BusinessMirror April 07, 2019

Page 1

DEPARTMENT OF SCIENCE & TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

BusinessMirror

www.businessmirror.com.ph

A broader look at today’s business n

Sunday, April 7, 2019 Vol. 14 No. 179

2018 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK

SKY’S THE LIMIT FOR TRUE ALLY PHL reaps benefits from Japan’s ‘redefinition’ of its pacifist role

I

By Rene Acosta

N a somewhat providential twist, the Philippines has become the principal beneficiary of Japan’s decision to redefine its pacifist role. Military assistance from Tokyo has begun to swamp the Armed Forces of the Philippines, which is currently in the process of building up its air and sea capabilities.

The Philippines, in fact, has been the first country in Southeast Asia to receive so-called excess defense articles from Tokyo since the amendment of its Self Defense Force Act that positioned its military for a wider and bigger role in the region’s security. The military equipment, unlike those coming from the country’s traditional allies, are given for free, thus freeing a slice in the AFP’s modernization money which could be used to procure other much-needed assets and equip-

ment for its capability upgrade.

Beefing up air power

TWO weeks ago, defense and military officials accepted the first delivery—out of the P5 billion worth of spare parts and maintenance equipment—that the Japanese Ministry of Defense donated for the Air Force’s fleet of Huey Combat utility helicopters. Defense Secretary Delfin N. Lorenzana, underscoring the importance of continued operations of the Hueys, said the helicopters

are tested and proven to be reliable air assets of the whole AFP in its campaign and operations to address various internal security threats. “I therefore see sustainable and continued operations of these vital air assets with these Japanese-donated UH-1H [Huey] spare parts and maintenance equipment which we could readily use whenever these ‘helicopter-workhorses’ need repairs or maintenance to keep them airworthy, and maintain their ready-for-mission sta-

tus,” he said. “On top of that, the UH-1Hs also play an important role for the nontraditional functions, such as search and rescue operations, and in missions for Humanitarian Assistance and Disaster Response or HADR,” he added. Lorenzana said the Hueys remain a pillar in the military’s internal security operations, which it must first hurdle before it could completely gear toward territorial defense—challenge best symbolized Continued on A2

US billionaires are living longer than ever, making heirs wait By Simone Foxman

W

Bloomberg News

HEN Tom Benson died last year at the age of 90, he left behind a sprawling empire that included two professional New Orleans sports teams and a group of car dealerships. Unfortunately for him, he spent some of the last years of his life squabbling with heirs over who would get what. The legal battle was marked by claims Benson wasn’t mentally competent when he made sweeping changes to his estate plans. His daughter and two grandchildren alleged he was acting at the direction of his third wife, Gayle Benson, 72, whom he married in 2004. Tom Benson rejected the claims, and a Louisiana court agreed. When all was settled, his wife ended up with the New Orleans Saints and the New Orleans Pelicans and

his daughter and two grandchildren got most of his other holdings. But it took a lot of time, a lot of lawyers—and presumably a lot of money. This kind of drawn-out fight for control is a risk faced by a growing number of longer-living American billionaires. At least 15 of them died last year, leaving behind assets collectively worth about $60 billion, including all the complex trappings that come with immense

PESO EXCHANGE RATES n US 52.1050

SUMNER REDSTONE

JONATHAN ALCORN/BLOOMBERG

wealth: wide-ranging business interests, properties, sports teams, yachts, planes—you name it. The number of US billionaires has grown swiftly of late. There were an estimated 747 of them in North America in 2017, up from 490 in 2010, according to a study. At the same time, long-term economic data suggest the 10-figure crowd and those just behind them

control ever-larger pieces of the economic pie. The wealthiest 1 percent control 37.2 percent of the country’s personal wealth, while the bottom 50 percent control nothing. And the rich are living longer than ever, adding years of asset accumulation at a time when income inequality has become a political Continued on A2

LIGHT MOMENT President Rodrigo Duterte shares a light moment with D. Edgard A.

Cabangon, chairman of the Aliw Media Group to which the BusinessMirror belongs, during the 31st annual convention of the Prosecutors’ League of the Philippines at the Citystate Asturias Hotel in Puerto Princesa, Palawan, on April 4, 2019. TOTO LOZANO/PPD

n JAPAN 0.4667 n UK 68.1481 n HK 6.6385 n CHINA 7.7661 n SINGAPORE 38.4567 n AUSTRALIA 37.0519 n EU 58.4722 n SAUDI ARABIA 13.8939

Source: BSP (April 5, 2019 )


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