

Wednesday, April 3, 2019 E3

CLI, YHEST BEGIN DEVELOPMENT OF P33-BILLION DAVAO GLOBAL TOWNSHIP

By Roderick L. Abad

A

@rodrik_28

N upcoming township project just a stone thrown away from President Duterte’s humble abode in his hometown Matina, Davao City, has just started ground developments on its initial phase to meet its target completion in 2022.

The P33-billion Davao Global Township (DGT) is now being constructed by YHEST Realty and Development Corp., a joint venture of Cebu Landmasters Inc. (CLI) and the Yuson, Huang and Tan families belonging to the Villa-Abrille clan of Davao.

Phase 1, with an estimated cost of P10 billion, spans at 93,000 square meters of gross floor area, housing a retail strip with a cineplex, outdoor retail spaces called the DGT Town Strip and a civic center to be named DGT Gallery envisioned

by YHEST with global planning and design firm RTKL. “The size of the DGT property, our first township development, will allow us to have a diversity of uses to make a complete and truly sustainable community,” said YHEST Chairman, and CLI

Chairman and CEO Joe Soberano.

“We envision DGT to be the central business district with a dynamic lifestyle that will provide economic and social value to Davao, one of the fastest-growing economic regions in the country,” he added.

DGT is the third and biggest project of YHEST Realty, in partnership with CLI, as it aims to become the regional top property company in the Philippines.

Inspired by the Cebu IT Park and the Bonifacio Global City in Taguig, this 22-hectare project is expected to host business-process outsourcing and other firms.

“These are exciting times for Davao and the Philippines as this tie-up [with CLI] ushers a new generation of local homegrown developers ready to be at par with the best of the world,” said YHEST

AN architect’s perspective of the Davao Global Township

President Fred Yuson.

“As the [fifth-generation] descendants of Juna Villa-Abrille, we commit ourselves to his legacy of hard work, humility and generosity. We are happy that in our generation, we are able to kick-start all these simultaneous developments and there’s no better way but to

Premium office buildings attracting multinationals to the South

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N previous years, Filinvest City was associated with office buildings designed primarily for efficiency and maximization of floor areas as required by businessprocess outsourcing (BPO) occupiers. A new set of premier office towers led by the newly completed One Griffinstone on Commerce Avenue is currently also drawing multinationals and expanding Filipino conglomerates into the area.

Vincenzo Tagle, managing director of Griffinstone Inc., said that there is a strong demand for quality offices in the Alabang area. “Our strategic location near the manufacturing sites of Calabarzon, full curtain-wall facade and grand lobby have been warmly received by the market.”

The ready-for-occupancy One Griffinstone, which offers a gross floor area of 23,000 square meter with a typical floor plate of 1,522 sq m, is also Peza-accredited and LEED Gold certified. These have likewise made it attractive to BPOs seeking to upgrade their offices and to draw from the labor pools of Las Piñas,

A NEW generation of office buildings in the South lead by One Griffinstone is attracting multinationals and business-process outsourcings to the area. One Griffinstone offers a gross floor area of 23,000 square meter with a typical floor plate of 1,522 sq m. It is also Peza-accredited and LEED Gold certified.

Parañaque, Cavite and other upcoming cities in the South, according to Miguel Manipol, associate director of leading global real-estate services firm Leechiu Property Consultants, exclusive leasing agent of One Griffinstone.

The building’s other tenants are firms seeking easier access to their factories in Laguna, as well as BPO and coworking offices expanding to southern Metro Manila.

Coworking offices are highly favored by entrepreneurs and start-ups looking to set up shop in a strategic location at low cost. The office tower distinguished by its all-glass façade was designed by top-notch architect Willy Coscolluela of W V Coscolluela and Associates, and constructed by DMCI Inc. It is provisioned with eight parking floors, two parking lifts, one service lift and eight passenger lifts.

Griffinstone Inc. is a joint venture between the Tagle family and Japanese company Meiji Sangyo Corp. which intends to construct more premium office and retail spaces in prime locations throughout Metro Manila.

Protect your family and home from fire

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ITH the high heat and humidity that summer brings, the risk of fire-related disasters is higher this season. AXA Philippines, one of the country’s leading insurance companies, takes part in the observance of Fire Prevention Month by sharing these steps on how to avoid fire accidents. n Be alert when cooking. Leaving cooking unattended is the No. 1 cause of fire in homes. When using a stove or other cooking equipment, keep an eye on what you are cooking and stay alert. Keep anything that can catch fire away from the stove top. This includes mittens, towels, plastic or wooden utensils and food packaging. n Use electronic devices wisely. Plugged and powered electronic devices may cause fire. Turn off and unplug electronic devices when not in use to prevent power surge or overheating. Do not overcrowd electrical outlets or extension sockets to prevent overheating. n Do not smoke inside the house. Not only is smoking hazardous to your health.

Cigarettes, pipes and cigars are flammable materials. If you have to smoke, do it outside to prevent smoking materials from touching items that can catch fire. Make sure cigarette butts and ashes are completely out, or douse them with water, before throwing them away.

n Invest in a fire extinguisher and smoke alarms. Taking precautionary measures can save your and your family’s life. Keep a fire extinguisher at home and install smoke alarm.

They can provide early warning and prevent small fires from becoming disastrous. Early warning will also give you and your family time to move to a safer place. n Keep your home protected. Calamities like earthquakes, floods and even fire are difficult to control and can destroy homes.

Protect your property by availing of AXA’s

Home Security, a comprehensive insurance package for your home that provides coverage against fire and lightning and acts of nature (earthquake, typhoon, floods).

Added coverage includes rental and relocation expense, personal liability insurance and personal accident insurance for you, your spouse and children.

Following these tips ensure that you, your family and home are protected from fire and fire-related disasters. For more information, visit www.axa.com.ph.

partner with VisMin’s leading developer Cebu Landmasters,” he noted.

The Villa-Abrille family is among the oldest clans in Davao that is into leasing of commercial offices and buildings, such as Matina IT Park and Sutherland Global Services.

It launched the province’s first residential subdivision in 1952 and

put up the Davao City Golf Club, the first and oldest of its kind in the city, until it was closed in 2018 to make way for DGT. Other projects it has, in collaboration with CLI, included MesaTierra, a garden residential condominium that is already 98 percent sold-out; and the Paragon Davao, a mixed-use

lifestyle property that will host Citadines Paragon Davao and residential tower One Paragon Place that is already 75 percent sold in first three weeks of selling.

“Things are happening fast in our generation and we trust CLI’s expertise particularly in the VisMin market,” Yuson said.

Entrepreneur BusinessMirror

E4 Wednesday, April 3, 2019

Fairer-sex revolution: Girl power takes the field of entrepreneurship by storm

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By Rizal Raoul S. Reyes

@brownindio

Contributor

ILIPINAS living both in urban and rural areas are capable of achieving financial stability and freedom.

This was highlighted during the recently concluded media roundtable #SHERules: Filipinas Who Change the Way We Do Business, hosted by online financial marketplace eCompareMo.com.

In their discussions, female experts in financial literacy, entrepreneurship, and government programs expressed confidence that the success of a Filipina entrepreneur creates a big impact not only for herself but also to her loved ones and even for the country’s economy.

Financial Literacy Advocate Dr. Daniela Laurel, PhD, Camille Villar, managing director of Vista Land and Lifescapes; and Assistant Secretary Blesila A. Lantayona of the Department of Trade and Industry Regional Operations Group, said modern Filipinas are now more aware that they are an empowered group that can make an impact in the society they live in.

According to Laurel, women realize the power of entrepreneurship where they have active and passive income, and are also able to invest in the future. This is a benefit that many women recognize that they can achieve by going into business.

“Women are better money managers than men, especially in tough times,” shared Laurel, who is also a news anchor and segment producer at One News Network Philippines.

“We know how to sacrifice for the long haul, we know how to work hard and to reap the benefits and stability. In the long term, managing our finances empowers us, but it’s not just a money thing. The difference between us and men is that we also use money to nurture and mother.”

Villar, daughter of Filipino billionaire Manuel Villar Jr., spoke on the benefit of having a supportive environment and role models, to changing the mindset of Filipina’s from “can’t do to can do.”

She said her early exposure to business with both her parents working together to building the family business that influenced her own thinking. She believes that businesses that nurture and support women can help change the workplace culture and allow women to have more confidence and excel.

“I’ve had the experience of being in a table with male CEOs [chief executive officer] and they look at me like I should be in the table of the

THE power of women in the field of entrepreneurship and business was recently highlighted at a recent roundtable. In photo (from left) are Daniela Laurel, PhD, MBA, One News and Bloomberg TV Philippines anchor and financial literacy advocate; Camille Villar, Vista Land and Lifescapes, managing director; Department of Trade and Industry Regional Operations Group Assistant Secretary Blesila A. Lantayona and Mercedes Limson; eCompareMo.com, chief operating officer during #SHErules: Filipinas Who Change The Way We Do Business media roundtable.

wives. Or they ask me questions like, ‘What’s your favorite store?’ or ‘Where do you like to shop?’, [as if] I don’t manage my company,” shared Villar.

“It’s something you have to overcome, and you just have to tell yourself that, ‘I’m going to prove them wrong. I belong here. I know just as much as all of them. I work hard and I know what I’m talking about’ and not to be intimidated and not allow preconceived notions or gender bias to hinder you from making your way to the top brass and managing your own company,” Villar said.

According to Lantayona, training and developing more women to become small and medium entreprenuers is key to the country’s economic growth.

“Women play an important role in the Filipino economy. They make

up 50 percent of the labor force,” she said.

“Entrepreneurship is the key to empowering women and making women contribute to a more inclusive and stable growth. As such, the Philippine government has developed measures to support women entering into business,” she added.

Lantayona shared some of the government initiatives that women seeking to get into business can take advantage of. These are: the Great Women Project, where the trade department works with women run businesses to help them enter the global market; the Shared Services Facilities program, wherein small and medium enterprises in the countryside can get access to free equipment; and the Pondo sa Pagbabago at Pag-asenso (P3) Microfinancing Program.

She, likewise, emphasized two projects in which countryside entrepreneurs—many whom are women—can get the help they need to scale up their businesses and move beyond their localities. The Go Local program with major retailers, where products from countryside small and medium enterprises are displayed and sold in local stores. The products are thus exposed to a wider market, and the SMEs can benefit from the retailer’s feedback on how to make the products more marketable.

There is also the Kapatid Mentoring Program, a 10-module course where countryside entrepreneurs can learn more about running a business, including marketing and financial literacy. The lecturers in this program are actual established entrepreneurs who mentor the participants and provide practical advice in growing one’s business.

Ched Limson, chief operating officer of eCompareMo.com., said mindset, access to financial information and access to financing are the three big barriers toward developing female entrepreneurs.

With the proper support, from her family and friend, from her workplace, from the government, and from financial institutions, the Filipina entrepreneur is truly poised and ready to show the world that she indeed rules. “eCompareMo.com believes in the power of women and we are determined to do everything in our power to help the Filipina entrepreneur get access to not just the financial services they need, but also help improve financial literacy through events like SHE Rules,” Limson said.

www.businessmirror.com.ph

Balut vendor gets microentrepreneur award from RCBC’s Rizal Microbank

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FTEN sold on the streets at night by vendors on foot, balut is easily one of the Filipinos’ favorite exotic gastronomic treat.

For Arnold Viado, it is not only a favorite snack; it is also the business that sent his kids to school and had won him the Citi Microentrepreneur Award in 2018.

With hard work and perseverance, what started as a P1,000 capital venture is now a profitable business that employs fellow balut vendors.

Viado and his wife attributed the success of their business to good financial handling and the assistance they received from Rizal Microbank.

“An account officer from the bank visited us and offered us a business loan of P50,000,” he said.

Rizal Microbank , the thrift bank arm of the Rizal Commercial Banking Corp., that lends largely to agri-businesses and farmers.

Viado is a certificate holder for auto mechanic vocational course but life had something better in store for him as balut vendor.

Last December, Viado was named as one of the nine outstanding Filipino entrepreneurs that were recognized for their innovation and progress as budding business owners.

Launched in 2002, The Citi Microentrepreneurship Awards has reached its 16th year of celebration as it recognizes outstanding microentrepreneurs nationwide.

Kopiko maker to expand PHL coffee biz with over $80-M fresh investment

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T Mayora Indah Tbk (Mayora), maker of Kopiko coffee products, is set to invest over $80 million in local coffee manufacturing and processing operations over the next five years.

Recently, Mayora inked a memorandum of understanding (MOU) with Lima Land Inc. to lease property within LLI’s Special Economic Zone in Malvar, Batangas.

Once completed, the manufacturing and processing plant in Batangas will help meet increasing demand for local consumption and exports. It is projected to generate some 3,000 new jobs on top of the 4,500 jobs that Mayora’s Philippine-based businesses currently employ.

“We thank our consumers in the Philippines for making Kopiko a successful coffee brand. Kopiko was developed with the Filipino consumer in mind. It was locally designed to meet the Filipinos’ taste preference. And Kopiko has succeeded in keeping Filipino workers energized and productive each day—Buhay arawaraw!” said Andre Atmadja, president of

PT Mayora Indah Tbk. “In recognition of Kopiko’s strong Philippine base, along with our growing business in the Asean region, we are expanding our manufacturing and processing operations beyond Indonesia —into the Philippines. We look forward to the many opportunities that this landmark project will deliver particularly in the area of job creation and in enabling greater contribution to the Philippine economy,” he added.

As part of the plan to help boost local business, Mayora will source desiccated coconut and RBD coconut oil from several Philippine producers. This was formalized with the signing of an MOU on April 1.

Since 2016, the Mayora Group has contributed roughly P7.8 billion annually to the Philippine economy in government taxes, employee salaries and benefits, and also through advertising and promotions.

Understanding its responsibility to the communities in which it

KEY representatives from Indonesia and the Philippines gathered on Monday, April 1, 2019, to discuss the continuous development of bilateral trade and investment between the two countries.

Present during the signing of the memorandum of understanding for Indonesia’s procurement of coconut products from the Philippines were (from left) Mr. Robert Popy, president director of Lucky Intercoco; Mr. Hermie Limbo, chief executive officer of Franklin Baker; Hon. Sinio Hari Sarundajang, Ambassador of Indonesia to the Philippines; Hon. Enggartiasto Lukita, Minister of Trade of Indonesia; Mr. Andre Atmadja, president director of Mayora Group; Hon. Emmanuel Piñol, secretary of the Department of Agriculture of the Philippines, Hon. Ramon Lopez, secretary of the Department of Trade and Industry of the Philippines; Mr. Winston Luychinco, president and chief executive officer of Wesscon Exim Inc.; and Mr. William Guido, president and CEO of Team Asia Corp. operates, the company involves itself in socially relevant efforts. In times of calamities, the company and its business

FROM left, Giovanne Gonzales, Rizal Microbank (RMB) business advisor; Arnold Viado, regional awardee; Marixi Rufino-Prieto, Citi Microentrerpreneur Award National Selection Committee member; John Thomas Deveras, RCBC SVP for Strategic Initiative and RMB vice chairman of the board; and Raymundo Roxas, RMB president. PHOTO COURTESY OF MICROFINANCE COUNCIL OF THE PHILIPPINES INC.

partners mobilize its employees to collect and distribute relief goods to affected communities.

500 Startups and its cofounder remake themselves post-#MeToo

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UTSPOKEN tech investor Dave McClure helped fund 1,800 early-stage companies in 60 countries as the chief executive officer of 500 Startups— until he stepped down two years ago in a sexual-misconduct scandal that roiled the industry.

Now, both McClure and the VC firm he cofounded are taking steps to rebuild themselves, this time without one another. It was 2017, when McClure abruptly resigned from 500 Startups, retreating from the spotlight amid allegations from women that he’d behaved inappropriately. He acknowledged he’d made advances toward multiple women in work-related situations in a since-deleted blog posted titled “I’m a creep. I’m sorry.”

He then handed the leadership reins to his 500 Startups cofounder, Christine Tsai. No legal action was

taken against McClure or the firm.

Today, McClure is working on a second act, albeit a lower-profile one.

He’s raising a new fund to invest in other venture firms worldwide, according to two people familiar with the plans. McClure declined to comment for this story. With the working title Practical Venture Capital, McClure’s new effort will be vastly different from the early-stage venture work he built his career on, said the people, who asked not to be identified because the matter is private.

The new fund is designed to purchase stakes in smaller funds, sometimes called micro-venture capital firms and also buy stakes from those funds’ investors when they’re seeking liquidity. The initial target for the fund is $100 million, although the final amount could be larger, the people said.

McClure is the latest in a string

of male venture capitalists unseated in the #MeToo movement who are now attempting to reenter the industry by starting a fresh venture fund. Fred Destin, a former Accel and Atlas Venture partner, moved to Europe and helped raise more than $50 million for a firm called Stride.VC last summer.

In 2017, a start-up founder accused him of making unwanted advances at a party several years earlier; Destin said at the time he misread the situation and had never used his position as a VC in an inappropriate way. Steve Jurvetson, who parted ways with Draper Fisher Jurvetson a little more than a year ago, raised a new $200-million fund called Future Ventures last month. Jurvetson had stepped down amid misconduct allegations, which he strenuously denied. The VCs follow other public figures accused of misconduct, including comedian Louis CK and Pixar

cofounder John Lasseter, who have made controversial bids to reclaim their careers.

500 Startups, meanwhile, is adjusting to its own post-scandal reality—without the leader who helped propel it to prominence. Started by McClure and Tsai in 2010, 500 Startups has stakes in Twilio Inc., Credit Karma Inc., Signapore’s Grab and seven other companies each worth more than $1 billion, in addition to having a stable of portfolio companies notable for its female and international founders. By the time McClure left, 500 Startups’s fund and accelerator had 150 employees.

But recently, it has slimmed down its operations, Tsai confirmed to Bloomberg. The firm laid off what she described as a “handful” of people.

Its Japanese division also recently broke off as an independent venture.

Bloomberg News

EXCELLENT RATING Secretary Raul L. Lambino (second from left), administrator and

chief executive officer of the Cagayan Economic Zone Authority receives the audit report from the Certification Partner Global headed by its General Manager Melanie L. Olbita (third from left) after the agency passed the Surveillance 1 Audit for compliance to ISO 9001:2015 held recently at the Ceza’s main office in Mandaluyong City. With them are Ceza Special Assistant to the Administrator and CEO Raymundo T. Roquero and Leonardo C. Cruz, head of the Technical Assistant and Quality Management Representative. Ceza has reached greater heights in the recent pursuit for the continuous improvement of its Quality Management System attaining a grand total merit of 125.5 points, or an excellent rating. JOSEPH MUEGO